Brixmor Property Group Inc.

It is now my pleasure to introduce Stacey Slater, Senior Vice President, Investor Relations. Thank you. You may begin.

Thank you, Operator, and thank you all for joining Bricksmoor's fourth quarter conference call. With me on the call today are Jim Taylor, Chief Executive Officer, Brian Finnegan, President and Chief Operating Officer, and Steve Gallagher, Executive Vice President and Chief Financial 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 per person. If you have additional questions, please re-queue. At this time, it's my pleasure to introduce Jim Taylor.

Thanks, Stacey, and good morning, everyone. I'm beyond grateful for the performance of the Bricksmore team across every facet of our value-add plan. Our team's performance not only delivered strong growth in both NOI and bottom-line FFO of 5%, but it's also positioned us to continue to outperform, especially in a strong demand environment where we're able to recapture boxes and bring in better tenants and better rent. It's in environments like this one, simply put, where Bricksmore thrives. Our execution begins with leasing, where the regional and national teams partnered to sign over $118 million of new and renewal lease ABR during the year, including $32 million in the fourth quarter, activity that demonstrates robust continued tenant demand and the momentum of our portfolio transformation. As Brian will detail in a moment, we drove compelling spreads and rates, commenced a record level of new AVR, and achieved a record for average in-place rent that still remains well below where we're signing new deals. We also continued to out-index our share of tenant store openings and, importantly, brought several new, vibrant concepts into the portfolio, which further drove growth in traffic year over year. In fact, we were ranked by Placer AI at the top end of our peer group in terms of year-over-year traffic growth. We brought in new anchors in core as well as new to the portfolio categories, driving overall occupancy to 97.2% for our anchors. In particular, we substantially increased new business with tenants in the grocery segment, including Sprouts, Whole Foods, Trader Joe's, Publix, and Aldi, creating huge value as we bring these vibrant retailers into our center. With this activity of record, 81% of our AVR is derived from grocery anchored centers, with average productivity of over 700 a foot. Further, we saw the flywheel effect of this productive anchor leasing, with small shop occupancy and rate both at record levels. Our redevelopment and construction teams continue to execute at the very highest level, delivering $205 million of reinvestment, at an average incremental return of 9% during the year. We also grew our in-process pipeline to nearly $400 million at an average incremental return of 10%, setting us up for several more years of transformative value creation. Our investments team successfully harvested $212 million of dispositions completed advantageously across 14 distinct transactions. Staying disciplined, the team also reviewed and underwrote over a billion of opportunities and, as the market moved our way, completed over $290 million of value-add acquisitions of assets that have long been on our target list, including in Hartford, Tampa, Raleigh, Boston, Ann Arbor, Hilton Head, and Long Island. We are encouraged by the future pipeline of attractive opportunities in our core markets as transaction flows continue to increase. From a balance sheet perspective, liquidity and free cash flow, as Steve will detail in a moment, we continue to have more than ample capacity to fund our value-added plan. We have much to be excited about as we look forward to 2025 and beyond. With that, I'll turn the call over to Brian for a more detailed discussion of our leasing and operational outlook. Brian?