InvenTrust Properties Corp.

Thank you for standing by and welcome to Inventrust's first quarter 2026 earnings conference call. My name is Christine Nguyen and I will 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 investors section of the company's website at inventrustproperties.com. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I would 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 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 open 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'll turn the call over to D.J.

Thanks, Dan. Good morning, everyone. Our first quarter results reflected steady operating performance across the portfolio. Same property NOI grew 2.6%, while core FFO and narrate FFO per share increased 6.5% and 10.4%, respectively, from the first quarter of 2025. We continue to enjoy meaningful, abetted growth from annual escalators, healthy cash-on-cash leasing spreads, and our sign-out open pipeline provides further confidence regarding revenue conversion. Taken together, this supports our expectation for same property and OI growth to build in the back half of the year. Christy will provide additional details on leasing demand and backfill opportunities for our available spaces in her remarks. Given this visibility, coupled with increased confidence around our acquisition pipeline, we were able to increase FFO per share guidance for 2026. Our nearly 100% Sunbelt footprint is roughly 89% grocery anchored and centered on essential goods and services in trade areas with strong long-term demographic tailwinds. The backdrop across the region remains highly favorable, with many of the country's fastest-growing cities and suburban communities concentrated in the Sunbelt. Recent migration data also underscores the appeal of our markets, with Florida, Texas, the Carolinas, Arizona, and Tennessee among the leading beneficiaries of wealth inflows. These states continue to attract new residents due to job growth, lower taxes, and lifestyle appeal. We will continue to invest in our core markets while expanding our corridor strategy into complementary secondary Sunbelt cities. That approach broadens our acquisition sourcing efforts and expands the opportunity set for capital deployment. Within that framework, we remain disciplined, active, and selective in a competitive transaction environment. During the quarter, we completed $123 million towards our $300 million net investment guidance for the year, and we have another $167 million of additional deals awarded or under contract with other opportunities still in the pipeline. In February, we entered the Nashville market with the acquisition of Nashville West. It adds a high-quality property to our portfolio and follows the same playbook we've used successfully elsewhere. which has entered areas where demographics, retailer demand, and long-term fundamentals align to support durable growth and then build from that initial foothold over time. Selective small-scale redevelopment continues to provide another avenue for incremental NY growth within the existing asset base. We are focused on projects that reposition anchors, re-merchandise space, and add small shop or out-parcel space where demand is strong and additional GLA is warranted. In 2026, we expect this pipeline to contribute approximately 90 to 100 basis points of same property NY growth. With visible internal growth and disciplined capital investment across redevelopment and acquisitions, we believe Inventors remains well positioned to create long-term shareholder value in an environment where necessity-based retail continues to outperform. With that, I'll turn it over to Mike.