Invitation Homes Inc.

Welcome to the Invitation Home's first quarter 2026 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. Joining me today from Invitation Homes are Dallas Tanner, our President and Chief Executive Officer, Tim Loebner, our Chief Operating Officer, John Olson, our Chief Financial Officer, and Scott Eisen, our Chief Investment Officer. Following our prepared remarks, we'll open the line for questions from our covering sell-side analysts. During today's call, we may reference our first quarter 2026 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 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 risk 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 2025 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. Go ahead, Dallas. Thank you, Scott.

Good morning, everyone. Thanks for joining us. I want to start by thanking our associates for another quarter of strong execution in a dynamic environment, and our residents for continuing to choose Invitation Homes. We delivered first quarter results in line with our expectations, accelerated average occupancy to the mid 96% range, and entered April with improving leasing momentum. I'll let Tim walk through the details, but this positions us really well in the early part of the peak leasing season. We are in the business of providing high quality, professionally managed homes in neighborhoods where families want to live, and the value proposition for our residents has never been clearer. In our markets, leasing one of our homes saves residents on average almost $1,000 per month compared to owning, according to data from John Burns. That is not a temporary dislocation. It reflects higher mortgage rates, increased home prices, and the structural cost of home ownership. For millions of American families, leasing a single-family home is simply the most financially responsible housing choice. We are proud to be part of that solution, and we take that responsibility seriously. In recent months, I've spent a lot of time working with other industry leaders in Washington, D.C. to advocate on behalf of our industry and our residents. I've met frequently with policymakers at the White House, Treasury, and Capitol Hill on both sides of the aisle. Everyone is focused on the same objective of making housing more affordable in this country, and I'm encouraged by the constructive dialogue and confident we're moving in the right direction for our industry and the residents we serve. This responsibility shows up in everything we do, We maintain and improve almost 110,000 homes across 16 core markets. We create new housing supply through development and strategic partnerships. And we provide residents the flexibility, space, and access to school districts they want without the financial burdens of home ownership. For our residents, these are intentional housing choices, not stopgaps. And that is reflected in our strong retention rates and the length of time our residents choose to stay. Those resident behaviors underpin the resilience of our business. During periods of uncertainty, we tend to see residents stay longer, occupancy to remain stable, and cash flows hold up really well. In the first quarter, our same store average resident tenure was over 40 months, with resident renewals remaining very high at over 78%. That resilience gives us flexibility in how we think about allocating capital. While the share price has not been where we want it to be, we've been deliberate about addressing that. During the quarter, we completed the full $500 million share repurchase authorization approved by our board last October, including $400 million of buybacks since our February earnings call. Our board has also just approved a new $500 million repurchase authorization, and we will continue to evaluate the best uses of capital as conditions evolve. We also continue to support and advance our third party home builder partnerships. Our forward pipeline today stands at just over $200 million, reduced roughly two thirds from where it was a year ago. We value these relationships because they serve a dual purpose. They generate attractive risk adjusted returns for our shareholders and they contribute new housing supply to the markets where we operate. Meanwhile, the ResiBuild acquisition as we closed in January has moved quickly from integration to production. delivering over 300 homes to third-party buyers during the quarter. Our plan remains to continue using ResiBuilt primarily as a fee builder as we evaluate the right pace of building for ourselves. In addition, our construction lending business has grown to $279 million of commitments as of today, generating attractive returns. To date, we've funded just under $20 million against those lending commitments, and we expect that number to grow through 2026 as the development progresses. Together, resi-built construction lending represent a differentiated and capital-efficient way of bringing new housing supply to the markets. Looking ahead, we feel good about where we stand. Occupancy is climbing as we enter peak leasing season. New lease rent growth turned positive in April. We have a clear view of where our capital can create the most value. The thesis is really straightforward. Durable demand, disciplined operations, and capital allocation that reward shareholders. We are executing on all three. At our November investor day, I laid out exactly what this management team is focused on, running the best operated single family rental company in the country. I'm confident we are moving in the right direction. With that, I'll turn it over to Tim.