InvenTrust Properties Corp.

Good morning and welcome to the InvenTrust Properties Corp third quarter 2021 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 touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Dan Lombardo. Please go ahead.

Thank you, Operator. Good morning and welcome to InvenTrust Properties' third quarter 2021 earnings conference call. Joining me today are D.J. Bush, President and Chief Executive Officer, Mike Phillips, Chief Financial Officer, Christy David, Chief Operating Officer, and Dave Heimberger, Senior VP of Capital Markets and Transactions. On October 12th, Inventrust listed our shares on the NYSC. We are pleased to be here with you on our first earnings call as a publicly traded company. As a reminder, today's discussion may contain forward-looking statements about the company's views on the future of our business and financial performance, including forward-looking earnings guidance and future market conditions. These are based on management's current beliefs and expectations and are subject to various risks and uncertainties. Any forward-looking statements speak only as of today's date, and we assume no obligation to update any forward-looking statements made on today's call or that are in the quarterly financial supplemental or press release. These factors and risks are described in more detail in our filings with the SEC in our most recent Form 10-K and 10-Q filings. In our discussion today, we will also reference certain non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, which are posted on our investor relations website. With that, I will turn the call over to D.J.

Thanks, Dan. This is an exciting time for Inventrust, and we are pleased to be conducting our first earnings call today as a freely traded company. When I joined in 2019, I was impressed with the platform in place. That is a hyper-focused Sunbelt portfolio anchored by top grocery tenants and a balance sheet positioned for significant self-funded growth. While the pandemic did cause disruption in the retail sector, it also validated our investment thesis. The strength and resiliency of our portfolio became very apparent, and with the positive momentum in the retail space, We believe that the window of opportunity to provide the immediate option of liquidity to our stockholders was upon us. Our team, with the help of our outside counsel and advisors, was able to efficiently execute a direct listing for our current shareholders. Inventra's strategy is simple and focused. We operate almost exclusively in the Sun Belt. 90% of our income comes from this region, and we hope to grow this concentration even further. Christy will discuss this in a bit more detail, but it is important to note that these markets continue to benefit from powerful, positive migration and demographic trends that are expected to continue in the years to come. We have a merchandise mix that is anchored by necessity-based retailers that meet the daily needs of other communities in which we serve. This model has proven durable in the midst of a significant transformation in the retail industry, some of which was accelerated by the pandemic. Our centers lend themselves to new fulfillment methods such as infill distribution centers, curbside pickup, and the use of common areas for outdoor dining, providing tenants with options to meet and in some cases exceed their customers' expectations. This has been critical to preserving the health of our tenants over the past 18 months. Further, top grocers and essential retail tenants continue to drive traffic to our centers, which has resulted in improved leasing demand. With roughly 85% of our centers containing a grocer or mass merchant, we believe this proven strategy will continue to demonstrate strong performance on the near and longer term basis. Inventris is not only a curator of Premier Sunbelt assets, we are also an expert local operator in our markets. Over the past 18 months, our operational presence within our markets allowed us to act quickly and work tirelessly with our tenants to make sure they could remain open and operating in a safe manner for their customers. This in-the-field knowledge provided our operations team a real-time understanding of the challenges faced in each sub-market by our tenants and helped build stronger relationships. These partnerships provide us invaluable insight into retailer trends and initiatives as the retail landscape continues to evolve. Lastly, our low leverage and liquidity position remains a cornerstone for our growth story moving forward. Our available liquidity from our capital structure will not only support our $100 million Dutch tender set to expire next week, but also allow us to grow our Sunbelt grocery-anchored portfolio of assets over the next few years while still maintaining a conservative leverage profile. Our external growth and capital allocation plan is expected to drive meaningful cash flow growth in the future. Equally as important, our balance sheet position was instrumental in sustaining our dividend policy. Not only did we maintain our quarterly distribution rate, we actually raised our dividend twice during the pandemic. Inventress was one of the select few shopping center REITs that did not suspend or cut its dividend. We are pleased to report a solid quarter reflecting additional stabilization in our occupancy driven by leasing demand. Our portfolio foot traffic is above pre-pandemic levels and still growing, which in turn is driving consumer spending at our centers, translating into further demand for space and supporting our ability to drive rent. I'll now turn it over to Mike to discuss our third quarter financial results in more detail.