InvenTrust Properties Corp.

Thank you for standing by and welcome to Inventrust's first quarter 2023 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. After the prepared remarks, you will have the opportunity to ask any questions by pressing start followed by the number one 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 today. In the room with me is DJ 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 lines for 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 DJ.

Thanks, Dan. Good morning, everyone, and thank you for joining us. Inventris opened 2023 with another strong quarter of operating results. In the face of some economic uncertainty and a challenging capital markets backdrop, our Sunbelt grocery and necessity-based portfolio continues to perform well. We maintained our record high occupancy rate of 96.1% for the second quarter in a row, and our same property net operating income grew at 3.2% over the first quarter of 2022. Both our NAREIT and Core FFO grew sequentially by over 17% compared to the fourth quarter of 2022. Our results are a testament to the dependability, consistency, and strength of our portfolio and markets. Necessity-based retail continues to show signs of strength and has proven to perform well during challenging economic times, despite persistent inflation. The Inventress portfolio consists of high-quality, essential retail tenants, with approximately 60% of our ABR coming from either grocery, discount, or necessity-based retailers. Fine-tuning our merchandise mix across our properties to serve each of communities' needs accordingly has been and will continue to be a key component of our long-term strategy and ultimate success. A notable tailwind in this space is the continued lack of new retail supply. Development for new strip-centered properties has been well below historical averages for the better part of a decade, and we expect this trend to continue as inflated construction costs and elongated delivery times persist. Lack of premier space factors into the demand and the pricing power we are currently experiencing at the time of lease negotiation and renewals. Next, retailers, particularly grocers, continue to evolve and extract value out of their local brick and mortar locations. In our portfolio, we continue to see the expansion of our online order execution and fulfillment directly from our store locations. Additionally, and arguably the most important and unique attribute of our portfolio, is the continued benefit from the well-documented migration to the Sun Belt. 95% of inventress NOI comes from Sun Belt markets. Demographics in our markets continue to grow, and we expect these market dynamics will create advantages to our portfolio and performance for the years to come. A secondary point regarding migration is the suburbanization movement accelerated by the hybrid work model that is seemingly the new normal. Clearly, this structural shift places consumers closer to our centers for longer periods during traditional working hours, bringing additional activity and in-turn demand to our properties. Our simple and focused portfolio is well-positioned to produce strong sector-leading internal growth, and with our balance sheet capacity, we have the ability to grow through acquisitions without the immediate need for external funding should capital markets remain in flux. This gives us flexibility to capture acquisition opportunities as they present themselves. On the acquisition front, as we discussed last quarter, we started the year by executing on the roughly $100 million purchase of the remaining stake in our joint venture. This transaction has been a part of our investment strategy since entering the public market. In terms of private market transactions, with lower deal volume and the attractiveness of the Sunbelt, competition for quality centers remains high. and we will continue to remain disciplined and patient in our capital allocation plan. Before I turn it over to Mike Phillips, I want to reiterate that we have started the year in an outstanding position and believe we are set to produce impressive sector-leaning internal growth in 2023. Delivering at a high level within a competitive space is a testament to how this team and this portfolio will continue to create value for our shareholders. Mike will now walk everyone through our financials and guidance for the quarter. Mike?