8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form	8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 13, 2024

Invitation Homes Inc.

(Exact Name of Registrant as Specified in its charter)

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

1717 Main Street, Suite 2000

Dallas, Texas 75201

(Address of principal executive offices, including zip code)

(972) 421-3600

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

Emerging growth company ☐

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

Item 2.02	Results of Operations and Financial Condition.

On February 13, 2024, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter and full year ended December 31, 2023. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of Invitation Homes Inc. dated February 13, 2024, announcing results for the quarter and full year ended December 31, 2023.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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

INVITATION HOMES INC.
By:	/s/ Mark A. Solls
	Name:	Mark A. Solls
	Title:	Executive Vice President, Secretary<br><br>and Chief Legal Officer
	Date:	February 13, 2024

Document

Table of Contents

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

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

Q4 2023 Earnings Release and Supplemental Information — page 2

Earnings Press Release

Invitation Homes Reports Fourth Quarter 2023 and Full Year 2023 Results

Dallas, TX, February 13, 2024 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation's premier single-family home leasing and management company, today announced its Fourth Quarter 2023 and Full Year (“FY”) 2023 financial and operating results.

Fourth Quarter 2023 and FY 2023 Highlights

•Year over year, in Q4 2023, total revenues increased 7.7% to $624 million, and property operating and maintenance costs increased 9.0% to $229 million. In FY 2023, total revenues increased 8.7% to $2,432 million, and property operating and maintenance costs increased 12.0% to $880 million.

•In Q4 2023, net income available to common stockholders totaled $129 million or $0.21 per diluted common share. In FY 2023, net income available to common stockholders totaled $519 million or $0.85 per diluted common share.

•Year over year, in Q4 2023, Core FFO per share increased 4.6% to $0.45, and AFFO per share increased 5.8% to $0.38. In FY 2023, Core FFO per share increased 6.0% to $1.77, and AFFO per share increased 6.3% to $1.50.

•In Q4 2023, Same Store NOI increased 5.6% year over year on 5.9% Same Store Core Revenues growth and 6.6% Same Store Core Operating Expenses growth. In FY 2023, Same Store NOI grew 4.8% year over year on 6.5% Same Store Core Revenues growth and 10.3% Same Store Core Operating Expenses growth.

•In Q4 2023, Same Store Bad Debt was 1.2% of gross rental revenue, representing three consecutive quarters of improvement and a year over year improvement of approximately 50 basis points.

•In Q4 2023, Same Store Average Occupancy was 97.1%, down 20 basis points year over year. In FY 2023, Same Store Average Occupancy was 97.4%, down 30 basis points year over year.

•In Q4 2023, Same Store renewal rent growth of 6.8% and flat Same Store new lease rent growth drove Same Store blended rent growth of 4.6%. In FY 2023, Same Store renewal rent growth of 7.0% and Same Store new lease rent growth of 4.5% drove Same Store blended rent growth of 6.3%.

•In Q4 2023, acquisitions by the Company and the Company's joint ventures totaled 460 homes for $159 million while dispositions totaled 398 homes for $146 million. In FY 2023, acquisitions by the Company and the Company’s joint ventures totaled 3,221 homes for $1,168 million while dispositions totaled 1,489 homes for $547 million.

•As previously announced, and subsequent to year end, the Company has begun a new era of providing professional property and asset management services to portfolio owners of single-family homes for lease. This was launched through an inaugural agreement with a third-party portfolio owner that has brought over 14,000 single family homes onto the Company’s industry-leading platform. The agreement provides Invitation Homes with property and asset management fees that the Company believes are commensurate with its expertise and unmatched scale. Substantially all of the homes are located within the Company’s existing markets, predominantly Atlanta, Phoenix, Dallas, Carolinas, Orlando, and Tampa.

Chief Executive Officer Dallas Tanner comments:

“I’m pleased once again by the outstanding performance of our business and the extraordinary delivery of customer service by our teams. During 2023, we successfully navigated a dynamic real estate market, pursued prudent growth initiatives and strategic developments, and continued to further enhance the resident experience. I’m very proud that our teams have continued this great momentum into 2024, including our announcement to provide our industry-leading brand of professional property and asset management services to an inaugural 14,000 additional households across the country. We are honored to be the nation’s premier single-family leasing and management company and are excited to continue raising the bar for individuals and families who desire the choice, flexibility, and convenience of leasing a home.”

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

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

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

Q4 2023 Earnings Release and Supplemental Information — page 3

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
	Q4 2023		Q4 2022		FY 2023		FY 2022
Net income	$	0.21	$	0.16	$	0.85	$	0.63
FFO	0.41		0.40		1.64		1.51
Core FFO	0.45		0.43		1.77		1.67
AFFO	0.38		0.36		1.50		1.41

Net Income

Net income per common share — diluted for Q4 2023 was $0.21, compared to net income per common share — diluted of $0.16 for Q4 2022. Total revenues and total property operating and maintenance expenses for Q4 2023 were $624 million and $229 million, respectively, compared to $580 million and $210 million, respectively, in Q4 2022.

Net income per common share — diluted for FY 2023 was $0.85, compared to net income per common share — diluted of $0.63 for FY 2022. Total revenues and total property operating and maintenance expenses for FY 2023 were $2,432 million and $880 million, respectively, compared to $2,238 million and $786 million, respectively, for FY 2022.

Core FFO

Year over year, Core FFO per share for Q4 2023 increased 4.6% to $0.45, primarily due to NOI growth. Year over year, Core FFO per share for FY 2023 increased 6.0% to $1.77, primarily due to NOI growth.

AFFO

Year over year, AFFO per share for Q4 2023 increased 5.8% to $0.38, primarily due to the increase in Core FFO per share described above. Year over year, AFFO per share for FY 2023 increased 6.3% to $1.50, primarily due to the increase in Core FFO per share described above.

Operating Results

Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:	75,775
	Q4 2023		Q4 2022		FY 2023		FY 2022
Core Revenues growth (year over year)	5.9	%			6.5	%
Core Operating Expenses growth (year over year)	6.6	%			10.3	%
NOI growth (year over year)	5.6	%			4.8	%
Average Occupancy	97.1	%	97.3	%	97.4	%	97.7	%
Bad Debt % of gross rental revenue	1.2	%	1.7	%	1.4	%	1.3	%
Turnover Rate	5.5	%	5.4	%	23.9	%	22.3	%
Rental Rate Growth (lease-over-lease):
Renewals	6.8	%	9.9	%	7.0	%	10.0	%
New Leases	—	%	7.1	%	4.5	%	13.1	%
Blended	4.6	%	9.0	%	6.3	%	10.8	%

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

Q4 2023 Earnings Release and Supplemental Information — page 4

Same Store NOI

For the Same Store Portfolio of 75,775 homes, Same Store NOI for Q4 2023 increased 5.6% year over year on Same Store Core Revenues growth of 5.9% and Same Store Core Operating Expenses growth of 6.6%. FY 2023 Same Store NOI increased 4.8% year over year on Same Store Core Revenues growth of 6.5% and Same Store Core Operating Expenses growth of 10.3%.

Same Store Core Revenues

Same Store Core Revenues growth for Q4 2023 of 5.9% year over year was primarily driven by a 5.3% increase in Average Monthly Rent, a 50 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and an 11.2% increase in other income, net of resident recoveries, partially offset by a 20 basis point year over year decline in Average Occupancy.

FY 2023 Same Store Core Revenues growth of 6.5% year over year was primarily driven by a 6.9% increase in Average Monthly Rent and a 10.3% increase in other income, net of resident recoveries, partially offset by a 30 basis point year over year decline in Average Occupancy and a 10 basis point year over year increase in Bad Debt as a percentage of gross rental revenue.

Same Store Core Operating Expenses

Same Store Core Operating Expenses for Q4 2023 increased 6.6% year over year, primarily attributable to a 7.9% increase in fixed expenses and a 4.2% increase in controllable expenses.

FY 2023 Same Store Core Operating Expenses increased 10.3% year over year, primarily driven by a 10.4% increase in fixed expenses and a 10.2% increase in controllable expenses.

Investment Management Activity

Acquisitions for Q4 2023 totaled 460 homes for $159 million through the Company's various acquisition channels. This included 251 wholly owned homes for $88 million in addition to 209 homes for $71 million in the Company's joint ventures. Dispositions for Q4 2023 included 381 wholly owned homes for gross proceeds of $138 million and 17 homes for gross proceeds of $8 million in the Company's joint ventures.

In FY 2023, the Company acquired 3,221 homes for $1,168 million, including 2,877 wholly owned homes for $1,054 million and 344 homes for $114 million in the Company's joint ventures. The company also sold 1,489 homes for $547 million, including 1,423 wholly owned homes for $517 million and 66 homes for $30 million in the Company's joint ventures.

As previously announced, and subsequent to year end, the Company has begun a new era of providing professional property and asset management services to portfolio owners of single-family homes for lease. This was launched through an inaugural agreement with a third-party portfolio owner that has brought over 14,000 single family homes onto the Company’s industry-leading platform. The agreement provides Invitation Homes with property and asset management fees that the Company believes are commensurate with its expertise and unmatched scale. Substantially all of the homes are located within the Company’s existing markets, predominantly Atlanta, Phoenix, Dallas, Carolinas, Orlando, and Tampa.

Balance Sheet and Capital Markets Activity

As of December 31, 2023, the Company had $1,701 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of December 31, 2023 was $8,613 million, consisting of $6,575 million of unsecured debt and $2,038 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.5x at December 31, 2023, down from 5.7x as of December 31, 2022. The Company has no debt reaching final maturity until 2026, and in addition, 99.4% of its total debt is fixed rate or swapped to fixed rate, and over 75% of its total debt is unsecured.

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

Q4 2023 Earnings Release and Supplemental Information — page 5

FY 2024 Guidance Details

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

FY 2024 Guidance
	FY 2024 Guidance Ranges	FY 2023 Actual
Core FFO per share — diluted	$1.82 to $1.90	$1.77
AFFO per share — diluted	$1.54 to $1.62	$1.50
Same Store Core Revenues growth (1)	4.5% to 5.5%	6.5%
Same Store Core Operating Expenses growth (2)	5.5% to 7.0%	10.3%
Same Store NOI growth	3.5% to 5.5%	4.8%
Wholly owned acquisitions	$600 million to $1,000 million	$1,054 million
JV acquisitions	$100 million to $300 million	$114 million
Wholly owned dispositions	$400 million to $600 million	$517 million

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

(2)Guidance assumes FY 2024 property tax expense growth in a range of 8% to 10% and insurance expense growth in the mid- to high teens.

Bridge from FY 2023 Results to FY 2024 Guidance Midpoint
	Core FFO Per Share
FY 2023 reported result	$1.77
Impact from changes in:
Same Store NOI (3)	$0.10
Non-Same Store NOI	0.02
Management fee revenues, net (4)	0.02
Interest expense (5)	(0.03)
Other (6)	(0.02)
Total change	$0.09
FY 2024 guidance midpoint	$1.86

(3)Based on the 2024 Same Store pool, consisting of 78,823 homes as of January 2024.

(4)Contribution from management fee revenues, net, is primarily related to the Company’s recently announced agreement to provide professional property and asset management services to over 14,000 homes, net of associated expenses.

(5)Increase in cash interest expense primarily related to the Company’s $800 million aggregate public bond offering in August 2023, partially offset by other potential capital markets activities.

(6)Incremental increase in Other primarily related to additional investment in technology and administrative costs.

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

Q4 2023 Earnings Release and Supplemental Information — page 6

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on February 14, 2024, to discuss results for the fourth quarter of 2023. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113. A live audio webcast may be accessed at www.invh.com. A replay of the call will be available through March 14, 2024, and can be accessed by calling 1-800-770-2030 (domestic) or 1-647-362-9199 (international) and using the playback ID 7714113, or by using the link at www.invh.com.

Supplemental Information

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

About Invitation Homes

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

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

Forward-Looking Statements

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

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

Q4 2023 Earnings Release and Supplemental Information — page 7

Consolidated Balance Sheets
( in thousands, except shares and per share data)
		December 31, 2022
Assets:
Investments in single-family residential properties, net	17,289,214	$	17,030,374
Cash and cash equivalents		262,870
Restricted cash		191,057
Goodwill		258,207
Investments in unconsolidated joint ventures		280,571
Other assets, net		513,629
Total assets	19,220,967	$	18,536,708
Liabilities:
Mortgage loans, net	1,627,256	$	1,645,795
Secured term loan, net		401,530
Unsecured notes, net		2,518,185
Term loan facilities, net		3,203,567
Revolving facility		—
Accounts payable and accrued expenses		198,423
Resident security deposits		175,552
Other liabilities		70,025
Total liabilities		8,213,077
Equity:
Stockholders' equity
Preferred stock, 0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2023 and 2022		—
Common stock, 0.01 par value per share, 9,000,000,000 shares authorized, 611,958,239 and 611,411,382 outstanding as of December 31, 2023 and 2022, respectively		6,114
Additional paid-in capital		11,138,463
Accumulated deficit		(951,220)
Accumulated other comprehensive income		97,985
Total stockholders' equity		10,291,342
Non-controlling interests		32,289
Total equity		10,323,631
Total liabilities and equity	19,220,967	$	18,536,708

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 8

Consolidated Statements of Operations
( in thousands, except shares and per share amounts)
		Q4 2022		FY 2023		FY 2022
		(unaudited)		(unaudited)
Revenues:
Rental revenues	563,844	$	524,330	$	2,197,516	$	2,028,931
Other property income		52,180		221,115		197,710
Management fee revenues		3,326		13,647		11,480
Total revenues		579,836		2,432,278		2,238,121
Expenses:
Property operating and maintenance		209,615		880,335		786,351
Property management expense		22,770		95,809		87,936
General and administrative		16,921		82,344		74,025
Interest expense		78,409		333,457		304,092
Depreciation and amortization		163,318		674,287		638,114
Impairment and other		5,823		8,596		28,697
Total expenses		496,856		2,074,828		1,919,215
Gains (losses) on investments in equity securities, net		61		350		(3,939)
Other, net		344		(2,435)		(11,261)
Gain on sale of property, net of tax		21,213		183,540		90,699
Losses from investments in unconsolidated joint ventures		(3,736)		(17,877)		(9,606)
Net income		100,862		521,028		384,799
Net income attributable to non-controlling interests		(290)		(1,558)		(1,470)
Net income attributable to common stockholders		100,572		519,470		383,329
Net income available to participating securities		(146)		(696)		(661)
Net income available to common stockholders — basic and diluted	129,368	$	100,426	$	518,774	$	382,668
Weighted average common shares outstanding — basic		611,427,853		611,893,784		609,770,610
Weighted average common shares outstanding — diluted		612,206,225		613,288,708		611,112,396
Net income per common share — basic	0.21	$	0.16	$	0.85	$	0.63
Net income per common share — diluted	0.21	$	0.16	$	0.85	$	0.63
Dividends declared per common share	0.54	$	0.22	$	1.32	$	0.88

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 9

Supplemental Schedule 1

Reconciliation of FFO, Core FFO, and AFFO
( in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation		Q4 2022		FY 2023		FY 2022
Net income available to common stockholders	129,368	$	100,426	$	518,774	$	382,668
Net income available to participating securities		146		696		661
Non-controlling interests		290		1,558		1,470
Depreciation and amortization on real estate assets		161,029		663,398		629,301
Impairment on depreciated real estate investments		72		427		310
Net gain on sale of previously depreciated investments in real estate		(21,213)		(183,540)		(90,699)
Depreciation and net gain on sale of investments in unconsolidated joint ventures		2,051		8,704		4,907
FFO	253,584	$	242,801	$	1,010,017	$	928,618
Core FFO Reconciliation		Q4 2022		FY 2023		FY 2022
FFO	253,584	$	242,801	$	1,010,017	$	928,618
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)		6,819		36,069		24,326
Share-based compensation expense		6,397		29,503		28,962
Legal settlements		—		2,000		7,400
Severance expense		61		977		314
Casualty losses, net (1)(2)		5,849		8,200		28,485
(Gains) losses on investments in equity securities, net		(61)		(350)		3,939
Core FFO	274,598	$	261,866	$	1,086,416	$	1,022,044
AFFO Reconciliation		Q4 2022		FY 2023		FY 2022
Core FFO	274,598	$	261,866	$	1,086,416	$	1,022,044
Recurring capital expenditures (1)		(41,090)		(163,051)		(156,147)
AFFO	234,247	$	220,776	$	923,365	$	865,897
Net income available to common stockholders
Weighted average common shares outstanding — diluted		612,206,225		613,288,708		611,112,396
Net income per common share — diluted	0.21	$	0.16	$	0.85	$	0.63
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted		614,172,679		615,367,734		613,669,133
FFO per share — diluted	0.41	$	0.40	$	1.64	$	1.51
Core FFO per share — diluted	0.45	$	0.43	$	1.77	$	1.67
AFFO per share — diluted	0.38	$	0.36	$	1.50	$	1.41

All values are in US Dollars.

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

(2)FY 2022 includes $24,000 of net estimated losses and damages related to Hurricanes Ian and Nicole.

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

Q4 2023 Earnings Release and Supplemental Information — page 10

Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income	Q4 2023	Q4 2022	FY 2023	FY 2022
Common shares — basic	612,026,090	611,427,853	611,893,784	609,770,610
Shares potentially issuable from vesting/conversion of equity-based awards	1,662,479	778,372	1,394,924	1,341,786
Total common shares — diluted	613,688,569	612,206,225	613,288,708	611,112,396
Weighted average amounts for FFO, Core FFO, and AFFO	Q4 2023	Q4 2022	FY 2023	FY 2022
Common shares — basic	612,026,090	611,427,853	611,893,784	609,770,610
OP units — basic	1,869,483	1,737,395	1,835,686	2,338,999
Shares potentially issuable from vesting/conversion of equity-based awards	1,947,510	1,007,431	1,638,264	1,559,524
Total common shares and units — diluted	615,843,083	614,172,679	615,367,734	613,669,133
Period end amounts for Core FFO and AFFO	December 31, 2023
Common shares	611,958,239
OP units	1,869,483
Shares potentially issuable from vesting/conversion of equity-based awards	1,997,388
Total common shares and units — diluted	615,825,110

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

Q4 2023 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(b)

Debt Structure and Leverage Ratios — As of December 31, 2023
( in thousands) (unaudited)
					Wtd Avg		Wtd Avg
					Interest		Years to
Debt Structure			% of Total		Rate (1)		Maturity (2)
Secured:
Fixed (3)	1,394,916		16.1	%	4.0	%	4.6
Floating — swapped to fixed			7.5	%	4.2	%	2.0
Floating			—	%	—	%	—
Total secured			23.6	%	4.1	%	3.8
Unsecured:
Fixed			38.9	%	3.4	%	7.7
Floating — swapped to fixed			36.9	%	4.0	%	2.8
Floating			0.6	%	6.7	%	5.5
Total unsecured			76.4	%	3.7	%	5.3
Total Debt:
Fixed + floating swapped to fixed (3)			99.4	%	3.8	%	4.9
Floating			0.6	%	6.7	%	5.5
Total debt			100.0	%	3.8	%	5.0
Discount/amortization on Note Payable
Deferred financing costs, net
Total debt per Balance Sheet
Retained and repurchased certificates
Cash, ex-security deposits and letters of credit (4)
Deferred financing costs, net
Unamortized discount on note payable
Net debt	7,811,345
Leverage Ratios
Net Debt / TTM Adjusted EBITDAre		x

All values are in US Dollars.

Credit Ratings	Ratings		Outlook
Fitch Ratings	BBB		Positive
Moody's Investors Service	Baa3		Positive
S&P Global Ratings	BBB		Stable
Unsecured Facilities Covenant Compliance (5)				Unsecured Public Bond Covenant Compliance (6)
	Actual		Requirement		Actual		Requirement
Total leverage ratio	30.1	%	≤ 60%	Aggregate debt ratio	37.0	%	≤ 65%
Secured leverage ratio	5.9	%	≤ 45%	Secured debt ratio	8.5	%	≤ 40%
Unencumbered leverage ratio	29.3	%	≤ 60%	Unencumbered assets ratio	299.4	%	≥ 150%
Fixed charge coverage ratio	4.1 x		≥ 1.5x	Debt service ratio	4.3x		≥ 1.5x
Unsecured interest coverage ratio	5.2 x		≥ 1.75x

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

Q4 2023 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b) (Continued)

(1)Includes the impact of interest rate swaps in place and effective as of December 31, 2023. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.

(2)Assumes all extension options are exercised.

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

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

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

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

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

Q4 2023 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(c)

Debt Maturity Schedule — As of December 31, 2023
( in thousands) (unaudited)
				Revolving
		Unsecured		Credit				% of
Debt Maturities, with Extensions (1)		Debt		Facility		Balance		Total
2024	—	$	—	$	—	$	—	—	%
2025		—		—		—		—	%
2026		2,500,000		—		3,143,030		36.6	%
2027		—		—		991,787		11.5	%
2028		750,000		—		750,000		8.7	%
2029		725,000		—		725,000		8.4	%
2030		450,000		—		450,000		5.2	%
2031		650,000		—		1,053,129		12.2	%
2032		600,000		—		600,000		7.0	%
2033		350,000		—		350,000		4.1	%
2034		400,000		—		400,000		4.6	%
2035		—		—		—		—	%
2036		150,000		—		150,000		1.7	%
		6,575,000		—		8,612,946		100.0	%
Unamortized discount on note payable		(20,144)		—		(21,376)
Deferred financing costs, net		(37,575)		—		(45,518)
Total per Balance Sheet	2,028,771	$	6,517,281	$	—	$	8,546,052

All values are in US Dollars.

(1)Assumes all extension options are exercised.

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

Q4 2023 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
( in thousands) (unaudited)
Number of Homes, period-end
Total Portfolio
Same Store Portfolio
Same Store % of Total		%
Core Revenues			Q4 2022		Change YoY		FY 2023		FY 2022		Change YoY
Total Portfolio	585,851		$	543,871	7.7	%	$	2,282,198	$	2,104,586	8.4	%
Same Store Portfolio			500,663		5.9	%	2,081,637		1,954,335		6.5	%
Core Operating Expenses			Q4 2022		Change YoY		FY 2023		FY 2022		Change YoY
Total Portfolio	193,492		$	176,976	9.3	%	$	743,902	$	664,296	12.0	%
Same Store Portfolio			163,721		6.6	%	676,017		612,657		10.3	%
Net Operating Income			Q4 2022		Change YoY		FY 2023		FY 2022		Change YoY
Total Portfolio	392,359		$	366,895	6.9	%	$	1,538,296	$	1,440,290	6.8	%
Same Store Portfolio			336,942		5.6	%	1,405,620		1,341,678		4.8	%

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 15

Supplemental Schedule 3(b)

Same Store Portfolio Core Operating Detail
( in thousands) (unaudited)
				Change				Change						Change
		Q4 2022		YoY		Q3 2023		Seq		FY 2023		FY 2022		YoY
Revenues:
Rental revenues (1)	510,607	$	483,062	5.7	%	$	504,036	1.3	%	$	2,005,734	$	1,885,490	6.4	%
Other property income, net (1)(2)		17,601		11.2	%	20,050		(2.3)	%	75,903		68,845		10.3	%
Core Revenues		500,663		5.9	%	524,086		1.2	%	2,081,637		1,954,335		6.5	%
Fixed Expenses:
Property taxes		87,963		6.7	%	86,948		8.0	%	351,609		318,794		10.3	%
Insurance expenses		8,450		18.2	%	9,857		1.3	%	39,079		34,115		14.6	%
HOA expenses		9,691		9.9	%	10,113		5.3	%	40,393		37,576		7.5	%
Controllable Expenses:
Repairs and maintenance, net (3)		22,766		(1.1)	%	27,320		(17.6)	%	92,598		92,599		—	%
Personnel, leasing and marketing		19,910		5.7	%	20,660		1.8	%	84,805		77,102		10.0	%
Turnover, net (3)		10,250		(3.2)	%	12,078		(17.9)	%	42,033		34,369		22.3	%
Utilities and property administrative, net (3)		4,691		39.9	%	7,374		(11.0)	%	25,500		18,102		40.9	%
Core Operating Expenses		163,721		6.6	%	174,350		0.1	%	676,017		612,657		10.3	%
Net Operating Income	355,662	$	336,942	5.6	%	$	349,736	1.7	%	$	1,405,620	$	1,341,678	4.8	%

All values are in US Dollars.

(1)All rental revenues and other property income are reflected net of Bad Debt, which as a percentage of gross rental revenue, improved by 50 basis points from Q4 2022 to Q4 2023.

(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $31,160, $30,065, $32,231, $122,841, and $113,795 for Q4 2023, Q4 2022, Q3 2023, FY 2023, and FY 2022, 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.

Q4 2023 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
	Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q4 2022
Average Occupancy	97.1		%	97.0		%	97.6		%	97.8		%	97.3		%
Turnover Rate	5.5		%	6.7		%	6.6		%	5.1		%	5.4		%
Trailing four quarters Turnover Rate	23.9		%	23.8		%	23.4		%	22.7		%	22.3		%
Average Monthly Rent	$	2,344		$	2,318		$	2,284		$	2,253		$	2,225
Rental Rate Growth (lease-over-lease):
Renewals	6.8		%	6.6		%	6.9		%	8.0		%	9.9		%
New leases	—		%	5.2		%	7.3		%	5.7		%	7.1		%
Blended	4.6		%	6.2		%	7.0		%	7.3		%	9.0		%

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

Q4 2023 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2023 (1)
(unaudited)
	Number of Homes	Average Occupancy		Average Monthly Rent		Average Monthly Rent PSF		Percent of Revenue
Western United States:
Southern California	7,553	96.3	%	$	3,019	$	1.78	11.2	%
Northern California	4,309	96.8	%	2,670		1.70		5.9	%
Seattle	4,041	97.2	%	2,808		1.46		5.9	%
Phoenix	9,228	96.4	%	2,027		1.19		9.7	%
Las Vegas	3,420	96.3	%	2,170		1.10		3.8	%
Denver	2,584	96.9	%	2,492		1.36		3.4	%
Western US Subtotal	31,135	96.6	%	2,513		1.44		39.9	%
Florida:
South Florida	8,294	96.1	%	2,942		1.57		12.2	%
Tampa	9,174	95.3	%	2,248		1.20		10.5	%
Orlando	6,718	96.3	%	2,189		1.17		7.5	%
Jacksonville	1,996	95.7	%	2,139		1.08		2.2	%
Florida Subtotal	26,182	95.9	%	2,446		1.30		32.4	%
Southeast United States:
Atlanta	12,726	95.5	%	1,985		0.96		12.5	%
Carolinas	5,494	96.1	%	2,010		0.94		5.5	%
Southeast US Subtotal	18,220	95.6	%	1,992		0.96		18.0	%
Texas:
Houston	2,354	93.8	%	1,876		0.94		2.2	%
Dallas	2,991	95.3	%	2,213		1.07		3.4	%
Texas Subtotal	5,345	94.6	%	2,066		1.02		5.6	%
Midwest United States:
Chicago	2,489	97.0	%	2,333		1.45		2.8	%
Minneapolis	1,076	95.5	%	2,270		1.16		1.2	%
Midwest US Subtotal	3,565	96.6	%	2,314		1.35		4.0	%
Other (2):	120	68.8	%	2,044		1.00		0.1	%
Total / Average	84,567	96.0	%	$	2,344	$	1.25	100.0	%
Same Store Total / Average	75,775	97.1	%	$	2,344	$	1.25	90.4	%

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

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

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

Q4 2023 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenues
YoY, Q4 2023	Q4 2023		Q4 2022		Change		Q4 2023		Q4 2022		Change		Q4 2023		Q4 2022		Change
Western United States:
Southern California	$	3,022	$	2,874	5.1	%	97.3	%	98.1	%	(0.8)	%	$	64,761	$	60,355	7.3	%
Northern California	2,644		2,547		3.8	%	97.6	%	97.8	%	(0.2)	%	29,759		28,296		5.2	%
Seattle	2,811		2,689		4.5	%	97.5	%	96.7	%	0.8	%	30,495		28,732		6.1	%
Phoenix	1,998		1,893		5.5	%	97.1	%	97.0	%	0.1	%	48,723		46,335		5.2	%
Las Vegas	2,175		2,114		2.9	%	96.9	%	96.3	%	0.6	%	18,158		16,783		8.2	%
Denver	2,500		2,413		3.6	%	97.3	%	96.0	%	1.3	%	15,865		15,223		4.2	%
Western US Subtotal	2,521		2,410		4.6	%	97.3	%	97.2	%	0.1	%	207,761		195,724		6.1	%
Florida:
South Florida	2,967		2,750		7.9	%	96.8	%	97.5	%	(0.7)	%	68,128		63,463		7.4	%
Tampa	2,226		2,102		5.9	%	97.1	%	97.4	%	(0.3)	%	53,180		50,214		5.9	%
Orlando	2,179		2,058		5.9	%	97.6	%	98.1	%	(0.5)	%	40,087		38,013		5.5	%
Jacksonville	2,128		2,046		4.0	%	97.4	%	97.7	%	(0.3)	%	12,036		11,414		5.4	%
Florida Subtotal	2,448		2,298		6.5	%	97.2	%	97.6	%	(0.4)	%	173,431		163,104		6.3	%
Southeast United States:
Atlanta	1,979		1,875		5.5	%	96.3	%	96.8	%	(0.5)	%	68,905		65,557		5.1	%
Carolinas	2,006		1,903		5.4	%	97.3	%	97.6	%	(0.3)	%	29,561		28,032		5.5	%
Southeast US Subtotal	1,987		1,883		5.5	%	96.6	%	97.1	%	(0.5)	%	98,466		93,589		5.2	%
Texas
Houston	1,839		1,775		3.6	%	97.2	%	96.9	%	0.3	%	10,377		9,929		4.5	%
Dallas	2,219		2,123		4.5	%	97.0	%	96.8	%	0.2	%	16,194		15,363		5.4	%
Texas Subtotal	2,053		1,971		4.2	%	97.1	%	96.9	%	0.2	%	26,571		25,292		5.1	%
Midwest United States:
Chicago	2,332		2,221		5.0	%	97.3	%	97.4	%	(0.1)	%	16,741		16,109		3.9	%
Minneapolis	2,271		2,194		3.5	%	96.4	%	95.2	%	1.2	%	7,218		6,845		5.4	%
Midwest US Subtotal	2,314		2,213		4.6	%	97.0	%	96.8	%	0.2	%	23,959		22,954		4.4	%
Total / Average	$	2,344	$	2,225	5.3	%	97.1	%	97.3	%	(0.2)	%	$	530,188	$	500,663	5.9	%

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 19

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — Sequential Quarter
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenues
Seq, Q4 2023	Q4 2023		Q3 2023		Change		Q4 2023		Q3 2023		Change		Q4 2023		Q3 2023		Change
Western United States:
Southern California	$	3,022	$	2,987	1.2	%	97.3	%	97.2	%	0.1	%	$	64,761	$	63,969	1.2	%
Northern California	2,644		2,627		0.6	%	97.6	%	97.6	%	—	%	29,759		29,536		0.8	%
Seattle	2,811		2,786		0.9	%	97.5	%	97.3	%	0.2	%	30,495		30,224		0.9	%
Phoenix	1,998		1,974		1.2	%	97.1	%	97.2	%	(0.1)	%	48,723		48,220		1.0	%
Las Vegas	2,175		2,162		0.6	%	96.9	%	96.0	%	0.9	%	18,158		17,852		1.7	%
Denver	2,500		2,480		0.8	%	97.3	%	97.7	%	(0.4)	%	15,865		15,800		0.4	%
Western US Subtotal	2,521		2,496		1.0	%	97.3	%	97.2	%	0.1	%	207,761		205,601		1.1	%
Florida:
South Florida	2,967		2,912		1.9	%	96.8	%	97.1	%	(0.3)	%	68,128		67,145		1.5	%
Tampa	2,226		2,201		1.1	%	97.1	%	96.8	%	0.3	%	53,180		52,342		1.6	%
Orlando	2,179		2,150		1.3	%	97.6	%	96.9	%	0.7	%	40,087		39,569		1.3	%
Jacksonville	2,128		2,114		0.7	%	97.4	%	96.6	%	0.8	%	12,036		11,866		1.4	%
Florida Subtotal	2,448		2,415		1.4	%	97.2	%	96.9	%	0.3	%	173,431		170,922		1.5	%
Southeast United States:
Atlanta	1,979		1,959		1.0	%	96.3	%	96.5	%	(0.2)	%	68,905		68,273		0.9	%
Carolinas	2,006		1,983		1.2	%	97.3	%	97.5	%	(0.2)	%	29,561		29,293		0.9	%
Southeast US Subtotal	1,987		1,966		1.1	%	96.6	%	96.8	%	(0.2)	%	98,466		97,566		0.9	%
Texas
Houston	1,839		1,827		0.7	%	97.2	%	97.1	%	0.1	%	10,377		10,299		0.8	%
Dallas	2,219		2,199		0.9	%	97.0	%	96.6	%	0.4	%	16,194		15,981		1.3	%
Texas Subtotal	2,053		2,036		0.8	%	97.1	%	96.8	%	0.3	%	26,571		26,280		1.1	%
Midwest United States:
Chicago	2,332		2,307		1.1	%	97.3	%	96.8	%	0.5	%	16,741		16,505		1.4	%
Minneapolis	2,271		2,255		0.7	%	96.4	%	96.6	%	(0.2)	%	7,218		7,212		0.1	%
Midwest US Subtotal	2,314		2,291		1.0	%	97.0	%	96.7	%	0.3	%	23,959		23,717		1.0	%
Total / Average	$	2,344	$	2,318	1.1	%	97.1	%	97.0	%	0.1	%	$	530,188	$	524,086	1.2	%

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 20

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — FY
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenues
YoY, FY 2023	FY 2023		FY 2022		Change		FY 2023		FY 2022		Change		FY 2023		FY 2022		Change
Western United States:
Southern California	$	2,966	$	2,811	5.5	%	97.6	%	98.3	%	(0.7)	%	$	251,862	$	238,619	5.5	%
Northern California	2,611		2,489		4.9	%	97.8	%	98.1	%	(0.3)	%	117,294		111,931		4.8	%
Seattle	2,771		2,615		6.0	%	97.6	%	97.7	%	(0.1)	%	120,036		113,302		5.9	%
Phoenix	1,959		1,819		7.7	%	97.5	%	97.6	%	(0.1)	%	192,133		178,806		7.5	%
Las Vegas	2,153		2,039		5.6	%	96.6	%	97.4	%	(0.8)	%	70,967		67,262		5.5	%
Denver	2,467		2,364		4.4	%	97.7	%	97.1	%	0.6	%	62,841		59,923		4.9	%
Western US Subtotal	2,480		2,343		5.8	%	97.5	%	97.8	%	(0.3)	%	815,133		769,843		5.9	%
Florida:
South Florida	2,885		2,619		10.2	%	97.4	%	98.0	%	(0.6)	%	266,416		243,224		9.5	%
Tampa	2,180		2,014		8.2	%	97.4	%	97.8	%	(0.4)	%	209,019		193,827		7.8	%
Orlando	2,133		1,985		7.5	%	97.7	%	98.0	%	(0.3)	%	157,735		146,566		7.6	%
Jacksonville	2,099		1,979		6.1	%	97.3	%	97.7	%	(0.4)	%	47,404		44,573		6.4	%
Florida Subtotal	2,393		2,202		8.7	%	97.5	%	97.9	%	(0.4)	%	680,574		628,190		8.3	%
Southeast United States:
Atlanta	1,940		1,814		6.9	%	96.8	%	97.4	%	(0.6)	%	270,425		256,773		5.3	%
Carolinas	1,966		1,853		6.1	%	97.7	%	97.8	%	(0.1)	%	116,118		110,344		5.2	%
Southeast US Subtotal	1,948		1,825		6.7	%	97.1	%	97.5	%	(0.4)	%	386,543		367,117		5.3	%
Texas
Houston	1,817		1,736		4.7	%	97.3	%	97.3	%	—	%	41,089		39,153		4.9	%
Dallas	2,182		2,062		5.8	%	97.1	%	97.2	%	(0.1)	%	63,736		59,885		6.4	%
Texas Subtotal	2,023		1,920		5.4	%	97.2	%	97.2	%	—	%	104,825		99,038		5.8	%
Midwest United States:
Chicago	2,289		2,174		5.3	%	97.5	%	97.9	%	(0.4)	%	65,834		63,032		4.4	%
Minneapolis	2,238		2,144		4.4	%	96.8	%	96.4	%	0.4	%	28,728		27,115		5.9	%
Midwest US Subtotal	2,274		2,165		5.0	%	97.3	%	97.4	%	(0.1)	%	94,562		90,147		4.9	%
Total / Average	$	2,300	$	2,152	6.9	%	97.4	%	97.7	%	(0.3)	%	$	2,081,637	$	1,954,335	6.5	%

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 21

Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
( in thousands) (unaudited)
						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, Q4 2023		Q4 2022		Change		Q4 2023		Q4 2022		Change		Q4 2023		Q4 2022		Change		Q4 2023		Q4 2022
Western United States:
Southern California	64,761	$	60,355	7.3	%	$	17,834	$	14,638	21.8	%	$	46,927	$	45,717	2.6	%	72.5	%	75.7	%
Northern California		28,296		5.2	%	7,208		6,354		13.4	%	22,551		21,942		2.8	%	75.8	%	77.5	%
Seattle		28,732		6.1	%	7,994		7,500		6.6	%	22,501		21,232		6.0	%	73.8	%	73.9	%
Phoenix		46,335		5.2	%	9,036		9,469		(4.6)	%	39,687		36,866		7.7	%	81.5	%	79.6	%
Las Vegas		16,783		8.2	%	4,145		4,047		2.4	%	14,013		12,736		10.0	%	77.2	%	75.9	%
Denver		15,223		4.2	%	3,148		3,024		4.1	%	12,717		12,199		4.2	%	80.2	%	80.1	%
Western US Subtotal		195,724		6.1	%	49,365		45,032		9.6	%	158,396		150,692		5.1	%	76.2	%	77.0	%
Florida:
South Florida		63,463		7.4	%	28,204		26,131		7.9	%	39,924		37,332		6.9	%	58.6	%	58.8	%
Tampa		50,214		5.9	%	20,534		19,905		3.2	%	32,646		30,309		7.7	%	61.4	%	60.4	%
Orlando		38,013		5.5	%	14,032		13,045		7.6	%	26,055		24,968		4.4	%	65.0	%	65.7	%
Jacksonville		11,414		5.4	%	4,504		4,172		8.0	%	7,532		7,242		4.0	%	62.6	%	63.4	%
Florida Subtotal		163,104		6.3	%	67,274		63,253		6.4	%	106,157		99,851		6.3	%	61.2	%	61.2	%
Southeast United States:
Atlanta		65,557		5.1	%	27,487		25,449		8.0	%	41,418		40,108		3.3	%	60.1	%	61.2	%
Carolinas		28,032		5.5	%	8,682		7,259		19.6	%	20,879		20,773		0.5	%	70.6	%	74.1	%
Southeast US Subtotal		93,589		5.2	%	36,169		32,708		10.6	%	62,297		60,881		2.3	%	63.3	%	65.1	%
Texas
Houston		9,929		4.5	%	5,039		5,708		(11.7)	%	5,338		4,221		26.5	%	51.4	%	42.5	%
Dallas		15,363		5.4	%	6,470		7,575		(14.6)	%	9,724		7,788		24.9	%	60.0	%	50.7	%
Texas Subtotal		25,292		5.1	%	11,509		13,283		(13.4)	%	15,062		12,009		25.4	%	56.7	%	47.5	%
Midwest United States:
Chicago		16,109		3.9	%	7,511		6,952		8.0	%	9,230		9,157		0.8	%	55.1	%	56.8	%
Minneapolis		6,845		5.4	%	2,698		2,493		8.2	%	4,520		4,352		3.9	%	62.6	%	63.6	%
Midwest US Subtotal		22,954		4.4	%	10,209		9,445		8.1	%	13,750		13,509		1.8	%	57.4	%	58.9	%
Same Store Total / Average	530,188	$	500,663	5.9	%	$	174,526	$	163,721	6.6	%	$	355,662	$	336,942	5.6	%	67.1	%	67.3	%

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 22

Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
( in thousands) (unaudited)
						Core Operating Expenses					Net Operating Income						Core NOI Margin
Seq, Q4 2023		Q3 2023		Change			Q4 2023		Q3 2023		Change		Q4 2023		Q3 2023			Change		Q4 2023		Q3 2023
Western United States:
Southern California	64,761	$	63,969	1.2	%		$	17,834	$	19,347	(7.8)	%	$	46,927	$	44,622		5.2	%	72.5	%	69.8	%
Northern California		29,536		0.8	%		7,208		8,153		(11.6)	%	22,551		21,383			5.5	%	75.8	%	72.4	%
Seattle		30,224		0.9	%		7,994		7,883		1.4	%	22,501		22,341			0.7	%	73.8	%	73.9	%
Phoenix		48,220		1.0	%		9,036		10,360		(12.8)	%	39,687		37,860			4.8	%	81.5	%	78.5	%
Las Vegas		17,852		1.7	%		4,145		4,669		(11.2)	%	14,013		13,183			6.3	%	77.2	%	73.8	%
Denver		15,800		0.4	%		3,148		3,246		(3.0)	%	12,717		12,554			1.3	%	80.2	%	79.5	%
Western US Subtotal		205,601		1.1	%		49,365		53,658		(8.0)	%	158,396		151,943			4.2	%	76.2	%	73.9	%
Florida:
South Florida		67,145		1.5	%		28,204		26,661		5.8	%	39,924		40,484			(1.4)	%	58.6	%	60.3	%
Tampa		52,342		1.6	%		20,534		20,480		0.3	%	32,646		31,862			2.5	%	61.4	%	60.9	%
Orlando		39,569		1.3	%		14,032		14,072		(0.3)	%	26,055		25,497			2.2	%	65.0	%	64.4	%
Jacksonville		11,866		1.4	%		4,504		4,257		5.8	%	7,532		7,609			(1.0)	%	62.6	%	64.1	%
Florida Subtotal		170,922		1.5	%		67,274		65,470		2.8	%	106,157		105,452			0.7	%	61.2	%	61.7	%
Southeast United States:
Atlanta		68,273		0.9	%		27,487		24,269		13.3	%	41,418		44,004			(5.9)	%	60.1	%	64.5	%
Carolinas		29,293		0.9	%		8,682		8,345		4.0	%	20,879		20,948			(0.3)	%	70.6	%	71.5	%
Southeast US Subtotal		97,566		0.9	%		36,169		32,614		10.9	%	62,297		64,952			(4.1)	%	63.3	%	66.6	%
Texas
Houston		10,299		0.8	%		5,039		5,375		(6.3)	%	5,338		4,924			8.4	%	51.4	%	47.8	%
Dallas		15,981		1.3	%		6,470		6,808		(5.0)	%	9,724		9,173			6.0	%	60.0	%	57.4	%
Texas Subtotal		26,280		1.1	%		11,509		12,183		(5.5)	%	15,062		14,097			6.8	%	56.7	%	53.6	%
Midwest United States:
Chicago		16,505		1.4	%		7,511		7,867		(4.5)	%	9,230		8,638			6.9	%	55.1	%	52.3	%
Minneapolis		7,212		0.1	%		2,698		2,558		5.5	%	4,520		4,654			(2.9)	%	62.6	%	64.5	%
Midwest US Subtotal		23,717		1.0	%		10,209		10,425		(2.1)	%	13,750		13,292			3.4	%	57.4	%	56.0	%
Same Store Total / Average	530,188	$	524,086	1.2	%		$	174,526	$	174,350	0.1	%	$	355,662	$	349,736		1.7	%	67.1	%	66.7	%

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 23

Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — FY
( in thousands) (unaudited)
						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, FY 2023		FY 2022		Change		FY 2023		FY 2022		Change		FY 2023		FY 2022		Change			FY 2023		FY 2022
Western United States:
Southern California	251,862	$	238,619	5.5	%	$	72,813	$	65,316	11.5	%	$	179,049	$	173,303	3.3	%		71.1	%	72.6	%
Northern California		111,931		4.8	%	30,934		28,758		7.6	%	$	86,360	$	83,173	3.8	%		73.6	%	74.3	%
Seattle		113,302		5.9	%	32,038		29,575		8.3	%	$	87,998	$	83,727	5.1	%		73.3	%	73.9	%
Phoenix		178,806		7.5	%	37,821		37,475		0.9	%	$	154,312	$	141,331	9.2	%		80.3	%	79.0	%
Las Vegas		67,262		5.5	%	17,172		14,959		14.8	%	$	53,795	$	52,303	2.9	%		75.8	%	77.8	%
Denver		59,923		4.9	%	12,251		11,614		5.5	%	$	50,590	$	48,309	4.7	%		80.5	%	80.6	%
Western US Subtotal		769,843		5.9	%	203,029		187,697		8.2	%	612,104		582,146		5.1	%		75.1	%	75.6	%
Florida:
South Florida		243,224		9.5	%	105,154		94,138		11.7	%	161,262		149,086		8.2	%		60.5	%	61.3	%
Tampa		193,827		7.8	%	79,976		72,249		10.7	%	129,043		121,578		6.1	%		61.7	%	62.7	%
Orlando		146,566		7.6	%	54,532		49,576		10.0	%	103,203		96,990		6.4	%		65.4	%	66.2	%
Jacksonville		44,573		6.4	%	16,971		15,182		11.8	%	30,433		29,391		3.5	%		64.2	%	65.9	%
Florida Subtotal		628,190		8.3	%	256,633		231,145		11.0	%	423,941		397,045		6.8	%		62.3	%	63.2	%
Southeast United States:
Atlanta		256,773		5.3	%	97,037		82,292		17.9	%	173,388		174,481		(0.6)	%		64.1	%	68.0	%
Carolinas		110,344		5.2	%	32,375		29,635		9.2	%	83,743		80,709		3.8	%		72.1	%	73.1	%
Southeast US Subtotal		367,117		5.3	%	129,412		111,927		15.6	%	257,131		255,190		0.8	%		66.5	%	69.5	%
Texas
Houston		39,153		4.9	%	20,569		19,462		5.7	%	20,520		19,691		4.2	%		49.9	%	50.3	%
Dallas		59,885		6.4	%	26,293		24,967		5.3	%	37,443		34,918		7.2	%		58.7	%	58.3	%
Texas Subtotal		99,038		5.8	%	46,862		44,429		5.5	%	57,963		54,609		6.1	%		55.3	%	55.1	%
Midwest United States:
Chicago		63,032		4.4	%	30,087		28,178		6.8	%	35,747		34,854		2.6	%		54.3	%	55.3	%
Minneapolis		27,115		5.9	%	9,994		9,281		7.7	%	18,734		17,834		5.0	%		65.2	%	65.8	%
Midwest US Subtotal		90,147		4.9	%	40,081		37,459		7.0	%	54,481		52,688		3.4	%		57.6	%	58.4	%
Same Store Total / Average	2,081,637	$	1,954,335	6.5	%	$	676,017	$	612,657	10.3	%	$	1,405,620	$	1,341,678	4.8	%		67.5	%	68.7	%

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 24

Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
	Rental Rate Growth
	Q4 2023						FY 2023
	Renewal		New		Blended		Renewal		New		Blended
	Leases		Leases		Average		Leases		Leases		Average
Western United States:
Southern California	6.7	%	6.1	%	6.5	%	6.5	%	7.8	%	6.9	%
Northern California	4.9	%	0.6	%	3.4	%	4.6	%	4.0	%	4.4	%
Seattle	5.1	%	1.5	%	4.0	%	5.6	%	4.2	%	5.1	%
Phoenix	8.3	%	(4.4)	%	4.0	%	7.7	%	2.4	%	6.1	%
Las Vegas	4.2	%	(3.9)	%	1.2	%	4.8	%	0.1	%	3.1	%
Denver	5.5	%	0.7	%	3.7	%	4.7	%	3.3	%	4.3	%
Western US Subtotal	6.3	%	0.2	%	4.4	%	6.1	%	4.0	%	5.5	%
Florida:
South Florida	8.4	%	(0.6)	%	5.6	%	10.2	%	4.7	%	8.7	%
Tampa	7.7	%	(0.1)	%	4.9	%	7.7	%	5.5	%	7.0	%
Orlando	7.6	%	0.1	%	5.1	%	7.4	%	5.4	%	6.8	%
Jacksonville	6.0	%	(4.2)	%	1.8	%	5.8	%	2.1	%	4.6	%
Florida Subtotal	7.9	%	(0.6)	%	5.1	%	8.5	%	4.9	%	7.5	%
Southeast United States:
Atlanta	6.9	%	0.7	%	4.9	%	6.9	%	5.1	%	6.4	%
Carolinas	5.2	%	1.5	%	3.9	%	6.5	%	5.7	%	6.2	%
Southeast US Subtotal	6.4	%	0.9	%	4.6	%	6.8	%	5.3	%	6.3	%
Texas
Houston	5.2	%	(1.5)	%	3.2	%	4.9	%	2.0	%	4.1	%
Dallas	6.2	%	(1.2)	%	3.1	%	6.2	%	3.0	%	5.2	%
Texas Subtotal	5.7	%	(1.3)	%	3.2	%	5.6	%	2.7	%	4.7	%
Midwest United States:
Chicago	5.5	%	3.2	%	4.7	%	6.4	%	4.7	%	6.0	%
Minneapolis	5.8	%	(4.9)	%	2.2	%	6.4	%	(0.4)	%	4.3	%
Midwest US Subtotal	5.6	%	0.6	%	3.9	%	6.4	%	3.1	%	5.5	%
Total / Average	6.8	%	—	%	4.6	%	7.0	%	4.5	%	6.3	%

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

Q4 2023 Earnings Release and Supplemental Information — page 25

Supplemental Schedule 6

Same Store Cost to Maintain, net (1)
( in thousands, except per home amounts) (unaudited)
Total		Q3 2023		Q2 2023		Q1 2023		Q4 2022
R&M OpEx, net	22,507	$	27,320	$	21,403	$	21,368	$	22,766
Turn OpEx, net		12,078		11,186		8,852		10,250
Total recurring operating expenses, net	32,424	$	39,398	$	32,589	$	30,220	$	33,016
R&M CapEx	26,961	$	33,235	$	24,165	$	24,202	$	26,508
Turn CapEx		11,717		9,153		9,781		11,543
Total recurring capital expenditures	37,115	$	44,952	$	33,318	$	33,983	$	38,051
R&M OpEx, net + R&M CapEx	49,468	$	60,555	$	45,568	$	45,570	$	49,274
Turn OpEx, net + Turn CapEx		23,795		20,339		18,633		21,793
Total Cost to Maintain, net	69,539	$	84,350	$	65,907	$	64,203	$	71,067
Per Home		Q3 2023		Q2 2023		Q1 2023		Q4 2022
Total Cost to Maintain, net	918	$	1,113	$	870	$	847	$	938

All values are in US Dollars.

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

Total Wholly Owned Portfolio Capital Expenditure Detail
( in thousands) (unaudited)
Total		Q3 2023		Q2 2023		Q1 2023		Q4 2022
Recurring CapEx	40,080	$	48,765	$	36,173	$	37,114	$	40,945
Value Enhancing CapEx		14,381		12,875		9,458		12,258
Initial Renovation CapEx		11,744		4,356		4,037		13,853
Disposition CapEx		1,258		1,694		1,825		999
Total Capital Expenditures	62,905	$	76,148	$	55,098	$	52,434	$	68,055

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 26

Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
( in thousands) (unaudited)
Adjusted Property Management Expense		Q4 2022		FY 2023		FY 2022
Property management expense (GAAP)	25,246	$	22,770	$	95,809	$	87,936
Adjustments:
Share-based compensation expense		(1,512)		(6,963)		(6,493)
Adjusted property management expense	23,515	$	21,258	$	88,846	$	81,443
Adjusted G&A Expense		Q4 2022		FY 2023		FY 2022
G&A expense (GAAP)	22,387	$	16,921	$	82,344	$	74,025
Adjustments:
Share-based compensation expense		(4,885)		(22,540)		(22,469)
Severance expense		(61)		(977)		(314)
Adjusted G&A expense	16,047	$	11,975	$	58,827	$	51,242

All values are in US Dollars.

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

Q4 2023 Earnings Release and Supplemental Information — page 27

Supplemental Schedule 8(a)

Acquisitions and Dispositions
(unaudited)
	September 30, 2023	Q4 2023 Acquisitions (1)			Q4 2023 Dispositions (2)			December 31, 2023
	Homes	Homes	Avg. Est.		Homes	Average		Homes
	Owned	Acq.	Cost Basis		Sold	Sales Price		Owned
Wholly Owned Portfolio
Western United States:
Southern California	7,605	—	$	—	52	$	607,777	7,553
Northern California	4,351	—	—		42	431,187		4,309
Seattle	4,054	—	—		13	448,650		4,041
Phoenix	9,233	15	383,129		20	290,544		9,228
Las Vegas	3,423	—	—		3	364,833		3,420
Denver	2,595	—	—		11	369,955		2,584
Western US Subtotal	31,261	15	383,129		141	471,784		31,135
Florida:
South Florida	8,336	8	362,457		50	416,720		8,294
Tampa	9,110	101	352,276		37	275,159		9,174
Orlando	6,690	40	372,567		12	294,083		6,718
Jacksonville	1,995	3	409,349		2	274,500		1,996
Florida Subtotal	26,131	152	359,278		101	347,474		26,182
Southeast United States:
Atlanta	12,752	31	329,762		57	239,476		12,726
Carolinas	5,475	27	373,647		8	335,500		5,494
Southeast US Subtotal	18,227	58	350,191		65	251,295		18,220
Texas:
Houston	2,367	5	273,249		18	261,486		2,354
Dallas	2,992	20	298,143		21	267,357		2,991
Texas: Subtotal	5,359	25	293,164		39	264,647		5,345
Midwest United States:
Chicago	2,496	—	—		7	230,343		2,489
Minneapolis	1,085	—	—		9	320,122		1,076
Midwest US Subtotal	3,581	—	—		16	280,844		3,565
Other (3):	138	1	395,211		19	270,605		120
Total / Average	84,697	251	$	352,162	381	$	361,960	84,567
Joint Venture Portfolio
2020 Rockpoint JV (4)	2,609	—	$	—	—	$	—	2,609
2022 Rockpoint JV (5)	132	177	339,431		—	—		309
FNMA JV (6)	442	—	—		16	465,969		426
Pathway Homes (7)	473	32	336,879		1	385,003		504

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

Q4 2023 Earnings Release and Supplemental Information — page 28

Supplemental Schedule 8(a) (Continued)

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

(2)Cap rates on wholly owned dispositions during the quarter averaged 1.9%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.

(3)Represents homes located outside of the Company's 16 core markets, including those acquired as part of the Company's July 2023 portfolio acquisition that are generally being held for sale or evaluated for disposition once they become vacant. During Q4 2023, the Company sold 19 of these homes with an average estimated cost basis of $263,768 for an average sales price of $270,605.

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

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

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

(7)Represents portfolio owned by Pathway Homes, of which Invitation Homes owned 100.0% of the property portfolio as of December 31, 2023.

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

Q4 2023 Earnings Release and Supplemental Information — page 29

Supplemental Schedule 8(b)

Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of December 31, 2023
(unaudited)
	Pipeline as of December 31, 2023 (1)(2)(3)	Estimated Deliveries <br>in 2024	Estimated Deliveries <br>in 2025	Estimated Deliveries Thereafter	Avg. Estimated Cost Basis Per Home
Southern California	127	60	66	1	$	540,000
Phoenix	135	55	50	30	420,000
Tampa	497	245	74	178	320,000
Orlando	512	128	204	180	430,000
Atlanta	120	55	55	10	340,000
Carolinas	321	140	145	36	410,000
South Florida	21	21	—	—	360,000
Dallas	56	56	—	—	310,000
Total / Average	1,789	760	594	435	$	390,000

(1)Represents the number of new homes under contract as of December 31, 2023, that are expected to be built, sold and delivered to the Company by various third-party homebuilders during a future period.

(2)Pipeline rollforward:

Pipeline as of September 30, 2023		1,931
	Q4 2023 additions and cancellations (net)	24
	Q4 2023 deliveries	(166)
Pipeline as of December 31, 2023		1,789

(3)Not included in the pipeline above are an additional 10 new homes for an average estimated cost basis per home of $300,000 that the Company’s joint ventures are under contract to acquire upon completion in 2024 and beyond.

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

Q4 2023 Earnings Release and Supplemental Information — page 30

Glossary and Reconciliations

Average Estimated Cost Basis

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

Average Monthly Rent

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

Average Occupancy

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

Bad Debt

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

Core NOI Margin

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

Core Operating Expenses

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

Core Revenues

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

Cost to Maintain, net

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

Disposition CapEx

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

EBITDA, EBITDAre, and Adjusted EBITDAre

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

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

Q4 2023 Earnings Release and Supplemental Information — page 31

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

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

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

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

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

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

Initial Renovation CapEx

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

Net Operating Income (NOI)

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

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

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

Q4 2023 Earnings Release and Supplemental Information — page 32

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

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

PSF

PSF means per square foot.

Recurring Capital Expenditures or Recurring CapEx

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

Rental Rate Growth

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

Same Store / Same Store Portfolio

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

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

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

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

Total Homes / Total Portfolio

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

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.

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

Q4 2023 Earnings Release and Supplemental Information — page 33

Unsecured Facility Covenants

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

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

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

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

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

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

The metrics set forth under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show the Company's compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate the Company's financial condition or results of operations, nor do they indicate the Company's covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Unsecured Credit Agreements than similarly named metrics are defined by the Company in its Earnings Release and Supplemental Information for the purposes of evaluating its financial conditions or results of operations. For a more complete and detailed description of the covenants contained in the Company's Unsecured Credit Agreements, see Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 24, 2023 and Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 22, 2022.

The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. The

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

Q4 2023 Earnings Release and Supplemental Information — page 34

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

Unsecured Public Bond Covenants

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

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

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

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

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

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

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

Value Enhancing CapEx

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

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

Q4 2023 Earnings Release and Supplemental Information — page 35

Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022
Total revenues (Total Portfolio)	$	624,321	$	617,695	$	600,372	$	589,890	$	579,836
Management fee revenues	(3,420)		(3,404)		(3,448)		(3,375)		(3,326)
Total portfolio resident recoveries	(35,050)		(36,641)		(32,776)		(31,966)		(32,639)
Total Core Revenues (Total Portfolio)	585,851		577,650		564,148		554,549		543,871
Non-Same Store Core Revenues	(55,663)		(53,564)		(45,825)		(45,509)		(43,208)
Same Store Core Revenues	$	530,188	$	524,086	$	518,323	$	509,040	$	500,663
Reconciliation of Total Revenues to Same Store Core Revenues, FY
(in thousands) (unaudited)
	FY 2023		FY 2022
Total revenues (Total Portfolio)	$	2,432,278	$	2,238,121
Management fee revenues	(13,647)		(11,480)
Total portfolio resident recoveries	(136,433)		(122,055)
Total Core Revenues (Total Portfolio)	2,282,198		2,104,586
Non-Same Store Core Revenues	(200,561)		(150,251)
Same Store Core Revenues	$	2,081,637	$	1,954,335
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
---	---	---	---	---	---	---	---	---	---	---
(in thousands) (unaudited)
	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022
Property operating and maintenance expenses (Total Portfolio)	$	228,542	$	229,488	$	213,808	$	208,497	$	209,615
Total Portfolio resident recoveries	(35,050)		(36,641)		(32,776)		(31,966)		(32,639)
Core Operating Expenses (Total Portfolio)	193,492		192,847		181,032		176,531		176,976
Non-Same Store Core Operating Expenses	(18,966)		(18,497)		(15,296)		(15,126)		(13,255)
Same Store Core Operating Expenses	$	174,526	$	174,350	$	165,736	$	161,405	$	163,721
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY
(in thousands) (unaudited)
	FY 2023		FY 2022
Property operating and maintenance expenses (Total Portfolio)	$	880,335	$	786,351
Total Portfolio resident recoveries	(136,433)		(122,055)
Core Operating Expenses (Total Portfolio)	743,902		664,296
Non-Same Store Core Operating Expenses	(67,885)		(51,639)
Same Store Core Operating Expenses	$	676,017	$	612,657

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

Q4 2023 Earnings Release and Supplemental Information — page 36

Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022
Net income available to common stockholders	$	129,368	$	131,637	$	137,698	$	120,071	$	100,426
Net income available to participating securities	178		181		166		171		146
Non-controlling interests	395		403		418		342		290
Interest expense	90,049		86,736		78,625		78,047		78,409
Depreciation and amortization	173,159		170,696		165,759		164,673		163,318
Property management expense	25,246		23,399		23,580		23,584		22,770
General and administrative	22,387		22,714		19,791		17,452		16,921
Impairment and other	3,069		2,496		1,868		1,163		5,823
Gain on sale of property, net of tax	(49,092)		(57,989)		(46,788)		(29,671)		(21,213)
(Gains) losses on investments in equity securities, net	(237)		499		(524)		(88)		(61)
Other, net (1)	(5,533)		2,533		3,941		1,494		(344)
Management fee revenues	(3,420)		(3,404)		(3,448)		(3,375)		(3,326)
Losses from investments in unconsolidated joint ventures	6,790		4,902		2,030		4,155		3,736
NOI (Total Portfolio)	392,359		384,803		383,116		378,018		366,895
Non-Same Store NOI	(36,697)		(35,067)		(30,529)		(30,383)		(29,953)
Same Store NOI	$	355,662	$	349,736	$	352,587	$	347,635	$	336,942
Reconciliation of Net Income to Same Store NOI, FY
(in thousands) (unaudited)
	FY 2023		FY 2022
Net income available to common stockholders	$	518,774	$	382,668
Net income available to participating securities	696		661
Non-controlling interests	1,558		1,470
Interest expense	333,457		304,092
Depreciation and amortization	674,287		638,114
Property management expense	95,809		87,936
General and administrative	82,344		74,025
Impairment and other (2)	8,596		28,697
Gain on sale of property, net of tax	(183,540)		(90,699)
(Gains) losses on investments in equity securities, net	(350)		3,939
Other, net (1)	2,435		11,261
Management fee revenues	(13,647)		(11,480)
Losses from investments in unconsolidated joint ventures	17,877		9,606
NOI (Total Portfolio)	1,538,296		1,440,290
Non-Same Store NOI	(132,676)		(98,612)
Same Store NOI	$	1,405,620	$	1,341,678

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

(2)FY 2022 includes $24,000 of net estimated losses and damages related to Hurricanes Ian and Nicole.

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

Q4 2023 Earnings Release and Supplemental Information — page 37

Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
	Q4 2023		Q4 2022		FY 2023		FY 2022
Net income available to common stockholders	$	129,368	$	100,426	$	518,774	$	382,668
Net income available to participating securities	178		146		696		661
Non-controlling interests	395		290		1,558		1,470
Interest expense	90,049		78,409		333,457		304,092
Interest expense in unconsolidated joint ventures	5,481		2,743		18,255		3,581
Depreciation and amortization	173,159		163,318		674,287		638,114
Depreciation and amortization of investments in unconsolidated joint ventures	2,783		2,372		10,469		5,838
EBITDA	401,413		347,704		1,557,496		1,336,424
Gain on sale of property, net of tax	(49,092)		(21,213)		(183,540)		(90,699)
Impairment on depreciated real estate investments	85		72		427		310
Net gain on sale of investments in unconsolidated joint ventures	(480)		(298)		(1,668)		(865)
EBITDAre	351,926		326,265		1,372,715		1,245,170
Share-based compensation expense	8,010		6,397		29,503		28,962
Severance	61		61		977		314
Casualty losses, net (1)(2)	2,986		5,849		8,200		28,485
(Gains) losses on investments in equity securities, net	(237)		(61)		(350)		3,939
Other, net (3)	(5,533)		(344)		2,435		11,261
Adjusted EBITDAre	$	357,213	$	338,167	$	1,413,480	$	1,318,131

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

(2)FY 2022 includes $24,000 of net estimated losses and damages related to Hurricanes Ian and Nicole.

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

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

Q4 2023 Earnings Release and Supplemental Information — page 38

Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
	As of			As of
	December 31, 2023			December 31, 2022
Mortgage loans, net	$	1,627,256		$	1,645,795
Secured term loan, net	401,515			401,530
Unsecured notes, net	3,305,467			2,518,185
Term loan facility, net	3,211,814			3,203,567
Revolving facility	—			—
Total Debt per Balance Sheet	8,546,052			7,769,077
Retained and repurchased certificates	(87,703)			(88,564)
Cash, ex-security deposits and letters of credit (1)	(713,898)			(275,989)
Deferred financing costs, net	45,518			51,076
Unamortized discounts on note payable	21,376			13,518
Net Debt (A)	$	7,811,345		$	7,469,118
	For the TTM Ended			For the TTM Ended
	December 31, 2023			December 31, 2022
Adjusted EBITDAre (B)	$	1,413,480		$	1,318,131
Net Debt / TTM Adjusted EBITDAre (A / B)	5.5		x	5.7		x

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

Components of Non-Cash Interest Expense
(in thousands) (unaudited)
	Q4 2023		Q4 2022		FY 2023		FY 2022
Amortization of discounts on notes payable	$	663	$	399	$	1,998	$	1,653
Amortization of deferred financing costs	4,200		3,909		16,203		15,014
Change in fair value of interest rate derivatives	32		18		73		81
Amortization of swap fair value at designation	2,332		2,333		9,302		9,405
Company's share from unconsolidated joint ventures	2,967		160		8,493		(1,827)
Total non-cash interest expense	$	10,194	$	6,819	$	36,069	$	24,326

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

Q4 2023 Earnings Release and Supplemental Information — page 39