EX-99.1 2 q12025supplemental.htm EX-99.1 Document

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Table of Contents














Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 2
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Earnings Press Release
Invitation Homes Reports First Quarter 2025 Results
Dallas, TX, April 30, 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 First Quarter (“Q1”) 2025 financial and operating results.

Q1 2025 Highlights
•Year over year, total revenues increased 4.4% to $674 million, property operating and maintenance costs increased 3.1% to $237 million, and net income available to common stockholders increased 16.4% to $166 million or $0.27 per diluted common share.
•Year over year, Core FFO per share increased 3.5% to $0.48 and AFFO per share increased 4.0% to $0.42.
•Same Store NOI increased 3.7% year over year on 2.5% Same Store Core Revenues growth and no growth in Same Store Core Operating Expenses.
•Same Store Average Occupancy was 97.2%, a slightly higher result than expected, representing a reduction of 60 basis points year over year.
•Same Store renewal rent growth of 5.2% and Same Store new lease rent growth of (0.1)% drove Same Store blended rent growth of 3.6%.
•Same Store Bad Debt improved 10 basis points year over year to 0.7% of gross rental revenue, one of our strongest quarterly results since before the pandemic.
•Acquisitions by us and our joint ventures totaled 631 homes for approximately $213 million while dispositions totaled 470 homes for approximately $179 million.

Subsequent to quarter end, on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.

Comments from Chief Executive Officer Dallas Tanner
“Our first quarter 2025 financial and operational results highlight the stability and resilience of our business, the dedication of our teams, and the compelling value proposition we offer our residents. This is demonstrated by the significant cost difference between owning and leasing a home in our markets, our consistently positive customer survey results, and our residents’ renewal rates that are among the highest in the industry. As outlined within this release, Same Store renewal rent growth, which constitutes a substantial majority of our leasing activity, remained solid at 5.2% during the first quarter. At the same time, we’re pleased to share that new lease rent growth has accelerated each month of 2025 so far, with March new lease rate growth at 1.3% and preliminary April new lease rate growth at 2.7%.

“Whatever may come in the broader economic environment, we take pride in offering a crucial, valuable, and sought-after leasing option for the over 14 million Americans who choose to lease a home. I would like to thank our teams for their efforts in posting a strong start to 2025, and for setting a high standard for the rest of the year. We continue to manage our expectations cautiously given it’s still early in the year, while remaining confident in the strength, stability, and growth opportunity of our core business. We are therefore pleased to reiterate our FY 2025 guidance as initially announced two months ago.”

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.
Q1 2025 Earnings Release and Supplemental Information — page 3
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Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q1 2025Q1 2024
Net income$0.27 $0.23 
FFO0.45 0.43 
Core FFO0.48 0.47 
AFFO0.42 0.41 
Net Income
Year over year, net income per common share — diluted for Q1 2025 increased 16.5% to $0.27, primarily due to increases in total revenues and gain on sale of property, net of tax.
Core FFO
Year over year, Core FFO per share for Q1 2025 increased 3.5% to $0.48, primarily due to NOI growth.
AFFO
Year over year, AFFO per share for Q1 2025 increased 4.0% to $0.42, 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:78,078 
Q1 2025Q1 2024
Core Revenues growth (year over year)2.5 %
Core Operating Expenses growth (year over year)— %
NOI growth (year over year)3.7 %
Average Occupancy97.2 %97.8 %
Bad Debt % of gross rental revenue0.7 %0.8 %
Turnover Rate5.0 %5.2 %
Rental Rate Growth (lease-over-lease):
Renewals 5.2 %5.7 %
New Leases (0.1)%0.7 %
Blended 3.6 %4.3 %
Same Store NOI
For the Same Store Portfolio of 78,078 homes, Same Store NOI for Q1 2025 increased 3.7% year over year on Same Store Core Revenues growth of 2.5% and no growth in Same Store Core Operating Expenses.

Same Store Core Revenues
Same Store Core Revenues growth for Q1 2025 of 2.5% year over year was primarily driven by a 3.1% increase in Average Monthly Rent, a 10 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 2.2% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decline in Average Occupancy.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 4
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Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q1 2025 had no growth year over year as a result of a 1.0% increase in fixed expenses that was fully offset by a 2.1% reduction in controllable expenses.

Investment and Property Management Activity
Acquisitions for Q1 2025 totaled 631 homes for approximately $213 million through our various acquisition channels. This included 577 wholly owned homes for approximately $194 million and 54 homes for approximately $19 million in our joint ventures. Dispositions for Q1 2025 included 454 wholly owned homes for gross proceeds of approximately $173 million and 16 homes for gross proceeds of approximately $6 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 3/31/2025
Number of Homes Owned and/or Managed as of 12/31/2024 Acquired or Added In
Q1 2025		Disposed or Subtracted In Q1 2025Number of Homes Owned and/or Managed as of 3/31/2025
Wholly owned homes85,138577(454)85,261
Joint venture owned homes7,62254(16)7,660
Managed-only homes 17,678—(342)17,336
Total homes owned and/or managed110,438631(812)110,257

Balance Sheet and Capital Markets Activity
As of March 31, 2025, we had $1,364 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,184 million consisted of 83.0% unsecured debt and 17.0% secured debt; 87.5% 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 5.3x. We have no debt reaching final maturity before 2027.

Subsequent to quarter end, on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.

FY 2025 Guidance Details
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.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 5
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Our full year 2025 guidance remains unchanged from initial guidance provided in February 2025, as outlined in the table below.
FY 2025 Guidance
FY 2025
Guidance Range		FY 2025
Guidance
Midpoint
Core FFO per share — diluted$1.88 to $1.94$1.91
AFFO per share — diluted$1.58 to $1.64$1.61
Same Store Core Revenues growth (1)
1.75% to 3.25%2.5%
Same Store Core Operating Expenses growth (2)
2.75% to 4.25%3.5%
Same Store NOI growth1.00% to 3.00%2.0%
Wholly owned acquisitions$500 million to
$700 million		$600 million
JV acquisitions$100 million to
$200 million		$150 million
Wholly owned dispositions$400 million to
$600 million		$500 million
(1)Same Store Core Revenues growth guidance assumes (i) FY 2025 Average Occupancy in a range of 96.2% to 96.8% and (ii) FY 2025 average Bad Debt in a range of 60 to 90 basis points.
(2)Same Store Core Operating Expenses growth guidance assumes (i) an increase in FY 2025 property taxes in a range of 5.0% to 6.0% year over year and (ii) a reduction in FY 2025 insurance expenses in a range of 2.0% to 3.0% year over year, which has not been updated at this time to reflect the benefit of our recently completed annual insurance policy renewal that implies a reduction in FY 2025 insurance expenses of approximately 3.5% year over year.

Earnings Conference Call Information
We have scheduled a conference call at 11:00 a.m. Eastern Time on May 1, 2025, to review Q1 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, updated homes with valued features such as close proximity to jobs and access to good schools.

Investor Relations ContactMedia Relations Contact
Scott McLaughlinKristi DesJarlais
844.456.INVH (4684)844.456.INVH (4684)
IR@InvitationHomes.comMedia@InvitationHomes.com


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 6
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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), 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.
Q1 2025 Earnings Release and Supplemental Information — page 7
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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
March 31, 2025December 31, 2024
(unaudited)
Assets:
Investments in single-family residential properties, net$17,203,322 $17,212,126 
Cash and cash equivalents84,387 174,491 
Restricted cash234,243 245,202 
Goodwill258,207 258,207 
Investments in unconsolidated joint ventures241,882 241,605 
Other assets, net556,051 569,320 
Total assets$18,578,092 $18,700,951 
Liabilities:
Secured debt, net
$1,383,383 $1,385,573 
Unsecured notes, net3,802,333 3,800,688 
Term loan facilities, net2,447,764 2,446,041 
Revolving facility470,000 570,000 
Accounts payable and accrued expenses250,501 247,709 
Resident security deposits183,684 180,866 
Other liabilities285,413 277,565 
Total liabilities8,823,078 8,908,442 
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2025 and December 31, 2024— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 612,883,911 and 612,605,478 outstanding as of March 31, 2025 and December 31, 2024, respectively
6,129 6,126 
Additional paid-in capital11,174,953 11,170,597 
Accumulated deficit(1,493,971)(1,480,928)
Accumulated other comprehensive income31,320 60,969 
Total stockholders’ equity
9,718,431 9,756,764 
Non-controlling interests36,583 35,745 
Total equity9,755,014 9,792,509 
Total liabilities and equity$18,578,092 $18,700,951 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 8
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Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q1 2025Q1 2024
(unaudited)(unaudited)
Revenues:
Rental revenues$585,193 $571,430 
Other property income67,878 60,667 
Management fee revenues21,408 13,942 
Total revenues674,479 646,039 
Expenses:
Property operating and maintenance237,449 230,397 
Property management expense36,739 31,237 
General and administrative29,518 23,448 
Interest expense84,254 89,845 
Depreciation and amortization183,146 175,313 
Casualty losses, impairment, and other4,683 4,137 
Total expenses 575,789 554,377 
Losses on investments in equity and other securities, net(221)(209)
Other, net1,365 5,973 
Gain on sale of property, net of tax71,666 50,498 
Losses from investments in unconsolidated joint ventures(5,218)(5,138)
Net income166,282 142,786 
Net income attributable to non-controlling interests(537)(436)
Net income attributable to common stockholders165,745 142,350 
Net income available to participating securities(228)(192)
Net income available to common stockholders — basic and diluted$165,517 $142,158 
Weighted average common shares outstanding — basic612,777,606 612,219,520 
Weighted average common shares outstanding — diluted613,361,880 613,807,166 
Net income per common share — basic$0.27 $0.23 
Net income per common share — diluted$0.27 $0.23 
Dividends declared per common share$0.29 $0.28 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 9
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Supplemental Schedule 1

Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO ReconciliationQ1 2025Q1 2024
Net income available to common stockholders$165,517 $142,158 
Net income available to participating securities
228 192 
Non-controlling interests
537 436 
Depreciation and amortization on real estate assets
179,063 171,918 
Impairment on depreciated real estate investments
63 60 
Net gain on sale of previously depreciated investments in real estate(71,666)(50,498)
Depreciation and net gain on sale of investments in unconsolidated joint ventures3,498 2,519 
FFO$277,240 $266,785 
Core FFO ReconciliationQ1 2025Q1 2024
FFO$277,240 $266,785 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
3,634 9,217 
Share-based compensation expense10,157 7,900 
Severance expense2,385 90 
Casualty losses and reserves, net (1)
4,683 4,082 
Losses on investments in equity and other securities, net221 209 
Core FFO$298,320 $288,283 
AFFO ReconciliationQ1 2025Q1 2024
Core FFO$298,320 $288,283 
Recurring Capital Expenditures (1)
(37,347)(37,122)
AFFO$260,973 $251,161 
Net income available to common stockholders
Weighted average common shares outstanding — diluted613,361,880 613,807,166 
Net income per common share — diluted$0.27 $0.23 
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted615,645,848 615,987,206 
FFO per share — diluted$0.45 $0.43 
Core FFO per share — diluted$0.48 $0.47 
AFFO per share — diluted $0.42 $0.41 
(1)Includes our share from unconsolidated joint ventures.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 10
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Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net IncomeQ1 2025Q1 2024
Common shares — basic612,777,606 612,219,520 
Shares potentially issuable from vesting/conversion of equity-based awards584,274 1,587,646 
Total common shares — diluted613,361,880 613,807,166 
Weighted average amounts for FFO, Core FFO, and AFFOQ1 2025Q1 2024
Common shares — basic612,777,606 612,219,520 
OP units — basic1,979,009 1,873,341 
Shares potentially issuable from vesting/conversion of equity-based awards889,233 1,894,345 
Total common shares and units — diluted615,645,848 615,987,206 
Period end amounts for Core FFO and AFFOMarch 31, 2025
Common shares612,883,911 
OP units1,979,009 
Shares potentially issuable from vesting/conversion of equity-based awards1,190,281 
Total common shares and units — diluted
616,053,201 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 11
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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of March 31, 2025
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)(2)
Maturity (2)(3)
Secured:
Fixed (4)
$1,389,410 17.0 %4.0 %3.3 
Floating — swapped to fixed— — %— %— 
Floating— — %— %— 
Total secured1,389,410 17.0 %4.0 %3.3 
Unsecured:
Fixed3,850,000 47.0 %3.6 %6.9 
Floating — swapped to fixed1,925,000 23.5 %3.9 %4.4 
Floating1,020,000 12.5 %5.4 %4.3 
Total unsecured6,795,000 83.0 %4.0 %5.8 
Total Debt:
Fixed + floating swapped to fixed (4)
7,164,410 87.5 %3.8 %5.5 
Floating1,020,000 12.5 %5.4 %4.3 
Total debt8,184,410 100.0 %4.0 %5.4 
Unamortized discounts on notes payable(23,555)
Deferred financing costs, net(57,375)
Total debt per Balance Sheet8,103,480 
Retained and repurchased certificates(55,499)
Cash, ex-security deposits and letters of credit (5)
(132,044)
Deferred financing costs, net57,375 
Unamortized discounts on notes payable23,555 
Net debt$7,996,867 
Leverage RatiosMarch 31, 2025
Net Debt / TTM Adjusted EBITDAre
5.3 x
Credit RatingsRatingsOutlook
Fitch RatingsBBB+Stable
Moody’s Investors ServiceBaa2Stable
S&P Global Ratings (6)
 BBBPositive
Unsecured Facilities Covenant Compliance (7)
Unsecured Public Bond Covenant Compliance (8)
ActualRequirementActualRequirement
Total leverage ratio28.8 %≤ 60%Aggregate debt ratio35.1 %≤ 65%
Secured leverage ratio5.8 %≤ 45%Secured debt ratio5.8 %≤ 40%
Unencumbered leverage ratio26.9 %≤ 60%Unencumbered assets ratio310.1 %   ≥ 150%
Fixed charge coverage ratio4.3 x≥ 1.5xDebt service ratio4.5x≥ 1.5x
Unsecured interest coverage ratio5.2 x  ≥ 1.75x

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 12
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Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of March 31, 2025. See Supplemental Schedule 2(d) for additional information regarding our interest rate swaps.
(2)On April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing. The table above is as of March 31, 2025, and therefore does not reflect this recent amendment.
(3)Assumes all extension options are exercised.
(4)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.
(5)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(6)Subsequent to quarter end, on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’
(7)Covenant calculations are specifically defined in the 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.
(8)Covenant calculations are specifically defined in our Supplemental Indentures to the Base Indenture for our Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 13
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Supplemental Schedule 2(c)

Debt Maturity Schedule — As of March 31, 2025
($ in thousands) (unaudited)
Revolving
SecuredUnsecuredCredit% of
Debt Maturities, with Extensions (1)(2)
DebtDebtFacilityBalanceTotal
2025$— $— $— $— — %
2026— — — — — %
2027989,024 — — 989,024 12.1 %
2028— 750,000 — 750,000 9.2 %
2029— 2,475,000 470,000 2,945,000 36.0 %
2030— 450,000 — 450,000 5.5 %
2031400,386 650,000 — 1,050,386 12.8 %
2032— 600,000 — 600,000 7.3 %
2033— 350,000 — 350,000 4.3 %
2034— 400,000 — 400,000 4.9 %
2035— 500,000 — 500,000 6.1 %
2036— 150,000 — 150,000 1.8 %
1,389,410 6,325,000 470,000 8,184,410 100.0 %
Unamortized discounts on notes payable(792)(22,763)— (23,555)
Deferred financing costs, net(5,235)(52,140)— (57,375)
Total per Balance Sheet$1,383,383 $6,250,097 $470,000 $8,103,480 
.
(1)Assumes all extension options are exercised.
(2)On April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing. The table above is as of March 31, 2025, and therefore does not reflect this recent amendment.


















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 14
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Supplemental Schedule 2(d)

Active Swap Schedule — As of March 31, 2025
($ in thousands) (unaudited)
Agreement Date Effective DateMaturity Date Strike Rate Index Notional
4/18/20234/15/20236/9/20252.94%One month Term SOFR$325,000 
4/18/20234/15/20237/31/20253.08%One month Term SOFR200,000
9/20/202412/31/20245/31/20283.13%One month Term SOFR200,000
9/20/202412/31/20245/31/20283.14%One month Term SOFR200,000
9/23/202412/31/20245/31/20283.13%One month Term SOFR200,000
9/24/202412/31/20245/31/20283.08%One month Term SOFR200,000
9/24/202412/31/20245/31/20283.08%One month Term SOFR200,000
9/25/202412/31/20245/31/20281.93%One month Term SOFR200,000
9/25/202412/31/20245/31/20293.12%One month Term SOFR200,000
Weighted Average Strike Rate 2.96%Total$1,925,000 

Forward Starting Swap Schedule — As of March 31, 2025
($ in thousands) (unaudited)
Forward
Agreement Date Effective DateMaturity Date Strike Rate Index Notional
3/22/20237/9/20255/31/20292.99%One month Term SOFR$300,000 
Weighted Average Strike Rate 2.99%

Projected Active Swaps — As of March 31, 2025 (1)
($ in thousands) (unaudited)
3/31/20256/30/20259/30/202512/31/20253/31/20266/30/20269/30/202612/31/2026
Active Notional $1,925,000$1,600,000$1,700,000$1,700,000$1,700,000$1,700,000$1,700,000$1,700,000
Weighted Average
Strike Rate		2.96%2.96%2.95%2.95%2.95%2.95%2.95%2.95%
(1)Based on swap agreements in place as of March 31, 2025, assuming all swaps are held to maturity and no incremental swaps are entered into in the future.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 15
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Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-endQ1 2025
Total Portfolio85,261 
Same Store Portfolio78,078 
Same Store % of Total91.6 %
Core RevenuesQ1 2025Q1 2024Change YoY
Total Portfolio$608,953 $594,302 2.5 %
Same Store Portfolio571,050 557,137 2.5 %
Core Operating ExpensesQ1 2025Q1 2024Change YoY
Total Portfolio$193,331 $192,602 0.4 %
Same Store Portfolio176,399 176,391 — %
Net Operating IncomeQ1 2025Q1 2024Change YoY
Total Portfolio$415,622 $401,700 3.5 %
Same Store Portfolio394,651 380,746 3.7 %




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 16
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Supplemental Schedule 3(b)

Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
ChangeChange
Q1 2025Q1 2024YoYQ4 2024Seq
Revenues:
Rental revenues (1)
$549,155 $535,721 2.5 %$542,758 1.2 %
Other property income, net (1)(2)
21,895 21,416 2.2 %21,784 0.5 %
Core Revenues571,050 557,137 2.5 %564,542 1.2 %
Fixed Expenses:
Property taxes99,418 97,453 2.0 %93,014 6.9 %
Insurance expenses10,113 10,140 (0.3)%10,489 (3.6)%
HOA expenses10,565 11,272 (6.3)%10,555 0.1 %
     Total Fixed Expenses120,096 118,865 1.0 %114,058 5.3 %
Controllable Expenses:
Repairs and maintenance, net (3)
20,598 21,025 (2.0)%23,012 (10.5)%
Personnel, leasing and marketing21,222 21,876 (3.0)%20,898 1.6 %
Turnover, net (3)
8,327 8,774 (5.1)%9,117 (8.7)%
Utilities and property administrative, net (3)
6,156 5,851 5.2 %7,754 (20.6)%
     Total Controllable Expenses56,303 57,526 (2.1)%60,781 (7.4)%
Core Operating Expenses176,399 176,391 — %174,839 0.9 %
Net Operating Income$394,651 $380,746 3.7 %$389,703 1.3 %
(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 $41,191, $34,906, and $35,560 for Q1 2025, Q1 2024, and Q4 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.
Q1 2025 Earnings Release and Supplemental Information — page 17
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Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Average Occupancy97.2 %96.8 %97.1 %97.6 %97.8 %
Turnover Rate5.0 %5.2 %6.1 %6.2 %5.2 %
Trailing four quarters Turnover Rate22.5 %22.7 %N/AN/AN/A
Average Monthly Rent$2,431 $2,417 $2,403 $2,382 $2,359 
Rental Rate Growth (lease-over-lease):
Renewals5.2 %4.1 %4.2 %5.5 %5.7 %
New leases(0.1)%(2.2)%1.6 %3.5 %0.7 %
Blended3.6 %2.2 %3.5 %5.0 %4.3 %





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 18
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Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2025 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California7,234 96.1 %$3,151 $1.85 11.0 %
Northern California4,086 97.6 %2,769 1.75 5.6 %
Seattle3,944 97.3 %2,923 1.52 5.7 %
Phoenix9,223 97.1 %2,070 1.22 9.6 %
Las Vegas3,400 97.3 %2,230 1.13 3.8 %
Denver2,832 95.1 %2,614 1.42 3.5 %
Western US Subtotal30,719 96.8 %2,595 1.48 39.2 %
Florida:
South Florida8,138 96.3 %3,086 1.65 12.0 %
Tampa9,555 91.8 %2,302 1.22 10.5 %
Orlando6,825 96.7 %2,257 1.20 7.7 %
Jacksonville2,042 96.9 %2,183 1.10 2.2 %
Florida Subtotal26,560 94.7 %2,529 1.34 32.4 %
Southeast United States:
Atlanta12,598 95.5 %2,075 1.00 12.6 %
Carolinas6,066 92.5 %2,083 0.99 6.0 %
Southeast US Subtotal18,664 94.5 %2,077 1.00 18.6 %
Texas:
Houston2,398 93.1 %1,946 0.98 2.2 %
Dallas3,217 91.9 %2,268 1.10 3.5 %
Texas Subtotal5,615 92.1 %2,137 1.05 5.7 %
Midwest United States:
Chicago2,461 96.2 %2,443 1.52 2.8 %
Minneapolis1,052 94.0 %2,363 1.21 1.2 %
Midwest US Subtotal3,513 95.6 %2,420 1.42 4.0 %
Other (2):
190 43.7 %2,195 1.17 0.1 %
Total / Average85,261 95.2 %$2,424 $1.29 100.0 %
Same Store Total / Average78,078 97.2 %$2,431 $1.30 93.7 %
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)Represents homes located outside of our 16 core markets; as of March 31, 2025, virtually all of these were newly-constructed homes that are located in our identified target markets.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 19
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Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, Q1 2025# HomesQ1 2025Q1 2024ChangeQ1 2025Q1 2024ChangeQ1 2025Q1 2024Change
Western United States:
Southern California6,876 $3,153 $3,049 3.4 %98.1 %98.4 %(0.3)%$64,992 $62,766 3.5 %
Northern California3,927 2,771 2,688 3.1 %98.4 %98.2 %0.2 %32,953 31,678 4.0 %
Seattle3,915 2,923 2,825 3.5 %97.8 %98.3 %(0.5)%34,297 33,382 2.7 %
Phoenix8,609 2,060 2,024 1.8 %97.5 %98.0 %(0.5)%54,171 53,709 0.9 %
Las Vegas2,978 2,230 2,175 2.5 %97.5 %97.7 %(0.2)%20,131 19,731 2.0 %
Denver2,463 2,592  2,508 3.3 %97.0 %98.1 %(1.1)%19,252 18,911 1.8 %
Western US Subtotal28,768 2,600 2,526 2.9 %97.8 %98.1 %(0.3)%225,796 220,177 2.6 %
Florida:
South Florida7,874 3,100 2,969 4.4 %97.0 %97.5 %(0.5)%72,989 70,413 3.7 %
Tampa8,190 2,298 2,260 1.7 %96.1 %97.5 %(1.4)%56,408 56,577 (0.3)%
Orlando6,382 2,255 2,202 2.4 %97.4 %97.5 %(0.1)%44,035 42,885 2.7 %
Jacksonville1,905 2,177 2,145 1.5 %97.8 %97.7 %0.1 %12,714 12,514 1.6 %
Florida Subtotal24,351 2,537 2,465 2.9 %96.9 %97.5 %(0.6)%186,146 182,389 2.1 %
Southeast United States:
Atlanta11,847 2,072 1,998 3.7 %96.7 %97.9 %(1.2)%72,928 70,834 3.0 %
Carolinas5,237 2,080 2,017 3.1 %97.2 %97.8 %(0.6)%32,952 31,870 3.4 %
Southeast US Subtotal17,084 2,074 2,004 3.5 %96.9 %97.9 %(1.0)%105,880 102,704 3.1 %
Texas:
Houston1,815 1,906 1,853 2.9 %97.1 %97.6 %(0.5)%10,546 10,295 2.4 %
Dallas2,595 2,282 2,232 2.2 %96.2 %97.5 %(1.3)%17,897 17,632 1.5 %
Texas Subtotal4,410 2,127 2,076 2.5 %96.6 %97.5 %(0.9)%28,443 27,927 1.8 %
Midwest United States:
Chicago2,425 2,444 2,342 4.4 %97.5 %98.0 %(0.5)%17,486 16,822 3.9 %
Minneapolis1,040 2,366 2,281 3.7 %95.0 %96.9 %(1.9)%7,299 7,118 2.5 %
Midwest US Subtotal3,465 2,421 2,324 4.2 %96.7 %97.7 %(1.0)%24,785 23,940 3.5 %
Total / Average78,078 $2,431 $2,359 3.1 %97.2 %97.8 %(0.6)%$571,050 $557,137 2.5 %


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 20
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Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
Seq, Q1 2025# HomesQ1 2025Q4 2024ChangeQ1 2025Q4 2024ChangeQ1 2025Q4 2024Change
Western United States:
Southern California6,876 $3,153 $3,128 0.8 %98.1 %98.2 %(0.1)%$64,992 $64,672 0.5 %
Northern California3,927 2,771 2,751 0.7 %98.4 %98.3 %0.1 %32,953 32,652 0.9 %
Seattle3,915 2,923 2,899 0.8 %97.8 %97.6 %0.2 %34,297 34,070 0.7 %
Phoenix8,609 2,060 2,049 0.5 %97.5 %97.1 %0.4 %54,171 53,438 1.4 %
Las Vegas2,978 2,230 2,217 0.6 %97.5 %96.5 %1.0 %20,131 19,818 1.6 %
Denver2,463 2,592 2,564 1.1 %97.0 %96.5 %0.5 %19,252 18,968 1.5 %
Western US Subtotal28,768 2,600 2,582 0.7 %97.8 %97.5 %0.3 %225,796 223,618 1.0 %
Florida:
South Florida7,874 3,100 3,078 0.7 %97.0 %96.4 %0.6 %72,989 71,728 1.8 %
Tampa8,190 2,298 2,296 0.1 %96.1 %96.0 %0.1 %56,408 55,985 0.8 %
Orlando6,382 2,255 2,249 0.3 %97.4 %96.9 %0.5 %44,035 43,603 1.0 %
Jacksonville1,905 2,177 2,179 (0.1)%97.8 %97.1 %0.7 %12,714 12,599 0.9 %
Florida Subtotal24,351 2,537 2,527 0.4 %96.9 %96.4 %0.5 %186,146 183,915 1.2 %
Southeast United States:
Atlanta11,847 2,072 2,058 0.7 %96.7 %96.1 %0.6 %72,928 71,939 1.4 %
Carolinas5,237 2,080 2,066 0.7 %97.2 %96.9 %0.3 %32,952 32,623 1.0 %
Southeast US Subtotal17,084 2,074 2,060 0.7 %96.9 %96.4 %0.5 %105,880 104,562 1.3 %
Texas:
Houston1,815 1,906 1,897 0.5 %97.1 %96.7 %0.4 %10,546 10,358 1.8 %
Dallas2,595 2,282 2,278 0.2 %96.2 %95.9 %0.3 %17,897 17,672 1.3 %
Texas Subtotal4,410 2,127 2,120 0.3 %96.6 %96.2 %0.4 %28,443 28,030 1.5 %
Midwest United States:
Chicago2,425 2,444 2,418 1.1 %97.5 %97.1 %0.4 %17,486 17,252 1.4 %
Minneapolis1,040 2,366 2,343 1.0 %95.0 %95.3 %(0.3)%7,299 7,165 1.9 %
Midwest US Subtotal3,465 2,421 2,396 1.0 %96.7 %96.6 %0.1 %24,785 24,417 1.5 %
Total / Average78,078 $2,431 $2,417 0.6 %97.2 %96.8 %0.4 %$571,050 $564,542 1.2 %


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 21
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Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, Q1 2025Q1 2025Q1 2024ChangeQ1 2025Q1 2024ChangeQ1 2025Q1 2024ChangeQ1 2025Q1 2024
Western United States:
Southern California$64,992 $62,766 3.5 %$17,116 $17,563 (2.5)%$47,876 $45,203 5.9 %73.7 %72.0 %
Northern California32,953 31,678 4.0 %8,005 8,526 (6.1)%24,948 23,152 7.8 %75.7 %73.1 %
Seattle34,297 33,382 2.7 %8,796 8,507 3.4 %25,501 24,875 2.5 %74.4 %74.5 %
Phoenix54,171 53,709 0.9 %9,932 9,824 1.1 %44,239 43,885 0.8 %81.7 %81.7 %
Las Vegas20,131 19,731 2.0 %4,384 4,359 0.6 %15,747 15,372 2.4 %78.2 %77.9 %
Denver19,252 18,911 1.8 %4,125 3,894 5.9 %15,127 15,017 0.7 %78.6 %79.4 %
Western US Subtotal225,796 220,177 2.6 %52,358 52,673 (0.6)%173,438 167,504 3.5 %76.8 %76.1 %
Florida:
South Florida72,989 70,413 3.7 %28,528 28,294 0.8 %44,461 42,119 5.6 %60.9 %59.8 %
Tampa56,408 56,577 (0.3)%21,163 21,330 (0.8)%35,245 35,247 — %62.5 %62.3 %
Orlando44,035 42,885 2.7 %15,591 15,194 2.6 %28,444 27,691 2.7 %64.6 %64.6 %
Jacksonville12,714 12,514 1.6 %4,469 4,663 (4.2)%8,245 7,851 5.0 %64.8 %62.7 %
Florida Subtotal186,146 182,389 2.1 %69,751 69,481 0.4 %116,395 112,908 3.1 %62.5 %61.9 %
Southeast United States:
Atlanta72,928 70,834 3.0 %24,779 23,180 6.9 %48,149 47,654 1.0 %66.0 %67.3 %
Carolinas32,952 31,870 3.4 %9,157 8,878 3.1 %23,795 22,992 3.5 %72.2 %72.1 %
Southeast US Subtotal105,880 102,704 3.1 %33,936 32,058 5.9 %71,944 70,646 1.8 %67.9 %68.8 %
Texas:
Houston10,546 10,295 2.4 %4,413 4,911 (10.1)%6,133 5,384 13.9 %58.2 %52.3 %
Dallas17,897 17,632 1.5 %5,950 7,630 (22.0)%11,947 10,002 19.4 %66.8 %56.7 %
Texas Subtotal28,443 27,927 1.8 %10,363 12,541 (17.4)%18,080 15,386 17.5 %63.6 %55.1 %
Midwest United States:
Chicago17,486 16,822 3.9 %7,572 7,244 4.5 %9,914 9,578 3.5 %56.7 %56.9 %
Minneapolis7,299 7,118 2.5 %2,419 2,394 1.0 %4,880 4,724 3.3 %66.9 %66.4 %
Midwest US Subtotal24,785 23,940 3.5 %9,991 9,638 3.7 %14,794 14,302 3.4 %59.7 %59.7 %
Total / Average$571,050 $557,137 2.5 %$176,399 $176,391 — %$394,651 $380,746 3.7 %69.1 %68.3 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 22
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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
Seq, Q1 2025Q1 2025Q4 2024ChangeQ1 2025Q4 2024ChangeQ1 2025Q4 2024ChangeQ1 2025Q4 2024
Western United States:
Southern California$64,992 $64,672 0.5 %$17,116 $17,297 (1.0)%$47,876 $47,375 1.1 %73.7 %73.3 %
Northern California32,953 32,652 0.9 %8,005 8,196 (2.3)%24,948 24,456 2.0 %75.7 %74.9 %
Seattle34,297 34,070 0.7 %8,796 8,556 2.8 %25,501 25,514 (0.1)%74.4 %74.9 %
Phoenix54,171 53,438 1.4 %9,932 9,593 3.5 %44,239 43,845 0.9 %81.7 %82.0 %
Las Vegas20,131 19,818 1.6 %4,384 4,608 (4.9)%15,747 15,210 3.5 %78.2 %76.7 %
Denver19,252 18,968 1.5 %4,125 3,772 9.4 %15,127 15,196 (0.5)%78.6 %80.1 %
Western US Subtotal225,796 223,618 1.0 %52,358 52,022 0.6 %173,438 171,596 1.1 %76.8 %76.7 %
Florida:
South Florida72,989 71,728 1.8 %28,528 27,754 2.8 %44,461 43,974 1.1 %60.9 %61.3 %
Tampa56,408 55,985 0.8 %21,163 19,871 6.5 %35,245 36,114 (2.4)%62.5 %64.5 %
Orlando44,035 43,603 1.0 %15,591 15,886 (1.9)%28,444 27,717 2.6 %64.6 %63.6 %
Jacksonville12,714 12,599 0.9 %4,469 4,473 (0.1)%8,245 8,126 1.5 %64.8 %64.5 %
Florida Subtotal186,146 183,915 1.2 %69,751 67,984 2.6 %116,395 115,931 0.4 %62.5 %63.0 %
Southeast United States:
Atlanta72,928 71,939 1.4 %24,779 23,605 5.0 %48,149 48,334 (0.4)%66.0 %67.2 %
Carolinas32,952 32,623 1.0 %9,157 9,323 (1.8)%23,795 23,300 2.1 %72.2 %71.4 %
Southeast US Subtotal105,880 104,562 1.3 %33,936 32,928 3.1 %71,944 71,634 0.4 %67.9 %68.5 %
Texas:
Houston10,546 10,358 1.8 %4,413 4,926 (10.4)%6,133 5,432 12.9 %58.2 %52.4 %
Dallas17,897 17,672 1.3 %5,950 7,209 (17.5)%11,947 10,463 14.2 %66.8 %59.2 %
Texas Subtotal28,443 28,030 1.5 %10,363 12,135 (14.6)%18,080 15,895 13.7 %63.6 %56.7 %
Midwest United States:
Chicago17,486 17,252 1.4 %7,572 7,374 2.7 %9,914 9,878 0.4 %56.7 %57.3 %
Minneapolis7,299 7,165 1.9 %2,419 2,396 1.0 %4,880 4,769 2.3 %66.9 %66.6 %
Midwest US Subtotal24,785 24,417 1.5 %9,991 9,770 2.3 %14,794 14,647 1.0 %59.7 %60.0 %
Total / Average$571,050 $564,542 1.2 %$176,399 $174,839 0.9 %$394,651 $389,703 1.3 %69.1 %69.0 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 23
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Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q1 2025
RenewalNewBlended
LeasesLeasesAverage
Western United States:
Southern California6.5 %5.2 %6.2 %
Northern California4.0 %2.9 %3.7 %
Seattle4.8 %2.9 %4.2 %
Phoenix4.1 %(2.4)%2.1 %
Las Vegas4.5 %— %3.3 %
Denver6.0 %2.8 %4.9 %
Western US Subtotal5.0 %1.5 %4.0 %
Florida:
South Florida6.3 %(1.3)%4.2 %
Tampa4.0 %(2.5)%1.8 %
Orlando4.6 %(1.4)%2.7 %
Jacksonville3.8 %(2.3)%2.1 %
Florida Subtotal5.1 %(1.8)%3.0 %
Southeast United States:
Atlanta5.9 %(0.4)%3.9 %
Carolinas5.3 %(0.1)%3.5 %
Southeast US Subtotal5.7 %(0.3)%3.8 %
Texas:
Houston4.4 %(1.3)%3.0 %
Dallas3.6 %(3.6)%0.9 %
Texas Subtotal4.0 %(2.9)%1.7 %
Midwest United States:
Chicago6.2 %7.7 %6.6 %
Minneapolis8.3 %2.8 %5.9 %
Midwest US Subtotal6.7 %5.5 %6.4 %
Total / Average5.2 %(0.1)%3.6 %





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 24
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Supplemental Schedule 6

Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
TotalQ1 2025Q4 2024Q3 2024Q2 2024Q1 2024
R&M OpEx, net$20,598 $23,012 $29,791 $26,554 $21,025 
Turn OpEx, net8,327 9,117 10,881 10,094 8,774 
Total recurring operating expenses, net$28,925 $32,129 $40,672 $36,648 $29,799 
R&M CapEx$25,460 $24,192 $36,498 $32,987 $25,328 
Turn CapEx8,724 8,516 9,779 8,848 8,229 
Total Recurring Capital Expenditures$34,184 $32,708 $46,277 $41,835 $33,557 
R&M OpEx, net + R&M CapEx$46,058 $47,204 $66,289 $59,541 $46,353 
Turn OpEx, net + Turn CapEx17,051 17,633 20,660 18,942 17,003 
Total Cost to Maintain, net$63,109 $64,837 $86,949 $78,483 $63,356 
Per HomeQ1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Total Cost to Maintain, net$808 $830 $1,114 $1,005 $811 
(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.


Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
TotalQ1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Recurring CapEx$37,092 $35,518 $50,970 $46,371 $36,923 
Value Enhancing CapEx13,023 12,361 16,182 12,500 7,300 
Initial Renovation CapEx6,869 7,091 8,860 6,392 7,698 
Disposition CapEx952 1,423 1,584 663 716 
Total Capital Expenditures$57,936 $56,393 $77,596 $65,926 $52,637 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 25
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Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management ExpenseQ1 2025Q1 2024
Property management expense (GAAP)$36,739 $31,237 
Adjustments:
Share-based compensation expense(1,651)(1,598)
Adjusted property management expense$35,088 $29,639 
Adjusted G&A ExpenseQ1 2025Q1 2024
G&A expense (GAAP)$29,518 $23,448 
Adjustments:
Share-based compensation expense(8,506)(6,302)
Severance expense(2,385)(90)
Adjusted G&A expense$18,627 $17,056 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 26
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Supplemental Schedule 8(a)

Acquisitions and Dispositions
(unaudited)December 31, 2024
Q1 2025 Acquisitions (1)
Q1 2025 Dispositions (2)
March 31, 2025
HomesHomesAvg. Est.HomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California7,326 — $— 92 $588,342 7,234 
Northern California4,127 — — 41 434,101 4,086 
Seattle3,957 — — 13 581,962 3,944 
Phoenix9,246 — — 23 322,220 9,223 
Las Vegas3,405 — — 5 389,800 3,400 
Denver2,728 114 416,686 10 392,353 2,832 
Western US Subtotal30,789 114 416,686 184 504,210 30,719 
Florida:
South Florida8,180 22 335,775 64 424,065 8,138 
Tampa9,543 93 307,158 81 241,427 9,555 
Orlando6,794 43 419,801 12 263,158 6,825 
Jacksonville2,005 40 307,384 3 308,333 2,042 
Florida Subtotal26,522 198 334,846 160 317,366 26,560 
Southeast United States:
Atlanta12,623 30 346,355 55 269,665 12,598 
Carolinas6,005 77 311,787 16 320,288 6,066 
Southeast US Subtotal18,628 107 321,479 71 281,073 18,664 
Texas:
Houston2,347 64 275,258 13 180,981 2,398 
Dallas3,158 67 277,720 8 258,513 3,217 
Texas Subtotal5,505 131 276,517 21 210,517 5,615 
Midwest United States:
Chicago2,468 — — 7 244,858 2,461 
Minneapolis1,061 — — 9 337,015 1,052 
Midwest US Subtotal3,529 — — 16 296,696 3,513 
Other (3):
165 27 351,160 2 315,000 190 
Total / Average85,138 577 $336,057 454 $381,734 85,261 
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,606 — $— 1 $255,000 2,605 
2022 Rockpoint JV (5)
319 — — — — 319
FNMA JV (6)
387 — — 13 423,385 374 
Pathway Homes (7)
590 54 344,818 2 304,000 642 
Upward America JV (8)
3,720 — — — — 3,720 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 27
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Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.9%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 2.1%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)Represents homes located outside of our 16 core markets; as of March 31, 2025, virtually all of these were newly-constructed homes that are located in our identified target markets.
(4)Represents portfolio owned by the 2020 Rockpoint JV, of which we own 20.0%.
(5)Represents portfolio owned by the 2022 Rockpoint JV, of which we own 16.7%.
(6)Represents portfolio owned by the FNMA JV, of which we own 10.0%.
(7)Represents portfolio owned by Pathway Homes, of which we own 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which we own 7.2%.
































Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 28
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Supplemental Schedule 8(b)

Expected Acquisition Pipeline of New Homes from Homebuilders — As of March 31, 2025
(unaudited)
Pipeline as of March 31, 2025 (1)(2)
Estimated Deliveries
in Q2-Q4 2025		Estimated Deliveries
in 2026		Estimated Deliveries ThereafterAvg. Estimated Cost Basis Per Home
Southern California5555——$540,000 
Denver5656——440,000 
South Florida2727——410,000 
Tampa36322610334330,000 
Orlando39620814741400,000 
Jacksonville118118——320,000 
Atlanta714229—340,000 
Carolinas173922655330,000 
Houston25419064—280,000 
Dallas20215646—260,000 
Other867511—230,000 
Total / Average1,8011,245426 130$340,000 
(1)Represents the number of new homes under contract as of March 31, 2025, that are expected to be built, sold, and delivered by various homebuilders during a future period to either Invitation Homes or one of our joint ventures.
(2)Pipeline rollforward:
    
Pipeline as of December 31, 2024
2,031
Q1 2025 additions and cancellations (net)
142
Q1 2025 deliveries
(372)
Pipeline as of March 31, 2025
1,801
    


















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 29
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Glossary and Reconciliations
Average Estimated Cost Basis
Average estimated cost basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated initial renovation expenditure for an acquired home or population of homes.

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

Average Occupancy
Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period.

Bad Debt
Bad debt represents our reserves for residents’ accounts receivables balances that are aged greater than 30 days, under the rationale that a resident’s security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident’s security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. All rental revenues and other property income, in both Total Portfolio and Same Store Portfolio presentations, are reflected net of bad debt.

Core NOI Margin
Core NOI margin for an identified population of homes is calculated by dividing NOI by Core Revenues attributable to such population.

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

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

Cost to Maintain, net
Cost to maintain, net a home represents the sum of the expensed and capitalized portions of recurring repairs & maintenance and turn spend, net of resident reimbursements, as indicated in tables presented, not including the internal labor associated with such work.

Disposition CapEx
Disposition CapEx represents expenditures related to the preparation of a home for disposition after the prior tenant has moved out of the home.

EBITDA, EBITDAre, and Adjusted EBITDAre
EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. We define EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 30
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compensation expense; severance expense; casualty losses and reserves, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

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

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

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

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

Initial Renovation CapEx
Initial renovation CapEx represents expenditures related to the first post-acquisition renovation of a home to bring the home to our standards and specifications.

Net Operating Income (NOI)
NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and income from investments in unconsolidated joint ventures.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 31
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The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio.

See below for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store Portfolio.

PSF
PSF means per square foot.

Recurring Capital Expenditures or Recurring CapEx
Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and maintain the value and functionality of a home and our systems as a single-family rental.

Rental Rate Growth
Rental rate growth for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease, and, in each case, reflects the impact of any amortized non-service rent concessions and amortized contractual rent increases. Leases are either renewal leases, where our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home.

Same Store / Same Store Portfolio
Same Store or Same Store portfolio includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as our existing Same Store portfolio, and homes in markets that we have announced an intent to exit where we no longer operate a significant number of homes.

Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as our existing Same Store portfolio may be considered stabilized at the time of acquisition.

Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established.

We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and our prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our organic business.

Total Homes / Total Portfolio
Total homes or total portfolio refers to the total number of homes owned, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to the wholly owned homes and excludes homes owned in joint ventures.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 32
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Turnover Rate
Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population.

Unsecured Facility Covenants
Unsecured facility covenants refer to financial and operating requirements that we must meet with respect to our $1,750 million revolving credit facility (the “Revolving Facility”) and our $1,750 million term loan facility (the “2024 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in our Second Amended and Restated Revolving Credit and Term Loan Agreement dated September 9, 2024 and our $725 million term loan facility (the “2022 Term Loan Facility” and together with the 2024 Term Loan Facility, the “Term Loan Facilities”), as set forth in our 2022 Term Loan Agreement as amended by the First Amendment dated September 9, 2024 (together with the Credit Facility, the “Unsecured Credit Agreements”). The metrics provided under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, and unsecured interest coverage ratio.

Total leverage ratio represents (i) total outstanding indebtedness (including our pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Secured leverage ratio represents (i) total outstanding secured indebtedness (including our pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Unencumbered leverage ratio represents (i) total outstanding unsecured indebtedness (including our pro rata share of unsecured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreements. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Fixed charge coverage ratio represents (i) the trailing four quarters’ EBITDA (including our pro rata share of EBITDA from unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) the trailing four quarters’ fixed charges (including our pro rata share of fixed charges in unconsolidated entities), as defined in the Unsecured Credit Agreements. Fixed charges include cash interest expense, regularly scheduled principal payments, and preferred stock or preferred OP unit dividends.

Unsecured interest coverage ratio represents (i) the trailing four quarters’ unencumbered NOI, as defined by the Unsecured Credit Agreements, divided by (ii) the trailing four quarters’ total unsecured interest expense (including our pro rata share of interest expense from unsecured debt in unconsolidated entities), as defined in the Unsecured Credit Agreements.

The metrics set forth under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Unsecured Credit Agreements than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Credit Agreements, see Exhibits 10.1 and 10.2 to our Current Report on Form 8-K filed on September 9, 2024.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 33
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The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of our indebtedness related to our Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC.

Unsecured Public Bond Covenants
Unsecured public bond covenants refer to financial and operating requirements that we must meet with respect to our senior notes, as set forth in our Supplemental Indentures to the Base Indenture for our Senior Notes (together, the “Indenture”). The metrics provided under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our most restrictive financial covenants, including: aggregate debt ratio, secured debt ratio, unencumbered assets ratio, and debt service ratio.

Aggregate debt ratio represents (i) total debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.

Secured debt ratio represents (i) secured debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.

Unencumbered assets ratio represents (i) total unencumbered assets, not including investments in unconsolidated joint ventures, as defined in the Indenture, divided by (ii) unsecured debt, as defined by the Indenture.

Debt service ratio represents (i) consolidated income available for debt service, as defined by the Indenture, divided by (ii) annual service charge for the trailing four quarters, calculated on a pro forma basis as if transactions during the period had occurred at the beginning of the period, as defined in the Indenture. Annual service charge includes interest expense and amortization of original issue discounts on debt, and excludes funded interest reserves, amortization of DFCs, and select nonrecurring charges.

The metrics set forth under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Indenture than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to our Current Reports on Form 8-K filed on August 6, 2021, November 5, 2021, April 5, 2022, August 2, 2023, and September 26, 2024.

The breach of any of the covenants set forth in the Indenture could result in a default of our indebtedness related to our senior notes, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC.

Value Enhancing CapEx
Value enhancing CapEx represents re-investment in stabilized homes, above and beyond general replacements to preserve and maintain the value and functionality of a home, for the purpose of enhancing expected risk-adjusted returns.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 34
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Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Total revenues (Total Portfolio)$674,479 $659,130 $660,322 $653,451 $646,039 
Management fee revenues(21,408)(21,080)(18,980)(15,976)(13,942)
Total portfolio resident recoveries(44,118)(38,120)(42,412)(37,102)(37,795)
Total Core Revenues (Total Portfolio)608,953 599,930 598,930 600,373 594,302 
Non-Same Store Core Revenues(37,903)(35,388)(36,441)(37,600)(37,165)
Same Store Core Revenues$571,050 $564,542 $562,489 $562,773 $557,137 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Property operating and maintenance expenses (Total Portfolio)$237,449 $228,464 $242,228 $234,184 $230,397 
Total Portfolio resident recoveries(44,118)(38,120)(42,412)(37,102)(37,795)
Core Operating Expenses (Total Portfolio)193,331 190,344 199,816 197,082 192,602 
Non-Same Store Core Operating Expenses(16,932)(15,505)(17,044)(16,181)(16,211)
Same Store Core Operating Expenses$176,399 $174,839 $182,772 $180,901 $176,391 
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Net income available to common stockholders$165,517 $142,941 $95,084 $72,981 $142,158 
Net income available to participating securities228 169 185 207 192 
Non-controlling interests537 460 309 243 436 
Interest expense84,254 95,158 91,060 90,007 89,845 
Depreciation and amortization183,146 181,912 180,479 176,622 175,313 
Property management expense36,739 39,238 34,382 32,633 31,237 
General and administrative29,518 23,939 21,727 21,498 23,448 
Casualty losses, impairment, and other
4,683 47,563 20,872 10,353 4,137 
Gain on sale of property, net of tax(71,666)(103,019)(47,766)(43,267)(50,498)
(Gains) losses on investments in equity securities, net221 (8)257 (1,504)209 
Other, net (1)
(1,365)(3,352)9,345 54,012 (5,973)
Management fee revenues(21,408)(21,080)(18,980)(15,976)(13,942)
Losses from investments in unconsolidated joint ventures5,218 5,665 12,160 5,482 5,138 
NOI (Total Portfolio)415,622 409,586 399,114 403,291 401,700 
Non-Same Store NOI(20,971)(19,883)(19,397)(21,419)(20,954)
Same Store NOI$394,651 $389,703 $379,717 $381,872 $380,746 
(1)Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 35
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Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Trailing Twelve Months (TTM) Ended
Q1 2025Q1 2024March 31, 2025December 31, 2024
Net income available to common stockholders$165,517 $142,158 $476,523 $453,164 
Net income available to participating securities228 192 789 753 
Non-controlling interests537 436 1,549 1,448 
Interest expense84,254 89,845 360,479 366,070 
Interest expense in unconsolidated joint ventures5,626 5,235 26,724 26,333 
Depreciation and amortization183,146 175,313 722,159 714,326 
Depreciation and amortization of investments in unconsolidated joint ventures3,662 2,927 14,112 13,377 
EBITDA442,970 416,106 1,602,335 1,575,471 
Gain on sale of property, net of tax(71,666)(50,498)(265,718)(244,550)
Impairment on depreciated real estate investments63 60 509 506 
Net (gain) loss on sale of investments in unconsolidated joint ventures(145)(381)1,451 1,215 
EBITDAre
371,222 365,287 1,338,577 1,332,642 
Share-based compensation expense10,157 7,900 30,175 27,918 
Severance expense2,385 90 2,932 637 
Casualty losses and reserves, net (1)
4,683 4,082 83,301 82,700 
(Gains) losses on investments in equity and other securities, net221 209 (1,034)(1,046)
Other, net (2)
(1,365)(5,973)58,640 54,032 
Adjusted EBITDAre
$387,303 $371,595 $1,512,591 $1,496,883 
(1)Includes our share from unconsolidated joint ventures.
(2)Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 36
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Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
March 31, 2025December 31, 2024
Secured debt, net$1,383,383 $1,385,573 
Unsecured notes, net3,802,333 3,800,688 
Term loan facility, net2,447,764 2,446,041 
Revolving facility470,000 570,000 
Total Debt per Balance Sheet8,103,480 8,202,302 
Retained and repurchased certificates(55,499)(55,499)
Cash, ex-security deposits and letters of credit (1)
(132,044)(235,649)
Deferred financing costs, net57,375 60,559 
Unamortized discounts on notes payable23,555 24,336 
Net Debt (A)$7,996,867 $7,996,049 
For the TTM EndedFor the TTM Ended
March 31, 2025December 31, 2024
Adjusted EBITDAre (B)
$1,512,591 $1,496,883 
Net Debt / TTM Adjusted EBITDAre (A / B)
5.3 x5.3 x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.





Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q1 2025Q1 2024
Amortization of discounts on notes payable$781 $660 
Amortization of deferred financing costs4,982 4,200 
Change in fair value of interest rate derivatives— 1 
Amortization of swap fair value at designation(3,731)2,321 
Our share from unconsolidated joint ventures1,602 2,035 
Total non-cash interest expense$3,634 $9,217 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 37