Curbline Properties Corp.

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Curb Line Properties Corp. First Quarter 2026 Earnings 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, please press star one again. Thank you. I would now like to turn the call over to Stephanie Royza-Perez, Vice President of Capital Markets. Please go ahead.

Thank you. Good morning and welcome to CurbLine Properties' first quarter 2026 earnings conference call. Joining me today are Chief Executive Officer David Luke and Chief Financial Officer Connor Fenerty. 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 at the SEC, including our most recent reports on Form 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 reconciliation 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' first quarter conference call. We had an incredibly productive and active start to the year as investment opportunities have remained elevated, leasing demand has remained strong, and we've tapped new markets, increasing our liquidity and access to capital. This activity is falling directly to the bottom line, leading to an increase in our OFFO guidance range. This is, of course, a result of dedication and hard work from our team, and I'd like to thank everyone at CurbLine for their contributions that have positioned the company for outperformance. We continue to lead this unique capital efficient sector with a clear first mover advantage as the only public company exclusively focused on acquiring top tier convenience retail assets across the United States. I'll start with an overview of investment activity and shift to operational highlights before handing it off to Connor to walk through quarterly results, the 2026 guidance increase, and the balance sheet in greater detail. Beginning with investments, In the third quarter of 2025, we began to see an acceleration in acquisition opportunities that were consistent with the existing portfolio and our convenience thesis. This elevated level of activity has continued, putting us in a position to raise our 2026 investment target to $850 million from $750 million. We believe the increase is primarily attributable to four factors. each of which are unique to CurbLine. First, the convenience business is a fragmented but liquid local business with over 90% of transaction activity between private buyers and sellers. We recognized this when we started buying properties before the pandemic and have structured our investment, leasing, and property management teams to be in the markets where we want to own properties. This has allowed the team to build personal relationships with the owners of the highest quality real estate and the brokers that dominate each individual market. For the marketed deals we acquired post spinoff, we've worked with 29 different brokerage companies, which highlights not only the fragmented structure of the market, but also the importance of the national network of relationships that CurbLine has built. Second, Curb Line now has been publicly listed for roughly 18 months, has a proven track record of closing on convenience properties, and we believe owns the largest high-quality portfolio of convenience properties in the U.S., totaling over 5 million square feet. This reputation and scale, along with our access to capital and investment-grade rating, is leading to more inbound calls from the aforementioned private owners and brokers that we received before we went public. This brand awareness, assisted by local and regional market events, has made CurbLine the first call and the trusted buyer for high quality convenience properties and is providing greater visibility and transparency on our deal flow. Specifically, of the $1.2 billion of assets acquired since our spinoff, 22% have been off market, highlighting the growing importance of inbound calls from sellers. Third, The convenience property type is very different than the grocery and power center business in terms of operations and management. As a result, we've taken the strong accounting, legal, and IT infrastructure from our predecessor and layered on the findings from our over $1 billion of acquisitions to refine our investment approach and focus only on actionable deals that we think have a path to success and meet our return hurdles. With a finite number of hours in a day for our deal teams, this has allowed us to increase efficiency and productivity by avoiding deals with unworkable issues that simply aren't worth our time. And fourth, according to the Federal Reserve, over 50% of non-residential real estate in the country is privately held by individuals over 65 years old. It is becoming clear to us that these owners are seeking liquidity today more than ever, which is adding another potential multi-year tailwind to our deal flow. We are continuing to tailor our team and our network to tap into this growing opportunity set and believe it will lead to a steady pipeline of future deal flow. The net result of each four factors is an increase in opportunities that meet our criteria of primary corridors, strong demographics, high traffic counts, and credit worthy tenants. And importantly, are additive to our future growth rates, and it highlights the unique and significant addressable investment convenience market that provides an opportunity to scale the business. Moving to operations, we've signed over 145,000 square feet of new leases and renewals this quarter. Trailing 12-month spreads remain consistent with our five-year averages as the shortage of space in affluent markets where we operate continues to lead to attractive leasing economics. We invest in simple, flexible buildings that are at the nexus of consumer behavior. These straightforward rows of shops can support a wide variety of uses, and this flexibility drives tenant demand from an extremely wide pool of tenants. The result to our portfolio is a highly diversified tenant base with only eight tenants contributing more than 1% of base rent and only one tenant more than 2%. All 62 of our new and renewal leases this quarter were with different tenants and 71% were national credit operators. Both of these data points highlight the incredibly deep market for leasing to a wide variety of credit users. In terms of same property growth, we generated almost 5% growth in the quarter and our capital expenditures were just 6.3% of quarterly NOI placing us among the most capital-efficient operators in the entire public REIT sector, an important hallmark of the convenience asset class. In summary, I could not be more optimistic about the opportunity ahead for CurbLine as we exclusively focus on scaling the fragmented convenience real estate sector in an effort to deliver compelling relative and absolute growth for stakeholders. And with that, I'll turn it over to Connor.