InvenTrust Properties Corp.

Thank you for standing by and welcome to Inventrust's third quarter 2022 earnings conference call. My name is Forum and I'll be your conference call operator today. Before we begin, I would like to remind our listeners that today's presentation is being recorded and a replay will be available on the investor section of the company's website at inventrustproperties.com. All lines will remain muted during the presentation portion of the call. with an opportunity for questions and answers at the end. If you would like to ask a question, please press star 1 on your telephone keypad. I would now like to turn the call over to Mr. Dan Lombardo, Vice President of Investor Relations. Please go ahead, sir.

Good morning, everyone, and thank you for joining us. In the room with me today is D.J. Bush, President and Chief Executive Officer, Mike Phillips, Chief Financial Officer, Christy David, Chief Operating Officer, and Dave Heimberger, Chief Investment Officer. Following the team's prepared remarks, we will open the lines and answer questions from the research analyst community. As a reminder, some of today's comments 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 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, it is my pleasure to turn the call over to DJ. Thanks, Dan, and good morning, everyone.

A little over a year ago, Inventrust listed on the NYSE, and at that time, we laid out a business plan and strategy that offered a unique investment opportunity in the retail REIT sector. We've continued to execute on our stated goals throughout the last 12 months, one of which is moving our portfolio concentration closer to 100% Sunbelt by sourcing attractive grocery-anchored acquisitions in our target markets. while opportunistically rotating out of our non-Sunbelt assets. We also utilize our investment-grade rating to diversify and fortify our capital structure. Our team's efforts across all facets of the business prove that a simple and focused strategy can deliver strong results, as shown by our solid double-digit core FFO growth in 2022 as implied in our updated guidance. What this past year also underscored is that the underlying quality of our portfolio is outstanding. Our Sunbelt markets continue to experience in-migration of companies and highly skilled workers, further adding to the positive demographic trends seen over the past decade. Further, the demographic profiles of our consumers in our markets likely are able to better absorb some of the pressures from inflation and economic uncertainty. While we know we're not immune to the adverse impacts of inflation, rising interest rates, and recessionary risks, Inventrust has and is expected to continue delivering consistent results. Leasing demand remains robust, resulting in record-high leased occupancy and strong same-property NOI growth for the first nine months of the year. On the supply side, higher costs and inflation headwinds are limiting new development of grocery-anchored centers as the hurdles for new construction remain challenging. This scenario brings additional demand and leasing opportunities to our portfolio and affords us the opportunity to evaluate and focus on ensuring the proper tenant mix and credit quality of our centers, all while driving rents. When you include our sector-leading balance sheet, we have positioned the company not only to drive growth when times are good, but also preserve cash flow while looking for opportunities during times of economic uncertainty. The strength of our balance sheet and our low leverage uniquely positions us to take advantage of any value dislocation we may see in the market. That said, on the transaction front, we remain extremely disciplined in our evaluation of new acquisitions. With that, I'm going to turn the call over to Mike to discuss our financial results and guidance in more detail.