Greetings. Welcome to Orion Properties Second Quarter 2025 Earnings Call. As a reminder, this conference is being recorded. I would now like to turn the call over to Paul Hughes, General Counsel for Orion. Thank you. You may begin.

General Counsel & Secretary: Thank you, and good morning, everyone. Yesterday, Orion released its results for the quarter ended June 30, 2025, filed its Form 10-Q with the Securities and Exchange Commission and posted its earnings supplement to its website at onlreit.com. During the call today, we will be discussing Orion's guidance estimates for calendar year 2025 and other forward-looking statements, which are based on management's current expectations and are subject to certain risks that could cause actual results to differ materially from our estimates. The risks are discussed in our earnings release as well as in our Form 10-Q and other SEC filings, and Orion undertakes no duty to update any forward-looking statements made during this call. Today, on the call, we will be discussing funds from operations or FFO, and core funds from operations or core FFO and other non- GAAP financial measures. These non-GAAP financial measures are not a substitute for financial information presented in accordance with GAAP, and Orion's earnings release and supplement include a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measure. Hosting the call today are Orion's Chief Executive Officer, Paul McDowell and Chief Financial Officer Gavin Brandon. And joining us for the Q&A session will be Chris Day, our Chief Operating Officer. With that, I am now going to turn the call over to Paul McDowell.

Good morning, everyone, and thank you for joining us on Orion Properties second quarter earnings call. Today, I will highlight the continued progress we are making on our new business strategy and discuss our second quarter performance and operations. Importantly, leasing momentum continues, and we are energized that the marketplace has been receptive to our accelerated asset sales. Following my remarks, Gavin will review our financial results and provide our improved outlook for the rest of the year. With 639,000 square feet of leasing completed as of July 31, we are successfully building on last year's strong momentum that saw Orion lease 1.1 million square feet. Specifically, the 639,000 square feet of leasing is a combination of new and renewal transactions with a weighted average lease term of 6.4 years. Included in this total for the second quarter and shortly thereafter are 3 new leases, a 15.7-year agreement for 46,000 square feet at our Parsippany, New Jersey property, a 5.4-year agreement for 80,000 square feet at our Kennesaw, Georgia property and a 7.6-year agreement for 23,000 square feet at our Plano, Texas property. The Kennesaw, Georgia property is currently leased to Home Depot for almost 3 more years, making the combined lease term more than 8 years. Additionally, we signed 110,000 square feet of short-term lease extensions at 2 properties during the quarter at over 6% positive lease spreads on average. We are encouraged by our strong leasing activity to date and the momentum that has continued to build in our future pipeline, including various longer duration renewals and new leases with terms greater than the average of our portfolio. We are working hard to get a substantial portion of this more than 800,000 square foot pipeline of leasing activity, which includes transactions in both the discussion and documentation stage…

Thanks, Paul. Orion generated total revenues of $37.3 million in the second quarter as compared to $40.1 million in the same quarter of the prior year. Core FFO for the quarter was $11.5 million or $0.20 per share as compared to $14.2 million or $0.25 per share in the same quarter of 2024. Adjusted EBITDA was $18 million versus $20.5 million in the same quarter of 2024. The changes year-over- year are primarily related to vacancies, a smaller portfolio and timing of leasing activity. G&A in the second quarter came in as expected at $4.8 million compared to $4.5 million in the same quarter of 2024. As mentioned on prior calls, savings to G&A brought on by our restructuring efforts, including headcount reductions, will begin to contribute in the third and fourth quarters of this year. CapEx and leasing costs in the second quarter were $15.6 million compared to $6.3 million in the same quarter of 2024. The increase in CapEx in 2025 period was driven by the acceleration in leasing activity. As we have previously discussed, CapEx timing is dependent on when leases are executed, and work is completed on properties. We expect to allocate more capital to CapEx over time as leases roll and new and existing tenants draw upon their tenant improvement allowances. Turning to the balance sheet. At quarter end, we had total liquidity of $257.7 million comprised of $17.7 million cash and cash equivalents, including the company's pro rata share of cash from the Arch Street joint venture and $240 million of available capacity on the credit facility revolver. We intend to maintain significant liquidity on the balance sheet for the foreseeable future to fund expected capital commitments to support our future leasing efforts and provide the financial flexibility needed to execute on our business…

[Operator Instructions] There are no questions at this time. I would like to turn the call back over to Paul McDowell for closing remarks.

Okay. Well, thank you very much. We appreciate everyone joining us today, and we look forward to updating you next quarter.

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.