Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 2
Earnings Press Release
Invitation Homes Reports First Quarter 2026 Results
Dallas, TX, April 29, 2026 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our First Quarter (“Q1”) 2026 financial and operating results.
Q1 2026 Highlights
•Year over year, total revenues increased 8.8% to $734 million, property operating and maintenance costs increased 5.8% to $251 million, and net income available to common stockholders decreased 3.5% to $160 million, or $0.26 per diluted common share.
•Core FFO per share remained generally flat at $0.48, while AFFO per share declined 2.6% to $0.41, consistent with expectations and primarily timing related.
•Same Store NOI decreased 0.3% year over year, reflecting 1.6% Same Store Core Revenues growth and 5.7% Same Store Core Operating Expenses growth; these results were impacted by the expected moderation in Same Store Average Occupancy from 97.2% to 96.3% year over year and timing of expenses.
•Same Store renewal rent growth of 3.7% and Same Store new lease rent growth of (3.0)% resulted in Same Store blended rent growth of 1.6%; looking ahead, preliminary April Same Store blended rent growth is approximately 2.3%, including a return to positive new lease rent growth for the month.
•We were a net seller of 222 wholly owned homes — many to families purchasing for their own use — generating net proceeds of approximately $116 million. Wholly owned dispositions are tracking well ahead of expectations, totaling $206 million, with an average sales price of approximately $427,000 per home.
•We acquired 17,101,046 shares of our common stock for approximately $439 million under our share repurchase program. Together with repurchases completed in the fourth quarter of 2025, we repurchased a total of 19,333,731 shares at an average price of $25.86 per share for an aggregate of approximately $500 million, fully utilizing the authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new $500 million share repurchase program.
•At quarter end, we had $1,304 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility, with net debt / TTM adjusted EBITDAre of 5.6x, within our targeted range of 5.5x to 6.0x.
•As previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), an in-house development general contractor for new build-to-rent communities that is expected to be modestly accretive to our 2026 AFFO per share. During Q1 2026, ResiBuilt delivered over 300 newly constructed homes to third party customers.
•We are maintaining our previously disclosed full year 2026 outlook as detailed further below.
Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures
Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.
Comments from Chief Executive Officer Dallas Tanner
“Our teams delivered a solid first quarter in line with our expectations, providing good momentum heading into peak leasing season. Occupancy is climbing, new lease rent growth turned positive in April, and our residents continue to stay longer. In our markets, leasing one of our homes saves a family nearly a thousand dollars a month on average compared to owning. In addition, we put $500 million to work through repurchases of our stock, and our board of directors has just approved a new $500 million stock repurchase authorization — reflecting our continued confidence in the intrinsic value of our business. We are executing on our priorities, maintaining our full-year outlook, and I remain optimistic about the long-term positioning of this business.”
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 3
Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q1 2026
Q1 2025
Net income
$
0.26
$
0.27
FFO
0.43
0.45
Core FFO
0.48
0.48
AFFO
0.41
0.42
Net Income
Year over year, net income per common share — diluted for Q1 2026 decreased 2.3% to $0.26, primarily due to an increase in total expenses.
Core FFO
Year over year, Core FFO per share for Q1 2026 remained generally flat at $0.48.
AFFO
Year over year, AFFO per share for Q1 2026 declined 2.6% to $0.41, consistent with expectations and primarily timing related.
Operating Results
Same Store Operating Results Snapshot
Number of Homes, period-end
Q1 2026
Total Portfolio
85,970
Number of homes in Same Store Portfolio:
78,141
Same Store % of Total
90.9
%
Q1 2026
Q1 2025
Core Revenues growth (year over year)
1.6
%
Core Operating Expenses growth (year over year)
5.7
%
NOI growth (year over year)
(0.3)
%
Average Occupancy
96.3
%
97.2
%
Bad Debt % of gross rental revenue
0.6
%
0.6
%
Turnover Rate
5.3
%
5.0
%
Rental Rate Growth (lease-over-lease):
Renewals
3.7
%
5.2
%
New leases
(3.0)
%
(0.1)
%
Blended (1)
1.6
%
3.6
%
Other property income growth, net (year over year) (2):
10.3
%
(1)Preliminary April 2026 leasing indicates blended Rental Rate Growth for the month of 2.3%, including positive Rental Rate Growth for new leases.
(2)Represents value add service income and lease fees, net of resident recoveries, that are included within Core Revenues growth, but not included within Rental Rate Growth.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 4
Same Store NOI
For the Same Store Portfolio of 78,141 homes, Same Store NOI for Q1 2026 decreased 0.3% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 5.7%.
Same Store Core Revenues
Q1 2026 Same Store Core Revenues growth of 1.6% year over year was primarily driven by a 2.2% increase in Average Monthly Rent and a 10.3% increase in other income, net of resident recoveries, partially offset by an anticipated 90 basis point year over year decline in Average Occupancy.
Same Store Core Operating Expenses
Q1 2026 Same Store Core Operating Expenses increased 5.7% year over year, which was in line with expectations and attributable to a 12.1% increase in controllable expenses and a 2.8% increase in fixed expenses. The year over year increase in controllable expenses was primarily attributable to favorable timing of certain expense items in the prior year.
Investment, Property Management, and Homebuilding Activity
During Q1 2026, we were a net seller of 222 wholly owned homes — many to families purchasing for their own use — generating net proceeds of approximately $116 million. Wholly owned dispositions are tracking well ahead of expectations, totaling $206 million, with an average sales price of approximately $427,000 per home. In addition, during Q1 2026, our joint ventures acquired 20 homes for $7 million and sold 10 homes for $5 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 March 31, 2026
Number of Homes Owned and/or Managed as of 12/31/2025
Acquired or Added In Q1 2026
Disposed or Subtracted In Q1 2026
Number of Homes Owned and/or Managed as of 3/31/2026
Wholly owned homes
86,192
261
(483)
85,970
Joint venture owned homes
8,006
20
(10)
8,016
Managed-only homes
15,866
—
(107)
15,759
Total homes owned and/or managed
110,064
281
(600)
109,745
As previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), an in-house development general contractor for new build-to-rent communities that is expected to be modestly accretive to our 2026 AFFO per share. During Q1 2026, ResiBuilt delivered over 300 newly constructed homes to third party customers.
Balance Sheet and Capital Markets Activity
As of March 31, 2026, we had $1,304 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,873 million consisted of 84.3% unsecured debt and 15.7% secured debt; 89.5% 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 5.6x, within our targeted range of 5.5x to 6.0x. We have no debt reaching final maturity before June 2027.
We acquired 17,101,046 shares of our common stock for approximately $439 million under our share repurchase program. Together with repurchases completed in the fourth quarter of 2025, we repurchased a total of 19,333,731 shares at an average price of $25.86 per share for an aggregate of approximately $500 million, fully utilizing the authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new $500 million share repurchase program. Repurchases, if any, will be made at our discretion and are not required or guaranteed. The timing and
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 5
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.
FY 2026 Guidance
Set forth below are our current expectations, which are generally unchanged from initial guidance provided in February 2026, 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) per share, total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.
FY 2026 Guidance Summary
FY 2026 Guidance Range
FY 2026 Guidance Midpoint
Core FFO per share — diluted
$1.90 - $1.98
$1.94
AFFO per share — diluted
$1.60 - $1.68
$1.64
Same Store Core Revenues growth (1)
1.3% - 2.5%
1.9%
Same Store Core Operating Expenses growth (2)
3.0% - 4.0%
3.5%
Same Store NOI growth
0.3% - 2.0%
1.15%
Wholly owned acquisitions (3)
$150 - $350 million
$250 million
JV acquisitions (3)
$50 - $150 million
$100 million
Wholly owned dispositions
$450 - $650 million
$550 million
(1)Same Store Core Revenues growth guidance assumes FY 2026 (i) Average Occupancy in a range of 96.0% to 96.6% and (ii) average Bad Debt in a range of 60 to 80 basis points.
(2)Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 (i) property taxes in a range of 4% to 5%; (ii) insurance expenses in a range of 5% to 7%; and (iii) all other expenses in a range of approximately 1% to 2%.
(3)Excludes our acquisition of ResiBuilt in January 2026.
Earnings Conference Call Information
We have scheduled a conference call at 11:00 a.m. Eastern Time on April 30, 2026, to review Q1 2026 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.
Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from our investor relations website at www.invh.com. Following the conclusion of the earnings call, we will post a replay of the 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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 6
About Invitation Homes
Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.
Investor Relations Contact
Media Relations Contact
Scott McLaughlin
Kristi DesJarlais
844.456.INVH (4684)
844.456.INVH (4684)
IR@InvitationHomes.com
Media@InvitationHomes.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version 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, 2025 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 7
Consolidated Balance Sheets
($ in thousands, except shares and per share data)
March 31, 2026
December 31, 2025
(unaudited)
Assets:
Investments in single-family residential properties, net
$
17,114,862
$
17,274,622
Cash and cash equivalents
114,129
129,971
Restricted cash
258,850
224,894
Goodwill
314,154
258,207
Investments in unconsolidated joint ventures
250,572
254,561
Other assets, net
648,574
538,035
Total assets
$
18,701,141
$
18,680,290
Liabilities:
Secured debt, net
$
1,384,686
$
1,384,114
Unsecured notes, net
4,400,877
4,398,921
Term loan facilities, net
2,456,807
2,451,985
Revolving facility
560,000
145,000
Accounts payable and accrued expenses
257,455
230,350
Resident security deposits
187,066
184,536
Other liabilities
325,587
317,492
Total liabilities
9,572,478
9,112,398
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2026 and December 31, 2025
—
—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 593,981,591 and 610,788,732 outstanding as of March 31, 2026 and December 31, 2025, respectively
5,940
6,108
Additional paid-in capital
10,696,063
11,128,590
Accumulated deficit
(1,629,420)
(1,610,981)
Accumulated other comprehensive income
18,451
6,415
Total stockholders’ equity
9,091,034
9,530,132
Non-controlling interests
37,629
37,760
Total equity
9,128,663
9,567,892
Total liabilities and equity
$
18,701,141
$
18,680,290
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 8
Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q1 2026
Q1 2025
Revenues:
(unaudited)
(unaudited)
Rental revenues
$
597,697
$
585,193
Other property income
72,818
67,878
Management fee revenues
19,852
21,408
Homebuilding revenues
43,745
—
Total revenues
734,112
674,479
Expenses:
Property operating and maintenance
251,134
237,449
Property management expense
39,325
36,739
Homebuilding cost of sales
39,134
—
General and administrative
32,319
29,518
Interest expense
95,313
84,254
Depreciation and amortization
193,142
183,146
Casualty losses, impairment, and other
4,345
4,683
Total expenses
654,712
575,789
Gain on sale of property, net of tax
87,094
71,666
Losses from investments in unconsolidated joint ventures
(3,085)
(5,218)
Other, net
(2,344)
1,144
Net income
161,065
166,282
Net income attributable to non-controlling interests
(557)
(537)
Net income attributable to common stockholders
160,508
165,745
Net income available to participating securities
(708)
(228)
Net income available to common stockholders — basic and diluted
$
159,800
$
165,517
Weighted average common shares outstanding — basic
605,997,344
612,777,606
Weighted average common shares outstanding — diluted
606,233,573
613,361,880
Net income per common share — basic
$
0.26
$
0.27
Net income per common share — diluted
$
0.26
$
0.27
Dividends declared per common share
$
0.30
$
0.29
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 9
Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation
Q1 2026
Q1 2025
Net income available to common stockholders
$
159,800
$
165,517
Net income available to participating securities
708
228
Non-controlling interests
557
537
Depreciation and amortization of real estate assets
184,923
179,063
Impairment on depreciated real estate investments
469
63
Net gain on sale of previously depreciated investments in real estate
(87,094)
(71,666)
Depreciation and net gain on sale of investments in unconsolidated joint ventures
3,042
3,498
FFO
$
262,405
$
277,240
Core FFO Reconciliation
Q1 2026
Q1 2025
FFO
$
262,405
$
277,240
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
10,629
3,634
Share-based compensation expense
10,700
10,157
Amortization of intangible assets
2,413
—
Business reorganization costs
1,501
2,385
Casualty losses and reserves, net (1)
3,935
4,683
Losses on investments in equity and other securities, net
213
221
Core FFO
$
291,796
$
298,320
AFFO Reconciliation
Q1 2026
Q1 2025
Core FFO
$
291,796
$
298,320
Recurring Capital Expenditures (1)
(40,473)
(37,347)
AFFO
$
251,323
$
260,973
Net income available to common stockholders
Weighted average common shares outstanding — diluted
606,233,573
613,361,880
Net income per common share — diluted
$
0.26
$
0.27
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted
608,795,153
615,645,848
FFO per share — diluted
$
0.43
$
0.45
Core FFO per share — diluted
$
0.48
$
0.48
AFFO per share — diluted
$
0.41
$
0.42
(1)Includes our share from unconsolidated joint ventures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 10
Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income
Q1 2026
Q1 2025
Common shares — basic
605,997,344
612,777,606
Shares potentially issuable from vesting/conversion of equity-based awards
236,229
584,274
Total common shares — diluted
606,233,573
613,361,880
Weighted average amounts for FFO, Core FFO, and AFFO
Q1 2026
Q1 2025
Common shares — basic
605,997,344
612,777,606
OP units — basic
2,101,010
1,979,009
Shares potentially issuable from vesting/conversion of equity-based awards
696,799
889,233
Total common shares and units — diluted
608,795,153
615,645,848
Period end amounts for Core FFO and AFFO
March 31, 2026
Common shares
593,981,591
OP units
2,196,519
Shares potentially issuable from vesting/conversion of equity-based awards
494,599
Total common shares and units — diluted
596,672,709
Share Repurchase Program
($ in thousands, except shares and per share data) (unaudited)
Period
Shares Repurchased
Total Purchase Price
Price Per Share
Q4 2025
2,232,685
$
61,235
$
27.43
Q1 2026
17,101,046
438,765
25.66
Total / Average
19,333,731
$
500,000
$
25.86
Remaining Authorization as of March 31, 2026 (1)
$
—
(1)As of March 31, 2026, we fully utilized the $500 million share repurchase authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new share repurchase program to repurchase up to an additional $500 million of outstanding common shares. All repurchased shares are constructively retired and returned to an authorized and unissued status.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 11
Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of March 31, 2026
($ in thousands) (unaudited)
Wtd Avg
Wtd Avg
Interest
Years to
Debt Structure
Balance
% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$
1,388,399
15.7
%
4.0
%
2.3
Floating — swapped to fixed
—
—
%
—
%
—
Floating
—
—
%
—
%
—
Total secured
1,388,399
15.7
%
4.0
%
2.3
Unsecured:
Fixed
4,450,000
50.1
%
3.8
%
6.0
Floating — swapped to fixed
2,100,000
23.7
%
3.9
%
3.6
Floating
935,000
10.5
%
4.5
%
3.7
Total unsecured
7,485,000
84.3
%
3.9
%
5.0
Total Debt:
Fixed + floating swapped to fixed (3)
7,938,399
89.5
%
3.9
%
4.7
Floating
935,000
10.5
%
4.5
%
3.7
Total debt
8,873,399
100.0
%
3.9
%
4.6
Unamortized discounts on notes payable
(23,271)
Deferred financing costs, net
(47,758)
Total debt per Balance Sheet
8,802,370
Retained and repurchased certificates
(55,499)
Cash, ex-security deposits and letters of credit (4)
(182,985)
Deferred financing costs, net
47,758
Unamortized discounts on notes payable
23,271
Net debt
$
8,634,915
Leverage Ratios
March 31, 2026
Net Debt / TTM Adjusted EBITDAre
5.6
x
Credit Ratings
Ratings
Outlook
Fitch Ratings
BBB+
Stable
Moody’s Investors Service
Baa2
Stable
S&P Global Ratings
BBB
Stable
Unsecured Facilities Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
Actual
Requirement
Actual
Requirement
Total leverage ratio
30.9
%
≤ 60%
Aggregate debt ratio
37.1
%
≤ 65%
Secured leverage ratio
5.9
%
≤ 45%
Secured debt ratio
5.6
%
≤ 40%
Unencumbered leverage ratio
29.2
%
≤ 60%
Unencumbered assets ratio
288.8
%
≥ 150%
Fixed charge coverage ratio
4.2x
≥ 1.5x
Debt service ratio
4.3x
≥ 1.5x
Unsecured interest coverage ratio
4.9x
≥ 1.75x
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 12
Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of March 31, 2026. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.
(2)Assumes all extension options are exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(5)Covenant calculations are specifically defined in our Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the “Glossary and Reconciliations” section below. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
(6)Covenant calculations are specifically defined in our Supplemental Indentures to the Base Indenture for our Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 13
Supplemental Schedule 2(c)
Debt Maturity Schedule — As of March 31, 2026
($ in thousands) (unaudited)
Unsecured Debt
Secured
Unsecured
Term Loan
Revolving
% of
Debt Maturities, with Extensions (1)
Debt
Notes
Facilities
Facility
Total
Total
2026
$
—
$
—
$
—
$
—
$
—
—
%
2027
988,013
—
—
—
988,013
11.2
%
2028
—
750,000
—
—
750,000
8.5
%
2029
—
—
1,750,000
560,000
2,310,000
26.0
%
2030
—
450,000
725,000
—
1,175,000
13.2
%
2031
400,386
650,000
—
—
1,050,386
11.8
%
2032
—
600,000
—
—
600,000
6.8
%
2033
—
950,000
—
—
950,000
10.7
%
2034
—
400,000
—
—
400,000
4.5
%
2035
—
500,000
—
—
500,000
5.6
%
2036
—
150,000
—
—
150,000
1.7
%
1,388,399
4,450,000
2,475,000
560,000
8,873,399
100.0
%
Unamortized discounts on notes payable
(439)
(22,832)
—
—
(23,271)
Deferred financing costs, net
(3,274)
(26,291)
(18,193)
—
(47,758)
Total per Balance Sheet
$
1,384,686
$
4,400,877
$
2,456,807
$
560,000
$
8,802,370
(1)Assumes all extension options are exercised.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 14
Supplemental Schedule 3(a)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
Change
Change
Q1 2026
Q1 2025
YoY
Q4 2025
Seq
Revenues:
Rental revenues (1)
$
554,619
$
548,043
1.2
%
$
550,030
0.8
%
Other property income, net (1)(2)
24,377
22,102
10.3
%
23,591
3.3
%
Core Revenues
578,996
570,145
1.6
%
573,621
0.9
%
Fixed Expenses:
Property taxes
102,539
98,895
3.7
%
96,937
5.8
%
Insurance expenses
9,560
10,094
(5.3)
%
8,297
15.2
%
HOA expenses
10,838
10,631
1.9
%
10,749
0.8
%
Total Fixed Expenses
122,937
119,620
2.8
%
115,983
6.0
%
Controllable Expenses:
Repairs and maintenance, net (3)
23,419
20,309
15.3
%
24,139
(3.0)
%
Personnel, leasing and marketing
20,589
21,172
(2.8)
%
20,931
(1.6)
%
Turnover, net (3)
9,642
8,226
17.2
%
10,246
(5.9)
%
Utilities and property administrative, net (3)
8,697
5,908
47.2
%
9,543
(8.9)
%
Total Controllable Expenses
62,347
55,615
12.1
%
64,859
(3.9)
%
Core Operating Expenses
185,284
175,235
5.7
%
180,842
2.5
%
Net Operating Income
$
393,712
$
394,910
(0.3)
%
$
392,779
0.2
%
(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 $42,247, $41,249, and $41,594 for Q1 2026, Q1 2025, and Q4 2025, respectively.
(3)These expenses are presented net of applicable resident recoveries.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 15
Supplemental Schedule 3(b)
Same Store Quarterly Operating Trends
(unaudited)
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Average Occupancy
96.3
%
96.0
%
96.6
%
97.3
%
97.2
%
Turnover Rate
5.3
%
5.6
%
6.3
%
6.1
%
5.0
%
Trailing four quarters Turnover Rate
23.3
%
23.0
%
N/A
N/A
N/A
Average Monthly Rent
$
2,474
$
2,465
$
2,453
$
2,436
$
2,421
Rental Rate Growth (lease-over-lease):
Renewals
3.7
%
4.2
%
4.5
%
4.7
%
5.2
%
New leases
(3.0)
%
(4.2)
%
(0.7)
%
2.1
%
(0.1)
%
Blended
1.6
%
1.8
%
2.9
%
4.0
%
3.6
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 16
Supplemental Schedule 4
Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2026 (1)
(unaudited)
Number of Homes
Average Occupancy
Average Monthly Rent
Average Monthly Rent PSF
Percent of Revenue
Western United States:
Southern California
7,012
95.1
%
$
3,254
$
1.90
10.7
%
Northern California
3,965
97.0
%
2,823
1.78
5.4
%
Seattle
3,887
96.9
%
2,972
1.55
5.5
%
Phoenix
9,191
96.2
%
2,085
1.22
9.2
%
Las Vegas
3,383
95.9
%
2,266
1.15
3.7
%
Denver
2,999
92.7
%
2,636
1.43
3.6
%
Western US Subtotal
30,437
95.8
%
2,638
1.50
38.1
%
Florida:
South Florida
7,963
94.8
%
3,162
1.69
11.7
%
Tampa
9,659
94.6
%
2,297
1.22
10.8
%
Orlando
7,017
94.3
%
2,292
1.22
7.7
%
Jacksonville
2,147
93.2
%
2,204
1.12
2.2
%
Florida Subtotal
26,786
94.4
%
2,551
1.36
32.4
%
Southeast United States:
Atlanta
12,584
95.1
%
2,127
1.03
12.7
%
Carolinas
6,143
94.1
%
2,130
1.01
6.2
%
Southeast US Subtotal
18,727
94.3
%
2,138
1.03
18.9
%
Texas:
Houston
2,583
92.6
%
1,951
0.98
2.4
%
Dallas
3,568
92.4
%
2,246
1.11
3.8
%
Texas Subtotal
6,151
92.2
%
2,128
1.06
6.2
%
Midwest United States:
Chicago
2,441
94.6
%
2,589
1.61
2.9
%
Minneapolis
1,028
94.1
%
2,483
1.27
1.2
%
Midwest US Subtotal
3,469
94.4
%
2,558
1.49
4.1
%
Other (2):
400
80.4
%
2,048
1.07
0.3
%
Total / Average
85,970
94.8
%
$
2,458
$
1.30
100.0
%
Same Store Total / Average
78,141
96.3
%
$
2,474
$
1.32
92.7
%
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 17
Supplemental Schedule 5(a)
Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent
Average Occupancy
Core Revenues
YoY, Q1 2026
# Homes
Q1 2026
Q1 2025
Change
Q1 2026
Q1 2025
Change
Q1 2026
Q1 2025
Change
Western United States:
Southern California
6,461
$
3,256
$
3,144
3.6
%
97.9
%
98.4
%
(0.5)
%
$
63,301
$
61,287
3.3
%
Northern California
3,807
2,822
2,771
1.8
%
97.9
%
98.6
%
(0.7)
%
32,443
32,055
1.2
%
Seattle
3,853
2,973
2,922
1.7
%
97.4
%
97.8
%
(0.4)
%
34,307
33,790
1.5
%
Phoenix
8,769
2,077
2,063
0.7
%
96.4
%
97.5
%
(1.1)
%
55,421
55,277
0.3
%
Las Vegas
3,055
2,266
2,229
1.7
%
96.3
%
97.6
%
(1.3)
%
20,811
20,650
0.8
%
Denver
2,443
2,649
2,593
2.2
%
95.5
%
97.0
%
(1.5)
%
19,196
19,115
0.4
%
Western US Subtotal
28,388
2,639
2,586
2.0
%
97.0
%
97.9
%
(0.9)
%
225,479
222,174
1.5
%
Florida:
South Florida
7,636
3,178
3,099
2.5
%
96.1
%
97.1
%
(1.0)
%
72,288
70,839
2.0
%
Tampa
8,403
2,316
2,298
0.8
%
96.0
%
96.2
%
(0.2)
%
58,761
57,918
1.5
%
Orlando
6,538
2,290
2,255
1.6
%
95.9
%
97.4
%
(1.5)
%
45,196
45,130
0.1
%
Jacksonville
1,932
2,217
2,177
1.8
%
96.6
%
97.8
%
(1.2)
%
12,985
12,904
0.6
%
Florida Subtotal
24,509
2,570
2,527
1.7
%
96.0
%
96.9
%
(0.9)
%
189,230
186,791
1.3
%
Southeast United States:
Atlanta
11,871
2,126
2,073
2.6
%
95.8
%
96.8
%
(1.0)
%
74,738
73,261
2.0
%
Carolinas
5,356
2,145
2,081
3.1
%
95.5
%
97.2
%
(1.7)
%
34,382
33,750
1.9
%
Southeast US Subtotal
17,227
2,132
2,076
2.7
%
95.7
%
96.9
%
(1.2)
%
109,120
107,011
2.0
%
Texas:
Houston
1,916
1,946
1,919
1.4
%
96.7
%
97.0
%
(0.3)
%
11,406
11,205
1.8
%
Dallas
2,666
2,292
2,277
0.7
%
95.2
%
96.4
%
(1.2)
%
18,332
18,408
(0.4)
%
Texas Subtotal
4,582
2,146
2,127
0.9
%
95.8
%
96.7
%
(0.9)
%
29,738
29,613
0.4
%
Midwest United States:
Chicago
2,389
2,590
2,444
6.0
%
95.5
%
97.4
%
(1.9)
%
17,818
17,218
3.5
%
Minneapolis
1,020
2,484
2,366
5.0
%
95.0
%
95.1
%
(0.1)
%
7,451
7,169
3.9
%
Midwest US Subtotal
3,409
2,558
2,421
5.7
%
95.3
%
96.7
%
(1.4)
%
25,269
24,387
3.6
%
Other (1):
26
2,185
2,195
(0.5)
%
91.2
%
97.2
%
(6.0)
%
160
169
(5.3)
%
Total / Average
78,141
$
2,474
$
2,421
2.2
%
96.3
%
97.2
%
(0.9)
%
$
578,996
$
570,145
1.6
%
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 18
Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent
Average Occupancy
Core Revenues
Seq, Q1 2026
# Homes
Q1 2026
Q4 2025
Change
Q1 2026
Q4 2025
Change
Q1 2026
Q4 2025
Change
Western United States:
Southern California
6,461
$
3,256
$
3,230
0.8
%
97.9
%
98.0
%
(0.1)
%
$
63,301
$
63,029
0.4
%
Northern California
3,807
2,822
2,812
0.4
%
97.9
%
97.6
%
0.3
%
32,443
32,169
0.9
%
Seattle
3,853
2,973
2,957
0.5
%
97.4
%
97.3
%
0.1
%
34,307
34,020
0.8
%
Phoenix
8,769
2,077
2,075
0.1
%
96.4
%
95.7
%
0.7
%
55,421
54,859
1.0
%
Las Vegas
3,055
2,266
2,256
0.4
%
96.3
%
96.3
%
—
%
20,811
20,751
0.3
%
Denver
2,443
2,649
2,655
(0.2)
%
95.5
%
95.0
%
0.5
%
19,196
19,106
0.5
%
Western US Subtotal
28,388
2,639
2,630
0.3
%
97.0
%
96.7
%
0.3
%
225,479
223,934
0.7
%
Florida:
South Florida
7,636
3,178
3,163
0.5
%
96.1
%
95.8
%
0.3
%
72,288
71,298
1.4
%
Tampa
8,403
2,316
2,317
—
%
96.0
%
95.9
%
0.1
%
58,761
58,551
0.4
%
Orlando
6,538
2,290
2,286
0.2
%
95.9
%
95.4
%
0.5
%
45,196
44,837
0.8
%
Jacksonville
1,932
2,217
2,209
0.4
%
96.6
%
95.9
%
0.7
%
12,985
12,798
1.5
%
Florida Subtotal
24,509
2,570
2,564
0.2
%
96.0
%
95.7
%
0.3
%
189,230
187,484
0.9
%
Southeast United States:
Atlanta
11,871
2,126
2,117
0.4
%
95.8
%
95.5
%
0.3
%
74,738
73,604
1.5
%
Carolinas
5,356
2,145
2,129
0.8
%
95.5
%
95.3
%
0.2
%
34,382
34,021
1.1
%
Southeast US Subtotal
17,227
2,132
2,120
0.6
%
95.7
%
95.4
%
0.3
%
109,120
107,625
1.4
%
Texas:
Houston
1,916
1,946
1,944
0.1
%
96.7
%
95.7
%
1.0
%
11,406
11,234
1.5
%
Dallas
2,666
2,292
2,290
0.1
%
95.2
%
95.4
%
(0.2)
%
18,332
18,331
—
%
Texas Subtotal
4,582
2,146
2,145
—
%
95.8
%
95.5
%
0.3
%
29,738
29,565
0.6
%
Midwest United States:
Chicago
2,389
2,590
2,559
1.2
%
95.5
%
95.5
%
—
%
17,818
17,498
1.8
%
Minneapolis
1,020
2,484
2,470
0.6
%
95.0
%
94.5
%
0.5
%
7,451
7,362
1.2
%
Midwest US Subtotal
3,409
2,558
2,533
1.0
%
95.3
%
95.2
%
0.1
%
25,269
24,860
1.6
%
Other (1):
26
2,185
2,248
(2.8)
%
91.2
%
85.8
%
5.4
%
160
153
4.6
%
Total / Average
78,141
$
2,474
$
2,465
0.4
%
96.3
%
96.0
%
0.3
%
$
578,996
$
573,621
0.9
%
(1) Includes 26 Same Store homes located in Nashville..
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 19
Supplemental Schedule 5(b)
Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core Revenues
Core Operating Expenses
Net Operating Income
Core NOI Margin
YoY, Q1 2026
Q1 2026
Q1 2025
Change
Q1 2026
Q1 2025
Change
Q1 2026
Q1 2025
Change
Q1 2026
Q1 2025
Western United States:
Southern California
$
63,301
$
61,287
3.3
%
$
16,135
$
15,972
1.0
%
$
47,166
$
45,315
4.1
%
74.5
%
73.9
%
Northern California
32,443
32,055
1.2
%
8,476
7,677
10.4
%
23,967
24,378
(1.7)
%
73.9
%
76.1
%
Seattle
34,307
33,790
1.5
%
9,642
8,639
11.6
%
24,665
25,151
(1.9)
%
71.9
%
74.4
%
Phoenix
55,421
55,277
0.3
%
11,554
10,185
13.4
%
43,867
45,092
(2.7)
%
79.2
%
81.6
%
Las Vegas
20,811
20,650
0.8
%
4,859
4,476
8.6
%
15,952
16,174
(1.4)
%
76.7
%
78.3
%
Denver
19,196
19,115
0.4
%
4,242
4,078
4.0
%
14,954
15,037
(0.6)
%
77.9
%
78.7
%
Western US Subtotal
225,479
222,174
1.5
%
54,908
51,027
7.6
%
170,571
171,147
(0.3)
%
75.6
%
77.0
%
Florida:
South Florida
72,288
70,839
2.0
%
28,642
27,554
3.9
%
43,646
43,285
0.8
%
60.4
%
61.1
%
Tampa
58,761
57,918
1.5
%
22,142
21,631
2.4
%
36,619
36,287
0.9
%
62.3
%
62.7
%
Orlando
45,196
45,130
0.1
%
16,701
15,884
5.1
%
28,495
29,246
(2.6)
%
63.0
%
64.8
%
Jacksonville
12,985
12,904
0.6
%
4,791
4,513
6.2
%
8,194
8,391
(2.3)
%
63.1
%
65.0
%
Florida Subtotal
189,230
186,791
1.3
%
72,276
69,582
3.9
%
116,954
117,209
(0.2)
%
61.8
%
62.7
%
Southeast United States:
Atlanta
74,738
73,261
2.0
%
26,134
24,695
5.8
%
48,604
48,566
0.1
%
65.0
%
66.3
%
Carolinas
34,382
33,750
1.9
%
9,749
9,378
4.0
%
24,633
24,372
1.1
%
71.6
%
72.2
%
Southeast US Subtotal
109,120
107,011
2.0
%
35,883
34,073
5.3
%
73,237
72,938
0.4
%
67.1
%
68.2
%
Texas:
Houston
11,406
11,205
1.8
%
4,974
4,676
6.4
%
6,432
6,529
(1.5)
%
56.4
%
58.3
%
Dallas
18,332
18,408
(0.4)
%
6,541
6,028
8.5
%
11,791
12,380
(4.8)
%
64.3
%
67.3
%
Texas Subtotal
29,738
29,613
0.4
%
11,515
10,704
7.6
%
18,223
18,909
(3.6)
%
61.3
%
63.9
%
Midwest United States:
Chicago
17,818
17,218
3.5
%
8,006
7,450
7.5
%
9,812
9,768
0.5
%
55.1
%
56.7
%
Minneapolis
7,451
7,169
3.9
%
2,639
2,354
12.1
%
4,812
4,815
(0.1)
%
64.6
%
67.2
%
Midwest US Subtotal
25,269
24,387
3.6
%
10,645
9,804
8.6
%
14,624
14,583
0.3
%
57.9
%
59.8
%
Other (1):
160
169
(5.3)
%
57
45
26.7
%
103
124
(16.9)
%
64.4
%
73.4
%
Total / Average
$
578,996
$
570,145
1.6
%
$
185,284
$
175,235
5.7
%
$
393,712
$
394,910
(0.3)
%
68.0
%
69.3
%
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 20
Supplemental Schedule 5(b) (Continued)
Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core Revenues
Core Operating Expenses
Net Operating Income
Core NOI Margin
Seq, Q1 2026
Q1 2026
Q4 2025
Change
Q1 2026
Q4 2025
Change
Q1 2026
Q4 2025
Change
Q1 2026
Q4 2025
Western United States:
Southern California
$
63,301
$
63,029
0.4
%
$
16,135
$
16,349
(1.3)
%
$
47,166
$
46,680
1.0
%
74.5
%
74.1
%
Northern California
32,443
32,169
0.9
%
8,476
8,281
2.4
%
23,967
23,888
0.3
%
73.9
%
74.3
%
Seattle
34,307
34,020
0.8
%
9,642
9,096
6.0
%
24,665
24,924
(1.0)
%
71.9
%
73.3
%
Phoenix
55,421
54,859
1.0
%
11,554
11,252
2.7
%
43,867
43,607
0.6
%
79.2
%
79.5
%
Las Vegas
20,811
20,751
0.3
%
4,859
4,822
0.8
%
15,952
15,929
0.1
%
76.7
%
76.8
%
Denver
19,196
19,106
0.5
%
4,242
3,953
7.3
%
14,954
15,153
(1.3)
%
77.9
%
79.3
%
Western US Subtotal
225,479
223,934
0.7
%
54,908
53,753
2.1
%
170,571
170,181
0.2
%
75.6
%
76.0
%
Florida:
South Florida
72,288
71,298
1.4
%
28,642
27,838
2.9
%
43,646
43,460
0.4
%
60.4
%
61.0
%
Tampa
58,761
58,551
0.4
%
22,142
21,676
2.1
%
36,619
36,875
(0.7)
%
62.3
%
63.0
%
Orlando
45,196
44,837
0.8
%
16,701
16,325
2.3
%
28,495
28,512
(0.1)
%
63.0
%
63.6
%
Jacksonville
12,985
12,798
1.5
%
4,791
4,732
1.2
%
8,194
8,066
1.6
%
63.1
%
63.0
%
Florida Subtotal
189,230
187,484
0.9
%
72,276
70,571
2.4
%
116,954
116,913
—
%
61.8
%
62.4
%
Southeast United States:
Atlanta
74,738
73,604
1.5
%
26,134
25,094
4.1
%
48,604
48,510
0.2
%
65.0
%
65.9
%
Carolinas
34,382
34,021
1.1
%
9,749
9,725
0.2
%
24,633
24,296
1.4
%
71.6
%
71.4
%
Southeast US Subtotal
109,120
107,625
1.4
%
35,883
34,819
3.1
%
73,237
72,806
0.6
%
67.1
%
67.6
%
Texas:
Houston
11,406
11,234
1.5
%
4,974
4,801
3.6
%
6,432
6,433
—
%
56.4
%
57.3
%
Dallas
18,332
18,331
—
%
6,541
6,041
8.3
%
11,791
12,290
(4.1)
%
64.3
%
67.0
%
Texas Subtotal
29,738
29,565
0.6
%
11,515
10,842
6.2
%
18,223
18,723
(2.7)
%
61.3
%
63.3
%
Midwest United States:
Chicago
17,818
17,498
1.8
%
8,006
8,177
(2.1)
%
9,812
9,321
5.3
%
55.1
%
53.3
%
Minneapolis
7,451
7,362
1.2
%
2,639
2,633
0.2
%
4,812
4,729
1.8
%
64.6
%
64.2
%
Midwest US Subtotal
25,269
24,860
1.6
%
10,645
10,810
(1.5)
%
14,624
14,050
4.1
%
57.9
%
56.5
%
Other (1):
160
153
4.6
%
57
47
21.3
%
103
106
(2.8)
%
64.4
%
69.3
%
Total / Average
$
578,996
$
573,621
0.9
%
$
185,284
$
180,842
2.5
%
$
393,712
$
392,779
0.2
%
68.0
%
68.5
%
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 21
Supplemental Schedule 5(c)
Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q1 2026
Renewal
New
Blended
Leases
Leases
Average
Western United States:
Southern California
5.0
%
2.1
%
4.4
%
Northern California
2.7
%
0.2
%
2.1
%
Seattle
4.8
%
0.1
%
3.5
%
Phoenix
2.9
%
(5.8)
%
—
%
Las Vegas
3.1
%
(4.5)
%
0.6
%
Denver
2.4
%
(3.2)
%
0.3
%
Western US Subtotal
3.7
%
(2.4)
%
2.0
%
Florida:
South Florida
4.9
%
(4.1)
%
2.1
%
Tampa
2.6
%
(5.6)
%
—
%
Orlando
3.1
%
(3.4)
%
0.8
%
Jacksonville
3.3
%
(2.9)
%
1.4
%
Florida Subtotal
3.7
%
(4.3)
%
1.1
%
Southeast United States:
Atlanta
3.8
%
(2.8)
%
1.6
%
Carolinas
3.3
%
(1.9)
%
1.7
%
Southeast US Subtotal
3.7
%
(2.5)
%
1.6
%
Texas:
Houston
2.1
%
(5.9)
%
(0.1)
%
Dallas
2.6
%
(6.0)
%
0.1
%
Texas Subtotal
2.4
%
(5.9)
%
—
%
Midwest United States:
Chicago
6.5
%
4.2
%
5.8
%
Minneapolis
5.5
%
1.1
%
3.8
%
Midwest US Subtotal
6.3
%
3.2
%
5.3
%
Other (1):
7.2
%
(1.2)
%
3.2
%
Total / Average
3.7
%
(3.0)
%
1.6
%
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 22
Supplemental Schedule 6
Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
Total
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
R&M OpEx, net
$
23,419
$
24,139
$
30,664
$
26,208
$
20,309
Turn OpEx, net
9,642
10,246
11,755
9,762
8,226
Total recurring operating expenses, net
$
33,061
$
34,385
$
42,419
$
35,970
$
28,535
R&M CapEx
$
26,776
$
26,290
$
35,504
$
28,745
$
24,892
Turn CapEx
9,332
9,838
11,039
9,553
8,456
Total Recurring Capital Expenditures
$
36,108
$
36,128
$
46,543
$
38,298
$
33,348
R&M OpEx, net + R&M CapEx
$
50,195
$
50,429
$
66,168
$
54,953
$
45,201
Turn OpEx, net + Turn CapEx
18,974
20,084
22,794
19,315
16,682
Total Cost to Maintain, net
$
69,169
$
70,513
$
88,962
$
74,268
$
61,883
Per Home
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Total Cost to Maintain, net
$
885
$
902
$
1,138
$
950
$
792
(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.
Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
Total
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Recurring CapEx
$
40,058
$
40,112
$
51,719
$
42,949
$
37,092
Value Enhancing CapEx
12,618
14,904
21,370
18,314
13,023
Initial Renovation CapEx
4,068
5,708
6,927
8,269
6,869
Disposition CapEx
1,033
904
862
869
952
Total Capital Expenditures
$
57,777
$
61,628
$
80,878
$
70,401
$
57,936
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 23
Supplemental Schedule 7
Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management Expense
Q1 2026
Q1 2025
Property management expense (GAAP)
$
39,325
$
36,739
Adjustments:
Share-based compensation expense
(2,926)
(1,651)
Adjusted property management expense
$
36,399
$
35,088
Adjusted G&A Expense
Q1 2026
Q1 2025
G&A expense (GAAP)
$
32,319
$
29,518
Adjustments:
Share-based compensation expense
(7,774)
(8,506)
Business reorganization costs
(1,501)
(2,385)
Adjusted G&A expense
$
23,044
$
18,627
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 24
Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)
December 31, 2025
Q1 2026 Acquisitions (1)
Q1 2026 Dispositions (2)
March 31, 2026
Homes
Homes
Avg. Est.
Homes
Average
Homes
Owned
Acq.
Cost Basis
Sold
Sales Price
Owned
Wholly Owned Portfolio
Western United States:
Southern California
7,100
—
$
—
88
$
634,764
7,012
Northern California
3,997
—
—
32
481,202
3,965
Seattle
3,908
—
—
21
598,376
3,887
Phoenix
9,200
—
—
9
324,611
9,191
Las Vegas
3,391
—
—
8
483,494
3,383
Denver
2,954
51
407,972
6
434,567
2,999
Western US Subtotal
30,550
51
407,972
164
568,417
30,437
Florida:
South Florida
8,058
1
416,343
96
443,586
7,963
Tampa
9,702
26
318,666
69
299,323
9,659
Orlando
6,973
74
411,102
30
323,335
7,017
Jacksonville
2,158
1
324,838
12
434,650
2,147
Florida Subtotal
26,891
102
386,746
207
377,553
26,786
Southeast United States:
Atlanta
12,624
11
306,761
51
303,367
12,584
Carolinas
6,157
—
—
14
362,321
6,143
Southeast US Subtotal
18,781
11
306,761
65
316,065
18,727
Texas:
Houston
2,559
36
282,787
12
236,867
2,583
Dallas
3,554
34
245,088
20
314,715
3,568
Texas Subtotal
6,113
70
264,476
32
285,522
6,151
Midwest United States:
Chicago
2,448
—
—
7
353,246
2,441
Minneapolis
1,035
—
—
7
317,557
1,028
Midwest US Subtotal
3,483
—
—
14
335,402
3,469
Other (3):
374
27
309,036
1
421,050
400
Total / Average
86,192
261
$
346,691
483
$
426,856
85,970
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,605
—
$
—
—
$
—
2,605
2022 Rockpoint JV (5)
389
18
371,395
—
—
407
FNMA JV (6)
320
—
—
9
496,455
311
Pathway Homes (7)
853
2
396,662
1
532,419
854
Upward America JV (8)
3,720
—
—
—
—
3,720
2024 Peregrine JV (9)
119
—
—
—
—
119
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 25
Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.0%. Stabilized cap rate represents forecasted nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 2.2%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)Includes homes located in San Antonio, Salt Lake City, Austin, and 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.
Q1 2026 Earnings Release and Supplemental Information — page 26
Supplemental Schedule 8(b)
Expected Development Pipeline of New Homes — As of March 31, 2026
(unaudited)
Pipeline as of
March 31, 2026 (1)(2)
Estimated Deliveries in Q2-Q4 2026
Estimated Deliveries Thereafter
Avg. Estimated Cost Basis Per Home
Denver
81
81
—
$
410,000
Tampa
91
70
21
310,000
Orlando
133
92
41
440,000
Atlanta
108
76
32
330,000
Carolinas
43
38
5
430,000
Houston
49
49
—
310,000
Dallas
4
4
—
290,000
Other
47
47
—
370,000
Total / Average
556
457
99
$
370,000
(1)Represents the number of new homes as of March 31, 2026 that are under contract to be built and delivered during a future period to Invitation Homes or one of our joint ventures.
(2)Pipeline rollforward:
Pipeline as of December 31, 2025
887
Q1 2026 additions and cancellations (net)
(76)
Q1 2026 deliveries
(255)
Pipeline as of March 31, 2026
556
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 27
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.
Q1 2026 Earnings Release and Supplemental Information — page 28
compensation expense; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; 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; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and (gains) losses on investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserve the value and maintain the functionality of our homes. Where appropriate, 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.
Q1 2026 Earnings Release and Supplemental Information — page 29
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.
Q1 2026 Earnings Release and Supplemental Information — page 30
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.
Q1 2026 Earnings Release and Supplemental Information — page 31
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, 2025, 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, 2025, 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.
Q1 2026 Earnings Release and Supplemental Information — page 32
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Total revenues (Total Portfolio)
$
734,112
$
685,250
$
688,166
$
681,401
$
674,479
Management fee revenues
(19,852)
(21,662)
(21,975)
(22,294)
(21,408)
Homebuilding revenues
(43,745)
—
—
—
—
Total portfolio resident recoveries
(46,072)
(45,389)
(46,885)
(40,944)
(44,118)
Total Core Revenues (Total Portfolio)
624,443
618,199
619,306
618,163
608,953
Non-Same Store Core Revenues
(45,447)
(44,578)
(44,429)
(42,399)
(38,808)
Same Store Core Revenues
$
578,996
$
573,621
$
574,877
$
575,764
$
570,145
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Property operating and maintenance expenses (Total Portfolio)
$
251,134
$
244,823
$
259,037
$
244,278
$
237,449
Total Portfolio resident recoveries
(46,072)
(45,389)
(46,885)
(40,944)
(44,118)
Core Operating Expenses (Total Portfolio)
205,062
199,434
212,152
203,334
193,331
Non-Same Store Core Operating Expenses
(19,778)
(18,592)
(21,833)
(19,453)
(18,096)
Same Store Core Operating Expenses
$
185,284
$
180,842
$
190,319
$
183,881
$
175,235
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Net income available to common stockholders
$
159,800
$
144,308
$
136,474
$
140,665
$
165,517
Net income available to participating securities
708
246
264
222
228
Non-controlling interests
557
496
472
480
537
Management fee revenues
(19,852)
(21,662)
(21,975)
(22,294)
(21,408)
Homebuilding revenues
(43,745)
—
—
—
—
Property management expense
39,325
39,485
37,073
35,833
36,739
Homebuilding cost of sales
39,134
—
—
—
—
General and administrative
32,319
23,697
18,444
23,591
29,518
Interest expense
95,313
90,878
90,781
87,414
84,254
Depreciation and amortization
193,142
189,875
188,457
185,455
183,146
Casualty losses, impairment, and other
4,345
311
3,420
3,029
4,683
Gain on sale of property, net of tax
(87,094)
(54,463)
(45,515)
(46,591)
(71,666)
(Income) losses from investments in unconsolidated joint ventures
3,085
3,717
(2,130)
4,802
5,218
Other, net (1)
2,344
1,877
1,389
2,223
(1,144)
NOI (Total Portfolio)
419,381
418,765
407,154
414,829
415,622
Non-Same Store NOI
(25,669)
(25,986)
(22,596)
(22,946)
(20,712)
Same Store NOI
$
393,712
$
392,779
$
384,558
$
391,883
$
394,910
(1)Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 33
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Trailing Twelve Months (TTM) Ended
Q1 2026
Q1 2025
March 31, 2026
December 31, 2025
Net income available to common stockholders
$
159,800
$
165,517
$
581,247
$
586,964
Net income available to participating securities
708
228
1,440
960
Non-controlling interests
557
537
2,005
1,985
Interest expense
95,313
84,254
364,386
353,327
Interest expense in unconsolidated joint ventures
6,127
5,626
25,813
25,312
Depreciation and amortization
193,142
183,146
756,929
746,933
Depreciation and amortization of investments in unconsolidated joint ventures
4,468
3,662
17,167
16,361
EBITDA
460,115
442,970
1,748,987
1,731,842
Gain on sale of property, net of tax
(87,094)
(71,666)
(233,663)
(218,235)
Impairment on depreciated real estate investments
469
63
1,063
657
Net gain on sale of investments in unconsolidated joint ventures
(1,421)
(145)
(9,737)
(8,461)
EBITDAre
372,069
371,222
1,506,650
1,505,803
Share-based compensation expense
10,700
10,157
28,373
27,830
Business reorganization costs
1,501
2,385
1,888
2,772
Casualty losses and reserves, net (1)
3,935
4,683
10,176
10,924
Other, net (2)
2,344
(1,144)
7,833
4,345
Adjusted EBITDAre
$
390,549
$
387,303
$
1,554,920
$
1,551,674
(1)Includes our share from unconsolidated joint ventures.
(2)Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 34
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As of
As of
March 31, 2026
December 31, 2025
Secured debt, net
$
1,384,686
$
1,384,114
Unsecured notes, net
4,400,877
4,398,921
Term loan facility, net
2,456,807
2,451,985
Revolving facility
560,000
145,000
Total Debt per Balance Sheet
8,802,370
8,380,020
Retained and repurchased certificates
(55,499)
(55,499)
Cash, ex-security deposits and letters of credit (1)
(182,985)
(167,472)
Deferred financing costs, net
47,758
54,208
Unamortized discounts on notes payable
23,271
24,171
Net Debt (A)
$
8,634,915
$
8,235,428
For the TTM Ended
For the TTM Ended
March 31, 2026
December 31, 2025
Adjusted EBITDAre (B)
$
1,554,920
$
1,551,674
Net Debt / TTM Adjusted EBITDAre (A / B)
5.6
x
5.3
x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q1 2026
Q1 2025
Amortization of discounts on notes payable
$
900
$
781
Amortization of deferred financing costs
8,052
4,982
Change in fair value of interest rate derivatives
—
—
Amortization of swap fair value at designation
541
(3,731)
Our share from unconsolidated joint ventures
1,136
1,602
Total non-cash interest expense
$
10,629
$
3,634
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2026 Earnings Release and Supplemental Information — page 35
