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  4. [8-K] Invitation Homes Inc. Reports Material Event

Invitation Homes authorizes $500M additional buyback

Invitation Homes raised its full-year Core FFO guidance midpoint and authorized another $500 million for share repurchases.

Filing Impact
(High)
Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

Invitation Homes Inc. (INVH) reported third-quarter 2026 revenue of $731.3 million, compared with $688.2 million in Q3 2025, and net income of $159.1 million versus $137.2 million. Diluted net income per share was $0.27, up from $0.22. FFO per diluted share was $0.36, compared with $0.44, while Core FFO per diluted share was $0.48 versus $0.47 and AFFO was $0.38 in both periods. Same Store NOI increased 1.1% year over year; same-store core revenues grew 1.6% and core operating expenses 2.5%.

The company raised its 2026 Core FFO per-share guidance midpoint by $0.01 to $1.96, within a $1.94-$1.98 range. It repurchased 8,874,903 shares for approximately $250 million during Q3 and authorized an additional $500 million share repurchase program on October 26, 2026, with no expiration date; purchases may occur in the open market or negotiated transactions. At September 30, 2026, total indebtedness was $8,810 million and net debt to TTM adjusted EBITDAre was 5.5x, within its 5.5x to 6.0x target range.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

  • Moderate pointQ3 revenue was $731.3 million, versus $688.2 million a year earlier.
  • Moderate pointQ3 net income reached $159.1 million, compared with $137.2 million in Q3 2025.

Negative

  • Moderate pointQ3 FFO per diluted share was $0.36, compared with $0.44 a year earlier.

Filing Explained

Invitation Homes says diluted Core FFO per share rose to $0.48 from $0.47, primarily due to a lower share count from repurchases and same-store NOI growth; the per-share increase therefore reflects buybacks as well as property operations.

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, or exhibit attachments filed with this report.
Total revenue $731.3 million Q3 2026; $688.2 million in Q3 2025
Net income $159.1 million Q3 2026; $137.2 million in Q3 2025
FFO per diluted share $0.36 Q3 2026; $0.44 in Q3 2025
Core FFO per diluted share $0.48 Q3 2026; $0.47 in Q3 2025
AFFO per diluted share $0.38 Q3 2026 and Q3 2025
Shares repurchased 8,874,903 shares for approximately $250 million Q3 2026
Share repurchase authorization $500 million Additional program authorized October 26, 2026
Net debt / TTM adjusted EBITDAre 5.5x As of September 30, 2026; target range 5.5x to 6.0x
FFO financial
"FFO per share — diluted"
Funds from operations (FFO) is a performance metric used mainly for real estate companies that measures the cash generated by their core rental and property-management activities, while removing accounting items such as building depreciation and one-time gains or losses from property sales. Investors rely on FFO to assess a real estate firm's ability to pay and sustain dividends and fund growth—similar to checking how much actual rent a landlord collects each month rather than paper profits.
Core FFO financial
"Core FFO per share for Q3 2026 increased 2.4% to $0.48"
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 Q3 2026 increased 0.1% to $0.38"
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
"Same Store NOI growth (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 EBITDA re"
Total revenue $731.3 million Compared with $688.2 million in Q3 2025
Net income $159.1 million Compared with $137.2 million in Q3 2025
Net income per diluted common share $0.27 Compared with $0.22 in Q3 2025
FFO per diluted share $0.36 Compared with $0.44 in Q3 2025
Core FFO per diluted share $0.48 Compared with $0.47 in Q3 2025
Guidance

Raised 2026 Core FFO per diluted share guidance midpoint by $0.01 to $1.96; current range is $1.94 to $1.98.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were INVH's Q3 2026 revenue and earnings?
INVH reported $731.3 million in revenue and $159.1 million in net income for Q3 2026. Diluted net income per share was $0.27, compared with $0.22 in Q3 2025.

What is INVH's 2026 Core FFO per-share guidance?
INVH raised the 2026 Core FFO per-share guidance midpoint by $0.01 to $1.96. The current guidance range is $1.94 to $1.98 per diluted share.

What terms apply to INVH's new share repurchase program?
The additional $500 million program has no expiration date. Purchases may be made through open-market purchases or negotiated transactions, including through Rule 10b5-1 plans. The company stated that repurchases are at its discretion and that timing and number depend on price, requirements, market conditions, and liquidity needs and priorities.

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

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Available on EDGAR Accepted by SEC EDGAR
false000168722900016872292026-10-282026-10-28

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): October 28, 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 October 28, 2026, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended September 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 October 28, 2026, announcing results for the quarter ended September 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:October 28, 2026




q3suppcover-2026a.jpg

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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.
Q3 2026 Earnings Release and Supplemental Information — page 2
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Earnings Press Release
Invitation Homes Reports Third Quarter 2026 Results
Dallas, TX, October 28, 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 Third Quarter (“Q3”) 2026 financial and operating results.

Q3 2026 Highlights
•Year over year, total revenues increased 6.3% to $731 million, property operating and maintenance costs increased 2.0% to $264 million, and net income available to common stockholders increased 15.6% to $158 million, or $0.27 per diluted common share.
•Year over year, Core FFO per share increased 2.4% to $0.48, while AFFO per share increased 0.1% to $0.38.
•Same Store NOI increased 1.1% year over year on 1.6% Same Store Core Revenues growth and 2.5% Same Store Core Operating Expenses growth.
•Same Store Average Occupancy was 96.4%, a reduction of 10 basis points year over year.
•Same Store renewal rent growth of 4.3% and Same Store new lease rent growth of (0.2)% resulted in Same Store blended rent growth of 3.0%.
•We sold 658 wholly owned homes, most to families purchasing for their own use, and acquired 216 wholly owned homes, for net dispositions of 442 homes and net proceeds of approximately $245 million that we used to fund share repurchases.
•As previously announced, on July 8, 2026, we closed 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. Net proceeds were used to prepay a portion of our secured debt obligation maturing in June 2027.

Capital Allocation Update
From December 1, 2025 through October 27, 2026, we bought back nearly $1 billion of our shares. This includes an aggregate of 36,923,753 shares repurchased to date at an average stock price of $26.78, and represents an implied value per home of approximately $280,000 against a gross average sales price of approximately $460,000 for homes sold during that same period.

On October 26, 2026, our board of directors authorized an additional $500 million share repurchase program.

Comments from Chief Executive Officer Dallas Tanner
“Our third quarter reflected steady execution across the platform. Same Store NOI grew 1.1% year over year, blended rent growth was 3.0%, and with the benefit of our share repurchases, Core FFO per share grew 2.4%. Since December 2025, we’ve repurchased nearly $1 billion of our stock at a substantial valuation discount. We believe that is more than any other residential REIT. With the new $500 million share repurchase program our board just authorized, we intend to keep funding buybacks with home sale proceeds whenever our stock trades at a meaningful discount to the value of our homes, guided by market conditions and a disciplined approach to the balance sheet.”

“Following a solid third quarter, we are raising our full year guidance midpoints for Core FFO per share by $0.01 to $1.96, Same Store NOI growth guidance to 1.2%, and wholly owned home sales to $950 million, which supports our continued focus on closing the gap between public and private market values.”

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



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 3
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Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q3 2026Q3 2025YTD 2026YTD 2025
Net income$0.27 $0.22 $0.90 $0.72 
FFO0.36 0.44 1.25 1.35 
Core FFO0.48 0.47 1.46 1.43 
AFFO0.38 0.38 1.23 1.22 
Net Income
Net income per common share — diluted for Q3 2026 was $0.27, compared to net income per common share — diluted of $0.22 for Q3 2025. Total revenues and total property operating and maintenance expenses for Q3 2026 were $731 million and $264 million, respectively, compared to $688 million and $259 million, respectively, for Q3 2025.

Net income per common share — diluted for YTD 2026 was $0.90, compared to net income per share — diluted of $0.72 for YTD 2025. Total revenues and total property operating and maintenance expenses for YTD 2026 were $2,213 million and $771 million, respectively, compared to $2,044 million and $741 million, respectively, for YTD 2025.

Core FFO
Year over year, Core FFO per share for Q3 2026 increased 2.4% to $0.48, while Core FFO per share for YTD 2026 increased 2.1% to $1.46, primarily due to a lower share count from stock repurchases and Same Store NOI growth.

AFFO
Year over year, AFFO per share for Q3 2026 increased 0.1% to $0.38, while AFFO per share for YTD 2026 increased 1.1% to $1.23, primarily due to the increase in Core FFO per share described above.

Operating Results
Same Store Operating Results Snapshot
Number of Homes, period-endQ3 2026
Total Portfolio85,961 
Number of homes in Same Store Portfolio:76,687 
Same Store % of Total89.2 %
Q3 2026Q3 2025YTD 2026YTD 2025
Core Revenues growth (year over year)1.6 %1.7 %
Core Operating Expenses growth (year over year)2.5 %3.3 %
NOI growth (year over year)1.1 %0.9 %
Average Occupancy96.4 %96.5 %96.6 %97.0 %
Bad Debt % of gross rental revenue0.8 %0.7 %0.6 %0.6 %
Turnover Rate6.2 %6.3 %17.0 %17.5 %
Rental Rate Growth (lease-over-lease):
Renewals 4.3 %4.5 %3.7 %4.8 %
New leases (0.2)%(0.7)%(0.8)%0.4 %
Blended3.0 %2.9 %2.4 %3.5 %




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 4
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Same Store NOI
For the Same Store Portfolio of 76,687 homes, Same Store NOI for Q3 2026 increased 1.1% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 2.5%.

YTD 2026 Same Store NOI increased 0.9% year over year on Same Store Core Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 3.3%.

Same Store Core Revenues
Q3 2026 year over year Same Store Core Revenues growth of 1.6% was primarily driven by a 1.8% increase in Average Monthly Rent and a 2.6% increase in other property income, net, partially offset by a 10 basis point year over year decrease in Average Occupancy and a 10 basis point year over year increase in bad debt.

YTD 2026 year over year Same Store Core Revenues growth of 1.7% was primarily driven by a 2.0% increase in Average Monthly Rent and a 4.1% increase in other property income, net, partially offset by a 40 basis point year over year decrease in Average Occupancy.

Same Store Core Operating Expenses
Q3 2026 year over year Same Store Core Operating Expenses increased 2.5%, primarily attributable to a 4.9% increase in controllable expenses and a 1.1% increase in fixed expenses.

YTD 2026 year over year Same Store Core Operating Expenses increased 3.3%, primarily driven by a 4.7% increase in controllable expenses and a 2.5% increase in fixed expenses.

Investment, Property Management, and Homebuilding Activity
During Q3 2026, we sold 658 wholly owned homes, most to families purchasing for their own use, for gross proceeds of approximately $318 million, and we sold 18 homes for gross proceeds of approximately $7 million in our joint ventures. Acquisitions for Q3 2026 included 216 wholly owned homes for approximately $74 million and 288 homes for approximately $92 million in our joint ventures.

YTD 2026, we sold 1,798 wholly owned homes for gross proceeds of approximately $833 million and 42 homes for gross proceeds of approximately $18 million in our joint ventures. We also acquired 673 wholly owned homes for approximately $239 million and 375 homes for approximately $122 million in our joint ventures.

On September 15, 2026, we executed a series of agreements to effectuate the dissolution of the Pathway joint ventures, Pathway Property Company (“Pathway Homes”) and Pathway Operating Company. We were the sole limited partner and provided all of the equity capital to Pathway Homes from its inception. In connection with the transaction, we acquired the general partner and all other interests in Pathway Homes, resulting in our ownership of a controlling financial interest in the entity and the consolidation of the 894 homes, along with other assets and liabilities, previously owned by Pathway Homes. Those homes are now reported as wholly owned homes. In conjunction with the transaction, the operating agreements governing the Pathway joint ventures were terminated, resulting in the dissolution of Pathway Operating Company, the technology and asset management platform that served the homes. During Q3 2026, we recognized a non-cash net loss of $30.4 million related to the dissolution of the joint ventures and the resulting consolidation of the assets and liabilities at fair value, which is excluded from Core FFO, AFFO, and Adjusted EBITDAre.

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



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 5
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Summary of Homes Owned and/or Managed as of September 30, 2026
Number of Homes Owned and/or Managed as of 6/30/2026Acquired or Added In
Q3 2026		Pathway
Homes
Reclass		Disposed or Subtracted In Q3 2026 Number of Homes Owned and/or Managed as of 9/30/2026
Wholly owned homes85,509216894 (658)85,961
Joint venture owned homes8,069288(894)(18)7,445
Managed-only homes 15,639——(285)15,354
Total homes owned and/or managed109,217504—(961)108,760

Balance Sheet and Capital Markets Activity
As of September 30, 2026, we had $1,344 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,810 million consisted of 89.8% unsecured debt and 10.2% secured debt; 90.2% of our total debt was fixed rate or swapped to fixed rate; 89.7% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.5x, within our targeted range of 5.5x to 6.0x.
During Q3 2026, we acquired 8,874,903 shares of our common stock for approximately $250 million. From December 1, 2025 through October 27, 2026, we bought back nearly $1 billion of our shares. On October 26, 2026, our board of directors authorized an additional $500 million share repurchase program, which allows us to acquire shares of our common stock through open market purchases or negotiated transactions, including through Rule 10b5-1 plans, with no expiration date. Any repurchases will be made at our discretion, with the timing and actual number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.

As previously announced, on July 8, 2026, we closed 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. Net proceeds were used to prepay a portion of our secured debt obligation maturing in June 2027.

FY 2026 Guidance
We have raised our full year 2026 guidance, including an increase to the Core FFO per share midpoint by $0.01 to $1.96 as set forth below, in addition to our other underlying assumptions.
FY 2026 Guidance Summary
Current Guidance RangeCurrent
Guidance Midpoint		Prior Guidance MidpointChange in Guidance Midpoint
Core FFO per share — diluted$1.94 - $1.98$1.96$1.95$0.01
AFFO per share — diluted$1.63 - $1.67$1.65$1.65$—
Same Store Core Revenues growth1.65% - 2.15%1.9%1.9%—%
Same Store Core Operating Expenses growth (1)
2.7% - 3.7%3.2%3.5%(0.3)%
Same Store NOI growth0.7% - 1.7%1.20%1.15%0.05%
Wholly owned acquisitions (2)
$200 - $300 million$250 million$250 million$— million
JV acquisitions (2)
$100 - $150 million$125 million$100 million$25 million
Wholly owned dispositions$900 - $1,000 million$950 million$850 million$100 million
(1)Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 property taxes in a range of 3% to 4%.
(2)Excludes our acquisition of ResiBuilt in January 2026.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 6
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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, 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.

Earnings Conference Call Information
We will host a live webcast on Thursday, October 29, 2026, at 11:00 a.m. Eastern Time to review third quarter results, discuss recent events, and conduct a question-and-answer session with covering sell-side research analysts. A link to the live webcast is available online from our investor relations website at www.invh.com, with a replay available for one year.

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.

Investor Relations Contact
Media Relations Contact
Scott McLaughlinKristi DesJarlais
844.456.INVH (4684)844.456.INVH (4684)
IR@InvitationHomes.comMedia@InvitationHomes.com
Investor Communication Channels
We file annual, quarterly, and current reports, proxy statements, and other information with the SEC. Our SEC filings are available to the public over the internet at the SEC's website at www.sec.gov. We maintain a website at www.invh.com, where our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are made available free of charge as soon as reasonably practicable after they are filed with or furnished to the SEC. Additionally, we may, from time to time, disclose material information to investors and the public through our investor relations website at www.invh.com, press releases, public conference calls and webcasts, and our LinkedIn pages (www.linkedin.com/company/invitation-homes/ and www.linkedin.com/showcase/resibuilt-by-invitation-homes/). We may use any one or a combination of these channels for any particular announcement. We encourage investors, the media, and others interested in our company to monitor these channels, as information posted to them could be deemed material. In addition, you may automatically receive email alerts and other information about Invitation Homes when you enroll your email address in the "receive investor email alerts" section at www.invh.com.







Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 7
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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 (including the implementation of the 21st Century ROAD to Housing Act (the “Housing Act”) and related rulemaking, any limitations on institutional participation in the single-family housing market, and the effects of the Housing Act on institutional demand for our build-to-rent communities, fee-build operations, and construction and development lending), 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.
Q3 2026 Earnings Release and Supplemental Information — page 8
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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
September 30, 2026December 31, 2025
(unaudited)
Assets:
Investments in single-family residential properties, net$17,031,752 $17,274,622 
Cash and cash equivalents78,927 129,971 
Restricted cash258,907 224,894 
Goodwill314,154 258,207 
Investments in unconsolidated joint ventures114,506 254,561 
Other assets, net732,543 538,035 
Total assets$18,530,789 $18,680,290 
Liabilities:
Secured debt, net
$898,308 $1,384,114 
Unsecured notes, net4,896,194 4,398,921 
Term loan facilities, net2,460,701 2,451,985 
Revolving facility485,000 145,000 
Accounts payable and accrued expenses406,654 230,350 
Resident security deposits187,614 184,536 
Other liabilities337,331 317,492 
Total liabilities9,671,802 9,112,398 
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2026 and December 31, 2025— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 581,764,220 and 610,788,732 outstanding as of September 30, 2026 and December 31, 2025, respectively
5,818 6,108 
Additional paid-in capital10,364,715 11,128,590 
Accumulated deficit(1,606,336)(1,610,981)
Accumulated other comprehensive income55,991 6,415 
Total stockholders’ equity
8,820,188 9,530,132 
Non-controlling interests38,799 37,760 
Total equity8,858,987 9,567,892 
Total liabilities and equity$18,530,789 $18,680,290 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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)
Q3 2026Q3 2025YTD 2026YTD 2025
Revenues:
Rental revenues$597,337 $593,606 $1,798,019 $1,771,309 
Other property income78,203 72,585 226,388 207,060 
Management fee revenues19,889 21,975 59,479 65,677 
Homebuilding revenues35,849 — 129,054 — 
Total revenues731,278 688,166 2,212,940 2,044,046 
Expenses:
Property operating and maintenance264,198 259,037 771,044 740,764 
Property management expense39,163 37,073 116,214 109,645 
Homebuilding cost of sales 31,967 — 113,316 — 
General and administrative34,233 18,444 95,884 71,553 
Interest expense92,045 90,781 281,345 262,449 
Depreciation and amortization195,751 188,457 583,192 557,058 
Casualty losses, impairment, and other6,807 3,420 15,388 11,132 
Total expenses 664,164 597,212 1,976,383 1,752,601 
Gain on sale of property, net of tax136,176 45,515 355,578 163,772 
Income (losses) from investments in unconsolidated joint ventures(32,175)2,130 (37,662)(7,890)
Loss on debt extinguishment and modifications(8,660)— (8,660)— 
Other, net(3,366)(1,389)(6,008)(2,468)
Net income159,089 137,210 539,805 444,859 
Net income attributable to non-controlling interests(602)(472)(1,963)(1,489)
Net income attributable to common stockholders158,487 136,738 537,842 443,370 
Net income available to participating securities(676)(264)(2,059)(714)
Net income available to common stockholders — basic and diluted$157,811 $136,474 $535,783 $442,656 
Weighted average common shares outstanding — basic588,412,559 613,084,571 595,542,555 612,971,293 
Weighted average common shares outstanding — diluted588,534,202 613,084,571 595,690,705 613,237,288 
Net income per common share — basic$0.27 $0.22 $0.90 $0.72 
Net income per common share — diluted$0.27 $0.22 $0.90 $0.72 
Dividends declared per common share$0.30 $0.29 $0.90 $0.87 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 ReconciliationQ3 2026Q3 2025YTD 2026YTD 2025
Net income available to common stockholders$157,811 $136,474 $535,783 $442,656 
Net income available to participating securities676 264 2,059 714 
Non-controlling interests602 472 1,963 1,489 
Depreciation and amortization of real estate assets
185,136 183,653 555,459 543,775 
Impairment on depreciated real estate investments796 335 2,226 434 
Net gain on sale of previously depreciated investments in real estate(136,176)(45,515)(355,578)(163,772)
Depreciation and net gain on sale of investments in unconsolidated joint ventures2,710 (1,992)8,629 5,016 
FFO$211,555 $273,691 $750,541 $830,312 
Core FFO ReconciliationQ3 2026Q3 2025YTD 2026YTD 2025
FFO$211,555 $273,691 $750,541 $830,312 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
5,418 9,128 23,894 18,486 
Share-based compensation expense11,462 1,916 31,508 20,537 
Amortization of intangible assets4,188 — 9,298 — 
Business reorganization (2)
32,009 — 34,789 2,420 
Casualty losses and reserves, net (1)
6,036 3,116 13,329 10,799 
Loss on debt extinguishment and modifications8,660 — 8,660 — 
Non-cash provision for credit losses, net3,516 — 3,516 — 
(Gains) losses on investments in equity and other securities, net5 (380)344 (69)
Core FFO$282,849 $287,471 $875,879 $882,485 
AFFO ReconciliationQ3 2026Q3 2025YTD 2026YTD 2025
Core FFO$282,849 $287,471 $875,879 $882,485 
Recurring Capital Expenditures (1)
(56,826)(52,350)(139,099)(132,969)
AFFO$226,023 $235,121 $736,780 $749,516 
Net income available to common stockholders
Weighted average common shares outstanding — diluted588,534,202 613,084,571 595,690,705 613,237,288 
Net income per common share — diluted$0.27 $0.22 $0.90 $0.72 
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted591,396,324 615,599,540 598,386,169 615,673,797 
FFO per share — diluted$0.36 $0.44 $1.25 $1.35 
Core FFO per share — diluted$0.48 $0.47 $1.46 $1.43 
AFFO per share — diluted $0.38 $0.38 $1.23 $1.22 
(1)Includes our share from unconsolidated joint ventures.
(2)Includes a $30,411 loss recognized from consolidation of assets and liabilities in connection with the dissolution of our Pathway joint ventures; this loss was recorded in income (losses) from investments in unconsolidated joint ventures. Also includes severance, restructuring, acquisition, and integration costs.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 IncomeQ3 2026Q3 2025YTD 2026YTD 2025
Common shares — basic588,412,559 613,084,571 595,542,555 612,971,293 
Shares potentially issuable from vesting/conversion of equity-based awards121,643 — 148,150 265,995 
Total common shares — diluted588,534,202 613,084,571 595,690,705 613,237,288 
Weighted average amounts for FFO, Core FFO, and AFFOQ3 2026Q3 2025YTD 2026YTD 2025
Common shares — basic588,412,559 613,084,571 595,542,555 612,971,293 
OP units — basic2,196,519 2,099,937 2,165,033 2,058,429 
Shares potentially issuable from vesting/conversion of equity-based awards787,246 415,032 678,581 644,075 
Total common shares and units — diluted591,396,324 615,599,540 598,386,169 615,673,797 
Period end amounts for Core FFO and AFFOSeptember 30, 2026
Common shares581,764,220 
OP units2,196,519 
Shares potentially issuable from vesting/conversion of equity-based awards1,449,044 
Total common shares and units — diluted
585,409,783 

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 
Q3 20268,874,903 250,000 28.17 
Total / Average31,687,324 $850,000 $26.82 
Remaining Authorization as of September 30, 2026 (1)
$150,000 
(1)From December 1, 2025 through October 27, 2026, we bought back nearly $1 billion of our shares. This includes an aggregate of 36,923,753 shares repurchased to date at an average stock price of $26.78, and represents an implied value per home of approximately $280,000 against a gross average sales price of approximately $460,000 for homes sold during that same period.
On October 26, 2026, our board of directors authorized an additional $500 million share repurchase program.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 12
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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of September 30, 2026
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$900,167 10.2 %3.9 %2.5 
Floating — swapped to fixed— — %— %— 
Floating— — %— %— 
Total secured900,167 10.2 %3.9 %2.5 
Unsecured:
Fixed4,950,000 56.2 %3.9 %5.5 
Floating — swapped to fixed2,100,000 23.8 %3.9 %3.1 
Floating860,000 9.8 %4.7 %3.2 
Total unsecured7,910,000 89.8 %4.0 %4.6 
Total Debt:
Fixed + floating swapped to fixed (3)
7,950,167 90.2 %3.9 %4.5 
Floating860,000 9.8 %4.7 %3.2 
Total debt8,810,167 100.0 %4.0 %4.4 
Unamortized discounts on notes payable(24,854)
Deferred financing costs, net(45,110)
Total debt per Balance Sheet8,740,203 
Retained and repurchased certificates(55,499)
Cash, ex-security deposits and letters of credit (4)
(147,083)
Deferred financing costs, net45,110 
Unamortized discounts on notes payable24,854 
Net debt$8,607,585 
Leverage RatiosSeptember 30, 2026
Net Debt / TTM Adjusted EBITDAre
5.5 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 ratio30.2 %≤ 60%Aggregate debt ratio36.7 %≤ 65%
Secured leverage ratio3.6 %≤ 45%Secured debt ratio3.5 %≤ 40%
Unencumbered leverage ratio30.8 %≤ 60%Unencumbered assets ratio275.8 %   ≥ 150%
Fixed charge coverage ratio4.3x≥ 1.5xDebt service ratio4.4x≥ 1.5x
Unsecured interest coverage ratio4.7x  ≥ 1.75x



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 September 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.





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 14
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Supplemental Schedule 2(c)

Debt Maturity Schedule — As of September 30, 2026
($ in thousands) (unaudited)
Unsecured Debt
SecuredUnsecuredTerm LoanRevolving% of
Debt Maturities, with Extensions (1)
DebtNotesFacilitiesFacilityTotalTotal
2026$— $— $— $— $— — %
2027499,781 — — — 499,781 5.7 %
2028— 750,000 — — 750,000 8.5 %
2029— — 1,750,000 485,000 2,235,000 25.4 %
2030— 450,000 725,000 — 1,175,000 13.3 %
2031400,386 650,000 — — 1,050,386 11.9 %
2032— 1,100,000 — — 1,100,000 12.5 %
2033— 950,000 — — 950,000 10.8 %
2034— 400,000 — — 400,000 4.5 %
2035— 500,000 — — 500,000 5.7 %
2036— 150,000 — — 150,000 1.7 %
900,167 4,950,000 2,475,000 485,000 8,810,167 100.0 %
Unamortized discounts on notes payable(264)(24,590)— — (24,854)
Deferred financing costs, net(1,595)(29,216)(14,299)— (45,110)
Total per Balance Sheet$898,308 $4,896,194 $2,460,701 $485,000 $8,740,203 
(1)Assumes all extension options are exercised.



















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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
Q3 2026Q3 2025YoYQ2 2026SeqYTD 2026YTD 2025YoY
Revenues:
Rental revenues (1)
$547,839 $539,687 1.5 %$550,737 (0.5)%$1,642,870 $1,617,391 1.6 %
Other property income, net (1)(2)
23,818 23,218 2.6 %23,257 2.4 %71,045 68,266 4.1 %
Core Revenues571,657 562,905 1.6 %573,994 (0.4)%1,713,915 1,685,657 1.7 %
Fixed Expenses:
Property taxes97,352 97,596 (0.3)%100,040 (2.7)%297,709 290,877 2.3 %
Insurance expenses9,011 8,345 8.0 %8,935 0.9 %27,296 27,925 (2.3)%
HOA expenses11,225 10,376 8.2 %11,168 0.5 %33,018 30,601 7.9 %
     Total Fixed Expenses117,588 116,317 1.1 %120,143 (2.1)%358,023 349,403 2.5 %
Controllable Expenses:
Repairs and maintenance, net (3)
31,252 29,972 4.3 %26,646 17.3 %80,771 75,344 7.2 %
Personnel, leasing and marketing20,733 20,103 3.1 %19,749 5.0 %60,680 61,187 (0.8)%
Turnover, net (3)
12,390 11,619 6.6 %10,184 21.7 %31,869 29,248 9.0 %
Utilities and property administrative, net (3)
9,055 8,322 8.8 %6,326 43.1 %23,653 22,313 6.0 %
     Total Controllable Expenses73,430 70,016 4.9 %62,905 16.7 %196,973 188,092 4.7 %
Core Operating Expenses191,018 186,333 2.5 %183,048 4.4 %554,996 537,495 3.3 %
Net Operating Income$380,639 $376,572 1.1 %$390,946 (2.6)%$1,158,919 $1,148,162 0.9 %
(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 $46,872, $42,193, $44,531, $132,717, and $119,728 for Q3 2026, Q3 2025, Q2 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.
Q3 2026 Earnings Release and Supplemental Information — page 16
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Supplemental Schedule 3(b)

Same Store Quarterly Operating Trends
(unaudited)
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025
Average Occupancy96.4 %97.2 %96.4 %96.0 %96.5 %
Turnover Rate6.2 %5.6 %5.2 %5.6 %6.3 %
Trailing four quarters Turnover Rate22.6 %22.7 %23.3 %23.0 %N/A
Average Monthly Rent$2,492 $2,479 $2,469 $2,460 $2,448 
Rental Rate Growth (lease-over-lease):
Renewals4.3 %3.3 %3.7 %4.2 %4.5 %
New leases(0.2)%1.2 %(3.0)%(4.2)%(0.7)%
Blended3.0 %2.7 %1.6 %1.8 %2.9 %







Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 September 30, 2026 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California6,635 96.2 %$3,300 $1.92 10.5 %
Northern California3,805 96.6 %2,843 1.80 5.2 %
Seattle3,839 96.7 %3,027 1.58 5.6 %
Phoenix9,225 96.5 %2,089 1.23 9.2 %
Las Vegas3,374 96.5 %2,280 1.16 3.7 %
Denver3,108 94.0 %2,628 1.43 3.8 %
Western US Subtotal29,986 96.2 %2,654 1.51 38.0 %
Florida:
South Florida7,746 94.2 %3,190 1.71 11.4 %
Tampa9,594 94.9 %2,305 1.23 10.7 %
Orlando7,073 95.7 %2,309 1.23 7.9 %
Jacksonville2,126 96.9 %2,210 1.13 2.3 %
Florida Subtotal26,539 95.1 %2,556 1.36 32.3 %
Southeast United States:
Atlanta12,732 94.8 %2,141 1.03 12.6 %
Carolinas6,254 95.5 %2,129 1.02 6.3 %
Southeast US Subtotal18,986 95.0 %2,137 1.03 18.9 %
Texas:
Houston2,592 94.6 %1,944 0.98 2.4 %
Dallas3,882 93.8 %2,219 1.10 3.9 %
Texas Subtotal6,474 94.1 %2,103 1.05 6.3 %
Midwest United States:
Chicago2,416 96.2 %2,644 1.65 2.9 %
Minneapolis1,020 94.1 %2,532 1.29 1.2 %
Midwest US Subtotal3,436 95.6 %2,611 1.53 4.1 %
Other (2):
540 90.9 %1,930 1.02 0.4 %
Total / Average85,961 95.4 %$2,466 $1.31 100.0 %
Same Store Total / Average76,687 96.4 %$2,492 $1.33 91.6 %
(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.
Q3 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, Q3 2026# HomesQ3 2026Q3 2025ChangeQ3 2026Q3 2025ChangeQ3 2026Q3 2025Change
Western United States:
Southern California6,107 $3,300 $3,204 3.0 %99.0 %98.5 %0.5 %$61,086 $59,315 3.0 %
Northern California3,663 2,842 2,796 1.6 %98.1 %97.9 %0.2 %31,425 30,997 1.4 %
Seattle3,801 3,028 2,952 2.6 %97.4 %98.4 %(1.0)%34,530 33,823 2.1 %
Phoenix8,703 2,085 2,068 0.8 %96.9 %96.7 %0.2 %55,273 54,908 0.7 %
Las Vegas3,035 2,279 2,250 1.3 %96.7 %96.5 %0.2 %20,751 20,664 0.4 %
Denver2,405 2,657 2,634 0.9 %95.6 %96.2 %(0.6)%19,038 18,965 0.4 %
Western US Subtotal27,714 2,657 2,608 1.9 %97.5 %97.4 %0.1 %222,103 218,672 1.6 %
Florida:
South Florida7,429 3,210 3,144 2.1 %95.5 %96.2 %(0.7)%70,246 69,371 1.3 %
Tampa8,259 2,329 2,318 0.5 %95.6 %95.6 %— %57,653 57,604 0.1 %
Orlando6,490 2,309 2,280 1.3 %96.2 %96.0 %0.2 %45,364 44,803 1.3 %
Jacksonville1,918 2,240 2,199 1.9 %97.0 %96.7 %0.3 %13,005 12,828 1.4 %
Florida Subtotal24,096 2,587 2,553 1.3 %95.8 %96.0 %(0.2)%186,268 184,606 0.9 %
Southeast United States:
Atlanta11,660 2,145 2,104 1.9 %95.5 %96.3 %(0.8)%73,722 72,403 1.8 %
Carolinas5,321 2,156 2,110 2.2 %96.0 %96.4 %(0.4)%34,416 33,795 1.8 %
Southeast US Subtotal16,981 2,149 2,106 2.0 %95.7 %96.3 %(0.6)%108,138 106,198 1.8 %
Texas:
Houston1,879 1,952 1,936 0.8 %96.1 %95.8 %0.3 %11,058 10,949 1.0 %
Dallas2,629 2,300 2,287 0.6 %94.7 %95.1 %(0.4)%18,090 18,017 0.4 %
Texas Subtotal4,508 2,154 2,140 0.7 %95.3 %95.4 %(0.1)%29,148 28,966 0.6 %
Midwest United States:
Chicago2,366 2,643 2,517 5.0 %96.9 %96.1 %0.8 %18,346 17,122 7.1 %
Minneapolis996 2,532 2,439 3.8 %95.8 %95.0 %0.8 %7,491 7,170 4.5 %
Midwest US Subtotal3,362 2,610 2,494 4.7 %96.5 %95.8 %0.7 %25,837 24,292 6.4 %
Other (1):
26 2,184 2,193 (0.4)%89.4 %95.3 %(5.9)%163 171 (4.7)%
Total / Average76,687 $2,492 $2,448 1.8 %96.4 %96.5 %(0.1)%$571,657 $562,905 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.
Q3 2026 Earnings Release and Supplemental Information — page 19
imagea.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, Q3 2026# HomesQ3 2026Q2 2026ChangeQ3 2026Q2 2026ChangeQ3 2026Q2 2026Change
Western United States:
Southern California6,107 $3,300 $3,275 0.8 %99.0 %99.4 %(0.4)%$61,086 $61,085 — %
Northern California3,663 2,842 2,831 0.4 %98.1 %98.8 %(0.7)%31,425 31,542 (0.4)%
Seattle3,801 3,028 3,005 0.8 %97.4 %98.0 %(0.6)%34,530 34,326 0.6 %
Phoenix8,703 2,085 2,080 0.2 %96.9 %97.2 %(0.3)%55,273 55,430 (0.3)%
Las Vegas3,035 2,279 2,273 0.3 %96.7 %97.4 %(0.7)%20,751 21,014 (1.3)%
Denver2,405 2,657 2,654 0.1 %95.6 %96.6 %(1.0)%19,038 19,196 (0.8)%
Western US Subtotal27,714 2,657 2,644 0.5 %97.5 %98.0 %(0.5)%222,103 222,593 (0.2)%
Florida:
South Florida7,429 3,210 3,190 0.6 %95.5 %97.2 %(1.7)%70,246 71,153 (1.3)%
Tampa8,259 2,329 2,317 0.5 %95.6 %96.4 %(0.8)%57,653 58,071 (0.7)%
Orlando6,490 2,309 2,297 0.5 %96.2 %96.6 %(0.4)%45,364 45,476 (0.2)%
Jacksonville1,918 2,240 2,223 0.8 %97.0 %96.9 %0.1 %13,005 12,977 0.2 %
Florida Subtotal24,096 2,587 2,574 0.5 %95.8 %96.7 %(0.9)%186,268 187,677 (0.8)%
Southeast United States:
Atlanta11,660 2,145 2,132 0.6 %95.5 %96.5 %(1.0)%73,722 74,170 (0.6)%
Carolinas5,321 2,156 2,143 0.6 %96.0 %97.0 %(1.0)%34,416 34,528 (0.3)%
Southeast US Subtotal16,981 2,149 2,136 0.6 %95.7 %96.7 %(1.0)%108,138 108,698 (0.5)%
Texas:
Houston1,879 1,952 1,942 0.5 %96.1 %97.0 %(0.9)%11,058 11,165 (1.0)%
Dallas2,629 2,300 2,293 0.3 %94.7 %95.6 %(0.9)%18,090 18,185 (0.5)%
Texas Subtotal4,508 2,154 2,145 0.4 %95.3 %96.2 %(0.9)%29,148 29,350 (0.7)%
Midwest United States:
Chicago2,366 2,643 2,620 0.9 %96.9 %97.1 %(0.2)%18,346 18,072 1.5 %
Minneapolis996 2,532 2,505 1.1 %95.8 %96.7 %(0.9)%7,491 7,429 0.8 %
Midwest US Subtotal3,362 2,610 2,586 0.9 %96.5 %97.0 %(0.5)%25,837 25,501 1.3 %
Other (1):
26 2,184 2,200 (0.7)%89.4 %95.9 %(6.5)%163 175 (6.9)%
Total / Average76,687 $2,492 $2,479 0.5 %96.4 %97.2 %(0.8)%$571,657 $573,994 (0.4)%
(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.
Q3 2026 Earnings Release and Supplemental Information — page 20
imagea.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 California6,107 $3,276 $3,172 3.3 %98.8 %98.6 %0.2 %$182,348 $176,010 3.6 %
Northern California3,663 2,831 2,781 1.8 %98.3 %98.4 %(0.1)%94,259 92,799 1.6 %
Seattle3,801 3,002 2,938 2.2 %97.6 %98.1 %(0.5)%102,746 100,936 1.8 %
Phoenix8,703 2,081 2,065 0.8 %96.9 %97.3 %(0.4)%165,738 165,213 0.3 %
Las Vegas3,035 2,272 2,239 1.5 %96.8 %97.2 %(0.4)%62,448 61,884 0.9 %
Denver2,405 2,653 2,614 1.5 %95.9 %96.8 %(0.9)%57,154 56,825 0.6 %
Western US Subtotal27,714 2,644 2,592 2.0 %97.5 %97.8 %(0.3)%664,693 653,667 1.7 %
Florida:
South Florida7,429 3,192 3,121 2.3 %96.3 %96.7 %(0.4)%211,824 207,553 2.1 %
Tampa8,259 2,321 2,308 0.6 %96.0 %96.0 %— %173,522 172,317 0.7 %
Orlando6,490 2,298 2,267 1.4 %96.2 %96.9 %(0.7)%135,714 134,695 0.8 %
Jacksonville1,918 2,226 2,188 1.7 %96.8 %97.2 %(0.4)%38,875 38,471 1.1 %
Florida Subtotal24,096 2,576 2,538 1.5 %96.2 %96.5 %(0.3)%559,935 553,036 1.2 %
Southeast United States:
Atlanta11,660 2,134 2,088 2.2 %96.0 %96.8 %(0.8)%221,548 216,952 2.1 %
Carolinas5,321 2,148 2,094 2.6 %96.2 %97.0 %(0.8)%103,130 101,344 1.8 %
Southeast US Subtotal16,981 2,138 2,090 2.3 %96.1 %96.8 %(0.7)%324,678 318,296 2.0 %
Texas:
Houston1,879 1,946 1,927 1.0 %96.6 %96.5 %0.1 %33,393 32,965 1.3 %
Dallas2,629 2,295 2,282 0.6 %95.2 %96.1 %(0.9)%54,397 54,425 (0.1)%
Texas Subtotal4,508 2,148 2,133 0.7 %95.8 %96.2 %(0.4)%87,790 87,390 0.5 %
Midwest United States:
Chicago2,366 2,616 2,476 5.7 %96.5 %96.9 %(0.4)%54,104 51,396 5.3 %
Minneapolis996 2,509 2,404 4.4 %95.8 %95.8 %— %22,218 21,359 4.0 %
Midwest US Subtotal3,362 2,585 2,455 5.3 %96.3 %96.6 %(0.3)%76,322 72,755 4.9 %
Other (1):
26 2,190 2,192 (0.1)%92.2 %96.4 %(4.2)%497 513 (3.1)%
Total / Average76,687 $2,480 $2,431 2.0 %96.6 %97.0 %(0.4)%$1,713,915 $1,685,657 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.
Q3 2026 Earnings Release and Supplemental Information — page 21
imagea.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, Q3 2026Q3 2026Q3 2025ChangeQ3 2026Q3 2025ChangeQ3 2026Q3 2025ChangeQ3 2026Q3 2025
Western United States:
Southern California$61,086 $59,315 3.0 %$15,876 $15,589 1.8 %$45,210 $43,726 3.4 %74.0 %73.7 %
Northern California31,425 30,997 1.4 %8,028 7,943 1.1 %23,397 23,054 1.5 %74.5 %74.4 %
Seattle34,530 33,823 2.1 %8,988 8,434 6.6 %25,542 25,389 0.6 %74.0 %75.1 %
Phoenix55,273 54,908 0.7 %12,705 12,233 3.9 %42,568 42,675 (0.3)%77.0 %77.7 %
Las Vegas20,751 20,664 0.4 %5,332 5,108 4.4 %15,419 15,556 (0.9)%74.3 %75.3 %
Denver19,038 18,965 0.4 %4,197 4,090 2.6 %14,841 14,875 (0.2)%78.0 %78.4 %
Western US Subtotal222,103 218,672 1.6 %55,126 53,397 3.2 %166,977 165,275 1.0 %75.2 %75.6 %
Florida:
South Florida70,246 69,371 1.3 %29,124 27,972 4.1 %41,122 41,399 (0.7)%58.5 %59.7 %
Tampa57,653 57,604 0.1 %22,169 22,814 (2.8)%35,484 34,790 2.0 %61.5 %60.4 %
Orlando45,364 44,803 1.3 %16,600 17,168 (3.3)%28,764 27,635 4.1 %63.4 %61.7 %
Jacksonville13,005 12,828 1.4 %4,721 4,773 (1.1)%8,284 8,055 2.8 %63.7 %62.8 %
Florida Subtotal186,268 184,606 0.9 %72,614 72,727 (0.2)%113,654 111,879 1.6 %61.0 %60.6 %
Southeast United States:
Atlanta73,722 72,403 1.8 %28,702 26,314 9.1 %45,020 46,089 (2.3)%61.1 %63.7 %
Carolinas34,416 33,795 1.8 %10,335 10,259 0.7 %24,081 23,536 2.3 %70.0 %69.6 %
Southeast US Subtotal108,138 106,198 1.8 %39,037 36,573 6.7 %69,101 69,625 (0.8)%63.9 %65.6 %
Texas:
Houston11,058 10,949 1.0 %5,426 5,268 3.0 %5,632 5,681 (0.9)%50.9 %51.9 %
Dallas18,090 18,017 0.4 %7,459 7,375 1.1 %10,631 10,642 (0.1)%58.8 %59.1 %
Texas Subtotal29,148 28,966 0.6 %12,885 12,643 1.9 %16,263 16,323 (0.4)%55.8 %56.4 %
Midwest United States:
Chicago18,346 17,122 7.1 %8,730 8,216 6.3 %9,616 8,906 8.0 %52.4 %52.0 %
Minneapolis7,491 7,170 4.5 %2,574 2,729 (5.7)%4,917 4,441 10.7 %65.6 %61.9 %
Midwest US Subtotal25,837 24,292 6.4 %11,304 10,945 3.3 %14,533 13,347 8.9 %56.2 %54.9 %
Other (1):
163 171 (4.7)%52 48 8.3 %111 123 (9.8)%68.1 %71.9 %
Total / Average$571,657 $562,905 1.6 %$191,018 $186,333 2.5 %$380,639 $376,572 1.1 %66.6 %66.9 %
(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.
Q3 2026 Earnings Release and Supplemental Information — page 22
imagea.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, Q3 2026Q3 2026Q2 2026ChangeQ3 2026Q2 2026ChangeQ3 2026Q2 2026ChangeQ3 2026Q2 2026
Western United States:
Southern California$61,086 $61,085 — %$15,876 $14,851 6.9 %$45,210 $46,234 (2.2)%74.0 %75.7 %
Northern California31,425 31,542 (0.4)%8,028 7,750 3.6 %23,397 23,792 (1.7)%74.5 %75.4 %
Seattle34,530 34,326 0.6 %8,988 9,068 (0.9)%25,542 25,258 1.1 %74.0 %73.6 %
Phoenix55,273 55,430 (0.3)%12,705 11,493 10.5 %42,568 43,937 (3.1)%77.0 %79.3 %
Las Vegas20,751 21,014 (1.3)%5,332 4,916 8.5 %15,419 16,098 (4.2)%74.3 %76.6 %
Denver19,038 19,196 (0.8)%4,197 4,043 3.8 %14,841 15,153 (2.1)%78.0 %78.9 %
Western US Subtotal222,103 222,593 (0.2)%55,126 52,121 5.8 %166,977 170,472 (2.1)%75.2 %76.6 %
Florida:
South Florida70,246 71,153 (1.3)%29,124 28,211 3.2 %41,122 42,942 (4.2)%58.5 %60.4 %
Tampa57,653 58,071 (0.7)%22,169 22,494 (1.4)%35,484 35,577 (0.3)%61.5 %61.3 %
Orlando45,364 45,476 (0.2)%16,600 17,018 (2.5)%28,764 28,458 1.1 %63.4 %62.6 %
Jacksonville13,005 12,977 0.2 %4,721 4,813 (1.9)%8,284 8,164 1.5 %63.7 %62.9 %
Florida Subtotal186,268 187,677 (0.8)%72,614 72,536 0.1 %113,654 115,141 (1.3)%61.0 %61.4 %
Southeast United States:
Atlanta73,722 74,170 (0.6)%28,702 26,457 8.5 %45,020 47,713 (5.6)%61.1 %64.3 %
Carolinas34,416 34,528 (0.3)%10,335 9,605 7.6 %24,081 24,923 (3.4)%70.0 %72.2 %
Southeast US Subtotal108,138 108,698 (0.5)%39,037 36,062 8.2 %69,101 72,636 (4.9)%63.9 %66.8 %
Texas:
Houston11,058 11,165 (1.0)%5,426 5,024 8.0 %5,632 6,141 (8.3)%50.9 %55.0 %
Dallas18,090 18,185 (0.5)%7,459 6,869 8.6 %10,631 11,316 (6.1)%58.8 %62.2 %
Texas Subtotal29,148 29,350 (0.7)%12,885 11,893 8.3 %16,263 17,457 (6.8)%55.8 %59.5 %
Midwest United States:
Chicago18,346 18,072 1.5 %8,730 8,004 9.1 %9,616 10,068 (4.5)%52.4 %55.7 %
Minneapolis7,491 7,429 0.8 %2,574 2,389 7.7 %4,917 5,040 (2.4)%65.6 %67.8 %
Midwest US Subtotal25,837 25,501 1.3 %11,304 10,393 8.8 %14,533 15,108 (3.8)%56.2 %59.2 %
Other (1):
163 175 (6.9)%52 43 20.9 %111 132 (15.9)%68.1 %75.4 %
Total / Average$571,657 $573,994 (0.4)%$191,018 $183,048 4.4 %$380,639 $390,946 (2.6)%66.6 %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.
Q3 2026 Earnings Release and Supplemental Information — page 23
imagea.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$182,348 $176,010 3.6 %$45,849 $46,503 (1.4)%$136,499 $129,507 5.4 %74.9 %73.6 %
Northern California94,259 92,799 1.6 %23,845 23,436 1.7 %70,414 69,363 1.5 %74.7 %74.7 %
Seattle102,746 100,936 1.8 %27,556 25,739 7.1 %75,190 75,197 — %73.2 %74.5 %
Phoenix165,738 165,213 0.3 %35,664 33,132 7.6 %130,074 132,081 (1.5)%78.5 %79.9 %
Las Vegas62,448 61,884 0.9 %15,068 14,251 5.7 %47,380 47,633 (0.5)%75.9 %77.0 %
Denver57,154 56,825 0.6 %12,401 12,018 3.2 %44,753 44,807 (0.1)%78.3 %78.9 %
Western US Subtotal664,693 653,667 1.7 %160,383 155,079 3.4 %504,310 498,588 1.1 %75.9 %76.3 %
Florida:
South Florida211,824 207,553 2.1 %85,081 82,003 3.8 %126,743 125,550 1.0 %59.8 %60.5 %
Tampa173,522 172,317 0.7 %66,417 66,298 0.2 %107,105 106,019 1.0 %61.7 %61.5 %
Orlando135,714 134,695 0.8 %50,185 49,022 2.4 %85,529 85,673 (0.2)%63.0 %63.6 %
Jacksonville38,875 38,471 1.1 %14,270 13,921 2.5 %24,605 24,550 0.2 %63.3 %63.8 %
Florida Subtotal559,935 553,036 1.2 %215,953 211,244 2.2 %343,982 341,792 0.6 %61.4 %61.8 %
Southeast United States:
Atlanta221,548 216,952 2.1 %80,662 76,444 5.5 %140,886 140,508 0.3 %63.6 %64.8 %
Carolinas103,130 101,344 1.8 %29,626 29,369 0.9 %73,504 71,975 2.1 %71.3 %71.0 %
Southeast US Subtotal324,678 318,296 2.0 %110,288 105,813 4.2 %214,390 212,483 0.9 %66.0 %66.8 %
Texas:
Houston33,393 32,965 1.3 %15,314 14,841 3.2 %18,079 18,124 (0.2)%54.1 %55.0 %
Dallas54,397 54,425 (0.1)%20,747 19,812 4.7 %33,650 34,613 (2.8)%61.9 %63.6 %
Texas Subtotal87,790 87,390 0.5 %36,061 34,653 4.1 %51,729 52,737 (1.9)%58.9 %60.3 %
Midwest United States:
Chicago54,104 51,396 5.3 %24,622 23,156 6.3 %29,482 28,240 4.4 %54.5 %54.9 %
Minneapolis22,218 21,359 4.0 %7,537 7,410 1.7 %14,681 13,949 5.2 %66.1 %65.3 %
Midwest US Subtotal76,322 72,755 4.9 %32,159 30,566 5.2 %44,163 42,189 4.7 %57.9 %58.0 %
Other (1):
497 513 (3.1)%152 140 8.6 %345 373 (7.5)%69.4 %72.7 %
Total / Average$1,713,915 $1,685,657 1.7 %$554,996 $537,495 3.3 %$1,158,919 $1,148,162 0.9 %67.6 %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.
Q3 2026 Earnings Release and Supplemental Information — page 24
imagea.jpg
Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q3 2026YTD 2026
RenewalNewBlendedRenewalNewBlended
LeasesLeasesAverageLeasesLeasesAverage
Western United States:
Southern California5.4 %4.1 %5.2 %5.1 %2.9 %4.8 %
Northern California1.3 %3.5 %1.8 %2.0 %2.0 %2.0 %
Seattle4.3 %2.7 %3.9 %4.7 %2.0 %4.0 %
Phoenix4.0 %(2.9)%1.9 %3.2 %(3.4)%1.1 %
Las Vegas3.8 %(2.3)%2.0 %3.2 %(2.3)%1.6 %
Denver3.3 %(0.4)%2.0 %2.2 %(1.0)%1.0 %
Western US Subtotal3.9 %0.1 %3.0 %3.7 %(0.5)%2.6 %
Florida:
South Florida5.8 %(2.6)%3.2 %5.2 %(2.6)%3.0 %
Tampa4.0 %(2.4)%1.9 %2.9 %(3.0)%1.1 %
Orlando4.1 %1.2 %3.1 %3.4 %(0.3)%2.1 %
Jacksonville4.6 %2.5 %4.0 %3.5 %0.8 %2.7 %
Florida Subtotal4.8 %(1.3)%2.8 %3.9 %(1.9)%2.1 %
Southeast United States:
Atlanta3.8 %(0.7)%2.4 %3.5 %(0.7)%2.3 %
Carolinas3.7 %2.2 %3.2 %3.0 %1.0 %2.4 %
Southeast US Subtotal3.8 %0.3 %2.7 %3.4 %(0.1)%2.3 %
Texas:
Houston4.9 %(0.5)%3.2 %2.9 %(2.5)%1.6 %
Dallas4.0 %(0.1)%2.6 %2.8 %(1.9)%1.3 %
Texas Subtotal4.4 %(0.2)%2.8 %2.9 %(2.1)%1.4 %
Midwest United States:
Chicago5.4 %6.4 %5.7 %5.8 %5.4 %5.7 %
Minneapolis5.4 %4.4 %5.1 %5.9 %3.2 %5.1 %
Midwest US Subtotal5.4 %5.8 %5.5 %5.8 %4.7 %5.5 %
Other (1):
5.3 %(11.0)%0.7 %3.7 %(5.2)%(0.2)%
Total / Average4.3 %(0.2)%3.0 %3.7 %(0.8)%2.4 %
(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.
Q3 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)
TotalQ3 2026Q2 2026Q1 2026Q4 2025Q3 2025
R&M OpEx, net$31,252 $26,646 $22,873 $23,638 $29,972 
Turn OpEx, net12,390 10,184 9,295 10,109 11,619 
Total recurring operating expenses, net$43,642 $36,830 $32,168 $33,747 $41,591 
R&M CapEx$41,296 $29,367 $26,110 $25,733 $34,493 
Turn CapEx10,447 8,187 8,992 9,649 10,888 
Total Recurring Capital Expenditures$51,743 $37,554 $35,102 $35,382 $45,381 
R&M OpEx, net + R&M CapEx$72,548 $56,013 $48,983 $49,371 $64,465 
Turn OpEx, net + Turn CapEx22,837 18,371 18,287 19,758 22,507 
Total Cost to Maintain, net$95,385 $74,384 $67,270 $69,129 $86,972 
Per HomeQ3 2026Q2 2026Q1 2026Q4 2025Q3 2025
Total Cost to Maintain, net$1,244 $970 $877 $901 $1,134 
(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.

Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
TotalQ3 2026Q2 2026Q1 2026Q4 2025Q3 2025
Recurring CapEx$56,274 $41,392 $40,058 $40,112 $51,719 
Value Enhancing CapEx13,727 14,203 12,618 14,904 21,370 
Initial Renovation CapEx2,714 3,224 4,068 5,708 6,927 
Disposition CapEx729 1,274 1,033 904 862 
Total Capital Expenditures$73,444 $60,093 $57,777 $61,628 $80,878 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 ExpenseQ3 2026Q3 2025YTD 2026YTD 2025
Property management expense (GAAP)$39,163 $37,073 $116,214 $109,645 
Adjustments:
Share-based compensation expense(1,824)(1,562)(6,089)(4,779)
Adjusted property management expense$37,339 $35,511 $110,125 $104,866 
Adjusted G&A ExpenseQ3 2026Q3 2025YTD 2026YTD 2025
G&A expense (GAAP)$34,233 $18,444 $95,884 $71,553 
Adjustments:
Share-based compensation expense(9,638)(354)(25,419)(15,758)
Business reorganization (1)
(1,598)— (4,378)(2,420)
Adjusted G&A expense$22,997 $18,090 $66,087 $53,375 
(1)Includes severance, restructuring, acquisition, and integration costs.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 27
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Supplemental Schedule 8(a)

Acquisitions and Dispositions
(unaudited)June 30, 2026
Q3 2026 Acquisitions (1)
Pathway Homes Reclass
Q3 2026 Dispositions (2)
September 30, 2026
HomesHomesAvg. Est.HomesHomesAverageHomes
OwnedAcq.Cost Basis
Owned (3)
SoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California6,834 — $— — (199)$676,453 6,635 
Northern California3,889 — — — (84)498,520 3,805 
Seattle3,869 — — — (30)524,748 3,839 
Phoenix9,160 2 352,552 100 (37)352,908 9,225 
Las Vegas3,378 — — — (4)478,875 3,374 
Denver3,038 34 404,829 42 (6)352,083 3,108 
Western US Subtotal30,168 36 401,925 142 (360)581,439 29,986 
Florida:
South Florida7,841 —   — (95)487,401 7,746 
Tampa9,610 24 311,910 17 (57)308,992 9,594 
Orlando7,050 26 447,010 16 (19)319,358 7,073 
Jacksonville2,133 —   — (7)364,814 2,126 
Florida Subtotal26,634 50 382,162 33 (178)407,512 26,539 
Southeast United States:
Atlanta12,561 35 344,337 200 (64)298,349 12,732 
Carolinas6,130 20 348,769 120 (16)352,866 6,254 
Southeast US Subtotal18,691 55 345,949 320 (80)309,252 18,986 
Texas:
Houston2,594 6 272,319 — (8)229,950 2,592 
Dallas3,546 48 250,777 303 (15)254,636 3,882 
Texas Subtotal6,140 54 253,170 303 (23)246,049 6,474 
Midwest United States:
Chicago2,429 — — — (13)380,154 2,416 
Minneapolis1,024 — — — (4)283,000 1,020 
Midwest US Subtotal3,453 — — — (17)357,294 3,436 
Other (4):
423 21 356,526 96 — — 540 
Total / Average85,509 216 $341,495 894 (658)$483,782 85,961 
Joint Venture Portfolio
2020 Rockpoint JV (5)
2,604 — $— — — $— 2,604 
2022 Rockpoint JV (6)
462 259 321,922 — — — 721 
FNMA JV (7)
298 — — — (14)400,986 284 
Pathway Homes (3)
866 29 294,580 (894)(1)333,050 — 
Upward America JV (8)
3,720 — — — (3)279,000 3,717 
2024 Peregrine JV (9)
119 — — — — — 119 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 5.7%. 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 2.4%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)Pathway Homes was previously held through a joint venture. On September 15, 2026, we acquired the general partner and all other interests in Pathway Homes, resulting in our ownership of a controlling financial interest and the consolidation of the entity. As a result, the 894 homes held by Pathway Homes at the time were reclassified from our joint venture portfolio to our wholly owned portfolio during Q3 2026. These homes are shown as a reclassification and are not included in Q3 wholly owned acquisitions or joint venture dispositions.
(4)Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville.
(5)Represents portfolio owned by the 2020 Rockpoint JV, of which we own 20.0%.
(6)Represents portfolio owned by the 2022 Rockpoint JV, of which we own 16.7%.
(7)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.
(8)Represents portfolio owned by the Upward America JV, of which we own 7.2%.
(9)Represents portfolio owned by the 2024 Peregrine JV, of which we own 30.0%.


































Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 29
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Supplemental Schedule 8(b)

Expected Development Pipeline of New Homes — As of September 30, 2026
(unaudited)
Pipeline as of
September 30, 2026 (1)(2)
Estimated
Deliveries
in Q4 2026		Estimated
Deliveries
Thereafter		Avg. Estimated Cost Basis Per Home
Denver45243$390,000 
Tampa421626310,000 
Orlando551441450,000 
Atlanta552431330,000 
Carolinas411130290,000 
Total / Average23867171$360,000 
(1)Represents the number of new homes as of September 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 June 30, 2026
311
Q3 2026 additions and cancellations (net)
83
Q3 2026 deliveries
(156)
Pipeline as of September 30, 2026
238
    


























Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 related 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. The National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. Consistent with the Nareit definition, we define EBITDAre as EBITDA, further adjusted for gain on sale of property, net of tax; and impairment on depreciated real estate investments. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; business



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 31
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reorganization; casualty (gains) losses and reserves, net; (gains) losses on debt extinguishment and modifications; 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 (including adjustments for unconsolidated joint ventures, as applicable): 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; amortization of intangible assets; business reorganization; casualty (gains) losses and reserves, net; (gains) losses on debt extinguishment and modifications; non-cash provision for (reversal of) credit losses, net; and (gains) losses on investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less Recurring Capital Expenditures, including adjustments for unconsolidated joint ventures, that are necessary to help preserve the value and maintain the functionality of our homes.

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, utility expenses, repairs and maintenance, and property administration). NOI excludes: management fee revenues; homebuilding revenues; property management expense; homebuilding cost of sales; general and administrative expense; interest expense; depreciation and amortization; casualty



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 32
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losses, impairment, and other; gain on sale of property, net of tax; losses from investments in unconsolidated joint ventures; (gains) losses on debt extinguishment and modifications; and other income and expenses.

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, homes occupied without a valid lease or other legal right of possession, and homes in markets that we have announced an intent to exit where we no longer operate a significant number of homes for the primary purpose of income generation.

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, characteristics, and lease terms 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 management and external stakeholders with meaningful information about the performance of our comparable homes across periods and about trends in our organic business.

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



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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.
Q3 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, August 15, 2025, and July 8, 2026.

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.
Q3 2026 Earnings Release and Supplemental Information — page 35
imagea.jpg
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025
Total revenues (Total Portfolio)$731,278 $747,550 $734,112 $685,250 $688,166 
Management fee revenues(19,889)(19,738)(19,852)(21,662)(21,975)
Homebuilding revenues(35,849)(49,460)(43,745)— — 
Total portfolio resident recoveries(51,931)(49,503)(46,072)(45,389)(46,885)
Total Core Revenues (Total Portfolio)623,609 628,849 624,443 618,199 619,306 
Non-Same Store Core Revenues(51,952)(54,855)(56,179)(56,184)(56,401)
Same Store Core Revenues$571,657 $573,994 $568,264 $562,015 $562,905 
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
YTD 2026YTD 2025
Total revenues (Total Portfolio)$2,212,940 $2,044,046 
Management fee revenues(59,479)(65,677)
Homebuilding revenues(129,054)— 
Total portfolio resident recoveries(147,506)(131,947)
Total Core Revenues (Total Portfolio)1,876,901 1,846,422 
Non-Same Store Core Revenues(162,986)(160,765)
Same Store Core Revenues$1,713,915 $1,685,657 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025
Property operating and maintenance expenses (Total Portfolio)$264,198 $255,712 $251,134 $244,823 $259,037 
Total Portfolio resident recoveries(51,931)(49,503)(46,072)(45,389)(46,885)
Core Operating Expenses (Total Portfolio)212,267 206,209 205,062 199,434 212,152 
Non-Same Store Core Operating Expenses(21,249)(23,161)(24,132)(22,404)(25,819)
Same Store Core Operating Expenses$191,018 $183,048 $180,930 $177,030 $186,333 
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)$771,044 $740,764 
Total Portfolio resident recoveries(147,506)(131,947)
Core Operating Expenses (Total Portfolio)623,538 608,817
Non-Same Store Core Operating Expenses(68,542)(71,322)
Same Store Core Operating Expenses$554,996 $537,495 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 36
imagea.jpg
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025
Net income available to common stockholders$157,811 $218,172 $159,800 $144,308 $136,474 
Net income available to participating securities676 675 708 246 264 
Non-controlling interests602 804 557 496 472 
Management fee revenues(19,889)(19,738)(19,852)(21,662)(21,975)
Homebuilding revenues(35,849)(49,460)(43,745)— — 
Property management expense39,163 37,726 39,325 39,485 37,073 
Homebuilding cost of sales31,967 42,215 39,134 — — 
General and administrative34,233 29,332 32,319 23,697 18,444 
Interest expense92,045 93,987 95,313 90,878 90,781 
Depreciation and amortization195,751 194,299 193,142 189,875 188,457 
Casualty losses, impairment, and other
6,807 4,236 4,345 311 3,420 
Gain on sale of property, net of tax(136,176)(132,308)(87,094)(54,463)(45,515)
(Income) losses from investments in unconsolidated joint ventures32,175 2,402 3,085 3,717 (2,130)
Loss on debt extinguishment and modifications8,660 — — — — 
Other, net (1)
3,366 298 2,344 1,877 1,389 
NOI (Total Portfolio)411,342 422,640 419,381 418,765 407,154 
Non-Same Store NOI(30,703)(31,694)(32,047)(33,780)(30,582)
Same Store NOI$380,639 $390,946 $387,334 $384,985 $376,572 
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
YTD 2026YTD 2025
Net income available to common stockholders$535,783 $442,656 
Net income available to participating securities2,059 714 
Non-controlling interests1,963 1,489 
Management fee revenues(59,479)(65,677)
Homebuilding revenues(129,054)— 
Property management expense116,214 109,645 
Homebuilding cost of sales113,316 — 
General and administrative95,884 71,553 
Interest expense281,345 262,449 
Depreciation and amortization583,192 557,058 
Casualty losses, impairment, and other
15,388 11,132 
Gain on sale of property, net of tax(355,578)(163,772)
Losses from investments in unconsolidated joint ventures37,662 7,890 
Loss on debt extinguishment and modifications8,660 — 
Other, net (1)
6,008 2,468 
NOI (Total Portfolio)1,253,363 1,237,605 
Non-Same Store NOI(94,444)(89,443)
Same Store NOI$1,158,919 $1,148,162 
(1)Includes interest income, non-cash provision for credit losses, net, 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.
Q3 2026 Earnings Release and Supplemental Information — page 37
imagea.jpg
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q3 2026Q3 2025YTD 2026YTD 2025
Net income available to common stockholders$157,811 $136,474 $535,783 $442,656 
Net income available to participating securities676 264 2,059 714 
Non-controlling interests602 472 1,963 1,489 
Interest expense92,045 90,781 281,345 262,449 
Interest expense in unconsolidated joint ventures6,054 7,253 18,446 18,822 
Depreciation and amortization195,751 188,457 583,192 557,058 
Depreciation and amortization of investments in unconsolidated joint ventures4,572 4,484 13,548 11,937 
EBITDA457,511 428,185 1,436,336 1,295,125 
Gain on sale of property, net of tax(136,176)(45,515)(355,578)(163,772)
Impairment on depreciated real estate investments796 335 2,226 434 
Net gain on sale of investments in unconsolidated joint ventures(1,856)(6,469)(4,904)(6,875)
EBITDAre
320,275 376,536 1,078,080 1,124,912 
Share-based compensation expense11,462 1,916 31,508 20,537 
Business reorganization (1)
32,009 — 34,789 2,420 
Casualty losses and reserves, net (2)
6,036 3,116 13,329 10,799 
Loss on debt extinguishment and modifications8,660 — 8,660 — 
Other, net (3)
3,366 1,389 6,008 2,468 
Adjusted EBITDAre
$381,808 $382,957 $1,172,374 $1,161,136 
Trailing Twelve Months (TTM) Ended
September 30, 2026December 31, 2025
Net income available to common stockholders$680,091 $586,964 
Net income available to participating securities2,305 960 
Non-controlling interests2,459 1,985 
Interest expense372,223 353,327 
Interest expense in unconsolidated joint ventures24,936 25,312 
Depreciation and amortization773,067 746,933 
Depreciation and amortization of investments in unconsolidated joint ventures17,972 16,361 
EBITDA1,873,053 1,731,842 
Gain on sale of property, net of tax(410,041)(218,235)
Impairment on depreciated real estate investments2,449 657 
Net gain on sale of investments in unconsolidated joint ventures(6,490)(8,461)
EBITDAre
1,458,971 1,505,803 
Share-based compensation expense38,801 27,830 
Business reorganization (1)
35,141 2,772 
Casualty losses and reserves, net (2)
13,454 10,924 
Loss on debt extinguishment and modifications8,660 — 
Other, net (3)
7,885 4,345 
Adjusted EBITDAre
$1,562,912 $1,551,674 
(1)Includes a $30,411 loss recognized from consolidation of assets and liabilities in connection with the dissolution of our Pathway joint ventures; this loss was recorded in income (losses) from investments in unconsolidated joint ventures. Also includes severance, restructuring, acquisition, and integration costs.
(2)Includes our share from unconsolidated joint ventures.
(3)Includes interest income, non-cash provision for credit losses, net, 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.
Q3 2026 Earnings Release and Supplemental Information — page 38
imagea.jpg
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
September 30, 2026December 31, 2025
Secured debt, net$898,308 $1,384,114 
Unsecured notes, net4,896,194 4,398,921 
Term loan facility, net2,460,701 2,451,985 
Revolving facility485,000 145,000 
Total Debt per Balance Sheet8,740,203 8,380,020 
Retained and repurchased certificates(55,499)(55,499)
Cash, ex-security deposits and letters of credit (1)
(147,083)(167,472)
Deferred financing costs, net45,110 54,208 
Unamortized discounts on notes payable24,854 24,171 
Net Debt (A)$8,607,585 $8,235,428 
For the TTM EndedFor the TTM Ended
September 30, 2026December 31, 2025
Adjusted EBITDAre (B)
$1,562,912 $1,551,674 
Net Debt / TTM Adjusted EBITDAre (A / B)
5.5 x5.3 x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.

Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q3 2026Q3 2025YTD 2026YTD 2025
Amortization of discounts on notes payable$1,056 $840 $2,862 $2,410 
Amortization of deferred financing costs2,465 5,354 15,696 16,059 
Change in fair value of interest rate derivatives— — — — 
Amortization of swap fair value at designation553 611 1,640 (5,541)
Our share from unconsolidated joint ventures1,344 2,323 3,696 5,558 
Total non-cash interest expense$5,418 $9,128 $23,894 $18,486 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 39

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