Simon Property Group, Inc.

Welcome to Simon Property Group third quarter 2025 earnings conference call. At this time, all participants are in a little mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Tom Ward, Senior Vice President, Investor Relations. Thank you, sir. You may begin.

Thank you, Sherry. And thank you all for joining us this evening. Presenting on today's call are David Simon, Chairman, Chief Executive Officer and President, Eli Simon, Chief Operating Officer, and Brian McDade, Chief Financial 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 related to those following 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 8-K filing. 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 who would like to participate in the question and answer session, we ask you to please respect the request and leave yourself to one question. I'm pleased to introduce David Simon.

Good evening. I'm obviously pleased with our financial and operational performance for the third quarter. Our results were driven by solid fundamentals. higher occupancy, accelerating shopper traffic, strong retail sales, and a positive supply and demand dynamics, all contributing to strong cash flow growth. We are pleased to have acquired the remaining interest in Calvin Realty Group that we didn't know and are excited about the opportunities to enhance the operational efficiency and increase the NOI from the assets and deliver long-term returns to our shareholders. I want to thank Bobby and Billy Tauben and the entire TRG team for our successful partnership over the last five years. I'm now going to turn it over to Eli who will discuss the terrific TRG transaction and update on our development activity And Brian will cover our third quarter results and other various goodies. There you go, Eli.