Form 8-K - Current report

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 25, 2023

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.)

1717 Main Street, Suite 2000

Dallas, Texas 75201

(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 25, 2023, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended September 30, 2023. 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 25, 2023, announcing results for the quarter ended September 30, 2023.

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 25, 2023

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			11
Schedule 3: Summary of Operating Information by Home Portfolio			15
Schedule 4: Home Characteristics by Market			18
Schedule 5: Same Store Operating Information by Market			19
Schedule 6: Cost to Maintain and Capital Expenditure Detail			26
Schedule 7: Adjusted Property Management and G&A Reconciliation			27
Schedule 8: Acquisitions, Dispositions, and Third-Party Builder Pipeline			28
Glossary and Reconciliations			31

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

Q3 2023 Earnings Release and Supplemental Information — page 2

Earnings Press Release

Invitation Homes Reports Third Quarter 2023 Results

Dallas, TX, October 25, 2023 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation's premier single-family home leasing company, today announced its Q3 2023 financial and operating results, along with the Company's updated 2023 full year guidance.

Third Quarter 2023 Highlights

•Year over year, total revenues increased 8.6% to $618 million, property operating and maintenance costs increased 12.6% to $229 million, net income available to common stockholders increased 66.6% to $132 million, and net income per diluted common share increased 66.3% to $0.21.

•Year over year, Core FFO per share increased 4.7% to $0.44, and AFFO per share increased 3.7% to $0.36.

•Same Store NOI increased 4.0% year over year on 6.0% Same Store Core Revenues growth and 10.2% Same Store Core Operating Expenses growth.

•Revenue collections were approximately 99% of the Company's historical average collection rate. Same Store Bad Debt was 1.3% of gross rental revenue, indicating a year over year improvement of approximately 20 basis points.

•Same Store Average Occupancy was 96.9%, down 60 basis points year over year.

•Same Store renewal rent growth of 6.6% and Same Store new lease rent growth of 5.2% drove Same Store blended rent growth of 6.2%.

•Acquisitions by the Company and the Company's joint ventures totaled 2,291 homes for $854 million, including 1,870 homes from the Company's previously announced portfolio acquisition in July 2023, the purchase of 387 wholly owned homes through the Company's various acquisition channels, in addition to 34 homes in the Company's joint ventures. Dispositions by the Company and the Company's joint ventures totaled 416 homes for $160 million.

•As previously announced, Fitch Ratings revised its rating outlook for the Company to “Positive” from “Stable” and affirmed the Company’s ratings, including the “BBB” Long-Term Issuer Default Ratings. The Company has no debt reaching final maturity until 2026, and in addition, over 99% of its total debt is fixed rate or swapped to fixed rate and over 75% of its total debt is unsecured.

•As previously announced, on August 2, 2023, the Company closed a public offering of $450 million aggregate principal amount of 5.450% Senior Notes due 2030 and $350 million aggregate principal amount of 5.500% Senior Notes due 2033.

Chief Executive Officer Dallas Tanner comments:

“We're pleased to announce another strong quarter for Invitation Homes, with third quarter Same Store leasing results that well exceed those achieved pre-pandemic. I extend my thanks to all of our associates for their continuous commitment to providing Genuine Care and a premier resident experience to the tens of thousands of individuals and families who choose to make a house a home with us.”

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 2023 Earnings Release and Supplemental Information — page 3

Financial Results


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

	Q3 2023		Q3 2022		YTD 2023		YTD 2022
Net income	$	0.21	$	0.13	$	0.64	$	0.46
FFO	0.40		0.35		1.23		1.12
Core FFO	0.44		0.42		1.32		1.24
AFFO	0.36		0.34		1.12		1.05

Net Income

Net income per common share — diluted for Q3 2023 was $0.21, compared to net income per common share — diluted of $0.13 for Q3 2022. Total revenues and total property operating and maintenance expenses for Q3 2023 were $618 million and $229 million, respectively, compared to $569 million and $204 million, respectively, in Q3 2022.

Net income per common share — diluted YTD 2023 was $0.64, compared to net income per common share — diluted of $0.46 for YTD 2022. Total revenues and total property operating and maintenance expenses for YTD 2023 were $1,808 million and $652 million, respectively, compared to $1,658 million and $577 million, respectively, for YTD 2022.

Core FFO

Year over year, Core FFO per share for Q3 2023 increased 4.7% to $0.44, primarily due to NOI growth. Year over year, Core FFO per share for YTD 2023 increased 6.5% to $1.32, primarily due to NOI growth.

AFFO

Year over year, AFFO per share for Q3 2023 increased 3.7% to $0.36, primarily due to the increase in Core FFO per share described above. Year over year, AFFO per share for YTD 2023 increased 6.5% to $1.12, 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:	76,138

	Q3 2023		Q3 2022		YTD 2023		YTD 2022
Core Revenues growth (year over year)	6.0	%			6.6	%
Core Operating Expenses growth (year over year)	10.2	%			11.7	%
NOI growth (year over year)	4.0	%			4.4	%

Average Occupancy	96.9	%	97.5	%	97.5	%	97.9	%
Bad Debt % of gross rental revenue	1.3	%	1.5	%	1.5	%	1.2	%
Turnover Rate	6.8	%	6.3	%	18.5	%	16.9	%

Rental Rate Growth (lease-over-lease):
Renewals	6.6	%	10.1	%	7.1	%	10.0	%
New Leases	5.2	%	15.2	%	6.0	%	15.4	%
Blended	6.2	%	11.4	%	6.8	%	11.3	%

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

Q3 2023 Earnings Release and Supplemental Information — page 4


Revenue Collections Update

	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Pre-COVID Average (2)
Revenues collected % of revenues due: (1)
Revenues collected in same month billed	94	%	93	%	93	%	91	%	96	%
Late collections of prior month billings	4	%	5	%	5	%	6	%	3	%
Total collections	98	%	98	%	98	%	97	%	99	%

(1)Includes both rental revenues and other property income. Rent is considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. Security deposits retained to offset rents due are not included as revenue collected.

(2)Represents the period from October 2019 to March 2020.

Same Store NOI

For the Same Store Portfolio of 76,138 homes, Same Store NOI for Q3 2023 increased 4.0% year over year on Same Store Core Revenues growth of 6.0% and Same Store Core Operating Expenses growth of 10.2%. YTD 2023 Same Store NOI increased 4.4% year over year on Same Store Core Revenues growth of 6.6% and Same Store Core Operating Expenses growth of 11.7%.

Same Store Core Revenues

Same Store Core Revenues growth for Q3 2023 of 6.0% year over year was primarily driven by a 6.2% increase in Average Monthly Rent, a 20 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 13.5% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decline in Average Occupancy.

YTD 2023 Same Store Core Revenues growth of 6.6% year over year was primarily driven by a 7.3% increase in Average Monthly Rent and a 9.7% increase in other income, net of resident recoveries, partially offset by a 40 basis point year over year decline in Average Occupancy and a 30 basis point year over year increase in Bad Debt as a percentage of gross rental revenue.

Same Store Core Operating Expenses

Same Store Core Operating Expenses for Q3 2023 increased 10.2% year over year. The largest contributors to the year over year increase include an increase in property tax expense due to an expected year over year increase in property taxes in addition to the underaccrual of property tax expense in the first three quarters of 2022, as well as an increase in turnover expenses, net of resident recoveries, and an increase in utilities and property administrative expenses, net of resident recoveries. The increases in the latter two expense categories were expected primarily as a result of continued progress in working through the Company's lease compliance backlog.

YTD 2023 Same Store Core Operating Expenses increased 11.7% year over year, primarily driven by the year over year increases described above.

Investment Management Activity

Acquisitions for Q3 2023 totaled 2,291 homes for $854 million. This included 2,257 wholly owned homes for $842 million from the Company's previously announced portfolio acquisition in July 2023 of 1,870 homes as well as the purchase of 387 wholly owned homes through the Company's various acquisition channels, in addition to 34 homes for $12 million in the Company's joint ventures. Dispositions for Q3 2023 included 397 wholly owned homes for gross proceeds of $151 million and 19 homes for gross proceeds of $9 million in the Company's joint ventures.

Year to date through September 30, 2023, the Company acquired 2,761 homes for $1,009 million, including 2,626 wholly owned homes for $965 million and 135 homes for $44 million in the Company's joint ventures. The company also sold 1,091 homes for $401 million, including 1,042 wholly owned homes for $379 million and 49 homes for $22 million in the Company's joint ventures.

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

Q3 2023 Earnings Release and Supplemental Information — page 5

Balance Sheet and Capital Markets Activity

As of September 30, 2023, the Company had $1,763 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, 2023 was $8,618 million, consisting of $6,575 million of unsecured debt and $2,043 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.5x at September 30, 2023, down from 5.7x as of December 31, 2022. The Company has no debt reaching final maturity until 2026, and in addition, over 99% of its total debt is fixed rate or swapped to fixed rate and over 75% of its total debt is unsecured. As previously announced, Fitch Ratings revised its rating outlook for the Company to “Positive” from “Stable” and affirmed the Company’s ratings, including the “BBB” Long-Term Issuer Default Ratings.

As previously announced, on August 2, 2023, the Company closed a public offering of $450 million aggregate principal amount of 5.450% Senior Notes due 2030 and $350 million aggregate principal amount of 5.500% Senior Notes due 2033.

Dividend

As previously announced on October 20, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share of common stock. The dividend will be paid on or before November 22, 2023, to stockholders of record as of the close of business on November 7, 2023.

FY 2023 Guidance Update

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.

Full year 2023 guidance revisions are outlined in the table below:

FY 2023 Guidance

Current FY 2023 Guidance

Previous FY 2023 Guidance

Core FFO per share — diluted

$1.75 to $1.79

$1.75 to $1.81

AFFO per share — diluted

$1.46 to $1.50

$1.45 to $1.51

Same Store Core Revenues growth

6.25% to 6.75%

5.75% to 6.75%

Same Store Core Operating Expenses growth

10.25% to 10.75%

8.5% to 9.5%

Same Store NOI growth

4.5% to 5.0%

4.5% to 5.5%

Wholly owned acquisitions

$1.0 billion to $1.1 billion

$800 million to $900 million

JV acquisitions

$50 million to $100 million

$100 million to $300 million

Wholly owned dispositions

$475 million to $525 million

$425 million to $475 million

The Company's revised FY 2023 guidance includes tightened expectations for Same Store Core Revenues growth in a range of 6.25% to 6.75% based on the Company's strong performance to date and expectations for the remainder of the year. Revised FY 2023 guidance also anticipates higher Same Store Core Operating Expenses growth in a range of 10.25% to 10.75%, primarily attributable to higher Same Store property tax expense expectations in Florida and Georgia as a result of larger than anticipated property tax bills received or expected during the fourth quarter. These revised assumptions result in tightened Same Store NOI growth expectations for FY 2023 in a range of 4.5% to 5.0%.

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

Q3 2023 Earnings Release and Supplemental Information — page 6

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on October 26, 2023, to discuss results for the third quarter of 2023. 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. A live audio webcast may be accessed at www.invh.com. A replay of the call will be available through November 26, 2023, and can be accessed by calling 1-800-770-2030 (domestic) or 1-647-362-9199 (international) and using the playback ID 7714113, or by using the link at www.invh.com.

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 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)						972.421.3587
			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, 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 and rising interest rates), 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, 2022 (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 2023 Earnings Release and Supplemental Information — page 7


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

	September 30, 2023		December 31, 2022
	(unaudited)
Assets:
Investments in single-family residential properties, net	$	17,400,036	$	17,030,374
Cash and cash equivalents	762,638		262,870
Restricted cash	217,253		191,057
Goodwill	258,207		258,207
Investments in unconsolidated joint ventures	258,030		280,571
Other assets, net	570,034		513,629
Total assets	$	19,466,198	$	18,536,708

Liabilities:
Mortgage loans, net	$	1,631,973	$	1,645,795
Secured term loan, net	401,460		401,530
Unsecured notes, net	3,304,082		2,518,185
Term loan facilities, net	3,209,725		3,203,567
Revolving facility	—		—
Accounts payable and accrued expenses	368,065		198,423
Resident security deposits	180,111		175,552
Other liabilities	101,236		70,025
Total liabilities	9,196,652		8,213,077

Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2023 and December 31, 2022	—		—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 611,958,239 and 611,411,382 outstanding as of September 30, 2023 and December 31, 2022, respectively	6,120		6,114
Additional paid-in capital	11,149,732		11,138,463
Accumulated deficit	(1,039,782)		(951,220)
Accumulated other comprehensive income	119,728		97,985
Total stockholders' equity	10,235,798		10,291,342
Non-controlling interests	33,748		32,289
Total equity	10,269,546		10,323,631
Total liabilities and equity	$	19,466,198	$	18,536,708

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

Q3 2023 Earnings Release and Supplemental Information — page 8


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

	Q3 2023		Q3 2022		YTD 2023		YTD 2022

Revenues:
Rental revenues	$	555,270	$	514,670	$	1,633,672	$	1,504,601
Other property income	59,021		50,721		164,058		145,530
Management fee revenues	3,404		3,284		10,227		8,154
Total revenues	617,695		568,675		1,807,957		1,658,285

Expenses:
Property operating and maintenance	229,488		203,787		651,793		576,736
Property management expense	23,399		22,385		70,563		65,166
General and administrative	22,714		20,123		59,957		57,104
Interest expense	86,736		76,454		243,408		225,683
Depreciation and amortization	170,696		160,428		501,128		474,796
Impairment and other	2,496		20,004		5,527		22,874
Total expenses	535,529		503,181		1,532,376		1,422,359

Gains (losses) on investments in equity securities, net	(499)		(796)		113		(4,000)
Other, net	(2,533)		(8,372)		(7,968)		(11,605)
Gain on sale of property, net of tax	57,989		23,952		134,448		69,486
Losses from investments in unconsolidated joint ventures	(4,902)		(849)		(11,087)		(5,870)

Net income	132,221		79,429		391,087		283,937
Net income attributable to non-controlling interests	(403)		(250)		(1,163)		(1,180)

Net income attributable to common stockholders	131,818		79,179		389,924		282,757
Net income available to participating securities	(181)		(147)		(518)		(515)


Net income available to common stockholders — basic and diluted	$	131,637	$	79,032	$	389,406	$	282,242

Weighted average common shares outstanding — basic	612,000,811		610,845,820		611,849,302		609,212,132
Weighted average common shares outstanding — diluted	613,580,042		612,647,588		613,155,041		610,741,723

Net income per common share — basic	$	0.22	$	0.13	$	0.64	$	0.46
Net income per common share — diluted	$	0.21	$	0.13	$	0.64	$	0.46

Dividends declared per common share	$	0.26	$	0.22	$	0.78	$	0.66

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

Q3 2023 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 2023		Q3 2022		YTD 2023		YTD 2022
Net income available to common stockholders	$	131,637	$	79,032	$	389,406	$	282,242
Net income available to participating securities	181		147		518		515
Non-controlling interests	403		250		1,163		1,180
Depreciation and amortization on real estate assets	167,921		158,199		493,027		468,272
Impairment on depreciated real estate investments	83		101		342		238
Net gain on sale of previously depreciated investments in real estate	(57,989)		(23,952)		(134,448)		(69,486)
Depreciation and net gain on sale of investments in unconsolidated joint ventures	2,111		1,440		6,425		2,856
FFO	$	244,347	$	215,217	$	756,433	$	685,817

Core FFO Reconciliation	Q3 2023		Q3 2022		YTD 2023		YTD 2022
FFO	$	244,347	$	215,217	$	756,433	$	685,817
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)	9,561		4,539		25,875		17,507
Share-based compensation expense	8,929		7,930		21,493		22,565
Legal settlements	2,000		7,400		2,000		7,400
Severance expense	392		46		916		253
Casualty losses, net (1)	2,429		19,903		5,214		22,636
(Gains) losses on investments in equity securities, net	499		796		(113)		4,000
Core FFO	$	268,157	$	255,831	$	811,818	$	760,178

AFFO Reconciliation	Q3 2023		Q3 2022		YTD 2023		YTD 2022
Core FFO	$	268,157	$	255,831	$	811,818	$	760,178
Recurring capital expenditures (1)	(49,007)		(44,683)		(122,700)		(115,057)
AFFO	$	219,150	$	211,148	$	689,118	$	645,121


Net income available to common stockholders
Weighted average common shares outstanding — diluted	613,580,042		612,647,588		613,155,041		610,741,723

Net income per common share — diluted	$	0.21	$	0.13	$	0.64	$	0.46

FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted	615,699,631		615,172,460		615,208,781		613,497,425

FFO per share — diluted	$	0.40	$	0.35	$	1.23	$	1.12

Core FFO per share — diluted	$	0.44	$	0.42	$	1.32	$	1.24

AFFO per share — diluted	$	0.36	$	0.34	$	1.12	$	1.05

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

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

Q3 2023 Earnings Release and Supplemental Information — page 10

Supplemental Schedule 2(a)


Diluted Shares Outstanding
(unaudited)

Weighted Average Amounts for Net Income	Q3 2023	Q3 2022	YTD 2023	YTD 2022
Common shares — basic	612,000,811	610,845,820	611,849,302	609,212,132
Shares potentially issuable from vesting/conversion of equity-based awards	1,579,231	1,801,768	1,305,739	1,529,591
Total common shares — diluted	613,580,042	612,647,588	613,155,041	610,741,723

Weighted average amounts for FFO, Core FFO, and AFFO	Q3 2023	Q3 2022	YTD 2023	YTD 2022
Common shares — basic	612,000,811	610,845,820	611,849,302	609,212,132
OP units — basic	1,869,483	2,318,373	1,824,297	2,541,737
Shares potentially issuable from vesting/conversion of equity-based awards	1,829,337	2,008,267	1,535,182	1,743,556
Total common shares and units — diluted	615,699,631	615,172,460	615,208,781	613,497,425

Period end amounts for Core FFO and AFFO	September 30, 2023
Common shares	611,958,239
OP units	1,869,483
Shares potentially issuable from vesting/conversion of equity-based awards	1,722,105
Total common shares and units — diluted	615,549,827

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

Q3 2023 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(b)


Debt Structure and Leverage Ratios — As of September 30, 2023
($ in thousands) (unaudited)

						Wtd Avg		Wtd Avg
						Interest		Years to
Debt Structure	Balance			% of Total		Rate (1)		Maturity (2)
Secured:
Fixed (3)	$	1,396,123		16.2	%	4.0	%	4.8
Floating — swapped to fixed	647,118			7.5	%	4.2	%	2.3
Floating	—			—	%	—	%	—
Total secured	2,043,241			23.7	%	4.1	%	4.0

Unsecured:
Fixed	3,350,000			38.9	%	3.4	%	7.9
Floating — swapped to fixed	3,172,882			36.8	%	4.0	%	3.1
Floating	52,118			0.6	%	6.7	%	5.7
Total unsecured	6,575,000			76.3	%	3.7	%	5.6

Total Debt:
Fixed + floating swapped to fixed (3)	8,566,123			99.4	%	3.8	%	5.2
Floating	52,118			0.6	%	6.7	%	5.7
Total debt	8,618,241			100.0	%	3.8	%	5.2
Discount/amortization on Note Payable	(22,039)
Deferred financing costs, net	(48,962)
Total debt per Balance Sheet	8,547,240
Retained and repurchased certificates	(87,937)
Cash, ex-security deposits and letters of credit (4)	(796,829)
Deferred financing costs, net	48,962
Unamortized discount on note payable	22,039
Net debt	$	7,733,475

Leverage Ratios	September 30, 2023
Net Debt / TTM Adjusted EBITDAre	5.5		x

Credit Ratings

Ratings

Outlook

Fitch Ratings

BBB

Positive

Moody's Investors Service

Baa3

Positive

S&P Global Ratings

BBB

Stable

Unsecured Facilities Covenant Compliance (5)

Unsecured Public Bond Covenant Compliance (6)

Actual

Requirement

Actual

Requirement

Total leverage ratio

30.3

≤ 60%

Aggregate debt ratio

36.8

≤ 65%

Secured leverage ratio

5.9

≤ 45%

Secured debt ratio

8.4

≤ 40%

Unencumbered leverage ratio

29.6

≤ 60%

Unencumbered assets ratio

300.5

≥ 150%

Fixed charge coverage ratio

4.1 x

≥ 1.5x

Debt service ratio

4.2x

≥ 1.5x

Unsecured interest coverage ratio

5.1 x

≥ 1.75x

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

Q3 2023 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b) (Continued)

(1)Includes the impact of interest rate swaps in place and effective as of September 30, 2023.

(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 2023 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(c)


Debt Maturity Schedule — As of September 30, 2023
($ in thousands) (unaudited)
					Revolving
	Secured		Unsecured		Credit				% of
Debt Maturities, with Extensions (1)	Debt		Debt		Facility		Balance		Total




2023	$	—	$	—	$	—	$	—	—	%
2024	—		—		—		—		—	%
2025	—		—		—		—		—	%
2026	647,118		2,500,000		—		3,147,118		36.6	%
2027	992,994		—		—		992,994		11.5	%
2028	—		750,000		—		750,000		8.7	%
2029	—		725,000		—		725,000		8.4	%
2030	—		450,000		—		450,000		5.2	%
2031	403,129		650,000		—		1,053,129		12.2	%
2032	—		600,000		—		600,000		7.0	%
2033	—		350,000		—		350,000		4.1	%
2034	—		400,000		—		400,000		4.6	%
2035	—		—		—		—		—	%
2036	—		150,000		—		150,000		1.7	%
	2,043,241		6,575,000		—		8,618,241		100.0	%
Unamortized discount on note payable	(1,320)		(20,719)		—		(22,039)
Deferred financing costs, net	(8,488)		(40,474)		—		(48,962)
Total per Balance Sheet	$	2,033,433	$	6,513,807	$	—	$	8,547,240
	.

(1)Assumes all extension options are exercised.

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

Q3 2023 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 3(a)


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

Number of Homes, period-end	Q3 2023
Total Portfolio	84,697
Same Store Portfolio	76,138
Same Store % of Total	89.9		%

Core Revenues	Q3 2023			Q3 2022		Change YoY		YTD 2023		YTD 2022		Change YoY
Total Portfolio	$	577,650		$	534,131	8.1	%	$	1,696,347	$	1,560,715	8.7	%
Same Store Portfolio	525,916			496,069		6.0	%	1,557,794		1,460,852		6.6	%

Core Operating Expenses	Q3 2023			Q3 2022		Change YoY		YTD 2023		YTD 2022		Change YoY
Total Portfolio	$	192,847		$	172,527	11.8	%	$	550,410	$	487,320	12.9	%
Same Store Portfolio	175,361			159,071		10.2	%	504,237		451,295		11.7	%

Net Operating Income	Q3 2023			Q3 2022		Change YoY		YTD 2023		YTD 2022		Change YoY
Total Portfolio	$	384,803		$	361,604	6.4	%	$	1,145,937	$	1,073,395	6.8	%
Same Store Portfolio	350,555			336,998		4.0	%	1,053,557		1,009,557		4.4	%

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

Q3 2023 Earnings Release and Supplemental Information — page 15

Supplemental Schedule 3(b)


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

					Change				Change						Change
	Q3 2023		Q3 2022		YoY		Q2 2023		Seq		YTD 2023		YTD 2022		YoY
Revenues:
Rental revenues (1)	$	505,814	$	478,351	5.7	%	$	501,659	0.8	%	$	1,501,290	$	1,409,364	6.5	%
Other property income, net (1)(2)	20,102		17,718		13.5	%	18,908		6.3	%	56,504		51,488		9.7	%
Core Revenues	525,916		496,069		6.0	%	520,567		1.0	%	1,557,794		1,460,852		6.6	%






Fixed Expenses:
Property taxes (3)	87,440		77,731		12.5	%	85,869		1.8	%	259,187		232,083		11.7	%
Insurance expenses (4)	9,911		8,596		15.3	%	10,268		(3.5)	%	29,250		25,807		13.3	%
HOA expenses	10,148		9,915		2.3	%	10,178		(0.3)	%	29,863		27,970		6.8	%

Controllable Expenses:
Repairs and maintenance, net (5)	27,450		27,494		(0.2)	%	21,503		27.7	%	70,457		70,262		0.3	%
Personnel, leasing and marketing	20,761		19,489		6.5	%	21,855		(5.0)	%	64,080		57,471		11.5	%
Turnover, net (5)(6)	12,163		9,895		22.9	%	11,190		8.7	%	32,221		24,208		33.1	%
Utilities and property administrative, net (5)(6)	7,488		5,951		25.8	%	5,724		30.8	%	19,179		13,494		42.1	%
Core Operating Expenses	175,361		159,071		10.2	%	166,587		5.3	%	504,237		451,295		11.7	%

Net Operating Income	$	350,555	$	336,998	4.0	%	$	353,980	(1.0)	%	$	1,053,557	$	1,009,557	4.4	%

(1)All rental revenues and other property income are reflected net of Bad Debt, which as a percentage of gross rental revenue, improved by 20 basis points from Q3 2022 to Q3 2023.

(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 $32,401, $29,230, $30,268, $92,161, and $84,146 for Q3 2023, Q3 2022, Q2 2023, YTD 2023, and YTD 2022, respectively.

(3)For Q3 2023, the year over year increase to property tax expense was primarily a result of an expected year over year increase in property taxes, in addition to the underaccrual of property tax expense in the first three quarters of 2022.

(4)As previously disclosed, the Company's annual insurance policy renewed on March 1, 2023, reflecting a full year 2023 growth rate for same store insurance expense of approximately 16%.

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

(6)For Q3 2023, the year over year increase to turnover expense, net, and utilities and property administrative expense, net, was primarily attributable to higher resident turnover and lease compliance costs relating to the Company's continued progress in working through its lease compliance backlog.

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

Q3 2023 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(c)


Same Store Quarterly Operating Trends
(unaudited)

	Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022

Average Occupancy	96.9		%	97.6		%	97.8		%	97.3		%	97.5		%
Turnover Rate	6.8		%	6.6		%	5.1		%	5.4		%	6.3		%
Trailing four quarters Turnover Rate	23.9		%	23.4		%	22.7		%	22.3		%	N/A
Average Monthly Rent	$	2,318		$	2,284		$	2,254		$	2,225		$	2,183
Rental Rate Growth (lease-over-lease):
Renewals	6.6		%	6.9		%	8.0		%	9.9		%	10.1		%
New leases	5.2		%	7.3		%	5.7		%	7.1		%	15.2		%
Blended	6.2		%	7.0		%	7.3		%	9.0		%	11.4		%

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

Q3 2023 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 4


Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended September 30, 2023 (1)
(unaudited)

	Number of Homes	Average Occupancy		Average Monthly Rent		Average Monthly Rent PSF		Percent of Revenue
Western United States:
Southern California	7,605	96.1	%	$	2,982	$	1.76	11.3	%
Northern California	4,351	96.7	%	2,654		1.69		5.9	%
Seattle	4,054	97.2	%	2,786		1.45		5.9	%
Phoenix	9,233	96.7	%	2,003		1.18		9.6	%
Las Vegas	3,423	95.5	%	2,167		1.10		3.8	%
Denver	2,595	96.9	%	2,471		1.35		3.4	%
Western US Subtotal	31,261	96.5	%	2,493		1.43		39.9	%

Florida:
South Florida	8,336	96.5	%	2,887		1.54		12.3	%
Tampa	9,110	95.6	%	2,225		1.18		10.3	%
Orlando	6,690	95.8	%	2,165		1.16		7.5	%
Jacksonville	1,995	95.5	%	2,127		1.07		2.1	%
Florida Subtotal	26,131	95.9	%	2,417		1.28		32.2	%

Southeast United States:
Atlanta	12,752	95.8	%	1,963		0.95		12.6	%
Carolinas	5,475	97.1	%	1,989		0.93		5.5	%
Southeast US Subtotal	18,227	96.1	%	1,971		0.95		18.1	%

Texas:
Houston	2,367	94.4	%	1,868		0.94		2.2	%
Dallas	2,992	94.9	%	2,193		1.06		3.4	%
Texas Subtotal	5,359	94.7	%	2,051		1.01		5.6	%

Midwest United States:
Chicago	2,496	96.3	%	2,306		1.44		2.8	%
Minneapolis	1,085	95.6	%	2,255		1.15		1.3	%
Midwest US Subtotal	3,581	96.1	%	2,291		1.34		4.1	%

Other (2):	138	83.6	%	1,614		0.78		0.1	%

Total / Average	84,697	96.1	%	$	2,321	$	1.24	100.0	%
Same Store Total / Average	76,138	96.9	%	$	2,318	$	1.24	90.9	%

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

(2)Represents homes acquired as part of the Company's July 2023 portfolio acquisition that are located outside of the Company's 16 core markets. These homes are generally being held for sale or evaluated for disposition once they become vacant.

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

Q3 2023 Earnings Release and Supplemental Information — page 18

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 2023	# Homes	Q3 2023		Q3 2022		Change		Q3 2023		Q3 2022		Change		Q3 2023		Q3 2022		Change
Western United States:
Southern California	7,373	$	2,986	$	2,840	5.1	%	97.1	%	98.2	%	(1.1)	%	$	64,291	$	61,116	5.2	%
Northern California	3,830	2,625		2,525		4.0	%	97.5	%	97.7	%	(0.2)	%	29,676		28,765		3.2	%
Seattle	3,661	2,787		2,642		5.5	%	97.3	%	97.6	%	(0.3)	%	30,276		28,466		6.4	%
Phoenix	8,030	1,974		1,849		6.8	%	97.1	%	97.2	%	(0.1)	%	48,251		45,290		6.5	%
Las Vegas	2,791	2,162		2,070		4.4	%	96.0	%	97.2	%	(1.2)	%	17,865		17,038		4.9	%
Denver	2,110	2,480		2,390		3.8	%	97.7	%	97.0	%	0.7	%	15,882		15,157		4.8	%
Western US Subtotal	27,795	2,497		2,374		5.2	%	97.1	%	97.6	%	(0.5)	%	206,241		195,832		5.3	%

Florida:
South Florida	7,739	2,912		2,667		9.2	%	97.1	%	97.5	%	(0.4)	%	67,454		61,818		9.1	%
Tampa	7,949	2,200		2,049		7.4	%	96.8	%	97.4	%	(0.6)	%	52,616		49,315		6.7	%
Orlando	6,061	2,150		2,018		6.5	%	96.9	%	97.6	%	(0.7)	%	39,687		37,220		6.6	%
Jacksonville	1,857	2,114		2,009		5.2	%	96.6	%	97.4	%	(0.8)	%	11,879		11,319		4.9	%
Florida Subtotal	23,606	2,414		2,241		7.7	%	96.9	%	97.5	%	(0.6)	%	171,636		159,672		7.5	%

Southeast United States:
Atlanta	11,924	1,959		1,836		6.7	%	96.5	%	97.3	%	(0.8)	%	68,441		64,792		5.6	%
Carolinas	4,932	1,983		1,872		5.9	%	97.5	%	97.8	%	(0.3)	%	29,340		27,798		5.5	%
Southeast US Subtotal	16,856	1,966		1,846		6.5	%	96.8	%	97.5	%	(0.7)	%	97,781		92,590		5.6	%

Texas
Houston	1,883	1,828		1,754		4.2	%	97.0	%	97.1	%	(0.1)	%	10,394		9,966		4.3	%
Dallas	2,437	2,198		2,087		5.3	%	96.5	%	97.4	%	(0.9)	%	16,097		15,297		5.2	%
Texas Subtotal	4,320	2,036		1,942		4.8	%	96.7	%	97.3	%	(0.6)	%	26,491		25,263		4.9	%

Midwest United States:
Chicago	2,486	2,306		2,199		4.9	%	96.7	%	97.5	%	(0.8)	%	16,527		15,871		4.1	%
Minneapolis	1,075	2,256		2,169		4.0	%	96.6	%	96.1	%	0.5	%	7,240		6,841		5.8	%
Midwest US Subtotal	3,561	2,291		2,190		4.6	%	96.7	%	97.1	%	(0.4)	%	23,767		22,712		4.6	%

Total / Average	76,138	$	2,318	$	2,183	6.2	%	96.9	%	97.5	%	(0.6)	%	$	525,916	$	496,069	6.0	%

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

Q3 2023 Earnings Release and Supplemental Information — page 19

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 2023	# Homes	Q3 2023		Q2 2023		Change		Q3 2023		Q2 2023		Change		Q3 2023		Q2 2023		Change
Western United States:
Southern California	7,373	$	2,986	$	2,941	1.5	%	97.1	%	97.7	%	(0.6)	%	$	64,291	$	62,708	2.5	%
Northern California	3,830	2,625		2,596		1.1	%	97.5	%	97.7	%	(0.2)	%	29,676		29,473		0.7	%
Seattle	3,661	2,787		2,759		1.0	%	97.3	%	98.2	%	(0.9)	%	30,276		30,072		0.7	%
Phoenix	8,030	1,974		1,947		1.4	%	97.1	%	97.7	%	(0.6)	%	48,251		47,983		0.6	%
Las Vegas	2,791	2,162		2,144		0.8	%	96.0	%	96.7	%	(0.7)	%	17,865		17,750		0.6	%
Denver	2,110	2,480		2,459		0.9	%	97.7	%	98.3	%	(0.6)	%	15,882		15,795		0.6	%
Western US Subtotal	27,795	2,497		2,466		1.3	%	97.1	%	97.7	%	(0.6)	%	206,241		203,781		1.2	%

Florida:
South Florida	7,739	2,912		2,856		2.0	%	97.1	%	97.9	%	(0.8)	%	67,454		66,629		1.2	%
Tampa	7,949	2,200		2,162		1.8	%	96.8	%	97.8	%	(1.0)	%	52,616		52,443		0.3	%
Orlando	6,061	2,150		2,119		1.5	%	96.9	%	98.0	%	(1.1)	%	39,687		39,427		0.7	%
Jacksonville	1,857	2,114		2,092		1.1	%	96.6	%	97.3	%	(0.7)	%	11,879		11,836		0.4	%
Florida Subtotal	23,606	2,414		2,373		1.7	%	96.9	%	97.8	%	(0.9)	%	171,636		170,335		0.8	%

Southeast United States:
Atlanta	11,924	1,959		1,924		1.8	%	96.5	%	96.9	%	(0.4)	%	68,441		67,433		1.5	%
Carolinas	4,932	1,983		1,953		1.5	%	97.5	%	97.7	%	(0.2)	%	29,340		28,894		1.5	%
Southeast US Subtotal	16,856	1,966		1,933		1.7	%	96.8	%	97.1	%	(0.3)	%	97,781		96,327		1.5	%

Texas
Houston	1,883	1,828		1,810		1.0	%	97.0	%	97.5	%	(0.5)	%	10,394		10,419		(0.2)	%
Dallas	2,437	2,198		2,170		1.3	%	96.5	%	97.1	%	(0.6)	%	16,097		15,992		0.7	%
Texas Subtotal	4,320	2,036		2,013		1.1	%	96.7	%	97.3	%	(0.6)	%	26,491		26,411		0.3	%

Midwest United States:
Chicago	2,486	2,306		2,271		1.5	%	96.7	%	98.0	%	(1.3)	%	16,527		16,441		0.5	%
Minneapolis	1,075	2,256		2,226		1.3	%	96.6	%	97.6	%	(1.0)	%	7,240		7,272		(0.4)	%
Midwest US Subtotal	3,561	2,291		2,258		1.5	%	96.7	%	97.9	%	(1.2)	%	23,767		23,713		0.2	%

Total / Average	76,138	$	2,318	$	2,284	1.5	%	96.9	%	97.6	%	(0.7)	%	$	525,916	$	520,567	1.0	%

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

Q3 2023 Earnings Release and Supplemental Information — page 20

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 2023	# Homes	YTD 2023		YTD 2022		Change		YTD 2023		YTD 2022		Change		YTD 2023			YTD 2022		Change
Western United States:
Southern California	7,373	$	2,946	$	2,789	5.6	%	97.6	%	98.4	%	(0.8)	%	$	188,321		$	180,107	4.6	%
Northern California	3,830	2,599		2,469		5.3	%	97.8	%	98.2	%	(0.4)	%	88,100			84,372		4.4	%
Seattle	3,661	2,758		2,591		6.4	%	97.6	%	98.0	%	(0.4)	%	89,766			84,832		5.8	%
Phoenix	8,030	1,946		1,795		8.4	%	97.6	%	97.8	%	(0.2)	%	143,553			132,618		8.2	%
Las Vegas	2,791	2,146		2,015		6.5	%	96.5	%	97.8	%	(1.3)	%	52,852			50,517		4.6	%
Denver	2,110	2,455		2,348		4.6	%	97.8	%	97.5	%	0.3	%	47,245			44,969		5.1	%
Western US Subtotal	27,795	2,468		2,321		6.3	%	97.6	%	98.0	%	(0.4)	%	609,837		609837	577,415		5.6	%

Florida:
South Florida	7,739	2,857		2,576		10.9	%	97.7	%	98.2	%	(0.5)	%	199,264			180,657		10.3	%
Tampa	7,949	2,164		1,984		9.1	%	97.5	%	97.9	%	(0.4)	%	156,671			144,398		8.5	%
Orlando	6,061	2,118		1,960		8.1	%	97.7	%	97.9	%	(0.2)	%	118,037			108,937		8.4	%
Jacksonville	1,857	2,090		1,957		6.8	%	97.2	%	97.7	%	(0.5)	%	35,407			33,197		6.7	%
Florida Subtotal	23,606	2,374		2,170		9.4	%	97.6	%	98.0	%	(0.4)	%	509,379			467,189		9.0	%

Southeast United States:
Atlanta	11,924	1,927		1,793		7.5	%	96.9	%	97.6	%	(0.7)	%	202,186			192,008		5.3	%
Carolinas	4,932	1,953		1,836		6.4	%	97.8	%	97.8	%	—	%	86,707			82,459		5.2	%
Southeast US Subtotal	16,856	1,935		1,806		7.1	%	97.2	%	97.7	%	(0.5)	%	288,893			274,467		5.3	%

Texas
Houston	1,883	1,810		1,723		5.0	%	97.3	%	97.4	%	(0.1)	%	31,002			29,498		5.1	%
Dallas	2,437	2,169		2,041		6.3	%	97.2	%	97.3	%	(0.1)	%	47,913			44,921		6.7	%
Texas Subtotal	4,320	2,012		1,902		5.8	%	97.2	%	97.3	%	(0.1)	%	78,915			74,419		6.0	%

Midwest United States:
Chicago	2,486	2,275		2,158		5.4	%	97.6	%	98.0	%	(0.4)	%	49,171			47,010		4.6	%
Minneapolis	1,075	2,228		2,129		4.7	%	97.0	%	96.8	%	0.2	%	21,599			20,352		6.1	%
Midwest US Subtotal	3,561	2,261		2,149		5.2	%	97.4	%	97.7	%	(0.3)	%	70,770			67,362		5.1	%

Total / Average	76,138	$	2,285	$	2,129	7.3	%	97.5	%	97.9	%	(0.4)	%	$	1,557,794		$	1,460,852	6.6	%

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

Q3 2023 Earnings Release and Supplemental Information — page 21

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 2023	Q3 2023		Q3 2022		Change		Q3 2023		Q3 2022		Change		Q3 2023		Q3 2022		Change		Q3 2023		Q3 2022
Western United States:
Southern California	$	64,291	$	61,116	5.2	%	$	19,569	$	17,979	8.8	%	$	44,722	$	43,137	3.7	%	69.6	%	70.6	%
Northern California	29,676		28,765		3.2	%	8,233		7,949		3.6	%	21,443		20,816		3.0	%	72.3	%	72.4	%
Seattle	30,276		28,466		6.4	%	7,927		7,411		7.0	%	22,349		21,055		6.1	%	73.8	%	74.0	%
Phoenix	48,251		45,290		6.5	%	10,381		10,628		(2.3)	%	37,870		34,662		9.3	%	78.5	%	76.5	%
Las Vegas	17,865		17,038		4.9	%	4,671		4,122		13.3	%	13,194		12,916		2.2	%	73.9	%	75.8	%
Denver	15,882		15,157		4.8	%	3,269		3,174		3.0	%	12,613		11,983		5.3	%	79.4	%	79.1	%
Western US Subtotal	206,241		195,832		5.3	%	54,050		51,263		5.4	%	152,191		144,569		5.3	%	73.8	%	73.8	%

Florida:
South Florida	67,454		61,818		9.1	%	26,807		23,727		13.0	%	40,647		38,091		6.7	%	60.3	%	61.6	%
Tampa	52,616		49,315		6.7	%	20,601		18,868		9.2	%	32,015		30,447		5.1	%	60.8	%	61.7	%
Orlando	39,687		37,220		6.6	%	14,121		12,714		11.1	%	25,566		24,506		4.3	%	64.4	%	65.8	%
Jacksonville	11,879		11,319		4.9	%	4,261		3,812		11.8	%	7,618		7,507		1.5	%	64.1	%	66.3	%
Florida Subtotal	171,636		159,672		7.5	%	65,790		59,121		11.3	%	105,846		100,551		5.3	%	61.7	%	63.0	%

Southeast United States:
Atlanta	68,441		64,792		5.6	%	24,396		19,968		22.2	%	44,045		44,824		(1.7)	%	64.4	%	69.2	%
Carolinas	29,340		27,798		5.5	%	8,362		7,978		4.8	%	20,978		19,820		5.8	%	71.5	%	71.3	%
Southeast US Subtotal	97,781		92,590		5.6	%	32,758		27,946		17.2	%	65,023		64,644		0.6	%	66.5	%	69.8	%

Texas
Houston	10,394		9,966		4.3	%	5,420		4,785		13.3	%	4,974		5,181		(4.0)	%	47.9	%	52.0	%
Dallas	16,097		15,297		5.2	%	6,881		6,099		12.8	%	9,216		9,198		0.2	%	57.3	%	60.1	%
Texas Subtotal	26,491		25,263		4.9	%	12,301		10,884		13.0	%	14,190		14,379		(1.3)	%	53.6	%	56.9	%

Midwest United States:
Chicago	16,527		15,871		4.1	%	7,893		7,383		6.9	%	8,634		8,488		1.7	%	52.2	%	53.5	%
Minneapolis	7,240		6,841		5.8	%	2,569		2,474		3.8	%	4,671		4,367		7.0	%	64.5	%	63.8	%
Midwest US Subtotal	23,767		22,712		4.6	%	10,462		9,857		6.1	%	13,305		12,855		3.5	%	56.0	%	56.6	%

Same Store Total / Average	$	525,916	$	496,069	6.0	%	$	175,361	$	159,071	10.2	%	$	350,555	$	336,998	4.0	%	66.7	%	67.9	%

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

Q3 2023 Earnings Release and Supplemental Information — page 22

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 2023	Q3 2023		Q2 2023		Change			Q3 2023		Q2 2023		Change		Q3 2023		Q2 2023			Change		Q3 2023		Q2 2023
Western United States:
Southern California	$	64,291	$	62,708	2.5	%		$	19,569	$	18,321	6.8	%	$	44,722	$	44,387		0.8	%	69.6	%	70.8	%
Northern California	29,676		29,473		0.7	%		8,233		7,829		5.2	%	21,443		21,644			(0.9)	%	72.3	%	73.4	%
Seattle	30,276		30,072		0.7	%		7,927		7,975		(0.6)	%	22,349		22,097			1.1	%	73.8	%	73.5	%
Phoenix	48,251		47,983		0.6	%		10,381		9,239		12.4	%	37,870		38,744			(2.3)	%	78.5	%	80.7	%
Las Vegas	17,865		17,750		0.6	%		4,671		4,190		11.5	%	13,194		13,560			(2.7)	%	73.9	%	76.4	%
Denver	15,882		15,795		0.6	%		3,269		3,072		6.4	%	12,613		12,723			(0.9)	%	79.4	%	80.6	%
Western US Subtotal	206,241		203,781		1.2	%		54,050		50,626		6.8	%	152,191		153,155			(0.6)	%	73.8	%	75.2	%

Florida:
South Florida	67,454		66,629		1.2	%		26,807		25,435		5.4	%	40,647		41,194			(1.3)	%	60.3	%	61.8	%
Tampa	52,616		52,443		0.3	%		20,601		20,014		2.9	%	32,015		32,429			(1.3)	%	60.8	%	61.8	%
Orlando	39,687		39,427		0.7	%		14,121		13,459		4.9	%	25,566		25,968			(1.5)	%	64.4	%	65.9	%
Jacksonville	11,879		11,836		0.4	%		4,261		4,229		0.8	%	7,618		7,607			0.1	%	64.1	%	64.3	%
Florida Subtotal	171,636		170,335		0.8	%		65,790		63,137		4.2	%	105,846		107,198			(1.3)	%	61.7	%	62.9	%

Southeast United States:
Atlanta	68,441		67,433		1.5	%		24,396		23,589		3.4	%	44,045		43,844			0.5	%	64.4	%	65.0	%
Carolinas	29,340		28,894		1.5	%		8,362		7,694		8.7	%	20,978		21,200			(1.0)	%	71.5	%	73.4	%
Southeast US Subtotal	97,781		96,327		1.5	%		32,758		31,283		4.7	%	65,023		65,044			—	%	66.5	%	67.5	%

Texas
Houston	10,394		10,419		(0.2)	%		5,420		5,055		7.2	%	4,974		5,364			(7.3)	%	47.9	%	51.5	%
Dallas	16,097		15,992		0.7	%		6,881		6,579		4.6	%	9,216		9,413			(2.1)	%	57.3	%	58.9	%
Texas Subtotal	26,491		26,411		0.3	%		12,301		11,634		5.7	%	14,190		14,777			(4.0)	%	53.6	%	56.0	%

Midwest United States:
Chicago	16,527		16,441		0.5	%		7,893		7,423		6.3	%	8,634		9,018			(4.3)	%	52.2	%	54.9	%
Minneapolis	7,240		7,272		(0.4)	%		2,569		2,484		3.4	%	4,671		4,788			(2.4)	%	64.5	%	65.8	%
Midwest US Subtotal	23,767		23,713		0.2	%		10,462		9,907		5.6	%	13,305		13,806			(3.6)	%	56.0	%	58.2	%

Same Store Total / Average	$	525,916	$	520,567	1.0	%		$	175,361	$	166,587	5.3	%	$	350,555	$	353,980		(1.0)	%	66.7	%	68.0	%

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

Q3 2023 Earnings Release and Supplemental Information — page 23

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 2023	YTD 2023		YTD 2022		Change		YTD 2023		YTD 2022		Change		YTD 2023		YTD 2022		Change			YTD 2023		YTD 2022
Western United States:
Southern California	$	188,321	$	180,107	4.6	%	$	55,635	$	51,192	8.7	%	$	132,686	$	128,915	2.9	%		70.5	%	71.6	%
Northern California	88,100		84,372		4.4	%	23,940		22,612		5.9	%	$	64,160	$	61,760	3.9	%		72.8	%	73.2	%
Seattle	89,766		84,832		5.8	%	24,145		22,182		8.8	%	$	65,621	$	62,650	4.7	%		73.1	%	73.9	%
Phoenix	143,553		132,618		8.2	%	28,824		28,031		2.8	%	$	114,729	$	104,587	9.7	%		79.9	%	78.9	%
Las Vegas	52,852		50,517		4.6	%	13,033		10,918		19.4	%	$	39,819	$	39,599	0.6	%		75.3	%	78.4	%
Denver	47,245		44,969		5.1	%	9,161		8,630		6.2	%	$	38,084	$	36,339	4.8	%		80.6	%	80.8	%
Western US Subtotal	609,837		577,415		5.6	%	154,738		143,565		7.8	%	455,099		433,850		4.9	%		74.6	%	75.1	%

Florida:
South Florida	199,264		180,657		10.3	%	77,347		68,365		13.1	%	121,917		112,292		8.6	%		61.2	%	62.2	%
Tampa	156,671		144,398		8.5	%	59,767		52,653		13.5	%	96,904		91,745		5.6	%		61.9	%	63.5	%
Orlando	118,037		108,937		8.4	%	40,636		36,649		10.9	%	77,401		72,288		7.1	%		65.6	%	66.4	%
Jacksonville	35,407		33,197		6.7	%	12,478		11,026		13.2	%	22,929		22,171		3.4	%		64.8	%	66.8	%
Florida Subtotal	509,379		467,189		9.0	%	190,228		168,693		12.8	%	319,151		298,496		6.9	%		62.7	%	63.9	%

Southeast United States:
Atlanta	202,186		192,008		5.3	%	69,904		57,093		22.4	%	132,282		134,915		(2.0)	%		65.4	%	70.3	%
Carolinas	86,707		82,459		5.2	%	23,737		22,414		5.9	%	62,970		60,045		4.9	%		72.6	%	72.8	%
Southeast US Subtotal	288,893		274,467		5.3	%	93,641		79,507		17.8	%	195,252		194,960		0.1	%		67.6	%	71.0	%

Texas
Houston	31,002		29,498		5.1	%	15,661		13,892		12.7	%	15,341		15,606		(1.7)	%		49.5	%	52.9	%
Dallas	47,913		44,921		6.7	%	20,008		17,554		14.0	%	27,905		27,367		2.0	%		58.2	%	60.9	%
Texas Subtotal	78,915		74,419		6.0	%	35,669		31,446		13.4	%	43,246		42,973		0.6	%		54.8	%	57.7	%

Midwest United States:
Chicago	49,171		47,010		4.6	%	22,635		21,271		6.4	%	26,536		25,739		3.1	%		54.0	%	54.8	%
Minneapolis	21,599		20,352		6.1	%	7,326		6,813		7.5	%	14,273		13,539		5.4	%		66.1	%	66.5	%
Midwest US Subtotal	70,770		67,362		5.1	%	29,961		28,084		6.7	%	40,809		39,278		3.9	%		57.7	%	58.3	%

Same Store Total / Average	$	1,557,794	$	1,460,852	6.6	%	$	504,237	$	451,295	11.7	%	$	1,053,557	$	1,009,557	4.4	%		67.6	%	69.1	%

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

Q3 2023 Earnings Release and Supplemental Information — page 24

Supplemental Schedule 5(c)


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

	Rental Rate Growth
	Q3 2023						YTD 2023
	Renewal		New		Blended		Renewal		New		Blended
	Leases		Leases		Average		Leases		Leases		Average
Western United States:
Southern California	6.3	%	8.2	%	6.8	%	6.5	%	8.4	%	7.0	%
Northern California	4.6	%	4.6	%	4.6	%	4.6	%	5.3	%	4.8	%
Seattle	4.3	%	5.3	%	4.5	%	5.7	%	5.1	%	5.5	%
Phoenix	7.6	%	2.6	%	6.0	%	7.5	%	5.0	%	6.8	%
Las Vegas	3.4	%	0.1	%	2.3	%	5.0	%	1.3	%	3.7	%
Denver	4.1	%	4.8	%	4.3	%	4.5	%	4.2	%	4.4	%
Western US Subtotal	5.6	%	4.5	%	5.3	%	6.0	%	5.4	%	5.9	%

Florida:
South Florida	9.8	%	5.3	%	8.8	%	10.7	%	7.2	%	9.8	%
Tampa	6.9	%	6.1	%	6.6	%	7.7	%	7.4	%	7.6	%
Orlando	6.7	%	5.9	%	6.4	%	7.3	%	7.0	%	7.2	%
Jacksonville	5.3	%	3.7	%	4.8	%	5.7	%	4.4	%	5.3	%
Florida Subtotal	8.0	%	5.6	%	7.3	%	8.7	%	7.0	%	8.2	%

Southeast United States:
Atlanta	6.5	%	5.6	%	6.2	%	7.0	%	6.6	%	6.9	%
Carolinas	6.0	%	7.4	%	6.5	%	6.8	%	7.2	%	6.9	%

Southeast US Subtotal	6.4	%	6.1	%	6.3	%	6.9	%	6.8	%	6.9	%

Texas
Houston	4.9	%	3.3	%	4.5	%	4.8	%	3.2	%	4.4	%
Dallas	5.8	%	4.0	%	5.2	%	6.3	%	4.4	%	5.7	%
Texas Subtotal	5.4	%	3.8	%	4.9	%	5.6	%	4.0	%	5.2	%

Midwest United States:
Chicago	6.1	%	4.9	%	5.8	%	6.7	%	5.2	%	6.3	%
Minneapolis	5.9	%	2.9	%	5.1	%	6.6	%	1.1	%	4.9	%
Midwest US Subtotal	6.1	%	4.4	%	5.6	%	6.7	%	3.9	%	5.9	%

Total / Average	6.6	%	5.2	%	6.2	%	7.1	%	6.0	%	6.8	%

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

Q3 2023 Earnings Release and Supplemental Information — page 25

Supplemental Schedule 6


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

Total	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022

R&M OpEx, net	$	27,450	$	21,503	$	21,504	$	22,907	$	27,494
Turn OpEx, net	12,163		11,190		8,868		10,278		9,895
Total recurring operating expenses, net	$	39,613	$	32,693	$	30,372	$	33,185	$	37,389

R&M CapEx	$	33,447	$	24,335	$	24,356	$	26,660	$	30,417
Turn CapEx	11,793		9,157		9,793		11,579		11,040
Total recurring capital expenditures	$	45,240	$	33,492	$	34,149	$	38,239	$	41,457



R&M OpEx, net + R&M CapEx	$	60,897	$	45,838	$	45,860	$	49,567	$	57,911
Turn OpEx, net + Turn CapEx	23,956		20,347		18,661		21,857		20,935
Total Cost to Maintain, net	$	84,853	$	66,185	$	64,521	$	71,424	$	78,846

Per Home	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022
Total Cost to Maintain, net	$	1,114	$	869	$	847	$	938	$	1,036

(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 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022
Recurring CapEx	$	48,765	$	36,173	$	37,114	$	40,945	$	44,556
Value Enhancing CapEx	14,381		12,875		9,458		12,258		14,809
Initial Renovation CapEx	11,744		4,356		4,037		13,853		30,055
Disposition CapEx	1,258		1,694		1,825		999		1,174
Total Capital Expenditures	$	76,148	$	55,098	$	52,434	$	68,055	$	90,594

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

Q3 2023 Earnings Release and Supplemental Information — page 26

Supplemental Schedule 7


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

Adjusted Property Management Expense	Q3 2023		Q3 2022		YTD 2023		YTD 2022
Property management expense (GAAP)	$	23,399	$	22,385	$	70,563	$	65,166
Adjustments:
Share-based compensation expense	(1,830)		(1,761)		(5,232)		(4,981)

Adjusted property management expense	$	21,569	$	20,624	$	65,331	$	60,185


Adjusted G&A Expense	Q3 2023		Q3 2022		YTD 2023		YTD 2022
G&A expense (GAAP)	$	22,714	$	20,123	$	59,957	$	57,104
Adjustments:
Share-based compensation expense	(7,099)		(6,169)		(16,261)		(17,584)

Severance expense	(392)		(46)		(916)		(253)



Adjusted G&A expense	$	15,223	$	13,908	$	42,780	$	39,267

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

Q3 2023 Earnings Release and Supplemental Information — page 27

Supplemental Schedule 8(a)


Acquisitions and Dispositions
(unaudited)
	June 30, 2023	Q3 2023 Acquisitions (1)			Q3 2023 Dispositions (2)			September 30, 2023
	Homes	Homes	Avg. Est.		Homes	Average		Homes
	Owned	Acq.	Cost Basis		Sold	Sales Price		Owned
Wholly Owned Portfolio
Western United States:
Southern California	7,684	—	$	—	79	$	619,984	7,605
Northern California	4,386	—	—		35	422,601		4,351
Seattle	4,060	—	—		6	499,492		4,054
Phoenix	8,889	356	435,242		12	304,642		9,233
Las Vegas	3,167	264	392,664		8	497,438		3,423
Denver	2,615	—	—		20	375,676		2,595
Western US Subtotal	30,801	620	417,112		160	511,972		31,261

Florida:
South Florida	8,386	3	365,986		53	390,149		8,336
Tampa	8,695	443	389,562		28	311,011		9,110
Orlando	6,536	173	375,754		19	279,079		6,690
Jacksonville	1,928	68	389,477		1	975,000		1,995
Florida Subtotal	25,545	687	385,974		101	353,106		26,131

Southeast United States:
Atlanta	12,619	198	370,888		65	221,183		12,752
Carolinas	5,348	136	383,389		9	258,694		5,475
Southeast US Subtotal	17,967	334	375,979		74	225,745		18,227

Texas:
Houston	2,075	312	308,212		20	225,768		2,367
Dallas	2,849	152	342,290		9	280,597		2,992
Texas: Subtotal	4,924	464	319,376		29	242,784		5,359

Midwest United States:
Chicago	2,508	—	—		12	265,558		2,496
Minneapolis	1,092	—	—		7	286,843		1,085
Midwest US Subtotal	3,600	—	—		19	273,400		3,581

Other (3):	—	152	292,596		14	281,171		138

Total / Average	82,837	2,257	$	373,068	397	$	378,982	84,697

Joint Venture Portfolio
2020 Rockpoint JV (4)	2,609	—	$	—	—	$	—	2,609
2022 Rockpoint JV (5)	132	—	—		—	—		132
FNMA JV (6)	461	—	—		19	485,674		442
Pathway Homes (7)	439	34	346,616		—	—		473

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

Q3 2023 Earnings Release and Supplemental Information — page 28

Supplemental Schedule 8(a) (Continued)

(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.5%. This includes the Company's July 2023 portfolio acquisition of 1,870 wholly owned homes at an estimated stabilized cap rate of 5.5%, as well as the purchase of 387 wholly owned homes through the Company's various acquisition channels at an average estimated stabilized cap rate of 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 1.8%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.

(3)Represents homes acquired as part of the Company's July 2023 portfolio acquisition that are located outside of the Company's 16 core markets. These homes are generally being held for sale or evaluated for disposition once they become vacant. During Q3 2023, the Company sold 14 of these homes with an average estimated cost basis of $262,907 for an average sales price of $281,171.

(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 owned 100.0% of the property portfolio as of September 30, 2023.

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

Q3 2023 Earnings Release and Supplemental Information — page 29

Supplemental Schedule 8(b)


Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of September 30, 2023
(unaudited)

	Pipeline as of September 30, 2023 (1)(2)	Estimated Deliveries in Q4 2023	Estimated Deliveries in 2024	Estimated Deliveries Thereafter	Avg. Estimated Cost Basis Per Home

Southern California	127	—	54	73	$	540,000
Phoenix	150	10	50	90	420,000
Tampa	554	108	192	254	320,000
Orlando	540	74	70	396	430,000
Atlanta	132	8	46	78	320,000
Carolinas	331	12	136	183	410,000
South Florida	27	16	11	—	360,000
Dallas	70	14	52	4	310,000
Total / Average	1,931	242	611	1,078	$	390,000

(1)Represents the number of new homes under contract as of September 30, 2023, that are expected to be built, sold and delivered to the Company by various third-party homebuilders during a future period.

(2)Pipeline rollforward:


Pipeline as of June 30, 2023		2,249
	Q3 2023 additions and cancellations (net)	(144)
	Q3 2023 deliveries	(174)
Pipeline as of September 30, 2023		1,931

Included above is the cancellation of 200 homes within an early-concept community located in Orlando that no longer met the Company's return expectations. The Company expects to be refunded all of its deposits paid in accordance with its agreement with the homebuilder.

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

Q3 2023 Earnings Release and Supplemental Information — page 30

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 2023 Earnings Release and Supplemental Information — page 31

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 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 GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. 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 Core FFO and Adjusted FFO may not be comparable to the Core FFO and Adjusted FFO of other companies due to the fact that not all companies use the same definition of 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.

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.

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

Q3 2023 Earnings Release and Supplemental Information — page 32

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.

Revenue Collections

Revenue collections represent the total cash received in a given period for rental revenues and other property income (including receipt of late payments that were billed in prior months) divided by the total amounts billed in that period. When a payment plan is in place with a resident, amounts are considered to be billed at the time they would have been billed based on the terms of the original lease, not the terms of the payment plan. “Historical average” revenue collections as a percentage of billings refer to revenue collections as a percentage of billings for the period from October 2019 through and including March 2020.

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 2023 Earnings Release and Supplemental Information — page 33

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 $1,000 million revolving credit facility (the “Revolving Facility”) and its $2,500 million term loan facility (the “2020 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in the Company's Amended and Restated Revolving Credit and Term Loan Agreement dated December 8, 2020 (as amended by the First Amendment, dated as of April 18, 2023, the “Credit Agreement”) and its $725 million term loan facility (the “2022 Term Loan Facility” and together with the 2020 Term Loan Facility, the “Term Loan Facilities”), as set forth in the Company's Term Loan Agreement dated June 22, 2022 (the “Term Loan Agreement” and together with the Credit Agreement, 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

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

Q3 2023 Earnings Release and Supplemental Information — page 34

the Company’s Current Report on Form 8-K filed on April 24, 2023 and Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 22, 2022.

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, 2022, 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, and August 2, 2023.

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, 2022, 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 2023 Earnings Release and Supplemental Information — page 35


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

	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022
Total revenues (Total Portfolio)	$	617,695	$	600,372	$	589,890	$	579,836	$	568,675
Management fee revenues	(3,404)		(3,448)		(3,375)		(3,326)		(3,284)
Total portfolio resident recoveries	(36,641)		(32,776)		(31,966)		(32,639)		(31,260)
Total Core Revenues (Total Portfolio)	577,650		564,148		554,549		543,871		534,131
Non-Same Store Core Revenues	(51,734)		(43,581)		(43,238)		(40,922)		(38,062)
Same Store Core Revenues	$	525,916	$	520,567	$	511,311	$	502,949	$	496,069






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

	YTD 2023		YTD 2022
Total revenues (Total Portfolio)	$	1,807,957	$	1,658,285
Management fee revenues	(10,227)		(8,154)
Total portfolio resident recoveries	(101,383)		(89,416)
Total Core Revenues (Total Portfolio)	1,696,347		1,560,715
Non-Same Store Core Revenues	(138,553)		(99,863)
Same Store Core Revenues	$	1,557,794	$	1,460,852


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

	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022
Property operating and maintenance expenses (Total Portfolio)	$	229,488	$	213,808	$	208,497	$	209,615	$	203,787
Total Portfolio resident recoveries	(36,641)		(32,776)		(31,966)		(32,639)		(31,260)
Core Operating Expenses (Total Portfolio)	192,847		181,032		176,531		176,976		172,527
Non-Same Store Core Operating Expenses	(17,486)		(14,445)		(14,242)		(12,407)		(13,456)
Same Store Core Operating Expenses	$	175,361	$	166,587	$	162,289	$	164,569	$	159,071


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

	YTD 2023		YTD 2022
Property operating and maintenance expenses (Total Portfolio)	$	651,793	$	576,736
Total Portfolio resident recoveries	(101,383)		(89,416)
Core Operating Expenses (Total Portfolio)	550,410		487,320
Non-Same Store Core Operating Expenses	(46,173)		(36,025)
Same Store Core Operating Expenses	$	504,237	$	451,295

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

Q3 2023 Earnings Release and Supplemental Information — page 36


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

	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022
Net income available to common stockholders	$	131,637	$	137,698	$	120,071	$	100,426	$	79,032
Net income available to participating securities	181		166		171		146		147
Non-controlling interests	403		418		342		290		250
Interest expense	86,736		78,625		78,047		78,409		76,454
Depreciation and amortization	170,696		165,759		164,673		163,318		160,428
Property management expense	23,399		23,580		23,584		22,770		22,385
General and administrative	22,714		19,791		17,452		16,921		20,123
Impairment and other (1)	2,496		1,868		1,163		5,823		20,004
Gain on sale of property, net of tax	(57,989)		(46,788)		(29,671)		(21,213)		(23,952)
(Gains) losses on investments in equity securities, net	499		(524)		(88)		(61)		796
Other, net (2)	2,533		3,941		1,494		(344)		8,372
Management fee revenues	(3,404)		(3,448)		(3,375)		(3,326)		(3,284)
Losses from investments in unconsolidated joint ventures	4,902		2,030		4,155		3,736		849
NOI (Total Portfolio)	384,803		383,116		378,018		366,895		361,604
Non-Same Store NOI	(34,248)		(29,136)		(28,996)		(28,515)		(24,606)
Same Store NOI	$	350,555	$	353,980	$	349,022	$	338,380	$	336,998


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

	YTD 2023		YTD 2022
Net income available to common stockholders	$	389,406	$	282,242
Net income available to participating securities	518		515
Non-controlling interests	1,163		1,180
Interest expense	243,408		225,683
Depreciation and amortization	501,128		474,796
Property management expense	70,563		65,166
General and administrative	59,957		57,104
Impairment and other	5,527		22,874
Gain on sale of property, net of tax	(134,448)		(69,486)
(Gains) losses on investments in equity securities, net	(113)		4,000
Other, net (2)	7,968		11,605
Management fee revenues	(10,227)		(8,154)
Losses from investments in unconsolidated joint ventures	11,087		5,870
NOI (Total Portfolio)	1,145,937		1,073,395
Non-Same Store NOI	(92,380)		(63,838)
Same Store NOI	$	1,053,557	$	1,009,557

(1)Includes $5.0 million and $19.0 million of net estimated losses and damages related to Hurricanes Nicole and Ian for Q4 2022 and Q3 2022, respectively.

(2)Includes 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 2023 Earnings Release and Supplemental Information — page 37


Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)

	Q3 2023		Q3 2022		YTD 2023		YTD 2022
Net income available to common stockholders	$	131,637	$	79,032	$	389,406	$	282,242
Net income available to participating securities	181		147		518		515
Non-controlling interests	403		250		1,163		1,180
Interest expense	86,736		76,454		243,408		225,683
Interest expense in unconsolidated joint ventures	5,051		(613)		12,774		838
Depreciation and amortization	170,696		160,428		501,128		474,796
Depreciation and amortization of investments in unconsolidated joint ventures	2,690		1,714		7,686		3,466
EBITDA	397,394		317,412		1,156,083		988,720
Gain on sale of property, net of tax	(57,989)		(23,952)		(134,448)		(69,486)
Impairment on depreciated real estate investments	83		101		342		238
Net gain on sale of investments in unconsolidated joint ventures	(554)		(251)		(1,188)		(567)
EBITDAre	338,934		293,310		1,020,789		918,905
Share-based compensation expense	8,929		7,930		21,493		22,565
Severance	392		46		916		253
Casualty losses, net (1)	2,429		19,903		5,214		22,636
(Gains) losses on investments in equity securities, net	499		796		(113)		4,000
Other, net (2)	2,533		8,372		7,968		11,605
Adjusted EBITDAre	$	353,716	$	330,357	$	1,056,267	$	979,964

	Trailing Twelve Months (TTM) Ended
	September 30, 2023		December 31, 2022
Net income available to common stockholders	$	489,832	$	382,668
Net income available to participating securities	664		661
Non-controlling interests	1,453		1,470
Interest expense	321,817		304,092
Interest expense in unconsolidated joint ventures	15,517		3,581
Depreciation and amortization	664,446		638,114
Depreciation and amortization of investments in unconsolidated joint ventures	10,058		5,838
EBITDA	1,503,787		1,336,424
Gain on sale of property, net of tax	(155,661)		(90,699)
Impairment on depreciated real estate investments	414		310
Net gain on sale of investments in unconsolidated joint ventures	(1,486)		(865)
EBITDAre	1,347,054		1,245,170
Share-based compensation expense	27,890		28,962
Severance	977		314
Casualty losses, net (1)	11,063		28,485
(Gains) losses on investments in equity securities, net	(174)		3,939
Other, net (2)	7,624		11,261
Adjusted EBITDAre	$	1,394,434	$	1,318,131

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

(2)Includes 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 2023 Earnings Release and Supplemental Information — page 38


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

	As of			As of
	September 30, 2023			December 31, 2022
Mortgage loans, net	$	1,631,973		$	1,645,795
Secured term loan, net	401,460			401,530
Unsecured notes, net	3,304,082			2,518,185
Term loan facility, net	3,209,725			3,203,567
Revolving facility	—			—
Total Debt per Balance Sheet	8,547,240			7,769,077
Retained and repurchased certificates	(87,937)			(88,564)
Cash, ex-security deposits and letters of credit (1)	(796,829)			(275,989)
Deferred financing costs, net	48,962			51,076
Unamortized discounts on note payable	22,039			13,518
Net Debt (A)	$	7,733,475		$	7,469,118





	For the TTM Ended			For the TTM Ended
	September 30, 2023			December 31, 2022
Adjusted EBITDAre (B)	$	1,394,434		$	1,318,131

Net Debt / TTM Adjusted EBITDAre (A / B)	5.5		x	5.7		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 2023		Q3 2022		YTD 2023		YTD 2022
Amortization of discounts on notes payable	$	532	$	399	$	1,335	$	1,254
Amortization of deferred financing costs	4,131		3,910		12,003		11,105
Change in fair value of interest rate derivatives	1		28		41		63
Amortization of swap fair value at designation	2,340		2,332		6,970		7,072
Company's share from unconsolidated joint ventures	2,557		(2,130)		5,526		(1,987)
Total non-cash interest expense	$	9,561	$	4,539	$	25,875	$	17,507

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

Q3 2023 Earnings Release and Supplemental Information — page 39

Document and Entity Information Document	Oct. 25, 2023
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Oct. 25, 2023
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	1717 Main Street
Entity Address, Address Line Two	Suite 2000
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
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