Form 8-K

8-K — Invitation Homes Inc.

Accession: 0001687229-26-000030

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001687229

SIC: 6510 (REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — invh-20260429.htm (Primary)

EX-99.1 (q12026supplemental.htm)

GRAPHIC (image.jpg)

GRAPHIC (q1suppcover-2026_v3.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: invh-20260429.htm · Sequence: 1

invh-20260429

false000168722900016872292026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form

8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2026

Invitation Homes Inc.

(Exact Name of Registrant as Specified in its charter)

Maryland

001-38004

90-0939055

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

5420 LBJ Freeway, Suite 600

Dallas, Texas 75240

(Address of principal executive offices, including zip code)

(972) 421-3600

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, $0.01 par value

INVH

New York Stock Exchange

NYSE Texas, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On April 29, 2026, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended March 31, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press Release of Invitation Homes Inc. dated April 29, 2026, announcing results for the quarter ended March 31, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INVITATION HOMES INC.

By: /s/ Mark A. Solls

Name: Mark A. Solls

Title:

Executive Vice President, Secretary

and Chief Legal Officer

Date: April 29, 2026

EX-99.1

EX-99.1

Filename: q12026supplemental.htm · Sequence: 2

Document

Table of Contents

Earnings Press Release

3

Consolidated Financial Statements

8

Schedule 1: Reconciliation of FFO, Core FFO, and AFFO

10

Schedule 2: Capital Structure Information

11

Schedule 3: Same Store Portfolio Core Operating Detail

15

Schedule 4: Home Characteristics by Market

17

Schedule 5: Same Store Operating Information by Market

18

Schedule 6: Cost to Maintain and Capital Expenditure Detail

23

Schedule 7: Adjusted Property Management and G&A Reconciliation

24

Schedule 8: Acquisitions, Dispositions, and Development Pipeline

25

Glossary and Reconciliations

28

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

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