Invitation Homes Reports Third Quarter 2025 Results

DALLAS--( BUSINESS WIRE)--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 Third Quarter (“Q3”) 2025 financial and operating results.

Q3 2025 Highlights

Comments from Chief Executive Officer Dallas Tanner

“Our third quarter results showcased our robust Same Store renewal rate growth and sustained momentum in Core FFO per share. These achievements underscore the strength of our platform and the effectiveness of our operating strategy. In recognition of our year to date performance, we have raised our full year 2025 guidance midpoints for Core FFO per share and AFFO per share by one cent each to $1.92 and $1.62, respectively, and Same Store NOI growth by 25 basis points to 2.25%. I want to extend my sincere thanks to our teams across the country for their dedication, as well as to our customers for their loyalty and trust in Invitation Homes. By continuing to prioritize resident experience, operational excellence, and disciplined capital allocation, we believe we are well-positioned to deliver strong results and long-term value for our stockholders.”

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.

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted

Q3 2025

Q3 2024

YTD 2025

YTD 2024

Net income

0.22

0.15

0.72

0.51

FFO

0.44

0.37

1.35

1.14

Core FFO

0.47

1.43

1.41

AFFO

0.38

1.22

1.19

Net Income

Net income per common share — diluted for Q3 2025 was $0.22, compared to net income per common share — diluted of $0.15 for Q3 2024. Total revenues and total property operating and maintenance expenses for Q3 2025 were $688 million and $259 million, respectively, compared to $660 million and $242 million, respectively, for Q3 2024.

Net income per common share — diluted for YTD 2025 was $0.72, compared to net income per share — diluted of $0.51 for YTD 2024. Total revenues and total property operating and maintenance expenses for YTD 2025 were $2,044 million and $741 million, respectively, compared to $1,960 million and $707 million, respectively, for YTD 2024.

Core FFO

Year over year, Core FFO per share for Q3 2025 increased 0.4% to $0.47, while Core FFO per share for YTD 2025 increased 1.9% to $1.43, primarily due to NOI growth.

AFFO

Year over year, AFFO per share for Q3 2025 increased 0.1% to $0.38, while AFFO per share for YTD 2025 increased 2.5% to $1.22, primarily due to the increase in Core FFO per share described above.

Operating Results

Same Store Operating Results Snapshot

Number of homes in Same Store Portfolio:

77,284

Q3 2025

Q3 2024

YTD 2025

YTD 2024

Core Revenues growth (year over year)

2.3

2.5

Core Operating Expenses growth (year over year)

4.9

2.2

NOI growth (year over year)

1.1

2.7

Average Occupancy

96.5

97.1

97.0

97.5

Bad Debt % of gross rental revenue

0.7

0.9

0.6

0.8

Turnover Rate

6.4

6.1

17.4

17.6

Rental Rate Growth (lease-over-lease):

Renewals

4.5

4.2

4.8

5.1

New Leases

(0.6

1.6

0.5

2.0

Blended

3.0

3.5

4.2

Same Store NOI

For the Same Store Portfolio of 77,284 homes, Same Store NOI for Q3 2025 increased 1.1% year over year on Same Store Core Revenues growth of 2.3% and Same Store Core Operating Expenses growth of 4.9%.

YTD 2025 Same Store NOI increased 2.7% year over year on Same Store Core Revenues growth of 2.5% and Same Store Core Operating Expenses growth of 2.2%.

Same Store Core Revenues

Same Store Core Revenues growth for Q3 2025 of 2.3% year over year was primarily driven by a 2.5% increase in Average Monthly Rent, a 7.7% increase in other income, net of resident recoveries, and a 20 basis point improvement in Same Store Bad Debt, partially offset by a 60 basis point year over year decline in Average Occupancy.

YTD 2025 Same Store Core Revenues growth of 2.5% year over year was primarily driven by a 2.8% increase in Average Monthly Rent, a 5.8% increase in other income, net of resident recoveries, and a 20 basis point improvement in Same Store Bad Debt, partially offset by a 50 basis point year over year decline in Average Occupancy.

Same Store Core Operating Expenses

Same Store Core Operating Expenses for Q3 2025 increased 4.9% year over year, primarily attributable to a 7.4% increase in controllable expenses and a 3.4% increase in fixed expenses.

YTD 2025 Same Store Core Operating Expenses increased 2.2% year over year, primarily driven by a 1.9% increase in fixed expenses and a 2.9% increase in controllable expenses.

Investment and Property Management Activity

Acquisitions for Q3 2025 totaled 749 homes for approximately $260 million through our various acquisition channels. This included 526 wholly owned homes for approximately $179 million and 223 homes for approximately $81 million in our joint ventures. Dispositions for Q3 2025 included 292 wholly owned homes for gross proceeds of approximately $112 million and 24 homes for gross proceeds of approximately $10 million in our joint ventures.

Year to date through Q3 2025, we acquired 2,042 wholly owned homes for $689 million and 378 homes for $134 million in our joint ventures. We also sold 1,041 wholly owned homes for $396 million and 103 homes for $46 million in our joint ventures.

A summary of our owned and/or managed homes is included in the following table:

Summary of Homes Owned and/or Managed As Of September 30, 2025

Number of Homes Owned and/or Managed as of 6/30/2025

Acquired or Added In

Q3 2025

Disposed or Subtracted In Q3 2025

Number of Homes Owned and/or Managed as of 9/30/2025

Wholly owned homes

85,905

526

(292)

86,139

Joint venture owned homes

7,698

223

(24)

7,897

Managed-only homes

16,785

—

(634)

16,151

Total homes owned and/or managed

110,388

749

(950)

110,187

Balance Sheet and Capital Markets Activity

As of September 30, 2025, we had $1,905 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,313 million consisted of 83.3% unsecured debt and 16.7% secured debt; 95.5% 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 5.2x. We have no debt reaching final maturity before 2027.

As previously announced, on August 15, 2025 we closed a public offering of $600 million aggregate principal amount of 4.950% Senior Notes due 2033. Further, as previously announced, on August 15, 2025 our common stock was dual listed on NYSE Texas, a new fully electronic equities exchange headquartered in Dallas, under the same INVH ticker symbol while maintaining our primary listing on the NYSE.

In addition, this week our Board of Directors authorized a share repurchase program under which we may acquire shares of our common stock in open market or negotiated transactions up to an aggregate purchase price of $500 million. We view this as a tool that is part of a disciplined capital allocation plan and an ordinary course approach to enhancing shareholder value. Repurchases, if any, will be made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.

FY 2025 Guidance

We have raised our full year 2025 guidance midpoints for Core FFO per share and AFFO per share by one cent each to $1.92 and $1.62, respectively, and Same Store NOI growth by 25 basis points to 2.25%, as set forth below in addition to our underlying assumptions. In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.

FY 2025 Guidance Summary

Current

Guidance Range

Current

Guidance

Midpoint

Prior

Guidance

Midpoint

Change in Guidance Midpoint

Core FFO per share — diluted

$1.90 to $1.94

$1.92

$1.91

$0.01

AFFO per share — diluted

$1.60 to $1.64

$1.62

$1.61

$0.01

Same Store Core Revenues growth

2.0% to 3.0%

2.5%

0 bps

Same Store Core Operating Expenses growth

2.0% to 3.5%

2.75%

3.5%

-75 bps

Same Store NOI growth

1.75% to 2.75%

2.25%

2.0%

25 bps

Wholly owned acquisitions (1)

$750 million to

$850 million

$800 million

$600 million

$200 million

JV acquisitions

$100 million to

$200 million

$150 million

$— million

Wholly owned dispositions

$400 million to

$600 million

$500 million

$— million

(1)

The increase in wholly owned acquisitions guidance reflects $689 million in year to date activity through Q3 2025, plus anticipated Q4 2025 acquisitions from our homebuilder partner pipeline and/or opportunistic one-off acquisitions via homebuilder month-end inventory.

Earnings Conference Call Information

We have scheduled a conference call at 11:00 a.m. Eastern Time on October 30, 2025, to review Q3 2025 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

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

Supplemental Information

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

About Invitation Homes

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

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, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Consolidated Balance Sheets

($ in thousands, except shares and per share data)

September 30, 2025

December 31, 2024

(unaudited)

Assets:

Investments in single-family residential properties, net

17,356,304

17,212,126

Cash and cash equivalents

155,370

174,491

Restricted cash

240,298

245,202

Goodwill

258,207

Investments in unconsolidated joint ventures

255,867

241,605

Other assets, net

516,730

569,320

Total assets

18,782,776

18,700,951

Liabilities:

Secured debt, net

1,383,541

1,385,573

Unsecured notes, net

4,396,973

3,800,688

Term loan facilities, net

2,449,770

2,446,041

Revolving facility

—

570,000

Accounts payable and accrued expenses

407,288

247,709

Resident security deposits

184,315

180,866

Other liabilities

297,939

277,565

Total liabilities

9,119,826

8,908,442

Equity:

Stockholders’ equity

Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2025 and December 31, 2024

—

Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 613,020,589 and 612,605,478 outstanding as of September 30, 2025 and December 31, 2024, respectively

6,130

6,126

Additional paid-in capital

11,183,482

11,170,597

Accumulated deficit

(1,571,463

)

(1,480,928

)

Accumulated other comprehensive income

7,795

60,969

Total stockholders’ equity

9,625,944

9,756,764

Non-controlling interests

37,006

35,745

Total equity

9,662,950

9,792,509

Total liabilities and equity

18,782,776

18,700,951

Consolidated Statements of Operations

($ in thousands, except shares and per share amounts) (unaudited)

Q3 2025

Q3 2024

YTD 2025

YTD 2024

Revenues:

Rental revenues

593,606

575,462

1,771,309

1,723,757

Other property income

72,585

65,880

207,060

187,157

Management fee revenues

21,975

18,980

65,677

48,898

Total revenues

688,166

660,322

2,044,046

1,959,812

Expenses:

Property operating and maintenance

259,037

242,228

740,764

706,809

Property management expense

37,073

34,382

109,645

98,252

General and administrative

18,444

21,727

71,553

66,673

Interest expense

90,781

91,060

262,449

270,912

Depreciation and amortization

188,457

180,479

557,058

532,414

Casualty losses, impairment, and other

3,420

20,872

11,132

35,362

Total expenses

597,212

590,748

1,752,601

1,710,422

Gains (losses) on investments in equity and other securities, net

380

(257

)

1,038

Other, net

(1,769

)

(9,345

)

(2,537

)

(57,384

)

Gain on sale of property, net of tax

45,515

47,766

163,772

141,531

Income (losses) from investments in unconsolidated joint ventures

2,130

(12,160

)

(7,890

)

(22,780

)

Net income

137,210

95,578

444,859

311,795

Net income attributable to non-controlling interests

(472

)

(309

)

(1,489

)

(988

)

Net income attributable to common stockholders

136,738

95,269

443,370

310,807

Net income available to participating securities

(264

)

(185

)

(714

)

(584

)

Net income available to common stockholders — basic and diluted

136,474

95,084

442,656

310,223

Weighted average common shares outstanding — basic

613,084,571

612,674,802

612,971,293

612,508,300

Weighted average common shares outstanding — diluted

613,084,571

613,645,188

613,237,288

613,759,171

Net income per common share — basic

0.22

0.16

0.72

0.51

Net income per common share — diluted

0.22

0.15

0.72

0.51

Dividends declared per common share

0.29

0.28

0.87

0.84

Glossary and Reconciliations

Average Monthly Rent

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

Average Occupancy

Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such 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 Operating Expenses

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

Core Revenues

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

EBITDA, EBITDAre, and Adjusted EBITDAre

EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report 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 compensation expense; severance expense; casualty losses and reserves, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

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

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)

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

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

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

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.

The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

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

Recurring Capital Expenditures or Recurring CapEx

Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and 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 1 st of the year in which the Same Store portfolio was established.

We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a 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.

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.

Reconciliation of FFO, Core FFO, and AFFO

($ in thousands, except shares and per share amounts) (unaudited)

FFO Reconciliation

Q3 2025

Q3 2024

YTD 2025

YTD 2024

Net income available to common stockholders

136,474

95,084

442,656

310,223

Net income available to participating securities

264

185

714

584

Non-controlling interests

472

309

1,489

988

Depreciation and amortization on real estate assets

183,653

176,174

543,775

521,411

Impairment on depreciated real estate investments

335

270

434

330

Net gain on sale of previously depreciated investments in real estate

(45,515

)

(47,766

)

(163,772

)

(141,531

)

Depreciation and net gain on sale of investments in unconsolidated joint ventures

(1,992

)

4,060

5,016

10,076

FFO

273,691

228,316

830,312

702,081

Core FFO Reconciliation

Q3 2025

Q3 2024

YTD 2025

YTD 2024

FFO

273,691

228,316

830,312

702,081

Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)

9,128

14,085

18,486

32,207

Share-based compensation expense

1,916

5,417

20,537

20,809

Legal settlements

—

17,500

—

77,000

Severance expense

—

209

2,420

388

Casualty losses and reserves, net (1)

3,116

20,729

10,799

35,174

(Gains) losses on investments in equity and other securities, net

(380

)

257

(69

)

(1,038

)

Core FFO

287,471

286,513

882,485

866,621

AFFO Reconciliation

Q3 2025

Q3 2024

YTD 2025

YTD 2024

Core FFO

287,471

286,513

882,485

866,621

Recurring Capital Expenditures (1)

(52,350

)

(51,505

)

(132,969

)

(135,262

)

AFFO

235,121

235,008

749,516

731,359

Net income available to common stockholders

Weighted average common shares outstanding — diluted

613,084,571

613,645,188

613,237,288

613,759,171

Net income per common share — diluted

0.22

0.15

0.72

0.51

FFO, Core FFO, and AFFO

Weighted average common shares and OP Units outstanding — diluted

615,599,540

615,913,139

615,673,797

615,987,978

FFO per share — diluted

0.44

0.37

1.35

1.14

Core FFO per share — diluted

0.47

1.43

1.41

AFFO per share — diluted

0.38

1.22

1.19

(1)

Includes our share from unconsolidated joint ventures.

Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly

(in thousands) (unaudited)

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Total revenues (Total Portfolio)

688,166

681,401

674,479

659,130

660,322

Management fee revenues

(21,975

)

(22,294

)

(21,408

)

(21,080

)

(18,980

)

Total portfolio resident recoveries

(46,885

)

(40,944

)

(44,118

)

(38,120

)

(42,412

)

Total Core Revenues (Total Portfolio)

619,306

618,163

608,953

599,930

598,930

Non-Same Store Core Revenues

(50,013

)

(46,985

)

(43,163

)

(41,229

)

(42,542

)

Same Store Core Revenues

569,293

571,178

565,790

558,701

556,388

Reconciliation of Total Revenues to Same Store Core Revenues, YTD

(in thousands) (unaudited)

YTD 2025

YTD 2024

Total revenues (Total Portfolio)

2,044,046

1,959,812

Management fee revenues

(65,677

)

(48,898

)

Total portfolio resident recoveries

(131,947

)

(117,309

)

Total Core Revenues (Total Portfolio)

1,846,422

1,793,605

Non-Same Store Core Revenues

(140,161

)

(129,735

)

Same Store Core Revenues

1,706,261

1,663,870

Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly

(in thousands) (unaudited)

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Property operating and maintenance expenses (Total Portfolio)

259,037

244,278

237,449

228,464

242,228

Total Portfolio resident recoveries

(46,885

)

(40,944

)

(44,118

)

(38,120

)

(42,412

)

Core Operating Expenses (Total Portfolio)

212,152

203,334

193,331

190,344

199,816

Non-Same Store Core Operating Expenses

(22,728

)

(20,933

)

(19,393

)

(17,567

)

(19,173

)

Same Store Core Operating Expenses

189,424

182,401

173,938

172,777

180,643

Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD

(in thousands) (unaudited)

YTD 2025

YTD 2024

Property operating and maintenance expenses (Total Portfolio)

740,764

706,809

Total Portfolio resident recoveries

(131,947

)

(117,309

)

Core Operating Expenses (Total Portfolio)

608,817

589,500

Non-Same Store Core Operating Expenses

(63,054

)

(55,734

)

Same Store Core Operating Expenses

545,763

533,766

Reconciliation of Net Income to Same Store NOI, Quarterly

(in thousands) (unaudited)

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Net income available to common stockholders

136,474

140,665

165,517

142,941

95,084

Net income available to participating securities

264

222

228

169

185

Non-controlling interests

472

480

537

460

309

Interest expense

90,781

87,414

84,254

95,158

91,060

Depreciation and amortization

188,457

185,455

183,146

181,912

180,479

Property management expense

37,073

35,833

36,739

39,238

34,382

General and administrative

18,444

23,591

29,518

23,939

21,727

Casualty losses, impairment, and other

3,420

3,029

4,683

47,563

20,872

Gain on sale of property, net of tax

(45,515

)

(46,591

)

(71,666

)

(103,019

)

(47,766

)

(Gains) losses on investments in equity securities, net

(380

)

221

)

257

Other, net (1)

1,769

2,133

(1,365

)

(3,352

)

9,345

Management fee revenues

(21,975

)

(22,294

)

(21,408

)

(21,080

)

(18,980

)

(Income) losses from investments in unconsolidated joint ventures

(2,130

)

4,802

5,218

5,665

12,160

NOI (Total Portfolio)

407,154

414,829

415,622

409,586

399,114

Non-Same Store NOI

(27,285

)

(26,052

)

(23,770

)

(23,662

)

(23,369

)

Same Store NOI

379,869

388,777

391,852

385,924

375,745

Reconciliation of Net Income to Same Store NOI, YTD

(in thousands) (unaudited)

YTD 2025

YTD 2024

Net income available to common stockholders

442,656

310,223

Net income available to participating securities

714

584

Non-controlling interests

1,489

988

Interest expense

262,449

270,912

Depreciation and amortization

557,058

532,414

Property management expense

109,645

98,252

General and administrative

71,553

66,673

Casualty losses, impairment, and other

11,132

35,362

Gain on sale of property, net of tax

(163,772

)

(141,531

)

(Gains) losses on investments in equity securities, net

(69

)

(1,038

)

Other, net (1)

2,537

57,384

Management fee revenues

(65,677

)

(48,898

)

Losses from investments in unconsolidated joint ventures

7,890

22,780

NOI (Total Portfolio)

1,237,605

1,204,105

Non-Same Store NOI

(77,107

)

(74,001

)

Same Store NOI

1,160,498

1,130,104

(1)

Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Reconciliation of Net Income to Adjusted EBITDAre

(in thousands, unaudited)

Q3 2025

Q3 2024

YTD 2025

YTD 2024

Net income available to common stockholders

136,474

95,084

442,656

310,223

Net income available to participating securities

264

185

714

584

Non-controlling interests

472

309

1,489

988

Interest expense

90,781

91,060

262,449

270,912

Interest expense in unconsolidated joint ventures

7,253

10,186

18,822

20,970

Depreciation and amortization

188,457

180,479

557,058

532,414

Depreciation and amortization of investments in unconsolidated joint ventures

4,484

3,590

11,937

9,875

EBITDA

428,185

380,893

1,295,125

1,145,966

Gain on sale of property, net of tax

(45,515

)

(47,766

)

(163,772

)

(141,531

)

Impairment on depreciated real estate investments

335

270

434

330

Net (gain) loss on sale of investments in unconsolidated joint ventures

(6,469

)

499

(6,875

)

285

EBITDAre

376,536

333,896

1,124,912

1,005,050

Share-based compensation expense

1,916

5,417

20,537

20,809

Severance expense

—

209

2,420

388

Casualty losses and reserves, net (1)

3,116

20,729

10,799

35,174

(Gains) losses on investments in equity and other securities, net

(380

)

257

(69

)

(1,038

)

Other, net (2)

1,769

9,345

2,537

57,384

Adjusted EBITDAre

382,957

369,853

1,161,136

1,117,767

Trailing Twelve Months (TTM) Ended

September 30, 2025

December 31, 2024

Net income available to common stockholders

585,597

453,164

Net income available to participating securities

883

753

Non-controlling interests

1,949

1,448

Interest expense

357,607

366,070

Interest expense in unconsolidated joint ventures

24,185

26,333

Depreciation and amortization

738,970

714,326

Depreciation and amortization of investments in unconsolidated joint ventures

15,439

13,377

EBITDA

1,724,630

1,575,471

Gain on sale of property, net of tax

(266,791

)

(244,550

)

Impairment on depreciated real estate investments

610

506

Net (gain) loss on sale of investments in unconsolidated joint ventures

(5,945

)

1,215

EBITDAre

1,452,504

1,332,642

Share-based compensation expense

27,646

27,918

Severance

2,669

637

Casualty losses, net (1)

58,325

82,700

Gains on investments in equity and other securities, net

(77

)

(1,046

)

Other, net (2)

(815

)

54,032

Adjusted EBITDAre

1,540,252

1,496,883

(1)

Includes our share from unconsolidated joint ventures.

(2)

Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre

(in thousands, except for ratio) (unaudited)

As of

September 30, 2025

December 31, 2024

Secured debt, net

1,383,541

1,385,573

Unsecured notes, net

4,396,973

3,800,688

Term loan facility, net

2,449,770

2,446,041

Revolving facility

—

570,000

Total Debt per Balance Sheet

8,230,284

8,202,302

Retained and repurchased certificates

(55,499

)

(55,499

)

Cash, ex-security deposits and letters of credit (1)

(208,054

)

(235,649

)

Deferred financing costs, net

58,050

60,559

Unamortized discounts on notes payable

25,064

24,336

Net Debt (A)

8,049,845

7,996,049

For the TTM Ended

September 30, 2025

December 31, 2024

Adjusted EBITDAre (B)

1,540,252

1,496,883

Net Debt / TTM Adjusted EBITDAre (A / B)

5.2

5.3

(1)

Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.