EX-99.1 2 q22025supplemental.htm EX-99.1 Document

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Table of Contents














Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 2

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Earnings Press Release
Invitation Homes Reports Second Quarter 2025 Results
Dallas, TX, July 30, 2025 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our Second Quarter (“Q2”) 2025 financial and operating results.

Q2 2025 Highlights
Year over year, total revenues increased 4.3% to $681 million, property operating and maintenance costs increased 4.3% to $244 million, and net income available to common stockholders increased 92.7% to $141 million or $0.23 per diluted common share.
Year over year, Core FFO per share increased 1.7% to $0.48 and AFFO per share increased 3.4% to $0.41.
Same Store NOI increased 2.5% year over year on 2.4% Same Store Core Revenues growth and 2.2% Same Store Core Operating Expenses growth.
Same Store Average Occupancy was 97.2%, representing an expected reduction of 40 basis points year over year.
Same Store renewal rent growth of 4.7% and Same Store new lease rent growth of 2.2% drove Same Store blended rent growth of 4.0%.
Same Store Bad Debt improved to 0.6% of gross rental revenue.
Acquisitions by us and our joint ventures totaled 1,040 homes for approximately $350 million while dispositions totaled 358 homes for approximately $141 million.
As previously announced in April 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.
As previously announced in June 2025, we launched our developer lending program with a $33 million loan commitment to support the development of a 156-home community in Houston. Funding is being provided in phases as construction progresses, and the agreement includes an option for us to acquire the community upon stabilization.

Comments from Chief Executive Officer Dallas Tanner
“Our second quarter performance underscores the continued strength and resilience of our platform. We continue to benefit from robust resident demand, elevated renewal rates, and disciplined cost control — all of which reinforce our long-term growth strategy.

“In the first half of the year, net income per common share — diluted increased 42.4% year over year, and we delivered 3.2% Same Store NOI growth and a 3.7% increase in AFFO per share, alongside Same Store average occupancy of 97.3% and blended Same Store leasing spreads of 3.8%. I’m proud of our team’s strong execution, the momentum we’re carrying into the second half of the year, and the value we’re creating for both our residents and our shareholders.”

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


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 3

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Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q2 2025Q2 2024YTD 2025YTD 2024
Net income$0.23 $0.12 $0.50 $0.35 
FFO0.45 0.34 0.90 0.77 
Core FFO0.48 0.47 0.97 0.94 
AFFO0.41 0.40 0.84 0.81 
Net Income
Net income per common share — diluted for Q2 2025 was $0.23, compared to net income per common share — diluted of $0.12 for Q2 2024. Total revenues and total property operating and maintenance expenses for Q2 2025 were $681 million and $244 million, respectively, compared to $653 million and $234 million, respectively, for Q2 2024.

Net income per common share — diluted for YTD 2025 was $0.50, compared to net income per share — diluted of $0.35 for YTD 2024. Total revenues and total property operating and maintenance expenses for YTD 2025 were $1,356 million and $482 million, respectively, compared to $1,299 million and $465 million, respectively, for YTD 2024.
Core FFO
Year over year, Core FFO per share for Q2 2025 increased 1.7% to $0.48, while Core FFO per share for YTD 2025 increased 2.6% to $0.97, primarily due to NOI growth.
AFFO
Year over year, AFFO per share for Q2 2025 increased 3.4% to $0.41, while AFFO per share for YTD 2025 increased 3.7% to $0.84, 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:77,721 
Q2 2025Q2 2024YTD 2025YTD 2024
Core Revenues growth (year over year)2.4 %2.5 %
Core Operating Expenses growth (year over year)2.2 %1.0 %
NOI growth (year over year)2.5 %3.2 %
Average Occupancy97.2 %97.6 %97.3 %97.7 %
Bad Debt % of gross rental revenue0.6 %0.7 %0.7 %0.7 %
Turnover Rate6.2 %6.2 %11.2 %11.5 %
Rental Rate Growth (lease-over-lease):
Renewals 4.7 %5.5 %4.9 %5.6 %
New Leases 2.2 %3.5 %1.0 %2.1 %
Blended 4.0 %5.0 %3.8 %4.6 %
Same Store NOI
For the Same Store Portfolio of 77,721 homes, Same Store NOI for Q2 2025 increased 2.5% year over year on Same Store Core Revenues growth of 2.4% and Same Store Core Operating Expenses growth of 2.2%.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 4

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YTD 2025 Same Store NOI increased 3.2% year over year on Same Store Core Revenues growth of 2.5% and Same Store Core Operating Expenses growth of 1.0%.

Same Store Core Revenues
Same Store Core Revenues growth for Q2 2025 of 2.4% year over year was primarily driven by a 2.6% increase in Average Monthly Rent and a 6.8% increase in other income, net of resident recoveries, partially offset by a 40 basis point year over year decline in Average Occupancy.

YTD 2025 Same Store Core Revenues growth of 2.5% year over year was primarily driven by a 2.9% increase in Average Monthly Rent and a 4.7% increase in other income, net of resident recoveries, partially offset by a 40 basis point year over year decline in Average Occupancy.

Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q2 2025 increased 2.2% year over year, primarily attributable to a 3.9% increase in controllable expenses and a 1.3% increase in fixed expenses.

YTD 2025 Same Store Core Operating Expenses increased 1.0% year over year, primarily driven by a 1.2% increase in fixed expenses and a 0.8% increase in controllable expenses.

Investment and Property Management Activity
Acquisitions for Q2 2025 totaled 1,040 homes for approximately $350 million through our various acquisition channels. This included 939 wholly owned homes for approximately $316 million and 101 homes for approximately $34 million in our joint ventures. Dispositions for Q2 2025 included 295 wholly owned homes for gross proceeds of approximately $111 million and 63 homes for gross proceeds of approximately $30 million in our joint ventures.

Year to date through Q2 2025, the Company acquired 1,516 wholly owned homes for $510 million and 155 homes for $53 million in the Company's joint ventures. The company also sold 749 wholly owned homes for $284 million and 79 homes for $36 million in the Company's joint ventures.

As previously announced in June 2025, we launched our developer lending program with a $33 million loan commitment to support the development of a 156-home community in Houston. Funding is being provided in phases as construction progresses, and the agreement includes an option for us to acquire the community upon stabilization.

A summary of our owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed As Of 6/30/2025
Number of Homes Owned and/or Managed as of 3/31/2025Acquired or Added In
Q2 2025
Disposed or Subtracted In Q2 2025Number of Homes Owned and/or Managed as of 6/30/2025
Wholly owned homes85,261939(295)85,905
Joint venture owned homes7,660101(63)7,698
Managed-only homes 17,336(551)16,785
Total homes owned and/or managed110,2571,040(909)110,388



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 5

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Balance Sheet and Capital Markets Activity
As of June 30, 2025, we had $1,275 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,253 million consisted of 83.1% unsecured debt and 16.9% secured debt; 87.7% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.3x. We have no debt reaching final maturity before 2027.
As previously announced on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.

FY 2025 Guidance Details
We do 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 we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.

Our full year 2025 guidance remains unchanged from initial guidance provided in February 2025, as outlined in the table below.
FY 2025 Guidance
FY 2025
Guidance Range
FY 2025
Guidance
Midpoint
Core FFO per share — diluted$1.88 to $1.94$1.91
AFFO per share — diluted$1.58 to $1.64$1.61
Same Store Core Revenues growth (1)
1.75% to 3.25%2.5%
Same Store Core Operating Expenses growth (2)
2.75% to 4.25%3.5%
Same Store NOI growth1.00% to 3.00%2.0%
Wholly owned acquisitions$500 million to
$700 million
$600 million
JV acquisitions$100 million to
$200 million
$150 million
Wholly owned dispositions$400 million to
$600 million
$500 million
(1)Same Store Core Revenues growth guidance assumes (i) FY 2025 Average Occupancy in a range of 96.2% to 96.8% and (ii) FY 2025 average Bad Debt in a range of 60 to 90 basis points.
(2)Same Store Core Operating Expenses growth guidance assumes (i) an increase in FY 2025 property taxes in a range of 5.0% to 6.0% year over year and (ii) a reduction in FY 2025 insurance expenses in a range of -2.0% to -3.0% year over year.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 6

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Earnings Conference Call Information
We have scheduled a conference call at 11:00 a.m. Eastern Time on July 31, 2025, to review Q2 2025 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

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

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

About Invitation Homes
Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality homes with valued features such as close proximity to jobs and access to good schools. Our purpose, Unlock the power of home™, reflects our commitment to providing living solutions and Genuine CARE™ to the growing share of people who count on the flexibility and savings of leasing a home.

Investor Relations ContactMedia Relations Contact
Scott McLaughlinKristi DesJarlais
844.456.INVH (4684)844.456.INVH (4684)
IR@InvitationHomes.comMedia@InvitationHomes.com

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I.  Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 7

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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
June 30, 2025December 31, 2024
(unaudited)
Assets:
Investments in single-family residential properties, net$17,361,929 $17,212,126 
Cash and cash equivalents65,112 174,491 
Restricted cash218,612 245,202 
Goodwill258,207 258,207 
Investments in unconsolidated joint ventures232,614 241,605 
Other assets, net525,531 569,320 
Total assets$18,662,005 $18,700,951 
Liabilities:
Secured debt, net
$1,382,965 $1,385,573 
Unsecured notes, net3,803,985 3,800,688 
Term loan facilities, net2,447,555 2,446,041 
Revolving facility540,000 570,000 
Accounts payable and accrued expenses308,347 247,709 
Resident security deposits184,656 180,866 
Other liabilities289,201 277,565 
Total liabilities8,956,709 8,908,442 
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2025 and December 31, 2024— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 613,008,220 and 612,605,478 outstanding as of June 30, 2025 and December 31, 2024, respectively
6,130 6,126 
Additional paid-in capital11,181,950 11,170,597 
Accumulated deficit(1,531,350)(1,480,928)
Accumulated other comprehensive income11,556 60,969 
Total stockholders’ equity
9,668,286 9,756,764 
Non-controlling interests37,010 35,745 
Total equity9,705,296 9,792,509 
Total liabilities and equity$18,662,005 $18,700,951 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 8

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Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q2 2025Q2 2024YTD 2025YTD 2024
(unaudited)(unaudited)(unaudited)
Revenues:
Rental revenues$592,509 $576,865 $1,177,703 $1,148,295 
Other property income66,598 60,610 134,475 121,277 
Management fee revenues22,294 15,976 43,702 29,918 
Total revenues681,401 653,451 1,355,880 1,299,490 
Expenses:
Property operating and maintenance244,278 234,184 481,727 464,581 
Property management expense35,833 32,633 72,572 63,870 
General and administrative23,591 21,498 53,109 44,946 
Interest expense87,414 90,007 171,668 179,852 
Depreciation and amortization185,455 176,622 368,601 351,935 
Casualty losses, impairment, and other3,029 10,353 7,712 14,490 
Total expenses 579,600 565,297 1,155,389 1,119,674 
Gains (losses) on investments in equity and other securities, net(90)1,504 (311)1,295 
Other, net(2,133)(54,012)(768)(48,039)
Gain on sale of property, net of tax46,591 43,267 118,257 93,765 
Losses from investments in unconsolidated joint ventures(4,802)(5,482)(10,020)(10,620)
Net income141,367 73,431 307,649 216,217 
Net income attributable to non-controlling interests(480)(243)(1,017)(679)
Net income attributable to common stockholders140,887 73,188 306,632 215,538 
Net income available to participating securities(222)(207)(450)(399)
Net income available to common stockholders — basic and diluted$140,665 $72,981 $306,182 $215,139 
Weighted average common shares outstanding — basic613,048,193 612,628,758 612,913,649 612,424,139 
Weighted average common shares outstanding — diluted613,261,904 613,823,339 613,312,641 613,815,253 
Net income per common share — basic$0.23 $0.12 $0.50 $0.35 
Net income per common share — diluted$0.23 $0.12 $0.50 $0.35 
Dividends declared per common share$0.29 $0.28 $0.58 $0.56 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 9

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Supplemental Schedule 1

Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO ReconciliationQ2 2025Q2 2024YTD 2025YTD 2024
Net income available to common stockholders$140,665 $72,981 $306,182 $215,139 
Net income available to participating securities
222 207 450 399 
Non-controlling interests
480 243 1,017 679 
Depreciation and amortization on real estate assets
181,059 173,319 360,122 345,237 
Impairment on depreciated real estate investments
36 — 99 60 
Net gain on sale of previously depreciated investments in real estate(46,591)(43,267)(118,257)(93,765)
Depreciation and net gain on sale of investments in unconsolidated joint ventures3,510 3,497 7,008 6,016 
FFO$279,381 $206,980 $556,621 $473,765 
Core FFO ReconciliationQ2 2025Q2 2024YTD 2025YTD 2024
FFO$279,381 $206,980 $556,621 $473,765 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
5,724 8,905 9,358 18,122 
Share-based compensation expense8,464 7,492 18,621 15,392 
Legal settlements — 59,500 — 59,500 
Severance expense35 89 2,420 179 
Casualty losses and reserves, net (1)
3,000 10,363 7,683 14,445 
Gains (losses) on investments in equity and other securities, net90 (1,504)311 (1,295)
Core FFO$296,694 $291,825 $595,014 $580,108 
AFFO ReconciliationQ2 2025Q2 2024YTD 2025YTD 2024
Core FFO$296,694 $291,825 $595,014 $580,108 
Recurring Capital Expenditures (1)
(43,272)(46,635)(80,619)(83,757)
AFFO$253,422 $245,190 $514,395 $496,351 
Net income available to common stockholders
Weighted average common shares outstanding — diluted613,261,904 613,823,339 613,312,641 613,815,253 
Net income per common share — diluted$0.23 $0.12 $0.50 $0.35 
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted615,771,167 616,061,403 615,703,901 616,024,305 
FFO per share — diluted$0.45 $0.34 $0.90 $0.77 
Core FFO per share — diluted$0.48 $0.47 $0.97 $0.94 
AFFO per share — diluted $0.41 $0.40 $0.84 $0.81 
(1)Includes our share from unconsolidated joint ventures.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 10

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Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net IncomeQ2 2025Q2 2024YTD 2025YTD 2024
Common shares — basic613,048,193 612,628,758 612,913,649 612,424,139 
Shares potentially issuable from vesting/conversion of equity-based awards213,711 1,194,581 398,992 1,391,114 
Total common shares — diluted613,261,904 613,823,339 613,312,641 613,815,253 
Weighted average amounts for FFO, Core FFO, and AFFOQ2 2025Q2 2024YTD 2025YTD 2024
Common shares — basic613,048,193 612,628,758 612,913,649 612,424,139 
OP units — basic2,095,013 1,984,943 2,031,655 1,929,142 
Shares potentially issuable from vesting/conversion of equity-based awards627,961 1,447,702 758,597 1,671,024 
Total common shares and units — diluted615,771,167 616,061,403 615,703,901 616,024,305 
Period end amounts for Core FFO and AFFOJune 30, 2025
Common shares613,008,220 
OP units2,099,937 
Shares potentially issuable from vesting/conversion of equity-based awards1,053,050 
Total common shares and units diluted
616,161,207 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 11

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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of June 30, 2025
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$1,388,398 16.9 %4.0 %3.1 
Floating — swapped to fixed— — %— %— 
Floating— — %— %— 
Total secured1,388,398 16.9 %4.0 %3.1 
Unsecured:
Fixed3,850,000 46.6 %3.6 %6.6 
Floating — swapped to fixed2,000,000 24.2 %4.0 %4.3 
Floating1,015,000 12.3 %5.2 %4.5 
Total unsecured6,865,000 83.1 %4.0 %5.6 
Total Debt:
Fixed + floating swapped to fixed (3)
7,238,398 87.7 %3.8 %5.3 
Floating1,015,000 12.3 %5.2 %4.5 
Total debt8,253,398 100.0 %4.0 %5.2 
Unamortized discounts on notes payable(22,766)
Deferred financing costs, net(56,127)
Total debt per Balance Sheet8,174,505 
Retained and repurchased certificates(55,499)
Cash, ex-security deposits and letters of credit (4)
(95,184)
Deferred financing costs, net56,127 
Unamortized discounts on notes payable22,766 
Net debt$8,102,715 
Leverage RatiosJune 30, 2025
Net Debt / TTM Adjusted EBITDAre
5.3 x
Credit RatingsRatingsOutlook
Fitch RatingsBBB+Stable
Moody’s Investors ServiceBaa2Stable
S&P Global Ratings BBBPositive
Unsecured Facilities Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
ActualRequirementActualRequirement
Total leverage ratio29.0 %≤ 60%Aggregate debt ratio35.0 %≤ 65%
Secured leverage ratio5.8 %≤ 45%Secured debt ratio5.7 %≤ 40%
Unencumbered leverage ratio27.1 %≤ 60%Unencumbered assets ratio310.4 %   ≥ 150%
Fixed charge coverage ratio4.3 x≥ 1.5xDebt service ratio4.5x≥ 1.5x
Unsecured interest coverage ratio5.2 x  ≥ 1.75x

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 12

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Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of June 30, 2025. See Supplemental Schedule 2(d) for additional information regarding our interest rate swaps.
(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 our Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the “Glossary and Reconciliations” section below. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
(6)Covenant calculations are specifically defined in our Supplemental Indentures to the Base Indenture for our Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 13

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Supplemental Schedule 2(c)

Debt Maturity Schedule — As of June 30, 2025
($ in thousands) (unaudited)
Unsecured Debt
SecuredUnsecuredTerm LoanRevolving% of
Debt Maturities, with Extensions (1)
DebtNotesFacilitiesFacilityTotalTotal
2025$— $— $— $— $— — %
2026— — — — — — %
2027988,013 — — — 988,013 12.0 %
2028— 750,000 — — 750,000 9.1 %
2029— — 1,750,000 540,000 2,290,000 27.8 %
2030— 450,000 725,000 — 1,175,000 14.2 %
2031400,385 650,000 — — 1,050,385 12.7 %
2032— 600,000 — — 600,000 7.3 %
2033— 350,000 — — 350,000 4.2 %
2034— 400,000 — — 400,000 4.8 %
2035— 500,000 — — 500,000 6.1 %
2036— 150,000 — — 150,000 1.8 %
1,388,398 3,850,000 2,475,000 540,000 8,253,398 100.0 %
Unamortized discounts on notes payable(703)(22,063)— — (22,766)
Deferred financing costs, net(4,730)(23,952)(27,445)— (56,127)
Total per Balance Sheet$1,382,965 $3,803,985 $2,447,555 $540,000 $8,174,505 
(1)Assumes all extension options are exercised.



















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 14

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Supplemental Schedule 2(d)

Active Swap Schedule — As of June 30, 2025
($ in thousands) (unaudited)
Agreement Date Effective DateMaturity Date Strike Rate Index Notional
4/18/20234/15/20237/31/20253.08%One month Term SOFR$200,000 
9/20/202412/31/20245/31/20283.13%One month Term SOFR200,000
9/20/202412/31/20245/31/20283.14%One month Term SOFR200,000
9/23/202412/31/20245/31/20283.13%One month Term SOFR200,000
9/24/202412/31/20245/31/20283.08%One month Term SOFR200,000
9/24/202412/31/20245/31/20283.08%One month Term SOFR200,000
9/25/202412/31/20245/31/20281.93%One month Term SOFR200,000
9/25/202412/31/20245/31/20293.12%One month Term SOFR200,000
5/8/20255/8/20255/31/20283.51%One month Term SOFR200,000
6/20/20256/20/20255/31/20283.60%One month Term SOFR200,000
Weighted Average Strike Rate 3.08%Total$2,000,000 

Forward Starting Swap Schedule — As of June 30, 2025
($ in thousands) (unaudited)
Forward
Agreement Date Effective DateMaturity Date Strike Rate Index Notional
3/22/20237/9/20255/31/20292.99%One month Term SOFR$300,000 
Weighted Average Strike Rate 2.99%

Projected Active Swaps — As of June 30, 2025 (1)
($ in thousands) (unaudited)
6/30/20259/30/202512/31/20253/31/20266/30/20269/30/202612/31/20263/31/2027
Active Notional $2,000,000$2,100,000$2,100,000$2,100,000$2,100,000$2,100,000$2,100,000$2,100,000
Weighted Average
Strike Rate
3.08%3.07%3.07%3.07%3.07%3.07%3.07%3.07%
(1)Based on swap agreements in place as of June 30, 2025, assuming all swaps are held to maturity and no incremental swaps are entered into in the future.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 15

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Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-endQ2 2025
Total Portfolio85,905 
Same Store Portfolio77,721 
Same Store % of Total90.5 %
Core RevenuesQ2 2025Q2 2024Change YoYYTD 2025YTD 2024Change YoY
Total Portfolio$618,163 $600,373 3.0 %$1,227,116 $1,194,675 2.7 %
Same Store Portfolio573,665 560,121 2.4 %1,142,804 1,114,647 2.5 %
Core Operating ExpensesQ2 2025Q2 2024Change YoYYTD 2025YTD 2024Change YoY
Total Portfolio$203,334 $197,082 3.2 %$396,665 $389,684 1.8 %
Same Store Portfolio183,985 179,981 2.2 %359,171 355,472 1.0 %
Net Operating IncomeQ2 2025Q2 2024Change YoYYTD 2025YTD 2024Change YoY
Total Portfolio$414,829 $403,291 2.9 %$830,451 $804,991 3.2 %
Same Store Portfolio389,680 380,140 2.5 %783,633 759,175 3.2 %




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 16

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Supplemental Schedule 3(b)

Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
ChangeChangeChange
Q2 2025Q2 2024YoYQ1 2025SeqYTD 2025YTD 2024YoY
Revenues:
Rental revenues (1)
$550,301 $538,252 2.2 %$547,288 0.6 %$1,097,589 $1,071,447 2.4 %
Other property income, net (1)(2)
23,364 21,869 6.8 %21,851 6.9 %45,215 43,200 4.7 %
Core Revenues573,665 560,121 2.4 %569,139 0.8 %1,142,804 1,114,647 2.5 %
Fixed Expenses:
Property taxes98,608 96,016 2.7 %98,908 (0.3)%197,516 192,976 2.4 %
Insurance expenses9,895 10,750 (8.0)%10,057 (1.6)%19,952 20,835 (4.2)%
HOA expenses9,888 10,076 (1.9)%10,512 (5.9)%20,400 21,281 (4.1)%
     Total Fixed Expenses118,391 116,842 1.3 %119,477 (0.9)%237,868 235,092 1.2 %
Controllable Expenses:
Repairs and maintenance, net (3)
26,255 26,419 (0.6)%20,440 28.4 %46,695 47,334 (1.3)%
Personnel, leasing and marketing20,673 21,303 (3.0)%21,118 (2.1)%41,791 43,072 (3.0)%
Turnover, net (3)
9,895 10,058 (1.6)%8,191 20.8 %18,086 18,800 (3.8)%
Utilities and property administrative, net (3)
8,771 5,359 63.7 %5,960 47.2 %14,731 11,174 31.8 %
     Total Controllable Expenses65,594 63,139 3.9 %55,709 17.7 %121,303 120,380 0.8 %
Core Operating Expenses183,985 179,981 2.2 %175,186 5.0 %359,171 355,472 1.0 %
Net Operating Income$389,680 $380,140 2.5 %$393,953 (1.1)%$783,633 $759,175 3.2 %
(1)All rental revenues and other property income are reflected net of Bad Debt.
(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $37,655, $34,255, $41,008, $78,663, and $69,001 for Q2 2025, Q2 2024, Q1 2025, YTD 2025, and YTD 2024, respectively.
(3)These expenses are presented net of applicable resident recoveries.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 17

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Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024
Average Occupancy97.2 %97.3 %96.8 %97.1 %97.6 %
Turnover Rate6.2 %5.0 %5.1 %6.1 %6.2 %
Trailing four quarters Turnover Rate22.4 %22.4 %22.7 %N/AN/A
Average Monthly Rent$2,445 $2,431 $2,417 $2,403 $2,382 
Rental Rate Growth (lease-over-lease):
Renewals4.7 %5.2 %4.1 %4.2 %5.5 %
New leases2.2 %(0.1)%(2.2)%1.6 %3.5 %
Blended4.0 %3.6 %2.2 %3.5 %5.0 %





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 18

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Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2025 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California7,184 96.6 %$3,183 $1.86 10.9 %
Northern California4,056 97.4 %2,783 1.76 5.5 %
Seattle3,931 97.8 %2,942 1.53 5.6 %
Phoenix9,214 97.5 %2,069 1.22 9.6 %
Las Vegas3,397 97.2 %2,239 1.14 3.7 %
Denver2,849 95.1 %2,626 1.43 3.5 %
Western US Subtotal30,631 97.1 %2,607 1.48 38.8 %
Florida:
South Florida8,134 96.1 %3,109 1.66 11.9 %
Tampa9,658 93.1 %2,307 1.22 10.7 %
Orlando6,879 96.3 %2,269 1.21 7.7 %
Jacksonville2,082 95.2 %2,195 1.11 2.2 %
Florida Subtotal26,753 94.9 %2,539 1.35 32.5 %
Southeast United States:
Atlanta12,634 96.2 %2,088 1.01 12.6 %
Carolinas6,106 94.1 %2,089 0.99 6.1 %
Southeast US Subtotal18,740 95.5 %2,088 1.00 18.7 %
Texas:
Houston2,459 92.9 %1,951 0.98 2.2 %
Dallas3,495 90.5 %2,275 1.11 3.6 %
Texas Subtotal5,954 90.8 %2,145 1.06 5.8 %
Midwest United States:
Chicago2,459 95.7 %2,474 1.54 2.8 %
Minneapolis1,048 95.8 %2,395 1.22 1.2 %
Midwest US Subtotal3,507 95.7 %2,450 1.43 4.0 %
Other (2):
320 63.5 %2,197 1.18 0.2 %
Total / Average85,905 95.6 %$2,434 $1.29 100.0 %
Same Store Total / Average77,721 97.2 %$2,445 $1.30 92.7 %
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)As of June 30, 2025, virtually all of these homes were newly-constructed and located in either Nashville or San Antonio.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 19

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Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, Q2 2025# HomesQ2 2025Q2 2024ChangeQ2 2025Q2 2024ChangeQ2 2025Q2 2024Change
Western United States:
Southern California6,800 $3,186 $3,073 3.7 %98.1 %98.5 %(0.4)%$65,172 $63,075 3.3 %
Northern California3,892 2,784 2,712 2.7 %98.4 %98.5 %(0.1)%32,884 31,955 2.9 %
Seattle3,907 2,942 2,855 3.0 %98.0 %98.4 %(0.4)%34,669 33,847 2.4 %
Phoenix8,598 2,060 2,037 1.1 %97.8 %97.7 %0.1 %54,658 53,862 1.5 %
Las Vegas2,972 2,239 2,183 2.6 %97.4 %97.7 %(0.3)%20,276 19,817 2.3 %
Denver2,454 2,616  2,525 3.6 %97.0 %98.4 %(1.4)%19,341 19,057 1.5 %
Western US Subtotal28,623 2,614 2,545 2.7 %97.9 %98.2 %(0.3)%227,000 221,613 2.4 %
Florida:
South Florida7,827 3,122 3,011 3.7 %96.8 %97.4 %(0.6)%72,931 70,775 3.0 %
Tampa8,150 2,309 2,284 1.1 %96.0 %97.3 %(1.3)%56,930 56,648 0.5 %
Orlando6,364 2,267 2,225 1.9 %97.2 %97.2 %— %44,172 43,212 2.2 %
Jacksonville1,904 2,191 2,163 1.3 %96.9 %97.6 %(0.7)%12,757 12,598 1.3 %
Florida Subtotal24,245 2,551 2,494 2.3 %96.7 %97.3 %(0.6)%186,790 183,233 1.9 %
Southeast United States:
Atlanta11,811 2,084 2,018 3.3 %97.0 %97.2 %(0.2)%73,215 71,177 2.9 %
Carolinas5,223 2,089 2,037 2.6 %97.4 %97.5 %(0.1)%33,341 32,223 3.5 %
Southeast US Subtotal17,034 2,086 2,024 3.1 %97.2 %97.3 %(0.1)%106,556 103,400 3.1 %
Texas:
Houston1,794 1,917 1,872 2.4 %96.8 %97.6 %(0.8)%10,483 10,252 2.3 %
Dallas2,581 2,286 2,252 1.5 %96.3 %97.4 %(1.1)%17,876 17,682 1.1 %
Texas Subtotal4,375 2,134 2,096 1.8 %96.5 %97.5 %(1.0)%28,359 27,934 1.5 %
Midwest United States:
Chicago2,410 2,473 2,371 4.3 %97.2 %97.7 %(0.5)%17,550 16,789 4.5 %
Minneapolis1,034 2,397 2,298 4.3 %96.7 %97.2 %(0.5)%7,410 7,152 3.6 %
Midwest US Subtotal3,444 2,450 2,349 4.3 %97.1 %97.6 %(0.5)%24,960 23,941 4.3 %
Total / Average77,721 $2,445 $2,382 2.6 %97.2 %97.6 %(0.4)%$573,665 $560,121 2.4 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 20

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Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
Seq, Q2 2025# HomesQ2 2025Q1 2025ChangeQ2 2025Q1 2025ChangeQ2 2025Q1 2025Change
Western United States:
Southern California6,800 $3,186 $3,155 1.0 %98.1 %98.4 %(0.3)%$65,172 $64,584 0.9 %
Northern California3,892 2,784 2,772 0.4 %98.4 %98.6 %(0.2)%32,884 32,759 0.4 %
Seattle3,907 2,942 2,923 0.7 %98.0 %97.8 %0.2 %34,669 34,243 1.2 %
Phoenix8,598 2,060 2,060 — %97.8 %97.6 %0.2 %54,658 54,135 1.0 %
Las Vegas2,972 2,239 2,230 0.4 %97.4 %97.5 %(0.1)%20,276 20,092 0.9 %
Denver2,454 2,616 2,592 0.9 %97.0 %97.0 %— %19,341 19,195 0.8 %
Western US Subtotal28,623 2,614 2,599 0.6 %97.9 %97.9 %— %227,000 225,008 0.9 %
Florida:
South Florida7,827 3,122 3,100 0.7 %96.8 %97.1 %(0.3)%72,931 72,640 0.4 %
Tampa8,150 2,309 2,298 0.5 %96.0 %96.3 %(0.3)%56,930 56,237 1.2 %
Orlando6,364 2,267 2,255 0.5 %97.2 %97.4 %(0.2)%44,172 43,945 0.5 %
Jacksonville1,904 2,191 2,177 0.6 %96.9 %97.8 %(0.9)%12,757 12,706 0.4 %
Florida Subtotal24,245 2,551 2,537 0.6 %96.7 %97.0 %(0.3)%186,790 185,528 0.7 %
Southeast United States:
Atlanta11,811 2,084 2,072 0.6 %97.0 %96.8 %0.2 %73,215 72,779 0.6 %
Carolinas5,223 2,089 2,080 0.4 %97.4 %97.2 %0.2 %33,341 32,872 1.4 %
Southeast US Subtotal17,034 2,086 2,074 0.6 %97.2 %96.9 %0.3 %106,556 105,651 0.9 %
Texas:
Houston1,794 1,917 1,905 0.6 %96.8 %97.1 %(0.3)%10,483 10,411 0.7 %
Dallas2,581 2,286 2,282 0.2 %96.3 %96.3 %— %17,876 17,827 0.3 %
Texas Subtotal4,375 2,134 2,127 0.3 %96.5 %96.6 %(0.1)%28,359 28,238 0.4 %
Midwest United States:
Chicago2,410 2,473 2,446 1.1 %97.2 %97.8 %(0.6)%17,550 17,452 0.6 %
Minneapolis1,034 2,397 2,366 1.3 %96.7 %95.1 %1.6 %7,410 7,262 2.0 %
Midwest US Subtotal3,444 2,450 2,422 1.2 %97.1 %97.0 %0.1 %24,960 24,714 1.0 %
Total / Average77,721 $2,445 $2,431 0.6 %97.2 %97.3 %(0.1)%$573,665 $569,139 0.8 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 21

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Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — YTD
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, YTD 2025# HomesYTD 2025YTD 2024ChangeYTD 2025YTD 2024ChangeYTD 2025YTD 2024Change
Western United States:
Southern California6,800 $3,170 $3,061 3.6 %98.3 %98.5 %(0.2)%$129,756 $125,182 3.7 %
Northern California3,892 2,778 2,700 2.9 %98.5 %98.3 %0.2 %65,643 63,355 3.6 %
Seattle3,907 2,933 2,840 3.3 %97.9 %98.3 %(0.4)%68,912 67,159 2.6 %
Phoenix8,598 2,060 2,031 1.4 %97.7 %97.9 %(0.2)%108,793 107,504 1.2 %
Las Vegas2,972 2,235 2,179 2.6 %97.4 %97.7 %(0.3)%40,368 39,505 2.2 %
Denver2,454 2,604 2,517 3.5 %97.0 %98.3 %(1.3)%38,536 37,896 1.7 %
Western US Subtotal28,623 2,607 2,535 2.8 %97.9 %98.2 %(0.3)%452,008 440,601 2.6 %
Florida:
South Florida7,827 3,111 2,991 4.0 %97.0 %97.5 %(0.5)%145,571 140,774 3.4 %
Tampa8,150 2,304 2,273 1.4 %96.1 %97.4 %(1.3)%113,167 112,957 0.2 %
Orlando6,364 2,261 2,214 2.1 %97.3 %97.3 %— %88,117 85,988 2.5 %
Jacksonville1,904 2,184 2,154 1.4 %97.4 %97.6 %(0.2)%25,463 25,106 1.4 %
Florida Subtotal24,245 2,544 2,480 2.6 %96.8 %97.4 %(0.6)%372,318 364,825 2.1 %
Southeast United States:
Atlanta11,811 2,078 2,008 3.5 %96.9 %97.5 %(0.6)%145,994 141,827 2.9 %
Carolinas5,223 2,085 2,027 2.9 %97.3 %97.7 %(0.4)%66,213 64,011 3.4 %
Southeast US Subtotal17,034 2,080 2,014 3.3 %97.0 %97.6 %(0.6)%212,207 205,838 3.1 %
Texas:
Houston1,794 1,911 1,862 2.6 %96.9 %97.6 %(0.7)%20,894 20,420 2.3 %
Dallas2,581 2,284 2,242 1.8 %96.3 %97.4 %(1.1)%35,703 35,228 1.3 %
Texas Subtotal4,375 2,130 2,086 2.1 %96.6 %97.5 %(0.9)%56,597 55,648 1.7 %
Midwest United States:
Chicago2,410 2,460 2,357 4.4 %97.5 %97.9 %(0.4)%35,002 33,507 4.5 %
Minneapolis1,034 2,381 2,289 4.0 %95.9 %97.1 %(1.2)%14,672 14,228 3.1 %
Midwest US Subtotal3,444 2,436 2,337 4.3 %97.0 %97.6 %(0.6)%49,674 47,735 4.1 %
Total / Average77,721 $2,438 $2,370 2.9 %97.3 %97.7 %(0.4)%$1,142,804 $1,114,647 2.5 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 22

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Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, Q2 2025Q2 2025Q2 2024ChangeQ2 2025Q2 2024ChangeQ2 2025Q2 2024ChangeQ2 2025Q2 2024
Western United States:
Southern California$65,172 $63,075 3.3 %$17,950 $17,623 1.9 %$47,222 $45,452 3.9 %72.5 %72.1 %
Northern California32,884 31,955 2.9 %8,727 8,595 1.5 %24,157 23,360 3.4 %73.5 %73.1 %
Seattle34,669 33,847 2.4 %9,067 8,547 6.1 %25,602 25,300 1.2 %73.8 %74.7 %
Phoenix54,658 53,862 1.5 %10,610 10,425 1.8 %44,048 43,437 1.4 %80.6 %80.6 %
Las Vegas20,276 19,817 2.3 %4,623 4,427 4.4 %15,653 15,390 1.7 %77.2 %77.7 %
Denver19,341 19,057 1.5 %4,012 3,678 9.1 %15,329 15,379 (0.3)%79.3 %80.7 %
Western US Subtotal227,000 221,613 2.4 %54,989 53,295 3.2 %172,011 168,318 2.2 %75.8 %76.0 %
Florida:
South Florida72,931 70,775 3.0 %28,886 28,514 1.3 %44,045 42,261 4.2 %60.4 %59.7 %
Tampa56,930 56,648 0.5 %22,072 21,844 1.0 %34,858 34,804 0.2 %61.2 %61.4 %
Orlando44,172 43,212 2.2 %15,854 16,027 (1.1)%28,318 27,185 4.2 %64.1 %62.9 %
Jacksonville12,757 12,598 1.3 %4,673 4,735 (1.3)%8,084 7,863 2.8 %63.4 %62.4 %
Florida Subtotal186,790 183,233 1.9 %71,485 71,120 0.5 %115,305 112,113 2.8 %61.7 %61.2 %
Southeast United States:
Atlanta73,215 71,177 2.9 %26,510 24,264 9.3 %46,705 46,913 (0.4)%63.8 %65.9 %
Carolinas33,341 32,223 3.5 %9,603 9,069 5.9 %23,738 23,154 2.5 %71.2 %71.9 %
Southeast US Subtotal106,556 103,400 3.1 %36,113 33,333 8.3 %70,443 70,067 0.5 %66.1 %67.8 %
Texas:
Houston10,483 10,252 2.3 %4,753 5,035 (5.6)%5,730 5,217 9.8 %54.7 %50.9 %
Dallas17,876 17,682 1.1 %6,412 7,251 (11.6)%11,464 10,431 9.9 %64.1 %59.0 %
Texas Subtotal28,359 27,934 1.5 %11,165 12,286 (9.1)%17,194 15,648 9.9 %60.6 %56.0 %
Midwest United States:
Chicago17,550 16,789 4.5 %7,740 7,382 4.8 %9,810 9,407 4.3 %55.9 %56.0 %
Minneapolis7,410 7,152 3.6 %2,493 2,565 (2.8)%4,917 4,587 7.2 %66.4 %64.1 %
Midwest US Subtotal24,960 23,941 4.3 %10,233 9,947 2.9 %14,727 13,994 5.2 %59.0 %58.5 %
Total / Average$573,665 $560,121 2.4 %$183,985 $179,981 2.2 %$389,680 $380,140 2.5 %67.9 %67.9 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 23

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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
Seq, Q2 2025Q2 2025Q1 2025ChangeQ2 2025Q1 2025ChangeQ2 2025Q1 2025ChangeQ2 2025Q1 2025
Western United States:
Southern California$65,172 $64,584 0.9 %$17,950 $16,848 6.5 %$47,222 $47,736 (1.1)%72.5 %73.9 %
Northern California32,884 32,759 0.4 %8,727 7,887 10.7 %24,157 24,872 (2.9)%73.5 %75.9 %
Seattle34,669 34,243 1.2 %9,067 8,771 3.4 %25,602 25,472 0.5 %73.8 %74.4 %
Phoenix54,658 54,135 1.0 %10,610 9,910 7.1 %44,048 44,225 (0.4)%80.6 %81.7 %
Las Vegas20,276 20,092 0.9 %4,623 4,375 5.7 %15,653 15,717 (0.4)%77.2 %78.2 %
Denver19,341 19,195 0.8 %4,012 4,101 (2.2)%15,329 15,094 1.6 %79.3 %78.6 %
Western US Subtotal227,000 225,008 0.9 %54,989 51,892 6.0 %172,011 173,116 (0.6)%75.8 %76.9 %
Florida:
South Florida72,931 72,640 0.4 %28,886 28,323 2.0 %44,045 44,317 (0.6)%60.4 %61.0 %
Tampa56,930 56,237 1.2 %22,072 21,026 5.0 %34,858 35,211 (1.0)%61.2 %62.6 %
Orlando44,172 43,945 0.5 %15,854 15,540 2.0 %28,318 28,405 (0.3)%64.1 %64.6 %
Jacksonville12,757 12,706 0.4 %4,673 4,467 4.6 %8,084 8,239 (1.9)%63.4 %64.8 %
Florida Subtotal186,790 185,528 0.7 %71,485 69,356 3.1 %115,305 116,172 (0.7)%61.7 %62.6 %
Southeast United States:
Atlanta73,215 72,779 0.6 %26,510 24,666 7.5 %46,705 48,113 (2.9)%63.8 %66.1 %
Carolinas33,341 32,872 1.4 %9,603 9,131 5.2 %23,738 23,741 — %71.2 %72.2 %
Southeast US Subtotal106,556 105,651 0.9 %36,113 33,797 6.9 %70,443 71,854 (2.0)%66.1 %68.0 %
Texas:
Houston10,483 10,411 0.7 %4,753 4,346 9.4 %5,730 6,065 (5.5)%54.7 %58.3 %
Dallas17,876 17,827 0.3 %6,412 5,912 8.5 %11,464 11,915 (3.8)%64.1 %66.8 %
Texas Subtotal28,359 28,238 0.4 %11,165 10,258 8.8 %17,194 17,980 (4.4)%60.6 %63.7 %
Midwest United States:
Chicago17,550 17,452 0.6 %7,740 7,491 3.3 %9,810 9,961 (1.5)%55.9 %57.1 %
Minneapolis7,410 7,262 2.0 %2,493 2,392 4.2 %4,917 4,870 1.0 %66.4 %67.1 %
Midwest US Subtotal24,960 24,714 1.0 %10,233 9,883 3.5 %14,727 14,831 (0.7)%59.0 %60.0 %
Total / Average$573,665 $569,139 0.8 %$183,985 $175,186 5.0 %$389,680 $393,953 (1.1)%67.9 %69.2 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 24

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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — YTD
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, YTD 2025YTD 2025YTD 2024ChangeYTD 2025YTD 2024ChangeYTD 2025YTD 2024ChangeYTD 2025YTD 2024
Western United States:
Southern California$129,756 $125,182 3.7 %$34,798 $34,973 (0.5)%$94,958 $90,209 5.3 %73.2 %72.1 %
Northern California65,643 63,355 3.6 %16,614 17,028 (2.4)%49,02946,3275.8 %74.7 %73.1 %
Seattle68,912 67,159 2.6 %17,838 17,038 4.7 %51,07450,1211.9 %74.1 %74.6 %
Phoenix108,793 107,504 1.2 %20,520 20,240 1.4 %88,27387,2641.2 %81.1 %81.2 %
Las Vegas40,368 39,505 2.2 %8,998 8,777 2.5 %31,37030,7282.1 %77.7 %77.8 %
Denver38,536 37,896 1.7 %8,113 7,559 7.3 %30,42330,3370.3 %78.9 %80.1 %
Western US Subtotal452,008 440,601 2.6 %106,881 105,615 1.2 %345,127 334,986 3.0 %76.4 %76.0 %
Florida:
South Florida145,571 140,774 3.4 %57,209 56,647 1.0 %88,362 84,127 5.0 %60.7 %59.8 %
Tampa113,167 112,957 0.2 %43,098 43,063 0.1 %70,069 69,894 0.3 %61.9 %61.9 %
Orlando88,117 85,988 2.5 %31,394 31,186 0.7 %56,723 54,802 3.5 %64.4 %63.7 %
Jacksonville25,463 25,106 1.4 %9,140 9,395 (2.7)%16,323 15,711 3.9 %64.1 %62.6 %
Florida Subtotal372,318 364,825 2.1 %140,841 140,291 0.4 %231,477 224,534 3.1 %62.2 %61.5 %
Southeast United States:
Atlanta145,994 141,827 2.9 %51,176 47,374 8.0 %94,818 94,453 0.4 %64.9 %66.6 %
Carolinas66,213 64,011 3.4 %18,734 17,917 4.6 %47,479 46,094 3.0 %71.7 %72.0 %
Southeast US Subtotal212,207 205,838 3.1 %69,910 65,291 7.1 %142,297 140,547 1.2 %67.1 %68.3 %
Texas:
Houston20,894 20,420 2.3 %9,099 9,896 (8.1)%11,795 10,524 12.1 %56.5 %51.5 %
Dallas35,703 35,228 1.3 %12,324 14,846 (17.0)%23,379 20,382 14.7 %65.5 %57.9 %
Texas Subtotal56,597 55,648 1.7 %21,423 24,742 (13.4)%35,174 30,906 13.8 %62.1 %55.5 %
Midwest United States:
Chicago35,002 33,507 4.5 %15,231 14,582 4.5 %19,771 18,925 4.5 %56.5 %56.5 %
Minneapolis14,672 14,228 3.1 %4,885 4,951 (1.3)%9,787 9,277 5.5 %66.7 %65.2 %
Midwest US Subtotal49,674 47,735 4.1 %20,116 19,533 3.0 %29,558 28,202 4.8 %59.5 %59.1 %
Total / Average$1,142,804 $1,114,647 2.5 %$359,171 $355,472 1.0 %$783,633 $759,175 3.2 %68.6 %68.1 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 25

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Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q2 2025YTD 2025
RenewalNewBlendedRenewalNewBlended
LeasesLeasesAverageLeasesLeasesAverage
Western United States:
Southern California6.9 %6.6 %6.8 %6.7 %5.9 %6.5 %
Northern California3.1 %4.0 %3.3 %3.6 %3.4 %3.5 %
Seattle2.8 %4.4 %3.3 %3.8 %3.6 %3.7 %
Phoenix2.4 %(0.4)%1.6 %3.3 %(1.5)%1.9 %
Las Vegas3.1 %1.3 %2.7 %3.8 %0.7 %3.0 %
Denver4.5 %5.8 %4.9 %5.2 %4.2 %4.9 %
Western US Subtotal4.1 %3.3 %3.9 %4.5 %2.4 %4.0 %
Florida:
South Florida6.0 %0.9 %4.7 %6.2 %(0.2)%4.5 %
Tampa4.6 %(0.4)%2.9 %4.3 %(1.4)%2.4 %
Orlando4.2 %0.6 %3.1 %4.4 %(0.3)%2.9 %
Jacksonville3.2 %— %2.2 %3.4 %(0.9)%2.2 %
Florida Subtotal5.0 %0.3 %3.6 %5.0 %(0.7)%3.3 %
Southeast United States:
Atlanta5.2 %2.2 %4.4 %5.6 %0.9 %4.2 %
Carolinas4.9 %3.8 %4.6 %5.1 %1.7 %4.1 %
Southeast US Subtotal5.1 %2.7 %4.4 %5.4 %1.1 %4.1 %
Texas:
Houston3.3 %0.9 %2.7 %3.8 %— %2.8 %
Dallas3.1 %— %2.3 %3.3 %(2.0)%1.7 %
Texas Subtotal3.2 %0.4 %2.5 %3.5 %(1.3)%2.1 %
Midwest United States:
Chicago7.3 %12.3 %8.3 %6.8 %10.0 %7.4 %
Minneapolis7.9 %7.5 %7.8 %8.1 %4.7 %7.0 %
Midwest US Subtotal7.5 %10.5 %8.1 %7.1 %7.8 %7.3 %
Total / Average4.7 %2.2 %4.0 %4.9 %1.0 %3.8 %




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 26

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Supplemental Schedule 6

Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
TotalQ2 2025Q1 2025Q4 2024Q3 2024Q2 2024
R&M OpEx, net$26,255 $20,440 $22,912 $29,655 $26,419 
Turn OpEx, net9,895 8,191 9,069 10,835 10,058 
Total recurring operating expenses, net$36,150 $28,631 $31,981 $40,490 $36,477 
R&M CapEx$29,096 $25,270 $24,091 $36,302 $32,793 
Turn CapEx9,755 8,560 8,435 9,744 8,798 
Total Recurring Capital Expenditures$38,851 $33,830 $32,526 $46,046 $41,591 
R&M OpEx, net + R&M CapEx$55,351 $45,710 $47,003 $65,957 $59,212 
Turn OpEx, net + Turn CapEx19,650 16,751 17,504 20,579 18,856 
Total Cost to Maintain, net$75,001 $62,461 $64,507 $86,536 $78,068 
Per HomeQ2 2025Q1 2025Q4 2024Q3 2024Q2 2024
Total Cost to Maintain, net$965 $804 $830 $1,113 $1,004 
(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)
TotalQ2 2025Q1 2025Q4 2024Q3 2024Q2 2024
Recurring CapEx$42,949 $37,092 $35,518 $50,970 $46,371 
Value Enhancing CapEx18,314 13,023 12,361 16,182 12,500 
Initial Renovation CapEx8,269 6,869 7,091 8,860 6,392 
Disposition CapEx869 952 1,423 1,584 663 
Total Capital Expenditures$70,401 $57,936 $56,393 $77,596 $65,926 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 27

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Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management ExpenseQ2 2025Q2 2024YTD 2025YTD 2024
Property management expense (GAAP)$35,833 $32,633 $72,572 $63,870 
Adjustments:
Share-based compensation expense(1,566)(1,674)(3,217)(3,272)
Adjusted property management expense$34,267 $30,959 $69,355 $60,598 
Adjusted G&A ExpenseQ2 2025Q2 2024YTD 2025YTD 2024
G&A expense (GAAP)$23,591 $21,498 $53,109 $44,946 
Adjustments:
Share-based compensation expense(6,898)(5,818)(15,404)(12,120)
Severance expense(35)(89)(2,420)(179)
Adjusted G&A expense$16,658 $15,591 $35,285 $32,647 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 28

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Supplemental Schedule 8(a)

Acquisitions and Dispositions
(unaudited)March 31, 2025
Q2 2025 Acquisitions (1)
Q2 2025 Dispositions (2)
June 30, 2025
HomesHomesAvg. Est.HomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California7,234 13 $540,777 63 $589,760 7,184 
Northern California4,086 — — 30 449,042 4,056 
Seattle3,944 — — 13 533,147 3,931 
Phoenix9,223 433,618 10 286,900 9,214 
Las Vegas3,400 541,500 302,000 3,397 
Denver2,832 25 482,397 367,875 2,849 
Western US Subtotal30,719 40 501,629 128 504,508 30,631 
Florida:
South Florida8,138 16 410,452 20 382,010 8,134 
Tampa9,555 148 354,286 45 226,589 9,658 
Orlando6,825 67 388,469 13 221,364 6,879 
Jacksonville2,042 43 315,866 390,833 2,082 
Florida Subtotal26,560 274 359,895 81 270,209 26,753 
Southeast United States:
Atlanta12,598 75 350,262 39 266,977 12,634 
Carolinas6,066 60 321,852 20 337,500 6,106 
Southeast US Subtotal18,664 135 337,635 59 290,883 18,740 
Texas:
Houston2,398 71 275,822 10 215,300 2,459 
Dallas3,217 288 300,636 10 289,185 3,495 
Texas Subtotal5,615 359 295,728 20 252,243 5,954 
Midwest United States:
Chicago2,461 — — 262,776 2,459 
Minneapolis1,052 — — 289,125 1,048 
Midwest US Subtotal3,513   6 280,342 3,507 
Other (3):
190 131 347,172 307,500 320 
Total / Average85,261 939 $336,425 295 $375,120 85,905 
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,605 — $— — $— 2,605 
2022 Rockpoint JV (5)
319 — — 41 488,896 278
FNMA JV (6)
374 — — 19 463,973 355 
Pathway Homes (7)
642 81 329,586 415,667 720 
Upward America JV (8)
3,720 — — — — 3,720 
2024 Peregrine JV (9)
— 20 386,219 — — 20 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 29

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Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.7%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 1.8%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)As of June 30, 2025, virtually all of these homes were newly-constructed and located in either Nashville or San Antonio.
(4)Represents portfolio owned by the 2020 Rockpoint JV, of which we own 20.0%.
(5)Represents portfolio owned by the 2022 Rockpoint JV, of which we own 16.7%.
(6)Represents portfolio owned by the FNMA JV, of which we own 10.0%.
(7)Represents portfolio owned by Pathway Homes, of which we own 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which we own 7.2%.
(9)Represents portfolio owned by the 2024 Peregrine JV, of which we own 30.0%.
































Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 30

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Supplemental Schedule 8(b)

Expected Acquisition Pipeline of New Homes from Homebuilders — As of June 30, 2025
(unaudited)
Pipeline
as of
June 30, 2025 (1)(2)
Estimated Deliveries
in Q3-Q4 2025
Estimated Deliveries
in 2026
Estimated Deliveries ThereafterAvg. Estimated Cost Basis Per Home
Southern California3030$540,000 
Denver563719440,000 
South Florida2121410,000 
Tampa27714410528330,000 
Orlando34810619349400,000 
Jacksonville7575320,000 
Atlanta421824340,000 
Carolinas158832055350,000 
Houston18511867280,000 
Dallas914546250,000 
Other5555230,000 
Total / Average1,338732474 132$340,000 
(1)Represents the number of new homes under contract as of June 30, 2025, that are expected to be built, sold, and delivered by various homebuilders during a future period to either Invitation Homes or one of our joint ventures.
(2)Pipeline rollforward:
    
Pipeline as of March 31, 2025
1,801
Q2 2025 additions and cancellations (net)
22
Q2 2025 deliveries
(485)
Pipeline as of June 30, 2025
1,338
    


















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 31

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

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

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

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

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

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

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

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

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

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

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 32

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compensation expense; severance expense; casualty losses and reserves, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See 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. We define Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; severance expense; casualty (gains) losses and reserves, net; and (gains) losses on investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserve the value, and maintain the functionality, of our homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for our share of investments in unconsolidated joint ventures.

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

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

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

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


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 33

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

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

See below for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store Portfolio.

PSF
PSF means per square foot.

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

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

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

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

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

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

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


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 34

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

Unsecured Facility Covenants
Unsecured facility covenants refer to financial and operating requirements that we must meet with respect to our $1,750 million revolving credit facility (the “Revolving Facility”) and our $1,750 million term loan facility (the “2024 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in our Second Amended and Restated Revolving Credit and Term Loan Agreement dated September 9, 2024 and our $725 million term loan facility (the “2022 Term Loan Facility” and together with the 2024 Term Loan Facility, the “Term Loan Facilities”), as set forth in our 2022 Term Loan Agreement as amended by the First Amendment dated September 9, 2024 and the Second Amendment dated April 28, 2025 (together with the Credit Facility, the “Unsecured Credit Agreements”). The metrics provided under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, and unsecured interest coverage ratio.

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

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

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

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

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

The metrics set forth under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Unsecured Credit Agreements than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Credit Agreements, see Exhibit 10.1 to our Current Report on Form 8-K filed on September 9, 2024 and Exhibit 10.1 to our Current Report on Form 8-K filed on April 30, 2025.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 35

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The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of our indebtedness related to our Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC.

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

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

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

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

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

The metrics set forth under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Indenture than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to our Current Reports on Form 8-K filed on August 6, 2021, November 5, 2021, April 5, 2022, August 2, 2023, and September 26, 2024.

The breach of any of the covenants set forth in the Indenture could result in a default of our indebtedness related to our senior notes, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC.

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

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 36

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Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024
Total revenues (Total Portfolio)$681,401 $674,479 $659,130 $660,322 $653,451 
Management fee revenues(22,294)(21,408)(21,080)(18,980)(15,976)
Total portfolio resident recoveries(40,944)(44,118)(38,120)(42,412)(37,102)
Total Core Revenues (Total Portfolio)618,163 608,953 599,930 598,930 600,373 
Non-Same Store Core Revenues(44,498)(39,814)(37,758)(39,004)(40,252)
Same Store Core Revenues$573,665 $569,139 $562,172 $559,926 $560,121 
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
YTD 2025YTD 2024
Total revenues (Total Portfolio)$1,355,880 $1,299,490 
Management fee revenues(43,702)(29,918)
Total portfolio resident recoveries(85,062)(74,897)
Total Core Revenues (Total Portfolio)1,227,116 1,194,675 
Non-Same Store Core Revenues(84,312)(80,028)
Same Store Core Revenues$1,142,804 $1,114,647 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024
Property operating and maintenance expenses (Total Portfolio)$244,278 $237,449 $228,464 $242,228 $234,184 
Total Portfolio resident recoveries(40,944)(44,118)(38,120)(42,412)(37,102)
Core Operating Expenses (Total Portfolio)203,334 193,331 190,344 199,816 197,082 
Non-Same Store Core Operating Expenses(19,349)(18,145)(16,404)(17,967)(17,101)
Same Store Core Operating Expenses$183,985 $175,186 $173,940 $181,849 $179,981 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
YTD 2025YTD 2024
Property operating and maintenance expenses (Total Portfolio)$481,727 $464,581 
Total Portfolio resident recoveries(85,062)(74,897)
Core Operating Expenses (Total Portfolio)396,665 389,684 
Non-Same Store Core Operating Expenses(37,494)(34,212)
Same Store Core Operating Expenses$359,171 $355,472 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 37

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Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024
Net income available to common stockholders$140,665 $165,517 $142,941 $95,084 $72,981 
Net income available to participating securities222 228 169 185 207 
Non-controlling interests480 537 460 309 243 
Interest expense87,414 84,254 95,158 91,060 90,007 
Depreciation and amortization185,455 183,146 181,912 180,479 176,622 
Property management expense35,833 36,739 39,238 34,382 32,633 
General and administrative23,591 29,518 23,939 21,727 21,498 
Casualty losses, impairment, and other
3,029 4,683 47,563 20,872 10,353 
Gain on sale of property, net of tax(46,591)(71,666)(103,019)(47,766)(43,267)
(Gains) losses on investments in equity securities, net90 221 (8)257 (1,504)
Other, net (1)
2,133 (1,365)(3,352)9,345 54,012 
Management fee revenues(22,294)(21,408)(21,080)(18,980)(15,976)
Losses from investments in unconsolidated joint ventures4,802 5,218 5,665 12,160 5,482 
NOI (Total Portfolio)414,829 415,622 409,586 399,114 403,291 
Non-Same Store NOI(25,149)(21,669)(21,354)(21,037)(23,151)
Same Store NOI$389,680 $393,953 $388,232 $378,077 $380,140 
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
YTD 2025YTD 2024
Net income available to common stockholders$306,182 $215,139 
Net income available to participating securities450 399 
Non-controlling interests1,017 679 
Interest expense171,668 179,852 
Depreciation and amortization368,601 351,935 
Property management expense72,572 63,870 
General and administrative53,109 44,946 
Casualty losses, impairment, and other7,712 14,490 
Gain on sale of property, net of tax(118,257)(93,765)
(Gains) losses on investments in equity securities, net311 (1,295)
Other, net (1)
768 48,039 
Management fee revenues(43,702)(29,918)
Losses from investments in unconsolidated joint ventures10,020 10,620 
NOI (Total Portfolio)830,451 804,991 
Non-Same Store NOI(46,818)(45,816)
Same Store NOI$783,633 $759,175 
(1)Includes 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 2025 Earnings Release and Supplemental Information — page 38

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Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q2 2025Q2 2024YTD 2025YTD 2024
Net income available to common stockholders$140,665 $72,981 $306,182 $215,139 
Net income available to participating securities222 207 450 399 
Non-controlling interests480 243 1,017 679 
Interest expense87,414 90,007 171,668 179,852 
Interest expense in unconsolidated joint ventures5,943 5,549 11,569 10,784 
Depreciation and amortization185,455 176,622 368,601 351,935 
Depreciation and amortization of investments in unconsolidated joint ventures3,791 3,358 7,453 6,285 
EBITDA423,970 348,967 866,940 765,073 
Gain on sale of property, net of tax(46,591)(43,267)(118,257)(93,765)
Impairment on depreciated real estate investments36 — 99 60 
Net (gain) loss on sale of investments in unconsolidated joint ventures(261)167 (406)(214)
EBITDAre
377,154 305,867 748,376 671,154 
Share-based compensation expense8,464 7,492 18,621 15,392 
Severance expense35 89 2,420 179 
Casualty losses and reserves, net (1)
3,000 10,363 7,683 14,445 
(Gains) losses on investments in equity and other securities, net90 (1,504)311 (1,295)
Other, net (2)
2,133 54,012 768 48,039 
Adjusted EBITDAre
$390,876 $376,319 $778,179 $747,914 
Trailing Twelve Months (TTM) Ended
June 30, 2025December 31, 2024
Net income available to common stockholders$544,207 $453,164 
Net income available to participating securities804 753 
Non-controlling interests1,786 1,448 
Interest expense357,886 366,070 
Interest expense in unconsolidated joint ventures27,118 26,333 
Depreciation and amortization730,992 714,326 
Depreciation and amortization of investments in unconsolidated joint ventures14,545 13,377 
EBITDA1,677,338 1,575,471 
Gain on sale of property, net of tax(269,042)(244,550)
Impairment on depreciated real estate investments545 506 
Net gain on sale of investments in unconsolidated joint ventures1,023 1,215 
EBITDAre
1,409,864 1,332,642 
Share-based compensation expense31,147 27,918 
Severance2,878 637 
Casualty losses, net (1)
75,938 82,700 
(Gains) losses on investments in equity and other securities, net560 (1,046)
Other, net (2)
6,761 54,032 
Adjusted EBITDAre
$1,527,148 $1,496,883 
(1)Includes our share from unconsolidated joint ventures.
(2)Includes 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 2025 Earnings Release and Supplemental Information — page 39

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Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
June 30, 2025December 31, 2024
Secured debt, net$1,382,965 $1,385,573 
Unsecured notes, net3,803,985 3,800,688 
Term loan facility, net2,447,555 2,446,041 
Revolving facility540,000 570,000 
Total Debt per Balance Sheet8,174,505 8,202,302 
Retained and repurchased certificates(55,499)(55,499)
Cash, ex-security deposits and letters of credit (1)
(95,184)(235,649)
Deferred financing costs, net56,127 60,559 
Unamortized discounts on notes payable22,766 24,336 
Net Debt (A)$8,102,715 $7,996,049 
For the TTM EndedFor the TTM Ended
June 30, 2025December 31, 2024
Adjusted EBITDAre (B)
$1,527,148 $1,496,883 
Net Debt / TTM Adjusted EBITDAre (A / B)
5.3 x5.3 x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.





Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q2 2025Q2 2024YTD 2025YTD 2024
Amortization of discounts on notes payable$789 $657 $1,570 $1,317 
Amortization of deferred financing costs5,723 4,200 10,705 8,400 
Change in fair value of interest rate derivatives— — — 
Amortization of swap fair value at designation(2,421)2,321 (6,152)4,642 
Our share from unconsolidated joint ventures1,633 1,727 3,235 3,762 
Total non-cash interest expense$5,724 $8,905 $9,358 $18,122 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 40