8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form	8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2021

Invitation Homes Inc.

(Exact Name of Registrant as Specified in its charter)

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

1717 Main Street, Suite 2000

Dallas, Texas 75201

(Address of principal executive offices, including zip code)

(972) 421-3600

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

Emerging growth company ☐

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

Item 2.02	Results of Operations and Financial Condition.

On July 28, 2021, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended June 30, 2021. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of Invitation Homes Inc. dated July 28, 2021, announcing results for the quarter ended June 30, 2021.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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

INVITATION HOMES INC.
By:	/s/ Mark A. Solls
	Name:	Mark A. Solls
	Title:	Executive Vice President, Secretary<br><br>and Chief Legal Officer
	Date:	July 28, 2021

Document

Table of Contents

Earnings Press Release	2
Consolidated Financial Statements	8
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO	10
Schedule 2: Capital Structure Information	12
Schedule 3: Summary of Operating Information by Home Portfolio	17
Schedule 4: Home Characteristics by Market	20
Schedule 5: Same Store Operating Information by Market	21
Schedule 6: Cost to Maintain and Capital Expenditure Detail	28
Schedule 7: Adjusted Property Management and G&A Reconciliation	29
Schedule 8: Acquisitions and Dispositions	30
Glossary and Reconciliations	32

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

Q2 2021 Earnings Release and Supplemental Information — page 1

Earnings Press Release

Invitation Homes Reports Second Quarter 2021 Results

Dallas, TX, July 28, 2021 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its Q2 2021 financial and operating results.

Second Quarter 2021 Highlights

•Year over year, total revenues increased 9.3% to $492 million, property operating and maintenance costs increased 5.0% to $175 million, net income available to common stockholders increased 40.8% to $60 million, and net income per diluted common share increased 36.0% to $0.11.

•Year over year, Core FFO per share increased 14.4% to $0.37, and AFFO per share increased 16.9% to $0.32.

•Same Store NOI grew 8.4% year over year on 5.9% Same Store Core revenue growth and 0.9% Same Store Core operating expenses growth.

•Same Store average occupancy was 98.3%, up 80 basis points year over year.

•Same Store new lease rent growth of 13.8% and Same Store renewal rent growth of 5.8% drove Same Store blended rent growth of 8.0%, up 470 basis points year over year.

•Revenue collections were approximately 99% of the Company's historical average collection rate.

•Acquisitions by the Company and the Company's joint ventures totaled 879 homes for $337 million while dispositions totaled 218 homes for $73 million.

•As previously announced in May 2021, the Company issued and sold $300 million of privately placed senior unsecured notes at a weighted average coupon of 2.82%. Proceeds were primarily used to voluntarily prepay the highest-cost classes of various securitizations due to reach final maturity between December 2024 and January 2026.

•Subsequent to quarter end, as previously announced, the Company gave notice of its intent to settle conversions of its 3.5% convertible notes due January 15, 2022 (the "2022 Convertible Notes"), with common stock.

•Subsequent to quarter end, as previously announced, the Company and PulteGroup Inc., the nation's third largest homebuilder, have formed an innovative strategic relationship in which Invitation Homes expects to purchase approximately 7,500 new homes over the next five years that PulteGroup will design and build expressly for this purpose.

•Subsequent to quarter end and in conjunction with this release, the Company is raising its full year 2021 guidance for Same Store Core Revenue growth by 50 basis points at the midpoint to 5.5%, and Same Store NOI growth by 100 basis points at the midpoint to 7.0%. The Company is also raising its full year 2021 guidance for Core FFO per share and AFFO per share by $0.02 at the midpoint to $1.44 and $1.24, respectively.

President & Chief Executive Officer Dallas Tanner comments:

"Invitation Homes had a strong second quarter, driven by solid execution from our teams, our commitment to an outstanding resident experience, and positive market fundamentals. With notable year over year new lease and renewal rent growth, along with high occupancy, we remain focused on realizing prudent growth and enhanced efficiencies in the second half of the year. We believe our people, locations, scale, and service are second to none, and that the long-term demographic trends and our best-in-class platform have together created a long runway for outsized NOI and Core FFO growth."

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

Q2 2021 Earnings Release and Supplemental Information — page 2

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
	Q2 2021		Q2 2020		YTD 2021		YTD 2020
Net income (1)	$	0.11	$	0.08	$	0.21	$	0.17
FFO (1)	0.32		0.30		0.65		0.62
Core FFO (2)	0.37		0.32		0.73		0.66
AFFO (2)	0.32		0.27		0.63		0.57

(1)In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 3.5% Convertible Notes due January 15, 2022 (the "2022 Convertible Notes"), were converted to common shares at the beginning of each relevant period in 2020 and 2021, unless such treatment is anti-dilutive to net income per share or FFO per share. See "Reconciliation of FFO, Core FFO, and AFFO," footnote (1), for more detail on the treatment of convertible notes in each specific period presented in the table.

(2)Core FFO and AFFO per share reflect the 2022 Convertible Notes in the form in which they were outstanding during each period. See "Reconciliation of FFO, Core FFO, and AFFO," footnote (2), for more detail on the treatment of convertible notes in each specific period presented in the table.

Net Income

Net income per share in the second quarter of 2021 was $0.11, compared to net income per share of $0.08 in the second quarter of 2020. Total revenues and total property operating and maintenance expenses in the second quarter of 2021 were $492 million and $175 million, respectively, compared to $450 million and $167 million, respectively, in the second quarter of 2020.

Net income per share in YTD 2021 was $0.21, compared to net income per share of $0.17 in YTD 2020. Total revenues and total property operating and maintenance expenses in YTD 2021 were $967 million and $344 million, respectively, compared to $900 million and $334 million, respectively, in YTD 2020.

Core FFO

Year over year, Core FFO per share in the second quarter of 2021 increased 14.4% to $0.37, primarily due to NOI growth and interest expense savings.

Year over year, Core FFO per share in YTD 2021 increased 9.3% to $0.73, primarily due to NOI growth and interest expense savings.

AFFO

Year over year, AFFO per share in the second quarter of 2021 increased 16.9% to $0.32, primarily due to the increase in Core FFO per share described above.

Year over year, AFFO per share in YTD 2021 increased 11.7% to $0.63, primarily due to the increase in Core FFO per share described above.

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

Q2 2021 Earnings Release and Supplemental Information — page 3

Operating Results

Same Store Operating Results Snapshot
Number of homes in Same Store portfolio:	72,658
	Q2 2021		Q2 2020		YTD 2021		YTD 2020
Core revenue growth (year over year)	5.9	%			4.0	%
Core operating expense growth (year over year)	0.9	%			(0.7)	%
NOI growth (year over year)	8.4	%			6.4	%
Average occupancy	98.3	%	97.5	%	98.4	%	97.1	%
Bad debt % of gross rental revenues (1)	1.8	%	1.8	%	2.0	%	1.1	%
Turnover rate	6.7	%	7.0	%	12.0	%	13.3	%
Rental rate growth (lease-over-lease):
Renewals	5.8	%	3.5	%	5.1	%	3.8	%
New leases	13.8	%	2.7	%	11.1	%	2.3	%
Blended	8.0	%	3.3	%	6.8	%	3.3	%

(1)Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, 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.

Revenue Collections Update
	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Pre-COVID Average (2)
Revenues collected % of revenues due: (1)
Revenues collected in same month billed	92	%	91	%	91	%	92	%	96	%
Late collections of prior month billings	6	%	6	%	5	%	5	%	3	%
Total collections	98	%	97	%	96	%	97	%	99	%

(1)Includes both rental revenues and other property income. Rent is considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. Security deposits retained to offset rents due are not included as revenue collected. See "Same Store Operating Results Snapshot," footnote (1), for detail on the Company's bad debt policy.

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

Same Store NOI

For the Same Store portfolio of 72,658 homes, second quarter 2021 Same Store NOI increased 8.4% year over year on Same Store Core revenue growth of 5.9% and Same Store Core operating expenses growth of 0.9%.

YTD 2021 Same Store NOI increased 6.4% year over year on Same Store Core revenue growth of 4.0% and a 0.7% decrease in Same Store Core operating expense.

Same Store Core Revenues

Second quarter 2021 Same Store Core revenue growth of 5.9% year over year was driven by a 3.9% increase in average monthly rent, an 80 basis point increase in average occupancy to 98.3%, and a 48.4% increase in Other income, net of resident recoveries. Bad debt as a percentage of gross rental revenues in Q2 2021 was in line with Q2 2020.

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

Q2 2021 Earnings Release and Supplemental Information — page 4

YTD 2021 Same Store Core revenue growth of 4.0% year over year was driven by a 3.7% increase in average monthly rent and a 130 basis point increase in average occupancy to 98.4%. As a result of the increases in average monthly rent and average occupancy, Same Store rental revenues increased 5.1% year over year on a gross basis before bad debt. Bad debt increased from 1.1% of gross rental revenues in YTD 2020 to 2.0% of gross rental revenues in YTD 2021, which was a 97 basis point drag on Same Store Core revenue growth, all else equal.

Same Store Core Operating Expenses

Second quarter 2021 Same Store Core operating expenses increased 0.9% year over year, driven by a 2.0% increase in Same Store fixed expenses, partially offset by a 1.1% decline in Same Store controllable expenses, net of resident recoveries.

YTD 2021 Same Store Core operating expenses decreased 0.7% year over year, driven by a 6.1% decline in Same Store controllable expenses, net of resident recoveries, partially offset by a 2.4% increase in Same Store fixed expenses.

Investment Management Activity

Second quarter 2021 acquisitions totaled 879 homes for $337 million through multiple acquisition channels. This included 494 wholly owned homes for $195 million and 385 homes for $142 million in the Company's unconsolidated joint venture with Rockpoint Group (the "Rockpoint JV"). Invitation Homes owns 20% of the Rockpoint JV, which owned a total of 820 homes as of June 30, 2021.

Dispositions in the second quarter of 2021 included 212 wholly owned homes for gross proceeds of $71 million and 6 homes for gross proceeds of $2 million in the Company's unconsolidated joint venture with the Federal National Mortgage Association (the "FNMA JV").

Year to date through June 30, 2021, the Company acquired 1,575 homes for $569 million, including 895 wholly owned homes for $333 million and 680 homes for $236 million in the Rockpoint JV. The Company also sold 483 homes for $155 million, including 460 wholly owned homes for $146 million and 23 homes for $8 million in the FNMA JV.

Subsequent to quarter end in July, the Company and PulteGroup Inc., the nation's third largest homebuilder, announced they have formed an innovative strategic relationship. As part of their agreement, Invitation Homes expects to purchase approximately 7,500 new homes over the next five years that PulteGroup will design and build expressly for this purpose. The companies have identified the first 1,000 homes across seven communities to be built in select markets within Florida, Georgia, Southern California, North Carolina and Texas.

Balance Sheet and Capital Markets Activity

As of June 30, 2021, the Company had $1,126 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of June 30, 2021, was $8,059 million, consisting of $4,914 million of secured debt and $3,145 million of unsecured debt.

As previously announced, in May 2021, the Company issued and sold $300 million of privately placed fixed rate senior unsecured notes (the “Unsecured Notes”) at a weighted average coupon of 2.82%. The Unsecured Notes are comprised of two tranches: a $150 million 7-year tranche with a coupon of 2.46% maturing in 2028, and a $150 million 15-year tranche with a coupon of 3.18% maturing in 2036. Proceeds were used to voluntarily prepay the highest-cost classes of various securitizations due to reach final maturity between December 2024 and January 2026. The private placement jumpstarted the diversification of the balance sheet toward more unsecured debt and improved the laddering of maturity schedule.

In July 2021, the Company gave notice of its intent to settle conversions of its 3.5% convertible notes due January 15, 2022 (the "2022 Convertible Notes"), with common stock. For holders electing conversion on or before January 15, 2022, the 2022 Convertible Notes will be exchanged for common stock according to a conversion ratio that is fixed other than for adjustments related to dividends paid to common stockholders and other potential transactions. Based on the June 30, 2021, conversion ratio of 43.9448 shares per $1,000 principal amount of the 2022 Convertible Notes, settlement of the $345 million (par value)

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

Q2 2021 Earnings Release and Supplemental Information — page 5

of the 2022 Convertible Notes would result in the issuance of approximately 15 million common shares and a reduction in cash interest expense of approximately $12 million on an annualized basis. On a pro forma basis, whereby net debt is reduced for the impact of the conversion of 2022 Convertible Notes, Net Debt / Trailing Twelve Months Adjusted EBITDAre at June 30, 2021, would have been 6.7x, down from 7.0x on an as-reported basis and from 7.3x at the end of 2020 on an as-reported basis, with no debt reaching final maturity until December 2024. As of July 28, 2021, $177 million of principal was converted into approximately 8 million shares of common stock at the election of the note holders.

Dividend

As previously announced on July 23, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.17 per share of common stock. The dividend will be paid on or before August 27, 2021, to stockholders of record as of the close of business on August 10, 2021.

FY 2021 Guidance Update

FY 2021 Guidance
	Current	Previous
	FY 2021	FY 2021
	Guidance	Guidance
Core FFO per share — diluted	$1.40 - $1.48	$1.38 - $1.46
AFFO per share — diluted	$1.20 - $1.28	$1.18 - $1.26
Same Store Core revenue growth	5.0% - 6.0%	4.5% - 5.5%
Same Store Core operating expense growth	2.5% - 3.5%	2.5% - 3.5%
Same Store NOI growth	6.5% - 7.5%	5.5% - 6.5%

Note: 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, or a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core revenue growth, Same Store Core operating expense growth, and Same Store NOI growth to the comparable GAAP financial measures because it 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 our GAAP results for the guidance period.

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on July 29, 2021, to discuss results for the second quarter of 2021. The domestic dial-in number is 1-888-317-6003, and the international dial-in number is 1-412-317-6061. The passcode is 2915574. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through August 29, 2021, and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10157679, 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.

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

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

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

Q2 2021 Earnings Release and Supplemental Information — page 6

About Invitation Homes

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

Investor Relations Contact

Scott McLaughlin Phone: 844.456.INVH (4684) Email: IR@InvitationHomes.com

Media Relations Contact

Kristi DesJarlais Phone: 972.421.3587 Email: 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 (“HOA”) fees, and insurance costs, the Company's dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by the Company's residents, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of the ongoing COVID-19 pandemic 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. Moreover, many of these factors have been heightened as a result of the ongoing and numerous adverse impacts of COVID-19. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in the Company's periodic filings with 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 and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

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

Q2 2021 Earnings Release and Supplemental Information — page 7

Consolidated Balance Sheets
( in thousands, except shares and per share data)
		December 31, 2020
Assets:
Investments in single-family residential properties, net	16,333,324	$	16,288,693
Cash and cash equivalents		213,422
Restricted cash		198,346
Goodwill		258,207
Investments in unconsolidated joint ventures		69,267
Other assets, net		478,287
Total assets	17,484,611	$	17,506,222
Liabilities:
Mortgage loans, net	4,498,289	$	4,820,098
Secured term loan, net		401,095
Unsecured notes, net		—
Term loan facility, net		2,470,907
Revolving facility		—
Convertible senior notes, net		339,404
Accounts payable and accrued expenses		149,299
Resident security deposits		157,936
Other liabilities		611,410
Total liabilities		8,950,149
Equity:
Stockholders' equity
Preferred stock, 0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2021 and December 31, 2020		—
Common stock, 0.01 par value per share, 9,000,000,000 shares authorized, 568,718,544 and 567,117,666 outstanding as of June 30, 2021 and December 31, 2020, respectively		5,671
Additional paid-in capital		9,707,258
Accumulated deficit		(661,162)
Accumulated other comprehensive loss		(546,942)
Total stockholders' equity		8,504,825
Non-controlling interests		51,248
Total equity		8,556,073
Total liabilities and equity	17,484,611	$	17,506,222

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 8

Consolidated Statements of Operations
( in thousands, except shares and per share amounts) (unaudited)
		Q2 2020		YTD 2021		YTD 2020
Revenues:
Rental revenues	449,113	$	419,201	$	887,246	$	833,667
Other property income		30,554		77,826		65,877
Joint venture management fees		—		1,786		—
Total revenues		449,755		966,858		899,544
Expenses:
Property operating and maintenance		167,002		343,795		333,918
Property management expense		14,529		33,538		28,901
General and administrative		14,426		36,778		28,654
Interest expense		86,071		164,170		170,828
Depreciation and amortization		137,266		289,781		272,293
Impairment and other		(180)		1,336		2,947
Total expenses		419,114		869,398		837,541
Gains (losses) on investments in equity securities, net		—		(10,142)		34
Other, net		1,370		(1,673)		5,050
Gain on sale of property, net of tax		11,167		32,403		26,367
Income from investments in unconsolidated joint ventures		—		362		—
Net income		43,178		118,410		93,454
Net income attributable to non-controlling interests		(275)		(705)		(595)
Net income attributable to common stockholders		42,903		117,705		92,859
Net income available to participating securities		(119)		(191)		(221)
Net income available to common stockholders — basic and diluted	60,242	$	42,784	$	117,514	$	92,638
Weighted average common shares outstanding — basic		548,811,968		567,655,034		545,680,740
Weighted average common shares outstanding — diluted		549,920,213		569,056,182		546,836,809
Net income per common share — basic	0.11	$	0.08	$	0.21	$	0.17
Net income per common share — diluted	0.11	$	0.08	$	0.21	$	0.17
Dividends declared per common share	0.17	$	0.15	$	0.34	$	0.30

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 9

Supplemental Schedule 1

Reconciliation of FFO, Core FFO, and AFFO
( in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation		Q2 2020		YTD 2021		YTD 2020
Net income available to common stockholders	60,242	$	42,784	$	117,514	$	92,638
Net income available to participating securities		119		191		221
Non-controlling interests		275		705		595
Depreciation and amortization on real estate assets		135,647		286,391		269,561
Impairment on depreciated real estate investments		1,442		524		3,913
Net gain on sale of previously depreciated investments in real estate		(11,167)		(32,403)		(26,367)
Depreciation and net gain on sale of investments in unconsolidated joint ventures		—		(90)		—
FFO	186,611	$	169,100	$	372,832	$	340,561
Core FFO Reconciliation		Q2 2020		YTD 2021		YTD 2020
FFO	186,611	$	169,100	$	372,832	$	340,561
Non-cash interest expense, including our share from unconsolidated joint ventures		9,366		16,787		19,757
Share-based compensation expense		2,106		15,020		6,207
Severance expense		255		274		255
Casualty (gains) losses, net		(1,622)		812		(966)
(Gains) losses on investments in equity securities, net		—		10,142		(34)
Core FFO	212,035	$	179,205	$	415,867	$	365,780
AFFO Reconciliation		Q2 2020		YTD 2021		YTD 2020
Core FFO	212,035	$	179,205	$	415,867	$	365,780
Recurring capital expenditures, including our share from unconsolidated joint ventures		(27,617)		(53,189)		(53,605)
Adjusted FFO	183,321	$	151,588	$	362,678	$	312,175
Net income available to common stockholders
Weighted average common shares outstanding — diluted (1)		549,920,213		569,056,182		546,836,809
Net income per common share — diluted (1)	0.11	$	0.08	$	0.21	$	0.17
FFO
Numerator for FFO per common share — diluted(1)	190,955	$	173,379	$	381,520	$	349,119
Weighted average common shares and OP Units outstanding — diluted (1)		568,769,738		587,906,276		565,753,742
FFO per share — diluted (1)	0.32	$	0.30	$	0.65	$	0.62
Core FFO and Adjusted FFO
Weighted average common shares and OP Units outstanding — diluted (2)		553,669,295		572,745,584		550,653,299
Core FFO per share — diluted (2)	0.37	$	0.32	$	0.73	$	0.66
AFFO per share — diluted (2)	0.32	$	0.27	$	0.63	$	0.57

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 10

Supplemental Schedule 1 (Continued)

(1)In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2020 and 2021, unless such treatment is anti-dilutive to net income per share or FFO per share.

Treatment of the 2022 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share for each of the periods presented in the table. As such, net income per share does not treat the 2022 Convertible Notes as if converted. FFO per share does treat the 2022 Convertible Notes as if converted, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2022 Convertible Notes and adjusting shares outstanding in the denominator to include shares issuable on conversion of the 2022 Convertible Notes.

(2)Core FFO and AFFO per share reflect the 2022 Convertible Notes in the form in which they were outstanding during each period.

As such, Core FFO and AFFO per share does not treat the 2022 Convertible Notes as if converted for each of the periods presented in the table.

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

Q2 2021 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income (1)	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Common shares — basic	567,931,472	548,811,968	567,655,034	545,680,740
Shares potentially issuable from vesting/conversion of equity-based awards	1,351,694	1,108,245	1,401,148	1,156,069
Total common shares — diluted	569,283,166	549,920,213	569,056,182	546,836,809
Weighted average amounts for FFO (1)	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Common shares — basic	567,931,472	548,811,968	567,655,034	545,680,740
OP units — basic	3,232,241	3,463,285	3,347,125	3,463,285
Shares potentially issuable from vesting/conversion of equity-based awards	1,658,302	1,394,042	1,743,425	1,509,274
Shares issuable from Convertible Notes	15,160,692	15,100,443	15,160,692	15,100,443
Total common shares and units — diluted	587,982,707	568,769,738	587,906,276	565,753,742
Weighted average amounts for Core and AFFO (2)	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Common shares — basic	567,931,472	548,811,968	567,655,034	545,680,740
OP units — basic	3,232,241	3,463,285	3,347,125	3,463,285
Shares potentially issuable from vesting/conversion of equity-based awards	1,658,302	1,394,042	1,743,425	1,509,274
Total common shares and units — diluted	572,822,015	553,669,295	572,745,584	550,653,299
Period end amounts for Core FFO, and AFFO (2)	June 30, 2021
Common shares	568,718,544
OP units	2,538,285
Shares potentially issuable from vesting/conversion of equity-based awards	1,407,307
Total common shares and units — diluted	572,664,136

(1)In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2020 and 2021, unless such treatment is anti-dilutive to net income per share or FFO per share. See "Supplemental Schedule 1," footnote (1), for more detail on the treatment of convertible notes in each specific period presented in the table.

(2)Core FFO and AFFO per share reflect the 2022 Convertible Notes in the form in which they were outstanding during each period. For weighted average amounts, see "Supplemental Schedule 1," footnote (2), for more detail on the treatment of convertible notes in each specific period presented in the table.

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

Q2 2021 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b)

Debt Structure and Leverage Ratios — June 30, 2021
( in thousands) (unaudited)
						Wtd Avg		Wtd Avg
						Interest		Years
Debt Structure			% of Total			Rate (1)		to Maturity (2)
Secured:
Fixed (3)	1,399,659		17.4	%		4.0	%	7.1
Floating — swapped to fixed			40.6	%		3.7	%	4.0
Floating			3.0	%		1.2	%	4.0
Total secured			61.0	%		3.7	%	4.9
Unsecured:
Fixed			8.0	%		3.2	%	5.4
Floating — swapped to fixed			31.0	%		3.3	%	4.6
Floating			—	%		—	%	—
Total unsecured			39.0	%		3.3	%	4.8
Total Debt:
Fixed + floating swapped to fixed (3)			97.0	%		3.6	%	4.8
Floating			3.0	%		1.2	%	4.0
Total debt			100.0	%		3.5	%	4.8
Unamortized discounts on notes 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 discounts on notes payable
Net Debt	7,626,330
Leverage Ratios
Net Debt / TTM Adjusted EBITDAre (5)		x
Credit Ratings			Outlook
Fitch Ratings, Inc.			Stable
Moody's Investor Services			Stable
Standard & Poor's Rating Services			Stable
Unsecured Facility Covenant Compliance (6)			Covenant Limit
Total leverage ratio		%	60	%	(maximum)
Secured leverage ratio		%	45	%	(maximum)
Unencumbered leverage ratio		%	60	%	(maximum)
Fixed charge coverage ratio			1.5x		(minimum)
Unsecured interest coverage ratio			1.75x		(minimum)

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(b) (Continued)

(1)Includes the impact of interest rate swaps in place and effective as of June 30, 2021.

(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)In July 2021, the Company gave notice of intent to settle conversions of its 3.5% Convertible Notes due January 15, 2022, with common stock. Net Debt / Trailing Twelve Months Adjusted EBITDAre presented in the table does not take into account the impact of any conversions. On a pro forma basis, whereby net debt is reduced for the impact of the full conversion of the $345 million (par value) 2022 Convertible Notes, Net Debt / Trailing Twelve Months Adjusted EBITDAre at June 30, 2021, would have been 6.7x.

(6)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 of this report. 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.

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

Q2 2021 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 2(c)

Debt Maturity Schedule — June 30, 2021 (1)
( in thousands) (unaudited)
				Revolving
		Unsecured		Credit				% of
Debt Maturities, with Extensions (2)		Debt		Facility		Balance		Total
2021	—	$	—	$	—	$	—	—	%
2022		344,994		—		344,994		4.3	%
2023		—		—		—		—	%
2024		—		—		551,280		6.8	%
2025		—		—		2,210,480		27.4	%
2026		2,500,000		—		3,253,011		40.4	%
2027		—		—		996,296		12.3	%
2028		150,000		—		150,000		1.9	%
2029		—		—		—		—	%
2030		—		—		—		—	%
Thereafter		150,000		—		553,363		6.9	%
		3,144,994		—		8,059,424		100.0	%
Unamortized discounts on notes payable		(2,944)		—		(5,057)
Deferred financing costs, net		(27,106)		—		(39,930)
Total per Balance Sheet	4,899,493	$	3,114,944	$	—	$	8,014,437

All values are in US Dollars.

(1)In July 2021, the Company gave notice of intent to settle conversions of its 3.5% Convertible Notes due January 15, 2022, with common stock. The impact of any conversions is not included in the table.

(2)Assumes all extension options are exercised.

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

Q2 2021 Earnings Release and Supplemental Information — page 15

Supplemental Schedule 2(d)

Cost to Maturity of Debt as of June 30, 2021 (1)
( in thousands) (unaudited)
		Percentage of Weighted Average Debt Outstanding by Type								Weighted Average Cost by Instrument Type
		Issued		Issued				Total		Spread to		Fixed Cost				Total Debt
		Floating		Floating				Fixed		LIBOR		of				Including
		and		but Swapped		Issued		or Swapped		For Floating		Interest Rate		Fixed Rate		Swap
		Not Swapped		to Fixed		Fixed (3)		to Fixed		Rate Debt		Swaps		Debt		Impact (4)
3Q21-4Q21	8,059,424	6.2	%	68.4	%	25.4	%	93.8	%	1.1	%	2.5	%	3.8	%	3.5	%
2022		10.9	%	66.9	%	22.2	%	89.1	%	1.1	%	2.7	%	3.8	%	3.5	%
2023		11.0	%	67.0	%	22.0	%	89.0	%	1.1	%	2.8	%	3.8	%	3.5	%
2024		11.4	%	66.5	%	22.1	%	88.6	%	1.1	%	2.8	%	3.8	%	3.5	%
2025		44.5	%	26.4	%	29.1	%	55.5	%	1.1	%	3.0	%	3.8	%	2.7	%
2026		12.0	%	—	%	88.0	%	88.0	%	1.0	%	N/A		3.8	%	3.5	%
2027		—	%	—	%	100.0	%	100.0	%	N/A		N/A		3.6	%	3.6	%
2028		—	%	—	%	100.0	%	100.0	%	N/A		N/A		3.4	%	3.4	%
2029		—	%	—	%	100.0	%	100.0	%	N/A		N/A		3.5	%	3.5	%

All values are in US Dollars.

(1)In July 2021, the Company gave notice of intent to settle conversions of its 2022 Convertible Notes with common stock. In this table, all $345 million (par value) of the 2022 Convertible Notes outstanding as of June 30, 2021, are assumed to convert in January 2022.

(2)In each period, represents June 30, 2021, debt that remains outstanding assuming all debt is held until final maturity with all extension options 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)Assumes June 30, 2021, LIBOR rate of 0.10% for all future periods.

Note: Schedule 2(d) is presented to show the estimated overall cost of Invitation Homes' debt, based on debt and interest rate swaps in place as of June 30, 2021, as well as the rate for 30-day LIBOR as of June 30, 2021. New debt not presented in this table may be issued, and/or existing debt presented in this table may be repaid prior to maturity. Similarly, new interest rate swaps may be put in place. 30-day LIBOR may also change or be replaced by other alternative benchmark rates. The aforementioned activities may change the amount of outstanding debt, the percentage of debt floating, swapped, or fixed, and/or the weighted average cost of debt and hedging instruments from what is presented in Schedule 2(d).

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

Q2 2021 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
( in thousands) (unaudited)
Number of Homes, period-end
Total portfolio
Same Store portfolio
Same Store % of Total		%
Core Revenues			Q2 2020		Change YoY		YTD 2021		YTD 2020		Change YoY
Total portfolio	464,542		$	429,598	8.1	%	$	914,256	$	859,346	6.4	%
Same Store portfolio			398,581		5.9	%	833,009		800,678		4.0	%
Core Operating Expenses			Q2 2020		Change YoY		YTD 2021		YTD 2020		Change YoY
Total portfolio	149,346		$	146,845	1.7	%	$	292,979	$	293,720	(0.3)	%
Same Store portfolio			134,871		0.9	%	267,638		269,508		(0.7)	%
Net Operating Income			Q2 2020		Change YoY		YTD 2021		YTD 2020		Change YoY
Total portfolio	315,196		$	282,753	11.5	%	$	621,277	$	565,626	9.8	%
Same Store portfolio			263,710		8.4	%	565,371		531,170		6.4	%

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 3(b)

Same Store Portfolio Core Operating Detail
( in thousands) (unaudited)
				Change				Change						Change
		Q2 2020		YoY		Q1 2021		Seq		YTD 2021		YTD 2020		YoY
Revenues:
Rental revenues (1)	408,327	$	389,415	4.9	%	$	400,899	1.9	%	$	809,226	$	777,566	4.1	%
Other property income, net (1)(2)(3)		9,166		48.4	%	10,180		33.6	%	23,783		23,112		2.9	%
Core revenues		398,581		5.9	%	411,079		2.6	%	833,009		800,678		4.0	%
Fixed Expenses:
Property taxes		70,777		0.6	%	71,588		(0.5)	%	142,784		140,016		2.0	%
Insurance expenses		7,771		6.2	%	7,938		3.9	%	16,188		15,634		3.5	%
HOA expenses		7,277		11.4	%	8,133		(0.3)	%	16,241		15,431		5.2	%
Controllable Expenses:
Repairs and maintenance, net (4)		18,880		3.5	%	16,463		18.7	%	35,999		37,196		(3.2)	%
Personnel		14,851		3.1	%	15,179		0.9	%	30,496		29,967		1.8	%
Turnover, net (4)		7,922		2.8	%	6,742		20.8	%	14,889		16,574		(10.2)	%
Utilities and property administrative, net (4)		4,391		(33.3)	%	2,914		0.5	%	5,842		8,709		(32.9)	%
Leasing and marketing		3,002		(14.1)	%	2,619		(1.5)	%	5,199		5,981		(13.1)	%
Core Property operating and maintenance expenses		134,871		0.9	%	131,576		3.4	%	267,638		269,508		(0.7)	%
Net Operating Income	285,868	$	263,710	8.4	%	$	279,503	2.3	%	$	565,371	$	531,170	6.4	%

All values are in US Dollars.

(1)All rental revenues and other property income are reflected net of bad debt. Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, 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. Bad debt in Q2 2021 was in line with Q2 2020, while the increase in bad debt against rental revenues for YTD 2021 was a 97 basis point drag on year over year Same Store Core revenue growth.

(2)In light of the COVID-19 pandemic, almost all late fees typically enforced in accordance with lease agreements were not enforced or collected between Q2 2020 and Q1 2021, which resulted in lower other property income, net, during this time period. As of Q2 2021, enforcement and collection of late fees have generally recommenced in all markets where permissible.

(3)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $23,718, $18,841, $22,458, $46,176, and $37,703 for Q2 2021, Q2 2020, Q1 2021, YTD 2021, and YTD 2020, respectively.

(4)Expenses are presented net of applicable resident recoveries.

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

Q2 2021 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
	Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q2 2020
Average occupancy	98.3		%	98.4		%	98.1		%	97.9		%	97.5		%
Turnover rate	6.7		%	5.3		%	5.6		%	7.4		%	7.0		%
Trailing four quarters turnover rate	25.0		%	25.3		%	26.3		%	N/A			N/A
Average monthly rent	$	1,941		$	1,915		$	1,899		$	1,880		$	1,868
Rental rate growth (lease-over-lease):
Renewals	5.8		%	4.3		%	3.8		%	3.2		%	3.5		%
New leases	13.8		%	8.0		%	6.8		%	5.6		%	2.7		%
Blended	8.0		%	5.4		%	4.8		%	4.0		%	3.3		%

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

Q2 2021 Earnings Release and Supplemental Information — page 19

Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2021 (1)
(unaudited)
						Average
	Number of	Average		Average		Monthly		Percent of
	Homes	Occupancy		Monthly Rent		Rent PSF		Revenue
Western United States:
Southern California	7,909	98.3	%	$	2,609	$	1.54	12.3	%
Northern California	4,241	98.5	%	2,277		1.46		6.1	%
Seattle	3,753	97.9	%	2,363		1.23		5.6	%
Phoenix	8,338	97.8	%	1,586		0.96		8.7	%
Las Vegas	3,017	98.0	%	1,792		0.90		3.6	%
Denver	2,466	94.5	%	2,192		1.20		3.4	%
Western US Subtotal	29,724	97.8	%	2,128		1.23		39.7	%
Florida:
South Florida	8,243	97.4	%	2,297		1.23		12.2	%
Tampa	8,236	97.6	%	1,782		0.96		9.6	%
Orlando	6,261	97.2	%	1,785		0.96		7.4	%
Jacksonville	1,874	98.4	%	1,791		0.90		2.2	%
Florida Subtotal	24,614	97.5	%	1,956		1.04		31.4	%
Southeast United States:
Atlanta	12,573	97.8	%	1,627		0.79		13.2	%
Carolinas	5,037	97.2	%	1,693		0.79		5.4	%
Southeast US Subtotal	17,610	97.6	%	1,646		0.79		18.6	%
Texas:
Houston	2,142	96.5	%	1,624		0.84		2.2	%
Dallas	2,810	95.7	%	1,878		0.91		3.4	%
Texas Subtotal	4,952	96.1	%	1,768		0.88		5.6	%
Midwest United States:
Chicago	2,585	98.2	%	2,040		1.26		3.3	%
Minneapolis	1,123	97.6	%	2,000		1.02		1.4	%
Midwest US Subtotal	3,708	98.0	%	2,028		1.18		4.7	%
Announced Market-in-Exit:
Nashville (2)	4	55.2	%	2,451		0.85		—	%
Total / Average	80,612	97.6	%	$	1,943	$	1.04	100.0	%
Same Store Total / Average	72,658	98.3	%	$	1,941	$	1.04	90.8	%

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

(2)In December 2019, Invitation Homes announced a plan to fully exit the Nashville market, and sold 708 homes in Nashville in a bulk transaction. The Company is pursuing the sale of the remaining four homes in the market as of June 30, 2021.

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

Q2 2021 Earnings Release and Supplemental Information — page 20

Supplemental Schedule 5(a)

Same Store Core Revenue Growth Summary — YoY Quarter
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenue
YoY, Q2 2021	Q2 2021		Q2 2020		Change		Q2 2021		Q2 2020		Change		Q2 2021		Q2 2020		Change
Western United States:
Southern California	$	2,610	$	2,516	3.7	%	98.8	%	98.1	%	0.7	%	$	55,911	$	55,032	1.6	%
Northern California	2,264		2,185		3.6	%	99.0	%	98.2	%	0.8	%	25,451		24,852		2.4	%
Seattle	2,345		2,296		2.1	%	98.8	%	97.7	%	1.1	%	22,368		22,223		0.7	%
Phoenix	1,548		1,446		7.1	%	98.6	%	98.1	%	0.5	%	34,042		31,205		9.1	%
Las Vegas	1,784		1,680		6.2	%	98.5	%	97.7	%	0.8	%	12,942		12,000		7.9	%
Denver	2,144		2,062		4.0	%	98.0	%	97.4	%	0.6	%	11,822		11,037		7.1	%
Western US Subtotal	2,127		2,038		4.4	%	98.7	%	98.0	%	0.7	%	162,536		156,349		4.0	%
Florida:
South Florida	2,308		2,235		3.3	%	98.1	%	96.6	%	1.5	%	54,876		50,782		8.1	%
Tampa	1,776		1,711		3.8	%	98.2	%	97.1	%	1.1	%	41,945		38,942		7.7	%
Orlando	1,769		1,705		3.8	%	98.0	%	97.1	%	0.9	%	30,661		28,416		7.9	%
Jacksonville	1,788		1,722		3.8	%	98.6	%	96.8	%	1.8	%	10,091		9,385		7.5	%
Florida Subtotal	1,957		1,889		3.6	%	98.1	%	96.9	%	1.2	%	137,573		127,525		7.9	%
Southeast United States:
Atlanta	1,622		1,551		4.6	%	98.1	%	97.4	%	0.7	%	56,418		52,588		7.3	%
Carolinas	1,681		1,620		3.8	%	98.1	%	97.7	%	0.4	%	22,864		21,542		6.1	%
Southeast US Subtotal	1,639		1,570		4.4	%	98.1	%	97.5	%	0.6	%	79,282		74,130		6.9	%
Texas:
Houston	1,622		1,582		2.5	%	97.8	%	96.8	%	1.0	%	9,279		8,758		5.9	%
Dallas	1,887		1,832		3.0	%	98.0	%	96.7	%	1.3	%	11,228		10,575		6.2	%
Texas Subtotal	1,758		1,710		2.8	%	97.9	%	96.8	%	1.1	%	20,507		19,333		6.1	%
Midwest United States:
Chicago	2,041		2,007		1.7	%	98.6	%	97.7	%	0.9	%	15,465		14,824		4.3	%
Minneapolis	2,000		1,932		3.5	%	97.8	%	97.6	%	0.2	%	6,567		6,420		2.3	%
Midwest US Subtotal	2,028		1,984		2.2	%	98.3	%	97.7	%	0.6	%	22,032		21,244		3.7	%
Same Store Total / Average	$	1,941	$	1,868	3.9	%	98.3	%	97.5	%	0.8	%	$	421,930	$	398,581	5.9	%

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 21

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenue Growth Summary — Sequential Quarter
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenue
Seq, Q2 2021	Q2 2021		Q1 2021		Change		Q2 2021		Q1 2021		Change		Q2 2021		Q1 2021		Change
Western United States:
Southern California	$	2,610	$	2,593	0.7	%	98.8	%	98.9	%	(0.1)	%	$	55,911	$	55,116	1.4	%
Northern California	2,264		2,249		0.7	%	99.0	%	99.1	%	(0.1)	%	25,451		24,976		1.9	%
Seattle	2,345		2,308		1.6	%	98.8	%	98.7	%	0.1	%	22,368		21,821		2.5	%
Phoenix	1,548		1,514		2.2	%	98.6	%	98.7	%	(0.1)	%	34,042		32,970		3.3	%
Las Vegas	1,784		1,749		2.0	%	98.5	%	98.5	%	—	%	12,942		12,529		3.3	%
Denver	2,144		2,115		1.4	%	98.0	%	97.6	%	0.4	%	11,822		11,461		3.1	%
Western US Subtotal	2,127		2,100		1.3	%	98.7	%	98.7	%	—	%	162,536		158,873		2.3	%
Florida:
South Florida	2,308		2,276		1.4	%	98.1	%	97.8	%	0.3	%	54,876		53,112		3.3	%
Tampa	1,776		1,749		1.5	%	98.2	%	98.1	%	0.1	%	41,945		40,692		3.1	%
Orlando	1,769		1,747		1.3	%	98.0	%	97.8	%	0.2	%	30,661		29,729		3.1	%
Jacksonville	1,788		1,762		1.5	%	98.6	%	98.8	%	(0.2)	%	10,091		9,942		1.5	%
Florida Subtotal	1,957		1,929		1.5	%	98.1	%	98.0	%	0.1	%	137,573		133,475		3.1	%
Southeast United States:
Atlanta	1,622		1,596		1.6	%	98.1	%	98.4	%	(0.3)	%	56,418		54,948		2.7	%
Carolinas	1,681		1,656		1.5	%	98.1	%	98.4	%	(0.3)	%	22,864		22,292		2.6	%
Southeast US Subtotal	1,639		1,613		1.6	%	98.1	%	98.4	%	(0.3)	%	79,282		77,240		2.6	%
Texas:
Houston	1,622		1,606		1.0	%	97.8	%	97.9	%	(0.1)	%	9,279		8,950		3.7	%
Dallas	1,887		1,866		1.1	%	98.0	%	98.0	%	—	%	11,228		10,839		3.6	%
Texas Subtotal	1,758		1,739		1.1	%	97.9	%	98.0	%	(0.1)	%	20,507		19,789		3.6	%
Midwest United States:
Chicago	2,041		2,019		1.1	%	98.6	%	98.8	%	(0.2)	%	15,465		15,152		2.1	%
Minneapolis	2,000		1,970		1.5	%	97.8	%	98.0	%	(0.2)	%	6,567		6,550		0.3	%
Midwest US Subtotal	2,028		2,004		1.2	%	98.3	%	98.6	%	(0.3)	%	22,032		21,702		1.5	%
Same Store Total / Average	$	1,941	$	1,915	1.4	%	98.3	%	98.4	%	(0.1)	%	$	421,930	$	411,079	2.6	%

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 22

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenue Growth Summary — YTD
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenue
YoY, YTD 2021	YTD 2021		YTD 2020		Change		YTD 2021		YTD 2020		Change		YTD 2021		YTD 2020		Change
Western United States:
Southern California	$	2,601	$	2,500	4.0	%	98.8	%	97.5	%	1.3	%	$	111,027	$	110,894	0.1	%
Northern California	2,257		2,169		4.1	%	99.1	%	98.0	%	1.1	%	50,427		49,790		1.3	%
Seattle	2,326		2,283		1.9	%	98.7	%	97.2	%	1.5	%	44,189		44,363		(0.4)	%
Phoenix	1,531		1,435		6.7	%	98.7	%	97.8	%	0.9	%	67,012		62,415		7.4	%
Las Vegas	1,766		1,669		5.8	%	98.5	%	97.6	%	0.9	%	25,471		24,203		5.2	%
Denver	2,129		2,051		3.8	%	97.8	%	97.2	%	0.6	%	23,283		22,136		5.2	%
Western US Subtotal	2,114		2,024		4.4	%	98.7	%	97.6	%	1.1	%	321,409		313,801		2.4	%
Florida:
South Florida	2,292		2,231		2.7	%	97.9	%	96.5	%	1.4	%	107,988		102,561		5.3	%
Tampa	1,763		1,706		3.3	%	98.1	%	96.7	%	1.4	%	82,637		78,363		5.5	%
Orlando	1,758		1,698		3.5	%	97.9	%	96.9	%	1.0	%	60,390		57,110		5.7	%
Jacksonville	1,775		1,713		3.6	%	98.7	%	96.6	%	2.1	%	20,033		18,837		6.3	%
Florida Subtotal	1,943		1,883		3.2	%	98.1	%	96.7	%	1.4	%	271,048		256,871		5.5	%
Southeast United States:
Atlanta	1,609		1,544		4.2	%	98.3	%	96.8	%	1.5	%	111,366		105,393		5.7	%
Carolinas	1,668		1,614		3.3	%	98.3	%	97.2	%	1.1	%	45,156		43,195		4.5	%
Southeast US Subtotal	1,626		1,564		4.0	%	98.3	%	96.9	%	1.4	%	156,522		148,588		5.3	%
Texas:
Houston	1,614		1,577		2.3	%	97.9	%	96.4	%	1.5	%	18,229		17,494		4.2	%
Dallas	1,877		1,827		2.7	%	98.0	%	96.1	%	1.9	%	22,067		21,220		4.0	%
Texas Subtotal	1,749		1,705		2.6	%	97.9	%	96.3	%	1.6	%	40,296		38,714		4.1	%
Midwest United States:
Chicago	2,030		2,002		1.4	%	98.7	%	97.3	%	1.4	%	30,617		29,930		2.3	%
Minneapolis	1,985		1,922		3.3	%	97.9	%	96.9	%	1.0	%	13,117		12,774		2.7	%
Midwest US Subtotal	2,016		1,978		1.9	%	98.4	%	97.2	%	1.2	%	43,734		42,704		2.4	%
Same Store Total / Average	$	1,928	$	1,859	3.7	%	98.4	%	97.1	%	1.3	%	$	833,009	$	800,678	4.0	%

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 23

Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
( in thousands) (unaudited)
						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, Q2 2021		Q2 2020		Change		Q2 2021		Q2 2020		Change		Q2 2021		Q2 2020		Change		Q2 2021		Q2 2020
Western United States:
Southern California	55,911	$	55,032	1.6	%	$	16,790	$	18,069	(7.1)	%	$	39,121	$	36,963	5.8	%	70.0	%	67.2	%
Northern California		24,852		2.4	%	7,130		7,195		(0.9)	%	18,321		17,657		3.8	%	72.0	%	71.0	%
Seattle		22,223		0.7	%	5,960		6,229		(4.3)	%	16,408		15,994		2.6	%	73.4	%	72.0	%
Phoenix		31,205		9.1	%	7,320		7,111		2.9	%	26,722		24,094		10.9	%	78.5	%	77.2	%
Las Vegas		12,000		7.9	%	2,919		2,734		6.8	%	10,023		9,266		8.2	%	77.4	%	77.2	%
Denver		11,037		7.1	%	2,382		2,518		(5.4)	%	9,440		8,519		10.8	%	79.9	%	77.2	%
Western US Subtotal		156,349		4.0	%	42,501		43,856		(3.1)	%	120,035		112,493		6.7	%	73.9	%	71.9	%
Florida:
South Florida		50,782		8.1	%	22,013		21,728		1.3	%	32,863		29,054		13.1	%	59.9	%	57.2	%
Tampa		38,942		7.7	%	15,898		15,192		4.6	%	26,047		23,750		9.7	%	62.1	%	61.0	%
Orlando		28,416		7.9	%	10,515		10,423		0.9	%	20,146		17,993		12.0	%	65.7	%	63.3	%
Jacksonville		9,385		7.5	%	3,411		3,361		1.5	%	6,680		6,024		10.9	%	66.2	%	64.2	%
Florida Subtotal		127,525		7.9	%	51,837		50,704		2.2	%	85,736		76,821		11.6	%	62.3	%	60.2	%
Southeast United States:
Atlanta		52,588		7.3	%	17,600		16,780		4.9	%	38,818		35,808		8.4	%	68.8	%	68.1	%
Carolinas		21,542		6.1	%	6,247		5,990		4.3	%	16,617		15,552		6.8	%	72.7	%	72.2	%
Southeast US Subtotal		74,130		6.9	%	23,847		22,770		4.7	%	55,435		51,360		7.9	%	69.9	%	69.3	%
Texas:
Houston		8,758		5.9	%	4,286		4,152		3.2	%	4,993		4,606		8.4	%	53.8	%	52.6	%
Dallas		10,575		6.2	%	4,541		4,401		3.2	%	6,687		6,174		8.3	%	59.6	%	58.4	%
Texas Subtotal		19,333		6.1	%	8,827		8,553		3.2	%	11,680		10,780		8.3	%	57.0	%	55.8	%
Midwest United States:
Chicago		14,824		4.3	%	6,950		6,941		0.1	%	8,515		7,883		8.0	%	55.1	%	53.2	%
Minneapolis		6,420		2.3	%	2,100		2,047		2.6	%	4,467		4,373		2.1	%	68.0	%	68.1	%
Midwest US Subtotal		21,244		3.7	%	9,050		8,988		0.7	%	12,982		12,256		5.9	%	58.9	%	57.7	%
Same Store Total / Average	421,930	$	398,581	5.9	%	$	136,062	$	134,871	0.9	%	$	285,868	$	263,710	8.4	%	67.8	%	66.2	%

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 24

Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
( in thousands) (unaudited)
						Core Operating Expenses						Net Operating Income						Core NOI Margin
Seq, Q2 2021		Q1 2021		Change		Q2 2021		Q1 2021		Change		Q2 2021		Q1 2021		Change		Q2 2021		Q1 2021
Western United States:
Southern California	55,911	$	55,116	1.4	%	$	16,790	$	16,878	(0.5)	%	$	39,121	$	38,238	2.3	%	70.0	%	69.4	%
Northern California		24,976		1.9	%	7,130		6,941		2.7	%	18,321		18,035		1.6	%	72.0	%	72.2	%
Seattle		21,821		2.5	%	5,960		6,086		(2.1)	%	16,408		15,735		4.3	%	73.4	%	72.1	%
Phoenix		32,970		3.3	%	7,320		7,246		1.0	%	26,722		25,724		3.9	%	78.5	%	78.0	%
Las Vegas		12,529		3.3	%	2,919		2,771		5.3	%	10,023		9,758		2.7	%	77.4	%	77.9	%
Denver		11,461		3.1	%	2,382		2,270		4.9	%	9,440		9,191		2.7	%	79.9	%	80.2	%
Western US Subtotal		158,873		2.3	%	42,501		42,192		0.7	%	120,035		116,681		2.9	%	73.9	%	73.4	%
Florida:
South Florida		53,112		3.3	%	22,013		21,723		1.3	%	32,863		31,389		4.7	%	59.9	%	59.1	%
Tampa		40,692		3.1	%	15,898		15,295		3.9	%	26,047		25,397		2.6	%	62.1	%	62.4	%
Orlando		29,729		3.1	%	10,515		9,989		5.3	%	20,146		19,740		2.1	%	65.7	%	66.4	%
Jacksonville		9,942		1.5	%	3,411		3,341		2.1	%	6,680		6,601		1.2	%	66.2	%	66.4	%
Florida Subtotal		133,475		3.1	%	51,837		50,348		3.0	%	85,736		83,127		3.1	%	62.3	%	62.3	%
Southeast United States:
Atlanta		54,948		2.7	%	17,600		16,563		6.3	%	38,818		38,385		1.1	%	68.8	%	69.9	%
Carolinas		22,292		2.6	%	6,247		5,989		4.3	%	16,617		16,303		1.9	%	72.7	%	73.1	%
Southeast US Subtotal		77,240		2.6	%	23,847		22,552		5.7	%	55,435		54,688		1.4	%	69.9	%	70.8	%
Texas:
Houston		8,950		3.7	%	4,286		4,039		6.1	%	4,993		4,911		1.7	%	53.8	%	54.9	%
Dallas		10,839		3.6	%	4,541		3,870		17.3	%	6,687		6,969		(4.0)	%	59.6	%	64.3	%
Texas Subtotal		19,789		3.6	%	8,827		7,909		11.6	%	11,680		11,880		(1.7)	%	57.0	%	60.0	%
Midwest United States:
Chicago		15,152		2.1	%	6,950		6,627		4.9	%	8,515		8,525		(0.1)	%	55.1	%	56.3	%
Minneapolis		6,550		0.3	%	2,100		1,948		7.8	%	4,467		4,602		(2.9)	%	68.0	%	70.3	%
Midwest US Subtotal		21,702		1.5	%	9,050		8,575		5.5	%	12,982		13,127		(1.1)	%	58.9	%	60.5	%
Same Store Total / Average	421,930	$	411,079	2.6	%	$	136,062	$	131,576	3.4	%	$	285,868	$	279,503	2.3	%	67.8	%	68.0	%

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 25

Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — YTD
( in thousands) (unaudited)
						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, YTD 2021		YTD 2020		Change		YTD 2021		YTD 2020		Change		YTD 2021		YTD 2020		Change		YTD 2021		YTD 2020
Western United States:
Southern California	111,027	$	110,894	0.1	%	$	33,668	$	35,573	(5.4)	%	$	77,359	$	75,321	2.7	%	69.7	%	67.9	%
Northern California		49,790		1.3	%	14,071		14,397		(2.3)	%	36,356		35,393		2.7	%	72.1	%	71.1	%
Seattle		44,363		(0.4)	%	12,046		12,084		(0.3)	%	32,143		32,279		(0.4)	%	72.7	%	72.8	%
Phoenix		62,415		7.4	%	14,566		14,921		(2.4)	%	52,446		47,494		10.4	%	78.3	%	76.1	%
Las Vegas		24,203		5.2	%	5,690		5,566		2.2	%	19,781		18,637		6.1	%	77.7	%	77.0	%
Denver		22,136		5.2	%	4,652		4,627		0.5	%	18,631		17,509		6.4	%	80.0	%	79.1	%
Western US Subtotal		313,801		2.4	%	84,693		87,168		(2.8)	%	236,716		226,633		4.4	%	73.6	%	72.2	%
Florida:
South Florida		102,561		5.3	%	43,736		43,669		0.2	%	64,252		58,892		9.1	%	59.5	%	57.4	%
Tampa		78,363		5.5	%	31,193		30,257		3.1	%	51,444		48,106		6.9	%	62.3	%	61.4	%
Orlando		57,110		5.7	%	20,504		20,697		(0.9)	%	39,886		36,413		9.5	%	66.0	%	63.8	%
Jacksonville		18,837		6.3	%	6,752		6,738		0.2	%	13,281		12,099		9.8	%	66.3	%	64.2	%
Florida Subtotal		256,871		5.5	%	102,185		101,361		0.8	%	168,863		155,510		8.6	%	62.3	%	60.5	%
Southeast United States:
Atlanta		105,393		5.7	%	34,163		33,999		0.5	%	77,203		71,394		8.1	%	69.3	%	67.7	%
Carolinas		43,195		4.5	%	12,236		12,196		0.3	%	32,920		30,999		6.2	%	72.9	%	71.8	%
Southeast US Subtotal		148,588		5.3	%	46,399		46,195		0.4	%	110,123		102,393		7.5	%	70.4	%	68.9	%
Texas:
Houston		17,494		4.2	%	8,325		8,156		2.1	%	9,904		9,338		6.1	%	54.3	%	53.4	%
Dallas		21,220		4.0	%	8,411		8,733		(3.7)	%	13,656		12,487		9.4	%	61.9	%	58.8	%
Texas Subtotal		38,714		4.1	%	16,736		16,889		(0.9)	%	23,560		21,825		7.9	%	58.5	%	56.4	%
Midwest United States:
Chicago		29,930		2.3	%	13,577		13,785		(1.5)	%	17,040		16,145		5.5	%	55.7	%	53.9	%
Minneapolis		12,774		2.7	%	4,048		4,110		(1.5)	%	9,069		8,664		4.7	%	69.1	%	67.8	%
Midwest US Subtotal		42,704		2.4	%	17,625		17,895		(1.5)	%	26,109		24,809		5.2	%	59.7	%	58.1	%
Same Store Total / Average	833,009	$	800,678	4.0	%	$	267,638	$	269,508	(0.7)	%	$	565,371	$	531,170	6.4	%	67.9	%	66.3	%

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 26

Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
	Rental Rate Growth
	Q2 2021						YTD 2021
	Renewal		New		Blended		Renewal		New		Blended
	Leases		Leases		Average		Leases		Leases		Average
Western United States:
Southern California	5.2	%	11.8	%	6.7	%	5.2	%	10.3	%	6.4	%
Northern California	5.4	%	15.8	%	7.8	%	5.2	%	12.6	%	6.9	%
Seattle	0.2	%	15.8	%	3.4	%	0.4	%	13.2	%	3.4	%
Phoenix	9.0	%	23.6	%	12.7	%	8.1	%	19.3	%	11.1	%
Las Vegas	7.9	%	22.1	%	11.9	%	7.6	%	17.2	%	10.6	%
Denver	6.2	%	11.2	%	7.6	%	5.4	%	8.4	%	6.3	%
Western US Subtotal	5.4	%	16.5	%	8.0	%	5.2	%	13.6	%	7.3	%
Florida:
South Florida	7.0	%	10.9	%	8.0	%	5.7	%	7.8	%	6.3	%
Tampa	6.2	%	14.3	%	9.0	%	5.0	%	10.7	%	7.0	%
Orlando	4.6	%	11.9	%	7.2	%	4.2	%	9.4	%	6.1	%
Jacksonville	5.1	%	13.7	%	7.8	%	4.4	%	11.2	%	6.6	%
Florida Subtotal	6.1	%	12.5	%	8.1	%	5.1	%	9.4	%	6.5	%
Southeast United States:
Atlanta	6.7	%	15.6	%	9.1	%	5.7	%	13.8	%	7.9	%
Carolinas	6.5	%	12.2	%	8.1	%	5.6	%	9.6	%	6.8	%
Southeast US Subtotal	6.6	%	14.5	%	8.8	%	5.6	%	12.5	%	7.5	%
Texas:
Houston	4.3	%	7.4	%	5.2	%	3.8	%	5.8	%	4.3	%
Dallas	5.3	%	10.2	%	6.9	%	4.8	%	8.1	%	5.9	%
Texas Subtotal	4.8	%	9.1	%	6.2	%	4.3	%	7.2	%	5.2	%
Midwest United States:
Chicago	4.0	%	8.6	%	5.1	%	3.3	%	5.9	%	3.9	%
Minneapolis	5.7	%	8.8	%	6.6	%	5.3	%	7.2	%	5.9	%
Midwest US Subtotal	4.6	%	8.7	%	5.7	%	3.9	%	6.4	%	4.5	%
Same Store Total / Average	5.8	%	13.8	%	8.0	%	5.1	%	11.1	%	6.8	%

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

Q2 2021 Earnings Release and Supplemental Information — page 27

Supplemental Schedule 6

Same Store Cost to Maintain, net (1)
( in thousands, except per home amounts) (unaudited)
Total ( 000)		Q1 2021		Q4 2020		Q3 2020		Q2 2020
R&M OpEx, net	19,536	$	16,463	$	18,905	$	24,499	$	18,880
Turn OpEx, net		6,742		7,327		9,217		7,922
Total recurring operating expenses, net	27,683	$	23,205	$	26,232	$	33,716	$	26,802
R&M CapEx	19,179	$	16,664	$	20,321	$	24,154	$	19,352
Turn CapEx		5,891		5,800		6,957		6,311
Total recurring capital expenditures	26,175	$	22,555	$	26,121	$	31,111	$	25,663
R&M OpEx, net + R&M CapEx	38,715	$	33,127	$	39,226	$	48,653	$	38,232
Turn OpEx, net + Turn CapEx		12,633		13,127		16,174		14,233
Total cost to maintain, net	53,858	$	45,760	$	52,353	$	64,827	$	52,465
Per Home ()		Q1 2021		Q4 2020		Q3 2020		Q2 2020
Total cost to maintain, net	741	$	630	$	721	$	892	$	722

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 ( 000)		Q1 2021		Q4 2020		Q3 2020		Q2 2020
Recurring CapEx	28,693	$	24,454	$	28,485	$	33,861	$	27,617
Value Enhancing CapEx		8,945		10,459		10,286		10,611
Initial Renovation CapEx		19,320		28,539		13,385		21,023
Disposition CapEx		1,748		1,746		1,748		2,877
Total Capital Expenditures	55,924	$	54,467	$	69,229	$	59,280	$	62,128

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 28

Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
( in thousands) (unaudited)
Adjusted Property Management Expense		Q2 2020		YTD 2021		YTD 2020
Property management expense (GAAP)	17,696	$	14,529	$	33,538	$	28,901
Adjustments:
Share-based compensation expense		(447)		(2,877)		(1,280)
Adjusted property management expense	15,993	$	14,082	$	30,661	$	27,621
Adjusted G&A Expense		Q2 2020		YTD 2021		YTD 2020
G&A expense (GAAP)	19,828	$	14,426	$	36,778	$	28,654
Adjustments:
Share-based compensation expense		(1,659)		(12,143)		(4,927)
Severance expense		(255)		(274)		(255)
Adjusted G&A expense	12,165	$	12,512	$	24,361	$	23,472

All values are in US Dollars.

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

Q2 2021 Earnings Release and Supplemental Information — page 29

Supplemental Schedule 8

Acquisitions and Dispositions — Q2 2021
(unaudited)
	3/31/2021	Q2 2021 Acquisitions (1)			Q2 2021 Dispositions (2)			6/30/2021
	Homes	Homes	Avg. Estimated		Homes	Average		Homes
	Owned	Acq.	Cost Basis		Sold	Sales Price		Owned
Wholly Owned Portfolio
Western United States:
Southern California	7,930	—	$	—	21	$	616,024	7,909
Northern California	4,235	16	519,736		10	528,700		4,241
Seattle	3,696	62	511,010		5	641,250		3,753
Phoenix	8,240	106	390,667		8	244,058		8,338
Las Vegas	3,010	8	401,876		1	325,000		3,017
Denver	2,372	101	473,457		7	426,071		2,466
Western US Subtotal	29,483	293	452,025		52	513,264		29,724
Florida:
South Florida	8,280	29	281,876		66	311,990		8,243
Tampa	8,217	42	319,152		23	264,903		8,236
Orlando	6,245	33	317,359		17	221,835		6,261
Jacksonville	1,872	3	307,517		1	293,000		1,874
Florida Subtotal	24,614	107	308,170		107	287,367		24,614
Southeast United States:
Atlanta	12,556	30	290,211		13	243,808		12,573
Carolinas	4,987	54	330,606		4	225,975		5,037
Southeast US Subtotal	17,543	84	316,179		17	239,612		17,610
Texas:
Houston	2,146	—	—		4	225,250		2,142
Dallas	2,808	10	300,478		8	245,750		2,810
Texas Subtotal	4,954	10	300,478		12	238,917		4,952
Midwest United States:
Chicago	2,604	—	—		19	264,800		2,585
Minneapolis	1,125	—	—		2	230,000		1,123
Midwest US Subtotal	3,729	—	—		21	261,486		3,708
Announced Market-in-Exit:
Nashville (3)	7	—	—		3	447,167		4
Total / Average	80,330	494	$	394,699	212	$	335,901	80,612
Joint Venture Portfolio
Rockpoint Joint Venture (4)	435	385	$	367,968	—	$	—	820
FNMA Joint Venture (5)	554	—	—		6	309,599		548

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

Q2 2021 Earnings Release and Supplemental Information — page 30

Supplemental Schedule 8 (Continued)

(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.2%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.

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

(3)In December 2019, Invitation Homes announced a plan to fully exit the Nashville market, and sold 708 homes in Nashville in a bulk transaction. The Company is pursuing the sale of the remaining four homes in the market as of June 30, 2021.

(4)Represents portfolio in the Company's unconsolidated joint venture with Rockpoint Group, of which Invitation Homes owns 20%.

(5)Represents portfolio in the Company's unconsolidated joint venture with Federal National Mortgage Association, of which Invitation Homes owns 10%.

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

Q2 2021 Earnings Release and Supplemental Information — page 31

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.

Core NOI Margin

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

Core Operating Expenses

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

Core Revenues

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

Cost to Maintain, net

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

Disposition CapEx

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

EBITDA, EBITDAre, and Adjusted EBITDAre

EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts ("Nareit") recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. We define EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax and impairment on depreciated real estate investments. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; severance; casualty (gains) 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 our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered alternatives to net income

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

Q2 2021 Earnings Release and Supplemental Information — page 32

or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See "Reconciliation of Non-GAAP Measures" 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. In calculating per share amounts, Core FFO and AFFO reflect convertible debt securities in the form in which they were outstanding during the period.

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

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 our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our 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 our basis for computing this 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. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities,net; other income and expenses; joint venture management fees; 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. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store portfolio.

See "Reconciliation of Non-GAAP Measures" below for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store portfolio.

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

Q2 2021 Earnings Release and Supplemental Information — page 33

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 our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home.

Revenue Collections as a Percentage of Billings

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

Same Store / Same Store Portfolio

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

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

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

We believe presenting information about the portion of our 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 our comparable homes across periods and about trends in our organic business.

Total Homes / Total Portfolio

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

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.

Q2 2021 Earnings Release and Supplemental Information — page 34

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 "Term Loan Facility") (together, the "Credit Facility"), as set forth in the Company's Amended and Restated Revolving Credit and Term Loan Agreement dated December 8, 2020 (the "Unsecured Credit Agreement"). The metrics provided under the "Unsecured Facility 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 Agreement, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreement. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreement, 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 Agreement, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreement. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreement, 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 Agreement, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreement. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreement, 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 Agreement, 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 Agreement. 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 Agreement, 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 Agreement.

The metrics set forth under the "Unsecured Facility 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 Agreement 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 Agreement, see Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-38004) filed on December 9, 2020.

The breach of any of the covenants set forth in the Unsecured Credit Agreement could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facility, 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

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

Q2 2021 Earnings Release and Supplemental Information — page 35

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 our Annual Report on Form 10-K for the year ended December 31, 2020, as such factors may be updated from time to time in our periodic filings with the SEC.

Value Enhancing CapEx

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

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

Q2 2021 Earnings Release and Supplemental Information — page 36

Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q2 2020
Total revenues (total portfolio)	$	491,633	$	475,225	$	464,100	$	459,184	$	449,755
Joint venture management fees	(1,015)		(771)		—		—		—
Total portfolio resident recoveries	(26,076)		(24,740)		(23,885)		(23,675)		(20,157)
Total Core revenues (total portfolio)	464,542		449,714		440,215		435,509		429,598
Non-Same Store Core revenues	(42,612)		(38,635)		(34,991)		(32,686)		(31,017)
Same Store Core revenues	$	421,930	$	411,079	$	405,224	$	402,823	$	398,581
Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, YTD
(in thousands) (unaudited)
	YTD 2021		YTD 2020
Total revenues (total portfolio)	$	966,858	$	899,544
Joint venture management fees	(1,786)		—
Total portfolio resident recoveries	(50,816)		(40,198)
Total Core revenues (total portfolio)	914,256		859,346
Non-Same Store Core revenues	(81,247)		(58,668)
Same Store Core revenues	$	833,009	$	800,678

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

Q2 2021 Earnings Release and Supplemental Information — page 37

Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q2 2020
Property operating and maintenance expenses (total portfolio)	$	175,422	$	168,373	$	168,628	$	177,997	$	167,002
Total portfolio resident recoveries	(26,076)		(24,740)		(23,885)		(23,675)		(20,157)
Core Property operating and maintenance expenses (total portfolio)	149,346		143,633		144,743		154,322		146,845
Non-Same Store Core operating expenses	(13,284)		(12,057)		(12,120)		(11,909)		(11,974)
Same Store Core operating expenses	$	136,062	$	131,576	$	132,623	$	142,413	$	134,871
Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
	YTD 2021		YTD 2020
Property operating and maintenance expenses (total portfolio)	$	343,795	$	333,918
Total portfolio resident recoveries	(50,816)		(40,198)
Core Property operating and maintenance expenses (total portfolio)	292,979		293,720
Non-Same Store Core operating expenses	(25,341)		(24,212)
Same Store Core operating expenses	$	267,638	$	269,508

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

Q2 2021 Earnings Release and Supplemental Information — page 38

Reconciliation of Net Income to NOI and Same Store NOI, Quarterly
(in thousands) (unaudited)
	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q2 2020
Net income available to common stockholders	$	60,242	$	57,272	$	70,586	$	32,540	$	42,784
Net income available to participating securities	96		95		113		114		119
Non-controlling interests	350		355		431		211		275
Interest expense	80,764		83,406		95,382		87,713		86,071
Depreciation and amortization	145,280		144,501		142,090		138,147		137,266
Property management expense	17,696		15,842		14,888		14,824		14,529
General and administrative	19,828		16,950		16,679		17,972		14,426
Impairment and other	980		356		(3,974)		1,723		(180)
Gain on sale of property, net of tax	(17,919)		(14,484)		(13,121)		(15,106)		(11,167)
(Gains) losses on investments in equity securities, net	7,002		3,140		(29,689)		—		—
Other, net	1,903		(230)		2,087		3,049		(1,370)
Joint venture management fees	(1,015)		(771)		—		—		—
Income from investments in unconsolidated joint ventures	(11)		(351)		—		—		—
NOI (total portfolio)	315,196		306,081		295,472		281,187		282,753
Non-Same Store NOI	(29,328)		(26,578)		(22,871)		(20,777)		(19,043)
Same Store NOI	$	285,868	$	279,503	$	272,601	$	260,410	$	263,710
Reconciliation of Net Income to NOI and Same Store NOI, YTD
(in thousands) (unaudited)
	YTD 2021		YTD 2020
Net income available to common stockholders	$	117,514	$	92,638
Net income available to participating securities	191		221
Non-controlling interests	705		595
Interest expense	164,170		170,828
Depreciation and amortization	289,781		272,293
Property management expense	33,538		28,901
General and administrative	36,778		28,654
Impairment and other	1,336		2,947
Gain on sale of property, net of tax	(32,403)		(26,367)
(Gains) losses on investments in equity securities, net	10,142		(34)
Other, net	1,673		(5,050)
Joint venture management fees	(1,786)		—
Income from investments in unconsolidated joint ventures	(362)		—
NOI (total portfolio)	621,277		565,626
Non-Same Store NOI	(55,906)		(34,456)
Same Store NOI	$	565,371	$	531,170

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

Q2 2021 Earnings Release and Supplemental Information — page 39

Reconciliation of Net Income to EBITDA, EBITDAre, and Adjusted EBITDAre
(in thousands, unaudited)
	Q2 2021		Q2 2020		YTD 2021		YTD 2020
Net income available to common stockholders	$	60,242	$	42,784	$	117,514	$	92,638
Net income available to participating securities	96		119		191		221
Non-controlling interests	350		275		705		595
Interest expense	80,764		86,071		164,170		170,828
Interest expense in unconsolidated joint ventures	225		—		299		—
Depreciation and amortization	145,280		137,266		289,781		272,293
Depreciation and amortization of real estate assets in unconsolidated joint ventures	246		—		350		—
EBITDA	287,203		266,515		573,010		536,575
Gain on sale of property, net of tax	(17,919)		(11,167)		(32,403)		(26,367)
Impairment on depreciated real estate investments	93		1,442		524		3,913
Net gain on sale of investments in unconsolidated joint ventures	(104)		—		(440)		—
EBITDAre	269,273		256,790		540,691		514,121
Share-based compensation expense	9,206		2,106		15,020		6,207
Severance	160		255		274		255
Casualty (gains) losses, net	887		(1,622)		812		(966)
(Gains) losses on investments in equity securities, net	7,002		—		10,142		(34)
Other, net	1,903		(1,370)		1,673		(5,050)
Adjusted EBITDAre	$	288,431	$	256,159	$	568,612	$	514,533
	Trailing Twelve Months (TTM) Ended
	June 30, 2021		December 31, 2020
Net income available to common stockholders	$	220,640	$	195,764
Net income available to participating securities	418		448
Non-controlling interests	1,347		1,237
Interest expense	347,265		353,923
Interest expense in unconsolidated joint ventures	299		—
Depreciation and amortization	570,018		552,530
Depreciation and amortization of real estate assets in unconsolidated joint ventures	350		—
EBITDA	1,140,337		1,103,902
Gain on sale of property, net of tax	(60,630)		(54,594)
Impairment on depreciated real estate investments	1,189		4,578
Net gain on sale of investments in unconsolidated joint ventures	(440)		—
EBITDAre	1,080,456		1,053,886
Share-based compensation expense	25,903		17,090
Severance	620		601
Casualty (gains) losses, net	(2,104)		(3,882)
(Gains) losses on investments in equity securities, net	(19,547)		(29,723)
Other, net	6,809		86
Adjusted EBITDAre	$	1,092,137	$	1,038,058

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

Q2 2021 Earnings Release and Supplemental Information — page 40

Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
	As of			As of
	June 30, 2021			December 31, 2020
Mortgage loans, net	$	4,498,289		$	4,820,098
Secured term loan, net	401,204			401,095
Unsecured notes, net	298,399			—
Term loan facility, net	2,474,495			2,470,907
Revolving facility	—			—
Convertible senior notes, net	342,050			339,404
Total Debt per Balance Sheet	8,014,437			8,031,504
Retained and repurchased certificates	(231,315)			(247,526)
Cash, ex-security deposits and letters of credit (1)	(201,779)			(250,204)
Deferred financing costs, net	39,930			43,396
Unamortized discounts on note payable	5,057			7,885
Net Debt (A)	$	7,626,330		$	7,585,055
2022 convertible senior notes, net	(342,050)
Unamortized discounts related to 2022 convertible senior notes	(2,944)
Pro Forma Net Debt (B) (2)	$	7,281,336
	For the Trailing Twelve			For the Trailing Twelve
	Months (TTM) Ended			Months (TTM) Ended
	June 30, 2021			December 31, 2020
Adjusted EBITDAre (C)	$	1,092,137		$	1,038,058
Net Debt / TTM Adjusted EBITDAre (A / C)	7.0		x	7.3		x
Pro Forma Net Debt / TTM Adjusted EBITDAre (B / C) (2)	6.7		x

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

(2)In July 2021, the Company gave notice of intent to settle conversions of its 3.5% Convertible Notes due January 15, 2022, with common stock. Pro Forma Net Debt and Pro Forma Net Debt / Trailing Twelve Months Adjusted EBITDAre assume the net debt is reduced for the impact of the full conversion of the $345 million (par value) 2022 Convertible Notes.

Components of Non-Cash Interest Expense (Wholly Owned)
(in thousands) (unaudited)
	Q2 2021		Q2 2020		YTD 2021		YTD 2020
Amortization of discounts on notes payable	$	1,414	$	1,349	$	2,828	$	2,697
Amortization of deferred financing costs	3,057		6,401		6,567		14,353
Change in fair value of interest rate derivatives	74		39		105		52
Amortization of swap fair value at designation	3,483		1,577		7,074		2,655
Total non-cash interest expense	$	8,028	$	9,366	$	16,574	$	19,757

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

Q2 2021 Earnings Release and Supplemental Information — page 41