Invitation Homes Inc. (INVH) 8-K Earnings Release


Earnings Press Release			3
Consolidated Financial Statements			9
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO			11
Schedule 2: Capital Structure Information			13
Schedule 3: Summary of Operating Information by Home Portfolio			17
Schedule 4: Home Characteristics by Market			20
Schedule 5: Same Store Operating Information by Market			21
Schedule 6: Cost to Maintain and Capital Expenditure Detail			28
Schedule 7: Adjusted Property Management and G&A Reconciliation			29
Schedule 8: Acquisitions, Dispositions, and Third-Party Builder Pipeline			30
Glossary and Reconciliations			33

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

Q3 2022 Earnings Release and Supplemental Information — page 2

Earnings Press Release

Invitation Homes Reports Third Quarter 2022 Results

Dallas, TX, October 26, 2022 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its Q3 2022 financial and operating results.

Third Quarter 2022 Highlights

•Year over year, total revenues increased 11.6% to $569 million, property operating and maintenance costs increased 10.5% to $204 million, net income available to common stockholders increased 14.4% to $79 million, and net income per diluted common share increased 8.0% to $0.13.

•Year over year, Core FFO per share increased 9.5% to $0.42, and AFFO per share increased 8.2% to $0.34.

•Same Store NOI increased 8.6% year over year on 8.3% Same Store Core Revenues growth and 7.6% Same Store Core Operating Expenses growth.

•Same Store Average Occupancy was 97.5%, down 60 basis points year over year.

•Same Store new lease rent growth of 15.6% and Same Store renewal rent growth of 10.2% drove Same Store blended rent growth of 11.6%, up 100 basis points year over year.

•Acquisitions by the Company and the Company's joint ventures totaled 559 homes for $254 million while dispositions totaled 197 homes for $74 million.

•The Company's Florida and Carolinas markets experienced limited wind and water damage as a result of Hurricane Ian. Fortunately, no injuries to residents or associates were reported, and the Company responded quickly to provide assistance to residents and impacted communities. The Company has accrued $19.0 million for estimated losses and damages related to the storm.

•The Company is pleased to announce that it has achieved a 13.3% increase on its Global Real Estate Sustainability Benchmark (“GRESB”) score from 2021 to 2022. As a result, the Company's sustainability-linked revolving line of credit and seven year term loan maintain their one basis point improvement in pricing.

President & Chief Executive Officer Dallas Tanner comments:

"This has been another solid quarter for Invitation Homes, with strong lease rate growth, low turnover and high resident satisfaction scores. Aided by favorable supply and demand fundamentals and a team of associates that are the best in this industry, we plan to continue to execute our strategy and be the premier choice for those who prefer to lease a home.

"Included within this release is our updated full year guidance for 2022. While these updates are generally consistent with our previous expectations for our overall business, our expected property taxes have been impacted more quickly than we had anticipated due to rising home price appreciation, and our reserve for bad debt is expected to remain elevated compared to pre-COVID averages, as it continues to take longer to address residents who are not current with their rent.

"We are proud of the results our teams continue to deliver in the current environment, and we believe the long-term attributes of our business remain strong."

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

Q3 2022 Earnings Release and Supplemental Information — page 3

Financial Results


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

	Q3 2022		Q3 2021		YTD 2022		YTD 2021
Net income	$	0.13	$	0.12	$	0.46	$	0.33
FFO	0.35		0.35		1.12		1.00
Core FFO	0.42		0.38		1.24		1.11
AFFO	0.34		0.32		1.05		0.95

Net Income

Net income per share for Q3 2022 was $0.13, compared to net income per share of $0.12 for Q3 2021. Total revenues and total property operating and maintenance expenses for Q3 2022 were $569 million and $204 million, respectively, compared to $510 million and $184 million, respectively, for Q3 2021.

Net income per share for YTD 2022 was $0.46, compared to net income per share of $0.33 for YTD 2021. Total revenues and total property operating and maintenance expenses for YTD 2022 were $1,658 million and $577 million, respectively, compared to $1,476 million and $528 million, respectively, for YTD 2021.

Core FFO

Year over year, Core FFO per share for Q3 2022 increased 9.5% to $0.42, primarily due to NOI growth.

Year over year, Core FFO per share for YTD 2022 increased 12.1% to $1.24, primarily due to NOI growth.

AFFO

Year over year, AFFO per share for Q3 2022 increased 8.2% to $0.34, primarily due to the increase in Core FFO per share described above.

Year over year, AFFO per share for YTD 2022 increased 10.6% to $1.05, 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.

Q3 2022 Earnings Release and Supplemental Information — page 4

Operating Results


Same Store Operating Results Snapshot

Number of homes in Same Store Portfolio:	74,881

	Q3 2022		Q3 2021		YTD 2022		YTD 2021
Core Revenues growth (year over year)	8.3	%			9.4	%
Core Operating Expenses growth (year over year)	7.6	%			6.1	%
NOI growth (year over year)	8.6	%			11.0	%

Average Occupancy	97.5	%	98.1	%	97.9	%	98.3	%
Bad debt % of gross rental revenues (1)	1.7	%	0.9	%	1.3	%	1.6	%
Turnover Rate	6.2	%	6.3	%	16.6	%	18.4	%

Rental Rate Growth (lease-over-lease):
Renewals	10.2	%	7.7	%	10.0	%	6.1	%
New Leases	15.6	%	18.3	%	15.7	%	13.7	%
Blended	11.6	%	10.6	%	11.4	%	8.2	%

(1)Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, 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.


Revenue Collections Update

	Q3 2022		Q2 2022		Q1 2022		Q4 2021		Pre-COVID Average (2)
Revenues collected % of revenues due: (1)
Revenues collected in same month billed	91	%	92	%	91	%	92	%	96	%
Late collections of prior month billings	6	%	7	%	6	%	6	%	3	%
Total collections	97	%	99	%	97	%	98	%	99	%

(1)Includes both rental revenues and other property income. Rent is considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. Security deposits retained to offset rents due are not included as revenue collected. See "Same Store Operating Results Snapshot," footnote (1), for detail on the Company's bad debt policy.

(2)Represents the period from October 2019 to March 2020.

Same Store NOI

For the Same Store Portfolio of 74,881 homes, Same Store NOI for Q3 2022 increased 8.6% year over year on Same Store Core Revenues growth of 8.3% and Same Store Core Operating Expenses growth of 7.6%.

YTD 2022 Same Store NOI increased 11.0% year over year on Same Store Core Revenues growth of 9.4% and Same Store Core Operating Expenses growth of 6.1%.

Same Store Core Revenues

Same Store Core Revenues growth for Q3 2022 of 8.3% year over year was primarily driven by a 9.7% increase in Average Monthly Rent, and a 15.5% increase in other income, net of resident recoveries, offset by a 60 basis points year over year decline in Average Occupancy and an 80 basis points year over year increase in bad debt as a percentage of gross rental revenue.

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

Q3 2022 Earnings Release and Supplemental Information — page 5

YTD 2022 Same Store Core Revenue growth of 9.4% year over year was primarily driven by an 9.1% increase in average monthly rent, a 30 basis points year over year improvement in bad debt as a percentage of gross rental revenues, and a 25.5% increase in other income, net of resident recoveries, offset by a 40 basis points year over year decline in Average Occupancy.

Same Store Core Operating Expenses

Same Store Core Operating Expenses for Q3 2022 increased 7.6% year over year, primarily driven by a 3.8% increase in Same Store fixed expenses, a 15.4% increase in repairs and maintenance expense, net of resident recoveries, and a 15.2% increase in turnover expenses, net of resident recoveries, mainly driven by inflationary pressures.

YTD 2022 Same Store Core operating expenses increased 6.1% year over year, primarily driven by a 4.1% increase in Same Store fixed expenses, and a 16.3% increase in repairs and maintenance expense, net of resident recoveries, mainly driven by inflationary pressures.

Investment Management Activity

Acquisitions for Q3 2022 totaled 559 homes for $254 million through diversified acquisition channels. This included 244 wholly owned homes for $98 million in addition to 315 homes for $156 million in the Company's joint ventures. Dispositions for Q3 2022 included 189 wholly owned homes for gross proceeds of $70 million and eight homes for gross proceeds of $4 million in the Company's joint ventures.

Year to date through September 30, 2022, the Company acquired 2,336 homes for $1,021 million, including 1,273 wholly owned homes for $543 million and 1,063 homes for $478 million in the Company's joint ventures. The Company also sold 527 homes for $202 million, including 506 wholly owned homes for $192 million and 21 homes for $10 million in the Company's joint ventures.

Update on Hurricane Ian Impact

In Q3 2022, the Company's Florida and Carolinas markets experienced limited wind and water damage as a result of Hurricane Ian. Fortunately, no injuries to residents or associates were reported, and the Company responded quickly to provide assistance to residents and impacted communities.

The Company has accrued $19.0 million for estimated losses and damages related to the storm. Based on previous experience, it is possible that additional damage, and thus costs, may be identified and incurred over the coming months. Estimates will therefore be adjusted if needed and as new information becomes available. Additionally, a portion of the losses may be recoverable through insurance policies that provide coverage for wind, flood, and business interruption, subject to deductibles and limits.

Balance Sheet and Capital Markets Activity

As of September 30, 2022, the Company had $1,875 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility and term loan. The Company's total indebtedness as of September 30, 2022 was $7,821 million, consisting of $5,200 million of unsecured debt and $2,621 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.7x at September 30, 2022, down from 6.2x as of December 31, 2021.

Dividend

As previously announced on October 21, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.22 per share of common stock. The dividend will be paid on or before November 23, 2022, to stockholders of record as of the close of business on November 8, 2022.

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

Q3 2022 Earnings Release and Supplemental Information — page 6

FY 2022 Guidance Update

The Company's updated 2022 guidance is presented in the table below. The majority of the change in its updated guidance for Same Store Core Operating Expenses Growth is due to higher expectations for property taxes, which are approximately three percent higher than previous expectations. This increase is primarily due to an anticipated increase in tax bills on the Company's homes in Florida and Georgia based on recent assessments that are up nearly 30 percent over prior year in these states. The Company plans to appeal a much higher proportion of these assessments compared to prior years, noting that there will be a timing difference between the date of appeal and when any rebates are received. In addition, the Company's updated guidance for Same Store Core Revenues growth reflects its revised expectation that bad debt will remain somewhat elevated compared to pre-COVID averages, as it continues to take longer to address residents who are not current with their rent.

The Company has also revised its assumptions for annual 2022 acquisitions of $1.1 billion and dispositions of $250 million.

The updated guidance also reflects two additional non-recurring items for the quarter and year to date period ending September 30, 2022, as noted on Supplemental Schedule 1 and the Company's reconciliation of reported FFO to Core FFO. The first relates to an approximate $7.4 million global settlement of a multistate putative class action regarding resident late fees. The settlement covers claims initially asserted in May of 2018, and involves allegations similar to what others in the residential sector have experienced. The Company strongly believes that the allegations were without merit, and does not admit to any liability in the settlement, which remains subject to court approval. The second non-recurring item relates to an accrual of $19.0 million for estimated losses and damages relating to Hurricane Ian.


FY 2022 Guidance
	Current	Previous
	FY 2022	FY 2022
	Guidance	Guidance
Core FFO per share — diluted	$1.63 - $1.67	$1.66 - $1.72
AFFO per share — diluted	$1.38 - $1.42	$1.41 - $1.47

Same Store Core Revenues growth	8.75% - 9.25%	9.0% - 10.0%
Same Store Core Operating Expenses growth	8.75% - 9.25%	6.0% - 7.0%
Same Store NOI growth	8.75% - 9.25%	10.0% - 11.5%

Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense, or 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 because it is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's 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, casualty loss, 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 the Company's GAAP results for the guidance period.

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on October 27, 2022, to discuss results for the third quarter of 2022. The domestic dial-in number is 1-844-200-6205, and the international dial-in number is 1-929-526-1599. The access code is 535191. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through November 24, 2022, and can be accessed by calling 1-866-813-9403 (domestic) or 1-929-458-6194 (international) and using the replay access code 147088, or by using the link at www.invh.com.

Supplemental Information

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

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

Q3 2022 Earnings Release and Supplemental Information — page 7

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.

About Invitation Homes

Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.

Investor Relations Contact

Scott McLaughlin
844.456.INVH (4684)
IR@InvitationHomes.com

Media Relations Contact

Kristi DesJarlais
972.421.3587
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 the Company's expectations regarding the performance of the Company's business, its financial results, its 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, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, the Company's dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by the Company's residents, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and interest rates), uncertainty in financial markets, geopolitical tensions, natural disasters, climate change, and public health crises, including the ongoing COVID-19 pandemic, on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of the Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"), as such factors may be updated from time to time in the Company's 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 the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims 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 2022 Earnings Release and Supplemental Information — page 8


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

	September 30, 2022		December 31, 2021
	(unaudited)
Assets:
Investments in single-family residential properties, net	$	17,108,963	$	16,935,322
Cash and cash equivalents	300,312		610,166
Restricted cash	215,584		208,692
Goodwill	258,207		258,207
Investments in unconsolidated joint ventures	286,897		130,395
Other assets, net	508,451		395,064
Total assets	$	18,678,414	$	18,537,846

Liabilities:
Mortgage loans, net	$	2,207,792	$	3,055,853
Secured term loan, net	401,476		401,313
Unsecured notes, net	2,517,272		1,921,974
Term loan facilities, net	2,626,491		2,478,122
Revolving facility	—		—
Convertible senior notes, net	—		141,397
Accounts payable and accrued expenses	325,967		193,633
Resident security deposits	173,280		165,167
Other liabilities	79,787		341,583
Total liabilities	8,332,065		8,699,042

Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2022 and December 31, 2021	—		—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 611,409,909 and 601,045,438 outstanding as of September 30, 2022 and December 31, 2021, respectively	6,114		6,010
Additional paid-in capital	11,133,258		10,873,539
Accumulated deficit	(916,138)		(794,869)
Accumulated other comprehensive income (loss)	91,892		(286,938)
Total stockholders' equity	10,315,126		9,797,742
Non-controlling interests	31,223		41,062
Total equity	10,346,349		9,838,804
Total liabilities and equity	$	18,678,414	$	18,537,846

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

Q3 2022 Earnings Release and Supplemental Information — page 9


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

	Q3 2022		Q3 2021		YTD 2022		YTD 2021

Revenues:
Rental revenues	$	514,670	$	464,086	$	1,504,601	$	1,351,332
Other property income	50,721		44,092		145,530		121,918
Management fee revenues	3,284		1,354		8,154		3,140
Total revenues	568,675		509,532		1,658,285		1,476,390

Expenses:
Property operating and maintenance	203,787		184,484		576,736		528,279
Property management expense	22,385		17,886		65,166		51,424
General and administrative	20,123		19,369		57,104		56,147
Interest expense	76,454		79,370		225,683		243,540
Depreciation and amortization	160,428		150,694		474,796		440,475
Impairment and other	20,004		4,294		22,874		5,630
Total expenses	503,181		456,097		1,422,359		1,325,495

Gains (losses) on investments in equity securities, net	(796)		4,319		(4,000)		(5,823)
Other, net	(8,372)		(1,508)		(11,605)		(3,181)
Gain on sale of property, net of tax	23,952		13,047		69,486		45,450
Income (loss) from investments in unconsolidated joint ventures	(849)		202		(5,870)		564

Net income	79,429		69,495		283,937		187,905
Net income attributable to non-controlling interests	(250)		(318)		(1,180)		(1,023)

Net income attributable to common stockholders	79,179		69,177		282,757		186,882
Net income available to participating securities	(147)		(69)		(515)		(260)


Net income available to common stockholders — basic and diluted	$	79,032	$	69,108	$	282,242	$	186,622

Weighted average common shares outstanding — basic	610,845,820		577,011,178		609,212,132		570,808,028
Weighted average common shares outstanding — diluted	612,647,588		578,571,392		610,741,723		572,262,198

Net income per common share — basic	$	0.13	$	0.12	$	0.46	$	0.33
Net income per common share — diluted	$	0.13	$	0.12	$	0.46	$	0.33

Dividends declared per common share	$	0.22	$	0.17	$	0.66	$	0.51

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

Q3 2022 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	Q3 2022		Q3 2021		YTD 2022		YTD 2021
Net income available to common stockholders	$	79,032	$	69,108	$	282,242	$	186,622
Net income available to participating securities	147		69		515		260
Non-controlling interests	250		318		1,180		1,023
Depreciation and amortization on real estate assets	158,199		148,957		468,272		435,348
Impairment on depreciated real estate investments	101		126		238		650
Net gain on sale of previously depreciated investments in real estate	(23,952)		(13,047)		(69,486)		(45,450)
Depreciation and net gain on sale of investments in unconsolidated joint ventures	1,440		29		2,856		(61)
FFO	$	215,217	$	205,560	$	685,817	$	578,392

Core FFO Reconciliation	Q3 2022		Q3 2021		YTD 2022		YTD 2021
FFO	$	215,217	$	205,560	$	685,817	$	578,392
Non-cash interest expense, including the Company's share from unconsolidated joint ventures	4,539		9,004		17,507		25,791
Share-based compensation expense	7,930		6,052		22,565		21,072
Legal settlements(1)	7,400		—		7,400		—
Severance expense	46		226		253		500
Casualty losses, net(2)	19,903		4,168		22,636		4,980
(Gains) losses on investments in equity securities, net	796		(4,319)		4,000		5,823
Core FFO	$	255,831	$	220,691	$	760,178	$	636,558

AFFO Reconciliation	Q3 2022		Q3 2021		YTD 2022		YTD 2021
Core FFO	$	255,831	$	220,691	$	760,178	$	636,558
Recurring capital expenditures, including the Company's share from unconsolidated joint ventures	(44,683)		(36,248)		(115,057)		(89,437)
Adjusted FFO	$	211,148	$	184,443	$	645,121	$	547,121

Net income available to common stockholders
Weighted average common shares outstanding — diluted	612,647,588		578,571,392		610,741,723		572,262,198

Net income per common share — diluted	$	0.13	$	0.12	$	0.46	$	0.33

FFO
Numerator for FFO per common share — diluted	$	215,217	$	205,560	$	685,817	$	590,923
Weighted average common shares and OP Units outstanding — diluted	615,172,460		581,333,229		613,497,425		588,603,771

FFO per share — diluted	$	0.35	$	0.35	$	1.12	$	1.00

Core FFO and Adjusted FFO
Weighted average common shares and OP Units outstanding — diluted	615,172,460		581,333,229		613,497,425		575,639,449

Core FFO per share — diluted	$	0.42	$	0.38	$	1.24	$	1.11
AFFO per share — diluted	$	0.34	$	0.32	$	1.05	$	0.95

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

Q3 2022 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 1 (Continued)

(1)During Q3 2022, the Company entered into an approximate $7.4 million global settlement of a multistate putative class action regarding resident late fees. The settlement remains subject to court approval.

(2)Includes an accrual of $19.0 million for estimated losses and damages related to Hurricane Ian during the three and nine months ended September 30, 2022.

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

Q3 2022 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(a)


Diluted Shares Outstanding
(unaudited)

Weighted Average Amounts for Net Income	Q3 2022	Q3 2021	YTD 2022	YTD 2021
Common shares — basic	610,845,820	577,011,178	609,212,132	570,808,028
Shares potentially issuable from vesting/conversion of equity-based awards	1,801,768	1,560,214	1,529,591	1,454,170
Total common shares — diluted	612,647,588	578,571,392	610,741,723	572,262,198

Weighted average amounts for FFO	Q3 2022	Q3 2021	YTD 2022	YTD 2021
Common shares — basic	610,845,820	577,011,178	609,212,132	570,808,028
OP units — basic	2,318,373	2,538,285	2,541,737	3,074,549
Shares potentially issuable from vesting/conversion of equity-based awards	2,008,267	1,783,766	1,743,556	1,756,872
Shares issuable from the 2022 Convertible Notes	—	—	—	12,964,322


Total common shares and units — diluted	615,172,460	581,333,229	613,497,425	588,603,771

Weighted average amounts for Core and AFFO	Q3 2022	Q3 2021	YTD 2022	YTD 2021
Common shares — basic	610,845,820	577,011,178	609,212,132	570,808,028
OP units — basic	2,318,373	2,538,285	2,541,737	3,074,549
Shares potentially issuable from vesting/conversion of equity-based awards	2,008,267	1,783,766	1,743,556	1,756,872
Total common shares and units — diluted	615,172,460	581,333,229	613,497,425	575,639,449

Period end amounts for Core FFO, and AFFO	September 30, 2022
Common shares	611,409,909
OP units	1,737,395
Shares potentially issuable from vesting/conversion of equity-based awards	1,651,374
Total common shares and units — diluted	614,798,678

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

Q3 2022 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(b)


Debt Structure and Leverage Ratios — As of September 30, 2022
($ in thousands) (unaudited)

						Wtd Avg		Wtd Avg
						Interest		Years to
Debt Structure	Balance			% of Total		Rate (1)		Maturity (2)
Secured:
Fixed (3)	$	1,397,901		17.9	%	4.0	%	5.8
Floating — swapped to fixed	1,223,307			15.6	%	4.0	%	2.9
Floating	—			—	%	—	%	—
Total secured	2,621,208			33.5	%	4.0	%	4.5

Unsecured:
Fixed	2,550,000			32.6	%	2.8	%	8.9
Floating — swapped to fixed	2,596,693			33.2	%	3.9	%	3.5
Floating	53,307			0.7	%	4.4	%	6.7
Total unsecured	5,200,000			66.5	%	3.4	%	6.1

Total Debt:
Fixed + floating swapped to fixed (3)	7,767,901			99.3	%	3.6	%	5.6
Floating	53,307			0.7	%	4.4	%	6.7
Total debt	7,821,208			100.0	%	3.6	%	5.6
Discount/amortization on Note Payable	(13,917)
Deferred financing costs, net	(54,260)
Total debt per Balance Sheet	7,753,031
Retained and repurchased certificates	(116,706)
Cash, ex-security deposits and letters of credit (4)	(340,301)
Deferred financing costs, net	54,260
Unamortized discount on note payable	13,917
Net debt	$	7,364,201

Leverage Ratios	September 30, 2022
Net Debt / TTM Adjusted EBITDAre	5.7		x

Credit Ratings

Ratings

Outlook

Fitch Ratings, Inc.

BBB

Stable

Moody's Investor Services

Baa3

Stable

Standard & Poor's Rating Services

BBB-

Stable

Unsecured Facilities Covenant Compliance (5)

Unsecured Public Bond Covenant Compliance (6)

Actual

Requirement

Actual

Requirement

Total leverage ratio

31.1

≤ 60%

Aggregate debt ratio

35.4

≤ 65%

Secured leverage ratio

10.6

≤ 45%

Secured debt ratio

11.5

≤ 40%

Unencumbered leverage ratio

26.6

≤ 60%

Unencumbered assets ratio

329.6

≥ 150%

Fixed charge coverage ratio

4.3 x

≥ 1.5x

Debt service ratio

4.4x

≥ 1.5x

Unsecured interest coverage ratio

6.2 x

≥ 1.75x

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

Q3 2022 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 2(b) (Continued)

(1)Includes the impact of interest rate swaps in place and effective as of September 30, 2022.

(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 the Company's Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the "Glossary and Reconciliations" section of this report. 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 the Company's Supplemental Indentures to the Base Indenture for its Senior Notes, which are summarized in the "Glossary and Reconciliations" section of this report. 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 2022 Earnings Release and Supplemental Information — page 15

Supplemental Schedule 2(c)


Debt Maturity Schedule — As of September 30, 2022
($ in thousands) (unaudited)
					Revolving
	Secured		Unsecured		Credit				% of
Debt Maturities, with Extensions (1)	Debt		Debt		Facility		Balance		Total



2022	$	—	$	—	$	—	$	—	—	%
2023	—		—		—		—		—	%
2024	—		—		—		—		—	%
2025	560,459		—		—		560,459		7.2	%
2026	662,848		2,500,000		—		3,162,848		40.4	%
2027	994,538		—		—		994,538		12.7	%
2028	—		750,000		—		750,000		9.6	%
2029	—		150,000		—		150,000		1.9	%
2030	—		—		—		—		—	%
2031	403,363		650,000		—		1,053,363		13.5	%
2032	—		600,000		—		600,000		7.7	%
2033	—		—		—		—		—	%
2034	—		400,000		—		400,000		5.1	%
2035	—		—		—		—		—	%
2036	—		150,000		—		150,000		1.9	%
	2,621,208		5,200,000		—		7,821,208		100.0	%
Unamortized discount on note payable	(1,672)		(12,245)		—		(13,917)
Deferred financing costs, net	(10,268)		(43,992)		—		(54,260)
Total per Balance Sheet	$	2,609,268	$	5,143,763	$	—	$	7,753,031
	.

(1)Assumes all extension options are exercised.

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

Q3 2022 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(a)


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

Number of Homes, period-end	Q3 2022
Total Portfolio	83,148
Same Store Portfolio	74,881
Same Store % of Total	90.1		%

Core Revenues	Q3 2022			Q3 2021		Change YoY		YTD 2022		YTD 2021		Change YoY
Total Portfolio	$	534,131		$	480,206	11.2	%	$	1,560,715	$	1,394,462	11.9	%
Same Store Portfolio	485,998			448,850		8.3	%	1,432,221		1,308,866		9.4	%

Core Operating Expenses	Q3 2022			Q3 2021		Change YoY		YTD 2022		YTD 2021		Change YoY
Total Portfolio	$	172,527		$	156,512	10.2	%	$	487,320	$	449,491	8.4	%
Same Store Portfolio	157,623			146,471		7.6	%	446,644		420,830		6.1	%

Net Operating Income	Q3 2022			Q3 2021		Change YoY		YTD 2022		YTD 2021		Change YoY
Total Portfolio	$	361,604		$	323,694	11.7	%	$	1,073,395	$	944,971	13.6	%
Same Store Portfolio	328,375			302,379		8.6	%	985,577		888,036		11.0	%

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

Q3 2022 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 3(b)


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

					Change				Change						Change
	Q3 2022		Q3 2021		YoY		Q2 2022		Seq		YTD 2022		YTD 2021		YoY
Revenues:
Rental revenues (1)	$	468,872	$	434,025	8.0	%	$	464,458	1.0	%	$	1,382,364	$	1,269,138	8.9	%
Other property income, net (1)(2)(3)	17,126		14,825		15.5	%	17,043		0.5	%	49,857		39,728		25.5	%
Core Revenues	485,998		448,850		8.3	%	481,501		0.9	%	1,432,221		1,308,866		9.4	%






Fixed Expenses:
Property taxes	76,891		73,996		3.9	%	76,346		0.7	%	229,627		220,172		4.3	%
Insurance expenses	8,545		8,381		2.0	%	8,571		(0.3)	%	25,601		24,845		3.0	%
HOA expenses	9,668		9,226		4.8	%	8,783		10.1	%	27,037		26,065		3.7	%

Controllable Expenses:
Repairs and maintenance, net (4)	27,451		23,790		15.4	%	22,876		20.0	%	70,179		60,325		16.3	%
Personnel, leasing and marketing	19,172		19,213		(0.2)	%	19,532		(1.8)	%	56,566		55,801		1.4	%
Turnover, net (4)	9,831		8,535		15.2	%	8,096		21.4	%	23,910		23,753		0.7	%
Utilities and property administrative, net (4)	6,065		3,330		82.1	%	4,026		50.6	%	13,724		9,869		39.1	%
Core Operating Expenses	157,623		146,471		7.6	%	148,230		6.3	%	446,644		420,830		6.1	%

Net Operating Income	$	328,375	$	302,379	8.6	%	$	333,271	(1.5)	%	$	985,577	$	888,036	11.0	%

(1)All rental revenues and other property income are reflected net of bad debt. Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, 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. Bad debt as a percentage of gross rental revenue in Q3 2022 increased by 80 basis points from Q3 2021.

(2)In light of the COVID-19 pandemic, almost all late fees typically enforced in accordance with lease agreements were not enforced or collected between Q2 2020 and Q1 2021, which resulted in lower other property income, net, during this time period. Since Q2 2021, enforcement and collection of late fees have generally recommenced in all markets where permissible.

(3)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $28,687, $26,303, $27,130, $82,516, and $74,216 for Q3 2022, Q3 2021, Q2 2022, YTD 2022, and YTD 2021, respectively.

(4)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 2022 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 3(c)


Same Store Quarterly Operating Trends
(unaudited)

	Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021

Average Occupancy	97.5		%	98.0		%	98.2		%	98.1		%	98.1		%
Turnover Rate	6.2		%	5.8		%	4.6		%	4.7		%	6.3		%
Trailing four quarters Turnover Rate	21.3		%	21.4		%	22.3		%	23.1		%	N/A
Average Monthly Rent	$	2,181		$	2,124		$	2,074		$	2,033		$	1,989
Rental Rate Growth (lease-over-lease):
Renewals	10.2		%	10.2		%	9.6		%	8.9		%	7.7		%
New leases	15.6		%	16.7		%	14.9		%	17.1		%	18.3		%
Blended	11.6		%	11.8		%	10.9		%	11.0		%	10.6		%

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

Q3 2022 Earnings Release and Supplemental Information — page 19

Supplemental Schedule 4


Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended September 30, 2022 (1)
(unaudited)

	Number of Homes	Average Occupancy		Average Monthly Rent		Average Monthly Rent PSF		Percent of Revenue
Western United States:
Southern California	7,789	97.5	%	$	2,838	$	1.67	11.8	%
Northern California	4,454	95.4	%	2,552		1.63		6.2	%
Seattle	4,087	92.6	%	2,655		1.38		5.8	%
Phoenix	8,906	95.2	%	1,869		1.12		9.3	%
Las Vegas	3,179	95.9	%	2,078		1.05		3.7	%
Denver	2,678	90.1	%	2,401		1.31		3.4	%
Western US Subtotal	31,093	95.1	%	2,382		1.37		40.2	%

Florida:
South Florida	8,380	96.8	%	2,653		1.42		12.2	%
Tampa	8,610	96.3	%	2,070		1.11		10.0	%
Orlando	6,458	96.4	%	2,030		1.09		7.4	%
Jacksonville	1,928	96.9	%	2,022		1.02		2.2	%
Florida Subtotal	25,376	96.5	%	2,249		1.20		31.8	%

Southeast United States:
Atlanta	12,676	96.8	%	1,836		0.89		12.8	%
Carolinas	5,368	96.1	%	1,880		0.88		5.5	%
Southeast US Subtotal	18,044	96.6	%	1,849		0.89		18.3	%

Texas:
Houston	2,112	96.2	%	1,757		0.91		2.1	%
Dallas	2,869	95.9	%	2,069		1.01		3.3	%
Texas Subtotal	4,981	96.0	%	1,936		0.97		5.4	%

Midwest United States:
Chicago	2,541	96.8	%	2,198		1.36		3.0	%
Minneapolis	1,113	95.2	%	2,168		1.11		1.3	%
Midwest US Subtotal	3,654	96.3	%	2,189		1.28		4.3	%

Total / Average	83,148	96.0	%	$	2,189	$	1.17	100.0	%
Same Store Total / Average	74,881	97.5	%	$	2,181	$	1.17	91.0	%

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

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

Q3 2022 Earnings Release and Supplemental Information — page 20

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 2022	Number of Homes	Q3 2022		Q3 2021		Change		Q3 2022		Q3 2021		Change		Q3 2022		Q3 2021		Change
Western United States:
Southern California	7,529	$	2,839	$	2,671	6.3	%	98.1	%	98.8	%	(0.7)	%	$	61,721	$	58,617	5.3	%
Northern California	3,890	2,519		2,329		8.2	%	97.8	%	98.6	%	(0.8)	%	28,974		27,072		7.0	%
Seattle	3,502	2,632		2,376		10.8	%	97.5	%	97.7	%	(0.2)	%	27,053		24,250		11.6	%
Phoenix	7,624	1,826		1,623		12.5	%	97.2	%	98.2	%	(1.0)	%	42,476		37,973		11.9	%
Las Vegas	2,690	2,065		1,850		11.6	%	97.2	%	98.3	%	(1.1)	%	16,388		15,221		7.7	%
Denver	1,980	2,373		2,226		6.6	%	96.9	%	97.1	%	(0.2)	%	14,123		13,372		5.6	%
Western US Subtotal	27,215	2,374		2,178		9.0	%	97.5	%	98.3	%	(0.8)	%	190,735		176,505		8.1	%

Florida:
South Florida	7,798	2,667		2,366		12.7	%	97.5	%	98.2	%	(0.7)	%	62,241		55,903		11.3	%
Tampa	7,801	2,043		1,826		11.9	%	97.5	%	98.4	%	(0.9)	%	48,209		43,983		9.6	%
Orlando	5,911	2,009		1,824		10.1	%	97.6	%	98.1	%	(0.5)	%	36,130		33,154		9.0	%
Jacksonville	1,839	2,006		1,829		9.7	%	97.4	%	98.6	%	(1.2)	%	11,194		10,442		7.2	%
Florida Subtotal	23,349	2,240		2,006		11.7	%	97.5	%	98.3	%	(0.8)	%	157,774		143,482		10.0	%

Southeast United States:
Atlanta	11,922	1,831		1,670		9.6	%	97.3	%	97.9	%	(0.6)	%	64,485		60,287		7.0	%
Carolinas	4,635	1,864		1,728		7.9	%	97.8	%	97.9	%	(0.1)	%	25,966		24,415		6.4	%
Southeast US Subtotal	16,557	1,840		1,686		9.1	%	97.4	%	97.9	%	(0.5)	%	90,451		84,702		6.8	%

Texas
Houston	1,908	1,755		1,644		6.8	%	97.1	%	97.4	%	(0.3)	%	10,093		9,491		6.3	%
Dallas	2,228	2,086		1,933		7.9	%	97.3	%	97.9	%	(0.6)	%	13,934		12,809		8.8	%
Texas Subtotal	4,136	1,933		1,800		7.4	%	97.2	%	97.7	%	(0.5)	%	24,027		22,300		7.7	%

Midwest United States:
Chicago	2,521	2,198		2,068		6.3	%	97.5	%	98.1	%	(0.6)	%	16,010		15,309		4.6	%
Minneapolis	1,103	2,170		2,035		6.6	%	96.0	%	96.3	%	(0.3)	%	7,001		6,552		6.9	%
Midwest US Subtotal	3,624	2,189		2,058		6.4	%	97.1	%	97.6	%	(0.5)	%	23,011		21,861		5.3	%

Total / Average	74,881	$	2,181	$	1,989	9.7	%	97.5	%	98.1	%	(0.6)	%	$	485,998	$	448,850	8.3	%

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

Q3 2022 Earnings Release and Supplemental Information — page 21

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 2022	Number of Homes	Q3 2022		Q2 2022		Change		Q3 2022		Q2 2022		Change		Q3 2022		Q2 2022		Change
Western United States:
Southern California	7,529	$	2,839	$	2,780	2.1	%	98.1	%	98.3	%	(0.2)	%	$	61,721	$	61,565	0.3	%
Northern California	3,890	2,519		2,463		2.3	%	97.8	%	98.3	%	(0.5)	%	28,974		29,164		(0.7)	%
Seattle	3,502	2,632		2,580		2.0	%	97.5	%	98.3	%	(0.8)	%	27,053		27,430		(1.4)	%
Phoenix	7,624	1,826		1,769		3.2	%	97.2	%	97.9	%	(0.7)	%	42,476		41,582		2.1	%
Las Vegas	2,690	2,065		2,011		2.7	%	97.2	%	97.9	%	(0.7)	%	16,388		16,376		0.1	%
Denver	1,980	2,373		2,330		1.8	%	96.9	%	97.6	%	(0.7)	%	14,123		14,096		0.2	%
Western US Subtotal	27,215	2,374		2,318		2.4	%	97.5	%	98.1	%	(0.6)	%	190,735		190,213		0.3	%

Florida:
South Florida	7,798	2,667		2,570		3.8	%	97.5	%	98.4	%	(0.9)	%	62,241		60,551		2.8	%
Tampa	7,801	2,043		1,971		3.7	%	97.5	%	98.2	%	(0.7)	%	48,209		47,313		1.9	%
Orlando	5,911	2,009		1,945		3.3	%	97.6	%	98.2	%	(0.6)	%	36,130		35,239		2.5	%
Jacksonville	1,839	2,006		1,953		2.7	%	97.4	%	97.6	%	(0.2)	%	11,194		10,949		2.2	%
Florida Subtotal	23,349	2,240		2,164		3.5	%	97.5	%	98.2	%	(0.7)	%	157,774		154,052		2.4	%

Southeast United States:
Atlanta	11,922	1,831		1,789		2.3	%	97.3	%	97.8	%	(0.5)	%	64,485		64,540		(0.1)	%
Carolinas	4,635	1,864		1,827		2.0	%	97.8	%	97.8	%	—	%	25,966		25,881		0.3	%
Southeast US Subtotal	16,557	1,840		1,800		2.2	%	97.4	%	97.8	%	(0.4)	%	90,451		90,421		—	%

Texas
Houston	1,908	1,755		1,723		1.9	%	97.1	%	97.3	%	(0.2)	%	10,093		9,986		1.1	%
Dallas	2,228	2,086		2,041		2.2	%	97.3	%	97.4	%	(0.1)	%	13,934		13,791		1.0	%
Texas Subtotal	4,136	1,933		1,894		2.1	%	97.2	%	97.3	%	(0.1)	%	24,027		23,777		1.1	%

Midwest United States:
Chicago	2,521	2,198		2,158		1.9	%	97.5	%	97.9	%	(0.4)	%	16,010		16,033		(0.1)	%
Minneapolis	1,103	2,170		2,129		1.9	%	96.0	%	97.3	%	(1.3)	%	7,001		7,005		(0.1)	%
Midwest US Subtotal	3,624	2,189		2,149		1.9	%	97.1	%	97.7	%	(0.6)	%	23,011		23,038		(0.1)	%

Total / Average	74,881	$	2,181	$	2,124	2.7	%	97.5	%	98.0	%	(0.5)	%	$	485,998	$	481,501	0.9	%

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

Q3 2022 Earnings Release and Supplemental Information — page 22

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — YTD

Invitation Homes Inc. (INVH) SEC Filing 8-K Material Event for the period ending Wednesday, October 26, 2022

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