First Industrial Realty Trust, Inc.

Good day, and welcome to the first Industrial Realty Trust, Inc. First Quarter 2026 results call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Art Harmon, SVP, Investor Relations and Marketing. Please go ahead.

Thanks very much, Dave. Hello, everybody, and welcome to our call. Before we discuss our first quarter 2026 results and our updated guidance for 2026, please note that our call may include forward-looking statements as defined by federal securities laws. These statements are based on management's expectations, plans, and estimates of our prospects. Today's statements may be time sensitive and accurate only as of today's date, April 23rd, 2026. We assume no obligation to update our statements or the other information we provide. Actual results may differ materially from our forward-looking statements and factors which could cause this are described in our 10-K and other SEC filings. You can find a reconciliation of non-GAAP financial measures discussed in today's call in our supplemental report and our earnings release. The supplemental report earnings release and our SEC filings are available at firstindustrial.com under the Investors tab. Our call will begin with remarks by Peter Basile, our President and Chief Executive Officer, and Scott Musil, our Chief Financial Officer, after which we'll open it up for your questions. Also with us today are Jojo Yepp, Chief Investment Officer, Peter Schultz, Executive Vice President, Chris Schneider, Executive Vice President of Operations, and Bob Walter, Executive Vice President of Capital Markets and Asset Management. Now let me turn the call over to Peter.

Thank you, Art, and thank you all for joining us today. I'd like to express my congratulations and gratitude to our team for their efforts in getting 2026 off to an excellent start. We delivered some significant development leasing wins and signed a key renewal in Southern California for our largest remaining 2026 expiration. We're also capturing significant value creation via a pending $131 million land sale that I'll detail shortly. Turning to the overall market, industry fundamentals continued to steady. According to CBRE, national vacancy was stable at 6.7% at the end of the first quarter. Net absorption was a solid 43 million square feet modestly below new deliveries of 55 million square feet. New supply nationally continued to be disciplined with starts remaining muted at 39 million square feet. The national construction pipeline is 237 million square feet and highly pre-leased at 39%. In our portfolio, overall touring activity has increased for our availabilities with decision-making accelerating for space sizes under 200,000 square feet within our development portfolio. With respect to potential economic and demand consequences from the conflict in the Middle East, thus far we've seen no discernible impact to leasing activity, but this is a risk we'll continue to monitor. From a portfolio standpoint, our in-service occupancy at quarter end was 94.3%, in line with our expectations. Since our last earnings call, we made further progress on our 2026 rollovers. We've now taken care of 61% by square footage, and our overall cash rental rate increase for new and renewal leasing is 41%. This includes our largest remaining 2026 expiration, the $556,000 square footer in Southern California for which we achieved a cash rental rate change that significantly exceeded the top end of our annual guidance range of 40%. Moving now to development leasing, we saw some broad-based success across several markets, inking 383,000 square feet in total. These included a full building lease for our 155,000 square foot First Wilson II project in the Inland Empire. We also signed several sub-100,000 square foot leases in the markets of Chicago, South Florida, Central Florida, as well as Central Pennsylvania. There we leased a 54,000 square foot space at the recently completed first phase of Purse Park 33 in the Lehigh Valley. As I noted in my opening comments, we're pleased to share with you that the ground lessee of 100 acres of land in the 303 corridor in the Phoenix market exercise its option to purchase the site for a sales price of $131 million. The proceeds are approximately $30 per land square foot, which is more than three times industrial land values in that market. We expect this transaction to close in June. Before I turn it over to Scott, I would like to remind you of two upcoming property tours we will be hosting. On May 12th, We will tour our Inland Empire portfolio, and on June 4th, we'll be touring our Central New Jersey assets. Please reach out to Art Harmon to register or for more information. With that, I'll turn it over to Scott.