INVH 8-K
Invitation Homes Inc. (INVH)
8-K
2026-07-29
For: 2026-07-29
View Original
Added on
July 29, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
| Form | |||||||||||
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 29, 2026
(Exact Name of Registrant as Specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||
(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 | ||||||||||||
NYSE Texas, Inc. | ||||||||||||||
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 29, 2026, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended June 30, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits.
| Exhibit No. | Description | ||||
Press Release of Invitation Homes Inc. dated July 29, 2026, announcing results for the quarter ended June 30, 2026. | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INVITATION HOMES INC. | |||||||||||
| By: | /s/ Mark A. Solls | ||||||||||
| Name: | Mark A. Solls | ||||||||||
| Title: | Executive Vice President, Secretary and Chief Legal Officer | ||||||||||
| Date: | July 29, 2026 | ||||||||||
Table of Contents
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 2
Earnings Press Release
Invitation Homes Reports Second Quarter 2026 Results
Dallas, TX, July 29, 2026 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our Second Quarter (“Q2”) 2026 financial and operating results.
Q2 2026 Highlights
•Year over year, total revenues increased 9.7% to $748 million, property operating and maintenance costs increased 4.7% to $256 million, and net income available to common stockholders increased 55.1% to $218 million, or $0.37 per diluted common share.
•Year over year, Core FFO per share increased 5.0% to $0.51, while AFFO per share increased 5.9% to $0.44.
•Same Store NOI increased 1.5% year over year on 1.6% Same Store Core Revenues growth and 1.9% Same Store Core Operating Expenses growth.
•Same Store Average Occupancy was 97.1%, an expected reduction of 20 basis points year over year.
•Same Store renewal rent growth of 3.3% and Same Store new lease rent growth of 1.1% resulted in Same Store blended rent growth of 2.7%.
•We disposed of 657 wholly owned homes, many to families purchasing for their own use, and acquired 196 wholly owned homes, for net dispositions of 461 homes and net proceeds of approximately $234 million that were used for second quarter share repurchases and paying down debt that partially funded our first quarter share repurchases.
•During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30.
•At quarter end, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. As of June 30, 2026, our net debt / TTM adjusted EBITDAre was 5.4x, below our targeted range of 5.5x to 6.0x.
•As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027.
•Reflecting our year to date performance, we have raised our full year 2026 guidance by one cent at the midpoint for both Core FFO per share and AFFO per share to $1.95 and $1.65, respectively. We have also narrowed our Same Store Core Revenue growth and Same Store NOI growth guidance ranges, while holding both midpoints unchanged, and increased our wholly owned disposition guidance midpoint by $300 million to $850 million, driven by continued favorable private market valuations relative to public market pricing.
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.
Comments from Chief Executive Officer Dallas Tanner
“We delivered another quarter of strong operational execution thanks to our caring associates and loyal residents. New lease rent growth accelerated every month through June this year, and demand for high-quality rental homes remains healthy across our markets, particularly as leasing a home now costs an average of over $1,000 less per month than owning, according to data from John Burns. We continue to sell homes at prices well above what is implied by our current stock price, and since December, we have repurchased $600 million of our own shares. Given this performance, we have raised our full-year guidance by a penny at the midpoint for both Core FFO per share and AFFO per share, to $1.95 and $1.65, respectively.”
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 3
Financial Results
| Net Income, FFO, Core FFO, and AFFO Per Share — Diluted | |||||||||||||||||||||||||||||
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||||||||||||||
| Net income | $ | 0.37 | $ | 0.23 | $ | 0.63 | $ | 0.50 | |||||||||||||||||||||
| FFO | 0.46 | 0.45 | 0.90 | 0.90 | |||||||||||||||||||||||||
| Core FFO | 0.51 | 0.48 | 0.99 | 0.97 | |||||||||||||||||||||||||
| AFFO | 0.44 | 0.41 | 0.85 | 0.84 | |||||||||||||||||||||||||
Net Income
Net income per common share — diluted for Q2 2026 was $0.37, compared to net income per common share — diluted of $0.23 for Q2 2025. Total revenues and total property operating and maintenance expenses for Q2 2026 were $748 million and $256 million, respectively, compared to $681 million and $244 million, respectively, for Q2 2025.
Net income per common share — diluted for YTD 2026 was $0.63, compared to net income per share — diluted of $0.50 for YTD 2025. Total revenues and total property operating and maintenance expenses for YTD 2026 were $1,482 million and $507 million, respectively, compared to $1,356 million and $482 million, respectively, for YTD 2025.
Core FFO
Year over year, Core FFO per share for Q2 2026 increased 5.0% to $0.51, while Core FFO per share for YTD 2026 increased 1.9% to $0.99, primarily due to NOI growth, stock repurchases, and our acquisition of ResiBuilt in January 2026.
AFFO
Year over year, AFFO per share for Q2 2026 increased 5.9% to $0.44, while AFFO per share for YTD 2026 increased 1.6% to $0.85, primarily due to the increase in Core FFO per share described above.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 4
Operating Results
| Same Store Operating Results Snapshot | |||||||||||||||||||||||||||||
| Number of Homes, period-end | Q2 2026 | ||||||||||||||||||||||||||||
| Total Portfolio | 85,509 | ||||||||||||||||||||||||||||
| Number of homes in Same Store Portfolio: | 77,326 | ||||||||||||||||||||||||||||
| Same Store % of Total | 90.4 | % | |||||||||||||||||||||||||||
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||||||||||||||
| Core Revenues growth (year over year) | 1.6 | % | 1.7 | % | |||||||||||||||||||||||||
| Core Operating Expenses growth (year over year) | 1.9 | % | 3.7 | % | |||||||||||||||||||||||||
| NOI growth (year over year) | 1.5 | % | 0.7 | % | |||||||||||||||||||||||||
| Average Occupancy | 97.1 | % | 97.3 | % | 96.7 | % | 97.3 | % | |||||||||||||||||||||
| Bad Debt % of gross rental revenue | 0.6 | % | 0.6 | % | 0.6 | % | 0.6 | % | |||||||||||||||||||||
| Turnover Rate | 5.7 | % | 6.2 | % | 11.0 | % | 11.2 | % | |||||||||||||||||||||
| Rental Rate Growth (lease-over-lease): | |||||||||||||||||||||||||||||
| Renewals | 3.3 | % | 4.7 | % | 3.5 | % | 4.9 | % | |||||||||||||||||||||
| New leases | 1.1 | % | 2.1 | % | (1.1) | % | 1.0 | % | |||||||||||||||||||||
| Blended | 2.7 | % | 4.0 | % | 2.2 | % | 3.8 | % | |||||||||||||||||||||
Same Store NOI
For the Same Store Portfolio of 77,326 homes, Same Store NOI for Q2 2026 increased 1.5% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 1.9%.
YTD 2026 Same Store NOI increased 0.7% year over year on Same Store Core Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 3.7%.
Same Store Core Revenues
Q2 2026 year over year Same Store Core Revenues growth of 1.6% was primarily driven by a 2.0% increase in Average Monthly Rent, partially offset by a 20 basis point year over year decrease in Average Occupancy.
YTD 2026 year over year Same Store Core Revenues growth of 1.7% was primarily driven by a 2.1% increase in Average Monthly Rent and a 4.7% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decrease in Average Occupancy.
Same Store Core Operating Expenses
Q2 2026 year over year Same Store Core Operating Expenses increased 1.9%, primarily attributable to a 3.5% increase in fixed expenses, partially offset by a 1.0% decrease in controllable expenses.
YTD 2026 year over year Same Store Core Operating Expenses increased 3.7%, primarily driven by a 3.1% increase in fixed expenses and a 4.8% increase in controllable expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 5
Investment, Property Management, and Homebuilding Activity
During Q2 2026, we sold 657 wholly owned homes, many to families purchasing for their own use, for gross proceeds of approximately $309 million, and we sold 14 homes for gross proceeds of approximately $6 million in our joint ventures. Acquisitions for Q2 2026 included 196 wholly owned homes for approximately $74 million and 67 homes for approximately $23 million in our joint ventures.
YTD 2026, we sold 1,140 wholly owned homes for gross proceeds of approximately $515 million and 24 homes for gross proceeds of approximately $11 million in our joint ventures. We also acquired 457 wholly owned homes for approximately $165 million and 87 homes for approximately $31 million in our joint ventures.
A summary of our owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed as of June 30, 2026 | |||||||||||||||||||||||||||||
| Number of Homes Owned and/or Managed as of 3/31/2026 | Acquired or Added In Q2 2026 | Disposed or Subtracted In Q2 2026 | Number of Homes Owned and/or Managed as of 6/30/2026 | ||||||||||||||||||||||||||
| Wholly owned homes | 85,970 | 196 | (657) | 85,509 | |||||||||||||||||||||||||
| Joint venture owned homes | 8,016 | 67 | (14) | 8,069 | |||||||||||||||||||||||||
| Managed-only homes | 15,759 | — | (120) | 15,639 | |||||||||||||||||||||||||
| Total homes owned and/or managed | 109,745 | 263 | (791) | 109,217 | |||||||||||||||||||||||||
Balance Sheet and Capital Markets Activity
As of June 30, 2026, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,593 million consisted of 83.8% unsecured debt and 16.2% secured debt; 92.4% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.4x, below our targeted range of 5.5x to 6.0x.
During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30.
As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027.
FY 2026 Guidance
We have raised our full year 2026 guidance, increasing Core FFO per share and AFFO per share midpoints by one cent each to $1.95 and $1.65, respectively, as set forth below, in addition to our other underlying assumptions.
In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss) per share, 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 we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our ongoing operations. Such items include,
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 6
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, net casualty losses and reserves, 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 our GAAP results for the guidance period.
FY 2026 Guidance Summary | ||||||||||||||||||||||||||
| Current Guidance Range | Current Guidance Midpoint | Prior Guidance Midpoint | Change in Guidance Midpoint | |||||||||||||||||||||||
| Core FFO per share — diluted | $1.92 - $1.98 | $1.95 | $1.94 | $0.01 | ||||||||||||||||||||||
| AFFO per share — diluted | $1.62 - $1.68 | $1.65 | $1.64 | $0.01 | ||||||||||||||||||||||
Same Store Core Revenues growth (1) | 1.5% - 2.3% | 1.9% | 1.9% | —% | ||||||||||||||||||||||
Same Store Core Operating Expenses growth (2) | 3.0% - 4.0% | 3.5% | 3.5% | —% | ||||||||||||||||||||||
| Same Store NOI growth | 0.4% - 1.9% | 1.15% | 1.15% | —% | ||||||||||||||||||||||
Wholly owned acquisitions (3) | $150 - $350 million | $250 million | $250 million | $— million | ||||||||||||||||||||||
JV acquisitions (3) | $50 - $150 million | $100 million | $100 million | $— million | ||||||||||||||||||||||
| Wholly owned dispositions | $750 - $950 million | $850 million | $550 million | $300 million | ||||||||||||||||||||||
(1)Same Store Core Revenues growth guidance assumes FY 2026 (i) Average Occupancy in a range of 96.0% to 96.6% and (ii) average Bad Debt in a range of 60 to 80 basis points.
(2)Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 (i) property taxes in a range of 4% to 5%; (ii) insurance expenses in a range of 5% to 7%; and (iii) all other expenses in a range of approximately 1% to 2%.
(3)Excludes our acquisition of ResiBuilt in January 2026.
Earnings Conference Call Information
We have scheduled a conference call at 11:00 a.m. Eastern Time on July 30, 2026, to review Q2 2026 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.
Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from our investor relations website at www.invh.com. Following the conclusion of the earnings call, we will post a replay of the webcast to our website for one year.
Supplemental Information
The full text of the Earnings Release and Supplemental Information referenced in this release are available on our Investor Relations website at www.invh.com.
About Invitation Homes
Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 7
Investor Relations Contact | Media Relations Contact | ||||||||||
| Scott McLaughlin | Kristi DesJarlais | ||||||||||
| 844.456.INVH (4684) | 844.456.INVH (4684) | ||||||||||
| [email protected] | [email protected] | ||||||||||
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 our expectations regarding the performance of our business, our financial results, our 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 that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, federal, state, and local laws, regulations, executive actions, and policy initiatives, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”), as such factors may be updated from time to time in our 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 our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim 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 2026 Earnings Release and Supplemental Information — page 8
| Consolidated Balance Sheets | |||||||||||||||||
| ($ in thousands, except shares and per share data) | |||||||||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||||||||
| (unaudited) | |||||||||||||||||
| Assets: | |||||||||||||||||
| Investments in single-family residential properties, net | $ | 16,884,643 | $ | 17,274,622 | |||||||||||||
| Cash and cash equivalents | 75,786 | 129,971 | |||||||||||||||
| Restricted cash | 251,497 | 224,894 | |||||||||||||||
| Goodwill | 314,154 | 258,207 | |||||||||||||||
| Investments in unconsolidated joint ventures | 252,049 | 254,561 | |||||||||||||||
| Other assets, net | 670,181 | 538,035 | |||||||||||||||
| Total assets | $ | 18,448,310 | $ | 18,680,290 | |||||||||||||
| Liabilities: | |||||||||||||||||
Secured debt, net | $ | 1,385,098 | $ | 1,384,114 | |||||||||||||
| Unsecured notes, net | 4,402,839 | 4,398,921 | |||||||||||||||
| Term loan facilities, net | 2,458,754 | 2,451,985 | |||||||||||||||
| Revolving facility | 280,000 | 145,000 | |||||||||||||||
| Accounts payable and accrued expenses | 325,118 | 230,350 | |||||||||||||||
| Resident security deposits | 186,916 | 184,536 | |||||||||||||||
| Other liabilities | 316,974 | 317,492 | |||||||||||||||
| Total liabilities | 9,355,699 | 9,112,398 | |||||||||||||||
| Equity: | |||||||||||||||||
Stockholders’ equity | |||||||||||||||||
| Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025 | — | — | |||||||||||||||
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 590,613,522 and 610,788,732 outstanding as of June 30, 2026 and December 31, 2025, respectively | 5,906 | 6,108 | |||||||||||||||
| Additional paid-in capital | 10,604,456 | 11,128,590 | |||||||||||||||
| Accumulated deficit | (1,588,885) | (1,610,981) | |||||||||||||||
| Accumulated other comprehensive income | 32,940 | 6,415 | |||||||||||||||
Total stockholders’ equity | 9,054,417 | 9,530,132 | |||||||||||||||
| Non-controlling interests | 38,194 | 37,760 | |||||||||||||||
| Total equity | 9,092,611 | 9,567,892 | |||||||||||||||
| Total liabilities and equity | $ | 18,448,310 | $ | 18,680,290 | |||||||||||||
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 9
| Consolidated Statements of Operations | |||||||||||||||||||||||||||||
| ($ in thousands, except shares and per share amounts) (unaudited) | |||||||||||||||||||||||||||||
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Rental revenues | $ | 602,985 | $ | 592,509 | $ | 1,200,682 | $ | 1,177,703 | |||||||||||||||||||||
| Other property income | 75,367 | 66,598 | 148,185 | 134,475 | |||||||||||||||||||||||||
| Management fee revenues | 19,738 | 22,294 | 39,590 | 43,702 | |||||||||||||||||||||||||
| Homebuilding revenues | 49,460 | — | 93,205 | — | |||||||||||||||||||||||||
| Total revenues | 747,550 | 681,401 | 1,481,662 | 1,355,880 | |||||||||||||||||||||||||
| Expenses: | |||||||||||||||||||||||||||||
| Property operating and maintenance | 255,712 | 244,278 | 506,846 | 481,727 | |||||||||||||||||||||||||
| Property management expense | 37,726 | 35,833 | 77,051 | 72,572 | |||||||||||||||||||||||||
| Homebuilding cost of sales | 42,215 | — | 81,349 | 0 | — | ||||||||||||||||||||||||
| General and administrative | 29,332 | 23,591 | 61,651 | 53,109 | |||||||||||||||||||||||||
| Interest expense | 93,987 | 87,414 | 189,300 | 171,668 | |||||||||||||||||||||||||
| Depreciation and amortization | 194,299 | 185,455 | 387,441 | 368,601 | |||||||||||||||||||||||||
| Casualty losses, impairment, and other | 4,236 | 3,029 | 8,581 | 7,712 | |||||||||||||||||||||||||
| Total expenses | 657,507 | 579,600 | 1,312,219 | 1,155,389 | |||||||||||||||||||||||||
| Gain on sale of property, net of tax | 132,308 | 46,591 | 219,402 | 118,257 | |||||||||||||||||||||||||
| Losses from investments in unconsolidated joint ventures | (2,402) | (4,802) | (5,487) | (10,020) | |||||||||||||||||||||||||
| Other, net | (298) | (2,223) | (2,642) | (1,079) | |||||||||||||||||||||||||
| Net income | 219,651 | 141,367 | 380,716 | 307,649 | |||||||||||||||||||||||||
| Net income attributable to non-controlling interests | (804) | (480) | (1,361) | (1,017) | |||||||||||||||||||||||||
| Net income attributable to common stockholders | 218,847 | 140,887 | 379,355 | 306,632 | |||||||||||||||||||||||||
| Net income available to participating securities | (675) | (222) | (1,383) | (450) | |||||||||||||||||||||||||
| Net income available to common stockholders — basic and diluted | $ | 218,172 | $ | 140,665 | $ | 377,972 | $ | 306,182 | |||||||||||||||||||||
| Weighted average common shares outstanding — basic | 592,411,226 | 613,048,193 | 599,166,723 | 612,913,649 | |||||||||||||||||||||||||
| Weighted average common shares outstanding — diluted | 592,497,804 | 613,261,904 | 599,328,126 | 613,312,641 | |||||||||||||||||||||||||
| Net income per common share — basic | $ | 0.37 | $ | 0.23 | $ | 0.63 | $ | 0.50 | |||||||||||||||||||||
| Net income per common share — diluted | $ | 0.37 | $ | 0.23 | $ | 0.63 | $ | 0.50 | |||||||||||||||||||||
| Dividends declared per common share | $ | 0.30 | $ | 0.29 | $ | 0.60 | $ | 0.58 | |||||||||||||||||||||
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 10
Supplemental Schedule 1
| Reconciliation of FFO, Core FFO, and AFFO | |||||||||||||||||||||||||||||
| ($ in thousands, except shares and per share amounts) (unaudited) | |||||||||||||||||||||||||||||
| FFO Reconciliation | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||||||||||||||
| Net income available to common stockholders | $ | 218,172 | $ | 140,665 | $ | 377,972 | $ | 306,182 | |||||||||||||||||||||
| Net income available to participating securities | 675 | 222 | 1,383 | 450 | |||||||||||||||||||||||||
| Non-controlling interests | 804 | 480 | 1,361 | 1,017 | |||||||||||||||||||||||||
Depreciation and amortization of real estate assets | 185,400 | 181,059 | 370,323 | 360,122 | |||||||||||||||||||||||||
| Impairment on depreciated real estate investments | 961 | 36 | 1,430 | 99 | |||||||||||||||||||||||||
| Net gain on sale of previously depreciated investments in real estate | (132,308) | (46,591) | (219,402) | (118,257) | |||||||||||||||||||||||||
| Depreciation and net gain on sale of investments in unconsolidated joint ventures | 2,877 | 3,510 | 5,919 | 7,008 | |||||||||||||||||||||||||
| FFO | $ | 276,581 | $ | 279,381 | $ | 538,986 | $ | 556,621 | |||||||||||||||||||||
| Core FFO Reconciliation | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||||||||||||||
| FFO | $ | 276,581 | $ | 279,381 | $ | 538,986 | $ | 556,621 | |||||||||||||||||||||
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1) | 7,847 | 5,724 | 18,476 | 9,358 | |||||||||||||||||||||||||
| Share-based compensation expense | 9,346 | 8,464 | 20,046 | 18,621 | |||||||||||||||||||||||||
| Amortization of intangible assets | 2,697 | — | 5,110 | — | |||||||||||||||||||||||||
Business reorganization costs (2) | 1,279 | 35 | 2,780 | 2,420 | |||||||||||||||||||||||||
Casualty losses and reserves, net (1) | 3,358 | 3,000 | 7,293 | 7,683 | |||||||||||||||||||||||||
| Losses on investments in equity and other securities, net | 126 | 90 | 339 | 311 | |||||||||||||||||||||||||
| Core FFO | $ | 301,234 | $ | 296,694 | $ | 593,030 | $ | 595,014 | |||||||||||||||||||||
| AFFO Reconciliation | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||||||||||||||
| Core FFO | $ | 301,234 | $ | 296,694 | $ | 593,030 | $ | 595,014 | |||||||||||||||||||||
Recurring Capital Expenditures (1) | (41,800) | (43,272) | (82,273) | (80,619) | |||||||||||||||||||||||||
| AFFO | $ | 259,434 | $ | 253,422 | $ | 510,757 | $ | 514,395 | |||||||||||||||||||||
| Net income available to common stockholders | |||||||||||||||||||||||||||||
| Weighted average common shares outstanding — diluted | 592,497,804 | 613,261,904 | 599,328,126 | 613,312,641 | |||||||||||||||||||||||||
| Net income per common share — diluted | $ | 0.37 | $ | 0.23 | $ | 0.63 | $ | 0.50 | |||||||||||||||||||||
| FFO, Core FFO, and AFFO | |||||||||||||||||||||||||||||
| Weighted average common shares and OP Units outstanding — diluted | 595,159,443 | 615,771,167 | 601,939,999 | 615,703,901 | |||||||||||||||||||||||||
| FFO per share — diluted | $ | 0.46 | $ | 0.45 | $ | 0.90 | $ | 0.90 | |||||||||||||||||||||
| Core FFO per share — diluted | $ | 0.51 | $ | 0.48 | $ | 0.99 | $ | 0.97 | |||||||||||||||||||||
| AFFO per share — diluted | $ | 0.44 | $ | 0.41 | $ | 0.85 | $ | 0.84 | |||||||||||||||||||||
(1)Includes our share from unconsolidated joint ventures.
(2)Includes severance, restructuring, acquisition, and integration costs.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 11
Supplemental Schedule 2(a)
| Diluted Shares Outstanding | |||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||
| Weighted Average Amounts for Net Income | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||||||||||||||
| Common shares — basic | 592,411,226 | 613,048,193 | 599,166,723 | 612,913,649 | |||||||||||||||||||||||||
| Shares potentially issuable from vesting/conversion of equity-based awards | 86,578 | 213,711 | 161,403 | 398,992 | |||||||||||||||||||||||||
| Total common shares — diluted | 592,497,804 | 613,261,904 | 599,328,126 | 613,312,641 | |||||||||||||||||||||||||
| Weighted average amounts for FFO, Core FFO, and AFFO | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||||||||||||||
| Common shares — basic | 592,411,226 | 613,048,193 | 599,166,723 | 612,913,649 | |||||||||||||||||||||||||
| OP units — basic | 2,196,519 | 2,095,013 | 2,149,028 | 2,031,655 | |||||||||||||||||||||||||
| Shares potentially issuable from vesting/conversion of equity-based awards | 551,698 | 627,961 | 624,248 | 758,597 | |||||||||||||||||||||||||
| Total common shares and units — diluted | 595,159,443 | 615,771,167 | 601,939,999 | 615,703,901 | |||||||||||||||||||||||||
| Period end amounts for Core FFO and AFFO | June 30, 2026 | ||||||||||||||||||||||||||||
| Common shares | 590,613,522 | ||||||||||||||||||||||||||||
| OP units | 2,196,519 | ||||||||||||||||||||||||||||
| Shares potentially issuable from vesting/conversion of equity-based awards | 1,463,520 | ||||||||||||||||||||||||||||
Total common shares and units — diluted | 594,273,561 | ||||||||||||||||||||||||||||
| Share Repurchase Program | |||||||||||||||||||||||
| ($ in thousands, except shares and per share data) (unaudited) | |||||||||||||||||||||||
| Period | Shares Repurchased | Purchase Price | Average Price Per Share | ||||||||||||||||||||
| Q4 2025 | 2,232,685 | $ | 61,235 | $ | 27.43 | ||||||||||||||||||
| Q1 2026 | 17,101,046 | 438,765 | 25.66 | ||||||||||||||||||||
| Q2 2026 | 3,478,690 | 100,000 | 28.75 | ||||||||||||||||||||
| Total / Average | 22,812,421 | $ | 600,000 | $ | 26.30 | ||||||||||||||||||
Remaining Authorization as of June 30, 2026 (1) | $ | 400,000 | |||||||||||||||||||||
(1)As of March 31, 2026, we fully utilized the $500 million share repurchase authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new share repurchase program to repurchase up to an additional $500 million of outstanding common shares. All repurchased shares are constructively retired and returned to an authorized and unissued status.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 12
Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of June 30, 2026 | |||||||||||||||||||||||||||||
| ($ in thousands) (unaudited) | |||||||||||||||||||||||||||||
| Wtd Avg | Wtd Avg | ||||||||||||||||||||||||||||
| Interest | Years to | ||||||||||||||||||||||||||||
| Debt Structure | Balance | % of Total | Rate (1) | Maturity (2)(7) | |||||||||||||||||||||||||
| Secured: | |||||||||||||||||||||||||||||
Fixed (3) | $ | 1,388,238 | 16.2 | % | 4.0 | % | 2.1 | ||||||||||||||||||||||
| Floating — swapped to fixed | — | — | % | — | % | — | |||||||||||||||||||||||
| Floating | — | — | % | — | % | — | |||||||||||||||||||||||
Total secured (7) | 1,388,238 | 16.2 | % | 4.0 | % | 2.1 | |||||||||||||||||||||||
| Unsecured: | |||||||||||||||||||||||||||||
Fixed (7) | 4,450,000 | 51.8 | % | 3.8 | % | 5.8 | |||||||||||||||||||||||
| Floating — swapped to fixed | 2,100,000 | 24.4 | % | 3.9 | % | 3.3 | |||||||||||||||||||||||
| Floating | 655,000 | 7.6 | % | 4.5 | % | 3.6 | |||||||||||||||||||||||
Total unsecured (7) | 7,205,000 | 83.8 | % | 3.9 | % | 4.8 | |||||||||||||||||||||||
| Total Debt: | |||||||||||||||||||||||||||||
Fixed + floating swapped to fixed (3) | 7,938,238 | 92.4 | % | 3.9 | % | 4.5 | |||||||||||||||||||||||
| Floating | 655,000 | 7.6 | % | 4.5 | % | 3.6 | |||||||||||||||||||||||
| Total debt | 8,593,238 | 100.0 | % | 3.9 | % | 4.4 | |||||||||||||||||||||||
| Unamortized discounts on notes payable | (22,365) | ||||||||||||||||||||||||||||
| Deferred financing costs, net | (44,182) | ||||||||||||||||||||||||||||
| Total debt per Balance Sheet | 8,526,691 | ||||||||||||||||||||||||||||
| Retained and repurchased certificates | (55,499) | ||||||||||||||||||||||||||||
Cash, ex-security deposits and letters of credit (4) | (137,316) | ||||||||||||||||||||||||||||
| Deferred financing costs, net | 44,182 | ||||||||||||||||||||||||||||
| Unamortized discounts on notes payable | 22,365 | ||||||||||||||||||||||||||||
| Net debt | $ | 8,400,423 | |||||||||||||||||||||||||||
| Leverage Ratios | June 30, 2026 | ||||||||||||||||||||||||||||
Net Debt / TTM Adjusted EBITDAre | 5.4 | x | |||||||||||||||||||||||||||
| Credit Ratings | Ratings | Outlook | |||||||||||||||||||||||||||||||||
| Fitch Ratings | BBB+ | Stable | |||||||||||||||||||||||||||||||||
| Moody’s Investors Service | Baa2 | Stable | |||||||||||||||||||||||||||||||||
| S&P Global Ratings | BBB | Stable | |||||||||||||||||||||||||||||||||
Unsecured Facilities Covenant Compliance (5) | Unsecured Public Bond Covenant Compliance (6) | ||||||||||||||||||||||||||||||||||
| Actual | Requirement | Actual | Requirement | ||||||||||||||||||||||||||||||||
| Total leverage ratio | 30.1 | % | ≤ 60% | Aggregate debt ratio | 36.1 | % | ≤ 65% | ||||||||||||||||||||||||||||
| Secured leverage ratio | 5.9 | % | ≤ 45% | Secured debt ratio | 5.6 | % | ≤ 40% | ||||||||||||||||||||||||||||
| Unencumbered leverage ratio | 28.3 | % | ≤ 60% | Unencumbered assets ratio | 298.0 | % | ≥ 150% | ||||||||||||||||||||||||||||
| Fixed charge coverage ratio | 4.4x | ≥ 1.5x | Debt service ratio | 4.6x | ≥ 1.5x | ||||||||||||||||||||||||||||||
| Unsecured interest coverage ratio | 5.2x | ≥ 1.75x | |||||||||||||||||||||||||||||||||
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 13
Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of June 30, 2026. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.
(2)Assumes all extension options are exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(5)Covenant calculations are specifically defined in our 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 our Supplemental Indentures to the Base Indenture for our 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.
(7)Subsequent to quarter end on July 8, 2026, we closed a public offering of $500 million aggregate principal amount of 4.950% senior notes, which were priced at 99.291% of the principal amount and mature on February 1, 2032. Proceeds from the offering were used to prepay secured debt. On a pro forma basis, the refinancing activity has the following impact to our debt structure:
a.Total secured debt balance decreases from $1,388,238 to $900,238.
b.Total fixed unsecured debt balance increases from $4,450,000 to $4,950,000.
c.Total unsecured debt balance increases from $7,205,000 to $7,705,000.
d.Weighted average years to maturity for total debt increases from 4.4 to 4.7 years.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 14
Supplemental Schedule 2(c)
Debt Maturity Schedule — As of June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||||||||
| Unsecured Debt | |||||||||||||||||||||||||||||||||||||||||
| Secured | Unsecured | Term Loan | Revolving | % of | |||||||||||||||||||||||||||||||||||||
Debt Maturities, with Extensions (1)(2) | Debt | Notes | Facilities | Facility | Total | Total | |||||||||||||||||||||||||||||||||||
| 2026 | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | |||||||||||||||||||||||||||||
| 2027 | 987,852 | — | — | — | 987,852 | 11.5 | % | ||||||||||||||||||||||||||||||||||
| 2028 | — | 750,000 | — | — | 750,000 | 8.7 | % | ||||||||||||||||||||||||||||||||||
| 2029 | — | — | 1,750,000 | 280,000 | 2,030,000 | 23.6 | % | ||||||||||||||||||||||||||||||||||
| 2030 | — | 450,000 | 725,000 | — | 1,175,000 | 13.7 | % | ||||||||||||||||||||||||||||||||||
| 2031 | 400,386 | 650,000 | — | — | 1,050,386 | 12.2 | % | ||||||||||||||||||||||||||||||||||
| 2032 | — | 600,000 | — | — | 600,000 | 7.0 | % | ||||||||||||||||||||||||||||||||||
| 2033 | — | 950,000 | — | — | 950,000 | 11.1 | % | ||||||||||||||||||||||||||||||||||
| 2034 | — | 400,000 | — | — | 400,000 | 4.7 | % | ||||||||||||||||||||||||||||||||||
| 2035 | — | 500,000 | — | — | 500,000 | 5.8 | % | ||||||||||||||||||||||||||||||||||
| 2036 | — | 150,000 | — | — | 150,000 | 1.7 | % | ||||||||||||||||||||||||||||||||||
| 1,388,238 | 4,450,000 | 2,475,000 | 280,000 | 8,593,238 | 100.0 | % | |||||||||||||||||||||||||||||||||||
| Unamortized discounts on notes payable | (352) | (22,013) | — | — | (22,365) | ||||||||||||||||||||||||||||||||||||
| Deferred financing costs, net | (2,788) | (25,148) | (16,246) | — | (44,182) | ||||||||||||||||||||||||||||||||||||
| Total per Balance Sheet | $ | 1,385,098 | $ | 4,402,839 | $ | 2,458,754 | $ | 280,000 | $ | 8,526,691 | |||||||||||||||||||||||||||||||
(1)Assumes all extension options are exercised.
(2)Subsequent to quarter end on July 8, 2026, we closed a public offering of $500 million aggregate principal amount of 4.950% senior notes, which were priced at 99.291% of the principal amount and mature on February 1, 2032. Proceeds from the offering were used to prepay secured debt. On a pro forma basis, the refinancing activity has the following impact to our debt structure:
a.The amount of secured debt maturing in 2027 declines from $987,852 to $499,852.
b.The amount of unsecured debt maturing in 2032 increases from $600,000 to $1,100,000.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 15
Supplemental Schedule 3(a)
| Same Store Portfolio Core Operating Detail | ||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Change | Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||||
| Q2 2026 | Q2 2025 | YoY | Q1 2026 | Seq | YTD 2026 | YTD 2025 | YoY | |||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues (1) | $ | 554,805 | $ | 545,420 | 1.7 | % | $ | 548,910 | 1.1 | % | $ | 1,103,715 | $ | 1,086,997 | 1.5 | % | ||||||||||||||||||||||||||||||||||
Other property income, net (1)(2) | 23,365 | 23,484 | (0.5) | % | 24,155 | (3.3) | % | 47,520 | 45,378 | 4.7 | % | |||||||||||||||||||||||||||||||||||||||
| Core Revenues | 578,170 | 568,904 | 1.6 | % | 573,065 | 0.9 | % | 1,151,235 | 1,132,375 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||
| Fixed Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Property taxes | 100,988 | 97,506 | 3.6 | % | 101,261 | (0.3) | % | 202,249 | 195,145 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||
| Insurance expenses | 9,016 | 9,795 | (8.0) | % | 9,434 | (4.4) | % | 18,450 | 19,756 | (6.6) | % | |||||||||||||||||||||||||||||||||||||||
| HOA expenses | 11,287 | 9,888 | 14.1 | % | 10,726 | 5.2 | % | 22,013 | 20,425 | 7.8 | % | |||||||||||||||||||||||||||||||||||||||
| Total Fixed Expenses | 121,291 | 117,189 | 3.5 | % | 121,421 | (0.1) | % | 242,712 | 235,326 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||
| | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Controllable Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repairs and maintenance, net (3) | 26,902 | 25,822 | 4.2 | % | 23,087 | 16.5 | % | 49,989 | 45,877 | 9.0 | % | |||||||||||||||||||||||||||||||||||||||
| Personnel, leasing and marketing | 19,906 | 20,497 | (2.9) | % | 20,366 | (2.3) | % | 40,272 | 41,435 | (2.8) | % | |||||||||||||||||||||||||||||||||||||||
Turnover, net (3) | 10,405 | 9,682 | 7.5 | % | 9,427 | 10.4 | % | 19,832 | 17,800 | 11.4 | % | |||||||||||||||||||||||||||||||||||||||
Utilities and property administrative, net (3) | 6,536 | 8,396 | (22.2) | % | 8,407 | (22.3) | % | 14,943 | 14,194 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||
| Total Controllable Expenses | 63,749 | 64,397 | (1.0) | % | 61,287 | 4.0 | % | 125,036 | 119,306 | 4.8 | % | |||||||||||||||||||||||||||||||||||||||
| Core Operating Expenses | 185,040 | 181,586 | 1.9 | % | 182,708 | 1.3 | % | 367,748 | 354,632 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||
| Net Operating Income | $ | 393,130 | $ | 387,318 | 1.5 | % | $ | 390,357 | 0.7 | % | $ | 783,487 | $ | 777,743 | 0.7 | % | ||||||||||||||||||||||||||||||||||
(1)All rental revenues and other property income are reflected net of Bad Debt.
(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 $44,975, $37,460, $41,723, $86,698, and $78,201 for Q2 2026, Q2 2025, Q1 2026, YTD 2026, and YTD 2025, respectively.
(3)These expenses are presented net of applicable resident recoveries.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 16
Supplemental Schedule 3(b)
| Same Store Quarterly Operating Trends | |||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | |||||||||||||||||||||||||||||||
| Average Occupancy | 97.1 | % | 96.3 | % | 96.0 | % | 96.5 | % | 97.3 | % | |||||||||||||||||||||||||
| Turnover Rate | 5.7 | % | 5.3 | % | 5.6 | % | 6.3 | % | 6.2 | % | |||||||||||||||||||||||||
| Trailing four quarters Turnover Rate | 22.9 | % | 23.4 | % | 23.0 | % | N/A | N/A | |||||||||||||||||||||||||||
| Average Monthly Rent | $ | 2,480 | $ | 2,471 | $ | 2,461 | $ | 2,449 | $ | 2,431 | |||||||||||||||||||||||||
| Rental Rate Growth (lease-over-lease): | |||||||||||||||||||||||||||||||||||
| Renewals | 3.3 | % | 3.7 | % | 4.2 | % | 4.5 | % | 4.7 | % | |||||||||||||||||||||||||
| New leases | 1.1 | % | (3.0) | % | (4.2) | % | (0.7) | % | 2.1 | % | |||||||||||||||||||||||||
| Blended | 2.7 | % | 1.6 | % | 1.8 | % | 2.9 | % | 4.0 | % | |||||||||||||||||||||||||
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 17
Supplemental Schedule 4
Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2026 (1) | |||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
| Number of Homes | Average Occupancy | Average Monthly Rent | Average Monthly Rent PSF | Percent of Revenue | |||||||||||||||||||||||||||||||
| Western United States: | |||||||||||||||||||||||||||||||||||
| Southern California | 6,834 | 96.0 | % | $ | 3,276 | $ | 1.91 | 10.5 | % | ||||||||||||||||||||||||||
| Northern California | 3,889 | 96.7 | % | 2,832 | 1.79 | 5.3 | % | ||||||||||||||||||||||||||||
| Seattle | 3,869 | 97.4 | % | 3,004 | 1.57 | 5.6 | % | ||||||||||||||||||||||||||||
| Phoenix | 9,160 | 96.7 | % | 2,086 | 1.23 | 9.2 | % | ||||||||||||||||||||||||||||
| Las Vegas | 3,378 | 97.0 | % | 2,275 | 1.16 | 3.6 | % | ||||||||||||||||||||||||||||
| Denver | 3,038 | 94.8 | % | 2,634 | 1.43 | 3.7 | % | ||||||||||||||||||||||||||||
| Western US Subtotal | 30,168 | 96.5 | % | 2,647 | 1.50 | 37.9 | % | ||||||||||||||||||||||||||||
| Florida: | |||||||||||||||||||||||||||||||||||
| South Florida | 7,841 | 95.7 | % | 3,170 | 1.70 | 11.6 | % | ||||||||||||||||||||||||||||
| Tampa | 9,610 | 95.5 | % | 2,295 | 1.22 | 10.8 | % | ||||||||||||||||||||||||||||
| Orlando | 7,050 | 95.3 | % | 2,299 | 1.23 | 7.8 | % | ||||||||||||||||||||||||||||
| Jacksonville | 2,133 | 96.5 | % | 2,196 | 1.12 | 2.3 | % | ||||||||||||||||||||||||||||
| Florida Subtotal | 26,634 | 95.6 | % | 2,547 | 1.35 | 32.5 | % | ||||||||||||||||||||||||||||
| Southeast United States: | |||||||||||||||||||||||||||||||||||
| Atlanta | 12,561 | 95.8 | % | 2,133 | 1.03 | 12.7 | % | ||||||||||||||||||||||||||||
| Carolinas | 6,130 | 96.1 | % | 2,127 | 1.02 | 6.2 | % | ||||||||||||||||||||||||||||
| Southeast US Subtotal | 18,691 | 95.9 | % | 2,131 | 1.02 | 18.9 | % | ||||||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||||||||
| Houston | 2,594 | 94.8 | % | 1,939 | 0.98 | 2.4 | % | ||||||||||||||||||||||||||||
| Dallas | 3,546 | 94.2 | % | 2,238 | 1.11 | 3.8 | % | ||||||||||||||||||||||||||||
| Texas Subtotal | 6,140 | 94.5 | % | 2,111 | 1.06 | 6.2 | % | ||||||||||||||||||||||||||||
| Midwest United States: | |||||||||||||||||||||||||||||||||||
| Chicago | 2,429 | 96.2 | % | 2,622 | 1.63 | 2.9 | % | ||||||||||||||||||||||||||||
| Minneapolis | 1,024 | 95.9 | % | 2,499 | 1.28 | 1.2 | % | ||||||||||||||||||||||||||||
| Midwest US Subtotal | 3,453 | 96.1 | % | 2,586 | 1.51 | 4.1 | % | ||||||||||||||||||||||||||||
Other (2): | 423 | 89.6 | % | 1,993 | 1.05 | 0.4 | % | ||||||||||||||||||||||||||||
| Total / Average | 85,509 | 95.9 | % | $ | 2,460 | $ | 1.31 | 100.0 | % | ||||||||||||||||||||||||||
| Same Store Total / Average | 77,326 | 97.1 | % | $ | 2,480 | $ | 1.32 | 91.9 | % | ||||||||||||||||||||||||||
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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 2026 | # Homes | Q2 2026 | Q2 2025 | Change | Q2 2026 | Q2 2025 | Change | Q2 2026 | Q2 2025 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southern California | 6,223 | $ | 3,276 | $ | 3,174 | 3.2 | % | 99.3 | % | 98.7 | % | 0.6 | % | $ | 62,095 | $ | 59,958 | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Northern California | 3,704 | 2,832 | 2,781 | 1.8 | % | 98.8 | % | 98.6 | % | 0.2 | % | 31,856 | 31,360 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Seattle | 3,826 | 3,005 | 2,941 | 2.2 | % | 98.0 | % | 98.1 | % | (0.1) | % | 34,536 | 33,992 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Phoenix | 8,721 | 2,079 | 2,062 | 0.8 | % | 97.2 | % | 97.8 | % | (0.6) | % | 55,515 | 55,526 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Las Vegas | 3,042 | 2,273 | 2,238 | 1.6 | % | 97.4 | % | 97.5 | % | (0.1) | % | 21,059 | 20,761 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Denver | 2,429 | 2,654 | 2,617 | 1.4 | % | 96.4 | % | 97.3 | % | (0.9) | % | 19,320 | 19,238 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Western US Subtotal | 27,945 | 2,647 | 2,594 | 2.0 | % | 97.9 | % | 98.1 | % | (0.2) | % | 224,381 | 220,835 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Florida | 7,518 | 3,189 | 3,118 | 2.3 | % | 97.0 | % | 96.9 | % | 0.1 | % | 71,838 | 70,055 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Tampa | 8,316 | 2,316 | 2,307 | 0.4 | % | 96.3 | % | 96.0 | % | 0.3 | % | 58,410 | 58,090 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Orlando | 6,518 | 2,297 | 2,267 | 1.3 | % | 96.6 | % | 97.2 | % | (0.6) | % | 45,652 | 45,272 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Jacksonville | 1,924 | 2,223 | 2,190 | 1.5 | % | 96.9 | % | 96.9 | % | — | % | 13,017 | 12,887 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida Subtotal | 24,276 | 2,575 | 2,539 | 1.4 | % | 96.7 | % | 96.7 | % | — | % | 188,917 | 186,304 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta | 11,810 | 2,132 | 2,086 | 2.2 | % | 96.4 | % | 97.1 | % | (0.7) | % | 74,898 | 73,388 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Carolinas | 5,342 | 2,146 | 2,091 | 2.6 | % | 96.8 | % | 97.3 | % | (0.5) | % | 34,623 | 34,127 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast US Subtotal | 17,152 | 2,136 | 2,088 | 2.3 | % | 96.5 | % | 97.2 | % | (0.7) | % | 109,521 | 107,515 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Houston | 1,899 | 1,943 | 1,930 | 0.7 | % | 96.9 | % | 96.7 | % | 0.2 | % | 11,276 | 11,179 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Dallas | 2,642 | 2,292 | 2,282 | 0.4 | % | 95.6 | % | 96.6 | % | (1.0) | % | 18,247 | 18,332 | (0.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas Subtotal | 4,541 | 2,145 | 2,135 | 0.5 | % | 96.1 | % | 96.6 | % | (0.5) | % | 29,523 | 29,511 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chicago | 2,376 | 2,622 | 2,471 | 6.1 | % | 97.0 | % | 97.1 | % | (0.1) | % | 18,152 | 17,315 | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis | 1,010 | 2,501 | 2,400 | 4.2 | % | 96.4 | % | 96.8 | % | (0.4) | % | 7,501 | 7,251 | 3.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest US Subtotal | 3,386 | 2,586 | 2,450 | 5.6 | % | 96.9 | % | 97.0 | % | (0.1) | % | 25,653 | 24,566 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1): | 26 | 2,200 | 2,187 | 0.6 | % | 95.9 | % | 96.7 | % | (0.8) | % | 175 | 173 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total / Average | 77,326 | $ | 2,480 | $ | 2,431 | 2.0 | % | 97.1 | % | 97.3 | % | (0.2) | % | $ | 578,170 | $ | 568,904 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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 2026 | # Homes | Q2 2026 | Q1 2026 | Change | Q2 2026 | Q1 2026 | Change | Q2 2026 | Q1 2026 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southern California | 6,223 | $ | 3,276 | $ | 3,252 | 0.7 | % | 99.3 | % | 98.2 | % | 1.1 | % | $ | 62,095 | $ | 61,280 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Northern California | 3,704 | 2,832 | 2,821 | 0.4 | % | 98.8 | % | 98.0 | % | 0.8 | % | 31,856 | 31,645 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Seattle | 3,826 | 3,005 | 2,973 | 1.1 | % | 98.0 | % | 97.5 | % | 0.5 | % | 34,536 | 34,110 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Phoenix | 8,721 | 2,079 | 2,077 | 0.1 | % | 97.2 | % | 96.4 | % | 0.8 | % | 55,515 | 55,141 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Las Vegas | 3,042 | 2,273 | 2,265 | 0.4 | % | 97.4 | % | 96.3 | % | 1.1 | % | 21,059 | 20,733 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Denver | 2,429 | 2,654 | 2,649 | 0.2 | % | 96.4 | % | 95.6 | % | 0.8 | % | 19,320 | 19,102 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Western US Subtotal | 27,945 | 2,647 | 2,634 | 0.5 | % | 97.9 | % | 97.1 | % | 0.8 | % | 224,381 | 222,011 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Florida | 7,518 | 3,189 | 3,177 | 0.4 | % | 97.0 | % | 96.3 | % | 0.7 | % | 71,838 | 71,276 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Tampa | 8,316 | 2,316 | 2,316 | — | % | 96.3 | % | 96.0 | % | 0.3 | % | 58,410 | 58,176 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Orlando | 6,518 | 2,297 | 2,290 | 0.3 | % | 96.6 | % | 95.9 | % | 0.7 | % | 45,652 | 45,073 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Jacksonville | 1,924 | 2,223 | 2,216 | 0.3 | % | 96.9 | % | 96.6 | % | 0.3 | % | 13,017 | 12,936 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida Subtotal | 24,276 | 2,575 | 2,568 | 0.3 | % | 96.7 | % | 96.1 | % | 0.6 | % | 188,917 | 187,461 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta | 11,810 | 2,132 | 2,126 | 0.3 | % | 96.4 | % | 95.8 | % | 0.6 | % | 74,898 | 74,453 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Carolinas | 5,342 | 2,146 | 2,145 | — | % | 96.8 | % | 95.5 | % | 1.3 | % | 34,623 | 34,300 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast US Subtotal | 17,152 | 2,136 | 2,132 | 0.2 | % | 96.5 | % | 95.7 | % | 0.8 | % | 109,521 | 108,753 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Houston | 1,899 | 1,943 | 1,945 | (0.1) | % | 96.9 | % | 96.7 | % | 0.2 | % | 11,276 | 11,308 | (0.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Dallas | 2,642 | 2,292 | 2,292 | — | % | 95.6 | % | 95.4 | % | 0.2 | % | 18,247 | 18,215 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas Subtotal | 4,541 | 2,145 | 2,146 | — | % | 96.1 | % | 95.9 | % | 0.2 | % | 29,523 | 29,523 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chicago | 2,376 | 2,622 | 2,588 | 1.3 | % | 97.0 | % | 95.6 | % | 1.4 | % | 18,152 | 17,774 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis | 1,010 | 2,501 | 2,486 | 0.6 | % | 96.4 | % | 95.0 | % | 1.4 | % | 7,501 | 7,383 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest US Subtotal | 3,386 | 2,586 | 2,557 | 1.1 | % | 96.9 | % | 95.4 | % | 1.5 | % | 25,653 | 25,157 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1): | 26 | 2,200 | 2,185 | 0.7 | % | 95.9 | % | 91.2 | % | 4.7 | % | 175 | 160 | 9.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total / Average | 77,326 | $ | 2,480 | $ | 2,471 | 0.4 | % | 97.1 | % | 96.3 | % | 0.8 | % | $ | 578,170 | $ | 573,065 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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 2026 | # Homes | YTD 2026 | YTD 2025 | Change | YTD 2026 | YTD 2025 | Change | YTD 2026 | YTD 2025 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southern California | 6,223 | $ | 3,264 | $ | 3,156 | 3.4 | % | 98.8 | % | 98.6 | % | 0.2 | % | $ | 123,375 | $ | 118,914 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Northern California | 3,704 | 2,826 | 2,775 | 1.8 | % | 98.4 | % | 98.6 | % | (0.2) | % | 63,501 | 62,507 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Seattle | 3,826 | 2,989 | 2,931 | 2.0 | % | 97.8 | % | 98.0 | % | (0.2) | % | 68,646 | 67,557 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Phoenix | 8,721 | 2,078 | 2,063 | 0.7 | % | 96.8 | % | 97.7 | % | (0.9) | % | 110,656 | 110,508 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Las Vegas | 3,042 | 2,269 | 2,233 | 1.6 | % | 96.8 | % | 97.5 | % | (0.7) | % | 41,792 | 41,319 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Denver | 2,429 | 2,651 | 2,605 | 1.8 | % | 96.0 | % | 97.2 | % | (1.2) | % | 38,422 | 38,246 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Western US Subtotal | 27,945 | 2,640 | 2,587 | 2.0 | % | 97.5 | % | 98.0 | % | (0.5) | % | 446,392 | 439,051 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Florida | 7,518 | 3,183 | 3,108 | 2.4 | % | 96.7 | % | 97.0 | % | (0.3) | % | 143,114 | 139,801 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Tampa | 8,316 | 2,316 | 2,302 | 0.6 | % | 96.2 | % | 96.1 | % | 0.1 | % | 116,586 | 115,411 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Orlando | 6,518 | 2,293 | 2,261 | 1.4 | % | 96.3 | % | 97.3 | % | (1.0) | % | 90,725 | 90,285 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Jacksonville | 1,924 | 2,220 | 2,183 | 1.7 | % | 96.8 | % | 97.4 | % | (0.6) | % | 25,953 | 25,736 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida Subtotal | 24,276 | 2,571 | 2,532 | 1.5 | % | 96.4 | % | 96.8 | % | (0.4) | % | 376,378 | 371,233 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta | 11,810 | 2,129 | 2,079 | 2.4 | % | 96.1 | % | 97.0 | % | (0.9) | % | 149,351 | 146,316 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Carolinas | 5,342 | 2,145 | 2,086 | 2.8 | % | 96.2 | % | 97.3 | % | (1.1) | % | 68,923 | 67,790 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast US Subtotal | 17,152 | 2,134 | 2,082 | 2.5 | % | 96.1 | % | 97.1 | % | (1.0) | % | 218,274 | 214,106 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Houston | 1,899 | 1,944 | 1,924 | 1.0 | % | 96.8 | % | 96.8 | % | — | % | 22,584 | 22,275 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Dallas | 2,642 | 2,292 | 2,280 | 0.5 | % | 95.5 | % | 96.5 | % | (1.0) | % | 36,462 | 36,565 | (0.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas Subtotal | 4,541 | 2,146 | 2,131 | 0.7 | % | 96.0 | % | 96.6 | % | (0.6) | % | 59,046 | 58,840 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chicago | 2,376 | 2,605 | 2,457 | 6.0 | % | 96.3 | % | 97.3 | % | (1.0) | % | 35,926 | 34,446 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis | 1,010 | 2,493 | 2,384 | 4.6 | % | 95.7 | % | 96.0 | % | (0.3) | % | 14,884 | 14,357 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest US Subtotal | 3,386 | 2,572 | 2,435 | 5.6 | % | 96.1 | % | 96.9 | % | (0.8) | % | 50,810 | 48,803 | 4.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1): | 26 | 2,192 | 2,191 | — | % | 93.6 | % | 96.9 | % | (3.3) | % | 335 | 342 | (2.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total / Average | 77,326 | $ | 2,475 | $ | 2,424 | 2.1 | % | 96.7 | % | 97.3 | % | (0.6) | % | $ | 1,151,235 | $ | 1,132,375 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 21
Supplemental Schedule 5(b)
| Same Store NOI Growth and Margin Summary — YoY Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Core Revenues | Core Operating Expenses | Net Operating Income | Core NOI Margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| YoY, Q2 2026 | Q2 2026 | Q2 2025 | Change | Q2 2026 | Q2 2025 | Change | Q2 2026 | Q2 2025 | Change | Q2 2026 | Q2 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southern California | $ | 62,095 | $ | 59,958 | 3.6 | % | $ | 15,161 | $ | 16,169 | (6.2) | % | $ | 46,934 | $ | 43,789 | 7.2 | % | 75.6 | % | 73.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Northern California | 31,856 | 31,360 | 1.6 | % | 7,851 | 8,234 | (4.7) | % | 24,005 | 23,126 | 3.8 | % | 75.4 | % | 73.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Seattle | 34,536 | 33,992 | 1.6 | % | 9,131 | 8,843 | 3.3 | % | 25,405 | 25,149 | 1.0 | % | 73.6 | % | 74.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Phoenix | 55,515 | 55,526 | — | % | 11,519 | 10,840 | 6.3 | % | 43,996 | 44,686 | (1.5) | % | 79.3 | % | 80.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Las Vegas | 21,059 | 20,761 | 1.4 | % | 4,928 | 4,717 | 4.5 | % | 16,131 | 16,044 | 0.5 | % | 76.6 | % | 77.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Denver | 19,320 | 19,238 | 0.4 | % | 4,109 | 3,961 | 3.7 | % | 15,211 | 15,277 | (0.4) | % | 78.7 | % | 79.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western US Subtotal | 224,381 | 220,835 | 1.6 | % | 52,699 | 52,764 | (0.1) | % | 171,682 | 168,071 | 2.1 | % | 76.5 | % | 76.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Florida | 71,838 | 70,055 | 2.5 | % | 28,629 | 27,626 | 3.6 | % | 43,209 | 42,429 | 1.8 | % | 60.1 | % | 60.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tampa | 58,410 | 58,090 | 0.6 | % | 22,661 | 22,403 | 1.2 | % | 35,749 | 35,687 | 0.2 | % | 61.2 | % | 61.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orlando | 45,652 | 45,272 | 0.8 | % | 17,114 | 16,157 | 5.9 | % | 28,538 | 29,115 | (2.0) | % | 62.5 | % | 64.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jacksonville | 13,017 | 12,887 | 1.0 | % | 4,831 | 4,703 | 2.7 | % | 8,186 | 8,184 | — | % | 62.9 | % | 63.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida Subtotal | 188,917 | 186,304 | 1.4 | % | 73,235 | 70,889 | 3.3 | % | 115,682 | 115,415 | 0.2 | % | 61.2 | % | 61.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta | 74,898 | 73,388 | 2.1 | % | 26,932 | 26,377 | 2.1 | % | 47,966 | 47,011 | 2.0 | % | 64.0 | % | 64.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carolinas | 34,623 | 34,127 | 1.5 | % | 9,652 | 9,844 | (2.0) | % | 24,971 | 24,283 | 2.8 | % | 72.1 | % | 71.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast US Subtotal | 109,521 | 107,515 | 1.9 | % | 36,584 | 36,221 | 1.0 | % | 72,937 | 71,294 | 2.3 | % | 66.6 | % | 66.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Houston | 11,276 | 11,179 | 0.9 | % | 5,088 | 5,060 | 0.6 | % | 6,188 | 6,119 | 1.1 | % | 54.9 | % | 54.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dallas | 18,247 | 18,332 | (0.5) | % | 6,905 | 6,554 | 5.4 | % | 11,342 | 11,778 | (3.7) | % | 62.2 | % | 64.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas Subtotal | 29,523 | 29,511 | — | % | 11,993 | 11,614 | 3.3 | % | 17,530 | 17,897 | (2.1) | % | 59.4 | % | 60.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chicago | 18,152 | 17,315 | 4.8 | % | 8,043 | 7,617 | 5.6 | % | 10,109 | 9,698 | 4.2 | % | 55.7 | % | 56.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis | 7,501 | 7,251 | 3.4 | % | 2,443 | 2,433 | 0.4 | % | 5,058 | 4,818 | 5.0 | % | 67.4 | % | 66.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest US Subtotal | 25,653 | 24,566 | 4.4 | % | 10,486 | 10,050 | 4.3 | % | 15,167 | 14,516 | 4.5 | % | 59.1 | % | 59.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1): | 175 | 173 | 1.2 | % | 43 | 48 | (10.4) | % | 132 | 125 | 5.6 | % | 75.4 | % | 72.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total / Average | $ | 578,170 | $ | 568,904 | 1.6 | % | $ | 185,040 | $ | 181,586 | 1.9 | % | $ | 393,130 | $ | 387,318 | 1.5 | % | 68.0 | % | 68.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 22
Supplemental Schedule 5(b) (Continued)
| Same Store NOI Growth and Margin Summary — Sequential Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Core Revenues | Core Operating Expenses | Net Operating Income | Core NOI Margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Seq, Q2 2026 | Q2 2026 | Q1 2026 | Change | Q2 2026 | Q1 2026 | Change | Q2 2026 | Q1 2026 | Change | Q2 2026 | Q1 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southern California | $ | 62,095 | $ | 61,280 | 1.3 | % | $ | 15,161 | $ | 15,400 | (1.6) | % | $ | 46,934 | $ | 45,880 | 2.3 | % | 75.6 | % | 74.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Northern California | 31,856 | 31,645 | 0.7 | % | 7,851 | 8,168 | (3.9) | % | 24,005 | 23,477 | 2.2 | % | 75.4 | % | 74.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Seattle | 34,536 | 34,110 | 1.2 | % | 9,131 | 9,554 | (4.4) | % | 25,405 | 24,556 | 3.5 | % | 73.6 | % | 72.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Phoenix | 55,515 | 55,141 | 0.7 | % | 11,519 | 11,488 | 0.3 | % | 43,996 | 43,653 | 0.8 | % | 79.3 | % | 79.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Las Vegas | 21,059 | 20,733 | 1.6 | % | 4,928 | 4,830 | 2.0 | % | 16,131 | 15,903 | 1.4 | % | 76.6 | % | 76.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Denver | 19,320 | 19,102 | 1.1 | % | 4,109 | 4,211 | (2.4) | % | 15,211 | 14,891 | 2.1 | % | 78.7 | % | 78.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western US Subtotal | 224,381 | 222,011 | 1.1 | % | 52,699 | 53,651 | (1.8) | % | 171,682 | 168,360 | 2.0 | % | 76.5 | % | 75.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Florida | 71,838 | 71,276 | 0.8 | % | 28,629 | 28,095 | 1.9 | % | 43,209 | 43,181 | 0.1 | % | 60.1 | % | 60.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tampa | 58,410 | 58,176 | 0.4 | % | 22,661 | 21,894 | 3.5 | % | 35,749 | 36,282 | (1.5) | % | 61.2 | % | 62.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orlando | 45,652 | 45,073 | 1.3 | % | 17,114 | 16,641 | 2.8 | % | 28,538 | 28,432 | 0.4 | % | 62.5 | % | 63.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jacksonville | 13,017 | 12,936 | 0.6 | % | 4,831 | 4,756 | 1.6 | % | 8,186 | 8,180 | 0.1 | % | 62.9 | % | 63.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida Subtotal | 188,917 | 187,461 | 0.8 | % | 73,235 | 71,386 | 2.6 | % | 115,682 | 116,075 | (0.3) | % | 61.2 | % | 61.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta | 74,898 | 74,453 | 0.6 | % | 26,932 | 25,979 | 3.7 | % | 47,966 | 48,474 | (1.0) | % | 64.0 | % | 65.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carolinas | 34,623 | 34,300 | 0.9 | % | 9,652 | 9,722 | (0.7) | % | 24,971 | 24,578 | 1.6 | % | 72.1 | % | 71.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast US Subtotal | 109,521 | 108,753 | 0.7 | % | 36,584 | 35,701 | 2.5 | % | 72,937 | 73,052 | (0.2) | % | 66.6 | % | 67.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Houston | 11,276 | 11,308 | (0.3) | % | 5,088 | 4,931 | 3.2 | % | 6,188 | 6,377 | (3.0) | % | 54.9 | % | 56.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dallas | 18,247 | 18,215 | 0.2 | % | 6,905 | 6,449 | 7.1 | % | 11,342 | 11,766 | (3.6) | % | 62.2 | % | 64.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas Subtotal | 29,523 | 29,523 | — | % | 11,993 | 11,380 | 5.4 | % | 17,530 | 18,143 | (3.4) | % | 59.4 | % | 61.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chicago | 18,152 | 17,774 | 2.1 | % | 8,043 | 7,923 | 1.5 | % | 10,109 | 9,851 | 2.6 | % | 55.7 | % | 55.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis | 7,501 | 7,383 | 1.6 | % | 2,443 | 2,610 | (6.4) | % | 5,058 | 4,773 | 6.0 | % | 67.4 | % | 64.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest US Subtotal | 25,653 | 25,157 | 2.0 | % | 10,486 | 10,533 | (0.4) | % | 15,167 | 14,624 | 3.7 | % | 59.1 | % | 58.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1): | 175 | 160 | 9.4 | % | 43 | 57 | (24.6) | % | 132 | 103 | 28.2 | % | 75.4 | % | 64.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total / Average | $ | 578,170 | $ | 573,065 | 0.9 | % | $ | 185,040 | $ | 182,708 | 1.3 | % | $ | 393,130 | $ | 390,357 | 0.7 | % | 68.0 | % | 68.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 23
Supplemental Schedule 5(b) (Continued)
| Same Store NOI Growth and Margin Summary — YTD | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Core Revenues | Core Operating Expenses | Net Operating Income | Core NOI Margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| YoY, YTD 2026 | YTD 2026 | YTD 2025 | Change | YTD 2026 | YTD 2025 | Change | YTD 2026 | YTD 2025 | Change | YTD 2026 | YTD 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southern California | $ | 123,375 | $ | 118,914 | 3.8 | % | $ | 30,561 | $ | 31,522 | (3.0) | % | $ | 92,814 | $ | 87,392 | 6.2 | % | 75.2 | % | 73.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Northern California | 63,501 | 62,507 | 1.6 | % | 16,019 | 15,692 | 2.1 | % | 47,482 | 46,815 | 1.4 | % | 74.8 | % | 74.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Seattle | 68,646 | 67,557 | 1.6 | % | 18,685 | 17,415 | 7.3 | % | 49,961 | 50,142 | (0.4) | % | 72.8 | % | 74.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Phoenix | 110,656 | 110,508 | 0.1 | % | 23,007 | 20,953 | 9.8 | % | 87,649 | 89,555 | (2.1) | % | 79.2 | % | 81.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Las Vegas | 41,792 | 41,319 | 1.1 | % | 9,758 | 9,170 | 6.4 | % | 32,034 | 32,149 | (0.4) | % | 76.7 | % | 77.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Denver | 38,422 | 38,246 | 0.5 | % | 8,320 | 8,010 | 3.9 | % | 30,102 | 30,236 | (0.4) | % | 78.3 | % | 79.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western US Subtotal | 446,392 | 439,051 | 1.7 | % | 106,350 | 102,762 | 3.5 | % | 340,042 | 336,289 | 1.1 | % | 76.2 | % | 76.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Florida | 143,114 | 139,801 | 2.4 | % | 56,724 | 54,717 | 3.7 | % | 86,390 | 85,084 | 1.5 | % | 60.4 | % | 60.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tampa | 116,586 | 115,411 | 1.0 | % | 44,555 | 43,789 | 1.7 | % | 72,031 | 71,622 | 0.6 | % | 61.8 | % | 62.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orlando | 90,725 | 90,285 | 0.5 | % | 33,755 | 31,997 | 5.5 | % | 56,970 | 58,288 | (2.3) | % | 62.8 | % | 64.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jacksonville | 25,953 | 25,736 | 0.8 | % | 9,587 | 9,194 | 4.3 | % | 16,366 | 16,542 | (1.1) | % | 63.1 | % | 64.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida Subtotal | 376,378 | 371,233 | 1.4 | % | 144,621 | 139,697 | 3.5 | % | 231,757 | 231,536 | 0.1 | % | 61.6 | % | 62.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta | 149,351 | 146,316 | 2.1 | % | 52,911 | 50,900 | 4.0 | % | 96,440 | 95,416 | 1.1 | % | 64.6 | % | 65.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carolinas | 68,923 | 67,790 | 1.7 | % | 19,374 | 19,193 | 0.9 | % | 49,549 | 48,597 | 2.0 | % | 71.9 | % | 71.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast US Subtotal | 218,274 | 214,106 | 1.9 | % | 72,285 | 70,093 | 3.1 | % | 145,989 | 144,013 | 1.4 | % | 66.9 | % | 67.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Houston | 22,584 | 22,275 | 1.4 | % | 10,019 | 9,695 | 3.3 | % | 12,565 | 12,580 | (0.1) | % | 55.6 | % | 56.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dallas | 36,462 | 36,565 | (0.3) | % | 13,354 | 12,522 | 6.6 | % | 23,108 | 24,043 | (3.9) | % | 63.4 | % | 65.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas Subtotal | 59,046 | 58,840 | 0.4 | % | 23,373 | 22,217 | 5.2 | % | 35,673 | 36,623 | (2.6) | % | 60.4 | % | 62.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest United States: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chicago | 35,926 | 34,446 | 4.3 | % | 15,966 | 15,016 | 6.3 | % | 19,960 | 19,430 | 2.7 | % | 55.6 | % | 56.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minneapolis | 14,884 | 14,357 | 3.7 | % | 5,053 | 4,755 | 6.3 | % | 9,831 | 9,602 | 2.4 | % | 66.1 | % | 66.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest US Subtotal | 50,810 | 48,803 | 4.1 | % | 21,019 | 19,771 | 6.3 | % | 29,791 | 29,032 | 2.6 | % | 58.6 | % | 59.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1): | 335 | 342 | (2.0) | % | 100 | 92 | 8.7 | % | 235 | 250 | (6.0) | % | 70.1 | % | 73.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total / Average | $ | 1,151,235 | $ | 1,132,375 | 1.7 | % | $ | 367,748 | $ | 354,632 | 3.7 | % | $ | 783,487 | $ | 777,743 | 0.7 | % | 68.1 | % | 68.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 24
Supplemental Schedule 5(c)
| Same Store Lease-Over-Lease Rent Growth | |||||||||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||||||||
| Rental Rate Growth | |||||||||||||||||||||||||||||||||||||||||
| Q2 2026 | YTD 2026 | ||||||||||||||||||||||||||||||||||||||||
| Renewal | New | Blended | Renewal | New | Blended | ||||||||||||||||||||||||||||||||||||
| Leases | Leases | Average | Leases | Leases | Average | ||||||||||||||||||||||||||||||||||||
| Western United States: | |||||||||||||||||||||||||||||||||||||||||
| Southern California | 5.0 | % | 3.1 | % | 4.8 | % | 5.0 | % | 2.4 | % | 4.6 | % | |||||||||||||||||||||||||||||
| Northern California | 1.9 | % | 3.0 | % | 2.1 | % | 2.3 | % | 1.4 | % | 2.1 | % | |||||||||||||||||||||||||||||
| Seattle | 5.1 | % | 3.5 | % | 4.8 | % | 5.0 | % | 1.7 | % | 4.1 | % | |||||||||||||||||||||||||||||
| Phoenix | 2.6 | % | (0.7) | % | 1.6 | % | 2.8 | % | (3.6) | % | 0.8 | % | |||||||||||||||||||||||||||||
| Las Vegas | 2.8 | % | 0.8 | % | 2.3 | % | 2.9 | % | (2.2) | % | 1.4 | % | |||||||||||||||||||||||||||||
| Denver | 1.0 | % | 1.1 | % | 1.0 | % | 1.7 | % | (1.3) | % | 0.7 | % | |||||||||||||||||||||||||||||
| Western US Subtotal | 3.5 | % | 1.4 | % | 3.0 | % | 3.6 | % | (0.8) | % | 2.5 | % | |||||||||||||||||||||||||||||
| Florida: | |||||||||||||||||||||||||||||||||||||||||
| South Florida | 4.9 | % | (0.3) | % | 3.6 | % | 4.9 | % | (2.5) | % | 2.8 | % | |||||||||||||||||||||||||||||
| Tampa | 2.1 | % | (1.3) | % | 1.1 | % | 2.3 | % | (3.5) | % | 0.6 | % | |||||||||||||||||||||||||||||
| Orlando | 2.9 | % | 1.0 | % | 2.3 | % | 3.0 | % | (1.1) | % | 1.6 | % | |||||||||||||||||||||||||||||
| Jacksonville | 2.8 | % | 2.4 | % | 2.7 | % | 3.0 | % | — | % | 2.1 | % | |||||||||||||||||||||||||||||
| Florida Subtotal | 3.3 | % | — | % | 2.4 | % | 3.5 | % | (2.3) | % | 1.7 | % | |||||||||||||||||||||||||||||
| Southeast United States: | |||||||||||||||||||||||||||||||||||||||||
| Atlanta | 3.0 | % | 2.0 | % | 2.8 | % | 3.4 | % | (0.7) | % | 2.2 | % | |||||||||||||||||||||||||||||
| Carolinas | 2.0 | % | 3.0 | % | 2.3 | % | 2.7 | % | 0.4 | % | 2.0 | % | |||||||||||||||||||||||||||||
| Southeast US Subtotal | 2.8 | % | 2.3 | % | 2.6 | % | 3.2 | % | (0.3) | % | 2.1 | % | |||||||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||||||||||||||
| Houston | 2.2 | % | (0.9) | % | 1.6 | % | 2.1 | % | (3.7) | % | 0.8 | % | |||||||||||||||||||||||||||||
| Dallas | 2.0 | % | (0.3) | % | 1.3 | % | 2.3 | % | (3.0) | % | 0.7 | % | |||||||||||||||||||||||||||||
| Texas Subtotal | 2.1 | % | (0.5) | % | 1.4 | % | 2.2 | % | (3.2) | % | 0.7 | % | |||||||||||||||||||||||||||||
| Midwest United States: | |||||||||||||||||||||||||||||||||||||||||
| Chicago | 5.5 | % | 5.7 | % | 5.6 | % | 6.0 | % | 4.9 | % | 5.6 | % | |||||||||||||||||||||||||||||
| Minneapolis | 5.7 | % | 4.6 | % | 5.3 | % | 6.2 | % | 2.7 | % | 5.0 | % | |||||||||||||||||||||||||||||
| Midwest US Subtotal | 5.6 | % | 5.4 | % | 5.5 | % | 6.0 | % | 4.2 | % | 5.5 | % | |||||||||||||||||||||||||||||
Other (1): | (0.5) | % | (4.2) | % | (2.5) | % | 2.1 | % | (3.3) | % | (0.7) | % | |||||||||||||||||||||||||||||
| Total / Average | 3.3 | % | 1.1 | % | 2.7 | % | 3.5 | % | (1.1) | % | 2.2 | % | |||||||||||||||||||||||||||||
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | ||||||||||||||||||||||||||||||
| R&M OpEx, net | $ | 26,902 | $ | 23,087 | $ | 23,854 | $ | 30,313 | $ | 25,822 | |||||||||||||||||||||||||
| Turn OpEx, net | 10,405 | 9,427 | 10,162 | 11,704 | 9,682 | ||||||||||||||||||||||||||||||
| Total recurring operating expenses, net | $ | 37,307 | $ | 32,514 | $ | 34,016 | $ | 42,017 | $ | 35,504 | |||||||||||||||||||||||||
| R&M CapEx | $ | 29,660 | $ | 26,313 | $ | 26,017 | $ | 34,935 | $ | 28,360 | |||||||||||||||||||||||||
| Turn CapEx | 8,354 | 9,093 | 9,727 | 10,969 | 9,404 | ||||||||||||||||||||||||||||||
| Total Recurring Capital Expenditures | $ | 38,014 | $ | 35,406 | $ | 35,744 | $ | 45,904 | $ | 37,764 | |||||||||||||||||||||||||
| R&M OpEx, net + R&M CapEx | $ | 56,562 | $ | 49,400 | $ | 49,871 | $ | 65,248 | $ | 54,182 | |||||||||||||||||||||||||
| Turn OpEx, net + Turn CapEx | 18,759 | 18,520 | 19,889 | 22,673 | 19,086 | ||||||||||||||||||||||||||||||
| Total Cost to Maintain, net | $ | 75,321 | $ | 67,920 | $ | 69,760 | $ | 87,921 | $ | 73,268 | |||||||||||||||||||||||||
| Per Home | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | ||||||||||||||||||||||||||||||
| Total Cost to Maintain, net | $ | 974 | $ | 878 | $ | 902 | $ | 1,137 | $ | 948 | |||||||||||||||||||||||||
(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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | ||||||||||||||||||||||||||||||
| Recurring CapEx | $ | 41,392 | $ | 40,058 | $ | 40,112 | $ | 51,719 | $ | 42,949 | |||||||||||||||||||||||||
| Value Enhancing CapEx | 14,203 | 12,618 | 14,904 | 21,370 | 18,314 | ||||||||||||||||||||||||||||||
| Initial Renovation CapEx | 3,224 | 4,068 | 5,708 | 6,927 | 8,269 | ||||||||||||||||||||||||||||||
| Disposition CapEx | 1,274 | 1,033 | 904 | 862 | 869 | ||||||||||||||||||||||||||||||
| Total Capital Expenditures | $ | 60,093 | $ | 57,777 | $ | 61,628 | $ | 80,878 | $ | 70,401 | |||||||||||||||||||||||||
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||||||||||||||
| Property management expense (GAAP) | $ | 37,726 | $ | 35,833 | $ | 77,051 | $ | 72,572 | |||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Share-based compensation expense | (1,339) | (1,566) | (4,265) | (3,217) | |||||||||||||||||||||||||
| Adjusted property management expense | $ | 36,387 | $ | 34,267 | $ | 72,786 | $ | 69,355 | |||||||||||||||||||||
| Adjusted G&A Expense | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||||||||||||||
| G&A expense (GAAP) | $ | 29,332 | $ | 23,591 | $ | 61,651 | $ | 53,109 | |||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Share-based compensation expense | (8,007) | (6,898) | (15,781) | (15,404) | |||||||||||||||||||||||||
Business reorganization costs (1) | (1,279) | (35) | (2,780) | (2,420) | |||||||||||||||||||||||||
| Adjusted G&A expense | $ | 20,046 | $ | 16,658 | $ | 43,090 | $ | 35,285 | |||||||||||||||||||||
(1)Includes severance, restructuring, acquisition, and integration costs.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 27
Supplemental Schedule 8(a)
| Acquisitions and Dispositions | |||||||||||||||||||||||||||||||||||||||||
| (unaudited) | March 31, 2026 | Q2 2026 Acquisitions (1) | Q2 2026 Dispositions (2) | June 30, 2026 | |||||||||||||||||||||||||||||||||||||
| Homes | Homes | Avg. Est. | Homes | Average | Homes | ||||||||||||||||||||||||||||||||||||
| Owned | Acq. | Cost Basis | Sold | Sales Price | Owned | ||||||||||||||||||||||||||||||||||||
Wholly Owned Portfolio | |||||||||||||||||||||||||||||||||||||||||
| Western United States: | |||||||||||||||||||||||||||||||||||||||||
| Southern California | 7,012 | — | $ | — | 178 | $ | 669,744 | 6,834 | |||||||||||||||||||||||||||||||||
| Northern California | 3,965 | — | — | 76 | 489,673 | 3,889 | |||||||||||||||||||||||||||||||||||
| Seattle | 3,887 | — | — | 18 | 544,776 | 3,869 | |||||||||||||||||||||||||||||||||||
| Phoenix | 9,191 | — | — | 31 | 363,589 | 9,160 | |||||||||||||||||||||||||||||||||||
| Las Vegas | 3,383 | — | — | 5 | 451,580 | 3,378 | |||||||||||||||||||||||||||||||||||
| Denver | 2,999 | 45 | 418,792 | 6 | 409,000 | 3,038 | |||||||||||||||||||||||||||||||||||
| Western US Subtotal | 30,437 | 45 | 418,792 | 314 | 580,314 | 30,168 | |||||||||||||||||||||||||||||||||||
| Florida: | |||||||||||||||||||||||||||||||||||||||||
| South Florida | 7,963 | — | — | 122 | 469,295 | 7,841 | |||||||||||||||||||||||||||||||||||
| Tampa | 9,659 | 24 | 314,593 | 73 | 316,676 | 9,610 | |||||||||||||||||||||||||||||||||||
| Orlando | 7,017 | 51 | 429,315 | 18 | 316,861 | 7,050 | |||||||||||||||||||||||||||||||||||
| Jacksonville | 2,147 | — | — | 14 | 403,207 | 2,133 | |||||||||||||||||||||||||||||||||||
| Florida Subtotal | 26,786 | 75 | 392,604 | 227 | 404,052 | 26,634 | |||||||||||||||||||||||||||||||||||
| Southeast United States: | |||||||||||||||||||||||||||||||||||||||||
| Atlanta | 12,584 | 24 | 354,306 | 47 | 311,594 | 12,561 | |||||||||||||||||||||||||||||||||||
| Carolinas | 6,143 | 2 | 265,164 | 15 | 372,987 | 6,130 | |||||||||||||||||||||||||||||||||||
| Southeast US Subtotal | 18,727 | 26 | 347,449 | 62 | 326,447 | 18,691 | |||||||||||||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||||||||||||||
| Houston | 2,583 | 27 | 292,056 | 16 | 200,153 | 2,594 | |||||||||||||||||||||||||||||||||||
| Dallas | 3,568 | — | — | 22 | 261,915 | 3,546 | |||||||||||||||||||||||||||||||||||
| Texas Subtotal | 6,151 | 27 | 292,056 | 38 | 235,910 | 6,140 | |||||||||||||||||||||||||||||||||||
| Midwest United States: | |||||||||||||||||||||||||||||||||||||||||
| Chicago | 2,441 | — | — | 12 | 345,046 | 2,429 | |||||||||||||||||||||||||||||||||||
| Minneapolis | 1,028 | — | — | 4 | 305,875 | 1,024 | |||||||||||||||||||||||||||||||||||
| Midwest US Subtotal | 3,469 | — | — | 16 | 335,253 | 3,453 | |||||||||||||||||||||||||||||||||||
Other (3): | 400 | 23 | 410,370 | — | — | 423 | |||||||||||||||||||||||||||||||||||
| Total / Average | 85,970 | 196 | $ | 379,963 | 657 | $ | 469,569 | 85,509 | |||||||||||||||||||||||||||||||||
| Joint Venture Portfolio | |||||||||||||||||||||||||||||||||||||||||
2020 Rockpoint JV (4) | 2,605 | — | $ | — | 1 | $ | 432,000 | 2,604 | |||||||||||||||||||||||||||||||||
2022 Rockpoint JV (5) | 407 | 55 | 343,167 | — | — | 462 | |||||||||||||||||||||||||||||||||||
FNMA JV (6) | 311 | — | — | 13 | 465,677 | 298 | |||||||||||||||||||||||||||||||||||
Pathway Homes (7) | 854 | 12 | 349,640 | — | — | 866 | |||||||||||||||||||||||||||||||||||
Upward America JV (8) | 3,720 | — | — | — | — | 3,720 | |||||||||||||||||||||||||||||||||||
2024 Peregrine JV (9) | 119 | — | — | — | — | 119 | |||||||||||||||||||||||||||||||||||
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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 5.1%. Stabilized cap rate represents forecasted 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)Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville.
(4)Represents portfolio owned by the 2020 Rockpoint JV, of which we own 20.0%.
(5)Represents portfolio owned by the 2022 Rockpoint JV, of which we own 16.7%.
(6)Represents portfolio owned by the FNMA JV, of which we own 10.0%; however, our share of income is 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement..
(7)Represents portfolio owned by Pathway Homes, of which we own 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which we own 7.2%.
(9)Represents portfolio owned by the 2024 Peregrine JV, of which we own 30.0%.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 29
Supplemental Schedule 8(b)
| Expected Development Pipeline of New Homes — As of June 30, 2026 | |||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
Pipeline as of June 30, 2026 (1)(2) | Estimated Deliveries in Q3-Q4 2026 | Estimated Deliveries Thereafter | Avg. Estimated Cost Basis Per Home | ||||||||||||||||||||
| Denver | 36 | 36 | — | $ | 400,000 | ||||||||||||||||||
| Tampa | 66 | 37 | 29 | 310,000 | |||||||||||||||||||
| Orlando | 82 | 45 | 37 | 450,000 | |||||||||||||||||||
| Atlanta | 84 | 48 | 36 | 330,000 | |||||||||||||||||||
| Carolinas | 30 | 30 | — | 430,000 | |||||||||||||||||||
| Houston | 6 | 6 | — | 280,000 | |||||||||||||||||||
| Dallas | 4 | 4 | — | 290,000 | |||||||||||||||||||
| Other | 3 | 3 | — | 400,000 | |||||||||||||||||||
| Total / Average | 311 | 209 | 102 | $ | 370,000 | ||||||||||||||||||
(1)Represents the number of new homes as of June 30, 2026 that are under contract to be built and delivered during a future period to Invitation Homes or one of our joint ventures.
(2)Pipeline rollforward:
Pipeline as of March 31, 2026 | 556 | ||||||||||
Q2 2026 additions and cancellations (net) | (15) | ||||||||||
Q2 2026 deliveries | (230) | ||||||||||
Pipeline as of June 30, 2026 | 311 | ||||||||||
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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 our 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. We define 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. We define 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 before the following items: share-based
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 31
compensation expense; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our 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 our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our 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 our basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of Net Income to Adjusted EBITDAre” 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. We define Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and (gains) losses on investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserve the value and maintain the functionality of our homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for our share of investments in unconsolidated joint ventures.
We believe that FFO is a meaningful supplemental measure of the operating performance of our 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. We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of our performance across reporting periods by removing the impact of certain items that are not comparable from period to period.
The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. FFO, Core FFO, and Adjusted FFO are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our FFO, Core FFO, and Adjusted FFO may not be comparable to the FFO, Core FFO, and Adjusted FFO of other companies due to the fact that not all companies use the same definition of FFO, Core FFO, and Adjusted FFO. Accordingly, there can be no assurance that our 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 our standards and specifications.
Net Operating Income (NOI)
NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define 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) losses from investments in unconsolidated joint ventures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 32
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. Our 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 our basis for computing this non-GAAP measure is comparable with that of other companies.
We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio. See “Reconciliation of Net Income to Same Store NOI” for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our 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 our 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 our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home.
Same Store / Same Store Portfolio
Same Store or Same Store portfolio includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as our existing Same Store portfolio, and homes in markets that we have announced an intent to exit where we no longer operate 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 our existing 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.
We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and our prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our 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 2026 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 we must meet with respect to our $1,750 million revolving credit facility (the “Revolving Facility”) and our $1,750 million term loan facility (the “2024 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in our Second Amended and Restated Revolving Credit and Term Loan Agreement dated September 9, 2024, as amended, and our $725 million term loan facility (the “2022 Term Loan Facility” and together with the 2024 Term Loan Facility, the “Term Loan Facilities”), as set forth in our 2022 Term Loan Agreement, as amended (together with the Credit Facility, the “Unsecured Credit Agreements”). The metrics provided under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our 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 our pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our 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 our pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our 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 our 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 our 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 our 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 our 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 our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our 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 us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Credit Agreements, see the applicable exhibits to our Annual Report.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 34
The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of our indebtedness related to our Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report, as such factors may be updated from time to time in our periodic filings with the SEC.
Unsecured Public Bond Covenants
Unsecured public bond covenants refer to financial and operating requirements that we must meet with respect to our senior notes, as set forth in our Supplemental Indentures to the Base Indenture for our Senior Notes (together, the “Indenture”). The metrics provided under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our 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 our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our 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 us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to our Current Reports on Form 8-K filed on August 6, 2021, November 5, 2021, April 5, 2022, August 2, 2023, September 26, 2024, and August 15, 2025.
The breach of any of the covenants set forth in the Indenture could result in a default of our indebtedness related to our senior notes, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report, as such factors may be updated from time to time in our 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 2026 Earnings Release and Supplemental Information — page 35
| Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly | |||||||||||||||||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | |||||||||||||||||||||||||||||||
| Total revenues (Total Portfolio) | $ | 747,550 | $ | 734,112 | $ | 685,250 | $ | 688,166 | $ | 681,401 | |||||||||||||||||||||||||
| Management fee revenues | (19,738) | (19,852) | (21,662) | (21,975) | (22,294) | ||||||||||||||||||||||||||||||
| Homebuilding revenues | (49,460) | (43,745) | — | — | — | ||||||||||||||||||||||||||||||
| Total portfolio resident recoveries | (49,503) | (46,072) | (45,389) | (46,885) | (40,944) | ||||||||||||||||||||||||||||||
| Total Core Revenues (Total Portfolio) | 628,849 | 624,443 | 618,199 | 619,306 | 618,163 | ||||||||||||||||||||||||||||||
| Non-Same Store Core Revenues | (50,679) | (51,378) | (51,276) | (51,422) | (49,259) | ||||||||||||||||||||||||||||||
| Same Store Core Revenues | $ | 578,170 | $ | 573,065 | $ | 566,923 | $ | 567,884 | $ | 568,904 | |||||||||||||||||||||||||
| Reconciliation of Total Revenues to Same Store Core Revenues, YTD | |||||||||||||||||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||
| YTD 2026 | YTD 2025 | ||||||||||||||||||||||||||||||||||
| Total revenues (Total Portfolio) | $ | 1,481,662 | $ | 1,355,880 | |||||||||||||||||||||||||||||||
| Management fee revenues | (39,590) | (43,702) | |||||||||||||||||||||||||||||||||
| Homebuilding revenues | (93,205) | — | |||||||||||||||||||||||||||||||||
| Total portfolio resident recoveries | (95,575) | (85,062) | |||||||||||||||||||||||||||||||||
| Total Core Revenues (Total Portfolio) | 1,253,292 | 1,227,116 | |||||||||||||||||||||||||||||||||
| Non-Same Store Core Revenues | (102,057) | (94,741) | |||||||||||||||||||||||||||||||||
| Same Store Core Revenues | $ | 1,151,235 | $ | 1,132,375 | |||||||||||||||||||||||||||||||
| Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly | |||||||||||||||||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | |||||||||||||||||||||||||||||||
| Property operating and maintenance expenses (Total Portfolio) | $ | 255,712 | $ | 251,134 | $ | 244,823 | $ | 259,037 | $ | 244,278 | |||||||||||||||||||||||||
| Total Portfolio resident recoveries | (49,503) | (46,072) | (45,389) | (46,885) | (40,944) | ||||||||||||||||||||||||||||||
| Core Operating Expenses (Total Portfolio) | 206,209 | 205,062 | 199,434 | 212,152 | 203,334 | ||||||||||||||||||||||||||||||
| Non-Same Store Core Operating Expenses | (21,169) | (22,354) | (20,788) | (24,045) | (21,748) | ||||||||||||||||||||||||||||||
| Same Store Core Operating Expenses | $ | 185,040 | $ | 182,708 | $ | 178,646 | $ | 188,107 | $ | 181,586 | |||||||||||||||||||||||||
| Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD | |||||||||||||||||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||
| YTD 2026 | YTD 2025 | ||||||||||||||||||||||||||||||||||
| Property operating and maintenance expenses (Total Portfolio) | $ | 506,846 | $ | 481,727 | |||||||||||||||||||||||||||||||
| Total Portfolio resident recoveries | (95,575) | (85,062) | |||||||||||||||||||||||||||||||||
| Core Operating Expenses (Total Portfolio) | 411,271 | 396,665 | |||||||||||||||||||||||||||||||||
| Non-Same Store Core Operating Expenses | (43,523) | (42,033) | |||||||||||||||||||||||||||||||||
| Same Store Core Operating Expenses | $ | 367,748 | $ | 354,632 | |||||||||||||||||||||||||||||||
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 36
| Reconciliation of Net Income to Same Store NOI, Quarterly | |||||||||||||||||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | |||||||||||||||||||||||||||||||
| Net income available to common stockholders | $ | 218,172 | $ | 159,800 | $ | 144,308 | $ | 136,474 | $ | 140,665 | |||||||||||||||||||||||||
| Net income available to participating securities | 675 | 708 | 246 | 264 | 222 | ||||||||||||||||||||||||||||||
| Non-controlling interests | 804 | 557 | 496 | 472 | 480 | ||||||||||||||||||||||||||||||
| Management fee revenues | (19,738) | (19,852) | (21,662) | (21,975) | (22,294) | ||||||||||||||||||||||||||||||
| Homebuilding revenues | (49,460) | (43,745) | — | — | — | ||||||||||||||||||||||||||||||
| Property management expense | 37,726 | 39,325 | 39,485 | 37,073 | 35,833 | ||||||||||||||||||||||||||||||
| Homebuilding cost of sales | 42,215 | 39,134 | — | — | — | ||||||||||||||||||||||||||||||
| General and administrative | 29,332 | 32,319 | 23,697 | 18,444 | 23,591 | ||||||||||||||||||||||||||||||
| Interest expense | 93,987 | 95,313 | 90,878 | 90,781 | 87,414 | ||||||||||||||||||||||||||||||
| Depreciation and amortization | 194,299 | 193,142 | 189,875 | 188,457 | 185,455 | ||||||||||||||||||||||||||||||
Casualty losses, impairment, and other | 4,236 | 4,345 | 311 | 3,420 | 3,029 | ||||||||||||||||||||||||||||||
| Gain on sale of property, net of tax | (132,308) | (87,094) | (54,463) | (45,515) | (46,591) | ||||||||||||||||||||||||||||||
| (Income) losses from investments in unconsolidated joint ventures | 2,402 | 3,085 | 3,717 | (2,130) | 4,802 | ||||||||||||||||||||||||||||||
Other, net (1) | 298 | 2,344 | 1,877 | 1,389 | 2,223 | ||||||||||||||||||||||||||||||
| NOI (Total Portfolio) | 422,640 | 419,381 | 418,765 | 407,154 | 414,829 | ||||||||||||||||||||||||||||||
| Non-Same Store NOI | (29,510) | (29,024) | (30,488) | (27,377) | (27,511) | ||||||||||||||||||||||||||||||
| Same Store NOI | $ | 393,130 | $ | 390,357 | $ | 388,277 | $ | 379,777 | $ | 387,318 | |||||||||||||||||||||||||
| Reconciliation of Net Income to Same Store NOI, YTD | |||||||||||||||||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||
| YTD 2026 | YTD 2025 | ||||||||||||||||||||||||||||||||||
| Net income available to common stockholders | $ | 377,972 | $ | 306,182 | |||||||||||||||||||||||||||||||
| Net income available to participating securities | 1,383 | 450 | |||||||||||||||||||||||||||||||||
| Non-controlling interests | 1,361 | 1,017 | |||||||||||||||||||||||||||||||||
| Management fee revenues | (39,590) | (43,702) | |||||||||||||||||||||||||||||||||
| Homebuilding revenues | (93,205) | — | |||||||||||||||||||||||||||||||||
| Property management expense | 77,051 | 72,572 | |||||||||||||||||||||||||||||||||
| Homebuilding cost of sales | 81,349 | — | |||||||||||||||||||||||||||||||||
| General and administrative | 61,651 | 53,109 | |||||||||||||||||||||||||||||||||
| Interest expense | 189,300 | 171,668 | |||||||||||||||||||||||||||||||||
| Depreciation and amortization | 387,441 | 368,601 | |||||||||||||||||||||||||||||||||
Casualty losses, impairment, and other | 8,581 | 7,712 | |||||||||||||||||||||||||||||||||
| Gain on sale of property, net of tax | (219,402) | (118,257) | |||||||||||||||||||||||||||||||||
| Losses from investments in unconsolidated joint ventures | 5,487 | 10,020 | |||||||||||||||||||||||||||||||||
Other, net (1) | 2,642 | 1,079 | |||||||||||||||||||||||||||||||||
| NOI (Total Portfolio) | 842,021 | 830,451 | |||||||||||||||||||||||||||||||||
| Non-Same Store NOI | (58,534) | (52,708) | |||||||||||||||||||||||||||||||||
| Same Store NOI | $ | 783,487 | $ | 777,743 | |||||||||||||||||||||||||||||||
(1)Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 37
Reconciliation of Net Income to Adjusted EBITDAre | |||||||||||||||||||||||||||||
| (in thousands, unaudited) | |||||||||||||||||||||||||||||
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||||||||||||||
| Net income available to common stockholders | $ | 218,172 | $ | 140,665 | $ | 377,972 | $ | 306,182 | |||||||||||||||||||||
| Net income available to participating securities | 675 | 222 | 1,383 | 450 | |||||||||||||||||||||||||
| Non-controlling interests | 804 | 480 | 1,361 | 1,017 | |||||||||||||||||||||||||
| Interest expense | 93,987 | 87,414 | 189,300 | 171,668 | |||||||||||||||||||||||||
| Interest expense in unconsolidated joint ventures | 6,265 | 5,943 | 12,392 | 11,569 | |||||||||||||||||||||||||
| Depreciation and amortization | 194,299 | 185,455 | 387,441 | 368,601 | |||||||||||||||||||||||||
| Depreciation and amortization of investments in unconsolidated joint ventures | 4,508 | 3,791 | 8,976 | 7,453 | |||||||||||||||||||||||||
| EBITDA | 518,710 | 423,970 | 978,825 | 866,940 | |||||||||||||||||||||||||
| Gain on sale of property, net of tax | (132,308) | (46,591) | (219,402) | (118,257) | |||||||||||||||||||||||||
| Impairment on depreciated real estate investments | 961 | 36 | 1,430 | 99 | |||||||||||||||||||||||||
| Net gain on sale of investments in unconsolidated joint ventures | (1,627) | (261) | (3,048) | (406) | |||||||||||||||||||||||||
EBITDAre | 385,736 | 377,154 | 757,805 | 748,376 | |||||||||||||||||||||||||
| Share-based compensation expense | 9,346 | 8,464 | 20,046 | 18,621 | |||||||||||||||||||||||||
Business reorganization costs (1) | 1,279 | 35 | 2,780 | 2,420 | |||||||||||||||||||||||||
Casualty losses and reserves, net (2) | 3,358 | 3,000 | 7,293 | 7,683 | |||||||||||||||||||||||||
Other, net (3) | 298 | 2,223 | 2,642 | 1,079 | |||||||||||||||||||||||||
Adjusted EBITDAre | $ | 400,017 | $ | 390,876 | $ | 790,566 | $ | 778,179 | |||||||||||||||||||||
| Trailing Twelve Months (TTM) Ended | |||||||||||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||
| Net income available to common stockholders | $ | 658,754 | $ | 586,964 | |||||||||||||||||||||||||
| Net income available to participating securities | 1,893 | 960 | |||||||||||||||||||||||||||
| Non-controlling interests | 2,329 | 1,985 | |||||||||||||||||||||||||||
| Interest expense | 370,959 | 353,327 | |||||||||||||||||||||||||||
| Interest expense in unconsolidated joint ventures | 26,135 | 25,312 | |||||||||||||||||||||||||||
| Depreciation and amortization | 765,773 | 746,933 | |||||||||||||||||||||||||||
| Depreciation and amortization of investments in unconsolidated joint ventures | 17,884 | 16,361 | |||||||||||||||||||||||||||
| EBITDA | 1,843,727 | 1,731,842 | |||||||||||||||||||||||||||
| Gain on sale of property, net of tax | (319,380) | (218,235) | |||||||||||||||||||||||||||
| Impairment on depreciated real estate investments | 1,988 | 657 | |||||||||||||||||||||||||||
| Net gain on sale of investments in unconsolidated joint ventures | (11,103) | (8,461) | |||||||||||||||||||||||||||
EBITDAre | 1,515,232 | 1,505,803 | |||||||||||||||||||||||||||
| Share-based compensation expense | 29,255 | 27,830 | |||||||||||||||||||||||||||
Business reorganization costs (1) | 3,132 | 2,772 | |||||||||||||||||||||||||||
Casualty losses and reserves, net (2) | 10,534 | 10,924 | |||||||||||||||||||||||||||
Other, net (3) | 5,908 | 4,345 | |||||||||||||||||||||||||||
Adjusted EBITDAre | $ | 1,564,061 | $ | 1,551,674 | |||||||||||||||||||||||||
(1)Includes severance, restructuring, acquisition, and integration costs.
(2)Includes our share from unconsolidated joint ventures.
(3)Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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, 2026 | December 31, 2025 | |||||||||||||||||||
| Secured debt, net | $ | 1,385,098 | $ | 1,384,114 | ||||||||||||||||
| Unsecured notes, net | 4,402,839 | 4,398,921 | ||||||||||||||||||
| Term loan facility, net | 2,458,754 | 2,451,985 | ||||||||||||||||||
| Revolving facility | 280,000 | 145,000 | ||||||||||||||||||
| Total Debt per Balance Sheet | 8,526,691 | 8,380,020 | ||||||||||||||||||
| Retained and repurchased certificates | (55,499) | (55,499) | ||||||||||||||||||
Cash, ex-security deposits and letters of credit (1) | (137,316) | (167,472) | ||||||||||||||||||
| Deferred financing costs, net | 44,182 | 54,208 | ||||||||||||||||||
| Unamortized discounts on notes payable | 22,365 | 24,171 | ||||||||||||||||||
| Net Debt (A) | $ | 8,400,423 | $ | 8,235,428 | ||||||||||||||||
| For the TTM Ended | For the TTM Ended | |||||||||||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||||||||||||
Adjusted EBITDAre (B) | $ | 1,564,061 | $ | 1,551,674 | ||||||||||||||||
Net Debt / TTM Adjusted EBITDAre (A / B) | 5.4 | x | 5.3 | 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 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||||||||||||||
| Amortization of discounts on notes payable | $ | 906 | $ | 789 | $ | 1,806 | $ | 1,570 | |||||||||||||||||||||
| Amortization of deferred financing costs | 5,179 | 5,723 | 13,231 | 10,705 | |||||||||||||||||||||||||
| Change in fair value of interest rate derivatives | — | — | — | — | |||||||||||||||||||||||||
| Amortization of swap fair value at designation | 546 | (2,421) | 1,087 | (6,152) | |||||||||||||||||||||||||
| Our share from unconsolidated joint ventures | 1,216 | 1,633 | 2,352 | 3,235 | |||||||||||||||||||||||||
| Total non-cash interest expense | $ | 7,847 | $ | 5,724 | $ | 18,476 | $ | 9,358 | |||||||||||||||||||||
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 39