Table of Contents


Earnings Press Release			3
Consolidated Financial Statements			8
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO			10
Schedule 2: Capital Structure Information			11
Schedule 3: Summary of Operating Information by Home Portfolio			16
Schedule 4: Home Characteristics by Market			19
Schedule 5: Same Store Operating Information by Market			20
Schedule 6: Cost to Maintain and Capital Expenditure Detail			27
Schedule 7: Adjusted Property Management and G&A Reconciliation			28
Schedule 8: Acquisitions, Dispositions, and Homebuilder Pipeline			29
Glossary and Reconciliations			32

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 2

Earnings Press Release

Invitation Homes Reports Third Quarter 2025 Results

Dallas, TX, October 29, 2025 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our Third Quarter (“Q3”) 2025 financial and operating results.

Q3 2025 Highlights

•Year over year, total revenues increased 4.2% to $688 million, property operating and maintenance costs increased 6.9% to $259 million, and net income available to common stockholders increased 43.5% to $136 million or $0.22 per diluted common share.

•Year over year, Core FFO per share increased 0.4% to $0.47 and AFFO per share increased 0.1% to $0.38.

•Same Store NOI increased 1.1% year over year on 2.3% Same Store Core Revenues growth and 4.9% Same Store Core Operating Expenses growth.

•Same Store Average Occupancy was 96.5%, representing an expected reduction of 60 basis points year over year.

•Same Store renewal rent growth of 4.5% and Same Store new lease rent growth of (0.6)% resulted in Same Store blended rent growth of 3.0%.

•Same Store Bad Debt was 0.7% of gross rental revenue, a 20 basis point improvement year over year.

•Acquisitions by us and our joint ventures totaled 749 homes for approximately $260 million while dispositions totaled 316 homes for approximately $122 million.

•As previously announced, on August 15, 2025 we closed a public offering of $600 million aggregate principal amount of 4.950% Senior Notes due 2033.

•As previously announced, on August 15, 2025 our common stock was dual listed on NYSE Texas, a new fully electronic equities exchange headquartered in Dallas, under the same INVH ticker symbol while maintaining our primary listing on the NYSE.

•In recognition of our year to date performance, we have raised our full year 2025 guidance midpoints for Core FFO per share and AFFO per share by one cent each to $1.92 and $1.62, respectively, and Same Store NOI growth by 25 basis points to 2.25%.

Comments from Chief Executive Officer Dallas Tanner

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

Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures

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

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 3

Financial Results


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

	Q3 2025		Q3 2024		YTD 2025		YTD 2024
Net income	$	0.22	$	0.15	$	0.72	$	0.51
FFO	0.44		0.37		1.35		1.14
Core FFO	0.47		0.47		1.43		1.41
AFFO	0.38		0.38		1.22		1.19

Net Income

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

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

Core FFO

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

AFFO

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

Operating Results


Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:	77,284

	Q3 2025		Q3 2024		YTD 2025		YTD 2024
Core Revenues growth (year over year)	2.3	%			2.5	%
Core Operating Expenses growth (year over year)	4.9	%			2.2	%
NOI growth (year over year)	1.1	%			2.7	%

Average Occupancy	96.5	%	97.1	%	97.0	%	97.5	%
Bad Debt % of gross rental revenue	0.7	%	0.9	%	0.6	%	0.8	%
Turnover Rate	6.4	%	6.1	%	17.4	%	17.6	%

Rental Rate Growth (lease-over-lease):
Renewals	4.5	%	4.2	%	4.8	%	5.1	%
New Leases	(0.6)	%	1.6	%	0.5	%	2.0	%
Blended	3.0	%	3.5	%	3.5	%	4.2	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 4

Same Store NOI

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

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

Same Store Core Revenues

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

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

Same Store Core Operating Expenses

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

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

Investment and Property Management Activity

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

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

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


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

	Number of Homes Owned and/or Managed as of 6/30/2025	Acquired or Added In Q3 2025	Disposed or Subtracted In Q3 2025	Number of Homes Owned and/or Managed as of 9/30/2025
Wholly owned homes	85,905	526	(292)	86,139
Joint venture owned homes	7,698	223	(24)	7,897
Managed-only homes	16,785	—	(634)	16,151
Total homes owned and/or managed	110,388	749	(950)	110,187

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 5

Balance Sheet and Capital Markets Activity

As of September 30, 2025, we had $1,905 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,313 million consisted of 83.3% unsecured debt and 16.7% secured debt; 95.5% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.2x. We have no debt reaching final maturity before 2027.

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

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

FY 2025 Guidance

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

FY 2025 Guidance Summary

Current
Guidance Range

Current
Guidance
Midpoint

Prior
Guidance
Midpoint

Change in Guidance Midpoint

Core FFO per share — diluted

$1.90 to $1.94

$1.92

$1.91

$0.01

AFFO per share — diluted

$1.60 to $1.64

$1.62

$1.61

$0.01

Same Store Core Revenues growth

2.0% to 3.0%

2.5%

0 bps

Same Store Core Operating Expenses growth

2.0% to 3.5%

2.75%

3.5%

-75 bps

Same Store NOI growth

1.75% to 2.75%

2.25%

2.0%

25 bps

Wholly owned acquisitions (1)

$750 million to
$850 million

$800 million

$600 million

$200 million

JV acquisitions

$100 million to
$200 million

$150 million

$— million

Wholly owned dispositions

$400 million to
$600 million

$500 million

$— million

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

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 6

Earnings Conference Call Information

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

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

Supplemental Information

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

About Invitation Homes

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



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

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 7


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

	September 30, 2025		December 31, 2024
	(unaudited)
Assets:
Investments in single-family residential properties, net	$	17,356,304	$	17,212,126
Cash and cash equivalents	155,370		174,491
Restricted cash	240,298		245,202
Goodwill	258,207		258,207
Investments in unconsolidated joint ventures	255,867		241,605
Other assets, net	516,730		569,320
Total assets	$	18,782,776	$	18,700,951

Liabilities:
Secured debt, net	$	1,383,541	$	1,385,573
Unsecured notes, net	4,396,973		3,800,688
Term loan facilities, net	2,449,770		2,446,041
Revolving facility	—		570,000
Accounts payable and accrued expenses	407,288		247,709
Resident security deposits	184,315		180,866
Other liabilities	297,939		277,565
Total liabilities	9,119,826		8,908,442

Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2025 and December 31, 2024	—		—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 613,020,589 and 612,605,478 outstanding as of September 30, 2025 and December 31, 2024, respectively	6,130		6,126
Additional paid-in capital	11,183,482		11,170,597
Accumulated deficit	(1,571,463)		(1,480,928)
Accumulated other comprehensive income	7,795		60,969
Total stockholders’ equity	9,625,944		9,756,764
Non-controlling interests	37,006		35,745
Total equity	9,662,950		9,792,509
Total liabilities and equity	$	18,782,776	$	18,700,951

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 8


Consolidated Statements of Operations
($ in thousands, except shares and per share amounts) (unaudited)

	Q3 2025		Q3 2024		YTD 2025		YTD 2024
Revenues:
Rental revenues	$	593,606	$	575,462	$	1,771,309	$	1,723,757
Other property income	72,585		65,880		207,060		187,157
Management fee revenues	21,975		18,980		65,677		48,898
Total revenues	688,166		660,322		2,044,046		1,959,812

Expenses:
Property operating and maintenance	259,037		242,228		740,764		706,809
Property management expense	37,073		34,382		109,645		98,252
General and administrative	18,444		21,727		71,553		66,673
Interest expense	90,781		91,060		262,449		270,912
Depreciation and amortization	188,457		180,479		557,058		532,414
Casualty losses, impairment, and other	3,420		20,872		11,132		35,362
Total expenses	597,212		590,748		1,752,601		1,710,422

Gains (losses) on investments in equity and other securities, net	380		(257)		69		1,038
Other, net	(1,769)		(9,345)		(2,537)		(57,384)
Gain on sale of property, net of tax	45,515		47,766		163,772		141,531
Income (losses) from investments in unconsolidated joint ventures	2,130		(12,160)		(7,890)		(22,780)

Net income	137,210		95,578		444,859		311,795
Net income attributable to non-controlling interests	(472)		(309)		(1,489)		(988)

Net income attributable to common stockholders	136,738		95,269		443,370		310,807
Net income available to participating securities	(264)		(185)		(714)		(584)


Net income available to common stockholders — basic and diluted	$	136,474	$	95,084	$	442,656	$	310,223

Weighted average common shares outstanding — basic	613,084,571		612,674,802		612,971,293		612,508,300
Weighted average common shares outstanding — diluted	613,084,571		613,645,188		613,237,288		613,759,171

Net income per common share — basic	$	0.22	$	0.16	$	0.72	$	0.51
Net income per common share — diluted	$	0.22	$	0.15	$	0.72	$	0.51

Dividends declared per common share	$	0.29	$	0.28	$	0.87	$	0.84

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 9

Supplemental Schedule 1


Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)

FFO Reconciliation	Q3 2025		Q3 2024		YTD 2025		YTD 2024
Net income available to common stockholders	$	136,474	$	95,084	$	442,656	$	310,223
Net income available to participating securities	264		185		714		584
Non-controlling interests	472		309		1,489		988
Depreciation and amortization on real estate assets	183,653		176,174		543,775		521,411
Impairment on depreciated real estate investments	335		270		434		330
Net gain on sale of previously depreciated investments in real estate	(45,515)		(47,766)		(163,772)		(141,531)
Depreciation and net gain on sale of investments in unconsolidated joint ventures	(1,992)		4,060		5,016		10,076
FFO	$	273,691	$	228,316	$	830,312	$	702,081

Core FFO Reconciliation	Q3 2025		Q3 2024		YTD 2025		YTD 2024
FFO	$	273,691	$	228,316	$	830,312	$	702,081
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)	9,128		14,085		18,486		32,207
Share-based compensation expense	1,916		5,417		20,537		20,809
Legal settlements	—		17,500		—		77,000
Severance expense	—		209		2,420		388
Casualty losses and reserves, net (1)	3,116		20,729		10,799		35,174
(Gains) losses on investments in equity and other securities, net	(380)		257		(69)		(1,038)
Core FFO	$	287,471	$	286,513	$	882,485	$	866,621

AFFO Reconciliation	Q3 2025		Q3 2024		YTD 2025		YTD 2024
Core FFO	$	287,471	$	286,513	$	882,485	$	866,621
Recurring Capital Expenditures (1)	(52,350)		(51,505)		(132,969)		(135,262)
AFFO	$	235,121	$	235,008	$	749,516	$	731,359

Net income available to common stockholders
Weighted average common shares outstanding — diluted	613,084,571		613,645,188		613,237,288		613,759,171

Net income per common share — diluted	$	0.22	$	0.15	$	0.72	$	0.51

FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted	615,599,540		615,913,139		615,673,797		615,987,978

FFO per share — diluted	$	0.44	$	0.37	$	1.35	$	1.14

Core FFO per share — diluted	$	0.47	$	0.47	$	1.43	$	1.41

AFFO per share — diluted	$	0.38	$	0.38	$	1.22	$	1.19

(1)Includes our share from unconsolidated joint ventures.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 10

Supplemental Schedule 2(a)


Diluted Shares Outstanding
(unaudited)

Weighted Average Amounts for Net Income	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Common shares — basic	613,084,571	612,674,802	612,971,293	612,508,300
Shares potentially issuable from vesting/conversion of equity-based awards	—	970,386	265,995	1,250,871
Total common shares — diluted	613,084,571	613,645,188	613,237,288	613,759,171

Weighted average amounts for FFO, Core FFO, and AFFO	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Common shares — basic	613,084,571	612,674,802	612,971,293	612,508,300
OP units — basic	2,099,937	1,979,009	2,058,429	1,945,886
Shares potentially issuable from vesting/conversion of equity-based awards	415,032	1,259,328	644,075	1,533,792
Total common shares and units — diluted	615,599,540	615,913,139	615,673,797	615,987,978

Period end amounts for Core FFO and AFFO	September 30, 2025
Common shares	613,020,589
OP units	2,099,937
Shares potentially issuable from vesting/conversion of equity-based awards	1,014,713
Total common shares and units — diluted	616,135,239

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(b)


Debt Structure and Leverage Ratios — As of September 30, 2025
($ in thousands) (unaudited)
						Wtd Avg		Wtd Avg
						Interest		Years to
Debt Structure	Balance			% of Total		Rate (1)		Maturity (2)
Secured:
Fixed (3)	$	1,388,398		16.7	%	4.0	%	2.8
Floating — swapped to fixed	—			—	%	—	%	—
Floating	—			—	%	—	%	—
Total secured	1,388,398			16.7	%	4.0	%	2.8

Unsecured:
Fixed	4,450,000			53.5	%	3.8	%	6.5
Floating — swapped to fixed	2,100,000			25.3	%	4.0	%	4.1
Floating	375,000			4.5	%	5.0	%	4.6
Total unsecured	6,925,000			83.3	%	3.9	%	5.7

Total Debt:
Fixed + floating swapped to fixed (3)	7,938,398			95.5	%	3.9	%	5.2
Floating	375,000			4.5	%	5.0	%	4.6
Total debt	8,313,398			100.0	%	3.9	%	5.2
Unamortized discounts on notes payable	(25,064)
Deferred financing costs, net	(58,050)
Total debt per Balance Sheet	8,230,284
Retained and repurchased certificates	(55,499)
Cash, ex-security deposits and letters of credit (4)	(208,054)
Deferred financing costs, net	58,050
Unamortized discounts on notes payable	25,064
Net debt	$	8,049,845

Leverage Ratios	September 30, 2025
Net Debt / TTM Adjusted EBITDAre	5.2		x

Credit Ratings

Ratings

Outlook

Fitch Ratings

BBB+

Stable

Moody’s Investors Service

Baa2

Stable

S&P Global Ratings

BBB

Positive

Unsecured Facilities Covenant Compliance (5)

Unsecured Public Bond Covenant Compliance (6)

Actual

Requirement

Actual

Requirement

Total leverage ratio

28.9

≤ 60%

Aggregate debt ratio

34.9

≤ 65%

Secured leverage ratio

5.8

≤ 45%

Secured debt ratio

5.6

≤ 40%

Unencumbered leverage ratio

27.0

≤ 60%

Unencumbered assets ratio

310.8

≥ 150%

Fixed charge coverage ratio

4.4 x

≥ 1.5x

Debt service ratio

4.6x

≥ 1.5x

Unsecured interest coverage ratio

5.3 x

≥ 1.75x

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b) (Continued)

(1)Includes the impact of interest rate swaps in place and effective as of September 30, 2025. See Supplemental Schedule 2(d) for additional information regarding our interest rate swaps.

(2)Assumes all extension options are exercised.

(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.

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

(5)Covenant calculations are specifically defined in our Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the “Glossary and Reconciliations” section below. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

(6)Covenant calculations are specifically defined in our Supplemental Indentures to the Base Indenture for our Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(c)


Debt Maturity Schedule — As of September 30, 2025
($ in thousands) (unaudited)

			Unsecured Debt
	Secured		Unsecured		Term Loan		Revolving				% of
Debt Maturities, with Extensions (1)	Debt		Notes		Facilities		Facility		Total		Total
2025	$	—	$	—	$	—	$	—	$	—	—	%
2026	—		—		—		—		—		—	%
2027	988,013		—		—		—		988,013		11.9	%
2028	—		750,000		—		—		750,000		9.0	%
2029	—		—		1,750,000		—		1,750,000		21.2	%
2030	—		450,000		725,000		—		1,175,000		14.1	%
2031	400,385		650,000		—		—		1,050,385		12.6	%
2032	—		600,000		—		—		600,000		7.2	%
2033	—		950,000		—		—		950,000		11.4	%
2034	—		400,000		—		—		400,000		4.8	%
2035	—		500,000		—		—		500,000		6.0	%
2036	—		150,000		—		—		150,000		1.8	%

	1,388,398		4,450,000		2,475,000		—		8,313,398		100.0	%
Unamortized discounts on notes payable	(615)		(24,449)		—		—		(25,064)
Deferred financing costs, net	(4,242)		(28,578)		(25,230)		—		(58,050)
Total per Balance Sheet	$	1,383,541	$	4,396,973	$	2,449,770	$	—	$	8,230,284

(1)Assumes all extension options are exercised.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 2(d)

Active Swap Schedule — As of September 30, 2025

($ in thousands) (unaudited)

Agreement Date

Effective Date

Maturity Date

Strike Rate

Index

Notional

9/20/2024

12/31/2024

5/31/2028

3.13%

One month Term SOFR

200,000

9/20/2024

12/31/2024

5/31/2028

3.14%

One month Term SOFR

200,000

9/23/2024

12/31/2024

5/31/2028

3.13%

One month Term SOFR

200,000

9/24/2024

12/31/2024

5/31/2028

3.08%

One month Term SOFR

200,000

9/24/2024

12/31/2024

5/31/2028

3.08%

One month Term SOFR

200,000

9/25/2024

12/31/2024

5/31/2028

1.93%

One month Term SOFR

200,000

9/25/2024

12/31/2024

5/31/2029

3.12%

One month Term SOFR

200,000

5/8/2025

5/31/2028

3.51%

One month Term SOFR

200,000

6/20/2025

5/31/2028

3.60%

One month Term SOFR

200,000

3/22/2023

7/9/2025

5/31/2029

2.99%

One month Term SOFR

300,000

Weighted Average Strike Rate

3.07%

Total

2,100,000

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 15

Supplemental Schedule 3(a)


Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)

Number of Homes, period-end	Q3 2025
Total Portfolio	86,139
Same Store Portfolio	77,284
Same Store % of Total	89.7		%

Core Revenues	Q3 2025			Q3 2024		Change YoY		YTD 2025		YTD 2024		Change YoY
Total Portfolio	$	619,306		$	598,930	3.4	%	$	1,846,422	$	1,793,605	2.9	%
Same Store Portfolio	569,293			556,388		2.3	%	1,706,261		1,663,870		2.5	%

Core Operating Expenses	Q3 2025			Q3 2024		Change YoY		YTD 2025		YTD 2024		Change YoY
Total Portfolio	$	212,152		$	199,816	6.2	%	$	608,817	$	589,500	3.3	%
Same Store Portfolio	189,424			180,643		4.9	%	545,763		533,766		2.2	%

Net Operating Income	Q3 2025			Q3 2024		Change YoY		YTD 2025		YTD 2024		Change YoY
Total Portfolio	$	407,154		$	399,114	2.0	%	$	1,237,605	$	1,204,105	2.8	%
Same Store Portfolio	379,869			375,745		1.1	%	1,160,498		1,130,104		2.7	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(b)


Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)

					Change				Change						Change
	Q3 2025		Q3 2024		YoY		Q2 2025		Seq		YTD 2025		YTD 2024		YoY
Revenues:
Rental revenues (1)	$	546,117	$	534,866	2.1	%	$	547,912	(0.3)	%	$	1,638,057	$	1,599,384	2.4	%
Other property income, net (1)(2)	23,176		21,522		7.7	%	23,266		(0.4)	%	68,204		64,486		5.8	%
Core Revenues	569,293		556,388		2.3	%	571,178		(0.3)	%	1,706,261		1,663,870		2.5	%






Fixed Expenses:
Property taxes	98,984		93,121		6.3	%	97,927		1.1	%	295,137		284,722		3.7	%
Insurance expenses	8,455		10,722		(21.1)	%	9,829		(14.0)	%	28,271		31,411		(10.0)	%
HOA expenses	10,391		10,154		2.3	%	9,790		6.1	%	30,622		31,300		(2.2)	%
Total Fixed Expenses	117,830		113,997		3.4	%	117,546		0.2	%	354,030		347,433		1.9	%

Controllable Expenses:
Repairs and maintenance, net (3)	30,633		29,467		4.0	%	26,109		17.3	%	77,042		76,527		0.7	%
Personnel, leasing and marketing	20,311		20,167		0.7	%	20,551		(1.2)	%	61,857		62,979		(1.8)	%
Turnover, net (3)	11,977		10,805		10.8	%	9,695		23.5	%	29,799		29,527		0.9	%
Utilities and property administrative, net (3)	8,673		6,207		39.7	%	8,500		2.0	%	23,035		17,300		33.2	%
Total Controllable Expenses	71,594		66,646		7.4	%	64,855		10.4	%	191,733		186,333		2.9	%

Core Operating Expenses	189,424		180,643		4.9	%	182,401		3.9	%	545,763		533,766		2.2	%

Net Operating Income	$	379,869	$	375,745	1.1	%	$	388,777	(2.3)	%	$	1,160,498	$	1,130,104	2.7	%

(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 $42,734, $38,778, $37,455, $120,969, and $107,405 for Q3 2025, Q3 2024, Q2 2025, YTD 2025, and YTD 2024, respectively.

(3)These expenses are presented net of applicable resident recoveries.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 3(c)


Same Store Quarterly Operating Trends
(unaudited)

	Q3 2025			Q2 2025			Q1 2025			Q4 2024			Q3 2024

Average Occupancy	96.5		%	97.3		%	97.3		%	96.8		%	97.1		%
Turnover Rate	6.4		%	6.1		%	4.9		%	5.2		%	6.1		%
Trailing four quarters Turnover Rate	22.6		%	22.3		%	22.5		%	22.8		%	N/A
Average Monthly Rent	$	2,461		$	2,444		$	2,429		$	2,415		$	2,401
Rental Rate Growth (lease-over-lease):
Renewals	4.5		%	4.6		%	5.2		%	4.1		%	4.2		%
New leases	(0.6)		%	2.1		%	(0.1)		%	(2.2)		%	1.6		%
Blended	3.0		%	4.0		%	3.6		%	2.2		%	3.5		%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 4


Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended September 30, 2025 (1)
(unaudited)

	Number of Homes	Average Occupancy		Average Monthly Rent		Average Monthly Rent PSF		Percent of Revenue
Western United States:
Southern California	7,154	95.6	%	$	3,213	$	1.88	10.8	%
Northern California	4,027	96.8	%	2,799		1.77		5.4	%
Seattle	3,925	97.9	%	2,952		1.54		5.6	%
Phoenix	9,208	96.6	%	2,075		1.22		9.4	%
Las Vegas	3,394	96.2	%	2,252		1.15		3.7	%
Denver	2,915	93.6	%	2,641		1.43		3.6	%
Western US Subtotal	30,623	96.2	%	2,622		1.49		38.5	%

Florida:
South Florida	8,111	95.0	%	3,131		1.67		11.8	%
Tampa	9,678	93.2	%	2,311		1.23		10.8	%
Orlando	6,920	95.0	%	2,283		1.22		7.7	%
Jacksonville	2,125	94.2	%	2,198		1.11		2.2	%
Florida Subtotal	26,834	94.2	%	2,548		1.35		32.5	%

Southeast United States:
Atlanta	12,641	95.3	%	2,106		1.02		12.6	%
Carolinas	6,138	94.5	%	2,103		1.00		6.1	%
Southeast US Subtotal	18,779	95.1	%	2,105		1.01		18.7	%

Texas:
Houston	2,511	91.5	%	1,957		0.99		2.3	%
Dallas	3,543	89.3	%	2,270		1.12		3.7	%
Texas Subtotal	6,054	89.3	%	2,144		1.07		6.0	%

Midwest United States:
Chicago	2,453	94.6	%	2,521		1.57		2.8	%
Minneapolis	1,042	93.9	%	2,435		1.24		1.2	%
Midwest US Subtotal	3,495	94.4	%	2,496		1.46		4.0	%

Other (2):	354	75.4	%	2,142		1.13		0.3	%

Total / Average	86,139	94.8	%	$	2,447	$	1.30	100.0	%
Same Store Total / Average	77,284	96.5	%	$	2,461	$	1.31	91.9	%

(1)All data is for the total wholly owned portfolio, unless otherwise noted.

(2)As of September 30, 2025, all of these homes were newly-constructed and located in either Nashville or San Antonio.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 19

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, Q3 2025	# Homes	Q3 2025		Q3 2024		Change		Q3 2025		Q3 2024		Change		Q3 2025		Q3 2024		Change
Western United States:
Southern California	6,667	$	3,213	$	3,103	3.5	%	98.0	%	98.4	%	(0.4)	%	$	64,538	$	62,391	3.4	%
Northern California	3,857	2,799		2,737		2.3	%	97.8	%	98.6	%	(0.8)	%	32,613		31,922		2.2	%
Seattle	3,887	2,953		2,875		2.7	%	98.3	%	97.9	%	0.4	%	34,557		33,638		2.7	%
Phoenix	8,590	2,066		2,046		1.0	%	96.7	%	97.1	%	(0.4)	%	54,135		53,231		1.7	%
Las Vegas	2,963	2,252		2,201		2.3	%	96.4	%	97.1	%	(0.7)	%	20,155		19,691		2.4	%
Denver	2,441	2,633		2,545		3.5	%	96.0	%	97.6	%	(1.6)	%	19,199		18,880		1.7	%
Western US Subtotal	28,405	2,627		2,563		2.5	%	97.3	%	97.8	%	(0.5)	%	225,197		219,753		2.5	%

Florida:
South Florida	7,769	3,146		3,048		3.2	%	96.2	%	96.8	%	(0.6)	%	72,572		70,443		3.0	%
Tampa	8,109	2,319		2,293		1.1	%	95.6	%	96.5	%	(0.9)	%	56,541		56,033		0.9	%
Orlando	6,350	2,279		2,243		1.6	%	96.2	%	96.7	%	(0.5)	%	43,854		43,131		1.7	%
Jacksonville	1,903	2,199		2,172		1.2	%	96.7	%	97.0	%	(0.3)	%	12,694		12,491		1.6	%
Florida Subtotal	24,131	2,566		2,514		2.1	%	96.0	%	96.7	%	(0.7)	%	185,661		182,098		2.0	%

Southeast United States:
Atlanta	11,773	2,103		2,040		3.1	%	96.2	%	96.3	%	(0.1)	%	72,839		70,761		2.9	%
Carolinas	5,216	2,109		2,056		2.6	%	96.3	%	96.8	%	(0.5)	%	33,091		32,232		2.7	%
Southeast US Subtotal	16,989	2,105		2,045		2.9	%	96.2	%	96.5	%	(0.3)	%	105,930		102,993		2.9	%

Texas:
Houston	1,774	1,924		1,882		2.2	%	96.0	%	97.4	%	(1.4)	%	10,281		10,139		1.4	%
Dallas	2,555	2,291		2,269		1.0	%	94.9	%	96.4	%	(1.5)	%	17,506		17,409		0.6	%
Texas Subtotal	4,329	2,140		2,109		1.5	%	95.3	%	96.8	%	(1.5)	%	27,787		27,548		0.9	%

Midwest United States:
Chicago	2,401	2,521		2,401		5.0	%	96.1	%	97.6	%	(1.5)	%	17,329		16,892		2.6	%
Minneapolis	1,029	2,434		2,320		4.9	%	95.0	%	96.6	%	(1.6)	%	7,389		7,104		4.0	%
Midwest US Subtotal	3,430	2,495		2,377		5.0	%	95.8	%	97.3	%	(1.5)	%	24,718		23,996		3.0	%

Total / Average	77,284	$	2,461	$	2,401	2.5	%	96.5	%	97.1	%	(0.6)	%	$	569,293	$	556,388	2.3	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 20

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, Q3 2025	# Homes	Q3 2025		Q2 2025		Change		Q3 2025		Q2 2025		Change		Q3 2025		Q2 2025		Change
Western United States:
Southern California	6,667	$	3,213	$	3,186	0.8	%	98.0	%	98.7	%	(0.7)	%	$	64,538	$	64,431	0.2	%
Northern California	3,857	2,799		2,784		0.5	%	97.8	%	98.6	%	(0.8)	%	32,613		32,688		(0.2)	%
Seattle	3,887	2,953		2,942		0.4	%	98.3	%	98.1	%	0.2	%	34,557		34,549		—	%
Phoenix	8,590	2,066		2,061		0.2	%	96.7	%	97.8	%	(1.1)	%	54,135		54,635		(0.9)	%
Las Vegas	2,963	2,252		2,240		0.5	%	96.4	%	97.4	%	(1.0)	%	20,155		20,229		(0.4)	%
Denver	2,441	2,633		2,615		0.7	%	96.0	%	97.2	%	(1.2)	%	19,199		19,302		(0.5)	%
Western US Subtotal	28,405	2,627		2,612		0.6	%	97.3	%	98.1	%	(0.8)	%	225,197		225,834		(0.3)	%

Florida:
South Florida	7,769	3,146		3,122		0.8	%	96.2	%	96.9	%	(0.7)	%	72,572		72,471		0.1	%
Tampa	8,109	2,319		2,309		0.4	%	95.6	%	96.1	%	(0.5)	%	56,541		56,693		(0.3)	%
Orlando	6,350	2,279		2,267		0.5	%	96.2	%	97.2	%	(1.0)	%	43,854		44,095		(0.5)	%
Jacksonville	1,903	2,199		2,191		0.4	%	96.7	%	97.0	%	(0.3)	%	12,694		12,750		(0.4)	%
Florida Subtotal	24,131	2,566		2,551		0.6	%	96.0	%	96.7	%	(0.7)	%	185,661		186,009		(0.2)	%

Southeast United States:
Atlanta	11,773	2,103		2,084		0.9	%	96.2	%	97.1	%	(0.9)	%	72,839		73,021		(0.2)	%
Carolinas	5,216	2,109		2,090		0.9	%	96.3	%	97.4	%	(1.1)	%	33,091		33,300		(0.6)	%
Southeast US Subtotal	16,989	2,105		2,086		0.9	%	96.2	%	97.2	%	(1.0)	%	105,930		106,321		(0.4)	%

Texas:
Houston	1,774	1,924		1,916		0.4	%	96.0	%	96.8	%	(0.8)	%	10,281		10,378		(0.9)	%
Dallas	2,555	2,291		2,285		0.3	%	94.9	%	96.5	%	(1.6)	%	17,506		17,736		(1.3)	%
Texas Subtotal	4,329	2,140		2,134		0.3	%	95.3	%	96.7	%	(1.4)	%	27,787		28,114		(1.2)	%

Midwest United States:
Chicago	2,401	2,521		2,473		1.9	%	96.1	%	97.4	%	(1.3)	%	17,329		17,514		(1.1)	%
Minneapolis	1,029	2,434		2,398		1.5	%	95.0	%	96.8	%	(1.8)	%	7,389		7,386		—	%
Midwest US Subtotal	3,430	2,495		2,451		1.8	%	95.8	%	97.2	%	(1.4)	%	24,718		24,900		(0.7)	%

Total / Average	77,284	$	2,461	$	2,444	0.7	%	96.5	%	97.3	%	(0.8)	%	$	569,293	$	571,178	(0.3)	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 21

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 2025	# Homes	YTD 2025		YTD 2024		Change		YTD 2025		YTD 2024		Change		YTD 2025		YTD 2024		Change
Western United States:
Southern California	6,667	$	3,184	$	3,073	3.6	%	98.4	%	98.4	%	—	%	$	192,361	$	184,955	4.0	%
Northern California	3,857	2,785		2,712		2.7	%	98.4	%	98.4	%	—	%	97,787		94,664		3.3	%
Seattle	3,887	2,939		2,851		3.1	%	98.1	%	98.2	%	(0.1)	%	103,198		100,437		2.7	%
Phoenix	8,590	2,062		2,036		1.3	%	97.3	%	97.6	%	(0.3)	%	162,862		160,641		1.4	%
Las Vegas	2,963	2,241		2,186		2.5	%	97.1	%	97.5	%	(0.4)	%	60,412		59,071		2.3	%
Denver	2,441	2,613		2,526		3.4	%	96.7	%	98.1	%	(1.4)	%	57,596		56,568		1.8	%
Western US Subtotal	28,405	2,612		2,542		2.8	%	97.8	%	98.0	%	(0.2)	%	674,216		656,336		2.7	%

Florida:
South Florida	7,769	3,123		3,010		3.8	%	96.7	%	97.3	%	(0.6)	%	217,139		210,163		3.3	%
Tampa	8,109	2,309		2,280		1.3	%	96.0	%	97.1	%	(1.1)	%	169,208		168,440		0.5	%
Orlando	6,350	2,267		2,224		1.9	%	96.9	%	97.1	%	(0.2)	%	131,799		128,922		2.2	%
Jacksonville	1,903	2,189		2,160		1.3	%	97.2	%	97.4	%	(0.2)	%	38,142		37,578		1.5	%
Florida Subtotal	24,131	2,551		2,491		2.4	%	96.6	%	97.2	%	(0.6)	%	556,288		545,103		2.1	%

Southeast United States:
Atlanta	11,773	2,086		2,018		3.4	%	96.7	%	97.1	%	(0.4)	%	218,419		212,125		3.0	%
Carolinas	5,216	2,093		2,036		2.8	%	97.0	%	97.4	%	(0.4)	%	99,221		96,172		3.2	%
Southeast US Subtotal	16,989	2,088		2,024		3.2	%	96.8	%	97.2	%	(0.4)	%	317,640		308,297		3.0	%

Texas:
Houston	1,774	1,915		1,868		2.5	%	96.7	%	97.6	%	(0.9)	%	30,957		30,323		2.1	%
Dallas	2,555	2,286		2,251		1.6	%	95.9	%	97.1	%	(1.2)	%	52,913		52,264		1.2	%
Texas Subtotal	4,329	2,133		2,094		1.9	%	96.2	%	97.3	%	(1.1)	%	83,870		82,587		1.6	%

Midwest United States:
Chicago	2,401	2,480		2,372		4.6	%	97.1	%	97.8	%	(0.7)	%	52,239		50,279		3.9	%
Minneapolis	1,029	2,399		2,300		4.3	%	95.6	%	96.9	%	(1.3)	%	22,008		21,268		3.5	%
Midwest US Subtotal	3,430	2,456		2,350		4.5	%	96.7	%	97.5	%	(0.8)	%	74,247		71,547		3.8	%

Total / Average	77,284	$	2,445	$	2,379	2.8	%	97.0	%	97.5	%	(0.5)	%	$	1,706,261	$	1,663,870	2.5	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 22

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, Q3 2025	Q3 2025		Q3 2024		Change		Q3 2025		Q3 2024		Change		Q3 2025		Q3 2024		Change		Q3 2025		Q3 2024
Western United States:
Southern California	$	64,538	$	62,391	3.4	%	$	17,309	$	17,102	1.2	%	$	47,229	$	45,289	4.3	%	73.2	%	72.6	%
Northern California	32,613		31,922		2.2	%	8,418		8,723		(3.5)	%	24,195		23,199		4.3	%	74.2	%	72.7	%
Seattle	34,557		33,638		2.7	%	8,647		8,556		1.1	%	25,910		25,082		3.3	%	75.0	%	74.6	%
Phoenix	54,135		53,231		1.7	%	12,059		11,331		6.4	%	42,076		41,900		0.4	%	77.7	%	78.7	%
Las Vegas	20,155		19,691		2.4	%	4,997		4,697		6.4	%	15,158		14,994		1.1	%	75.2	%	76.1	%
Denver	19,199		18,880		1.7	%	4,174		4,027		3.7	%	15,025		14,853		1.2	%	78.3	%	78.7	%
Western US Subtotal	225,197		219,753		2.5	%	55,604		54,436		2.1	%	169,593		165,317		2.6	%	75.3	%	75.2	%

Florida:
South Florida	72,572		70,443		3.0	%	29,388		27,503		6.9	%	43,184		42,940		0.6	%	59.5	%	61.0	%
Tampa	56,541		56,033		0.9	%	22,562		21,104		6.9	%	33,979		34,929		(2.7)	%	60.1	%	62.3	%
Orlando	43,854		43,131		1.7	%	16,892		15,610		8.2	%	26,962		27,521		(2.0)	%	61.5	%	63.8	%
Jacksonville	12,694		12,491		1.6	%	4,773		4,432		7.7	%	7,921		8,059		(1.7)	%	62.4	%	64.5	%
Florida Subtotal	185,661		182,098		2.0	%	73,615		68,649		7.2	%	112,046		113,449		(1.2)	%	60.3	%	62.3	%

Southeast United States:
Atlanta	72,839		70,761		2.9	%	26,759		24,996		7.1	%	46,080		45,765		0.7	%	63.3	%	64.7	%
Carolinas	33,091		32,232		2.7	%	10,056		9,332		7.8	%	23,035		22,900		0.6	%	69.6	%	71.0	%
Southeast US Subtotal	105,930		102,993		2.9	%	36,815		34,328		7.2	%	69,115		68,665		0.7	%	65.2	%	66.7	%

Texas:
Houston	10,281		10,139		1.4	%	4,957		4,980		(0.5)	%	5,324		5,159		3.2	%	51.8	%	50.9	%
Dallas	17,506		17,409		0.6	%	7,193		7,266		(1.0)	%	10,313		10,143		1.7	%	58.9	%	58.3	%
Texas Subtotal	27,787		27,548		0.9	%	12,150		12,246		(0.8)	%	15,637		15,302		2.2	%	56.3	%	55.5	%

Midwest United States:
Chicago	17,329		16,892		2.6	%	8,383		8,262		1.5	%	8,946		8,630		3.7	%	51.6	%	51.1	%
Minneapolis	7,389		7,104		4.0	%	2,857		2,722		5.0	%	4,532		4,382		3.4	%	61.3	%	61.7	%
Midwest US Subtotal	24,718		23,996		3.0	%	11,240		10,984		2.3	%	13,478		13,012		3.6	%	54.5	%	54.2	%

Total / Average	$	569,293	$	556,388	2.3	%	$	189,424	$	180,643	4.9	%	$	379,869	$	375,745	1.1	%	66.7	%	67.5	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 23

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, Q3 2025	Q3 2025		Q2 2025		Change			Q3 2025		Q2 2025		Change		Q3 2025		Q2 2025			Change		Q3 2025		Q2 2025
Western United States:
Southern California	$	64,538	$	64,431	0.2	%		$	17,309	$	17,353	(0.3)	%	$	47,229	$	47,078		0.3	%	73.2	%	73.1	%
Northern California	32,613		32,688		(0.2)	%		8,418		8,612		(2.3)	%	24,195		24,076			0.5	%	74.2	%	73.7	%
Seattle	34,557		34,549		—	%		8,647		9,004		(4.0)	%	25,910		25,545			1.4	%	75.0	%	73.9	%
Phoenix	54,135		54,635		(0.9)	%		12,059		10,602		13.7	%	42,076		44,033			(4.4)	%	77.7	%	80.6	%
Las Vegas	20,155		20,229		(0.4)	%		4,997		4,600		8.6	%	15,158		15,629			(3.0)	%	75.2	%	77.3	%
Denver	19,199		19,302		(0.5)	%		4,174		3,985		4.7	%	15,025		15,317			(1.9)	%	78.3	%	79.4	%
Western US Subtotal	225,197		225,834		(0.3)	%		55,604		54,156		2.7	%	169,593		171,678			(1.2)	%	75.3	%	76.0	%

Florida:
South Florida	72,572		72,471		0.1	%		29,388		28,627		2.7	%	43,184		43,844			(1.5)	%	59.5	%	60.5	%
Tampa	56,541		56,693		(0.3)	%		22,562		21,931		2.9	%	33,979		34,762			(2.3)	%	60.1	%	61.3	%
Orlando	43,854		44,095		(0.5)	%		16,892		15,810		6.8	%	26,962		28,285			(4.7)	%	61.5	%	64.1	%
Jacksonville	12,694		12,750		(0.4)	%		4,773		4,666		2.3	%	7,921		8,084			(2.0)	%	62.4	%	63.4	%
Florida Subtotal	185,661		186,009		(0.2)	%		73,615		71,034		3.6	%	112,046		114,975			(2.5)	%	60.3	%	61.8	%

Southeast United States:
Atlanta	72,839		73,021		(0.2)	%		26,759		26,416		1.3	%	46,080		46,605			(1.1)	%	63.3	%	63.8	%
Carolinas	33,091		33,300		(0.6)	%		10,056		9,590		4.9	%	23,035		23,710			(2.8)	%	69.6	%	71.2	%
Southeast US Subtotal	105,930		106,321		(0.4)	%		36,815		36,006		2.2	%	69,115		70,315			(1.7)	%	65.2	%	66.1	%

Texas:
Houston	10,281		10,378		(0.9)	%		4,957		4,700		5.5	%	5,324		5,678			(6.2)	%	51.8	%	54.7	%
Dallas	17,506		17,736		(1.3)	%		7,193		6,330		13.6	%	10,313		11,406			(9.6)	%	58.9	%	64.3	%
Texas Subtotal	27,787		28,114		(1.2)	%		12,150		11,030		10.2	%	15,637		17,084			(8.5)	%	56.3	%	60.8	%

Midwest United States:
Chicago	17,329		17,514		(1.1)	%		8,383		7,699		8.9	%	8,946		9,815			(8.9)	%	51.6	%	56.0	%
Minneapolis	7,389		7,386		—	%		2,857		2,476		15.4	%	4,532		4,910			(7.7)	%	61.3	%	66.5	%
Midwest US Subtotal	24,718		24,900		(0.7)	%		11,240		10,175		10.5	%	13,478		14,725			(8.5)	%	54.5	%	59.1	%

Total / Average	$	569,293	$	571,178	(0.3)	%		$	189,424	$	182,401	3.9	%	$	379,869	$	388,777		(2.3)	%	66.7	%	68.1	%

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2025 Earnings Release and Supplemental Information — page 24

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 2025	YTD 2025		YTD 2024		Change		YTD 2025		YTD 2024		Change		YTD 2025		YTD 2024		Change			YTD 2025		YTD 2024
Western United States:
Southern California	$	192,361	$	184,955	4.0	%	$	51,090	$	51,359	(0.5)	%	$	141,271	$	133,596	5.7	%		73.4	%	72.2	%
Northern California	97,787		94,664		3.3	%	24,829		25,597		(3.0)	%	72,958		69,067		5.6	%		74.6	%	73.0	%
Seattle	103,198		100,437		2.7	%	26,374		25,504		3.4	%	76,824		74,933		2.5	%		74.4	%	74.6	%
Phoenix	162,862		160,641		1.4	%	32,563		31,553		3.2	%	130,299		129,088		0.9	%		80.0	%	80.4	%
Las Vegas	60,412		59,071		2.3	%	13,958		13,445		3.8	%	46,454		45,626		1.8	%		76.9	%	77.2	%
Denver	57,596		56,568		1.8	%	12,229		11,548		5.9	%	45,367		45,020		0.8	%		78.8	%	79.6	%
Western US Subtotal	674,216		656,336		2.7	%	161,043		159,006		1.3	%	513,173		497,330		3.2	%		76.1	%	75.8	%

Florida:
South Florida	217,139		210,163		3.3	%	86,109		83,702		2.9	%	131,030		126,461		3.6	%		60.3	%	60.2	%
Tampa	169,208		168,440		0.5	%	65,404		63,950		2.3	%	103,804		104,490		(0.7)	%		61.3	%	62.0	%
Orlando	131,799		128,922		2.2	%	48,204		46,740		3.1	%	83,595		82,182		1.7	%		63.4	%	63.7	%
Jacksonville	38,142		37,578		1.5	%	13,901		13,820		0.6	%	24,241		23,758		2.0	%		63.6	%	63.2	%
Florida Subtotal	556,288		545,103		2.1	%	213,618		208,212		2.6	%	342,670		336,891		1.7	%		61.6	%	61.8	%

Southeast United States:
Atlanta	218,419		212,125		3.0	%	77,746		72,173		7.7	%	140,673		139,952		0.5	%		64.4	%	66.0	%
Carolinas	99,221		96,172		3.2	%	28,768		27,225		5.7	%	70,453		68,947		2.2	%		71.0	%	71.7	%
Southeast US Subtotal	317,640		308,297		3.0	%	106,514		99,398		7.2	%	211,126		208,899		1.1	%		66.5	%	67.8	%

Texas:
Houston	30,957		30,323		2.1	%	13,954		14,750		(5.4)	%	17,003		15,573		9.2	%		54.9	%	51.4	%
Dallas	52,913		52,264		1.2	%	19,377		21,956		(11.7)	%	33,536		30,308		10.7	%		63.4	%	58.0	%
Texas Subtotal	83,870		82,587		1.6	%	33,331		36,706		(9.2)	%	50,539		45,881		10.2	%		60.3	%	55.6	%

Midwest United States:
Chicago	52,239		50,279		3.9	%	23,548		22,794		3.3	%	28,691		27,485		4.4	%		54.9	%	54.7	%
Minneapolis	22,008		21,268		3.5	%	7,709		7,650		0.8	%	14,299		13,618		5.0	%		65.0	%	64.0	%
Midwest US Subtotal	74,247		71,547		3.8	%	31,257		30,444		2.7

Invitation Homes Inc. 8-K