InvenTrust Properties Corp.

Hello, thank you for standing by and welcome to Inventrust's fourth quarter 2023 earnings conference call. My name is Bailey 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 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 gap 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, and good morning, everyone. Today I'll start with a brief summary regarding the fourth quarter and the full year of 2023. Mike will provide an overview of our financial results and some color on our 2024 expectations, and Christy will conclude with some of our continued success on the operational front. 2023 was another excellent year for InvenTrust, a performance that continues to demonstrate the strength and resiliency of our simple and focused strategy. It has been a little over two years since InvenTrust introduced its portfolio and strategy to the public market in October of 21, which is to own and operate essential open-air retail centers exclusively in the Sunbelt region of the U.S. while maintaining a simple and low-levered capital structure and employ a straightforward capital allocation plan. In the two full years since joining the public market, the company has grown same property net operating income by an average of 4.8% per year, above the narrow reach shopping center average. It's increased core FFO per share by 18%, again, well above the narrow reach shopping center average. It completed $240 million of net investment activity, or a 10% expansion of the asset base. The strength in our underlying fundamentals is undoubtedly driven by the favorable demand drivers in the Sunbelt markets in which we operate and the generationally low amount of new retail construction. To take demand dynamics a step further, nearly 85% of our properties are located in states that have disproportionately benefited from positive migration trends with Texas and Florida leading the way. In spite of an uptake on some well-documented retail bankruptcies in 2023, Our leasing velocity remains strong as we continue to push rents and lease up the minimal number of vacancies left in the portfolio. In fact, in the fourth quarter, we executed more new deals than in any quarter since 2019. As a result, leased occupancy continues to be near all-time highs at over 96%, primarily driven by the continued strength in our small shop tenancy, which again reached an all-time high of 92.5% and has increased sequentially for 11 consecutive quarters. Moreover, the underlying credit strength in predominantly necessity-based offerings within our merchandise mix gives us confidence in our tenants' operating ability despite whatever economic disruptions may or may not unfold in the coming years. As indicated in our 2024 guidance, the favorable trends within our business are expected to more than offset some of the downtime related to the bankruptcies noted earlier, a normal cycle within our business. And anchor leasing efforts today will be sizable contributors for continued growth beyond 2024. On the capital allocation front, we remain selective regarding new acquisitions. We continue to carefully monitor our cost of capital in relation to private market values and will continue to be disciplined as we look to grow the portfolio. During the quarter, we did raise a modest amount of equity through our ATM program for the first time since becoming a publicly traded company. This subtle yet important milestone displays yet another avenue for inventors to raise capital if and when proceeds can be used in a value-accretive manner. Our balance sheet continues to be the core strength of the company. Sector-low leverage levels and de minimis near-term maternities put Inventra in an enviable position as we seek new opportunities for growth. On that note, the company did acquire a grocery-anchored center subsequent to the quarter and in Chandler, Arizona. This marks Inventra's first property in the Phoenix MSA, and we're excited to expand our footprint in a market that exhibits many of the favorable demographic drivers we see in the rest of our Sunbelt markets. Our core operations coupled by selective external growth opportunities, like the one just described, is the precise recipe on how we expect to deliver sustainable cash flow growth year in and year out, which should translate into superior total returns for our stakeholders. With that, I'll turn the call over to Mike to discuss our financial results. Mike.