UDR, Inc.

and welcome to the UDR Inc. Third Quarter 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please signal the operator by pressing star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, the Vice President of Investor Relations, Trent Trujillo. Please go ahead.

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 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 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, please be respectful of everyone's time and in an attempt to complete our call within one hour due to other earnings calls occurring after hours, we will limit questions to one per analyst. We kindly ask that you rejoin the queue if you have a follow-up question or additional items to discuss. 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, President, and CEO, Tom Toomey.

Thank you, Trent, and welcome to UDR's third quarter 2025 conference call. Presenting on the call with me today are Chief Operating Officer Mike Lacey and Chief Financial Officer Dave Bragg. Senior officers Andrew Cantor and Chris Van Enns will also be available during the Q&A portion of the call. A number of fundamental drivers of our business have been supportive of growth for much of 2025. Coupling this with our core operating advantages resulting in an attractive same-store revenue, expense, and NOI growth, and enabled us to raise our full year FFOA per share guidance for the second time this year. As we start the fourth quarter, and that has been widely reported by various third party publications, the apartment industry has experienced a broad deceleration in rent growth. Most of our markets face some combination of employment uncertainty, slower household formation, lower consumer confidence, and high levels of recently completed supply. Collectively, these factors have contributed to rent growth that has been more measured than what we anticipated as recently as 45 days ago. Even with this backdrop, we are encouraged by various indicators that suggest our residents are resilient and appreciative of the value of renting at UDR. From a long-term perspective, the United States remains structurally under housed. Affordability of renting an apartment relative to home ownership is nearly an all-time level of favorability. And the pipeline for future supply has materially decreased. UDR is the cycle tested, having delivered more than 10% average annual total shareholder return over the past 25 years. We will continue to focus on the items that are in our control to manage through the times of uncertainties, make opportunistic and accretive investments, and deliver value to our shareholders. Looking towards UDR's next 25 years, I'm excited about our process that harnesses data, measures outcomes, create actions, and drives cash flow growth. Points to make around that, our operating teams have executed a wide range of operating innovation for years, with our latest example being our customer experience project. We continue to uncover actionable insight through the millions of daily touch points with existing and prospective residents that enable our teams to measure, map, and orchestrate a superior UDR living experience. This influences our operating tactics from the market level all the way down to the individual apartment home. This approach has led to industry leading improvements in resident retention, which enhances top line revenue, mitigates expense growth, and drives margin expansion. Elsewhere, our approach to capital allocation is increasingly data-driven and collaborative. Our sophisticated tools allow us to screen investment attractiveness at the asset level across more than 7 million apartment homes nationwide. We have recently executed on the insight from this platform and our teammates to identify an acquisition that holds both an attractive rent growth profile and comes with operational upside to drive yield expansion. In addition to better informing our buy and sell decisions, we are leveraging our proprietary analytics platform and the wisdom of our teams to influence our NOI enhancing and redevelopment capital expenditures, which we expect will further enhance growth in the future. Collectively, we're enthused about the innovation we continue to deploy that drive resident, associate, and shareholder value. The initiatives and the platforms we have built align with our long-term strategy, enhancing capital allocation decisions and drive cash flow accretion. When coupled with our investment-grade balance sheet and substantial liquidity, we have positioned ourselves to attractive results for years to come. Moving on, we continue to build on our position as a recognized leader in corporate stewardship. With the release of our seventh annual corporate responsibility report two weeks ago, we detailed the efforts that we enabled UDR to become a more sustainable and resilient company. One that has been recognized as a top workplace winner in the real estate industry for the second consecutive year. Our achievements reflect the engaging employee experience we have built, solidifies our stature as an employer of choice, and deepens our rich history as a leader in corporate stewardship. I'm proud of all we have accomplished and I look forward to sharing more success in the years to come. Finally, I and the other members of the board of directors are excited to welcome Rick Clark to UDR as our newest board member. Rick's joined us earlier this month and his appointment is the latest move in the board's refreshment process that also included the departure of two long tenured directors earlier this year. Rick brings a wealth of real estate investment and capital markets experience, having served Brookfield in various senior leadership roles for over the course of nearly four decades. And we look forward to embracing his perspective as we advance our strategic initiatives. In summary, UDR has an established history of innovation, a demonstrated track record of delivering attractive shareholder returns, and a collaborative team with a deep bench to execute our strategy. I remain optimistic about the prospects of the apartment industry, given favorable long-term fundamentals. And UDR will continue to harness data and effort to make decisions that drive cash flow, enhance our value proposition, and stature within the industry. With that, I'll turn the call over to Mike.