UDR, Inc.

and welcome to UDR's first quarter 2025 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 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 2025 conference call. Presenting on the call with me today are President, Chief Financial Officer, and Chief Investment Officer Joe Fisher, and Chief Operating Officer Mike Lacey. Senior Officers Andrew Kantor and Chris Van Enns will also be available during the Q&A portion of the call. 2025 is off to a very solid start. Our first quarter same-store revenue, expense, and NOI growth exceeded initial expectations due to a healthy fundamental backdrop combined with operating strategies we employ to create value. These trends have led to positive momentum across most key operating metrics, including lower resident turnover, higher occupancy, lower concessions, and improving pricing power. We feel good about 2025 thus far, but we have only completed the first four months of the year. Accordingly, and is customary for UDR at this time of year, we have reaffirmed our full year 2025 guidance and will reassess as we progress through peak leasing season. Irrespective of how the macroeconomic and geopolitical environment may unfold, we remain strategically focused on three drivers of growth that differentiate us from peers and that we control. First, innovation. We are not only leaders in idea generation, but more importantly in execution. This is evident in the results from our value-add initiatives, which have consistently grown in high single-digit range and added 50 or more basis points annually to our same-store NOI growth. We continue to innovate and expect to drive incremental growth for many years to come. Mike will provide additional details in his remarks. in this area. Second, we listen to our associates and residents and use that feedback to influence our operating tactics and long-term strategy. One excellent example of this is UDR's customer experience project. We have an ability to orchestrate and enhance UDR living experience through more than 1 million daily touchpoints with our existing and prospective residents. which helps improve the retention and lower costs to drive margin expansion and cash flow growth. To enable this, we have equipped our associates with actionable data and more responsibilities, which led to higher levels of engagement on their part, more career growth opportunities as well, and higher social retention. This, in part, led to UDR being recognized by USA Today as a top 2025 top workplace, which builds on UDR's rich history as a leader in corporate stewardship. And third, we continue to execute on various forms of capital deployment to drive future accretion, including development, debt and preferred equity deployment, and joint venture acquisitions. This activity is supported by our investment grade balance sheet with substantial liquidity that can fully fund our capital needs in 2025 and beyond. This positions us well to take advantage of growth opportunities as they arise, which Joe will expand upon in his remarks. There are also a variety of positive short-term and long-term fundamental drivers of our industry. These include, first, demand is strong. and the chronic under supply of housing in the United States suggest this will persist. Based upon third party data, nearly 140,000 apartment homes were absorbed during the first quarter, which is a three decade high for the first three months of the year. Demand is outpacing supply across many markets, which bodes well for occupancy and pricing into the future. Second, the pace of new supply is slowing. 2024 multifamily completions marked a 50-year high, but starts continue to decline due to the cost and availability of capital. A future supply pipeline that is below historical averages 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. the best level of relative affordability in two decades. So from a big picture perspective, volatility, macro uncertainty, and their effects on interest rates and the economy and the employment market are all out of our control. However, I and the team remained optimistic about the long-term growth prospects for the multifamily industry and UDR's unique competitive advantages that should enhance that growth. We will continue to focus on what we do control, including our dynamic and innovative culture, to create value for UDR's residents and stakeholders. Finally, I'd like to take a moment to recognize Jim Klingbill, who has decided not to seek reelection to our board. Jim has been a valued voice in the boardroom that has brought a wealth of knowledge and experience. has helped drive UDR's transformation into a highly respected blue chip company that we are today. Jim, I thank you for all your contributions to UDR and the real estate industry, and you leave the board in good hands. With that, I'll turn the call over to Mike.