UDR, Inc.

Greetings and welcome to the UDR first quarter 2026 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 Trujo. Thank you, Mr. Trujo, 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 refreshed 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, to be respectful of 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 first quarter 2026 conference call. Presenting on the call with me today are Chief Operating Officer Mike Lacey and Chief Financial Officer Dave Bragg. Senior Officer Chris Van Enns will also be available during the Q&A portion of the call. To begin, 2026 is off to a solid start. Our first quarter results were in line with the expectations we provided at the beginning of the year, made possible by strong execution across operations and capital allocation. As it relates to operations, our revenue drivers all played out as anticipated and resident retention stands at an all-time high. Mike will elaborate on the strategies and tactics employed to generate these results. As it relates to capital allocation, We remain focused on taking advantage of the rare and likely fleeting opportunity to arbitrage a sizable gap in public and private market valuations. A data-driven and collaborative process led us to the decision to sell four assets. Proceeds were utilized to repurchase our shares and acquire an asset we gained access to through our Debt and Preferred Equity Program. Dave will further discuss our capital allocation activities in his remarks. Staying on the topic, we continually evaluate opportunities to diversify our sources of capital. Our thoughtful and thorough research focused on investors of the future pointed to an opportunity to expand our reach to grow a segment of capital, namely high net worth investors, family office, and institutional products who collectively value frequent cash distributions. As a result, yesterday we announced the transition to a monthly dividend. UDR is the first residential REIT to do so. The stability and growth of the apartment industry coupled with UDR's operating and capital allocation acumen has led to 53 straight years of dividends totaling nearly $9 billion. We expect the relatability and transparency of the apartment industry and our robust track record to appeal to these investors who value frequent cash distributions. Stepping back, we feel good about 2026 thus far, but we have only completed the first four months of the year. Accordingly, we are maintaining our full year 2026 same store and earnings guidance, which we'll reassess next quarter. From a big picture perspective, I remain optimistic about the long-term growth prospects of UDR. The fundamental outlook for the apartment industry is encouraging, with resilient demand, a shrinking future multi-family supply pipeline, and attractive relative affordability apartments versus other forms of housing. Our culture, strategy, and proven team position UDR well to take advantage of these fundamental strengths. Finally, I'd like to take a moment to recognize Katie Katna and Diane Moorfield, who have decided not to seek reelection to our board. Katie and Diane have been respected voices in our boardroom, and we are thankful for their stewardship and contribution to UDR. With that, I'll turn the call over to Mike.