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Table of Contents
















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 2
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Earnings Press Release
Invitation Homes Reports Fourth Quarter and Full Year 2025 Results
Dallas, TX, February 18, 2026 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our Fourth Quarter (“Q4”) 2025 and Full Year (“FY”) 2025 financial and operating results.

Q4 2025 and FY 2025 Highlights
•Year over year in Q4 2025, total revenues increased 4.0% to $685 million, total property operating and maintenance costs increased 7.2% to $245 million, and net income available to common stockholders increased 1.0% to $144 million, or $0.24 per diluted common share. In FY 2025, total revenues increased 4.2% to $2,729 million, total property operating and maintenance costs increased 5.4% to $986 million, and net income available to common stockholders increased 29.5% to $587 million, or $0.96 per diluted common share.
•Year over year, Q4 2025 Core FFO per share increased 1.3% to $0.48 and AFFO per share remained generally flat at $0.41. FY 2025 Core FFO per share increased 1.7% to $1.91, and AFFO per share increased 1.8% to $1.63.
•Q4 2025 Same Store NOI increased 0.7% year over year on 1.7% Same Store Core Revenues growth and 4.0% Same Store Core Operating Expenses growth. FY 2025 Same Store NOI grew 2.3% year over year on 2.4% Same Store Core Revenues growth and 2.6% Same Store Core Operating Expenses growth.
•Q4 2025 Same Store Average Occupancy was 95.9%, a reduction of 90 basis points year over year. FY 2025 Same Store Average Occupancy was 96.8%, down 50 basis points year over year.
•Q4 2025 Same Store renewal rent growth of 4.2% and Same Store new lease rent growth of (4.1)% resulted in Same Store blended rent growth of 1.8%. FY 2025 Same Store renewal rent growth of 4.6% and Same Store new lease rent growth of (0.6)% drove Same Store blended rent growth of 3.1%.
•During Q4 2025, all 368 of our wholly owned acquisitions were newly-constructed homes purchased from various homebuilders for $123 million, highlighting our continued focus on supporting new housing supply; we also sold 315 wholly owned homes for $138 million. During FY 2025, almost all of our 2,410 wholly owned acquisitions totaling $812 million were bought through our homebuilder relationships, while we sold 1,356 wholly owned homes for $534 million, frequently to families purchasing for their own use.
•As previously announced, on October 28, 2025, our board of directors authorized a share repurchase program pursuant to which we may acquire shares of our common stock up to an aggregate purchase price of $500 million (the “Share Repurchase Program”). During Q4 2025, we repurchased 2,232,685 shares for a total cost of approximately $61 million. Subsequent to year end, during January 2026, we repurchased additional shares such that to date, we have repurchased a total of 3,635,324 shares for a total cost of approximately $100 million.
•Subsequent to quarter end and as previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”) for a contract price of $89 million plus up to $7.5 million in potential incentive-based earn-out payments tied to third-party fee-build performance. The transaction adds existing and future fee-building opportunities, provides options to acquire approximately 1,500 well-located lots, and enables ResiBuilt to serve as an in-house development general contractor for new build-to-rent communities. The acquisition is expected to be modestly accretive to our 2026 AFFO per share.

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



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 3
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Comments from Chief Executive Officer Dallas Tanner
“Invitation Homes delivered solid performance in 2025 while continuing to provide families with high‑quality single‑family homes and professional service in desirable neighborhoods. In a housing market shaped by persistent structural forces, we play a constructive role in offering a lower‑cost, flexible alternative to homeownership and by helping expand supply through our homebuilder partnerships and our newly-acquired purpose‑built rental development platform, ResiBuilt. Many of the households we serve include essential workers such as teachers, nurses, and firefighters, underscoring the importance of providing well‑located, attainable homes in the communities where they work.

“With a strong balance sheet, disciplined capital allocation, and a value proposition that continues to resonate with families seeking the benefits of a single-family home for lease, we remain focused on delivering sustainable long‑term growth. We will continue working constructively with policymakers to support broader housing affordability and availability, and remain committed to consistent execution, strong results, and long‑term value creation for our residents, associates, and stockholders.”

Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q4 2025Q4 2024FY 2025FY 2024
Net income$0.24 $0.23 $0.96 $0.74 
FFO0.45 0.36 1.80 1.50 
Core FFO0.48 0.47 1.91 1.88 
AFFO0.41 0.41 1.63 1.60 

Net Income
Net income per common share — diluted for Q4 2025 was $0.24, compared to net income per common share — diluted of $0.23 for Q4 2024. Total revenues and total property operating and maintenance expenses for Q4 2025 were $685 million and $245 million, respectively, compared to $659 million and $228 million, respectively, for Q4 2024.

Net income per common share — diluted for FY 2025 was $0.96, compared to net income per share — diluted of $0.74 for FY 2024. Total revenues and total property operating and maintenance expenses for FY 2025 were $2,729 million and $986 million, respectively, compared to $2,619 million and $935 million, respectively, for FY 2024.

Core FFO
Year over year, Core FFO per share for Q4 2025 increased 1.3% to $0.48, primarily due to NOI growth. Year over year, Core FFO per share for FY 2025 increased 1.7% to $1.91, primarily due to NOI growth.

AFFO
Year over year, AFFO per share for Q4 2025 remained generally flat at $0.41. Year over year, AFFO per share for FY 2025 increased 1.8% to $1.63, primarily due to the increase in Core FFO per share described above.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 4
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Operating Results
Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:76,819 
Q4 2025Q4 2024FY 2025FY 2024
Core Revenues growth (year over year)1.7 %2.4 %
Core Operating Expenses growth (year over year)4.0 %2.6 %
NOI growth (year over year)0.7 %2.3 %
Average Occupancy95.9 %96.8 %96.8 %97.3 %
Bad Debt % of gross rental revenue0.8 %0.8 %0.7 %0.8 %
Turnover Rate5.6 %5.2 %22.8 %22.8 %
Rental Rate Growth (lease-over-lease):
Renewals 4.2 %4.1 %4.6 %4.9 %
New Leases (4.1)%(2.2)%(0.6)%0.9 %
Blended 1.8 %2.2 %3.1 %3.8 %

Same Store NOI
For the Same Store Portfolio of 76,819 homes, Same Store NOI for Q4 2025 increased 0.7% year over year on Same Store Core Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 4.0%.

FY 2025 Same Store NOI increased 2.3% year over year on Same Store Core Revenues growth of 2.4% and Same Store Core Operating Expenses growth of 2.6%.

Same Store Core Revenues
Q4 2025 Same Store Core Revenues growth of 1.7% year over year was primarily driven by a 2.4% increase in Average Monthly Rent, and a 7.2% increase in other income, net of resident recoveries, partially offset by a 90 basis point year over year decline in Average Occupancy.

FY 2025 Same Store Core Revenues growth of 2.4% year over year was primarily driven by a 2.7% increase in Average Monthly Rent, a 6.2% increase in other income, net of resident recoveries, and a 10 basis point improvement in Same Store Bad Debt, partially offset by a 50 basis point year over year decline in Average Occupancy.

Same Store Core Operating Expenses
Q4 2025 Same Store Core Operating Expenses increased 4.0% year over year, attributable to a 7.9% increase in controllable expenses and a 1.9% increase in fixed expenses.

FY 2025 Same Store Core Operating Expenses increased 2.6% year over year, driven by a 3.9% increase in controllable expenses and a 1.9% increase in fixed expenses.








Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 5
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Investment and Property Management Activity
During Q4 2025, all 368 of our wholly owned acquisitions were newly-constructed homes purchased from various homebuilders for $123 million, highlighting our continued focus on supporting new housing supply; we also sold 315 wholly owned homes for $138 million. During FY 2025, almost all of our 2,410 wholly owned acquisitions totaling $812 million were bought through our homebuilder relationships, while we sold 1,356 wholly owned homes for $534 million, frequently to families purchasing for their own use.

During Q4 2025, our joint ventures acquired 122 homes for $41 million and sold 13 homes for $6 million. During FY 2025, our joint ventures acquired 500 homes for $175 million and sold 116 homes for $52 million.

A summary of our owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed as of December 31, 2025
Number of Homes Owned and/or Managed as of 9/30/2025Acquired or Added In
Q4 2025		Disposed or Subtracted In Q4 2025Number of Homes Owned and/or Managed as of 12/31/2025
Wholly owned homes86,139368(315)86,192
Joint venture owned homes7,897122(13)8,006
Managed-only homes 16,151—(285)15,866
Total homes owned and/or managed110,187490(613)110,064

Subsequent to quarter end and as previously announced, on January 14, 2026, we acquired ResiBuilt for a contract price of $89 million plus up to $7.5 million in potential incentive-based earn-out payments tied to third-party fee-build performance. ResiBuilt is a leading build-to-rent developer in high-growth markets across the Southeast, having delivered more than 4,200 homes in Georgia, Florida, and the Carolinas since 2018. Its 70-person team, including Co-founder and President Jay Byce, have joined Invitation Homes and will continue operating under the ResiBuilt brand. The transaction adds existing and future fee-building opportunities, provides options to acquire approximately 1,500 well-located lots, and enables ResiBuilt to serve as an in-house development general contractor for new build-to-rent communities. The acquisition is expected to be modestly accretive to our 2026 AFFO per share.

Balance Sheet and Capital Markets Activity
As of December 31, 2025, we had $1,735 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,458 million consisted of 83.6% unsecured debt and 16.4% secured debt; 93.8% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.3x. We have no debt reaching final maturity before June 2027.

On October 28, 2025, our board of directors authorized a Share Repurchase Program pursuant to which we may acquire shares of our common stock up to an aggregate purchase price of $500 million. Repurchases under the Share Repurchase Program will be made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities. The Share Repurchase Program does not have an expiration date.

During the year ended December 31, 2025, we repurchased 2,232,685 shares for a total cost of approximately $61 million, including legal fees and commissions. Subsequent to year end, during January 2026, we repurchased additional shares such that to date, we have repurchased a total of 3,635,324 shares for a total cost of approximately $100 million.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 6
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FY 2026 Guidance
Set forth below are our current expectations with respect to FY 2026 Core FFO per share — diluted and AFFO per share — diluted, in addition to our underlying assumptions. In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.
FY 2026 Guidance Summary
FY 2026
Guidance Range		FY 2026
Guidance
Midpoint		FY 2025
Actual
Results		FY 2025 Guidance Midpoint
Core FFO per share — diluted$1.90 - $1.98$1.94$1.91$1.92
AFFO per share — diluted$1.60 - $1.68$1.64$1.63$1.62
Same Store Core Revenues growth (1)
1.3% - 2.5%1.9%2.4%2.5%
Same Store Core Operating Expenses growth (2)
3.0% - 4.0%3.5%2.6%2.75%
Same Store NOI growth0.3% - 2.0%1.15%2.3%2.25%
Wholly owned acquisitions (3)
$150 - $350 million$250 million$812 million$800 million
JV acquisitions (3)
$50 - $150 million$100 million$175 million$150 million
Wholly owned dispositions$450 - $650 million$550 million$534 million$500 million
(1)Same Store Core Revenues growth guidance assumes FY 2026 (i) Average Occupancy in a range of 96.0% to 96.6% and (ii) average Bad Debt in a range of 60 to 80 basis points.
(2)Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 (i) property taxes in a range of 4% to 5%; (ii) insurance expenses in a range of 10% to 12%; and (iii) all other expenses in a range of approximately 1.0% to 2.0%.
(3)Excludes our acquisition of ResiBuilt in January 2026.
Bridge from FY 2025 Results to FY 2026 Guidance Midpoint
Core FFO Per Share
FY 2025 reported result $1.91
Impact from changes in:
Same Store NOI (4)
$0.03
Non-Same Store NOI0.01
ResiBuilt contribution, net (5)
0.02
Construction lending income0.01
Capital markets activity (6)
—
JV and 3PM fees, net(0.02)
Advocacy costs and other (7)
(0.02)
Total change$0.03
FY 2026 guidance midpoint $1.94
(4)Based on the 2026 Same Store pool, consisting of 78,662 homes as of January 2026.
(5)Represents fee-build income net of incremental expenses associated with the ResiBuilt platform.
(6)Includes the net impact of changes in cash interest expense, interest income, and share repurchases.
(7)Advocacy costs are included within G&A.





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 7
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Earnings Conference Call Information
We have scheduled a conference call at 11:00 a.m. Eastern Time on February 19, 2026, to review Q4 2025 and FY 2025 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from our investor relations website at www.invh.com. Following the conclusion of the earnings call, we will post a replay of the webcast to our website for one year.

Supplemental Information
The full text of the Earnings Release and Supplemental Information referenced in this release are available on our Investor Relations website at www.invh.com.

About Invitation Homes
Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality homes with valued features such as close proximity to jobs and access to good schools. Our purpose, Unlock the Power of Home™, reflects our commitment to providing living solutions and Genuine CARE™ to the growing share of people who count on the flexibility and savings of leasing a home.

Investor Relations Contact
Media Relations Contact
Scott McLaughlinKristi DesJarlais
844.456.INVH (4684)844.456.INVH (4684)
IR@InvitationHomes.comMedia@InvitationHomes.com

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, federal, state, and local laws, regulations, executive actions, and policy initiatives, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I.  Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 8
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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
December 31, 2025December 31, 2024
(unaudited)
Assets:
Investments in single-family residential properties, net$17,274,622 $17,212,126 
Cash and cash equivalents129,971 174,491 
Restricted cash224,894 245,202 
Goodwill258,207 258,207 
Investments in unconsolidated joint ventures254,561 241,605 
Other assets, net538,035 569,320 
Total assets$18,680,290 $18,700,951 
Liabilities:
Secured debt, net
$1,384,114 $1,385,573 
Unsecured notes, net4,398,921 3,800,688 
Term loan facilities, net2,451,985 2,446,041 
Revolving facility145,000 570,000 
Accounts payable and accrued expenses230,350 247,709 
Resident security deposits184,536 180,866 
Other liabilities317,492 277,565 
Total liabilities9,112,398 8,908,442 
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2025 and 2024— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 610,788,732 and 612,605,478 outstanding as of December 31, 2025 and 2024, respectively
6,108 6,126 
Additional paid-in capital11,128,590 11,170,597 
Accumulated deficit(1,610,981)(1,480,928)
Accumulated other comprehensive income6,415 60,969 
Total stockholders’ equity
9,530,132 9,756,764 
Non-controlling interests37,760 35,745 
Total equity9,567,892 9,792,509 
Total liabilities and equity$18,680,290 $18,700,951 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 9
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Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q4 2025Q4 2024FY 2025FY 2024
Revenues:(unaudited)(unaudited)(unaudited)
Rental revenues$592,493 $576,632 $2,363,802 $2,300,389 
Other property income71,095 61,418 278,155 248,575 
Management fee revenues21,662 21,080 87,339 69,978 
Total revenues685,250 659,130 2,729,296 2,618,942 
Expenses:
Property operating and maintenance244,823 228,464 985,587 935,273 
Property management expense39,485 39,238 149,130 137,490 
General and administrative23,697 23,939 95,250 90,612 
Interest expense90,878 95,158 353,327 366,070 
Depreciation and amortization189,875 181,912 746,933 714,326 
Casualty losses, impairment, and other311 47,563 11,443 82,925 
Total expenses 589,069 616,274 2,341,670 2,326,696 
Gain on sale of property, net of tax54,463 103,019 218,235 244,550 
Losses from investments in unconsolidated joint ventures(3,717)(5,665)(11,607)(28,445)
Other, net(1,877)3,360 (4,345)(52,986)
Net income145,050 143,570 589,909 455,365 
Net income attributable to non-controlling interests(496)(460)(1,985)(1,448)
Net income attributable to common stockholders144,554 143,110 587,924 453,917 
Net income available to participating securities(246)(169)(960)(753)
Net income available to common stockholders — basic and diluted$144,308 $142,941 $586,964 $453,164 
Weighted average common shares outstanding — basic612,879,916 612,679,152 612,948,321 612,551,317 
Weighted average common shares outstanding — diluted612,999,873 613,247,740 613,177,806 613,631,617 
Net income per common share — basic$0.24 $0.23 $0.96 $0.74 
Net income per common share — diluted$0.24 $0.23 $0.96 $0.74 
Dividends declared per common share$0.30 $0.29 $1.17 $1.13 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 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 ReconciliationQ4 2025Q4 2024FY 2025FY 2024
Net income available to common stockholders$144,308 $142,941 $586,964 $453,164 
Net income available to participating securities246 169 960 753 
Non-controlling interests496 460 1,985 1,448 
Depreciation and amortization of real estate assets
184,877 178,063 728,652 699,474 
Impairment on depreciated real estate investments223 176 657 506 
Net gain on sale of previously depreciated investments in real estate(54,463)(103,019)(218,235)(244,550)
Depreciation and net gain on sale of investments in unconsolidated joint ventures2,829 4,403 7,845 14,479 
FFO$278,516 $223,193 $1,108,828 $925,274 
Core FFO ReconciliationQ4 2025Q4 2024FY 2025FY 2024
FFO$278,516 $223,193 $1,108,828 $925,274 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
8,322 12,474 26,808 44,681 
Share-based compensation expense7,293 7,109 27,830 27,918 
Legal settlements — — — 77,000 
Severance expense352 249 2,772 637 
Casualty losses and reserves, net (1)
125 47,526 10,924 82,700 
Gains on investments in equity and other securities, net(249)(8)(318)(1,046)
Core FFO$294,359 $290,543 $1,176,844 $1,157,164 
AFFO ReconciliationQ4 2025Q4 2024FY 2025FY 2024
Core FFO$294,359 $290,543 $1,176,844 $1,157,164 
Recurring Capital Expenditures (1)
(40,503)(35,665)(173,472)(170,927)
AFFO$253,856 $254,878 $1,003,372 $986,237 
Net income available to common stockholders
Weighted average common shares outstanding — diluted612,999,873 613,247,740 613,177,806 613,631,617 
Net income per common share — diluted$0.24 $0.23 $0.96 $0.74 
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted615,552,680 615,561,350 615,643,476 615,881,670 
FFO per share — diluted$0.45 $0.36 $1.80 $1.50 
Core FFO per share — diluted$0.48 $0.47 $1.91 $1.88 
AFFO per share — diluted $0.41 $0.41 $1.63 $1.60 
(1)Includes our share from unconsolidated joint ventures.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 11
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Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net IncomeQ4 2025Q4 2024FY 2025FY 2024
Common shares — basic612,879,916 612,679,152 612,948,321 612,551,317 
Shares potentially issuable from vesting/conversion of equity-based awards119,957 568,588 229,485 1,080,300 
Total common shares — diluted612,999,873 613,247,740 613,177,806 613,631,617 
Weighted average amounts for FFO, Core FFO, and AFFOQ4 2025Q4 2024FY 2025FY 2024
Common shares — basic612,879,916 612,679,152 612,948,321 612,551,317 
OP units — basic2,099,937 1,979,009 2,068,892 1,954,212 
Shares potentially issuable from vesting/conversion of equity-based awards572,827 903,189 626,263 1,376,141 
Total common shares and units — diluted615,552,680 615,561,350 615,643,476 615,881,670 
Period end amounts for Core FFO and AFFODecember 31, 2025
Common shares610,788,732 
OP units2,099,937 
Shares potentially issuable from vesting/conversion of equity-based awards1,238,852 
Total common shares and units — diluted
614,127,521 





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 12
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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of December 31, 2025
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$1,388,399 16.4 %4.0 %2.6 
Floating — swapped to fixed— — %— %— 
Floating— — %— %— 
Total secured1,388,399 16.4 %4.0 %2.6 
Unsecured:
Fixed4,450,000 52.6 %3.8 %6.3 
Floating — swapped to fixed2,100,000 24.8 %4.0 %3.8 
Floating520,000 6.2 %4.5 %4.1 
Total unsecured7,070,000 83.6 %3.9 %5.4 
Total Debt:
Fixed + floating swapped to fixed (3)
7,938,399 93.8 %3.9 %5.0 
Floating520,000 6.2 %4.5 %4.1 
Total debt8,458,399 100.0 %3.9 %4.9 
Unamortized discounts on notes payable(24,171)
Deferred financing costs, net(54,208)
Total debt per Balance Sheet8,380,020 
Retained and repurchased certificates(55,499)
Cash, ex-security deposits and letters of credit (4)
(167,472)
Deferred financing costs, net54,208 
Unamortized discounts on notes payable24,171 
Net debt$8,235,428 
Leverage RatiosDecember 31, 2025
Net Debt / TTM Adjusted EBITDAre
5.3 x
Credit RatingsRatingsOutlook
Fitch RatingsBBB+Stable
Moody’s Investors ServiceBaa2Stable
S&P Global RatingsBBBStable
Unsecured Facilities Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
ActualRequirementActualRequirement
Total leverage ratio29.4 %≤ 60%Aggregate debt ratio35.4 %≤ 65%
Secured leverage ratio5.8 %≤ 45%Secured debt ratio5.6 %≤ 40%
Unencumbered leverage ratio27.5 %≤ 60%Unencumbered assets ratio305.2 %   ≥ 150%
Fixed charge coverage ratio4.3x≥ 1.5xDebt service ratio4.6x≥ 1.5x
Unsecured interest coverage ratio5.2x  ≥ 1.75x



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 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 December 31, 2025. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.
(2)Assumes all extension options are exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(5)Covenant calculations are specifically defined in our Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the “Glossary and Reconciliations” section below. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
(6)Covenant calculations are specifically defined in our Supplemental Indentures to the Base Indenture for our Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 14
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Supplemental Schedule 2(c)

Debt Maturity Schedule — As of December 31, 2025
($ in thousands) (unaudited)
Unsecured Debt
SecuredUnsecuredTerm LoanRevolving% of
Debt Maturities, with Extensions (1)
DebtNotesFacilitiesFacilityTotalTotal
2026$— $— $— $— $— — %
2027988,013 — — — 988,013 11.7 %
2028— 750,000 — — 750,000 8.9 %
2029— — 1,750,000 145,000 1,895,000 22.4 %
2030— 450,000 725,000 — 1,175,000 13.9 %
2031400,386 650,000 — — 1,050,386 12.4 %
2032— 600,000 — — 600,000 7.1 %
2033— 950,000 — — 950,000 11.2 %
2034— 400,000 — — 400,000 4.7 %
2035— 500,000 — — 500,000 5.9 %
2036— 150,000 — — 150,000 1.8 %
2037— — — — — — %
1,388,399 4,450,000 2,475,000 145,000 8,458,399 100.0 %
Unamortized discounts on notes payable(527)(23,644)— — (24,171)
Deferred financing costs, net(3,758)(27,435)(23,015)— (54,208)
Total per Balance Sheet$1,384,114 $4,398,921 $2,451,985 $145,000 $8,380,020 
(1)Assumes all extension options are exercised.





















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 15
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Supplemental Schedule 3(a)

Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
ChangeChangeChange
Q4 2025Q4 2024YoYQ3 2025SeqFY 2025FY 2024YoY
Revenues:
Rental revenues (1)
$541,411 $533,505 1.5 %$543,540 (0.4)%$2,169,784 $2,122,262 2.2 %
Other property income, net (1)(2)
23,016 21,470 7.2 %23,074 (0.3)%90,878 85,594 6.2 %
Core Revenues564,427 554,975 1.7 %566,614 (0.4)%2,260,662 2,207,856 2.4 %
Fixed Expenses:
Property taxes95,437 91,185 4.7 %98,280 (2.9)%388,443 373,805 3.9 %
Insurance expenses8,157 10,276 (20.6)%8,391 (2.8)%36,213 41,440 (12.6)%
HOA expenses10,354 10,385 (0.3)%10,316 0.4 %40,740 41,458 (1.7)%
     Total Fixed Expenses113,948 111,846 1.9 %116,987 (2.6)%465,396 456,703 1.9 %
Controllable Expenses:
Repairs and maintenance, net (3)
23,934 22,600 5.9 %30,429 (21.3)%100,445 98,591 1.9 %
Personnel, leasing and marketing20,611 20,544 0.3 %20,190 2.1 %82,093 83,133 (1.3)%
Turnover, net (3)
10,268 9,008 14.0 %11,641 (11.8)%39,650 38,418 3.2 %
Utilities and property administrative, net (3)
9,646 7,560 27.6 %8,363 15.3 %32,262 24,754 30.3 %
     Total Controllable Expenses64,459 59,712 7.9 %70,623 (8.7)%254,450 244,896 3.9 %
Core Operating Expenses178,407 171,558 4.0 %187,610 (4.9)%719,846 701,599 2.6 %
Net Operating Income$386,020 $383,417 0.7 %$379,004 1.9 %$1,540,816 $1,506,257 2.3 %
(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 $40,893, $34,949, $42,443, $161,024, and $141,702 for Q4 2025, Q4 2024, Q3 2025, FY 2025, and FY 2024, respectively.
(3)These expenses are presented net of applicable resident recoveries.






Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 16
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Supplemental Schedule 3(b)

Same Store Quarterly Operating Trends
(unaudited)
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024
Average Occupancy95.9 %96.6 %97.3 %97.3 %96.8 %
Turnover Rate5.6 %6.1 %6.1 %5.0 %5.2 %
Trailing four quarters Turnover Rate22.8 %22.4 %22.3 %22.5 %22.8 %
Average Monthly Rent$2,471 $2,460 $2,442 $2,428 $2,413 
Rental Rate Growth (lease-over-lease):
Renewals4.2 %4.5 %4.6 %5.2 %4.1 %
New leases(4.1)%(0.6)%2.2 %— %(2.2)%
Blended1.8 %3.0 %4.0 %3.7 %2.2 %







Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 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 December 31, 2025 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California7,100 94.7 %$3,231 $1.89 10.8 %
Northern California3,997 96.7 %2,812 1.78 5.5 %
Seattle3,908 96.7 %2,957 1.54 5.6 %
Phoenix9,200 95.6 %2,081 1.22 9.2 %
Las Vegas3,391 95.9 %2,256 1.15 3.7 %
Denver2,954 91.9 %2,651 1.44 3.6 %
Western US Subtotal30,550 95.4 %2,631 1.50 38.4 %
Florida:
South Florida8,058 94.4 %3,147 1.68 11.8 %
Tampa9,702 94.1 %2,302 1.22 10.8 %
Orlando6,973 94.4 %2,288 1.22 7.6 %
Jacksonville2,158 92.3 %2,200 1.11 2.2 %
Florida Subtotal26,891 94.0 %2,549 1.35 32.4 %
Southeast United States:
Atlanta12,624 94.7 %2,117 1.02 12.6 %
Carolinas6,157 93.7 %2,117 1.01 6.2 %
Southeast US Subtotal18,781 94.4 %2,117 1.02 18.8 %
Texas:
Houston2,559 90.7 %1,954 0.99 2.3 %
Dallas3,554 91.9 %2,248 1.11 3.8 %
Texas Subtotal6,113 91.1 %2,132 1.06 6.1 %
Midwest United States:
Chicago2,448 94.2 %2,559 1.59 2.8 %
Minneapolis1,035 93.7 %2,466 1.26 1.2 %
Midwest US Subtotal3,483 94.1 %2,531 1.48 4.0 %
Other (2):
374 76.6 %2,072 1.08 0.3 %
Total / Average86,192 94.3 %$2,452 $1.30 100.0 %
Same Store Total / Average76,819 95.9 %$2,471 $1.32 91.2 %
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)As of December 31, 2025, all of these homes were newly-constructed and located in San Antonio, Salt Lake City, Austin, or Nashville.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 18
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Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, Q4 2025# HomesQ4 2025Q4 2024ChangeQ4 2025Q4 2024ChangeQ4 2025Q4 2024Change
Western United States:
Southern California6,569 $3,231 $3,121 3.5 %97.6 %98.3 %(0.7)%$63,611 $61,830 2.9 %
Northern California3,830 2,812 2,750 2.3 %97.6 %98.3 %(0.7)%32,320 31,873 1.4 %
Seattle3,874 2,957 2,897 2.1 %97.1 %97.6 %(0.5)%34,166 33,710 1.4 %
Phoenix8,579 2,072 2,049 1.1 %95.7 %97.1 %(1.4)%53,576 53,274 0.6 %
Las Vegas2,953 2,257 2,216 1.9 %96.2 %96.6 %(0.4)%20,032 19,658 1.9 %
Denver2,432 2,654  2,563 3.6 %94.8 %96.5 %(1.7)%18,958 18,725 1.2 %
Western US Subtotal28,237 2,636 2,574 2.4 %96.6 %97.5 %(0.9)%222,663 219,070 1.6 %
Florida:
South Florida7,710 3,163 3,079 2.7 %95.6 %96.4 %(0.8)%71,879 70,239 2.3 %
Tampa8,034 2,319 2,296 1.0 %95.9 %96.0 %(0.1)%56,017 54,958 1.9 %
Orlando6,325 2,285 2,250 1.6 %95.5 %96.9 %(1.4)%43,362 43,237 0.3 %
Jacksonville1,886 2,206 2,175 1.4 %95.9 %97.1 %(1.2)%12,461 12,455 — %
Florida Subtotal23,955 2,573 2,526 1.9 %95.7 %96.5 %(0.8)%183,719 180,889 1.6 %
Southeast United States:
Atlanta11,724 2,115 2,057 2.8 %95.5 %96.1 %(0.6)%72,530 71,212 1.9 %
Carolinas5,199 2,128 2,066 3.0 %95.4 %96.9 %(1.5)%33,035 32,381 2.0 %
Southeast US Subtotal16,923 2,119 2,060 2.9 %95.4 %96.4 %(1.0)%105,565 103,593 1.9 %
Texas:
Houston1,756 1,929 1,894 1.8 %95.9 %96.7 %(0.8)%10,217 10,024 1.9 %
Dallas2,530 2,294 2,278 0.7 %95.3 %96.0 %(0.7)%17,387 17,274 0.7 %
Texas Subtotal4,286 2,144 2,120 1.1 %95.5 %96.3 %(0.8)%27,604 27,298 1.1 %
Midwest United States:
Chicago2,393 2,558 2,419 5.7 %95.4 %97.2 %(1.8)%17,484 17,058 2.5 %
Minneapolis1,025 2,469 2,345 5.3 %94.5 %95.3 %(0.8)%7,392 7,067 4.6 %
Midwest US Subtotal3,418 2,532 2,397 5.6 %95.1 %96.7 %(1.6)%24,876 24,125 3.1 %
Total / Average76,819 $2,471 $2,413 2.4 %95.9 %96.8 %(0.9)%$564,427 $554,975 1.7 %



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 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 RentAverage OccupancyCore Revenues
Seq, Q4 2025# HomesQ4 2025Q3 2025ChangeQ4 2025Q3 2025ChangeQ4 2025Q3 2025Change
Western United States:
Southern California6,569 $3,231 $3,213 0.6 %97.6 %98.6 %(1.0)%$63,611 $63,963 (0.6)%
Northern California3,830 2,812 2,800 0.4 %97.6 %97.9 %(0.3)%32,320 32,433 (0.3)%
Seattle3,874 2,957 2,953 0.1 %97.1 %98.4 %(1.3)%34,166 34,467 (0.9)%
Phoenix8,579 2,072 2,066 0.3 %95.7 %96.7 %(1.0)%53,576 54,064 (0.9)%
Las Vegas2,953 2,257 2,252 0.2 %96.2 %96.5 %(0.3)%20,032 20,106 (0.4)%
Denver2,432 2,654 2,633 0.8 %94.8 %96.1 %(1.3)%18,958 19,169 (1.1)%
Western US Subtotal28,237 2,636 2,626 0.4 %96.6 %97.5 %(0.9)%222,663 224,202 (0.7)%
Florida:
South Florida7,710 3,163 3,147 0.5 %95.6 %96.3 %(0.7)%71,879 72,103 (0.3)%
Tampa8,034 2,319 2,319 — %95.9 %95.8 %0.1 %56,017 56,095 (0.1)%
Orlando6,325 2,285 2,280 0.2 %95.5 %96.2 %(0.7)%43,362 43,724 (0.8)%
Jacksonville1,886 2,206 2,196 0.5 %95.9 %96.8 %(0.9)%12,461 12,588 (1.0)%
Florida Subtotal23,955 2,573 2,566 0.3 %95.7 %96.1 %(0.4)%183,719 184,510 (0.4)%
Southeast United States:
Atlanta11,724 2,115 2,103 0.6 %95.5 %96.3 %(0.8)%72,530 72,637 (0.1)%
Carolinas5,199 2,128 2,109 0.9 %95.4 %96.4 %(1.0)%33,035 33,005 0.1 %
Southeast US Subtotal16,923 2,119 2,105 0.7 %95.4 %96.3 %(0.9)%105,565 105,642 (0.1)%
Texas:
Houston1,756 1,929 1,924 0.3 %95.9 %96.1 %(0.2)%10,217 10,190 0.3 %
Dallas2,530 2,294 2,292 0.1 %95.3 %95.1 %0.2 %17,387 17,376 0.1 %
Texas Subtotal4,286 2,144 2,140 0.2 %95.5 %95.5 %— %27,604 27,566 0.1 %
Midwest United States:
Chicago2,393 2,558 2,521 1.5 %95.4 %96.3 %(0.9)%17,484 17,328 0.9 %
Minneapolis1,025 2,469 2,435 1.4 %94.5 %95.0 %(0.5)%7,392 7,366 0.4 %
Midwest US Subtotal3,418 2,532 2,495 1.5 %95.1 %95.9 %(0.8)%24,876 24,694 0.7 %
Total / Average76,819 $2,471 $2,460 0.4 %95.9 %96.6 %(0.7)%$564,427 $566,614 (0.4)%



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 20
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Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — FY
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, FY 2025# HomesFY 2025FY 2024ChangeFY 2025FY 2024ChangeFY 2025FY 2024Change
Western United States:
Southern California6,569 $3,193 $3,082 3.6 %98.3 %98.4 %(0.1)%$253,490 $243,832 4.0 %
Northern California3,830 2,792 2,722 2.6 %98.2 %98.4 %(0.2)%129,483 125,887 2.9 %
Seattle3,874 2,943 2,862 2.8 %97.8 %98.0 %(0.2)%137,024 133,789 2.4 %
Phoenix8,579 2,065 2,039 1.3 %96.9 %97.5 %(0.6)%216,217 213,702 1.2 %
Las Vegas2,953 2,244 2,193 2.3 %96.9 %97.3 %(0.4)%80,251 78,517 2.2 %
Denver2,432 2,623 2,535 3.5 %96.3 %97.7 %(1.4)%76,400 75,087 1.7 %
Western US Subtotal28,237 2,616 2,548 2.7 %97.5 %97.9 %(0.4)%892,865 870,814 2.5 %
Florida:
South Florida7,710 3,133 3,028 3.5 %96.5 %97.0 %(0.5)%287,471 278,860 3.1 %
Tampa8,034 2,311 2,283 1.2 %96.0 %96.8 %(0.8)%223,686 221,799 0.9 %
Orlando6,325 2,272 2,230 1.9 %96.6 %97.1 %(0.5)%174,686 171,649 1.8 %
Jacksonville1,886 2,190 2,161 1.3 %96.9 %97.3 %(0.4)%50,221 49,634 1.2 %
Florida Subtotal23,955 2,556 2,499 2.3 %96.4 %97.0 %(0.6)%736,064 721,942 2.0 %
Southeast United States:
Atlanta11,724 2,093 2,028 3.2 %96.4 %96.9 %(0.5)%290,138 282,391 2.7 %
Carolinas5,199 2,101 2,044 2.8 %96.6 %97.2 %(0.6)%131,954 128,222 2.9 %
Southeast US Subtotal16,923 2,096 2,033 3.1 %96.5 %97.0 %(0.5)%422,092 410,613 2.8 %
Texas:
Houston1,756 1,918 1,874 2.3 %96.5 %97.3 %(0.8)%40,863 40,033 2.1 %
Dallas2,530 2,288 2,258 1.3 %95.8 %96.8 %(1.0)%69,832 69,020 1.2 %
Texas Subtotal4,286 2,136 2,100 1.7 %96.1 %97.0 %(0.9)%110,695 109,053 1.5 %
Midwest United States:
Chicago2,393 2,499 2,383 4.9 %96.7 %97.7 %(1.0)%69,624 67,174 3.6 %
Minneapolis1,025 2,417 2,312 4.5 %95.4 %96.5 %(1.1)%29,322 28,260 3.8 %
Midwest US Subtotal3,418 2,475 2,362 4.8 %96.3 %97.3 %(1.0)%98,946 95,434 3.7 %
Total / Average76,819 $2,450 $2,386 2.7 %96.8 %97.3 %(0.5)%$2,260,662 $2,207,856 2.4 %



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 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 RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, Q4 2025Q4 2025Q4 2024ChangeQ4 2025Q4 2024ChangeQ4 2025Q4 2024ChangeQ4 2025Q4 2024
Western United States:
Southern California$63,611 $61,830 2.9 %$16,766 $16,440 2.0 %$46,845 $45,390 3.2 %73.6 %73.4 %
Northern California32,320 31,873 1.4 %8,359 8,003 4.4 %23,961 23,870 0.4 %74.1 %74.9 %
Seattle34,166 33,710 1.4 %9,172 8,452 8.5 %24,994 25,258 (1.0)%73.2 %74.9 %
Phoenix53,576 53,274 0.6 %10,891 9,562 13.9 %42,685 43,712 (2.3)%79.7 %82.1 %
Las Vegas20,032 19,658 1.9 %4,673 4,549 2.7 %15,359 15,109 1.7 %76.7 %76.9 %
Denver18,958 18,725 1.2 %3,952 3,728 6.0 %15,006 14,997 0.1 %79.2 %80.1 %
Western US Subtotal222,663 219,070 1.6 %53,813 50,734 6.1 %168,850 168,336 0.3 %75.8 %76.8 %
Florida:
South Florida71,879 70,239 2.3 %28,186 27,158 3.8 %43,693 43,081 1.4 %60.8 %61.3 %
Tampa56,017 54,958 1.9 %20,780 19,490 6.6 %35,237 35,468 (0.7)%62.9 %64.5 %
Orlando43,362 43,237 0.3 %15,709 15,746 (0.2)%27,653 27,491 0.6 %63.8 %63.6 %
Jacksonville12,461 12,455 — %4,628 4,416 4.8 %7,833 8,039 (2.6)%62.9 %64.5 %
Florida Subtotal183,719 180,889 1.6 %69,303 66,810 3.7 %114,416 114,079 0.3 %62.3 %63.1 %
Southeast United States:
Atlanta72,530 71,212 1.9 %24,837 23,350 6.4 %47,693 47,862 (0.4)%65.8 %67.2 %
Carolinas33,035 32,381 2.0 %9,518 9,265 2.7 %23,517 23,116 1.7 %71.2 %71.4 %
Southeast US Subtotal105,565 103,593 1.9 %34,355 32,615 5.3 %71,210 70,978 0.3 %67.5 %68.5 %
Texas:
Houston10,217 10,024 1.9 %4,372 4,768 (8.3)%5,845 5,256 11.2 %57.2 %52.4 %
Dallas17,387 17,274 0.7 %5,723 7,020 (18.5)%11,664 10,254 13.8 %67.1 %59.4 %
Texas Subtotal27,604 27,298 1.1 %10,095 11,788 (14.4)%17,509 15,510 12.9 %63.4 %56.8 %
Midwest United States:
Chicago17,484 17,058 2.5 %8,197 7,260 12.9 %9,287 9,798 (5.2)%53.1 %57.4 %
Minneapolis7,392 7,067 4.6 %2,644 2,351 12.5 %4,748 4,716 0.7 %64.2 %66.7 %
Midwest US Subtotal24,876 24,125 3.1 %10,841 9,611 12.8 %14,035 14,514 (3.3)%56.4 %60.2 %
Total / Average$564,427 $554,975 1.7 %$178,407 $171,558 4.0 %$386,020 $383,417 0.7 %68.4 %69.1 %



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 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 RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
Seq, Q4 2025Q4 2025Q3 2025ChangeQ4 2025Q3 2025ChangeQ4 2025Q3 2025ChangeQ4 2025Q3 2025
Western United States:
Southern California$63,611 $63,963 (0.6)%$16,766 $16,799 (0.2)%$46,845 $47,164 (0.7)%73.6 %73.7 %
Northern California32,320 32,433 (0.3)%8,359 8,326 0.4 %23,961 24,107 (0.6)%74.1 %74.3 %
Seattle34,166 34,467 (0.9)%9,172 8,601 6.6 %24,994 25,866 (3.4)%73.2 %75.0 %
Phoenix53,576 54,064 (0.9)%10,891 12,043 (9.6)%42,685 42,021 1.6 %79.7 %77.7 %
Las Vegas20,032 20,106 (0.4)%4,673 4,973 (6.0)%15,359 15,133 1.5 %76.7 %75.3 %
Denver18,958 19,169 (1.1)%3,952 4,148 (4.7)%15,006 15,021 (0.1)%79.2 %78.4 %
Western US Subtotal222,663 224,202 (0.7)%53,813 54,890 (2.0)%168,850 169,312 (0.3)%75.8 %75.5 %
Florida:
South Florida71,879 72,103 (0.3)%28,186 29,136 (3.3)%43,693 42,967 1.7 %60.8 %59.6 %
Tampa56,017 56,095 (0.1)%20,780 22,289 (6.8)%35,237 33,806 4.2 %62.9 %60.3 %
Orlando43,362 43,724 (0.8)%15,709 16,814 (6.6)%27,653 26,910 2.8 %63.8 %61.5 %
Jacksonville12,461 12,588 (1.0)%4,628 4,712 (1.8)%7,833 7,876 (0.5)%62.9 %62.6 %
Florida Subtotal183,719 184,510 (0.4)%69,303 72,951 (5.0)%114,416 111,559 2.6 %62.3 %60.5 %
Southeast United States:
Atlanta72,530 72,637 (0.1)%24,837 26,588 (6.6)%47,693 46,049 3.6 %65.8 %63.4 %
Carolinas33,035 33,005 0.1 %9,518 10,008 (4.9)%23,517 22,997 2.3 %71.2 %69.7 %
Southeast US Subtotal105,565 105,642 (0.1)%34,355 36,596 (6.1)%71,210 69,046 3.1 %67.5 %65.4 %
Texas:
Houston10,217 10,190 0.3 %4,372 4,903 (10.8)%5,845 5,287 10.6 %57.2 %51.9 %
Dallas17,387 17,376 0.1 %5,723 7,110 (19.5)%11,664 10,266 13.6 %67.1 %59.1 %
Texas Subtotal27,604 27,566 0.1 %10,095 12,013 (16.0)%17,509 15,553 12.6 %63.4 %56.4 %
Midwest United States:
Chicago17,484 17,328 0.9 %8,197 8,328 (1.6)%9,287 9,000 3.2 %53.1 %51.9 %
Minneapolis7,392 7,366 0.4 %2,644 2,832 (6.6)%4,748 4,534 4.7 %64.2 %61.6 %
Midwest US Subtotal24,876 24,694 0.7 %10,841 11,160 (2.9)%14,035 13,534 3.7 %56.4 %54.8 %
Total / Average$564,427 $566,614 (0.4)%$178,407 $187,610 (4.9)%$386,020 $379,004 1.9 %68.4 %66.9 %



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 23
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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — FY
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, FY 2025FY 2025FY 2024ChangeFY 2025FY 2024ChangeFY 2025FY 2024ChangeFY 2025FY 2024
Western United States:
Southern California$253,490 $243,832 4.0 %$66,798 $67,008 (0.3)%$186,692 $176,824 5.6 %73.6 %72.5 %
Northern California129,483 125,887 2.9 %32,974 33,424 (1.3)%96,50992,4634.4 %74.5 %73.4 %
Seattle137,024 133,789 2.4 %35,433 33,864 4.6 %101,59199,9251.7 %74.1 %74.7 %
Phoenix216,217 213,702 1.2 %43,414 41,071 5.7 %172,803172,6310.1 %79.9 %80.8 %
Las Vegas80,251 78,517 2.2 %18,562 17,944 3.4 %61,68960,5731.8 %76.9 %77.1 %
Denver76,400 75,087 1.7 %16,122 15,242 5.8 %60,27859,8450.7 %78.9 %79.7 %
Western US Subtotal892,865 870,814 2.5 %213,303 208,553 2.3 %679,562 662,261 2.6 %76.1 %76.1 %
Florida:
South Florida287,471 278,860 3.1 %113,596 110,205 3.1 %173,875 168,655 3.1 %60.5 %60.5 %
Tampa223,686 221,799 0.9 %85,500 82,800 3.3 %138,186 138,999 (0.6)%61.8 %62.7 %
Orlando174,686 171,649 1.8 %63,698 62,297 2.2 %110,988 109,352 1.5 %63.5 %63.7 %
Jacksonville50,221 49,634 1.2 %18,374 18,088 1.6 %31,847 31,546 1.0 %63.4 %63.6 %
Florida Subtotal736,064 721,942 2.0 %281,168 273,390 2.8 %454,896 448,552 1.4 %61.8 %62.1 %
Southeast United States:
Atlanta290,138 282,391 2.7 %102,165 95,171 7.3 %187,973 187,220 0.4 %64.8 %66.3 %
Carolinas131,954 128,222 2.9 %38,187 36,413 4.9 %93,767 91,809 2.1 %71.1 %71.6 %
Southeast US Subtotal422,092 410,613 2.8 %140,352 131,584 6.7 %281,740 279,029 1.0 %66.7 %68.0 %
Texas:
Houston40,863 40,033 2.1 %18,190 19,369 (6.1)%22,673 20,664 9.7 %55.5 %51.6 %
Dallas69,832 69,020 1.2 %24,888 28,772 (13.5)%44,944 40,248 11.7 %64.4 %58.3 %
Texas Subtotal110,695 109,053 1.5 %43,078 48,141 (10.5)%67,617 60,912 11.0 %61.1 %55.9 %
Midwest United States:
Chicago69,624 67,174 3.6 %31,634 29,962 5.6 %37,990 37,212 2.1 %54.6 %55.4 %
Minneapolis29,322 28,260 3.8 %10,311 9,969 3.4 %19,011 18,291 3.9 %64.8 %64.7 %
Midwest US Subtotal98,946 95,434 3.7 %41,945 39,931 5.0 %57,001 55,503 2.7 %57.6 %58.2 %
Total / Average$2,260,662 $2,207,856 2.4 %$719,846 $701,599 2.6 %$1,540,816 $1,506,257 2.3 %68.2 %68.2 %



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 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
Q4 2025FY 2025
RenewalNewBlendedRenewalNewBlended
LeasesLeasesAverageLeasesLeasesAverage
Western United States:
Southern California4.6 %2.6 %4.2 %6.0 %4.9 %5.8 %
Northern California3.1 %(0.5)%2.3 %3.3 %2.2 %3.1 %
Seattle0.7 %0.1 %0.6 %2.6 %2.9 %2.7 %
Phoenix4.5 %(9.4)%0.4 %3.8 %(4.2)%1.4 %
Las Vegas4.4 %(4.5)%1.8 %3.8 %(1.3)%2.4 %
Denver4.5 %(4.6)%1.3 %4.9 %1.2 %3.7 %
Western US Subtotal3.7 %(3.6)%1.8 %4.2 %0.4 %3.2 %
Florida:
South Florida4.5 %(3.8)%2.3 %5.5 %(1.8)%3.6 %
Tampa3.4 %(8.1)%(0.5)%4.0 %(3.7)%1.4 %
Orlando4.7 %(5.8)%0.7 %4.4 %(2.0)%2.2 %
Jacksonville3.9 %(3.0)%1.6 %3.5 %(1.6)%1.9 %
Florida Subtotal4.2 %(5.7)%1.1 %4.7 %(2.4)%2.5 %
Southeast United States:
Atlanta5.2 %(3.5)%2.6 %5.4 %— %3.7 %
Carolinas5.0 %(3.0)%2.6 %4.9 %0.6 %3.6 %
Southeast US Subtotal5.2 %(3.4)%2.6 %5.2 %0.2 %3.7 %
Texas:
Houston3.6 %(5.1)%1.0 %3.6 %(1.8)%2.2 %
Dallas3.2 %(6.5)%0.3 %3.2 %(3.4)%1.1 %
Texas Subtotal3.3 %(6.0)%0.5 %3.4 %(2.8)%1.5 %
Midwest United States:
Chicago5.8 %6.1 %5.9 %6.5 %9.2 %7.1 %
Minneapolis7.1 %1.0 %5.2 %7.9 %3.6 %6.6 %
Midwest US Subtotal6.2 %4.3 %5.7 %6.9 %7.1 %7.0 %
Total / Average4.2 %(4.1)%1.8 %4.6 %(0.6)%3.1 %






Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 25
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Supplemental Schedule 6

Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
TotalQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024
R&M OpEx, net$23,934 $30,429 $25,928 $20,154 $22,600 
Turn OpEx, net10,268 11,641 9,618 8,123 9,008 
Total recurring operating expenses, net$34,202 $42,070 $35,546 $28,277 $31,608 
R&M CapEx$26,328 $35,453 $28,620 $24,867 $23,785 
Turn CapEx9,941 11,040 9,469 8,456 8,365 
Total Recurring Capital Expenditures$36,269 $46,493 $38,089 $33,323 $32,150 
R&M OpEx, net + R&M CapEx$50,262 $65,882 $54,548 $45,021 $46,385 
Turn OpEx, net + Turn CapEx20,209 22,681 19,087 16,579 17,373 
Total Cost to Maintain, net$70,471 $88,563 $73,635 $61,600 $63,758 
Per HomeQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024
Total Cost to Maintain, net$917 $1,153 $959 $802 $830 
(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)
TotalQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024
Recurring CapEx$40,112 $51,719 $42,949 $37,092 $35,518 
Value Enhancing CapEx14,904 21,370 18,314 13,023 12,361 
Initial Renovation CapEx5,708 6,927 8,269 6,869 7,091 
Disposition CapEx904 862 869 952 1,423 
Total Capital Expenditures$61,628 $80,878 $70,401 $57,936 $56,393 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 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 ExpenseQ4 2025Q4 2024FY 2025FY 2024
Property management expense (GAAP)$39,485 $39,238 $149,130 $137,490 
Adjustments:
Share-based compensation expense(1,640)(1,245)(6,419)(5,830)
Adjusted property management expense$37,845 $37,993 $142,711 $131,660 
Adjusted G&A ExpenseQ4 2025Q4 2024FY 2025FY 2024
G&A expense (GAAP)$23,697 $23,939 $95,250 $90,612 
Adjustments:
Share-based compensation expense(5,653)(5,864)(21,411)(22,088)
Severance expense(352)(249)(2,772)(637)
Adjusted G&A expense$17,692 $17,826 $71,067 $67,887 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 27
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Supplemental Schedule 8(a)

Acquisitions and Dispositions
(unaudited)September 30, 2025
Q4 2025 Acquisitions (1)
Q4 2025 Dispositions (2)
December 31, 2025
HomesHomesAvg. Est.HomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California7,154 18 $527,480 72 $628,650 7,100 
Northern California4,027 — — 30 443,028 3,997 
Seattle3,925 — — 17 551,700 3,908 
Phoenix9,208 — — 8 266,750 9,200 
Las Vegas3,394 — — 3 322,033 3,391 
Denver2,915 43 416,477 4 293,500 2,954 
Western US Subtotal30,623 61 449,232 134 538,856 30,550 
Florida:
South Florida8,111 9 414,263 62 450,348 8,058 
Tampa9,678 47 324,155 23 297,435 9,702 
Orlando6,920 54 408,900 1 302,000 6,973 
Jacksonville2,125 34 322,405 1 519,900 2,158 
Florida Subtotal26,834 144 361,153 87 409,017 26,891 
Southeast United States:
Atlanta12,641 19 333,575 36 430,943 12,624 
Carolinas6,138 27 273,840 8 342,500 6,157 
Southeast US Subtotal18,779 46 298,513 44 414,863 18,781 
Texas:
Houston2,511 67 248,273 19 219,921 2,559 
Dallas3,543 30 269,756 19 257,536 3,554 
Texas Subtotal6,054 97 255,803 38 238,728 6,113 
Midwest United States:
Chicago2,453 — — 5 285,490 2,448 
Minneapolis1,042 — — 7 246,671 1,035 
Midwest US Subtotal3,495 — — 12 262,846 3,483 
Other (3):
354 20 245,111 — — 374 
Total / Average86,139 368 $333,848 315 $438,955 86,192 
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,605 — $— — $— 2,605 
2022 Rockpoint JV (5)
309 81 321,925 1 760,000 389 
FNMA JV (6)
332 — — 12 395,500 320 
Pathway Homes (7)
841 12 394,041 — — 853 
Upward America JV (8)
3,720 — — — — 3,720 
2024 Peregrine JV (9)
90 29 346,545 — — 119 




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 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 5.4%. Stabilized cap rate represents forecasted nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 1.6%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)As of December 31, 2025, all of these homes were newly-constructed and located in San Antonio, Salt Lake City, Austin, or Nashville.
(4)Represents portfolio owned by the 2020 Rockpoint JV, of which we own 20.0%.
(5)Represents portfolio owned by the 2022 Rockpoint JV, of which we own 16.7%.
(6)Represents portfolio owned by the FNMA JV, of which we own 10.0%.
(7)Represents portfolio owned by Pathway Homes, of which we own 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which we own 7.2%.
(9)Represents portfolio owned by the 2024 Peregrine JV, of which we own 30.0%.


































Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 29
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Supplemental Schedule 8(b)

Expected Development Pipeline of New Homes — As of December 31, 2025
(unaudited)
Pipeline
as of
December 31, 2025 (1)(2)
Estimated
Deliveries
in 2026		Estimated
Deliveries
Thereafter		Avg. Estimated Cost Basis Per Home
Denver8686—$420,000 
South Florida11—410,000 
Tampa1179621300,000 
Orlando25021733400,000 
Jacksonville11—320,000 
Atlanta1097237330,000 
Carolinas1317160410,000 
Houston877611310,000 
Dallas4040—250,000 
Other6565—330,000 
Total / Average887725 162$360,000 
(1)Represents the number of new homes as of December 31, 2025 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 September 30, 2025
1,002
Q4 2025 additions and cancellations (net)
206
Q4 2025 deliveries
(321)
Pipeline as of December 31, 2025
887
    





















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 30
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Glossary and Reconciliations
Average Estimated Cost Basis
Average estimated cost basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated initial renovation expenditure for an acquired home or population of homes.

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

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

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

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

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

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

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

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

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



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 31
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compensation expense; severance expense; casualty losses and reserves, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of Net Income to Adjusted EBITDAre” for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)
FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. We define Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; severance expense; casualty (gains) losses and reserves, 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 that are necessary to help preserve the value and maintain the functionality of our homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for our share of investments in unconsolidated joint ventures.

We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss. We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of our performance across reporting periods by removing the impact of certain items that are not comparable from period to period.

The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. FFO, Core FFO, and Adjusted FFO are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our FFO, Core FFO, and Adjusted FFO may not be comparable to the FFO, Core FFO, and Adjusted FFO of other companies due to the fact that not all companies use the same definition of FFO, Core FFO, and Adjusted FFO. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of FFO, Core FFO, and Adjusted FFO” for a reconciliation of GAAP net income to FFO, Core FFO, and Adjusted FFO.

Initial Renovation CapEx
Initial renovation CapEx represents expenditures related to the first post-acquisition renovation of a home to bring the home to our standards and specifications.

Net Operating Income (NOI)
NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and (income) losses from investments in unconsolidated joint ventures.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 32
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The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio. See “Reconciliation of Net Income to Same Store NOI” for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store Portfolio.

PSF
PSF means per square foot.

Recurring Capital Expenditures or Recurring CapEx
Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and maintain the value and functionality of a home and our systems as a single-family rental.

Rental Rate Growth
Rental rate growth for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease, and, in each case, reflects the impact of any amortized non-service rent concessions and amortized contractual rent increases. Leases are either renewal leases, where our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home.

Same Store / Same Store Portfolio
Same Store or Same Store portfolio includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as our existing Same Store portfolio, and homes in markets that we have announced an intent to exit where we no longer operate a significant number of homes.

Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as our existing Same Store portfolio may be considered stabilized at the time of acquisition.

Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established.

We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and our prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our organic business.

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




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 33
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Turnover Rate
Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population.

Unsecured Facility Covenants
Unsecured facility covenants refer to financial and operating requirements that we must meet with respect to our $1,750 million revolving credit facility (the “Revolving Facility”) and our $1,750 million term loan facility (the “2024 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in our Second Amended and Restated Revolving Credit and Term Loan Agreement dated September 9, 2024 and our $725 million term loan facility (the “2022 Term Loan Facility” and together with the 2024 Term Loan Facility, the “Term Loan Facilities”), as set forth in our 2022 Term Loan Agreement as amended by the First Amendment dated September 9, 2024 and the Second Amendment dated April 28, 2025 (together with the Credit Facility, the “Unsecured Credit Agreements”). The metrics provided under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, and unsecured interest coverage ratio.

Total leverage ratio represents (i) total outstanding indebtedness (including our pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Secured leverage ratio represents (i) total outstanding secured indebtedness (including our pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Unencumbered leverage ratio represents (i) total outstanding unsecured indebtedness (including our pro rata share of unsecured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreements. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Fixed charge coverage ratio represents (i) the trailing four quarters’ EBITDA (including our pro rata share of EBITDA from unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) the trailing four quarters’ fixed charges (including our pro rata share of fixed charges in unconsolidated entities), as defined in the Unsecured Credit Agreements. Fixed charges include cash interest expense, regularly scheduled principal payments, and preferred stock or preferred OP unit dividends.

Unsecured interest coverage ratio represents (i) the trailing four quarters’ unencumbered NOI, as defined by the Unsecured Credit Agreements, divided by (ii) the trailing four quarters’ total unsecured interest expense (including our pro rata share of interest expense from unsecured debt in unconsolidated entities), as defined in the Unsecured Credit Agreements.

The metrics set forth under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Unsecured Credit Agreements than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Credit Agreements, see Exhibit 10.1 to our Current Report on Form 8-K filed on September 9, 2024 and Exhibit 10.1 to our Current Report on Form 8-K filed on April 30, 2025.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 34
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The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of our indebtedness related to our Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC.

Unsecured Public Bond Covenants
Unsecured public bond covenants refer to financial and operating requirements that we must meet with respect to our senior notes, as set forth in our Supplemental Indentures to the Base Indenture for our Senior Notes (together, the “Indenture”). The metrics provided under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our most restrictive financial covenants, including: aggregate debt ratio, secured debt ratio, unencumbered assets ratio, and debt service ratio.

Aggregate debt ratio represents (i) total debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.

Secured debt ratio represents (i) secured debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.

Unencumbered assets ratio represents (i) total unencumbered assets, not including investments in unconsolidated joint ventures, as defined in the Indenture, divided by (ii) unsecured debt, as defined by the Indenture.

Debt service ratio represents (i) consolidated income available for debt service, as defined by the Indenture, divided by (ii) annual service charge for the trailing four quarters, calculated on a pro forma basis as if transactions during the period had occurred at the beginning of the period, as defined in the Indenture. Annual service charge includes interest expense and amortization of original issue discounts on debt, and excludes funded interest reserves, amortization of DFCs, and select nonrecurring charges.

The metrics set forth under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Indenture than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to our Current Reports on Form 8-K filed on August 6, 2021, November 5, 2021, April 5, 2022, August 2, 2023, September 26, 2024, and August 15, 2025.

The breach of any of the covenants set forth in the Indenture could result in a default of our indebtedness related to our senior notes, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC.

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



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 35
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Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024
Total revenues (Total Portfolio)$685,250 $688,166 $681,401 $674,479 $659,130 
Management fee revenues(21,662)(21,975)(22,294)(21,408)(21,080)
Total portfolio resident recoveries(45,389)(46,885)(40,944)(44,118)(38,120)
Total Core Revenues (Total Portfolio)618,199 619,306 618,163 608,953 599,930 
Non-Same Store Core Revenues(53,772)(52,692)(50,579)(46,916)(44,955)
Same Store Core Revenues$564,427 $566,614 $567,584 $562,037 $554,975 
Reconciliation of Total Revenues to Same Store Core Revenues, FY
(in thousands) (unaudited)
FY 2025FY 2024
Total revenues (Total Portfolio)$2,729,296 $2,618,942 
Management fee revenues(87,339)(69,978)
Total portfolio resident recoveries(177,336)(155,429)
Total Core Revenues (Total Portfolio)2,464,621 2,393,535 
Non-Same Store Core Revenues(203,959)(185,679)
Same Store Core Revenues$2,260,662 $2,207,856 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024
Property operating and maintenance expenses (Total Portfolio)$244,823 $259,037 $244,278 $237,449 $228,464 
Total Portfolio resident recoveries(45,389)(46,885)(40,944)(44,118)(38,120)
Core Operating Expenses (Total Portfolio)199,434 212,152 203,334 193,331 190,344 
Non-Same Store Core Operating Expenses(21,027)(24,542)(22,259)(20,577)(18,786)
Same Store Core Operating Expenses$178,407 $187,610 $181,075 $172,754 $171,558 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY
(in thousands) (unaudited)
FY 2025FY 2024
Property operating and maintenance expenses (Total Portfolio)$985,587 $935,273 
Total Portfolio resident recoveries(177,336)(155,429)
Core Operating Expenses (Total Portfolio)808,251 779,844
Non-Same Store Core Operating Expenses(88,405)(78,245)
Same Store Core Operating Expenses$719,846 $701,599 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 36
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Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024
Net income available to common stockholders$144,308 $136,474 $140,665 $165,517 $142,941 
Net income available to participating securities246 264 222 228 169 
Non-controlling interests496 472 480 537 460 
Interest expense90,878 90,781 87,414 84,254 95,158 
Depreciation and amortization189,875 188,457 185,455 183,146 181,912 
Property management expense39,485 37,073 35,833 36,739 39,238 
General and administrative23,697 18,444 23,591 29,518 23,939 
Casualty losses, impairment, and other
311 3,420 3,029 4,683 47,563 
Gain on sale of property, net of tax(54,463)(45,515)(46,591)(71,666)(103,019)
Other, net (1)
1,877 1,389 2,223 (1,144)(3,360)
Management fee revenues(21,662)(21,975)(22,294)(21,408)(21,080)
(Income) losses from investments in unconsolidated joint ventures3,717 (2,130)4,802 5,218 5,665 
NOI (Total Portfolio)418,765 407,154 414,829 415,622 409,586 
Non-Same Store NOI(32,745)(28,150)(28,320)(26,339)(26,169)
Same Store NOI$386,020 $379,004 $386,509 $389,283 $383,417 
Reconciliation of Net Income to Same Store NOI, FY
(in thousands) (unaudited)
FY 2025FY 2024
Net income available to common stockholders$586,964 $453,164 
Net income available to participating securities960 753 
Non-controlling interests1,985 1,448 
Interest expense353,327 366,070 
Depreciation and amortization746,933 714,326 
Property management expense149,130 137,490 
General and administrative95,250 90,612 
Casualty losses, impairment, and other11,443 82,925 
Gain on sale of property, net of tax(218,235)(244,550)
Other, net (1)
4,345 52,986 
Management fee revenues(87,339)(69,978)
Losses from investments in unconsolidated joint ventures11,607 28,445 
NOI (Total Portfolio)1,656,370 1,613,691 
Non-Same Store NOI(115,554)(107,434)
Same Store NOI$1,540,816 $1,506,257 
(1)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, gains and losses resulting from investments in equity securities, and other miscellaneous income and expenses.





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 37
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Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q4 2025Q4 2024FY 2025FY 2024
Net income available to common stockholders$144,308 $142,941 $586,964 $453,164 
Net income available to participating securities246 169 960 753 
Non-controlling interests496 460 1,985 1,448 
Interest expense90,878 95,158 353,327 366,070 
Interest expense in unconsolidated joint ventures6,490 5,363 25,312 26,333 
Depreciation and amortization189,875 181,912 746,933 714,326 
Depreciation and amortization of investments in unconsolidated joint ventures4,424 3,502 16,361 13,377 
EBITDA436,717 429,505 1,731,842 1,575,471 
Gain on sale of property, net of tax(54,463)(103,019)(218,235)(244,550)
Impairment on depreciated real estate investments223 176 657 506 
Net (gain) loss on sale of investments in unconsolidated joint ventures(1,586)930 (8,461)1,215 
EBITDAre
380,891 327,592 1,505,803 1,332,642 
Share-based compensation expense7,293 7,109 27,830 27,918 
Severance expense352 249 2,772 637 
Casualty losses and reserves, net (1)
125 47,526 10,924 82,700 
Other, net (2)
1,877 (3,360)4,345 52,986 
Adjusted EBITDAre
$390,538 $379,116 $1,551,674 $1,496,883 
(1)Includes our share from unconsolidated joint ventures.
(2)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, gains and losses resulting from investments in equity securities, and other miscellaneous income and expenses.
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
December 31, 2025December 31, 2024
Secured debt, net$1,384,114 $1,385,573 
Unsecured notes, net4,398,921 3,800,688 
Term loan facility, net2,451,985 2,446,041 
Revolving facility145,000 570,000 
Total Debt per Balance Sheet8,380,020 8,202,302 
Retained and repurchased certificates(55,499)(55,499)
Cash, ex-security deposits and letters of credit (1)
(167,472)(235,649)
Deferred financing costs, net54,208 60,559 
Unamortized discounts on notes payable24,171 24,336 
Net Debt (A)$8,235,428 $7,996,049 
For the TTM EndedFor the TTM Ended
December 31, 2025December 31, 2024
Adjusted EBITDAre (B)
$1,551,674 $1,496,883 
Net Debt / TTM Adjusted EBITDAre (A / B)
5.3 x5.3 x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 38
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Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q4 2025Q4 2024FY 2025FY 2024
Amortization of discounts on notes payable$893 $764 $3,303 $2,765 
Amortization of deferred financing costs5,444 5,188 21,503 18,598 
Change in fair value of interest rate derivatives— — — 1 
Amortization of swap fair value at designation553 5,252 (4,988)12,418 
Our share from unconsolidated joint ventures1,432 1,270 6,990 10,899 
Total non-cash interest expense$8,322 $12,474 $26,808 $44,681 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 39