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  "documentTitle": "Multiple REITs (21 underperformers)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land and Buildings",
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  "presentationDate": "2026-04-01 00:00:00",
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  "notes": "Includes a specific call to action for shareholders to vote against the compensation committee members.",
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      "text": "Shareholders frustrated by the excessive compensation and poor performance can VOTE AGAINST the compensation committee (Robert A. McNamara, Jon A. Grove, Mary Ann King, Mark R. Patterson), in our view.",
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      "text": "UDR has underperformed its proxy peers cited in their filings on a trailing 1-, 3-, and 5-year basis on total shareholder returns (TSR). The underperformance is not an anomaly, and we believe UDR has been a chronic underperformer.",
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      "text": "Shareholders frustrated by the excessive compensation and poor performance can VOTE AGAINST the compensation committee (Robert A. McNamara, Jon A. Grove, Mary Ann King, Mark R. Patterson), in our view.",
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      "kind": "list",
      "text": "Persistent and consistent underperformance should not be rewarded with multi-million dollar pay packages with CEO Thomas W. Toomey 2025 total compensation of $9.9 million, in our view.",
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      "kind": "list",
      "text": "Annual meeting is May 21, 2026.",
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      "text": "Total Shareholder Returns: -15%",
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      "text": "Source: Bloomberg, UDR, Inc. SEC Filings; Note: Performance as of 3/31/2026; Proxy Compensation Peers consistent with disclosure in 2025 proxy. Proxy Compensation Peers are straight average of AMH, AVB, BXP, CPT, CUBE, EQR, ESS, EXR, DOC, HST, INVH, KIM, MAA, REG, SUI. Peer average CEO compensation uses last reported year; FY2025 compensation for AMH, AVB, CPT, CUBE, DOC, ESS, EXR, HST, INVH, KIM, MAA, REG, SUI; FY2024 compensation for BXP, EQR. The foregoing was created with the assistance of AI and may contain errors.",
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      "text": "Total Shareholder Returns | Trailing 1 Year | Trailing 3 Years | Trailing 5 Years | UDR Performance vs. Proxy Compensation Peers | -13% | -15% | -15%",
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      "text": "UDR, Inc. ($UDR)",
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