Stag Industrial, Inc.

Thanks and welcome to the Stagg Industrial Inc. First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief 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. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Steve Zaros. Please go ahead.

Thank you. Welcome to Stagg Industrial's conference call covering the first quarter 2022 results. In addition to the press release distributed yesterday, we have posted an unaudited quarterly supplemental information presentation on the company's website at www.staggindustrial.com under the investor relations section. On today's call, the company's prepared remarks and answers to your questions will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. Examples of forward-looking statements include forecasts of core FFO, same-store NOI, G&A, acquisition and disposition volumes, retention rates and other guidance, leasing prospects, rent collections, industry and economic trends, and other matters. We encourage all our listeners to review the more detailed discussion related to these forward-looking statements contained in the company's filings with the SEC and the definitions and reconciliations of non-GAAP measures contained in the supplemental information package available on the company's website. As a reminder, forward-looking statements represent management's estimates as of today. DAG Industrial assumes no obligation to update any forward-looking statements. On today's call, you will hear from Ben Butcher, our Chief Executive Officer, Bill Crooker, our President, and Matt Spenard, our Chief Financial Officer. Also here with us today is Steve Meche, our Chief Operating Officer, and Mike Chase, our Chief Investment Officer, who are available to answer questions specific to operations. I will now turn the call over to Ben.

Thank you, Steve. Good morning, everybody, and welcome to the first quarter earnings call for Stagg Industrial. We are pleased to have you join us and look forward to telling you about our first quarter results. To say the least, we live in interesting times. The daily headlines are dominated by the ongoing and escalating geopolitical turmoil, mounting inflation, and firmly entrenched political polarization. The Fed has, at long last, committed to a rising interest rate cycle and a post-pandemic new normal continues to evolve. None of this has dampened the vibrant demand for industrial real estate. Consumers are consuming, supply chains are being reworked and optimised, and inventory levels are expected to increase to, if not exceed, pre-pandemic levels. The recently announced cooling off by Amazon is only a small part of the overall strong demand story. A variety of other market participants are aggressively pursuing additional space. New supply, though elevated, continues to struggle to keep up with this continued heightened level of demand. Good news for owners of this asset class. These dynamics are reflected in the results from our operating portfolio. We continue to experience significant proactive commitment to our spaces from new and current tenants. This has allowed us to achieve greater rental growth and secure record levels of contractual rental escalations. Our team is energized and performing at a high level. Our opportunity set is as large and attractive as at any point in our history. This was a great quarter and portfolio fundamentals support the belief that this strong performance will continue. The beauty of the STAG investment thesis and our underwriting model is their flexibility. They give us the ability to react in real time to fluctuating market conditions such as share price, debt rates, cap rates, rate growth projections, et cetera. Our simple mantra will continue to serve us and our shareholders well. If we can buy it for less than it's worth, we will. If somebody will pay us more than we think it's worth, we'll sell. With that, I'll turn it over to Bill to discuss our operational results.