UDR reported solid Q3 2025 operating performance amid a broader apartment rent-growth deceleration. Same-store revenue rose 2.6% and NOI grew 2.3%, driven by 0.8% blended lease rate growth (renewals +3.3%, new leases -2.6%), occupancy averaging 96.6%, and a notable 8.5% increase in other income. Management attributed the near-term softness to macro uncertainties, but emphasized occupancy-first strategy, data-driven pricing, and enhanced resident experience as levers to sustain cash flow. The quarter also featured meaningful capital allocation activity, including repurchases of 930 thousand shares (~$35 million), a debt-extension with a fixed-rate swap, and a wait-listed but compelling acquisition program (Northern Virginia 406-unit community) expected to close in Q4. With liquidity exceeding $1 billion and leverage metrics in check (debt to enterprise value ~30%, net debt/EBITDA ~5.5x), UDR reaffirmed full-year 2025 guidance: 2.4% revenue growth, 2.75% expense growth, and 2.25% NOI growth; FFOA per share guidance raised to $2.53–$2.55 for 2025, with Q4 guidance of $0.63–$0.65. Looking ahead, management signals a flat 2026 same-store revenue earn-in (vs. 60 bp in 2025) but plans to provide more color in February 2026, reflecting a conservative but data-driven stance amid ongoing market shifts. Management highlighted a disciplined capital-allocation framework, a robust analytics platform spanning 35 markets, and continued emphasis on rent growth potential from structural housing shortages and controlled new supply.