UDR, Inc.

Greetings. Welcome to UDR's second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, 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, 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, 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 over the call to UDR's Chairman, President, and CEO, Tom Toomey.

Thank you, Trent, and welcome to UDR's second quarter 2026 conference call. Presenting on the call with me today are Chief Operating Officer Mike Lacy, Chief Financial Officer Dave Bragg, and Senior Officer Kristen Enns, who will be available during the Q&A portion of the call. To begin, the fundamentals of the apartment industry have been favorable in 2026, specifically employment growth. has exceeded consensus expectations. Housing affordability remains in favor of renting relative to home ownership, and new supply of apartment homes continues to abate. This backdrop, combined with our execution across operations and capital allocation, produced second quarter results that exceeded our expectations. In turn, this led us to raise our full year same store growth and FFOA per share guidance. Operationally, we performed exceptionally well. The apartment industry is strengthening, but what differentiates UDR is our data-driven capabilities, continuous innovation and disciplined execution. Mike will elaborate on our operating strategies and tactics employed to generate results that delivered more cash to our bottom line. As it relates to capital allocation, we follow a data-driven approach to risk-adjusted returns when determining sources and uses of capital, which we visualize through a heat map. This process led us to sell assets with proceeds used to repurchase our shares at sizable discounts to NAV. Furthermore, as our tools for evaluating risk adjusted returns have advanced, We have made the strategic decision to let our debt and preferred equity book run off in the coming years. Our focus on operational excellence and data-driven approach to identify investments with outsized growth led us to this choice. UDR is an industry leader and operator, not a lender, and we do not plan to reenter the debt and preferred equity business. Dave will further discuss this and our capital allocation activities in his remarks. Moving on, later this week, UDR will distribute its first monthly dividend. Our history of delivering nearly $9 billion of dividends over 54 years demonstrates UDR's track record of stability, growth, transparency, liquidity, and robust results. As we shared last quarter, our research indicated an opportunity to diversify our investor base by appealing to a growing segment of the market that values frequent cash flow distributions. Since announcing our shift to a monthly dividend, we have extensively engaged with a number of new capital channels and have received positive feedback. Finally, I'm happy to report that UDR has recently named a top workplace winner in the real estate industry for the third consecutive year. This achievement extends our track record as a leader in corporate stewardship and reflects the engaging employee experience we have built while solidifying our stature as an employer of choice. This is further evidenced by our associate turnover rate at only 19%, which is substantially better than the industry norm of 34%. In conclusion, we're pleased with our results in the first half of the year, which has set us up for a better than expected 2026. We're focused on excellence across operations, capital allocation, and access to capital. This constant pursuit is underpinned by our innovative culture and approach to data. With that, I'll turn the call over to Mike.