InvenTrust Properties Corp.

and a replay will be available on the investor section of the company's website at inventrustproperties.com. All lines will be 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 followed by one on your telephone keypad. I'd now like to turn the call over to Mr. Dan Lombardo, Vice President of Investor Relations.

Please go ahead, sir. Thank you, Operator. Good morning, everyone, and thank you for attending our call today. Joining me from the Inventrust team 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 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, I will turn the call over to DJ.

Thank you, Dan, and good morning, everyone. I'll begin the call with some brief remarks regarding the quarter. Mike will provide you with an overview of our financial results, and Christy will touch on some of our operational accomplishments. Ventress delivered another solid quarter of operating results, driven by our simple and focused strategy. That is, to own and operate essential open-air retail centers, exclusively in the Sunbelt region of the U.S., maintain a simple and low-levered capital structure, and employ a straightforward capital allocation plan. The better-than-expected performance has allowed us to once again adjust our 2023 full-year guidance higher for FFO per share, which Mike will touch on in a bit. The performance in the quarter is even more impressive given the recent liquidation of a top tenant, which drove nearly the entirety of our sequential leased occupancy decline. But like the commentary by many of our peers, the activity around these spaces has been unprecedented, with opportunities to grow the rent, upgrade the merchandise mix, and ultimately make our centers more valuable. Christy will provide more color on this in a bit. On the supply side, new retail construction remains materially lower than historical averages, and shopping center vacancy is at its lowest level since the global financial crisis. Our leasing results reflect this landlord favorable supply and demand dynamic, which is amplified in the markets where we operate. Demographic trends in the Sunbelt continue to give us the confidence that market rent growth in our communities should outpace the national average for the foreseeable future. Continued tenant demand coupled with the activity in our leasing pipeline bodes well for our ability to organically grow cash flow while waiting for the broader capital markets to be more accommodative for external growth opportunities. Regarding our balance sheet, after exercising an extension option subsequent to the quarter, which Mike will touch on, we have no meaningful maturities until late 24, which provides us some flexibility and allows us to be patient until the debt capital markets stabilize, whatever level that may be. Given the uncertainty regarding the capital markets, our external growth criteria has and will remain very selective. Our liquidity and low leverage affords us the ability to be opportunistic when appropriate, but at the end of the day, our primary focus is sustainable cash flow growth year in and year out, which should in turn translate into superior total returns for our shareholders. And with that, I'm going to turn the call over to Mike to discuss some of our financial results. Mike?