Invitation Homes Inc.

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Good morning and welcome. I'm here today from Invitation Homes with Dallas Channer, Chief Executive Officer, Charles Young, President and Chief Operating Officer, John Olson, Chief Financial Officer, and Scott Eisen, Chief Investment Officer. Following our prepared remarks, we'll conduct a question and answer session with our covering sell-side analysts. In the interest of time, we ask that you limit yourselves to one question and then re-queue if you'd like to ask a follow-up question. During today's call, we may reference our first quarter 2024 earnings release and supplemental information. This document was issued yesterday after the market closed and is available on the investor relations section of our website at www.invh.com. Certain statements we make during this call may include forward-looking statements relating to the future performance of our business, financial results, liquidity and capital resources, and other non-historical statements, which are subject to risks and uncertainties that could cause actual outcomes or results to differ materially from those indicated. We describe some of these risks and uncertainties in our 2023 Annual Report on Form 10-K and other filings we make with the FCC from time to time. Except to the extent otherwise required by law, Invitation Homes does not update forward-looking statements and expressly disclaims any obligation to do so. We may also discuss certain non-GAAP financial measures during the call. You can find additional information regarding these non-GAAP measures, including reconciliations to the most comparable GAAP measures in yesterday's earnings release. I'll now turn the call over to Dallas Tanner, our Chief Executive Officer.

Good morning, everyone, and thank you for joining us. Our teams kicked off 2024 with a great start to the year. In particular, Our first quarter results reflect high same-store average occupancy, accelerating same-store rent growth, and strong same-store core revenue and NOI growth. We believe this puts us in a great position as we begin our peak leasing season. That being said, operating and leasing success is only one aspect of our anticipated growth this year. When we spoke to you in February, we told you that our 14,000-home property and asset management agreement with Starwood was just the beginning. Less than three months later, we've added over 7,000 more homes onto our management platform, including through last night's announcement of our joint venture with Quartera, Centerbridge, and other high-quality investors, as well as our agreement with Nuveen that we signed in March. We are honored to work with each of these respected partners, who highly value our coast-to-coast SFR management expertise and best-in-class operating and management capabilities. We believe this is just the beginning of the journey to grow our professional management and services business, which as a reminder offers many benefits to invitation homes. First, we are an attractive property and asset management fees that are commensurate with our unmatched expertise and scale. Second, we're able to grow earnings in a capital light manner, including through the opportunity to potentially acquire these homes at a later date. Third, We develop deeper insight via the operational data we collect, which help us to better operate our own homes and markets. And fourth, we can further leverage the combined power of scale and density by spreading our costs across a larger number of homes, thereby improving our margins. We believe our partners and residents also benefit from choosing Invitation Homes as their manager. In addition to getting direct access to our operating, leasing, and asset management expertise, our partners can realize potential savings from utilizing our vast vendor network, our staffing optimization, and our advantageous pricing agreements. Residents, in turn, receive our signature Genuine Care and ProCare services, along with the value-add amenities we offer. including, for example, our internet bundle that we buy in bulk in several of our markets and provide to residents at a discount to retail pricing. Another area of growth for us remains our new product pipeline. We announced last month that we added several large home builders to our growing list of relationships, including D.R. Horton, Meritage Homes, and DreamFinder Homes. We're under contract with them to build approximately 500 new homes, primarily in Charlotte, Jacksonville, and Nashville. with deliveries expected to start later this year. Underwritten cap rates on these acquisitions are in line with our previously stated targets of roughly a 6% yield on cost, which I will remind you is a return that's effectively free of any development risk to us today. Given the dynamic environment we've seen in the last couple of years and the volatility in land pricing, cost of materials, and interest in cap rates, our contracts are designed to protect us from the risks inherent with on-balance sheet development. while achieving what we believe are far superior risk-adjusted total return. We're proud of the growth we've delivered through partnering with the best and largest home builders in the country, while also helping to create much-needed new housing supply in the communities we serve. To wrap up, we're pleased with how our teams have started off this year. I extend my thanks to all of our associates for their hard work in seamlessly bringing thousands of new homes onto our platform, while at the same time, continuing to deliver outstanding operating and leasing results. As we look ahead, we're excited by our ability to sustain this momentum as we leverage our strategic approach and operational excellence to drive continued growth for our stakeholders through the remainder of the year. With that, I'll pass the call on to Charles Young, our President and Chief Operating Officer.