UDR, Inc.

Greetings and welcome to UDR's fourth quarter 2024 earnings call. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference call 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.

Thank you and welcome to UDR's quarterly financial results conference call. Our press release Supplemental disclosure package and related investor presentation 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. The 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 fourth quarter 2024 conference call. Presenting on the call with me today are President, Chief Financial Officer, and Chief Investment Officer, Jill Fisher, and Chief Operating Officer Mike Lacy. Senior Officer Andrew Cantor will also be available during the Q&A portion of the call. First, I'd like to congratulate Mike on his well-deserved promotion to Chief Operating Officer and Joe for his appointment as Chief Investment Officer. Both Mike and Joe have been exceptional leaders, driven value creation, and have positively influenced UDR's culture. As Joe transitions from his role as CFO we have commenced an executive search process to fill this critical role. We are early in that process and we'll update you as progress is made. Moving on, in conjunction with our earnings release, we published a presentation that highlights our outlook for 2025, complete with what we see as the drivers of potential outcomes. Our prepared remarks align with the presentation and those on our webcast can see the slides on your screen. We will resume our usual format for the balance of earnings calls in 2025. Next, turning to slide four, key takeaways from our release and 2025 outlook are, one, fourth quarter and full year 2024 FFOA per share results met guidance expectations. while same store results exceeded our guidance midpoints. Two, based on consensus estimates, we expect economic growth and apartment demand will remain resilient in 2025. This growth profile should be enhanced by supply pressures abating in the back half of the year from the historically high levels experienced in 2024. Ongoing investments in innovation, including advancing our customer experience project, should continue to drive incremental NOI growth in excess of the broader market in 2025. Fourth, despite an elevated cost to capital, we are positioned to take advantage of external growth opportunities when appropriate. We will continue to utilize various sources of capital, including existing joint ventures and operating partnership unit deals, to accretively grow the company while heeding cost capital signals. Fifth and final, our balance sheet is well positioned to fully fund our capital needs in 2025 and beyond. With that, I'll turn the call over to Joe.