Federal Realty Investment Trust

Good morning and welcome to the Federal Realty Investment Trust third quarter 2026 earnings 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 your telephone keypad. To withdraw your question, please press star then two. Please note, today's event is being recorded. I would now like to turn the conference over to Jill Sawyer, Senior Vice President, Investor Relations. Please go ahead. Thanks, Rocco.

Good morning. Thank you for joining us today for Federal Realty Third Quarter 2026 Earnings Conference Call. Joining me on the call are Dawn Wood, Federal's Chief Executive Officer, Dan Guglielmone, Chief Financial Officer, Wendy Seher, Eastern Region President and Chief Operating Officer, and Jan Sweetnam, Chief Investment Officer, as well as other members of our executive team that are available to take your questions at the conclusion of our prepared remarks. A reminder that certain matters discussed on this call may be deemed to be forward-looking statements. Forward-looking statements include any annualized or projected information, as well as statements referring to expected or anticipated events or results, including guidance. Although federal realty believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Federal Realty's future operations and its actual performance may differ materially from the information in our forward-looking statements, and we can give no assurance that these expectations can be attained. The earnings release and supplemental reporting package that we issued this morning, our annual report filed on Form 10-K, and our other financial disclosure documents provide a more in-depth discussion of risk factors that may affect our financial condition and operational results. Given the number of participants on the call, we kindly ask that you limit yourself to one question during the Q&A portion. If you have additional questions, please recue. And with that, I'll turn the call over to Don Wood.

Thank you, Jill. Good morning, everybody. Really nice operating quarter for us with a reported $1.87 per share beating our internal expectations and up nearly 6% from last year's quarter. Leasing remains strong. Occupancy grew. Same-store cash POI growth was 4%. Just solid operating results top to bottom. We're confident that we'll close out the year on a similarly positive note and accordingly We've tightened and raised our guidance. What we're most excited about has been our ability to build out a formidable central region in just 18 months, most recently highlighted by our acquisition of the Summit in Birmingham, which closed on October 1st. I'm excited to help investors and analysts fully understand the economic upside of this truly generational purchase of an 870,000 square foot, 100 acre, irreplaceable asset that dominates the retail landscape for nearly 100 miles. The first time this asset has ever changed hands. I suspect that the real estate investor in each of you will be blown away. Basically, if you like Kansas City, Leawood, you're going to love the summit. Press release and related information that we put out earlier this month covers a lot of facts about the summit, but $508 million put to work contractually in the low sixes, near seven on a gap basis, with projected POI growth averaging more than 5% annually over the next five years, supported by strong tenant sales productivity, attractive occupancy cost ratios, and significant market-to-market leasing upside means that we've added a material foundational asset to the fast-growing central region. When you include our properties in Chicago, along with Kansas City, Omaha, and now Birmingham, we've created a portfolio of nearly 2.7 million square feet of best-in-market dominant assets with household annual incomes of $188,000 that, on average, attract 4.7 million annual visits per center. These are really important and dominant assets. A big part of our success in this geographic expansion comes from the retail tenancy of our properties like Santana Row, The Grove and Shrewsbury, and Bethesda, among others, strongly desiring similarly merchandised and operated assets in these dominant locations. Tenants like Free People Movement, Fiori, Cooper's Hawk, Aloe, others, who've had great success in our best properties on the coast are coming with us to these central region properties. The opposite is also true, whereby tenants new to us in the center of the country are interested in our well-known improving coastal properties. It's a win-win given the quality of our portfolio now stretching from coast to coast and in between. This thesis is why we embarked on a carefully chosen expanded geography. It's working even better than we had expected. Leawood and Omaha are leading the way. with foot traffic up 8% year-to-date, and we expect them to keep outrunning our original plan. More on that shortly. Previously closed asset sales, fast-growing EBITDA and free cash flow, along with timely debt refinances earlier this year, put us in a position to act on the summit and other accretive initiatives. Additional asset sales expected to close in the coming months will further strengthen our position. In addition, and given the weakness in our share price over the past three months, We saw another great investment the same time we were acquiring the Summit and repurchased nearly 870,000 shares at an average price of less than $109 in September and October at an accretive yield. Just like the Summit, we believe that buying our own shares at these levels is one of the best uses of our capital that, of course, we do in balance. And we're in a position of strength to do it with a strong balance sheet, significant liquidity, and a large pool of identified potential dispositions We're well positioned to take advantage of any dislocation in the market caused by higher rates. We feel great about our business when displayed in a higher interest rate environment. In terms of overall leasing and operations in our coastal markets, all I can say is consumer resilience is inspiring. Higher fuel and other costs appear to be here to stay, and while not perfect, are best hedged by good paying jobs. If history is any indication, I believe it is in real estate. High-quality dominant assets in affluent suburbs are the likeliest to continue to support that resilient consumer's mindset. On the retailer side, demand remains strong, new supply remains limited, and supports our pricing power in future growth. Let me turn it over to Wendy to provide more color on that.