InvenTrust Properties Corp.

Thank you for standing by and welcome to Inventrust's third quarter 2024 earnings conference call. My name is Elliot 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. If you would like to register a question during today's event, please press star one on your telephone keypad. Now I'd like to send 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 line 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 D.J.

Thank you, Dan, and good morning to everyone joining us today. I'm going to provide some highlights regarding our third quarter results, including our inaugural follow-on equity offering that was executed in September and the opportunities that lie ahead for InvenTrust. Mike will discuss our financial results and provide some color regarding yet another increase to our 2024 guidance. And Christy will end our prepared remarks with additional commentary regarding our leasing efforts and operations. Since listing the company in October of 21, Inventorist has executed on all fronts of its simple and focused strategy. The company has delivered above sector average same property NOI growth, above average FFO per share growth, acquired nearly $500 million of assets, including the consolidation of our only joint venture, resulting in the entire IBT portfolio being wholly owned, received an investment grade credit rating, and completed a private placement debt offering. As many of you may recall, the company did not raise equity at the time of the listing. Simply put, our estimated cost of equity through an IPO was not going to be optimally aligned with external growth opportunities. Therefore, we chose to be patient, self-undergrowth with our low-levered balance sheet, prove to the public market that our simple and focused strategy in the Sun Belt can deliver above sector average cash flow growth over a multi-year period, and wait for our cost of capital to improve. After three years, we took advantage of a stronger capital market backdrop and raised roughly $250 million during the quarter through a follow-on equity offering. The offering was extremely well received by both existing and new shareholders. In addition to the equity offering, following the end of the quarter, the company increased the capacity on its unsecured credit facility by $150 million to $500 million, while extending the maturity to January of 2029. Through the equity raise and the upsized facility, Inventor has effectively added nearly $400 million of additional liquidity, replenishing an already conservative balance sheet, and we're putting the fresh capital to work in an accretive manner. To that end, on the investment front, in the third quarter, we closed on our second property in the Phoenix MSA, Scottsdale North Marketplace, for $23 million. Subsequent to the quarter, we closed on our second property in the Richmond, Virginia market, a Wegmans anchored community center for $62.1 million. Due to our increased optimism surrounding the improving transaction market, coupled with our additional capital, we have increased our net investment activity guidance for the year accordingly to a range of $159 million to $215 million. Moving to operations, less bad debt and higher retention rates are once again fueling better than expected results. Least occupancy climbed to 97% during the quarter, up both sequentially and on a year-over-year basis, setting another new high watermark for the portfolio. Blended spreads remained healthy in this high single digits with a retention rate of 93%. Strong operating results across the portfolio are driving the increase to both same property NY growth and FFO per share for 2024. Internal growth remains remarkably healthy and now will be supported by additional external growth efforts as we move from 2024 to 2025. With that, I'm going to turn the call over to Mike to discuss our financial results in greater detail.