Operator

Hello, and welcome to the 2026 Federal Realty Investment Trust Annual Meeting of Shareholders. Please note that this meeting is being recorded. [Operator Instructions]

David Faeder

Good morning, and welcome to the Federal Realty Investment Trust's 2026 Annual Shareholders Meeting. I'm David Faeder, the Chairman of the Board. All of the members of our Board of Trustees, along with the representatives of Grant Thornton, our independent auditor; and Pillsbury Winthrop Shaw Pittman, our Corporate Counsel, are in attendance.

I'd like to ask that the meeting come to order. If you have any questions on the proposals being voted on today, please go ahead and submit them via the web portal and indicate what proposal your question relates to. If you are participating in today's meeting as a guest, you will not be able to submit any questions. If you have any questions that are not related to today's proposal, please submit them to ir@federalrealty.com so that we can follow up outside of this meeting.

Dawn Becker is serving as the Inspector of Elections for the annual meeting. And at this time, I would like to turn it over to Dawn.

Dawn Becker
Executive VP, Chief Legal Officer & Secretary

Thanks, Dave. The notice of this meeting was properly given to all shareholders of record as of the close of business on the record date of March 18, 2026. A quorum is present at this meeting for purposes of conducting business.

We have three company proposals to be voted on today. Proposal #1 is for the election of 8 trustees to serve until our 2027 Annual Meeting of Shareholders. Proposal #2 is an advisory vote