Invitation Homes Inc.

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Greetings and welcome. I'm here today from Invitation Homes with Dallas Tanner, 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. During today's call, we may reference our fourth 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 SEC 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. With that, I'll now turn the call over to Dallas Tanner, our Chief Executive Officer.

Good morning, everyone, and thank you for joining us today. I'm pleased to report that Invitation Homes delivered another strong quarter of operational and financial results to close out 2024. Our full-year results demonstrated solid execution across our platform, including core FFO per share growth of 6.4%, and AFFO per share growth of 6.7%. I extend my thanks to our dedicated teams and for the continued loyalty of our residents. On the latter point, we're proud that our residents continue to choose invitation homes for the long term. During the fourth quarter, average length of stay was approximately 38 months. We also achieved a renewal rate of 80%, with same-store rental rate growth on renewals of 4.2% year-over-year. We believe this underscores the value proposition that our industry and our platform offer and the strong relationships we're able to maintain with our residents over time. It's also a testament to the continued demand for our high quality homes and desirable neighborhoods located in some of the fastest growing areas of the country and delivered with our trademark genuine care. During 2024, we emerged as the professional manager of choice for partners seeking premium service and performance. We grew our JV and third party managed home count by more than six and a half times last year to over 25,000 homes. We expect this business to continue to have opportunities to grow in the future. At the same time, we further optimized our wholly owned portfolio, recycling capital from older assets into newly constructed growth enhancing investments. This was possible in part through our innovative builder partnerships, helping us welcome over 1800 individuals and families into newly built homes during 2024. In the meantime, our pipeline remains robust, with more than 2,000 homes under development by our homebuilder partners at the start of this year. Since we launched our homebuilder partnerships nearly four years ago, we have continued to broaden and refine the traditional build-to-rent model. In doing so, we've moved beyond the binary view of either on-balance sheet development or completed home purchases. Rather, Our unique broad spectrum approach considers everything from early stage builder partnerships to the acquisition of stabilized communities. As the market has further evolved and our approach has become more sophisticated, we're continuing to evaluate new opportunities and structures to strengthen our growth profile by thinking outside of the traditional SFR box. Combined, our strategic growth initiatives allow us to enhance our scale and density within our core markets. and potentially expand our existing footprint by evaluating new markets with attractive growth profiles. As we've learned, improved scale and density support better OpEx and CapEx management across the entire portfolio, setting the stage for overall margin expansion. In that regard, our same-store NOI margin returned over 68% last year, and we believe we can continue to see improvement as we further execute on our growth and efficiency objectives. Turning now to current market conditions. Last summer, we were among the first to call out the moderating impact that new home deliveries were having in some of our markets. We continue to work through this and are seeing some early signs of improvement. At the same time, we are taking a measured approach with our initial expectations for 2025 and remaining vigilant as we seek better clarity throughout the year, including with regard to new supply for the year ahead, the impact of potential tariffs and the chance for prolonged higher mortgage rates and the effect that builder spec inventory and buyer incentives may have on the market. Nevertheless, we believe the tailwinds for our business remain supported by the demographics. As a reminder, there are 46 million American households who lease their primary residence. And among those, nearly one in three choose to lease a single family home. With our average resident age of 38 years old, This includes many millennials and young families who desire the flexibility and convenience of leasing a single family home. It also includes those who appreciate the compelling value of leasing, with the average cost of leasing a single family home nearly $1,100 a month cheaper than owning in our markets, according to John Burns' research. As we look ahead, we remain confident in our ability to capitalize on opportunities while maintaining a disciplined approach to capital allocation. With our dedicated team's strategic approach to external growth and operational excellence, we believe we are well-positioned to create value for our stakeholders while delivering on our mission to provide high-quality homes and superior service to our residents. Charles, over to you.