All right, everybody. Why don't we get started? I'm Samir Khanal from the BofA REIT team. I'm happy to have InvenTrust with us this afternoon. To my right, we have the CEO of InvenTrust, D.J. Busch. Let me turn it over to you, DJ, introduce the team, and maybe some opening remarks. Thank you so much, Samir. Appreciate you taking the time and doing this, and we always appreciate what you and Jeff and the BofA team do on the research front. Thank you guys for joining us and your interest in InvenTrust. To my immediate right here is Christy David, our Chief Operating Officer, and next to her is Mike Phillips, our Chief Financial Officer. I'll keep my opening remarks pretty short because the reality is InvenTrust Properties is hopefully a pretty simple story. We own 75, 100% wholly owned assets, open-air, necessity-based retail, exclusively in the Sun Belt market. The story is simple, focused, and very repeatable. We believe in the demographic tailwinds that we see in the Sun Belt markets in which we operate, and we've been able to grow same property NOI since becoming a public company in 2021 by north of 4%. In the last two years, we exceeded 5% net operating growth. Obviously, that translates into strong mid-single digits cash flow growth as well. Growing cash flow through owning durable necessity-based assets in the Sun Belt, where we think the fundamental drivers will continue given the demographic and migration trends that we see. We've also been an acquirer of properties over the past couple of years. We've added close to $1 billion of new assets to the portfolio while maintaining a very low levered balance sheet. As we sit here today, we have a pipeline of north of $1 billion that we're continuously looking to add accretive opportunities to the platform. We are just under five times net debt to EBITDA on a forward basis, which means we have plenty of capacity to continue to invest in the current portfolio while finding additional opportunities. I think that's what the most exciting thing is for InvenTrust is not only have we delivered superior growth, which has translated into some of the best total returns in the sector over the past five years. The future looks just as bright as we look at the opportunity set. The internal growth that, like I said, has been very durable and repeatable. Maybe before talking about that $1 billion of pipeline and the external growth, talk about internal growth, and with that, I'd say, look, we were at ICSC recently. Maybe to the audience, talk about the leasing environment, the demand out there, and how your meetings with these retailers went. Yeah, maybe I'll start. At a high level, one of the things that's been important to InvenTrust is building a sustainable cash flow stream with visible and recurring growth. The way we've done that over time, and certainly since COVID, is building in things like rent escalators into our leases, where we're getting annual increases on our leases that are growing, hopefully in concert with the success of our retailers, meaning their sales are growing, and then our rent is growing with them. With that type of recipe, we have a strong tenant base that has been successful and that are making money, we enjoy some of the growth alongside and no longer are waiting five and 10 years to get additional increases in our rents. The building blocks of our internal growth is simple. We get a couple of hundred basis points from those set escalators. The leases that are expiring, we can add another 100 basis points. What we've done at our company have built in a 3% to 4% type of same-store net operating income stream that translates into that mid-single digits FFO growth that I was talking to. I'm going to let Christy talk a little bit about what she learned on the heels of ICSC and a little bit about the demand that we're seeing out there. Sure. If any of you have spoken with our peers, I'm sure you've heard ICSC was a very positive show this year. We had two full days of meetings. Our team met with all kinds of retailers. The TJX Concepts, the Nordstrom Racks, the grocers, the fitness concepts, every single one of them has strong goals to open new locations into, call it 2030 for some of them. This really gives you an environment to think that retail's very strong and that the demand for the leasing pipeline and for space is fantastic. I think the interesting thing for these retailers is going to be where are they going to find the space given the shortage of anchor-sized boxes and new supply coming online. We talked particularly with the retailers about how they plan to achieve their goals, and some of the items that they've talked about is having more flexibility in their format given particularly their size in terms of square footage, whereas in past years, many of them have been very insistent on having a 15,000 sq ft box, whereas now maybe they'll consider a format down to 12,500 sq ft or up to 18,000 sq ft, so give more flexibility in the space that they can take. Where they don't have flexibility is basically, frankly, on the economics. They have goals that they have to meet and internal metrics and hurdles they have to hit, so they were very honest in addressing that concept as well. I think another great thing that we learned is that where else they're going to meet their demand is to go to some of these secondary markets, and as I'm sure you'll hear us talk about or you've heard D.J. say in the past, we are exploring opportunities in acquiring properties in secondary markets in the Sun Belt as well. This meets nicely with our portfolio. Overall, very positive. Retail was a very exciting show with lots of retailer demand. What about in terms of usually these shows you get the retailers meeting the landlords, but you also have developers out there and talk about clearly there's no development in this space, right? In terms of assets brought to market, what did you see in terms of given where cap rates are today? Did you see a pipeline of assets come through? In terms of acquisition opportunities? Yeah. Yeah, I think unfortunately, there's a lot of capital out there that wants to acquire retail right now. Normally, the ICSC is a catalyst for properties to be launched into the market for acquisition opportunities, and it was a little quiet this year. It was a lot, actually, more robust in the beginning part of the year. I'd say the first quarter, we saw more acquisition opportunities that were marketed, and we're hoping that we see more come online later in the year. In terms of comparatively ICSC over ICSC, it was a little quiet in terms of deals launching. I think it's an important point because part of our strategy is to complement our internal growth profile with some external growth opportunities as well that will fuel our internal growth prospects for the years to come. I think we've been one of, like I mentioned earlier, we've been one of the more active acquirers to date. We have either have closed or awarded or under contract about $325 million of product. Based on our size, that's almost a 10% expansion to the asset base with more room to go as it relates to the capacity that the balance sheet can hold while still maintaining a very appropriate and low leverage level. As Christy mentioned, we had a lot of success earlier in the year by looking at to some of the markets. Just to give you guys an idea about 15% of our income comes from Austin, Texas. We have a large portfolio of assets in Atlanta, Charlotte, Tampa Bay, and the like. What we've found success recently is going to smaller markets such as Charleston, South Carolina, Savannah, Georgia, Greensboro, North Carolina, that may not have the same robust opportunity set from a retail standpoint, but are still enjoying the same demographic tailwinds, and even in some cases, even greater because the cost of living is simply much better in some of those smaller markets that are seeing very similar business development, very similar migration trends, but just on a smaller scale. We've found real success identifying high quality, top-level assets within those markets that are fortified because of the lack of supply and a continued lack of supply in our space, which we can obviously get into, with real demand drivers behind that, and that's a perfect recipe for success for a REIT vehicle like InvenTrust. Maybe expand on that acquisition pipeline. You talked about a billion. Sure. Sort of pipeline out there. Talk about cap rates. What are the sort of the unlevered IRRs you're trying to achieve? Yeah. Unlevered IRR is in the eye of the beholder. I will tell you, it is a competitive environment, even in the markets that we're in. Some of our core markets, like the ones I just mentioned, some of the larger 18-hour cities, if you will, in the Sun Belt, certainly have gotten much more competitive, even with private capital coming into the space for the first time in a real way in a long time. The cap rates in retail, just a broad brush from what we're looking at, and you can think about the spectrum being core high quality grocery-anchored on the low end of the cap rate spectrum to maybe a little bit larger format power center at the high end. In our markets, that range is probably about 100, maybe a little bit more than 100 basis points going down to the low to mid 5s and somewhere into the mid 6s. What we look for in an asset is, which is a little bit unique, is we like to buy stabilized assets. We don't do a whole lot of value add opportunities, and the reason is simple. We believe in the mark-to-market rent growth opportunities in these markets, and if we can do that without meaningful additional capital outlay after buying the property, that's the best way for us to drive free cash flow for the portfolio. Almost every asset that we've bought in the last, call it two years, which is quite a bit of product, was almost fully leased, fully occupied, I should say, 100% occupied. What we're underwriting is our ability to take these assets, maybe in many cases from a private operator who was operating more or less for capital preservation and just keeping space occupied, put it onto our platform, and start to go after leasing opportunities over time. Hopefully, in many cases, renewal opportunities with a successful retailer, and then to the extent that we can curate and upgrade the merchandise over time, we'll do that as well. For the assets you've acquired over the last several years, talk about where you are versus underwriting, initial underwriting? Yeah. Yeah. I think this is probably why we feel so confident in buying stabilized assets is because we don't mind waiting for growth. Many private operators or funds in our space don't have that luxury. They have to get to some type of return in a five to seven period hold period, which can be difficult in the retail space given the weighted average lease term that we're usually dealing with. At InvenTrust, we don't mind waiting for those opportunities as long as there is some visibility down the road to where we can start extracting that growth and enjoying it and then adding it to the growth profile of the internal and the core portfolio. The underwriting, I would say it is competitive. When you lean in on some of these acquisitions, sometimes it can feel uneasy. I will say because of where the market has gone in retail and with the fundamental backdrop, we feel better six months in arrears after buying a property than we did when we actually bought it, meaning it's surpassing our underwriting standards from a rent growth standpoint in almost every case, and cap rates have continued to drift lower. We feel like we actually got in at a good entry point. Those two pieces have been a very pleasant surprise in a very competitive environment. I know we talked about the leasing environment, but it feels like nothing's really changed. Certainly, you hear about the macro, you hear about higher gas prices, but it doesn't seem like the conversations you had with the retailers, they're still expanding, correct? They are. Look, I think inflationary pressures, cost pressures, certainly pressures at the gas pump will find its way into our portfolio. I think one of the important things that we have, we have such strong migration trends and higher income households moving to these smaller markets in many cases, to where I think that it's a little bit more resilient than other parts of the country. No doubt $6 a gallon is going to take some wallet share, but the beautiful thing about InvenTrust portfolio, it tends to be necessity based, or it is necessity based. Most of our services and goods are staples, whether it's grocery, services, medical, retail, and the like. Those are things that are non-negotiable for most households and most consumers. Not having too much discretionary of our merchandise mix, I think helps us in this time that obviously can be challenging for many households. You would see the impact. As we've talked about, if gas prices remain high and we're having this conversation six months later, what would shift in your portfolio? I think where we'll see it is we've had a tremendous couple of years from small shop demand. That runs from national tenants to regional tenants and franchisees, to the local tenants that really make a small center like ours, or medium-sized center like ours, unique to that sub-market or to that city. I think those tenants are the ones that probably don't have the same leverage, either from an inventory or a sourcing standpoint, and oftentimes can be a little bit more discretionary in nature, whatever their goods or services are. They tend to feel this pressure much earlier than the larger national tenants. I will say, as Christy mentioned, the demand for large format or bigger box space, they're not really worried about it at all because no matter how transitory these cost pressures will be, they're looking three, in some cases four or five years out for space to build out their buy plans for the next several years, not necessarily worrying about gas prices in the second quarter of 2026. I think their long-term view gives us a lot of confidence in our ability to continue to lease big box space, but we do spend much more time making sure our small shop tenants are successful. The exposure is very small, right? When you think about local. Yeah, it's a good point. Just to put. Thank you for bringing that up. I think when we think about our local tenancy, it's just over 10% or so. That's a good mix for us as it relates to bringing something unique to the centers, but making sure that we're managing the underlying credit in the portfolio as well. The one thing I want to ask you was about internal growth, not only for you, but kind of the space in general. We're at a point where occupancy is high, right? Let's call it 95%-96%. As you think about the next few years, maybe help us think about the growth algorithm here. Yeah. It's a great point. Like I mentioned earlier, we've had a nice run of same property net operating income for the last five years since becoming a public company. On average, between 4%-5%. In two years, we were able to surpass that 5%. I feel that's probably not sustainable, and that's okay. There's a really important point to that. Our business is a very capital-intensive business from a leasing standpoint, and it can be. As great of an opportunity it is to bring in new tenants and continue to upgrade and curate a merchandise mix, it is costly. We feel really good about where our merchandise mix is today. That's not to say we won't be very measured and find opportunities to continue to upgrade that merchandise mix to make sure we're offering the best product for our consumers and the towns in which we serve. There is an opportunity in our space for us to maintain our centers, keep the tenancy that we have, get nice increases from a leasing standpoint, enjoy the escalators that we've built into our business, and if this is a 3%-4% business instead of a 4%-5% business for the next five years, InvenTrust will be more profitable. We will generate more free cash flow because the capital outlays will be less than they were in the past five years. I think that's exciting because that tends to not be the case in retail, which tends to be a very expensive business, especially when you're turning a lot of space. We talked about the escalators. You can push on rent bumps. What else can you do given the lack of space here as you maybe even try to push rents? Yeah, I think we're in a good spot. It's been a really nice run. Obviously, the lack of supply and the lack of space, institutional quality space in the market is really what's driving our ability to push rents. Having said that, it's important for us to be partners for our retailers. They need to be successful. They need to be able to pay an appropriate rent in good times and bad, so when that lease comes due, we feel like we have another opportunity to increase the rent because they've been successful through the initial lease term. What can happen in this space or this business is, especially in an environment like now where there isn't a whole lot of space available, you could put a lot of capital into a location. You could probably drive rent a little bit further, but if that tenant is not successful, you're putting yourself a little bit at risk as it relates to getting that space back. There's nothing worse in the retail business than getting space back early that you put capital in and you're sitting on an above-market rent. One of our favorite metrics on the sales information that we do get from our tenants is in 2019, our health ratio, which is our occupancy cost ratio, rent as a percentage of sales, was call it 9.5%. As we sit here today with all the strong rent growth that we've driven and free cash flow growth that we've created in the portfolio, we're still at 9.5%. Not only have our retailers been successful, but we've been able to drive rent, and we're still in the same spot as we were pre-COVID. The other topic that comes up is obviously data and AI and how you're leveraging that, right? Maybe talk about that throughout your business today, which areas are implementing AI. Yeah. It's a tough one. It changes very quickly. It's exciting and scary at the same time because it's always hard to see what the ultimate outcome is. We're big promoters of AI within our organization. Every team member at InvenTrust, all 100 employees, have access and are encouraged to find ways to make their job more efficient, to do call it more with less, which is great. This is a self-serving and perhaps naive statement. I do think the technological advances that will be available to us through AI and other products can make a more or less smaller company more competitive from an efficiency standpoint. There's already a tremendous amount of leverage in our operating platform at call it $3.5 billion today, going forward to where we can add a significant amount to the asset base without adding additional overhead, which is a great spot to be in. That's going to be the key for us to continue to accelerate our operating margins and our free cash flow. Some of the things that we've already discovered efficiencies in is underwriting. We can underwrite faster, and vet more properties quicker without adding undue hardship on our transactions team. That will continue to get better. From an FP&A standpoint, there's a lot of exciting things that our FP&A team is actively working on to make that a very seamless part of our fabric really. Real-time information that we probably haven't had access to before because of what we're able to do from an FP&A standpoint and AI. Certainly, one of the most arduous things in our business is going through leases and abstracting leases and finding information in a timely manner. That's going to make our legal and accounting teams much, much more efficient with their time. You could almost go through every department. There's a lot of exciting things. It's scary as well. Don't know what that means longer term, but there is a lot of really exciting opportunities in real estate, and I think we're just scratching the surface. Is there a way we're going to see sort of the, as analysts and investors, where do we see it? Do we see it flow through the financial at some point? I mean, where do we see the benefits of that? Where you'll see it with InvenTrust is the scale in the platform. Right. As we add properties to the platform, are we adding other undue costs as well? Who knows what AI may cost when it's all said and done. I think there's a pretty big IPO coming up at some point. The ability for us to leverage our platform without adding additional G&A is an important part of our next stage of our growth profile. There will be small wins, and they feel small now, but we don't know yet on the property management side as well, making that a more efficient process. Perhaps a property manager being able to be engaged in the properties but be able to cover more space because of the tools that will be available to them. It's really hard for me to think of now a tangible benefit that you'll be able to see in the financials, with the exception of, for us, I know it'll come through the leveraging and the growing of the asset base. I just want to stop here to see if there's any questions from the audience. On the external growth side, cap rates have compressed, right? Clearly in grocery. We're seeing it in power, and you're certainly active on the external growth side. Doesn't it make it more difficult to acquire given where pricing is? It does, and we think about that a lot. I think one of the things that, and Christy alluded to it, we've found unique opportunities where the bidding tents have been a little bit less populated in some of these smaller secondary, what we think of very complementary markets, and I mentioned some earlier. There's not a whole lot of private capital that is going to start with an asset in Greensboro, North Carolina, or a Knoxville, Tennessee, or even a Charleston, which obviously has enjoyed tremendous growth. They're going to start in California, for better or for worse, a highly liquid real estate market. They're going to go to a Houston or a Dallas, Texas, where there's a lot of transaction activity. We almost think of our sweet spot has been always between call it $35 million and $80 million price tags. In maybe some first Sun Belt core markets and now still very focused on our core portfolio in those markets and adding. We've added a couple assets in Charlotte over the past several quarters. Finding these complementary assets where we can operate them very well, and perhaps there's less eyes, whether it's through the off market or a brokered situation where we can get it in there at a better initial yield with better growth prospects than we're seeing elsewhere in the country. Like I said, we still have a robust pipeline that we'll continue to vet. The other thing that we do that's maybe not unique, but we tend to be a little bit more format agnostic. Everything is anchored to necessity-based retail, but we do have some larger format power centers that have grocery, or we do have core neighborhood grocery anchored centers that are 100,000 feet with just a Publix and small shop space that's driving the growth at that asset. We have some unanchored or some shadow-anchored properties that are very complementary to the growth profile for the portfolio. We can get there a lot of different ways through a lot of different markets. At our size, a $50 million acquisition can move the needle, especially if we do that a couple times a year. Really strong internal growth prospects and then moving the needle a little bit faster on the external side as well with additional capacity on the balance sheet to do so. It doesn't sound like, given what's happened with interest rates, no assets have been retraded. You haven't heard of anything? No, not necessarily. I think one of the things that we're very proud of as a active acquirer in the space is we don't retrade anyone unless we find something that was not disclosed through due diligence. If the market's moving, that's not an unknown factor in our investment thesis and strategy. Because we've been a good buyer, good meaning we're to our word, and we get through the transaction in a successful manner, that has unlocked additional opportunities and repeat purchases from some of the same sellers, which has been an important part of our pipeline for the past couple of years. I think there's a question back here. Thank you. Just digging in the last question a bit. When you talk about your pipeline, you talk about a lot of capital chasing the space now. Yeah. I'm just wondering roughly to what extent some portion of that pipeline is actually under your control in terms of pricing. You may not have decided to do it, and maybe other due diligence, but you actually are protected, at least at this juncture, by having locked in pricing. Yeah. It's a great question. I mentioned earlier, the things that we're canvassing that have not been awarded to us, that pricing can move, and it's not going to be locked in. I will say, once it becomes a marketed deal and then many of our off market, we have not seen cap rate drift because of what's gone in the interest rate market much at all. It has certainly gotten more competitive, but the $325 million that we have already accomplished, either through closings or awarded up to this point, those would be locked pricing at this point, which gives us a lot of confidence in what we've already completed. Then we still have a couple opportunities that we'll move forward with. One thing I haven't mentioned is we're always curating. We have a very strong portfolio, but every portfolio has some level of capital recycling for one reason or another. Even if it gets a little bit more, and it has gotten more competitive as we're looking for new opportunities, it does give us confidence on our confidence in our recycling program as well. If to the extent cap rates continue to drift a little bit lower, we can use our capital recycling program, which is primarily focused in Texas, grocery anchored in Texas, to alleviate maybe some of that concern. We're taking advantage of it on one side, if not the other. I know we've got about a minute, but one thing I wanted to ask you is about, we talked about compression and cap rates, grocery anchor centers today in high demand, right? We saw the ROIC deal years ago. Sure. Sub 6%. As you think about your portfolio, and if I look at your implied cap rate today, let's call it 6.8% on my numbers. Yep. There's platform premiums out there. How do you close that gap between private market and public market? It's a great question, and it can be frustrating. I will say the reason I try not to get too frustrated is our total returns have been towards the high end of the shopping center sector, which we're very proud of. At the end of the day, that's all we're trying to do, is generate total returns that are better than the sector average, because that's what our investors expect and demand of us. At the same time, our portfolio has gotten more valuable, it almost feels like we're chasing that asset value or cap rates. Even though the performance from a total return perspective have been very strong, our portfolio continues to get more valuable through stronger NOI growth and in an environment like this, probably a little bit of cap rate compression. It's something that we think about. It is something that we assess as we look for new opportunities. As long as our total returns continue to move forward, you and your peers will decide what underlying intrinsic value is for the portfolios. Our job is to find incremental ways to grow free cash flow. Thank you very much. I think we're out of time. Yep. Thank you so much.