UDR, Inc.

and welcome to the UDR's first quarter 2020 earnings conference. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. You may press star 1 if you would like to register a question. If anyone requires operator assistance, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Director of Investor Relations, Trent Chuiho. Thank you, sir. You may now begin.

Welcome to UDR's quarterly financial results conference call. Our press release and supplemental disclosure package were distributed yesterday afternoon and posted to the investor relations section of our website, ir.udr.com. In the supplement, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G requirements. Statements made during this call which are not historical may constitute forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be met. A discussion of risks and risk factors are detailed in our press release and included in our filings with the SEC. We do not undertake a duty to update any forward-looking statements. When we get to the question and answer portion, we ask that you be respectful of everyone's time and limit your questions to one plus a follow-up. Management will be available after the call for your questions that did not get answered during the Q&A session today. I will now turn the call over to UDR's Chairman and CEO, Tom Toomey.

Thank you, Trent, and welcome to UDR's first quarter 2020 conference call. On the call with me today are Jerry Davis, President and Chief Operating Officer, Mike Lacey, Senior Vice President of Operations, and Joe Fisher, Chief Financial Officer. who will discuss our results. Senior Executives Harry Alcock and Matt Cozette will also be available during the Q&A portion of the call. While we are pleased with the strong combined same-store NOI and FFOA per share growth we produced in the first quarter, the executive team and I are more gratified by how our business and dedicated team of associates have successfully adapted to the ongoing challenges that have come with the COVID-19 pandemic. We appreciate the position that many of our associates are in and thank them for continuing to show compassion to and accommodations extended to our residents that have been negatively impacted by the coronavirus. From a high level, our business continues to perform well. This is a testament to the outstanding work of our teams and culture The investments we have made in technology over the past decade, our diversified portfolio across geographies and price points, the strength of our balance sheet, and the defensive nature of apartments. I'm encouraged by the fact that traffic and leasing trends have steadily improved in the recent weeks, and our next generation operating platform has enabled us to continue to deliver a high level of service to our residents and prospects while providing the tools necessary for our associates to execute our business in the face of a fluid and the changing regulatory requirements. I am confident that our next generation operating platform is not only a foundation that enables our teams to meet today's demands, but it is also one that allows us to pivot when customers or the environment changes dramatically. and it will continue to be a differentiator for UDR as we make our way through the pandemic and adapt to the new ways we are all going to do business in the future. Moving on to a brief update of our business. April's cash collections were strong at 95.5%, with 98% of our residents paying all or part of their April rent. Resident retention has moved higher and turnover has declined throughout the portfolio. Traffic is lighter than we would typically see this time of year, but it has been trending up in recent weeks and we are encouraged by the prospects of a number of cities starting to open up again. And our dividend is secure and our balance sheet remains strong with substantial liquidity at our disposal. Jerry, Mike, and Joe will provide additional details on each of these areas later in the call. Last, a pandemic and an economic uncertainty it has created. We're not in our original plans. Therefore, we decided to withdraw our full year 2020 guidance outlook. COVID-19, like other disruptions we faced over the decades, will eventually pass. And I remain confident that we are on the right team, the right strategy, and the right portfolio in place to manage through this time of volatility like we are currently experiencing. Companies like UDR that remain focused on driving operations and innovation, ensuring positive outcomes for their residents and associates, maintaining a strong balance sheet, and deploying capital in a disciplined manner will come out of this much stronger. With that, I will turn the call over to Jerry.