Earnings release
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Earnings Press Release Invitation Homes Reports Second Quarter 2026 Results Dallas, TX, July 29, 2026 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our Second Quarter (“Q2”) 2026 financial and operating results. Q2 2026 Highlights • Year over year, total revenues increased 9.7% to $748 million, property operating and maintenance costs increased 4.7% to $256 million , and net income available to common stockholders increased 55.1% to $218 million, or $0.37 per diluted common share. • Year over year, Core FFO per share increased 5.0% to $0.51, while AFFO per share increased 5.9% to $0.44. • Same Store NOI increased 1.5% year over year on 1.6% Same Store Core Revenues growth and 1.9% Same Store Core Operating Expenses growth. • Same Store Average Occupancy was 97.1%, an expected reduction of 20 basis points year over year. • Same Store renewal rent growth of 3.3% and Same Store new lease rent growth of 1.1% resulted in Same Store blended rent growth of 2.7%. • We disposed of 657 wholly owned homes, many to families purchasing for their own use, and acquired 196 wholly owned homes, for net dispositions of 461 homes and net proceeds of approximately $234 million that were used for second quarter share repurchases and paying down debt that partially funded our first quarter share repurchases. • During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30. • At quarter end, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. As of June 30, 2026, our net debt / TTM adjusted EBITDAre was 5.4x , below our targeted range of 5.5x to 6.0x. • As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027. • Reflecting our year to date performance, we have raised our full year 2026 guidance by one cent at the midpoint for both Core FFO per share and AFFO per share to $1.95 and $1.65, respectively. We have also narrowed our Same Store Core Revenue growth and Same Store NOI growth guidance ranges, while holding both midpoints unchanged, and increased our wholly owned disposition guidance midpoint by $300 million to $850 million, driven by continued favorable private market valuations relative to public market pricing. Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures. Comments from Chief Executive Officer Dallas Tanner “We delivered another quarter of strong operational execution thanks to our caring associates and loyal residents. New lease rent growth accelerated every month through June this year, and demand for high -quality rental homes remains healthy across our markets, particularly as leasing a home now costs an average of over $1,000 less per month than owning, according to data from John Burns. We continue to sell homes at prices well above what is implied by our current stock price, and since December, we have repurchased $600 million of our own shares. Given this performance, we have raised our full -year guidance by a penny at the midpoint for both Core FFO per share and AFFO per share, to $1.95 and $1.65, respectively.”
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Financial Results Net Income, FFO, Core FFO, and AFFO Per Share — Diluted Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net income $ 0.37 $ 0.23 $ 0.63 $ 0.50 FFO 0.46 0.45 0.90 0.90 Core FFO 0.51 0.48 0.99 0.97 AFFO 0.44 0.41 0.85 0.84 Net Income Net income per common share — diluted for Q2 2026 was $0.37, compared to net income per common share — diluted of $0.23 for Q2 2025. Total revenues and total property operating and maintenance expenses for Q2 2026 were $748 million and $256 million, respectively, compared to $681 million and $244 million, respectively, for Q2 2025. Net income per common share — diluted for YTD 2026 was $0.63, compared to net income per share — diluted of $0.50 for YTD 2025. Total revenues and total property operating and maintenance expenses for YTD 2026 were $1,482 million and $507 million, respectively, compared to $1,356 million and $482 million, respectively, for YTD 2025. Core FFO Year over year, Core FFO per share for Q2 2026 increased 5.0% to $0.51, while Core FFO per share for YTD 2026 increased 1.9% to $0.99, primarily due to NOI growth, stock repurchases, and our acquisition of ResiBuilt in January 2026. AFFO Year over year, AFFO per share for Q2 2026 increased 5.9% to $0.44, while AFFO per share for YTD 2026 increased 1.6% to $0.85, primarily due to the increase in Core FFO per share described above.
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Operating Results Same Store Operating Results Snapshot Number of Homes, period-end Q2 2026 Total Portfolio 85,509 Number of homes in Same Store Portfolio: 77,326 Same Store % of Total 90.4 % Q2 2026 Q2 2025 YTD 2026 YTD 2025 Core Revenues growth (year over year) 1.6 % 1.7 % Core Operating Expenses growth (year over year) 1.9 % 3.7 % NOI growth (year over year) 1.5 % 0.7 % Average Occupancy 97.1 % 97.3 % 96.7 % 97.3 % Bad Debt % of gross rental revenue 0.6 % 0.6 % 0.6 % 0.6 % Turnover Rate 5.7 % 6.2 % 11.0 % 11.2 % Rental Rate Growth (lease-over-lease): Renewals 3.3 % 4.7 % 3.5 % 4.9 % New leases 1.1 % 2.1 % (1.1) % 1.0 % Blended 2.7 % 4.0 % 2.2 % 3.8 % Same Store NOI For the Same Store Portfolio of 77,326 homes, Same Store NOI for Q2 2026 increased 1.5% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 1.9%. YTD 2026 Same Store NOI increased 0.7% year over year on Same Store Core Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 3.7%. Same Store Core Revenues Q2 2026 year over year Same Store Core Revenues growth of 1.6% was primarily driven by a 2.0% increase in Average Monthly Rent, partially offset by a 20 basis point year over year decrease in Average Occupancy. YTD 2026 year over year Same Store Core Revenues growth of 1.7% was primarily driven by a 2.1% increase in Average Monthly Rent and a 4.7% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decrease in Average Occupancy. Same Store Core Operating Expenses Q2 2026 year over year Same Store Core Operating Expenses increased 1.9%, primarily attributable to a 3.5% increase in fixed expenses, partially offset by a 1.0% decrease in controllable expenses. YTD 2026 year over year Same Store Core Operating Expenses increased 3.7% , primarily driven by a 3.1% increase in fixed expenses and a 4.8% increase in controllable expenses.
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Investment, Property Management, and Homebuilding Activity During Q2 2026, we sold 657 wholly owned homes, many to families purchasing for their own use, for gross proceeds of approximately $309 million, and we sold 14 homes for gross proceeds of approximately $6 million in our joint ventures. Acquisitions for Q2 2026 included 196 wholly owned homes for approximately $74 million and 67 homes for approximately $23 million in our joint ventures. YTD 2026 , we sold 1,140 wholly owned homes for gross proceeds of approximately $515 million and 24 homes for gross proceeds of approximately $11 million in our joint ventures. We also acquired 457 wholly owned homes for approximately $165 million and 87 homes for approximately $31 million in our joint ventures. A summary of our owned and/or managed homes is included in the following table: Summary of Homes Owned and/or Managed as of June 30, 2026 Number of Homes Owned and/or Managed as of 3/31/2026 Acquired or Added In Q2 2026 Disposed or Subtracted In Q2 2026 Number of Homes Owned and/or Managed as of 6/30/2026 Wholly owned homes 85,970 196 (657) 85,509 Joint venture owned homes 8,016 67 (14) 8,069 Managed-only homes 15,759 — (120) 15,639 Total homes owned and/or managed 109,745 263 (791) 109,217 Balance Sheet and Capital Markets Activity As of June 30, 2026 , we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,593 million consisted of 83.8% unsecured debt and 16.2% secured debt; 92.4% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDA re was 5.4x, below our targeted range of 5.5x to 6.0x. During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30. As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027. FY 2026 Guidance We have raised our full year 2026 guidance, increasing Core FFO per share and AFFO per share midpoints by one cent each to $1.95 and $1.65, respectively, as set forth below, in addition to our other underlying assumptions. In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss) per share, total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forwa rd- 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 asset s,
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share-based compensation, net casualty losses and reserves, non- Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period. FY 2026 Guidance Summary Current Guidance Range Current Guidance Midpoint Prior Guidance Midpoint Change in Guidance Midpoint Core FFO per share — diluted $1.92 - $1.98 $1.95 $1.94 $0.01 AFFO per share — diluted $1.62 - $1.68 $1.65 $1.64 $0.01 Same Store Core Revenues growth (1) 1.5% - 2.3% 1.9% 1.9% —% Same Store Core Operating Expenses growth (2) 3.0% - 4.0% 3.5% 3.5% —% Same Store NOI growth 0.4% - 1.9% 1.15% 1.15% —% Wholly owned acquisitions (3) $150 - $350 million $250 million $250 million $— million JV acquisitions (3) $50 - $150 million $100 million $100 million $— million Wholly owned dispositions $750 - $950 million $850 million $550 million $300 million (1) Same Store Core Revenues growth guidance assumes FY 2026 (i) Average Occupancy in a range of 96.0% to 96.6% and (ii) average Bad Debt in a range of 60 to 80 basis points. (2) Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 (i) property taxes in a range of 4% to 5%; (ii) insurance expenses in a range of 5% to 7%; and (iii) all other expenses in a range of approximately 1% to 2%. (3) Excludes our acquisition of ResiBuilt in January 2026. Earnings Conference Call Information We have scheduled a conference call at 11:00 a.m. Eastern Time on July 30, 2026, to review Q2 2026 results, discuss recent events, and conduct a question- and-answer session. The domestic dial -in number is 1-888-330-2384, and the international dial- in number is 1-240-789-2701. The conference ID is 7714113. Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from our investor relations website at www.invh.com. Following the conclusion of the earnings call, we will post a replay of the 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. 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.
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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, federal, state, and local laws, regulations, executive actions, and policy initiatives, competition in identifying and acquiring prope rties, 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 importa nt 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 public ly 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, 2026 December 31, 2025 (unaudited) Assets: Investments in single-family residential properties, net $ 16,884,643 $ 17,274,622 Cash and cash equivalents 75,786 129,971 Restricted cash 251,497 224,894 Goodwill 314,154 258,207 Investments in unconsolidated joint ventures 252,049 254,561 Other assets, net 670,181 538,035 Total assets $ 18,448,310 $ 18,680,290 Liabilities: Secured debt, net $ 1,385,098 $ 1,384,114 Unsecured notes, net 4,402,839 4,398,921 Term loan facilities, net 2,458,754 2,451,985 Revolving facility 280,000 145,000 Accounts payable and accrued expenses 325,118 230,350 Resident security deposits 186,916 184,536 Other liabilities 316,974 317,492 Total liabilities 9,355,699 9,112,398 Equity: Stockholders’ equity Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025 — — Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 590,613,522 and 610,788,732 outstanding as of June 30, 2026 and December 31, 2025, respectively 5,906 6,108 Additional paid-in capital 10,604,456 11,128,590 Accumulated deficit (1,588,885) (1,610,981) Accumulated other comprehensive income 32,940 6,415 Total stockholders’ equity 9,054,417 9,530,132 Non-controlling interests 38,194 37,760 Total equity 9,092,611 9,567,892 Total liabilities and equity $ 18,448,310 $ 18,680,290
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Consolidated Statements of Operations ($ in thousands, except shares and per share amounts) (unaudited) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Revenues: Rental revenues $ 602,985 $ 592,509 $ 1,200,682 $ 1,177,703 Other property income 75,367 66,598 148,185 134,475 Management fee revenues 19,738 22,294 39,590 43,702 Homebuilding revenues 49,460 — 93,205 — Total revenues 747,550 681,401 1,481,662 1,355,880 Expenses: Property operating and maintenance 255,712 244,278 506,846 481,727 Property management expense 37,726 35,833 77,051 72,572 Homebuilding cost of sales 42,215 — 81,349 0 — General and administrative 29,332 23,591 61,651 53,109 Interest expense 93,987 87,414 189,300 171,668 Depreciation and amortization 194,299 185,455 387,441 368,601 Casualty losses, impairment, and other 4,236 3,029 8,581 7,712 Total expenses 657,507 579,600 1,312,219 1,155,389 Gain on sale of property, net of tax 132,308 46,591 219,402 118,257 Losses from investments in unconsolidated joint ventures (2,402) (4,802) (5,487) (10,020) Other, net (298) (2,223) (2,642) (1,079) Net income 219,651 141,367 380,716 307,649 Net income attributable to non-controlling interests (804) (480) (1,361) (1,017) Net income attributable to common stockholders 218,847 140,887 379,355 306,632 Net income available to participating securities (675) (222) (1,383) (450) Net income available to common stockholders — basic and diluted $ 218,172 $ 140,665 $ 377,972 $ 306,182 Weighted average common shares outstanding — basic 592,411,226 613,048,193 599,166,723 612,913,649 Weighted average common shares outstanding — diluted 592,497,804 613,261,904 599,328,126 613,312,641 Net income per common share — basic $ 0.37 $ 0.23 $ 0.63 $ 0.50 Net income per common share — diluted $ 0.37 $ 0.23 $ 0.63 $ 0.50 Dividends declared per common share $ 0.30 $ 0.29 $ 0.60 $ 0.58
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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. 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; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible as sets; 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 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 “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 s ales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for
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unconsolidated joint ventures. We define Core FFO as FFO adjusted for the following: non- cash interest expense related to amortization of deferred financing costs, loan discounts, and non -cash interest expense from derivatives; share- based compensation expense; legal settlements; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and (gains) losses on investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserve the value and maintain the functionality of our homes. Where appropriate, FF O, 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) losses from investments in unconsolidated joint venture s. 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. 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.
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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 2026 Q2 2025 YTD 2026 YTD 2025 Net income available to common stockholders $ 218,172 $ 140,665 $ 377,972 $ 306,182 Net income available to participating securities 675 222 1,383 450 Non-controlling interests 804 480 1,361 1,017 Depreciation and amortization of real estate assets 185,400 181,059 370,323 360,122 Impairment on depreciated real estate investments 961 36 1,430 99 Net gain on sale of previously depreciated investments in real estate (132,308) (46,591) (219,402) (118,257) Depreciation and net gain on sale of investments in unconsolidated joint ventures 2,877 3,510 5,919 7,008 FFO $ 276,581 $ 279,381 $ 538,986 $ 556,621 Core FFO Reconciliation Q2 2026 Q2 2025 YTD 2026 YTD 2025 FFO $ 276,581 $ 279,381 $ 538,986 $ 556,621 Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1) 7,847 5,724 18,476 9,358 Share-based compensation expense 9,346 8,464 20,046 18,621 Amortization of intangible assets 2,697 — 5,110 — Business reorganization costs (2) 1,279 35 2,780 2,420 Casualty losses and reserves, net (1) 3,358 3,000 7,293 7,683 Losses on investments in equity and other securities, net 126 90 339 311 Core FFO $ 301,234 $ 296,694 $ 593,030 $ 595,014 AFFO Reconciliation Q2 2026 Q2 2025 YTD 2026 YTD 2025 Core FFO $ 301,234 $ 296,694 $ 593,030 $ 595,014 Recurring Capital Expenditures (1) (41,800) (43,272) (82,273) (80,619) AFFO $ 259,434 $ 253,422 $ 510,757 $ 514,395 Net income available to common stockholders Weighted average common shares outstanding — diluted 592,497,804 613,261,904 599,328,126 613,312,641 Net income per common share — diluted $ 0.37 $ 0.23 $ 0.63 $ 0.50 FFO, Core FFO, and AFFO Weighted average common shares and OP Units outstanding — diluted 595,159,443 615,771,167 601,939,999 615,703,901 FFO per share — diluted $ 0.46 $ 0.45 $ 0.90 $ 0.90 Core FFO per share — diluted $ 0.51 $ 0.48 $ 0.99 $ 0.97 AFFO per share — diluted $ 0.44 $ 0.41 $ 0.85 $ 0.84 (1) Includes our share from unconsolidated joint ventures. (2) Includes severance, restructuring, acquisition, and integration costs.
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Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly (in thousands) (unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Total revenues (Total Portfolio) $ 747,550 $ 734,112 $ 685,250 $ 688,166 $ 681,401 Management fee revenues (19,738) (19,852) (21,662) (21,975) (22,294) Homebuilding revenues (49,460) (43,745) — — — Total portfolio resident recoveries (49,503) (46,072) (45,389) (46,885) (40,944) Total Core Revenues (Total Portfolio) 628,849 624,443 618,199 619,306 618,163 Non-Same Store Core Revenues (50,679) (51,378) (51,276) (51,422) (49,259) Same Store Core Revenues $ 578,170 $ 573,065 $ 566,923 $ 567,884 $ 568,904 Reconciliation of Total Revenues to Same Store Core Revenues, YTD (in thousands) (unaudited) YTD 2026 YTD 2025 Total revenues (Total Portfolio) $ 1,481,662 $ 1,355,880 Management fee revenues (39,590) (43,702) Homebuilding revenues (93,205) — Total portfolio resident recoveries (95,575) (85,062) Total Core Revenues (Total Portfolio) 1,253,292 1,227,116 Non-Same Store Core Revenues (102,057) (94,741) Same Store Core Revenues $ 1,151,235 $ 1,132,375 Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly (in thousands) (unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Property operating and maintenance expenses (Total Portfolio) $ 255,712 $ 251,134 $ 244,823 $ 259,037 $ 244,278 Total Portfolio resident recoveries (49,503) (46,072) (45,389) (46,885) (40,944) Core Operating Expenses (Total Portfolio) 206,209 205,062 199,434 212,152 203,334 Non-Same Store Core Operating Expenses (21,169) (22,354) (20,788) (24,045) (21,748) Same Store Core Operating Expenses $ 185,040 $ 182,708 $ 178,646 $ 188,107 $ 181,586 Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD (in thousands) (unaudited) YTD 2026 YTD 2025 Property operating and maintenance expenses (Total Portfolio) $ 506,846 $ 481,727 Total Portfolio resident recoveries (95,575) (85,062) Core Operating Expenses (Total Portfolio) 411,271 396,665 Non-Same Store Core Operating Expenses (43,523) (42,033) Same Store Core Operating Expenses $ 367,748 $ 354,632
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Reconciliation of Net Income to Same Store NOI, Quarterly (in thousands) (unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Net income available to common stockholders $ 218,172 $ 159,800 $ 144,308 $ 136,474 $ 140,665 Net income available to participating securities 675 708 246 264 222 Non-controlling interests 804 557 496 472 480 Management fee revenues (19,738) (19,852) (21,662) (21,975) (22,294) Homebuilding revenues (49,460) (43,745) — — — Property management expense 37,726 39,325 39,485 37,073 35,833 Homebuilding cost of sales 42,215 39,134 — — — General and administrative 29,332 32,319 23,697 18,444 23,591 Interest expense 93,987 95,313 90,878 90,781 87,414 Depreciation and amortization 194,299 193,142 189,875 188,457 185,455 Casualty losses, impairment, and other 4,236 4,345 311 3,420 3,029 Gain on sale of property, net of tax (132,308) (87,094) (54,463) (45,515) (46,591) (Income) losses from investments in unconsolidated joint ventures 2,402 3,085 3,717 (2,130) 4,802 Other, net (1) 298 2,344 1,877 1,389 2,223 NOI (Total Portfolio) 422,640 419,381 418,765 407,154 414,829 Non-Same Store NOI (29,510) (29,024) (30,488) (27,377) (27,511) Same Store NOI $ 393,130 $ 390,357 $ 388,277 $ 379,777 $ 387,318 Reconciliation of Net Income to Same Store NOI, YTD (in thousands) (unaudited) YTD 2026 YTD 2025 Net income available to common stockholders $ 377,972 $ 306,182 Net income available to participating securities 1,383 450 Non-controlling interests 1,361 1,017 Management fee revenues (39,590) (43,702) Homebuilding revenues (93,205) — Property management expense 77,051 72,572 Homebuilding cost of sales 81,349 — General and administrative 61,651 53,109 Interest expense 189,300 171,668 Depreciation and amortization 387,441 368,601 Casualty losses, impairment, and other 8,581 7,712 Gain on sale of property, net of tax (219,402) (118,257) Losses from investments in unconsolidated joint ventures 5,487 10,020 Other, net (1) 2,642 1,079 NOI (Total Portfolio) 842,021 830,451 Non-Same Store NOI (58,534) (52,708) Same Store NOI $ 783,487 $ 777,743 (1) Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.
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Reconciliation of Net Income to Adjusted EBITDAre (in thousands, unaudited) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net income available to common stockholders $ 218,172 $ 140,665 $ 377,972 $ 306,182 Net income available to participating securities 675 222 1,383 450 Non-controlling interests 804 480 1,361 1,017 Interest expense 93,987 87,414 189,300 171,668 Interest expense in unconsolidated joint ventures 6,265 5,943 12,392 11,569 Depreciation and amortization 194,299 185,455 387,441 368,601 Depreciation and amortization of investments in unconsolidated joint ventures 4,508 3,791 8,976 7,453 EBITDA 518,710 423,970 978,825 866,940 Gain on sale of property, net of tax (132,308) (46,591) (219,402) (118,257) Impairment on depreciated real estate investments 961 36 1,430 99 Net gain on sale of investments in unconsolidated joint ventures (1,627) (261) (3,048) (406) EBITDAre 385,736 377,154 757,805 748,376 Share-based compensation expense 9,346 8,464 20,046 18,621 Business reorganization costs (1) 1,279 35 2,780 2,420 Casualty losses and reserves, net (2) 3,358 3,000 7,293 7,683 Other, net (3) 298 2,223 2,642 1,079 Adjusted EBITDAre $ 400,017 $ 390,876 $ 790,566 $ 778,179 Trailing Twelve Months (TTM) Ended June 30, 2026 December 31, 2025 Net income available to common stockholders $ 658,754 $ 586,964 Net income available to participating securities 1,893 960 Non-controlling interests 2,329 1,985 Interest expense 370,959 353,327 Interest expense in unconsolidated joint ventures 26,135 25,312 Depreciation and amortization 765,773 746,933 Depreciation and amortization of investments in unconsolidated joint ventures 17,884 16,361 EBITDA 1,843,727 1,731,842 Gain on sale of property, net of tax (319,380) (218,235) Impairment on depreciated real estate investments 1,988 657 Net gain on sale of investments in unconsolidated joint ventures (11,103) (8,461) EBITDAre 1,515,232 1,505,803 Share-based compensation expense 29,255 27,830 Business reorganization costs (1) 3,132 2,772 Casualty losses and reserves, net (2) 10,534 10,924 Other, net (3) 5,908 4,345 Adjusted EBITDAre $ 1,564,061 $ 1,551,674 (1) Includes severance, restructuring, acquisition, and integration costs. (2) Includes our share from unconsolidated joint ventures. (3) Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.
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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, 2026 December 31, 2025 Secured debt, net $ 1,385,098 $ 1,384,114 Unsecured notes, net 4,402,839 4,398,921 Term loan facility, net 2,458,754 2,451,985 Revolving facility 280,000 145,000 Total Debt per Balance Sheet 8,526,691 8,380,020 Retained and repurchased certificates (55,499) (55,499) Cash, ex-security deposits and letters of credit (1) (137,316) (167,472) Deferred financing costs, net 44,182 54,208 Unamortized discounts on notes payable 22,365 24,171 Net Debt (A) $ 8,400,423 $ 8,235,428 For the TTM Ended For the TTM Ended June 30, 2026 December 31, 2025 Adjusted EBITDAre (B) $ 1,564,061 $ 1,551,674 Net Debt / TTM Adjusted EBITDAre (A / B) 5.4x 5.3x (1) Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.