UDR's CEO Discusses Q2 2012 Results - Earnings Call Transcript

I would like to note that 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 this morning's 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, we ask that you be respectful of everyone's time and limit your questions and follow-ups. Management will be available after the call for your questions that did not get answered on the call.

I will now turn the call over to our President and CEO, Tom Toomey.

Thomas W. Toomey

Thank you, Chris, and good morning to everyone. Welcome to UDR's second quarter conference call. On the call with me today are Jerry Davis, Senior Vice President of Operations, who will discuss our results, as well as senior officers, Warren Troupe and Harry Alcock who will be available to answer questions during the Q&A portion of the call.

My comments today will focus on three topics; first, broad operating trends and our quarterly results; second, our business plan update; and finally, an update on our CFO search. Following my comments, Jerry will provide additional commentary on the operating results and emerging operating trends.

During the quarter our business continued to operate at high level, driven by accelerating new and renewal rental rate growth as well as stable occupancy. Multi-family supply and demand fundamentals continue to provide a strong tailwind for apartment owners and we expect will do so for a number of years to come. And especially for those REIT with portfolios concentrated in markets that exhibit above average job growth, low single-family home affordability, a high propensity to win and limited new multi-family supply pressure.

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