Brixmor Property Group Inc.

A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Stacey Slater. Thank you. You may begin.

Thank you, Operator, and thank you all for joining Bricksmoor's second quarter conference call. With me on the call today are Jim Taylor, Chief Executive Officer and President, Angela Ahman, Executive Vice President and Chief Financial Officer, and Brian Finnegan, Executive Vice President, Chief Revenue Officer. Mark Horgan, Executive Vice President and Chief Investment Officer, will also be available for Q&A. Before we begin, let me remind everyone that some of our comments today may contain forward-looking statements that are based on certain assumptions and are subject to inherent risks and uncertainties, as described in our SEC filings, and actual future results may differ materially. We assume no obligation to update any forward-looking statements. Also, we will refer today to certain non-GAAP financial measures. Further information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in the earnings release and supplemental disclosure on the investor relations portion of our website. Given the number of participants on the call, we kindly ask that you limit your questions to one or two per person. If you have additional questions regarding the quarter, please re-queue. At this time, it's my pleasure to introduce Jim Taylor.

Thank you, Stacey, and good morning, everyone. Our results this quarter once again demonstrate that platform and rent basis matter. as this long-awaited tenant disruption is providing us the opportunity to bring in better tenants at better rents, continuing to drive our transformational value-added plan, and importantly, setting us up for future outperformance. Consider that in a quarter where we recaptured nearly 300,000 square feet of space associated with tenant failures, we still grew overall in small shop occupancy to platform records. We realized new leasing spreads of 22.4%, and set an all-time high new lease rate of $24.30 a foot, bringing our average in-place rent to $16.60 a foot, up 4.4% on a year-over-year basis. And as our record-high net effective rents once again demonstrate, we continue to be disciplined with capital as we drive this high ROI activity. Importantly, we're not only leveraging this disruption to drive growth in rents and returns, We are also bringing in more vibrant uses to our well-located centers in the segments of grocery, specialty grocery, value apparel, quick-serve restaurants, health, beauty, and home. We can see the follow-on impacts in terms of not only traffic, which continues to trend very well, but also in our small shop demand. And as we drive attractive ROI, we are also substantially improving the value of the centers impacted in terms of applied cap rates. In fact, When you consider our forward leasing pipeline, we expect our ABR from centers with a grocery anchor to increase over 80% as we sign deals for new stores with tenants like Publix, Whole Foods, Sprouts, Trader Joe's, Aldi, and others. Speaking of our forward leasing pipeline, it continues to rapidly build, as Brian will discuss, and that pipeline continues to convert into our pool of signed but not commenced leases. which at quarter end stood at $56.7 million of ABR that will rent commence, as Angela will discuss in a minute. Those rent commencements will allow us to continue to deliver top-line growth at the top of the sector, just as we did this quarter with base rent contributing 520 basis points. During the quarter, we continued to deliver highly accretive reinvestments, bringing our total since we began to over $890 million at an incremental 11% return. We also grew our in-process reinvestment pipeline with $77 million in new projects, including adding specialty grocers at Roosevelt Mall in Philadelphia and Middletown Plaza in New Jersey. Importantly, as we've demonstrated, these reinvestment projects also have a flywheel effect on our returns through growth and follow-on occupancy and rate at the centers impacted. Beyond that, our shadow pipeline includes over $900 million of additional investment that will allow us to continue to drive attractive ROI and growth in cash flows for the next several years, even in a rising rate environment. Remember, our plan is self-funded through free cash flow and, importantly, driven by opportunities we own and control. From an external growth perspective, we've remained disciplined, holding on acquisitions and continuing to build drive powder through opportunistically harvesting non-core assets and through retained free cash flow. I believe that discipline will begin to pay off in the coming quarters, as we are now seeing acquisition opportunities coming back to us at pricing meaningfully less than those same assets were priced as recently as 18 months ago. Importantly, these are assets where we can leverage our value-added platform and tenant relationships to deliver compelling returns. More to come there. Finally, I'd like to give a shout out to the Bricksmoor team, who across all fronts continues to exceed expectations, delivering exceptional value to our stakeholders, and in so doing, continuing to drive us towards our purpose of creating and owning centers that truly are the center of the community they serve. Now, I'll turn the call over to Brian, who will provide additional color on the strength of tenant demand to be in our centers. Brian?