“Looking ahead, we expect projects representing more than $600 million of additional net cost to start construction in the second half of this year.”

In context

“Eli Simon (Chief Executive Officer, President & Chief Operating Officer): Good evening. We delivered excellent financial and operational results in the second quarter. Domestic property NOI and real estate FFO growth accelerated in the quarter to 8.5% and 7.9%, respectively. This was driven by continued leasing demand, disciplined execution across all platforms and contributions from recent acquisitions. Shopper traffic accelerated in the quarter and retailer sales volume again grew solidly year-over-year, further evidence that our portfolio is well positioned and our properties are the places where shoppers and tenants want to be. And with our recently declared dividend, we will have paid out over $50 billion to shareholders since becoming a public company. Tenant demand continues to be widespread with no slowdown, drawing from a broad mix of established and emerging retailers across categories, platforms and geographies. During the second quarter, we signed more than 1,200 leases totaling over 4.8 million square feet. The number of new deals signed in the quarter increased more than 20% compared to last year, and new deals represented approximately 28% of total lease square feet. Year-to-date through the second quarter, initial base minimum rent per square foot on new deals is up 17% year-over-year, while tenant allowance per square foot on new deals is down 12% year-over-year. We have completed more than 87% of our 2026 expirations and are ahead of where we were at this time last year as we continue to negotiate 2027 and 2028 expirations with many tenants. The pipeline of prospective deals continues to build, remaining well ahead of last year's pace, reflecting continued broad-based tenant demand. Moving on to retailer sales. Malls and Premium Outlets were $838 per square foot, up 13.9%. Importantly, total sales volume increased 6.6% over the trailing 12 months and 7.6% in the quarter, with comparable sales growth of 5.7% for the second quarter. We continue to host unique activations that highlight the incredible value our portfolio offers. Our fifth annual National Outlet Shopping Day produced another year of shopper traffic and retailer sales growth, along with a more than 25% increase in retailer participation compared to last year with Simon+ members enjoying exclusive rewards tied to the event. We also built on the momentum around the World Cup, running a coordinated activation strategy across our portfolio that featured fan experiences, watch parties, retailer collaborations and community programming. The shopper and retailer response to these types of events underscores Simon's offering, the ability to turn major moments into large-scale real-world experiences that bring our consumers, brands and communities together. Turning now to development and redevelopment activity. At the end of the quarter, we had development projects underway across all platforms with our share of the net cost totaling $1.07 billion at a blended yield of 9%. Approximately 50% of the net cost is for mixed-use projects. Looking ahead, we expect projects representing more than $600 million of additional net cost to start construction in the second half of this year. Our development pipeline remains robust with over $4 billion of projects, which we believe will generate attractive returns, enhance our properties and support long-term growth in cash flow, FFO and dividends per share. This is consistent with the results we have achieved on similar recently completed projects such as Southdale Center in Edina, Minnesota, Brea Mall in Orange County and Briarwood Mall in Ann Arbor, Michigan. Over the last 4 years, we have also committed more than $400 million to center enhancements that are either completed, underway or recently approved, including common area upgrades, landscaping, lighting and other amenities, creating a more elevated shopping experience. These enhancements are noticed and appreciated by our customers and particularly by our retailers who value a landlord committed to the long-term success of their stores and the communities we serve. We remain focused on these enhancements alongside our broader development activity, and our balance sheet allows us to continue reinvesting in our portfolio for years to come. With that, I will turn it over to Brian, who will review our financial results from the second quarter in more detail and provide an update on our outlook for the remainder of the year.”