UDR reported a solid QQ1 2025 start, with structural improvements in occupancy, renewal dynamics and value-added services that support margin expansion and cash flow growth. Key operating metrics exceeded initial expectations: same-store revenue grew 2.6% YoY and NOI grew 2.8% YoY, driven by a 0.9% blended lease-rate trajectory and a notably lower annualized turnover (32% vs. historical norms). Occupancy averaged 97.2% in Q1, with regional strengths in the East Coast (97.5% occupancy, ~4.5% YoY revenue growth) and resilient performance on the West Coast; Sunbelt markets demonstrated positive, albeit uneven, results due to new supply dynamics. Management reaffirmed the full-year 2025 guidance despite macro volatility and provided a constructive view on demand tailwinds from reduced supply and improving affordability. The company continues to monetize its investments in technology-enabled resident experiences (Wi‑Fi rollout) and other income streams (11% of revenue from rentable items) to sustain mid-single-digit to high-single-digit growth in other income, contributing to margin expansion over time. The balance sheet remains robust, with liquidity >$1 billion, limited near-term refinancing risk, and a disciplined capital deployment strategy including development starts (e.g., Riverside 3099 Iowa) and a selective recap/refinancing program via joint ventures with LaSalle and other opportunities.