EX-99.1 2 q32025supplemental.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.
Q3 2025 Earnings Release and Supplemental Information — page 2
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Earnings Press Release
Invitation Homes Reports Third Quarter 2025 Results
Dallas, TX, October 29, 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 Third Quarter (“Q3”) 2025 financial and operating results.

Q3 2025 Highlights
•Year over year, total revenues increased 4.2% to $688 million, property operating and maintenance costs increased 6.9% to $259 million, and net income available to common stockholders increased 43.5% to $136 million or $0.22 per diluted common share.
•Year over year, Core FFO per share increased 0.4% to $0.47 and AFFO per share increased 0.1% to $0.38.
•Same Store NOI increased 1.1% year over year on 2.3% Same Store Core Revenues growth and 4.9% Same Store Core Operating Expenses growth.
•Same Store Average Occupancy was 96.5%, representing an expected reduction of 60 basis points year over year.
•Same Store renewal rent growth of 4.5% and Same Store new lease rent growth of (0.6)% resulted in Same Store blended rent growth of 3.0%.
•Same Store Bad Debt was 0.7% of gross rental revenue, a 20 basis point improvement year over year.
•Acquisitions by us and our joint ventures totaled 749 homes for approximately $260 million while dispositions totaled 316 homes for approximately $122 million.
•As previously announced, on August 15, 2025 we closed a public offering of $600 million aggregate principal amount of 4.950% Senior Notes due 2033.
•As previously announced, on August 15, 2025 our common stock was dual listed on NYSE Texas, a new fully electronic equities exchange headquartered in Dallas, under the same INVH ticker symbol while maintaining our primary listing on the NYSE.
•In recognition of our year to date performance, we have raised our full year 2025 guidance midpoints for Core FFO per share and AFFO per share by one cent each to $1.92 and $1.62, respectively, and Same Store NOI growth by 25 basis points to 2.25%.

In addition, this week our Board of Directors authorized a share repurchase program under which we may acquire shares of our common stock in open market or negotiated transactions up to an aggregate purchase price of $500 million. We view this as a tool that is part of a disciplined capital allocation plan and an ordinary course approach to enhancing shareholder value.

Comments from Chief Executive Officer Dallas Tanner
“Our third quarter results showcased our robust Same Store renewal rate growth and sustained momentum in Core FFO per share. These achievements underscore the strength of our platform and the effectiveness of our operating strategy. In recognition of our year to date performance, we have raised our full year 2025 guidance midpoints for Core FFO per share and AFFO per share by one cent each to $1.92 and $1.62, respectively, and Same Store NOI growth by 25 basis points to 2.25%. I want to extend my sincere thanks to our teams across the country for their dedication, as well as to our customers for their loyalty and trust in Invitation Homes. By continuing to prioritize resident experience, operational excellence, and disciplined capital allocation, we believe we are well-positioned to deliver strong results and long-term value for our stockholders.”

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.
Q3 2025 Earnings Release and Supplemental Information — page 3
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Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q3 2025Q3 2024YTD 2025YTD 2024
Net income$0.22 $0.15 $0.72 $0.51 
FFO0.44 0.37 1.35 1.14 
Core FFO0.47 0.47 1.43 1.41 
AFFO0.38 0.38 1.22 1.19 
Net Income
Net income per common share — diluted for Q3 2025 was $0.22, compared to net income per common share — diluted of $0.15 for Q3 2024. Total revenues and total property operating and maintenance expenses for Q3 2025 were $688 million and $259 million, respectively, compared to $660 million and $242 million, respectively, for Q3 2024.

Net income per common share — diluted for YTD 2025 was $0.72, compared to net income per share — diluted of $0.51 for YTD 2024. Total revenues and total property operating and maintenance expenses for YTD 2025 were $2,044 million and $741 million, respectively, compared to $1,960 million and $707 million, respectively, for YTD 2024.
Core FFO
Year over year, Core FFO per share for Q3 2025 increased 0.4% to $0.47, while Core FFO per share for YTD 2025 increased 1.9% to $1.43, primarily due to NOI growth.
AFFO
Year over year, AFFO per share for Q3 2025 increased 0.1% to $0.38, while AFFO per share for YTD 2025 increased 2.5% to $1.22, 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:77,284 
Q3 2025Q3 2024YTD 2025YTD 2024
Core Revenues growth (year over year)2.3 %2.5 %
Core Operating Expenses growth (year over year)4.9 %2.2 %
NOI growth (year over year)1.1 %2.7 %
Average Occupancy96.5 %97.1 %97.0 %97.5 %
Bad Debt % of gross rental revenue0.7 %0.9 %0.6 %0.8 %
Turnover Rate6.4 %6.1 %17.4 %17.6 %
Rental Rate Growth (lease-over-lease):
Renewals 4.5 %4.2 %4.8 %5.1 %
New Leases (0.6)%1.6 %0.5 %2.0 %
Blended 3.0 %3.5 %3.5 %4.2 %




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 4
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Same Store NOI
For the Same Store Portfolio of 77,284 homes, Same Store NOI for Q3 2025 increased 1.1% year over year on Same Store Core Revenues growth of 2.3% and Same Store Core Operating Expenses growth of 4.9%.

YTD 2025 Same Store NOI increased 2.7% year over year on Same Store Core Revenues growth of 2.5% and Same Store Core Operating Expenses growth of 2.2%.

Same Store Core Revenues
Same Store Core Revenues growth for Q3 2025 of 2.3% year over year was primarily driven by a 2.5% increase in Average Monthly Rent, a 7.7% increase in other income, net of resident recoveries, and a 20 basis point improvement in Same Store Bad Debt, partially offset by a 60 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 2.8% increase in Average Monthly Rent, a 5.8% increase in other income, net of resident recoveries, and a 20 basis point improvement in Same Store Bad Debt, partially offset by a 50 basis point year over year decline in Average Occupancy.

Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q3 2025 increased 4.9% year over year, primarily attributable to a 7.4% increase in controllable expenses and a 3.4% increase in fixed expenses.

YTD 2025 Same Store Core Operating Expenses increased 2.2% year over year, primarily driven by a 1.9% increase in fixed expenses and a 2.9% increase in controllable expenses.

Investment and Property Management Activity
Acquisitions for Q3 2025 totaled 749 homes for approximately $260 million through our various acquisition channels. This included 526 wholly owned homes for approximately $179 million and 223 homes for approximately $81 million in our joint ventures. Dispositions for Q3 2025 included 292 wholly owned homes for gross proceeds of approximately $112 million and 24 homes for gross proceeds of approximately $10 million in our joint ventures.

Year to date through Q3 2025, we acquired 2,042 wholly owned homes for $689 million and 378 homes for $134 million in our joint ventures. We also sold 1,041 wholly owned homes for $396 million and 103 homes for $46 million in our joint ventures.

A summary of our owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed As Of September 30, 2025
Number of Homes Owned and/or Managed as of 6/30/2025Acquired or Added In
Q3 2025		Disposed or Subtracted In Q3 2025Number of Homes Owned and/or Managed as of 9/30/2025
Wholly owned homes85,905526(292)86,139
Joint venture owned homes7,698223(24)7,897
Managed-only homes 16,785—(634)16,151
Total homes owned and/or managed110,388749(950)110,187





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 5
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Balance Sheet and Capital Markets Activity
As of September 30, 2025, we had $1,905 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,313 million consisted of 83.3% unsecured debt and 16.7% secured debt; 95.5% 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 5.2x. We have no debt reaching final maturity before 2027.
As previously announced, on August 15, 2025 we closed a public offering of $600 million aggregate principal amount of 4.950% Senior Notes due 2033. Further, as previously announced, on August 15, 2025 our common stock was dual listed on NYSE Texas, a new fully electronic equities exchange headquartered in Dallas, under the same INVH ticker symbol while maintaining our primary listing on the NYSE.
In addition, this week our Board of Directors authorized a share repurchase program under which we may acquire shares of our common stock in open market or negotiated transactions up to an aggregate purchase price of $500 million. We view this as a tool that is part of a disciplined capital allocation plan and an ordinary course approach to enhancing shareholder value. Repurchases, if any, will be made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.

FY 2025 Guidance
We have raised our full year 2025 guidance midpoints for Core FFO per share and AFFO per share by one cent each to $1.92 and $1.62, respectively, and Same Store NOI growth by 25 basis points to 2.25%, as set forth below in addition to our underlying assumptions. In accordance with SEC rules, 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.

FY 2025 Guidance Summary
Current
Guidance Range		Current
Guidance
Midpoint		Prior
Guidance
Midpoint		Change in Guidance Midpoint
Core FFO per share — diluted$1.90 to $1.94$1.92$1.91$0.01
AFFO per share — diluted$1.60 to $1.64$1.62$1.61$0.01
Same Store Core Revenues growth2.0% to 3.0%2.5%2.5%0 bps
Same Store Core Operating Expenses growth2.0% to 3.5%2.75%3.5%-75 bps
Same Store NOI growth1.75% to 2.75%2.25%2.0%25 bps
Wholly owned acquisitions (1)
$750 million to
$850 million		$800 million$600 million$200 million
JV acquisitions$100 million to
$200 million		$150 million$150 million$— million
Wholly owned dispositions$400 million to
$600 million		$500 million$500 million$— million
(1)The increase in wholly owned acquisitions guidance reflects $689 million in year to date activity through Q3 2025, plus anticipated Q4 2025 acquisitions from our homebuilder partner pipeline and/or opportunistic one-off acquisitions via homebuilder month-end inventory.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 October 30, 2025, to review Q3 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 and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I.  Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 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.
Q3 2025 Earnings Release and Supplemental Information — page 7
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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
September 30, 2025December 31, 2024
(unaudited)
Assets:
Investments in single-family residential properties, net$17,356,304 $17,212,126 
Cash and cash equivalents155,370 174,491 
Restricted cash240,298 245,202 
Goodwill258,207 258,207 
Investments in unconsolidated joint ventures255,867 241,605 
Other assets, net516,730 569,320 
Total assets$18,782,776 $18,700,951 
Liabilities:
Secured debt, net
$1,383,541 $1,385,573 
Unsecured notes, net4,396,973 3,800,688 
Term loan facilities, net2,449,770 2,446,041 
Revolving facility— 570,000 
Accounts payable and accrued expenses407,288 247,709 
Resident security deposits184,315 180,866 
Other liabilities297,939 277,565 
Total liabilities9,119,826 8,908,442 
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2025 and December 31, 2024— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 613,020,589 and 612,605,478 outstanding as of September 30, 2025 and December 31, 2024, respectively
6,130 6,126 
Additional paid-in capital11,183,482 11,170,597 
Accumulated deficit(1,571,463)(1,480,928)
Accumulated other comprehensive income7,795 60,969 
Total stockholders’ equity
9,625,944 9,756,764 
Non-controlling interests37,006 35,745 
Total equity9,662,950 9,792,509 
Total liabilities and equity$18,782,776 $18,700,951 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 8
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Consolidated Statements of Operations
($ in thousands, except shares and per share amounts) (unaudited)
Q3 2025Q3 2024YTD 2025YTD 2024
Revenues:
Rental revenues$593,606 $575,462 $1,771,309 $1,723,757 
Other property income72,585 65,880 207,060 187,157 
Management fee revenues21,975 18,980 65,677 48,898 
Total revenues688,166 660,322 2,044,046 1,959,812 
Expenses:
Property operating and maintenance259,037 242,228 740,764 706,809 
Property management expense37,073 34,382 109,645 98,252 
General and administrative18,444 21,727 71,553 66,673 
Interest expense90,781 91,060 262,449 270,912 
Depreciation and amortization188,457 180,479 557,058 532,414 
Casualty losses, impairment, and other3,420 20,872 11,132 35,362 
Total expenses 597,212 590,748 1,752,601 1,710,422 
Gains (losses) on investments in equity and other securities, net380 (257)69 1,038 
Other, net(1,769)(9,345)(2,537)(57,384)
Gain on sale of property, net of tax45,515 47,766 163,772 141,531 
Income (losses) from investments in unconsolidated joint  ventures2,130 (12,160)(7,890)(22,780)
Net income137,210 95,578 444,859 311,795 
Net income attributable to non-controlling interests(472)(309)(1,489)(988)
Net income attributable to common stockholders136,738 95,269 443,370 310,807 
Net income available to participating securities(264)(185)(714)(584)
Net income available to common stockholders — basic and diluted$136,474 $95,084 $442,656 $310,223 
Weighted average common shares outstanding — basic613,084,571 612,674,802 612,971,293 612,508,300 
Weighted average common shares outstanding — diluted613,084,571 613,645,188 613,237,288 613,759,171 
Net income per common share — basic$0.22 $0.16 $0.72 $0.51 
Net income per common share — diluted$0.22 $0.15 $0.72 $0.51 
Dividends declared per common share$0.29 $0.28 $0.87 $0.84 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 ReconciliationQ3 2025Q3 2024YTD 2025YTD 2024
Net income available to common stockholders$136,474 $95,084 $442,656 $310,223 
Net income available to participating securities
264 185 714 584 
Non-controlling interests
472 309 1,489 988 
Depreciation and amortization on real estate assets
183,653 176,174 543,775 521,411 
Impairment on depreciated real estate investments
335 270 434 330 
Net gain on sale of previously depreciated investments in real estate(45,515)(47,766)(163,772)(141,531)
Depreciation and net gain on sale of investments in unconsolidated joint ventures(1,992)4,060 5,016 10,076 
FFO$273,691 $228,316 $830,312 $702,081 
Core FFO ReconciliationQ3 2025Q3 2024YTD 2025YTD 2024
FFO$273,691 $228,316 $830,312 $702,081 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
9,128 14,085 18,486 32,207 
Share-based compensation expense1,916 5,417 20,537 20,809 
Legal settlements — 17,500 — 77,000 
Severance expense— 209 2,420 388 
Casualty losses and reserves, net (1)
3,116 20,729 10,799 35,174 
(Gains) losses on investments in equity and other securities, net(380)257 (69)(1,038)
Core FFO$287,471 $286,513 $882,485 $866,621 
AFFO ReconciliationQ3 2025Q3 2024YTD 2025YTD 2024
Core FFO$287,471 $286,513 $882,485 $866,621 
Recurring Capital Expenditures (1)
(52,350)(51,505)(132,969)(135,262)
AFFO$235,121 $235,008 $749,516 $731,359 
Net income available to common stockholders
Weighted average common shares outstanding — diluted613,084,571 613,645,188 613,237,288 613,759,171 
Net income per common share — diluted$0.22 $0.15 $0.72 $0.51 
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted615,599,540 615,913,139 615,673,797 615,987,978 
FFO per share — diluted$0.44 $0.37 $1.35 $1.14 
Core FFO per share — diluted$0.47 $0.47 $1.43 $1.41 
AFFO per share — diluted $0.38 $0.38 $1.22 $1.19 
(1)Includes our share from unconsolidated joint ventures.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 IncomeQ3 2025Q3 2024YTD 2025YTD 2024
Common shares — basic613,084,571 612,674,802 612,971,293 612,508,300 
Shares potentially issuable from vesting/conversion of equity-based awards— 970,386 265,995 1,250,871 
Total common shares — diluted613,084,571 613,645,188 613,237,288 613,759,171 
Weighted average amounts for FFO, Core FFO, and AFFOQ3 2025Q3 2024YTD 2025YTD 2024
Common shares — basic613,084,571 612,674,802 612,971,293 612,508,300 
OP units — basic2,099,937 1,979,009 2,058,429 1,945,886 
Shares potentially issuable from vesting/conversion of equity-based awards415,032 1,259,328 644,075 1,533,792 
Total common shares and units — diluted615,599,540 615,913,139 615,673,797 615,987,978 
Period end amounts for Core FFO and AFFOSeptember 30, 2025
Common shares613,020,589 
OP units2,099,937 
Shares potentially issuable from vesting/conversion of equity-based awards1,014,713 
Total common shares and units — diluted
616,135,239 





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 11
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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of September 30, 2025
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$1,388,398 16.7 %4.0 %2.8 
Floating — swapped to fixed— — %— %— 
Floating— — %— %— 
Total secured1,388,398 16.7 %4.0 %2.8 
Unsecured:
Fixed4,450,000 53.5 %3.8 %6.5 
Floating — swapped to fixed2,100,000 25.3 %4.0 %4.1 
Floating375,000 4.5 %5.0 %4.6 
Total unsecured6,925,000 83.3 %3.9 %5.7 
Total Debt:
Fixed + floating swapped to fixed (3)
7,938,398 95.5 %3.9 %5.2 
Floating375,000 4.5 %5.0 %4.6 
Total debt8,313,398 100.0 %3.9 %5.2 
Unamortized discounts on notes payable(25,064)
Deferred financing costs, net(58,050)
Total debt per Balance Sheet8,230,284 
Retained and repurchased certificates(55,499)
Cash, ex-security deposits and letters of credit (4)
(208,054)
Deferred financing costs, net58,050 
Unamortized discounts on notes payable25,064 
Net debt$8,049,845 
Leverage RatiosSeptember 30, 2025
Net Debt / TTM Adjusted EBITDAre
5.2 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 ratio28.9 %≤ 60%Aggregate debt ratio34.9 %≤ 65%
Secured leverage ratio5.8 %≤ 45%Secured debt ratio5.6 %≤ 40%
Unencumbered leverage ratio27.0 %≤ 60%Unencumbered assets ratio310.8 %   ≥ 150%
Fixed charge coverage ratio4.4 x≥ 1.5xDebt service ratio4.6x≥ 1.5x
Unsecured interest coverage ratio5.3 x  ≥ 1.75x



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 September 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 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.
Q3 2025 Earnings Release and Supplemental Information — page 13
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Supplemental Schedule 2(c)

Debt Maturity Schedule — As of September 30, 2025
($ in thousands) (unaudited)
Unsecured Debt
SecuredUnsecuredTerm LoanRevolving% of
Debt Maturities, with Extensions (1)
DebtNotesFacilitiesFacilityTotalTotal
2025$— $— $— $— $— — %
2026— — — — — — %
2027988,013 — — — 988,013 11.9 %
2028— 750,000 — — 750,000 9.0 %
2029— — 1,750,000 — 1,750,000 21.2 %
2030— 450,000 725,000 — 1,175,000 14.1 %
2031400,385 650,000 — — 1,050,385 12.6 %
2032— 600,000 — — 600,000 7.2 %
2033— 950,000 — — 950,000 11.4 %
2034— 400,000 — — 400,000 4.8 %
2035— 500,000 — — 500,000 6.0 %
2036— 150,000 — — 150,000 1.8 %
1,388,398 4,450,000 2,475,000 — 8,313,398 100.0 %
Unamortized discounts on notes payable(615)(24,449)— — (25,064)
Deferred financing costs, net(4,242)(28,578)(25,230)— (58,050)
Total per Balance Sheet$1,383,541 $4,396,973 $2,449,770 $— $8,230,284 
(1)Assumes all extension options are exercised.





















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 14
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Supplemental Schedule 2(d)

Active Swap Schedule — As of September 30, 2025
($ in thousands) (unaudited)
Agreement Date Effective DateMaturity Date Strike Rate Index Notional
9/20/202412/31/20245/31/20283.13%One month Term SOFR$200,000 
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
3/22/20237/9/20255/31/20292.99%One month Term SOFR300,000
Weighted Average Strike Rate 3.07%Total$2,100,000 





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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-endQ3 2025
Total Portfolio86,139 
Same Store Portfolio77,284 
Same Store % of Total89.7 %
Core RevenuesQ3 2025Q3 2024Change YoYYTD 2025YTD 2024Change YoY
Total Portfolio$619,306 $598,930 3.4 %$1,846,422 $1,793,605 2.9 %
Same Store Portfolio569,293 556,388 2.3 %1,706,261 1,663,870 2.5 %
Core Operating ExpensesQ3 2025Q3 2024Change YoYYTD 2025YTD 2024Change YoY
Total Portfolio$212,152 $199,816 6.2 %$608,817 $589,500 3.3 %
Same Store Portfolio189,424 180,643 4.9 %545,763 533,766 2.2 %
Net Operating IncomeQ3 2025Q3 2024Change YoYYTD 2025YTD 2024Change YoY
Total Portfolio$407,154 $399,114 2.0 %$1,237,605 $1,204,105 2.8 %
Same Store Portfolio379,869 375,745 1.1 %1,160,498 1,130,104 2.7 %






Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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
Q3 2025Q3 2024YoYQ2 2025SeqYTD 2025YTD 2024YoY
Revenues:
Rental revenues (1)
$546,117 $534,866 2.1 %$547,912 (0.3)%$1,638,057 $1,599,384 2.4 %
Other property income, net (1)(2)
23,176 21,522 7.7 %23,266 (0.4)%68,204 64,486 5.8 %
Core Revenues569,293 556,388 2.3 %571,178 (0.3)%1,706,261 1,663,870 2.5 %
Fixed Expenses:
Property taxes98,984 93,121 6.3 %97,927 1.1 %295,137 284,722 3.7 %
Insurance expenses8,455 10,722 (21.1)%9,829 (14.0)%28,271 31,411 (10.0)%
HOA expenses10,391 10,154 2.3 %9,790 6.1 %30,622 31,300 (2.2)%
     Total Fixed Expenses117,830 113,997 3.4 %117,546 0.2 %354,030 347,433 1.9 %
Controllable Expenses:
Repairs and maintenance, net (3)
30,633 29,467 4.0 %26,109 17.3 %77,042 76,527 0.7 %
Personnel, leasing and marketing20,311 20,167 0.7 %20,551 (1.2)%61,857 62,979 (1.8)%
Turnover, net (3)
11,977 10,805 10.8 %9,695 23.5 %29,799 29,527 0.9 %
Utilities and property administrative, net (3)
8,673 6,207 39.7 %8,500 2.0 %23,035 17,300 33.2 %
     Total Controllable Expenses71,594 66,646 7.4 %64,855 10.4 %191,733 186,333 2.9 %
Core Operating Expenses189,424 180,643 4.9 %182,401 3.9 %545,763 533,766 2.2 %
Net Operating Income$379,869 $375,745 1.1 %$388,777 (2.3)%$1,160,498 $1,130,104 2.7 %
(1)All rental revenues and other property income are reflected net of Bad Debt.
(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $42,734, $38,778, $37,455, $120,969, and $107,405 for Q3 2025, Q3 2024, Q2 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.
Q3 2025 Earnings Release and Supplemental Information — page 17
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Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024
Average Occupancy96.5 %97.3 %97.3 %96.8 %97.1 %
Turnover Rate6.4 %6.1 %4.9 %5.2 %6.1 %
Trailing four quarters Turnover Rate22.6 %22.3 %22.5 %22.8 %N/A
Average Monthly Rent$2,461 $2,444 $2,429 $2,415 $2,401 
Rental Rate Growth (lease-over-lease):
Renewals4.5 %4.6 %5.2 %4.1 %4.2 %
New leases(0.6)%2.1 %(0.1)%(2.2)%1.6 %
Blended3.0 %4.0 %3.6 %2.2 %3.5 %







Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 September 30, 2025 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California7,154 95.6 %$3,213 $1.88 10.8 %
Northern California4,027 96.8 %2,799 1.77 5.4 %
Seattle3,925 97.9 %2,952 1.54 5.6 %
Phoenix9,208 96.6 %2,075 1.22 9.4 %
Las Vegas3,394 96.2 %2,252 1.15 3.7 %
Denver2,915 93.6 %2,641 1.43 3.6 %
Western US Subtotal30,623 96.2 %2,622 1.49 38.5 %
Florida:
South Florida8,111 95.0 %3,131 1.67 11.8 %
Tampa9,678 93.2 %2,311 1.23 10.8 %
Orlando6,920 95.0 %2,283 1.22 7.7 %
Jacksonville2,125 94.2 %2,198 1.11 2.2 %
Florida Subtotal26,834 94.2 %2,548 1.35 32.5 %
Southeast United States:
Atlanta12,641 95.3 %2,106 1.02 12.6 %
Carolinas6,138 94.5 %2,103 1.00 6.1 %
Southeast US Subtotal18,779 95.1 %2,105 1.01 18.7 %
Texas:
Houston2,511 91.5 %1,957 0.99 2.3 %
Dallas3,543 89.3 %2,270 1.12 3.7 %
Texas Subtotal6,054 89.3 %2,144 1.07 6.0 %
Midwest United States:
Chicago2,453 94.6 %2,521 1.57 2.8 %
Minneapolis1,042 93.9 %2,435 1.24 1.2 %
Midwest US Subtotal3,495 94.4 %2,496 1.46 4.0 %
Other (2):
354 75.4 %2,142 1.13 0.3 %
Total / Average86,139 94.8 %$2,447 $1.30 100.0 %
Same Store Total / Average77,284 96.5 %$2,461 $1.31 91.9 %
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)As of September 30, 2025, 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.
Q3 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, Q3 2025# HomesQ3 2025Q3 2024ChangeQ3 2025Q3 2024ChangeQ3 2025Q3 2024Change
Western United States:
Southern California6,667 $3,213 $3,103 3.5 %98.0 %98.4 %(0.4)%$64,538 $62,391 3.4 %
Northern California3,857 2,799 2,737 2.3 %97.8 %98.6 %(0.8)%32,613 31,922 2.2 %
Seattle3,887 2,953 2,875 2.7 %98.3 %97.9 %0.4 %34,557 33,638 2.7 %
Phoenix8,590 2,066 2,046 1.0 %96.7 %97.1 %(0.4)%54,135 53,231 1.7 %
Las Vegas2,963 2,252 2,201 2.3 %96.4 %97.1 %(0.7)%20,155 19,691 2.4 %
Denver2,441 2,633  2,545 3.5 %96.0 %97.6 %(1.6)%19,199 18,880 1.7 %
Western US Subtotal28,405 2,627 2,563 2.5 %97.3 %97.8 %(0.5)%225,197 219,753 2.5 %
Florida:
South Florida7,769 3,146 3,048 3.2 %96.2 %96.8 %(0.6)%72,572 70,443 3.0 %
Tampa8,109 2,319 2,293 1.1 %95.6 %96.5 %(0.9)%56,541 56,033 0.9 %
Orlando6,350 2,279 2,243 1.6 %96.2 %96.7 %(0.5)%43,854 43,131 1.7 %
Jacksonville1,903 2,199 2,172 1.2 %96.7 %97.0 %(0.3)%12,694 12,491 1.6 %
Florida Subtotal24,131 2,566 2,514 2.1 %96.0 %96.7 %(0.7)%185,661 182,098 2.0 %
Southeast United States:
Atlanta11,773 2,103 2,040 3.1 %96.2 %96.3 %(0.1)%72,839 70,761 2.9 %
Carolinas5,216 2,109 2,056 2.6 %96.3 %96.8 %(0.5)%33,091 32,232 2.7 %
Southeast US Subtotal16,989 2,105 2,045 2.9 %96.2 %96.5 %(0.3)%105,930 102,993 2.9 %
Texas:
Houston1,774 1,924 1,882 2.2 %96.0 %97.4 %(1.4)%10,281 10,139 1.4 %
Dallas2,555 2,291 2,269 1.0 %94.9 %96.4 %(1.5)%17,506 17,409 0.6 %
Texas Subtotal4,329 2,140 2,109 1.5 %95.3 %96.8 %(1.5)%27,787 27,548 0.9 %
Midwest United States:
Chicago2,401 2,521 2,401 5.0 %96.1 %97.6 %(1.5)%17,329 16,892 2.6 %
Minneapolis1,029 2,434 2,320 4.9 %95.0 %96.6 %(1.6)%7,389 7,104 4.0 %
Midwest US Subtotal3,430 2,495 2,377 5.0 %95.8 %97.3 %(1.5)%24,718 23,996 3.0 %
Total / Average77,284 $2,461 $2,401 2.5 %96.5 %97.1 %(0.6)%$569,293 $556,388 2.3 %



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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, Q3 2025# HomesQ3 2025Q2 2025ChangeQ3 2025Q2 2025ChangeQ3 2025Q2 2025Change
Western United States:
Southern California6,667 $3,213 $3,186 0.8 %98.0 %98.7 %(0.7)%$64,538 $64,431 0.2 %
Northern California3,857 2,799 2,784 0.5 %97.8 %98.6 %(0.8)%32,613 32,688 (0.2)%
Seattle3,887 2,953 2,942 0.4 %98.3 %98.1 %0.2 %34,557 34,549 — %
Phoenix8,590 2,066 2,061 0.2 %96.7 %97.8 %(1.1)%54,135 54,635 (0.9)%
Las Vegas2,963 2,252 2,240 0.5 %96.4 %97.4 %(1.0)%20,155 20,229 (0.4)%
Denver2,441 2,633 2,615 0.7 %96.0 %97.2 %(1.2)%19,199 19,302 (0.5)%
Western US Subtotal28,405 2,627 2,612 0.6 %97.3 %98.1 %(0.8)%225,197 225,834 (0.3)%
Florida:
South Florida7,769 3,146 3,122 0.8 %96.2 %96.9 %(0.7)%72,572 72,471 0.1 %
Tampa8,109 2,319 2,309 0.4 %95.6 %96.1 %(0.5)%56,541 56,693 (0.3)%
Orlando6,350 2,279 2,267 0.5 %96.2 %97.2 %(1.0)%43,854 44,095 (0.5)%
Jacksonville1,903 2,199 2,191 0.4 %96.7 %97.0 %(0.3)%12,694 12,750 (0.4)%
Florida Subtotal24,131 2,566 2,551 0.6 %96.0 %96.7 %(0.7)%185,661 186,009 (0.2)%
Southeast United States:
Atlanta11,773 2,103 2,084 0.9 %96.2 %97.1 %(0.9)%72,839 73,021 (0.2)%
Carolinas5,216 2,109 2,090 0.9 %96.3 %97.4 %(1.1)%33,091 33,300 (0.6)%
Southeast US Subtotal16,989 2,105 2,086 0.9 %96.2 %97.2 %(1.0)%105,930 106,321 (0.4)%
Texas:
Houston1,774 1,924 1,916 0.4 %96.0 %96.8 %(0.8)%10,281 10,378 (0.9)%
Dallas2,555 2,291 2,285 0.3 %94.9 %96.5 %(1.6)%17,506 17,736 (1.3)%
Texas Subtotal4,329 2,140 2,134 0.3 %95.3 %96.7 %(1.4)%27,787 28,114 (1.2)%
Midwest United States:
Chicago2,401 2,521 2,473 1.9 %96.1 %97.4 %(1.3)%17,329 17,514 (1.1)%
Minneapolis1,029 2,434 2,398 1.5 %95.0 %96.8 %(1.8)%7,389 7,386 — %
Midwest US Subtotal3,430 2,495 2,451 1.8 %95.8 %97.2 %(1.4)%24,718 24,900 (0.7)%
Total / Average77,284 $2,461 $2,444 0.7 %96.5 %97.3 %(0.8)%$569,293 $571,178 (0.3)%



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 California6,667 $3,184 $3,073 3.6 %98.4 %98.4 %— %$192,361 $184,955 4.0 %
Northern California3,857 2,785 2,712 2.7 %98.4 %98.4 %— %97,787 94,664 3.3 %
Seattle3,887 2,939 2,851 3.1 %98.1 %98.2 %(0.1)%103,198 100,437 2.7 %
Phoenix8,590 2,062 2,036 1.3 %97.3 %97.6 %(0.3)%162,862 160,641 1.4 %
Las Vegas2,963 2,241 2,186 2.5 %97.1 %97.5 %(0.4)%60,412 59,071 2.3 %
Denver2,441 2,613 2,526 3.4 %96.7 %98.1 %(1.4)%57,596 56,568 1.8 %
Western US Subtotal28,405 2,612 2,542 2.8 %97.8 %98.0 %(0.2)%674,216 656,336 2.7 %
Florida:
South Florida7,769 3,123 3,010 3.8 %96.7 %97.3 %(0.6)%217,139 210,163 3.3 %
Tampa8,109 2,309 2,280 1.3 %96.0 %97.1 %(1.1)%169,208 168,440 0.5 %
Orlando6,350 2,267 2,224 1.9 %96.9 %97.1 %(0.2)%131,799 128,922 2.2 %
Jacksonville1,903 2,189 2,160 1.3 %97.2 %97.4 %(0.2)%38,142 37,578 1.5 %
Florida Subtotal24,131 2,551 2,491 2.4 %96.6 %97.2 %(0.6)%556,288 545,103 2.1 %
Southeast United States:
Atlanta11,773 2,086 2,018 3.4 %96.7 %97.1 %(0.4)%218,419 212,125 3.0 %
Carolinas5,216 2,093 2,036 2.8 %97.0 %97.4 %(0.4)%99,221 96,172 3.2 %
Southeast US Subtotal16,989 2,088 2,024 3.2 %96.8 %97.2 %(0.4)%317,640 308,297 3.0 %
Texas:
Houston1,774 1,915 1,868 2.5 %96.7 %97.6 %(0.9)%30,957 30,323 2.1 %
Dallas2,555 2,286 2,251 1.6 %95.9 %97.1 %(1.2)%52,913 52,264 1.2 %
Texas Subtotal4,329 2,133 2,094 1.9 %96.2 %97.3 %(1.1)%83,870 82,587 1.6 %
Midwest United States:
Chicago2,401 2,480 2,372 4.6 %97.1 %97.8 %(0.7)%52,239 50,279 3.9 %
Minneapolis1,029 2,399 2,300 4.3 %95.6 %96.9 %(1.3)%22,008 21,268 3.5 %
Midwest US Subtotal3,430 2,456 2,350 4.5 %96.7 %97.5 %(0.8)%74,247 71,547 3.8 %
Total / Average77,284 $2,445 $2,379 2.8 %97.0 %97.5 %(0.5)%$1,706,261 $1,663,870 2.5 %



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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, Q3 2025Q3 2025Q3 2024ChangeQ3 2025Q3 2024ChangeQ3 2025Q3 2024ChangeQ3 2025Q3 2024
Western United States:
Southern California$64,538 $62,391 3.4 %$17,309 $17,102 1.2 %$47,229 $45,289 4.3 %73.2 %72.6 %
Northern California32,613 31,922 2.2 %8,418 8,723 (3.5)%24,195 23,199 4.3 %74.2 %72.7 %
Seattle34,557 33,638 2.7 %8,647 8,556 1.1 %25,910 25,082 3.3 %75.0 %74.6 %
Phoenix54,135 53,231 1.7 %12,059 11,331 6.4 %42,076 41,900 0.4 %77.7 %78.7 %
Las Vegas20,155 19,691 2.4 %4,997 4,697 6.4 %15,158 14,994 1.1 %75.2 %76.1 %
Denver19,199 18,880 1.7 %4,174 4,027 3.7 %15,025 14,853 1.2 %78.3 %78.7 %
Western US Subtotal225,197 219,753 2.5 %55,604 54,436 2.1 %169,593 165,317 2.6 %75.3 %75.2 %
Florida:
South Florida72,572 70,443 3.0 %29,388 27,503 6.9 %43,184 42,940 0.6 %59.5 %61.0 %
Tampa56,541 56,033 0.9 %22,562 21,104 6.9 %33,979 34,929 (2.7)%60.1 %62.3 %
Orlando43,854 43,131 1.7 %16,892 15,610 8.2 %26,962 27,521 (2.0)%61.5 %63.8 %
Jacksonville12,694 12,491 1.6 %4,773 4,432 7.7 %7,921 8,059 (1.7)%62.4 %64.5 %
Florida Subtotal185,661 182,098 2.0 %73,615 68,649 7.2 %112,046 113,449 (1.2)%60.3 %62.3 %
Southeast United States:
Atlanta72,839 70,761 2.9 %26,759 24,996 7.1 %46,080 45,765 0.7 %63.3 %64.7 %
Carolinas33,091 32,232 2.7 %10,056 9,332 7.8 %23,035 22,900 0.6 %69.6 %71.0 %
Southeast US Subtotal105,930 102,993 2.9 %36,815 34,328 7.2 %69,115 68,665 0.7 %65.2 %66.7 %
Texas:
Houston10,281 10,139 1.4 %4,957 4,980 (0.5)%5,324 5,159 3.2 %51.8 %50.9 %
Dallas17,506 17,409 0.6 %7,193 7,266 (1.0)%10,313 10,143 1.7 %58.9 %58.3 %
Texas Subtotal27,787 27,548 0.9 %12,150 12,246 (0.8)%15,637 15,302 2.2 %56.3 %55.5 %
Midwest United States:
Chicago17,329 16,892 2.6 %8,383 8,262 1.5 %8,946 8,630 3.7 %51.6 %51.1 %
Minneapolis7,389 7,104 4.0 %2,857 2,722 5.0 %4,532 4,382 3.4 %61.3 %61.7 %
Midwest US Subtotal24,718 23,996 3.0 %11,240 10,984 2.3 %13,478 13,012 3.6 %54.5 %54.2 %
Total / Average$569,293 $556,388 2.3 %$189,424 $180,643 4.9 %$379,869 $375,745 1.1 %66.7 %67.5 %



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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, Q3 2025Q3 2025Q2 2025ChangeQ3 2025Q2 2025ChangeQ3 2025Q2 2025ChangeQ3 2025Q2 2025
Western United States:
Southern California$64,538 $64,431 0.2 %$17,309 $17,353 (0.3)%$47,229 $47,078 0.3 %73.2 %73.1 %
Northern California32,613 32,688 (0.2)%8,418 8,612 (2.3)%24,195 24,076 0.5 %74.2 %73.7 %
Seattle34,557 34,549 — %8,647 9,004 (4.0)%25,910 25,545 1.4 %75.0 %73.9 %
Phoenix54,135 54,635 (0.9)%12,059 10,602 13.7 %42,076 44,033 (4.4)%77.7 %80.6 %
Las Vegas20,155 20,229 (0.4)%4,997 4,600 8.6 %15,158 15,629 (3.0)%75.2 %77.3 %
Denver19,199 19,302 (0.5)%4,174 3,985 4.7 %15,025 15,317 (1.9)%78.3 %79.4 %
Western US Subtotal225,197 225,834 (0.3)%55,604 54,156 2.7 %169,593 171,678 (1.2)%75.3 %76.0 %
Florida:
South Florida72,572 72,471 0.1 %29,388 28,627 2.7 %43,184 43,844 (1.5)%59.5 %60.5 %
Tampa56,541 56,693 (0.3)%22,562 21,931 2.9 %33,979 34,762 (2.3)%60.1 %61.3 %
Orlando43,854 44,095 (0.5)%16,892 15,810 6.8 %26,962 28,285 (4.7)%61.5 %64.1 %
Jacksonville12,694 12,750 (0.4)%4,773 4,666 2.3 %7,921 8,084 (2.0)%62.4 %63.4 %
Florida Subtotal185,661 186,009 (0.2)%73,615 71,034 3.6 %112,046 114,975 (2.5)%60.3 %61.8 %
Southeast United States:
Atlanta72,839 73,021 (0.2)%26,759 26,416 1.3 %46,080 46,605 (1.1)%63.3 %63.8 %
Carolinas33,091 33,300 (0.6)%10,056 9,590 4.9 %23,035 23,710 (2.8)%69.6 %71.2 %
Southeast US Subtotal105,930 106,321 (0.4)%36,815 36,006 2.2 %69,115 70,315 (1.7)%65.2 %66.1 %
Texas:
Houston10,281 10,378 (0.9)%4,957 4,700 5.5 %5,324 5,678 (6.2)%51.8 %54.7 %
Dallas17,506 17,736 (1.3)%7,193 6,330 13.6 %10,313 11,406 (9.6)%58.9 %64.3 %
Texas Subtotal27,787 28,114 (1.2)%12,150 11,030 10.2 %15,637 17,084 (8.5)%56.3 %60.8 %
Midwest United States:
Chicago17,329 17,514 (1.1)%8,383 7,699 8.9 %8,946 9,815 (8.9)%51.6 %56.0 %
Minneapolis7,389 7,386 — %2,857 2,476 15.4 %4,532 4,910 (7.7)%61.3 %66.5 %
Midwest US Subtotal24,718 24,900 (0.7)%11,240 10,175 10.5 %13,478 14,725 (8.5)%54.5 %59.1 %
Total / Average$569,293 $571,178 (0.3)%$189,424 $182,401 3.9 %$379,869 $388,777 (2.3)%66.7 %68.1 %



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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$192,361 $184,955 4.0 %$51,090 $51,359 (0.5)%$141,271 $133,596 5.7 %73.4 %72.2 %
Northern California97,787 94,664 3.3 %24,829 25,597 (3.0)%72,95869,0675.6 %74.6 %73.0 %
Seattle103,198 100,437 2.7 %26,374 25,504 3.4 %76,82474,9332.5 %74.4 %74.6 %
Phoenix162,862 160,641 1.4 %32,563 31,553 3.2 %130,299129,0880.9 %80.0 %80.4 %
Las Vegas60,412 59,071 2.3 %13,958 13,445 3.8 %46,45445,6261.8 %76.9 %77.2 %
Denver57,596 56,568 1.8 %12,229 11,548 5.9 %45,36745,0200.8 %78.8 %79.6 %
Western US Subtotal674,216 656,336 2.7 %161,043 159,006 1.3 %513,173 497,330 3.2 %76.1 %75.8 %
Florida:
South Florida217,139 210,163 3.3 %86,109 83,702 2.9 %131,030 126,461 3.6 %60.3 %60.2 %
Tampa169,208 168,440 0.5 %65,404 63,950 2.3 %103,804 104,490 (0.7)%61.3 %62.0 %
Orlando131,799 128,922 2.2 %48,204 46,740 3.1 %83,595 82,182 1.7 %63.4 %63.7 %
Jacksonville38,142 37,578 1.5 %13,901 13,820 0.6 %24,241 23,758 2.0 %63.6 %63.2 %
Florida Subtotal556,288 545,103 2.1 %213,618 208,212 2.6 %342,670 336,891 1.7 %61.6 %61.8 %
Southeast United States:
Atlanta218,419 212,125 3.0 %77,746 72,173 7.7 %140,673 139,952 0.5 %64.4 %66.0 %
Carolinas99,221 96,172 3.2 %28,768 27,225 5.7 %70,453 68,947 2.2 %71.0 %71.7 %
Southeast US Subtotal317,640 308,297 3.0 %106,514 99,398 7.2 %211,126 208,899 1.1 %66.5 %67.8 %
Texas:
Houston30,957 30,323 2.1 %13,954 14,750 (5.4)%17,003 15,573 9.2 %54.9 %51.4 %
Dallas52,913 52,264 1.2 %19,377 21,956 (11.7)%33,536 30,308 10.7 %63.4 %58.0 %
Texas Subtotal83,870 82,587 1.6 %33,331 36,706 (9.2)%50,539 45,881 10.2 %60.3 %55.6 %
Midwest United States:
Chicago52,239 50,279 3.9 %23,548 22,794 3.3 %28,691 27,485 4.4 %54.9 %54.7 %
Minneapolis22,008 21,268 3.5 %7,709 7,650 0.8 %14,299 13,618 5.0 %65.0 %64.0 %
Midwest US Subtotal74,247 71,547 3.8 %31,257 30,444 2.7 %42,990 41,103 4.6 %57.9 %57.4 %
Total / Average$1,706,261 $1,663,870 2.5 %$545,763 $533,766 2.2 %$1,160,498 $1,130,104 2.7 %68.0 %67.9 %



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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
Q3 2025YTD 2025
RenewalNewBlendedRenewalNewBlended
LeasesLeasesAverageLeasesLeasesAverage
Western United States:
Southern California5.8 %4.5 %5.6 %6.4 %5.5 %6.3 %
Northern California2.8 %2.5 %2.7 %3.4 %3.1 %3.3 %
Seattle1.9 %3.8 %2.4 %3.2 %3.7 %3.3 %
Phoenix4.2 %(4.6)%1.5 %3.6 %(2.5)%1.8 %
Las Vegas3.5 %(2.0)%2.0 %3.7 %(0.3)%2.6 %
Denver4.6 %0.9 %3.4 %5.0 %3.3 %4.4 %
Western US Subtotal4.0 %0.1 %3.0 %4.4 %1.7 %3.7 %
Florida:
South Florida5.5 %(2.7)%3.2 %5.9 %(1.2)%4.0 %
Tampa3.8 %(4.2)%1.0 %4.2 %(2.4)%1.9 %
Orlando4.0 %(1.3)%2.0 %4.3 %(0.7)%2.6 %
Jacksonville3.1 %(1.5)%1.6 %3.3 %(1.2)%2.0 %
Florida Subtotal4.5 %(2.7)%2.2 %4.9 %(1.4)%2.9 %
Southeast United States:
Atlanta5.1 %1.5 %4.0 %5.4 %1.1 %4.1 %
Carolinas4.7 %1.4 %3.6 %4.9 %1.6 %3.9 %
Southeast US Subtotal5.0 %1.4 %3.9 %5.2 %1.2 %4.0 %
Texas:
Houston3.2 %(2.4)%1.8 %3.6 %(0.7)%2.5 %
Dallas2.9 %(3.4)%0.6 %3.2 %(2.5)%1.3 %
Texas Subtotal3.0 %(3.1)%1.0 %3.4 %(1.9)%1.8 %
Midwest United States:
Chicago7.2 %10.7 %8.0 %6.8 %10.3 %7.5 %
Minneapolis8.2 %3.9 %7.0 %8.2 %4.5 %7.0 %
Midwest US Subtotal7.5 %8.5 %7.7 %7.2 %8.1 %7.4 %
Total / Average4.5 %(0.6)%3.0 %4.8 %0.5 %3.5 %






Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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)
TotalQ3 2025Q2 2025Q1 2025Q4 2024Q3 2024
R&M OpEx, net$30,633 $26,109 $20,300 $22,759 $29,467 
Turn OpEx, net11,977 9,695 8,127 9,050 10,805 
Total recurring operating expenses, net$42,610 $35,804 $28,427 $31,809 $40,272 
R&M CapEx$35,671 $28,836 $25,041 $23,933 $36,068 
Turn CapEx11,343 9,564 8,468 8,411 9,730 
Total Recurring Capital Expenditures$47,014 $38,400 $33,509 $32,344 $45,798 
R&M OpEx, net + R&M CapEx$66,304 $54,945 $45,341 $46,692 $65,535 
Turn OpEx, net + Turn CapEx23,320 19,259 16,595 17,461 20,535 
Total Cost to Maintain, net$89,624 $74,204 $61,936 $64,153 $86,070 
Per HomeQ3 2025Q2 2025Q1 2025Q4 2024Q3 2024
Total Cost to Maintain, net$1,160 $960 $801 $830 $1,114 
(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)
TotalQ3 2025Q2 2025Q1 2025Q4 2024Q3 2024
Recurring CapEx$51,719 $42,949 $37,092 $35,518 $50,970 
Value Enhancing CapEx21,370 18,314 13,023 12,361 16,182 
Initial Renovation CapEx6,927 8,269 6,869 7,091 8,860 
Disposition CapEx862 869 952 1,423 1,584 
Total Capital Expenditures$80,878 $70,401 $57,936 $56,393 $77,596 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 ExpenseQ3 2025Q3 2024YTD 2025YTD 2024
Property management expense (GAAP)$37,073 $34,382 $109,645 $98,252 
Adjustments:
Share-based compensation expense(1,562)(1,313)(4,779)(4,585)
Adjusted property management expense$35,511 $33,069 $104,866 $93,667 
Adjusted G&A ExpenseQ3 2025Q3 2024YTD 2025YTD 2024
G&A expense (GAAP)$18,444 $21,727 $71,553 $66,673 
Adjustments:
Share-based compensation expense(354)(4,104)(15,758)(16,224)
Severance expense— (209)(2,420)(388)
Adjusted G&A expense$18,090 $17,414 $53,375 $50,061 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 28
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Supplemental Schedule 8(a)

Acquisitions and Dispositions
(unaudited)June 30, 2025
Q3 2025 Acquisitions (1)
Q3 2025 Dispositions (2)
September 30, 2025
HomesHomesAvg. Est.HomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California7,184 28 $537,623 58 $621,070 7,154 
Northern California4,056 — — 29 477,872 4,027 
Seattle3,931 — — 6 484,000 3,925 
Phoenix9,214 2 415,286 8 292,900 9,208 
Las Vegas3,397 — — 3 408,333 3,394 
Denver2,849 70 437,527 4 334,063 2,915 
Western US Subtotal30,631 100 465,109 108 534,156 30,623 
Florida:
South Florida8,134 10 410,236 33 428,300 8,111 
Tampa9,658 63 320,412 43 262,296 9,678 
Orlando6,879 48 414,060 7 300,143 6,920 
Jacksonville2,082 45 319,850 2 270,000 2,125 
Florida Subtotal26,753 166 352,750 85 330,043 26,834 
Southeast United States:
Atlanta12,634 44 345,146 37 259,457 12,641 
Carolinas6,106 44 277,816 12 265,841 6,138 
Southeast US Subtotal18,740 88 311,481 49 261,020 18,779 
Texas:
Houston2,459 72 270,334 20 233,375 2,511 
Dallas3,495 65 272,913 17 263,359 3,543 
Texas Subtotal5,954 137 271,557 37 247,151 6,054 
Midwest United States:
Chicago2,459 — — 6 304,000 2,453 
Minneapolis1,048 — — 6 302,000 1,042 
Midwest US Subtotal3,507 — — 12 303,000 3,495 
Other (3):
320 35 261,721 1 249,990 354 
Total / Average85,905 526 $340,002 292 $382,065 86,139 
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,605 — $— — $— 2,605 
2022 Rockpoint JV (5)
278 31 393,816 — — 309
FNMA JV (6)
355 — — 23 406,628 332 
Pathway Homes (7)
720 122 362,726 1 278,000 841 
Upward America JV (8)
3,720 — — — — 3,720 
2024 Peregrine JV (9)
20 70 355,309 — — 90 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 5.5%. Stabilized cap rate represents forecasted nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 1.6%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)As of September 30, 2025, 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.
Q3 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 September 30, 2025
(unaudited)
Pipeline as of
September 30, 2025 (1)(2)
Estimated Deliveries
in Q4 2025		Estimated Deliveries
in 2026		Estimated Deliveries ThereafterAvg. Estimated Cost Basis Per Home
Southern California1414——$540,000 
Denver581246—430,000 
South Florida1111——410,000 
Tampa176538538320,000 
Orlando3043720958400,000 
Jacksonville3636——320,000 
Atlanta853—340,000 
Carolinas187249172380,000 
Houston119435620280,000 
Dallas591940—250,000 
Other301020—250,000 
Total / Average1,002264550 188$360,000 
(1)Represents the number of new homes under contract as of September 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 June 30, 2025
1,338
Q3 2025 additions and cancellations (net)
90
Q3 2025 deliveries
(426)
Pipeline as of September 30, 2025
1,002
    




















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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.
Q3 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 “Reconciliation of Net Income to Adjusted EBITDAre” for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)
FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. We define Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; 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) losses from investments in unconsolidated joint ventures.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 “Reconciliation of Net Income to Same Store NOI” for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store Portfolio.

PSF
PSF means per square foot.

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

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

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

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

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

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

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




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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.
Q3 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, September 26, 2024, and August 15, 2025.

The breach of any of the covenants set forth in the Indenture could result in a default of our indebtedness related to our senior notes, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report 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.
Q3 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)
Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024
Total revenues (Total Portfolio)$688,166 $681,401 $674,479 $659,130 $660,322 
Management fee revenues(21,975)(22,294)(21,408)(21,080)(18,980)
Total portfolio resident recoveries(46,885)(40,944)(44,118)(38,120)(42,412)
Total Core Revenues (Total Portfolio)619,306 618,163 608,953 599,930 598,930 
Non-Same Store Core Revenues(50,013)(46,985)(43,163)(41,229)(42,542)
Same Store Core Revenues$569,293 $571,178 $565,790 $558,701 $556,388 
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
YTD 2025YTD 2024
Total revenues (Total Portfolio)$2,044,046 1,959,812 
Management fee revenues(65,677)(48,898)
Total portfolio resident recoveries(131,947)(117,309)
Total Core Revenues (Total Portfolio)1,846,422 1,793,605 
Non-Same Store Core Revenues(140,161)(129,735)
Same Store Core Revenues$1,706,261 $1,663,870 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024
Property operating and maintenance expenses (Total Portfolio)$259,037 $244,278 $237,449 $228,464 $242,228 
Total Portfolio resident recoveries(46,885)(40,944)(44,118)(38,120)(42,412)
Core Operating Expenses (Total Portfolio)212,152 203,334 193,331 190,344 199,816 
Non-Same Store Core Operating Expenses(22,728)(20,933)(19,393)(17,567)(19,173)
Same Store Core Operating Expenses$189,424 $182,401 $173,938 $172,777 $180,643 
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)$740,764 $706,809 
Total Portfolio resident recoveries(131,947)(117,309)
Core Operating Expenses (Total Portfolio)608,817 589,500
Non-Same Store Core Operating Expenses(63,054)(55,734)
Same Store Core Operating Expenses$545,763 $533,766 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 37
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Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024
Net income available to common stockholders$136,474 $140,665 $165,517 $142,941 $95,084 
Net income available to participating securities264 222 228 169 185 
Non-controlling interests472 480 537 460 309 
Interest expense90,781 87,414 84,254 95,158 91,060 
Depreciation and amortization188,457 185,455 183,146 181,912 180,479 
Property management expense37,073 35,833 36,739 39,238 34,382 
General and administrative18,444 23,591 29,518 23,939 21,727 
Casualty losses, impairment, and other
3,420 3,029 4,683 47,563 20,872 
Gain on sale of property, net of tax(45,515)(46,591)(71,666)(103,019)(47,766)
(Gains) losses on investments in equity securities, net(380)90 221 (8)257 
Other, net (1)
1,769 2,133 (1,365)(3,352)9,345 
Management fee revenues(21,975)(22,294)(21,408)(21,080)(18,980)
(Income) losses from investments in unconsolidated joint ventures(2,130)4,802 5,218 5,665 12,160 
NOI (Total Portfolio)407,154 414,829 415,622 409,586 399,114 
Non-Same Store NOI(27,285)(26,052)(23,770)(23,662)(23,369)
Same Store NOI$379,869 $388,777 $391,852 $385,924 $375,745 
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
YTD 2025YTD 2024
Net income available to common stockholders$442,656 $310,223 
Net income available to participating securities714 584 
Non-controlling interests1,489 988 
Interest expense262,449 270,912 
Depreciation and amortization557,058 532,414 
Property management expense109,645 98,252 
General and administrative71,553 66,673 
Casualty losses, impairment, and other11,132 35,362 
Gain on sale of property, net of tax(163,772)(141,531)
(Gains) losses on investments in equity securities, net(69)(1,038)
Other, net (1)
2,537 57,384 
Management fee revenues(65,677)(48,898)
Losses from investments in unconsolidated joint ventures7,890 22,780 
NOI (Total Portfolio)1,237,605 1,204,105 
Non-Same Store NOI(77,107)(74,001)
Same Store NOI$1,160,498 $1,130,104 
(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.
Q3 2025 Earnings Release and Supplemental Information — page 38
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Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q3 2025Q3 2024YTD 2025YTD 2024
Net income available to common stockholders$136,474 $95,084 $442,656 $310,223 
Net income available to participating securities264 185 714 584 
Non-controlling interests472 309 1,489 988 
Interest expense90,781 91,060 262,449 270,912 
Interest expense in unconsolidated joint ventures7,253 10,186 18,822 20,970 
Depreciation and amortization188,457 180,479 557,058 532,414 
Depreciation and amortization of investments in unconsolidated joint ventures4,484 3,590 11,937 9,875 
EBITDA428,185 380,893 1,295,125 1,145,966 
Gain on sale of property, net of tax(45,515)(47,766)(163,772)(141,531)
Impairment on depreciated real estate investments335 270 434 330 
Net (gain) loss on sale of investments in unconsolidated joint ventures(6,469)499 (6,875)285 
EBITDAre
376,536 333,896 1,124,912 1,005,050 
Share-based compensation expense1,916 5,417 20,537 20,809 
Severance expense— 209 2,420 388 
Casualty losses and reserves, net (1)
3,116 20,729 10,799 35,174 
(Gains) losses on investments in equity and other securities, net(380)257 (69)(1,038)
Other, net (2)
1,769 9,345 2,537 57,384 
Adjusted EBITDAre
$382,957 $369,853 $1,161,136 $1,117,767 
Trailing Twelve Months (TTM) Ended
September 30, 2025December 31, 2024
Net income available to common stockholders$585,597 $453,164 
Net income available to participating securities883 753 
Non-controlling interests1,949 1,448 
Interest expense357,607 366,070 
Interest expense in unconsolidated joint ventures24,185 26,333 
Depreciation and amortization738,970 714,326 
Depreciation and amortization of investments in unconsolidated joint ventures15,439 13,377 
EBITDA1,724,630 1,575,471 
Gain on sale of property, net of tax(266,791)(244,550)
Impairment on depreciated real estate investments610 506 
Net (gain) loss on sale of investments in unconsolidated joint ventures(5,945)1,215 
EBITDAre
1,452,504 1,332,642 
Share-based compensation expense27,646 27,918 
Severance2,669 637 
Casualty losses, net (1)
58,325 82,700 
Gains on investments in equity and other securities, net(77)(1,046)
Other, net (2)
(815)54,032 
Adjusted EBITDAre
$1,540,252 $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.
Q3 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
September 30, 2025December 31, 2024
Secured debt, net$1,383,541 $1,385,573 
Unsecured notes, net4,396,973 3,800,688 
Term loan facility, net2,449,770 2,446,041 
Revolving facility— 570,000 
Total Debt per Balance Sheet8,230,284 8,202,302 
Retained and repurchased certificates(55,499)(55,499)
Cash, ex-security deposits and letters of credit (1)
(208,054)(235,649)
Deferred financing costs, net58,050 60,559 
Unamortized discounts on notes payable25,064 24,336 
Net Debt (A)$8,049,845 $7,996,049 
For the TTM EndedFor the TTM Ended
September 30, 2025December 31, 2024
Adjusted EBITDAre (B)
$1,540,252 $1,496,883 
Net Debt / TTM Adjusted EBITDAre (A / B)
5.2 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)
Q3 2025Q3 2024YTD 2025YTD 2024
Amortization of discounts on notes payable$840 $684 $2,410 $2,001 
Amortization of deferred financing costs5,354 5,010 16,059 13,410 
Change in fair value of interest rate derivatives— — — 1 
Amortization of swap fair value at designation611 2,524 (5,541)7,166 
Our share from unconsolidated joint ventures2,323 5,867 5,558 9,629 
Total non-cash interest expense$9,128 $14,085 $18,486 $32,207 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 40