Phillips Edison & Company, Inc.

Good day and welcome to Philip Edison & Company's third 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 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 in future market conditions. These are based on management's current beliefs and expectations and are subject to risks and uncertainties as described in our SEC filings. Today we'll reference certain non-GAAP financial measures and information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in our press release and supplemental information packet, both of which have been posted on our website. Our caution on forward-looking statements also applies to our earnings presentation, which was also posted. Following our prepared remarks, we'll open the call to Q&A. Given the number of participants, we respectfully ask that you limit to one question. Please rejoin the queue if you have follow-up questions. With that, I'll turn the call over to Jeff Edison.

Jeff? Thank you, Kim, and thank you, everyone, for joining us today. PICO delivered another strong quarter. Same Center NOI increased 5.3% and Core FFO per share increased 9.2%. These results reflect the strength of our grocery-anchored neighborhood centers and the consistent execution of the PECO operating engine. We are pleased to increase the midpoints of our earnings guidance for the full year. These results are especially meaningful given the continued uncertainty in the broader economy. While the headlines continue to change, the fundamentals we see across PECOS portfolio remain solid. The consumer remains resilient, PECOS grocers and necessity-based neighbors continue to drive strong traffic, and we're not seeing any signs of weakness as we look towards 2027. That resilience is supported by the essential nature of PECOS portfolio. 74% of our ABR comes from necessity-based goods and services, providing consistent demand and supporting durable cash flow through economic cycles. FIGO delivers more alpha with less beta. Our alpha comes from strong leasing, disciplined acquisitions, and a growing development and redevelopment pipeline. Lower beta comes from our growth-ranker durability, necessity-based cash flow, investment-grade balance sheet, and access to multiple sources of capital. Our results continue to show that high occupancy does not limit PICO's internal growth. We renew the right neighbors at higher rents, we increase contractual rent bumps, we improve lease terms, and we create new space throughout parcels and redevelopment. Our active development and redevelopment pipeline is nearly $90 million today. We see an opportunity to grow it beyond $100 million while maintaining our attractive returns. Across a portfolio of right-sized centers averaging 113,000 square feet, these projects create meaningful incremental growth. Acquisitions provide another source of growth. Assets acquired to date in 2026 were 94% leased on average, compared with 98% leased across our existing portfolio. That gap represents visible upside for PICO. We know how to lease these centers, to enhance the merchandising mix, and to use our data and local market knowledge to move operating performance toward the level of our existing portfolio. We continue to target unlevered IRRs of 9% for grocery-anchored acquisitions and 10% or better for everyday retail. Everyday retail expands our opportunity set while staying close to what we know, necessity-based retail, neighborhood locations, and markets where our operating engine can create value. Our investment strategy remains disciplined and focused. We allocate capital where we believe PECO can generate the best long-term growth and returns, whether it's through our existing portfolio, grocery-anchored and everyday retail acquisitions, development and redevelopment, or our joint ventures. We continue to grow when the opportunity, returns, and cost of capital make sense for PECO. That means staying flexible, raising equity when public markets are attractive, and using dispositions and joint ventures when private market pricing is more compelling. This disciplined approach allows PICO to be opportunistic while investing in dependable, long-term growth. We've told investors that PICO's high-quality portfolio is built to deliver long-term, same-center NOI growth of 3 to 4 percent and a mid-to-high single-digit core FFO for share growth. We continue to deliver against those targets. As we look to 2027, we have increased visibility from leasing, development and redevelopment, our pipeline of acquisitions, and our investment management business. We believe PICO is well positioned to deliver strong growth in 2027 and will provide more details during our December 16th virtual business update. PICO's 6.2% dividend increase in September reflects our confidence in the durability of PICO's cash flow. We believe PICO's earnings growth and durable dividend yield combine to target an annual total return to our shareholders of 9% to 10%. That is the opportunity we see for PICO. More alpha through consistent execution and growth, less beta from our right-sized, grocery-anchored, necessity-based portfolio and our strong balance sheet. With that, I'll turn it over to Bob. Bob?