Joe Fisher, president and chief investment officer of multifamily REIT UDR, has stepped down from his post, the company announced Tuesday.

Fisher had been UDR’s president since 2022 and chief investment officer since January. Fisher started at UDR in January 2017, joining as chief financial officer.

Fisher will be entitled to severance up to a total of $6M, according to UDR's Tuesday filing with the Securities and Exchange Commission.

Under the terms of Fisher's separation agreement with UDR, he will receive a $3M severance, and an additional $3M will be paid out over 12 months, based on his compliance “with the non-solicitation, confidentiality, non-disparagement and other material terms of the Separation Agreement.”

That second installment can be taken back by UDR if Fisher fails to comply with those terms, which included a release of claims against the company by Fisher and a mutual nondisparagement agreement, the filing says.

UDR's board of directors appointed Tom Toomey as president, which he will take on in addition to his roles as UDR's chairman and CEO.

Fisher agreed to provide transition assistance through Dec. 31.

Multifamily rents rose in July to a two-year high, while new housing starts fell. Renter demand was on the rise, and with fewer new apartments coming online, many industry watchers expect the market to tip at least slightly in landlords' favor.