Good morning, everyone. ILPT owns and leases industrial and logistics properties throughout the United States. Our portfolio includes 411 properties in 39 states, just about 60 million sq ft. Our portfolio is 95% leased and has a weighted average lease term of 7.8 years. I think really what makes ILPT unique is our footprint in Hawaii. We own 226 properties there, most of them ground leased, about 16.7 million sq ft. Most of those are located in Honolulu and are centrally located near the CBD, the airport, and the seaport. Really, this is a premier location. The scarcity of industrial land on the island continues to drive portfolio value. Hawaii accounts for 28% of our annualized revenues, and we continue to see really significant roll-ups in rents upwards of 20%-30% as leases expire. Also included in our portfolio is a 61% ownership stake in Mountain Industrial Joint Venture, which we acquired as part of the Monmouth Real Estate Investment Corporation in 2022. This portfolio includes 94 properties. It is about 21 million sq ft and is nearly 100% leased, with a WALT of six and a half years. Like most of our peers, we are continuing to monitor the evolving landscape of global tariffs. While I think we all can say, who knows what is going to happen as it continues to change every day, we do believe that our portfolio is able to kind of weather any short-term disruption. We have high-quality assets, a diversified tenant roster, and long-term remaining lease terms on our leases. Our tenant quality is pretty strong. 76% of our revenues come from investment-grade rated tenants or their subsidiaries or from our secure Hawaii land leases. Really, our goals for the remainder of the year are continuing to focus on tenant retention, maximizing mark-to-market rent growth opportunities, and leasing the couple of vacancies we have within our portfolio, and also evaluating opportunities to improve our balance sheet and reduce leverage, which is currently at 11.9x. All of our debt is currently carried at a fixed rate or is fixed through interest rate caps with a weighted average interest rate of 5.5% as of March 31st. Including extension options, ILPT has no debt maturities until 2027. Great. Thanks for that overview. One of the most unique aspects of ILPT is your presence in Hawaii. Maybe if you can provide some history on, I think it is two portfolios that you own there, and what makes that market so unique? Sure. We do consider our Hawaii portfolio to be the crown jewels of our portfolio. You're right, Mitch. We have two real concentrations. One, as I mentioned, near the airport, seaport, and the CBD. Those are all industrial-zoned land. Another portfolio is a little bit further away from the CBD, probably about 20 minutes, that is very heavy-zoned industrial. We have a coal plant. If you really think of heavy industrial use. The portfolio around the CBD and the seaport and the airport is really all ground leases. Most of the parcels are around 20,000 sq ft-30,000 sq ft, and we lease the land. Tenants build all different kinds of things, uses on the land. Sometimes we have a grocery store. Sometimes we have an auto mechanic as a tenant. What makes it so valuable is, in some cases, the tenants build improvements onto the land, and that becomes, usually they have to finance it. They go to the banks to get loans. If a tenant is to default, the bank usually comes in because they do not want to lose the improvements on the land. Additionally, we have really no operating costs because the tenants are paying for all of the insurance, real estate taxes. We do not have to do any property management. We do not have to give any tenant improvements because we are just leasing the land. It is pure, real pure profit. Over the years, as a lot of the land in Hawaii has been zoned for other purposes, there is less and less industrial-zoned land. It becomes these tenants are serving essential businesses for the island, and it allows us to continue to drive rents. There is just a lot of demand. We have had some, not so much recently, but we have had some tenant issues where tenants fail, and usually the downtime is less than two months before we find a replacement tenant. There is no downtime because they are leasing the land right away. As soon as a tenant expires, the next day we could lease it to a new tenant. is significant embedded growth in the leases that are there because of the scarcity of land. Correct. Yep. You mark for industrial use, right? Yep. The way the rent structures had been historically is a concept called rent reset. Tenants will have historically signed 30-year leases, and every 10 years the leases allow us to roll the rents up to market. As we have been seeing those, we had really a huge wave of those in 2022 and 2023, and we were getting 60%-80% roll-ups in rents. It is a little bit of a sticker shock for some of these tenants because they are used to paying certain rent, and it really impacts their business. We have been able to convert those leases to have annual rent increases, which is good for ILPT because we continue to see rent growth annually. Great. Obviously, the big issue that is engulfing the industrial sector is tariffs. Your portfolio, given Hawaii and some of the tenants you have and assets that are within the portfolio, seem to be a bit less sensitive or less correlated to some of the tariff legislation. Maybe if you can provide some perspective about the portfolio itself and why you believe that this might be one that has a little less sensitivity. Sure. FedEx is our largest tenant. They're about 29% of our annualized revenue, and Amazon's just under 7%. I think there's just a lot of uncertainty around what tariffs will mean in the long term. I think where we've been seeing in the market, a lot of the focus on properties around the ports and the Inland Empire, those have really been seeing the decreases in market rents. We actually don't have any properties in those locations. Besides Hawaii, which is our largest market, we're really focused east of the Mississippi. Indiana, Columbus, and Charlotte represent our largest MSAs. Those are experiencing, I think, less volatility. I would also say I think what we've been seeing is we have a long remaining lease term in our portfolio, but in the last year or so, and even more so in the last six months, I think just with all the uncertainty, not only around tariffs, but the increase in construction costs potentially, our tenants, we've been finding that they've been actually choosing to stay in place. Even those that had previously indicated that they were planning on either relocating or moving to a build-to-suit opportunities have opted to renew their leases. I mean, at least for us, we feel the tariffs have been at least good on the leasing front. Yeah. You certainly can't change supply chain overnight, right? That's exactly right. Maybe if you can just discuss, what are your key priorities in your business plan right now? What is really the team focused on? Sure. When we bought Monmouth in 2022, part of the business plan was we acquired this huge portfolio. We closed on it, as I mentioned, with one JV partner for a subset of 94 properties. We had planned to bring in a second joint venture partner for another 39%, do some asset sales to kind of delever. That was kind of the business plan. In 2022, the world kind of went upside down. Interest rates started going up. We were not able to sell the properties at the prices we wanted. The potential partner that we were talking to backed out. A lot of the original thesis of our business plan when we bought Monmouth did not materialize. We have been really being patient. I know that is frustrating to some people because they want us to take action, but we feel really good about our portfolio. We've been able to see NOI growth. We have strong tenant retention, and we've been able to raise rents and keep the portfolio occupied. I think continuing all of those things, at least in the short term, and then looking for opportunities to deliver, potentially explore different financing opportunities, or start kind of engaging in asset sales if they make sense. Absolutely. We'll get into all that. If anyone has any questions, just let me know. You do have a couple of larger vacancies in the portfolio, which is somewhat new. You guys have really done a good job backfilling any availability that you've had over the years. Maybe just, I think there's one in the mainland in Indianapolis and then one in Hawaii, which is super unique. Maybe just provide an update about what you're seeing: pipelines, activity, and have you seen any shift in behavior from some of the macro noise, or is it still pretty consistent? You're right. We have historically been over 98% occupied. A couple of quarters ago, we had a major lease expire in Hawaii for 2.2 million sq ft. That accounted for about almost 400 basis points of occupancy, which was a very big news flash because our occupancy sits at 95%, which is the lowest it's ever been since we IPO'd in 2018. This is a really unique parcel. The previous tenant only actually leased it for 20 years as a defensive play and never did anything. They just wanted to make sure that they had access to this parcel as part of their business plan. It is undeveloped. It has no utilities. It's just a big piece of land in the industrial-zoned area of the office park. It accounted for less than 1% of our annualized revenue, actually 0.7%. While very meaningful from an occupancy level, not so much from an annualized revenue perspective. We have a couple of proposals out to multiple tenants, mostly in the energy sector, so reusable energy, solar panels, that sort of thing. The reality is there is a lot of diligence associated with that site. As I mentioned, there are not any utilities to it. The municipality in Hawaii can be tough to get things moving. We joke island time there a little bit has never been so true. I think anybody who kind of undertakes that parcel just has a lot of homework to do. It is just going to take some time. We have looked at subdividing it just because 2.2 million sq ft is a lot of square footage. But there is a lot of infrastructure that we need to put in. I mean, there are no roads. There are no utilities. We are kind of looking and evaluating to see what the best path is. We do get a lot of questions about if we would want to sell that parcel. I think at least where we sit today, we would rather hold on to it and land bank it because the upside of it is much bigger than just giving up on it today. Maybe just talk about Indianapolis. Yep. Just the other parts. Yep. That is a 535,000 sq ft property. We have some proposals out there. We actually had a tenant that we were pretty far along with for half the building that ended up not materializing. That is another property. I think it is just going to take a little bit of time. There has been a lot of new product coming onto the Indianapolis market coming off of the projects that were started before COVID or coming online. I think we are kind of the low-cost alternative, and I think we will be able to lease it. Both of those vacancies have impacted our ability to sell assets just because we have the provisions under our debt. We have to maintain a debt yield. Both of them were leased when we put the debt in place. I think once we're able to do something with both of those, especially the Indianapolis one, because that was a bigger driver of NOI than the Hawaii parcel, that'll help us to kind of start looking at asset sale opportunities. Despite a pretty large gap in occupancy from year over year, you're still getting positive same-store growth, which is the suggestion of how they aren't really contributing much rent. Correct. Yeah. I mean, I think we talked about it on the earnings call last quarter. The incremental increase that we saw in the roll-ups in rent in Q1 was more impactful than the loss of occupancy on that Hawaii parcel. Again, it is just a big news flash from an occupancy perspective, but not from an NOI perspective. Before we put the piece together about some of your thoughts around deleveraging, right, because you talked about the higher leverage, maybe we just kind of take a step back and talk a little bit about the balance sheet and the composition and some of the, I guess, the improving overall trends within the financing markets. Sure. Thanks. You're right. While there has been some volatility in the markets from tariffs recently, there are improving factors in the debt markets, right? When Yael was talking about how we acquired Monmouth and we had plans from a leveraging strategy perspective, we had a bridge loan that we refinanced in October of 2022. At that point is right when the Feds started increasing rates over and over and over again. The spread that we had on that loan we closed was 393 basis points. Today, spreads have come in significantly, right? While we do still have options to extend our floating rate debt, which let me back up because I do not think I really talked about floating rate debt, we have two tranches of floating rate debt. We have one that is one point one loan that is $1.235 billion. We have exercised one of our three one-year options to extend that loan. We did that back in October. We have another floating rate loan that's $1.4 billion, and that sits in our consolidated joint venture, which we call Mountain. That's $1.4 billion secured by, well, 82 properties. That one, we just extended our second. We exercised our second option to extend that back in March, right? The $1.4 billion, we closed that in February of 2022, and then the other one in October of 2022. Like Yael was mentioning, the interest rate markets were quite volatile at that time, and things have settled down. We are excited about opportunities that there may be for us to refinance floating rate debt. Additionally, with all the leasing activity that's been happening, our NOI has increased. Our EBITDA is strong. Our properties are performing great. Our tenant roster is great. We've been holding on to cash for some time. We are excited about opportunities that are available to us at this point. Other than cash retention, you mentioned asset sales being a big mechanism potentially to reduce debt, but there are some complications because of the way that the debt is structured. Maybe just talk about the environment that you are seeing in terms of pricing and demand for asset sales. Yeah. We get a lot, I mean, we haven't been out to the market formally with any properties for sale, but we get a lot of inbound offers practically every day. We kind of run through the math to see if it makes sense, and sometimes it does. We kind of evaluate those opportunities. I think where we are with our debt yield and the covenants within our debt, it makes it a little bit tricky. We are hopeful that we'll be able to start doing some asset sales, at least in the soon. Are these users, or is this third-party capital? Have you seen any kind of shift in the amount of incoming? Yeah. I mean, I think it's everybody. We have been getting some inquiries from tenants who lease our properties who want to own their real estate and feel like it's a good opportunity and also a way for them to be able to control their costs because they don't have to pay rent and are not subject to landlord and market rent increases. Those are usually the most appealing because owner-users always usually pay a premium compared to an unsolicited. We do have a lot of the Newmarks, the Cushman & Wakefields, Eastdils who are just sourcing, trying to find an off-market deal. Those are usually less compelling because they are lowballing us. Yeah. Last one from me. And then again, if anyone has any questions. As part of the process of buying Monmouth and then securing the high-interest rate debt, you took a look and reset the dividend. Now it seems like as the financing markets are becoming a bit more favorable, the potential for asset sales could be emerging as a mechanism to deliver. The need to retain cash may not be as valuable as it once was. Any idea about any considerations that are being discussed with regards to the dividend at this point? Yeah. I can start, and then Tiffany can add on. Yeah, I mean, you're right. I think when we first cut the dividend, it was really a chaotic time as interest rates, as Tiffany mentioned, kept rising and rising and rising. Just for those who do not know, we do not have a revolver. We do not have opportunity besides the cash that we have to operate the business, fund any. We have expansion options for some of our tenants and our leases. We want to be able to have the capital to be able to do things that our tenants require from us. The cost of the caps was constantly, I think it was $26 million for one of them. With no end in sight of how much it could go up. We have been seeing that those prices have decreased. You're right. We have a lot of cash, but it isn't that much when you think of it in the grand scheme of operating a 411 property portfolio. It is something I think if we're in a position where we're able to refinance, maybe fix our debt at least in one of the tranches, it's something that we're evaluating and also the board is discussing. Right. So we've done this a couple of years in a row. And it does seem like for the first time, the kind of outlook for the company seems to be shifting a bit. Where are we this time next year? Final thoughts. Our stock price is higher. We have our vacancies leased. Look, we're really focused on kind of the operating and the leasing because we can control those things. Hopefully, we're in, I mean, Tiffany, I think from a leverage perspective, we've been organically reducing leverage. We would love to seize on opportunities that make sense for us from a deleveraging strategy and from a fiscal prudence strategy. We are excited for where we may be next year. Great. Thank you guys and appreciate your time. Thanks to everyone for attending. I appreciate it.