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Invitation Homes (NYSE: INVH) boosts Q2 EPS and raises 2026 FFO and AFFO guidance

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Invitation Homes reported higher results for the quarter ended June 30, 2026. Net income per common share – diluted was $0.37 in Q2 2026 versus $0.23 in Q2 2025. Core FFO per share – diluted rose to $0.51 from $0.48, and AFFO per share – diluted increased to $0.44 from $0.41. Total Q2 2026 revenues were $748 million, compared with $681 million a year earlier.

For the Same Store portfolio of 77,326 homes, Q2 2026 Same Store Core Revenues grew 1.6% year over year, Same Store Core Operating Expenses rose 1.9%, and Same Store NOI increased 1.5%, with average occupancy of 97.1% and blended lease-over-lease rental rate growth of 2.7%. As of June 30, 2026, the company had $1,546 million of available liquidity and total indebtedness of $8,593 million, with 92.4% of debt fixed or swapped to fixed and Net debt / TTM Adjusted EBITDAre of 5.4x, below its targeted 5.5x–6.0x range.

Since December 2025, Invitation Homes has repurchased 22,812,421 shares for approximately $600 million. The company also priced a $500 million offering of 4.950% senior notes due February 1, 2032, using net proceeds to prepay a portion of a $988 million secured debt maturing in June 2027. Full-year 2026 guidance midpoints for Core FFO and AFFO per share were each raised by $0.01 to $1.95 and $1.65, respectively.

Positive

  • Profitability strengthened: Q2 2026 net income per share – diluted rose to $0.37 from $0.23, with Core FFO and AFFO per share also higher and full-year 2026 Core FFO and AFFO guidance midpoints each increased by $0.01.

Negative

  • None.

Filing Explained

As of June 30, 2026, Invitation Homes had repurchased $600 million under its programs and reported $400,000 of remaining authorization under the newer program; that figure is a ceiling, not a stated future purchase.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Total Revenues $748 million Total revenues for Q2 2026 versus $681 million for Q2 2025
Q2 2026 Net Income per Share – Diluted $0.37 Net income per common share – diluted in Q2 2026 vs $0.23 in Q2 2025
Q2 2026 Core FFO per Share – Diluted $0.51 Core FFO per share – diluted in Q2 2026 vs $0.48 in Q2 2025
Q2 2026 AFFO per Share – Diluted $0.44 AFFO per share – diluted in Q2 2026 vs $0.41 in Q2 2025
Available Liquidity $1,546 million Liquidity as of June 30, 2026 from cash and undrawn revolver capacity
Total Indebtedness $8,593 million Debt outstanding as of June 30, 2026; 83.8% unsecured, 92.4% fixed or swapped
Net Debt / TTM Adjusted EBITDAre 5.4x Leverage ratio as of June 30, 2026, below 5.5x–6.0x target range
Share Repurchases Since December 2025 22,812,421 shares; $600,000 thousand Total shares repurchased for approximately $600 million at $26.30 average price
Core FFO financial
"Core FFO per share for Q2 2026 increased 5.0% to $0.51"
Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.
AFFO financial
"AFFO per share for Q2 2026 increased 5.9% to $0.44"
AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.
Same Store NOI financial
"YTD 2026 Same Store NOI increased 0.7% year over year"
Same-store Net Operating Income (NOI) tracks the change in income from a company's properties or retail locations that were owned and operating for the entire comparison period, excluding new acquisitions or dispositions. It matters to investors because it isolates the performance of the existing portfolio—like comparing the same set of stores year-to-year—to show whether underlying operations are generating more revenue or cutting costs, rather than masking results with growth from new assets.
Adjusted EBITDA re financial
"Net debt / TTM adjusted EBITDAre was 5.4x, below our targeted range"
Bad Debt % of gross rental revenue financial
"Bad Debt % of gross rental revenue was 0.6% in Q2 2026"
Total revenues $748 million in Q2 2026 compared with $681 million in Q2 2025
Net income per share – diluted $0.37 in Q2 2026 compared with $0.23 in Q2 2025
Core FFO per share – diluted $0.51 in Q2 2026 compared with $0.48 in Q2 2025
AFFO per share – diluted $0.44 in Q2 2026 compared with $0.41 in Q2 2025
Same Store NOI growth 1.5% year-over-year in Q2 2026 on Same Store Core Revenues growth of 1.6% and Core Operating Expenses growth of 1.9%
Guidance

For FY 2026, Core FFO per share – diluted guidance is $1.92–$1.98 (midpoint $1.95) and AFFO per share – diluted guidance is $1.62–$1.68 (midpoint $1.65), with Same Store NOI growth guidance of 0.4%–1.9% (midpoint 1.15%).

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Invitation Homes (INVH) perform financially in Q2 2026?
Invitation Homes reported Q2 2026 diluted EPS of $0.37, up from $0.23 in Q2 2025. Total revenues were $748 million versus $681 million a year earlier, while Core FFO and AFFO per share also increased year over year.

What were Invitation Homes' (INVH) key non-GAAP metrics in Q2 2026?
In Q2 2026, Invitation Homes reported Core FFO per share – diluted of $0.51 versus $0.48 in Q2 2025 and AFFO per share – diluted of $0.44 versus $0.41, reflecting modest growth in cash-flow-based performance measures.

How did Invitation Homes' (INVH) same store operations trend in Q2 2026?
For Q2 2026, the Same Store portfolio showed 1.6% Core Revenues growth, 1.9% Core Operating Expenses growth, and 1.5% NOI growth year over year, with average occupancy of 97.1% and blended lease-over-lease rent growth of 2.7%.

What is Invitation Homes' (INVH) liquidity and leverage position as of June 30, 2026?
As of June 30, 2026, Invitation Homes had $1,546 million of available liquidity and total indebtedness of $8,593 million. Net debt / TTM Adjusted EBITDAre was 5.4x, slightly below the company’s targeted range of 5.5x to 6.0x.

What guidance did Invitation Homes (INVH) provide for full year 2026?
Invitation Homes raised its FY 2026 guidance, with Core FFO per share – diluted midpoint at $1.95 and AFFO per share – diluted midpoint at $1.65, each $0.01 above prior midpoints. Same Store NOI growth midpoint remains at 1.15%.

How much stock has Invitation Homes (INVH) repurchased recently?
During Q2 2026, Invitation Homes repurchased 3,478,690 shares for about $100 million. Since December 2025, it has bought back 22,812,421 shares for approximately $600 million at an average price of $26.30 per share.

What recent debt financing did Invitation Homes (INVH) complete?
Invitation Homes priced a $500 million offering of 4.950% senior notes, at 99.291% of principal, maturing February 1, 2032. Net proceeds were used to prepay part of a $988 million secured debt due in June 2027.
false000168722900016872292026-07-292026-07-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 29, 2026
Invitation Homes Inc.
(Exact Name of Registrant as Specified in its charter)
Maryland
001-38004
90-0939055
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
5420 LBJ Freeway, Suite 600
Dallas, Texas 75240
(Address of principal executive offices, including zip code)
(972) 421-3600
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common stock, $0.01 par value
INVH
New York Stock Exchange
NYSE Texas, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02
Results of Operations and Financial Condition.
On July 29, 2026, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended June 30, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description
99.1
Press Release of Invitation Homes Inc. dated July 29, 2026, announcing results for the quarter ended June 30, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
INVITATION HOMES INC.
By:/s/ Mark A. Solls
Name:Mark A. Solls
Title:
Executive Vice President, Secretary
and Chief Legal Officer
Date:July 29, 2026




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Table of Contents


Earnings Press Release
3
Consolidated Financial Statements
9
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO
11
Schedule 2: Capital Structure Information
12
Schedule 3: Same Store Portfolio Core Operating Detail
16
Schedule 4: Home Characteristics by Market
18
Schedule 5: Same Store Operating Information by Market
19
Schedule 6: Cost to Maintain and Capital Expenditure Detail
26
Schedule 7: Adjusted Property Management and G&A Reconciliation
27
Schedule 8: Acquisitions, Dispositions, and Development Pipeline
28
Glossary and Reconciliations
31














Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 2
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Earnings Press Release
Invitation Homes Reports Second Quarter 2026 Results
Dallas, TX, July 29, 2026 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our Second Quarter (“Q2”) 2026 financial and operating results.

Q2 2026 Highlights
•Year over year, total revenues increased 9.7% to $748 million, property operating and maintenance costs increased 4.7% to $256 million, and net income available to common stockholders increased 55.1% to $218 million, or $0.37 per diluted common share.
•Year over year, Core FFO per share increased 5.0% to $0.51, while AFFO per share increased 5.9% to $0.44.
•Same Store NOI increased 1.5% year over year on 1.6% Same Store Core Revenues growth and 1.9% Same Store Core Operating Expenses growth.
•Same Store Average Occupancy was 97.1%, an expected reduction of 20 basis points year over year.
•Same Store renewal rent growth of 3.3% and Same Store new lease rent growth of 1.1% resulted in Same Store blended rent growth of 2.7%.
•We disposed of 657 wholly owned homes, many to families purchasing for their own use, and acquired 196 wholly owned homes, for net dispositions of 461 homes and net proceeds of approximately $234 million that were used for second quarter share repurchases and paying down debt that partially funded our first quarter share repurchases.
•During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30.
•At quarter end, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. As of June 30, 2026, our net debt / TTM adjusted EBITDAre was 5.4x, below our targeted range of 5.5x to 6.0x.
•As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027.
•Reflecting our year to date performance, we have raised our full year 2026 guidance by one cent at the midpoint for both Core FFO per share and AFFO per share to $1.95 and $1.65, respectively. We have also narrowed our Same Store Core Revenue growth and Same Store NOI growth guidance ranges, while holding both midpoints unchanged, and increased our wholly owned disposition guidance midpoint by $300 million to $850 million, driven by continued favorable private market valuations relative to public market pricing.

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.

Comments from Chief Executive Officer Dallas Tanner
“We delivered another quarter of strong operational execution thanks to our caring associates and loyal residents. New lease rent growth accelerated every month through June this year, and demand for high-quality rental homes remains healthy across our markets, particularly as leasing a home now costs an average of over $1,000 less per month than owning, according to data from John Burns. We continue to sell homes at prices well above what is implied by our current stock price, and since December, we have repurchased $600 million of our own shares. Given this performance, we have raised our full-year guidance by a penny at the midpoint for both Core FFO per share and AFFO per share, to $1.95 and $1.65, respectively.”



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 3
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Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q2 2026Q2 2025YTD 2026YTD 2025
Net income$0.37 $0.23 $0.63 $0.50 
FFO0.46 0.45 0.90 0.90 
Core FFO0.51 0.48 0.99 0.97 
AFFO0.44 0.41 0.85 0.84 
Net Income
Net income per common share — diluted for Q2 2026 was $0.37, compared to net income per common share — diluted of $0.23 for Q2 2025. Total revenues and total property operating and maintenance expenses for Q2 2026 were $748 million and $256 million, respectively, compared to $681 million and $244 million, respectively, for Q2 2025.

Net income per common share — diluted for YTD 2026 was $0.63, compared to net income per share — diluted of $0.50 for YTD 2025. Total revenues and total property operating and maintenance expenses for YTD 2026 were $1,482 million and $507 million, respectively, compared to $1,356 million and $482 million, respectively, for YTD 2025.

Core FFO
Year over year, Core FFO per share for Q2 2026 increased 5.0% to $0.51, while Core FFO per share for YTD 2026 increased 1.9% to $0.99, primarily due to NOI growth, stock repurchases, and our acquisition of ResiBuilt in January 2026.

AFFO
Year over year, AFFO per share for Q2 2026 increased 5.9% to $0.44, while AFFO per share for YTD 2026 increased 1.6% to $0.85, primarily due to the increase in Core FFO per share described above.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 4
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Operating Results
Same Store Operating Results Snapshot
Number of Homes, period-endQ2 2026
Total Portfolio85,509 
Number of homes in Same Store Portfolio:77,326 
Same Store % of Total90.4 %
Q2 2026Q2 2025YTD 2026YTD 2025
Core Revenues growth (year over year)1.6 %1.7 %
Core Operating Expenses growth (year over year)1.9 %3.7 %
NOI growth (year over year)1.5 %0.7 %
Average Occupancy97.1 %97.3 %96.7 %97.3 %
Bad Debt % of gross rental revenue0.6 %0.6 %0.6 %0.6 %
Turnover Rate5.7 %6.2 %11.0 %11.2 %
Rental Rate Growth (lease-over-lease):
Renewals 3.3 %4.7 %3.5 %4.9 %
New leases 1.1 %2.1 %(1.1)%1.0 %
Blended2.7 %4.0 %2.2 %3.8 %

Same Store NOI
For the Same Store Portfolio of 77,326 homes, Same Store NOI for Q2 2026 increased 1.5% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 1.9%.

YTD 2026 Same Store NOI increased 0.7% year over year on Same Store Core Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 3.7%.

Same Store Core Revenues
Q2 2026 year over year Same Store Core Revenues growth of 1.6% was primarily driven by a 2.0% increase in Average Monthly Rent, partially offset by a 20 basis point year over year decrease in Average Occupancy.

YTD 2026 year over year Same Store Core Revenues growth of 1.7% was primarily driven by a 2.1% increase in Average Monthly Rent and a 4.7% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decrease in Average Occupancy.

Same Store Core Operating Expenses
Q2 2026 year over year Same Store Core Operating Expenses increased 1.9%, primarily attributable to a 3.5% increase in fixed expenses, partially offset by a 1.0% decrease in controllable expenses.

YTD 2026 year over year Same Store Core Operating Expenses increased 3.7%, primarily driven by a 3.1% increase in fixed expenses and a 4.8% increase in controllable expenses.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 5
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Investment, Property Management, and Homebuilding Activity
During Q2 2026, we sold 657 wholly owned homes, many to families purchasing for their own use, for gross proceeds of approximately $309 million, and we sold 14 homes for gross proceeds of approximately $6 million in our joint ventures. Acquisitions for Q2 2026 included 196 wholly owned homes for approximately $74 million and 67 homes for approximately $23 million in our joint ventures.

YTD 2026, we sold 1,140 wholly owned homes for gross proceeds of approximately $515 million and 24 homes for gross proceeds of approximately $11 million in our joint ventures. We also acquired 457 wholly owned homes for approximately $165 million and 87 homes for approximately $31 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 June 30, 2026
Number of Homes Owned and/or Managed as of 3/31/2026Acquired or Added In
Q2 2026		Disposed or Subtracted In Q2 2026Number of Homes Owned and/or Managed as of 6/30/2026
Wholly owned homes85,970196(657)85,509
Joint venture owned homes8,01667(14)8,069
Managed-only homes 15,759—(120)15,639
Total homes owned and/or managed109,745263(791)109,217

Balance Sheet and Capital Markets Activity
As of June 30, 2026, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,593 million consisted of 83.8% unsecured debt and 16.2% secured debt; 92.4% 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 5.4x, below our targeted range of 5.5x to 6.0x.

During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30.

As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027.

FY 2026 Guidance
We have raised our full year 2026 guidance, increasing Core FFO per share and AFFO per share midpoints by one cent each to $1.95 and $1.65, respectively, as set forth below, in addition to our other underlying assumptions.

In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss) per share, 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,



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 6
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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 2026 Guidance Summary
Current Guidance RangeCurrent
Guidance Midpoint		Prior Guidance MidpointChange in Guidance Midpoint
Core FFO per share — diluted$1.92 - $1.98$1.95$1.94$0.01
AFFO per share — diluted$1.62 - $1.68$1.65$1.64$0.01
Same Store Core Revenues growth (1)
1.5% - 2.3%1.9%1.9%—%
Same Store Core Operating Expenses growth (2)
3.0% - 4.0%3.5%3.5%—%
Same Store NOI growth0.4% - 1.9%1.15%1.15%—%
Wholly owned acquisitions (3)
$150 - $350 million$250 million$250 million$— million
JV acquisitions (3)
$50 - $150 million$100 million$100 million$— million
Wholly owned dispositions$750 - $950 million$850 million$550 million$300 million
(1)Same Store Core Revenues growth guidance assumes FY 2026 (i) Average Occupancy in a range of 96.0% to 96.6% and (ii) average Bad Debt in a range of 60 to 80 basis points.
(2)Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 (i) property taxes in a range of 4% to 5%; (ii) insurance expenses in a range of 5% to 7%; and (iii) all other expenses in a range of approximately 1% to 2%.
(3)Excludes our acquisition of ResiBuilt in January 2026.


Earnings Conference Call Information
We have scheduled a conference call at 11:00 a.m. Eastern Time on July 30, 2026, to review Q2 2026 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, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 7
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Investor Relations Contact
Media 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, federal, state, and local laws, regulations, executive actions, and policy initiatives, 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, 2025 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 8
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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
June 30, 2026December 31, 2025
(unaudited)
Assets:
Investments in single-family residential properties, net$16,884,643 $17,274,622 
Cash and cash equivalents75,786 129,971 
Restricted cash251,497 224,894 
Goodwill314,154 258,207 
Investments in unconsolidated joint ventures252,049 254,561 
Other assets, net670,181 538,035 
Total assets$18,448,310 $18,680,290 
Liabilities:
Secured debt, net
$1,385,098 $1,384,114 
Unsecured notes, net4,402,839 4,398,921 
Term loan facilities, net2,458,754 2,451,985 
Revolving facility280,000 145,000 
Accounts payable and accrued expenses325,118 230,350 
Resident security deposits186,916 184,536 
Other liabilities316,974 317,492 
Total liabilities9,355,699 9,112,398 
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 590,613,522 and 610,788,732 outstanding as of June 30, 2026 and December 31, 2025, respectively
5,906 6,108 
Additional paid-in capital10,604,456 11,128,590 
Accumulated deficit(1,588,885)(1,610,981)
Accumulated other comprehensive income32,940 6,415 
Total stockholders’ equity
9,054,417 9,530,132 
Non-controlling interests38,194 37,760 
Total equity9,092,611 9,567,892 
Total liabilities and equity$18,448,310 $18,680,290 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 9
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Consolidated Statements of Operations
($ in thousands, except shares and per share amounts) (unaudited)
Q2 2026Q2 2025YTD 2026YTD 2025
Revenues:
Rental revenues$602,985 $592,509 $1,200,682 $1,177,703 
Other property income75,367 66,598 148,185 134,475 
Management fee revenues19,738 22,294 39,590 43,702 
Homebuilding revenues49,460 — 93,205 — 
Total revenues747,550 681,401 1,481,662 1,355,880 
Expenses:
Property operating and maintenance255,712 244,278 506,846 481,727 
Property management expense37,726 35,833 77,051 72,572 
Homebuilding cost of sales 42,215 — 81,349 0— 
General and administrative29,332 23,591 61,651 53,109 
Interest expense93,987 87,414 189,300 171,668 
Depreciation and amortization194,299 185,455 387,441 368,601 
Casualty losses, impairment, and other4,236 3,029 8,581 7,712 
Total expenses 657,507 579,600 1,312,219 1,155,389 
Gain on sale of property, net of tax132,308 46,591 219,402 118,257 
Losses from investments in unconsolidated joint ventures(2,402)(4,802)(5,487)(10,020)
Other, net(298)(2,223)(2,642)(1,079)
Net income219,651 141,367 380,716 307,649 
Net income attributable to non-controlling interests(804)(480)(1,361)(1,017)
Net income attributable to common stockholders218,847 140,887 379,355 306,632 
Net income available to participating securities(675)(222)(1,383)(450)
Net income available to common stockholders — basic and diluted$218,172 $140,665 $377,972 $306,182 
Weighted average common shares outstanding — basic592,411,226 613,048,193 599,166,723 612,913,649 
Weighted average common shares outstanding — diluted592,497,804 613,261,904 599,328,126 613,312,641 
Net income per common share — basic$0.37 $0.23 $0.63 $0.50 
Net income per common share — diluted$0.37 $0.23 $0.63 $0.50 
Dividends declared per common share$0.30 $0.29 $0.60 $0.58 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 10
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Supplemental Schedule 1

Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO ReconciliationQ2 2026Q2 2025YTD 2026YTD 2025
Net income available to common stockholders$218,172 $140,665 $377,972 $306,182 
Net income available to participating securities675 222 1,383 450 
Non-controlling interests804 480 1,361 1,017 
Depreciation and amortization of real estate assets
185,400 181,059 370,323 360,122 
Impairment on depreciated real estate investments961 36 1,430 99 
Net gain on sale of previously depreciated investments in real estate(132,308)(46,591)(219,402)(118,257)
Depreciation and net gain on sale of investments in unconsolidated joint ventures2,877 3,510 5,919 7,008 
FFO$276,581 $279,381 $538,986 $556,621 
Core FFO ReconciliationQ2 2026Q2 2025YTD 2026YTD 2025
FFO$276,581 $279,381 $538,986 $556,621 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
7,847 5,724 18,476 9,358 
Share-based compensation expense9,346 8,464 20,046 18,621 
Amortization of intangible assets2,697 — 5,110 — 
Business reorganization costs (2)
1,279 35 2,780 2,420 
Casualty losses and reserves, net (1)
3,358 3,000 7,293 7,683 
Losses on investments in equity and other securities, net126 90 339 311 
Core FFO$301,234 $296,694 $593,030 $595,014 
AFFO ReconciliationQ2 2026Q2 2025YTD 2026YTD 2025
Core FFO$301,234 $296,694 $593,030 $595,014 
Recurring Capital Expenditures (1)
(41,800)(43,272)(82,273)(80,619)
AFFO$259,434 $253,422 $510,757 $514,395 
Net income available to common stockholders
Weighted average common shares outstanding — diluted592,497,804 613,261,904 599,328,126 613,312,641 
Net income per common share — diluted$0.37 $0.23 $0.63 $0.50 
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted595,159,443 615,771,167 601,939,999 615,703,901 
FFO per share — diluted$0.46 $0.45 $0.90 $0.90 
Core FFO per share — diluted$0.51 $0.48 $0.99 $0.97 
AFFO per share — diluted $0.44 $0.41 $0.85 $0.84 
(1)Includes our share from unconsolidated joint ventures.
(2)Includes severance, restructuring, acquisition, and integration costs.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 11
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Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net IncomeQ2 2026Q2 2025YTD 2026YTD 2025
Common shares — basic592,411,226 613,048,193 599,166,723 612,913,649 
Shares potentially issuable from vesting/conversion of equity-based awards86,578 213,711 161,403 398,992 
Total common shares — diluted592,497,804 613,261,904 599,328,126 613,312,641 
Weighted average amounts for FFO, Core FFO, and AFFOQ2 2026Q2 2025YTD 2026YTD 2025
Common shares — basic592,411,226 613,048,193 599,166,723 612,913,649 
OP units — basic2,196,519 2,095,013 2,149,028 2,031,655 
Shares potentially issuable from vesting/conversion of equity-based awards551,698 627,961 624,248 758,597 
Total common shares and units — diluted595,159,443 615,771,167 601,939,999 615,703,901 
Period end amounts for Core FFO and AFFOJune 30, 2026
Common shares590,613,522 
OP units2,196,519 
Shares potentially issuable from vesting/conversion of equity-based awards1,463,520 
Total common shares and units — diluted
594,273,561 

Share Repurchase Program
($ in thousands, except shares and per share data) (unaudited)
PeriodShares Repurchased
Purchase
Price		Average Price
Per Share
Q4 20252,232,685 $61,235 $27.43 
Q1 202617,101,046 438,765 25.66 
Q2 20263,478,690 100,000 28.75 
Total / Average22,812,421 $600,000 $26.30 
Remaining Authorization as of June 30, 2026 (1)
$400,000 
(1)As of March 31, 2026, we fully utilized the $500 million share repurchase authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new share repurchase program to repurchase up to an additional $500 million of outstanding common shares. All repurchased shares are constructively retired and returned to an authorized and unissued status.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 12
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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of June 30, 2026
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)(7)
Secured:
Fixed (3)
$1,388,238 16.2 %4.0 %2.1 
Floating — swapped to fixed— — %— %— 
Floating— — %— %— 
Total secured (7)
1,388,238 16.2 %4.0 %2.1 
Unsecured:
Fixed (7)
4,450,000 51.8 %3.8 %5.8 
Floating — swapped to fixed2,100,000 24.4 %3.9 %3.3 
Floating655,000 7.6 %4.5 %3.6 
Total unsecured (7)
7,205,000 83.8 %3.9 %4.8 
Total Debt:
Fixed + floating swapped to fixed (3)
7,938,238 92.4 %3.9 %4.5 
Floating655,000 7.6 %4.5 %3.6 
Total debt8,593,238 100.0 %3.9 %4.4 
Unamortized discounts on notes payable(22,365)
Deferred financing costs, net(44,182)
Total debt per Balance Sheet8,526,691 
Retained and repurchased certificates(55,499)
Cash, ex-security deposits and letters of credit (4)
(137,316)
Deferred financing costs, net44,182 
Unamortized discounts on notes payable22,365 
Net debt$8,400,423 
Leverage RatiosJune 30, 2026
Net Debt / TTM Adjusted EBITDAre
5.4 x
Credit RatingsRatingsOutlook
Fitch RatingsBBB+Stable
Moody’s Investors ServiceBaa2Stable
S&P Global RatingsBBBStable
Unsecured Facilities Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
ActualRequirementActualRequirement
Total leverage ratio30.1 %≤ 60%Aggregate debt ratio36.1 %≤ 65%
Secured leverage ratio5.9 %≤ 45%Secured debt ratio5.6 %≤ 40%
Unencumbered leverage ratio28.3 %≤ 60%Unencumbered assets ratio298.0 %   ≥ 150%
Fixed charge coverage ratio4.4x≥ 1.5xDebt service ratio4.6x≥ 1.5x
Unsecured interest coverage ratio5.2x  ≥ 1.75x



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 13
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Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of June 30, 2026. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.
(2)Assumes all extension options are exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(5)Covenant calculations are specifically defined in 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.
(7)Subsequent to quarter end on July 8, 2026, we closed a public offering of $500 million aggregate principal amount of 4.950% senior notes, which were priced at 99.291% of the principal amount and mature on February 1, 2032. Proceeds from the offering were used to prepay secured debt. On a pro forma basis, the refinancing activity has the following impact to our debt structure:
a.Total secured debt balance decreases from $1,388,238 to $900,238.
b.Total fixed unsecured debt balance increases from $4,450,000 to $4,950,000.
c.Total unsecured debt balance increases from $7,205,000 to $7,705,000.
d.Weighted average years to maturity for total debt increases from 4.4 to 4.7 years.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 14
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Supplemental Schedule 2(c)

Debt Maturity Schedule — As of June 30, 2026
($ in thousands) (unaudited)
Unsecured Debt
SecuredUnsecuredTerm LoanRevolving% of
Debt Maturities, with Extensions (1)(2)
DebtNotesFacilitiesFacilityTotalTotal
2026$— $— $— $— $— — %
2027987,852 — — — 987,852 11.5 %
2028— 750,000 — — 750,000 8.7 %
2029— — 1,750,000 280,000 2,030,000 23.6 %
2030— 450,000 725,000 — 1,175,000 13.7 %
2031400,386 650,000 — — 1,050,386 12.2 %
2032— 600,000 — — 600,000 7.0 %
2033— 950,000 — — 950,000 11.1 %
2034— 400,000 — — 400,000 4.7 %
2035— 500,000 — — 500,000 5.8 %
2036— 150,000 — — 150,000 1.7 %
1,388,238 4,450,000 2,475,000 280,000 8,593,238 100.0 %
Unamortized discounts on notes payable(352)(22,013)— — (22,365)
Deferred financing costs, net(2,788)(25,148)(16,246)— (44,182)
Total per Balance Sheet$1,385,098 $4,402,839 $2,458,754 $280,000 $8,526,691 
(1)Assumes all extension options are exercised.
(2)Subsequent to quarter end on July 8, 2026, we closed a public offering of $500 million aggregate principal amount of 4.950% senior notes, which were priced at 99.291% of the principal amount and mature on February 1, 2032. Proceeds from the offering were used to prepay secured debt. On a pro forma basis, the refinancing activity has the following impact to our debt structure:
a.The amount of secured debt maturing in 2027 declines from $987,852 to $499,852.
b.The amount of unsecured debt maturing in 2032 increases from $600,000 to $1,100,000.


















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 15
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Supplemental Schedule 3(a)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
ChangeChangeChange
Q2 2026Q2 2025YoYQ1 2026SeqYTD 2026YTD 2025YoY
Revenues:
Rental revenues (1)
$554,805 $545,420 1.7 %$548,910 1.1 %$1,103,715 $1,086,997 1.5 %
Other property income, net (1)(2)
23,365 23,484 (0.5)%24,155 (3.3)%47,520 45,378 4.7 %
Core Revenues578,170 568,904 1.6 %573,065 0.9 %1,151,235 1,132,375 1.7 %
Fixed Expenses:
Property taxes100,988 97,506 3.6 %101,261 (0.3)%202,249 195,145 3.6 %
Insurance expenses9,016 9,795 (8.0)%9,434 (4.4)%18,450 19,756 (6.6)%
HOA expenses11,287 9,888 14.1 %10,726 5.2 %22,013 20,425 7.8 %
     Total Fixed Expenses121,291 117,189 3.5 %121,421 (0.1)%242,712 235,326 3.1 %
​
Controllable Expenses:
Repairs and maintenance, net (3)
26,902 25,822 4.2 %23,087 16.5 %49,989 45,877 9.0 %
Personnel, leasing and marketing19,906 20,497 (2.9)%20,366 (2.3)%40,272 41,435 (2.8)%
Turnover, net (3)
10,405 9,682 7.5 %9,427 10.4 %19,832 17,800 11.4 %
Utilities and property administrative, net (3)
6,536 8,396 (22.2)%8,407 (22.3)%14,943 14,194 5.3 %
     Total Controllable Expenses63,749 64,397 (1.0)%61,287 4.0 %125,036 119,306 4.8 %
Core Operating Expenses185,040 181,586 1.9 %182,708 1.3 %367,748 354,632 3.7 %
Net Operating Income$393,130 $387,318 1.5 %$390,357 0.7 %$783,487 $777,743 0.7 %
(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 $44,975, $37,460, $41,723, $86,698, and $78,201 for Q2 2026, Q2 2025, Q1 2026, YTD 2026, and YTD 2025, respectively.
(3)These expenses are presented net of applicable resident recoveries.






Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 16
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Supplemental Schedule 3(b)

Same Store Quarterly Operating Trends
(unaudited)
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025
Average Occupancy97.1 %96.3 %96.0 %96.5 %97.3 %
Turnover Rate5.7 %5.3 %5.6 %6.3 %6.2 %
Trailing four quarters Turnover Rate22.9 %23.4 %23.0 %N/AN/A
Average Monthly Rent$2,480 $2,471 $2,461 $2,449 $2,431 
Rental Rate Growth (lease-over-lease):
Renewals3.3 %3.7 %4.2 %4.5 %4.7 %
New leases1.1 %(3.0)%(4.2)%(0.7)%2.1 %
Blended2.7 %1.6 %1.8 %2.9 %4.0 %







Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 17
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Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2026 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California6,834 96.0 %$3,276 $1.91 10.5 %
Northern California3,889 96.7 %2,832 1.79 5.3 %
Seattle3,869 97.4 %3,004 1.57 5.6 %
Phoenix9,160 96.7 %2,086 1.23 9.2 %
Las Vegas3,378 97.0 %2,275 1.16 3.6 %
Denver3,038 94.8 %2,634 1.43 3.7 %
Western US Subtotal30,168 96.5 %2,647 1.50 37.9 %
Florida:
South Florida7,841 95.7 %3,170 1.70 11.6 %
Tampa9,610 95.5 %2,295 1.22 10.8 %
Orlando7,050 95.3 %2,299 1.23 7.8 %
Jacksonville2,133 96.5 %2,196 1.12 2.3 %
Florida Subtotal26,634 95.6 %2,547 1.35 32.5 %
Southeast United States:
Atlanta12,561 95.8 %2,133 1.03 12.7 %
Carolinas6,130 96.1 %2,127 1.02 6.2 %
Southeast US Subtotal18,691 95.9 %2,131 1.02 18.9 %
Texas:
Houston2,594 94.8 %1,939 0.98 2.4 %
Dallas3,546 94.2 %2,238 1.11 3.8 %
Texas Subtotal6,140 94.5 %2,111 1.06 6.2 %
Midwest United States:
Chicago2,429 96.2 %2,622 1.63 2.9 %
Minneapolis1,024 95.9 %2,499 1.28 1.2 %
Midwest US Subtotal3,453 96.1 %2,586 1.51 4.1 %
Other (2):
423 89.6 %1,993 1.05 0.4 %
Total / Average85,509 95.9 %$2,460 $1.31 100.0 %
Same Store Total / Average77,326 97.1 %$2,480 $1.32 91.9 %
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 18
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Supplemental Schedule 5(a)
Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, Q2 2026# HomesQ2 2026Q2 2025ChangeQ2 2026Q2 2025ChangeQ2 2026Q2 2025Change
Western United States:
Southern California6,223 $3,276 $3,174 3.2 %99.3 %98.7 %0.6 %$62,095 $59,958 3.6 %
Northern California3,704 2,832 2,781 1.8 %98.8 %98.6 %0.2 %31,856 31,360 1.6 %
Seattle3,826 3,005 2,941 2.2 %98.0 %98.1 %(0.1)%34,536 33,992 1.6 %
Phoenix8,721 2,079 2,062 0.8 %97.2 %97.8 %(0.6)%55,515 55,526 — %
Las Vegas3,042 2,273 2,238 1.6 %97.4 %97.5 %(0.1)%21,059 20,761 1.4 %
Denver2,429 2,654  2,617 1.4 %96.4 %97.3 %(0.9)%19,320 19,238 0.4 %
Western US Subtotal27,945 2,647 2,594 2.0 %97.9 %98.1 %(0.2)%224,381 220,835 1.6 %
Florida:
South Florida7,518 3,189 3,118 2.3 %97.0 %96.9 %0.1 %71,838 70,055 2.5 %
Tampa8,316 2,316 2,307 0.4 %96.3 %96.0 %0.3 %58,410 58,090 0.6 %
Orlando6,518 2,297 2,267 1.3 %96.6 %97.2 %(0.6)%45,652 45,272 0.8 %
Jacksonville1,924 2,223 2,190 1.5 %96.9 %96.9 %— %13,017 12,887 1.0 %
Florida Subtotal24,276 2,575 2,539 1.4 %96.7 %96.7 %— %188,917 186,304 1.4 %
Southeast United States:
Atlanta11,810 2,132 2,086 2.2 %96.4 %97.1 %(0.7)%74,898 73,388 2.1 %
Carolinas5,342 2,146 2,091 2.6 %96.8 %97.3 %(0.5)%34,623 34,127 1.5 %
Southeast US Subtotal17,152 2,136 2,088 2.3 %96.5 %97.2 %(0.7)%109,521 107,515 1.9 %
Texas:
Houston1,899 1,943 1,930 0.7 %96.9 %96.7 %0.2 %11,276 11,179 0.9 %
Dallas2,642 2,292 2,282 0.4 %95.6 %96.6 %(1.0)%18,247 18,332 (0.5)%
Texas Subtotal4,541 2,145 2,135 0.5 %96.1 %96.6 %(0.5)%29,523 29,511 — %
Midwest United States:
Chicago2,376 2,622 2,471 6.1 %97.0 %97.1 %(0.1)%18,152 17,315 4.8 %
Minneapolis1,010 2,501 2,400 4.2 %96.4 %96.8 %(0.4)%7,501 7,251 3.4 %
Midwest US Subtotal3,386 2,586 2,450 5.6 %96.9 %97.0 %(0.1)%25,653 24,566 4.4 %
Other (1):
26 2,200 2,187 0.6 %95.9 %96.7 %(0.8)%175 173 1.2 %
Total / Average77,326 $2,480 $2,431 2.0 %97.1 %97.3 %(0.2)%$578,170 $568,904 1.6 %
(1)Includes 26 Same Store homes located in Nashville.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 19
image1a.jpg
Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
Seq, Q2 2026# HomesQ2 2026Q1 2026ChangeQ2 2026Q1 2026ChangeQ2 2026Q1 2026Change
Western United States:
Southern California6,223 $3,276 $3,252 0.7 %99.3 %98.2 %1.1 %$62,095 $61,280 1.3 %
Northern California3,704 2,832 2,821 0.4 %98.8 %98.0 %0.8 %31,856 31,645 0.7 %
Seattle3,826 3,005 2,973 1.1 %98.0 %97.5 %0.5 %34,536 34,110 1.2 %
Phoenix8,721 2,079 2,077 0.1 %97.2 %96.4 %0.8 %55,515 55,141 0.7 %
Las Vegas3,042 2,273 2,265 0.4 %97.4 %96.3 %1.1 %21,059 20,733 1.6 %
Denver2,429 2,654 2,649 0.2 %96.4 %95.6 %0.8 %19,320 19,102 1.1 %
Western US Subtotal27,945 2,647 2,634 0.5 %97.9 %97.1 %0.8 %224,381 222,011 1.1 %
Florida:
South Florida7,518 3,189 3,177 0.4 %97.0 %96.3 %0.7 %71,838 71,276 0.8 %
Tampa8,316 2,316 2,316 — %96.3 %96.0 %0.3 %58,410 58,176 0.4 %
Orlando6,518 2,297 2,290 0.3 %96.6 %95.9 %0.7 %45,652 45,073 1.3 %
Jacksonville1,924 2,223 2,216 0.3 %96.9 %96.6 %0.3 %13,017 12,936 0.6 %
Florida Subtotal24,276 2,575 2,568 0.3 %96.7 %96.1 %0.6 %188,917 187,461 0.8 %
Southeast United States:
Atlanta11,810 2,132 2,126 0.3 %96.4 %95.8 %0.6 %74,898 74,453 0.6 %
Carolinas5,342 2,146 2,145 — %96.8 %95.5 %1.3 %34,623 34,300 0.9 %
Southeast US Subtotal17,152 2,136 2,132 0.2 %96.5 %95.7 %0.8 %109,521 108,753 0.7 %
Texas:
Houston1,899 1,943 1,945 (0.1)%96.9 %96.7 %0.2 %11,276 11,308 (0.3)%
Dallas2,642 2,292 2,292 — %95.6 %95.4 %0.2 %18,247 18,215 0.2 %
Texas Subtotal4,541 2,145 2,146 — %96.1 %95.9 %0.2 %29,523 29,523 — %
Midwest United States:
Chicago2,376 2,622 2,588 1.3 %97.0 %95.6 %1.4 %18,152 17,774 2.1 %
Minneapolis1,010 2,501 2,486 0.6 %96.4 %95.0 %1.4 %7,501 7,383 1.6 %
Midwest US Subtotal3,386 2,586 2,557 1.1 %96.9 %95.4 %1.5 %25,653 25,157 2.0 %
Other (1):
26 2,200 2,185 0.7 %95.9 %91.2 %4.7 %175 160 9.4 %
Total / Average77,326 $2,480 $2,471 0.4 %97.1 %96.3 %0.8 %$578,170 $573,065 0.9 %
(1)Includes 26 Same Store homes located in Nashville.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 20
image1a.jpg
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 2026# HomesYTD 2026YTD 2025ChangeYTD 2026YTD 2025ChangeYTD 2026YTD 2025Change
Western United States:
Southern California6,223 $3,264 $3,156 3.4 %98.8 %98.6 %0.2 %$123,375 $118,914 3.8 %
Northern California3,704 2,826 2,775 1.8 %98.4 %98.6 %(0.2)%63,501 62,507 1.6 %
Seattle3,826 2,989 2,931 2.0 %97.8 %98.0 %(0.2)%68,646 67,557 1.6 %
Phoenix8,721 2,078 2,063 0.7 %96.8 %97.7 %(0.9)%110,656 110,508 0.1 %
Las Vegas3,042 2,269 2,233 1.6 %96.8 %97.5 %(0.7)%41,792 41,319 1.1 %
Denver2,429 2,651 2,605 1.8 %96.0 %97.2 %(1.2)%38,422 38,246 0.5 %
Western US Subtotal27,945 2,640 2,587 2.0 %97.5 %98.0 %(0.5)%446,392 439,051 1.7 %
Florida:
South Florida7,518 3,183 3,108 2.4 %96.7 %97.0 %(0.3)%143,114 139,801 2.4 %
Tampa8,316 2,316 2,302 0.6 %96.2 %96.1 %0.1 %116,586 115,411 1.0 %
Orlando6,518 2,293 2,261 1.4 %96.3 %97.3 %(1.0)%90,725 90,285 0.5 %
Jacksonville1,924 2,220 2,183 1.7 %96.8 %97.4 %(0.6)%25,953 25,736 0.8 %
Florida Subtotal24,276 2,571 2,532 1.5 %96.4 %96.8 %(0.4)%376,378 371,233 1.4 %
Southeast United States:
Atlanta11,810 2,129 2,079 2.4 %96.1 %97.0 %(0.9)%149,351 146,316 2.1 %
Carolinas5,342 2,145 2,086 2.8 %96.2 %97.3 %(1.1)%68,923 67,790 1.7 %
Southeast US Subtotal17,152 2,134 2,082 2.5 %96.1 %97.1 %(1.0)%218,274 214,106 1.9 %
Texas:
Houston1,899 1,944 1,924 1.0 %96.8 %96.8 %— %22,584 22,275 1.4 %
Dallas2,642 2,292 2,280 0.5 %95.5 %96.5 %(1.0)%36,462 36,565 (0.3)%
Texas Subtotal4,541 2,146 2,131 0.7 %96.0 %96.6 %(0.6)%59,046 58,840 0.4 %
Midwest United States:
Chicago2,376 2,605 2,457 6.0 %96.3 %97.3 %(1.0)%35,926 34,446 4.3 %
Minneapolis1,010 2,493 2,384 4.6 %95.7 %96.0 %(0.3)%14,884 14,357 3.7 %
Midwest US Subtotal3,386 2,572 2,435 5.6 %96.1 %96.9 %(0.8)%50,810 48,803 4.1 %
Other (1):
26 2,192 2,191 — %93.6 %96.9 %(3.3)%335 342 (2.0)%
Total / Average77,326 $2,475 $2,424 2.1 %96.7 %97.3 %(0.6)%$1,151,235 $1,132,375 1.7 %
(1)Includes 26 Same Store homes located in Nashville.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 21
image1a.jpg
Supplemental Schedule 5(b)
Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, Q2 2026Q2 2026Q2 2025ChangeQ2 2026Q2 2025ChangeQ2 2026Q2 2025ChangeQ2 2026Q2 2025
Western United States:
Southern California$62,095 $59,958 3.6 %$15,161 $16,169 (6.2)%$46,934 $43,789 7.2 %75.6 %73.0 %
Northern California31,856 31,360 1.6 %7,851 8,234 (4.7)%24,005 23,126 3.8 %75.4 %73.7 %
Seattle34,536 33,992 1.6 %9,131 8,843 3.3 %25,405 25,149 1.0 %73.6 %74.0 %
Phoenix55,515 55,526 — %11,519 10,840 6.3 %43,996 44,686 (1.5)%79.3 %80.5 %
Las Vegas21,059 20,761 1.4 %4,928 4,717 4.5 %16,131 16,044 0.5 %76.6 %77.3 %
Denver19,320 19,238 0.4 %4,109 3,961 3.7 %15,211 15,277 (0.4)%78.7 %79.4 %
Western US Subtotal224,381 220,835 1.6 %52,699 52,764 (0.1)%171,682 168,071 2.1 %76.5 %76.1 %
Florida:
South Florida71,838 70,055 2.5 %28,629 27,626 3.6 %43,209 42,429 1.8 %60.1 %60.6 %
Tampa58,410 58,090 0.6 %22,661 22,403 1.2 %35,749 35,687 0.2 %61.2 %61.4 %
Orlando45,652 45,272 0.8 %17,114 16,157 5.9 %28,538 29,115 (2.0)%62.5 %64.3 %
Jacksonville13,017 12,887 1.0 %4,831 4,703 2.7 %8,186 8,184 — %62.9 %63.5 %
Florida Subtotal188,917 186,304 1.4 %73,235 70,889 3.3 %115,682 115,415 0.2 %61.2 %61.9 %
Southeast United States:
Atlanta74,898 73,388 2.1 %26,932 26,377 2.1 %47,966 47,011 2.0 %64.0 %64.1 %
Carolinas34,623 34,127 1.5 %9,652 9,844 (2.0)%24,971 24,283 2.8 %72.1 %71.2 %
Southeast US Subtotal109,521 107,515 1.9 %36,584 36,221 1.0 %72,937 71,294 2.3 %66.6 %66.3 %
Texas:
Houston11,276 11,179 0.9 %5,088 5,060 0.6 %6,188 6,119 1.1 %54.9 %54.7 %
Dallas18,247 18,332 (0.5)%6,905 6,554 5.4 %11,342 11,778 (3.7)%62.2 %64.2 %
Texas Subtotal29,523 29,511 — %11,993 11,614 3.3 %17,530 17,897 (2.1)%59.4 %60.6 %
Midwest United States:
Chicago18,152 17,315 4.8 %8,043 7,617 5.6 %10,109 9,698 4.2 %55.7 %56.0 %
Minneapolis7,501 7,251 3.4 %2,443 2,433 0.4 %5,058 4,818 5.0 %67.4 %66.4 %
Midwest US Subtotal25,653 24,566 4.4 %10,486 10,050 4.3 %15,167 14,516 4.5 %59.1 %59.1 %
Other (1):
175 173 1.2 %43 48 (10.4)%132 125 5.6 %75.4 %72.3 %
Total / Average$578,170 $568,904 1.6 %$185,040 $181,586 1.9 %$393,130 $387,318 1.5 %68.0 %68.1 %
(1)Includes 26 Same Store homes located in Nashville.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 22
image1a.jpg
Supplemental Schedule 5(b) (Continued)
Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
Seq, Q2 2026Q2 2026Q1 2026ChangeQ2 2026Q1 2026ChangeQ2 2026Q1 2026ChangeQ2 2026Q1 2026
Western United States:
Southern California$62,095 $61,280 1.3 %$15,161 $15,400 (1.6)%$46,934 $45,880 2.3 %75.6 %74.9 %
Northern California31,856 31,645 0.7 %7,851 8,168 (3.9)%24,005 23,477 2.2 %75.4 %74.2 %
Seattle34,536 34,110 1.2 %9,131 9,554 (4.4)%25,405 24,556 3.5 %73.6 %72.0 %
Phoenix55,515 55,141 0.7 %11,519 11,488 0.3 %43,996 43,653 0.8 %79.3 %79.2 %
Las Vegas21,059 20,733 1.6 %4,928 4,830 2.0 %16,131 15,903 1.4 %76.6 %76.7 %
Denver19,320 19,102 1.1 %4,109 4,211 (2.4)%15,211 14,891 2.1 %78.7 %78.0 %
Western US Subtotal224,381 222,011 1.1 %52,699 53,651 (1.8)%171,682 168,360 2.0 %76.5 %75.8 %
Florida:
South Florida71,838 71,276 0.8 %28,629 28,095 1.9 %43,209 43,181 0.1 %60.1 %60.6 %
Tampa58,410 58,176 0.4 %22,661 21,894 3.5 %35,749 36,282 (1.5)%61.2 %62.4 %
Orlando45,652 45,073 1.3 %17,114 16,641 2.8 %28,538 28,432 0.4 %62.5 %63.1 %
Jacksonville13,017 12,936 0.6 %4,831 4,756 1.6 %8,186 8,180 0.1 %62.9 %63.2 %
Florida Subtotal188,917 187,461 0.8 %73,235 71,386 2.6 %115,682 116,075 (0.3)%61.2 %61.9 %
Southeast United States:
Atlanta74,898 74,453 0.6 %26,932 25,979 3.7 %47,966 48,474 (1.0)%64.0 %65.1 %
Carolinas34,623 34,300 0.9 %9,652 9,722 (0.7)%24,971 24,578 1.6 %72.1 %71.7 %
Southeast US Subtotal109,521 108,753 0.7 %36,584 35,701 2.5 %72,937 73,052 (0.2)%66.6 %67.2 %
Texas:
Houston11,276 11,308 (0.3)%5,088 4,931 3.2 %6,188 6,377 (3.0)%54.9 %56.4 %
Dallas18,247 18,215 0.2 %6,905 6,449 7.1 %11,342 11,766 (3.6)%62.2 %64.6 %
Texas Subtotal29,523 29,523 — %11,993 11,380 5.4 %17,530 18,143 (3.4)%59.4 %61.5 %
Midwest United States:
Chicago18,152 17,774 2.1 %8,043 7,923 1.5 %10,109 9,851 2.6 %55.7 %55.4 %
Minneapolis7,501 7,383 1.6 %2,443 2,610 (6.4)%5,058 4,773 6.0 %67.4 %64.6 %
Midwest US Subtotal25,653 25,157 2.0 %10,486 10,533 (0.4)%15,167 14,624 3.7 %59.1 %58.1 %
Other (1):
175 160 9.4 %43 57 (24.6)%132 103 28.2 %75.4 %64.4 %
Total / Average$578,170 $573,065 0.9 %$185,040 $182,708 1.3 %$393,130 $390,357 0.7 %68.0 %68.1 %
(1)Includes 26 Same Store homes located in Nashville.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 23
image1a.jpg
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 2026YTD 2026YTD 2025ChangeYTD 2026YTD 2025ChangeYTD 2026YTD 2025ChangeYTD 2026YTD 2025
Western United States:
Southern California$123,375 $118,914 3.8 %$30,561 $31,522 (3.0)%$92,814 $87,392 6.2 %75.2 %73.5 %
Northern California63,501 62,507 1.6 %16,019 15,692 2.1 %47,48246,8151.4 %74.8 %74.9 %
Seattle68,646 67,557 1.6 %18,685 17,415 7.3 %49,96150,142(0.4)%72.8 %74.2 %
Phoenix110,656 110,508 0.1 %23,007 20,953 9.8 %87,64989,555(2.1)%79.2 %81.0 %
Las Vegas41,792 41,319 1.1 %9,758 9,170 6.4 %32,03432,149(0.4)%76.7 %77.8 %
Denver38,422 38,246 0.5 %8,320 8,010 3.9 %30,10230,236(0.4)%78.3 %79.1 %
Western US Subtotal446,392 439,051 1.7 %106,350 102,762 3.5 %340,042 336,289 1.1 %76.2 %76.6 %
Florida:
South Florida143,114 139,801 2.4 %56,724 54,717 3.7 %86,390 85,084 1.5 %60.4 %60.9 %
Tampa116,586 115,411 1.0 %44,555 43,789 1.7 %72,031 71,622 0.6 %61.8 %62.1 %
Orlando90,725 90,285 0.5 %33,755 31,997 5.5 %56,970 58,288 (2.3)%62.8 %64.6 %
Jacksonville25,953 25,736 0.8 %9,587 9,194 4.3 %16,366 16,542 (1.1)%63.1 %64.3 %
Florida Subtotal376,378 371,233 1.4 %144,621 139,697 3.5 %231,757 231,536 0.1 %61.6 %62.4 %
Southeast United States:
Atlanta149,351 146,316 2.1 %52,911 50,900 4.0 %96,440 95,416 1.1 %64.6 %65.2 %
Carolinas68,923 67,790 1.7 %19,374 19,193 0.9 %49,549 48,597 2.0 %71.9 %71.7 %
Southeast US Subtotal218,274 214,106 1.9 %72,285 70,093 3.1 %145,989 144,013 1.4 %66.9 %67.3 %
Texas:
Houston22,584 22,275 1.4 %10,019 9,695 3.3 %12,565 12,580 (0.1)%55.6 %56.5 %
Dallas36,462 36,565 (0.3)%13,354 12,522 6.6 %23,108 24,043 (3.9)%63.4 %65.8 %
Texas Subtotal59,046 58,840 0.4 %23,373 22,217 5.2 %35,673 36,623 (2.6)%60.4 %62.2 %
Midwest United States:
Chicago35,926 34,446 4.3 %15,966 15,016 6.3 %19,960 19,430 2.7 %55.6 %56.4 %
Minneapolis14,884 14,357 3.7 %5,053 4,755 6.3 %9,831 9,602 2.4 %66.1 %66.9 %
Midwest US Subtotal50,810 48,803 4.1 %21,019 19,771 6.3 %29,791 29,032 2.6 %58.6 %59.5 %
Other (1):
335 342 (2.0)%100 92 8.7 %235 250 (6.0)%70.1 %73.1 %
Total / Average$1,151,235 $1,132,375 1.7 %$367,748 $354,632 3.7 %$783,487 $777,743 0.7 %68.1 %68.7 %
(1)Includes 26 Same Store homes located in Nashville.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 24
image1a.jpg
Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q2 2026YTD 2026
RenewalNewBlendedRenewalNewBlended
LeasesLeasesAverageLeasesLeasesAverage
Western United States:
Southern California5.0 %3.1 %4.8 %5.0 %2.4 %4.6 %
Northern California1.9 %3.0 %2.1 %2.3 %1.4 %2.1 %
Seattle5.1 %3.5 %4.8 %5.0 %1.7 %4.1 %
Phoenix2.6 %(0.7)%1.6 %2.8 %(3.6)%0.8 %
Las Vegas2.8 %0.8 %2.3 %2.9 %(2.2)%1.4 %
Denver1.0 %1.1 %1.0 %1.7 %(1.3)%0.7 %
Western US Subtotal3.5 %1.4 %3.0 %3.6 %(0.8)%2.5 %
Florida:
South Florida4.9 %(0.3)%3.6 %4.9 %(2.5)%2.8 %
Tampa2.1 %(1.3)%1.1 %2.3 %(3.5)%0.6 %
Orlando2.9 %1.0 %2.3 %3.0 %(1.1)%1.6 %
Jacksonville2.8 %2.4 %2.7 %3.0 %— %2.1 %
Florida Subtotal3.3 %— %2.4 %3.5 %(2.3)%1.7 %
Southeast United States:
Atlanta3.0 %2.0 %2.8 %3.4 %(0.7)%2.2 %
Carolinas2.0 %3.0 %2.3 %2.7 %0.4 %2.0 %
Southeast US Subtotal2.8 %2.3 %2.6 %3.2 %(0.3)%2.1 %
Texas:
Houston2.2 %(0.9)%1.6 %2.1 %(3.7)%0.8 %
Dallas2.0 %(0.3)%1.3 %2.3 %(3.0)%0.7 %
Texas Subtotal2.1 %(0.5)%1.4 %2.2 %(3.2)%0.7 %
Midwest United States:
Chicago5.5 %5.7 %5.6 %6.0 %4.9 %5.6 %
Minneapolis5.7 %4.6 %5.3 %6.2 %2.7 %5.0 %
Midwest US Subtotal5.6 %5.4 %5.5 %6.0 %4.2 %5.5 %
Other (1):
(0.5)%(4.2)%(2.5)%2.1 %(3.3)%(0.7)%
Total / Average3.3 %1.1 %2.7 %3.5 %(1.1)%2.2 %
(1)Includes 26 Same Store homes located in Nashville.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 25
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Supplemental Schedule 6

Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
TotalQ2 2026Q1 2026Q4 2025Q3 2025Q2 2025
R&M OpEx, net$26,902 $23,087 $23,854 $30,313 $25,822 
Turn OpEx, net10,405 9,427 10,162 11,704 9,682 
Total recurring operating expenses, net$37,307 $32,514 $34,016 $42,017 $35,504 
R&M CapEx$29,660 $26,313 $26,017 $34,935 $28,360 
Turn CapEx8,354 9,093 9,727 10,969 9,404 
Total Recurring Capital Expenditures$38,014 $35,406 $35,744 $45,904 $37,764 
R&M OpEx, net + R&M CapEx$56,562 $49,400 $49,871 $65,248 $54,182 
Turn OpEx, net + Turn CapEx18,759 18,520 19,889 22,673 19,086 
Total Cost to Maintain, net$75,321 $67,920 $69,760 $87,921 $73,268 
Per HomeQ2 2026Q1 2026Q4 2025Q3 2025Q2 2025
Total Cost to Maintain, net$974 $878 $902 $1,137 $948 
(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.


Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
TotalQ2 2026Q1 2026Q4 2025Q3 2025Q2 2025
Recurring CapEx$41,392 $40,058 $40,112 $51,719 $42,949 
Value Enhancing CapEx14,203 12,618 14,904 21,370 18,314 
Initial Renovation CapEx3,224 4,068 5,708 6,927 8,269 
Disposition CapEx1,274 1,033 904 862 869 
Total Capital Expenditures$60,093 $57,777 $61,628 $80,878 $70,401 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 26
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Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management ExpenseQ2 2026Q2 2025YTD 2026YTD 2025
Property management expense (GAAP)$37,726 $35,833 $77,051 $72,572 
Adjustments:
Share-based compensation expense(1,339)(1,566)(4,265)(3,217)
Adjusted property management expense$36,387 $34,267 $72,786 $69,355 
Adjusted G&A ExpenseQ2 2026Q2 2025YTD 2026YTD 2025
G&A expense (GAAP)$29,332 $23,591 $61,651 $53,109 
Adjustments:
Share-based compensation expense(8,007)(6,898)(15,781)(15,404)
Business reorganization costs (1)
(1,279)(35)(2,780)(2,420)
Adjusted G&A expense$20,046 $16,658 $43,090 $35,285 
(1)Includes severance, restructuring, acquisition, and integration costs.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 27
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Supplemental Schedule 8(a)

Acquisitions and Dispositions
(unaudited)March 31, 2026
Q2 2026 Acquisitions (1)
Q2 2026 Dispositions (2)
June 30, 2026
HomesHomesAvg. Est.HomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California7,012 — $— 178 $669,744 6,834 
Northern California3,965 — — 76 489,673 3,889 
Seattle3,887 — — 18 544,776 3,869 
Phoenix9,191 — — 31 363,589 9,160 
Las Vegas3,383 — — 5 451,580 3,378 
Denver2,999 45 418,792 6 409,000 3,038 
Western US Subtotal30,437 45 418,792 314 580,314 30,168 
Florida:
South Florida7,963 — — 122 469,295 7,841 
Tampa9,659 24 314,593 73 316,676 9,610 
Orlando7,017 51 429,315 18 316,861 7,050 
Jacksonville2,147 — — 14 403,207 2,133 
Florida Subtotal26,786 75 392,604 227 404,052 26,634 
Southeast United States:
Atlanta12,584 24 354,306 47 311,594 12,561 
Carolinas6,143 2 265,164 15 372,987 6,130 
Southeast US Subtotal18,727 26 347,449 62 326,447 18,691 
Texas:
Houston2,583 27 292,056 16 200,153 2,594 
Dallas3,568 — — 22 261,915 3,546 
Texas Subtotal6,151 27 292,056 38 235,910 6,140 
Midwest United States:
Chicago2,441 — — 12 345,046 2,429 
Minneapolis1,028 — — 4 305,875 1,024 
Midwest US Subtotal3,469 — — 16 335,253 3,453 
Other (3):
400 23 410,370 — — 423 
Total / Average85,970 196 $379,963 657 $469,569 85,509 
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,605 — $— 1 $432,000 2,604 
2022 Rockpoint JV (5)
407 55 343,167 — — 462 
FNMA JV (6)
311 — — 13 465,677 298 
Pathway Homes (7)
854 12 349,640 — — 866 
Upward America JV (8)
3,720 — — — — 3,720 
2024 Peregrine JV (9)
119 — — — — 119 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 28
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Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.1%. 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 2.0%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville.
(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%; however, our share of income is 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement..
(7)Represents portfolio owned by Pathway Homes, of which we own 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which we own 7.2%.
(9)Represents portfolio owned by the 2024 Peregrine JV, of which we own 30.0%.


































Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 29
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Supplemental Schedule 8(b)

Expected Development Pipeline of New Homes — As of June 30, 2026
(unaudited)
Pipeline as of
June 30, 2026 (1)(2)
Estimated
Deliveries
in Q3-Q4 2026		Estimated
Deliveries
Thereafter		Avg. Estimated Cost Basis Per Home
Denver3636—$400,000 
Tampa663729310,000 
Orlando824537450,000 
Atlanta844836330,000 
Carolinas3030—430,000 
Houston66—280,000 
Dallas44—290,000 
Other33—400,000 
Total / Average311209102$370,000 
(1)Represents the number of new homes as of June 30, 2026 that are under contract to be built and delivered during a future period to Invitation Homes or one of our joint ventures.
(2)Pipeline rollforward:
    
Pipeline as of March 31, 2026
556
Q2 2026 additions and cancellations (net)
(15)
Q2 2026 deliveries
(230)
Pipeline as of June 30, 2026
311
    























Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 30
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Glossary and Reconciliations
Average Estimated Cost Basis
Average estimated cost basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated initial renovation expenditure for an acquired home or population of homes.

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

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

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

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

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

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

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

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

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



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 31
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compensation expense; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; 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; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; 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.
Q2 2026 Earnings Release and Supplemental Information — page 32
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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.
Q2 2026 Earnings Release and Supplemental Information — page 33
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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, as amended, 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 (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 the applicable exhibits to our Annual Report.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 34
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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, 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, as such factors may be updated from time to time in our periodic filings with the SEC.

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



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 35
image1a.jpg
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025
Total revenues (Total Portfolio)$747,550 $734,112 $685,250 $688,166 $681,401 
Management fee revenues(19,738)(19,852)(21,662)(21,975)(22,294)
Homebuilding revenues(49,460)(43,745)— — — 
Total portfolio resident recoveries(49,503)(46,072)(45,389)(46,885)(40,944)
Total Core Revenues (Total Portfolio)628,849 624,443 618,199 619,306 618,163 
Non-Same Store Core Revenues(50,679)(51,378)(51,276)(51,422)(49,259)
Same Store Core Revenues$578,170 $573,065 $566,923 $567,884 $568,904 
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
YTD 2026YTD 2025
Total revenues (Total Portfolio)$1,481,662 $1,355,880 
Management fee revenues(39,590)(43,702)
Homebuilding revenues(93,205)— 
Total portfolio resident recoveries(95,575)(85,062)
Total Core Revenues (Total Portfolio)1,253,292 1,227,116 
Non-Same Store Core Revenues(102,057)(94,741)
Same Store Core Revenues$1,151,235 $1,132,375 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025
Property operating and maintenance expenses (Total Portfolio)$255,712 $251,134 $244,823 $259,037 $244,278 
Total Portfolio resident recoveries(49,503)(46,072)(45,389)(46,885)(40,944)
Core Operating Expenses (Total Portfolio)206,209 205,062 199,434 212,152 203,334 
Non-Same Store Core Operating Expenses(21,169)(22,354)(20,788)(24,045)(21,748)
Same Store Core Operating Expenses$185,040 $182,708 $178,646 $188,107 $181,586 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
YTD 2026YTD 2025
Property operating and maintenance expenses (Total Portfolio)$506,846 $481,727 
Total Portfolio resident recoveries(95,575)(85,062)
Core Operating Expenses (Total Portfolio)411,271 396,665
Non-Same Store Core Operating Expenses(43,523)(42,033)
Same Store Core Operating Expenses$367,748 $354,632 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 36
image1a.jpg
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025
Net income available to common stockholders$218,172 $159,800 $144,308 $136,474 $140,665 
Net income available to participating securities675 708 246 264 222 
Non-controlling interests804 557 496 472 480 
Management fee revenues(19,738)(19,852)(21,662)(21,975)(22,294)
Homebuilding revenues(49,460)(43,745)— — — 
Property management expense37,726 39,325 39,485 37,073 35,833 
Homebuilding cost of sales42,215 39,134 — — — 
General and administrative29,332 32,319 23,697 18,444 23,591 
Interest expense93,987 95,313 90,878 90,781 87,414 
Depreciation and amortization194,299 193,142 189,875 188,457 185,455 
Casualty losses, impairment, and other
4,236 4,345 311 3,420 3,029 
Gain on sale of property, net of tax(132,308)(87,094)(54,463)(45,515)(46,591)
(Income) losses from investments in unconsolidated joint ventures2,402 3,085 3,717 (2,130)4,802 
Other, net (1)
298 2,344 1,877 1,389 2,223 
NOI (Total Portfolio)422,640 419,381 418,765 407,154 414,829 
Non-Same Store NOI(29,510)(29,024)(30,488)(27,377)(27,511)
Same Store NOI$393,130 $390,357 $388,277 $379,777 $387,318 
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
YTD 2026YTD 2025
Net income available to common stockholders$377,972 $306,182 
Net income available to participating securities1,383 450 
Non-controlling interests1,361 1,017 
Management fee revenues(39,590)(43,702)
Homebuilding revenues(93,205)— 
Property management expense77,051 72,572 
Homebuilding cost of sales81,349 — 
General and administrative61,651 53,109 
Interest expense189,300 171,668 
Depreciation and amortization387,441 368,601 
Casualty losses, impairment, and other
8,581 7,712 
Gain on sale of property, net of tax(219,402)(118,257)
Losses from investments in unconsolidated joint ventures5,487 10,020 
Other, net (1)
2,642 1,079 
NOI (Total Portfolio)842,021 830,451 
Non-Same Store NOI(58,534)(52,708)
Same Store NOI$783,487 $777,743 
(1)Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 37
image1a.jpg
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q2 2026Q2 2025YTD 2026YTD 2025
Net income available to common stockholders$218,172 $140,665 $377,972 $306,182 
Net income available to participating securities675 222 1,383 450 
Non-controlling interests804 480 1,361 1,017 
Interest expense93,987 87,414 189,300 171,668 
Interest expense in unconsolidated joint ventures6,265 5,943 12,392 11,569 
Depreciation and amortization194,299 185,455 387,441 368,601 
Depreciation and amortization of investments in unconsolidated joint ventures4,508 3,791 8,976 7,453 
EBITDA518,710 423,970 978,825 866,940 
Gain on sale of property, net of tax(132,308)(46,591)(219,402)(118,257)
Impairment on depreciated real estate investments961 36 1,430 99 
Net gain on sale of investments in unconsolidated joint ventures(1,627)(261)(3,048)(406)
EBITDAre
385,736 377,154 757,805 748,376 
Share-based compensation expense9,346 8,464 20,046 18,621 
Business reorganization costs (1)
1,279 35 2,780 2,420 
Casualty losses and reserves, net (2)
3,358 3,000 7,293 7,683 
Other, net (3)
298 2,223 2,642 1,079 
Adjusted EBITDAre
$400,017 $390,876 $790,566 $778,179 
Trailing Twelve Months (TTM) Ended
June 30, 2026December 31, 2025
Net income available to common stockholders$658,754 $586,964 
Net income available to participating securities1,893 960 
Non-controlling interests2,329 1,985 
Interest expense370,959 353,327 
Interest expense in unconsolidated joint ventures26,135 25,312 
Depreciation and amortization765,773 746,933 
Depreciation and amortization of investments in unconsolidated joint ventures17,884 16,361 
EBITDA1,843,727 1,731,842 
Gain on sale of property, net of tax(319,380)(218,235)
Impairment on depreciated real estate investments1,988 657 
Net gain on sale of investments in unconsolidated joint ventures(11,103)(8,461)
EBITDAre
1,515,232 1,505,803 
Share-based compensation expense29,255 27,830 
Business reorganization costs (1)
3,132 2,772 
Casualty losses and reserves, net (2)
10,534 10,924 
Other, net (3)
5,908 4,345 
Adjusted EBITDAre
$1,564,061 $1,551,674 
(1)Includes severance, restructuring, acquisition, and integration costs.
(2)Includes our share from unconsolidated joint ventures.
(3)Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 38
image1a.jpg
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
June 30, 2026December 31, 2025
Secured debt, net$1,385,098 $1,384,114 
Unsecured notes, net4,402,839 4,398,921 
Term loan facility, net2,458,754 2,451,985 
Revolving facility280,000 145,000 
Total Debt per Balance Sheet8,526,691 8,380,020 
Retained and repurchased certificates(55,499)(55,499)
Cash, ex-security deposits and letters of credit (1)
(137,316)(167,472)
Deferred financing costs, net44,182 54,208 
Unamortized discounts on notes payable22,365 24,171 
Net Debt (A)$8,400,423 $8,235,428 
For the TTM EndedFor the TTM Ended
June 30, 2026December 31, 2025
Adjusted EBITDAre (B)
$1,564,061 $1,551,674 
Net Debt / TTM Adjusted EBITDAre (A / B)
5.4 x5.3 x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.

Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q2 2026Q2 2025YTD 2026YTD 2025
Amortization of discounts on notes payable$906 $789 $1,806 $1,570 
Amortization of deferred financing costs5,179 5,723 13,231 10,705 
Change in fair value of interest rate derivatives— — — — 
Amortization of swap fair value at designation546 (2,421)1,087 (6,152)
Our share from unconsolidated joint ventures1,216 1,633 2,352 3,235 
Total non-cash interest expense$7,847 $5,724 $18,476 $9,358 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 39

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