InvenTrust Properties Corp.

on the Investors section of the company's website at inventrustproperties.com. During the presentation you can register a question by pressing star followed by one on your keypad. If you change your mind please press star followed by two. I would now like to hand 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 joining us today. On the call 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 opened up for questions. As a reminder some of today's comments may contain certain 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-gap financial measures. The comparable gap financial measures are included in this quarterly'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. We're pleased to report another quarter of solid operating results. For the first half of the year same property NOI grew approximately 6% and narrate FFO per share rose nearly 5% year over year. Least occupancy of .3% remains near an all-time record while small shop occupancy reached another high water mark of .8% highlighting the ongoing success of our grocery anchored necessity-based retail strategy. Despite a less confident consumer and stubborn inflationary pressures our retailers have been resilient and continue to operate at healthy levels within the InvenTrust portfolio. For this reason we are raising our same property NOI growth expectations for the year to 4 to 5%. During the quarter we also executed on a key initiative completing the sale of a five property California portfolio for approximately 306 million dollars. These prime assets commanded strong pricing which speaks to the level of institutional interest across the open air shopping center sector. Following this transaction we have one remaining property in San Pedro California that we expect to sell by year end marking our full exit out of the state. This transaction was not monetization event but rather a tactical reallocation of capital that enhances our focus in our core markets that we expect will deliver long-term value. We have been methodical and disciplined in redeploying proceeds into high growth Sunbell markets fully aligned with our strategic vision. As of today we've successfully closed on six properties totaling approximately 230 million dollars. In addition we have either secured or under contract for another two properties representing nearly 126 million dollars in value. We are actively targeting investment opportunities in Asheville, Charleston, Charlotte, Nashville, Phoenix, and Savannah. Markets that share common themes such as healthy population and job growth, business and tax friendly environments, and high quality of life driven by relatively favorable cost of living. Mike will touch on guidance in more detail but given the positive outcome and speed at which California portfolio transacted our net investment activity will be more back and loaded for the year than initially expected. That said we remain extremely confident in our acquisition pipeline expect to be active in the second half of 2025 both using proceeds from the affirmation asset sales and utilizing the ample capacity provided by our low levered balance sheet. In summary Strip Center fundamentals remain solid supported by strong tenant demand, limited new supply, and ongoing appeal of a necessity based retail. Against this backdrop InventRest continues to deliver meaningful results while executing on our long-term strategy. We are scaling our enterprise efficiently with minimal increases to G&A and leveraging our well-capitalized balance sheet and proven platform to support sustained expansion. Operationally we are driving rent growth through embedded lease escalations optimizing small shop occupancy across the portfolio and activating signed but not open leases. We remain hyper focused on growing sustainable cash flow and delivering superior total returns for our shareholders over the long term. With that I'll turn it over to Mike to discuss our financial results.