Phillips Edison & Company, Inc.

Good day and welcome to Phillips Edison and Company's third quarter 2020 for earnings call. Please note that this call is being recorded. I will now turn the call over to Kimberly Greene, head of investor relations. Kimberly, you may begin. Thank you, operator.

I'm joined on this call by our chairman and chief executive officer, Jeff Edison, President Bob Myers, and Chief Financial Officer John Caulfield. Once we conclude our prepared remarks, we will open the call to Q&A. After today's call, an archived version will be published on our website. As a reminder, today's discussion may contain forward-looking statements about the company's view of future business and financial performance, including forward earnings guidance and future market conditions. These are based on management's current beliefs and expectations and are subject to various risks and uncertainties as described in your SEC filing. specifically in our most recent Form 10-K and 10-Q. In our discussion today, we'll reference certain non-GAAP financial measures. Information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in our earnings press release and supplemental information packet, which have been posted on our website. Please note that we have also posted a presentation with additional information. Our caution on forward-looking statements also applies to these materials. Now I'd like to turn the call over to Jeff Edison, our Chief Executive Officer.

Jeff? Thank you, Kim, and thank you, everyone, for joining us today. The PICO team delivered another solid quarter of growth, with same center NOI increasing by 3.2 percent, NAERI FFO per share growth increased 9.1 percent, and core FFO per share growth increased 6.9 percent. The ongoing strength of our performance is attributable to our differentiated and focused strategy. PICO owns right-sized, high-quality, grocery-anchored neighborhood shopping centers. These centers are anchored by the number one or two grocer by sales in the markets. Our results are generated at the property level. They are driven by our integrated operating platform and our exceptional, locally smart, and cycle-tested team. The entire PICO team continues to drive significant value at the property level. You can see that reflected in our sector-leading operating metrics. The experience and talent on Pico's team is significant. We have experts in every aspect of the grocery anchored real estate industry. We remain committed to successfully executing our growth strategy to deliver long term value to our shareholders. Our high quality portfolio anchored by top grocers in favorable suburban markets provides a long term, steady earnings growth profile. We believe Pico is well positioned to continue to grow and provide market leading returns. PICO has delivered on our core strategy for over 30 years. We have developed a seasoned team that has been together for a long time. Our team is highly engaged, highly focused, and deep. PICO is a growth company. We have consistently delivered on both internal and external growth. We are well positioned to take advantage of growth opportunities. We're acquiring high quality centers with the capacity to buy more. As Bob will highlight in a moment, we are a best in class operator. In addition, we are prudent with our balance sheet management. We have strong liquidity and no meaningful maturities until 2027. We believe these factors will drive solid earnings growth in 2025 and beyond. Year to date, we acquired nine shopping centers and several land parcels for a total of $211 million. We continue to find attractive acquisition opportunities. Activity in the fourth quarter remains strong. Given the current environment, we are updating our acquisitions guidance to $275 to $325 million of debt acquisitions for the year. We continue to have the capabilities and leverage capacity to acquire more as attractive opportunities materialize. Moving to the Kroger Albertsons merger, the market still gives the merger a low probability of occurring. If the merger does not occur, our Albertsons anchored centers will continue the strong performance they have produced to date. Should the merger close, our remaining Albertsons stores would be operated by Kroger, which reinvests regularly in their stores and produces higher sales volumes on average. This would have a positive impact on our portfolio. I'll now turn the call over to Bob to provide more color on the operating environment. Bob? Thank you, Jeff.