InvenTrust Properties Corp.

Hello all, thank you for your patience and a warm welcome to the InvenTrust Properties Corp first quarter 2022 earnings conference call. My name is Louise and I'll be the operator for today's call. If you would like to ask a question, you would have the opportunity to do so at the end of the presentation. Please press star followed by one on your telephone keypad if you wish to ask a question. And I have the opportunity to introduce your host, Dan Lobardo, Vice President of Investor Relations. Dan, please go ahead.

Thank you, operator. Good morning, everyone. On the call with me today are DJ Bush, President and Chief Executive Officer, Mike Phillips, Chief Financial Officer, Christy David, Chief Operating Officer, and Dave Heimberger, Chief Investment Officer. During today's presentation, the team will provide an overview of InvenTrust's first quarter operational and financial highlights, along with an update on our 2022 guidance. Following our prepared remarks, we will answer questions from the research analyst community. Before the team starts with their prepared remarks, I would like to remind everyone that 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. In addition, we 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 DJ.

Thanks, Dan. Good morning, everyone, and thank you for joining us. Adventurous is a Sunbelt-focused shopping center REIT that owns and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers that often have a grocer. With over 90% of our income coming from the Sunbelt region, Adventurous is a clear, publicly-traded shopping center leader in these markets with the goal of further increasing our concentration through strategic capital allocation over time. For investors interested in allocating a portion of their portfolio to essential retail in the Sun Belt, Ventress is and will continue to be the natural choice for this investment thesis. Since joining the public market last year, our team has delivered on several fronts. One is our disciplined capital allocation as demonstrated by our $100 million Dutch tender completed in November of 2021, where we repurchased 4 million shares at $25 per share. Next, Inventra's focus on both internal and external growth continues to be on full display from our solid same-property NY growth and through the acquisition of additional Premier Sunbelt properties. Both channels contribute to meaningful cash flow growth for our shareholders during the quarter. Also during the quarter, the team put in place a couple of important initiatives. First, the board authorized and approved a new $150 million share repurchase program. Then in March, As a logical next step following our listing, we established a $250 million ATM offering program providing efficient access to the capital markets. The board and management team view both these programs as important additions to our capital allocation decision-making process as we evaluate additional opportunities. The team also pursued and was assigned its inaugural credit rating from Fitch Ratings in April. Fitch assigned a long-term issuer default rating of BBB- with a stable outlook. According to the published report, the key drivers for the rating were Inventra's conservative balance sheet, Sunbelt concentration, grocery-anchored assets, and solid tenant diversification. We are pleased with our investment-grade rating, and we believe it reflects the quality of our cash flow driven by our simple and focused Sunbelt portfolio strategy, and most importantly, our team's dedication to a best-in-class capital structure. The rating will expand our access to additional capital sources and support our ability to evaluate growth opportunities in the quarters ahead. Turning to the portfolio, our Sunbelt markets have benefited from in-migration for the last decade, and we have seen these trends only accelerate following the pandemic and should continue for years to come. Our markets have the right components to generate superior risk-adjusted returns above other regions. We believe our centers will provide sustainable rent growth and ultimately value creation opportunities in the near and long term. Our assets within these markets continue to present significant leasing demand, stable rent with healthy occupancy levels, and accretive redevelopment opportunities. With that, I'm going to turn it over to Mike Phillips to discuss our financial results and guidance in more detail.