false000168722900016872292024-07-242024-07-24

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): July 24, 2024
Invitation Homes Inc.
(Exact Name of Registrant as Specified in its charter)
Maryland
001-38004
90-0939055
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
5420 LBJ Freeway, Suite 600
Dallas, Texas 75240
(Address of principal executive offices, including zip code)
(972) 421-3600
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common stock, $0.01 par value
INVH
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02
Results of Operations and Financial Condition.
On July 24, 2024, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended June 30, 2024. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description
Press Release of Invitation Homes Inc. dated July 24, 2024, announcing results for the quarter ended June 30, 2024.
104Cover 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:July 24, 2024




a2024suppcoverq23.jpg

image3.jpg
Table of Contents














Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 2
image3.jpg
Earnings Press Release
Invitation Homes Reports Second Quarter 2024 Results
Dallas, TX, July 24, 2024 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation’s premier single-family home leasing and management company, today announced its Second Quarter 2024 financial and operating results.

Second Quarter 2024 Highlights
•Year over year, total revenues increased 8.8% to $653 million, property operating and maintenance costs increased 9.5% to $234 million, net income available to common stockholders decreased 47.0% to $73 million, inclusive of a $59.5 million accrual for certain legal matters, and net income per diluted common share decreased 47.0% to $0.12.
•Year over year, Core FFO per share increased 7.3% to $0.47 and AFFO per share increased 4.1% to $0.40.
•Same Store NOI increased 3.8% year over year on 4.8% Same Store Core Revenues growth and 7.1% Same Store Core Operating Expenses growth.
•Same Store Bad Debt was 0.8% of gross rental revenue, representing five consecutive quarters of improvement and a year over year improvement of approximately 50 basis points.
•Same Store Average Occupancy was 97.5%, down 10 basis points year over year.
•Same Store renewal rent growth of 5.6% and Same Store new lease rent growth of 3.6% drove Same Store blended rent growth of 5.0%.
•Acquisitions by the Company and the Company's joint ventures totaled 502 homes for approximately $166 million while dispositions totaled 266 homes for approximately $117 million.
•As previously announced on June 3, 2024, the Company entered into contracts during April and May with several of its homebuilder partners to construct over 1,000 newly built homes at a total investment of approximately $274 million. These homes will be located in three of the Company’s core markets of Dallas, Houston, and the Carolinas.
•On May 15, 2024, as previously announced, the Company began providing third-party property and asset management services for a portfolio of approximately 3,000 single-family homes for lease, bringing the Company’s total number of managed-only homes to 17,261 as of June 30, 2024.
•On April 29, 2024, as previously announced, the Company made a $37.5 million investment in Upward America Venture LP (the “Upward America JV”), representing a 7.2% ownership interest in a portfolio of approximately 3,700 single-family homes for lease. The Company also expects to provide property and asset management services to those homes and an additional 700 homes beginning in the third quarter of 2024.
•On April 29, 2024, as previously announced, the Company’s issuer and issue-level credit ratings were upgraded by Moody’s Investors Service to ‘Baa2’ from ‘Baa3’ with a Stable outlook.

Comments from Chief Executive Officer Dallas Tanner
“We’re pleased to announce our second quarter 2024 financial and operating results, which demonstrate the solid performance of our teams and the satisfaction and loyalty of our residents. Millions of families across America rely on the convenience and flexibility of leasing a single-family home, and we’re proud to be the premier choice among many available options. Through our best-in-class operating platform, Genuine Care for our residents, and our strategic approach to growth — including our burgeoning third-party management business and our valuable homebuilder relationships that are developing needed new housing communities — we believe we remain well positioned to continue our industry-leading occupancy, strong growth, and unwavering commitment to further elevating the resident experience.

“As a result of our performance during the first half of this year, and our expectations looking forward, we have raised the midpoint of our full year 2024 Core FFO per share guidance by $0.01 to $1.87.”


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 3
image3.jpg
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.

Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q2 2024Q2 2023YTD 2024YTD 2023
Net income$0.12 $0.22 $0.35 $0.42 
FFO0.34 0.42 0.77 0.83 
Core FFO0.47 0.44 0.94 0.88 
AFFO0.40 0.38 0.81 0.76 
Net Income
Net income per common share — diluted for Q2 2024 was $0.12, compared to net income per common share — diluted of $0.22 for Q2 2023. Total revenues and total property operating and maintenance expenses for Q2 2024 were $653 million and $234 million, respectively, compared to $600 million and $214 million, respectively, for Q2 2023.
Net income per common share — diluted for YTD 2024 was $0.35, compared to net income per share — diluted of $0.42 for YTD 2023. Total revenues and total property operating and maintenance expenses for YTD 2024 were $1,299 million and $465 million, respectively, compared to $1,190 million and $422 million, respectively, for YTD 2023.
Core FFO
Year over year, Core FFO per share for Q2 2024 increased 7.3% to $0.47, while Core FFO per share for YTD 2024 increased 6.5% to $0.94, primarily due to NOI growth.

AFFO
Year over year, AFFO per share for Q2 2024 increased 4.1% to $0.40, while AFFO per share for YTD 2024 increased 5.4% to $0.81, primarily due to the increase in Core FFO per share described above.

Operating Results
Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:77,994 
Q2 2024Q2 2023YTD 2024YTD 2023
Core Revenues growth (year over year)4.8 %5.3 %
Core Operating Expenses growth (year over year)7.1 %7.1 %
NOI growth (year over year)3.8 %4.5 %
Average Occupancy97.5 %97.6 %97.7 %97.7 %
Bad Debt % of gross rental revenue0.8 %1.3 %0.9 %1.5 %
Turnover Rate6.3 %6.8 %11.4 %12.0 %
Rental Rate Growth (lease-over-lease):
Renewals 5.6 %6.8 %5.7 %7.3 %
New Leases 3.6 %6.7 %2.3 %6.0 %
Blended 5.0 %6.8 %4.7 %6.9 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 4
image3.jpg
Same Store NOI
For the Same Store Portfolio of 77,994 homes, Same Store NOI for Q2 2024 increased 3.8% year over year on Same Store Core Revenues growth of 4.8% and Same Store Core Operating Expenses growth of 7.1%.

YTD 2024 Same Store NOI increased 4.5% year over year on Same Store Core Revenues growth of 5.3% and Same Store Core Operating Expenses growth of 7.1%.

Same Store Core Revenues
Same Store Core Revenues growth for Q2 2024 of 4.8% year over year was primarily driven by a 4.2% increase in Average Monthly Rent, a 50 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 9.6% increase in other income, net of resident recoveries, partially offset by a 10 basis point year over year decline in Average Occupancy.

YTD 2024 Same Store Core Revenues growth of 5.3% year over year was primarily driven by a 4.4% increase in Average Monthly Rent, a 60 basis point year over year decrease in Bad Debt as a percentage of gross rental revenue, and a 12.8% increase in other income, net of resident recoveries.

Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q2 2024 increased 7.1% year over year, primarily attributable to an 8.3% increase in fixed expenses and a 4.8% increase in controllable expenses. The 8.3% increase in fixed expenses was primarily attributable to property taxes expense, which for Q2 2024 increased 10.3% year over year. As previously disclosed, due to the underaccrual of property taxes expense in the first three quarters of 2023, and the associated catch up in Q4 2023, the Company expects property taxes expense growth for the first three quarters of 2024 to be elevated, prior to a partial offset in Q4 2024 resulting in the Company’s expected guidance range for FY 2024 property taxes expense growth.

YTD 2024 Same Store Core Operating Expenses increased 7.1% year over year, primarily driven by a 10.0% increase in fixed expenses and a 1.8% increase in controllable expenses.

Investment and Property Management Activity
Acquisitions for Q2 2024 included 445 wholly owned homes for approximately $146 million and 57 homes for approximately $19 million in the Company's joint ventures. Dispositions for Q2 2024 included 250 wholly owned homes for gross proceeds of approximately $111 million and 16 homes for gross proceeds of approximately $6 million in the Company's joint ventures.

Year to date through Q2 2024, the Company acquired 700 wholly owned homes for $238 million and 73 homes for $25 million in the Company's joint ventures. The company also sold 627 wholly owned homes for $259 million and 36 homes for $15 million in the Company's joint ventures.

As previously announced on June 3, 2024, the Company entered into contracts during April and May with several of its homebuilder partners to construct over 1,000 newly built homes at a total investment of approximately $274 million. These homes will be located in three of the Company’s core markets of Dallas, Houston, and the Carolinas.

On May 15, 2024, as previously announced, the Company began providing third-party property and asset management services for a portfolio of approximately 3,000 homes, bringing the Company’s total number of managed-only homes to 17,261 as of June 30, 2024.

On April 29, 2024, as previously announced, the Company made a $37.5 million investment in the Upward America JV, representing a 7.2% ownership interest in a portfolio of approximately 3,700 single-family homes for lease. The Company also expects to provide property and asset management services to those homes and an additional 700 homes beginning in the third quarter of 2024.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 5
image3.jpg
A summary of the Company’s owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed As Of 6/30/2024
Number of Homes Owned and/or Managed as of 3/31/2024 Acquired or Added In
Q2 2024		Disposed or Subtracted In Q2 2024Number of Homes Owned and/or Managed as of 6/30/2024
Wholly owned homes84,445445(250)84,640
Joint venture owned homes3,8443,777(16)7,605
Managed-only homes 14,2782,986(3)17,261
Total homes owned and/or managed102,5677,208(269)109,506

Balance Sheet and Capital Markets Activity
As of June 30, 2024, the Company had $1,749 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 June 30, 2024 was $8,602 million, consisting of $6,575 million of unsecured debt and $2,027 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.3x at June 30, 2024, down from 5.5x as of December 31, 2023. The Company has no debt reaching final maturity until 2026, and in addition, 99.5% of its total debt was fixed rate or swapped to fixed rate and 83.6% of its wholly owned homes were unencumbered as of June 30, 2024. As previously announced on April 29, 2024, the Company’s issuer and issue-level credit ratings were upgraded by Moody’s Investors Service to ‘Baa2’ from ‘Baa3’ with a Stable outlook.

FY 2024 Guidance Details
The Company has revised its full year 2024 guidance expectations that were originally provided in February 2024 and reaffirmed in April 2024, as outlined in the following table:
FY 2024 Guidance
FY 2024 Current Guidance RangeFY 2024 Midpoint
CurrentPriorChange
Core FFO per share — diluted$1.84 to $1.90$1.87$1.86$0.01
AFFO per share — diluted$1.55 to $1.61$1.58$1.58$ —
Same Store Core Revenues growth (1)
4.50% to 5.25%4.875%5.0%(0.125)%
Same Store Core Operating Expenses growth (2)
5.25% to 6.25%5.75%6.25%(0.5)%
Same Store NOI growth3.75% to 5.25%4.5%4.5%—%
Wholly owned acquisitions$600 million to $1,000 million$800 million$800 million$ —
JV acquisitions$100 million to $300 million$200 million$200 million$ —
Wholly owned dispositions$400 million to $600 million$500 million$500 million$ —
(1)Guidance assumes FY 2024 Average Occupancy is similar to FY 2023 Average Occupancy. Guidance assumes average Bad Debt for FY 2024 in a range of 65 to 95 basis points.
(2)Guidance assumes FY 2024 property taxes expense growth in a range of 8.0% to 9.5% year over year and FY 2024 insurance expense growth of approximately 7.5% year over year.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 6
image3.jpg
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.

Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on July 25, 2024, to review second quarter of 2024 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

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

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

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






Investor Relations ContactMedia Relations Contact
Scott McLaughlinKristi DesJarlais
844.456.INVH (4684)972.421.3587
IR@InvitationHomes.comMedia@InvitationHomes.com


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 7
image3.jpg
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, development and use of artificial intelligence, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation 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, 2023 (the “Annual Report”), as such factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 8
image3.jpg

Consolidated Balance Sheets
($ in thousands, except shares and per share data)
June 30, 2024December 31, 2023
(unaudited)
Assets:
Investments in single-family residential properties, net$17,164,808 $17,289,214 
Cash and cash equivalents749,398 700,618 
Restricted cash213,780 196,866 
Goodwill258,207 258,207 
Investments in unconsolidated joint ventures268,808 247,166 
Other assets, net584,442 528,896 
Total assets$19,239,443 $19,220,967 
Liabilities:
Mortgage loans, net$1,617,967 $1,627,256 
Secured term loan, net401,540 401,515 
Unsecured notes, net3,308,276 3,305,467 
Term loan facilities, net3,215,993 3,211,814 
Revolving facility— — 
Accounts payable and accrued expenses354,307 200,590 
Resident security deposits179,833 180,455 
Other liabilities94,818 103,435 
Total liabilities9,172,734 9,030,532 
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2024 and December 31, 2023— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 612,594,044 and 611,958,239 outstanding as of June 30, 2024 and December 31, 2023, respectively6,126 6,120 
Additional paid-in capital11,159,835 11,156,736 
Accumulated deficit(1,198,481)(1,070,586)
Accumulated other comprehensive income63,981 63,701 
Total stockholders’ equity
10,031,461 10,155,971 
Non-controlling interests35,248 34,464 
Total equity10,066,709 10,190,435 
Total liabilities and equity$19,239,443 $19,220,967 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 9
image3.jpg

Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q2 2024Q2 2023YTD 2024YTD 2023
(unaudited)(unaudited)(unaudited)
Revenues:
Rental revenues$576,865 $543,185 $1,148,295 $1,078,402 
Other property income60,610 53,739 121,277 105,037 
Management fee revenues15,976 3,448 29,918 6,823 
Total revenues653,451 600,372 1,299,490 1,190,262 
Expenses:
Property operating and maintenance234,184 213,808 464,581 422,305 
Property management expense32,633 23,580 63,870 47,164 
General and administrative21,498 19,791 44,946 37,243 
Interest expense90,007 78,625 179,852 156,672 
Depreciation and amortization176,622 165,759 351,935 330,432 
Impairment and other10,353 1,868 14,490 3,031 
Total expenses 565,297 503,431 1,119,674 996,847 
Gains on investments in equity and other securities, net1,504 524 1,295 612 
Other, net(54,012)(3,941)(48,039)(5,435)
Gain on sale of property, net of tax43,267 46,788 93,765 76,459 
Losses from investments in unconsolidated joint ventures(5,482)(2,030)(10,620)(6,185)
Net income73,431 138,282 216,217 258,866 
Net income attributable to non-controlling interests(243)(418)(679)(760)
Net income attributable to common stockholders73,188 137,864 215,538 258,106 
Net income available to participating securities(207)(166)(399)(337)
Net income available to common stockholders — basic and diluted$72,981 $137,698 $215,139 $257,769 
Weighted average common shares outstanding — basic612,628,758 611,954,347 612,424,139 611,772,406 
Weighted average common shares outstanding — diluted613,823,339 613,316,499 613,815,253 612,941,399 
Net income per common share — basic$0.12 $0.23 $0.35 $0.42 
Net income per common share — diluted$0.12 $0.22 $0.35 $0.42 
Dividends declared per common share$0.28 $0.26 $0.56 $0.52 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 10
image3.jpg
Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO ReconciliationQ2 2024Q2 2023YTD 2024YTD 2023
Net income available to common stockholders$72,981 $137,698 $215,139 $257,769 
Net income available to participating securities
207 166 399 337 
Non-controlling interests
243 418 679 760 
Depreciation and amortization on real estate assets
173,319 163,022 345,237 325,106 
Impairment on depreciated real estate investments
— 81 60 259 
Net gain on sale of previously depreciated investments in real estate(43,267)(46,788)(93,765)(76,459)
Depreciation and net gain on sale of investments in unconsolidated joint ventures3,497 2,193 6,016 4,314 
FFO$206,980 $256,790 $473,765 $512,086 
Core FFO ReconciliationQ2 2024Q2 2023YTD 2024YTD 2023
FFO$206,980 $256,790 $473,765 $512,086 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
8,905 7,182 18,122 16,314 
Share-based compensation expense7,492 6,066 15,392 12,564 
Legal settlements (2)
59,500 — 59,500 — 
Severance expense89 371 179 524 
Casualty losses, net (1)
10,363 1,797 14,445 2,785 
Gains on investments in equity and other securities, net(1,504)(524)(1,295)(612)
Core FFO$291,825 $271,682 $580,108 $543,661 
AFFO ReconciliationQ2 2024Q2 2023YTD 2024YTD 2023
Core FFO$291,825 $271,682 $580,108 $543,661 
Recurring capital expenditures (1)
(46,635)(36,400)(83,757)(73,693)
AFFO$245,190 $235,282 $496,351 $469,968 
Net income available to common stockholders
Weighted average common shares outstanding — diluted613,823,339 613,316,499 613,815,253 612,941,399 
Net income per common share — diluted$0.12 $0.22 $0.35 $0.42 
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted616,061,403 615,384,953 616,024,305 614,961,840 
FFO per share — diluted$0.34 $0.42 $0.77 $0.83 
Core FFO per share — diluted$0.47 $0.44 $0.94 $0.88 
AFFO per share — diluted $0.40 $0.38 $0.81 $0.76 
(1)Includes the Company's share from unconsolidated joint ventures.
(2)Represents the Company’s accrued liability, as of June 30, 2024, for certain legal matters and, specifically, includes a $22 million accrual for the legal settlement that resolved the Company’s California qui tam dispute, inclusive of associated costs, as well as a $37.5 million accrual relating to the previously disclosed inquiry from the Federal Trade Commission, which remains ongoing.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 11
image3.jpg
Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net IncomeQ2 2024Q2 2023YTD 2024YTD 2023
Common shares — basic612,628,758 611,954,347 612,424,139 611,772,406 
Shares potentially issuable from vesting/conversion of equity-based awards1,194,581 1,362,152 1,391,114 1,168,993 
Total common shares — diluted613,823,339 613,316,499 613,815,253 612,941,399 
Weighted average amounts for FFO, Core FFO, and AFFOQ2 2024Q2 2023YTD 2024YTD 2023
Common shares — basic612,628,758 611,954,347 612,424,139 611,772,406 
OP units — basic1,984,943 1,863,192 1,929,142 1,801,329 
Shares potentially issuable from vesting/conversion of equity-based awards1,447,702 1,567,414 1,671,024 1,388,105 
Total common shares and units — diluted616,061,403 615,384,953 616,024,305 614,961,840 
Period end amounts for Core FFO and AFFOJune 30, 2024
Common shares612,594,044 
OP units1,979,009 
Shares potentially issuable from vesting/conversion of equity-based awards1,708,693 
Total common shares and units — diluted
616,281,746 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 12
image3.jpg
Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of June 30, 2024
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$1,393,521 16.2 %4.0 %4.1 
Floating — swapped to fixed633,894 7.4 %4.2 %1.5 
Floating— — %— %— 
Total secured2,027,415 23.6 %4.1 %3.3 
Unsecured:
Fixed3,350,000 38.9 %3.4 %7.2 
Floating — swapped to fixed3,186,106 37.0 %4.0 %2.3 
Floating38,894 0.5 %6.7 %5.0 
Total unsecured6,575,000 76.4 %3.7 %4.8 
Total Debt:
Fixed + floating swapped to fixed (3)
8,563,521 99.5 %3.8 %4.5 
Floating38,894 0.5 %6.7 %5.0 
Total debt8,602,415 100.0 %3.8 %4.5 
Discount/amortization on Note Payable(20,059)
Deferred financing costs, net(38,580)
Total debt per Balance Sheet8,543,776 
Retained and repurchased certificates(87,262)
Cash, ex-security deposits and letters of credit (4)
(777,483)
Deferred financing costs, net38,580 
Unamortized discount on note payable20,059 
Net debt$7,737,670 
Leverage RatiosJune 30, 2024
Net Debt / TTM Adjusted EBITDAre
5.3 x
Credit RatingsRatingsOutlook
Fitch RatingsBBBPositive
Moody's Investors ServiceBaa2Stable
S&P Global Ratings BBBStable
Unsecured Facilities Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
ActualRequirementActualRequirement
Total leverage ratio29.5 %≤ 60%Aggregate debt ratio36.4 %≤ 65%
Secured leverage ratio5.9 %≤ 45%Secured debt ratio8.3 %≤ 40%
Unencumbered leverage ratio28.6 %≤ 60%Unencumbered assets ratio303.5 %   ≥ 150%
Fixed charge coverage ratio4.2 x≥ 1.5xDebt service ratio4.4x≥ 1.5x
Unsecured interest coverage ratio5.3 x  ≥ 1.75x

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 13
image3.jpg
Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of June 30, 2024. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.
(2)Assumes all extension options are exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(5)Covenant calculations are specifically defined in the Company's Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the “Glossary and Reconciliations” section below. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
(6)Covenant calculations are specifically defined in the Company's Supplemental Indentures to the Base Indenture for its Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 14
image3.jpg
Supplemental Schedule 2(c)

Debt Maturity Schedule — As of June 30, 2024
($ in thousands) (unaudited)
Revolving
SecuredUnsecuredCredit% of
Debt Maturities, with Extensions (1)
DebtDebtFacilityBalanceTotal
2024$— $— $— $— — %
2025— — — — — %
2026633,894 2,500,000 — 3,133,894 36.4 %
2027990,475 — — 990,475 11.5 %
2028— 750,000 — 750,000 8.7 %
2029— 725,000 — 725,000 8.4 %
2030— 450,000 — 450,000 5.2 %
2031403,046 650,000 — 1,053,046 12.3 %
2032— 600,000 — 600,000 7.0 %
2033— 350,000 — 350,000 4.1 %
2034— 400,000 — 400,000 4.7 %
2035— — — — — %
2036— 150,000 — 150,000 1.7 %
2,027,415 6,575,000 — 8,602,415 100.0 %
Unamortized discount on note payable(1,056)(19,003)— (20,059)
Deferred financing costs, net(6,852)(31,728)— (38,580)
Total per Balance Sheet$2,019,507 $6,524,269 $— $8,543,776 
.
(1)Assumes all extension options are exercised.













Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 15
image3.jpg
Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-endQ2 2024
Total Portfolio84,640 
Same Store Portfolio77,994 
Same Store % of Total92.1 %
Core RevenuesQ2 2024Q2 2023Change YoYYTD 2024YTD 2023Change YoY
Total Portfolio$600,373 $564,148 6.4 %$1,194,675 $1,118,697 6.8 %
Same Store Portfolio561,082 535,218 4.8 %1,117,526 1,060,919 5.3 %
Core Operating ExpensesQ2 2024Q2 2023Change YoYYTD 2024YTD 2023Change YoY
Total Portfolio$197,082 $181,032 8.9 %$389,684 $357,563 9.0 %
Same Store Portfolio181,909 169,920 7.1 %358,971 335,282 7.1 %
Net Operating IncomeQ2 2024Q2 2023Change YoYYTD 2024YTD 2023Change YoY
Total Portfolio$403,291 $383,116 5.3 %$804,991 $761,134 5.8 %
Same Store Portfolio379,173 365,298 3.8 %758,555 725,637 4.5 %




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 16
image3.jpg
Supplemental Schedule 3(b)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
ChangeChangeChange
Q2 2024Q2 2023YoYQ1 2024SeqYTD 2024YTD 2023YoY
Revenues:
Rental revenues (1)
$539,383 $515,414 4.7 %$535,271 0.8 %$1,074,654 $1,022,900 5.1 %
Other property income, net (1)(2)
21,699 19,804 9.6 %21,173 2.5 %42,872 38,019 12.8 %
Core Revenues561,082 535,218 4.8 %556,444 0.8 %1,117,526 1,060,919 5.3 %
Fixed Expenses:
Property taxes (3)
96,672 87,675 10.3 %97,778 (1.1)%194,450 175,320 10.9 %
Insurance expenses10,871 10,469 3.8 %10,176 6.8 %21,047 19,715 6.8 %
HOA expenses10,090 10,470 (3.6)%11,258 (10.4)%21,348 20,266 5.3 %
     Total Fixed Expenses117,633 108,614 8.3 %119,212 (1.3)%236,845 215,301 10.0 %
Controllable Expenses:
Repairs and maintenance, net (4)
26,915 21,660 24.3 %21,177 27.1 %48,092 43,299 11.1 %
Personnel, leasing and marketing21,410 22,370 (4.3)%21,885 (2.2)%43,295 44,336 (2.3)%
Turnover, net (4)
10,265 11,513 (10.8)%8,715 17.8 %18,980 20,571 (7.7)%
Utilities and property administrative, net (4)
5,686 5,763 (1.3)%6,073 (6.4)%11,759 11,775 (0.1)%
     Total Controllable Expenses64,276 61,306 4.8 %57,850 11.1 %122,126 119,981 1.8 %
Core Operating Expenses181,909 169,920 7.1 %177,062 2.7 %358,971 335,282 7.1 %
Net Operating Income$379,173 $365,298 3.8 %$379,382 (0.1)%$758,555 $725,637 4.5 %
(1)All rental revenues and other property income are reflected net of Bad Debt, which as a percentage of gross rental revenue, improved by 50 basis points from Q2 2023 to Q2 2024.
(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $34,389, $31,062, $34,840, $69,230, and $61,389 for Q2 2024, Q2 2023, Q1 2024, YTD 2024, and YTD 2023, respectively.
(3)As previously disclosed, due to the underaccrual of property taxes expense in the first three quarters of 2023, and the associated catch up in Q4 2023, the Company expects property taxes expense growth for the first three quarters of 2024 to be elevated, prior to a partial offset in Q4 2024 resulting in the Company’s expected guidance range for FY 2024 property taxes expense growth.
(4)These expenses are presented net of applicable resident recoveries.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 17
image3.jpg
Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023
Average Occupancy97.5 %97.8 %97.2 %97.0 %97.6 %
Turnover Rate6.3 %5.1 %5.5 %6.8 %6.8 %
Trailing four quarters Turnover Rate23.7 %24.2 %24.2 %N/AN/A
Average Monthly Rent$2,386 $2,362 $2,348 $2,323 $2,290 
Rental Rate Growth (lease-over-lease):
Renewals5.6 %5.8 %6.7 %6.4 %6.8 %
New leases3.6 %0.8 %(0.4)%4.6 %6.7 %
Blended5.0 %4.4 %4.3 %5.9 %6.8 %





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 18
image3.jpg
Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2024 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California7,446 96.9 %$3,069 $1.80 11.1 %
Northern California4,258 97.9 %2,714 1.72 5.8 %
Seattle4,012 98.0 %2,855 1.49 5.8 %
Phoenix9,243 97.5 %2,048 1.21 9.8 %
Las Vegas3,415 97.3 %2,181 1.11 3.8 %
Denver2,569 97.9 %2,525 1.37 3.3 %
Western US Subtotal30,943 97.5 %2,544 1.45 39.6 %
Florida:
South Florida8,269 96.9 %3,004 1.61 12.2 %
Tampa9,302 95.0 %2,287 1.21 10.6 %
Orlando6,774 96.5 %2,228 1.19 7.6 %
Jacksonville1,995 97.3 %2,171 1.09 2.2 %
Florida Subtotal26,340 96.2 %2,489 1.32 32.6 %
Southeast United States:
Atlanta12,712 95.7 %2,020 0.98 12.5 %
Carolinas5,633 96.0 %2,038 0.96 5.6 %
Southeast US Subtotal18,345 95.8 %2,025 0.97 18.1 %
Texas:
Houston2,331 95.7 %1,911 0.96 2.2 %
Dallas3,037 95.9 %2,242 1.09 3.4 %
Texas Subtotal5,368 95.8 %2,097 1.03 5.6 %
Midwest United States:
Chicago2,484 97.3 %2,369 1.48 2.8 %
Minneapolis1,066 96.8 %2,296 1.17 1.2 %
Midwest US Subtotal3,550 97.1 %2,347 1.37 4.0 %
Other (2):
94 49.5 %2,528 1.20 0.1 %
Total / Average84,640 96.6 %$2,379 $1.26 100.0 %
Same Store Total / Average77,994 97.5 %$2,386 $1.27 93.4 %
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)Represents homes located outside of the Company's 16 core markets; as of June 30, 2024, these include 68 homes located in Nashville, and 26 homes located in other markets that are generally being held for sale.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 19
image3.jpg
Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, Q2 2024# HomesQ2 2024Q2 2023ChangeQ2 2024Q2 2023ChangeQ2 2024Q2 2023Change
Western United States:
Southern California7,175 $3,072 $2,942 4.4 %98.1 %97.8 %0.3 %$65,843 $61,440 7.2 %
Northern California4,036 2,711 2,626 3.2 %98.3 %97.6 %0.7 %32,971 31,390 5.0 %
Seattle3,812 2,867 2,767 3.6 %98.3 %98.1 %0.2 %33,059 31,465 5.1 %
Phoenix8,465 2,035 1,965 3.6 %97.7 %97.6 %0.1 %52,925 51,062 3.6 %
Las Vegas2,939 2,184 2,147 1.7 %97.7 %96.6 %1.1 %19,601 18,713 4.7 %
Denver2,332 2,539  2,468 2.9 %98.4 %98.2 %0.2 %18,178 17,540 3.6 %
Western US Subtotal28,759 2,556 2,468 3.6 %98.0 %97.7 %0.3 %222,577 211,610 5.2 %
Florida:
South Florida7,864 3,018 2,848 6.0 %97.4 %97.9 %(0.5)%71,237 67,538 5.5 %
Tampa8,187 2,282 2,182 4.6 %97.2 %97.6 %(0.4)%56,814 54,443 4.4 %
Orlando6,242 2,227 2,132 4.5 %97.2 %97.9 %(0.7)%42,384 40,823 3.8 %
Jacksonville1,907 2,163 2,103 2.9 %97.6 %97.2 %0.4 %12,620 12,213 3.3 %
Florida Subtotal24,200 2,498 2,380 5.0 %97.3 %97.7 %(0.4)%183,055 175,017 4.6 %
Southeast United States:
Atlanta11,934 2,015 1,927 4.6 %96.8 %97.0 %(0.2)%71,304 67,718 5.3 %
Carolinas5,206 2,036 1,958 4.0 %97.5 %97.6 %(0.1)%32,086 30,568 5.0 %
Southeast US Subtotal17,140 2,022 1,937 4.4 %97.0 %97.2 %(0.2)%103,390 98,286 5.2 %
Texas:
Houston1,842 1,871 1,811 3.3 %97.5 %97.4 %0.1 %10,482 10,198 2.8 %
Dallas2,523 2,248 2,172 3.5 %97.3 %97.0 %0.3 %17,195 16,586 3.7 %
Texas Subtotal4,365 2,089 2,020 3.4 %97.4 %97.2 %0.2 %27,677 26,784 3.3 %
Midwest United States:
Chicago2,470 2,369 2,271 4.3 %97.6 %98.0 %(0.4)%17,069 16,356 4.4 %
Minneapolis1,060 2,297 2,225 3.2 %97.2 %97.6 %(0.4)%7,314 7,165 2.1 %
Midwest US Subtotal3,530 2,347 2,257 4.0 %97.4 %97.8 %(0.4)%24,383 23,521 3.7 %
Total / Average77,994 $2,386 $2,290 4.2 %97.5 %97.6 %(0.1)%$561,082 $535,218 4.8 %


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 20
image3.jpg
Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
Seq, Q2 2024# HomesQ2 2024Q1 2024ChangeQ2 2024Q1 2024ChangeQ2 2024Q1 2024Change
Western United States:
Southern California7,175 $3,072 $3,050 0.7 %98.1 %98.3 %(0.2)%$65,843 $65,188 1.0 %
Northern California4,036 2,711 2,684 1.0 %98.3 %98.3 %— %32,971 32,527 1.4 %
Seattle3,812 2,867 2,836 1.1 %98.3 %98.3 %— %33,059 32,576 1.5 %
Phoenix8,465 2,035 2,021 0.7 %97.7 %98.0 %(0.3)%52,925 52,717 0.4 %
Las Vegas2,939 2,184 2,175 0.4 %97.7 %97.9 %(0.2)%19,601 19,499 0.5 %
Denver2,332 2,539 2,521 0.7 %98.4 %98.2 %0.2 %18,178 17,971 1.2 %
Western US Subtotal28,759 2,556 2,536 0.8 %98.0 %98.1 %(0.1)%222,577 220,478 1.0 %
Florida:
South Florida7,864 3,018 2,977 1.4 %97.4 %97.5 %(0.1)%71,237 70,491 1.1 %
Tampa8,187 2,282 2,258 1.1 %97.2 %97.6 %(0.4)%56,814 56,521 0.5 %
Orlando6,242 2,227 2,204 1.0 %97.2 %97.5 %(0.3)%42,384 41,967 1.0 %
Jacksonville1,907 2,163 2,145 0.8 %97.6 %97.7 %(0.1)%12,620 12,529 0.7 %
Florida Subtotal24,200 2,498 2,469 1.2 %97.3 %97.6 %(0.3)%183,055 181,508 0.9 %
Southeast United States:
Atlanta11,934 2,015 1,996 1.0 %96.8 %97.5 %(0.7)%71,304 70,882 0.6 %
Carolinas5,206 2,036 2,016 1.0 %97.5 %97.9 %(0.4)%32,086 31,671 1.3 %
Southeast US Subtotal17,140 2,022 2,002 1.0 %97.0 %97.6 %(0.6)%103,390 102,553 0.8 %
Texas:
Houston1,842 1,871 1,851 1.1 %97.5 %97.7 %(0.2)%10,482 10,433 0.5 %
Dallas2,523 2,248 2,229 0.9 %97.3 %97.7 %(0.4)%17,195 17,120 0.4 %
Texas Subtotal4,365 2,089 2,069 1.0 %97.4 %97.7 %(0.3)%27,677 27,553 0.5 %
Midwest United States:
Chicago2,470 2,369 2,342 1.2 %97.6 %98.1 %(0.5)%17,069 17,089 (0.1)%
Minneapolis1,060 2,297 2,280 0.7 %97.2 %97.0 %0.2 %7,314 7,263 0.7 %
Midwest US Subtotal3,530 2,347 2,323 1.0 %97.4 %97.7 %(0.3)%24,383 24,352 0.1 %
Total / Average77,994 $2,386 $2,362 1.0 %97.5 %97.8 %(0.3)%$561,082 $556,444 0.8 %


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 21
image3.jpg
Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — YTD
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, YTD 2024# HomesYTD 2024YTD 2023ChangeYTD 2024YTD 2023ChangeYTD 2024YTD 2023Change
Western United States:
Southern California7,175 $3,061 $2,928 4.5 %98.2 %98.0 %0.2 %$131,031 $121,417 7.9 %
Northern California4,036 2,697 2,617 3.1 %98.3 %97.8 %0.5 %65,498 62,274 5.2 %
Seattle3,812 2,852 2,752 3.6 %98.3 %97.7 %0.6 %65,635 62,211 5.5 %
Phoenix8,465 2,028 1,951 3.9 %97.9 %97.8 %0.1 %105,642 101,443 4.1 %
Las Vegas2,939 2,180 2,140 1.9 %97.8 %96.6 %1.2 %39,100 36,900 6.0 %
Denver2,332 2,530 2,453 3.1 %98.3 %97.8 %0.5 %36,149 34,841 3.8 %
Western US Subtotal28,759 2,546 2,455 3.7 %98.1 %97.7 %0.4 %443,055 443055419,086 5.7 %
Florida:
South Florida7,864 2,997 2,821 6.2 %97.5 %97.9 %(0.4)%141,728 133,642 6.1 %
Tampa8,187 2,270 2,167 4.8 %97.4 %97.7 %(0.3)%113,335 108,072 4.9 %
Orlando6,242 2,216 2,116 4.7 %97.3 %98.0 %(0.7)%84,351 81,141 4.0 %
Jacksonville1,907 2,154 2,089 3.1 %97.6 %97.5 %0.1 %25,149 24,286 3.6 %
Florida Subtotal24,200 2,483 2,360 5.2 %97.4 %97.9 %(0.5)%364,563 347,141 5.0 %
Southeast United States:
Atlanta11,934 2,006 1,915 4.8 %97.1 %97.2 %(0.1)%142,186 134,210 5.9 %
Carolinas5,206 2,026 1,945 4.2 %97.7 %97.9 %(0.2)%63,757 60,714 5.0 %
Southeast US Subtotal17,140 2,012 1,924 4.6 %97.3 %97.4 %(0.1)%205,943 194,924 5.7 %
Texas:
Houston1,842 1,861 1,802 3.3 %97.6 %97.3 %0.3 %20,915 20,162 3.7 %
Dallas2,523 2,238 2,158 3.7 %97.5 %97.4 %0.1 %34,315 32,991 4.0 %
Texas Subtotal4,365 2,079 2,008 3.5 %97.5 %97.4 %0.1 %55,230 53,153 3.9 %
Midwest United States:
Chicago2,470 2,355 2,259 4.2 %97.8 %98.0 %(0.2)%34,158 32,470 5.2 %
Minneapolis1,060 2,289 2,213 3.4 %97.1 %97.1 %— %14,577 14,145 3.1 %
Midwest US Subtotal3,530 2,335 2,245 4.0 %97.6 %97.7 %(0.1)%48,735 46,615 4.5 %
Total / Average77,994 $2,374 $2,275 4.4 %97.7 %97.7 %— %$1,117,526 $1,060,919 5.3 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 22
image3.jpg
Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, Q2 2024Q2 2024Q2 2023ChangeQ2 2024Q2 2023ChangeQ2 2024Q2 2023ChangeQ2 2024Q2 2023
Western United States:
Southern California$65,843 $61,440 7.2 %$18,721 $17,766 5.4 %$47,122 $43,674 7.9 %71.6 %71.1 %
Northern California32,971 31,390 5.0 %8,956 8,382 6.8 %24,015 23,008 4.4 %72.8 %73.3 %
Seattle33,059 31,465 5.1 %8,413 8,296 1.4 %24,646 23,169 6.4 %74.6 %73.6 %
Phoenix52,925 51,062 3.6 %10,254 9,797 4.7 %42,671 41,265 3.4 %80.6 %80.8 %
Las Vegas19,601 18,713 4.7 %4,400 4,390 0.2 %15,201 14,323 6.1 %77.6 %76.5 %
Denver18,178 17,540 3.6 %3,560 3,406 4.5 %14,618 14,134 3.4 %80.4 %80.6 %
Western US Subtotal222,577 211,610 5.2 %54,304 52,037 4.4 %168,273 159,573 5.5 %75.6 %75.4 %
Florida:
South Florida71,237 67,538 5.5 %28,776 25,635 12.3 %42,461 41,903 1.3 %59.6 %62.0 %
Tampa56,814 54,443 4.4 %22,026 20,736 6.2 %34,788 33,707 3.2 %61.2 %61.9 %
Orlando42,384 40,823 3.8 %15,820 13,917 13.7 %26,564 26,906 (1.3)%62.7 %65.9 %
Jacksonville12,620 12,213 3.3 %4,745 4,355 9.0 %7,875 7,858 0.2 %62.4 %64.3 %
Florida Subtotal183,055 175,017 4.6 %71,367 64,643 10.4 %111,688 110,374 1.2 %61.0 %63.1 %
Southeast United States:
Atlanta71,304 67,718 5.3 %24,775 23,557 5.2 %46,529 44,161 5.4 %65.3 %65.2 %
Carolinas32,086 30,568 5.0 %9,029 8,106 11.4 %23,057 22,462 2.6 %71.9 %73.5 %
Southeast US Subtotal103,390 98,286 5.2 %33,804 31,663 6.8 %69,586 66,623 4.4 %67.3 %67.8 %
Texas:
Houston10,482 10,198 2.8 %5,117 4,957 3.2 %5,365 5,241 2.4 %51.2 %51.4 %
Dallas17,195 16,586 3.7 %7,093 6,803 4.3 %10,102 9,783 3.3 %58.8 %59.0 %
Texas Subtotal27,677 26,784 3.3 %12,210 11,760 3.8 %15,467 15,024 2.9 %55.9 %56.1 %
Midwest United States:
Chicago17,069 16,356 4.4 %7,591 7,362 3.1 %9,478 8,994 5.4 %55.5 %55.0 %
Minneapolis7,314 7,165 2.1 %2,633 2,455 7.3 %4,681 4,710 (0.6)%64.0 %65.7 %
Midwest US Subtotal24,383 23,521 3.7 %10,224 9,817 4.1 %14,159 13,704 3.3 %58.1 %58.3 %
Same Store Total / Average$561,082 $535,218 4.8 %$181,909 $169,920 7.1 %$379,173 $365,298 3.8 %67.6 %68.3 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 23
image3.jpg
Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
Seq, Q2 2024Q2 2024Q1 2024ChangeQ2 2024Q1 2024ChangeQ2 2024Q1 2024ChangeQ2 2024Q1 2024
Western United States:
Southern California$65,843 $65,188 1.0 %$18,721 $18,352 2.0 %$47,122 $46,836 0.6 %71.6 %71.8 %
Northern California32,971 32,527 1.4 %8,956 8,740 2.5 %24,015 23,787 1.0 %72.8 %73.1 %
Seattle33,059 32,576 1.5 %8,413 8,301 1.3 %24,646 24,275 1.5 %74.6 %74.5 %
Phoenix52,925 52,717 0.4 %10,254 9,624 6.5 %42,671 43,093 (1.0)%80.6 %81.7 %
Las Vegas19,601 19,499 0.5 %4,400 4,328 1.7 %15,201 15,171 0.2 %77.6 %77.8 %
Denver18,178 17,971 1.2 %3,560 3,729 (4.5)%14,618 14,242 2.6 %80.4 %79.2 %
Western US Subtotal222,577 220,478 1.0 %54,304 53,074 2.3 %168,273 167,404 0.5 %75.6 %75.9 %
Florida:
South Florida71,237 70,491 1.1 %28,776 28,405 1.3 %42,461 42,086 0.9 %59.6 %59.7 %
Tampa56,814 56,521 0.5 %22,026 21,363 3.1 %34,788 35,158 (1.1)%61.2 %62.2 %
Orlando42,384 41,967 1.0 %15,820 14,915 6.1 %26,564 27,052 (1.8)%62.7 %64.5 %
Jacksonville12,620 12,529 0.7 %4,745 4,672 1.6 %7,875 7,857 0.2 %62.4 %62.7 %
Florida Subtotal183,055 181,508 0.9 %71,367 69,355 2.9 %111,688 112,153 (0.4)%61.0 %61.8 %
Southeast United States:
Atlanta71,304 70,882 0.6 %24,775 23,449 5.7 %46,529 47,433 (1.9)%65.3 %66.9 %
Carolinas32,086 31,671 1.3 %9,029 8,847 2.1 %23,057 22,824 1.0 %71.9 %72.1 %
Southeast US Subtotal103,390 102,553 0.8 %33,804 32,296 4.7 %69,586 70,257 (1.0)%67.3 %68.5 %
Texas:
Houston10,482 10,433 0.5 %5,117 4,982 2.7 %5,365 5,451 (1.6)%51.2 %52.2 %
Dallas17,195 17,120 0.4 %7,093 7,529 (5.8)%10,102 9,591 5.3 %58.8 %56.0 %
Texas Subtotal27,677 27,553 0.5 %12,210 12,511 (2.4)%15,467 15,042 2.8 %55.9 %54.6 %
Midwest United States:
Chicago17,069 17,089 (0.1)%7,591 7,390 2.7 %9,478 9,699 (2.3)%55.5 %56.8 %
Minneapolis7,314 7,263 0.7 %2,633 2,436 8.1 %4,681 4,827 (3.0)%64.0 %66.5 %
Midwest US Subtotal24,383 24,352 0.1 %10,224 9,826 4.1 %14,159 14,526 (2.5)%58.1 %59.7 %
Same Store Total / Average$561,082 $556,444 0.8 %$181,909 $177,062 2.7 %$379,173 $379,382 (0.1)%67.6 %68.2 %


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 24
image3.jpg
Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — YTD
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, YTD 2024YTD 2024YTD 2023ChangeYTD 2024YTD 2023ChangeYTD 2024YTD 2023ChangeYTD 2024YTD 2023
Western United States:
Southern California$131,031 $121,417 7.9 %$37,073 $35,001 5.9 %$93,958 $86,416 8.7 %71.7 %71.2 %
Northern California65,498 62,274 5.2 %17,696 16,779 5.5 %47,802 45,495 5.1 %73.0 %73.1 %
Seattle65,635 62,211 5.5 %16,714 16,818 (0.6)%48,921 45,393 7.8 %74.5 %73.0 %
Phoenix105,642 101,443 4.1 %19,878 19,543 1.7 %85,764 81,900 4.7 %81.2 %80.7 %
Las Vegas39,100 36,900 6.0 %8,728 8,772 (0.5)%30,372 28,128 8.0 %77.7 %76.2 %
Denver36,149 34,841 3.8 %7,289 6,512 11.9 %28,860 28,329 1.9 %79.8 %81.3 %
Western US Subtotal443,055 419,086 5.7 %107,378 103,425 3.8 %335,677 315,661 6.3 %75.8 %75.3 %
Florida:
South Florida141,728 133,642 6.1 %57,181 50,896 12.3 %84,547 82,746 2.2 %59.7 %61.9 %
Tampa113,335 108,072 4.9 %43,389 40,528 7.1 %69,946 67,544 3.6 %61.7 %62.5 %
Orlando84,351 81,141 4.0 %30,735 27,374 12.3 %53,616 53,767 (0.3)%63.6 %66.3 %
Jacksonville25,149 24,286 3.6 %9,417 8,467 11.2 %15,732 15,819 (0.5)%62.6 %65.1 %
Florida Subtotal364,563 347,141 5.0 %140,722 127,265 10.6 %223,841 219,876 1.8 %61.4 %63.3 %
Southeast United States:
Atlanta142,186 134,210 5.9 %48,224 45,444 6.1 %93,962 88,766 5.9 %66.1 %66.1 %
Carolinas63,757 60,714 5.0 %17,876 16,201 10.3 %45,881 44,513 3.1 %72.0 %73.3 %
Southeast US Subtotal205,943 194,924 5.7 %66,100 61,645 7.2 %139,843 133,279 4.9 %67.9 %68.4 %
Texas:
Houston20,915 20,162 3.7 %10,099 10,040 0.6 %10,816 10,122 6.9 %51.7 %50.2 %
Dallas34,315 32,991 4.0 %14,622 13,577 7.7 %19,693 19,414 1.4 %57.4 %58.8 %
Texas Subtotal55,230 53,153 3.9 %24,721 23,617 4.7 %30,509 29,536 3.3 %55.2 %55.6 %
Midwest United States:
Chicago34,158 32,470 5.2 %14,981 14,635 2.4 %19,177 17,835 7.5 %56.1 %54.9 %
Minneapolis14,577 14,145 3.1 %5,069 4,695 8.0 %9,508 9,450 0.6 %65.2 %66.8 %
Midwest US Subtotal48,735 46,615 4.5 %20,050 19,330 3.7 %28,685 27,285 5.1 %58.9 %58.5 %
Same Store Total / Average$1,117,526 $1,060,919 5.3 %$358,971 $335,282 7.1 %$758,555 $725,637 4.5 %67.9 %68.4 %
0.678780201294723

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 25
image3.jpg
Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q2 2024YTD 2024
RenewalNewBlendedRenewalNewBlended
LeasesLeasesAverageLeasesLeasesAverage
Western United States:
Southern California5.5 %6.4 %5.7 %5.8 %6.8 %6.0 %
Northern California4.8 %4.8 %4.8 %4.9 %2.9 %4.4 %
Seattle4.7 %5.1 %4.8 %4.6 %3.9 %4.4 %
Phoenix3.4 %0.4 %2.6 %4.3 %(0.8)%2.9 %
Las Vegas3.9 %1.8 %3.4 %3.6 %(0.1)%2.6 %
Denver3.7 %4.7 %4.0 %3.6 %3.2 %3.5 %
Western US Subtotal4.5 %3.6 %4.2 %4.7 %2.6 %4.1 %
Florida:
South Florida9.5 %2.9 %7.8 %8.6 %1.5 %6.6 %
Tampa5.0 %2.2 %4.1 %5.8 %1.3 %4.4 %
Orlando5.2 %3.6 %4.7 %5.7 %2.2 %4.6 %
Jacksonville4.3 %1.7 %3.5 %4.7 %0.5 %3.5 %
Florida Subtotal6.7 %2.8 %5.6 %6.8 %1.5 %5.2 %
Southeast United States:
Atlanta6.3 %4.5 %5.9 %6.5 %2.9 %5.6 %
Carolinas5.6 %4.6 %5.3 %4.9 %2.6 %4.2 %
Southeast US Subtotal6.1 %4.5 %5.7 %6.0 %2.8 %5.2 %
Texas:
Houston5.1 %4.2 %5.0 %4.9 %2.0 %4.2 %
Dallas5.4 %1.8 %4.5 %5.6 %1.6 %4.5 %
Texas Subtotal5.3 %2.6 %4.7 %5.3 %1.8 %4.4 %
Midwest United States:
Chicago5.2 %8.8 %6.0 %5.0 %6.3 %5.3 %
Minneapolis5.6 %4.0 %5.2 %6.0 %(1.2)%4.0 %
Midwest US Subtotal5.3 %7.2 %5.7 %5.3 %3.5 %4.9 %
Total / Average5.6 %3.6 %5.0 %5.7 %2.3 %4.7 %





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 26
image3.jpg
Supplemental Schedule 6


Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
TotalQ2 2024Q1 2024Q4 2023Q3 2023Q2 2023
R&M OpEx, net$26,915 $21,177 $22,754 $27,609 $21,660 
Turn OpEx, net10,265 8,715 9,962 12,266 11,513 
Total recurring operating expenses, net$37,180 $29,892 $32,716 $39,875 $33,173 
R&M CapEx$33,716 $25,915 $26,976 $33,282 $24,322 
Turn CapEx8,962 8,305 10,031 11,631 9,212 
Total recurring capital expenditures$42,678 $34,220 $37,007 $44,913 $33,534 
R&M OpEx, net + R&M CapEx$60,631 $47,092 $49,730 $60,891 $45,982 
Turn OpEx, net + Turn CapEx19,227 17,020 19,993 23,897 20,725 
Total Cost to Maintain, net$79,858 $64,112 $69,723 $84,788 $66,707 
Per HomeQ2 2024Q1 2024Q4 2023Q3 2023Q2 2023
Total Cost to Maintain, net$1,024 $822 $894 $1,087 $855 
(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)
TotalQ2 2024Q1 2024Q4 2023Q3 2023Q2 2023
Recurring CapEx$46,371 $36,923 $40,080 $48,765 $36,173 
Value Enhancing CapEx12,500 7,300 12,148 14,381 12,875 
Initial Renovation CapEx6,392 7,698 9,656 11,744 4,356 
Disposition CapEx663 716 1,021 1,258 1,694 
Total Capital Expenditures$65,926 $52,637 $62,905 $76,148 $55,098 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 27
image3.jpg
Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management ExpenseQ2 2024Q2 2023YTD 2024YTD 2023
Property management expense (GAAP)$32,633 $23,580 $63,870 $47,164 
Adjustments:
Share-based compensation expense(1,674)(1,442)(3,272)(3,402)
Adjusted property management expense$30,959 $22,138 $60,598 $43,762 
Adjusted G&A ExpenseQ2 2024Q2 2023YTD 2024YTD 2023
G&A expense (GAAP)$21,498 $19,791 $44,946 $37,243 
Adjustments:
Share-based compensation expense(5,818)(4,624)(12,120)(9,162)
Severance expense(89)(371)(179)(524)
Adjusted G&A expense$15,591 $14,796 $32,647 $27,557 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 28
image3.jpg
Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)March 31, 2024
Q2 2024 Acquisitions (1)
Q2 2024 Dispositions (2)
June 30, 2024
HomesHomesAvg. Est.HomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California7,488 18 $537,926 60 $663,573 7,446 
Northern California4,281 — — 23 450,422 4,258 
Seattle4,027 — — 15 569,233 4,012 
Phoenix9,233 12 389,952 2 314,000 9,243 
Las Vegas3,416 — — 1 450,000 3,415 
Denver2,574 — — 5 378,850 2,569 
Western US Subtotal31,019 30 478,736 106 581,932 30,943 
Florida:
South Florida8,251 56 247,543 38 449,850 8,269 
Tampa9,247 86 344,717 31 325,252 9,302 
Orlando6,739 41 351,658 6 318,000 6,774 
Jacksonville1,996 — — 1 475,000 1,995 
Florida Subtotal26,233 183 316,536 76 388,949 26,340 
Southeast United States:
Atlanta12,712 26 333,013 26 301,196 12,712 
Carolinas5,509 127 330,496 3 315,300 5,633 
Southeast US Subtotal18,221 153 330,924 29 302,655 18,345 
Texas:
Houston2,340 — — 9 236,193 2,331 
Dallas3,000 40 285,257 3 319,333 3,037 
Texas Subtotal5,340 40 285,257 12 261,135 5,368 
Midwest United States:
Chicago2,487 — — 3 303,667 2,484 
Minneapolis1,070 — — 4 259,864 1,066 
Midwest US Subtotal3,557 — — 7 278,636 3,550 
Other (3):
75 39 303,803 20 298,857 94 
Total / Average84,445 445 $328,490 250 $445,810 84,640 
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,608 — $— 1 $469,900 2,607 
2022 Rockpoint JV (5)
319 — — — — 319
FNMA JV (6)
408 — — 7 454,786 401 
Pathway Homes (7)
509 57 341,789 8 350,979 558 
Upward America JV (8)
3,720 — — — — 3,720 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 29
image3.jpg
Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 6.0%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 2.2%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)Represents homes located outside of the Company's 16 core markets; as of June 30, 2024, these include 68 homes located in Nashville, and 26 homes located in other markets that are generally being held for sale.
(4)Represents portfolio owned by the 2020 Rockpoint JV, of which Invitation Homes owns 20.0%.
(5)Represents portfolio owned by the 2022 Rockpoint JV, of which Invitation Homes owns 16.7%.
(6)Represents portfolio owned by the FNMA JV, of which Invitation Homes owns 10.0%.
(7)Represents portfolio owned by Pathway Homes, of which Invitation Homes owns 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which Invitation Homes owns 7.2%, beginning on the date of its investment on April 29, 2024.
































Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 30
image3.jpg
Supplemental Schedule 8(b)

Expected Acquisition Pipeline of New Homes from Homebuilders — As of June 30, 2024
(unaudited)
Pipeline as of June 30, 2024 (1)(2)
Estimated Deliveries
in Q3-Q4 2024		Estimated Deliveries
in 2025		Estimated Deliveries ThereafterAvg. Estimated Cost Basis Per Home
Southern California973661—$540,000 
Phoenix110305030430,000 
Tampa34082104154320,000 
Orlando45381221151430,000 
Jacksonville250—40210270,000 
Atlanta116284246340,000 
Carolinas46320622532330,000 
South Florida1919——360,000 
Houston53334360139280,000 
Dallas246119127—260,000 
Nashville62566—300,000 
Total / Average2,6896911,236 762$340,000 
(1)Represents the number of new homes under contract as of June 30, 2024, that are expected to be built, sold and delivered to the Company by various homebuilders during a future period.
(2)Pipeline rollforward:
    
Pipeline as of March 31, 2024
1,970
Q2 2024 additions and cancellations (net)
1,093
Q2 2024 deliveries
(374)
Pipeline as of June 30, 2024
2,689
    
















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 31
image3.jpg
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.
Q2 2024 Earnings Release and Supplemental Information — page 32
image3.jpg
before the following items: share-based compensation expense; severance; casualty losses, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of the Company's financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

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

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

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

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

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

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

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 33
image3.jpg

The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company's NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that the Company's basis for computing this non-GAAP measure is comparable with that of other companies.
The Company believes that Same Store NOI is also a meaningful supplemental measure of the Company's operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of the Company's performance across reporting periods by reflecting NOI for homes in its Same Store Portfolio.

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

PSF
PSF means per square foot.

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

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

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

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

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

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

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



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 34
image3.jpg
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.
Q2 2024 Earnings Release and Supplemental Information — page 35
image3.jpg
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, 2023, as such factors may be updated from time to time in its periodic filings with the SEC.

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

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

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

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

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

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

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

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 36
image3.jpg
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023
Total revenues (Total Portfolio)$653,451 $646,039 $624,321 $617,695 $600,372 
Management fee revenues(15,976)(13,942)(3,420)(3,404)(3,448)
Total portfolio resident recoveries(37,102)(37,795)(35,050)(36,641)(32,776)
Total Core Revenues (Total Portfolio)600,373 594,302 585,851 577,650 564,148 
Non-Same Store Core Revenues(39,291)(37,858)(37,267)(36,337)(28,930)
Same Store Core Revenues$561,082 $556,444 $548,584 $541,313 $535,218 
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
YTD 2024YTD 2023
Total revenues (Total Portfolio)$1,299,490 $1,190,262 
Management fee revenues(29,918)(6,823)
Total portfolio resident recoveries(74,897)(64,742)
Total Core Revenues (Total Portfolio)1,194,675 1,118,697 
Non-Same Store Core Revenues(77,149)(57,778)
Same Store Core Revenues$1,117,526 $1,060,919 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023
Property operating and maintenance expenses (Total Portfolio)$234,184 $230,397 $228,542 $229,488 $213,808 
Total Portfolio resident recoveries(37,102)(37,795)(35,050)(36,641)(32,776)
Core Operating Expenses (Total Portfolio)197,082 192,602 193,492 192,847 181,032 
Non-Same Store Core Operating Expenses(15,173)(15,540)(15,103)(14,458)(11,112)
Same Store Core Operating Expenses$181,909 $177,062 $178,389 $178,389 $169,920 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
YTD 2024YTD 2023
Property operating and maintenance expenses (Total Portfolio)$464,581 $422,305 
Total Portfolio resident recoveries(74,897)(64,742)
Core Operating Expenses (Total Portfolio)389,684 357,563 
Non-Same Store Core Operating Expenses(30,713)(22,281)
Same Store Core Operating Expenses$358,971 $335,282 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 37
image3.jpg
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023
Net income available to common stockholders$72,981 $142,158 $129,368 $131,637 $137,698 
Net income available to participating securities207 192 178 181 166 
Non-controlling interests243 436 395 403 418 
Interest expense90,007 89,845 90,049 86,736 78,625 
Depreciation and amortization176,622 175,313 173,159 170,696 165,759 
Property management expense32,633 31,237 25,246 23,399 23,580 
General and administrative21,498 23,448 22,387 22,714 19,791 
Impairment and other 10,353 4,137 3,069 2,496 1,868 
Gain on sale of property, net of tax(43,267)(50,498)(49,092)(57,989)(46,788)
(Gains) losses on investments in equity securities, net(1,504)209 (237)499 (524)
Other, net (1)
54,012 (5,973)(5,533)2,533 3,941 
Management fee revenues(15,976)(13,942)(3,420)(3,404)(3,448)
Losses from investments in unconsolidated joint ventures5,482 5,138 6,790 4,902 2,030 
NOI (Total Portfolio)403,291 401,700 392,359 384,803 383,116 
Non-Same Store NOI(24,118)(22,318)(22,164)(21,879)(17,818)
Same Store NOI$379,173 $379,382 $370,195 $362,924 $365,298 
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
YTD 2024YTD 2023
Net income available to common stockholders$215,139 $257,769 
Net income available to participating securities399 337 
Non-controlling interests679 760 
Interest expense179,852 156,672 
Depreciation and amortization351,935 330,432 
Property management expense63,870 47,164 
General and administrative44,946 37,243 
Impairment and other14,490 3,031 
Gain on sale of property, net of tax(93,765)(76,459)
(Gains) losses on investments in equity securities, net(1,295)(612)
Other, net (1)
48,039 5,435 
Management fee revenues(29,918)(6,823)
Losses from investments in unconsolidated joint ventures10,620 6,185 
NOI (Total Portfolio)804,991 761,134 
Non-Same Store NOI(46,436)(35,497)
Same Store NOI$758,555 $725,637 
(1)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 38
image3.jpg
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q2 2024Q2 2023YTD 2024YTD 2023
Net income available to common stockholders$72,981 $137,698 $215,139 $257,769 
Net income available to participating securities207 166 399 337 
Non-controlling interests243 418 679 760 
Interest expense90,007 78,625 179,852 156,672 
Interest expense in unconsolidated joint ventures5,549 3,145 10,784 7,723 
Depreciation and amortization176,622 165,759 351,935 330,432 
Depreciation and amortization of investments in unconsolidated joint ventures3,358 2,521 6,285 4,996 
EBITDA348,967 388,332 765,073 758,689 
Gain on sale of property, net of tax(43,267)(46,788)(93,765)(76,459)
Impairment on depreciated real estate investments— 81 60 259 
Net (gain) loss on sale of investments in unconsolidated joint ventures167 (304)(214)(634)
EBITDAre
305,867 341,321 671,154 681,855 
Share-based compensation expense7,492 6,066 15,392 12,564 
Severance89 371 179 524 
Casualty losses, net (1)
10,363 1,797 14,445 2,785 
Gains on investments in equity and other securities, net(1,504)(524)(1,295)(612)
Other, net (2)
54,012 3,941 48,039 5,435 
Adjusted EBITDAre
$376,319 $352,972 $747,914 $702,551 
Trailing Twelve Months (TTM)
Ended
June 30, 2024December 31, 2023
Net income available to common stockholders$476,144 $518,774 
Net income available to participating securities758 696 
Non-controlling interests1,477 1,558 
Interest expense356,637 333,457 
Interest expense in unconsolidated joint ventures21,316 18,255 
Depreciation and amortization695,790 674,287 
Depreciation and amortization of investments in unconsolidated joint ventures11,758 10,469 
EBITDA1,563,880 1,557,496 
Gain on sale of property, net of tax(200,846)(183,540)
Impairment on depreciated real estate investments228 427 
Net gain on sale of investments in unconsolidated joint ventures(1,248)(1,668)
EBITDAre
1,362,014 1,372,715 
Share-based compensation expense32,331 29,503 
Severance632 977 
Casualty losses, net (1)
19,860 8,200 
Gains on investments in equity and other securities, net(1,033)(350)
Other, net (2)
45,039 2,435 
Adjusted EBITDAre
$1,458,843 $1,413,480 
(1)Includes the Company's share from unconsolidated joint ventures.
(2)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 39
image3.jpg
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
June 30, 2024December 31, 2023
Mortgage loans, net$1,617,967 $1,627,256 
Secured term loan, net401,540 401,515 
Unsecured notes, net3,308,276 3,305,467 
Term loan facility, net3,215,993 3,211,814 
Revolving facility— — 
Total Debt per Balance Sheet8,543,776 8,546,052 
Retained and repurchased certificates(87,262)(87,703)
Cash, ex-security deposits and letters of credit (1)
(777,483)(713,898)
Deferred financing costs, net38,580 45,518 
Unamortized discounts on note payable20,059 21,376 
Net Debt (A)$7,737,670 $7,811,345 
For the TTM EndedFor the TTM Ended
June 30, 2024December 31, 2023
Adjusted EBITDAre (B)
$1,458,843 $1,413,480 
Net Debt / TTM Adjusted EBITDAre (A / B)
5.3 x5.5 x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit





Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q2 2024Q2 2023YTD 2024YTD 2023
Amortization of discounts on notes payable$657 $403 $1,317 $803 
Amortization of deferred financing costs4,200 3,961 8,400 7,872 
Change in fair value of interest rate derivatives— 55 1 40 
Amortization of swap fair value at designation2,321 2,320 4,642 4,630 
Company's share from unconsolidated joint ventures1,727 443 3,762 2,969 
Total non-cash interest expense$8,905 $7,182 $18,122 $16,314 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2024 Earnings Release and Supplemental Information — page 40
v3.24.2
Document and Entity Information Document
Jul. 24, 2024
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Jul. 24, 2024
Entity Registrant Name Invitation Homes Inc.
Entity Central Index Key 0001687229
Amendment Flag false
Entity Incorporation, State or Country Code MD
Entity File Number 001-38004
Entity Tax Identification Number 90-0939055
Entity Address, Address Line One 5420 LBJ Freeway
Entity Address, Address Line Two Suite 600
Entity Address, City or Town Dallas
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75240
City Area Code 972
Local Phone Number 421-3600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.01 par value
Trading Symbol INVH
Security Exchange Name NYSE
Entity Emerging Growth Company false
Invitation Homes (NYSE:INVH)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Invitation Homes Charts.
Invitation Homes (NYSE:INVH)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Invitation Homes Charts.