Phillips Edison & Company, Inc.

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 Once we conclude our prepared remarks, we will open the call to Q&A. After today's call, an archived version will be published on our website.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 our SEC filings, specifically in our most recent form 10-K and 10-Q. And our discussion today will 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 strong quarter of growth with same center NOI increasing by 3.9%. I'd like to thank the PICO associates for their hard work to maintain our unique competitive advantages and drive value at the property level. As we sit here today, we see an ever-changing macroeconomic environment. It's too early to tell what impact tariffs could have on PICO or our neighbors. That said, we continue to see a resilient consumer. Retailer demand across our portfolio remains strong. This is most evident in our continued high occupancy, strong rent spreads, and high retention. Despite tariff concerns, we continue to be strategic in our decision making to best position PICO to take advantage of opportunities for growth, both internal and external. We are seeing high retailer demand with no current signs of slowing. PECOS leasing team continues to convert this demand into significantly higher rents. Retailers want to be located at centers where top grocers drive consistent and recurring foot traffic. Given the continued strength of our business, we are pleased to affirm our full year guidance. Retail categories that have historically been impacted by a softer economy include necessity-based goods and services. This includes grocery, restaurants, and health and beauty. Seventy-one percent of our ABR comes from necessity-based goods and services. We believe PICO is relatively more insulated from potential tariff disruption. We have a diversified neighbor mix. We also have limited exposure to big box bankruptcies and at-risk retailers. We believe that the combination of our unique format and our cycle-tested experience drive high-quality cash flows. Our performance following both the 2008 global financial crisis and the 2020 COVID-induced downturn demonstrates the resiliency of our Grocer Anchored portfolio. We continue to find opportunities in the transaction market. During the first quarter, we purchased $146 million in assets at PICO's total share. Despite recent market volatility, we remain confident in our ability to acquire high-quality centers and attractive returns. While it's early in the year, our pipeline remains strong. Given the grocery-anchored pipeline we are targeting and the team we have at PICO, we are affirming our guidance range of 350 to $450 million in gross acquisitions this year. We have the capabilities and leverage capacity to acquire more if attractive opportunities materialize. We are also in a great place to pivot if we should see the transaction market tighten. We continue to target an unlevered IRR of 9% for our acquisitions. We will continue to be disciplined buyers as we look forward. Speaking of looking forward, the PICO team remains focused on the long term. History tells us that grocery-anchored and necessity-based formats have been relative outperformers during periods of economic uncertainty. We don't expect the current cycle to be any different. While the markets may be nervous about the health of the consumer, we are not seeing anything that changes our view on our ability to deliver on our long-term growth plans, both internal and external. I want to repeat, we remain confident in this current environment. Our confidence is driven by the stability of our cash flows and the PICO team's ability to deliver solid, long-term growth and create long-term value for our shareholders. Given our demonstrated track record through various cycles, we believe an investment in PICO provides shareholders with a favorable balance of quality cash flows, mitigation of downside risk, and strong internal and external growth. In summary, the quality of our cash flows reduces our beta, and the strength of our growth increases our alpha. Less beta, more alpha. I'll now turn the call over to Bob Myers. Bob?