Form 8-K
8-K — Invitation Homes Inc.
Accession: 0001687229-26-000041
Filed: 2026-07-29
Period: 2026-07-29
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-20260729.htm (Primary)
EX-99.1 (q22026supplemental.htm)
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XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: invh-20260729.htm · Sequence: 1
invh-20260729
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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): July 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 July 29, 2026, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended June 30, 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 July 29, 2026, announcing results for the quarter ended June 30, 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: July 29, 2026
EX-99.1
EX-99.1
Filename: q22026supplemental.htm · Sequence: 2
Document
Table of Contents
Earnings Press Release
3
Consolidated Financial Statements
9
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO
11
Schedule 2: Capital Structure Information
12
Schedule 3: Same Store Portfolio Core Operating Detail
16
Schedule 4: Home Characteristics by Market
18
Schedule 5: Same Store Operating Information by Market
19
Schedule 6: Cost to Maintain and Capital Expenditure Detail
26
Schedule 7: Adjusted Property Management and G&A Reconciliation
27
Schedule 8: Acquisitions, Dispositions, and Development Pipeline
28
Glossary and Reconciliations
31
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 2
Earnings Press Release
Invitation Homes Reports Second Quarter 2026 Results
Dallas, TX, July 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 Second Quarter (“Q2”) 2026 financial and operating results.
Q2 2026 Highlights
•Year over year, total revenues increased 9.7% to $748 million, property operating and maintenance costs increased 4.7% to $256 million, and net income available to common stockholders increased 55.1% to $218 million, or $0.37 per diluted common share.
•Year over year, Core FFO per share increased 5.0% to $0.51, while AFFO per share increased 5.9% to $0.44.
•Same Store NOI increased 1.5% year over year on 1.6% Same Store Core Revenues growth and 1.9% Same Store Core Operating Expenses growth.
•Same Store Average Occupancy was 97.1%, an expected reduction of 20 basis points year over year.
•Same Store renewal rent growth of 3.3% and Same Store new lease rent growth of 1.1% resulted in Same Store blended rent growth of 2.7%.
•We disposed of 657 wholly owned homes, many to families purchasing for their own use, and acquired 196 wholly owned homes, for net dispositions of 461 homes and net proceeds of approximately $234 million that were used for second quarter share repurchases and paying down debt that partially funded our first quarter share repurchases.
•During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30.
•At quarter end, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. As of June 30, 2026, our net debt / TTM adjusted EBITDAre was 5.4x, below our targeted range of 5.5x to 6.0x.
•As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027.
•Reflecting our year to date performance, we have raised our full year 2026 guidance by one cent at the midpoint for both Core FFO per share and AFFO per share to $1.95 and $1.65, respectively. We have also narrowed our Same Store Core Revenue growth and Same Store NOI growth guidance ranges, while holding both midpoints unchanged, and increased our wholly owned disposition guidance midpoint by $300 million to $850 million, driven by continued favorable private market valuations relative to public market pricing.
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
“We delivered another quarter of strong operational execution thanks to our caring associates and loyal residents. New lease rent growth accelerated every month through June this year, and demand for high-quality rental homes remains healthy across our markets, particularly as leasing a home now costs an average of over $1,000 less per month than owning, according to data from John Burns. We continue to sell homes at prices well above what is implied by our current stock price, and since December, we have repurchased $600 million of our own shares. Given this performance, we have raised our full-year guidance by a penny at the midpoint for both Core FFO per share and AFFO per share, to $1.95 and $1.65, respectively.”
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 3
Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q2 2026 Q2 2025 YTD 2026 YTD 2025
Net income $ 0.37 $ 0.23 $ 0.63 $ 0.50
FFO 0.46 0.45 0.90 0.90
Core FFO 0.51 0.48 0.99 0.97
AFFO 0.44 0.41 0.85 0.84
Net Income
Net income per common share — diluted for Q2 2026 was $0.37, compared to net income per common share — diluted of $0.23 for Q2 2025. Total revenues and total property operating and maintenance expenses for Q2 2026 were $748 million and $256 million, respectively, compared to $681 million and $244 million, respectively, for Q2 2025.
Net income per common share — diluted for YTD 2026 was $0.63, compared to net income per share — diluted of $0.50 for YTD 2025. Total revenues and total property operating and maintenance expenses for YTD 2026 were $1,482 million and $507 million, respectively, compared to $1,356 million and $482 million, respectively, for YTD 2025.
Core FFO
Year over year, Core FFO per share for Q2 2026 increased 5.0% to $0.51, while Core FFO per share for YTD 2026 increased 1.9% to $0.99, primarily due to NOI growth, stock repurchases, and our acquisition of ResiBuilt in January 2026.
AFFO
Year over year, AFFO per share for Q2 2026 increased 5.9% to $0.44, while AFFO per share for YTD 2026 increased 1.6% to $0.85, primarily due to the increase in Core FFO per share described above.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 4
Operating Results
Same Store Operating Results Snapshot
Number of Homes, period-end Q2 2026
Total Portfolio 85,509
Number of homes in Same Store Portfolio: 77,326
Same Store % of Total 90.4 %
Q2 2026 Q2 2025 YTD 2026 YTD 2025
Core Revenues growth (year over year) 1.6 % 1.7 %
Core Operating Expenses growth (year over year) 1.9 % 3.7 %
NOI growth (year over year) 1.5 % 0.7 %
Average Occupancy 97.1 % 97.3 % 96.7 % 97.3 %
Bad Debt % of gross rental revenue 0.6 % 0.6 % 0.6 % 0.6 %
Turnover Rate 5.7 % 6.2 % 11.0 % 11.2 %
Rental Rate Growth (lease-over-lease):
Renewals 3.3 % 4.7 % 3.5 % 4.9 %
New leases 1.1 % 2.1 % (1.1) % 1.0 %
Blended 2.7 % 4.0 % 2.2 % 3.8 %
Same Store NOI
For the Same Store Portfolio of 77,326 homes, Same Store NOI for Q2 2026 increased 1.5% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 1.9%.
YTD 2026 Same Store NOI increased 0.7% year over year on Same Store Core Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 3.7%.
Same Store Core Revenues
Q2 2026 year over year Same Store Core Revenues growth of 1.6% was primarily driven by a 2.0% increase in Average Monthly Rent, partially offset by a 20 basis point year over year decrease in Average Occupancy.
YTD 2026 year over year Same Store Core Revenues growth of 1.7% was primarily driven by a 2.1% increase in Average Monthly Rent and a 4.7% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decrease in Average Occupancy.
Same Store Core Operating Expenses
Q2 2026 year over year Same Store Core Operating Expenses increased 1.9%, primarily attributable to a 3.5% increase in fixed expenses, partially offset by a 1.0% decrease in controllable expenses.
YTD 2026 year over year Same Store Core Operating Expenses increased 3.7%, primarily driven by a 3.1% increase in fixed expenses and a 4.8% increase in controllable expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 5
Investment, Property Management, and Homebuilding Activity
During Q2 2026, we sold 657 wholly owned homes, many to families purchasing for their own use, for gross proceeds of approximately $309 million, and we sold 14 homes for gross proceeds of approximately $6 million in our joint ventures. Acquisitions for Q2 2026 included 196 wholly owned homes for approximately $74 million and 67 homes for approximately $23 million in our joint ventures.
YTD 2026, we sold 1,140 wholly owned homes for gross proceeds of approximately $515 million and 24 homes for gross proceeds of approximately $11 million in our joint ventures. We also acquired 457 wholly owned homes for approximately $165 million and 87 homes for approximately $31 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 June 30, 2026
Number of Homes Owned and/or Managed as of 3/31/2026 Acquired or Added In
Q2 2026 Disposed or Subtracted In Q2 2026 Number of Homes Owned and/or Managed as of 6/30/2026
Wholly owned homes 85,970 196 (657) 85,509
Joint venture owned homes 8,016 67 (14) 8,069
Managed-only homes 15,759 — (120) 15,639
Total homes owned and/or managed 109,745 263 (791) 109,217
Balance Sheet and Capital Markets Activity
As of June 30, 2026, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,593 million consisted of 83.8% unsecured debt and 16.2% secured debt; 92.4% 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 5.4x, below our targeted range of 5.5x to 6.0x.
During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30.
As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027.
FY 2026 Guidance
We have raised our full year 2026 guidance, increasing Core FFO per share and AFFO per share midpoints by one cent each to $1.95 and $1.65, respectively, as set forth below, in addition to our other 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,
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 6
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
Current Guidance Range Current
Guidance Midpoint Prior Guidance Midpoint Change in Guidance Midpoint
Core FFO per share — diluted $1.92 - $1.98 $1.95 $1.94 $0.01
AFFO per share — diluted $1.62 - $1.68 $1.65 $1.64 $0.01
Same Store Core Revenues growth (1)
1.5% - 2.3% 1.9% 1.9% —%
Same Store Core Operating Expenses growth (2)
3.0% - 4.0% 3.5% 3.5% —%
Same Store NOI growth 0.4% - 1.9% 1.15% 1.15% —%
Wholly owned acquisitions (3)
$150 - $350 million $250 million $250 million $— million
JV acquisitions (3)
$50 - $150 million $100 million $100 million $— million
Wholly owned dispositions $750 - $950 million $850 million $550 million $300 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 July 30, 2026, to review Q2 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.
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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 7
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.
Q2 2026 Earnings Release and Supplemental Information — page 8
Consolidated Balance Sheets
($ in thousands, except shares and per share data)
June 30, 2026 December 31, 2025
(unaudited)
Assets:
Investments in single-family residential properties, net $ 16,884,643 $ 17,274,622
Cash and cash equivalents 75,786 129,971
Restricted cash 251,497 224,894
Goodwill 314,154 258,207
Investments in unconsolidated joint ventures 252,049 254,561
Other assets, net 670,181 538,035
Total assets $ 18,448,310 $ 18,680,290
Liabilities:
Secured debt, net
$ 1,385,098 $ 1,384,114
Unsecured notes, net 4,402,839 4,398,921
Term loan facilities, net 2,458,754 2,451,985
Revolving facility 280,000 145,000
Accounts payable and accrued expenses 325,118 230,350
Resident security deposits 186,916 184,536
Other liabilities 316,974 317,492
Total liabilities 9,355,699 9,112,398
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025 — —
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 590,613,522 and 610,788,732 outstanding as of June 30, 2026 and December 31, 2025, respectively
5,906 6,108
Additional paid-in capital 10,604,456 11,128,590
Accumulated deficit (1,588,885) (1,610,981)
Accumulated other comprehensive income 32,940 6,415
Total stockholders’ equity
9,054,417 9,530,132
Non-controlling interests 38,194 37,760
Total equity 9,092,611 9,567,892
Total liabilities and equity $ 18,448,310 $ 18,680,290
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 9
Consolidated Statements of Operations
($ in thousands, except shares and per share amounts) (unaudited)
Q2 2026 Q2 2025 YTD 2026 YTD 2025
Revenues:
Rental revenues $ 602,985 $ 592,509 $ 1,200,682 $ 1,177,703
Other property income 75,367 66,598 148,185 134,475
Management fee revenues 19,738 22,294 39,590 43,702
Homebuilding revenues 49,460 — 93,205 —
Total revenues 747,550 681,401 1,481,662 1,355,880
Expenses:
Property operating and maintenance 255,712 244,278 506,846 481,727
Property management expense 37,726 35,833 77,051 72,572
Homebuilding cost of sales 42,215 — 81,349 0 —
General and administrative 29,332 23,591 61,651 53,109
Interest expense 93,987 87,414 189,300 171,668
Depreciation and amortization 194,299 185,455 387,441 368,601
Casualty losses, impairment, and other 4,236 3,029 8,581 7,712
Total expenses 657,507 579,600 1,312,219 1,155,389
Gain on sale of property, net of tax 132,308 46,591 219,402 118,257
Losses from investments in unconsolidated joint ventures (2,402) (4,802) (5,487) (10,020)
Other, net (298) (2,223) (2,642) (1,079)
Net income 219,651 141,367 380,716 307,649
Net income attributable to non-controlling interests (804) (480) (1,361) (1,017)
Net income attributable to common stockholders 218,847 140,887 379,355 306,632
Net income available to participating securities (675) (222) (1,383) (450)
Net income available to common stockholders — basic and diluted $ 218,172 $ 140,665 $ 377,972 $ 306,182
Weighted average common shares outstanding — basic 592,411,226 613,048,193 599,166,723 612,913,649
Weighted average common shares outstanding — diluted 592,497,804 613,261,904 599,328,126 613,312,641
Net income per common share — basic $ 0.37 $ 0.23 $ 0.63 $ 0.50
Net income per common share — diluted $ 0.37 $ 0.23 $ 0.63 $ 0.50
Dividends declared per common share $ 0.30 $ 0.29 $ 0.60 $ 0.58
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 10
Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation Q2 2026 Q2 2025 YTD 2026 YTD 2025
Net income available to common stockholders $ 218,172 $ 140,665 $ 377,972 $ 306,182
Net income available to participating securities 675 222 1,383 450
Non-controlling interests 804 480 1,361 1,017
Depreciation and amortization of real estate assets
185,400 181,059 370,323 360,122
Impairment on depreciated real estate investments 961 36 1,430 99
Net gain on sale of previously depreciated investments in real estate (132,308) (46,591) (219,402) (118,257)
Depreciation and net gain on sale of investments in unconsolidated joint ventures 2,877 3,510 5,919 7,008
FFO $ 276,581 $ 279,381 $ 538,986 $ 556,621
Core FFO Reconciliation Q2 2026 Q2 2025 YTD 2026 YTD 2025
FFO $ 276,581 $ 279,381 $ 538,986 $ 556,621
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
7,847 5,724 18,476 9,358
Share-based compensation expense 9,346 8,464 20,046 18,621
Amortization of intangible assets 2,697 — 5,110 —
Business reorganization costs (2)
1,279 35 2,780 2,420
Casualty losses and reserves, net (1)
3,358 3,000 7,293 7,683
Losses on investments in equity and other securities, net 126 90 339 311
Core FFO $ 301,234 $ 296,694 $ 593,030 $ 595,014
AFFO Reconciliation Q2 2026 Q2 2025 YTD 2026 YTD 2025
Core FFO $ 301,234 $ 296,694 $ 593,030 $ 595,014
Recurring Capital Expenditures (1)
(41,800) (43,272) (82,273) (80,619)
AFFO $ 259,434 $ 253,422 $ 510,757 $ 514,395
Net income available to common stockholders
Weighted average common shares outstanding — diluted 592,497,804 613,261,904 599,328,126 613,312,641
Net income per common share — diluted $ 0.37 $ 0.23 $ 0.63 $ 0.50
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted 595,159,443 615,771,167 601,939,999 615,703,901
FFO per share — diluted $ 0.46 $ 0.45 $ 0.90 $ 0.90
Core FFO per share — diluted $ 0.51 $ 0.48 $ 0.99 $ 0.97
AFFO per share — diluted $ 0.44 $ 0.41 $ 0.85 $ 0.84
(1)Includes our share from unconsolidated joint ventures.
(2)Includes severance, restructuring, acquisition, and integration costs.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 11
Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income Q2 2026 Q2 2025 YTD 2026 YTD 2025
Common shares — basic 592,411,226 613,048,193 599,166,723 612,913,649
Shares potentially issuable from vesting/conversion of equity-based awards 86,578 213,711 161,403 398,992
Total common shares — diluted 592,497,804 613,261,904 599,328,126 613,312,641
Weighted average amounts for FFO, Core FFO, and AFFO Q2 2026 Q2 2025 YTD 2026 YTD 2025
Common shares — basic 592,411,226 613,048,193 599,166,723 612,913,649
OP units — basic 2,196,519 2,095,013 2,149,028 2,031,655
Shares potentially issuable from vesting/conversion of equity-based awards 551,698 627,961 624,248 758,597
Total common shares and units — diluted 595,159,443 615,771,167 601,939,999 615,703,901
Period end amounts for Core FFO and AFFO June 30, 2026
Common shares 590,613,522
OP units 2,196,519
Shares potentially issuable from vesting/conversion of equity-based awards 1,463,520
Total common shares and units — diluted
594,273,561
Share Repurchase Program
($ in thousands, except shares and per share data) (unaudited)
Period Shares Repurchased
Purchase
Price Average Price
Per Share
Q4 2025 2,232,685 $ 61,235 $ 27.43
Q1 2026 17,101,046 438,765 25.66
Q2 2026 3,478,690 100,000 28.75
Total / Average 22,812,421 $ 600,000 $ 26.30
Remaining Authorization as of June 30, 2026 (1)
$ 400,000
(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 $500 million of outstanding common shares. All repurchased shares are constructively retired and returned to an authorized and unissued status.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 12
Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of June 30, 2026
($ in thousands) (unaudited)
Wtd Avg Wtd Avg
Interest Years to
Debt Structure Balance % of Total
Rate (1)
Maturity (2)(7)
Secured:
Fixed (3)
$ 1,388,238 16.2 % 4.0 % 2.1
Floating — swapped to fixed — — % — % —
Floating — — % — % —
Total secured (7)
1,388,238 16.2 % 4.0 % 2.1
Unsecured:
Fixed (7)
4,450,000 51.8 % 3.8 % 5.8
Floating — swapped to fixed 2,100,000 24.4 % 3.9 % 3.3
Floating 655,000 7.6 % 4.5 % 3.6
Total unsecured (7)
7,205,000 83.8 % 3.9 % 4.8
Total Debt:
Fixed + floating swapped to fixed (3)
7,938,238 92.4 % 3.9 % 4.5
Floating 655,000 7.6 % 4.5 % 3.6
Total debt 8,593,238 100.0 % 3.9 % 4.4
Unamortized discounts on notes payable (22,365)
Deferred financing costs, net (44,182)
Total debt per Balance Sheet 8,526,691
Retained and repurchased certificates (55,499)
Cash, ex-security deposits and letters of credit (4)
(137,316)
Deferred financing costs, net 44,182
Unamortized discounts on notes payable 22,365
Net debt $ 8,400,423
Leverage Ratios June 30, 2026
Net Debt / TTM Adjusted EBITDAre
5.4 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 30.1 % ≤ 60% Aggregate debt ratio 36.1 % ≤ 65%
Secured leverage ratio 5.9 % ≤ 45% Secured debt ratio 5.6 % ≤ 40%
Unencumbered leverage ratio 28.3 % ≤ 60% Unencumbered assets ratio 298.0 % ≥ 150%
Fixed charge coverage ratio 4.4x ≥ 1.5x Debt service ratio 4.6x ≥ 1.5x
Unsecured interest coverage ratio 5.2x ≥ 1.75x
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 13
Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of June 30, 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.
(7)Subsequent to quarter end on July 8, 2026, we closed a public offering of $500 million aggregate principal amount of 4.950% senior notes, which were priced at 99.291% of the principal amount and mature on February 1, 2032. Proceeds from the offering were used to prepay secured debt. On a pro forma basis, the refinancing activity has the following impact to our debt structure:
a.Total secured debt balance decreases from $1,388,238 to $900,238.
b.Total fixed unsecured debt balance increases from $4,450,000 to $4,950,000.
c.Total unsecured debt balance increases from $7,205,000 to $7,705,000.
d.Weighted average years to maturity for total debt increases from 4.4 to 4.7 years.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 14
Supplemental Schedule 2(c)
Debt Maturity Schedule — As of June 30, 2026
($ in thousands) (unaudited)
Unsecured Debt
Secured Unsecured Term Loan Revolving % of
Debt Maturities, with Extensions (1)(2)
Debt Notes Facilities Facility Total Total
2026 $ — $ — $ — $ — $ — — %
2027 987,852 — — — 987,852 11.5 %
2028 — 750,000 — — 750,000 8.7 %
2029 — — 1,750,000 280,000 2,030,000 23.6 %
2030 — 450,000 725,000 — 1,175,000 13.7 %
2031 400,386 650,000 — — 1,050,386 12.2 %
2032 — 600,000 — — 600,000 7.0 %
2033 — 950,000 — — 950,000 11.1 %
2034 — 400,000 — — 400,000 4.7 %
2035 — 500,000 — — 500,000 5.8 %
2036 — 150,000 — — 150,000 1.7 %
1,388,238 4,450,000 2,475,000 280,000 8,593,238 100.0 %
Unamortized discounts on notes payable (352) (22,013) — — (22,365)
Deferred financing costs, net (2,788) (25,148) (16,246) — (44,182)
Total per Balance Sheet $ 1,385,098 $ 4,402,839 $ 2,458,754 $ 280,000 $ 8,526,691
(1)Assumes all extension options are exercised.
(2)Subsequent to quarter end on July 8, 2026, we closed a public offering of $500 million aggregate principal amount of 4.950% senior notes, which were priced at 99.291% of the principal amount and mature on February 1, 2032. Proceeds from the offering were used to prepay secured debt. On a pro forma basis, the refinancing activity has the following impact to our debt structure:
a.The amount of secured debt maturing in 2027 declines from $987,852 to $499,852.
b.The amount of unsecured debt maturing in 2032 increases from $600,000 to $1,100,000.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 15
Supplemental Schedule 3(a)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
Change Change Change
Q2 2026 Q2 2025 YoY Q1 2026 Seq YTD 2026 YTD 2025 YoY
Revenues:
Rental revenues (1)
$ 554,805 $ 545,420 1.7 % $ 548,910 1.1 % $ 1,103,715 $ 1,086,997 1.5 %
Other property income, net (1)(2)
23,365 23,484 (0.5) % 24,155 (3.3) % 47,520 45,378 4.7 %
Core Revenues 578,170 568,904 1.6 % 573,065 0.9 % 1,151,235 1,132,375 1.7 %
Fixed Expenses:
Property taxes 100,988 97,506 3.6 % 101,261 (0.3) % 202,249 195,145 3.6 %
Insurance expenses 9,016 9,795 (8.0) % 9,434 (4.4) % 18,450 19,756 (6.6) %
HOA expenses 11,287 9,888 14.1 % 10,726 5.2 % 22,013 20,425 7.8 %
Total Fixed Expenses 121,291 117,189 3.5 % 121,421 (0.1) % 242,712 235,326 3.1 %
Controllable Expenses:
Repairs and maintenance, net (3)
26,902 25,822 4.2 % 23,087 16.5 % 49,989 45,877 9.0 %
Personnel, leasing and marketing 19,906 20,497 (2.9) % 20,366 (2.3) % 40,272 41,435 (2.8) %
Turnover, net (3)
10,405 9,682 7.5 % 9,427 10.4 % 19,832 17,800 11.4 %
Utilities and property administrative, net (3)
6,536 8,396 (22.2) % 8,407 (22.3) % 14,943 14,194 5.3 %
Total Controllable Expenses 63,749 64,397 (1.0) % 61,287 4.0 % 125,036 119,306 4.8 %
Core Operating Expenses 185,040 181,586 1.9 % 182,708 1.3 % 367,748 354,632 3.7 %
Net Operating Income $ 393,130 $ 387,318 1.5 % $ 390,357 0.7 % $ 783,487 $ 777,743 0.7 %
(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 $44,975, $37,460, $41,723, $86,698, and $78,201 for Q2 2026, Q2 2025, Q1 2026, YTD 2026, and YTD 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.
Q2 2026 Earnings Release and Supplemental Information — page 16
Supplemental Schedule 3(b)
Same Store Quarterly Operating Trends
(unaudited)
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025
Average Occupancy 97.1 % 96.3 % 96.0 % 96.5 % 97.3 %
Turnover Rate 5.7 % 5.3 % 5.6 % 6.3 % 6.2 %
Trailing four quarters Turnover Rate 22.9 % 23.4 % 23.0 % N/A N/A
Average Monthly Rent $ 2,480 $ 2,471 $ 2,461 $ 2,449 $ 2,431
Rental Rate Growth (lease-over-lease):
Renewals 3.3 % 3.7 % 4.2 % 4.5 % 4.7 %
New leases 1.1 % (3.0) % (4.2) % (0.7) % 2.1 %
Blended 2.7 % 1.6 % 1.8 % 2.9 % 4.0 %
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 17
Supplemental Schedule 4
Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2026 (1)
(unaudited)
Number of Homes Average Occupancy Average Monthly Rent Average Monthly Rent PSF Percent of Revenue
Western United States:
Southern California 6,834 96.0 % $ 3,276 $ 1.91 10.5 %
Northern California 3,889 96.7 % 2,832 1.79 5.3 %
Seattle 3,869 97.4 % 3,004 1.57 5.6 %
Phoenix 9,160 96.7 % 2,086 1.23 9.2 %
Las Vegas 3,378 97.0 % 2,275 1.16 3.6 %
Denver 3,038 94.8 % 2,634 1.43 3.7 %
Western US Subtotal 30,168 96.5 % 2,647 1.50 37.9 %
Florida:
South Florida 7,841 95.7 % 3,170 1.70 11.6 %
Tampa 9,610 95.5 % 2,295 1.22 10.8 %
Orlando 7,050 95.3 % 2,299 1.23 7.8 %
Jacksonville 2,133 96.5 % 2,196 1.12 2.3 %
Florida Subtotal 26,634 95.6 % 2,547 1.35 32.5 %
Southeast United States:
Atlanta 12,561 95.8 % 2,133 1.03 12.7 %
Carolinas 6,130 96.1 % 2,127 1.02 6.2 %
Southeast US Subtotal 18,691 95.9 % 2,131 1.02 18.9 %
Texas:
Houston 2,594 94.8 % 1,939 0.98 2.4 %
Dallas 3,546 94.2 % 2,238 1.11 3.8 %
Texas Subtotal 6,140 94.5 % 2,111 1.06 6.2 %
Midwest United States:
Chicago 2,429 96.2 % 2,622 1.63 2.9 %
Minneapolis 1,024 95.9 % 2,499 1.28 1.2 %
Midwest US Subtotal 3,453 96.1 % 2,586 1.51 4.1 %
Other (2):
423 89.6 % 1,993 1.05 0.4 %
Total / Average 85,509 95.9 % $ 2,460 $ 1.31 100.0 %
Same Store Total / Average 77,326 97.1 % $ 2,480 $ 1.32 91.9 %
(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.
Q2 2026 Earnings Release and Supplemental Information — page 18
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, Q2 2026 # Homes Q2 2026 Q2 2025 Change Q2 2026 Q2 2025 Change Q2 2026 Q2 2025 Change
Western United States:
Southern California 6,223 $ 3,276 $ 3,174 3.2 % 99.3 % 98.7 % 0.6 % $ 62,095 $ 59,958 3.6 %
Northern California 3,704 2,832 2,781 1.8 % 98.8 % 98.6 % 0.2 % 31,856 31,360 1.6 %
Seattle 3,826 3,005 2,941 2.2 % 98.0 % 98.1 % (0.1) % 34,536 33,992 1.6 %
Phoenix 8,721 2,079 2,062 0.8 % 97.2 % 97.8 % (0.6) % 55,515 55,526 — %
Las Vegas 3,042 2,273 2,238 1.6 % 97.4 % 97.5 % (0.1) % 21,059 20,761 1.4 %
Denver 2,429 2,654 2,617 1.4 % 96.4 % 97.3 % (0.9) % 19,320 19,238 0.4 %
Western US Subtotal 27,945 2,647 2,594 2.0 % 97.9 % 98.1 % (0.2) % 224,381 220,835 1.6 %
Florida:
South Florida 7,518 3,189 3,118 2.3 % 97.0 % 96.9 % 0.1 % 71,838 70,055 2.5 %
Tampa 8,316 2,316 2,307 0.4 % 96.3 % 96.0 % 0.3 % 58,410 58,090 0.6 %
Orlando 6,518 2,297 2,267 1.3 % 96.6 % 97.2 % (0.6) % 45,652 45,272 0.8 %
Jacksonville 1,924 2,223 2,190 1.5 % 96.9 % 96.9 % — % 13,017 12,887 1.0 %
Florida Subtotal 24,276 2,575 2,539 1.4 % 96.7 % 96.7 % — % 188,917 186,304 1.4 %
Southeast United States:
Atlanta 11,810 2,132 2,086 2.2 % 96.4 % 97.1 % (0.7) % 74,898 73,388 2.1 %
Carolinas 5,342 2,146 2,091 2.6 % 96.8 % 97.3 % (0.5) % 34,623 34,127 1.5 %
Southeast US Subtotal 17,152 2,136 2,088 2.3 % 96.5 % 97.2 % (0.7) % 109,521 107,515 1.9 %
Texas:
Houston 1,899 1,943 1,930 0.7 % 96.9 % 96.7 % 0.2 % 11,276 11,179 0.9 %
Dallas 2,642 2,292 2,282 0.4 % 95.6 % 96.6 % (1.0) % 18,247 18,332 (0.5) %
Texas Subtotal 4,541 2,145 2,135 0.5 % 96.1 % 96.6 % (0.5) % 29,523 29,511 — %
Midwest United States:
Chicago 2,376 2,622 2,471 6.1 % 97.0 % 97.1 % (0.1) % 18,152 17,315 4.8 %
Minneapolis 1,010 2,501 2,400 4.2 % 96.4 % 96.8 % (0.4) % 7,501 7,251 3.4 %
Midwest US Subtotal 3,386 2,586 2,450 5.6 % 96.9 % 97.0 % (0.1) % 25,653 24,566 4.4 %
Other (1):
26 2,200 2,187 0.6 % 95.9 % 96.7 % (0.8) % 175 173 1.2 %
Total / Average 77,326 $ 2,480 $ 2,431 2.0 % 97.1 % 97.3 % (0.2) % $ 578,170 $ 568,904 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.
Q2 2026 Earnings Release and Supplemental Information — page 19
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, Q2 2026 # Homes Q2 2026 Q1 2026 Change Q2 2026 Q1 2026 Change Q2 2026 Q1 2026 Change
Western United States:
Southern California 6,223 $ 3,276 $ 3,252 0.7 % 99.3 % 98.2 % 1.1 % $ 62,095 $ 61,280 1.3 %
Northern California 3,704 2,832 2,821 0.4 % 98.8 % 98.0 % 0.8 % 31,856 31,645 0.7 %
Seattle 3,826 3,005 2,973 1.1 % 98.0 % 97.5 % 0.5 % 34,536 34,110 1.2 %
Phoenix 8,721 2,079 2,077 0.1 % 97.2 % 96.4 % 0.8 % 55,515 55,141 0.7 %
Las Vegas 3,042 2,273 2,265 0.4 % 97.4 % 96.3 % 1.1 % 21,059 20,733 1.6 %
Denver 2,429 2,654 2,649 0.2 % 96.4 % 95.6 % 0.8 % 19,320 19,102 1.1 %
Western US Subtotal 27,945 2,647 2,634 0.5 % 97.9 % 97.1 % 0.8 % 224,381 222,011 1.1 %
Florida:
South Florida 7,518 3,189 3,177 0.4 % 97.0 % 96.3 % 0.7 % 71,838 71,276 0.8 %
Tampa 8,316 2,316 2,316 — % 96.3 % 96.0 % 0.3 % 58,410 58,176 0.4 %
Orlando 6,518 2,297 2,290 0.3 % 96.6 % 95.9 % 0.7 % 45,652 45,073 1.3 %
Jacksonville 1,924 2,223 2,216 0.3 % 96.9 % 96.6 % 0.3 % 13,017 12,936 0.6 %
Florida Subtotal 24,276 2,575 2,568 0.3 % 96.7 % 96.1 % 0.6 % 188,917 187,461 0.8 %
Southeast United States:
Atlanta 11,810 2,132 2,126 0.3 % 96.4 % 95.8 % 0.6 % 74,898 74,453 0.6 %
Carolinas 5,342 2,146 2,145 — % 96.8 % 95.5 % 1.3 % 34,623 34,300 0.9 %
Southeast US Subtotal 17,152 2,136 2,132 0.2 % 96.5 % 95.7 % 0.8 % 109,521 108,753 0.7 %
Texas:
Houston 1,899 1,943 1,945 (0.1) % 96.9 % 96.7 % 0.2 % 11,276 11,308 (0.3) %
Dallas 2,642 2,292 2,292 — % 95.6 % 95.4 % 0.2 % 18,247 18,215 0.2 %
Texas Subtotal 4,541 2,145 2,146 — % 96.1 % 95.9 % 0.2 % 29,523 29,523 — %
Midwest United States:
Chicago 2,376 2,622 2,588 1.3 % 97.0 % 95.6 % 1.4 % 18,152 17,774 2.1 %
Minneapolis 1,010 2,501 2,486 0.6 % 96.4 % 95.0 % 1.4 % 7,501 7,383 1.6 %
Midwest US Subtotal 3,386 2,586 2,557 1.1 % 96.9 % 95.4 % 1.5 % 25,653 25,157 2.0 %
Other (1):
26 2,200 2,185 0.7 % 95.9 % 91.2 % 4.7 % 175 160 9.4 %
Total / Average 77,326 $ 2,480 $ 2,471 0.4 % 97.1 % 96.3 % 0.8 % $ 578,170 $ 573,065 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.
Q2 2026 Earnings Release and Supplemental Information — page 20
Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — YTD
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent Average Occupancy Core Revenues
YoY, YTD 2026 # Homes YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change
Western United States:
Southern California 6,223 $ 3,264 $ 3,156 3.4 % 98.8 % 98.6 % 0.2 % $ 123,375 $ 118,914 3.8 %
Northern California 3,704 2,826 2,775 1.8 % 98.4 % 98.6 % (0.2) % 63,501 62,507 1.6 %
Seattle 3,826 2,989 2,931 2.0 % 97.8 % 98.0 % (0.2) % 68,646 67,557 1.6 %
Phoenix 8,721 2,078 2,063 0.7 % 96.8 % 97.7 % (0.9) % 110,656 110,508 0.1 %
Las Vegas 3,042 2,269 2,233 1.6 % 96.8 % 97.5 % (0.7) % 41,792 41,319 1.1 %
Denver 2,429 2,651 2,605 1.8 % 96.0 % 97.2 % (1.2) % 38,422 38,246 0.5 %
Western US Subtotal 27,945 2,640 2,587 2.0 % 97.5 % 98.0 % (0.5) % 446,392 439,051 1.7 %
Florida:
South Florida 7,518 3,183 3,108 2.4 % 96.7 % 97.0 % (0.3) % 143,114 139,801 2.4 %
Tampa 8,316 2,316 2,302 0.6 % 96.2 % 96.1 % 0.1 % 116,586 115,411 1.0 %
Orlando 6,518 2,293 2,261 1.4 % 96.3 % 97.3 % (1.0) % 90,725 90,285 0.5 %
Jacksonville 1,924 2,220 2,183 1.7 % 96.8 % 97.4 % (0.6) % 25,953 25,736 0.8 %
Florida Subtotal 24,276 2,571 2,532 1.5 % 96.4 % 96.8 % (0.4) % 376,378 371,233 1.4 %
Southeast United States:
Atlanta 11,810 2,129 2,079 2.4 % 96.1 % 97.0 % (0.9) % 149,351 146,316 2.1 %
Carolinas 5,342 2,145 2,086 2.8 % 96.2 % 97.3 % (1.1) % 68,923 67,790 1.7 %
Southeast US Subtotal 17,152 2,134 2,082 2.5 % 96.1 % 97.1 % (1.0) % 218,274 214,106 1.9 %
Texas:
Houston 1,899 1,944 1,924 1.0 % 96.8 % 96.8 % — % 22,584 22,275 1.4 %
Dallas 2,642 2,292 2,280 0.5 % 95.5 % 96.5 % (1.0) % 36,462 36,565 (0.3) %
Texas Subtotal 4,541 2,146 2,131 0.7 % 96.0 % 96.6 % (0.6) % 59,046 58,840 0.4 %
Midwest United States:
Chicago 2,376 2,605 2,457 6.0 % 96.3 % 97.3 % (1.0) % 35,926 34,446 4.3 %
Minneapolis 1,010 2,493 2,384 4.6 % 95.7 % 96.0 % (0.3) % 14,884 14,357 3.7 %
Midwest US Subtotal 3,386 2,572 2,435 5.6 % 96.1 % 96.9 % (0.8) % 50,810 48,803 4.1 %
Other (1):
26 2,192 2,191 — % 93.6 % 96.9 % (3.3) % 335 342 (2.0) %
Total / Average 77,326 $ 2,475 $ 2,424 2.1 % 96.7 % 97.3 % (0.6) % $ 1,151,235 $ 1,132,375 1.7 %
(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.
Q2 2026 Earnings Release and Supplemental Information — page 21
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, Q2 2026 Q2 2026 Q2 2025 Change Q2 2026 Q2 2025 Change Q2 2026 Q2 2025 Change Q2 2026 Q2 2025
Western United States:
Southern California $ 62,095 $ 59,958 3.6 % $ 15,161 $ 16,169 (6.2) % $ 46,934 $ 43,789 7.2 % 75.6 % 73.0 %
Northern California 31,856 31,360 1.6 % 7,851 8,234 (4.7) % 24,005 23,126 3.8 % 75.4 % 73.7 %
Seattle 34,536 33,992 1.6 % 9,131 8,843 3.3 % 25,405 25,149 1.0 % 73.6 % 74.0 %
Phoenix 55,515 55,526 — % 11,519 10,840 6.3 % 43,996 44,686 (1.5) % 79.3 % 80.5 %
Las Vegas 21,059 20,761 1.4 % 4,928 4,717 4.5 % 16,131 16,044 0.5 % 76.6 % 77.3 %
Denver 19,320 19,238 0.4 % 4,109 3,961 3.7 % 15,211 15,277 (0.4) % 78.7 % 79.4 %
Western US Subtotal 224,381 220,835 1.6 % 52,699 52,764 (0.1) % 171,682 168,071 2.1 % 76.5 % 76.1 %
Florida:
South Florida 71,838 70,055 2.5 % 28,629 27,626 3.6 % 43,209 42,429 1.8 % 60.1 % 60.6 %
Tampa 58,410 58,090 0.6 % 22,661 22,403 1.2 % 35,749 35,687 0.2 % 61.2 % 61.4 %
Orlando 45,652 45,272 0.8 % 17,114 16,157 5.9 % 28,538 29,115 (2.0) % 62.5 % 64.3 %
Jacksonville 13,017 12,887 1.0 % 4,831 4,703 2.7 % 8,186 8,184 — % 62.9 % 63.5 %
Florida Subtotal 188,917 186,304 1.4 % 73,235 70,889 3.3 % 115,682 115,415 0.2 % 61.2 % 61.9 %
Southeast United States:
Atlanta 74,898 73,388 2.1 % 26,932 26,377 2.1 % 47,966 47,011 2.0 % 64.0 % 64.1 %
Carolinas 34,623 34,127 1.5 % 9,652 9,844 (2.0) % 24,971 24,283 2.8 % 72.1 % 71.2 %
Southeast US Subtotal 109,521 107,515 1.9 % 36,584 36,221 1.0 % 72,937 71,294 2.3 % 66.6 % 66.3 %
Texas:
Houston 11,276 11,179 0.9 % 5,088 5,060 0.6 % 6,188 6,119 1.1 % 54.9 % 54.7 %
Dallas 18,247 18,332 (0.5) % 6,905 6,554 5.4 % 11,342 11,778 (3.7) % 62.2 % 64.2 %
Texas Subtotal 29,523 29,511 — % 11,993 11,614 3.3 % 17,530 17,897 (2.1) % 59.4 % 60.6 %
Midwest United States:
Chicago 18,152 17,315 4.8 % 8,043 7,617 5.6 % 10,109 9,698 4.2 % 55.7 % 56.0 %
Minneapolis 7,501 7,251 3.4 % 2,443 2,433 0.4 % 5,058 4,818 5.0 % 67.4 % 66.4 %
Midwest US Subtotal 25,653 24,566 4.4 % 10,486 10,050 4.3 % 15,167 14,516 4.5 % 59.1 % 59.1 %
Other (1):
175 173 1.2 % 43 48 (10.4) % 132 125 5.6 % 75.4 % 72.3 %
Total / Average $ 578,170 $ 568,904 1.6 % $ 185,040 $ 181,586 1.9 % $ 393,130 $ 387,318 1.5 % 68.0 % 68.1 %
(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.
Q2 2026 Earnings Release and Supplemental Information — page 22
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, Q2 2026 Q2 2026 Q1 2026 Change Q2 2026 Q1 2026 Change Q2 2026 Q1 2026 Change Q2 2026 Q1 2026
Western United States:
Southern California $ 62,095 $ 61,280 1.3 % $ 15,161 $ 15,400 (1.6) % $ 46,934 $ 45,880 2.3 % 75.6 % 74.9 %
Northern California 31,856 31,645 0.7 % 7,851 8,168 (3.9) % 24,005 23,477 2.2 % 75.4 % 74.2 %
Seattle 34,536 34,110 1.2 % 9,131 9,554 (4.4) % 25,405 24,556 3.5 % 73.6 % 72.0 %
Phoenix 55,515 55,141 0.7 % 11,519 11,488 0.3 % 43,996 43,653 0.8 % 79.3 % 79.2 %
Las Vegas 21,059 20,733 1.6 % 4,928 4,830 2.0 % 16,131 15,903 1.4 % 76.6 % 76.7 %
Denver 19,320 19,102 1.1 % 4,109 4,211 (2.4) % 15,211 14,891 2.1 % 78.7 % 78.0 %
Western US Subtotal 224,381 222,011 1.1 % 52,699 53,651 (1.8) % 171,682 168,360 2.0 % 76.5 % 75.8 %
Florida:
South Florida 71,838 71,276 0.8 % 28,629 28,095 1.9 % 43,209 43,181 0.1 % 60.1 % 60.6 %
Tampa 58,410 58,176 0.4 % 22,661 21,894 3.5 % 35,749 36,282 (1.5) % 61.2 % 62.4 %
Orlando 45,652 45,073 1.3 % 17,114 16,641 2.8 % 28,538 28,432 0.4 % 62.5 % 63.1 %
Jacksonville 13,017 12,936 0.6 % 4,831 4,756 1.6 % 8,186 8,180 0.1 % 62.9 % 63.2 %
Florida Subtotal 188,917 187,461 0.8 % 73,235 71,386 2.6 % 115,682 116,075 (0.3) % 61.2 % 61.9 %
Southeast United States:
Atlanta 74,898 74,453 0.6 % 26,932 25,979 3.7 % 47,966 48,474 (1.0) % 64.0 % 65.1 %
Carolinas 34,623 34,300 0.9 % 9,652 9,722 (0.7) % 24,971 24,578 1.6 % 72.1 % 71.7 %
Southeast US Subtotal 109,521 108,753 0.7 % 36,584 35,701 2.5 % 72,937 73,052 (0.2) % 66.6 % 67.2 %
Texas:
Houston 11,276 11,308 (0.3) % 5,088 4,931 3.2 % 6,188 6,377 (3.0) % 54.9 % 56.4 %
Dallas 18,247 18,215 0.2 % 6,905 6,449 7.1 % 11,342 11,766 (3.6) % 62.2 % 64.6 %
Texas Subtotal 29,523 29,523 — % 11,993 11,380 5.4 % 17,530 18,143 (3.4) % 59.4 % 61.5 %
Midwest United States:
Chicago 18,152 17,774 2.1 % 8,043 7,923 1.5 % 10,109 9,851 2.6 % 55.7 % 55.4 %
Minneapolis 7,501 7,383 1.6 % 2,443 2,610 (6.4) % 5,058 4,773 6.0 % 67.4 % 64.6 %
Midwest US Subtotal 25,653 25,157 2.0 % 10,486 10,533 (0.4) % 15,167 14,624 3.7 % 59.1 % 58.1 %
Other (1):
175 160 9.4 % 43 57 (24.6) % 132 103 28.2 % 75.4 % 64.4 %
Total / Average $ 578,170 $ 573,065 0.9 % $ 185,040 $ 182,708 1.3 % $ 393,130 $ 390,357 0.7 % 68.0 % 68.1 %
(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.
Q2 2026 Earnings Release and Supplemental Information — page 23
Supplemental Schedule 5(b) (Continued)
Same Store NOI Growth and Margin Summary — YTD
($ in thousands) (unaudited)
Core Revenues Core Operating Expenses Net Operating Income Core NOI Margin
YoY, YTD 2026 YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change YTD 2026 YTD 2025
Western United States:
Southern California $ 123,375 $ 118,914 3.8 % $ 30,561 $ 31,522 (3.0) % $ 92,814 $ 87,392 6.2 % 75.2 % 73.5 %
Northern California 63,501 62,507 1.6 % 16,019 15,692 2.1 % 47,482 46,815 1.4 % 74.8 % 74.9 %
Seattle 68,646 67,557 1.6 % 18,685 17,415 7.3 % 49,961 50,142 (0.4) % 72.8 % 74.2 %
Phoenix 110,656 110,508 0.1 % 23,007 20,953 9.8 % 87,649 89,555 (2.1) % 79.2 % 81.0 %
Las Vegas 41,792 41,319 1.1 % 9,758 9,170 6.4 % 32,034 32,149 (0.4) % 76.7 % 77.8 %
Denver 38,422 38,246 0.5 % 8,320 8,010 3.9 % 30,102 30,236 (0.4) % 78.3 % 79.1 %
Western US Subtotal 446,392 439,051 1.7 % 106,350 102,762 3.5 % 340,042 336,289 1.1 % 76.2 % 76.6 %
Florida:
South Florida 143,114 139,801 2.4 % 56,724 54,717 3.7 % 86,390 85,084 1.5 % 60.4 % 60.9 %
Tampa 116,586 115,411 1.0 % 44,555 43,789 1.7 % 72,031 71,622 0.6 % 61.8 % 62.1 %
Orlando 90,725 90,285 0.5 % 33,755 31,997 5.5 % 56,970 58,288 (2.3) % 62.8 % 64.6 %
Jacksonville 25,953 25,736 0.8 % 9,587 9,194 4.3 % 16,366 16,542 (1.1) % 63.1 % 64.3 %
Florida Subtotal 376,378 371,233 1.4 % 144,621 139,697 3.5 % 231,757 231,536 0.1 % 61.6 % 62.4 %
Southeast United States:
Atlanta 149,351 146,316 2.1 % 52,911 50,900 4.0 % 96,440 95,416 1.1 % 64.6 % 65.2 %
Carolinas 68,923 67,790 1.7 % 19,374 19,193 0.9 % 49,549 48,597 2.0 % 71.9 % 71.7 %
Southeast US Subtotal 218,274 214,106 1.9 % 72,285 70,093 3.1 % 145,989 144,013 1.4 % 66.9 % 67.3 %
Texas:
Houston 22,584 22,275 1.4 % 10,019 9,695 3.3 % 12,565 12,580 (0.1) % 55.6 % 56.5 %
Dallas 36,462 36,565 (0.3) % 13,354 12,522 6.6 % 23,108 24,043 (3.9) % 63.4 % 65.8 %
Texas Subtotal 59,046 58,840 0.4 % 23,373 22,217 5.2 % 35,673 36,623 (2.6) % 60.4 % 62.2 %
Midwest United States:
Chicago 35,926 34,446 4.3 % 15,966 15,016 6.3 % 19,960 19,430 2.7 % 55.6 % 56.4 %
Minneapolis 14,884 14,357 3.7 % 5,053 4,755 6.3 % 9,831 9,602 2.4 % 66.1 % 66.9 %
Midwest US Subtotal 50,810 48,803 4.1 % 21,019 19,771 6.3 % 29,791 29,032 2.6 % 58.6 % 59.5 %
Other (1):
335 342 (2.0) % 100 92 8.7 % 235 250 (6.0) % 70.1 % 73.1 %
Total / Average $ 1,151,235 $ 1,132,375 1.7 % $ 367,748 $ 354,632 3.7 % $ 783,487 $ 777,743 0.7 % 68.1 % 68.7 %
(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.
Q2 2026 Earnings Release and Supplemental Information — page 24
Supplemental Schedule 5(c)
Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q2 2026 YTD 2026
Renewal New Blended Renewal New Blended
Leases Leases Average Leases Leases Average
Western United States:
Southern California 5.0 % 3.1 % 4.8 % 5.0 % 2.4 % 4.6 %
Northern California 1.9 % 3.0 % 2.1 % 2.3 % 1.4 % 2.1 %
Seattle 5.1 % 3.5 % 4.8 % 5.0 % 1.7 % 4.1 %
Phoenix 2.6 % (0.7) % 1.6 % 2.8 % (3.6) % 0.8 %
Las Vegas 2.8 % 0.8 % 2.3 % 2.9 % (2.2) % 1.4 %
Denver 1.0 % 1.1 % 1.0 % 1.7 % (1.3) % 0.7 %
Western US Subtotal 3.5 % 1.4 % 3.0 % 3.6 % (0.8) % 2.5 %
Florida:
South Florida 4.9 % (0.3) % 3.6 % 4.9 % (2.5) % 2.8 %
Tampa 2.1 % (1.3) % 1.1 % 2.3 % (3.5) % 0.6 %
Orlando 2.9 % 1.0 % 2.3 % 3.0 % (1.1) % 1.6 %
Jacksonville 2.8 % 2.4 % 2.7 % 3.0 % — % 2.1 %
Florida Subtotal 3.3 % — % 2.4 % 3.5 % (2.3) % 1.7 %
Southeast United States:
Atlanta 3.0 % 2.0 % 2.8 % 3.4 % (0.7) % 2.2 %
Carolinas 2.0 % 3.0 % 2.3 % 2.7 % 0.4 % 2.0 %
Southeast US Subtotal 2.8 % 2.3 % 2.6 % 3.2 % (0.3) % 2.1 %
Texas:
Houston 2.2 % (0.9) % 1.6 % 2.1 % (3.7) % 0.8 %
Dallas 2.0 % (0.3) % 1.3 % 2.3 % (3.0) % 0.7 %
Texas Subtotal 2.1 % (0.5) % 1.4 % 2.2 % (3.2) % 0.7 %
Midwest United States:
Chicago 5.5 % 5.7 % 5.6 % 6.0 % 4.9 % 5.6 %
Minneapolis 5.7 % 4.6 % 5.3 % 6.2 % 2.7 % 5.0 %
Midwest US Subtotal 5.6 % 5.4 % 5.5 % 6.0 % 4.2 % 5.5 %
Other (1):
(0.5) % (4.2) % (2.5) % 2.1 % (3.3) % (0.7) %
Total / Average 3.3 % 1.1 % 2.7 % 3.5 % (1.1) % 2.2 %
(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.
Q2 2026 Earnings Release and Supplemental Information — page 25
Supplemental Schedule 6
Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
Total Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025
R&M OpEx, net $ 26,902 $ 23,087 $ 23,854 $ 30,313 $ 25,822
Turn OpEx, net 10,405 9,427 10,162 11,704 9,682
Total recurring operating expenses, net $ 37,307 $ 32,514 $ 34,016 $ 42,017 $ 35,504
R&M CapEx $ 29,660 $ 26,313 $ 26,017 $ 34,935 $ 28,360
Turn CapEx 8,354 9,093 9,727 10,969 9,404
Total Recurring Capital Expenditures $ 38,014 $ 35,406 $ 35,744 $ 45,904 $ 37,764
R&M OpEx, net + R&M CapEx $ 56,562 $ 49,400 $ 49,871 $ 65,248 $ 54,182
Turn OpEx, net + Turn CapEx 18,759 18,520 19,889 22,673 19,086
Total Cost to Maintain, net $ 75,321 $ 67,920 $ 69,760 $ 87,921 $ 73,268
Per Home Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025
Total Cost to Maintain, net $ 974 $ 878 $ 902 $ 1,137 $ 948
(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 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025
Recurring CapEx $ 41,392 $ 40,058 $ 40,112 $ 51,719 $ 42,949
Value Enhancing CapEx 14,203 12,618 14,904 21,370 18,314
Initial Renovation CapEx 3,224 4,068 5,708 6,927 8,269
Disposition CapEx 1,274 1,033 904 862 869
Total Capital Expenditures $ 60,093 $ 57,777 $ 61,628 $ 80,878 $ 70,401
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 26
Supplemental Schedule 7
Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management Expense Q2 2026 Q2 2025 YTD 2026 YTD 2025
Property management expense (GAAP) $ 37,726 $ 35,833 $ 77,051 $ 72,572
Adjustments:
Share-based compensation expense (1,339) (1,566) (4,265) (3,217)
Adjusted property management expense $ 36,387 $ 34,267 $ 72,786 $ 69,355
Adjusted G&A Expense Q2 2026 Q2 2025 YTD 2026 YTD 2025
G&A expense (GAAP) $ 29,332 $ 23,591 $ 61,651 $ 53,109
Adjustments:
Share-based compensation expense (8,007) (6,898) (15,781) (15,404)
Business reorganization costs (1)
(1,279) (35) (2,780) (2,420)
Adjusted G&A expense $ 20,046 $ 16,658 $ 43,090 $ 35,285
(1)Includes severance, restructuring, acquisition, and integration costs.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 27
Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited) March 31, 2026
Q2 2026 Acquisitions (1)
Q2 2026 Dispositions (2)
June 30, 2026
Homes Homes Avg. Est. Homes Average Homes
Owned Acq. Cost Basis Sold Sales Price Owned
Wholly Owned Portfolio
Western United States:
Southern California 7,012 — $ — 178 $ 669,744 6,834
Northern California 3,965 — — 76 489,673 3,889
Seattle 3,887 — — 18 544,776 3,869
Phoenix 9,191 — — 31 363,589 9,160
Las Vegas 3,383 — — 5 451,580 3,378
Denver 2,999 45 418,792 6 409,000 3,038
Western US Subtotal 30,437 45 418,792 314 580,314 30,168
Florida:
South Florida 7,963 — — 122 469,295 7,841
Tampa 9,659 24 314,593 73 316,676 9,610
Orlando 7,017 51 429,315 18 316,861 7,050
Jacksonville 2,147 — — 14 403,207 2,133
Florida Subtotal 26,786 75 392,604 227 404,052 26,634
Southeast United States:
Atlanta 12,584 24 354,306 47 311,594 12,561
Carolinas 6,143 2 265,164 15 372,987 6,130
Southeast US Subtotal 18,727 26 347,449 62 326,447 18,691
Texas:
Houston 2,583 27 292,056 16 200,153 2,594
Dallas 3,568 — — 22 261,915 3,546
Texas Subtotal 6,151 27 292,056 38 235,910 6,140
Midwest United States:
Chicago 2,441 — — 12 345,046 2,429
Minneapolis 1,028 — — 4 305,875 1,024
Midwest US Subtotal 3,469 — — 16 335,253 3,453
Other (3):
400 23 410,370 — — 423
Total / Average 85,970 196 $ 379,963 657 $ 469,569 85,509
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,605 — $ — 1 $ 432,000 2,604
2022 Rockpoint JV (5)
407 55 343,167 — — 462
FNMA JV (6)
311 — — 13 465,677 298
Pathway Homes (7)
854 12 349,640 — — 866
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.
Q2 2026 Earnings Release and Supplemental Information — page 28
Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.1%. 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 2.0%. 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%; however, our share of income is 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement..
(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.
Q2 2026 Earnings Release and Supplemental Information — page 29
Supplemental Schedule 8(b)
Expected Development Pipeline of New Homes — As of June 30, 2026
(unaudited)
Pipeline as of
June 30, 2026 (1)(2)
Estimated
Deliveries
in Q3-Q4 2026 Estimated
Deliveries
Thereafter Avg. Estimated Cost Basis Per Home
Denver 36 36 — $ 400,000
Tampa 66 37 29 310,000
Orlando 82 45 37 450,000
Atlanta 84 48 36 330,000
Carolinas 30 30 — 430,000
Houston 6 6 — 280,000
Dallas 4 4 — 290,000
Other 3 3 — 400,000
Total / Average 311 209 102 $ 370,000
(1)Represents the number of new homes as of June 30, 2026 that are under contract to be built and delivered during a future period to Invitation Homes or one of our joint ventures.
(2)Pipeline rollforward:
Pipeline as of March 31, 2026
556
Q2 2026 additions and cancellations (net)
(15)
Q2 2026 deliveries
(230)
Pipeline as of June 30, 2026
311
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 30
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.
Q2 2026 Earnings Release and Supplemental Information — page 31
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.
Q2 2026 Earnings Release and Supplemental Information — page 32
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.
Q2 2026 Earnings Release and Supplemental Information — page 33
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, as amended, 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 (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 the applicable exhibits to our Annual Report.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 34
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, 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, 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.
Q2 2026 Earnings Release and Supplemental Information — page 35
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025
Total revenues (Total Portfolio) $ 747,550 $ 734,112 $ 685,250 $ 688,166 $ 681,401
Management fee revenues (19,738) (19,852) (21,662) (21,975) (22,294)
Homebuilding revenues (49,460) (43,745) — — —
Total portfolio resident recoveries (49,503) (46,072) (45,389) (46,885) (40,944)
Total Core Revenues (Total Portfolio) 628,849 624,443 618,199 619,306 618,163
Non-Same Store Core Revenues (50,679) (51,378) (51,276) (51,422) (49,259)
Same Store Core Revenues $ 578,170 $ 573,065 $ 566,923 $ 567,884 $ 568,904
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
YTD 2026 YTD 2025
Total revenues (Total Portfolio) $ 1,481,662 $ 1,355,880
Management fee revenues (39,590) (43,702)
Homebuilding revenues (93,205) —
Total portfolio resident recoveries (95,575) (85,062)
Total Core Revenues (Total Portfolio) 1,253,292 1,227,116
Non-Same Store Core Revenues (102,057) (94,741)
Same Store Core Revenues $ 1,151,235 $ 1,132,375
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025
Property operating and maintenance expenses (Total Portfolio) $ 255,712 $ 251,134 $ 244,823 $ 259,037 $ 244,278
Total Portfolio resident recoveries (49,503) (46,072) (45,389) (46,885) (40,944)
Core Operating Expenses (Total Portfolio) 206,209 205,062 199,434 212,152 203,334
Non-Same Store Core Operating Expenses (21,169) (22,354) (20,788) (24,045) (21,748)
Same Store Core Operating Expenses $ 185,040 $ 182,708 $ 178,646 $ 188,107 $ 181,586
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
YTD 2026 YTD 2025
Property operating and maintenance expenses (Total Portfolio) $ 506,846 $ 481,727
Total Portfolio resident recoveries (95,575) (85,062)
Core Operating Expenses (Total Portfolio) 411,271 396,665
Non-Same Store Core Operating Expenses (43,523) (42,033)
Same Store Core Operating Expenses $ 367,748 $ 354,632
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 36
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025
Net income available to common stockholders $ 218,172 $ 159,800 $ 144,308 $ 136,474 $ 140,665
Net income available to participating securities 675 708 246 264 222
Non-controlling interests 804 557 496 472 480
Management fee revenues (19,738) (19,852) (21,662) (21,975) (22,294)
Homebuilding revenues (49,460) (43,745) — — —
Property management expense 37,726 39,325 39,485 37,073 35,833
Homebuilding cost of sales 42,215 39,134 — — —
General and administrative 29,332 32,319 23,697 18,444 23,591
Interest expense 93,987 95,313 90,878 90,781 87,414
Depreciation and amortization 194,299 193,142 189,875 188,457 185,455
Casualty losses, impairment, and other
4,236 4,345 311 3,420 3,029
Gain on sale of property, net of tax (132,308) (87,094) (54,463) (45,515) (46,591)
(Income) losses from investments in unconsolidated joint ventures 2,402 3,085 3,717 (2,130) 4,802
Other, net (1)
298 2,344 1,877 1,389 2,223
NOI (Total Portfolio) 422,640 419,381 418,765 407,154 414,829
Non-Same Store NOI (29,510) (29,024) (30,488) (27,377) (27,511)
Same Store NOI $ 393,130 $ 390,357 $ 388,277 $ 379,777 $ 387,318
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
YTD 2026 YTD 2025
Net income available to common stockholders $ 377,972 $ 306,182
Net income available to participating securities 1,383 450
Non-controlling interests 1,361 1,017
Management fee revenues (39,590) (43,702)
Homebuilding revenues (93,205) —
Property management expense 77,051 72,572
Homebuilding cost of sales 81,349 —
General and administrative 61,651 53,109
Interest expense 189,300 171,668
Depreciation and amortization 387,441 368,601
Casualty losses, impairment, and other
8,581 7,712
Gain on sale of property, net of tax (219,402) (118,257)
Losses from investments in unconsolidated joint ventures 5,487 10,020
Other, net (1)
2,642 1,079
NOI (Total Portfolio) 842,021 830,451
Non-Same Store NOI (58,534) (52,708)
Same Store NOI $ 783,487 $ 777,743
(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.
Q2 2026 Earnings Release and Supplemental Information — page 37
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q2 2026 Q2 2025 YTD 2026 YTD 2025
Net income available to common stockholders $ 218,172 $ 140,665 $ 377,972 $ 306,182
Net income available to participating securities 675 222 1,383 450
Non-controlling interests 804 480 1,361 1,017
Interest expense 93,987 87,414 189,300 171,668
Interest expense in unconsolidated joint ventures 6,265 5,943 12,392 11,569
Depreciation and amortization 194,299 185,455 387,441 368,601
Depreciation and amortization of investments in unconsolidated joint ventures 4,508 3,791 8,976 7,453
EBITDA 518,710 423,970 978,825 866,940
Gain on sale of property, net of tax (132,308) (46,591) (219,402) (118,257)
Impairment on depreciated real estate investments 961 36 1,430 99
Net gain on sale of investments in unconsolidated joint ventures (1,627) (261) (3,048) (406)
EBITDAre
385,736 377,154 757,805 748,376
Share-based compensation expense 9,346 8,464 20,046 18,621
Business reorganization costs (1)
1,279 35 2,780 2,420
Casualty losses and reserves, net (2)
3,358 3,000 7,293 7,683
Other, net (3)
298 2,223 2,642 1,079
Adjusted EBITDAre
$ 400,017 $ 390,876 $ 790,566 $ 778,179
Trailing Twelve Months (TTM) Ended
June 30, 2026 December 31, 2025
Net income available to common stockholders $ 658,754 $ 586,964
Net income available to participating securities 1,893 960
Non-controlling interests 2,329 1,985
Interest expense 370,959 353,327
Interest expense in unconsolidated joint ventures 26,135 25,312
Depreciation and amortization 765,773 746,933
Depreciation and amortization of investments in unconsolidated joint ventures 17,884 16,361
EBITDA 1,843,727 1,731,842
Gain on sale of property, net of tax (319,380) (218,235)
Impairment on depreciated real estate investments 1,988 657
Net gain on sale of investments in unconsolidated joint ventures (11,103) (8,461)
EBITDAre
1,515,232 1,505,803
Share-based compensation expense 29,255 27,830
Business reorganization costs (1)
3,132 2,772
Casualty losses and reserves, net (2)
10,534 10,924
Other, net (3)
5,908 4,345
Adjusted EBITDAre
$ 1,564,061 $ 1,551,674
(1)Includes severance, restructuring, acquisition, and integration costs.
(2)Includes our share from unconsolidated joint ventures.
(3)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.
Q2 2026 Earnings Release and Supplemental Information — page 38
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As of As of
June 30, 2026 December 31, 2025
Secured debt, net $ 1,385,098 $ 1,384,114
Unsecured notes, net 4,402,839 4,398,921
Term loan facility, net 2,458,754 2,451,985
Revolving facility 280,000 145,000
Total Debt per Balance Sheet 8,526,691 8,380,020
Retained and repurchased certificates (55,499) (55,499)
Cash, ex-security deposits and letters of credit (1)
(137,316) (167,472)
Deferred financing costs, net 44,182 54,208
Unamortized discounts on notes payable 22,365 24,171
Net Debt (A) $ 8,400,423 $ 8,235,428
For the TTM Ended For the TTM Ended
June 30, 2026 December 31, 2025
Adjusted EBITDAre (B)
$ 1,564,061 $ 1,551,674
Net Debt / TTM Adjusted EBITDAre (A / B)
5.4 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)
Q2 2026 Q2 2025 YTD 2026 YTD 2025
Amortization of discounts on notes payable $ 906 $ 789 $ 1,806 $ 1,570
Amortization of deferred financing costs 5,179 5,723 13,231 10,705
Change in fair value of interest rate derivatives — — — —
Amortization of swap fair value at designation 546 (2,421) 1,087 (6,152)
Our share from unconsolidated joint ventures 1,216 1,633 2,352 3,235
Total non-cash interest expense $ 7,847 $ 5,724 $ 18,476 $ 9,358
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 39
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Entity File Number
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Entity Tax Identification Number
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Entity Address, Address Line One
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dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Document and Entity Information [Abstract]
+ References
No definition available.
+ Details
Name:
invh_DocumentandEntityInformationAbstract
Namespace Prefix:
invh_
Data Type:
xbrli:stringItemType
Balance Type:
na
Period Type:
duration