Record-breaking leasing activity in FY 2025 with 7.1 million square feet of new and renewal space signed, up from 3.9 million in FY 2024. Signed leases increased to 1,199 in FY 2025 from 819 in FY 2024, and store openings rose to 291 from 197. The company is ahead of schedule on its 5-year new lease deal completion plan, reaching 76% complete by February 2026 against a year-end 2025 target of 70%. A substantial Signed Not Open (SNO) pipeline is committed at approximately $107 million, with a cumulative total potential of $140 million, expected to produce total gross revenue in excess of 2024 revenue for the same spaces. 30 anchor and big box replacements totaling 2.9 million square feet are committed, with 5 already open, 5 under construction, 11 executed, and 9 with leases out, projected to generate $750 million in annual sales. The Path Forward Plan aims to increase permanent physical occupancy by 500 basis points, projecting 90% by 2028 from 82% in 2024. Significant progress has been made on leverage reduction through asset sales and give-backs, achieving approximately $1.4-$1.5 billion towards a $2 billion goal as of February 25, 2026.