Form 8-K - Current report

Share Name	Share Symbol	Market	Type
Invitation Homes Inc	NYSE:INVH	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.42	1.32%	32.14	32.53	31.72	31.73	10,154,343	01:00:00

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


			Form			8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2024

Invitation Homes Inc.

(Exact Name of Registrant as Specified in its charter)

Maryland

001-38004

90-0939055

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

5420 LBJ Freeway, Suite 600

Dallas, Texas 75240

(Address of principal executive offices, including zip code)

(972) 421-3600

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, $0.01 par value

INVH

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02			Results of Operations and Financial Condition.

On October 30, 2024, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended September 30, 2024. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


Item 9.01			Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.			Description

99.1			Press Release of Invitation Homes Inc. dated October 30, 2024, announcing results for the quarter ended September 30, 2024.

104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


INVITATION HOMES INC.

By:	/s/ Mark A. Solls
	Name:	Mark A. Solls
	Title:	Executive Vice President, Secretary and Chief Legal Officer
	Date:	October 30, 2024

Table of Contents


Earnings Press Release			3
Consolidated Financial Statements			8
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO			10
Schedule 2: Capital Structure Information			12
Schedule 3: Summary of Operating Information by Home Portfolio			16
Schedule 4: Home Characteristics by Market			19
Schedule 5: Same Store Operating Information by Market			20
Schedule 6: Cost to Maintain and Capital Expenditure Detail			27
Schedule 7: Adjusted Property Management and G&A Reconciliation			28
Schedule 8: Acquisitions, Dispositions, and Homebuilder Pipeline			29
Glossary and Reconciliations			32

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 2

Earnings Press Release

Invitation Homes Reports Third Quarter 2024 Results

Dallas, TX, October 30, 2024 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation’s premier single-family home leasing and management company, today announced its Q3 2024 financial and operating results.

Third Quarter 2024 Highlights

•Year over year, total revenues increased 6.9% to $660 million, property operating and maintenance costs increased 5.6% to $242 million, net income available to common stockholders decreased 27.8% to $95 million, and net income per diluted common share decreased 27.8% to $0.15.

•Year over year, Core FFO per share increased 6.8% to $0.47 and AFFO per share increased 7.2% to $0.38.

•Same Store NOI increased 3.9% year over year on 3.6% Same Store Core Revenues growth and 3.1% Same Store Core Operating Expenses growth.

•Same Store Average Occupancy was 97.0%, generally consistent with the prior year result.

•Same Store renewal rent growth of 4.2% and Same Store new lease rent growth of 1.7% drove Same Store blended rent growth of 3.6%.

•Acquisitions by the Company and the Company’s joint ventures totaled 926 homes for approximately $331 million while dispositions totaled 331 homes for approximately $128 million.

•The Company continued to improve the strength of its investment-grade balance sheet. Specifically:

◦As previously announced on September 23, 2024, Fitch Ratings upgraded the Company’s issuer and issue-level credit ratings to ‘BBB+’ from ‘BBB’ with a stable outlook.

◦As previously announced on September 9, 2024, the Company replaced its existing credit facility and lowered the cost of its debt with a new $3.5 billion senior unsecured credit facility, consisting of a $1.75 billion revolving line of credit and a $1.75 billion term loan, with each carrying two six-month extension options such that the final maturity date is September 2029, subject to certain conditions.

◦As previously announced on September 23, 2024, the Company closed a public offering of $500 million aggregate principal amount of 4.875% Senior Notes due 2035.

◦In addition, during September 2024, the Company amended certain interest rate swaps and entered into $1.4 billion of new interest rate swaps. As of September 30, 2024, the Company’s currently active swaps have a weighted average strike rate of 2.86% and are scheduled to terminate between November 30, 2024 and July 31, 2025, while its forward starting swaps, which will become active between December 31, 2024 and July 9, 2025 and mature between May 31, 2028 and May 31, 2029, have a weighted average strike rate of 2.95%.

•The Company experienced mostly limited damages to its homes in several markets from Hurricanes Beryl, Debby, and Helene, which it estimates at approximately $14.0 million of expenses, net of estimated insurance recoveries; subsequent to quarter end, the Company incurred losses and damages to homes in its Florida markets as a result of Hurricane Milton, with initial expense estimates totaling approximately $37.5 million, net of estimated insurance recoveries.

Comments from Chief Executive Officer Dallas Tanner

“We’re pleased to report another strong quarter, driven by year over year growth in total revenues of 6.9% and AFFO per share of 7.2%. We continue to believe our growth prospects, coupled with the attractive value proposition of single-family rentals compared to homeownership, create a constructive backdrop for the foreseeable future. Based on our solid year to date results and expectations for the remainder of the year, we have raised our full year 2024 Core FFO and AFFO per share guidance by a penny at the midpoint to $1.88 and $1.59 per share, respectively.”

Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures

Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 3

Financial Results


Net Income, FFO, Core FFO, and AFFO Per Share — Diluted

	Q3 2024		Q3 2023		YTD 2024		YTD 2023
Net income	$	0.15	$	0.21	$	0.51	$	0.64
FFO	0.37		0.40		1.14		1.23
Core FFO	0.47		0.44		1.41		1.32
AFFO	0.38		0.36		1.19		1.12

Net Income

Net income per common share — diluted for Q3 2024 was $0.15, compared to net income per common share — diluted of $0.21 for Q3 2023. Total revenues and total property operating and maintenance expenses for Q3 2024 were $660 million and $242 million, respectively, compared to $618 million and $229 million, respectively, for Q3 2023.

Net income per common share — diluted for YTD 2024 was $0.51, compared to net income per share — diluted of $0.64 for YTD 2023. Total revenues and total property operating and maintenance expenses for YTD 2024 were $1,960 million and $707 million, respectively, compared to $1,808 million and $652 million, respectively, for YTD 2023.

Core FFO

Year over year, Core FFO per share for Q3 2024 increased 6.8% to $0.47, while Core FFO per share for YTD 2024 increased 6.6% to $1.41, primarily due to NOI growth.

AFFO

Year over year, AFFO per share for Q3 2024 increased 7.2% to $0.38, while AFFO per share for YTD 2024 increased 6.0% to $1.19, primarily due to the increase in Core FFO per share described above.

Operating Results


Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:	77,186

	Q3 2024		Q3 2023		YTD 2024		YTD 2023
Core Revenues growth (year over year)	3.6	%			4.8	%
Core Operating Expenses growth (year over year)	3.1	%			5.6	%
NOI growth (year over year)	3.9	%			4.5	%

Average Occupancy	97.0	%	97.1	%	97.5	%	97.5	%
Bad Debt % of gross rental revenue	1.0	%	1.1	%	0.9	%	1.4	%
Turnover Rate	6.2	%	6.8	%	17.5	%	18.8	%

Rental Rate Growth (lease-over-lease):
Renewals	4.2	%	6.5	%	5.2	%	7.0	%
New Leases	1.7	%	4.6	%	2.1	%	5.5	%
Blended	3.6	%	5.9	%	4.3	%	6.5	%

Same Store NOI

For the Same Store Portfolio of 77,186 homes, Same Store NOI for Q3 2024 increased 3.9% year over year on Same Store Core Revenues growth of 3.6% and Same Store Core Operating Expenses growth of 3.1%. YTD 2024 Same Store NOI increased 4.5% year over year on Same Store Core Revenues growth of 4.8% and Same Store Core Operating Expenses growth of 5.6%.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 4

Same Store Core Revenues

Same Store Core Revenues growth for Q3 2024 of 3.6% year over year was primarily driven by a 3.7% increase in Average Monthly Rent, a 10 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 2.4% increase in other income, net of resident recoveries, partially offset by a 10 basis point year over year decline in Average Occupancy.

YTD 2024 Same Store Core Revenues growth of 4.8% year over year was primarily driven by a 4.2% increase in Average Monthly Rent, a 50 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 9.1% increase in other income, net of resident recoveries.

Same Store Core Operating Expenses

Same Store Core Operating Expenses for Q3 2024 increased 3.1% year over year, primarily attributable to a 5.3% increase in fixed expenses, partially offset by a 0.5% decrease in controllable expenses.

YTD 2024 Same Store Core Operating Expenses increased 5.6% year over year, primarily driven by a 8.4% increase in fixed expenses and a 0.8% increase in controllable expenses.

Investment and Property Management Activity

Acquisitions for Q3 2024 included 891 wholly owned homes for approximately $319 million and 35 homes for approximately $12 million in the Company’s joint ventures. Dispositions for Q3 2024 included 310 wholly owned homes for gross proceeds of approximately $119 million and 21 homes for gross proceeds of approximately $9 million in the Company’s joint ventures.

Year to date through Q3 2024, the Company acquired 1,591 wholly owned homes for $557 million and 108 homes for $37 million in the Company’s joint ventures. The company also sold 937 wholly owned homes for $378 million and 57 homes for $25 million in the Company’s joint ventures.

A summary of the Company’s owned and/or managed homes is included in the following table:


Summary of Homes Owned and/or Managed As Of 9/30/2024

	Number of Homes Owned and/or Managed as of 6/30/2024	Acquired or Added In Q3 2024	Disposed or Subtracted In Q3 2024	Number of Homes Owned and/or Managed as of 9/30/2024
Wholly owned homes	84,640	891	(310)	85,221
Joint venture owned homes	7,605	35	(21)	7,619
Managed-only homes	17,261	696	(41)	17,916
Total homes owned and/or managed	109,506	1,622	(372)	110,756

Balance Sheet and Capital Markets Activity

As of September 30, 2024, the Company had $2,027 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company’s total indebtedness as of September 30, 2024 was $9,098 million, consisting of $7,075 million of unsecured debt and $2,023 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.4x at September 30, 2024, a slight decrease from 5.5x as of December 31, 2023. As of September 30, 2024, 99.6% of the Company’s total debt was fixed rate or swapped to fixed rate and 83.8% of its wholly owned homes were unencumbered.

During Q3 2024, the Company continued to improve the strength of its investment-grade balance sheet. Specifically:

•As previously announced, on September 23, 2024, Fitch Ratings upgraded the Company’s issuer and issue-level credit ratings to ‘BBB+’ from ‘BBB’ with a stable outlook.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 5

•As previously announced, on September 9, 2024, the Company replaced its existing credit facility and lowered the cost of its debt with a new $3.5 billion senior unsecured credit facility, consisting of a $1.75 billion revolving line of credit and a $1.75 billion term loan, both maturing on September 9, 2028, with two six-month extension options, subject to certain conditions.

•As previously announced, on September 23, 2024, the Company closed a public offering of $500 million aggregate principal amount of 4.875% Senior Notes due 2035.

•In addition, during September 2024, the Company amended certain interest rate swaps and entered into $1.4 billion of new interest rate swaps. As of September 30, 2024, the Company’s currently active swaps have a weighted average strike rate of 2.86% and are scheduled to terminate between November 30, 2024 and July 31, 2025, while its forward starting swaps, which will become active between December 31, 2024 and July 9, 2025 and mature between May 31, 2028 and May 31, 2029, have a weighted average strike rate of 2.95%.

FY 2024 Guidance Details

The Company has revised its full year 2024 guidance expectations, as outlined in the following table:

FY 2024 Guidance

FY 2024 Current Guidance Range

FY 2024 Midpoint

Current

Prior
(As of July 2024)

Change

Core FFO per share — diluted

$1.86 to $1.90

$1.88

$1.87

$0.01

AFFO per share — diluted

$1.57 to $1.61

$1.59

$1.58

$0.01

Same Store Core Revenues growth (1)

4.0% to 4.5%

4.25%

4.875%

-62.5 bps

Same Store Core Operating Expenses growth (2)

3.25% to 4.25%

3.75%

5.75%

-200.0 bps

Same Store NOI growth

4.0% to 5.0%

4.50%

4.5%

0.0 bps

Wholly owned acquisitions

$600 million to $1,000 million

$800 million

$ —

JV acquisitions

$100 million to $300 million

$200 million

$ —

Wholly owned dispositions

$400 million to $600 million

$500 million

$ —

(1)Guidance assumes FY 2024 Average Occupancy is similar to FY 2023 Average Occupancy. Guidance assumes average Bad Debt for FY 2024 in a range of 65 to 95 basis points.

(2)Guidance assumes (i) FY 2024 property taxes expense growth in a range of 5.0% to 6.5% year over year, reflecting an improvement in expectations from the prior guidance range of 8.0% to 9.5%, primarily due to favorable information received to date from Florida and Georgia; and (ii) FY 2024 insurance expense growth of approximately 7.5% year over year.

The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company’s ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, casualty loss, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance period.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 6

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 2:00 p.m. Eastern Time on October 31, 2024, to review third quarter of 2024 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from the Company’s investor relations website at www.invh.com. Following the conclusion of the earnings call, the Company will post a replay of the webcast to its website for one year.

Supplemental Information

The full text of the Earnings Release and Supplemental Information referenced in this release are available on Invitation Homes’ Investor Relations website at www.invh.com.

About Invitation Homes

Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The Company’s mission, “Together with you, we make a house a home,” reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents’ living experiences.



			Investor Relations Contact						Media Relations Contact

			Scott McLaughlin						Kristi DesJarlais
			844.456.INVH (4684)						844.456.INVH (4684)
			IR@InvitationHomes.com						Media@InvitationHomes.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Company’s expectations regarding the performance of the Company’s business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company’s business model, macroeconomic factors beyond the Company’s control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company’s residents, the Company’s dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company’s information technology systems, development and use of artificial intelligence, risks related to the Company’s indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises, on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”), as such factors may be updated from time to time in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in the Company’s other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 7


Consolidated Balance Sheets
($ in thousands, except shares and per share data)

	September 30, 2024		December 31, 2023
	(unaudited)
Assets:
Investments in single-family residential properties, net	$	17,284,631	$	17,289,214
Cash and cash equivalents	1,027,199		700,618
Restricted cash	218,273		196,866
Goodwill	258,207		258,207
Investments in unconsolidated joint ventures	244,647		247,166
Other assets, net	599,891		528,896
Total assets	$	19,632,848	$	19,220,967

Liabilities:
Mortgage loans, net	$	1,614,220	$	1,627,256
Secured term loan, net	401,595		401,515
Unsecured notes, net	3,799,034		3,305,467
Term loan facilities, net	2,444,054		3,211,814
Revolving facility	750,000		—
Accounts payable and accrued expenses	398,894		200,590
Resident security deposits	180,484		180,455
Other liabilities	92,905		103,435
Total liabilities	9,681,186		9,030,532

Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2024 and December 31, 2023	—		—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 612,605,478 and 611,958,239 outstanding as of September 30, 2024 and December 31, 2023, respectively	6,126		6,120
Additional paid-in capital	11,164,240		11,156,736
Accumulated deficit	(1,275,601)		(1,070,586)
Accumulated other comprehensive income	21,310		63,701
Total stockholders’ equity	9,916,075		10,155,971
Non-controlling interests	35,587		34,464
Total equity	9,951,662		10,190,435
Total liabilities and equity	$	19,632,848	$	19,220,967

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 8


Consolidated Statements of Operations
($ in thousands, except shares and per share amounts) (unaudited)

	Q3 2024		Q3 2023		YTD 2024		YTD 2023

Revenues:
Rental revenues	$	575,462	$	555,270	$	1,723,757	$	1,633,672
Other property income	65,880		59,021		187,157		164,058
Management fee revenues	18,980		3,404		48,898		10,227
Total revenues	660,322		617,695		1,959,812		1,807,957

Expenses:
Property operating and maintenance	242,228		229,488		706,809		651,793
Property management expense	34,382		23,399		98,252		70,563
General and administrative	21,727		22,714		66,673		59,957
Interest expense	91,060		86,736		270,912		243,408
Depreciation and amortization	180,479		170,696		532,414		501,128
Casualty losses, impairment, and other	20,872		2,496		35,362		5,527
Total expenses	590,748		535,529		1,710,422		1,532,376

Gains (losses) on investments in equity and other securities, net	(257)		(499)		1,038		113
Other, net	(9,345)		(2,533)		(57,384)		(7,968)
Gain on sale of property, net of tax	47,766		57,989		141,531		134,448
Losses from investments in unconsolidated joint ventures	(12,160)		(4,902)		(22,780)		(11,087)

Net income	95,578		132,221		311,795		391,087
Net income attributable to non-controlling interests	(309)		(403)		(988)		(1,163)

Net income attributable to common stockholders	95,269		131,818		310,807		389,924
Net income available to participating securities	(185)		(181)		(584)		(518)


Net income available to common stockholders — basic and diluted	$	95,084	$	131,637	$	310,223	$	389,406

Weighted average common shares outstanding — basic	612,674,802		612,000,811		612,508,300		611,849,302
Weighted average common shares outstanding — diluted	613,645,188		613,580,042		613,759,171		613,155,041

Net income per common share — basic	$	0.16	$	0.22	$	0.51	$	0.64
Net income per common share — diluted	$	0.15	$	0.21	$	0.51	$	0.64

Dividends declared per common share	$	0.28	$	0.26	$	0.84	$	0.78

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 9

Supplemental Schedule 1


Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)

FFO Reconciliation	Q3 2024		Q3 2023		YTD 2024		YTD 2023
Net income available to common stockholders	$	95,084	$	131,637	$	310,223	$	389,406
Net income available to participating securities	185		181		584		518
Non-controlling interests	309		403		988		1,163
Depreciation and amortization on real estate assets	176,174		167,921		521,411		493,027
Impairment on depreciated real estate investments	270		83		330		342
Net gain on sale of previously depreciated investments in real estate	(47,766)		(57,989)		(141,531)		(134,448)
Depreciation and net gain on sale of investments in unconsolidated joint ventures	4,060		2,111		10,076		6,425
FFO	$	228,316	$	244,347	$	702,081	$	756,433

Core FFO Reconciliation	Q3 2024		Q3 2023		YTD 2024		YTD 2023
FFO	$	228,316	$	244,347	$	702,081	$	756,433
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)	14,085		9,561		32,207		25,875
Share-based compensation expense	5,417		8,929		20,809		21,493
Legal settlements (2)	17,500		2,000		77,000		2,000
Severance expense	209		392		388		916
Casualty losses, net (1)(3)	20,729		2,429		35,174		5,214
(Gains) losses on investments in equity and other securities, net	257		499		(1,038)		(113)
Core FFO	$	286,513	$	268,157	$	866,621	$	811,818

AFFO Reconciliation	Q3 2024		Q3 2023		YTD 2024		YTD 2023
Core FFO	$	286,513	$	268,157	$	866,621	$	811,818
Recurring capital expenditures (1)	(51,505)		(49,007)		(135,262)		(122,700)
AFFO	$	235,008	$	219,150	$	731,359	$	689,118

Net income available to common stockholders
Weighted average common shares outstanding — diluted	613,645,188		613,580,042		613,759,171		613,155,041

Net income per common share — diluted	$	0.15	$	0.21	$	0.51	$	0.64

FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted	615,913,139		615,699,631		615,987,978		615,208,781

FFO per share — diluted	$	0.37	$	0.40	$	1.14	$	1.23

Core FFO per share — diluted	$	0.47	$	0.44	$	1.41	$	1.32

AFFO per share — diluted	$	0.38	$	0.36	$	1.19	$	1.12

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 10

Supplemental Schedule 1 (Continued)

(1)Includes the Company’s share from unconsolidated joint ventures.

(2)For Q3 2024 and YTD 2024, includes $17.5 million and $77.0 million, respectively, of settlement costs related to resolution of an inquiry from the Federal Trade Commission and the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated costs.

(3)For Q3 2024 and YTD 2024, includes $14.0 million of estimated losses and damages, net of estimated insurance recoveries, related to Hurricanes Beryl, Debby, and Helene.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(a)


Diluted Shares Outstanding
(unaudited)

Weighted Average Amounts for Net Income	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Common shares — basic	612,674,802	612,000,811	612,508,300	611,849,302
Shares potentially issuable from vesting/conversion of equity-based awards	970,386	1,579,231	1,250,871	1,305,739
Total common shares — diluted	613,645,188	613,580,042	613,759,171	613,155,041

Weighted average amounts for FFO, Core FFO, and AFFO	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Common shares — basic	612,674,802	612,000,811	612,508,300	611,849,302
OP units — basic	1,979,009	1,869,483	1,945,886	1,824,297
Shares potentially issuable from vesting/conversion of equity-based awards	1,259,328	1,829,337	1,533,792	1,535,182
Total common shares and units — diluted	615,913,139	615,699,631	615,987,978	615,208,781

Period end amounts for Core FFO and AFFO	September 30, 2024
Common shares	612,605,478
OP units	1,979,009
Shares potentially issuable from vesting/conversion of equity-based awards	1,974,929
Total common shares and units — diluted	616,559,416

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b)


Debt Structure and Leverage Ratios — As of September 30, 2024
($ in thousands) (unaudited)

						Wtd Avg		Wtd Avg
						Interest		Years to
Debt Structure	Balance			% of Total		Rate (1)		Maturity (2)
Secured:
Fixed (3)	$	1,392,927		15.3	%	4.0	%	3.8
Floating — swapped to fixed	630,162			6.9	%	4.2	%	1.3
Floating	—			—	%	—	%	—
Total secured	2,023,089			22.2	%	4.1	%	3.0

Unsecured:
Fixed	3,850,000			42.3	%	3.6	%	7.4
Floating — swapped to fixed	3,189,838			35.1	%	3.9	%	4.9
Floating	35,162			0.4	%	5.7	%	4.9
Total unsecured	7,075,000			77.8	%	3.7	%	6.2

Total Debt:
Fixed + floating swapped to fixed (3)	9,062,927			99.6	%	3.8	%	5.5
Floating	35,162			0.4	%	5.7	%	4.9
Total debt	9,098,089			100.0	%	3.8	%	5.5
Discount/amortization on Note Payable	(25,100)
Deferred financing costs, net	(64,086)
Total debt per Balance Sheet	9,008,903
Retained and repurchased certificates	(87,063)
Cash, ex-security deposits and letters of credit (4)	(1,062,179)
Deferred financing costs, net	64,086
Unamortized discount on note payable	25,100
Net debt	$	7,948,847

Leverage Ratios	September 30, 2024
Net Debt / TTM Adjusted EBITDAre	5.4		x

Credit Ratings

Ratings

Outlook

Fitch Ratings

BBB+

Stable

Moody’s Investors Service

Baa2

Stable

S&P Global Ratings

BBB

Stable

Unsecured Facilities Covenant Compliance (5)

Unsecured Public Bond Covenant Compliance (6)

Actual

Requirement

Actual

Requirement

Total leverage ratio

30.1

≤ 60%

Aggregate debt ratio

37.7

≤ 65%

Secured leverage ratio

5.8

≤ 45%

Secured debt ratio

8.1

≤ 40%

Unencumbered leverage ratio

30.1

≤ 60%

Unencumbered assets ratio

290.2

≥ 150%

Fixed charge coverage ratio

4.0 x

≥ 1.5x

Debt service ratio

4.2x

≥ 1.5x

Unsecured interest coverage ratio

5.0 x

≥ 1.75x

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(b) (Continued)

(1)Includes the impact of interest rate swaps in place and effective as of September 30, 2024. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.

(2)Assumes all extension options are exercised.

(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.

(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.

(5)Covenant calculations are specifically defined in the Company’s Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the “Glossary and Reconciliations” section below. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

(6)Covenant calculations are specifically defined in the Company’s Supplemental Indentures to the Base Indenture for its Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 2(c)


Debt Maturity Schedule — As of September 30, 2024
($ in thousands) (unaudited)
					Revolving
	Secured		Unsecured		Credit				% of
Debt Maturities, with Extensions (1)	Debt		Debt		Facility		Balance		Total
2024	$	—	$	—	$	—	$	—	—	%
2025	—		—		—		—		—	%
2026	630,162		—		—		630,162		6.9	%
2027	989,881		—		—		989,881		10.9	%
2028	—		750,000		—		750,000		8.2	%
2029	—		2,475,000		750,000		3,225,000		35.4	%
2030	—		450,000		—		450,000		4.9	%
2031	403,046		650,000		—		1,053,046		11.7	%
2032	—		600,000		—		600,000		6.6	%
2033	—		350,000		—		350,000		3.8	%
2034	—		400,000		—		400,000		4.5	%
2035	—		500,000		—		500,000		5.5	%
2036	—		150,000		—		150,000		1.6	%
	2,023,089		6,325,000		750,000		9,098,089		100.0	%
Unamortized discount on note payable	(968)		(24,132)		—		(25,100)
Deferred financing costs, net	(6,306)		(57,780)		—		(64,086)
Total per Balance Sheet	$	2,015,815	$	6,243,088	$	750,000	$	9,008,903
	.

(1)Assumes all extension options are exercised.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 15

Supplemental Schedule 3(a)


Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)

Number of Homes, period-end	Q3 2024
Total Portfolio	85,221
Same Store Portfolio	77,186
Same Store % of Total	90.6		%

Core Revenues	Q3 2024			Q3 2023		Change YoY		YTD 2024		YTD 2023		Change YoY
Total Portfolio	$	598,930		$	577,650	3.7	%	$	1,793,605	$	1,696,347	5.7	%
Same Store Portfolio	555,279			535,877		3.6	%	1,662,737		1,586,094		4.8	%

Core Operating Expenses	Q3 2024			Q3 2023		Change YoY		YTD 2024		YTD 2023		Change YoY
Total Portfolio	$	199,816		$	192,847	3.6	%	$	589,500	$	550,410	7.1	%
Same Store Portfolio	181,685			176,258		3.1	%	536,115		507,656		5.6	%

Net Operating Income	Q3 2024			Q3 2023		Change YoY		YTD 2024		YTD 2023		Change YoY
Total Portfolio	$	399,114		$	384,803	3.7	%	$	1,204,105	$	1,145,937	5.1	%
Same Store Portfolio	373,594			359,619		3.9	%	1,126,622		1,078,438		4.5	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(b)


Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)

					Change				Change						Change
	Q3 2024		Q3 2023		YoY		Q2 2024		Seq		YTD 2024		YTD 2023		YoY
Revenues:
Rental revenues (1)	$	534,005	$	515,106	3.7	%	$	534,854	(0.2)	%	$	1,598,897	$	1,527,556	4.7	%
Other property income, net (1)(2)	21,274		20,771		2.4	%	21,539		(1.2)	%	63,840		58,538		9.1	%
Core Revenues	555,279		535,877		3.6	%	556,393		(0.2)	%	1,662,737		1,586,094		4.8	%






Fixed Expenses:
Property taxes	93,329		88,207		5.8	%	95,549		(2.3)	%	285,539		261,540		9.2	%
Insurance expenses	10,790		9,988		8.0	%	10,750		0.4	%	31,603		29,484		7.2	%
HOA expenses	10,207		10,362		(1.5)	%	9,988		2.2	%	31,359		30,464		2.9	%
Total Fixed Expenses	114,326		108,557		5.3	%	116,287		(1.7)	%	348,501		321,488		8.4	%

Controllable Expenses:
Repairs and maintenance, net (3)	29,802		27,258		9.3	%	26,564		12.2	%	77,289		70,110		10.2	%
Personnel, leasing and marketing	20,169		21,025		(4.1)	%	21,182		(4.8)	%	63,003		64,891		(2.9)	%
Turnover, net (3)	11,024		12,135		(9.2)	%	10,037		9.8	%	29,730		32,399		(8.2)	%
Utilities and property administrative, net (3)	6,364		7,283		(12.6)	%	5,400		17.9	%	17,592		18,768		(6.3)	%
Total Controllable Expenses	67,359		67,701		(0.5)	%	63,183		6.6	%	187,614		186,168		0.8	%

Core Operating Expenses	181,685		176,258		3.1	%	179,470		1.2	%	536,115		507,656		5.6	%

Net Operating Income	$	373,594	$	359,619	3.9	%	$	376,923	(0.9)	%	$	1,126,622	$	1,078,438	4.5	%

(1)All rental revenues and other property income are reflected net of Bad Debt, which as a percentage of gross rental revenue, improved by 10 basis points from Q3 2023 to Q3 2024.

(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $38,824, $32,878, $33,994, $107,287, and $93,557 for Q3 2024, Q3 2023, Q2 2024, YTD 2024, and YTD 2023, respectively.

(3)These expenses are presented net of applicable resident recoveries.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 3(c)


Same Store Quarterly Operating Trends
(unaudited)

	Q3 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023

Average Occupancy	97.0		%	97.6		%	97.9		%	97.3		%	97.1		%
Turnover Rate	6.2		%	6.2		%	5.2		%	5.5		%	6.8		%
Trailing four quarters Turnover Rate	23.1		%	23.7		%	24.2		%	24.3		%	N/A
Average Monthly Rent	$	2,406		$	2,384		$	2,361		$	2,347		$	2,321
Rental Rate Growth (lease-over-lease):
Renewals	4.2		%	5.6		%	5.8		%	6.7		%	6.5		%
New leases	1.7		%	3.6		%	0.8		%	(0.4)		%	4.6		%
Blended	3.6		%	5.0		%	4.4		%	4.3		%	5.9		%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 4


Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended September 30, 2024 (1)
(unaudited)

	Number of Homes	Average Occupancy		Average Monthly Rent		Average Monthly Rent PSF		Percent of Revenue
Western United States:
Southern California	7,405	96.4	%	$	3,103	$	1.82	11.2	%
Northern California	4,221	97.5	%	2,737		1.73		5.8	%
Seattle	4,007	97.1	%	2,874		1.50		5.8	%
Phoenix	9,258	96.6	%	2,055		1.21		9.6	%
Las Vegas	3,411	96.4	%	2,198		1.12		3.8	%
Denver	2,734	96.9	%	2,560		1.39		3.4	%
Western US Subtotal	31,036	96.7	%	2,565		1.46		39.6	%

Florida:
South Florida	8,238	96.1	%	3,021		1.62		12.1	%
Tampa	9,485	93.9	%	2,291		1.22		10.6	%
Orlando	6,792	95.9	%	2,245		1.20		7.7	%
Jacksonville	1,998	96.8	%	2,179		1.10		2.2	%
Florida Subtotal	26,513	95.3	%	2,502		1.33		32.6	%

Southeast United States:
Atlanta	12,691	94.6	%	2,042		0.99		12.5	%
Carolinas	5,876	93.8	%	2,060		0.97		5.7	%
Southeast US Subtotal	18,567	94.3	%	2,047		0.98		18.2	%

Texas:
Houston	2,324	95.1	%	1,907		0.96		2.2	%
Dallas	3,118	92.6	%	2,261		1.09		3.4	%
Texas Subtotal	5,442	93.7	%	2,105		1.04		5.6	%

Midwest United States:
Chicago	2,480	96.7	%	2,399		1.49		2.8	%
Minneapolis	1,064	95.9	%	2,317		1.18		1.2	%
Midwest US Subtotal	3,544	96.5	%	2,375		1.39		4.0	%

Other (2):	119	37.5	%	2,081		1.01		—	%

Total / Average	85,221	95.5	%	$	2,397	$	1.27	100.0	%
Same Store Total / Average	77,186	97.0	%	$	2,406	$	1.28	92.6	%

(1)All data is for the total wholly owned portfolio, unless otherwise noted.

(2)Represents homes located outside of the Company’s 16 core markets; as of September 30, 2024, these include 106 homes located in Nashville, and 13 homes located in other markets that are generally being held for sale.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 19

Supplemental Schedule 5(a)


Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)

		Avg. Monthly Rent						Average Occupancy						Core Revenues
YoY, Q3 2024	# Homes	Q3 2024		Q3 2023		Change		Q3 2024		Q3 2023		Change		Q3 2024		Q3 2023		Change
Western United States:
Southern California	7,020	$	3,103	$	2,987	3.9	%	98.1	%	97.6	%	0.5	%	$	65,174	$	61,996	5.1	%
Northern California	3,952	2,734		2,653		3.1	%	98.6	%	97.5	%	1.1	%	32,554		31,038		4.9	%
Seattle	3,774	2,887		2,793		3.4	%	97.7	%	97.3	%	0.4	%	32,641		31,354		4.1	%
Phoenix	8,433	2,043		1,991		2.6	%	97.0	%	97.1	%	(0.1)	%	52,111		51,086		2.0	%
Las Vegas	2,923	2,203		2,165		1.8	%	97.1	%	95.9	%	1.2	%	19,428		18,739		3.7	%
Denver	2,310	2,559		2,487		2.9	%	97.6	%	97.8	%	(0.2)	%	17,917		17,492		2.4	%
Western US Subtotal	28,412	2,574		2,495		3.2	%	97.6	%	97.2	%	0.4	%	219,825		211,705		3.8	%

Florida:
South Florida	7,794	3,056		2,902		5.3	%	96.9	%	97.1	%	(0.2)	%	70,758		67,791		4.4	%
Tampa	8,094	2,291		2,217		3.3	%	96.4	%	96.7	%	(0.3)	%	55,799		53,984		3.4	%
Orlando	6,218	2,245		2,164		3.7	%	96.7	%	96.9	%	(0.2)	%	42,250		41,006		3.0	%
Jacksonville	1,901	2,172		2,122		2.4	%	97.0	%	96.5	%	0.5	%	12,472		12,197		2.3	%
Florida Subtotal	24,007	2,519		2,419		4.1	%	96.7	%	96.9	%	(0.2)	%	181,279		174,978		3.6	%

Southeast United States:
Atlanta	11,775	2,038		1,962		3.9	%	96.3	%	97.1	%	(0.8)	%	70,527		68,348		3.2	%
Carolinas	5,189	2,055		1,988		3.4	%	96.8	%	97.4	%	(0.6)	%	32,040		30,951		3.5	%
Southeast US Subtotal	16,964	2,043		1,970		3.7	%	96.4	%	97.2	%	(0.8)	%	102,567		99,299		3.3	%

Texas:
Houston	1,808	1,881		1,829		2.8	%	97.2	%	97.1	%	0.1	%	10,299		9,983		3.2	%
Dallas	2,491	2,267		2,200		3.0	%	96.2	%	96.4	%	(0.2)	%	16,931		16,493		2.7	%
Texas Subtotal	4,299	2,104		2,043		3.0	%	96.6	%	96.7	%	(0.1)	%	27,230		26,476		2.8	%

Midwest United States:
Chicago	2,452	2,399		2,307		4.0	%	97.3	%	96.8	%	0.5	%	17,128		16,349		4.8	%
Minneapolis	1,052	2,319		2,255		2.8	%	96.6	%	96.6	%	—	%	7,250		7,070		2.5	%
Midwest US Subtotal	3,504	2,375		2,291		3.7	%	97.1	%	96.7	%	0.4	%	24,378		23,419		4.1	%

Total / Average	77,186	$	2,406	$	2,321	3.7	%	97.0	%	97.1	%	(0.1)	%	$	555,279	$	535,877	3.6	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 20

Supplemental Schedule 5(a) (Continued)


Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)

		Avg. Monthly Rent						Average Occupancy						Core Revenues
Seq, Q3 2024	# Homes	Q3 2024		Q2 2024		Change		Q3 2024		Q2 2024		Change		Q3 2024		Q2 2024		Change
Western United States:
Southern California	7,020	$	3,103	$	3,071	1.0	%	98.1	%	98.5	%	(0.4)	%	$	65,174	$	64,943	0.4	%
Northern California	3,952	2,734		2,709		0.9	%	98.6	%	98.5	%	0.1	%	32,554		32,385		0.5	%
Seattle	3,774	2,887		2,867		0.7	%	97.7	%	98.4	%	(0.7)	%	32,641		32,751		(0.3)	%
Phoenix	8,433	2,043		2,034		0.4	%	97.0	%	97.7	%	(0.7)	%	52,111		52,737		(1.2)	%
Las Vegas	2,923	2,203		2,185		0.8	%	97.1	%	97.7	%	(0.6)	%	19,428		19,514		(0.4)	%
Denver	2,310	2,559		2,538		0.8	%	97.6	%	98.4	%	(0.8)	%	17,917		18,026		(0.6)	%
Western US Subtotal	28,412	2,574		2,553		0.8	%	97.6	%	98.2	%	(0.6)	%	219,825		220,356		(0.2)	%

Florida:
South Florida	7,794	3,056		3,018		1.3	%	96.9	%	97.4	%	(0.5)	%	70,758		70,627		0.2	%
Tampa	8,094	2,291		2,281		0.4	%	96.4	%	97.3	%	(0.9)	%	55,799		56,188		(0.7)	%
Orlando	6,218	2,245		2,228		0.8	%	96.7	%	97.2	%	(0.5)	%	42,250		42,247		—	%
Jacksonville	1,901	2,172		2,163		0.4	%	97.0	%	97.6	%	(0.6)	%	12,472		12,579		(0.9)	%
Florida Subtotal	24,007	2,519		2,497		0.9	%	96.7	%	97.3	%	(0.6)	%	181,279		181,641		(0.2)	%

Southeast United States:
Atlanta	11,775	2,038		2,015		1.1	%	96.3	%	97.1	%	(0.8)	%	70,527		70,764		(0.3)	%
Carolinas	5,189	2,055		2,037		0.9	%	96.8	%	97.5	%	(0.7)	%	32,040		31,998		0.1	%
Southeast US Subtotal	16,964	2,043		2,022		1.0	%	96.4	%	97.3	%	(0.9)	%	102,567		102,762		(0.2)	%

Texas:
Houston	1,808	1,881		1,872		0.5	%	97.2	%	97.6	%	(0.4)	%	10,299		10,315		(0.2)	%
Dallas	2,491	2,267		2,249		0.8	%	96.2	%	97.5	%	(1.3)	%	16,931		17,046		(0.7)	%
Texas Subtotal	4,299	2,104		2,090		0.7	%	96.6	%	97.5	%	(0.9)	%	27,230		27,361		(0.5)	%

Midwest United States:
Chicago	2,452	2,399		2,369		1.3	%	97.3	%	97.7	%	(0.4)	%	17,128		17,001		0.7	%
Minneapolis	1,052	2,319		2,298		0.9	%	96.6	%	97.3	%	(0.7)	%	7,250		7,272		(0.3)	%
Midwest US Subtotal	3,504	2,375		2,348		1.1	%	97.1	%	97.6	%	(0.5)	%	24,378		24,273		0.4	%

Total / Average	77,186	$	2,406	$	2,384	0.9	%	97.0	%	97.6	%	(0.6)	%	$	555,279	$	556,393	(0.2)	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 21

Supplemental Schedule 5(a) (Continued)


Same Store Core Revenues Growth Summary — YTD
($ in thousands, except avg. monthly rent) (unaudited)

		Avg. Monthly Rent						Average Occupancy						Core Revenues
YoY, YTD 2024	# Homes	YTD 2024		YTD 2023		Change		YTD 2024		YTD 2023		Change		YTD 2024		YTD 2023		Change
Western United States:
Southern California	7,020	$	3,074	$	2,947	4.3	%	98.3	%	97.9	%	0.4	%	$	194,130	$	180,994	7.3	%
Northern California	3,952	2,709		2,628		3.1	%	98.5	%	97.8	%	0.7	%	96,795		92,031		5.2	%
Seattle	3,774	2,863		2,766		3.5	%	98.1	%	97.6	%	0.5	%	97,645		92,893		5.1	%
Phoenix	8,433	2,032		1,964		3.5	%	97.6	%	97.6	%	—	%	157,357		152,153		3.4	%
Las Vegas	2,923	2,188		2,149		1.8	%	97.5	%	96.4	%	1.1	%	58,346		55,429		5.3	%
Denver	2,310	2,539		2,464		3.0	%	98.0	%	97.8	%	0.2	%	53,746		51,995		3.4	%
Western US Subtotal	28,412	2,553		2,466		3.5	%	98.0	%	97.6	%	0.4	%	658,019		625,495		5.2	%

Florida:
South Florida	7,794	3,017		2,848		5.9	%	97.3	%	97.7	%	(0.4)	%	211,252		200,215		5.5	%
Tampa	8,094	2,277		2,183		4.3	%	97.1	%	97.4	%	(0.3)	%	167,854		160,780		4.4	%
Orlando	6,218	2,226		2,132		4.4	%	97.1	%	97.6	%	(0.5)	%	126,317		121,850		3.7	%
Jacksonville	1,901	2,160		2,100		2.9	%	97.4	%	97.2	%	0.2	%	37,538		36,407		3.1	%
Florida Subtotal	24,007	2,495		2,379		4.9	%	97.2	%	97.5	%	(0.3)	%	542,961		519,252		4.6	%

Southeast United States:
Atlanta	11,775	2,016		1,930		4.5	%	97.1	%	97.3	%	(0.2)	%	211,552		201,314		5.1	%
Carolinas	5,189	2,036		1,959		3.9	%	97.4	%	97.7	%	(0.3)	%	95,610		91,487		4.5	%
Southeast US Subtotal	16,964	2,022		1,939		4.3	%	97.2	%	97.4	%	(0.2)	%	307,162		292,801		4.9	%

Texas:
Houston	1,808	1,868		1,811		3.1	%	97.5	%	97.2	%	0.3	%	30,864		29,774		3.7	%
Dallas	2,491	2,249		2,173		3.5	%	97.1	%	97.1	%	—	%	50,909		49,070		3.7	%
Texas Subtotal	4,299	2,088		2,021		3.3	%	97.3	%	97.1	%	0.2	%	81,773		78,844		3.7	%

Midwest United States:
Chicago	2,452	2,370		2,275		4.2	%	97.7	%	97.6	%	0.1	%	51,094		48,583		5.2	%
Minneapolis	1,052	2,299		2,227		3.2	%	96.9	%	96.9	%	—	%	21,728		21,119		2.9	%
Midwest US Subtotal	3,504	2,349		2,261		3.9	%	97.5	%	97.4	%	0.1	%	72,822		69,702		4.5	%

Total / Average	77,186	$	2,384	$	2,289	4.2	%	97.5	%	97.5	%	—	%	$	1,662,737	$	1,586,094	4.8	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 22

Supplemental Schedule 5(b)


Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)

	Core Revenues						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, Q3 2024	Q3 2024		Q3 2023		Change		Q3 2024		Q3 2023		Change		Q3 2024		Q3 2023		Change		Q3 2024		Q3 2023
Western United States:
Southern California	$	65,174	$	61,996	5.1	%	$	18,194	$	18,474	(1.5)	%	$	46,980	$	43,522	7.9	%	72.1	%	70.2	%
Northern California	32,554		31,038		4.9	%	9,018		8,634		4.4	%	23,536		22,404		5.1	%	72.3	%	72.2	%
Seattle	32,641		31,354		4.1	%	8,359		8,125		2.9	%	24,282		23,229		4.5	%	74.4	%	74.1	%
Phoenix	52,111		51,086		2.0	%	11,134		10,952		1.7	%	40,977		40,134		2.1	%	78.6	%	78.6	%
Las Vegas	19,428		18,739		3.7	%	4,643		4,847		(4.2)	%	14,785		13,892		6.4	%	76.1	%	74.1	%
Denver	17,917		17,492		2.4	%	3,841		3,549		8.2	%	14,076		13,943		1.0	%	78.6	%	79.7	%
Western US Subtotal	219,825		211,705		3.8	%	55,189		54,581		1.1	%	164,636		157,124		4.8	%	74.9	%	74.2	%

Florida:
South Florida	70,758		67,791		4.4	%	27,721		26,718		3.8	%	43,037		41,073		4.8	%	60.8	%	60.6	%
Tampa	55,799		53,984		3.4	%	21,161		21,055		0.5	%	34,638		32,929		5.2	%	62.1	%	61.0	%
Orlando	42,250		41,006		3.0	%	15,338		14,504		5.8	%	26,912		26,502		1.5	%	63.7	%	64.6	%
Jacksonville	12,472		12,197		2.3	%	4,431		4,365		1.5	%	8,041		7,832		2.7	%	64.5	%	64.2	%
Florida Subtotal	181,279		174,978		3.6	%	68,651		66,642		3.0	%	112,628		108,336		4.0	%	62.1	%	61.9	%

Southeast United States:
Atlanta	70,527		68,348		3.2	%	25,080		23,765		5.5	%	45,447		44,583		1.9	%	64.4	%	65.2	%
Carolinas	32,040		30,951		3.5	%	9,294		8,777		5.9	%	22,746		22,174		2.6	%	71.0	%	71.6	%
Southeast US Subtotal	102,567		99,299		3.3	%	34,374		32,542		5.6	%	68,193		66,757		2.2	%	66.5	%	67.2	%

Texas:
Houston	10,299		9,983		3.2	%	5,071		5,211		(2.7)	%	5,228		4,772		9.6	%	50.8	%	47.8	%
Dallas	16,931		16,493		2.7	%	7,123		7,012		1.6	%	9,808		9,481		3.4	%	57.9	%	57.5	%
Texas Subtotal	27,230		26,476		2.8	%	12,194		12,223		(0.2)	%	15,036		14,253		5.5	%	55.2	%	53.8	%

Midwest United States:
Chicago	17,128		16,349		4.8	%	8,479		7,762		9.2	%	8,649		8,587		0.7	%	50.5	%	52.5	%
Minneapolis	7,250		7,070		2.5	%	2,798		2,508		11.6	%	4,452		4,562		(2.4)	%	61.4	%	64.5	%
Midwest US Subtotal	24,378		23,419		4.1	%	11,277		10,270		9.8	%	13,101		13,149		(0.4)	%	53.7	%	56.1	%

Same Store Total / Average	$	555,279	$	535,877	3.6	%	$	181,685	$	176,258	3.1	%	$	373,594	$	359,619	3.9	%	67.3	%	67.1	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 23

Supplemental Schedule 5(b) (Continued)


Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)

	Core Revenues						Core Operating Expenses					Net Operating Income						Core NOI Margin
Seq, Q3 2024	Q3 2024		Q2 2024		Change			Q3 2024		Q2 2024		Change		Q3 2024		Q2 2024			Change		Q3 2024		Q2 2024
Western United States:
Southern California	$	65,174	$	64,943	0.4	%		$	18,194	$	18,183	0.1	%	$	46,980	$	46,760		0.5	%	72.1	%	72.0	%
Northern California	32,554		32,385		0.5	%		9,018		8,734		3.3	%	23,536		23,651			(0.5)	%	72.3	%	73.0	%
Seattle	32,641		32,751		(0.3)	%		8,359		8,307		0.6	%	24,282		24,444			(0.7)	%	74.4	%	74.6	%
Phoenix	52,111		52,737		(1.2)	%		11,134		10,227		8.9	%	40,977		42,510			(3.6)	%	78.6	%	80.6	%
Las Vegas	19,428		19,514		(0.4)	%		4,643		4,375		6.1	%	14,785		15,139			(2.3)	%	76.1	%	77.6	%
Denver	17,917		18,026		(0.6)	%		3,841		3,504		9.6	%	14,076		14,522			(3.1)	%	78.6	%	80.6	%
Western US Subtotal	219,825		220,356		(0.2)	%		55,189		53,330		3.5	%	164,636		167,026			(1.4)	%	74.9	%	75.8	%

Florida:
South Florida	70,758		70,627		0.2	%		27,721		28,494		(2.7)	%	43,037		42,133			2.1	%	60.8	%	59.7	%
Tampa	55,799		56,188		(0.7)	%		21,161		21,758		(2.7)	%	34,638		34,430			0.6	%	62.1	%	61.3	%
Orlando	42,250		42,247		—	%		15,338		15,757		(2.7)	%	26,912		26,490			1.6	%	63.7	%	62.7	%
Jacksonville	12,472		12,579		(0.9)	%		4,431		4,730		(6.3)	%	8,041		7,849			2.4	%	64.5	%	62.4	%
Florida Subtotal	181,279		181,641		(0.2)	%		68,651		70,739		(3.0)	%	112,628		110,902			1.6	%	62.1	%	61.1	%

Southeast United States:
Atlanta	70,527		70,764		(0.3)	%		25,080		24,247		3.4	%	45,447		46,517			(2.3)	%	64.4	%	65.7	%
Carolinas	32,040		31,998		0.1	%		9,294		9,000		3.3	%	22,746		22,998			(1.1)	%	71.0	%	71.9	%
Southeast US Subtotal	102,567		102,762		(0.2)	%		34,374		33,247		3.4	%	68,193		69,515			(1.9)	%	66.5	%	67.6	%

Texas:
Houston	10,299		10,315		(0.2)	%		5,071		5,026		0.9	%	5,228		5,289			(1.2)	%	50.8	%	51.3	%
Dallas	16,931		17,046		(0.7)	%		7,123		6,987		1.9	%	9,808		10,059			(2.5)	%	57.9	%	59.0	%
Texas Subtotal	27,230		27,361		(0.5)	%		12,194		12,013		1.5	%	15,036		15,348			(2.0)	%	55.2	%	56.1	%

Midwest United States:
Chicago	17,128		17,001		0.7	%		8,479		7,526		12.7	%	8,649		9,475			(8.7)	%	50.5	%	55.7	%
Minneapolis	7,250		7,272		(0.3)	%		2,798		2,615		7.0	%	4,452		4,657			(4.4)	%	61.4	%	64.0	%
Midwest US Subtotal	24,378		24,273		0.4	%		11,277		10,141		11.2	%	13,101		14,132			(7.3)	%	53.7	%	58.2	%

Same Store Total / Average	$	555,279	$	556,393	(0.2)	%		$	181,685	$	179,470	1.2	%	$	373,594	$	376,923		(0.9)	%	67.3	%	67.7	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 24

Supplemental Schedule 5(b) (Continued)


Same Store NOI Growth and Margin Summary — YTD
($ in thousands) (unaudited)

	Core Revenues						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, YTD 2024	YTD 2024		YTD 2023		Change		YTD 2024		YTD 2023		Change		YTD 2024		YTD 2023		Change			YTD 2024		YTD 2023
Western United States:
Southern California	$	194,130	$	180,994	7.3	%	$	54,283	$	52,679	3.0	%	$	139,847	$	128,315	9.0	%		72.0	%	70.9	%
Northern California	96,795		92,031		5.2	%	26,310		25,040		5.1	%	70,485		66,991		5.2	%		72.8	%	72.8	%
Seattle	97,645		92,893		5.1	%	24,870		24,782		0.4	%	72,775		68,111		6.8	%		74.5	%	73.3	%
Phoenix	157,357		152,153		3.4	%	30,956		30,418		1.8	%	126,401		121,735		3.8	%		80.3	%	80.0	%
Las Vegas	58,346		55,429		5.3	%	13,321		13,578		(1.9)	%	45,025		41,851		7.6	%		77.2	%	75.5	%
Denver	53,746		51,995		3.4	%	11,045		9,999		10.5	%	42,701		41,996		1.7	%		79.4	%	80.8	%
Western US Subtotal	658,019		625,495		5.2	%	160,785		156,496		2.7	%	497,234		468,999		6.0	%		75.6	%	75.0	%

Florida:
South Florida	211,252		200,215		5.5	%	84,351		77,168		9.3	%	126,901		123,047		3.1	%		60.1	%	61.5	%
Tampa	167,854		160,780		4.4	%	64,037		61,115		4.8	%	103,817		99,665		4.2	%		61.8	%	62.0	%
Orlando	126,317		121,850		3.7	%	45,947		41,770		10.0	%	80,370		80,080		0.4	%		63.6	%	65.7	%
Jacksonville	37,538		36,407		3.1	%	13,817		12,799		8.0	%	23,721		23,608		0.5	%		63.2	%	64.8	%
Florida Subtotal	542,961		519,252		4.6	%	208,152		192,852		7.9	%	334,809		326,400		2.6	%		61.7	%	62.9	%

Southeast United States:
Atlanta	211,552		201,314		5.1	%	72,355		68,422		5.7	%	139,197		132,892		4.7	%		65.8	%	66.0	%
Carolinas	95,610		91,487		4.5	%	27,117		24,935		8.8	%	68,493		66,552		2.9	%		71.6	%	72.7	%
Southeast US Subtotal	307,162		292,801		4.9	%	99,472		93,357		6.6	%	207,690		199,444		4.1	%		67.6	%	68.1	%

Texas:
Houston	30,864		29,774		3.7	%	14,985		15,068		(0.6)	%	15,879		14,706		8.0	%		51.4	%	49.4	%
Dallas	50,909		49,070		3.7	%	21,549		20,436		5.4	%	29,360		28,634		2.5	%		57.7	%	58.4	%
Texas Subtotal	81,773		78,844		3.7	%	36,534		35,504		2.9	%	45,239		43,340		4.4	%		55.3	%	55.0	%

Midwest United States:
Chicago	51,094		48,583		5.2	%	23,340		22,291		4.7	%	27,754		26,292		5.6	%		54.3	%	54.1	%
Minneapolis	21,728		21,119		2.9	%	7,832		7,156		9.4	%	13,896		13,963		(0.5)	%		64.0	%	66.1	%
Midwest US Subtotal	72,822		69,702		4.5	%	31,172		29,447		5.9	%	41,650		40,255		3.5	%		57.2	%	57.8	%

Same Store Total / Average	$	1,662,737	$	1,586,094	4.8	%	$	536,115	$	507,656	5.6	%	$	1,126,622	$	1,078,438	4.5	%		67.8	%	68.0	%
																				0.678780201294723

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 25

Supplemental Schedule 5(c)


Same Store Lease-Over-Lease Rent Growth
(unaudited)

	Rental Rate Growth
	Q3 2024						YTD 2024
	Renewal		New		Blended		Renewal		New		Blended
	Leases		Leases		Average		Leases		Leases		Average
Western United States:
Southern California	4.0	%	8.1	%	4.8	%	5.2	%	7.1	%	5.6	%
Northern California	3.7	%	3.7	%	3.7	%	4.5	%	3.2	%	4.2	%
Seattle	4.0	%	3.0	%	3.8	%	4.4	%	3.6	%	4.2	%
Phoenix	3.2	%	(1.2)	%	1.9	%	3.9	%	(0.9)	%	2.6	%
Las Vegas	4.0	%	1.5	%	3.4	%	3.7	%	0.4	%	2.9	%
Denver	3.9	%	5.0	%	4.2	%	3.7	%	3.8	%	3.7	%
Western US Subtotal	3.8	%	2.8	%	3.5	%	4.4	%	2.7	%	3.9	%

Florida:
South Florida	6.5	%	0.4	%	4.9	%	7.8	%	1.1	%	6.0	%
Tampa	2.5	%	(0.9)	%	1.6	%	4.6	%	0.6	%	3.4	%
Orlando	3.5	%	(0.1)	%	2.5	%	4.9	%	1.4	%	3.8	%
Jacksonville	2.2	%	—	%	1.7	%	3.9	%	0.4	%	2.9	%
Florida Subtotal	4.3	%	(0.1)	%	3.1	%	5.9	%	1.0	%	4.5	%

Southeast United States:
Atlanta	5.3	%	2.4	%	4.6	%	6.1	%	2.7	%	5.2	%
Carolinas	3.9	%	2.7	%	3.5	%	4.5	%	2.7	%	4.0	%

Southeast US Subtotal	4.9	%	2.5	%	4.2	%	5.6	%	2.7	%	4.8	%

Texas:
Houston	4.4	%	2.1	%	3.9	%	4.7	%	2.1	%	4.1	%
Dallas	4.0	%	(1.0)	%	2.5	%	5.1	%	0.7	%	3.9	%
Texas Subtotal	4.2	%	(0.1)	%	3.1	%	4.9	%	1.2	%	4.0	%

Midwest United States:
Chicago	4.1	%	7.8	%	5.0	%	4.7	%	6.8	%	5.2	%
Minneapolis	4.2	%	2.7	%	3.8	%	5.4	%	—	%	3.9	%
Midwest US Subtotal	4.2	%	6.1	%	4.6	%	4.9	%	4.4	%	4.8	%

Total / Average	4.2	%	1.7	%	3.6	%	5.2	%	2.1	%	4.3	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 26

Supplemental Schedule 6


Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)

Total	Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023
R&M OpEx, net	$	29,802	$	26,564	$	20,923	$	22,462	$	27,258
Turn OpEx, net	11,024		10,037		8,669		9,866		12,135
Total recurring operating expenses, net	$	40,826	$	36,601	$	29,592	$	32,328	$	39,393

R&M CapEx	$	36,660	$	33,321	$	25,536	$	26,464	$	32,867
Turn CapEx	10,050		8,754		8,218		9,896		11,452
Total recurring capital expenditures	$	46,710	$	42,075	$	33,754	$	36,360	$	44,319

R&M OpEx, net + R&M CapEx	$	66,462	$	59,885	$	46,459	$	48,926	$	60,125
Turn OpEx, net + Turn CapEx	21,074		18,791		16,887		19,762		23,587
Total Cost to Maintain, net	$	87,536	$	78,676	$	63,346	$	68,688	$	83,712

Per Home	Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023
Total Cost to Maintain, net	$	1,134	$	1,019	$	821	$	890	$	1,085

(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.


Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)

Total	Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023
Recurring CapEx	$	50,970	$	46,371	$	36,923	$	40,080	$	48,765
Value Enhancing CapEx	16,182		12,500		7,300		12,148		14,381
Initial Renovation CapEx	8,860		6,392		7,698		9,656		11,744
Disposition CapEx	1,584		663		716		1,021		1,258
Total Capital Expenditures	$	77,596	$	65,926	$	52,637	$	62,905	$	76,148

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 27

Supplemental Schedule 7


Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)

Adjusted Property Management Expense	Q3 2024		Q3 2023		YTD 2024		YTD 2023
Property management expense (GAAP)	$	34,382	$	23,399	$	98,252	$	70,563
Adjustments:
Share-based compensation expense	(1,313)		(1,830)		(4,585)		(5,232)

Adjusted property management expense	$	33,069	$	21,569	$	93,667	$	65,331


Adjusted G&A Expense	Q3 2024		Q3 2023		YTD 2024		YTD 2023
G&A expense (GAAP)	$	21,727	$	22,714	$	66,673	$	59,957
Adjustments:
Share-based compensation expense	(4,104)		(7,099)		(16,224)		(16,261)
Severance expense	(209)		(392)		(388)		(916)



Adjusted G&A expense	$	17,414	$	15,223	$	50,061	$	42,780

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 28

Supplemental Schedule 8(a)


Acquisitions and Dispositions
(unaudited)	June 30, 2024	Q3 2024 Acquisitions (1)			Q3 2024 Dispositions (2)			September 30, 2024
	Homes	Homes	Avg. Est.		Homes	Average		Homes
	Owned	Acq.	Cost Basis		Sold	Sales Price		Owned
Wholly Owned Portfolio
Western United States:
Southern California	7,446	12	$	533,534	53	$	639,727	7,405
Northern California	4,258	—	—		37	427,581		4,221
Seattle	4,012	—	—		5	414,600		4,007
Phoenix	9,243	24	388,970		9	272,889		9,258
Las Vegas	3,415	—	—		4	355,688		3,411
Denver	2,569	174	495,299		9	420,444		2,734
Western US Subtotal	30,943	210	485,332		117	508,221		31,036

Florida:
South Florida	8,269	6	362,560		37	466,051		8,238
Tampa	9,302	229	321,540		46	261,433		9,485
Orlando	6,774	32	362,376		14	252,829		6,792
Jacksonville	1,995	3	311,033		—	—		1,998
Florida Subtotal	26,340	270	327,174		97	338,241		26,513

Southeast United States:
Atlanta	12,712	32	346,232		53	279,283		12,691
Carolinas	5,633	247	324,411		4	380,125		5,876
Southeast US Subtotal	18,345	279	326,914		57	286,360		18,567

Texas:
Houston	2,331	—	—		7	215,071		2,324
Dallas	3,037	94	274,419		13	265,838		3,118
Texas Subtotal	5,368	94	274,419		20	248,070		5,442

Midwest United States:
Chicago	2,484	—	—		4	338,375		2,480
Minneapolis	1,066	—	—		2	347,500		1,064
Midwest US Subtotal	3,550	—	—		6	341,417		3,544

Other (3):	94	38	312,933		13	283,623		119

Total / Average	84,640	891	$	358,196	310	$	384,809	85,221

Joint Venture Portfolio
2020 Rockpoint JV (4)	2,607	—	$	—	1	$	370,000	2,606
2022 Rockpoint JV (5)	319	—	—		—	—		319
FNMA JV (6)	401	—	—		9	483,639		392
Pathway Homes (7)	558	35	337,335		11	353,172		582
Upward America JV (8)	3,720	—	—		—	—		3,720

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 29

Supplemental Schedule 8(a) (Continued)

(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 6.0%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.

(2)Cap rates on wholly owned dispositions during the quarter averaged 2.7%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.

(3)Represents homes located outside of the Company’s 16 core markets; as of September 30, 2024, these include 106 homes located in Nashville, and 13 homes located in other markets that are generally being held for sale.

(4)Represents portfolio owned by the 2020 Rockpoint JV, of which Invitation Homes owns 20.0%.

(5)Represents portfolio owned by the 2022 Rockpoint JV, of which Invitation Homes owns 16.7%.

(6)Represents portfolio owned by the FNMA JV, of which Invitation Homes owns 10.0%.

(7)Represents portfolio owned by Pathway Homes, of which Invitation Homes owns 100.0%.

(8)Represents portfolio owned by the Upward America JV, of which Invitation Homes owns 7.2%.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 30

Supplemental Schedule 8(b)


Expected Acquisition Pipeline of New Homes from Homebuilders — As of September 30, 2024
(unaudited)

	Pipeline as of September 30, 2024 (1)(2)	Estimated Deliveries in Q4 2024	Estimated Deliveries in 2025	Estimated Deliveries Thereafter	Avg. Estimated Cost Basis Per Home

Southern California	85	24	61	—	$	540,000
Phoenix	86	6	50	30	440,000
Tampa	384	72	164	148	320,000
Orlando	428	41	213	221	430,000
Jacksonville	265	—	40	178	270,000
Atlanta	95	7	41	47	340,000
Carolinas	377	105	180	92	330,000
South Florida	15	15	—	—	370,000
Houston	533	60	324	149	280,000
Dallas	166	26	140	—	270,000
Nashville	27	27	—	—	300,000
Total / Average	2,461	383	1,213	865	$	340,000

(1)Represents the number of new homes under contract as of September 30, 2024, that are expected to be built, sold and delivered to the Company by various homebuilders during a future period.

(2)Pipeline rollforward:


Pipeline as of June 30, 2024		2,689
	Q3 2024 additions and cancellations (net)	146
	Q3 2024 deliveries	(374)
Pipeline as of September 30, 2024		2,461

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 31

Glossary and Reconciliations

Average Estimated Cost Basis

Average estimated cost basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated initial renovation expenditure for an acquired home or population of homes.

Average Monthly Rent

Average monthly rent represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period, and reflects the impact of non-service rental concessions and contractual rent increases amortized over the life of the lease.

Average Occupancy

Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period.

Bad Debt

Bad debt represents the Company’s reserves for residents’ accounts receivables balances that are aged greater than 30 days, under the rationale that a resident’s security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident’s security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. All rental revenues and other property income, in both Total Portfolio and Same Store Portfolio presentations, are reflected net of bad debt.

Core NOI Margin

Core NOI margin for an identified population of homes is calculated by dividing NOI by Core Revenues attributable to such population.

Core Operating Expenses

Core operating expenses for an identified population of homes reflect property operating and maintenance expenses, excluding any expenses recovered from residents.

Core Revenues

Core revenues for an identified population of homes reflects total revenues, net of any resident recoveries.

Cost to Maintain, net

Cost to maintain, net a home represents the sum of the expensed and capitalized portions of recurring repairs & maintenance and turn spend, net of resident reimbursements, as indicated in tables presented, not including the internal labor associated with such work.

Disposition CapEx

Disposition CapEx represents expenditures related to the preparation of a home for disposition after the prior tenant has moved out of the home.

EBITDA, EBITDAre, and Adjusted EBITDAre

EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. The Company defines EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. The Company defines EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 32

before the following items: share-based compensation expense; severance; casualty losses, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of the Company’s financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of the Company’s liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company’s EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that the Company’s basis for computing these non-GAAP measures is comparable with that of other companies. See below for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)

FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. The Company defines Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; severance expense; casualty (gains) losses, net; and (gains) losses on investments in equity and other securities, net, as applicable. The Company defines Adjusted FFO as Core FFO less recurring capital expenditures that are necessary to help preserve the value, and maintain the functionality, of its homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for the Company’s share of investments in unconsolidated joint ventures.

The Company believes that FFO is a meaningful supplemental measure of the operating performance of its business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss. The Company believes that Core FFO and Adjusted FFO are also meaningful supplemental measures of its operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of the Company’s performance across reporting periods by removing the impact of certain items that are not comparable from period to period.

The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. FFO, Core FFO, and Adjusted FFO are not used as measures of the Company’s liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company’s FFO, Core FFO, and Adjusted FFO may not be comparable to the FFO, Core FFO, and Adjusted FFO of other companies due to the fact that not all companies use the same definition of FFO, Core FFO, and Adjusted FFO. Accordingly, there can be no assurance that the Company’s basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of FFO, Core FFO, and Adjusted FFO” for a reconciliation of GAAP net income to FFO, Core FFO, and Adjusted FFO.

Initial Renovation CapEx

Initial renovation CapEx represents expenditures related to the first post-acquisition renovation of a home to bring the home to Invitation Homes standards and specifications.

Net Operating Income (NOI)

NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. The Company defines NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and income from investments in unconsolidated joint ventures.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 33

The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company’s NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that the Company’s basis for computing this non-GAAP measure is comparable with that of other companies.

The Company believes that Same Store NOI is also a meaningful supplemental measure of the Company’s operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of the Company’s performance across reporting periods by reflecting NOI for homes in its Same Store Portfolio.

See below for a reconciliation of GAAP net income to NOI for the Company’s total portfolio and NOI for its Same Store Portfolio.

PSF

PSF means per square foot.

Recurring Capital Expenditures or Recurring CapEx

Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and maintain the value and functionality of a home and its systems as a single-family rental.

Rental Rate Growth

Rental rate growth for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease, and, in each case, reflects the impact of any amortized non-service rent concessions and amortized contractual rent increases. Leases are either renewal leases, where the Company’s current resident chooses to stay for a subsequent lease term, or a new lease, where the Company’s previous resident moves out and a new resident signs a lease to occupy the same home.

Same Store / Same Store Portfolio

Same Store or Same Store portfolio includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio, and homes in markets that the Company has announced an intent to exit where the Company no longer operates a significant number of homes.

Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio may be considered stabilized at the time of acquisition.

Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established.

The Company believes presenting information about the portion of its portfolio that has been fully operational for the entirety of a given reporting period and its prior year comparison period provides investors with meaningful information about the performance of the Company’s comparable homes across periods and about trends in its organic business.

Total Homes / Total Portfolio

Total homes or total portfolio refers to the total number of homes owned, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to the wholly owned homes and excludes homes owned in joint ventures.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 34

Turnover Rate

Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population.

Unsecured Facility Covenants

Unsecured facility covenants refer to financial and operating requirements that the Company must meet with respect to its $1,750 million revolving credit facility (the “Revolving Facility”) and its $1,750 million term loan facility (the “2024 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in the Company’s Second Amended and Restated Revolving Credit and Term Loan Agreement dated September 9, 2024 and its $725 million term loan facility (the “2022 Term Loan Facility” and together with the 2024 Term Loan Facility, the “Term Loan Facilities”), as set forth in the Company’s 2022 Term Loan Agreement as amended by the First Amendment dated September 9, 2024 (together with the Credit Facility, the “Unsecured Credit Agreements”). The metrics provided under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b) show the Company’s compliance with certain covenants that the Company believes are its most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, and unsecured interest coverage ratio.

Total leverage ratio represents (i) total outstanding indebtedness (including the Company’s pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including the Company’s pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Secured leverage ratio represents (i) total outstanding secured indebtedness (including the Company’s pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including the Company’s pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Unencumbered leverage ratio represents (i) total outstanding unsecured indebtedness (including the Company’s pro rata share of unsecured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreements. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Fixed charge coverage ratio represents (i) the trailing four quarters’ EBITDA (including the Company’s pro rata share of EBITDA from unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) the trailing four quarters’ fixed charges (including the Company’s pro rata share of fixed charges in unconsolidated entities), as defined in the Unsecured Credit Agreements. Fixed charges include cash interest expense, regularly scheduled principal payments, and preferred stock or preferred OP unit dividends.

Unsecured interest coverage ratio represents (i) the trailing four quarters’ unencumbered NOI, as defined by the Unsecured Credit Agreements, divided by (ii) the trailing four quarters’ total unsecured interest expense (including the Company’s pro rata share of interest expense from unsecured debt in unconsolidated entities), as defined in the Unsecured Credit Agreements.

The metrics set forth under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show the Company’s compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Unsecured Credit Agreements than similarly named metrics are defined by the Company in its Earnings Release and Supplemental Information for the purposes of evaluating its financial conditions or results of operations. For a more complete and detailed description of the covenants contained in the Company’s Unsecured Credit Agreements, see Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 9, 2024.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 35

The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of the Company’s indebtedness related to its Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. The Company’s ability to comply with these covenants may be affected by changes in the Company’s operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company’s indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in its periodic filings with the SEC.

Unsecured Public Bond Covenants

Unsecured public bond covenants refer to financial and operating requirements that the Company must meet with respect to its senior notes, as set forth in the Company’s Supplemental Indentures to the Base Indenture for its Senior Notes (together, the “Indenture”). The metrics provided under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b) show the Company’s compliance with certain covenants that the Company believes are its most restrictive financial covenants, including: aggregate debt ratio, secured debt ratio, unencumbered assets ratio, and debt service ratio.

Aggregate debt ratio represents (i) total debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.

Secured debt ratio represents (i) secured debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.

Unencumbered assets ratio represents (i) total unencumbered assets, not including investments in unconsolidated joint ventures, as defined in the Indenture, divided by (ii) unsecured debt, as defined by the Indenture.

Debt service ratio represents (i) consolidated income available for debt service, as defined by the Indenture, divided by (ii) annual service charge for the trailing four quarters, calculated on a pro forma basis as if transactions during the period had occurred at the beginning of the period, as defined in the Indenture. Annual service charge includes interest expense and amortization of original issue discounts on debt, and excludes funded interest reserves, amortization of DFCs, and select nonrecurring charges.

The metrics set forth under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show the Company’s compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Indenture than similarly named metrics are defined by the Company in its Earnings Release and Supplemental Information for the purposes of evaluating its financial conditions or results of operations. For a more complete and detailed description of the covenants contained in the Company’s Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to the Company’s Current Reports on Form 8-K filed on August 6, 2021, November 5, 2021, April 5, 2022, August 2, 2023, and September 26, 2024.

The breach of any of the covenants set forth in the Indenture could result in a default of the Company’s indebtedness related to its senior notes, which could cause those obligations to become due and payable. The Company’s ability to comply with these covenants may be affected by changes in the Company’s operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company’s indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in its periodic filings with the SEC.

Value Enhancing CapEx

Value enhancing CapEx represents re-investment in stabilized homes, above and beyond general replacements to preserve and maintain the value and functionality of a home, for the purpose of enhancing expected risk-adjusted returns.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 36


Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)

	Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023
Total revenues (Total Portfolio)	$	660,322	$	653,451	$	646,039	$	624,321	$	617,695
Management fee revenues	(18,980)		(15,976)		(13,942)		(3,420)		(3,404)
Total portfolio resident recoveries	(42,412)		(37,102)		(37,795)		(35,050)		(36,641)
Total Core Revenues (Total Portfolio)	598,930		600,373		594,302		585,851		577,650
Non-Same Store Core Revenues	(43,651)		(43,980)		(43,237)		(42,737)		(41,773)
Same Store Core Revenues	$	555,279	$	556,393	$	551,065	$	543,114	$	535,877






Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)

	YTD 2024		YTD 2023
Total revenues (Total Portfolio)	$	1,959,812	$	1,807,957
Management fee revenues	(48,898)		(10,227)
Total portfolio resident recoveries	(117,309)		(101,383)
Total Core Revenues (Total Portfolio)	1,793,605		1,696,347
Non-Same Store Core Revenues	(130,868)		(110,253)
Same Store Core Revenues	$	1,662,737	$	1,586,094


Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)

	Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023
Property operating and maintenance expenses (Total Portfolio)	$	242,228	$	234,184	$	230,397	$	228,542	$	229,488
Total Portfolio resident recoveries	(42,412)		(37,102)		(37,795)		(35,050)		(36,641)
Core Operating Expenses (Total Portfolio)	199,816		197,082		192,602		193,492		192,847
Non-Same Store Core Operating Expenses	(18,131)		(17,612)		(17,642)		(17,277)		(16,589)
Same Store Core Operating Expenses	$	181,685	$	179,470	$	174,960	$	176,215	$	176,258


Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)

	YTD 2024		YTD 2023
Property operating and maintenance expenses (Total Portfolio)	$	706,809	$	651,793
Total Portfolio resident recoveries	(117,309)		(101,383)
Core Operating Expenses (Total Portfolio)	589,500		550,410
Non-Same Store Core Operating Expenses	(53,385)		(42,754)
Same Store Core Operating Expenses	$	536,115	$	507,656

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 37


Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)

	Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023
Net income available to common stockholders	$	95,084	$	72,981	$	142,158	$	129,368	$	131,637
Net income available to participating securities	185		207		192		178		181
Non-controlling interests	309		243		436		395		403
Interest expense	91,060		90,007		89,845		90,049		86,736
Depreciation and amortization	180,479		176,622		175,313		173,159		170,696
Property management expense	34,382		32,633		31,237		25,246		23,399
General and administrative	21,727		21,498		23,448		22,387		22,714
Casualty losses, impairment, and other (1)	20,872		10,353		4,137		3,069		2,496
Gain on sale of property, net of tax	(47,766)		(43,267)		(50,498)		(49,092)		(57,989)
(Gains) losses on investments in equity securities, net	257		(1,504)		209		(237)		499
Other, net (2)	9,345		54,012		(5,973)		(5,533)		2,533
Management fee revenues	(18,980)		(15,976)		(13,942)		(3,420)		(3,404)
Losses from investments in unconsolidated joint ventures	12,160		5,482		5,138		6,790		4,902
NOI (Total Portfolio)	399,114		403,291		401,700		392,359		384,803
Non-Same Store NOI	(25,520)		(26,368)		(25,595)		(25,460)		(25,184)
Same Store NOI	$	373,594	$	376,923	$	376,105	$	366,899	$	359,619


Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)

	YTD 2024		YTD 2023
Net income available to common stockholders	$	310,223	$	389,406
Net income available to participating securities	584		518
Non-controlling interests	988		1,163
Interest expense	270,912		243,408
Depreciation and amortization	532,414		501,128
Property management expense	98,252		70,563
General and administrative	66,673		59,957
Casualty losses, impairment, and other (1)	35,362		5,527
Gain on sale of property, net of tax	(141,531)		(134,448)
(Gains) losses on investments in equity securities, net	(1,038)		(113)
Other, net (2)	57,384		7,968
Management fee revenues	(48,898)		(10,227)
Losses from investments in unconsolidated joint ventures	22,780		11,087
NOI (Total Portfolio)	1,204,105		1,145,937
Non-Same Store NOI	(77,483)		(67,499)
Same Store NOI	$	1,126,622	$	1,078,438

(1)For Q3 2024 and YTD 2024, includes $14.0 million of estimated losses and damages, net of estimated insurance recoveries, related to Hurricanes Beryl, Debby, and Helene.

(2)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 38


Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
	Q3 2024		Q3 2023		YTD 2024		YTD 2023
Net income available to common stockholders	$	95,084	$	131,637	$	310,223	$	389,406
Net income available to participating securities	185		181		584		518
Non-controlling interests	309		403		988		1,163
Interest expense	91,060		86,736		270,912		243,408
Interest expense in unconsolidated joint ventures	10,186		5,051		20,970		12,774
Depreciation and amortization	180,479		170,696		532,414		501,128
Depreciation and amortization of investments in unconsolidated joint ventures	3,590		2,690		9,875		7,686
EBITDA	380,893		397,394		1,145,966		1,156,083
Gain on sale of property, net of tax	(47,766)		(57,989)		(141,531)		(134,448)
Impairment on depreciated real estate investments	270		83		330		342
Net (gain) loss on sale of investments in unconsolidated joint ventures	499		(554)		285		(1,188)
EBITDAre	333,896		338,934		1,005,050		1,020,789
Share-based compensation expense	5,417		8,929		20,809		21,493
Severance	209		392		388		916
Casualty losses, net (1)(2)	20,729		2,429		35,174		5,214
(Gains) losses on investments in equity and other securities, net	257		499		(1,038)		(113)
Other, net (3)	9,345		2,533		57,384		7,968
Adjusted EBITDAre	$	369,853	$	353,716	$	1,117,767	$	1,056,267

Trailing Twelve Months (TTM) Ended
			September 30, 2024		December 31, 2023
Net income available to common stockholders			$	439,591	$	518,774
Net income available to participating securities			762		696
Non-controlling interests			1,383		1,558
Interest expense			360,961		333,457
Interest expense in unconsolidated joint ventures			26,451		18,255
Depreciation and amortization			705,573		674,287
Depreciation and amortization of investments in unconsolidated joint ventures			12,658		10,469
EBITDA			1,547,379		1,557,496
Gain on sale of property, net of tax			(190,623)		(183,540)
Impairment on depreciated real estate investments			415		427
Net gain on sale of investments in unconsolidated joint ventures			(195)		(1,668)
EBITDAre			1,356,976		1,372,715
Share-based compensation expense			28,819		29,503
Severance			449		977
Casualty losses, net (1)(2)			38,160		8,200
(Gains) losses on investments in equity and other securities, net			(1,275)		(350)
Other, net (3)			51,851		2,435
Adjusted EBITDAre			$	1,474,980	$	1,413,480

(1)Includes the Company’s share from unconsolidated joint ventures.

(2)For Q3 2024 and YTD 2024, includes $14.0 million of estimated losses and damages, net of estimated insurance recoveries, related to Hurricanes Beryl, Debby, and Helene.

(3)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 39


Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)

	As of			As of
	September 30, 2024			December 31, 2023
Mortgage loans, net	$	1,614,220		$	1,627,256
Secured term loan, net	401,595			401,515
Unsecured notes, net	3,799,034			3,305,467
Term loan facility, net	2,444,054			3,211,814
Revolving facility	750,000			—
Total Debt per Balance Sheet	9,008,903			8,546,052
Retained and repurchased certificates	(87,063)			(87,703)
Cash, ex-security deposits and letters of credit (1)	(1,062,179)			(713,898)
Deferred financing costs, net	64,086			45,518
Unamortized discounts on note payable	25,100			21,376
Net Debt (A)	$	7,948,847		$	7,811,345





	For the TTM Ended			For the TTM Ended
	September 30, 2024			December 31, 2023
Adjusted EBITDAre (B)	$	1,474,980		$	1,413,480

Net Debt / TTM Adjusted EBITDAre (A / B)	5.4		x	5.5		x

(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit


Components of Non-Cash Interest Expense
(in thousands) (unaudited)

	Q3 2024		Q3 2023		YTD 2024		YTD 2023
Amortization of discounts on notes payable	$	684	$	532	$	2,001	$	1,335
Amortization of deferred financing costs	5,010		4,131		13,410		12,003
Change in fair value of interest rate derivatives	—		1		1		41
Amortization of swap fair value at designation	2,524		2,340		7,166		6,970
Company’s share from unconsolidated joint ventures	5,867		2,557		9,629		5,526
Total non-cash interest expense	$	14,085	$	9,561	$	32,207	$	25,875

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2024 Earnings Release and Supplemental Information — page 40

Document and Entity Information Document	Oct. 30, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Oct. 30, 2024
Entity Registrant Name	Invitation Homes Inc.
Entity Central Index Key	0001687229
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity File Number	001-38004
Entity Tax Identification Number	90-0939055
Entity Address, Address Line One	5420 LBJ Freeway
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	972
Local Phone Number	421-3600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	INVH
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

INVH Invitation Homes Inc