Simon Property Group, Inc.

Greetings. Welcome to Simon Property Group's first quarter 2026 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 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. You may begin.

Thank you, Sherry, and thank you all for joining us this evening. Presenting on today's call are Eli Simon, Chief Executive Officer, President, 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 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 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. Let me please introduce Eli Simon.

Good evening. I want to start by thanking all those who sent kind notes following my father's passing. His impact on our company and our industry is truly powerful. Turning to the quarter, we're off to a very good start for 2026 with first quarter results that exceeded our plan. Occupancy gains, increased shopper traffic, and higher retailer sales drove strong cash flow growth in the quarter, reflecting solid fundamentals across all our platforms, the resilience of the consumer, and the strength and breadth of tenant demand we have for our centers. Retailer demand remains broad-based, spanning new and legacy retailers across a wide range of categories in all of our platforms and geographies. During the first quarter, we signed more than 1,100 leases, totaling over 4.7 million square feet. Approximately 25% of our leasing volume in the quarter was new deals. We have completed more than 75% of our 2026 expirations and are ahead of where we were at this time last year. We have a robust and expanding pipeline of deals that is significantly larger than this time last year, reflecting continued demand from a diverse mix of tenants. Now turning to development and redevelopment activity. We have projects under construction at 29 centers, with our share of net costs of $1.06 billion at a blended yield of 9%. Approximately 50% of the net cost is for mixed-use projects, including approximately 1,200 units of multifamily residential at Brea Mall, Briarwood Mall, and Northgate, and more than 400 hotel keys at North Shore Mall, Roosevelt Field, and The Domain. We also have exciting redevelopments of former anchor boxes underway at Brea Mall and the Fashion Mall at Keystone, where we'll be adding more productive new retail restaurants, entertainment, and fitness uses. We have an additional $1 billion of projects that will have the ability to start construction this year, including new developments, anchor redevelopments, and international redevelopments and expansions. Beyond that, we have approximately $3 billion of projects in our pipeline that could start over the next several years, investments that will make our great centers even better. All of these projects will be funded from internally generated cash flow. We will maintain our track record of discipline and how we allocate capital, rigorously evaluating each project against our return thresholds. We have complete flexibility in our development pipeline. We can be patient and adjust timing depending on construction costs or market conditions. We can also invest counter-cyclically, delivering product when others can't. These accretive development and redevelopment activities deliver strong yields and enhance our portfolio, and drive long-term growth in cash flow, FFO, and dividends per share. Moving on now to retailer sales. Malls and premium outlets were $819 per square foot in the quarter, up 11.8%. More importantly, sales growth accelerated. Total sales volume increased 5.6% over the trailing 12 months and 8.8% in the quarter. with comparable sales growth of 6.5% for the first quarter. Our re-merchandising efforts are clearly showing through in total sales volumes, with strong growth across our portfolio and across categories such as luxury, jewelry, athleisure, and juniors. With that, I will now turn it over to Brian, who will review our financial results from the first quarter in more detail and provide an update on our outlook for the remainder of the year.