Simon Property Group, Inc.

Greetings and welcome to the Salmon Property Group fourth quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tom Ward. Thank you. You may begin.

Thank you, Matt, and thank you all for joining us this evening. Presenting on today's call are David Simon, Chairman, Chief Executive Officer and President, Brian McDade, Chief Financial Officer, and Adam Roy, Chief Accounting Officer. A quick reminder that statements made during this call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties, and other factors. We refer you to today's press release and our SEC filings for a detailed discussion of the risk factors relating to those forward-looking statements. Please note that this call includes information that may be accurate only as of today's date. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included within the press release and the supplemental information in today's Form 8K filings. Both the press release and the supplemental information are available on our IR website at investors.simon.com. Our conference call this evening will be limited to one hour. For those of you who would like to participate in the question and answer session, we ask that you please respect our request to limit yourself to one question. I am pleased to introduce David Simon.

David Simon Good evening. I'm pleased with our financial and operational results in the fourth quarter. concluding an exceptional year for our company. We reported record total funds from operation of $4.9 billion, or $12.99 per share. We generated $4.6 billion in real estate FFO, or $12.24 per share, which was growth of 3.9% year over year, We returned a record of more than $3 billion to shareholders in cash dividends. And now we have paid approximately $45 billion to shareholders in dividends over our history as a public company. We saw record leasing and retail sales volume and occupancy gains for the year. We completed last week the acquisition of the mall. two well-known luxury outlet centers in Italy from Caring. We look forward to adding these high-quality luxury assets into our global portfolio while continuing to build upon their success. We opened a new fully leased premium outlet in Tulsa, Oklahoma. And we completed 16 significant redevelopment projects during the year, development and redevelopment opportunities are growing within our portfolio. We delivered our A-rated balance sheet, providing additional capacity and flexibility to fund future growth. I'm now going to turn it over to Brian, who will cover our fourth quarter results in more detail and provide our outlook for 2025. Thank you, David.