UDR’s QQ2 2025 results reflect a favorable demand backdrop for apartment living and disciplined operating execution. Second-quarter metrics show sustaining momentum across revenue and NOI with occupancy near historic highs, aided by enhanced retention and ongoing rent-derive initiatives. Management raised full-year FFOA per share guidance to a range of $2.49–$2.55 and nudged same-store revenue growth guidance to 1.75%–3.25% (midpoint 2.50%), underscoring confidence in mid-year execution and a constructive back-half outlook. Notably, UDR accelerated rent-related dynamics through value-added services and other income, while maintaining a conservative balance sheet with ample liquidity to fund development, redevelopment, and recap activities. The Philadelphia Broadridge consolidation, strategic asset monetization via preferred equity paybacks, and a durable liquidity position reinforce an opportunistic, capital-allocation framework amid ongoing market normalization for multifamily.