Brixmor Property Group Inc.

Greetings, and welcome to the Bricksmore Property Group 4th Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. 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 Bricksmore's fourth quarter conference call. With me on the call today are Brian Finnegan, CEO and President, and Steve Gallagher, 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 our 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 Brian Finnegan.

Thank you, Stacey, and good morning, everyone. I am thrilled to join you today for my first call as permanent CEO of Pricksmoor, a company that has been my professional home for more than 21 years. Before touching on our results for the quarter and the year, I will share a few comments on our leadership succession and strategy going forward. First, a sincere thank you to Jim Taylor for his extraordinary leadership and mentorship. His impact on Brixmore and our industry is immense, and I was proud to be by his side for the last nine and a half years as we dramatically transformed this portfolio. We wish him the very best in his retirement. I also want to thank the board for their confidence and the Brixmore team for their support. I am grateful to step into this role at a moment of real strength for the company. Our portfolio transformation and disciplined execution position us exceptionally well to accelerate our growth going forward. The fundamentals for open-air, grocery-anchored retail remain favorable. Consumers have been resilient. Thriving tenants are expanding their physical store presence, and new retail supply remains at historic lows. Against this backdrop, the Bricksmore operating platform stands out as our low rent basis continues to provide industry leading mark to market opportunity while our future reinvestment and sign but not commence pipelines provide unmatched visibility on future growth and cash flows. We do not anticipate any changes to our operating model in the near term outside of a few of our talented leaders taking on more responsibilities, specifically Congratulations to Stacy Slater on her promotion to Executive Vice President, Capital Markets, Corporate Strategy, and Investor Relations, and Matt Ryan, who will expand his role as South Region President to include national property operations. Both will join our Executive Committee. More broadly, the operational realignment we implemented 18 months ago, consolidating from four to three regions, continues to pay dividends through greater efficiency, stronger leasing execution, and disciplined capital allocation. We are also leaning in further to technology and analytics. Early initiatives in AI and automation are already yielding positive results in areas such as lease abstraction and summarization, tenant health analyses, and leasing prospecting tools. Externally, we are going to remain disciplined but opportunistic. Under Mark's leadership, we were net acquirers in four of the last five years, with 2025 being our most active year as a public company at approximately $420 million of asset value acquired in Houston, Southern California, and Denver. We expect to continue allocating capital towards opportunities where our platform can create outsized value without having to rely on acquisitions for growth. and we are mindful of our balance sheet in every capital allocation decision we make. Now let's turn to our results for the quarter and the year, which were exceptional. As Steve will touch on further, same property NOI grew by 4.2% for the year, even as we recaptured 1.5 million square feet of anchor space. FFO for the year was at the high end of our guidance range at $2.25 per share and up 5.6% year over year. We delivered a record leasing year with $70 million of new rent executed, small shop occupancy increasing to a new high of 92.2%, and ended the year with the largest sequential overall occupancy gain in the company's history, up 100 basis points and 95.1%. Demand from high-quality tenants remains robust. As within the over 3 million square feet of new leases executed last year, we signed eight new grocer leases with strong operators such as Publix, Sprouts, and Big Y, and multiple leases with each of the leading retailers in the off-price segment. From a small-shop standpoint, we continue to be impressed by the depth and credit quality of the operators in the health and wellness segment. quick service restaurant, and service segments, as we continue to attract a higher caliber tenant to this portfolio. The strength of our small shop tenancy is also evidenced by the fact that 70% of our small shop rent is derived from multi-unit operators. Our team also continued to capture the mark-to-market upside in the portfolio, with new lease rent growth for the year at 39% and renewal rent growth for the year at 15%. resulting in our third consecutive year of mid-teens renewal growth. We also saw improvement in our retention rate, which at year-end was 87%, 180 basis point improvement from last year. Switching to operations, we continued to deploy capital efficiently and leverage competition for space to reduce our deal costs, with overall CapEx spending down 14% year-over-year and the lowest since 2021. while maintenance capex spending was at our lowest level since 2016 outside of the pandemic year. In addition, discipline operating expense spending resulted in a record expense recovery ratio at year end of 92.3%. On the reinvestment front, we stabilized 183 million of projects in 2025 at an attractive 10% incremental yield. This included some of the most impactful projects in the company's history, such as the Davis Collection, where we tore down an obsolescent anchor adjacent to a high-performing Trader Joe's grocer and delivered a new Nordstrom rack, Ulta, J. Crew Factory, Mendocino Farms, Urban Plates, and several other exciting tenants across the street from UC Davis. At year end, we had $336 million in the active pipeline. including Rockland Plaza, which we added to the active pipeline this quarter as we kick off the redevelopment of this well-located center in the New York metro area with Nordstrom Rack, Ross Dress for Less, Burlington, and new out parcel buildings and several exciting shop tenants. Behind the active pipeline are deep shadow pipeline of projects, including several more with Publix, provides us years of runway for value-creating redevelopment in what we already own and control. Moving to our transaction activity, we acquired two high-quality grocery anchored centers in Denver and Southern California in the fourth quarter. Both have immediate leasing and mark-to-market upside, are accretive to our long-term growth profile, and are in markets that our West Region team has created significant value in. We also completed 170 million of dispositions during the quarter, where we saw limited ROI going forward, including our last asset in Alabama. In closing, thanks to the Bricksmore team's record performance, we entered 2026 with tremendous momentum in the business. Our properties hosted over 9 million visits last year, and our tenant lineup reflects the strongest underlying credit profile in our company's history. The portfolio looks the best it ever has. Our balance sheet is in the strongest position it has ever been, and our platform is positioned to drive consistent, durable growth. I am so energized for what lies ahead and grateful to lead this team as we accelerate our business plan. With that, I'll hand the call over to Steve for a deeper review of our financial results and 2026 outlook. Steve?