Kimco Realty Corporation (HC)

Hello everyone. Thank you for joining us and welcome to Kimco Realty's second quarter 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you'd like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to David Bujnicki, Senior Vice President of Investor Relations and Strategy. Please go ahead.

Thank you all for joining Kimco's quarterly earnings conference call. With me today are Conor Flynn, CEO, Ross Cooper, President and Chief Investment Officer, Dave Jamieson, Executive Vice President and Chief Operating Officer, Glenn Cohen, Executive Vice President and CFO, as well as other members of the Kimco leadership team who are available for Q&A. Before we begin, some of our comments today may include forward-looking statements based on management's current beliefs and expectations. These are subject to risks and uncertainties described in our SEC filings, and actual results may differ materially. We assume no obligation to update any forward-looking statements. We will also reference non-GAAP financial measures. Reconciliations to GAAP are available in our earnings release and supplemental package, both posted to our IR website, along with an accompanying presentation. The same forward-looking caution applies to those materials. Following prepared remarks, we'll open the call to Q&A. To allow a smooth and efficient call, please limit yourself to one question and re-queue for follow-ups. And with that, I'll turn the call over to Conor.

Good morning, and thanks for joining us. Today, I'll walk you through our solid second quarter results, which continue to validate our growth strategy and the strength of our portfolio, platform, and operating model. Dave will cover our leasing accomplishments in detail. Ross will take you through our transaction activity. and Glenn will close with our financial results and updated outlook. We delivered another strong quarter with FFO prediluted share of 46 cents up 4.5% year over year and same property NOI growth of 3.5% driven by higher minimum rents and stronger net recoveries. Small shop occupancy reached a new record of 92.9% while overall pro rata portfolio occupancy matched our all-time high at 96.4%. Thank you for joining us. Dave will cover the detailed leasing metrics, but the broader takeaway is that our centers continue to attract growing retailers, drive strong rent growth, and benefit from positive shopper traffic and healthy tenant sales. That trend remained evident during the quarter, with foot traffic across our centers increasing 3% year-over-year, including 3.2% growth in June, and spending across our tenant base also remains robust. With respect to our mixed-use portfolio, I want to share a meaningful proof point and what it means for future value creation. During the quarter, we completed the sale of the Milton, a 253-unit multifamily building at our Pentagon Center mixed-use property in Pentagon City, Virginia. The sale of the Milton marked an important milestone for our mixed-use platform and our first full-cycle monetization of a ground-up multifamily development within our value-add redevelopment program. The transaction provides a tangible proof point Ross will provide more detail, but the broader message is clear. Our mixed-use platform is another meaningful source of long-term value creation. Our capital recycling program continues to be an integral and recurring part of our strategy. Recent asset sales and ground-lease monetizations demonstrate our ability to harvest value from low growth assets and redeploy capital into shopping center investments with stronger long-term growth prospects. This approach enhances the quality of the portfolio, supports future earnings growth, and allows us to create value without depending solely on external capital. This strategy was further illustrated by the acquisition of two high-quality shopping centers in Florida, utilizing 1031 exchange proceeds. We purchased Pompano Marketplace, a Walmart-anchored center in Pompano Beach, Florida, for $53 million, marking the third acquisition sourced through our structured investment program, a differentiated platform unique to Kimco. The other center was Sunshine Plaza, a Publix-anchored center in a first-ring suburb of Fort Lauderdale, Florida, for $56 million. On the balance sheet, it remains a clear competitive advantage for Kimco. Glenn will provide more detail on our recent capital markets activity, including our inaugural 600 million exchangeable notes at an attractive 3.5% coupon. The key point is that our liquidity position, access to capital, and investment grade profile Give us the financial flexibility to remain opportunistic and play offense while maintaining discipline in the current environment. Lastly, reflecting on our strong first half performance, improved visibility into the balance of the year, and confidence in the underlying strength of the portfolio, we are raising the midpoint of our full year outlook. In addition, our board has increased the quarterly common cash dividend by 12% over the prior year. Thank you for joining us. Strong retailer demand, positive shopper traffic, visible cash flow growth from our sizable signed but not open pipeline, accretive capital recycling, and disciplined balance sheet management all position us to continue creating long-term value for shareholders. With that, I'll turn it over to Dave to cover leasing in more detail. Thanks, Conor.