First Industrial Realty Trust, Inc.

Good day and welcome to the first Industrial Realty Trust second quarter 2026 results conference 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, Senior Vice President, Investor Relations and Marketing. Please go ahead.

Thank you, Dave. Hello, everyone, and welcome to our call. Before we discuss our second 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, July 23, 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. are available at firstindustrial.com under the Investors tab. Our call today will begin with remarks by Peter Baccile, our President and Chief Executive Officer, and Scott Musil, Chief Financial Officer, after which we'll open it up for your questions. Also with us today are Jojo Yap, 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 hand the call over to Peter.

Thank you, Art, and thank you all for joining us today. Our team delivered another excellent quarter, building upon the momentum that took shape in Q1. Our confidence in leasing demand was Supporting new business growth has strengthened compared to earlier in the year and most certainly last year. We're seeing additional touring activity and enhanced decision-making overall, including for larger format spaces. Our team delivered some significant leasing wins in the quarter, including a full building lease for our 708,000 square foot building in central Pennsylvania, as well as for a few of our developments, which I'll detail shortly. On the strength of that leasing, we increased our FFO guidance midpoint by two cents per share. Scott will walk you through our guidance during his remarks. Turning to the overall market, industry fundamentals are trending positively with respect to net absorption, while the pace of new deliveries continues to moderate as expected. According to CBRE, the national vacancy improved by 20 basis points to 6.5% at the end of the second quarter. Net absorption was strong at 85 million square feet, nearly doubling Q1, and significantly exceeding new deliveries of 48 million square feet. The national construction pipeline ticked up modestly to 252 million square feet and is still well pre-leased at 38%. Turning now to our portfolio performance. We ended the quarter with in-service occupancy of 94.9%, up 60 basis points from the first quarter, primarily driven by the 708,000 square foot TA lease. Regarding our 2026 rollovers, we've now taken care of 80% by square footage, and our overall cash rental rate increase for new and renewal leasing for signed leases is 39%. Our cash rental rate guidance for 2026 commencements is 35% to 40%, which is an increase at the midpoint and a tightening of the range. Moving now to development leasing. Since last quarter's call, we saw more broad-based success across several markets, inking an additional 433,000 square feet, bringing the total signings in the quarter to 643,000 square feet. First, we expanded our existing tenant into the remaining 31,000 square feet at First Pompano Logistics Center in South Florida. In Dallas, we signed a full building lease for the just completed 176,000 square footer at First Park 121 to a wire and cable supplier that supports the data center industry. Lastly, we fully leased our recently completed 226,000 square foot building at First Park Newcastle in the Philadelphia market. With this full building lease, we're excited to announce the start of a second building in that park. The 613,000 square foot facility can accommodate up to four tenants with an estimated investment of $77 million and an estimated cash yield north of 8%. Now let me update you on our other investment and disposition activities since our last call. On the acquisition front, our regional team was successful in sourcing a recently completed development in the Great Southwest Submarket of Dallas. The 161,000 square foot facility is 50% leased, giving us the opportunity to add value through lease-up. The purchase price was $26 million, with a targeted cash yield of approximately 6%. We also acquired a 58-acre infill development site in the middle of the BW corridor, the largest sub-market in Baltimore for 39 million. The site is designed to accommodate three buildings totaling 629,000 square feet upon full entitlement and completion of infrastructure work. Regarding sales, as expected, we successfully closed on the $131 million land sale in Phoenix. Pricing was $30 per land square foot Just shy of three times industrial land values in that market. We also sold four buildings in Detroit, totaling 310,000 square feet for a total of $29 million. We have just one 16,000 square foot building remaining in that market. Before I turn it over to Scott, I'd like to thank everyone that invested the time to participate in the two property tours we recently hosted in Southern California and New Jersey. I know that you came away with a greater appreciation of our portfolio quality, value creation ability, and the expertise of our regional leadership. With that, I'll turn it over to Scott.