UDR, Inc.

Greetings, and welcome to UDR's second quarter 2025 earnings call. If anyone should require operator assistance during the conference, please press star zero from your telephone keypad. As a reminder, this 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 now 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 period, 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 second quarter 2025 conference call. Presenting on the call with me today are President and Chief Investment Officer, Joe Fisher, and Chief Operating Officer Mike Lacey. Chief Financial Officer Dave Bragg and Senior Officers Andrew Kanter and Chris Van Enns will also be available during the Q&A portion of the call. The wind has been at our back in 2025 with employment and income growth exceeding consensus expectations, relative affordability squarely in the favor of apartments, and new supply pressures waning. This led to a healthy demand for apartments and record high absorption through the first six months of the year. This fundamental backdrop and our core operating strategies drove accelerating pricing power, higher resident retention, lower concessions, and strong expense control. As a result, our second quarter and first half same store revenue, expense, and NOI growth all exceeded our initial guidance provided back in February. The factors that are in our control have been working in our favor. And these positive trends led us to raise our full year FFOA per share guidance, while also increasing our same store growth expectations in yesterday's release. Mike will provide additional details in his remarks. Moving on, we feel good about year to day results and the opportunities ahead of us in the second half of the year. Our strategy and operating tactics will continue to be influenced by our customers, and items that are in our control as we drive total revenue growth. This includes, first, creating value from our customer experience project. Listening and responding to our associates and residents shapes our long-term strategy, capital allocation decisions, and enhances the UDR living experience. We continue to uncover actionable insight through the millions of daily touchpoints with existing and prospective residents. which we utilize to improve retention, expand operating margin, and drive cash flow. Second, executing on our innovation. The initiatives that we've implemented continue to drive high single-digit growth from rentable items, which increases our same-store revenue and NOI results. With a robust pipeline of current and future initiatives, we expect to produce attractive growth for many years to come. And third, we continue to deploy capital to drive earnings accretion, including development, redevelopment, and debt and preferred equity investments. This activity is supported by our investment-grade balance sheet with substantial liquidity to fully fund our capital needs. This strength affords us the ability to pivot capital to the most attractive investment option among our wide range of value creation capabilities. Continuing on, I'm happy to report that UDR has recently named top workplace winner in the real estate industry for the second consecutive year. This achievement reflects the culture we have built, solidifies our stature as an employer of choice, and deepens our rich history as a leader of corporate stewardship. Finally, I'm excited to welcome Dave Bragg to UDR as our new chief financial officer. Dave started with us last week. and brings a wealth of industry experience and executive leadership to the team. We look forward to his ability to advance our strategic initiatives as well as grow the company. For a moment, stepping back and thinking about the big picture, housing is a needs-based business with favorable supply and demand dynamics that are tilted even more in our favor. I remain optimistic about the long-term prospects for the apartment industry and UDR's unique competitive advantages that should enhance our growth. We will continue to leverage factors in our control to improve the UDR living experience and the value proposition we offer to our associates and residents. This, in turn, will drive cash flow growth today, tomorrow, and in the future to the benefit of our investors. With that, I'll turn the call over to Mike.