Earnings release
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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 andmanagement 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 commonstockholders 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 ofapproximately $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 pricedat 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 anaverage 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 soldduring 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 sharerepurchases, 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 morethan 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 proceedswhenever 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 whollyowned 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 measuresnot defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparableGAAP 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 2026 Q3 2025 YTD 2026 YTD 2025 Net income $ 0.27 $ 0.22 $ 0.90 $ 0.72 FFO 0.36 0.44 1.25 1.35 Core FFO 0.48 0.47 1.46 1.43 AFFO 0.38 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 propertyoperating 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 operatingand 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 countfrom 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 pershare described above. Operating Results Same Store Operating Results Snapshot Number of Homes, period-end Q3 2026 Total Portfolio 85,961 Number of homes in Same Store Portfolio: 76,687 Same Store % of Total 89.2 % Q3 2026 Q3 2025 YTD 2026 YTD 2025 Core Revenues growth (year over year) 1.6 % 1.7 %Core Operating Expenses growth (year overyear) 2.5 % 3.3 % NOI growth (year over year) 1.1 % 0.9 % Average Occupancy 96.4 % 96.5 % 96.6 % 97.0 % Bad Debt % of gross rental revenue 0.8 % 0.7 % 0.6 % 0.6 % Turnover Rate 6.2 % 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 % Blended 3.0 % 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 CoreOperating 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 propertyincome, 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 propertyincome, 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 fixedexpenses. 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 fixedexpenses. 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 forgross 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 forapproximately $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 jointventures. 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”) andPathway 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, weacquired 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 894homes, 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 managementplatform 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 ofthe 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, 2026Number of HomesOwned and/orManaged as of6/30/2026 Acquired or AddedInQ3 2026 PathwayHomesReclass Disposed orSubtracted In Q32026 Number of HomesOwned and/orManaged as of9/30/2026 Wholly owned homes 85,509 216 894 (658) 85,961Joint venture owned homes 8,069 288 (894) (18) 7,445Managed-only homes 15,639 — — (285) 15,354 Total homes owned and/or managed 109,217 504 — (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. Inaddition, 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 $1billion 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 ourcommon stock through open market purchases or negotiated transactions, including through Rule 10b5-1 plans, with no expiration date. Any repurchases will be made at ourdiscretion, 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 at99.291% 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 underlyingassumptions. FY 2026 Guidance Summary CurrentGuidanceRange CurrentGuidanceMidpoint Prior GuidanceMidpoint Change inGuidanceMidpointCore 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 growth 1.65% - 2.15% 1.9% 1.9% —%Same Store Core Operating Expenses growth 2.7% - 3.7% 3.2% 3.5% (0.3)% Same Store NOI growth 0.7% - 1.7% 1.20% 1.15% 0.05% Wholly owned acquisitions $200 - $300million $250 million $250 million $— million JV acquisitions $100 - $150million $125 million $100 million $25 million Wholly owned dispositions $900 - $1,000million $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. (1) (2) (2) 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 operatingand maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenuesgrowth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effortbecause 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 ongoingoperations. 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-basedcompensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and couldhave 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-answersession 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 oneyear. 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 andstrategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions andGenuine CARE™ to those who choose the flexibility and value of leasing. Investor Relations Contact Media Relations Contact Scott McLaughlin Kristi DesJarlais 844.456.INVH (4684) 844.456.INVH (4684) IR@InvitationHomes.com Media@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'swebsite 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, andamendments 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 asreasonably 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 throughour investor relations website at www.invh.com, press releases, public conference calls and webcasts, and our LinkedIn pages (www.linkedin.com/company/invitation-homes/ andwww.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, themedia, 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 emailalerts 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 ExchangeAct 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 financialresults, 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 ourfinancial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our businessmodel, macroeconomic factors beyond our control, federal, state, and local laws, regulations, executive actions, and policy initiatives (including the implementation of the 21stCentury 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 theHousing Act on institutional demand for our build-to-rent communities, fee-build operations, and construction and development lending), competition in identifying and acquiringproperties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees, and insurance costs, poor resident selectionand 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 informationtechnology systems, development and use of artificial intelligence, risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and UnitedStates economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financialmarkets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are orwill 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 notlimited 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 factorsmay 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 publiclyupdate 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 30,2026 December 31,2025 (unaudited) Assets: Investments in single-family residential properties, net $ 17,031,752 $ 17,274,622 Cash and cash equivalents 78,927 129,971 Restricted cash 258,907 224,894 Goodwill 314,154 258,207 Investments in unconsolidated joint ventures 114,506 254,561 Other assets, net 732,543 538,035 Total assets $ 18,530,789 $ 18,680,290 Liabilities: Secured debt, net $ 898,308 $ 1,384,114 Unsecured notes, net 4,896,194 4,398,921 Term loan facilities, net 2,460,701 2,451,985 Revolving facility 485,000 145,000 Accounts payable and accrued expenses 406,654 230,350 Resident security deposits 187,614 184,536 Other liabilities 337,331 317,492 Total liabilities 9,671,802 9,112,398 Equity: Stockholders’ equityPreferred 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 andDecember 31, 2025, respectively 5,818 6,108 Additional paid-in capital 10,364,715 11,128,590 Accumulated deficit (1,606,336) (1,610,981) Accumulated other comprehensive income 55,991 6,415 Total stockholders’ equity 8,820,188 9,530,132 Non-controlling interests 38,799 37,760 Total equity 8,858,987 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 2026 Q3 2025 YTD 2026 YTD 2025 Revenues: Rental revenues $ 597,337 $ 593,606 $ 1,798,019 $ 1,771,309 Other property income 78,203 72,585 226,388 207,060 Management fee revenues 19,889 21,975 59,479 65,677 Homebuilding revenues 35,849 — 129,054 — Total revenues 731,278 688,166 2,212,940 2,044,046 Expenses: Property operating and maintenance 264,198 259,037 771,044 740,764 Property management expense 39,163 37,073 116,214 109,645 Homebuilding cost of sales 31,967 — 113,316 — General and administrative 34,233 18,444 95,884 71,553 Interest expense 92,045 90,781 281,345 262,449 Depreciation and amortization 195,751 188,457 583,192 557,058 Casualty losses, impairment, and other 6,807 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 tax 136,176 45,515 355,578 163,772 Income (losses) from investments in unconsolidatedjoint 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 income 159,089 137,210 539,805 444,859 Net income attributable to non-controlling interests (602) (472) (1,963) (1,489) Net income attributable to common stockholders 158,487 136,738 537,842 443,370 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 —basic 588,412,559 613,084,571 595,542,555 612,971,293 Weighted average common shares outstanding —diluted 588,534,202 613,084,571 595,690,705 613,237,288 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 Reconciliation Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net income available to common stockholders $ 157,811 $ 136,474 $ 535,783 $ 442,656 Net income available to participating securities 676 264 2,059 714 Non-controlling interests 602 472 1,963 1,489 Depreciation and amortization of real estate assets 185,136 183,653 555,459 543,775 Impairment on depreciated real estate investments 796 335 2,226 434 Net gain on sale of previously depreciated investments inreal estate (136,176) (45,515) (355,578) (163,772)Depreciation and net gain on sale of investments inunconsolidated joint ventures 2,710 (1,992) 8,629 5,016 FFO $ 211,555 $ 273,691 $ 750,541 $ 830,312 Core FFO Reconciliation Q3 2026 Q3 2025 YTD 2026 YTD 2025 FFO $ 211,555 $ 273,691 $ 750,541 $ 830,312 Non-cash interest expense related to amortization ofdeferred financing costs, loan discounts, and non-cashinterest expense from derivatives 5,418 9,128 23,894 18,486 Share-based compensation expense 11,462 1,916 31,508 20,537 Amortization of intangible assets 4,188 — 9,298 — Business reorganization 32,009 — 34,789 2,420 Casualty losses and reserves, net 6,036 3,116 13,329 10,799 Loss on debt extinguishment and modifications 8,660 — 8,660 — Non-cash provision for credit losses, net 3,516 — 3,516 — (Gains) losses on investments in equity and othersecurities, net 5 (380) 344 (69) Core FFO $ 282,849 $ 287,471 $ 875,879 $ 882,485 AFFO Reconciliation Q3 2026 Q3 2025 YTD 2026 YTD 2025 Core FFO $ 282,849 $ 287,471 $ 875,879 $ 882,485 Recurring Capital Expenditures (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 — diluted 588,534,202 613,084,571 595,690,705 613,237,288 Net income per common share — diluted $ 0.27 $ 0.22 $ 0.90 $ 0.72 FFO, Core FFO, and AFFOWeighted average common shares and OP Units outstanding— diluted 591,396,324 615,599,540 598,386,169 615,673,797 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 $30,411 loss recognized from consolidation of assets and liabilities in connection with the dissolution of our Pathway joint ventures; this loss was recorded in income (losses) from investments inunconsolidated joint ventures. Also includes severance, restructuring, acquisition, and integration costs. (1) (2) (1) (1) Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures. Q3 2026 Earnings Release and Supplemental Information — page 11
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Supplemental Schedule 2(a) Diluted Shares Outstanding(unaudited) Weighted Average Amounts for Net Income Q3 2026 Q3 2025 YTD 2026 YTD 2025Common shares — basic 588,412,559 613,084,571 595,542,555 612,971,293 Shares potentially issuable from vesting/conversion of equity-based awards 121,643 — 148,150 265,995 Total common shares — diluted 588,534,202 613,084,571 595,690,705 613,237,288 Weighted average amounts for FFO, Core FFO, and AFFO Q3 2026 Q3 2025 YTD 2026 YTD 2025Common shares — basic 588,412,559 613,084,571 595,542,555 612,971,293 OP units — basic 2,196,519 2,099,937 2,165,033 2,058,429 Shares potentially issuable from vesting/conversion of equity-based awards 787,246 415,032 678,581 644,075 Total common shares and units — diluted 591,396,324 615,599,540 598,386,169 615,673,797 Period end amounts for Core FFO and AFFO September 30, 2026Common shares 581,764,220 OP units 2,196,519 Shares potentially issuable from vesting/conversion of equity-based awards 1,449,044 Total common shares and units — diluted 585,409,783 Share Repurchase Program($ in thousands, except shares and per share data) (unaudited) Period Shares Repurchased PurchasePrice Average PricePer ShareQ4 2025 2,232,685 $ 61,235 $ 27.43 Q1 2026 17,101,046 438,765 25.66 Q2 2026 3,478,690 100,000 28.75 Q3 2026 8,874,903 250,000 28.17 Total / Average 31,687,324 $ 850,000 $ 26.82 Remaining Authorization as of September 30, 2026 $ 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 representsan 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 $500 million share repurchase program. (1) Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures. Q3 2026 Earnings Release and Supplemental Information — page 12
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Supplemental Schedule 2(b) Debt Structure and Leverage Ratios — As of September 30, 2026 ($ in thousands) (unaudited) Wtd Avg Wtd Avg Interest Years toDebt Structure Balance % of Total Rate Maturity Secured: Fixed $ 900,167 10.2 % 3.9 % 2.5 Floating — swapped to fixed — — % — % — Floating — — % — % — Total secured 900,167 10.2 % 3.9 % 2.5 Unsecured:Fixed 4,950,000 56.2 % 3.9 % 5.5 Floating — swapped to fixed 2,100,000 23.8 % 3.9 % 3.1 Floating 860,000 9.8 % 4.7 % 3.2 Total unsecured 7,910,000 89.8 % 4.0 % 4.6 Total Debt:Fixed + floating swapped to fixed 7,950,167 90.2 % 3.9 % 4.5 Floating 860,000 9.8 % 4.7 % 3.2 Total debt 8,810,167 100.0 % 4.0 % 4.4 Unamortized discounts on notes payable (24,854)Deferred financing costs, net (45,110) Total debt per Balance Sheet 8,740,203 Retained and repurchased certificates (55,499)Cash, ex-security deposits and letters of credit (147,083) Deferred financing costs, net 45,110 Unamortized discounts on notes payable 24,854 Net debt $ 8,607,585 Leverage Ratios September 30,2026 Net Debt / TTM Adjusted EBITDAre 5.5 x Credit Ratings Ratings Outlook Fitch Ratings BBB+ Stable Moody’s Investors Service Baa2 StableS&P Global Ratings BBB Stable Unsecured Facilities Covenant Compliance Unsecured Public Bond Covenant Compliance Actual Requirement Actual RequirementTotal leverage ratio 30.2 % ≤ 60% Aggregate debt ratio 36.7 % ≤ 65%Secured leverage ratio 3.6 % ≤ 45% Secured debt ratio 3.5 % ≤ 40%Unencumbered leverage ratio 30.8 % ≤ 60% Unencumbered assets ratio 275.8 % ≥ 150% Fixed charge coverage ratio 4.3x ≥ 1.5x Debt service ratio 4.4x ≥ 1.5x Unsecured interest coverageratio 4.7x ≥ 1.75x (1) (2) (3) (3) (4) (5) (6) 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 theCompany’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 fixedrate 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 ofcalculating 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 forless 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 forthe 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 Secured Unsecured Term Loan Revolving % ofDebt Maturities, withExtensions Debt Notes Facilities Facility Total Total 2026 $ — $ — $ — $ — $ — — % 2027 499,781 — — — 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 % 2031 400,386 650,000 — — 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 notespayable (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. (1) 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) Change Change ChangeQ3 2026 Q3 2025 YoY Q2 2026 Seq YTD 2026 YTD 2025 YoYRevenues:Rental revenues $ 547,839 $ 539,687 1.5 % $ 550,737 (0.5)% $ 1,642,870 $ 1,617,391 1.6 % Other property income, net 23,818 23,218 2.6 % 23,257 2.4 % 71,045 68,266 4.1 %Core Revenues 571,657 562,905 1.6 % 573,994 (0.4)% 1,713,915 1,685,657 1.7 % Fixed Expenses:Property taxes 97,352 97,596 (0.3)% 100,040 (2.7)% 297,709 290,877 2.3 %Insurance expenses 9,011 8,345 8.0 % 8,935 0.9 % 27,296 27,925 (2.3)%HOA expenses 11,225 10,376 8.2 % 11,168 0.5 % 33,018 30,601 7.9 % Total Fixed Expenses 117,588 116,317 1.1 % 120,143 (2.1)% 358,023 349,403 2.5 % Controllable Expenses:Repairs and maintenance, net 31,252 29,972 4.3 % 26,646 17.3 % 80,771 75,344 7.2 %Personnel, leasing and marketing 20,733 20,103 3.1 % 19,749 5.0 % 60,680 61,187 (0.8)%Turnover, net 12,390 11,619 6.6 % 10,184 21.7 % 31,869 29,248 9.0 %Utilities and property administrative, net 9,055 8,322 8.8 % 6,326 43.1 % 23,653 22,313 6.0 % Total Controllable Expenses 73,430 70,016 4.9 % 62,905 16.7 % 196,973 188,092 4.7 % Core Operating Expenses 191,018 186,333 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. (1) (1)(2) (3) (3) (3) 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 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Average Occupancy 96.4 % 97.2 % 96.4 % 96.0 % 96.5 % Turnover Rate 6.2 % 5.6 % 5.2 % 5.6 % 6.3 % Trailing four quarters Turnover Rate 22.6 % 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): Renewals 4.3 % 3.3 % 3.7 % 4.2 % 4.5 % New leases (0.2)% 1.2 % (3.0)% (4.2)% (0.7)%Blended 3.0 % 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 (unaudited) Number ofHomes AverageOccupancy AverageMonthly Rent AverageMonthly RentPSF Percent ofRevenue Western United States: Southern California 6,635 96.2 % $ 3,300 $ 1.92 10.5 % Northern California 3,805 96.6 % 2,843 1.80 5.2 % Seattle 3,839 96.7 % 3,027 1.58 5.6 % Phoenix 9,225 96.5 % 2,089 1.23 9.2 % Las Vegas 3,374 96.5 % 2,280 1.16 3.7 % Denver 3,108 94.0 % 2,628 1.43 3.8 % Western US Subtotal 29,986 96.2 % 2,654 1.51 38.0 % Florida: South Florida 7,746 94.2 % 3,190 1.71 11.4 % Tampa 9,594 94.9 % 2,305 1.23 10.7 % Orlando 7,073 95.7 % 2,309 1.23 7.9 % Jacksonville 2,126 96.9 % 2,210 1.13 2.3 % Florida Subtotal 26,539 95.1 % 2,556 1.36 32.3 % Southeast United States: Atlanta 12,732 94.8 % 2,141 1.03 12.6 % Carolinas 6,254 95.5 % 2,129 1.02 6.3 % Southeast US Subtotal 18,986 95.0 % 2,137 1.03 18.9 % Texas: Houston 2,592 94.6 % 1,944 0.98 2.4 % Dallas 3,882 93.8 % 2,219 1.10 3.9 % Texas Subtotal 6,474 94.1 % 2,103 1.05 6.3 % Midwest United States: Chicago 2,416 96.2 % 2,644 1.65 2.9 % Minneapolis 1,020 94.1 % 2,532 1.29 1.2 % Midwest US Subtotal 3,436 95.6 % 2,611 1.53 4.1 % Other : 540 90.9 % 1,930 1.02 0.4 % Total / Average 85,961 95.4 % $ 2,466 $ 1.31 100.0 % Same Store Total / Average 76,687 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. (1) (2) 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 Rent Average Occupancy Core Revenues YoY, Q3 2026 # Homes Q3 2026 Q3 2025 Change Q3 2026 Q3 2025 Change Q3 2026 Q3 2025 ChangeWestern United States:Southern California 6,107 $ 3,300 $ 3,204 3.0 % 99.0 % 98.5 % 0.5 % $ 61,086 $ 59,315 3.0 %Northern California 3,663 2,842 2,796 1.6 % 98.1 % 97.9 % 0.2 % 31,425 30,997 1.4 %Seattle 3,801 3,028 2,952 2.6 % 97.4 % 98.4 % (1.0)% 34,530 33,823 2.1 %Phoenix 8,703 2,085 2,068 0.8 % 96.9 % 96.7 % 0.2 % 55,273 54,908 0.7 %Las Vegas 3,035 2,279 2,250 1.3 % 96.7 % 96.5 % 0.2 % 20,751 20,664 0.4 %Denver 2,405 2,657 2,634 0.9 % 95.6 % 96.2 % (0.6)% 19,038 18,965 0.4 % Western US Subtotal 27,714 2,657 2,608 1.9 % 97.5 % 97.4 % 0.1 % 222,103 218,672 1.6 % Florida:South Florida 7,429 3,210 3,144 2.1 % 95.5 % 96.2 % (0.7)% 70,246 69,371 1.3 %Tampa 8,259 2,329 2,318 0.5 % 95.6 % 95.6 % — % 57,653 57,604 0.1 %Orlando 6,490 2,309 2,280 1.3 % 96.2 % 96.0 % 0.2 % 45,364 44,803 1.3 %Jacksonville 1,918 2,240 2,199 1.9 % 97.0 % 96.7 % 0.3 % 13,005 12,828 1.4 %Florida Subtotal 24,096 2,587 2,553 1.3 % 95.8 % 96.0 % (0.2)% 186,268 184,606 0.9 % Southeast UnitedStates:Atlanta 11,660 2,145 2,104 1.9 % 95.5 % 96.3 % (0.8)% 73,722 72,403 1.8 %Carolinas 5,321 2,156 2,110 2.2 % 96.0 % 96.4 % (0.4)% 34,416 33,795 1.8 % Southeast US Subtotal 16,981 2,149 2,106 2.0 % 95.7 % 96.3 % (0.6)% 108,138 106,198 1.8 % Texas:Houston 1,879 1,952 1,936 0.8 % 96.1 % 95.8 % 0.3 % 11,058 10,949 1.0 %Dallas 2,629 2,300 2,287 0.6 % 94.7 % 95.1 % (0.4)% 18,090 18,017 0.4 % Texas Subtotal 4,508 2,154 2,140 0.7 % 95.3 % 95.4 % (0.1)% 29,148 28,966 0.6 % Midwest United States:Chicago 2,366 2,643 2,517 5.0 % 96.9 % 96.1 % 0.8 % 18,346 17,122 7.1 %Minneapolis 996 2,532 2,439 3.8 % 95.8 % 95.0 % 0.8 % 7,491 7,170 4.5 % Midwest US Subtotal 3,362 2,610 2,494 4.7 % 96.5 % 95.8 % 0.7 % 25,837 24,292 6.4 % Other : 26 2,184 2,193 (0.4)% 89.4 % 95.3 % (5.9)% 163 171 (4.7)% Total / Average 76,687 $ 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. (1) 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
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Supplemental Schedule 5(a) (Continued) Same Store Core Revenues Growth Summary — Sequential Quarter($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent Average Occupancy Core RevenuesSeq, Q3 2026 # Homes Q3 2026 Q2 2026 Change Q3 2026 Q2 2026 Change Q3 2026 Q2 2026 Change Western United States:Southern California 6,107 $ 3,300 $ 3,275 0.8 % 99.0 % 99.4 % (0.4)% $ 61,086 $ 61,085 — %Northern California 3,663 2,842 2,831 0.4 % 98.1 % 98.8 % (0.7)% 31,425 31,542 (0.4)%Seattle 3,801 3,028 3,005 0.8 % 97.4 % 98.0 % (0.6)% 34,530 34,326 0.6 %Phoenix 8,703 2,085 2,080 0.2 % 96.9 % 97.2 % (0.3)% 55,273 55,430 (0.3)%Las Vegas 3,035 2,279 2,273 0.3 % 96.7 % 97.4 % (0.7)% 20,751 21,014 (1.3)%Denver 2,405 2,657 2,654 0.1 % 95.6 % 96.6 % (1.0)% 19,038 19,196 (0.8)%Western US Subtotal 27,714 2,657 2,644 0.5 % 97.5 % 98.0 % (0.5)% 222,103 222,593 (0.2)% Florida:South Florida 7,429 3,210 3,190 0.6 % 95.5 % 97.2 % (1.7)% 70,246 71,153 (1.3)%Tampa 8,259 2,329 2,317 0.5 % 95.6 % 96.4 % (0.8)% 57,653 58,071 (0.7)%Orlando 6,490 2,309 2,297 0.5 % 96.2 % 96.6 % (0.4)% 45,364 45,476 (0.2)%Jacksonville 1,918 2,240 2,223 0.8 % 97.0 % 96.9 % 0.1 % 13,005 12,977 0.2 % Florida Subtotal 24,096 2,587 2,574 0.5 % 95.8 % 96.7 % (0.9)% 186,268 187,677 (0.8)% Southeast UnitedStates:Atlanta 11,660 2,145 2,132 0.6 % 95.5 % 96.5 % (1.0)% 73,722 74,170 (0.6)%Carolinas 5,321 2,156 2,143 0.6 % 96.0 % 97.0 % (1.0)% 34,416 34,528 (0.3)% Southeast US Subtotal 16,981 2,149 2,136 0.6 % 95.7 % 96.7 % (1.0)% 108,138 108,698 (0.5)% Texas:Houston 1,879 1,952 1,942 0.5 % 96.1 % 97.0 % (0.9)% 11,058 11,165 (1.0)%Dallas 2,629 2,300 2,293 0.3 % 94.7 % 95.6 % (0.9)% 18,090 18,185 (0.5)% Texas Subtotal 4,508 2,154 2,145 0.4 % 95.3 % 96.2 % (0.9)% 29,148 29,350 (0.7)% Midwest United States:Chicago 2,366 2,643 2,620 0.9 % 96.9 % 97.1 % (0.2)% 18,346 18,072 1.5 %Minneapolis 996 2,532 2,505 1.1 % 95.8 % 96.7 % (0.9)% 7,491 7,429 0.8 % Midwest US Subtotal 3,362 2,610 2,586 0.9 % 96.5 % 97.0 % (0.5)% 25,837 25,501 1.3 % Other : 26 2,184 2,200 (0.7)% 89.4 % 95.9 % (6.5)% 163 175 (6.9)% Total / Average 76,687 $ 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. (1) 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
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Supplemental Schedule 5(a) (Continued) Same Store Core Revenues Growth Summary — YTD($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent Average Occupancy Core RevenuesYoY, YTD 2026 # Homes YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change Western United States:Southern California 6,107 $ 3,276 $ 3,172 3.3 % 98.8 % 98.6 % 0.2 % $ 182,348 $ 176,010 3.6 %Northern California 3,663 2,831 2,781 1.8 % 98.3 % 98.4 % (0.1)% 94,259 92,799 1.6 %Seattle 3,801 3,002 2,938 2.2 % 97.6 % 98.1 % (0.5)% 102,746 100,936 1.8 %Phoenix 8,703 2,081 2,065 0.8 % 96.9 % 97.3 % (0.4)% 165,738 165,213 0.3 %Las Vegas 3,035 2,272 2,239 1.5 % 96.8 % 97.2 % (0.4)% 62,448 61,884 0.9 %Denver 2,405 2,653 2,614 1.5 % 95.9 % 96.8 % (0.9)% 57,154 56,825 0.6 % Western US Subtotal 27,714 2,644 2,592 2.0 % 97.5 % 97.8 % (0.3)% 664,693 653,667 1.7 % Florida:South Florida 7,429 3,192 3,121 2.3 % 96.3 % 96.7 % (0.4)% 211,824 207,553 2.1 %Tampa 8,259 2,321 2,308 0.6 % 96.0 % 96.0 % — % 173,522 172,317 0.7 %Orlando 6,490 2,298 2,267 1.4 % 96.2 % 96.9 % (0.7)% 135,714 134,695 0.8 %Jacksonville 1,918 2,226 2,188 1.7 % 96.8 % 97.2 % (0.4)% 38,875 38,471 1.1 % Florida Subtotal 24,096 2,576 2,538 1.5 % 96.2 % 96.5 % (0.3)% 559,935 553,036 1.2 % Southeast UnitedStates:Atlanta 11,660 2,134 2,088 2.2 % 96.0 % 96.8 % (0.8)% 221,548 216,952 2.1 %Carolinas 5,321 2,148 2,094 2.6 % 96.2 % 97.0 % (0.8)% 103,130 101,344 1.8 % Southeast US Subtotal 16,981 2,138 2,090 2.3 % 96.1 % 96.8 % (0.7)% 324,678 318,296 2.0 % Texas:Houston 1,879 1,946 1,927 1.0 % 96.6 % 96.5 % 0.1 % 33,393 32,965 1.3 %Dallas 2,629 2,295 2,282 0.6 % 95.2 % 96.1 % (0.9)% 54,397 54,425 (0.1)% Texas Subtotal 4,508 2,148 2,133 0.7 % 95.8 % 96.2 % (0.4)% 87,790 87,390 0.5 % Midwest United States:Chicago 2,366 2,616 2,476 5.7 % 96.5 % 96.9 % (0.4)% 54,104 51,396 5.3 %Minneapolis 996 2,509 2,404 4.4 % 95.8 % 95.8 % — % 22,218 21,359 4.0 % Midwest US Subtotal 3,362 2,585 2,455 5.3 % 96.3 % 96.6 % (0.3)% 76,322 72,755 4.9 % Other : 26 2,190 2,192 (0.1)% 92.2 % 96.4 % (4.2)% 497 513 (3.1)% Total / Average 76,687 $ 2,480 $ 2,431 2.0 % 96.6 % 97.0 % (0.4)% $1,713,915 $1,685,657 1.7 % (1) Includes 26 Same Store homes located in Nashville. (1) Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures. Q3 2026 Earnings Release and Supplemental Information — page 21
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Supplemental Schedule 5(b) Same Store NOI Growth and Margin Summary — YoY Quarter($ in thousands) (unaudited) Core Revenues Core Operating Expenses Net Operating Income Core NOI MarginYoY, Q3 2026 Q3 2026 Q3 2025 Change Q3 2026 Q3 2025 Change Q3 2026 Q3 2025 Change Q3 2026 Q3 2025Western UnitedStates: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 California 31,425 30,997 1.4 % 8,028 7,943 1.1 % 23,397 23,054 1.5 % 74.5 % 74.4 %Seattle 34,530 33,823 2.1 % 8,988 8,434 6.6 % 25,542 25,389 0.6 % 74.0 % 75.1 %Phoenix 55,273 54,908 0.7 % 12,705 12,233 3.9 % 42,568 42,675 (0.3)% 77.0 % 77.7 %Las Vegas 20,751 20,664 0.4 % 5,332 5,108 4.4 % 15,419 15,556 (0.9)% 74.3 % 75.3 %Denver 19,038 18,965 0.4 % 4,197 4,090 2.6 % 14,841 14,875 (0.2)% 78.0 % 78.4 %Western USSubtotal 222,103 218,672 1.6 % 55,126 53,397 3.2 % 166,977 165,275 1.0 % 75.2 % 75.6 % Florida:South Florida 70,246 69,371 1.3 % 29,124 27,972 4.1 % 41,122 41,399 (0.7)% 58.5 % 59.7 %Tampa 57,653 57,604 0.1 % 22,169 22,814 (2.8)% 35,484 34,790 2.0 % 61.5 % 60.4 %Orlando 45,364 44,803 1.3 % 16,600 17,168 (3.3)% 28,764 27,635 4.1 % 63.4 % 61.7 %Jacksonville 13,005 12,828 1.4 % 4,721 4,773 (1.1)% 8,284 8,055 2.8 % 63.7 % 62.8 %Florida Subtotal 186,268 184,606 0.9 % 72,614 72,727 (0.2)% 113,654 111,879 1.6 % 61.0 % 60.6 % Southeast UnitedStates:Atlanta 73,722 72,403 1.8 % 28,702 26,314 9.1 % 45,020 46,089 (2.3)% 61.1 % 63.7 %Carolinas 34,416 33,795 1.8 % 10,335 10,259 0.7 % 24,081 23,536 2.3 % 70.0 % 69.6 %Southeast USSubtotal 108,138 106,198 1.8 % 39,037 36,573 6.7 % 69,101 69,625 (0.8)% 63.9 % 65.6 % Texas:Houston 11,058 10,949 1.0 % 5,426 5,268 3.0 % 5,632 5,681 (0.9)% 50.9 % 51.9 %Dallas 18,090 18,017 0.4 % 7,459 7,375 1.1 % 10,631 10,642 (0.1)% 58.8 % 59.1 % Texas Subtotal 29,148 28,966 0.6 % 12,885 12,643 1.9 % 16,263 16,323 (0.4)% 55.8 % 56.4 % Midwest UnitedStates:Chicago 18,346 17,122 7.1 % 8,730 8,216 6.3 % 9,616 8,906 8.0 % 52.4 % 52.0 %Minneapolis 7,491 7,170 4.5 % 2,574 2,729 (5.7)% 4,917 4,441 10.7 % 65.6 % 61.9 %Midwest USSubtotal 25,837 24,292 6.4 % 11,304 10,945 3.3 % 14,533 13,347 8.9 % 56.2 % 54.9 % Other : 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. (1) 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
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Supplemental Schedule 5(b) (Continued) Same Store NOI Growth and Margin Summary — Sequential Quarter($ in thousands) (unaudited) Core Revenues Core Operating Expenses Net Operating Income Core NOI Margin Seq, Q3 2026 Q3 2026 Q2 2026 Change Q3 2026 Q2 2026 Change Q3 2026 Q2 2026 Change Q3 2026 Q2 2026Western UnitedStates:Southern California $ 61,086 $ 61,085 — % $ 15,876 $ 14,851 6.9 % $ 45,210 $ 46,234 (2.2)% 74.0 % 75.7 %Northern California 31,425 31,542 (0.4)% 8,028 7,750 3.6 % 23,397 23,792 (1.7)% 74.5 % 75.4 %Seattle 34,530 34,326 0.6 % 8,988 9,068 (0.9)% 25,542 25,258 1.1 % 74.0 % 73.6 %Phoenix 55,273 55,430 (0.3)% 12,705 11,493 10.5 % 42,568 43,937 (3.1)% 77.0 % 79.3 %Las Vegas 20,751 21,014 (1.3)% 5,332 4,916 8.5 % 15,419 16,098 (4.2)% 74.3 % 76.6 %Denver 19,038 19,196 (0.8)% 4,197 4,043 3.8 % 14,841 15,153 (2.1)% 78.0 % 78.9 % Western US Subtotal 222,103 222,593 (0.2)% 55,126 52,121 5.8 % 166,977 170,472 (2.1)% 75.2 % 76.6 % Florida:South Florida 70,246 71,153 (1.3)% 29,124 28,211 3.2 % 41,122 42,942 (4.2)% 58.5 % 60.4 %Tampa 57,653 58,071 (0.7)% 22,169 22,494 (1.4)% 35,484 35,577 (0.3)% 61.5 % 61.3 %Orlando 45,364 45,476 (0.2)% 16,600 17,018 (2.5)% 28,764 28,458 1.1 % 63.4 % 62.6 %Jacksonville 13,005 12,977 0.2 % 4,721 4,813 (1.9)% 8,284 8,164 1.5 % 63.7 % 62.9 % Florida Subtotal 186,268 187,677 (0.8)% 72,614 72,536 0.1 % 113,654 115,141 (1.3)% 61.0 % 61.4 % Southeast UnitedStates:Atlanta 73,722 74,170 (0.6)% 28,702 26,457 8.5 % 45,020 47,713 (5.6)% 61.1 % 64.3 %Carolinas 34,416 34,528 (0.3)% 10,335 9,605 7.6 % 24,081 24,923 (3.4)% 70.0 % 72.2 %Southeast USSubtotal 108,138 108,698 (0.5)% 39,037 36,062 8.2 % 69,101 72,636 (4.9)% 63.9 % 66.8 % Texas:Houston 11,058 11,165 (1.0)% 5,426 5,024 8.0 % 5,632 6,141 (8.3)% 50.9 % 55.0 %Dallas 18,090 18,185 (0.5)% 7,459 6,869 8.6 % 10,631 11,316 (6.1)% 58.8 % 62.2 % Texas Subtotal 29,148 29,350 (0.7)% 12,885 11,893 8.3 % 16,263 17,457 (6.8)% 55.8 % 59.5 % Midwest UnitedStates:Chicago 18,346 18,072 1.5 % 8,730 8,004 9.1 % 9,616 10,068 (4.5)% 52.4 % 55.7 %Minneapolis 7,491 7,429 0.8 % 2,574 2,389 7.7 % 4,917 5,040 (2.4)% 65.6 % 67.8 %Midwest USSubtotal 25,837 25,501 1.3 % 11,304 10,393 8.8 % 14,533 15,108 (3.8)% 56.2 % 59.2 % Other : 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. (1) 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
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Supplemental Schedule 5(b) (Continued) Same Store NOI Growth and Margin Summary — YTD ($ in thousands) (unaudited) Core Revenues Core Operating Expenses Net Operating Income Core NOI MarginYoY, YTD 2026 YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change YTD 2026 YTD 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 California 94,259 92,799 1.6 % 23,845 23,436 1.7 % 70,414 69,363 1.5 % 74.7 % 74.7 %Seattle 102,746 100,936 1.8 % 27,556 25,739 7.1 % 75,190 75,197 — % 73.2 % 74.5 %Phoenix 165,738 165,213 0.3 % 35,664 33,132 7.6 % 130,074 132,081 (1.5)% 78.5 % 79.9 %Las Vegas 62,448 61,884 0.9 % 15,068 14,251 5.7 % 47,380 47,633 (0.5)% 75.9 % 77.0 %Denver 57,154 56,825 0.6 % 12,401 12,018 3.2 % 44,753 44,807 (0.1)% 78.3 % 78.9 % Western US Subtotal 664,693 653,667 1.7 % 160,383 155,079 3.4 % 504,310 498,588 1.1 % 75.9 % 76.3 % Florida:South Florida 211,824 207,553 2.1 % 85,081 82,003 3.8 % 126,743 125,550 1.0 % 59.8 % 60.5 %Tampa 173,522 172,317 0.7 % 66,417 66,298 0.2 % 107,105 106,019 1.0 % 61.7 % 61.5 %Orlando 135,714 134,695 0.8 % 50,185 49,022 2.4 % 85,529 85,673 (0.2)% 63.0 % 63.6 %Jacksonville 38,875 38,471 1.1 % 14,270 13,921 2.5 % 24,605 24,550 0.2 % 63.3 % 63.8 % Florida Subtotal 559,935 553,036 1.2 % 215,953 211,244 2.2 % 343,982 341,792 0.6 % 61.4 % 61.8 % Southeast UnitedStates:Atlanta 221,548 216,952 2.1 % 80,662 76,444 5.5 % 140,886 140,508 0.3 % 63.6 % 64.8 %Carolinas 103,130 101,344 1.8 % 29,626 29,369 0.9 % 73,504 71,975 2.1 % 71.3 % 71.0 % Southeast US Subtotal 324,678 318,296 2.0 % 110,288 105,813 4.2 % 214,390 212,483 0.9 % 66.0 % 66.8 % Texas:Houston 33,393 32,965 1.3 % 15,314 14,841 3.2 % 18,079 18,124 (0.2)% 54.1 % 55.0 %Dallas 54,397 54,425 (0.1)% 20,747 19,812 4.7 % 33,650 34,613 (2.8)% 61.9 % 63.6 % Texas Subtotal 87,790 87,390 0.5 % 36,061 34,653 4.1 % 51,729 52,737 (1.9)% 58.9 % 60.3 % Midwest United States:Chicago 54,104 51,396 5.3 % 24,622 23,156 6.3 % 29,482 28,240 4.4 % 54.5 % 54.9 %Minneapolis 22,218 21,359 4.0 % 7,537 7,410 1.7 % 14,681 13,949 5.2 % 66.1 % 65.3 %Midwest US Subtotal 76,322 72,755 4.9 % 32,159 30,566 5.2 % 44,163 42,189 4.7 % 57.9 % 58.0 % Other : 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. (1) 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
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Supplemental Schedule 5(c) Same Store Lease-Over-Lease Rent Growth (unaudited) Rental Rate Growth Q3 2026 YTD 2026 Renewal New Blended Renewal New Blended Leases Leases Average Leases Leases Average Western United States: Southern California 5.4 % 4.1 % 5.2 % 5.1 % 2.9 % 4.8 % Northern California 1.3 % 3.5 % 1.8 % 2.0 % 2.0 % 2.0 % Seattle 4.3 % 2.7 % 3.9 % 4.7 % 2.0 % 4.0 % Phoenix 4.0 % (2.9)% 1.9 % 3.2 % (3.4)% 1.1 % Las Vegas 3.8 % (2.3)% 2.0 % 3.2 % (2.3)% 1.6 % Denver 3.3 % (0.4)% 2.0 % 2.2 % (1.0)% 1.0 % Western US Subtotal 3.9 % 0.1 % 3.0 % 3.7 % (0.5)% 2.6 % Florida: South Florida 5.8 % (2.6)% 3.2 % 5.2 % (2.6)% 3.0 % Tampa 4.0 % (2.4)% 1.9 % 2.9 % (3.0)% 1.1 % Orlando 4.1 % 1.2 % 3.1 % 3.4 % (0.3)% 2.1 % Jacksonville 4.6 % 2.5 % 4.0 % 3.5 % 0.8 % 2.7 % Florida Subtotal 4.8 % (1.3)% 2.8 % 3.9 % (1.9)% 2.1 % Southeast United States: Atlanta 3.8 % (0.7)% 2.4 % 3.5 % (0.7)% 2.3 % Carolinas 3.7 % 2.2 % 3.2 % 3.0 % 1.0 % 2.4 % Southeast US Subtotal 3.8 % 0.3 % 2.7 % 3.4 % (0.1)% 2.3 % Texas: Houston 4.9 % (0.5)% 3.2 % 2.9 % (2.5)% 1.6 % Dallas 4.0 % (0.1)% 2.6 % 2.8 % (1.9)% 1.3 % Texas Subtotal 4.4 % (0.2)% 2.8 % 2.9 % (2.1)% 1.4 % Midwest United States: Chicago 5.4 % 6.4 % 5.7 % 5.8 % 5.4 % 5.7 % Minneapolis 5.4 % 4.4 % 5.1 % 5.9 % 3.2 % 5.1 % Midwest US Subtotal 5.4 % 5.8 % 5.5 % 5.8 % 4.7 % 5.5 % Other : 5.3 % (11.0)% 0.7 % 3.7 % (5.2)% (0.2)% Total / Average 4.3 % (0.2)% 3.0 % 3.7 % (0.8)% 2.4 % (1) Includes 26 Same Store homes located in Nashville. (1) 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 ($ in thousands, except per home amounts) (unaudited) Total Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 R&M OpEx, net $ 31,252 $ 26,646 $ 22,873 $ 23,638 $ 29,972 Turn OpEx, net 12,390 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 CapEx 10,447 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 CapEx 22,837 18,371 18,287 19,758 22,507 Total Cost to Maintain, net $ 95,385 $ 74,384 $ 67,270 $ 69,129 $ 86,972 Per Home Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 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) Total Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Recurring CapEx $ 56,274 $ 41,392 $ 40,058 $ 40,112 $ 51,719 Value Enhancing CapEx 13,727 14,203 12,618 14,904 21,370 Initial Renovation CapEx 2,714 3,224 4,068 5,708 6,927 Disposition CapEx 729 1,274 1,033 904 862 Total Capital Expenditures $ 73,444 $ 60,093 $ 57,777 $ 61,628 $ 80,878 (1) 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 Expense Q3 2026 Q3 2025 YTD 2026 YTD 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 Expense Q3 2026 Q3 2025 YTD 2026 YTD 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 (1,598) — (4,378) (2,420) Adjusted G&A expense $ 22,997 $ 18,090 $ 66,087 $ 53,375 (1) Includes severance, restructuring, acquisition, and integration costs. (1) 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 PathwayHomesReclass Q3 2026 Dispositions September 30,2026Homes Homes Avg. Est. Homes Homes Average HomesOwned Acq. Cost Basis Owned Sold Sales Price OwnedWholly OwnedPortfolio Western United States:Southern California 6,834 — $ — — (199) $ 676,453 6,635 Northern California 3,889 — — — (84) 498,520 3,805 Seattle 3,869 — — — (30) 524,748 3,839 Phoenix 9,160 2 352,552 100 (37) 352,908 9,225 Las Vegas 3,378 — — — (4) 478,875 3,374 Denver 3,038 34 404,829 42 (6) 352,083 3,108 Western USSubtotal 30,168 36 401,925 142 (360) 581,439 29,986 Florida:South Florida 7,841 — — (95) 487,401 7,746 Tampa 9,610 24 311,910 17 (57) 308,992 9,594 Orlando 7,050 26 447,010 16 (19) 319,358 7,073 Jacksonville 2,133 — — (7) 364,814 2,126 Florida Subtotal 26,634 50 382,162 33 (178) 407,512 26,539 Southeast UnitedStates:Atlanta 12,561 35 344,337 200 (64) 298,349 12,732 Carolinas 6,130 20 348,769 120 (16) 352,866 6,254 Southeast USSubtotal 18,691 55 345,949 320 (80) 309,252 18,986 Texas:Houston 2,594 6 272,319 — (8) 229,950 2,592 Dallas 3,546 48 250,777 303 (15) 254,636 3,882 Texas Subtotal 6,140 54 253,170 303 (23) 246,049 6,474 Midwest UnitedStates:Chicago 2,429 — — — (13) 380,154 2,416 Minneapolis 1,024 — — — (4) 283,000 1,020 Midwest USSubtotal 3,453 — — — (17) 357,294 3,436 Other : 423 21 356,526 96 — — 540 Total / Average 85,509 216 $ 341,495 894 (658) $ 483,782 85,961 Joint Venture Portfolio 2020 Rockpoint JV 2,604 — $ — — — $ — 2,604 2022 Rockpoint JV 462 259 321,922 — — — 721 FNMA JV 298 — — — (14) 400,986 284 Pathway Homes 866 29 294,580 (894) (1) 333,050 — Upward America JV 3,720 — — — (3) 279,000 3,717 2024 Peregrine JV 119 — — — — — 119 (1) (2) (3) (4) (5) (6) (7) (3) (8) (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 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 costbasis. (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 interestand 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 shownas 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 ofSeptember 30, 2026 EstimatedDeliveriesin Q4 2026 EstimatedDeliveriesThereafter Avg. Estimated Cost BasisPer Home Denver 45 2 43 $ 390,000 Tampa 42 16 26 310,000 Orlando 55 14 41 450,000 Atlanta 55 24 31 330,000 Carolinas 41 11 30 290,000 Total / Average 238 67 171 $ 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 (1)(2) 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 orpopulation 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 reflectsthe 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 coverapproximately 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 receivablesfrom 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 termsof 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, asindicated 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 asnet income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income taxexpense; depreciation and amortization; and adjustments for unconsolidated joint ventures. The National Association of Real Estate Investment Trusts (“Nareit”) recommends as abest practice that REITs that report an EBITDA performance measure also report EBITDAre. Consistent with the Nareit definition, we define EBITDAre as EBITDA, furtheradjusted 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, andAdjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercialbanks. 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 usedas 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. OurEBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not allcompanies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAPmeasures 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 netincome or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization andimpairment of real estate assets, and adjustments for unconsolidated joint ventures. We define Core FFO as FFO adjusted for the following (including adjustments forunconsolidated joint ventures, as applicable): non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense fromderivatives; share-based compensation expense; legal settlements; amortization of intangible assets; business reorganization; casualty (gains) losses and reserves, net; (gains) losseson 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 valueand 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 withGAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historicallyrisen 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 orloss. 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 toinvestors 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 periodto 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 liquidityand 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, andAdjusted 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, CoreFFO, 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 otherproperty income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnelexpenses, utility expenses, repairs and maintenance, and property administration). NOI excludes: management fee revenues; homebuilding revenues; property managementexpense; 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 andmodifications; 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 incomeor 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 notall 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 othercompanies. 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 itprovides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio. See “Reconciliation of Net Incometo 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 andour 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 tostay 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 eventsor force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as our existing SameStore 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 operatea 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 bothleased 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 1 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 periodprovides management and external stakeholders with meaningful information about the performance of our comparable homes across periods and about trends in our organicbusiness. 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 beensubsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to the wholly owned homes and excludes homes owned in joint ventures. st 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 andRestated 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 togetherwith 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 CreditAgreements”). The metrics provided under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenantsthat we believe are our most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, andunsecured 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 calculatingtotal 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 marketstandard 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 UnsecuredCredit 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 thepurpose 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 theUnsecured Credit Agreements, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreements. For the purpose of calculating unencumbered asset valueunder 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 forresidential 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 UnsecuredCredit 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 UnsecuredCredit 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 fourquarters’ total unsecured interest expense (including our pro rata share of interest expense from unsecured debt in unconsolidated entities), as defined in the Unsecured CreditAgreements. The metrics set forth under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show ourcompliance 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 defineddifferently in the Unsecured Credit Agreements than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes ofevaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Credit Agreements, see theapplicable 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 LoanFacilities, 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 financialperformance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness isaccelerated, 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 beupdated 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 theBase Indenture for our Senior Notes (together, the “Indenture”). The metrics provided under the “Unsecured Public Bond Covenant Compliance” heading on SupplementalSchedule 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 tangiblenon-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 tangiblenon-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 interestexpense 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 ourcompliance 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 defineddifferently in the Indenture than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes of evaluating our financialconditions 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 4.3to 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 becomedue 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 economicconditions, 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 tofailure 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, forthe 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
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Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly (in thousands) (unaudited) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 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 2026 YTD 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 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025Property 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 2026 YTD 2025Property 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
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Reconciliation of Net Income to Same Store NOI, Quarterly(in thousands) (unaudited) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net income available to common stockholders $ 157,811 $ 218,172 $ 159,800 $ 144,308 $ 136,474 Net income available to participating securities 676 675 708 246 264 Non-controlling interests 602 804 557 496 472 Management fee revenues (19,889) (19,738) (19,852) (21,662) (21,975)Homebuilding revenues (35,849) (49,460) (43,745) — — Property management expense 39,163 37,726 39,325 39,485 37,073 Homebuilding cost of sales 31,967 42,215 39,134 — — General and administrative 34,233 29,332 32,319 23,697 18,444 Interest expense 92,045 93,987 95,313 90,878 90,781 Depreciation and amortization 195,751 194,299 193,142 189,875 188,457 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 ventures 32,175 2,402 3,085 3,717 (2,130)Loss on debt extinguishment and modifications 8,660 — — — — Other, net 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 2026 YTD 2025Net income available to common stockholders $ 535,783 $ 442,656 Net income available to participating securities 2,059 714 Non-controlling interests 1,963 1,489 Management fee revenues (59,479) (65,677)Homebuilding revenues (129,054) — Property management expense 116,214 109,645 Homebuilding cost of sales 113,316 — General and administrative 95,884 71,553 Interest expense 281,345 262,449 Depreciation and amortization 583,192 557,058 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 ventures 37,662 7,890 Loss on debt extinguishment and modifications 8,660 — Other, net 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 othermiscellaneous income and expenses. (1) (1) 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
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Reconciliation of Net Income to Adjusted EBITDAre (in thousands, unaudited) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net income available to common stockholders $ 157,811 $ 136,474 $ 535,783 $ 442,656 Net income available to participating securities 676 264 2,059 714 Non-controlling interests 602 472 1,963 1,489 Interest expense 92,045 90,781 281,345 262,449 Interest expense in unconsolidated joint ventures 6,054 7,253 18,446 18,822 Depreciation and amortization 195,751 188,457 583,192 557,058 Depreciation and amortization of investments inunconsolidated joint ventures 4,572 4,484 13,548 11,937 EBITDA 457,511 428,185 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 investments 796 335 2,226 434 Net gain on sale of investments in unconsolidated jointventures (1,856) (6,469) (4,904) (6,875)EBITDAre 320,275 376,536 1,078,080 1,124,912 Share-based compensation expense 11,462 1,916 31,508 20,537 Business reorganization 32,009 — 34,789 2,420 Casualty losses and reserves, net 6,036 3,116 13,329 10,799 Loss on debt extinguishment and modifications 8,660 — 8,660 — Other, net 3,366 1,389 6,008 2,468 Adjusted EBITDAre $ 381,808 $ 382,957 $ 1,172,374 $ 1,161,136 Trailing Twelve Months (TTM)EndedSeptember 30,2026 December 31,2025Net income available to common stockholders $ 680,091 $ 586,964 Net income available to participating securities 2,305 960 Non-controlling interests 2,459 1,985 Interest expense 372,223 353,327 Interest expense in unconsolidated joint ventures 24,936 25,312 Depreciation and amortization 773,067 746,933 Depreciation and amortization of investments inunconsolidated joint ventures 17,972 16,361 EBITDA 1,873,053 1,731,842 Gain on sale of property, net of tax (410,041) (218,235)Impairment on depreciated real estate investments 2,449 657 Net gain on sale of investments in unconsolidated jointventures (6,490) (8,461) EBITDAre 1,458,971 1,505,803 Share-based compensation expense 38,801 27,830 Business reorganization 35,141 2,772 Casualty losses and reserves, net 13,454 10,924 Loss on debt extinguishment and modifications 8,660 — Other, net 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 inunconsolidated 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 othermiscellaneous income and expenses. (1) (2) (3) (1) (2) (3) 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
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Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre (in thousands, except for ratio) (unaudited) As of As of September 30, 2026 December 31, 2025 Secured debt, net $ 898,308 $ 1,384,114 Unsecured notes, net 4,896,194 4,398,921 Term loan facility, net 2,460,701 2,451,985 Revolving facility 485,000 145,000 Total Debt per Balance Sheet 8,740,203 8,380,020 Retained and repurchased certificates (55,499) (55,499) Cash, ex-security deposits and letters of credit (147,083) (167,472) Deferred financing costs, net 45,110 54,208 Unamortized discounts on notes payable 24,854 24,171 Net Debt (A) $ 8,607,585 $ 8,235,428 For the TTM Ended For the TTM Ended September 30, 2026 December 31, 2025 Adjusted EBITDAre (B) $ 1,562,912 $ 1,551,674 Net Debt / TTM Adjusted EBITDAre (A / B) 5.5 x 5.3 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 2026 Q3 2025 YTD 2026 YTD 2025 Amortization of discounts on notes payable $ 1,056 $ 840 $ 2,862 $ 2,410 Amortization of deferred financing costs 2,465 5,354 15,696 16,059 Change in fair value of interest rate derivatives — — — — Amortization of swap fair value at designation 553 611 1,640 (5,541) Our share from unconsolidated joint ventures 1,344 2,323 3,696 5,558 Total non-cash interest expense $ 5,418 $ 9,128 $ 23,894 $ 18,486 (1) 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