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 24, 2024

Invitation Homes Inc.

(Exact Name of Registrant as Specified in its charter)

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

5420 LBJ Freeway, Suite 600

Dallas, Texas 75240

(Address of principal executive offices, including zip code)

(972) 421-3600

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

Emerging growth company ☐

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

Item 2.02	Results of Operations and Financial Condition.

On July 24, 2024, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended June 30, 2024. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of Invitation Homes Inc. dated July 24, 2024, announcing results for the quarter ended June 30, 2024.
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 24, 2024

Document

Table of Contents

Earnings Press Release	3
Consolidated Financial Statements	9
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO	11
Schedule 2: Capital Structure Information	12
Schedule 3: Summary of Operating Information by Home Portfolio	16
Schedule 4: Home Characteristics by Market	19
Schedule 5: Same Store Operating Information by Market	20
Schedule 6: Cost to Maintain and Capital Expenditure Detail	27
Schedule 7: Adjusted Property Management and G&A Reconciliation	28
Schedule 8: Acquisitions, Dispositions, andHomebuilder Pipeline	29
Glossary and Reconciliations	32

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

Q2 2024 Earnings Release and Supplemental Information — page 2

Earnings Press Release

Invitation Homes Reports Second Quarter 2024 Results

Dallas, TX, July 24, 2024 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation’s premier single-family home leasing and management company, today announced its Second Quarter 2024 financial and operating results.

Second Quarter 2024 Highlights

•Year over year, total revenues increased 8.8% to $653 million, property operating and maintenance costs increased 9.5% to $234 million, net income available to common stockholders decreased 47.0% to $73 million, inclusive of a $59.5 million accrual for certain legal matters, and net income per diluted common share decreased 47.0% to $0.12.

•Year over year, Core FFO per share increased 7.3% to $0.47 and AFFO per share increased 4.1% to $0.40.

•Same Store NOI increased 3.8% year over year on 4.8% Same Store Core Revenues growth and 7.1% Same Store Core Operating Expenses growth.

•Same Store Bad Debt was 0.8% of gross rental revenue, representing five consecutive quarters of improvement and a year over year improvement of approximately 50 basis points.

•Same Store Average Occupancy was 97.5%, down 10 basis points year over year.

•Same Store renewal rent growth of 5.6% and Same Store new lease rent growth of 3.6% drove Same Store blended rent growth of 5.0%.

•Acquisitions by the Company and the Company's joint ventures totaled 502 homes for approximately $166 million while dispositions totaled 266 homes for approximately $117 million.

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

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

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

•On April 29, 2024, as previously announced, the Company’s issuer and issue-level credit ratings were upgraded by Moody’s Investors Service to ‘Baa2’ from ‘Baa3’ with a Stable outlook.

Comments from Chief Executive Officer Dallas Tanner

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

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

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

Q2 2024 Earnings Release and Supplemental Information — page 3

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

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

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
	Q2 2024		Q2 2023		YTD 2024		YTD 2023
Net income	$	0.12	$	0.22	$	0.35	$	0.42
FFO	0.34		0.42		0.77		0.83
Core FFO	0.47		0.44		0.94		0.88
AFFO	0.40		0.38		0.81		0.76

Net Income

Net income per common share — diluted for Q2 2024 was $0.12, compared to net income per common share — diluted of $0.22 for Q2 2023. Total revenues and total property operating and maintenance expenses for Q2 2024 were $653 million and $234 million, respectively, compared to $600 million and $214 million, respectively, for Q2 2023.

Net income per common share — diluted for YTD 2024 was $0.35, compared to net income per share — diluted of $0.42 for YTD 2023. Total revenues and total property operating and maintenance expenses for YTD 2024 were $1,299 million and $465 million, respectively, compared to $1,190 million and $422 million, respectively, for YTD 2023.

Core FFO

Year over year, Core FFO per share for Q2 2024 increased 7.3% to $0.47, while Core FFO per share for YTD 2024 increased 6.5% to $0.94, primarily due to NOI growth.

AFFO

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

Operating Results

Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:	77,994
	Q2 2024		Q2 2023		YTD 2024		YTD 2023
Core Revenues growth (year over year)	4.8	%			5.3	%
Core Operating Expenses growth (year over year)	7.1	%			7.1	%
NOI growth (year over year)	3.8	%			4.5	%
Average Occupancy	97.5	%	97.6	%	97.7	%	97.7	%
Bad Debt % of gross rental revenue	0.8	%	1.3	%	0.9	%	1.5	%
Turnover Rate	6.3	%	6.8	%	11.4	%	12.0	%
Rental Rate Growth (lease-over-lease):
Renewals	5.6	%	6.8	%	5.7	%	7.3	%
New Leases	3.6	%	6.7	%	2.3	%	6.0	%
Blended	5.0	%	6.8	%	4.7	%	6.9	%

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

Q2 2024 Earnings Release and Supplemental Information — page 4

Same Store NOI

For the Same Store Portfolio of 77,994 homes, Same Store NOI for Q2 2024 increased 3.8% year over year on Same Store Core Revenues growth of 4.8% and Same Store Core Operating Expenses growth of 7.1%.

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

Same Store Core Revenues

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

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

Same Store Core Operating Expenses

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

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

Investment and Property Management Activity

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

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

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

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

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

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

Q2 2024 Earnings Release and Supplemental Information — page 5

A summary of the Company’s owned and/or managed homes is included in the following table:

Summary of Homes Owned and/or Managed As Of 6/30/2024
	Number of Homes Owned and/or Managed as of 3/31/2024	Acquired or Added In <br>Q2 2024	Disposed or Subtracted In Q2 2024	Number of Homes Owned and/or Managed as of 6/30/2024
Wholly owned homes	84,445	445	(250)	84,640
Joint venture owned homes	3,844	3,777	(16)	7,605
Managed-only homes	14,278	2,986	(3)	17,261
Total homes owned and/or managed	102,567	7,208	(269)	109,506

Balance Sheet and Capital Markets Activity

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

FY 2024 Guidance Details

The Company has revised its full year 2024 guidance expectations that were originally provided in February 2024 and reaffirmed in April 2024, as outlined in the following table:

FY 2024 Guidance
	FY 2024 Current Guidance Range	FY 2024 Midpoint
Core FFO per share — diluted	1.84 to 1.90	1.87	1.86	$0.01
AFFO per share — diluted	1.55 to 1.61	1.58	1.58	$ —
Same Store Core Revenues growth (1)	4.50% to 5.25%	4.875%	5.0%	(0.125)%
Same Store Core Operating Expenses growth (2)	5.25% to 6.25%	5.75%	6.25%	(0.5)%
Same Store NOI growth	3.75% to 5.25%	4.5%	4.5%	—%
Wholly owned acquisitions	600 million to 1,000 million	800 million	800 million	$ —
JV acquisitions	100 million to 300 million	200 million	200 million	$ —
Wholly owned dispositions	400 million to 600 million	500 million	500 million	$ —

All values are in US Dollars.

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

(2)Guidance assumes FY 2024 property taxes expense growth in a range of 8.0% to 9.5% year over year and FY 2024 insurance expense growth of approximately 7.5% year over year.

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

Q2 2024 Earnings Release and Supplemental Information — page 6

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

Earnings Conference Call Information

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

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

Supplemental Information

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

About Invitation Homes

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

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

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

Q2 2024 Earnings Release and Supplemental Information — page 7

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, development and use of artificial intelligence, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and rising interest rates), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises, on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”), as such factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

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

Q2 2024 Earnings Release and Supplemental Information — page 8

Consolidated Balance Sheets
( in thousands, except shares and per share data)
		December 31, 2023
Assets:
Investments in single-family residential properties, net	17,164,808	$	17,289,214
Cash and cash equivalents		700,618
Restricted cash		196,866
Goodwill		258,207
Investments in unconsolidated joint ventures		247,166
Other assets, net		528,896
Total assets	19,239,443	$	19,220,967
Liabilities:
Mortgage loans, net	1,617,967	$	1,627,256
Secured term loan, net		401,515
Unsecured notes, net		3,305,467
Term loan facilities, net		3,211,814
Revolving facility		—
Accounts payable and accrued expenses		200,590
Resident security deposits		180,455
Other liabilities		103,435
Total liabilities		9,030,532
Equity:
Stockholders’ equity
Preferred stock, 0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2024 and December 31, 2023		—
Common stock, 0.01 par value per share, 9,000,000,000 shares authorized, 612,594,044 and 611,958,239 outstanding as of June 30, 2024 and December 31, 2023, respectively		6,120
Additional paid-in capital		11,156,736
Accumulated deficit		(1,070,586)
Accumulated other comprehensive income		63,701
Total stockholders’ equity		10,155,971
Non-controlling interests		34,464
Total equity		10,190,435
Total liabilities and equity	19,239,443	$	19,220,967

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 9

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

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 10

Supplemental Schedule 1

Reconciliation of FFO, Core FFO, and AFFO
( in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation		Q2 2023		YTD 2024		YTD 2023
Net income available to common stockholders	72,981	$	137,698	$	215,139	$	257,769
Net income available to participating securities		166		399		337
Non-controlling interests		418		679		760
Depreciation and amortization on real estate assets		163,022		345,237		325,106
Impairment on depreciated real estate investments		81		60		259
Net gain on sale of previously depreciated investments in real estate		(46,788)		(93,765)		(76,459)
Depreciation and net gain on sale of investments in unconsolidated joint ventures		2,193		6,016		4,314
FFO	206,980	$	256,790	$	473,765	$	512,086
Core FFO Reconciliation		Q2 2023		YTD 2024		YTD 2023
FFO	206,980	$	256,790	$	473,765	$	512,086
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)		7,182		18,122		16,314
Share-based compensation expense		6,066		15,392		12,564
Legal settlements (2)		—		59,500		—
Severance expense		371		179		524
Casualty losses, net (1)		1,797		14,445		2,785
Gains on investments in equity and other securities, net		(524)		(1,295)		(612)
Core FFO	291,825	$	271,682	$	580,108	$	543,661
AFFO Reconciliation		Q2 2023		YTD 2024		YTD 2023
Core FFO	291,825	$	271,682	$	580,108	$	543,661
Recurring capital expenditures (1)		(36,400)		(83,757)		(73,693)
AFFO	245,190	$	235,282	$	496,351	$	469,968
Net income available to common stockholders
Weighted average common shares outstanding — diluted		613,316,499		613,815,253		612,941,399
Net income per common share — diluted	0.12	$	0.22	$	0.35	$	0.42
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted		615,384,953		616,024,305		614,961,840
FFO per share — diluted	0.34	$	0.42	$	0.77	$	0.83
Core FFO per share — diluted	0.47	$	0.44	$	0.94	$	0.88
AFFO per share — diluted	0.40	$	0.38	$	0.81	$	0.76

All values are in US Dollars.

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

(2)Represents the Company’s accrued liability, as of June 30, 2024, for certain legal matters and, specifically, includes a $22 million accrual for the legal settlement that resolved the Company’s California qui tam dispute, inclusive of associated costs, as well as a $37.5 million accrual relating to the previously disclosed inquiry from the Federal Trade Commission, which remains ongoing.

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

Q2 2024 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(a)

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

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

Q2 2024 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b)

Debt Structure and Leverage Ratios — As of June 30, 2024
( in thousands) (unaudited)
					Wtd Avg		Wtd Avg
					Interest		Years to
Debt Structure			% of Total		Rate (1)		Maturity (2)
Secured:
Fixed (3)	1,393,521		16.2	%	4.0	%	4.1
Floating — swapped to fixed			7.4	%	4.2	%	1.5
Floating			—	%	—	%	—
Total secured			23.6	%	4.1	%	3.3
Unsecured:
Fixed			38.9	%	3.4	%	7.2
Floating — swapped to fixed			37.0	%	4.0	%	2.3
Floating			0.5	%	6.7	%	5.0
Total unsecured			76.4	%	3.7	%	4.8
Total Debt:
Fixed + floating swapped to fixed (3)			99.5	%	3.8	%	4.5
Floating			0.5	%	6.7	%	5.0
Total debt			100.0	%	3.8	%	4.5
Discount/amortization on Note Payable
Deferred financing costs, net
Total debt per Balance Sheet
Retained and repurchased certificates
Cash, ex-security deposits and letters of credit (4)
Deferred financing costs, net
Unamortized discount on note payable
Net debt	7,737,670
Leverage Ratios
Net Debt / TTM Adjusted EBITDAre		x

All values are in US Dollars.

Credit Ratings	Ratings		Outlook
Fitch Ratings	BBB		Positive
Moody's Investors Service	Baa2		Stable
S&P Global Ratings	BBB		Stable
Unsecured Facilities Covenant Compliance (5)				Unsecured Public Bond Covenant Compliance (6)
	Actual		Requirement		Actual		Requirement
Total leverage ratio	29.5	%	≤ 60%	Aggregate debt ratio	36.4	%	≤ 65%
Secured leverage ratio	5.9	%	≤ 45%	Secured debt ratio	8.3	%	≤ 40%
Unencumbered leverage ratio	28.6	%	≤ 60%	Unencumbered assets ratio	303.5	%	≥ 150%
Fixed charge coverage ratio	4.2 x		≥ 1.5x	Debt service ratio	4.4x		≥ 1.5x
Unsecured interest coverage ratio	5.3 x		≥ 1.75x

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

Q2 2024 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(b) (Continued)

(1)Includes the impact of interest rate swaps in place and effective as of June 30, 2024. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.

(2)Assumes all extension options are exercised.

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

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

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

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

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

Q2 2024 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 2(c)

Debt Maturity Schedule — As of June 30, 2024
( in thousands) (unaudited)
				Revolving
		Unsecured		Credit				% of
Debt Maturities, with Extensions (1)		Debt		Facility		Balance		Total
2024	—	$	—	$	—	$	—	—	%
2025		—		—		—		—	%
2026		2,500,000		—		3,133,894		36.4	%
2027		—		—		990,475		11.5	%
2028		750,000		—		750,000		8.7	%
2029		725,000		—		725,000		8.4	%
2030		450,000		—		450,000		5.2	%
2031		650,000		—		1,053,046		12.3	%
2032		600,000		—		600,000		7.0	%
2033		350,000		—		350,000		4.1	%
2034		400,000		—		400,000		4.7	%
2035		—		—		—		—	%
2036		150,000		—		150,000		1.7	%
		6,575,000		—		8,602,415		100.0	%
Unamortized discount on note payable		(19,003)		—		(20,059)
Deferred financing costs, net		(31,728)		—		(38,580)
Total per Balance Sheet	2,019,507	$	6,524,269	$	—	$	8,543,776

All values are in US Dollars.

(1)Assumes all extension options are exercised.

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

Q2 2024 Earnings Release and Supplemental Information — page 15

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 2023		Change YoY		YTD 2024		YTD 2023		Change YoY
Total Portfolio	600,373		$	564,148	6.4	%	$	1,194,675	$	1,118,697	6.8	%
Same Store Portfolio			535,218		4.8	%	1,117,526		1,060,919		5.3	%
Core Operating Expenses			Q2 2023		Change YoY		YTD 2024		YTD 2023		Change YoY
Total Portfolio	197,082		$	181,032	8.9	%	$	389,684	$	357,563	9.0	%
Same Store Portfolio			169,920		7.1	%	358,971		335,282		7.1	%
Net Operating Income			Q2 2023		Change YoY		YTD 2024		YTD 2023		Change YoY
Total Portfolio	403,291		$	383,116	5.3	%	$	804,991	$	761,134	5.8	%
Same Store Portfolio			365,298		3.8	%	758,555		725,637		4.5	%

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(b)

Same Store Portfolio Core Operating Detail
( in thousands) (unaudited)
				Change				Change						Change
		Q2 2023		YoY		Q1 2024		Seq		YTD 2024		YTD 2023		YoY
Revenues:
Rental revenues (1)	539,383	$	515,414	4.7	%	$	535,271	0.8	%	$	1,074,654	$	1,022,900	5.1	%
Other property income, net (1)(2)		19,804		9.6	%	21,173		2.5	%	42,872		38,019		12.8	%
Core Revenues		535,218		4.8	%	556,444		0.8	%	1,117,526		1,060,919		5.3	%
Fixed Expenses:
Property taxes (3)		87,675		10.3	%	97,778		(1.1)	%	194,450		175,320		10.9	%
Insurance expenses		10,469		3.8	%	10,176		6.8	%	21,047		19,715		6.8	%
HOA expenses		10,470		(3.6)	%	11,258		(10.4)	%	21,348		20,266		5.3	%
Total Fixed Expenses		108,614		8.3	%	119,212		(1.3)	%	236,845		215,301		10.0	%
Controllable Expenses:
Repairs and maintenance, net (4)		21,660		24.3	%	21,177		27.1	%	48,092		43,299		11.1	%
Personnel, leasing and marketing		22,370		(4.3)	%	21,885		(2.2)	%	43,295		44,336		(2.3)	%
Turnover, net (4)		11,513		(10.8)	%	8,715		17.8	%	18,980		20,571		(7.7)	%
Utilities and property administrative, net (4)		5,763		(1.3)	%	6,073		(6.4)	%	11,759		11,775		(0.1)	%
Total Controllable Expenses		61,306		4.8	%	57,850		11.1	%	122,126		119,981		1.8	%
Core Operating Expenses		169,920		7.1	%	177,062		2.7	%	358,971		335,282		7.1	%
Net Operating Income	379,173	$	365,298	3.8	%	$	379,382	(0.1)	%	$	758,555	$	725,637	4.5	%

All values are in US Dollars.

(1)All rental revenues and other property income are reflected net of Bad Debt, which as a percentage of gross rental revenue, improved by 50 basis points from Q2 2023 to Q2 2024.

(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $34,389, $31,062, $34,840, $69,230, and $61,389 for Q2 2024, Q2 2023, Q1 2024, YTD 2024, and YTD 2023, respectively.

(3)As previously disclosed, due to the underaccrual of property taxes expense in the first three quarters of 2023, and the associated catch up in Q4 2023, the Company expects property taxes expense growth for the first three quarters of 2024 to be elevated, prior to a partial offset in Q4 2024 resulting in the Company’s expected guidance range for FY 2024 property taxes expense growth.

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

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

Q2 2024 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023
Average Occupancy	97.5		%	97.8		%	97.2		%	97.0		%	97.6		%
Turnover Rate	6.3		%	5.1		%	5.5		%	6.8		%	6.8		%
Trailing four quarters Turnover Rate	23.7		%	24.2		%	24.2		%	N/A			N/A
Average Monthly Rent	$	2,386		$	2,362		$	2,348		$	2,323		$	2,290
Rental Rate Growth (lease-over-lease):
Renewals	5.6		%	5.8		%	6.7		%	6.4		%	6.8		%
New leases	3.6		%	0.8		%	(0.4)		%	4.6		%	6.7		%
Blended	5.0		%	4.4		%	4.3		%	5.9		%	6.8		%

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

Q2 2024 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2024 (1)
(unaudited)
	Number of Homes	Average Occupancy		Average Monthly Rent		Average Monthly Rent PSF		Percent of Revenue
Western United States:
Southern California	7,446	96.9	%	$	3,069	$	1.80	11.1	%
Northern California	4,258	97.9	%	2,714		1.72		5.8	%
Seattle	4,012	98.0	%	2,855		1.49		5.8	%
Phoenix	9,243	97.5	%	2,048		1.21		9.8	%
Las Vegas	3,415	97.3	%	2,181		1.11		3.8	%
Denver	2,569	97.9	%	2,525		1.37		3.3	%
Western US Subtotal	30,943	97.5	%	2,544		1.45		39.6	%
Florida:
South Florida	8,269	96.9	%	3,004		1.61		12.2	%
Tampa	9,302	95.0	%	2,287		1.21		10.6	%
Orlando	6,774	96.5	%	2,228		1.19		7.6	%
Jacksonville	1,995	97.3	%	2,171		1.09		2.2	%
Florida Subtotal	26,340	96.2	%	2,489		1.32		32.6	%
Southeast United States:
Atlanta	12,712	95.7	%	2,020		0.98		12.5	%
Carolinas	5,633	96.0	%	2,038		0.96		5.6	%
Southeast US Subtotal	18,345	95.8	%	2,025		0.97		18.1	%
Texas:
Houston	2,331	95.7	%	1,911		0.96		2.2	%
Dallas	3,037	95.9	%	2,242		1.09		3.4	%
Texas Subtotal	5,368	95.8	%	2,097		1.03		5.6	%
Midwest United States:
Chicago	2,484	97.3	%	2,369		1.48		2.8	%
Minneapolis	1,066	96.8	%	2,296		1.17		1.2	%
Midwest US Subtotal	3,550	97.1	%	2,347		1.37		4.0	%
Other (2):	94	49.5	%	2,528		1.20		0.1	%
Total / Average	84,640	96.6	%	$	2,379	$	1.26	100.0	%
Same Store Total / Average	77,994	97.5	%	$	2,386	$	1.27	93.4	%

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

(2)Represents homes located outside of the Company's 16 core markets; as of June 30, 2024, these include 68 homes located in Nashville, and 26 homes located in other markets that are generally being held for sale.

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

Q2 2024 Earnings Release and Supplemental Information — page 19

Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenues
YoY, Q2 2024	Q2 2024		Q2 2023		Change		Q2 2024		Q2 2023		Change		Q2 2024		Q2 2023		Change
Western United States:
Southern California	$	3,072	$	2,942	4.4	%	98.1	%	97.8	%	0.3	%	$	65,843	$	61,440	7.2	%
Northern California	2,711		2,626		3.2	%	98.3	%	97.6	%	0.7	%	32,971		31,390		5.0	%
Seattle	2,867		2,767		3.6	%	98.3	%	98.1	%	0.2	%	33,059		31,465		5.1	%
Phoenix	2,035		1,965		3.6	%	97.7	%	97.6	%	0.1	%	52,925		51,062		3.6	%
Las Vegas	2,184		2,147		1.7	%	97.7	%	96.6	%	1.1	%	19,601		18,713		4.7	%
Denver	2,539		2,468		2.9	%	98.4	%	98.2	%	0.2	%	18,178		17,540		3.6	%
Western US Subtotal	2,556		2,468		3.6	%	98.0	%	97.7	%	0.3	%	222,577		211,610		5.2	%
Florida:
South Florida	3,018		2,848		6.0	%	97.4	%	97.9	%	(0.5)	%	71,237		67,538		5.5	%
Tampa	2,282		2,182		4.6	%	97.2	%	97.6	%	(0.4)	%	56,814		54,443		4.4	%
Orlando	2,227		2,132		4.5	%	97.2	%	97.9	%	(0.7)	%	42,384		40,823		3.8	%
Jacksonville	2,163		2,103		2.9	%	97.6	%	97.2	%	0.4	%	12,620		12,213		3.3	%
Florida Subtotal	2,498		2,380		5.0	%	97.3	%	97.7	%	(0.4)	%	183,055		175,017		4.6	%
Southeast United States:
Atlanta	2,015		1,927		4.6	%	96.8	%	97.0	%	(0.2)	%	71,304		67,718		5.3	%
Carolinas	2,036		1,958		4.0	%	97.5	%	97.6	%	(0.1)	%	32,086		30,568		5.0	%
Southeast US Subtotal	2,022		1,937		4.4	%	97.0	%	97.2	%	(0.2)	%	103,390		98,286		5.2	%
Texas:
Houston	1,871		1,811		3.3	%	97.5	%	97.4	%	0.1	%	10,482		10,198		2.8	%
Dallas	2,248		2,172		3.5	%	97.3	%	97.0	%	0.3	%	17,195		16,586		3.7	%
Texas Subtotal	2,089		2,020		3.4	%	97.4	%	97.2	%	0.2	%	27,677		26,784		3.3	%
Midwest United States:
Chicago	2,369		2,271		4.3	%	97.6	%	98.0	%	(0.4)	%	17,069		16,356		4.4	%
Minneapolis	2,297		2,225		3.2	%	97.2	%	97.6	%	(0.4)	%	7,314		7,165		2.1	%
Midwest US Subtotal	2,347		2,257		4.0	%	97.4	%	97.8	%	(0.4)	%	24,383		23,521		3.7	%
Total / Average	$	2,386	$	2,290	4.2	%	97.5	%	97.6	%	(0.1)	%	$	561,082	$	535,218	4.8	%

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 20

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — Sequential Quarter
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenues
Seq, Q2 2024	Q2 2024		Q1 2024		Change		Q2 2024		Q1 2024		Change		Q2 2024		Q1 2024		Change
Western United States:
Southern California	$	3,072	$	3,050	0.7	%	98.1	%	98.3	%	(0.2)	%	$	65,843	$	65,188	1.0	%
Northern California	2,711		2,684		1.0	%	98.3	%	98.3	%	—	%	32,971		32,527		1.4	%
Seattle	2,867		2,836		1.1	%	98.3	%	98.3	%	—	%	33,059		32,576		1.5	%
Phoenix	2,035		2,021		0.7	%	97.7	%	98.0	%	(0.3)	%	52,925		52,717		0.4	%
Las Vegas	2,184		2,175		0.4	%	97.7	%	97.9	%	(0.2)	%	19,601		19,499		0.5	%
Denver	2,539		2,521		0.7	%	98.4	%	98.2	%	0.2	%	18,178		17,971		1.2	%
Western US Subtotal	2,556		2,536		0.8	%	98.0	%	98.1	%	(0.1)	%	222,577		220,478		1.0	%
Florida:
South Florida	3,018		2,977		1.4	%	97.4	%	97.5	%	(0.1)	%	71,237		70,491		1.1	%
Tampa	2,282		2,258		1.1	%	97.2	%	97.6	%	(0.4)	%	56,814		56,521		0.5	%
Orlando	2,227		2,204		1.0	%	97.2	%	97.5	%	(0.3)	%	42,384		41,967		1.0	%
Jacksonville	2,163		2,145		0.8	%	97.6	%	97.7	%	(0.1)	%	12,620		12,529		0.7	%
Florida Subtotal	2,498		2,469		1.2	%	97.3	%	97.6	%	(0.3)	%	183,055		181,508		0.9	%
Southeast United States:
Atlanta	2,015		1,996		1.0	%	96.8	%	97.5	%	(0.7)	%	71,304		70,882		0.6	%
Carolinas	2,036		2,016		1.0	%	97.5	%	97.9	%	(0.4)	%	32,086		31,671		1.3	%
Southeast US Subtotal	2,022		2,002		1.0	%	97.0	%	97.6	%	(0.6)	%	103,390		102,553		0.8	%
Texas:
Houston	1,871		1,851		1.1	%	97.5	%	97.7	%	(0.2)	%	10,482		10,433		0.5	%
Dallas	2,248		2,229		0.9	%	97.3	%	97.7	%	(0.4)	%	17,195		17,120		0.4	%
Texas Subtotal	2,089		2,069		1.0	%	97.4	%	97.7	%	(0.3)	%	27,677		27,553		0.5	%
Midwest United States:
Chicago	2,369		2,342		1.2	%	97.6	%	98.1	%	(0.5)	%	17,069		17,089		(0.1)	%
Minneapolis	2,297		2,280		0.7	%	97.2	%	97.0	%	0.2	%	7,314		7,263		0.7	%
Midwest US Subtotal	2,347		2,323		1.0	%	97.4	%	97.7	%	(0.3)	%	24,383		24,352		0.1	%
Total / Average	$	2,386	$	2,362	1.0	%	97.5	%	97.8	%	(0.3)	%	$	561,082	$	556,444	0.8	%

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 21

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — YTD
( in thousands, except avg. monthly rent) (unaudited)
	Avg. Monthly Rent						Average Occupancy						Core Revenues
YoY, YTD 2024	YTD 2024		YTD 2023		Change		YTD 2024		YTD 2023		Change		YTD 2024			YTD 2023		Change
Western United States:
Southern California	$	3,061	$	2,928	4.5	%	98.2	%	98.0	%	0.2	%	$	131,031		$	121,417	7.9	%
Northern California	2,697		2,617		3.1	%	98.3	%	97.8	%	0.5	%	65,498			62,274		5.2	%
Seattle	2,852		2,752		3.6	%	98.3	%	97.7	%	0.6	%	65,635			62,211		5.5	%
Phoenix	2,028		1,951		3.9	%	97.9	%	97.8	%	0.1	%	105,642			101,443		4.1	%
Las Vegas	2,180		2,140		1.9	%	97.8	%	96.6	%	1.2	%	39,100			36,900		6.0	%
Denver	2,530		2,453		3.1	%	98.3	%	97.8	%	0.5	%	36,149			34,841		3.8	%
Western US Subtotal	2,546		2,455		3.7	%	98.1	%	97.7	%	0.4	%	443,055		443055	419,086		5.7	%
Florida:
South Florida	2,997		2,821		6.2	%	97.5	%	97.9	%	(0.4)	%	141,728			133,642		6.1	%
Tampa	2,270		2,167		4.8	%	97.4	%	97.7	%	(0.3)	%	113,335			108,072		4.9	%
Orlando	2,216		2,116		4.7	%	97.3	%	98.0	%	(0.7)	%	84,351			81,141		4.0	%
Jacksonville	2,154		2,089		3.1	%	97.6	%	97.5	%	0.1	%	25,149			24,286		3.6	%
Florida Subtotal	2,483		2,360		5.2	%	97.4	%	97.9	%	(0.5)	%	364,563			347,141		5.0	%
Southeast United States:
Atlanta	2,006		1,915		4.8	%	97.1	%	97.2	%	(0.1)	%	142,186			134,210		5.9	%
Carolinas	2,026		1,945		4.2	%	97.7	%	97.9	%	(0.2)	%	63,757			60,714		5.0	%
Southeast US Subtotal	2,012		1,924		4.6	%	97.3	%	97.4	%	(0.1)	%	205,943			194,924		5.7	%
Texas:
Houston	1,861		1,802		3.3	%	97.6	%	97.3	%	0.3	%	20,915			20,162		3.7	%
Dallas	2,238		2,158		3.7	%	97.5	%	97.4	%	0.1	%	34,315			32,991		4.0	%
Texas Subtotal	2,079		2,008		3.5	%	97.5	%	97.4	%	0.1	%	55,230			53,153		3.9	%
Midwest United States:
Chicago	2,355		2,259		4.2	%	97.8	%	98.0	%	(0.2)	%	34,158			32,470		5.2	%
Minneapolis	2,289		2,213		3.4	%	97.1	%	97.1	%	—	%	14,577			14,145		3.1	%
Midwest US Subtotal	2,335		2,245		4.0	%	97.6	%	97.7	%	(0.1)	%	48,735			46,615		4.5	%
Total / Average	$	2,374	$	2,275	4.4	%	97.7	%	97.7	%	—	%	$	1,117,526		$	1,060,919	5.3	%

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 22

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 2024		Q2 2023		Change		Q2 2024		Q2 2023		Change		Q2 2024		Q2 2023		Change		Q2 2024		Q2 2023
Western United States:
Southern California	65,843	$	61,440	7.2	%	$	18,721	$	17,766	5.4	%	$	47,122	$	43,674	7.9	%	71.6	%	71.1	%
Northern California		31,390		5.0	%	8,956		8,382		6.8	%	24,015		23,008		4.4	%	72.8	%	73.3	%
Seattle		31,465		5.1	%	8,413		8,296		1.4	%	24,646		23,169		6.4	%	74.6	%	73.6	%
Phoenix		51,062		3.6	%	10,254		9,797		4.7	%	42,671		41,265		3.4	%	80.6	%	80.8	%
Las Vegas		18,713		4.7	%	4,400		4,390		0.2	%	15,201		14,323		6.1	%	77.6	%	76.5	%
Denver		17,540		3.6	%	3,560		3,406		4.5	%	14,618		14,134		3.4	%	80.4	%	80.6	%
Western US Subtotal		211,610		5.2	%	54,304		52,037		4.4	%	168,273		159,573		5.5	%	75.6	%	75.4	%
Florida:
South Florida		67,538		5.5	%	28,776		25,635		12.3	%	42,461		41,903		1.3	%	59.6	%	62.0	%
Tampa		54,443		4.4	%	22,026		20,736		6.2	%	34,788		33,707		3.2	%	61.2	%	61.9	%
Orlando		40,823		3.8	%	15,820		13,917		13.7	%	26,564		26,906		(1.3)	%	62.7	%	65.9	%
Jacksonville		12,213		3.3	%	4,745		4,355		9.0	%	7,875		7,858		0.2	%	62.4	%	64.3	%
Florida Subtotal		175,017		4.6	%	71,367		64,643		10.4	%	111,688		110,374		1.2	%	61.0	%	63.1	%
Southeast United States:
Atlanta		67,718		5.3	%	24,775		23,557		5.2	%	46,529		44,161		5.4	%	65.3	%	65.2	%
Carolinas		30,568		5.0	%	9,029		8,106		11.4	%	23,057		22,462		2.6	%	71.9	%	73.5	%
Southeast US Subtotal		98,286		5.2	%	33,804		31,663		6.8	%	69,586		66,623		4.4	%	67.3	%	67.8	%
Texas:
Houston		10,198		2.8	%	5,117		4,957		3.2	%	5,365		5,241		2.4	%	51.2	%	51.4	%
Dallas		16,586		3.7	%	7,093		6,803		4.3	%	10,102		9,783		3.3	%	58.8	%	59.0	%
Texas Subtotal		26,784		3.3	%	12,210		11,760		3.8	%	15,467		15,024		2.9	%	55.9	%	56.1	%
Midwest United States:
Chicago		16,356		4.4	%	7,591		7,362		3.1	%	9,478		8,994		5.4	%	55.5	%	55.0	%
Minneapolis		7,165		2.1	%	2,633		2,455		7.3	%	4,681		4,710		(0.6)	%	64.0	%	65.7	%
Midwest US Subtotal		23,521		3.7	%	10,224		9,817		4.1	%	14,159		13,704		3.3	%	58.1	%	58.3	%
Same Store Total / Average	561,082	$	535,218	4.8	%	$	181,909	$	169,920	7.1	%	$	379,173	$	365,298	3.8	%	67.6	%	68.3	%

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 23

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 2024		Q1 2024		Change			Q2 2024		Q1 2024		Change		Q2 2024		Q1 2024			Change		Q2 2024		Q1 2024
Western United States:
Southern California	65,843	$	65,188	1.0	%		$	18,721	$	18,352	2.0	%	$	47,122	$	46,836		0.6	%	71.6	%	71.8	%
Northern California		32,527		1.4	%		8,956		8,740		2.5	%	24,015		23,787			1.0	%	72.8	%	73.1	%
Seattle		32,576		1.5	%		8,413		8,301		1.3	%	24,646		24,275			1.5	%	74.6	%	74.5	%
Phoenix		52,717		0.4	%		10,254		9,624		6.5	%	42,671		43,093			(1.0)	%	80.6	%	81.7	%
Las Vegas		19,499		0.5	%		4,400		4,328		1.7	%	15,201		15,171			0.2	%	77.6	%	77.8	%
Denver		17,971		1.2	%		3,560		3,729		(4.5)	%	14,618		14,242			2.6	%	80.4	%	79.2	%
Western US Subtotal		220,478		1.0	%		54,304		53,074		2.3	%	168,273		167,404			0.5	%	75.6	%	75.9	%
Florida:
South Florida		70,491		1.1	%		28,776		28,405		1.3	%	42,461		42,086			0.9	%	59.6	%	59.7	%
Tampa		56,521		0.5	%		22,026		21,363		3.1	%	34,788		35,158			(1.1)	%	61.2	%	62.2	%
Orlando		41,967		1.0	%		15,820		14,915		6.1	%	26,564		27,052			(1.8)	%	62.7	%	64.5	%
Jacksonville		12,529		0.7	%		4,745		4,672		1.6	%	7,875		7,857			0.2	%	62.4	%	62.7	%
Florida Subtotal		181,508		0.9	%		71,367		69,355		2.9	%	111,688		112,153			(0.4)	%	61.0	%	61.8	%
Southeast United States:
Atlanta		70,882		0.6	%		24,775		23,449		5.7	%	46,529		47,433			(1.9)	%	65.3	%	66.9	%
Carolinas		31,671		1.3	%		9,029		8,847		2.1	%	23,057		22,824			1.0	%	71.9	%	72.1	%
Southeast US Subtotal		102,553		0.8	%		33,804		32,296		4.7	%	69,586		70,257			(1.0)	%	67.3	%	68.5	%
Texas:
Houston		10,433		0.5	%		5,117		4,982		2.7	%	5,365		5,451			(1.6)	%	51.2	%	52.2	%
Dallas		17,120		0.4	%		7,093		7,529		(5.8)	%	10,102		9,591			5.3	%	58.8	%	56.0	%
Texas Subtotal		27,553		0.5	%		12,210		12,511		(2.4)	%	15,467		15,042			2.8	%	55.9	%	54.6	%
Midwest United States:
Chicago		17,089		(0.1)	%		7,591		7,390		2.7	%	9,478		9,699			(2.3)	%	55.5	%	56.8	%
Minneapolis		7,263		0.7	%		2,633		2,436		8.1	%	4,681		4,827			(3.0)	%	64.0	%	66.5	%
Midwest US Subtotal		24,352		0.1	%		10,224		9,826		4.1	%	14,159		14,526			(2.5)	%	58.1	%	59.7	%
Same Store Total / Average	561,082	$	556,444	0.8	%		$	181,909	$	177,062	2.7	%	$	379,173	$	379,382		(0.1)	%	67.6	%	68.2	%

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 24

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

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 25

Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
	Rental Rate Growth
	Q2 2024						YTD 2024
	Renewal		New		Blended		Renewal		New		Blended
	Leases		Leases		Average		Leases		Leases		Average
Western United States:
Southern California	5.5	%	6.4	%	5.7	%	5.8	%	6.8	%	6.0	%
Northern California	4.8	%	4.8	%	4.8	%	4.9	%	2.9	%	4.4	%
Seattle	4.7	%	5.1	%	4.8	%	4.6	%	3.9	%	4.4	%
Phoenix	3.4	%	0.4	%	2.6	%	4.3	%	(0.8)	%	2.9	%
Las Vegas	3.9	%	1.8	%	3.4	%	3.6	%	(0.1)	%	2.6	%
Denver	3.7	%	4.7	%	4.0	%	3.6	%	3.2	%	3.5	%
Western US Subtotal	4.5	%	3.6	%	4.2	%	4.7	%	2.6	%	4.1	%
Florida:
South Florida	9.5	%	2.9	%	7.8	%	8.6	%	1.5	%	6.6	%
Tampa	5.0	%	2.2	%	4.1	%	5.8	%	1.3	%	4.4	%
Orlando	5.2	%	3.6	%	4.7	%	5.7	%	2.2	%	4.6	%
Jacksonville	4.3	%	1.7	%	3.5	%	4.7	%	0.5	%	3.5	%
Florida Subtotal	6.7	%	2.8	%	5.6	%	6.8	%	1.5	%	5.2	%
Southeast United States:
Atlanta	6.3	%	4.5	%	5.9	%	6.5	%	2.9	%	5.6	%
Carolinas	5.6	%	4.6	%	5.3	%	4.9	%	2.6	%	4.2	%
Southeast US Subtotal	6.1	%	4.5	%	5.7	%	6.0	%	2.8	%	5.2	%
Texas:
Houston	5.1	%	4.2	%	5.0	%	4.9	%	2.0	%	4.2	%
Dallas	5.4	%	1.8	%	4.5	%	5.6	%	1.6	%	4.5	%
Texas Subtotal	5.3	%	2.6	%	4.7	%	5.3	%	1.8	%	4.4	%
Midwest United States:
Chicago	5.2	%	8.8	%	6.0	%	5.0	%	6.3	%	5.3	%
Minneapolis	5.6	%	4.0	%	5.2	%	6.0	%	(1.2)	%	4.0	%
Midwest US Subtotal	5.3	%	7.2	%	5.7	%	5.3	%	3.5	%	4.9	%
Total / Average	5.6	%	3.6	%	5.0	%	5.7	%	2.3	%	4.7	%

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

Q2 2024 Earnings Release and Supplemental Information — page 26

Supplemental Schedule 6

Same Store Cost to Maintain, net (1)
( in thousands, except per home amounts) (unaudited)
Total		Q1 2024		Q4 2023		Q3 2023		Q2 2023
R&M OpEx, net	26,915	$	21,177	$	22,754	$	27,609	$	21,660
Turn OpEx, net		8,715		9,962		12,266		11,513
Total recurring operating expenses, net	37,180	$	29,892	$	32,716	$	39,875	$	33,173
R&M CapEx	33,716	$	25,915	$	26,976	$	33,282	$	24,322
Turn CapEx		8,305		10,031		11,631		9,212
Total recurring capital expenditures	42,678	$	34,220	$	37,007	$	44,913	$	33,534
R&M OpEx, net + R&M CapEx	60,631	$	47,092	$	49,730	$	60,891	$	45,982
Turn OpEx, net + Turn CapEx		17,020		19,993		23,897		20,725
Total Cost to Maintain, net	79,858	$	64,112	$	69,723	$	84,788	$	66,707
Per Home		Q1 2024		Q4 2023		Q3 2023		Q2 2023
Total Cost to Maintain, net	1,024	$	822	$	894	$	1,087	$	855

All values are in US Dollars.

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

Total Wholly Owned Portfolio Capital Expenditure Detail
( in thousands) (unaudited)
Total		Q1 2024		Q4 2023		Q3 2023		Q2 2023
Recurring CapEx	46,371	$	36,923	$	40,080	$	48,765	$	36,173
Value Enhancing CapEx		7,300		12,148		14,381		12,875
Initial Renovation CapEx		7,698		9,656		11,744		4,356
Disposition CapEx		716		1,021		1,258		1,694
Total Capital Expenditures	65,926	$	52,637	$	62,905	$	76,148	$	55,098

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 27

Supplemental Schedule 7

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

All values are in US Dollars.

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

Q2 2024 Earnings Release and Supplemental Information — page 28

Supplemental Schedule 8(a)

Acquisitions and Dispositions
(unaudited)	March 31, 2024	Q2 2024 Acquisitions (1)			Q2 2024 Dispositions (2)			June 30, 2024
	Homes	Homes	Avg. Est.		Homes	Average		Homes
	Owned	Acq.	Cost Basis		Sold	Sales Price		Owned
Wholly Owned Portfolio
Western United States:
Southern California	7,488	18	$	537,926	60	$	663,573	7,446
Northern California	4,281	—	—		23	450,422		4,258
Seattle	4,027	—	—		15	569,233		4,012
Phoenix	9,233	12	389,952		2	314,000		9,243
Las Vegas	3,416	—	—		1	450,000		3,415
Denver	2,574	—	—		5	378,850		2,569
Western US Subtotal	31,019	30	478,736		106	581,932		30,943
Florida:
South Florida	8,251	56	247,543		38	449,850		8,269
Tampa	9,247	86	344,717		31	325,252		9,302
Orlando	6,739	41	351,658		6	318,000		6,774
Jacksonville	1,996	—	—		1	475,000		1,995
Florida Subtotal	26,233	183	316,536		76	388,949		26,340
Southeast United States:
Atlanta	12,712	26	333,013		26	301,196		12,712
Carolinas	5,509	127	330,496		3	315,300		5,633
Southeast US Subtotal	18,221	153	330,924		29	302,655		18,345
Texas:
Houston	2,340	—	—		9	236,193		2,331
Dallas	3,000	40	285,257		3	319,333		3,037
Texas Subtotal	5,340	40	285,257		12	261,135		5,368
Midwest United States:
Chicago	2,487	—	—		3	303,667		2,484
Minneapolis	1,070	—	—		4	259,864		1,066
Midwest US Subtotal	3,557	—	—		7	278,636		3,550
Other (3):	75	39	303,803		20	298,857		94
Total / Average	84,445	445	$	328,490	250	$	445,810	84,640
Joint Venture Portfolio
2020 Rockpoint JV (4)	2,608	—	$	—	1	$	469,900	2,607
2022 Rockpoint JV (5)	319	—	—		—	—		319
FNMA JV (6)	408	—	—		7	454,786		401
Pathway Homes (7)	509	57	341,789		8	350,979		558
Upward America JV (8)	3,720	—	—		—	—		3,720

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

Q2 2024 Earnings Release and Supplemental Information — page 29

Supplemental Schedule 8(a) (Continued)

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

(2)Cap rates on wholly owned dispositions during the quarter averaged 2.2%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.

(3)Represents homes located outside of the Company's 16 core markets; as of June 30, 2024, these include 68 homes located in Nashville, and 26 homes located in other markets that are generally being held for sale.

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

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

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

(7)Represents portfolio owned by Pathway Homes, of which Invitation Homes owns 100.0%.

(8)Represents portfolio owned by the Upward America JV, of which Invitation Homes owns 7.2%, beginning on the date of its investment on April 29, 2024.

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

Q2 2024 Earnings Release and Supplemental Information — page 30

Supplemental Schedule 8(b)

Expected Acquisition Pipeline of New Homes from Homebuilders — As of June 30, 2024
(unaudited)
	Pipeline as of June 30, 2024 (1)(2)	Estimated Deliveries <br>in Q3-Q4 2024	Estimated Deliveries <br>in 2025	Estimated Deliveries Thereafter	Avg. Estimated Cost Basis Per Home
Southern California	97	36	61	—	$	540,000
Phoenix	110	30	50	30	430,000
Tampa	340	82	104	154	320,000
Orlando	453	81	221	151	430,000
Jacksonville	250	—	40	210	270,000
Atlanta	116	28	42	46	340,000
Carolinas	463	206	225	32	330,000
South Florida	19	19	—	—	360,000
Houston	533	34	360	139	280,000
Dallas	246	119	127	—	260,000
Nashville	62	56	6	—	300,000
Total / Average	2,689	691	1,236	762	$	340,000

(1)Represents the number of new homes under contract as of June 30, 2024, that are expected to be built, sold and delivered to the Company by various homebuilders during a future period.

(2)Pipeline rollforward:

Pipeline as of March 31, 2024		1,970
	Q2 2024 additions and cancellations (net)	1,093
	Q2 2024 deliveries	(374)
Pipeline as of June 30, 2024		2,689

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

Q2 2024 Earnings Release and Supplemental Information — page 31

Glossary and Reconciliations

Average Estimated Cost Basis

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

Average Monthly Rent

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

Average Occupancy

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

Bad Debt

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

Core NOI Margin

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

Core Operating Expenses

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

Core Revenues

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

Cost to Maintain, net

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

Disposition CapEx

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

EBITDA, EBITDAre, and Adjusted EBITDAre

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

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

Q2 2024 Earnings Release and Supplemental Information — page 32

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

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

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

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

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

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

Initial Renovation CapEx

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

Net Operating Income (NOI)

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

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

Q2 2024 Earnings Release and Supplemental Information — page 33

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

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

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

PSF

PSF means per square foot.

Recurring Capital Expenditures or Recurring CapEx

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

Rental Rate Growth

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

Same Store / Same Store Portfolio

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

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

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

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

Total Homes / Total Portfolio

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

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

Q2 2024 Earnings Release and Supplemental Information — page 34

Turnover Rate

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

Unsecured Facility Covenants

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

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

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

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

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

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

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

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

Q2 2024 Earnings Release and Supplemental Information — page 35

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

The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in its periodic filings with the SEC.

Unsecured Public Bond Covenants

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

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

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

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

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

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

The breach of any of the covenants set forth in the Indenture could result in a default of the Company's indebtedness related to its senior notes, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in its periodic filings with the SEC.

Value Enhancing CapEx

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

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

Q2 2024 Earnings Release and Supplemental Information — page 36

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

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

Q2 2024 Earnings Release and Supplemental Information — page 37

Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023
Net income available to common stockholders	$	72,981	$	142,158	$	129,368	$	131,637	$	137,698
Net income available to participating securities	207		192		178		181		166
Non-controlling interests	243		436		395		403		418
Interest expense	90,007		89,845		90,049		86,736		78,625
Depreciation and amortization	176,622		175,313		173,159		170,696		165,759
Property management expense	32,633		31,237		25,246		23,399		23,580
General and administrative	21,498		23,448		22,387		22,714		19,791
Impairment and other	10,353		4,137		3,069		2,496		1,868
Gain on sale of property, net of tax	(43,267)		(50,498)		(49,092)		(57,989)		(46,788)
(Gains) losses on investments in equity securities, net	(1,504)		209		(237)		499		(524)
Other, net (1)	54,012		(5,973)		(5,533)		2,533		3,941
Management fee revenues	(15,976)		(13,942)		(3,420)		(3,404)		(3,448)
Losses from investments in unconsolidated joint ventures	5,482		5,138		6,790		4,902		2,030
NOI (Total Portfolio)	403,291		401,700		392,359		384,803		383,116
Non-Same Store NOI	(24,118)		(22,318)		(22,164)		(21,879)		(17,818)
Same Store NOI	$	379,173	$	379,382	$	370,195	$	362,924	$	365,298
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
	YTD 2024		YTD 2023
Net income available to common stockholders	$	215,139	$	257,769
Net income available to participating securities	399		337
Non-controlling interests	679		760
Interest expense	179,852		156,672
Depreciation and amortization	351,935		330,432
Property management expense	63,870		47,164
General and administrative	44,946		37,243
Impairment and other	14,490		3,031
Gain on sale of property, net of tax	(93,765)		(76,459)
(Gains) losses on investments in equity securities, net	(1,295)		(612)
Other, net (1)	48,039		5,435
Management fee revenues	(29,918)		(6,823)
Losses from investments in unconsolidated joint ventures	10,620		6,185
NOI (Total Portfolio)	804,991		761,134
Non-Same Store NOI	(46,436)		(35,497)
Same Store NOI	$	758,555	$	725,637

(1)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

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

Q2 2024 Earnings Release and Supplemental Information — page 38

Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
	Q2 2024		Q2 2023		YTD 2024		YTD 2023
Net income available to common stockholders	$	72,981	$	137,698	$	215,139	$	257,769
Net income available to participating securities	207		166		399		337
Non-controlling interests	243		418		679		760
Interest expense	90,007		78,625		179,852		156,672
Interest expense in unconsolidated joint ventures	5,549		3,145		10,784		7,723
Depreciation and amortization	176,622		165,759		351,935		330,432
Depreciation and amortization of investments in unconsolidated joint ventures	3,358		2,521		6,285		4,996
EBITDA	348,967		388,332		765,073		758,689
Gain on sale of property, net of tax	(43,267)		(46,788)		(93,765)		(76,459)
Impairment on depreciated real estate investments	—		81		60		259
Net (gain) loss on sale of investments in unconsolidated joint ventures	167		(304)		(214)		(634)
EBITDAre	305,867		341,321		671,154		681,855
Share-based compensation expense	7,492		6,066		15,392		12,564
Severance	89		371		179		524
Casualty losses, net (1)	10,363		1,797		14,445		2,785
Gains on investments in equity and other securities, net	(1,504)		(524)		(1,295)		(612)
Other, net (2)	54,012		3,941		48,039		5,435
Adjusted EBITDAre	$	376,319	$	352,972	$	747,914	$	702,551
	Trailing Twelve Months (TTM)<br>Ended
	June 30, 2024		December 31, 2023
Net income available to common stockholders	$	476,144	$	518,774
Net income available to participating securities	758		696
Non-controlling interests	1,477		1,558
Interest expense	356,637		333,457
Interest expense in unconsolidated joint ventures	21,316		18,255
Depreciation and amortization	695,790		674,287
Depreciation and amortization of investments in unconsolidated joint ventures	11,758		10,469
EBITDA	1,563,880		1,557,496
Gain on sale of property, net of tax	(200,846)		(183,540)
Impairment on depreciated real estate investments	228		427
Net gain on sale of investments in unconsolidated joint ventures	(1,248)		(1,668)
EBITDAre	1,362,014		1,372,715
Share-based compensation expense	32,331		29,503
Severance	632		977
Casualty losses, net (1)	19,860		8,200
Gains on investments in equity and other securities, net	(1,033)		(350)
Other, net (2)	45,039		2,435
Adjusted EBITDAre	$	1,458,843	$	1,413,480

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

(2)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

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

Q2 2024 Earnings Release and Supplemental Information — page 39

Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
	As of			As of
	June 30, 2024			December 31, 2023
Mortgage loans, net	$	1,617,967		$	1,627,256
Secured term loan, net	401,540			401,515
Unsecured notes, net	3,308,276			3,305,467
Term loan facility, net	3,215,993			3,211,814
Revolving facility	—			—
Total Debt per Balance Sheet	8,543,776			8,546,052
Retained and repurchased certificates	(87,262)			(87,703)
Cash, ex-security deposits and letters of credit (1)	(777,483)			(713,898)
Deferred financing costs, net	38,580			45,518
Unamortized discounts on note payable	20,059			21,376
Net Debt (A)	$	7,737,670		$	7,811,345
	For the TTM Ended			For the TTM Ended
	June 30, 2024			December 31, 2023
Adjusted EBITDAre (B)	$	1,458,843		$	1,413,480
Net Debt / TTM Adjusted EBITDAre (A / B)	5.3		x	5.5		x

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

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

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

Q2 2024 Earnings Release and Supplemental Information — page 40