InvenTrust Properties Corp.

Thank you for standing by and welcome to InvenTrust's second quarter 2026 earnings conference call. My name is Ellen and I will be your conference call operator today. Before we begin, I would like to remind 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. After today's prepared remarks, 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 D.J. 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. 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.

Good morning, everyone, and thank you for joining us. Inventrust delivered in another solid quarter, supported by continued strength of our portfolio and the consistency of our operating platform. Cash flow is growing, leasing activity and tenant retention remain strong, and our signed but not open pipeline continues to convert into occupancy and cash flow. Same property net operating income growth accelerated to 4.1% in the second quarter, while year-to-date narrate FFO per share increased 11% and core FFO per share increased approximately 9%. Retailer demand remains concentrated in well-located open-air necessity-based centers and limited new supply continues to provide a favorable backdrop for long-term rent growth. Our first half results, combined with the visibility we have from contractual rent growth, lease commencements, and redevelopment activity, continue to support our full year outlook. Mike will walk through our financial results in more detail in a few moments. We made strong progress executing our external growth strategy during the first half of 2026. To date, we have acquired six properties and one out parcel at an existing center for approximately $290 million. A key part of that activity has been expanding into emerging Sunbelt markets such as Charleston, Greensboro, and Knoxville. Importantly, we're finding opportunities not only in our existing markets, but also in adjacent complementary markets where our operating model and retail relationships give us confidence that we can create long-term value. These markets offer many characteristics we value, including population growth, household formation, relative affordability, and strong retailer demand. For us, they are a natural extension of our strategy, allowing us to expand while remaining disciplined and focused on the fundamentals that have driven our success thus far. This activity represents strong progress toward our full year net investment guidance. Our acquisition pipeline remains active and our balance sheet provides the flexibility to pursue additional investments where risk adjusted returns are compelling. As we continue to grow, Thank you. Thank you. While local market expertise, tenant relationships, and disciplined decision making will always remain at the center of our business, these tools will help us operate more efficiently and support our long-term growth. In closing, our priorities remain clear. Continue owning high-quality, necessity-based retail centers, thoughtfully expand across our core and complementary emerging Sunbelt markets, maintain a disciplined balance sheet, and leverage the strength of our platform to drive sustainable growth in cash flow, net asset value per share, and long-term shareholder value. With that, I'll turn the call over to Mike.