InvenTrust Properties Corp.

Thank you for standing by and welcome to Inventrust's third quarter 2026 earnings conference call. My name is Caleb 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 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 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, 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. 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.

Good morning everyone and thank you for joining us. The third quarter was another period of solid execution for InvenTrust, supported by healthy leasing demand, strong tenant retention, and our team's continued ability to convert that activity into occupancy and cash flow. This momentum generated year-to-date same property NOI and narrate FFO per share growth of 3.4% and 9.9% respectively, underscoring the value of our well-located centers serving everyday needs of growing communities. Our recent acquisitions are contributing to growth as well. Earlier this year, market conditions created an attractive opportunity to expand the portfolio, and we acquired six Sunbelt properties, adding over 800,000 square feet of GLA for a total of nearly $290 million. The capital markets have shifted quickly since then. Rising treasury yields have increased the cost of debt across the industry, while share prices have come under pressure. At the same time, private capital remains active in the market for high-quality retail assets, and transaction pricing is yet to fully reflect today's financing costs and return requirements. We are responding with discipline. We have raised our return hurdles and are taking a measured approach until pricing better aligns with our cost of capital. Our team remains active, underwriting opportunities, tracking seller expectations, and evaluating the right sources of capital. Our goal remains to grow the portfolio and make a greater use of our operating platform with investments that can deliver durable cash flow growth. In the meantime, operating fundamentals in our Sunbelt portfolio remain strong. Contractual rent increases provide a dependable foundation, while renewals and new leases give us opportunities to capture mark-to-market rent growth. Our Simonaut open lease pipeline adds visibility as those leases commence and begin contributing rent. Tenant retention is an important part of this approach. It supports rent growth and stronger lease terms while helping limit downtime and incremental capital needs. High occupancy also gives us the flexibility to recapture space selectively when we believe it can improve the center's long-term performance. Overall, we remain highly confident in our portfolio and the opportunities ahead. We'll continue to operate our centers to meet the needs of our tenants and consumers, invest where we see best risk-adjusted returns, and maintain financial flexibility as the market conditions evolve. Mike will now review our financial results.