Invitation Homes Inc.

Welcome to the Invitation Homes second 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 Lobner, our Chief Operating Officer, Jon Olsen, 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 second 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 risks and uncertainties that could cause actual outcomes or results to differ materially from those indicated. We described 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 gap measures in yesterday's earnings release. With that, I'll turn the call over to Dallas Tanner.

Go ahead, Dallas. Thanks, Scott. Good morning, everyone. It's been a busy peak season for us. Before getting into the quarter, I want to thank our residents for the trust they keep placing in us and our field teams for how they've handled the pace. Together, we delivered a strong second quarter. Average occupancy held above 97%. New lease rate growth accelerated for the sixth month in a row, and we grew core FFO per share by 5%, and AFFO per share by just under 6%. Tim and John will get into the details, but it's a great foundation heading into the second half of the year. I'll kick off my comments by talking about the 21st Century Road to Housing Act. The law was enacted earlier this month, providing greater clarity for our business and the broader housing industry. Among other things, The act includes some meaningful provisions into speeding up and encouraging new construction. That's a goal we fully support, since we've long known that better housing affordability is achieved by increasing new supply. In fact, that's been precisely our approach at Invitation Homes, growing through new construction and home builder partnerships. We're pleased that the law lets us keep doing what we do best, offering a valuable housing solution to the millions of Americans who choose to lease. while helping deliver the new supply this country needs. And that commitment goes well beyond supply. For our residents, that means continuing free, positive credit reporting, helping them build credit simply by paying their rent on time. For policymakers, it means staying closely engaged with Treasury and HUD and others as these new regulatory guidances take further shape. Beyond the legislative backdrop, demand for our homes remains healthy. According to the latest data from John Burns, On average, it's over $1,000 per month cheaper to lease today and to own a similar house in our markets. Based on our average resident tenure of just now over 40 months, that adds up to more than $40,000 in total savings for a typical family. That is a compelling value proposition, along with favorable demographics and the convenience of leasing will continue to support our demand. Turning now to capital allocation, the story during the second quarter was similar to the first quarter. Stock repurchases remained among the most attractive uses of our capital. During the second quarter, we bought back another $100 million of stock, which brings us to $600 million in stock repurchase since December at an average price of a little over $26 per share. These share repurchases have been funded in large part by home sales priced well above where the public market is valuing our assets. We are also starting to see early signs of a thaw on the acquisition side. Yield flow has been relatively stagnant over the first six months of 2026, thanks to the legislative uncertainty. But with the Road to Housing Act now settled, more sellers are coming to market, including some attractive smaller portfolios. It's still early, but encouraging, since it gives us another lever for accretive capital deployment. Similarly, we see opportunities in our development and our lending channels. ResiBuild's pipeline has re-accelerated following some disruption earlier this year when the bill was still in flux. And on the lending side, construction loan commitments, including some still in diligence, now total just under $350 million, with about 10% of that funded so far. As a reminder, these loans typically yield in the high single digits and give us the opportunity to purchase the community once they're built. Zooming out, at our Investor Day last November, we talked about building the best-run SFR platform in the country. It's disciplined on cost and capital, also focused on the resident experience. That discipline has been on full display in three ways so far this year. First, capital allocation. Selling homes at a premium, redeploying that capital into creative opportunities. Second, growth. supporting our platform through the acquisition of ResuBuilt and the expansion of our construction lending business. And third, in residence satisfaction, reflected in the renewal and retention numbers Tim will walk through shortly. In short, we're doing exactly what we said we were going to do. Combined with what Tim and John are about to cover, our first half performance gave us confidence to raise our full year guidance. I'll let John cover the specifics here. But the takeaway is that Invitation Homes continues to generate strong and stable cash flows. Selling homes at a premium to where the market is valuing our assets and recycling that capital accretively create value for our shareholders. Tim, over to you.