UDR, Inc.

Greetings and welcome to UDR's second quarter 2020 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero 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 Trujillo. Thank you, Mr. Trujillo. You may 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 at 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 historic, and they 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 FDC. We do not undertake any duty to update any forward-looking statements. When we get to the question and answer portion, we ask that you One plus a follow-up. Management will be available after the call for your questions that do 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 second 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 Cosette will also be available during the Q&A portion of the call. First, the executive team would like to thank our associates in the field for ensuring UDR's continued strong performance and holding our culture to a high standard through the challenges we have faced these past few months. They are our frontline workers, for our company and have definitely adapted to a constantly changing health and regulatory environment, as well as continued the implementation of our next-generation operating platform, all while showing kindness, understanding, and accommodation to our residents. Reflecting on the challenges we have faced over the past four months only strengthens our belief that our next-generation operating platform be managed in the future and will remain a differentiator for UDR for years to come. Throughout this crisis, it has enabled the utilization of a variety of technology solutions to support our associates and engage with residents, and has allowed us to take a surgical approach to pricing our apartment homes, all while continuing to drive controllable expenses forward. We firmly believe our next generation operating platform continue to increase resident satisfaction and engagement, maximize revenues, unlock future cost efficiencies, and deliver strong cash flow in the years ahead. Next, operating a diversified portfolio across numerous geographies and price points affords us a deep and widespread understanding of market fundamentals. Mike will provide details later in the call. but a brief business update. Cash collections as a percentage of billed revenue are strong at 97.5%, with no deterioration in month-over-month trajectory. Physical occupancy remained solid at approximately 96%. Year-over-year resident turnover declined 620 basis points during the second quarter, and traffic continued to show well versus last year. These are just a few of the positive signs and an indication that our business is on solid footing to perform relatively well in the future. It would be easy to rush back into reinstating guidance, but for any guidance range to be useful, we need evidence that more stability in the regulatory environment we face, COVID caseloads and the impact they have on the cadence of state reopening, as well as more insight into the economic impact of currency by unemployment. Nevertheless, we have a sound strategy and a team to effectively manage through these uncertain times and are in a position of strength moving forward. Our balance sheet remains healthy with nearly $1 billion in available liquidity. Our dividend is secure, and thanks to our next-generation operating platform, We have the tools to meet evolving resident expectation, as well as enhanced margin and increase shareholder value. With that, I will turn the call over to Mike.