Phillips Edison & Company, Inc.

Good afternoon and welcome to Phillips Edison and Company's fourth quarter 2025 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. I'm joined today by our Chairman and CEO Jeff Edison, President Bob Myers, and CFO John Caulfield. Following our prepared remarks, we will open the call to Q&A. After today's call, an archived version will be published on our investor relations website.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. 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, both of 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. Jeff?

Thank you, Kim, and thank you, everyone, for joining us today. We are pleased to report strong 2025 results, which reflect NA REIT FFO per share growth of 7.2%, core FFO per share growth of 7%, and same center and away growth of 3.8%. In addition, our strong 2026 guidance growth rates for NA REIT FFO and core FFO per share are in the mid single digits. While the market may continue to be nervous about the health of the consumer and the impact of tariffs on retailers, our outlook remains unchanged. As it relates to Pico's neighbors and grocers, we continue to feel very good about our portfolio. We are seeing a resilient consumer, and our top grocers and necessity-based retailers continue to drive solid foot traffic to our centers. As it relates to the transactions market, it's no surprise that the strong fundamentals of grocery-anchored shopping centers continue to attract increased attention in the market. We remain confident in our ability to deliver on our gross acquisitions guidance of $400 to $500 million in 2026 at PicoShare. We acquired approximately $400 million in acquisitions at Pico Share in 2025. We have demonstrated consistent success in finding core, growth-ranked opportunities, as well as under-managed and under-occupied everyday retail centers. Additionally, we have the joint venture expertise and partnerships to continue to acquire across the investment spectrum of growth-ranked retail. We continue to be disciplined buyers, investing in acquisitions above our cost of capital. We continue to target an unlevered IRR of 9% for our grocery anchored acquisitions and above 10% for our everyday retail centers. In summary, we are pleased with our results for 2025 and our outlook for 2026. Pico's core business is our grocery anchored shopping center business. We are the leader in owning right size neighborhood shopping centers focused on necessity based retail. Our locally smart operating platform is driving strong rent and NOI growth. We remain confident in our ability to execute our plans and deliver solid growth in 2026 and beyond. We believe the quality of our portfolio and the strength of our operating platform give Pico the best opportunity in our space to produce sector-leading FFO per share growth and AFFO growth. We believe an investment in PICO provides significant upside opportunity backed by high-quality cash flows, strong fundamentals, and sustained long-term growth. With our shares trading at a discount to our long-term growth profile, we believe PICA represents an attractive opportunity to invest in a leading operator that can deliver mid to high single-digit annual earnings growth. We will continue to drive more alpha with less beta. With that, I'll now turn it over to Bob. Bob?