Earnings release
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Earnings Press Release Invitation Homes Reports Second Quarter 2025 Results Dallas, TX, July 30, 2025 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single -family home leasing and management company, today announced our Second Quarter (“ Q2”) 2025 financial and operating results. Q2 2025 Highlights • Year over year, total revenues increased 4.3% to $681 million, property operating and maintenance costs increased 4.3% to $244 million, and net income available to common stockholders increased 92.7% to $141 million or $0.23 per diluted common share. • Year over year, Core FFO per share increased 1.7% to $0.48 and AFFO per share increased 3.4% to $0.41. • Same Store NOI increased 2.5% year over year on 2.4% Same Store Core Revenues growth and 2.2% Same Store Core Operating Expenses growth. • Same Store Average Occupancy was 97.2% , representing an expected reduction of 40 basis points year over year. • Same Store renewal rent growth of 4.7% and Same Store new lease rent growth of 2.2% drove Same Store blended rent growth of 4.0%. • Same Store Bad Debt improved to 0.6% of gross rental revenue. • Acquisitions by us and our joint ventures totaled 1,040 homes for approximately $350 million while dispositions totaled 358 homes for approximately $141 million. • As previously announced in April 2025, S&P Global Ratings reaffirmed our issuer and issue -level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing. • As previously announced in June 2025, we launched our developer lending program with a $33 million loan commitment to support the development of a 156 -home community in Houston. Funding is being provided in phases as construction progresses, and the agreement includes an option for us to acquire the community upon stabilization. Comments from Chief Executive Officer Dallas Tanner “Our second quarter performance underscores the continued strength and resilience of our platform. We continue to benefit from robust resident demand, elevated renewal rates, and disciplined cost contr ol — all of which reinforce our long- term growth strategy. “In the first half of the year, net income per common share — diluted increased 42.4% year over year, and we delivered 3.2% Same Store N OI growth and a 3.7% increase in AFFO per share, alongside Same Store average occupancy of 97.3% and blended Same Store leasing spreads of 3.8%. I’m proud of our team’s strong execution, the momentum we’re carrying into the second half of the year, and the value we’re creating for both our residents and our shareholders.”
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Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures. Financial Results Net Income, FFO, Core FFO, and AFFO Per Share — Diluted Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income $ 0.23 $ 0.12 $ 0.50 $ 0.35 FFO 0.45 0.34 0.90 0.77 Core FFO 0.48 0.47 0.97 0.94 AFFO 0.41 0.40 0.84 0.81 Net Income Net income per common share — diluted for Q2 2025 was $0.23, compared to net income per common share — diluted of $0.12 for Q2 2024. Total revenues and total property operating and maintenance expenses for Q2 2025 were $681 million and $244 million, respectively, compared to $653 million and $234 million, respectively, for Q2 2024. Net income per common share — diluted for YTD 2025 was $0.50, compared to net income per share — diluted of $0.35 for YTD 2024. Total revenues and total property operating and maintenance expenses for YTD 2025 were $1,356 million and $482 million, respectively, compared to $1,299 million and $465 million, respectively, for YTD 2024. Core FFO Year over year, Core FFO per share for Q2 2025 increased 1.7% to $0.48, while Core FFO per share for YTD 2025 increased 2.6% to $0.97, primarily due to NOI growth. AFFO Year over year, AFFO per share for Q2 2025 increased 3.4% to $0.41, while AFFO per share for YTD 2025 increased 3.7% to $0.84, primarily due to the increase in Core FFO per share described above.
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Operating Results Same Store Operating Results Snapshot Number of homes in Same Store Portfolio: 77,721 Q2 2025 Q2 2024 YTD 2025 YTD 2024 Core Revenues growth (year over year) 2.4 % 2.5 % Core Operating Expenses growth (year over year) 2.2 % 1.0 % NOI growth (year over year) 2.5 % 3.2 % Average Occupancy 97.2 % 97.6 % 97.3 % 97.7 % Bad Debt % of gross rental revenue 0.6 % 0.7 % 0.7 % 0.7 % Turnover Rate 6.2 % 6.2 % 11.2 % 11.5 % Rental Rate Growth (lease-over-lease): Renewals 4.7 % 5.5 % 4.9 % 5.6 % New Leases 2.2 % 3.5 % 1.0 % 2.1 % Blended 4.0 % 5.0 % 3.8 % 4.6 % Same Store NOI For the Same Store Portfolio of 77,721 homes, Same Store NOI for Q2 2025 increased 2.5% year over year on Same Store Core Revenues growth of 2.4% and Same Store Core Operating Expenses growth of 2.2%. YTD 2025 Same Store NOI increased 3.2% year over year on Same Store Core Revenues growth of 2.5% and Same Store Core Operating Expenses growth of 1.0%. Same Store Core Revenues Same Store Core Revenues growth for Q2 2025 of 2.4% year over year was primarily driven by a 2.6% increase in Average Monthly Rent and a 6.8% increase in other income, net of resident recoveries, partially offset by a 40 basis point year over year decline in Average Occupancy. YTD 2025 Same Store Core Revenues growth of 2.5% year over year was primarily driven by a 2.9% increase in Average Monthly Rent and a 4.7% increase in other income, net of resident recoveries, partially offset by a 40 basis point year over year decline in Average Occupancy. Same Store Core Operating Expenses Same Store Core Operating Expenses for Q2 2025 increased 2.2% year over year, primarily attributable to a 3.9% increase in controllable expenses and a 1.3% increase in fixed expenses. YTD 2025 Same Store Core Operating Expenses increased 1.0% year over year, primarily driven by a 1.2% increase in fixed expenses and a 0.8% increase in controllable expenses. Investment and Property Management Activity Acquisitions for Q2 2025 totaled 1,040 homes for approximately $350 million through our various acquisition channels. This included 939 wholly owned homes for approximately $316 million and 101 homes for approximately $34 million in our joint ventures. Dispositions for Q2 2025 included 295 wholly owned homes for gross proceeds of approximately $111 million and 63 homes for gross proceeds of approximately $30 million in our joint ventures.
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Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non- GAAP financial measures. Q2 2025 Earnings Release and Supplemental Information — page 4 Year to date through Q2 2025 , the Company acquired 1,516 wholly owned homes for $510 million and 155 homes for $53 million in the Company's joint ventures. The company also sold 749 wholly owned homes for $284 million and 79 homes for $36 million in the Company's joint ventures. As previously announced in June 2025, we launched our developer lending program with a $33 million loan commitment to support the development of a 156 -home community in Houston. Funding is being provided in phases as construction progresses, and the agreement includes an option for us to acquire the community upon stabilization. A summary of our owned and/or managed homes is included in the following table: Summary of Homes Owned and/or Managed As Of 6/30/2025 Number of Homes Owned and/or Managed as of 3/31/2025 Acquired or Added In Q2 2025 Disposed or Subtracted In Q2 2025 Number of Homes Owned and/or Managed as of 6/30/2025 Wholly owned homes 85,261 939 (295) 85,905 Joint venture owned homes 7,660 101 (63) 7,698 Managed-only homes 17,336 — (551) 16,785 Total homes owned and/or managed 110,257 1,040 (909) 110,388 Balance Sheet and Capital Markets Activity As of June 30, 2025 , we had $1,275 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,253 million consisted of 83.1% unsecured debt and 16.9% secured debt; 87.7% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDA re was 5.3x. We have no debt reaching final maturity before 2027. As previously announced on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue -level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.
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Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non- GAAP financial measures. Q2 2025 Earnings Release and Supplemental Information — page 5 FY 2025 Guidance Details We do not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward- looking non- GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because we are unable to reasonably predict certain items contained in the GAAP measures, including non- recurring and infrequent items that are not indicative of our ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share- based compensation, net casualty losses and reserves, non -Same Store revenues, and non- Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period. Our full year 2025 guidance remains unchanged from initial guidance provided in February 2025, as outlined in the table below . FY 2025 Guidance FY 2025 Guidance Range FY 2025 Guidance Midpoint Core FFO per share — diluted $1.88 to $1.94 $1.91 AFFO per share — diluted $1.58 to $1.64 $1.61 Same Store Core Revenues growth (1) 1.75% to 3.25% 2.5% Same Store Core Operating Expenses growth (2) 2.75% to 4.25% 3.5% Same Store NOI growth 1.00% to 3.00% 2.0% Wholly owned acquisitions $500 million to $700 million $600 million JV acquisitions $100 million to $200 million $150 million Wholly owned dispositions $400 million to $600 million $500 million (1) Same Store Core Revenues growth guidance assumes (i) FY 2025 Average Occupancy in a range of 96.2% to 96.8% and (ii) FY 2025 average Bad Debt in a range of 60 to 90 basis points. (2) Same Store Core Operating Expenses growth guidance assumes (i) an increase in FY 2025 property taxes in a range of 5.0% to 6.0% year over year and (ii) a reduction in FY 2025 insurance expenses in a range of -2.0% to -3.0% year over year. Earnings Conference Call Information We have scheduled a conference call at 11:00 a.m. Eastern Time on July 31, 2025, to review Q2 2025 results, discuss recent events, and conduct a question- and-answer session. The domestic dial -in number is 1-888-330-2384, and the international dial- in number is 1-240-789-2701. The conference ID is 7714113. Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from our investor relations website at www.invh.com. Following the conclusion of the earnings call, we will post a replay of the webca st to our website for one year. Supplemental Information The full text of the Earnings Release and Supplemental Information referenced in this release are available on our Investor Relations website at www.invh.com.
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Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non- GAAP financial measures. Q2 2025 Earnings Release and Supplemental Information — page 6 About Invitation Homes Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high- quality homes with valued features such as close proximity to jobs and access to good schools. Our purpose, Unlock the power of home ™, reflects our commitment to providing living solutions and Genuine CARE™ to the growing share of people who count on the flexibility and savings of leasing a home. Investor Relations Contact Media Relations Contact Scott McLaughlin Kristi DesJarlais 844.456.INVH (4684) 844.456.INVH (4684) IR@InvitationHomes.com Media@InvitationHomes.com Forward-Looking Statements This press release contains forward -looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non -historical statements. In some cases, you can identify these forward -looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version o f 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 othe rs, risks inherent to the single -family rental industry and our business model, macroeconomic factors beyond our control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees and insurance costs, poor resident selection and defaults and non- renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, risks rela ted to the potential negative impact of fluctuating global and United States economic conditions (including inflation), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disaster s, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or res ults to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, thos e described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this rele ase, 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.
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Consolidated Balance Sheets ($ in thousands, except shares and per share data) June 30, 2025 December 31, 2024 (unaudited) Assets: Investments in single-family residential properties, net $ 17,361,929 $ 17,212,126 Cash and cash equivalents 65,112 174,491 Restricted cash 218,612 245,202 Goodwill 258,207 258,207 Investments in unconsolidated joint ventures 232,614 241,605 Other assets, net 525,531 569,320 Total assets $ 18,662,005 $ 18,700,951 Liabilities: Secured debt, net $ 1,382,965 $ 1,385,573 Unsecured notes, net 3,803,985 3,800,688 Term loan facilities, net 2,447,555 2,446,041 Revolving facility 540,000 570,000 Accounts payable and accrued expenses 308,347 247,709 Resident security deposits 184,656 180,866 Other liabilities 289,201 277,565 Total liabilities 8,956,709 8,908,442 Equity: Stockholders’ equity Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2025 and December 31, 2024 — — Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 613,008,220 and 612,605,478 outstanding as of June 30, 2025 and December 31, 2024, respectively 6,130 6,126 Additional paid-in capital 11,181,950 11,170,597 Accumulated deficit (1,531,350) (1,480,928) Accumulated other comprehensive income 11,556 60,969 Total stockholders’ equity 9,668,286 9,756,764 Non-controlling interests 37,010 35,745 Total equity 9,705,296 9,792,509 Total liabilities and equity $ 18,662,005 $ 18,700,951
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Consolidated Statements of Operations ($ in thousands, except shares and per share amounts) Q2 2025 Q2 2024 YTD 2025 YTD 2024 (unaudited) (unaudited) (unaudited) Revenues: Rental revenues $ 592,509 $ 576,865 $ 1,177,703 $ 1,148,295 Other property income 66,598 60,610 134,475 121,277 Management fee revenues 22,294 15,976 43,702 29,918 Total revenues 681,401 653,451 1,355,880 1,299,490 Expenses: Property operating and maintenance 244,278 234,184 481,727 464,581 Property management expense 35,833 32,633 72,572 63,870 General and administrative 23,591 21,498 53,109 44,946 Interest expense 87,414 90,007 171,668 179,852 Depreciation and amortization 185,455 176,622 368,601 351,935 Casualty losses, impairment, and other 3,029 10,353 7,712 14,490 Total expenses 579,600 565,297 1,155,389 1,119,674 Gains (losses) on investments in equity and other securities, net (90) 1,504 (311) 1,295 Other, net (2,133) (54,012) (768) (48,039) Gain on sale of property, net of tax 46,591 43,267 118,257 93,765 Losses from investments in unconsolidated joint ventures (4,802) (5,482) (10,020) (10,620) Net income 141,367 73,431 307,649 216,217 Net income attributable to non-controlling interests (480) (243) (1,017) (679) Net income attributable to common stockholders 140,887 73,188 306,632 215,538 Net income available to participating securities (222) (207) (450) (399) Net income available to common stockholders — basic and diluted $ 140,665 $ 72,981 $ 306,182 $ 215,139 Weighted average common shares outstanding — basic 613,048,193 612,628,758 612,913,649 612,424,139 Weighted average common shares outstanding — diluted 613,261,904 613,823,339 613,312,641 613,815,253 Net income per common share — basic $ 0.23 $ 0.12 $ 0.50 $ 0.35 Net income per common share — diluted $ 0.23 $ 0.12 $ 0.50 $ 0.35 Dividends declared per common share $ 0.29 $ 0.28 $ 0.58 $ 0.56
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Glossary and Reconciliations Average Monthly Rent Average monthly rent represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period, and reflects the impact of non -service rental concessions and contractual rent increases amortized over the life of the lease. Average Occupancy Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such popula tion 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 r ationale that a resident’s security deposit should cover approximately the first 30 days of receivables. For all resident receivables balance s aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the re sident’s security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the te rms 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 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 a nd turn spend, net of resident reimbursements, as indicated in tables presented, not including the internal labor associated with suc h work. Disposition CapEx Disposition CapEx represents expenditures related to the preparation of a home for disposition after the prior tenant has moved out of the home. EBITDA, EBITDAre, and Adjusted EBITDAre EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDA re. We define EBITDA re, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estat e investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDA re is defined as EBITDAre before the following items: share-based compensation expense; severance expense; casualty losses and reserves, net; (gains) losses on investments in equity securitie s, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is addi tional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance. The GAAP measure most directly comparable to EBITDA, EBITDA re, and Adjusted EBITDA re 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, EBITDA re, and Adjusted
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EBITDAre may not be comparable to the EBITDA, EBITDA re, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDA re, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non -GAAP measures is comparable with that of other companies. See below for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre. Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO) FFO, Core FFO, and Adjusted FFO are supplemental, non -GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from s ales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. We define Core FFO as FFO adjusted for the following: non- cash interest expense related to amortization of deferred financing costs, loan discounts, and non -cash interest expense from derivatives; share- based compensation expense; legal settlements; severance expense; casualty (gains) losses and reserves, net; and (gains) losses on investments in equity and ot her securities, net, as applicable. We define Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserv e the value, and maintain the functionality, of our homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for our share of investments in unconsolidated joint ventures. We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated h omes, 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 measur e 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, C ore FFO, and Adjusted FFO. 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 consi sts primarily of property taxes, insurance, HOA fees (when applicable), market -level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; ge neral and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equi ty securities, net; other income and expenses; management fee revenues; and income from investments in unconsolidated joint ventures. The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non- GAAP measure is comparable with that of other companies. We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio. See below for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store Portfolio.
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Recurring Capital Expenditures or Recurring CapEx Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and m aintain 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 s easoned, 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 exi sting Same Store portfolio, and homes in markets that we have announced an intent to exit where we no longer operate a significant numbe r of homes. Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post -initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as our existing Same Store portfolio may be considered stabilized at the time of acquisition. Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1 st 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 gi ven reporting period and our prior year comparison period provides investors with meaningful information about the performance of our compa rable 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 propert ies 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. 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.
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Reconciliation of FFO, Core FFO, and AFFO ($ in thousands, except shares and per share amounts) (unaudited) FFO Reconciliation Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income available to common stockholders $ 140,665 $ 72,981 $ 306,182 $ 215,139 Net income available to participating securities 222 207 450 399 Non-controlling interests 480 243 1,017 679 Depreciation and amortization on real estate assets 181,059 173,319 360,122 345,237 Impairment on depreciated real estate investments 36 — 99 60 Net gain on sale of previously depreciated investments in real estate (46,591) (43,267) (118,257) (93,765) Depreciation and net gain on sale of investments in unconsolidated joint ventures 3,510 3,497 7,008 6,016 FFO $ 279,381 $ 206,980 $ 556,621 $ 473,765 Core FFO Reconciliation Q2 2025 Q2 2024 YTD 2025 YTD 2024 FFO $ 279,381 $ 206,980 $ 556,621 $ 473,765 Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1) 5,724 8,905 9,358 18,122 Share-based compensation expense 8,464 7,492 18,621 15,392 Legal settlements — 59,500 — 59,500 Severance expense 35 89 2,420 179 Casualty losses and reserves, net (1) 3,000 10,363 7,683 14,445 Gains (losses) on investments in equity and other securities, net 90 (1,504) 311 (1,295) Core FFO $ 296,694 $ 291,825 $ 595,014 $ 580,108 AFFO Reconciliation Q2 2025 Q2 2024 YTD 2025 YTD 2024 Core FFO $ 296,694 $ 291,825 $ 595,014 $ 580,108 Recurring Capital Expenditures (1) (43,272) (46,635) (80,619) (83,757) AFFO $ 253,422 $ 245,190 $ 514,395 $ 496,351 Net income available to common stockholders Weighted average common shares outstanding — diluted 613,261,904 613,823,339 613,312,641 613,815,253 Net income per common share — diluted $ 0.23 $ 0.12 $ 0.50 $ 0.35 FFO, Core FFO, and AFFO Weighted average common shares and OP Units outstanding — diluted 615,771,167 616,061,403 615,703,901 616,024,305 FFO per share — diluted $ 0.45 $ 0.34 $ 0.90 $ 0.77 Core FFO per share — diluted $ 0.48 $ 0.47 $ 0.97 $ 0.94 AFFO per share — diluted $ 0.41 $ 0.40 $ 0.84 $ 0.81 (1) Includes our share from unconsolidated joint ventures.
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Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly (in thousands) (unaudited) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Total revenues (Total Portfolio) $ 681,401 $ 674,479 $ 659,130 $ 660,322 $ 653,451 Management fee revenues (22,294) (21,408) (21,080) (18,980) (15,976) Total portfolio resident recoveries (40,944) (44,118) (38,120) (42,412) (37,102) Total Core Revenues (Total Portfolio) 618,163 608,953 599,930 598,930 600,373 Non-Same Store Core Revenues (44,498) (39,814) (37,758) (39,004) (40,252) Same Store Core Revenues $ 573,665 $ 569,139 $ 562,172 $ 559,926 $ 560,121 Reconciliation of Total Revenues to Same Store Core Revenues, YTD (in thousands) (unaudited) YTD 2025 YTD 2024 Total revenues (Total Portfolio) $ 1,355,880 $ 1,299,490 Management fee revenues (43,702) (29,918) Total portfolio resident recoveries (85,062) (74,897) Total Core Revenues (Total Portfolio) 1,227,116 1,194,675 Non-Same Store Core Revenues (84,312) (80,028) Same Store Core Revenues $ 1,142,804 $ 1,114,647 Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly (in thousands) (unaudited) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Property operating and maintenance expenses (Total Portfolio) $ 244,278 $ 237,449 $ 228,464 $ 242,228 $ 234,184 Total Portfolio resident recoveries (40,944) (44,118) (38,120) (42,412) (37,102) Core Operating Expenses (Total Portfolio) 203,334 193,331 190,344 199,816 197,082 Non-Same Store Core Operating Expenses (19,349) (18,145) (16,404) (17,967) (17,101) Same Store Core Operating Expenses $ 183,985 $ 175,186 $ 173,940 $ 181,849 $ 179,981 Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD (in thousands) (unaudited) YTD 2025 YTD 2024 Property operating and maintenance expenses (Total Portfolio) $ 481,727 $ 464,581 Total Portfolio resident recoveries (85,062) (74,897) Core Operating Expenses (Total Portfolio) 396,665 389,684 Non-Same Store Core Operating Expenses (37,494) (34,212) Same Store Core Operating Expenses $ 359,171 $ 355,472
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Reconciliation of Net Income to Same Store NOI, Quarterly (in thousands) (unaudited) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net income available to common stockholders $ 140,665 $ 165,517 $ 142,941 $ 95,084 $ 72,981 Net income available to participating securities 222 228 169 185 207 Non-controlling interests 480 537 460 309 243 Interest expense 87,414 84,254 95,158 91,060 90,007 Depreciation and amortization 185,455 183,146 181,912 180,479 176,622 Property management expense 35,833 36,739 39,238 34,382 32,633 General and administrative 23,591 29,518 23,939 21,727 21,498 Casualty losses, impairment, and other 3,029 4,683 47,563 20,872 10,353 Gain on sale of property, net of tax (46,591) (71,666) (103,019) (47,766) (43,267) (Gains) losses on investments in equity securities, net 90 221 (8) 257 (1,504) Other, net (1) 2,133 (1,365) (3,352) 9,345 54,012 Management fee revenues (22,294) (21,408) (21,080) (18,980) (15,976) Losses from investments in unconsolidated joint ventures 4,802 5,218 5,665 12,160 5,482 NOI (Total Portfolio) 414,829 415,622 409,586 399,114 403,291 Non-Same Store NOI (25,149) (21,669) (21,354) (21,037) (23,151) Same Store NOI $ 389,680 $ 393,953 $ 388,232 $ 378,077 $ 380,140 Reconciliation of Net Income to Same Store NOI, YTD (in thousands) (unaudited) YTD 2025 YTD 2024 Net income available to common stockholders $ 306,182 $ 215,139 Net income available to participating securities 450 399 Non-controlling interests 1,017 679 Interest expense 171,668 179,852 Depreciation and amortization 368,601 351,935 Property management expense 72,572 63,870 General and administrative 53,109 44,946 Casualty losses, impairment, and other 7,712 14,490 Gain on sale of property, net of tax (118,257) (93,765) (Gains) losses on investments in equity securities, net 311 (1,295) Other, net (1) 768 48,039 Management fee revenues (43,702) (29,918) Losses from investments in unconsolidated joint ventures 10,020 10,620 NOI (Total Portfolio) 830,451 804,991 Non-Same Store NOI (46,818) (45,816) Same Store NOI $ 783,633 $ 759,175 (1) Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.
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Reconciliation of Net Income to Adjusted EBITDAre (in thousands, unaudited) Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income available to common stockholders $ 140,665 $ 72,981 $ 306,182 $ 215,139 Net income available to participating securities 222 207 450 399 Non-controlling interests 480 243 1,017 679 Interest expense 87,414 90,007 171,668 179,852 Interest expense in unconsolidated joint ventures 5,943 5,549 11,569 10,784 Depreciation and amortization 185,455 176,622 368,601 351,935 Depreciation and amortization of investments in unconsolidated joint ventures 3,791 3,358 7,453 6,285 EBITDA 423,970 348,967 866,940 765,073 Gain on sale of property, net of tax (46,591) (43,267) (118,257) (93,765) Impairment on depreciated real estate investments 36 — 99 60 Net (gain) loss on sale of investments in unconsolidated joint ventures (261) 167 (406) (214) EBITDAre 377,154 305,867 748,376 671,154 Share-based compensation expense 8,464 7,492 18,621 15,392 Severance expense 35 89 2,420 179 Casualty losses and reserves, net (1) 3,000 10,363 7,683 14,445 (Gains) losses on investments in equity and other securities, net 90 (1,504) 311 (1,295) Other, net (2) 2,133 54,012 768 48,039 Adjusted EBITDAre $ 390,876 $ 376,319 $ 778,179 $ 747,914 Trailing Twelve Months (TTM) Ended June 30, 2025 December 31, 2024 Net income available to common stockholders $ 544,207 $ 453,164 Net income available to participating securities 804 753 Non-controlling interests 1,786 1,448 Interest expense 357,886 366,070 Interest expense in unconsolidated joint ventures 27,118 26,333 Depreciation and amortization 730,992 714,326 Depreciation and amortization of investments in unconsolidated joint ventures 14,545 13,377 EBITDA 1,677,338 1,575,471 Gain on sale of property, net of tax (269,042) (244,550) Impairment on depreciated real estate investments 545 506 Net gain on sale of investments in unconsolidated joint ventures 1,023 1,215 EBITDAre 1,409,864 1,332,642 Share-based compensation expense 31,147 27,918 Severance 2,878 637 Casualty losses, net (1) 75,938 82,700 (Gains) losses on investments in equity and other securities, net 560 (1,046) Other, net (2) 6,761 54,032 Adjusted EBITDAre $ 1,527,148 $ 1,496,883 (1) Includes our share from unconsolidated joint ventures. (2) Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.
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Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre (in thousands, except for ratio) (unaudited) As of As of June 30, 2025 December 31, 2024 Secured debt, net $ 1,382,965 $ 1,385,573 Unsecured notes, net 3,803,985 3,800,688 Term loan facility, net 2,447,555 2,446,041 Revolving facility 540,000 570,000 Total Debt per Balance Sheet 8,174,505 8,202,302 Retained and repurchased certificates (55,499) (55,499) Cash, ex-security deposits and letters of credit (1) (95,184) (235,649) Deferred financing costs, net 56,127 60,559 Unamortized discounts on notes payable 22,766 24,336 Net Debt (A) $ 8,102,715 $ 7,996,049 For the TTM Ended For the TTM Ended June 30, 2025 December 31, 2024 Adjusted EBITDAre (B) $ 1,527,148 $ 1,496,883 Net Debt / TTM Adjusted EBITDAre (A / B) 5.3x 5.3x (1) Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.