Stag Industrial, Inc.

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 Zaroff, Vice President, Industrial Relations. Thank you, sir. You may begin.

Thank you. Welcome to Stagg Industrial's conference call covering the fourth quarter 2025 results. In addition to the press release distributed yesterday, We have posted an unaudited quarterly supplemental information presentation on the company's website at stagindustrial.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 and may cause actual results to differ from those discussed today. Examples of forward-looking statements include forecast or 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. I encourage all 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. Stagg Industrial assumes no obligation to update any forward-looking statements. On today's call, you will hear from Bill Crooker, our Chief Executive Officer, and Matt Spenard, our Chief Financial Officer. Also here with us today are Mike Chase, our Chief Investment Officer, and Steve Kimball, our Chief Operating Officer, who are available to answer questions specific to their areas of focus. We'll now turn the call over to Bill.

Thank you, Steve. Good morning, everybody, and welcome to the fourth quarter earnings call for Stagg Industrial. We are pleased to have you join us and look forward to discussing the fourth quarter and full year 2025 results. We will also provide our initial 2026 guidance. As I look back on 2025, it was arguably one of our more successful years. We outperformed almost all of our budget and metrics, including occupancy, credit loss, leasing spreads, same-store cash NOI, development starts and core FFO. We grew same store cash and wide by 4.3% and grew core FFO per share by 6.3%. This growth was supported by an improved industrial supply backdrop with deliveries down almost 35% versus 2024. Most of the markets we operate in remain healthy from both the supply and demand standpoint with positive rent growth across almost all of our markets. While many business leaders remain cautiously optimistic, we are seeing increased tenant activity across our markets, economic growth has begun to improve, and meaningful investment has followed. We expect 180 million square feet of deliveries or less this year, much of which will be driven by bill-to-suit transactions. We anticipate that net absorption will improve in 2026, contributing to another year of positive rent growth across our markets. We expect national vacancy rates to peak in the first half of this year with an inflection point in the back half of 2026. 2025 was a high watermark for leasing volume for Stagg. We expect 2026 to follow suit given by a record amount of square footage expiring in a calendar year for our company. I'm pleased to report We have addressed 69% of the operating portfolio square feet we expect to lease in 2026. We project cash leasing spreads of 18 to 20% for 2026. This leasing success is a testament to the quality of our portfolio and a welcome sign of tenant engagement and commitment to their space. Q4 was the most active transaction quarter of 2025. This was due in part to less macro volatility, which brought sellers to the market in the second half of the year. Acquisition volume for the fourth quarter totaled $285.9 million. This consisted of seven buildings with cash and straight line cap rates of 6.4% and 7% respectively. These buildings are 97% leased to strong credits with weighted average rental escalators of 3.5%. Subsequent to quarter end, we acquired one building for $80.6 million with a 6.1% cash cap rate. This is a Class A building leased to a strong credit for 12 years. In terms of our development platform, we have 3.5 million square feet of development activity for recent completions across 14 buildings as of the end of Q4. 59% of 3.5 million square feet are completed developments. These completed developments are 73% leased as of December 31st. In the fourth quarter, we commenced a new development that was identified within our existing portfolio by our operations team. The 186,000 square foot project is located southwest of Kansas City in Lenexa, Kansas. The project has an estimated delivery date of Q1, 2027. The building will have the flexibility to demise into suites of 60,000 square feet or less in a market with healthy fundamentals. We are projecting a cash yield of 7.2% on this project. Subsequent to quarter end, we executed a 78,000 square foot lease in one of our Charlotte development projects to a manufacturing and assembly company. the building is now 39% leased. We initially underwrote fully stabilizing the building in the first quarter of 2027. Before I turn it over to Matt, I'm pleased to say that after year end, we raised our dividend 4%, which is the largest raise we have had since 2014. This raise is a result of many years of reducing our payout ratio and retaining as much free cash flow as possible. In addition to raising our dividend, we have modified the dividend payment cadence from monthly to quarterly going forward. With that, I will turn it over to Mats, who will cover our remaining results and guidance for 2026.