LXP Industrial Trust

Good morning and thank you for standing by. My name is John and I will be your conference operator today. At this time, I would like to welcome everyone to the LXP Industrial Trust first quarter 2026 earnings call and webcast. All lights have been placed in mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you would like to withdraw your question, press star one again. As a reminder, this call is being recorded. I would now like to turn the conference over to Heather Gentry, Investor Relations. Please go ahead.

Thank you, Operator. Welcome to LXC Industrial Trust's first quarter 2026 earnings conference call and webcast. The earnings release was distributed this morning, and both the release and quarterly supplemental are available on our website in the investor section and will be furnished to the SEC on a form 8K. Certain statements made during this conference call regarding future events and expected results may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. LXB believes that these statements are based on reasonable assumptions. However, certain factors and risks, including those included in today's earnings press release, and those described in reports that LXC files with the SEC from time to time could cause LXC's actual results to differ materially from those expressed or implied by such statements. Except as required by law, LXC does not undertake a duty to update any forward-looking statements. In the Earnings Press Release and Quarterly Supplemental Disclosure Package, LXP has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure. Any references in these documents to adjusted company FFO refer to adjusted company funds from operations available to all equity holders and union holders on a fully diluted basis. Operating performance measures of an individual investment are not intended to be viewed as presenting a numerical measure of LXP's historical or future financial performance financial position, or cash flow. On today's call, Will Eglin, Chairman and CEO, and Nathan Brunner, CFO, will provide a recent business update and commentary on first quarter results. Brendan Mullenix, CIO, and James Dudley, Executive Vice President and Director of Asset Management, will be available for the Q&A portion of this call. I will now turn the call over to Will.

Thank you, Heather. Good morning, everyone. Following the successful execution of our key strategic initiatives in 2025, including strengthening our balance sheet, increasing occupancy, and resolving our big box vacancy, this year we are focused primarily on creating value in our land bank and addressing our near-term explorations and existing vacancies. We've executed 3.2 million square feet of new leases and lease renewals year-to-date, highlighted by the successful outcome at our 1.1 million square foot facility in the Greenville Spartanburg market. Additionally, we leased over 300,000 square feet of vacancy and extended the lease on an 850,000 square foot facility in San Antonio for 10 years. Industrial fundamentals continue to trend in the right direction, with first quarter U.S. net absorption of approximately 40 million square feet representing the strongest first quarter in three years. Our target markets made up approximately 29 million square feet, or 72% of U.S. net absorption, demonstrating continued strength in our markets, particularly in Phoenix, Indianapolis, Houston, Dallas-Fort Worth, Atlanta, and Columbus. These positive trends are reflected in our strong leasing momentum year to date, as well as our forward pipeline, in which we are in active discussions on 7.4 million square feet of development and redevelopment leasing, vacancy, and expiration through 2027. Leasing activity continues to be the strongest for large format facilities, especially for those of 1 million square feet or more. We're also seeing increased demand from data center-related tenancy and manufacturing suppliers and industries in our markets. Leasing volume of 1.8 million square feet during the quarter included the extension at our 1.1 million square foot facility in Greenville-Spartanburg, which added considerable value. We renewed this lease for an additional four years to 2031, following the initial two-year lease signed in May 2025. This extension enhanced the 8% initial cash stabilized yield on the development project with the new cash rent representing a 5% increase over the prior rent and 3% annual rental bumps. On the remaining 700,000 square feet we leased during the quarter, we achieved base and cash-based rental increases of 34% and 24%, respectively. Construction is underway at our 1.2 million square foot Phoenix development project that we announced on our last quarterly call. Since then, the remaining 2 million square feet in the West Valley has been leased, leaving no million square foot buildings currently available in the market. We are in discussions with a prospective tenant, and we are well positioned if they proceed with a lease in the West Valley market, given the limited supply of million square foot buildings. We are evaluating other development opportunities in our land bank, including in Columbus, where we have 69 acres at our Aetna land sites, which can support three facilities totaling roughly 1.25 million square feet. In the last 12 months, net absorption in the Columbus market was 10 million square feet, resulting in a decline in vacancy of over 300 basis points. Columbus continues to be a strong distribution market with increasing demand across product sizes, particularly in the large format space, and has seen an influx of tenant activity that supports data center and advanced manufacturing facilities. To the extent we move forward with future development projects, we intend to fund them through opportunistic asset sales in our non-target markets. As we've noted previously, acquisition activity will be selective and will be funded via 1031 exchange transactions to defer gains on dispositions. I'll now turn the call over to Nathan, who will provide a more detailed overview of our financials, leasing activity, and balance sheet.