Brixmor Property Group Inc.

Greetings, and welcome to the Brixmore Property Group first quarter 2026 earnings 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 Slatter, Executive Vice President and Investor Relations. Thank you. You may begin.

Thank you, Operator, and thank you all for joining Bricksmore's first 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 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 Brian Finnegan.

Thank you, Stacey, and good morning, everyone. I am pleased to report on another quarter of outstanding results by the Bricksmore team as we continue to execute across all facets of our business plan to start the year. We grew same property NOI 6.4% over last year, and delivered 58 cents per share in FFO, results that demonstrate the momentum that is accelerating across the platform, which is also reflected in our improved outlook for the year. These results continue to differentiate Bricksmore in what remains a positive backdrop for open-air grocery-anchored retail. Before providing additional detail on Bricksmore's strong start to the year, I want to share a few thoughts on the broader environment and how Bricksmore is positioned within it. We are operating in a period of heightened uncertainty. Geopolitical tensions and capital markets volatility are real, and we are monitoring them. That said, the fundamentals for our property type remain exceptionally strong. Consumer traffic at our centers continues to grow, with over 220 million visits in the first quarter, up over 3.5% year over year. New supply remains at historic lows. and demand from high-quality retailers for well-located space is as strong as we have seen, as physical stores remain the most cost-effective way to deliver goods to the consumer. These secular tailwinds are attracting institutional capital into our sector at the highest pace in decades. Within this environment, Bricksmore stands apart. We have meaningful embedded upside across our portfolio. enabling us to continue to deliver on industry-leading mark-to-market opportunities. Our reinvestment and sign-but-not-commence pipelines provide exceptional visibility into future cash flow growth. The underlying credit quality of our tenant base is the strongest in our company's history, and we have the talent and experience to continue to deliver for our stakeholders. Now let's turn to our results for the quarter. which highlight the operating strength in our business. Leasing demand from best-in-class tenants remains elevated. We executed 1.3 million square feet of new and renewal leases at a blended cash spread of 27%, with new lease spreads at 42%, and record renewal growth of 21%. Our team is capitalizing on strong tenant demand, as well as the investments we have made across the portfolio, to elevate the quality of our tenant mix. During the quarter, we added first to portfolio locations with Pottery Barn, Williams-Sonoma, L.L. Bean, Rowan, and Tesso Life, while continuing to grow with leading operators across the off-price, health and wellness, and quick service restaurant segments. From an occupancy perspective, total lease occupancy ended the quarter at 95.1%. flat sequentially, and up 100 basis points year over year, while small shop occupancy was 92.1%, up 130 basis points year over year, underscoring sustained demand for space. We are still well below peak occupancy expectations for the portfolio, which represents meaningful future upside. And while we do expect overall occupancy headwinds in the second quarter, Due to a handful of anticipated box recaptures, we expect to return to a growth trajectory in the second half of the year. Our leasing activity during the quarter also increased our signed but not commenced pipeline to $67 million, up 10% year-over-year. Accretive reinvestment remained central to our strategy, and we were active in the first quarter. we stabilized 78 million of projects at a 9% average incremental return. This included two transformational projects, the opening of our first large format target at Wynwood Village in South Dallas, Texas, and phase one of Block 59 in suburban Chicago. Both have been exceptionally well received in their respective markets and demonstrate our team's ability to execute large-scale projects that generate meaningful value creation and growth, with future phases still to come at both locations. We also commenced phase three of our Roosevelt Mall redevelopment in Philadelphia, further densifying the site with exceptional operators like Ulta, Shake Shack, and Victoria's Secret. We continue to make meaningful progress on our out parcel development program, adding a record six new projects at an attractive 16% incremental return. This has been and will continue to be a compelling area of focus, as demand is deep, returns are strong, and the program is highly complementary to our merchandising strategy. In addition, the communities that we serve are increasingly supportive of these projects, as they share our desire to convert large, underutilized parking fields into thriving retail and restaurant destinations. At quarter end, our active reinvestment pipeline stood at $302 million with a 10% average incremental return with another $700 million in our future pipeline, including opportunities and assets we acquired over the last two years. The depth of this pipeline continues to differentiate Bricksmore, providing many years of runway for a creative reinvestment. On the transaction front, the market has been competitive and dynamic. Increasing demand for open-air retail allowed Mark and team to dispose of 108 million of assets where value had been maximized. And while we did not acquire any assets during the quarter, we continue to identify compelling opportunities to put our platform to work, with over 160 million of assets under control in high-growth markets where we have a strong presence and a deep pipeline of additional opportunities we are currently underwriting. To support our capital recycling strategy, we raised $116 million through our Forward ATM, which provides flexibility as we execute. We will remain disciplined in our approach to capital allocation, focused on acquiring assets where our platform can create value and that are accretive to our long-term growth profile. Before I turn it over to Steve, I want to take a moment to thank the entire Bricksmore team. The results we delivered this quarter and the acceleration of our business plan are a direct reflection of your focus, discipline, and commitment to this company. I am incredibly proud of this team and grateful for the energy and thoughtfulness you bring every single day. With that, I will turn the call over to Steve for a deeper review of our financial results and improved 2026 outlook. Steve? Thanks, Brian.