InvenTrust Properties Corp.

Thank you for standing by and welcome to Inventrust's fourth quarter 2022 earnings conference call. My name is Emily 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 investors section of the company's website at inventrustproperties.com. At the end of the presentation, if you would like to ask a question, you can do so by pressing start followed by the number one on your telephone keypads. I'd 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 up the line and answer questions. 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 D.J.

Thanks, Dan. Good morning, everyone, and thank you for joining us. The inventors team had a productive 2022, our first full year as a publicly traded company. The simple and focused Sunbelt portfolio and investment strategy is proving out in all aspects of our business. The operations team continues to capitalize on solid leasing demand while also carefully managing expenses and build out costs associated with a robust leasing pipeline. By year end, we successfully rotated capital out of Colorado, selling all three properties in the state, leading to further investment in our Sunbelt markets. Lastly, we maintained our discipline approach to balance sheet management, while diversifying our capital sources through the execution of our inaugural private placement. As discussed on previous calls and ventures continues to benefit from structural and macro economic trends, creating positive tailwinds for the retail sector and specifically our portfolio. These include the continued migration of people and jobs to the sunbelt bringing higher household income consumers to our markets. The continued investment by retailers in brick and mortar locations. To support evolving omni channel business strategies and the limited to no new supply of institutional quality grocery anchored centers. For these reasons inventress high quality properties remain extremely desirable to new and existing retailers. We finished 2022 at an all time high least occupancy rate of 96.1% grew same property net operating income by 4.6% for the full year and delivered double digit core fo growth compared to the previous year. All of these results were ahead of our initial forecast. We remained diligent in our search for opportunities for external growth. In the fourth quarter, we acquired two assets, a grocery anchored center outside of Charlotte and one of our joint venture assets in San Antonio, which is shadow anchored by the dominant regional grocer, HEB. We also started 2023 by acquiring the remaining stake in our company's joint venture. It is well documented that this portfolio was a component of our acquisition strategy. We are pleased with the execution of this transaction. PJ jam has been an outstanding partner over the past 10 years and a supporter of our sunbelt grocery anchor strategy and esg initiatives with this transaction the inventress portfolio is now 100% wholly owned and further simplifies our investment story. Including this jv transaction inventress net investment activity totals over 200 million since our listing in line with our expectations, while we continue to actively look for acquisition opportunities. We recognize the pricing uncertainty in the current environment and are being prudent as we see borrowing costs increase and cap rates expand. Growing the portfolio is important to our long-term strategic plan, but we will remain disciplined when deploying our capital. Looking ahead into 2023, a degree of uncertainty exists in the economy. Inflationary impacts on the consumer combined with higher interest rates and potential tenant store closures could dampen some of the positive trends the retail sector has benefited from over the past few years. However, we continue to be optimistic about our business. This confidence comes from the positive performance of our Sunbelt portfolio during the pandemic, the resilient nature of our grocery and necessity-based tenants, and our investment-grade balance sheet. Our initial 2023 guidance, which builds upon strong 2022 results, continues to show the strength of our simple and focused strategy. With that, I'm going to turn it over to Mike Phillips to provide more color on our financials and guidance.