# EDGAR Filing Document

**Accession Number:** 0001687229
**File Stem:** 0001687229-26-000030
**Filing Date:** 2026-4
**Character Count:** 119924
**Document Hash:** 65f4e537d3b2b1deb3497ee1a662e577
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001687229-26-000030.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001687229-26-000030

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260429

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invitation Homes Inc.
- **CENTRAL INDEX KEY:** 0001687229
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 900939055
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38004
- **FILM NUMBER:** 26916093

**BUSINESS ADDRESS:**
- **STREET 1:** 5420 LBJ FREEWAY, SUITE 600
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75240
- **BUSINESS PHONE:** (972) 421-3600

**MAIL ADDRESS:**
- **STREET 1:** 5420 LBJ FREEWAY, SUITE 600
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75240

?xml version='1.0' encoding='ASCII'? invh-20260429

  

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

---

| | |
|:---|:---|
| **Form** | **8-K** |

---

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): April 29, 2026** 

**Invitation Homes Inc.** 

**(Exact Name of Registrant as Specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-38004** | **90-0939055** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |

---

**5420 LBJ Freeway, Suite 600** 

**Dallas, Texas 75240** 

**(Address of principal executive offices, including zip code)**

**(972) 421-3600** 

**(Registrant's telephone number, including area code)** 

**N/A**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common stock, $0.01 par value | INVH | New York Stock Exchange |
|  |  | NYSE Texas, Inc. |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

  

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On April 29, 2026, Invitation Homes Inc. (the "Company") issued a press release announcing the results of the Company's operations for the quarter ended March 31, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](q12026supplemental.htm)</u> | Press Release of Invitation Homes Inc. dated April 29, 2026, announcing results for the quarter ended March 31, 2026. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| INVITATION HOMES INC. | INVITATION HOMES INC. | INVITATION HOMES INC. |
| By: | /s/ Mark A. Solls | /s/ Mark A. Solls |
|  | Name: | Mark A. Solls |
|  | Title: | Executive Vice President, Secretary <br>and Chief Legal Officer |
|  | Date: | April 29, 2026 |

---

## Exhibit 99.1

![q1suppcover-2026_v3.jpg](q1suppcover-2026_v3.jpg)

------

![image.jpg](image.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| <u>[Earnings Press Release](#i90e61c0f5a4942409ef83a9573a7aaff_7)</u> | <u>[3](#i90e61c0f5a4942409ef83a9573a7aaff_7)</u> |
| <u>[Consolidated Financial Statements](#i90e61c0f5a4942409ef83a9573a7aaff_40)</u> | <u>[8](#i90e61c0f5a4942409ef83a9573a7aaff_40)</u> |
| <u>[Schedule 1: Reconciliation of FFO, Core FFO, and AFFO](#i90e61c0f5a4942409ef83a9573a7aaff_46)</u> | <u>[10](#i90e61c0f5a4942409ef83a9573a7aaff_46)</u> |
| <u>[Schedule 2: Capital Structure Information](#i90e61c0f5a4942409ef83a9573a7aaff_49)</u> | <u>[11](#i90e61c0f5a4942409ef83a9573a7aaff_49)</u> |
| <u>[Schedule 3: Same Store Portfolio Core Operating Detail](#i90e61c0f5a4942409ef83a9573a7aaff_58)</u> | <u>[15](#i90e61c0f5a4942409ef83a9573a7aaff_58)</u> |
| <u>[Schedule 4: Home Characteristics by Market](#i90e61c0f5a4942409ef83a9573a7aaff_64)</u> | <u>[17](#i90e61c0f5a4942409ef83a9573a7aaff_64)</u> |
| <u>[Schedule 5: Same Store Operating Information by Market](#i90e61c0f5a4942409ef83a9573a7aaff_67)</u> | <u>[18](#i90e61c0f5a4942409ef83a9573a7aaff_67)</u> |
| <u>[Schedule 6: Cost to Maintain and Capital Expenditure Detail](#i90e61c0f5a4942409ef83a9573a7aaff_76)</u> | <u>[23](#i90e61c0f5a4942409ef83a9573a7aaff_76)</u> |
| <u>[Schedule 7: Adjusted Property Management and G&A Reconciliation](#i90e61c0f5a4942409ef83a9573a7aaff_79)</u> | <u>[24](#i90e61c0f5a4942409ef83a9573a7aaff_79)</u> |
| <u>[Schedule 8: Acquisitions, Dispositions, and Development Pipeline](#i90e61c0f5a4942409ef83a9573a7aaff_82)</u> | <u>[25](#i90e61c0f5a4942409ef83a9573a7aaff_82)</u> |
| <u>[Glossary and Reconciliations](#i90e61c0f5a4942409ef83a9573a7aaff_88)</u> | <u>[28](#i90e61c0f5a4942409ef83a9573a7aaff_88)</u> |

---

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

Q1 2026 Earnings Release and Supplemental Information — page 2

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![image.jpg](image.jpg)

**Earnings Press Release**

**Invitation Homes Reports First Quarter 2026 Results**

**Dallas, TX, April 29, 2026 —** Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes," "we," "our," and "us"), the nation's premier single-family home leasing and management company, today announced our First Quarter ("Q1") 2026 financial and operating results.

**Q1 2026 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Year over year, total revenues increased 8.8% to $734 million, property operating and maintenance costs increased 5.8% to $251 million, and net income available to common stockholders decreased 3.5% to $160 million, or $0.26 per diluted common share.

&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO per share remained generally flat at $0.48, while AFFO per share declined 2.6% to $0.41, consistent with expectations and primarily timing related.

&nbsp;&nbsp;&nbsp;&nbsp;• Same Store NOI decreased 0.3% year over year, reflecting 1.6% Same Store Core Revenues growth and 5.7% Same Store Core Operating Expenses growth; these results were impacted by the expected moderation in Same Store Average Occupancy from 97.2% to 96.3% year over year and timing of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• Same Store renewal rent growth of 3.7% and Same Store new lease rent growth of (3.0)% resulted in Same Store blended rent growth of 1.6%; looking ahead, preliminary April Same Store blended rent growth is approximately 2.3%, including a return to positive new lease rent growth for the month.

&nbsp;&nbsp;&nbsp;&nbsp;• We were a net seller of 222 wholly owned homes — many to families purchasing for their own use — generating net proceeds of approximately $116 million. Wholly owned dispositions are tracking well ahead of expectations, totaling $206 million, with an average sales price of approximately $427,000 per home.

&nbsp;&nbsp;&nbsp;&nbsp;• We acquired 17,101,046 shares of our common stock for approximately $439 million under our share repurchase program. Together with repurchases completed in the fourth quarter of 2025, we repurchased a total of 19,333,731 shares at an average price of $25.86 per share for an aggregate of approximately $500 million, fully utilizing the authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new $500 million share repurchase program.

&nbsp;&nbsp;&nbsp;&nbsp;• At quarter end, we had $1,304 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility, with net debt / TTM adjusted EBITDAre of 5.6x, within our targeted range of 5.5x to 6.0x.

&nbsp;&nbsp;&nbsp;&nbsp;• As previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC ("ResiBuilt"), an in-house development general contractor for new build-to-rent communities that is expected to be modestly accretive to our 2026 AFFO per share. During Q1 2026, ResiBuilt delivered over 300 newly constructed homes to third party customers.

&nbsp;&nbsp;&nbsp;&nbsp;• We are maintaining our previously disclosed full year 2026 outlook as detailed further below.

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

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

**Comments from Chief Executive Officer Dallas Tanner** 

"Our teams delivered a solid first quarter in line with our expectations, providing good momentum heading into peak leasing season. Occupancy is climbing, new lease rent growth turned positive in April, and our residents continue to stay longer. In our markets, leasing one of our homes saves a family nearly a thousand dollars a month on average compared to owning. In addition, we put $500 million to work through repurchases of our stock, and our board of directors has just approved a new $500 million stock repurchase authorization — reflecting our continued confidence in the intrinsic value of our business. We are executing on our priorities, maintaining our full-year outlook, and I remain optimistic about the long-term positioning of this business."

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

Q1 2026 Earnings Release and Supplemental Information — page 3

------

![image.jpg](image.jpg)

**Financial Results** 

---

| | | |
|:---|:---|:---|
| **Net Income, FFO, Core FFO, and AFFO Per Share — Diluted** | **Net Income, FFO, Core FFO, and AFFO Per Share — Diluted** | **Net Income, FFO, Core FFO, and AFFO Per Share — Diluted** |
| | **Q1 2026** | **Q1 2025** |
| Net income | $0.26 | $0.27 |
| FFO | 0.43 | 0.45 |
| Core FFO | 0.48 | 0.48 |
| AFFO | 0.41 | 0.42 |

---

*Net Income*

Year over year, net income per common share — diluted for Q1 2026 decreased 2.3% to $0.26, primarily due to an increase in total expenses.

*Core FFO*

Year over year, Core FFO per share for Q1 2026 remained generally flat at $0.48.

*AFFO*

Year over year, AFFO per share for Q1 2026 declined 2.6% to $0.41, consistent with expectations and primarily timing related.

**Operating Results**

---

| | | |
|:---|:---|:---|
| **Same Store Operating Results Snapshot** | **Same Store Operating Results Snapshot** | **Same Store Operating Results Snapshot** |
| **Number of Homes, period-end** | **Q1 2026** | |
| Total Portfolio | 85970 |  |
| Number of homes in Same Store Portfolio: | 78141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Same Store % of Total* | 90.9% |  |
|  | **Q1 2026** | **Q1 2025** |
| Core Revenues growth (year over year) | 1.6% |  |
| Core Operating Expenses growth (year over year) | 5.7% |  |
| NOI growth (year over year) | (0.3)% |  |
| Average Occupancy | 96.3% | 97.2% |
| Bad Debt % of gross rental revenue | 0.6% | 0.6% |
| Turnover Rate | 5.3% | 5.0% |
| Rental Rate Growth (lease-over-lease): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewals | 3.7% | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | (3.0)% | (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended <sup>(1)</sup> | 1.6% | 3.6% |
| Other property income growth, net (year over year) <sup>(2)</sup>: | 10.3% |  |

---

(1)Preliminary April 2026 leasing indicates blended Rental Rate Growth for the month of 2.3%, including positive Rental Rate Growth for new leases.

(2)Represents value add service income and lease fees, net of resident recoveries, that are included within Core Revenues growth, but not included within Rental Rate Growth.

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

Q1 2026 Earnings Release and Supplemental Information — page 4

------

![image.jpg](image.jpg)

*Same Store NOI*

For the Same Store Portfolio of 78,141 homes, Same Store NOI for Q1 2026 decreased 0.3% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 5.7%.

*Same Store Core Revenues*

Q1 2026 Same Store Core Revenues growth of 1.6% year over year was primarily driven by a 2.2% increase in Average Monthly Rent and a 10.3% increase in other income, net of resident recoveries, partially offset by an anticipated 90 basis point year over year decline in Average Occupancy.

*Same Store Core Operating Expenses*

Q1 2026 Same Store Core Operating Expenses increased 5.7% year over year, which was in line with expectations and attributable to a 12.1% increase in controllable expenses and a 2.8% increase in fixed expenses. The year over year increase in controllable expenses was primarily attributable to favorable timing of certain expense items in the prior year.

**Investment, Property Management, and Homebuilding Activity**

During Q1 2026, we were a net seller of 222 wholly owned homes — many to families purchasing for their own use — generating net proceeds of approximately $116 million. Wholly owned dispositions are tracking well ahead of expectations, totaling $206 million, with an average sales price of approximately $427,000 per home. In addition, during Q1 2026, our joint ventures acquired 20 homes for $7 million and sold 10 homes for $5 million.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Summary of Homes Owned and/or Managed as of March 31, 2026** | **Summary of Homes Owned and/or Managed as of March 31, 2026** | **Summary of Homes Owned and/or Managed as of March 31, 2026** | **Summary of Homes Owned and/or Managed as of March 31, 2026** | **Summary of Homes Owned and/or Managed as of March 31, 2026** |
| | **Number of Homes Owned and/or Managed as of 12/31/2025** | **Acquired or Added In <br>Q1 2026** | **Disposed or Subtracted In Q1 2026** | **Number of Homes Owned and/or Managed as of 3/31/2026** |
| Wholly owned homes | 86192 | 261 | (483) | 85970 |
| Joint venture owned homes | 8006 | 20 | (10) | 8016 |
| Managed-only homes | 15866 |  | (107) | 15759 |
| **Total homes owned and/or managed** | **110064** | **281** | **(600)** | **109745** |

---

As previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC ("ResiBuilt"), an in-house development general contractor for new build-to-rent communities that is expected to be modestly accretive to our 2026 AFFO per share. During Q1 2026, ResiBuilt delivered over 300 newly constructed homes to third party customers.

**Balance Sheet and Capital Markets Activity**

As of March 31, 2026, we had $1,304 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,873 million consisted of 84.3% unsecured debt and 15.7% secured debt; 89.5% 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 EBITDA*re* was 5.6x, within our targeted range of 5.5x to 6.0x. We have no debt reaching final maturity before June 2027.

We acquired 17,101,046 shares of our common stock for approximately $439 million under our share repurchase program. Together with repurchases completed in the fourth quarter of 2025, we repurchased a total of 19,333,731 shares at an average price of $25.86 per share for an aggregate of approximately $500 million, fully utilizing the authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new $500 million share repurchase program. Repurchases, if any, will be made at our discretion and are not required or guaranteed. The timing and

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

Q1 2026 Earnings Release and Supplemental Information — page 5

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![image.jpg](image.jpg)

actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.

**FY 2026 Guidance**

Set forth below are our current expectations, which are generally unchanged from initial guidance provided in February 2026, in addition to our underlying assumptions. In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss) per share, total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.

---

| | | |
|:---|:---|:---|
| **FY 2026 Guidance Summary** | | |
| | **FY 2026 <br>Guidance Range** | **FY 2026 <br>Guidance Midpoint** |
| Core FFO per share — diluted | $1.90 - $1.98 | $1.94 |
| AFFO per share — diluted | $1.60 - $1.68 | $1.64 |
| Same Store Core Revenues growth <sup>(1)</sup> | 1.3% - 2.5% | 1.9% |
| Same Store Core Operating Expenses growth <sup>(2)</sup> | 3.0% - 4.0% | 3.5% |
| Same Store NOI growth | 0.3% - 2.0% | 1.15% |
| Wholly owned acquisitions <sup>(3)</sup> | $150 - $350 million | $250 million |
| JV acquisitions <sup>(3)</sup> | $50 - $150 million | $100 million |
| Wholly owned dispositions | $450 - $650 million | $550 million |

---

(1)Same Store Core Revenues growth guidance assumes FY 2026 (i) Average Occupancy in a range of 96.0% to 96.6% and (ii) average Bad Debt in a range of 60 to 80 basis points.

(2)Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 (i) property taxes in a range of 4% to 5%; (ii) insurance expenses in a range of 5% to 7%; and (iii) all other expenses in a range of approximately 1% to 2%.

(3)Excludes our acquisition of ResiBuilt in January 2026.

**Earnings Conference Call Information**

We have scheduled a conference call at 11:00 a.m. Eastern Time on April 30, 2026, to review Q1 2026 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

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

**Supplemental Information**

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

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

Q1 2026 Earnings Release and Supplemental Information — page 6

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![image.jpg](image.jpg)

**About Invitation Homes**

Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America's housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.

---

| | |
|:---|:---|
| **Investor Relations Contact** | **Media Relations Contact** |
| Scott McLaughlin | Kristi DesJarlais |
| 844.456.INVH (4684) | 844.456.INVH (4684) |
| IR@InvitationHomes.com | Media@InvitationHomes.com |

---

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "guidance," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, federal, state, and local laws, regulations, executive actions, and policy initiatives, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners' association ("HOA") fees and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I. Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

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

Q1 2026 Earnings Release and Supplemental Information — page 7

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![image.jpg](image.jpg)

---

| | | |
|:---|:---|:---|
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| &nbsp;&nbsp;&nbsp;*($ in thousands, except shares and per share data)* |  |  |
|  | **March 31, 2026** | **December 31, 2025** |
|  | *(unaudited)* |  |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in single-family residential properties, net | $17114862 | $17274622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 114129 | 129971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 258850 | 224894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 314154 | 258207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated joint ventures | 250572 | 254561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | 648574 | 538035 |
| **Total assets** | $**18701141** | $**18680290** |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured debt, net | $1384686 | $1384114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes, net | 4400877 | 4398921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loan facilities, net | 2456807 | 2451985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving facility | 560000 | 145000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 257455 | 230350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resident security deposits | 187066 | 184536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 325587 | 317492 |
| **Total liabilities** | **9572478** | **9112398** |
| **Equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 593,981,591 and 610,788,732 outstanding as of March 31, 2026 and December 31, 2025, respectively | 5940 | 6108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 10696063 | 11128590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1629420) | (1610981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 18451 | 6415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | **9091034** | **9530132** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 37629 | 37760 |
| **Total equity** | **9128663** | **9567892** |
| **Total liabilities and equity** | $**18701141** | $**18680290** |

---

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

Q1 2026 Earnings Release and Supplemental Information — page 8

------

![image.jpg](image.jpg)

---

| | | |
|:---|:---|:---|
| **Consolidated Statements of Operations** | **Consolidated Statements of Operations** | **Consolidated Statements of Operations** |
| *($ in thousands, except shares and per share amounts)* | *($ in thousands, except shares and per share amounts)* | *($ in thousands, except shares and per share amounts)* |
|  | **Q1 2026** | **Q1 2025** |
| **Revenues:** | *(unaudited)* | *(unaudited)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $597697 | $585193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other property income | 72818 | 67878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee revenues | 19852 | 21408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homebuilding revenues | 43745 |  |
| **Total revenues** | **734112** | **674479** |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property operating and maintenance | 251134 | 237449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property management expense | 39325 | 36739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homebuilding cost of sales | 39134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 32319 | 29518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 95313 | 84254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 193142 | 183146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casualty losses, impairment, and other | 4345 | 4683 |
| **Total expenses** | **654712** | **575789** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property, net of tax | 87094 | 71666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses from investments in unconsolidated joint ventures | (3085) | (5218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (2344) | 1144 |
| **Net income** | **161065** | **166282** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interests | (557) | (537) |
| **Net income attributable to common stockholders** | **160508** | **165745** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available to participating securities | (708) | (228) |
| **Net income available to common stockholders — basic and diluted** | $**159800** | $**165517** |
| **Weighted average common shares outstanding — basic** | **605997344** | **612777606** |
| **Weighted average common shares outstanding — diluted** | **606233573** | **613361880** |
| &nbsp;&nbsp;&nbsp;**Net income per common share — basic** | $**0.26** | $**0.27** |
| &nbsp;&nbsp;&nbsp;**Net income per common share — diluted** | $**0.26** | $**0.27** |
| **Dividends declared per common share** | $**0.30** | $**0.29** |

---

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

Q1 2026 Earnings Release and Supplemental Information — page 9

------

![image.jpg](image.jpg)

**Supplemental Schedule 1**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reconciliation of FFO, Core FFO, and AFFO** | &nbsp;&nbsp;&nbsp;**Reconciliation of FFO, Core FFO, and AFFO** | &nbsp;&nbsp;&nbsp;**Reconciliation of FFO, Core FFO, and AFFO** |
| &nbsp;&nbsp;&nbsp;*($ in thousands, except shares and per share amounts) (unaudited)* | &nbsp;&nbsp;&nbsp;*($ in thousands, except shares and per share amounts) (unaudited)* | &nbsp;&nbsp;&nbsp;*($ in thousands, except shares and per share amounts) (unaudited)* |
| &nbsp;&nbsp;&nbsp;**FFO Reconciliation** | **Q1 2026** | **Q1 2025** |
| Net income available to common stockholders | $159800 | $165517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to participating securities | 708 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 557 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 184923 | 179063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment on depreciated real estate investments | 469 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of previously depreciated investments in real estate | (87094) | (71666) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and net gain on sale of investments in unconsolidated joint ventures | 3042 | 3498 |
| **FFO** | $**262405** | $**277240** |
| &nbsp;&nbsp;&nbsp;**Core FFO Reconciliation** | **Q1 2026** | **Q1 2025** |
| FFO | $262405 | $277240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives <sup>(1)</sup> | 10629 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 10700 | 10157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 2413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business reorganization costs | 1501 | 2385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casualty losses and reserves, net <sup>(1)</sup> | 3935 | 4683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on investments in equity and other securities, net | 213 | 221 |
| **Core FFO** | $**291796** | $**298320** |
| &nbsp;&nbsp;&nbsp;**AFFO Reconciliation** | **Q1 2026** | **Q1 2025** |
| Core FFO | $291796 | $298320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring Capital Expenditures <sup>(1)</sup> | (40473) | (37347) |
| **AFFO** | $**251323** | $**260973** |
| **Net income available to common stockholders** |  |  |
| Weighted average common shares outstanding — diluted | 606233573 | 613361880 |
| Net income per common share — diluted | $0.26 | $0.27 |
| **FFO, Core FFO, and AFFO** |  |  |
| Weighted average common shares and OP Units outstanding — diluted | 608795153 | 615645848 |
| FFO per share — diluted | $0.43 | $0.45 |
| Core FFO per share — diluted | $0.48 | $0.48 |
| AFFO per share — diluted | $0.41 | $0.42 |

---

(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 2026 Earnings Release and Supplemental Information — page 10

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![image.jpg](image.jpg)

**Supplemental Schedule 2(a)**

---

| | | |
|:---|:---|:---|
| **Diluted Shares Outstanding** | **Diluted Shares Outstanding** | **Diluted Shares Outstanding** |
| *(unaudited)* |  |  |
| **Weighted Average Amounts for Net Income** | **Q1 2026** | **Q1 2025** |
| Common shares — basic | 605997344 | 612777606 |
| Shares potentially issuable from vesting/conversion of equity-based awards | 236229 | 584274 |
| **Total common shares — diluted** | **606233573** | **613361880** |
| **Weighted average amounts for FFO, Core FFO, and AFFO** | **Q1 2026** | **Q1 2025** |
| Common shares — basic | 605997344 | 612777606 |
| OP units — basic | 2101010 | 1979009 |
| Shares potentially issuable from vesting/conversion of equity-based awards | 696799 | 889233 |
| **Total common shares and units — diluted** | **608795153** | **615645848** |
| **Period end amounts for Core FFO and AFFO** | **March 31, 2026** |  |
| Common shares | 593981591 |  |
| OP units | 2196519 |  |
| Shares potentially issuable from vesting/conversion of equity-based awards | 494599 |  |
| **Total common shares and units** — **diluted** | **596672709** |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Share Repurchase Program** | **Share Repurchase Program** | **Share Repurchase Program** | **Share Repurchase Program** |
| *($ in thousands, except shares and per share data) (unaudited)* | *($ in thousands, except shares and per share data) (unaudited)* | *($ in thousands, except shares and per share data) (unaudited)* | *($ in thousands, except shares and per share data) (unaudited)* |
| **Period** | **Shares Repurchased** | **Total <br>Purchase Price** | **Price <br>Per Share** |
| Q4 2025 | 2232685 | $61235 | $27.43 |
| Q1 2026 | 17101046 | 438765 | 25.66 |
| **Total / Average** | **19333731** | $**500000** | $**25.86** |
| Remaining Authorization as of March 31, 2026 <sup>(1)</sup> | Remaining Authorization as of March 31, 2026 <sup>(1)</sup> | $**—** |  |

---

(1)As of March 31, 2026, we fully utilized the $500 million share repurchase authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new share repurchase program to repurchase up to an additional $500 million of outstanding common shares. All repurchased shares are constructively retired and returned to an authorized and unissued status.

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

Q1 2026 Earnings Release and Supplemental Information — page 11

------

![image.jpg](image.jpg)

**Supplemental Schedule 2(b)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Debt Structure and Leverage Ratios — As of March 31, 2026** | **Debt Structure and Leverage Ratios — As of March 31, 2026** | **Debt Structure and Leverage Ratios — As of March 31, 2026** | **Debt Structure and Leverage Ratios — As of March 31, 2026** | **Debt Structure and Leverage Ratios — As of March 31, 2026** |
| *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* |
|  |  |  | **Wtd Avg** | **Wtd Avg** |
|  |  |  | **Interest** | **Years to** |
| **Debt Structure** | **Balance** | **% of Total** | **Rate** <sup>(1)</sup> | **Maturity** <sup>(2)</sup> |
| **Secured:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed <sup>(3)</sup> | $1388399 | 15.7% | 4.0% | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating — swapped to fixed |  | —% | —% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating |  | —% | —% |  |
| Total secured | 1388399 | 15.7% | 4.0% | 2.3 |
| **Unsecured:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed | 4450000 | 50.1% | 3.8% | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating — swapped to fixed | 2100000 | 23.7% | 3.9% | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating | 935000 | 10.5% | 4.5% | 3.7 |
| Total unsecured | 7485000 | 84.3% | 3.9% | 5.0 |
| **Total Debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed + floating swapped to fixed <sup>(3)</sup> | 7938399 | 89.5% | 3.9% | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating | 935000 | 10.5% | 4.5% | 3.7 |
| Total debt | 8873399 | 100.0% | 3.9% | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized discounts on notes payable | (23271) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs, net | (47758) |  |  |  |
| **Total debt per Balance Sheet** | **8802370** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained and repurchased certificates | (55499) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, ex-security deposits and letters of credit <sup>(4)</sup> | (182985) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs, net | 47758 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized discounts on notes payable | 23271 |  |  |  |
| **Net debt** | $**8634915** |  |  |  |
| **Leverage Ratios** | **March 31, 2026** |  |  |  |
| Net Debt / TTM Adjusted EBITDA*re* | 5.6 x |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Credit Ratings** | **Ratings** | **Outlook** | | | |
| Fitch Ratings | BBB+ | Stable |  |  |  |
| Moody's Investors Service | Baa2 | Stable |  |  |  |
| S&P Global Ratings | BBB | Stable |  |  |  |
| **Unsecured Facilities Covenant Compliance** <sup>(5)</sup> | **Unsecured Facilities Covenant Compliance** <sup>(5)</sup> | **Unsecured Facilities Covenant Compliance** <sup>(5)</sup> | **Unsecured Public Bond Covenant Compliance** <sup>(6)</sup> | **Unsecured Public Bond Covenant Compliance** <sup>(6)</sup> | **Unsecured Public Bond Covenant Compliance** <sup>(6)</sup> |
|  | **Actual** | **Requirement** |  | **Actual** | **Requirement** |
| Total leverage ratio | 30.9% | ≤ 60% | Aggregate debt ratio | 37.1% | ≤ 65% |
| Secured leverage ratio | 5.9% | ≤ 45% | Secured debt ratio | 5.6% | ≤ 40% |
| Unencumbered leverage ratio | 29.2% | ≤ 60% | Unencumbered assets ratio | 288.8% | &nbsp;&nbsp;&nbsp;&nbsp;≥ 150% |
| Fixed charge coverage ratio | 4.2x | ≥ 1.5x | Debt service ratio | 4.3x | ≥ 1.5x |
| Unsecured interest coverage ratio | 4.9x | &nbsp;&nbsp;&nbsp;&nbsp;≥ 1.75x |  |  |  |

---

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

Q1 2026 Earnings Release and Supplemental Information — page 12

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![image.jpg](image.jpg)

**Supplemental Schedule 2(b) (Continued)**

(1)Includes the impact of interest rate swaps in place and effective as of March 31, 2026. For additional information regarding the Company's interest rate swaps, please refer to Note 8—Derivative Instruments in the Company's most recently filed Form 10-Q or Form 10-K.

(2)Assumes all extension options are exercised.

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

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

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

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

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

Q1 2026 Earnings Release and Supplemental Information — page 13

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![image.jpg](image.jpg)

**Supplemental Schedule 2(c)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Debt Maturity Schedule — As of March 31, 2026** | **Debt Maturity Schedule — As of March 31, 2026** | **Debt Maturity Schedule — As of March 31, 2026** | **Debt Maturity Schedule — As of March 31, 2026** | **Debt Maturity Schedule — As of March 31, 2026** | **Debt Maturity Schedule — As of March 31, 2026** | **Debt Maturity Schedule — As of March 31, 2026** |
| *($ in thousands) (unaudited)* |  |  |  |  |  |  |
|  |  | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** |  |  |
|  | **Secured** | **Unsecured** | **Term Loan** | **Revolving** |  | **% of** |
| **Debt Maturities, with Extensions** <sup>(1)</sup> | **Debt** | **Notes** | **Facilities** | **Facility** | **Total** | **Total** |
| 2026 | $— | $— | $— | $— | $— | —% |
| 2027 | 988013 |  |  |  | 988013 | 11.2% |
| 2028 |  | 750000 |  |  | 750000 | 8.5% |
| 2029 |  |  | 1750000 | 560000 | 2310000 | 26.0% |
| 2030 |  | 450000 | 725000 |  | 1175000 | 13.2% |
| 2031 | 400386 | 650000 |  |  | 1050386 | 11.8% |
| 2032 |  | 600000 |  |  | 600000 | 6.8% |
| 2033 |  | 950000 |  |  | 950000 | 10.7% |
| 2034 |  | 400000 |  |  | 400000 | 4.5% |
| 2035 |  | 500000 |  |  | 500000 | 5.6% |
| 2036 |  | 150000 |  |  | 150000 | 1.7% |
|  | 1388399 | 4450000 | 2475000 | 560000 | 8873399 | 100.0% |
| Unamortized discounts on notes payable | (439) | (22832) |  |  | (23271) |  |
| Deferred financing costs, net | (3274) | (26291) | (18193) |  | (47758) |  |
| **Total per Balance Sheet** | $**1384686** | $**4400877** | $**2456807** | $**560000** | $**8802370** |  |

---

(1)Assumes all extension options are exercised.

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

Q1 2026 Earnings Release and Supplemental Information — page 14

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![image.jpg](image.jpg)

**Supplemental Schedule 3(a)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Same Store Portfolio Core Operating Detail** | **Same Store Portfolio Core Operating Detail** | **Same Store Portfolio Core Operating Detail** | **Same Store Portfolio Core Operating Detail** | **Same Store Portfolio Core Operating Detail** | **Same Store Portfolio Core Operating Detail** |
| *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* |
|  |  |  | **Change** |  | **Change** |
|  | **Q1 2026** | **Q1 2025** | **YoY** | **Q4 2025** | **Seq** |
| **Revenues:** |  |  |  |  |  |
| Rental revenues <sup>(1)</sup> | $554619 | $548043 | 1.2% | $550030 | 0.8% |
| Other property income, net <sup>(1)(2)</sup> | 24377 | 22102 | 10.3% | 23591 | 3.3% |
| **Core Revenues** | **578996** | **570145** | **1.6%** | **573621** | **0.9%** |
| **Fixed Expenses:** |  |  |  |  |  |
| Property taxes | 102539 | 98895 | 3.7% | 96937 | 5.8% |
| Insurance expenses | 9560 | 10094 | (5.3)% | 8297 | 15.2% |
| HOA expenses | 10838 | 10631 | 1.9% | 10749 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Fixed Expenses | 122937 | 119620 | 2.8% | 115983 | 6.0% |
| **Controllable Expenses:** |  |  |  |  |  |
| Repairs and maintenance, net <sup>(3)</sup> | 23419 | 20309 | 15.3% | 24139 | (3.0)% |
| Personnel, leasing and marketing | 20589 | 21172 | (2.8)% | 20931 | (1.6)% |
| Turnover, net <sup>(3)</sup> | 9642 | 8226 | 17.2% | 10246 | (5.9)% |
| Utilities and property administrative, net <sup>(3)</sup> | 8697 | 5908 | 47.2% | 9543 | (8.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Controllable Expenses | 62347 | 55615 | 12.1% | 64859 | (3.9)% |
| **Core Operating Expenses** | **185284** | **175235** | **5.7%** | **180842** | **2.5%** |
| **Net Operating Income** | $**393712** | $**394910** | **(0.3)%** | $**392779** | **0.2%** |

---

(1)All rental revenues and other property income are reflected net of Bad Debt.

(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $42,247, $41,249, and $41,594 for Q1 2026, Q1 2025, and Q4 2025, respectively.

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

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

Q1 2026 Earnings Release and Supplemental Information — page 15

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![image.jpg](image.jpg)

**Supplemental Schedule 3(b)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Same Store Quarterly Operating Trends** | **Same Store Quarterly Operating Trends** | **Same Store Quarterly Operating Trends** | **Same Store Quarterly Operating Trends** | **Same Store Quarterly Operating Trends** | **Same Store Quarterly Operating Trends** |
| *(unaudited)* | *(unaudited)* | *(unaudited)* | *(unaudited)* | *(unaudited)* | *(unaudited)* |
|  | **Q1 2026** | **Q4 2025** | **Q3 2025** | **Q2 2025** | **Q1 2025** |
| Average Occupancy | 96.3% | 96.0% | 96.6% | 97.3% | 97.2% |
| Turnover Rate | 5.3% | 5.6% | 6.3% | 6.1% | 5.0% |
| Trailing four quarters Turnover Rate | 23.3% | 23.0% | N/A | N/A | N/A |
| Average Monthly Rent | $2474 | $2465 | $2453 | $2436 | $2421 |
| Rental Rate Growth (lease-over-lease): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewals | 3.7% | 4.2% | 4.5% | 4.7% | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | (3.0)% | (4.2)% | (0.7)% | 2.1% | (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended | 1.6% | 1.8% | 2.9% | 4.0% | 3.6% |

---

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

Q1 2026 Earnings Release and Supplemental Information — page 16

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![image.jpg](image.jpg)

**Supplemental Schedule 4**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2026** <sup>(1)</sup> | **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2026** <sup>(1)</sup> | **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2026** <sup>(1)</sup> | **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2026** <sup>(1)</sup> | **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2026** <sup>(1)</sup> | **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2026** <sup>(1)</sup> |
| *(unaudited)* |  |  |  |  |  |
|  | **Number of Homes** | **Average Occupancy** | **Average Monthly Rent** | **Average Monthly Rent PSF** | **Percent of Revenue** |
| **Western United States:** |  |  |  |  |  |
| Southern California | 7012 | 95.1% | $3254 | $1.90 | 10.7% |
| Northern California | 3965 | 97.0% | 2823 | 1.78 | 5.4% |
| Seattle | 3887 | 96.9% | 2972 | 1.55 | 5.5% |
| Phoenix | 9191 | 96.2% | 2085 | 1.22 | 9.2% |
| Las Vegas | 3383 | 95.9% | 2266 | 1.15 | 3.7% |
| Denver | 2999 | 92.7% | 2636 | 1.43 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 30437 | 95.8% | 2638 | 1.50 | 38.1% |
| **Florida:** |  |  |  |  |  |
| South Florida | 7963 | 94.8% | 3162 | 1.69 | 11.7% |
| Tampa | 9659 | 94.6% | 2297 | 1.22 | 10.8% |
| Orlando | 7017 | 94.3% | 2292 | 1.22 | 7.7% |
| Jacksonville | 2147 | 93.2% | 2204 | 1.12 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 26786 | 94.4% | 2551 | 1.36 | 32.4% |
| **Southeast United States:** |  |  |  |  |  |
| Atlanta | 12584 | 95.1% | 2127 | 1.03 | 12.7% |
| Carolinas | 6143 | 94.1% | 2130 | 1.01 | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 18727 | 94.3% | 2138 | 1.03 | 18.9% |
| **Texas:** |  |  |  |  |  |
| Houston | 2583 | 92.6% | 1951 | 0.98 | 2.4% |
| Dallas | 3568 | 92.4% | 2246 | 1.11 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 6151 | 92.2% | 2128 | 1.06 | 6.2% |
| **Midwest United States:** |  |  |  |  |  |
| Chicago | 2441 | 94.6% | 2589 | 1.61 | 2.9% |
| Minneapolis | 1028 | 94.1% | 2483 | 1.27 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 3469 | 94.4% | 2558 | 1.49 | 4.1% |
| **Other** <sup>(2)</sup>**:** | 400 | 80.4% | 2048 | 1.07 | 0.3% |
| **Total / Average** | **85970** | **94.8%** | $**2458** | $**1.30** | **100.0%** |
| **Same Store Total / Average** | **78141** | **96.3%** | $**2474** | $**1.32** | **92.7%** |

---

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

(2)Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville.

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

Q1 2026 Earnings Release and Supplemental Information — page 17

------

![image.jpg](image.jpg)

**Supplemental Schedule 5(a)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Same Store Core Revenues Growth Summary — YoY Quarter** | **Same Store Core Revenues Growth Summary — YoY Quarter** | **Same Store Core Revenues Growth Summary — YoY Quarter** | **Same Store Core Revenues Growth Summary — YoY Quarter** | **Same Store Core Revenues Growth Summary — YoY Quarter** | **Same Store Core Revenues Growth Summary — YoY Quarter** | **Same Store Core Revenues Growth Summary — YoY Quarter** | **Same Store Core Revenues Growth Summary — YoY Quarter** | **Same Store Core Revenues Growth Summary — YoY Quarter** | **Same Store Core Revenues Growth Summary — YoY Quarter** | **Same Store Core Revenues Growth Summary — YoY Quarter** |
| *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* |
|  |  | **Avg. Monthly Rent** | **Avg. Monthly Rent** | **Avg. Monthly Rent** | **Average Occupancy** | **Average Occupancy** | **Average Occupancy** | **Core Revenues** | **Core Revenues** | **Core Revenues** |
| **YoY, Q1 2026** | **# Homes** | **Q1 2026** | **Q1 2025** | **Change** | **Q1 2026** | **Q1 2025** | **Change** | **Q1 2026** | **Q1 2025** | **Change** |
| **Western United States:** |  |  |  |  |  |  |  |  |  |  |
| Southern California | 6461 | $3256 | $3144 | 3.6% | 97.9% | 98.4% | (0.5)% | $63301 | $61287 | 3.3% |
| Northern California | 3807 | 2822 | 2771 | 1.8% | 97.9% | 98.6% | (0.7)% | 32443 | 32055 | 1.2% |
| Seattle | 3853 | 2973 | 2922 | 1.7% | 97.4% | 97.8% | (0.4)% | 34307 | 33790 | 1.5% |
| Phoenix | 8769 | 2077 | 2063 | 0.7% | 96.4% | 97.5% | (1.1)% | 55421 | 55277 | 0.3% |
| Las Vegas | 3055 | 2266 | 2229 | 1.7% | 96.3% | 97.6% | (1.3)% | 20811 | 20650 | 0.8% |
| Denver | 2443 | 2649 | 2593 | 2.2% | 95.5% | 97.0% | (1.5)% | 19196 | 19115 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 28388 | 2639 | 2586 | 2.0% | 97.0% | 97.9% | (0.9)% | 225479 | 222174 | 1.5% |
| **Florida:** |  |  |  |  |  |  |  |  |  |  |
| South Florida | 7636 | 3178 | 3099 | 2.5% | 96.1% | 97.1% | (1.0)% | 72288 | 70839 | 2.0% |
| Tampa | 8403 | 2316 | 2298 | 0.8% | 96.0% | 96.2% | (0.2)% | 58761 | 57918 | 1.5% |
| Orlando | 6538 | 2290 | 2255 | 1.6% | 95.9% | 97.4% | (1.5)% | 45196 | 45130 | 0.1% |
| Jacksonville | 1932 | 2217 | 2177 | 1.8% | 96.6% | 97.8% | (1.2)% | 12985 | 12904 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 24509 | 2570 | 2527 | 1.7% | 96.0% | 96.9% | (0.9)% | 189230 | 186791 | 1.3% |
| **Southeast United States:** |  |  |  |  |  |  |  |  |  |  |
| Atlanta | 11871 | 2126 | 2073 | 2.6% | 95.8% | 96.8% | (1.0)% | 74738 | 73261 | 2.0% |
| Carolinas | 5356 | 2145 | 2081 | 3.1% | 95.5% | 97.2% | (1.7)% | 34382 | 33750 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 17227 | 2132 | 2076 | 2.7% | 95.7% | 96.9% | (1.2)% | 109120 | 107011 | 2.0% |
| **Texas:** |  |  |  |  |  |  |  |  |  |  |
| Houston | 1916 | 1946 | 1919 | 1.4% | 96.7% | 97.0% | (0.3)% | 11406 | 11205 | 1.8% |
| Dallas | 2666 | 2292 | 2277 | 0.7% | 95.2% | 96.4% | (1.2)% | 18332 | 18408 | (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 4582 | 2146 | 2127 | 0.9% | 95.8% | 96.7% | (0.9)% | 29738 | 29613 | 0.4% |
| **Midwest United States:** |  |  |  |  |  |  |  |  |  |  |
| Chicago | 2389 | 2590 | 2444 | 6.0% | 95.5% | 97.4% | (1.9)% | 17818 | 17218 | 3.5% |
| Minneapolis | 1020 | 2484 | 2366 | 5.0% | 95.0% | 95.1% | (0.1)% | 7451 | 7169 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 3409 | 2558 | 2421 | 5.7% | 95.3% | 96.7% | (1.4)% | 25269 | 24387 | 3.6% |
| **Other** <sup>(1)</sup>**:** | 26 | 2185 | 2195 | (0.5)% | 91.2% | 97.2% | (6.0)% | 160 | 169 | (5.3)% |
| **Total / Average** | **78141** | $**2474** | $**2421** | **2.2%** | **96.3%** | **97.2%** | **(0.9)%** | $**578996** | $**570145** | **1.6%** |

---

(1) Includes 26 Same Store homes located in Nashville.

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

Q1 2026 Earnings Release and Supplemental Information — page 18

------

![image.jpg](image.jpg)

**Supplemental Schedule 5(a) (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Same Store Core Revenues Growth Summary — Sequential Quarter** | **Same Store Core Revenues Growth Summary — Sequential Quarter** | **Same Store Core Revenues Growth Summary — Sequential Quarter** | **Same Store Core Revenues Growth Summary — Sequential Quarter** | **Same Store Core Revenues Growth Summary — Sequential Quarter** | **Same Store Core Revenues Growth Summary — Sequential Quarter** | **Same Store Core Revenues Growth Summary — Sequential Quarter** | **Same Store Core Revenues Growth Summary — Sequential Quarter** | **Same Store Core Revenues Growth Summary — Sequential Quarter** | **Same Store Core Revenues Growth Summary — Sequential Quarter** | **Same Store Core Revenues Growth Summary — Sequential Quarter** |
| *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* | *($ in thousands, except avg. monthly rent) (unaudited)* |
|  |  | **Avg. Monthly Rent** | **Avg. Monthly Rent** | **Avg. Monthly Rent** | **Average Occupancy** | **Average Occupancy** | **Average Occupancy** | **Core Revenues** | **Core Revenues** | **Core Revenues** |
| **Seq, Q1 2026** | **# Homes** | **Q1 2026** | **Q4 2025** | **Change** | **Q1 2026** | **Q4 2025** | **Change** | **Q1 2026** | **Q4 2025** | **Change** |
| **Western United States:** |  |  |  |  |  |  |  |  |  |  |
| Southern California | 6461 | $3256 | $3230 | 0.8% | 97.9% | 98.0% | (0.1)% | $63301 | $63029 | 0.4% |
| Northern California | 3807 | 2822 | 2812 | 0.4% | 97.9% | 97.6% | 0.3% | 32443 | 32169 | 0.9% |
| Seattle | 3853 | 2973 | 2957 | 0.5% | 97.4% | 97.3% | 0.1% | 34307 | 34020 | 0.8% |
| Phoenix | 8769 | 2077 | 2075 | 0.1% | 96.4% | 95.7% | 0.7% | 55421 | 54859 | 1.0% |
| Las Vegas | 3055 | 2266 | 2256 | 0.4% | 96.3% | 96.3% | —% | 20811 | 20751 | 0.3% |
| Denver | 2443 | 2649 | 2655 | (0.2)% | 95.5% | 95.0% | 0.5% | 19196 | 19106 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 28388 | 2639 | 2630 | 0.3% | 97.0% | 96.7% | 0.3% | 225479 | 223934 | 0.7% |
| **Florida:** |  |  |  |  |  |  |  |  |  |  |
| South Florida | 7636 | 3178 | 3163 | 0.5% | 96.1% | 95.8% | 0.3% | 72288 | 71298 | 1.4% |
| Tampa | 8403 | 2316 | 2317 | —% | 96.0% | 95.9% | 0.1% | 58761 | 58551 | 0.4% |
| Orlando | 6538 | 2290 | 2286 | 0.2% | 95.9% | 95.4% | 0.5% | 45196 | 44837 | 0.8% |
| Jacksonville | 1932 | 2217 | 2209 | 0.4% | 96.6% | 95.9% | 0.7% | 12985 | 12798 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 24509 | 2570 | 2564 | 0.2% | 96.0% | 95.7% | 0.3% | 189230 | 187484 | 0.9% |
| **Southeast United States:** |  |  |  |  |  |  |  |  |  |  |
| Atlanta | 11871 | 2126 | 2117 | 0.4% | 95.8% | 95.5% | 0.3% | 74738 | 73604 | 1.5% |
| Carolinas | 5356 | 2145 | 2129 | 0.8% | 95.5% | 95.3% | 0.2% | 34382 | 34021 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 17227 | 2132 | 2120 | 0.6% | 95.7% | 95.4% | 0.3% | 109120 | 107625 | 1.4% |
| **Texas:** |  |  |  |  |  |  |  |  |  |  |
| Houston | 1916 | 1946 | 1944 | 0.1% | 96.7% | 95.7% | 1.0% | 11406 | 11234 | 1.5% |
| Dallas | 2666 | 2292 | 2290 | 0.1% | 95.2% | 95.4% | (0.2)% | 18332 | 18331 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 4582 | 2146 | 2145 | —% | 95.8% | 95.5% | 0.3% | 29738 | 29565 | 0.6% |
| **Midwest United States:** |  |  |  |  |  |  |  |  |  |  |
| Chicago | 2389 | 2590 | 2559 | 1.2% | 95.5% | 95.5% | —% | 17818 | 17498 | 1.8% |
| Minneapolis | 1020 | 2484 | 2470 | 0.6% | 95.0% | 94.5% | 0.5% | 7451 | 7362 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 3409 | 2558 | 2533 | 1.0% | 95.3% | 95.2% | 0.1% | 25269 | 24860 | 1.6% |
| **Other** <sup>(1)</sup>**:** | 26 | 2185 | 2248 | (2.8)% | 91.2% | 85.8% | 5.4% | 160 | 153 | 4.6% |
| **Total / Average** | **78141** | $**2474** | $**2465** | **0.4%** | **96.3%** | **96.0%** | **0.3%** | $**578996** | $**573621** | **0.9%** |

---

(1) Includes 26 Same Store homes located in Nashville..

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

Q1 2026 Earnings Release and Supplemental Information — page 19

------

![image.jpg](image.jpg)

**Supplemental Schedule 5(b)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Same Store NOI Growth and Margin Summary — YoY Quarter** | **Same Store NOI Growth and Margin Summary — YoY Quarter** | **Same Store NOI Growth and Margin Summary — YoY Quarter** | **Same Store NOI Growth and Margin Summary — YoY Quarter** | **Same Store NOI Growth and Margin Summary — YoY Quarter** | **Same Store NOI Growth and Margin Summary — YoY Quarter** | **Same Store NOI Growth and Margin Summary — YoY Quarter** | **Same Store NOI Growth and Margin Summary — YoY Quarter** | **Same Store NOI Growth and Margin Summary — YoY Quarter** | **Same Store NOI Growth and Margin Summary — YoY Quarter** | | |
| *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* |  |  |
|  | **Core Revenues** | **Core Revenues** | **Core Revenues** | **Core Operating Expenses** | **Core Operating Expenses** | **Core Operating Expenses** | **Net Operating Income** | **Net Operating Income** | **Net Operating Income** | **Core NOI Margin** | **Core NOI Margin** |
| **YoY, Q1 2026** | **Q1 2026** | **Q1 2025** | **Change** | **Q1 2026** | **Q1 2025** | **Change** | **Q1 2026** | **Q1 2025** | **Change** | **Q1 2026** | **Q1 2025** |
| **Western United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Southern California | $63301 | $61287 | 3.3% | $16135 | $15972 | 1.0% | $47166 | $45315 | 4.1% | 74.5% | 73.9% |
| Northern California | 32443 | 32055 | 1.2% | 8476 | 7677 | 10.4% | 23967 | 24378 | (1.7)% | 73.9% | 76.1% |
| Seattle | 34307 | 33790 | 1.5% | 9642 | 8639 | 11.6% | 24665 | 25151 | (1.9)% | 71.9% | 74.4% |
| Phoenix | 55421 | 55277 | 0.3% | 11554 | 10185 | 13.4% | 43867 | 45092 | (2.7)% | 79.2% | 81.6% |
| Las Vegas | 20811 | 20650 | 0.8% | 4859 | 4476 | 8.6% | 15952 | 16174 | (1.4)% | 76.7% | 78.3% |
| Denver | 19196 | 19115 | 0.4% | 4242 | 4078 | 4.0% | 14954 | 15037 | (0.6)% | 77.9% | 78.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 225479 | 222174 | 1.5% | 54908 | 51027 | 7.6% | 170571 | 171147 | (0.3)% | 75.6% | 77.0% |
| **Florida:** |  |  |  |  |  |  |  |  |  |  |  |
| South Florida | 72288 | 70839 | 2.0% | 28642 | 27554 | 3.9% | 43646 | 43285 | 0.8% | 60.4% | 61.1% |
| Tampa | 58761 | 57918 | 1.5% | 22142 | 21631 | 2.4% | 36619 | 36287 | 0.9% | 62.3% | 62.7% |
| Orlando | 45196 | 45130 | 0.1% | 16701 | 15884 | 5.1% | 28495 | 29246 | (2.6)% | 63.0% | 64.8% |
| Jacksonville | 12985 | 12904 | 0.6% | 4791 | 4513 | 6.2% | 8194 | 8391 | (2.3)% | 63.1% | 65.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 189230 | 186791 | 1.3% | 72276 | 69582 | 3.9% | 116954 | 117209 | (0.2)% | 61.8% | 62.7% |
| **Southeast United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Atlanta | 74738 | 73261 | 2.0% | 26134 | 24695 | 5.8% | 48604 | 48566 | 0.1% | 65.0% | 66.3% |
| Carolinas | 34382 | 33750 | 1.9% | 9749 | 9378 | 4.0% | 24633 | 24372 | 1.1% | 71.6% | 72.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 109120 | 107011 | 2.0% | 35883 | 34073 | 5.3% | 73237 | 72938 | 0.4% | 67.1% | 68.2% |
| **Texas:** |  |  |  |  |  |  |  |  |  |  |  |
| Houston | 11406 | 11205 | 1.8% | 4974 | 4676 | 6.4% | 6432 | 6529 | (1.5)% | 56.4% | 58.3% |
| Dallas | 18332 | 18408 | (0.4)% | 6541 | 6028 | 8.5% | 11791 | 12380 | (4.8)% | 64.3% | 67.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 29738 | 29613 | 0.4% | 11515 | 10704 | 7.6% | 18223 | 18909 | (3.6)% | 61.3% | 63.9% |
| **Midwest United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Chicago | 17818 | 17218 | 3.5% | 8006 | 7450 | 7.5% | 9812 | 9768 | 0.5% | 55.1% | 56.7% |
| Minneapolis | 7451 | 7169 | 3.9% | 2639 | 2354 | 12.1% | 4812 | 4815 | (0.1)% | 64.6% | 67.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 25269 | 24387 | 3.6% | 10645 | 9804 | 8.6% | 14624 | 14583 | 0.3% | 57.9% | 59.8% |
| **Other** <sup>(1)</sup>**:** | 160 | 169 | (5.3)% | 57 | 45 | 26.7% | 103 | 124 | (16.9)% | 64.4% | 73.4% |
| **Total / Average** | $**578996** | $**570145** | **1.6%** | $**185284** | $**175235** | **5.7%** | $**393712** | $**394910** | **(0.3)%** | **68.0%** | **69.3%** |

---

(1) Includes 26 Same Store homes located in Nashville.

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

Q1 2026 Earnings Release and Supplemental Information — page 20

------

![image.jpg](image.jpg)

**Supplemental Schedule 5(b) (Continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Same Store NOI Growth and Margin Summary — Sequential Quarter** | **Same Store NOI Growth and Margin Summary — Sequential Quarter** | **Same Store NOI Growth and Margin Summary — Sequential Quarter** | **Same Store NOI Growth and Margin Summary — Sequential Quarter** | **Same Store NOI Growth and Margin Summary — Sequential Quarter** | **Same Store NOI Growth and Margin Summary — Sequential Quarter** | **Same Store NOI Growth and Margin Summary — Sequential Quarter** | **Same Store NOI Growth and Margin Summary — Sequential Quarter** | **Same Store NOI Growth and Margin Summary — Sequential Quarter** | **Same Store NOI Growth and Margin Summary — Sequential Quarter** | | |
| *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* |  |  |
|  | **Core Revenues** | **Core Revenues** | **Core Revenues** | **Core Operating Expenses** | **Core Operating Expenses** | **Core Operating Expenses** | **Net Operating Income** | **Net Operating Income** | **Net Operating Income** | **Core NOI Margin** | **Core NOI Margin** |
| **Seq, Q1 2026** | **Q1 2026** | **Q4 2025** | **Change** | **Q1 2026** | **Q4 2025** | **Change** | **Q1 2026** | **Q4 2025** | **Change** | **Q1 2026** | **Q4 2025** |
| **Western United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Southern California | $63301 | $63029 | 0.4% | $16135 | $16349 | (1.3)% | $47166 | $46680 | 1.0% | 74.5% | 74.1% |
| Northern California | 32443 | 32169 | 0.9% | 8476 | 8281 | 2.4% | 23967 | 23888 | 0.3% | 73.9% | 74.3% |
| Seattle | 34307 | 34020 | 0.8% | 9642 | 9096 | 6.0% | 24665 | 24924 | (1.0)% | 71.9% | 73.3% |
| Phoenix | 55421 | 54859 | 1.0% | 11554 | 11252 | 2.7% | 43867 | 43607 | 0.6% | 79.2% | 79.5% |
| Las Vegas | 20811 | 20751 | 0.3% | 4859 | 4822 | 0.8% | 15952 | 15929 | 0.1% | 76.7% | 76.8% |
| Denver | 19196 | 19106 | 0.5% | 4242 | 3953 | 7.3% | 14954 | 15153 | (1.3)% | 77.9% | 79.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 225479 | 223934 | 0.7% | 54908 | 53753 | 2.1% | 170571 | 170181 | 0.2% | 75.6% | 76.0% |
| **Florida:** |  |  |  |  |  |  |  |  |  |  |  |
| South Florida | 72288 | 71298 | 1.4% | 28642 | 27838 | 2.9% | 43646 | 43460 | 0.4% | 60.4% | 61.0% |
| Tampa | 58761 | 58551 | 0.4% | 22142 | 21676 | 2.1% | 36619 | 36875 | (0.7)% | 62.3% | 63.0% |
| Orlando | 45196 | 44837 | 0.8% | 16701 | 16325 | 2.3% | 28495 | 28512 | (0.1)% | 63.0% | 63.6% |
| Jacksonville | 12985 | 12798 | 1.5% | 4791 | 4732 | 1.2% | 8194 | 8066 | 1.6% | 63.1% | 63.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 189230 | 187484 | 0.9% | 72276 | 70571 | 2.4% | 116954 | 116913 | —% | 61.8% | 62.4% |
| **Southeast United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Atlanta | 74738 | 73604 | 1.5% | 26134 | 25094 | 4.1% | 48604 | 48510 | 0.2% | 65.0% | 65.9% |
| Carolinas | 34382 | 34021 | 1.1% | 9749 | 9725 | 0.2% | 24633 | 24296 | 1.4% | 71.6% | 71.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 109120 | 107625 | 1.4% | 35883 | 34819 | 3.1% | 73237 | 72806 | 0.6% | 67.1% | 67.6% |
| **Texas:** |  |  |  |  |  |  |  |  |  |  |  |
| Houston | 11406 | 11234 | 1.5% | 4974 | 4801 | 3.6% | 6432 | 6433 | —% | 56.4% | 57.3% |
| Dallas | 18332 | 18331 | —% | 6541 | 6041 | 8.3% | 11791 | 12290 | (4.1)% | 64.3% | 67.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 29738 | 29565 | 0.6% | 11515 | 10842 | 6.2% | 18223 | 18723 | (2.7)% | 61.3% | 63.3% |
| **Midwest United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Chicago | 17818 | 17498 | 1.8% | 8006 | 8177 | (2.1)% | 9812 | 9321 | 5.3% | 55.1% | 53.3% |
| Minneapolis | 7451 | 7362 | 1.2% | 2639 | 2633 | 0.2% | 4812 | 4729 | 1.8% | 64.6% | 64.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 25269 | 24860 | 1.6% | 10645 | 10810 | (1.5)% | 14624 | 14050 | 4.1% | 57.9% | 56.5% |
| **Other** <sup>(1)</sup>**:** | 160 | 153 | 4.6% | 57 | 47 | 21.3% | 103 | 106 | (2.8)% | 64.4% | 69.3% |
| **Total / Average** | $**578996** | $**573621** | **0.9%** | $**185284** | $**180842** | **2.5%** | $**393712** | $**392779** | **0.2%** | **68.0%** | **68.5%** |

---

(1) Includes 26 Same Store homes located in Nashville.

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

Q1 2026 Earnings Release and Supplemental Information — page 21

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**Supplemental Schedule 5(c)**

---

| | | | |
|:---|:---|:---|:---|
| **Same Store Lease-Over-Lease Rent Growth** | **Same Store Lease-Over-Lease Rent Growth** | **Same Store Lease-Over-Lease Rent Growth** | **Same Store Lease-Over-Lease Rent Growth** |
| *(unaudited)* | *(unaudited)* | *(unaudited)* | *(unaudited)* |
|  | **Rental Rate Growth** | **Rental Rate Growth** | **Rental Rate Growth** |
|  | **Q1 2026** | **Q1 2026** | **Q1 2026** |
|  | **Renewal** | **New** | **Blended** |
|  | **Leases** | **Leases** | **Average** |
| **Western United States:** |  |  |  |
| Southern California | 5.0% | 2.1% | 4.4% |
| Northern California | 2.7% | 0.2% | 2.1% |
| Seattle | 4.8% | 0.1% | 3.5% |
| Phoenix | 2.9% | (5.8)% | —% |
| Las Vegas | 3.1% | (4.5)% | 0.6% |
| Denver | 2.4% | (3.2)% | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 3.7% | (2.4)% | 2.0% |
| **Florida:** |  |  |  |
| South Florida | 4.9% | (4.1)% | 2.1% |
| Tampa | 2.6% | (5.6)% | —% |
| Orlando | 3.1% | (3.4)% | 0.8% |
| Jacksonville | 3.3% | (2.9)% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 3.7% | (4.3)% | 1.1% |
| **Southeast United States:** |  |  |  |
| Atlanta | 3.8% | (2.8)% | 1.6% |
| Carolinas | 3.3% | (1.9)% | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 3.7% | (2.5)% | 1.6% |
| **Texas:** |  |  |  |
| Houston | 2.1% | (5.9)% | (0.1)% |
| Dallas | 2.6% | (6.0)% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 2.4% | (5.9)% | —% |
| **Midwest United States:** |  |  |  |
| Chicago | 6.5% | 4.2% | 5.8% |
| Minneapolis | 5.5% | 1.1% | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 6.3% | 3.2% | 5.3% |
| **Other** <sup>(1)</sup>**:** | 7.2% | (1.2)% | 3.2% |
| **Total / Average** | **3.7%** | **(3.0)%** | **1.6%** |

---

(1) Includes 26 Same Store homes located in Nashville.

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

Q1 2026 Earnings Release and Supplemental Information — page 22

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**Supplemental Schedule 6**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Same Store Cost to Maintain, net** <sup>(1)</sup> | **Same Store Cost to Maintain, net** <sup>(1)</sup> | **Same Store Cost to Maintain, net** <sup>(1)</sup> | **Same Store Cost to Maintain, net** <sup>(1)</sup> | **Same Store Cost to Maintain, net** <sup>(1)</sup> | **Same Store Cost to Maintain, net** <sup>(1)</sup> |
| *($ in thousands, except per home amounts) (unaudited)* | *($ in thousands, except per home amounts) (unaudited)* | *($ in thousands, except per home amounts) (unaudited)* | *($ in thousands, except per home amounts) (unaudited)* | *($ in thousands, except per home amounts) (unaudited)* | *($ in thousands, except per home amounts) (unaudited)* |
| **Total** | **Q1 2026** | **Q4 2025** | **Q3 2025** | **Q2 2025** | **Q1 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;R&M OpEx, net | $23419 | $24139 | $30664 | $26208 | $20309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turn OpEx, net | 9642 | 10246 | 11755 | 9762 | 8226 |
| **Total recurring operating expenses, net** | $**33061** | $**34385** | $**42419** | $**35970** | $**28535** |
| &nbsp;&nbsp;&nbsp;&nbsp;R&M CapEx | $26776 | $26290 | $35504 | $28745 | $24892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turn CapEx | 9332 | 9838 | 11039 | 9553 | 8456 |
| **Total Recurring Capital Expenditures** | $**36108** | $**36128** | $**46543** | $**38298** | $**33348** |
| &nbsp;&nbsp;&nbsp;&nbsp;R&M OpEx, net + R&M CapEx | $50195 | $50429 | $66168 | $54953 | $45201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turn OpEx, net + Turn CapEx | 18974 | 20084 | 22794 | 19315 | 16682 |
| **Total Cost to Maintain, net** | $**69169** | $**70513** | $**88962** | $**74268** | $**61883** |
| **Per Home** | **Q1 2026** | **Q4 2025** | **Q3 2025** | **Q2 2025** | **Q1 2025** |
| **Total Cost to Maintain, net** | $**885** | $**902** | $**1138** | $**950** | $**792** |

---

(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Wholly Owned Portfolio Capital Expenditure Detail** | **Total Wholly Owned Portfolio Capital Expenditure Detail** | **Total Wholly Owned Portfolio Capital Expenditure Detail** | **Total Wholly Owned Portfolio Capital Expenditure Detail** | **Total Wholly Owned Portfolio Capital Expenditure Detail** | **Total Wholly Owned Portfolio Capital Expenditure Detail** |
| *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* |
| **Total** | **Q1 2026** | **Q4 2025** | **Q3 2025** | **Q2 2025** | **Q1 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring CapEx | $40058 | $40112 | $51719 | $42949 | $37092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value Enhancing CapEx | 12618 | 14904 | 21370 | 18314 | 13023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Renovation CapEx | 4068 | 5708 | 6927 | 8269 | 6869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposition CapEx | 1033 | 904 | 862 | 869 | 952 |
| **Total Capital Expenditures** | $**57777** | $**61628** | $**80878** | $**70401** | $**57936** |

---

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

Q1 2026 Earnings Release and Supplemental Information — page 23

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**Supplemental Schedule 7**

---

| | | |
|:---|:---|:---|
| **Adjusted Property Management and G&A Reconciliation** | **Adjusted Property Management and G&A Reconciliation** | **Adjusted Property Management and G&A Reconciliation** |
| *($ in thousands) (unaudited)* |  |  |
| **Adjusted Property Management Expense** | **Q1 2026** | **Q1 2025** |
| **Property management expense (GAAP)** | $**39325** | $**36739** |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | (2926) | (1651) |
| **Adjusted property management expense** | $**36399** | $**35088** |
| **Adjusted G&A Expense** | **Q1 2026** | **Q1 2025** |
| **G&A expense (GAAP)** | $**32319** | $**29518** |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | (7774) | (8506) |
| &nbsp;&nbsp;&nbsp;&nbsp;Business reorganization costs | (1501) | (2385) |
| **Adjusted G&A expense** | $**23044** | $**18627** |

---

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

Q1 2026 Earnings Release and Supplemental Information — page 24

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![image.jpg](image.jpg)

**Supplemental Schedule 8(a)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Acquisitions and Dispositions** | **Acquisitions and Dispositions** | **Acquisitions and Dispositions** | **Acquisitions and Dispositions** | **Acquisitions and Dispositions** | **Acquisitions and Dispositions** | **Acquisitions and Dispositions** |
| *(unaudited)* | **December 31, 2025** | **Q1 2026 Acquisitions** <sup>(1)</sup> | **Q1 2026 Acquisitions** <sup>(1)</sup> | **Q1 2026 Dispositions** <sup>(2)</sup> | **Q1 2026 Dispositions** <sup>(2)</sup> | **March 31, 2026** |
|  | **Homes** | **Homes** | **Avg. Est.** | **Homes** | **Average** | **Homes** |
|  | **Owned** | **Acq.** | **Cost Basis** | **Sold** | **Sales Price** | **Owned** |
| ***Wholly Owned Portfolio*** |  |  |  |  |  |  |
| **Western United States:** |  |  |  |  |  |  |
| Southern California | 7100 |  | $— | 88 | $634764 | 7012 |
| Northern California | 3997 |  |  | 32 | 481202 | 3965 |
| Seattle | 3908 |  |  | 21 | 598376 | 3887 |
| Phoenix | 9200 |  |  | 9 | 324611 | 9191 |
| Las Vegas | 3391 |  |  | 8 | 483494 | 3383 |
| Denver | 2954 | 51 | 407972 | 6 | 434567 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Western US Subtotal** | **30550** | **51** | **407972** | **164** | **568417** | **30437** |
| **Florida:** |  |  |  |  |  |  |
| South Florida | 8058 | 1 | 416343 | 96 | 443586 | 7963 |
| Tampa | 9702 | 26 | 318666 | 69 | 299323 | 9659 |
| Orlando | 6973 | 74 | 411102 | 30 | 323335 | 7017 |
| Jacksonville | 2158 | 1 | 324838 | 12 | 434650 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Florida Subtotal** | **26891** | **102** | **386746** | **207** | **377553** | **26786** |
| **Southeast United States:** |  |  |  |  |  |  |
| Atlanta | 12624 | 11 | 306761 | 51 | 303367 | 12584 |
| Carolinas | 6157 |  |  | 14 | 362321 | 6143 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Southeast US Subtotal** | **18781** | **11** | **306761** | **65** | **316065** | **18727** |
| **Texas:** |  |  |  |  |  |  |
| Houston | 2559 | 36 | 282787 | 12 | 236867 | 2583 |
| Dallas | 3554 | 34 | 245088 | 20 | 314715 | 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Texas Subtotal** | **6113** | **70** | **264476** | **32** | **285522** | **6151** |
| **Midwest United States:** |  |  |  |  |  |  |
| Chicago | 2448 |  |  | 7 | 353246 | 2441 |
| Minneapolis | 1035 |  |  | 7 | 317557 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Midwest US Subtotal** | **3483** | **—** | **—** | **14** | **335402** | **3469** |
| **Other** <sup>(3)</sup>**:**  | 374 | 27 | 309036 | 1 | 421050 | 400 |
| **Total / Average** | **86192** | **261** | $**346691** | **483** | $**426856** | **85970** |
| ***Joint Venture Portfolio*** |  |  |  |  |  |  |
| 2020 Rockpoint JV <sup>(4)</sup> | 2605 |  | $— |  | $— | 2605 |
| 2022 Rockpoint JV <sup>(5)</sup> | 389 | 18 | 371395 |  |  | 407 |
| FNMA JV <sup>(6)</sup> | 320 |  |  | 9 | 496455 | 311 |
| Pathway Homes <sup>(7)</sup> | 853 | 2 | 396662 | 1 | 532419 | 854 |
| Upward America JV <sup>(8)</sup> | 3720 |  |  |  |  | 3720 |
| 2024 Peregrine JV <sup>(9)</sup> | 119 |  |  |  |  | 119 |

---

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

Q1 2026 Earnings Release and Supplemental Information — page 25

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![image.jpg](image.jpg)

**Supplemental Schedule 8(a) (Continued)**

(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.0%. Stabilized cap rate represents forecasted nominal NOI for the 12 months following stabilization, divided by estimated cost basis.

(2)Cap rates on wholly owned dispositions during the quarter averaged 2.2%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.

(3)Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville.

(4)Represents portfolio owned by the 2020 Rockpoint JV, of which we own 20.0%.

(5)Represents portfolio owned by the 2022 Rockpoint JV, of which we own 16.7%.

(6)Represents portfolio owned by the FNMA JV, of which we own 10.0%.

(7)Represents portfolio owned by Pathway Homes, of which we own 100.0%.

(8)Represents portfolio owned by the Upward America JV, of which we own 7.2%.

(9)Represents portfolio owned by the 2024 Peregrine JV, of which we own 30.0%.

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

Q1 2026 Earnings Release and Supplemental Information — page 26

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**Supplemental Schedule 8(b)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expected Development Pipeline of New Homes — As of March 31, 2026** | **Expected Development Pipeline of New Homes — As of March 31, 2026** | **Expected Development Pipeline of New Homes — As of March 31, 2026** | **Expected Development Pipeline of New Homes — As of March 31, 2026** | **Expected Development Pipeline of New Homes — As of March 31, 2026** |
| *(unaudited)* |  |  |  |  |
|  | **Pipeline as of** <br>**March 31, 2026** <sup>(1)(2)</sup> | **Estimated <br>Deliveries <br>in Q2-Q4 2026** | **Estimated <br>Deliveries <br>Thereafter** | **Avg. Estimated Cost Basis Per Home** |
| Denver | 81 | 81 |  | $410000 |
| Tampa | 91 | 70 | 21 | 310000 |
| Orlando | 133 | 92 | 41 | 440000 |
| Atlanta | 108 | 76 | 32 | 330000 |
| Carolinas | 43 | 38 | 5 | 430000 |
| Houston | 49 | 49 |  | 310000 |
| Dallas | 4 | 4 |  | 290000 |
| Other | 47 | 47 |  | 370000 |
| **Total / Average** | **556** | **457** | **99** | $**370000** |

---

(1)Represents the number of new homes as of March 31, 2026 that are under contract to be built and delivered during a future period to Invitation Homes or one of our joint ventures.

(2)Pipeline rollforward:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Pipeline as of December 31, 2025 | 887 |
| Q1 2026 additions and cancellations (net) | (76) |
| Q1 2026 deliveries | (255) |
| Pipeline as of March 31, 2026 | 556 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

Q1 2026 Earnings Release and Supplemental Information — page 27

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![image.jpg](image.jpg)

**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, EBITDA*re*, and Adjusted EBITDA*re***

EBITDA, EBITDA*re,* and Adjusted EBITDA*re* 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 EBITDA*re.* We define EBITDA*re*, 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 EBITDA*re* is defined as EBITDA*re* before the following items: share-based

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

Q1 2026 Earnings Release and Supplemental Information — page 28

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compensation expense; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and other income and expenses. EBITDA, EBITDA*re,* and Adjusted EBITDA*re* 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, EBITDA*re,* and Adjusted EBITDA*re* as measures of performance.

The GAAP measure most directly comparable to EBITDA, EBITDA*re,* and Adjusted EBITDA*re* is net income or loss. EBITDA, EBITDA*re,* and Adjusted EBITDA*re* 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, EBITDA*re,* and Adjusted EBITDA*re* may not be comparable to the EBITDA, EBITDA*re,* and Adjusted EBITDA*re* of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDA*re,* and Adjusted EBITDA*re*. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See "Reconciliation of Net Income to Adjusted EBITDA*re*" for a reconciliation of GAAP net income to EBITDA, EBITDA*re,* and Adjusted EBITDA*re*.

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

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

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

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

**Initial Renovation CapEx**

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

**Net Operating Income (NOI)**

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

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

Q1 2026 Earnings Release and Supplemental Information — page 29

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![image.jpg](image.jpg)

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

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

**PSF**

PSF means per square foot.

**Recurring Capital Expenditures or Recurring CapEx**

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

**Rental Rate Growth**

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

**Same Store / Same Store Portfolio**

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

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

Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1<sup>st</sup> 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 2026 Earnings Release and Supplemental Information — page 30

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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 and the Second Amendment dated April 28, 2025 (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 Exhibit 10.1 to our Current Report on Form 8-K filed on September 9, 2024 and Exhibit 10.1 to our Current Report on Form 8-K filed on April 30, 2025.

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

Q1 2026 Earnings Release and Supplemental Information — page 31

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![image.jpg](image.jpg)

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, 2025, as such factors may be updated from time to time in our periodic filings with the SEC.

**Unsecured Public Bond Covenants**

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

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

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

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

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

The metrics set forth under the "Unsecured Public Bond Covenant Compliance" heading on Supplemental Schedule 2(b), and described above, are provided only to show our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Indenture than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to our Current Reports on Form 8-K filed on August 6, 2021, November 5, 2021, April 5, 2022, August 2, 2023, September 26, 2024, and August 15, 2025.

The breach of any of the covenants set forth in the Indenture could result in a default of our indebtedness related to our senior notes, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, 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 2026 Earnings Release and Supplemental Information — page 32

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![image.jpg](image.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly** | **Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly** | **Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly** | **Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly** | **Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly** | **Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly** |
| *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* |
|  | **Q1 2026** | **Q4 2025** | **Q3 2025** | **Q2 2025** | **Q1 2025** |
| &nbsp;&nbsp;&nbsp;**Total revenues (Total Portfolio)** | $**734112** | $**685250** | $**688166** | $**681401** | $**674479** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee revenues | (19852) | (21662) | (21975) | (22294) | (21408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homebuilding revenues | (43745) | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total portfolio resident recoveries | (46072) | (45389) | (46885) | (40944) | (44118) |
| &nbsp;&nbsp;&nbsp;**Total Core Revenues (Total Portfolio)** | **624443** | **618199** | **619306** | **618163** | **608953** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store Core Revenues | (45447) | (44578) | (44429) | (42399) | (38808) |
| &nbsp;&nbsp;&nbsp;**Same Store Core Revenues** | $**578996** | $**573621** | $**574877** | $**575764** | $**570145** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly** | **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly** | **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly** | **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly** | **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly** | **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly** |
| &nbsp;&nbsp;&nbsp;*(in thousands) (unaudited)* | &nbsp;&nbsp;&nbsp;*(in thousands) (unaudited)* | &nbsp;&nbsp;&nbsp;*(in thousands) (unaudited)* | &nbsp;&nbsp;&nbsp;*(in thousands) (unaudited)* | &nbsp;&nbsp;&nbsp;*(in thousands) (unaudited)* | &nbsp;&nbsp;&nbsp;*(in thousands) (unaudited)* |
|  | **Q1 2026** | **Q4 2025** | **Q3 2025** | **Q2 2025** | **Q1 2025** |
| &nbsp;&nbsp;&nbsp;**Property operating and maintenance expenses (Total Portfolio)** | $**251134** | $**244823** | $**259037** | $**244278** | $**237449** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Portfolio resident recoveries | (46072) | (45389) | (46885) | (40944) | (44118) |
| &nbsp;&nbsp;&nbsp;**Core Operating Expenses (Total Portfolio)** | **205062** | **199434** | **212152** | **203334** | **193331** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store Core Operating Expenses | (19778) | (18592) | (21833) | (19453) | (18096) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Same Store Core Operating Expenses** | $**185284** | $**180842** | $**190319** | $**183881** | $**175235** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income to Same Store NOI, Quarterly** | **Reconciliation of Net Income to Same Store NOI, Quarterly** | **Reconciliation of Net Income to Same Store NOI, Quarterly** | **Reconciliation of Net Income to Same Store NOI, Quarterly** | **Reconciliation of Net Income to Same Store NOI, Quarterly** | |
| *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* |  |
|  | **Q1 2026** | **Q4 2025** | **Q3 2025** | **Q2 2025** | **Q1 2025** |
| &nbsp;&nbsp;&nbsp;**Net income available to common stockholders** | $**159800** | $**144308** | $**136474** | $**140665** | $**165517** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available to participating securities | 708 | 246 | 264 | 222 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 557 | 496 | 472 | 480 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee revenues | (19852) | (21662) | (21975) | (22294) | (21408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homebuilding revenues | (43745) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property management expense | 39325 | 39485 | 37073 | 35833 | 36739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homebuilding cost of sales | 39134 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 32319 | 23697 | 18444 | 23591 | 29518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 95313 | 90878 | 90781 | 87414 | 84254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 193142 | 189875 | 188457 | 185455 | 183146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casualty losses, impairment, and other  | 4345 | 311 | 3420 | 3029 | 4683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property, net of tax | (87094) | (54463) | (45515) | (46591) | (71666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) losses from investments in unconsolidated joint ventures | 3085 | 3717 | (2130) | 4802 | 5218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net <sup>(1)</sup> | 2344 | 1877 | 1389 | 2223 | (1144) |
| **NOI (Total Portfolio)** | **419381** | **418765** | **407154** | **414829** | **415622** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store NOI | (25669) | (25986) | (22596) | (22946) | (20712) |
| **Same Store NOI** | $**393712** | $**392779** | $**384558** | $**391883** | $**394910** |

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(1)Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.

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

Q1 2026 Earnings Release and Supplemental Information — page 33

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income to Adjusted EBITDA*re*** | **Reconciliation of Net Income to Adjusted EBITDA*re*** | **Reconciliation of Net Income to Adjusted EBITDA*re*** | **Reconciliation of Net Income to Adjusted EBITDA*re*** | **Reconciliation of Net Income to Adjusted EBITDA*re*** |
| *(in thousands, unaudited)* | *(in thousands, unaudited)* | *(in thousands, unaudited)* | *(in thousands, unaudited)* | *(in thousands, unaudited)* |
|  |  |  | **Trailing Twelve Months (TTM) Ended** | **Trailing Twelve Months (TTM) Ended** |
|  | **Q1 2026** | **Q1 2025** | **March 31, 2026** | **December 31, 2025** |
| **Net income available to common stockholders** | $**159800** | $**165517** | $**581247** | $**586964** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to participating securities | 708 | 228 | 1440 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 557 | 537 | 2005 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 95313 | 84254 | 364386 | 353327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense in unconsolidated joint ventures | 6127 | 5626 | 25813 | 25312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 193142 | 183146 | 756929 | 746933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of investments in unconsolidated joint ventures | 4468 | 3662 | 17167 | 16361 |
| **EBITDA** | **460115** | **442970** | **1748987** | **1731842** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property, net of tax | (87094) | (71666) | (233663) | (218235) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment on depreciated real estate investments | 469 | 63 | 1063 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of investments in unconsolidated joint ventures | (1421) | (145) | (9737) | (8461) |
| **EBITDA*re*** | **372069** | **371222** | **1506650** | **1505803** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 10700 | 10157 | 28373 | 27830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business reorganization costs | 1501 | 2385 | 1888 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casualty losses and reserves, net <sup>(1)</sup> | 3935 | 4683 | 10176 | 10924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net <sup>(2)</sup> | 2344 | (1144) | 7833 | 4345 |
| **Adjusted EBITDA*re*** | $**390549** | $**387303** | $**1554920** | $**1551674** |

---

(1)Includes our share from unconsolidated joint ventures.

(2)Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.

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

Q1 2026 Earnings Release and Supplemental Information — page 34

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| | | |
|:---|:---|:---|
| **Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDA*re*** | **Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDA*re*** | **Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDA*re*** |
| *(in thousands, except for ratio) (unaudited)* | *(in thousands, except for ratio) (unaudited)* | *(in thousands, except for ratio) (unaudited)* |
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Secured debt, net | $1384686 | $1384114 |
| Unsecured notes, net | 4400877 | 4398921 |
| Term loan facility, net | 2456807 | 2451985 |
| Revolving facility | 560000 | 145000 |
| **Total Debt per Balance Sheet** | **8802370** | **8380020** |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained and repurchased certificates | (55499) | (55499) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, ex-security deposits and letters of credit <sup>(1)</sup> | (182985) | (167472) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs, net | 47758 | 54208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized discounts on notes payable | 23271 | 24171 |
| **Net Debt (A)** | $**8634915** | $**8235428** |
|  | **For the TTM Ended** | **For the TTM Ended** |
|  | **March 31, 2026** | **December 31, 2025** |
| **Adjusted EBITDA*re* (B)** | $**1554920** | $**1551674** |
| **Net Debt / TTM Adjusted EBITDA*re* (A / B)** | **5.6** **x** | **5.3** **x** |

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(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** | **Components of Non-Cash Interest Expense** | **Components of Non-Cash Interest Expense** |
| *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* |
|  | **Q1 2026** | **Q1 2025** |
| Amortization of discounts on notes payable | $900 | $781 |
| Amortization of deferred financing costs | 8052 | 4982 |
| Change in fair value of interest rate derivatives |  |  |
| Amortization of swap fair value at designation | 541 | (3731) |
| Our share from unconsolidated joint ventures | 1136 | 1602 |
| **Total non-cash interest expense** | $**10629** | $**3634** |

---

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

Q1 2026 Earnings Release and Supplemental Information — page 35