Invitation Homes Inc.

Welcome to the Invitation Homes 3rd 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. On the call today, we'll hear from Dallas Tanner, our President and Chief Executive Officer, Tim Lobner, our Chief Operating Officer, and John Olsen, our Chief Financial 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 third quarter 2026 earnings release and supplemental information. We issued this document yesterday afternoon after the market closed, and it's 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 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 turn the call over to Dallas Tanner. Please begin, Dallas.

Thank you, Scott, and good morning, everyone. Since our Investor Day last November, we've been focusing on executing the plan we laid out. While serving residents better, running more efficiently, and allocated capital in ways that create the most value for stockholders. It's been an eventful year, and I want to thank our associates for staying focused on our residents. Helping families find quality homes they can afford is common ground for us, for policymakers, and most importantly for our residents. Last week, Treasury released proposed regulations under the 21st Century Road to Housing Act that are now open for public comment. Our preliminary read is that the framework is workable, generally in line with what Congress intended. Reviewing the details will remain engaged in the comment process. Millions of American families rely on leasing a single family home. It's important they continue to have that flexible and affordable choice. Through it all, our associates delivered another solid quarter. Same store blended rent growth came in at 3%, our best quarter of the year, with renewals at 4.3%. We also grew core FFO per share 2.4% to 48 cents. This performance reflects a resilient business and a team that delivers. Part of this resilience comes from healthy demand for our homes. Based on John Burns' data and weighted to our markets, as of September, it was an average over $1,000 a month cheaper to lease a home than to own one. As mortgage rates rise, that gap likely widens. With our average resident staying with us for more than 41 months, this adds up to savings of over $42,000. That's money a family could put toward a down payment on a home of their own, if they should so choose. Nowhere is our discipline clearer than in how we've allocated capital this past year. As you've seen, we've sold a substantial number of homes in the open market this year, mostly to families buying for their own use. These sales give us real-time read on both value and demand. Since December of last year, our average gross sales price has been approximately $460,000 per home. Meanwhile, at the prices at which we've been buying back our own stock, The market is valuing our homes at only $280,000 each. It's one thing to say our stock is undervalued, it's another to act on it again and again. And that's what we've done. This past year, we've repurchased nearly $1 billion of our stock, which represents 6% of our shares outstanding, funded in large part by proceeds from home sales. Against our revised full year disposition guidance midpoint of $950 million, we've already sold $833 million through September. We've been pleased with the execution to date. In fact, we believe that we've bought back more stock this past year than any other residential REIT. In addition, the new $500 million repurchase program our board just authorized, we intend to keep funding buybacks with home sale proceeds whenever our stock trades at a meaningful discount to the value of our homes, guided by market conditions and a disciplined approach to the balance sheet. In summary, our business remains healthy and leasing offers real value that our residents appreciate. were focused on earning their trust every day with the same discipline we bring to allocating capital. With that, I'll hand it over to Tim to discuss our operating results.