UDR, Inc.

Greetings and welcome to UDR's first quarter 2024 call. 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, Vice President 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, 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 on the call 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 2024 conference call. Presenting on the call with me today are President and Chief Financial Officer Joe Fisher, and Senior Vice President of Operations Mike Lacey. Senior Officers Andrew Cantor and Chris Van Enns will also be available during the Q&A portion of the call. 2024 is off to a very solid start. Due to better fundamental backdrop than initially expected and the operating strategies we continue to employ to outgrow competitors in our markets. Positive fundamental drivers for industry include, first, year-to-date employment creation of approximately 800,000 jobs has already exceeded initial full-year economists' consensus growth expectations. Second, more than 100,000 newly delivered apartment homes were absorbed during the first quarter, the strongest first quarter in over two decades. Adding to that, total housing deliveries remain stable and development starts continue to decline. This bodes well for rent growth in the years ahead. And third, renting an apartment is on average 60% more affordable than owning a single family home in the markets where we operate. A cycle best level of relative affordability. These trends, combined with the operating tactics we utilize, have led to positive momentum across all key operating metrics. This includes more robust traffic, higher leasing activity, lower turnover, lower concessions, higher occupancy, and better pricing power than originally expected. In all, this translates to what I would characterize as green sprouts. Mike will provide additional details in his remarks. However, as we only have completed the first four months of the year, we remain wary of the volatile and elevated interest rate environment and the effect it may have on pricing and concessions of lease-up communities given the heightened new supply the industry faces in 2024. We feel good about 2024 thus far, but would like to see more evidence of continued operating momentum as we progress through peak leasing season. before revisiting our full year guidance. Big picture, I remain optimistic on the long-term growth prospects of the multifamily industry and UDR's unique competitive advantages that should enhance that growth. We have a strong culture, a talented team with a robust track record of performance, and we continue to invest in our associates and embrace technology to create value for all of UDR's stakeholders. Finally, I'd like to take a moment to celebrate the upcoming retirement of Senior Vice President and Chief Investment Officer Harry Alcott, who will soon be transitioning to a consulting role with a focus on sourcing transactions. Harry and I have worked together for approximately 30 years, and he has been a trusted partner through all of it. He helped UDR grow to be a thriving $20 billion enterprise we are today, while also grooming our next wave of talented investment and development professionals. Harry, thank you for all you've done, and we all look forward to working with you in your new role. With that, I will turn the call over to Mike.