InvenTrust Properties Corp.

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. If you would like to enter the queue for questions, then please dial star one on your telephone keypad. If you change your mind and would like to exit the queue, then please dial star followed by two. I would 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 your attendance on today's call. 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.

Thanks, Dan, and thank you to everyone joining us this morning. Today, I'll start with some brief commentary on our first quarter results, the overall operating environment, and how Inventrust continues to be positioned to grow sustainable cash flow long term. Mike will discuss our financial results and provide color around our updated 2024 guidance. And Christy will conclude with additional commentary regarding the leasing and operating landscape. 2024 is off to a solid start following an excellent 2023, where operating fundamentals in the open-air retail sector continue to benefit from supply and demand dynamics not seen in several real estate cycles in our property type. We have discussed on previous updates the tenant demand continues to remain very robust for all of our properties. Some of that demand is due to the nature of the necessity-based property type that has not only withstood but validated the importance of our offerings to the communities in which we serve. The balance of the demand we at Inventress are specifically experiencing is due to the markets in which we operate. As we have said since becoming a public company, we expect the concentration we've aggregated within the portfolio, that is major cities in Sunbelt markets, should outpace the national average from a market-front growth perspective. And we believe that our past performance, but equally as important, our future expectations will continue to prove out that thesis. Our simple and focused strategy to own and operate essential open-air retail centers exclusively in the Sunbelt region of the U.S. is playing out. And our straightforward and low-leverage capital structure will allow us to continue to deploy capital in an appropriate manner if and when we can do so in a creative way for our shareholders. Leasing activity continues to meet or exceed expectations. Our lease occupancy rate finished the quarter at 96.3%, both up slightly sequentially and on a year-over-year basis, all while delivering double-digit blended leasing spreads. Importantly, we were retaining high-quality tenants across the portfolio, negotiating rates that are favorable for our tenants' continued success, but with better annual escalations, specifically for small shop tenants, with minimal cash outlay. Said differently, we were retaining the proven tenants that are integral to the merchandise mix of our centers, while preserving capital, which will drive higher free cash flow for the portfolio into the future. Small shop leasing continues to be strong, and while we saw more normal first quarter of attrition, leased small shop occupancy remained above 92%. We continue to replace underperforming tenants and bring in higher credit and quality operators that will better serve their community constituents. Christy will provide a little more detail in our leasing activity in a few minutes, but to finish on the operating environment, I feel it's important to highlight how underappreciated the lack of new institutional quality supply exists in open-air retail. It cannot be understated how few development starts are materializing. What this means is that given the lead time from start to stabilization in retail real estate is that landlords should benefit for the next few years before supply, if ever, begins to emerge in a material way in our sector. Coupled out with the demand drivers in the Sunbelt, Inventrust feels uniquely positioned to appropriately take advantage of this imbalance. On the capital allocation front, the opportunity set of new deals has improved, but we remain selective in deploying capital, heeding to our cost of capital and ensuring that we are growing in an appropriately accretive manner. Obviously, the capital market environment has been frustratingly volatile. As much as we would like to accelerate our external growth to complement our internal operations, we will continue to be prudent in our approach. Our balance sheet remains one of the lowest levered in the sector, which allows us to be patient yet opportunistic, and we keep a robust pipeline to be at the ready when the markets open up to our favor. As discussed on last quarter's call, we secured our first acquisition in the Phoenix market in the first quarter of 2024, and we also added another property subsequent to the quarter in the Upper West Side of Atlanta. Moore's Mill is a neighborhood public-anchored center that boasts powerful grocery sales, growth-oriented supporting tenants, and is situated on a generational piece of infill real estate. With that, I'm going to turn the call over to Mike to discuss our financial results. Mike?