Simon Property Group, Inc.

Greetings. Welcome to Simon Property Group's second 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 for joining us this evening. Presenting on today's call are Eli Simon, Chief Executive Officer, President and 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. Thank you to today's press release and our SEC files 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 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 that you please respect the request to limit yourself to one question. May I please introduce Eli Simon.

Good evening. We delivered excellent financial and operational results in the second quarter. Domestic property NOI and real estate FF growth accelerated in the quarter to 8.5% and 7.9% respectively. This was driven by continued leasing demand, disciplined execution across all platforms, and contributions from recent acquisitions. Shopper traffic accelerated in the quarter, and retailer sales volume again grew solidly year over year. Further evidence that our portfolio is well positioned and our properties are the places where shoppers and tenants want to be. With our recently declared dividend, we will have paid out over $50 billion to shareholders since becoming a public company. Tenant demand continues to be widespread with no slowdown, drawing from a broad mix of established and emerging retailers across categories, platforms, and geographies. During the second quarter, we signed more than 1,200 leases totaling over 4.8 million square feet. The number of new deals signed in the quarter increased more than 20% compared to last year, and new deals represented approximately 28% of total lease square fee. Year to date through the second quarter, initial base minimum rent per square foot on new deals is up 17% year-over-year, while tenant allowance per square foot on new deals is down 12% year-over-year. We have completed more than 87% of our 2026 expirations and are ahead of where we were at this time last year as we continue to negotiate 2027 and 2028 expirations with many tenants. The pipeline of prospective deals continues to build, remaining well ahead of last year's pace, reflecting continued broad-based tenant demand. Moving on to retailer sales. Malls and premium outlets were $838 per square foot, up 13.9%. Importantly, total sales volume increased 6.6% over the trailing 12 months and 7.6% in the quarter, with comparable sales growth of 5.7% for the second quarter. We continue to host unique activations that highlight the incredible value our portfolio offers. Our fifth annual National Outlet Shopping Day produced another year of shopper traffic and retailer sales growth, along with a more than 25% increase in retailer participation compared to last year, with Simon Plus members enjoying exclusive rewards tied to the event. We also built on the momentum around the World Cup, running a coordinated activation strategy across our portfolio that featured fan experiences, watch parties, retailer collaborations, and community programming. The shopper and retailer response to these types of events underscores Simon's offering, the ability to turn major developments into large-scale, real-world experiences that bring our consumers, brands, and communities together. Turning now to development and redevelopment activity, at the end of the quarter, we had development projects underway across all platforms, with our share of the net cost totaling Thank you for joining us today. FFO, and Dividends Per Share. This is consistent with the results we have achieved on similar recently completed projects such as Southdale Center in Edina, Minnesota, Brea Mall in Orange County, and Briarwood Mall in Ann Arbor, Michigan. Over the last four years, we have also committed more than $400 million to center enhancements that are either completed, underway, or recently approved, including common area upgrades, landscaping, lighting, and other amenities creating a more elevated shopping experience. These enhancements are noticed and appreciated by our customers and particularly by our retailers who value a landlord committed to the long-term success of their stores and the communities we serve. We remain focused on these enhancements alongside our broader development activity and our balance sheet allows us to continue reinvesting in our portfolio for years to come. With that, I will turn it over to Brian, who will review our financial results from the second quarter in more detail and provide an update on our outlook for the remainder of the year.