Phillips Edison & Company, Inc.

Good day and welcome to Phillips Edison and Company's first quarter 2026 earnings call. Please note that this call is being recorded. I will now turn the call over to Kimberly Green, 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. 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, and our caution on forward-looking statements also applies to these materials. Following our prepared remarks, we will open the call to Q&A. Given the number of participants on the call today, we respectfully ask that you be limited to one question. Please rejoin the queue if you have follow-up questions. With that, I'll turn the call over to Jeff Edison.

Thank you, Kim, and thank you, everyone, for joining us today. We're pleased to report another quarter of strong results, which reflect the strength of our high-quality portfolio and the consistency of our execution. The PICO team delivered NAE REIT FFO per share growth of 4.7 percent, core FFO per share growth of 6.2 percent, and same-center NOI growth of 3.5 percent. We're pleased to increase our full-year 2026 guidance. Our growth rates for NAREAD FFO and core FFO per share are in the mid to high single digits, consistent with our long-term targets. We are operating in a time where there are many ongoing uncertainties, both domestically and globally. Interest rates have been volatile. The global trade picture is shifting, and conflicts overseas continue to affect markets. Technology, especially AI, is changing how companies work Add in an active election cycle and high energy costs, and it's no surprise that there is a general feeling of uncertainty. In times like this, the market tends to reward businesses that have stability, and that's exactly where PICO plays. Growth anchored, necessity-based, everyday retail. PICO offers resilience while also offering steady growth. We believe PICO is built to deliver growth across changing economic cycles. Our long-term growth targets remain unchanged. We are maintaining our focus and driving value at the property level. Our retailers are healthy and continue to look long-term. We're seeing a resilient consumer, and our top grocers and necessity-based retailers continue to drive solid foot traffic to our centers. One of the dynamics we're watching closely is the gap between private and public market pricing of assets. This influences our capital decisions, including how we fund growth and where we invest. And it's why the PICO team stays disciplined about accessing the most efficient capital. Our platform can raise capital in the public markets through institutional joint ventures and through asset recycling. We believe markets in 2026 will reward companies with a focused growth strategy and the ability to fund growth responsibly. PICO is well positioned to continue to do both. In summary, we're pleased with first quarter results and our outlook for 2026. We operate in a resilient part of retail. We're located in the neighborhood close to your home. We're disciplined about our investments. And most importantly, we have the best teams in the business. 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 turn the call over to Bob. Bob?