UDR, Inc.

Greetings and welcome to UDR's fourth quarter and full year 2025 earnings call. At this time, all lines are placed on mute to prevent any background noise. A question and answer session will follow the formal presentation. If you should need operator assistance during the call, 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, sir. Please go ahead.

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. 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, To be respectful for everyone's time and in an attempt to complete our call within one hour, 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 to address any 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 fourth quarter 2025 conference call. Presenting on the call with me today are Chief Financial Officer Dave Bragg and Chief Operating Officer Mike Lacy. Senior Officer Chris Van Enns will also be available during the Q&A portion of the call. In conjunction with our earnings release, we published a presentation that highlights the value proposition of UDR, our 2025 results, and our outlook for 2026. Our prepared remarks align with the presentation and those of you participating on our webcast should see the slides on your screen. Let's begin. On slide four, we highlight the investment case for UDR. In short, our proven track record of generating attractive shareholder return is strengthened by our culture of continual innovation and disciplined capital allocation. which are further enhanced by a variety of AI tools. This combination leads to a data-driven and collaborative actions that translate into margin expansion and cash flow growth. These areas of strategic focus are supported by a strong balance sheet that enables multiple avenues to drive value creation. To that end and turning to slide five, Data is increasingly at the center of every decision we make, and we have developed a heightened focus and skill set on converting data into actions that drive cash flow growth. One example is elevating our customer experience. Our approach to enhance resident satisfaction has already driven 1,000 basis points improvement in resident retention compared to historical levels, resulting in approximately $35 million of higher annualized cash flow. In addition to our focus on customer experience, we are increasingly utilizing data to inform our investment and capital allocation decisions. While this effort continues to evolve, we are excited about the framework we have established that marries data-driven decisions with collaboration to drive resident, associate, and shareholder value. Next, key takeaways for our release and 26 outlook are summarized on slide six. These are first, full year 2025 FFOA per share and our same store revenue expense and NOI growth. Results exceeded our initial guidance at midpoint. Additionally, fourth quarter 2025 same store NOI exceeds expectations set last quarter. Second, the positive operating momentum we achieved in the final months of 2025 has continued into 2026, with further acceleration in lease rate growth, coupled with high occupancy and outsized other income growth. Mike will provide additional color about operating results and recent trends in his remarks. Third, we have entered a window of less competitive supply, which should bolster our growth profile. Fourth, our flexible approach to capital allocation led us to repurchase nearly 120 million of our stock during 2025. We will continue to utilize our capital allocation heat map, which Dave will discuss, to evaluate sources and uses. Fifth, our balance sheet is well positioned to fund our capital needs into 2026 and beyond. And sixth, ongoing investments in innovation, including advancing our customer experience project, and the various ways we can integrate AI tools to continue to drive incremental NOI and excessive market level growth. Finally, on behalf of the board and management, I would like to formally welcome Ellen Gauthier to UDR as the newest board member. Ellen joined us a month ago and brings a wealth of accounting and corporate governance expertise. having served on senior leadership roles at KPMG and on several boards over the course of her career. Ellen's appointment follows Rick Clark's appointment in October. These additions were made in cordation with the departure of two long-tenured board members in 2025 and reflect our continued effort to ensure the skills and perspectives of our board properly align with our strategic priorities. With that, I will turn the call over to Dave.