Brixmor Property Group Inc.

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, Senior Vice President, Investor Relations and Capital Markets. Please go ahead.

Thank you, Operator, and thank you all for joining Bricksmore's first 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, an actual future result 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. The unique strength and durability of our all-weather value-added plan truly came through again this quarter, positioning us for continued outperformance particularly in the face of looming tariff uncertainty and the increased potential for an economic slowdown. Consider for a moment how we continue to generate robust new and renewal activity in leasing spreads, which Brian will cover in more detail, demonstrating not only the tenant demand to be in our well-located centers, but also the importance of our low rent bases. We capitalized on recent tenant disruption to bring in better tenants at better rent. driving growth in our in-legal leasing pipeline. In fact, we are now at lease, or LOI, in over two-thirds of the recently recaptured bankruptcy space at phenomenal spreads. We continue to capture outside share of new store openings in our core categories of grocery, specialty grocery, quick-serve restaurants, and value apparel retailers with vibrant tenants that are growing and outperforming even in this environment. On a real-time basis, our centers continue to drive compelling year-over-year traffic growth, reflecting the transformative impact of our reinvestment and, importantly, the strength of our underlying tenant performance. And we continue to deliver our reinvestment projects on time and on budget at very compelling returns, while also backfilling our active pre-lease pipeline with exciting grocery projects that will completely transform the centers impacted. Importantly, as we look ahead into 25 and 26, we remain very confident in our ability to continue to outperform. Consider the forward visibility on growth provided by our S&O pipeline, which remained at 60 million, or 6% of total in-place ABR, despite commencing 14 million of new ABR in the quarter. This stacking of commenced rents, which Steve will address in more detail, combined with the level of our snow pipelines, provide significant growth momentum through 25 and into 26. And as I mentioned before, our robust in-legal leasing pipeline provides even further visibility on growth into 26 and beyond. Consider the virtual lack of new supply of open-air retail in our market, which continues to help us drive growth and improvement in intrinsic terms with our tenants. And finally, consider the strength, resiliency, diversification and credit profile of our key tenants. We also expect that this volatility in the capital markets may present some interesting growth opportunities for well-capitalized, market-leading platforms such as Bricksmore. As Steve will cover in a minute, we've kept our powder dry, reduced leverage in the quarter to five and a half times that EBITDA, and have over $1.3 billion in revolver capacity and cash on hand. with no maturities until June of 26. In sum, I truly like how well we are positioned to deliver despite an increasingly volatile landscape, one which we think will bring some compelling and exciting opportunities. With that, I'll turn the call over to Brian and then Steve for a more detailed discussion of our results. Brian?