Alexandria Real Estate Equities, Inc.

Good afternoon, everyone, and welcome to the Alexandria Real Estate Equity's fourth quarter and year-end 2025 conference call. All participants will be in a listen-only mode. Should you need assistance, please know a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one on your touchstone telephones. To withdraw your questions, you may press star and two. Please also note today's event is being recorded. At this time, I would like to turn the floor over to Paula Schwartz with Investor Relations. Ma'am, please go ahead.

Thank you, and good afternoon, everyone. This conference call contains forward-looking statements within the meaning of the federal securities laws. The company's actual results might differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements It's contained in the company's periodic reports filed with the Securities and Exchange Commission. And I would like to turn the call over to Joel Marcus, Executive Chairman and Founder. Please go ahead, Joel.

Thank you, Paula, and welcome, everybody, to our fourth quarter and year-end 2025 conference call. With me today are Peter, Mark, and Hallie. And I want to wish everybody a happy new year. And remember, most importantly, health is wealth. I want to thank our family team for their exceptional efforts during 2025, and particularly a very busy fourth quarter. In 2025, we witnessed the fifth year of a life science bear market. Our 2025 timeline clearly evidences that no one could have predicted with the February 2025 nomination of HH Secretary, the intense cascade of events from February 2025 on, to the numerous key departures toward year end at the FDA. And in fact, sadly, measles and polio may be back to some extent. We have been navigating a fast-changing life science industry landscape throughout 2025, which has been front and center for our team. Our investor day path forward is our North Star for 2026. As the industry begins to adapt to the fast-changing landscape, 2026 is all about timely execution of our plan, heavily focused on dispositions and maintaining a strong and flexible balance sheet, driving occupancy with intense leasing focus on vacant space, rollover space, and redevelopment and development space, and meeting the marketplace. We also plan to continue to significantly reduce CapEx. And with that, let me turn it over to Mark to highlight 4Q and 2025 briefly, and then we'll turn it over to everybody for questions since we had Investor Day less than 60 days ago, and we just reported yesterday. We'll try to make our comments brief. So, Mark?