Stag Industrial, Inc.

Greetings. Welcome to the Stagg Industrial, Inc. 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 Steve Xiarhos, VP Investor Relations. Thank you, Steve. You may begin.

Thank you. Welcome to Stagg Industrial's conference call covering the second quarter 2026 results. In addition to the press release distributed yesterday, we posted an unaudited quarterly supplemental information presentation on the company's website at 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 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. SAG Industrial assumes no obligation to update any forward-looking statements. On today's call, you'll hear from Bill Crooker, our Chief Executive Officer, and Matts Pinard, our Chief Financial Officer. Also here with us today are Mike Chase, our Chief Investment Officer, and Steve Kimball, our Chief Operating Officer. were available to answer questions specific to their areas of focus. I will now turn the call over to Bill.

Thank you, Steve. Good morning, everybody, and welcome to the second quarter earnings call for Stagg Industrial. We are pleased to have you join us and look forward to discussing the second quarter 2026 results. Industrial fundamentals continue to stabilize in the second quarter, and we remain constructive on the trajectory heading into the back half of the year. In our view, Vacancy has peaked both nationally and within Stagg's portfolio. Net absorption was 69 million square feet this quarter, a meaningful acceleration from Q1, and was 111 million square feet in the first half, the best start to a year since 2022. Supply continues to work in the market's favor. The development pipeline has contracted roughly halfway from its 2022 peak, and under construction product now represents just 2% of total stock of which about 55% is pre-leased. Demand tailwinds remain intact and diversified. E-commerce as percentage of retail sales hit a record high earlier this year. Near-shoring and on-shoring trends remain a new and growing source of demand as supply chain diversification has become essential are companies both large and small. As we've messaged earlier this year, we've seen significant warehouse demand from users contracted to support ongoing data center operations. While the future impact from this trend is hard to quantify, it continues to be a strong source of demand within our sector. Since the beginning of last year, we have leased 2.3 million square feet to data center related tenants. Notably, Inland markets have continued to outperform coastal markets on both demand and net absorption, and STAG's portfolio is well positioned to benefit. Overall, we believe the improvement in both the supply and demand picture is real and durable, and it positions our portfolio for improved rent growth as we move into 2027. In the first half of this year, we saw an increase in acquisition opportunities in the markets. Acquisition volume for the second quarter totaled $287.1 million. This consisted of seven buildings with cash and straight line cap rates of 6.1% and 6.8% respectively. In terms of our development platform, we have nine buildings or 2.3 million square feet of development activity that is not in service as of the end of Q2. These buildings are in various stages of development and have expected stabilized yields of 7.1%. In April 2026, we closed on a 343,000 square foot build-to-suit project located northeast of Dallas in Rockwall, Texas. Construction commenced in the second quarter with an estimated delivery date of Q2 2027 and an expected yield of 7.5%. Also in April, we closed on a 184,000 square foot development project located southeast Phoenix in Chandler, Arizona. The 12-acre site is well located within the Southeast Valley Submarket with immediate access to I-10. We are currently working through the project design and anticipate breaking ground in late Q3 2026 with an estimated delivery date of Q3 2027. In May, we executed a lease for 35,000 square feet, or 25% of our Tampa development. The lease is to a fueling solutions provider and commences on August 1st. Subsequent to quarter end, we execute a lease for 47,000 square feet for 62% of one of our Reno developments. The lease is for an e-commerce company and commences on September 1st. With that, I will turn it over to Matts who will cover our remaining results and guidance for 2026.