UDR, Inc. (UDR) Inc. BofA Securities 2025 Global Real Estate Conference Transcript

Jana Galan
Research Analyst

Good afternoon, everyone. Welcome to Bank of America’s 2025 Global Real Estate Conference. I’m Jana Galan, and I cover the residential REITs at Bank of America, and we’re pleased to have with us UDR’s President and CEO, Tom Toomey; CFO, Dave Bragg; COO, Mike Lacy; VP of Investment Analytics, Chris Van Ens; and Vice President of IR, Trent Trujillo. Tom will start with a few opening remarks, and then we can jump into Q&A.

Tom Toomey
Chairman, President & CEO

Great. And thank you again for hosting us to a lovely facility as well as great investor meetings today. So let me just dive right in.

I guess 2 points I’d start off with, is, first, the state of the business, guidance and operations, and then I’ll let Mike speak to that in detailed Q&A. But let me start there. We had a beat and raise in the second quarter. We’re trending in line with the second half guidance. Year-to-date, we’re #2 NOI growth among the public peers, and something that we’re very proud of is what we call winning markets. So when we look at revenue and NOI, how do we do — stack up to our peers, 11 out of 14 markets year-to-date, so good progress head-to-head as well as an overall beat and raise. What we’re focused on operations, and Mike will go through it in more detail, what we can control and the things that are influencing our business.

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