Invitation Homes Inc.

Welcome to the Invitation Home Second Quarter 2025 Earnings Conference Call. All participants are in listen-only mode at this time. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. As a reminder, this conference is being recorded. At this time, I would like to turn the conference over to Scott McLaughlin, Senior Vice President of Investor Relations. Please go ahead.

Thank you, Operator, and good morning. I'm joined today from Invitation Homes with Dallas Tanner, our Chief Executive Officer, Charles Young, our President, John Olson, our Chief Financial Officer, Scott Eisen, our Chief Investment Officer, and Tim Loebner, our Chief Operating Officer. Following our prepared remarks, we'll open the line for questions from our covering cell site analysts. During today's call, we may reference our Second Quarter 2025 Earnings Release and Supplemental Information. We issued this document yesterday afternoon after the market closed, and it is available on the Investor Relations section of our website at .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 2024 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, we do not update forward-looking statements and expressly disclaim 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. Please begin, Dallas.

Thank you, Scott, and good morning, everyone. We appreciate you joining us today. I'm pleased to share our Second Quarter results that once again reflect the outstanding work of our associates, the disciplined execution of our long-term strategy, and the strength of our resident-focused experience. Before we dive in, I want to take a moment to acknowledge the devastating flash floods that struck the Texas Hill Country earlier this month. The images and stories have been heartbreaking, and with some of our own friends and family having been impacted. In response, we've made a donation to support the Red Cross's local aid work, in addition to our annual support of their national relief efforts. And we're matching associate donations dollar for dollar. As a Texas-based company, it's our responsibility and privilege to support our neighbors in their times of need, and by investing in communities during both good and difficult times. That's who we are, and it's what genuine care is all about. Speaking of genuine care, there's been no greater ambassador of that mindset than my friend and colleague, Charles Young. As many of you know, Charles has accepted an exciting opportunity to lead another public read. While we're excited for what lies ahead for him, we're also mindful that today marks his final earnings call with us. Charles, it's been an incredible 8 1⁄2 year journey. Your leadership, integrity, and heart have left a lasting mark on our company, and we're all better for having worked alongside you. We wish you nothing but continued success in your next chapter. As you heard Scott say earlier, Tim Loebner is with us in the room today. Tim has been with Invitation Home since 2012, and is an exceptional and experienced leader. Having overseen our repairs, turns, and maintenance teams since 2014, and in more recent years also led our field and leasing teams. He'll continue in his role as our Chief Operating Officer, and I'll reassume the title of President and what we expect to be a seamless transition. Let's turn now to our second quarter performance and highlight the key drivers behind our results. What really stands out is the continued validation of our approach. During the second quarter, our average resident tenure was 40 months, and our renewal rate approached 80%. A continued testament to the quality of our homes, the strength of our service platform, and the trust we've built with our residents. Zooming out to the broader housing landscape, the macro environment continues to reinforce the value of our offering. According to recent research from John Burns, the U.S. needs an average of nearly 1.5 million new homes each year through 2034. That includes 600,000 rental units per year, just to restore balance within the market. And given that our average new resident age is in the late 30s, and John Burns estimates that there are 13,000 people turning 35 every day for the next 10 years, we believe there should be a long lasting demand tailwinds for our business over the next decade and well beyond. And this is where Invitation Homes is uniquely positioned to unlock the power of home for the millions of Americans who choose to lease a home. In the second quarter, we acquired just under 1,000 wholly owned homes, most of which were newly built and often in communities offering a mix of both for sale and for lease options. This approach brings high quality homes into our portfolio while helping builders to add and accelerate needed housing delivery in markets where we have high conviction and long term performance. Our builder partnerships remain a key growth engine for us, giving us access to a thoughtfully designed home and master plan communities while allowing us to maintain high standards for quality. We're also expanding our toolkit with the recent launch of our developer lending program, which positioned us to participate earlier in the value chain, typically with the goal of purchasing the communities upon stabilization. We're just getting started and are excited about the possibilities. Combined with our home builder partnerships and third party property management relationships, these initiatives enhance our acquisition strategies and boost our trust in the opportunities ahead. On that front, we're confident that we will meet or exceed our acquisition guidance of $500 to $700 million this year. Our pipeline is robust and we continue to target attractive yields with upside through operational efficiencies and improved scale. In closing, our strategy remains clear. To consistently deliver high quality housing in desirable neighborhoods backed by a service platform that puts the resident first. With strong demographic tailwinds, a disciplined investment approach, and our best in class team, we are well positioned to drive long term value for our shareholders and meet the evolving needs of American families. With that, I'll turn it over to Charles Young to walk through our operating results in more detail.