Strong Financial Performance and Strategic Positioning Drive UDR's Buy RatingUDR's 2Q25 result reflected its upper-tier operating platform, portfolio, and strategy, with a 2Q25 FFOAps beat and guidance raise above consensus. Blended lease rates, bad debt, and other income were drivers of the beat. By market, and NYC delivered the strongest SS Revenue growth, while Southeast and Northeast had the biggest sequential improvements in new lease rates. However, UDR expects blended lease growth in 2H25 to be similar (not improve) vs. 1H25.