InvenTrust Properties Corp.

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. 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. 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, the lines will be open for your 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 and 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, and good morning, everyone. I'll start today's call with some brief commentary regarding our initial performance, the overall operating environment, and how Inventress is positioned to grow cash flow in 2025 and beyond. Mike will discuss our financial results in greater detail, and Christy will conclude with additional color on the leasing operational fronts. We're pleased to report a strong start to 2025, driven by our strategic concentration of necessity-based open retail centers in Sunbelt markets. Our approach continues to provide resilient performance despite broader economic challenges. Same property NOI grew 6.1% for the first quarter, reflecting robust demand and effective lease management. And core FFO per diluted share grew 4.5% compared to the same period last year. Our portfolio remains highly leased with small shop lease occupancy achieving another record high. Our simple and focused strategy continues to deliver. Sunbelt region, where 97% of our net operating income is generated, continues to dominate among the list of top performing retail markets. Extraordinary population and employment growth, business and tax friendly policies, and favorable climate and quality of life are just some of the factors that have allowed Sunbelt Retail Fundamentals to remain on an impressive pace. This, coupled with the absence of competing new supply, is why we remain cautiously optimistic in an uncertain economic environment. Although pending tariffs have dominated the headlines in 2025, it is still much too early to assess what the impact, both direct and indirect, will be on our consumers and, in turn, our tenants. Our focus on essential retail, including quick service restaurants and health and wellness providers, positions us well to navigate these challenges. These businesses typically exhibit resilience during economic fluctuations, contributing to our portfolio stability. Importantly, our tenant health is still quite positive in the post-COVID era. Sales and profitability have been strong nearly across the board, and even with inventors capturing solid rent growth over the same time period, occupancy cost ratios remain quite resilient. As we have done in the past, we will support our tenants as needed as they navigate these current challenges. Moving to our capital allocation plan for the year, We remain extremely active on the transaction front. As we have discussed previously, we continue to evaluate asset sales and capital recycling as part of our ongoing portfolio optimization strategy. More specifically, our plan to exit from California. Our expectation is that we will fully or significantly reduce our investment in California in 2025, depending on timing. Equally important, following the quarter, we have acquired two assets, Plaza Escondida and Carmel Village. Plaza Escondida, a 91,000 square foot neighborhood center in Tucson, Arizona, is 99% occupied and anchored by Trader Joe's and Marshall's. Carmel Village, located in the heart of South Charlotte, boasts a strong tenements of restaurants and service providers. These acquisitions further expand our presence in Arizona and in the Charlotte market. We are also currently in several negotiations to creatively redeploy pending sales proceeds into high quality centers in markets such as Asheville, Charlotte, Charleston, San Antonio, and Orlando, to name a few. Our pipeline currently stands at $1.5 to $2 billion, encompassing both marketed and off-market opportunities. While we prioritize grocery anchored centers, we remain format agnostic. Our focus is on properties that will enhance our portfolio with high-quality and necessity-based tenants in high-growth Sunbelt markets, producing better risk-adjusted returns than the sector average. Our capital recycling endeavors are fully contemplated in our net investment activity guidance for the year. Lastly, on the balance sheet front, Inventrust remains one of, if not the lowest leveraged strip center REITs in the public market. This allows us to be opportunistic during times of uncertainty and continue to appropriately and prudently grow our platform without relying on the capital markets. Obviously, it's been a turbulent beginning of the year in the equity markets. That said, the operational platform at IoT remains sound. Internal growth opportunities are available, and with our low leverage in capital recycling efforts, there's much to be excited about on the external front as well. These factors give us confidence that we continue to deliver sustainable cash flow growth for our shareholders on a consistent and recurring basis. With that, I'm going to turn it over to Mike to discuss our financial results.