8-K

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 26, 2023

Invitation Homes Inc.

(Exact Name of Registrant as Specified in its charter)

Maryland	001-38004	90-0939055
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1717 Main Street, Suite 2000

Dallas, Texas 75201

(Address of principal executive offices, including zip code)

(972) 421-3600

(Registrant’s telephone number, including area code)

N/A

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

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

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))		Securities registered pursuant to Section 12(b) of the Act:
---	---	---
Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, $0.01 par value	INVH	New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02	Results of Operations and Financial Condition.

On July 26, 2023, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended June 30, 2023. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of Invitation Homes Inc. dated July 26, 2023, announcing results for the quarter ended June 30, 2023.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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

INVITATION HOMES INC.
By:	/s/ Mark A. Solls
	Name:	Mark A. Solls
	Title:	Executive Vice President, Secretary<br><br>and Chief Legal Officer
	Date:	July 26, 2023

Document

Table of Contents

Earnings Press Release	3
Consolidated Financial Statements	8
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO	10
Schedule 2: Capital Structure Information	11
Schedule 3: Summary of Operating Information by Home Portfolio	15
Schedule 4: Home Characteristics by Market	18
Schedule 5: Same Store Operating Information by Market	19
Schedule 6: Cost to Maintain and Capital Expenditure Detail	26
Schedule 7: Adjusted Property Management and G&A Reconciliation	27
Schedule 8: Acquisitions, Dispositions, and Third-Party Builder Pipeline	28
Glossary and Reconciliations	31

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

Q2 2023 Earnings Release and Supplemental Information — page 2

Earnings Press Release

Invitation Homes Reports Second Quarter 2023 Results

Dallas, TX, July 26, 2023 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its Q2 2023 financial and operating results, along with an increase to the Company's 2023 full year guidance.

In addition, Invitation Homes also announced today that on July 18, 2023, the Company acquired a premier portfolio of nearly 1,900 homes for approximately $650 million. The Company funded the transaction primarily with cash on hand, with the remainder funded by the Company's previously undrawn revolving credit facility. Additional details of the transaction will be discussed on tomorrow's earnings conference call.

Second Quarter 2023 Highlights

•Year over year, total revenues increased 7.7% to $600 million, property operating and maintenance costs increased 12.1% to $214 million, net income available to common stockholders increased 24.3% to $138 million, and net income per diluted common share increased 23.9% to $0.22.

•Year over year, Core FFO per share increased 5.3% to $0.44, and AFFO per share increased 6.8% to $0.38.

•Same Store NOI increased 3.6% year over year on 5.9% Same Store Core Revenues growth and 11.2% Same Store Core Operating Expenses growth.

•Revenue collections were approximately 99% of the Company's historical average collection rate. Same Store Bad Debt was 1.5% of gross rental revenue, an improvement of approximately 50 basis points from Q1 2023.

•Same Store Average Occupancy was 97.6%, down 20 basis points from Q1 2023 as the Company continued to make progress on its lease compliance backlog.

•Same Store new lease rent growth of 7.3% and Same Store renewal rent growth of 6.9% drove Same Store blended rent growth of 7.0%.

•Acquisitions by the Company and the Company's joint ventures totaled 276 homes for $88 million, primarily from the Company's builder partners, while dispositions totaled 378 homes for $141 million.

Chief Executive Officer Dallas Tanner comments:

"We're pleased to report second quarter results that demonstrate strong progress for the first half of 2023. Robust demand for our homes continued into the peak leasing season, with Same Store Average Occupancy remaining high at 97.6% and Same Store blended rental rate growth at 7.0% year over year. As a result of solid year-to-date execution by our teams and our continued expectations that supply and demand fundamentals will remain favorable, we are raising our 2023 full year guidance, including an increase of 25 basis points at the midpoint for our Same Store NOI growth guidance and an increase of $0.01 at the midpoint for our Core FFO per share and AFFO per share guidance.

"In addition, we're excited by our recent portfolio acquisition that adds nearly 1,900 homes that are among the best located and highest quality within our portfolio today. We believe this acquisition's attractive entry point and high-growth outlook align well with our disciplined investment approach, providing further evidence of the benefits of our multichannel acquisition strategy, industry-leading scale, and best-in-class platform. Looking ahead, we believe these newly acquired homes will help drive strong NOI growth and value creation, and we remain committed as ever to sourcing focused and value-additive external growth opportunities."

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

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

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

Q2 2023 Earnings Release and Supplemental Information — page 3

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
	Q2 2023		Q2 2022		YTD 2023		YTD 2022
Net income	$	0.22	$	0.18	$	0.42	$	0.33
FFO	0.42		0.39		0.83		0.77
Core FFO	0.44		0.42		0.88		0.82
AFFO	0.38		0.36		0.76		0.71

Net Income

Net income per share for Q2 2023 was $0.22, compared to net income per share of $0.18 for Q2 2022. Total revenues and total property operating and maintenance expenses for Q2 2023 were $600 million and $214 million, respectively, compared to $557 million and $191 million, respectively, in Q2 2022.

Net income per share YTD 2023 was $0.42, compared to net income per share of $0.33 for YTD 2022. Total revenues and total property operating and maintenance expenses for YTD 2023 were $1,190 million and $422 million, respectively, compared to $1,090 million and $373 million, respectively, for YTD 2022.

Core FFO

Year over year, Core FFO per share for Q2 2023 increased 5.3% to $0.44, primarily due to NOI growth. Year over year, Core FFO per share for YTD 2023 increased 7.4% to $0.88, primarily due to NOI growth.

AFFO

Year over year, AFFO per share for Q2 2023 increased 6.8% to $0.38, primarily due to the increase in Core FFO per share described above. Year over year, AFFO per share for YTD 2023 increased 7.9% to $0.76, primarily due to the increase in Core FFO per share described above.

Operating Results

Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:	76,593
	Q2 2023		Q2 2022		YTD 2023		YTD 2022
Core Revenues growth (year over year)	5.9	%			6.9	%
Core Operating Expenses growth (year over year)	11.2	%			12.5	%
NOI growth (year over year)	3.6	%			4.4	%
Average Occupancy	97.6	%	98.0	%	97.7	%	98.1	%
Bad Debt % of gross rental revenue	1.5	%	0.5	%	1.7	%	1.1	%
Turnover Rate	6.6	%	5.9	%	11.7	%	10.6	%
Rental Rate Growth (lease-over-lease):
Renewals	6.9	%	10.2	%	7.4	%	9.9	%
New Leases	7.3	%	16.2	%	6.5	%	15.5	%
Blended	7.0	%	11.6	%	7.1	%	11.3	%

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

Q2 2023 Earnings Release and Supplemental Information — page 4

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

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

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

Same Store NOI

For the Same Store Portfolio of 76,593 homes, Same Store NOI for Q2 2023 increased 3.6% year over year on Same Store Core Revenues growth of 5.9% and Same Store Core Operating Expenses growth of 11.2%.

YTD 2023 Same Store NOI increased 4.4% year over year on Same Store Core Revenues growth of 6.9% and Same Store Core Operating Expenses growth of 12.5%.

Same Store Core Revenues

Same Store Core Revenues growth for Q2 2023 of 5.9% year over year was primarily driven by a 7.4% increase in Average Monthly Rent and a 7.3% increase in other income, net of resident recoveries, partially offset by a 40 basis points year over year decline in Average Occupancy and a 100 basis points year over year increase in Bad Debt as a percentage of gross rental revenue. Bad Debt was 1.5% of gross rental revenue for Q2 2023, an improvement of approximately 50 basis points from Q1 2023 as a result of continued progress in working through the Company's lease compliance backlog.

YTD 2023 Same Store Core Revenues growth of 6.9% year over year was primarily driven by a 7.9% increase in Average Monthly Rent and a 7.5% increase in other income, net of resident recoveries, partially offset by a 40 basis point year over year decline in Average Occupancy and a 60 basis point year over year increase in Bad Debt as a percentage of gross rental revenue.

Same Store Core Operating Expenses

Same Store Core Operating Expenses for Q2 2023 increased 11.2% year over year. The largest contributors to the year over year increase include an increase in property tax expense due to an expected year over year increase in property taxes in addition to the underaccrual of property tax expense in the first three quarters of 2022, as well as an increase in turnover expenses, net of resident recoveries, and an increase in utilities and property administrative expenses, net of resident recoveries. The increases in the latter two expense categories were expected primarily as a result of continued progress in working through the Company's lease compliance backlog.

YTD 2023 Same Store Core Operating Expenses increased 12.5% year over year, primarily driven by the year over year increases described above.

Investment Management Activity

Acquisitions for Q2 2023 totaled 276 homes for $88 million, primarily sourced from the Company's builder partners. This included 188 wholly owned homes for $61 million in addition to 88 homes for $27 million in the Company's joint ventures. Dispositions for Q2 2023 included 361 wholly owned homes for gross proceeds of $134 million and 17 homes for gross proceeds of $7 million in the Company's joint ventures.

Year to date through June 30, 2023, the Company acquired 470 homes for $155 million, including 369 wholly owned homes for $123 million and 101 homes for $32 million in the Company's joint ventures. The company also sold 675 homes for

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

Q2 2023 Earnings Release and Supplemental Information — page 5

$242 million, including 645 wholly owned homes for $229 million and 30 homes for $13 million in the Company's joint ventures.

Subsequent to quarter end on July 18, 2023, the Company acquired a premier portfolio of nearly 1,900 homes for approximately $650 million (the "Portfolio Acquisition"). Additional details of the transaction will be discussed on tomorrow's earnings conference call.

Balance Sheet and Capital Markets Activity

As of June 30, 2023, the Company had $1,414 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, 2023 was $7,823 million, consisting of $5,775 million of unsecured debt and $2,048 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.3x at June 30, 2023, down from 5.7x as of December 31, 2022.

Subsequent to quarter end on July 18, 2023, the Company funded the Portfolio Acquisition primarily with cash on hand, with the remainder funded by the Company's previously undrawn revolving credit facility.

Dividend

As previously announced on July 21, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share of common stock. The dividend will be paid on or before August 25, 2023, to stockholders of record as of the close of business on August 8, 2023.

FY 2023 Guidance Update

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

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

FY 2023 Guidance
	Current FY 2023 Guidance	Previous FY 2023 Guidance
Core FFO per share — diluted	$1.75 to $1.81	$1.73 to $1.81
AFFO per share — diluted	$1.45 to $1.51	$1.43 to $1.51
Same Store Core Revenues growth	5.75% to 6.75%	5.25% to 6.25%
Same Store Core Operating Expenses growth	8.5% to 9.5%	7.5% to 9.5%
Same Store NOI growth	4.5% to 5.5%	4.0% to 5.5%
Wholly owned acquisitions	$800 million to $900 million	$250 million to $300 million
JV acquisitions	$100 million to $300 million	$100 million to $300 million
Wholly owned dispositions	$425 million to $475 million	$250 million to $300 million

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

Q2 2023 Earnings Release and Supplemental Information — page 6

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on July 27, 2023, to discuss results for the second quarter of 2023. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113. A live audio webcast may be accessed at www.invh.com. A replay of the call will be available through August 24, 2023, and can be accessed by calling 1-800-770-2030 (domestic) or 1-647-362-9199 (international) and using the playback ID 7714113, or by using the link at www.invh.com.

Supplemental Information

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

About Invitation Homes

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

Investor Relations Contact	Media Relations Contact
Scott McLaughlin	Kristi DesJarlais
844.456.INVH (4684)	972.421.3587
IR@InvitationHomes.com	Media@InvitationHomes.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and rising interest rates), uncertainty in financial markets (including as a result of recent bank failures and events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"), as such factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

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

Q2 2023 Earnings Release and Supplemental Information — page 7

Consolidated Balance Sheets
( in thousands, except shares and per share data)
		December 31, 2022
Assets:
Investments in single-family residential properties, net	16,789,641	$	17,030,374
Cash and cash equivalents		262,870
Restricted cash		191,057
Goodwill		258,207
Investments in unconsolidated joint ventures		280,571
Other assets, net		513,629
Total assets	18,542,255	$	18,536,708
Liabilities:
Mortgage loans, net	1,636,505	$	1,645,795
Secured term loan, net		401,530
Unsecured notes, net		2,518,185
Term loan facilities, net		3,203,567
Revolving facility		—
Accounts payable and accrued expenses		198,423
Resident security deposits		175,552
Other liabilities		70,025
Total liabilities		8,213,077
Equity:
Stockholders' equity
Preferred stock, 0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2023 and December 31, 2022		—
Common stock, 0.01 par value per share, 9,000,000,000 shares authorized, 611,956,170 and 611,411,382 outstanding as of June 30, 2023 and December 31, 2022, respectively		6,114
Additional paid-in capital		11,138,463
Accumulated deficit		(951,220)
Accumulated other comprehensive income		97,985
Total stockholders' equity		10,291,342
Non-controlling interests		32,289
Total equity		10,323,631
Total liabilities and equity	18,542,255	$	18,536,708

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 8

Consolidated Statements of Operations
( in thousands, except shares and per share amounts) (unaudited)
		Q2 2022		YTD 2023		YTD 2022
Revenues:
Rental revenues	543,185	$	505,936	$	1,078,402	$	989,931
Other property income		48,605		105,037		94,809
Management fee revenues		2,759		6,823		4,870
Total revenues		557,300		1,190,262		1,089,610
Expenses:
Property operating and maintenance		190,680		422,305		372,949
Property management expense		21,814		47,164		42,781
General and administrative		19,342		37,243		36,981
Interest expense		74,840		156,672		149,229
Depreciation and amortization		158,572		330,432		314,368
Impairment and other		1,355		3,031		2,870
Total expenses		466,603		996,847		919,178
Gains (losses) on investments in equity securities, net		(172)		612		(3,204)
Other, net		(3,827)		(5,435)		(3,233)
Gain on sale of property, net of tax		27,508		76,459		45,534
Losses from investments in unconsolidated joint ventures		(2,701)		(6,185)		(5,021)
Net income		111,505		258,866		204,508
Net income attributable to non-controlling interests		(542)		(760)		(930)
Net income attributable to common stockholders		110,963		258,106		203,578
Net income available to participating securities		(148)		(337)		(368)
Net income available to common stockholders — basic and diluted	137,698	$	110,815	$	257,769	$	203,210
Weighted average common shares outstanding — basic		610,331,643		611,772,406		608,381,768
Weighted average common shares outstanding — diluted		611,620,475		612,941,399		609,775,270
Net income per common share — basic	0.23	$	0.18	$	0.42	$	0.33
Net income per common share — diluted	0.22	$	0.18	$	0.42	$	0.33
Dividends declared per common share	0.26	$	0.22	$	0.52	$	0.44

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 9

Supplemental Schedule 1

Reconciliation of FFO, Core FFO, and AFFO
( in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation		Q2 2022		YTD 2023		YTD 2022
Net income available to common stockholders	137,698	$	110,815	$	257,769	$	203,210
Net income available to participating securities		148		337		368
Non-controlling interests		542		760		930
Depreciation and amortization on real estate assets		156,433		325,106		310,073
Impairment on depreciated real estate investments		36		259		137
Net gain on sale of previously depreciated investments in real estate		(27,508)		(76,459)		(45,534)
Depreciation and net gain on sale of investments in unconsolidated joint ventures		916		4,314		1,416
FFO	256,790	$	241,382	$	512,086	$	470,600
Core FFO Reconciliation		Q2 2022		YTD 2023		YTD 2022
FFO	256,790	$	241,382	$	512,086	$	470,600
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)		6,498		16,314		12,968
Share-based compensation expense		7,989		12,564		14,635
Severance expense		189		524		207
Casualty losses, net (1)		1,319		2,785		2,733
(Gains) losses on investments in equity securities, net		172		(612)		3,204
Core FFO	271,682	$	257,549	$	543,661	$	504,347
AFFO Reconciliation		Q2 2022		YTD 2023		YTD 2022
Core FFO	271,682	$	257,549	$	543,661	$	504,347
Recurring capital expenditures (1)		(37,544)		(73,693)		(70,374)
AFFO	235,282	$	220,005	$	469,968	$	433,973
Net income available to common stockholders
Weighted average common shares outstanding — diluted		611,620,475		612,941,399		609,775,270
Net income per common share — diluted	0.22	$	0.18	$	0.42	$	0.33
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted		614,569,431		614,961,840		612,648,238
FFO per share — diluted	0.42	$	0.39	$	0.83	$	0.77
Core FFO per share — diluted	0.44	$	0.42	$	0.88	$	0.82
AFFO per share — diluted	0.38	$	0.36	$	0.76	$	0.71

All values are in US Dollars.

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

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

Q2 2023 Earnings Release and Supplemental Information — page 10

Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income	Q2 2023	Q2 2022	YTD 2023	YTD 2022
Common shares — basic	611,954,347	610,331,643	611,772,406	608,381,768
Shares potentially issuable from vesting/conversion of equity-based awards	1,362,152	1,288,832	1,168,993	1,393,502
Total common shares — diluted	613,316,499	611,620,475	612,941,399	609,775,270
Weighted average amounts for FFO, Core FFO, and AFFO	Q2 2023	Q2 2022	YTD 2023	YTD 2022
Common shares — basic	611,954,347	610,331,643	611,772,406	608,381,768
OP units — basic	1,863,192	2,770,970	1,801,329	2,655,270
Shares potentially issuable from vesting/conversion of equity-based awards	1,567,414	1,466,818	1,388,105	1,611,200
Total common shares and units — diluted	615,384,953	614,569,431	614,961,840	612,648,238
Period end amounts for Core FFO and AFFO	June 30, 2023
Common shares	611,956,170
OP units	1,869,483
Shares potentially issuable from vesting/conversion of equity-based awards	1,567,826
Total common shares and units — diluted	615,393,479

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

Q2 2023 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(b)

Debt Structure and Leverage Ratios — As of June 30, 2023
( in thousands) (unaudited)
					Wtd Avg		Wtd Avg
					Interest		Years to
Debt Structure			% of Total		Rate (1)		Maturity (2)
Secured:
Fixed (3)	1,396,123		17.9	%	4.0	%	5.1
Floating — swapped to fixed			8.3	%	4.2	%	2.5
Floating			—	%	—	%	—
Total secured			26.2	%	4.1	%	4.3
Unsecured:
Fixed			32.6	%	2.8	%	8.1
Floating — swapped to fixed			40.5	%	4.0	%	3.3
Floating			0.7	%	6.5	%	6.0
Total unsecured			73.8	%	3.5	%	5.5
Total Debt:
Fixed + floating swapped to fixed (3)			99.3	%	3.6	%	5.1
Floating			0.7	%	6.5	%	6.0
Total debt			100.0	%	3.6	%	5.1
Discount/amortization on Note Payable
Deferred financing costs, net
Total debt per Balance Sheet
Retained and repurchased certificates
Cash, ex-security deposits and letters of credit (4)
Deferred financing costs, net
Unamortized discount on note payable
Net debt	7,295,817
Leverage Ratios
Net Debt / TTM Adjusted EBITDAre		x

All values are in US Dollars.

Credit Ratings	Ratings		Outlook
Fitch Ratings	BBB		Stable
Moody's Investors Service	Baa3		Positive
S&P Global Ratings	BBB		Stable
Unsecured Facilities Covenant Compliance (5)				Unsecured Public Bond Covenant Compliance (6)
	Actual		Requirement		Actual		Requirement
Total leverage ratio	30.5	%	≤ 60%	Aggregate debt ratio	35.0	%	≤ 65%
Secured leverage ratio	8.4	%	≤ 45%	Secured debt ratio	8.9	%	≤ 40%
Unencumbered leverage ratio	26.8	%	≤ 60%	Unencumbered assets ratio	323.5	%	≥ 150%
Fixed charge coverage ratio	4.6x		≥ 1.5x	Debt service ratio	4.8x		≥ 1.5x
Unsecured interest coverage ratio	6.1x		≥ 1.75x

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

Q2 2023 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b) (Continued)

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

(2)Assumes all extension options are exercised.

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

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

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

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

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

Q2 2023 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(c)

Debt Maturity Schedule — As of June 30, 2023
( in thousands) (unaudited)
				Revolving
		Unsecured		Credit				% of
Debt Maturities, with Extensions (1)		Debt		Facility		Balance		Total
2023	—	$	—	$	—	$	—	—	%
2024		—		—		—		—	%
2025		—		—		—		—	%
2026		2,500,000		—		3,152,229		40.2	%
2027		—		—		992,994		12.7	%
2028		750,000		—		750,000		9.6	%
2029		725,000		—		725,000		9.3	%
2030		—		—		—		—	%
2031		650,000		—		1,053,129		13.5	%
2032		600,000		—		600,000		7.7	%
2033		—		—		—		—	%
2034		400,000		—		400,000		5.1	%
2035		—		—		—		—	%
2036		150,000		—		150,000		1.9	%
		5,775,000		—		7,823,352		100.0	%
Unamortized discount on note payable		(11,307)		—		(12,715)
Deferred financing costs, net		(36,041)		—		(45,074)
Total per Balance Sheet	2,037,911	$	5,727,652	$	—	$	7,765,563

All values are in US Dollars.

(1)Assumes all extension options are exercised.

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

Q2 2023 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
( in thousands) (unaudited)
Number of Homes, period-end
Total Portfolio
Same Store Portfolio
Same Store % of Total		%
Core Revenues			Q2 2022		Change YoY		YTD 2023		YTD 2022		Change YoY
Total Portfolio	564,148		$	525,147	7.4	%	$	1,118,697	$	1,026,584	9.0	%
Same Store Portfolio			493,681		5.9	%	1,037,110		970,481		6.9	%
Core Operating Expenses			Q2 2022		Change YoY		YTD 2023		YTD 2022		Change YoY
Total Portfolio	181,032		$	161,286	12.2	%	$	357,563	$	314,793	13.6	%
Same Store Portfolio			150,764		11.2	%	330,928		294,031		12.5	%
Net Operating Income			Q2 2022		Change YoY		YTD 2023		YTD 2022		Change YoY
Total Portfolio	383,116		$	363,861	5.3	%	$	761,134	$	711,791	6.9	%
Same Store Portfolio			342,917		3.6	%	706,182		676,450		4.4	%

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 15

Supplemental Schedule 3(b)

Same Store Portfolio Core Operating Detail
( in thousands) (unaudited)
				Change				Change						Change
		Q2 2022		YoY		Q1 2023		Seq		YTD 2023		YTD 2022		YoY
Revenues:
Rental revenues (1)	504,085	$	476,020	5.9	%	$	496,525	1.5	%	$	1,000,610	$	936,527	6.8	%
Other property income, net (1)(2)		17,661		7.3	%	17,554		7.9	%	36,500		33,954		7.5	%
Core Revenues		493,681		5.9	%	514,079		1.7	%	1,037,110		970,481		6.9	%
Fixed Expenses:
Property taxes (3)		77,671		11.2	%	86,419		—	%	172,811		155,330		11.3	%
Insurance expenses (4)		8,717		18.6	%	9,135		13.2	%	19,474		17,334		12.3	%
HOA expenses		9,137		11.8	%	9,576		6.6	%	19,788		18,119		9.2	%
Controllable Expenses:
Repairs and maintenance, net (5)		23,065		(6.0)	%	21,644		0.1	%	43,318		43,072		0.6	%
Personnel, leasing and marketing		19,971		10.1	%	21,590		1.8	%	43,578		38,213		14.0	%
Turnover, net (5)(6)		8,241		36.5	%	8,886		26.6	%	20,135		14,357		40.2	%
Utilities and property administrative, net (5)(7)		3,962		46.9	%	6,005		(3.1)	%	11,824		7,606		55.5	%
Core Operating Expenses		150,764		11.2	%	163,255		2.7	%	330,928		294,031		12.5	%
Net Operating Income	355,358	$	342,917	3.6	%	$	350,824	1.3	%	$	706,182	$	676,450	4.4	%

All values are in US Dollars.

(1)All rental revenues and other property income are reflected net of Bad Debt, which as a percentage of gross rental revenue, increased by 100 basis points from Q2 2022 to Q2 2023.

(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $30,491, $27,857, $29,694, $60,185, and $55,291 for Q2 2023, Q2 2022, Q1 2023, YTD 2023, and YTD 2022, respectively.

(3)For Q2 2023, the year over year increase to property tax expense was primarily a result of an expected year over year increase in property taxes, in addition to the underaccrual of property tax expense in the first three quarters of 2022.

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

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

(6)For Q2 2023, the year over year increase to turnover expense, net, was primarily attributable to higher resident turnover as a result of continued progress in working through the Company's lease compliance backlog.

(7)For Q2 2023, the year over year increase to utilities and property administrative expense, net, was primarily attributable to higher lease compliance costs as a result of continued progress in working through the Company's lease compliance backlog.

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

Q2 2023 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
	Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022
Average Occupancy	97.6		%	97.8		%	97.3		%	97.5		%	98.0		%
Turnover Rate	6.6		%	5.1		%	5.4		%	6.2		%	5.9		%
Trailing four quarters Turnover Rate	23.3		%	22.6		%	22.2		%	N/A			N/A
Average Monthly Rent	$	2,285		$	2,254		$	2,225		$	2,183		$	2,127
Rental Rate Growth (lease-over-lease):
Renewals	6.9		%	8.0		%	9.9		%	10.1		%	10.2		%
New leases	7.3		%	5.7		%	7.1		%	15.2		%	16.2		%
Blended	7.0		%	7.3		%	9.0		%	11.4		%	11.6		%

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

Q2 2023 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2023 (1)
(unaudited)
	Number of Homes	Average Occupancy		Average Monthly Rent		Average Monthly Rent PSF		Percent of Revenue
Western United States:
Southern California	7,684	96.7	%	$	2,935	$	1.73	11.3	%
Northern California	4,386	97.0	%	2,624		1.67		6.1	%
Seattle	4,060	97.9	%	2,760		1.43		6.0	%
Phoenix	8,889	97.5	%	1,965		1.17		9.5	%
Las Vegas	3,167	96.1	%	2,146		1.09		3.6	%
Denver	2,615	97.4	%	2,451		1.33		3.5	%
Western US Subtotal	30,801	97.1	%	2,465		1.41		40.0	%
Florida:
South Florida	8,386	97.4	%	2,834		1.52		12.5	%
Tampa	8,695	96.9	%	2,184		1.17		10.2	%
Orlando	6,536	97.2	%	2,131		1.14		7.5	%
Jacksonville	1,928	97.1	%	2,104		1.06		2.2	%
Florida Subtotal	25,545	97.2	%	2,379		1.27		32.4	%
Southeast United States:
Atlanta	12,619	96.3	%	1,925		0.93		12.6	%
Carolinas	5,348	97.5	%	1,957		0.92		5.5	%
Southeast US Subtotal	17,967	96.6	%	1,935		0.93		18.1	%
Texas:
Houston	2,075	96.1	%	1,814		0.93		2.0	%
Dallas	2,849	96.0	%	2,159		1.05		3.3	%
Texas Subtotal	4,924	96.0	%	2,013		1.00		5.3	%
Midwest United States:
Chicago	2,508	97.6	%	2,269		1.41		2.9	%
Minneapolis	1,092	96.7	%	2,226		1.13		1.3	%
Midwest US Subtotal	3,600	97.3	%	2,256		1.32		4.2	%
Total / Average	82,837	97.0	%	$	2,288	$	1.22	100.0	%
Same Store Total / Average	76,593	97.6	%	$	2,285	$	1.22	92.7	%

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

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

Q2 2023 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenues
YoY, Q2 2023	Q2 2023		Q2 2022		Change		Q2 2023		Q2 2022		Change		Q2 2023		Q2 2022		Change
Western United States:
Southern California	$	2,940	$	2,781	5.7	%	97.7	%	98.4	%	(0.7)	%	$	62,955	$	60,924	3.3	%
Northern California	2,597		2,468		5.2	%	97.7	%	98.2	%	(0.5)	%	29,696		29,156		1.9	%
Seattle	2,759		2,592		6.4	%	98.2	%	98.4	%	(0.2)	%	30,103		28,873		4.3	%
Phoenix	1,947		1,794		8.5	%	97.7	%	98.0	%	(0.3)	%	48,069		44,466		8.1	%
Las Vegas	2,144		2,015		6.4	%	96.7	%	97.9	%	(1.2)	%	17,780		17,107		3.9	%
Denver	2,458		2,347		4.7	%	98.3	%	97.5	%	0.8	%	16,009		15,333		4.4	%
Western US Subtotal	2,467		2,319		6.4	%	97.7	%	98.1	%	(0.4)	%	204,612		195,859		4.5	%
Florida:
South Florida	2,855		2,570		11.1	%	97.9	%	98.4	%	(0.5)	%	67,163		60,589		10.9	%
Tampa	2,163		1,979		9.3	%	97.7	%	98.2	%	(0.5)	%	52,689		48,632		8.3	%
Orlando	2,118		1,954		8.4	%	98.0	%	98.1	%	(0.1)	%	39,575		36,450		8.6	%
Jacksonville	2,092		1,956		7.0	%	97.3	%	97.7	%	(0.4)	%	11,836		11,082		6.8	%
Florida Subtotal	2,374		2,165		9.7	%	97.8	%	98.2	%	(0.4)	%	171,263		156,753		9.3	%
Southeast United States:
Atlanta	1,924		1,793		7.3	%	96.9	%	97.8	%	(0.9)	%	67,793		65,319		3.8	%
Carolinas	1,953		1,836		6.4	%	97.7	%	97.8	%	(0.1)	%	28,936		27,729		4.4	%
Southeast US Subtotal	1,932		1,806		7.0	%	97.1	%	97.8	%	(0.7)	%	96,729		93,048		4.0	%
Texas
Houston	1,812		1,724		5.1	%	97.3	%	97.3	%	—	%	10,562		10,029		5.3	%
Dallas	2,170		2,044		6.2	%	97.1	%	97.3	%	(0.2)	%	16,045		15,204		5.5	%
Texas Subtotal	2,013		1,904		5.7	%	97.2	%	97.3	%	(0.1)	%	26,607		25,233		5.4	%
Midwest United States:
Chicago	2,270		2,157		5.2	%	97.9	%	97.9	%	—	%	16,474		15,878		3.8	%
Minneapolis	2,226		2,131		4.5	%	97.5	%	97.3	%	0.2	%	7,346		6,910		6.3	%
Midwest US Subtotal	2,257		2,149		5.0	%	97.8	%	97.7	%	0.1	%	23,820		22,788		4.5	%
Total / Average	$	2,285	$	2,127	7.4	%	97.6	%	98.0	%	(0.4)	%	$	523,031	$	493,681	5.9	%

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 19

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — Sequential Quarter
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenues
Seq, Q2 2023	Q2 2023		Q1 2023		Change		Q2 2023		Q1 2023		Change		Q2 2023		Q1 2023		Change
Western United States:
Southern California	$	2,940	$	2,911	1.0	%	97.7	%	98.1	%	(0.4)	%	$	62,955	$	61,589	2.2	%
Northern California	2,597		2,577		0.8	%	97.7	%	98.1	%	(0.4)	%	29,696		29,197		1.7	%
Seattle	2,759		2,729		1.1	%	98.2	%	97.4	%	0.8	%	30,103		29,448		2.2	%
Phoenix	1,947		1,918		1.5	%	97.7	%	98.0	%	(0.3)	%	48,069		47,412		1.4	%
Las Vegas	2,144		2,131		0.6	%	96.7	%	96.7	%	—	%	17,780		17,273		2.9	%
Denver	2,458		2,426		1.3	%	98.3	%	97.6	%	0.7	%	16,009		15,808		1.3	%
Western US Subtotal	2,467		2,440		1.1	%	97.7	%	97.8	%	(0.1)	%	204,612		200,727		1.9	%
Florida:
South Florida	2,855		2,802		1.9	%	97.9	%	98.0	%	(0.1)	%	67,163		65,698		2.2	%
Tampa	2,163		2,131		1.5	%	97.7	%	98.0	%	(0.3)	%	52,689		51,881		1.6	%
Orlando	2,118		2,085		1.6	%	98.0	%	98.2	%	(0.2)	%	39,575		39,080		1.3	%
Jacksonville	2,092		2,063		1.4	%	97.3	%	97.9	%	(0.6)	%	11,836		11,692		1.2	%
Florida Subtotal	2,374		2,334		1.7	%	97.8	%	98.0	%	(0.2)	%	171,263		168,351		1.7	%
Southeast United States:
Atlanta	1,924		1,898		1.4	%	96.9	%	97.5	%	(0.6)	%	67,793		66,795		1.5	%
Carolinas	1,953		1,924		1.5	%	97.7	%	98.2	%	(0.5)	%	28,936		28,523		1.4	%
Southeast US Subtotal	1,932		1,906		1.4	%	97.1	%	97.7	%	(0.6)	%	96,729		95,318		1.5	%
Texas
Houston	1,812		1,794		1.0	%	97.3	%	97.4	%	(0.1)	%	10,562		10,363		1.9	%
Dallas	2,170		2,140		1.4	%	97.1	%	97.9	%	(0.8)	%	16,045		15,907		0.9	%
Texas Subtotal	2,013		1,989		1.2	%	97.2	%	97.7	%	(0.5)	%	26,607		26,270		1.3	%
Midwest United States:
Chicago	2,270		2,246		1.1	%	97.9	%	98.1	%	(0.2)	%	16,474		16,245		1.4	%
Minneapolis	2,226		2,203		1.0	%	97.5	%	96.7	%	0.8	%	7,346		7,168		2.5	%
Midwest US Subtotal	2,257		2,233		1.1	%	97.8	%	97.7	%	0.1	%	23,820		23,413		1.7	%
Total / Average	$	2,285	$	2,254	1.4	%	97.6	%	97.8	%	(0.2)	%	$	523,031	$	514,079	1.7	%

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 20

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — YTD
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenues
YoY, YTD 2023	YTD 2023		YTD 2022		Change		YTD 2023		YTD 2022		Change		YTD 2023			YTD 2022		Change
Western United States:
Southern California	$	2,926	$	2,764	5.9	%	97.9	%	98.5	%	(0.6)	%	$	124,544		$	119,823	3.9	%
Northern California	2,587		2,441		6.0	%	97.9	%	98.4	%	(0.5)	%	58,893			56,151		4.9	%
Seattle	2,744		2,565		7.0	%	97.8	%	98.2	%	(0.4)	%	59,551			56,422		5.5	%
Phoenix	1,932		1,768		9.3	%	97.9	%	98.1	%	(0.2)	%	95,481			87,488		9.1	%
Las Vegas	2,137		1,987		7.5	%	96.7	%	98.1	%	(1.4)	%	35,053			33,584		4.4	%
Denver	2,442		2,326		5.0	%	98.0	%	97.8	%	0.2	%	31,817			30,257		5.2	%
Western US Subtotal	2,453		2,296		6.8	%	97.8	%	98.2	%	(0.4)	%	405,339		405339	383,725		5.6	%
Florida:
South Florida	2,829		2,530		11.8	%	98.0	%	98.6	%	(0.6)	%	132,861			119,798		10.9	%
Tampa	2,147		1,952		10.0	%	97.8	%	98.1	%	(0.3)	%	104,570			95,576		9.4	%
Orlando	2,101		1,930		8.9	%	98.1	%	98.1	%	—	%	78,655			72,000		9.2	%
Jacksonville	2,078		1,931		7.6	%	97.6	%	97.8	%	(0.2)	%	23,528			21,878		7.5	%
Florida Subtotal	2,354		2,135		10.3	%	97.9	%	98.2	%	(0.3)	%	339,614			309,252		9.8	%
Southeast United States:
Atlanta	1,911		1,771		7.9	%	97.2	%	97.8	%	(0.6)	%	134,588			128,184		5.0	%
Carolinas	1,938		1,818		6.6	%	98.0	%	97.8	%	0.2	%	57,459			54,768		4.9	%
Southeast US Subtotal	1,919		1,785		7.5	%	97.4	%	97.8	%	(0.4)	%	192,047			182,952		5.0	%
Texas
Houston	1,803		1,709		5.5	%	97.3	%	97.6	%	(0.3)	%	20,925			19,877		5.3	%
Dallas	2,155		2,018		6.8	%	97.5	%	97.3	%	0.2	%	31,952			29,781		7.3	%
Texas Subtotal	2,001		1,882		6.3	%	97.4	%	97.4	%	—	%	52,877			49,658		6.5	%
Midwest United States:
Chicago	2,258		2,137		5.7	%	98.0	%	98.3	%	(0.3)	%	32,719			31,235		4.8	%
Minneapolis	2,215		2,109		5.0	%	97.1	%	97.2	%	(0.1)	%	14,514			13,659		6.3	%
Midwest US Subtotal	2,245		2,129		5.4	%	97.7	%	98.0	%	(0.3)	%	47,233			44,894		5.2	%
Total / Average	$	2,269	$	2,102	7.9	%	97.7	%	98.1	%	(0.4)	%	$	1,037,110		$	970,481	6.9	%

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 21

Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
( in thousands) (unaudited)
						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, Q2 2023		Q2 2022		Change		Q2 2023		Q2 2022		Change		Q2 2023		Q2 2022		Change		Q2 2023		Q2 2022
Western United States:
Southern California	62,955	$	60,924	3.3	%	$	18,457	$	16,842	9.6	%	$	44,498	$	44,082	0.9	%	70.7	%	72.4	%
Northern California		29,156		1.9	%	7,915		7,526		5.2	%	21,781		21,630		0.7	%	73.3	%	74.2	%
Seattle		28,873		4.3	%	7,984		7,454		7.1	%	22,119		21,419		3.3	%	73.5	%	74.2	%
Phoenix		44,466		8.1	%	9,257		9,180		0.8	%	38,812		35,286		10.0	%	80.7	%	79.4	%
Las Vegas		17,107		3.9	%	4,200		3,623		15.9	%	13,580		13,484		0.7	%	76.4	%	78.8	%
Denver		15,333		4.4	%	3,112		3,118		(0.2)	%	12,897		12,215		5.6	%	80.6	%	79.7	%
Western US Subtotal		195,859		4.5	%	50,925		47,743		6.7	%	153,687		148,116		3.8	%	75.1	%	75.6	%
Florida:
South Florida		60,589		10.9	%	25,623		23,010		11.4	%	41,540		37,579		10.5	%	61.8	%	62.0	%
Tampa		48,632		8.3	%	20,127		17,352		16.0	%	32,562		31,280		4.1	%	61.8	%	64.3	%
Orlando		36,450		8.6	%	13,508		12,113		11.5	%	26,067		24,337		7.1	%	65.9	%	66.8	%
Jacksonville		11,082		6.8	%	4,229		3,685		14.8	%	7,607		7,397		2.8	%	64.3	%	66.7	%
Florida Subtotal		156,753		9.3	%	63,487		56,160		13.0	%	107,776		100,593		7.1	%	62.9	%	64.2	%
Southeast United States:
Atlanta		65,319		3.8	%	23,804		19,177		24.1	%	43,989		46,142		(4.7)	%	64.9	%	70.6	%
Carolinas		27,729		4.4	%	7,708		7,424		3.8	%	21,228		20,305		4.5	%	73.4	%	73.2	%
Southeast US Subtotal		93,048		4.0	%	31,512		26,601		18.5	%	65,217		66,447		(1.9)	%	67.4	%	71.4	%
Texas
Houston		10,029		5.3	%	5,170		4,775		8.3	%	5,392		5,254		2.6	%	51.1	%	52.4	%
Dallas		15,204		5.5	%	6,609		5,976		10.6	%	9,436		9,228		2.3	%	58.8	%	60.7	%
Texas Subtotal		25,233		5.4	%	11,779		10,751		9.6	%	14,828		14,482		2.4	%	55.7	%	57.4	%
Midwest United States:
Chicago		15,878		3.8	%	7,451		7,183		3.7	%	9,023		8,695		3.8	%	54.8	%	54.8	%
Minneapolis		6,910		6.3	%	2,519		2,326		8.3	%	4,827		4,584		5.3	%	65.7	%	66.3	%
Midwest US Subtotal		22,788		4.5	%	9,970		9,509		4.8	%	13,850		13,279		4.3	%	58.1	%	58.3	%
Same Store Total / Average	523,031	$	493,681	5.9	%	$	167,673	$	150,764	11.2	%	$	355,358	$	342,917	3.6	%	67.9	%	69.5	%

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 22

Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
( in thousands) (unaudited)
						Core Operating Expenses					Net Operating Income						Core NOI Margin
Seq, Q2 2023		Q1 2023		Change			Q2 2023		Q1 2023		Change		Q2 2023		Q1 2023			Change		Q2 2023		Q1 2023
Western United States:
Southern California	62,955	$	61,589	2.2	%		$	18,457	$	17,879	3.2	%	$	44,498	$	43,710		1.8	%	70.7	%	71.0	%
Northern California		29,197		1.7	%		7,915		7,958		(0.5)	%	21,781		21,239			2.6	%	73.3	%	72.7	%
Seattle		29,448		2.2	%		7,984		8,251		(3.2)	%	22,119		21,197			4.3	%	73.5	%	72.0	%
Phoenix		47,412		1.4	%		9,257		9,223		0.4	%	38,812		38,189			1.6	%	80.7	%	80.5	%
Las Vegas		17,273		2.9	%		4,200		4,182		0.4	%	13,580		13,091			3.7	%	76.4	%	75.8	%
Denver		15,808		1.3	%		3,112		2,864		8.7	%	12,897		12,944			(0.4)	%	80.6	%	81.9	%
Western US Subtotal		200,727		1.9	%		50,925		50,357		1.1	%	153,687		150,370			2.2	%	75.1	%	74.9	%
Florida:
South Florida		65,698		2.2	%		25,623		25,282		1.3	%	41,540		40,416			2.8	%	61.8	%	61.5	%
Tampa		51,881		1.6	%		20,127		19,275		4.4	%	32,562		32,606			(0.1)	%	61.8	%	62.8	%
Orlando		39,080		1.3	%		13,508		13,099		3.1	%	26,067		25,981			0.3	%	65.9	%	66.5	%
Jacksonville		11,692		1.2	%		4,229		3,989		6.0	%	7,607		7,703			(1.2)	%	64.3	%	65.9	%
Florida Subtotal		168,351		1.7	%		63,487		61,645		3.0	%	107,776		106,706			1.0	%	62.9	%	63.4	%
Southeast United States:
Atlanta		66,795		1.5	%		23,804		22,075		7.8	%	43,989		44,720			(1.6)	%	64.9	%	67.0	%
Carolinas		28,523		1.4	%		7,708		7,696		0.2	%	21,228		20,827			1.9	%	73.4	%	73.0	%
Southeast US Subtotal		95,318		1.5	%		31,512		29,771		5.8	%	65,217		65,547			(0.5)	%	67.4	%	68.8	%
Texas
Houston		10,363		1.9	%		5,170		5,274		(2.0)	%	5,392		5,089			6.0	%	51.1	%	49.1	%
Dallas		15,907		0.9	%		6,609		6,576		0.5	%	9,436		9,331			1.1	%	58.8	%	58.7	%
Texas Subtotal		26,270		1.3	%		11,779		11,850		(0.6)	%	14,828		14,420			2.8	%	55.7	%	54.9	%
Midwest United States:
Chicago		16,245		1.4	%		7,451		7,336		1.6	%	9,023		8,909			1.3	%	54.8	%	54.8	%
Minneapolis		7,168		2.5	%		2,519		2,296		9.7	%	4,827		4,872			(0.9)	%	65.7	%	68.0	%
Midwest US Subtotal		23,413		1.7	%		9,970		9,632		3.5	%	13,850		13,781			0.5	%	58.1	%	58.9	%
Same Store Total / Average	523,031	$	514,079	1.7	%		$	167,673	$	163,255	2.7	%	$	355,358	$	350,824		1.3	%	67.9	%	68.2	%

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 23

Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — YTD
( in thousands) (unaudited)
						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, YTD 2023		YTD 2022		Change		YTD 2023		YTD 2022		Change		YTD 2023		YTD 2022		Change			YTD 2023		YTD 2022
Western United States:
Southern California	124,544	$	119,823	3.9	%	$	36,336	$	33,478	8.5	%	$	88,208	$	86,345	2.2	%		70.8	%	72.1	%
Northern California		56,151		4.9	%	15,873		14,830		7.0	%	43,020		41,321		4.1	%		73.0	%	73.6	%
Seattle		56,422		5.5	%	16,235		14,787		9.8	%	43,316		41,635		4.0	%		72.7	%	73.8	%
Phoenix		87,488		9.1	%	18,480		17,426		6.0	%	77,001		70,062		9.9	%		80.6	%	80.1	%
Las Vegas		33,584		4.4	%	8,382		6,815		23.0	%	26,671		26,769		(0.4)	%		76.1	%	79.7	%
Denver		30,257		5.2	%	5,976		5,533		8.0	%	25,841		24,724		4.5	%		81.2	%	81.7	%
Western US Subtotal		383,725		5.6	%	101,282		92,869		9.1	%	304,057		290,856		4.5	%		75.0	%	75.8	%
Florida:
South Florida		119,798		10.9	%	50,905		44,989		13.1	%	81,956		74,809		9.6	%		61.7	%	62.4	%
Tampa		95,576		9.4	%	39,402		33,971		16.0	%	65,168		61,605		5.8	%		62.3	%	64.5	%
Orlando		72,000		9.2	%	26,607		24,030		10.7	%	52,048		47,970		8.5	%		66.2	%	66.6	%
Jacksonville		21,878		7.5	%	8,218		7,214		13.9	%	15,310		14,664		4.4	%		65.1	%	67.0	%
Florida Subtotal		309,252		9.8	%	125,132		110,204		13.5	%	214,482		199,048		7.8	%		63.2	%	64.4	%
Southeast United States:
Atlanta		128,184		5.0	%	45,879		37,406		22.7	%	88,709		90,778		(2.3)	%		65.9	%	70.8	%
Carolinas		54,768		4.9	%	15,404		14,463		6.5	%	42,055		40,305		4.3	%		73.2	%	73.6	%
Southeast US Subtotal		182,952		5.0	%	61,283		51,869		18.1	%	130,764		131,083		(0.2)	%		68.1	%	71.6	%
Texas
Houston		19,877		5.3	%	10,444		9,257		12.8	%	10,481		10,620		(1.3)	%		50.1	%	53.4	%
Dallas		29,781		7.3	%	13,185		11,510		14.6	%	18,767		18,271		2.7	%		58.7	%	61.4	%
Texas Subtotal		49,658		6.5	%	23,629		20,767		13.8	%	29,248		28,891		1.2	%		55.3	%	58.2	%
Midwest United States:
Chicago		31,235		4.8	%	14,787		13,918		6.2	%	17,932		17,317		3.6	%		54.8	%	55.4	%
Minneapolis		13,659		6.3	%	4,815		4,404		9.3	%	9,699		9,255		4.8	%		66.8	%	67.8	%
Midwest US Subtotal		44,894		5.2	%	19,602		18,322		7.0	%	27,631		26,572		4.0	%		58.5	%	59.2	%
Same Store Total / Average	1,037,110	$	970,481	6.9	%	$	330,928	$	294,031	12.5	%	$	706,182	$	676,450	4.4	%		68.1	%	69.7	%

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 24

Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
	Rental Rate Growth
	Q2 2023						YTD 2023
	Renewal		New		Blended		Renewal		New		Blended
	Leases		Leases		Average		Leases		Leases		Average
Western United States:
Southern California	6.5	%	8.5	%	7.0	%	6.6	%	8.5	%	7.1	%
Northern California	3.9	%	6.3	%	4.6	%	4.6	%	5.7	%	4.9	%
Seattle	5.5	%	6.1	%	5.7	%	6.6	%	5.0	%	6.1	%
Phoenix	6.8	%	6.7	%	6.8	%	7.4	%	6.5	%	7.2	%
Las Vegas	4.5	%	1.4	%	3.4	%	5.9	%	1.9	%	4.5	%
Denver	4.0	%	6.2	%	4.6	%	4.7	%	3.9	%	4.5	%
Western US Subtotal	5.7	%	6.3	%	5.8	%	6.3	%	5.9	%	6.2	%
Florida:
South Florida	11.1	%	8.6	%	10.5	%	11.3	%	8.2	%	10.5	%
Tampa	7.8	%	8.9	%	8.2	%	8.3	%	8.2	%	8.2	%
Orlando	6.9	%	9.1	%	7.5	%	7.7	%	7.9	%	7.7	%
Jacksonville	4.9	%	5.1	%	5.0	%	6.0	%	4.8	%	5.6	%
Florida Subtotal	8.7	%	8.5	%	8.6	%	9.1	%	7.8	%	8.8	%
Southeast United States:
Atlanta	6.6	%	8.2	%	7.0	%	7.2	%	7.2	%	7.2	%
Carolinas	7.0	%	8.2	%	7.3	%	7.2	%	7.1	%	7.1	%
Southeast US Subtotal	6.7	%	8.2	%	7.1	%	7.2	%	7.2	%	7.2	%
Texas
Houston	5.2	%	4.4	%	5.0	%	4.8	%	3.2	%	4.4	%
Dallas	6.5	%	5.9	%	6.3	%	6.5	%	4.6	%	5.9	%
Texas Subtotal	6.0	%	5.4	%	5.8	%	5.8	%	4.1	%	5.3	%
Midwest United States:
Chicago	7.0	%	6.3	%	6.8	%	7.0	%	5.5	%	6.6	%
Minneapolis	6.7	%	3.6	%	6.0	%	7.0	%	0.2	%	4.8	%
Midwest US Subtotal	6.9	%	5.5	%	6.5	%	7.0	%	3.6	%	6.1	%
Total / Average	6.9	%	7.3	%	7.0	%	7.4	%	6.5	%	7.1	%

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

Q2 2023 Earnings Release and Supplemental Information — page 25

Supplemental Schedule 6

Same Store Cost to Maintain, net (1)
( in thousands, except per home amounts) (unaudited)
Total		Q1 2023		Q4 2022		Q3 2022		Q2 2022
R&M OpEx, net	21,674	$	21,644	$	23,063	$	27,713	$	23,065
Turn OpEx, net		8,886		10,299		9,928		8,241
Total recurring operating expenses, net	32,923	$	30,530	$	33,362	$	37,641	$	31,306
R&M CapEx	24,508	$	24,531	$	26,837	$	30,668	$	25,014
Turn CapEx		9,809		11,615		11,076		9,713
Total recurring capital expenditures	33,718	$	34,340	$	38,452	$	41,744	$	34,727
R&M OpEx, net + R&M CapEx	46,182	$	46,175	$	49,900	$	58,381	$	48,079
Turn OpEx, net + Turn CapEx		18,695		21,914		21,004		17,954
Total Cost to Maintain, net	66,641	$	64,870	$	71,814	$	79,385	$	66,033
Per Home		Q1 2023		Q4 2022		Q3 2022		Q2 2022
Total Cost to Maintain, net	870	$	847	$	938	$	1,036	$	862

All values are in US Dollars.

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

Total Wholly Owned Portfolio Capital Expenditure Detail
( in thousands) (unaudited)
Total		Q1 2023		Q4 2022		Q3 2022		Q2 2022
Recurring CapEx	36,173	$	37,114	$	40,945	$	44,556	$	37,481
Value Enhancing CapEx		9,458		12,258		14,809		12,223
Initial Renovation CapEx		4,037		13,853		30,055		33,109
Disposition CapEx		1,825		999		1,174		1,334
Total Capital Expenditures	55,098	$	52,434	$	68,055	$	90,594	$	84,147

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 26

Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
( in thousands) (unaudited)
Adjusted Property Management Expense		Q2 2022		YTD 2023		YTD 2022
Property management expense (GAAP)	23,580	$	21,814	$	47,164	$	42,781
Adjustments:
Share-based compensation expense		(1,794)		(3,402)		(3,220)
Adjusted property management expense	22,138	$	20,020	$	43,762	$	39,561
Adjusted G&A Expense		Q2 2022		YTD 2023		YTD 2022
G&A expense (GAAP)	19,791	$	19,342	$	37,243	$	36,981
Adjustments:
Share-based compensation expense		(6,195)		(9,162)		(11,415)
Severance expense		(189)		(524)		(207)
Adjusted G&A expense	14,796	$	12,958	$	27,557	$	25,359

All values are in US Dollars.

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

Q2 2023 Earnings Release and Supplemental Information — page 27

Supplemental Schedule 8(a)

Acquisitions and Dispositions
(unaudited)
	March 31, 2023	Q2 2023 Acquisitions (1)			Q2 2023 Dispositions (2)			June 30, 2023
	Homes	Homes	Avg. Est.		Homes	Average		Homes
	Owned	Acq.	Cost Basis		Sold	Sales Price		Owned
Wholly Owned Portfolio
Western United States:
Southern California	7,746	—	$	—	62	$	632,703	7,684
Northern California	4,417	—	—		31	459,435		4,386
Seattle	4,076	—	—		16	436,781		4,060
Phoenix	8,904	3	360,397		18	316,907		8,889
Las Vegas	3,177	—	—		10	398,800		3,167
Denver	2,643	—	—		28	374,143		2,615
Western US Subtotal	30,963	3	360,397		165	488,648		30,801
Florida:
South Florida	8,407	3	371,613		24	438,313		8,386
Tampa	8,679	50	353,360		34	311,262		8,695
Orlando	6,488	61	299,848		13	281,654		6,536
Jacksonville	1,927	2	446,515		1	75,000		1,928
Florida Subtotal	25,501	116	327,298		72	344,985		25,545
Southeast United States:
Atlanta	12,636	36	340,250		53	193,350		12,619
Carolinas	5,355	4	393,378		11	274,809		5,348
Southeast US Subtotal	17,991	40	345,563		64	207,351		17,967
Texas:
Houston	2,093	—	—		18	219,847		2,075
Dallas	2,847	29	292,055		27	273,528		2,849
Texas: Subtotal	4,940	29	292,055		45	252,056		4,924
Midwest United States:
Chicago	2,514	—	—		6	222,233		2,508
Minneapolis	1,101	—	—		9	258,922		1,092
Midwest US Subtotal	3,615	—	—		15	244,247		3,600
Total / Average	83,010	188	$	326,276	361	$	370,478	82,837
Joint Venture Portfolio
2020 Rockpoint JV (3)	2,610	—	$	—	1	$	55,000	2,609
2022 Rockpoint JV (4)	132	—	—		—	—		132
FNMA JV (5)	475	—	—		14	431,464		461
Pathway Homes (6)	353	88	308,515		2	338,500		439

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

Q2 2023 Earnings Release and Supplemental Information — page 28

Supplemental Schedule 8(a) (Continued)

(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.8%. 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 2.0%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.

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

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

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

(6)Represents portfolio owned by Pathway Homes, of which Invitation Homes owned 100.0% of the property portfolio as of June 30, 2023.

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

Q2 2023 Earnings Release and Supplemental Information — page 29

Supplemental Schedule 8(b)

Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of June 30, 2023
(unaudited)
	Pipeline as of June 30, 2023 (1)(2)	Estimated Deliveries <br>in Q3-Q4 2023	Estimated Deliveries <br>in 2024	Estimated Deliveries Thereafter	Avg. Estimated Cost Basis Per Home
Southern California	127	—	60	67	$	540,000
Phoenix	150	—	60	90	420,000
Tampa	592	140	193	259	330,000
Orlando	796	122	72	602	410,000
Atlanta	144	17	55	72	330,000
Carolinas	331	—	192	139	410,000
South Florida	26	23	3	—	360,000
Dallas	83	18	36	29	310,000
Total / Average	2,249	320	671	1,258	$	390,000

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

(2)Pipeline rollforward:

Pipeline as of March 31, 2023		2,233
	Q2 2023 additions & cancellations (net)	173
	Q2 2023 deliveries	(157)
Pipeline as of June 30, 2023		2,249

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

Q2 2023 Earnings Release and Supplemental Information — page 30

Glossary and Reconciliations

Average Estimated Cost Basis

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

Average Monthly Rent

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

Average Occupancy

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

Bad Debt

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

Core NOI Margin

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

Core Operating Expenses

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

Core Revenues

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

Cost to Maintain, net

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

Disposition CapEx

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

EBITDA, EBITDAre, and Adjusted EBITDAre

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

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

Q2 2023 Earnings Release and Supplemental Information — page 31

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

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

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

FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures.

The Company believes that FFO is a meaningful supplemental measure of the operating performance of its business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss.

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

Initial Renovation CapEx

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

Net Operating Income (NOI)

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

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

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

Q2 2023 Earnings Release and Supplemental Information — page 32

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

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

PSF

PSF means per square foot.

Recurring Capital Expenditures or Recurring CapEx

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

Rental Rate Growth

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

Revenue Collections

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

Same Store / Same Store Portfolio

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

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

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

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

Total Homes / Total Portfolio

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

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

Q2 2023 Earnings Release and Supplemental Information — page 33

Turnover Rate

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

Unsecured Facility Covenants

Unsecured facility covenants refer to financial and operating requirements that the Company must meet with respect to its $1,000 million revolving credit facility (the "Revolving Facility") and its $2,500 million term loan facility (the "2020 Term Loan Facility" and together with the Revolving Facility, the "Credit Facility"), as set forth in the Company's Amended and Restated Revolving Credit and Term Loan Agreement dated December 8, 2020 (as amended by the First Amendment, dated as of April 18, 2023, the "Credit Agreement") and its $725 million term loan facility (the "2022 Term Loan Facility" and together with the 2020 Term Loan Facility, the "Term Loan Facilities"), as set forth in the Company's Term Loan Agreement dated June 22, 2022 (the "Term Loan Agreement" and together with the Credit Agreement, the "Unsecured Credit Agreements"). The metrics provided under the "Unsecured Facilities Covenant Compliance" heading on Supplemental Schedule 2(b) show the Company's compliance with certain covenants that the Company believes are its most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, and unsecured interest coverage ratio.

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

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

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

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

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

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

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

Q2 2023 Earnings Release and Supplemental Information — page 34

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

The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as such factors may be updated from time to time in its periodic filings with the SEC.

Unsecured Public Bond Covenants

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

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

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

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

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

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

The breach of any of the covenants set forth in the Indenture could result in a default of the Company's indebtedness related to its senior notes, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as such factors may be updated from time to time in its periodic filings with the SEC.

Value Enhancing CapEx

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

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

Q2 2023 Earnings Release and Supplemental Information — page 35

Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022
Total revenues (Total Portfolio)	$	600,372	$	589,890	$	579,836	$	568,675	$	557,300
Management fee revenues	(3,448)		(3,375)		(3,326)		(3,284)		(2,759)
Total portfolio resident recoveries	(32,776)		(31,966)		(32,639)		(31,260)		(29,394)
Total Core Revenues (Total Portfolio)	564,148		554,549		543,871		534,131		525,147
Non-Same Store Core Revenues	(41,117)		(40,470)		(38,062)		(35,232)		(31,466)
Same Store Core Revenues	$	523,031	$	514,079	$	505,809	$	498,899	$	493,681
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
	YTD 2023		YTD 2022
Total revenues (Total Portfolio)	$	1,190,262	$	1,089,610
Management fee revenues	(6,823)		(4,870)
Total portfolio resident recoveries	(64,742)		(58,156)
Total Core Revenues (Total Portfolio)	1,118,697		1,026,584
Non-Same Store Core Revenues	(81,587)		(56,103)
Same Store Core Revenues	$	1,037,110	$	970,481
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
---	---	---	---	---	---	---	---	---	---	---
(in thousands) (unaudited)
	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022
Property operating and maintenance expenses (Total Portfolio)	$	213,808	$	208,497	$	209,615	$	203,787	$	190,680
Total Portfolio resident recoveries	(32,776)		(31,966)		(32,639)		(31,260)		(29,394)
Core Operating Expenses (Total Portfolio)	181,032		176,531		176,976		172,527		161,286
Non-Same Store Core Operating Expenses	(13,359)		(13,276)		(11,409)		(12,437)		(10,522)
Same Store Core Operating Expenses	$	167,673	$	163,255	$	165,567	$	160,090	$	150,764
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
	YTD 2023		YTD 2022
Property operating and maintenance expenses (Total Portfolio)	$	422,305	$	372,949
Total Portfolio resident recoveries	(64,742)		(58,156)
Core Operating Expenses (Total Portfolio)	357,563		314,793
Non-Same Store Core Operating Expenses	(26,635)		(20,762)
Same Store Core Operating Expenses	$	330,928	$	294,031

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

Q2 2023 Earnings Release and Supplemental Information — page 36

Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022
Net income available to common stockholders	$	137,698	$	120,071	$	100,426	$	79,032	$	110,815
Net income available to participating securities	166		171		146		147		148
Non-controlling interests	418		342		290		250		542
Interest expense	78,625		78,047		78,409		76,454		74,840
Depreciation and amortization	165,759		164,673		163,318		160,428		158,572
Property management expense	23,580		23,584		22,770		22,385		21,814
General and administrative	19,791		17,452		16,921		20,123		19,342
Impairment and other (1)	1,868		1,163		5,823		20,004		1,355
Gain on sale of property, net of tax	(46,788)		(29,671)		(21,213)		(23,952)		(27,508)
(Gains) losses on investments in equity securities, net	(524)		(88)		(61)		796		172
Other, net (2)	3,941		1,494		(344)		8,372		3,827
Management fee revenues	(3,448)		(3,375)		(3,326)		(3,284)		(2,759)
Loss from investments in unconsolidated joint ventures	2,030		4,155		3,736		849		2,701
NOI (Total Portfolio)	383,116		378,018		366,895		361,604		363,861
Non-Same Store NOI	(27,758)		(27,194)		(26,653)		(22,795)		(20,944)
Same Store NOI	$	355,358	$	350,824	$	340,242	$	338,809	$	342,917
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
	YTD 2023		YTD 2022
Net income available to common stockholders	$	257,769	$	203,210
Net income available to participating securities	337		368
Non-controlling interests	760		930
Interest expense	156,672		149,229
Depreciation and amortization	330,432		314,368
Property management expense	47,164		42,781
General and administrative	37,243		36,981
Impairment and other	3,031		2,870
Gain on sale of property, net of tax	(76,459)		(45,534)
(Gains) losses on investments in equity securities, net	(612)		3,204
Other, net (2)	5,435		3,233
Management fee revenues	(6,823)		(4,870)
Loss from investments in unconsolidated joint ventures	6,185		5,021
NOI (Total Portfolio)	761,134		711,791
Non-Same Store NOI	(54,952)		(35,341)
Same Store NOI	$	706,182	$	676,450

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

(2)Includes interest income and other miscellaneous income and expenses.

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

Q2 2023 Earnings Release and Supplemental Information — page 37

Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
	Q2 2023		Q2 2022		YTD 2023		YTD 2022
Net income available to common stockholders	$	137,698	$	110,815	$	257,769	$	203,210
Net income available to participating securities	166		148		337		368
Non-controlling interests	418		542		760		930
Interest expense	78,625		74,840		156,672		149,229
Interest expense in unconsolidated joint ventures	3,145		859		7,723		1,451
Depreciation and amortization	165,759		158,572		330,432		314,368
Depreciation and amortization of investments in unconsolidated joint ventures	2,521		1,114		4,996		1,752
EBITDA	388,332		346,890		758,689		671,308
Gain on sale of property, net of tax	(46,788)		(27,508)		(76,459)		(45,534)
Impairment on depreciated real estate investments	81		36		259		137
Net gain on sale of investments in unconsolidated joint ventures	(304)		(186)		(634)		(316)
EBITDAre	341,321		319,232		681,855		625,595
Share-based compensation expense	6,066		7,989		12,564		14,635
Severance	371		189		524		207
Casualty losses, net (1)	1,797		1,319		2,785		2,733
(Gains) losses on investments in equity securities, net	(524)		172		(612)		3,204
Other, net (2)	3,941		3,827		5,435		3,233
Adjusted EBITDAre	$	352,972	$	332,728	$	702,551	$	649,607
	Trailing Twelve Months (TTM)<br>Ended
	June 30, 2023		December 31, 2022
Net income available to common stockholders	$	437,227	$	382,668
Net income available to participating securities	630		661
Non-controlling interests	1,300		1,470
Interest expense	311,535		304,092
Interest expense in unconsolidated joint ventures	9,853		3,581
Depreciation and amortization	654,178		638,114
Depreciation and amortization of investments in unconsolidated joint ventures	9,082		5,838
EBITDA	1,423,805		1,336,424
Gain on sale of property, net of tax	(121,624)		(90,699)
Impairment on depreciated real estate investments	432		310
Net gain on sale of investments in unconsolidated joint ventures	(1,183)		(865)
EBITDAre	1,301,430		1,245,170
Share-based compensation expense	26,891		28,962
Severance	631		314
Casualty losses, net (1)	28,537		28,485
Losses on investments in equity securities, net	123		3,939
Other, net (2)	13,463		11,261
Adjusted EBITDAre	$	1,371,075	$	1,318,131

(1)Includes the Company's share from unconsolidated joint ventures, and includes $24.0 million of net estimated losses and damages related to Hurricanes Ian and Nicole for the TTM ended June 30, 2023 and December 31, 2022.

(2)Includes interest income and other miscellaneous income and expenses.

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

Q2 2023 Earnings Release and Supplemental Information — page 38

Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
	As of			As of
	June 30, 2023			December 31, 2022
Mortgage loans, net	$	1,636,505		$	1,645,795
Secured term loan, net	401,406			401,530
Unsecured notes, net	2,520,017			2,518,185
Term loan facility, net	3,207,635			3,203,567
Revolving facility	—			—
Total Debt per Balance Sheet	7,765,563			7,769,077
Retained and repurchased certificates	(88,229)			(88,564)
Cash, ex-security deposits and letters of credit (1)	(439,306)			(275,989)
Deferred financing costs, net	45,074			51,076
Unamortized discounts on note payable	12,715			13,518
Net Debt (A)	$	7,295,817		$	7,469,118
	For the TTM Ended			For the TTM Ended
	June 30, 2023			December 31, 2022
Adjusted EBITDAre (B)	$	1,371,075		$	1,318,131
Net Debt / TTM Adjusted EBITDAre (A / B)	5.3		x	5.7		x

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

Components of Non-Cash Interest Expense
(in thousands) (unaudited)
	Q2 2023		Q2 2022		YTD 2023		YTD 2022
Amortization of discounts on notes payable	$	403	$	393	$	803	$	855
Amortization of deferred financing costs	3,961		3,657		7,872		7,195
Change in fair value of interest rate derivatives	55		55		40		35
Amortization of swap fair value at designation	2,320		2,320		4,630		4,740
Company's share from unconsolidated joint ventures	443		73		2,969		143
Total non-cash interest expense	$	7,182	$	6,498	$	16,314	$	12,968

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

Q2 2023 Earnings Release and Supplemental Information — page 39