Curbline Properties Corp.

conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star and one. I would now like to turn the call over to Stephanie Royce Perez, Vice President of Capital Markets. You may begin.

Thank you. Good morning and welcome to CurbLine Properties' third quarter 2025 earnings conference call. Joining me today are Chief Executive Officer David Lukes and Chief Financial Officer Connor Fennerty. In addition to the press release distributed this morning, we have posted our quarterly financial supplement and slide presentation on our website at CurbLine.com, which are intended to support our prepared remarks during today's call. Please be aware that certain of our statements today may contain forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from our forward-looking statements. Additional information may be found in our earnings press release and in our filings with the SEC, including our most recent reports on Forms 10-K and 10-Q. In addition, we will be discussing non-GAAP financial measures on today's call, including FFO, operating FFO, and same property net operating income. Descriptions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in today's quarterly financial supplement and investor presentation. At this time, it is my pleasure to introduce our Chief Executive Officer, David Lukes.

Good morning and welcome to CurbLine Properties' third quarter conference call. Let me begin by expressing my gratitude to the entire Curb team, not only for delivering another strong quarter, but also for marking our one year anniversary as the only public company exclusively focused on acquiring top tier convenience retail assets across the United States. we continue to lead this unique capital efficient sector with a clear first mover advantage. Before Connor walks through the quarterly results, I'd like to take a moment to reflect on what we've accomplished in our first four quarters since the spinoff of CurbLine Properties. We've acquired $850 million in assets through a combination of individual acquisitions and portfolio deals. We've signed nearly 400,000 square feet of new leases and renewals with newly spreads averaging over 20% and our renewal spreads just under 10%. Importantly, our capital expenditures have averaged just 6% of NOI, placing us among the most capital-efficient operators in the entire public REIT sector, an important hallmark of the convenience asset class. It's hard to overstate the strength of this business model, but three key attributes help explain why we're confident in our ability to deliver superior risk-adjusted returns. Our investments align with real consumer behavior. Unlike traditional shopping centers built for destination retailers, our properties serve customers running daily errands. According to third-party geolocation data, two-thirds of our visitors stay less than seven minutes on our properties, often returning multiple times a day. These properties serve large and elongated trade areas along major traffic corridors, not just local neighborhoods. In fact, 88% of our customers live more than a mile away and nearly half live more than five miles away. This is not a local business. That's why 70% of our tenants are national chains, eager to capture a share of the 40,000 cars that pass by our properties daily. In high income markets, supply is limited and tenants are willing to pay a premium for access to this valuable traffic. Second, We invest in simple, flexible buildings. Rather than purpose-built structures, we favor straightforward rows of shops that support a wide variety of uses. This flexibility drives strong tenant demand, rising rents, and minimal capital outlay. We don't do loss leader deals, we don't over-invest in tenant improvements, and we don't rely on one tenant to drive traffic to another. Our strategy is clear. Provide convenient access to customers running errands woven into their daily lives and leased to tenants with strong credit who are willing to pay top rent to access those customers. The result is a highly diversified tenant base with only nine tenants contributing more than 1% of base rent and only one tenant more than 2%. Strong tenants drive strong sales, which leads to high retention and rent growth with little or no landlord investment. This is the essence of capital efficiency and a key driver of our growing free cash flow. Third, our balance sheet is built to support our growth. We believe we currently own the largest high quality portfolio on convenient centers in the United States, totaling 4.5 million square feet. The total US market for this asset class is 950 million square feet, 190 times larger than our current footprint. While not all of that inventory meets our standards, but our criteria are clear. Primary corridors, strong demographics, high traffic counts, and creditworthy tenants. Under John Kattenaar's leadership, our investment team is underwriting hundreds of opportunities each month. We have the luxury of choice, the discipline to grow one asset at a time, and the responsibility to maintain our leadership by acquiring only the best. Even in the top quartile of the convenience sector, It's 50 times larger than our current portfolio. And we've structured our team, our balance sheet, and our operations to scale. CurbLine has all of the pieces on hand to generate double-digit free cash flow growth for a number of years to come. And based on our implied fourth quarter 2025 OFFO guidance, we're forecasting 20% year-over-year FFO growth, which is well above the REIT sector average. In summary, CurbLine has quickly built a track record that highlights the depth and liquidity of the convenience asset class. Our original 2025 guidance range included $500 million of convenience acquisitions. We've obviously significantly exceeded that pace and now expect 2025 investment activity of around $750 million with potential for additional upside. I couldn't be more optimistic about the opportunity CurbLine as we exclusively focus on scaling the fragmented convenience marketplace and delivering compelling relative and absolute growth for stakeholders. And with that, I'll turn it over to Connor.