# EDGAR Filing Document

**Accession Number:** 0001687229
**File Stem:** 0001687229-23-000019
**Filing Date:** 2023-2
**Character Count:** 145687
**Document Hash:** bbd9a7f07748fc4d64448f77f55bca24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001687229-23-000019.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001687229-23-000019

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230215

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invitation Homes Inc.
- **CENTRAL INDEX KEY:** 0001687229
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
- **IRS NUMBER:** 814080868
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38004
- **FILM NUMBER:** 23635570

**BUSINESS ADDRESS:**
- **STREET 1:** 1717 MAIN STREET, SUITE 2000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** (972) 421-3600

**MAIL ADDRESS:**
- **STREET 1:** 1717 MAIN STREET, SUITE 2000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

?xml version="1.0" ? invh-20230215

  

**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): February 15, 2023** 

**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.)** |

---

**1717 Main Street, Suite 2000** 

**Dallas, Texas 75201** 

**(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 |

---

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. ☐

  

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

---

On February 15, 2023, Invitation Homes Inc. (the "Company") issued a press release announcing the results of the Company's operations for the quarter and full year ended December 31, 2022. 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](q42022supplemental.htm)</u> | Press Release of Invitation Homes Inc. dated February 15, 2023, announcing results for the quarter ended December 31, 2022. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURE**

&nbsp;&nbsp;&nbsp;&nbsp;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: | February 15, 2023 |

---

## Exhibit 99.1

![q42022suppcover696x906a.jpg](q42022suppcover696x906a.jpg)

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| <u>[Earnings Press Release](#i7e2dff7d63d74d879f31609d94e1c60b_7)</u> | <u>[3](#i7e2dff7d63d74d879f31609d94e1c60b_7)</u> |
| <u>[Consolidated Financial Statements](#i7e2dff7d63d74d879f31609d94e1c60b_40)</u> | <u>[9](#i7e2dff7d63d74d879f31609d94e1c60b_40)</u> |
| <u>[Schedule 1: Reconciliation of FFO, Core FFO, and AFFO](#i7e2dff7d63d74d879f31609d94e1c60b_46)</u> | <u>[11](#i7e2dff7d63d74d879f31609d94e1c60b_46)</u> |
| <u>[Schedule 2: Capital Structure Information](#i7e2dff7d63d74d879f31609d94e1c60b_49)</u> | <u>[13](#i7e2dff7d63d74d879f31609d94e1c60b_49)</u> |
| <u>[Schedule 3: Summary of Operating Information by Home Portfolio](#i7e2dff7d63d74d879f31609d94e1c60b_61)</u> | <u>[17](#i7e2dff7d63d74d879f31609d94e1c60b_61)</u> |
| <u>[Schedule 4: Home Characteristics by Market](#i7e2dff7d63d74d879f31609d94e1c60b_70)</u> | <u>[20](#i7e2dff7d63d74d879f31609d94e1c60b_70)</u> |
| <u>[Schedule 5: Same Store Operating Information by Market](#i7e2dff7d63d74d879f31609d94e1c60b_73)</u> | <u>[21](#i7e2dff7d63d74d879f31609d94e1c60b_73)</u> |
| <u>[Schedule 6: Cost to Maintain and Capital Expenditure Detail](#i7e2dff7d63d74d879f31609d94e1c60b_82)</u> | <u>[28](#i7e2dff7d63d74d879f31609d94e1c60b_82)</u> |
| <u>[Schedule 7: Adjusted Property Management and G&A Reconciliation](#i7e2dff7d63d74d879f31609d94e1c60b_85)</u> | <u>[29](#i7e2dff7d63d74d879f31609d94e1c60b_85)</u> |
| <u>[Schedule 8: Acquisitions, Dispositions, and Third-Party Builder Pipeline](#i7e2dff7d63d74d879f31609d94e1c60b_88)</u> | <u>[30](#i7e2dff7d63d74d879f31609d94e1c60b_88)</u> |
| <u>[Glossary and Reconciliations](#i7e2dff7d63d74d879f31609d94e1c60b_94)</u> | <u>[33](#i7e2dff7d63d74d879f31609d94e1c60b_94)</u> |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 2

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Earnings Press Release**

**Invitation Homes Reports Fourth Quarter 2022 and Full Year 2022 Results**

**Dallas, TX, February 15, 2023 —** Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its Fourth Quarter 2022 and Full Year ("FY") 2022 financial and operating results.

**Fourth Quarter 2022 and FY 2022 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Year over year, in Q4 2022, total revenues increased 11.5% to $580 million, and property operating and maintenance costs increased 17.8% to $210 million. In FY 2022, total revenues increased 12.1% to $2,238 million, and property operating and maintenance costs increased 11.4% to $786 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In Q4 2022, net income available to common stockholders totaled $100 million or $0.16 per diluted common share. In FY 2022, net income available to common stockholders totaled $383 million or $0.63 per diluted common share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Year over year, in Q4 2022, Core FFO per share increased 10.6% to $0.43, and AFFO per share increased 9.2% to $0.36. In FY 2022, Core FFO per share increased 11.6% to $1.67, and AFFO per share increased 10.2% to $1.41.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In Q4 2022, Same Store NOI increased 3.7% year over year on 7.6% Same Store Core Revenues growth and 16.3% Same Store Core Operating Expenses growth. In FY 2022, Same Store NOI grew 9.1% year over year on 9.0% Same Store Core Revenues growth and 8.6% Same Store Core Operating Expenses growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In Q4 2022, Same Store Average Occupancy was 97.3%, down 80 basis points year over year. In FY 2022, Same Store Average Occupancy was 97.7%, down 50 basis points year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In Q4 2022, Same Store new lease rent growth of 7.4% and Same Store renewal rent growth of 9.9% drove Same Store blended rent growth of 9.1%, down 200 basis points year over year. In FY 2022, Same Store new lease rent growth of 13.5% and Same Store renewal rent growth of 10.0% drove Same Store blended rent growth of 10.9%, up 210 basis points year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In Q4 2022, acquisitions by the Company and the Company's joint ventures totaled 166 homes for $64 million while dispositions totaled 199 homes for $67 million. In FY 2022, acquisitions by the Company and the Company's joint ventures totaled 2,502 homes for $1,084 million while dispositions totaled 726 homes for $269 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As previously announced in December 2022, the Company voluntarily prepaid without penalty the outstanding balance of its IH 2018-1 securitization, after drawing the remaining $575 million available under its seven-year unsecured delayed draw term loan that closed in June 2022. As of December 31, 2022, the Company's earliest debt maturity is now due in 2026, 83.1% of the Company's wholly owned properties were unencumbered, 73.7% of the Company's debt was unsecured, and 99.2% of the Company's debt remained at fixed or swapped to fixed rates.

**President & Chief Executive Officer Dallas Tanner comments:** 

"We're pleased to report our fourth quarter and full year 2022 financial and operating results, which reflect the hard work of our associates to deliver an outstanding experience and worry-free lifestyle to our residents. Demand for leasing a single-family home remained strong in the fourth quarter of 2022, as evidenced by our 97.3% same store average occupancy and 9.1% same store blended rental rate growth. Further, we anticipate this strong demand to continue in 2023, along with a lack of sufficient housing supply. With the convenience and premier service we provide our residents, the accessibility our homes offer to great neighborhoods, schools, and job centers, and the thousands of homes we're bringing to market through our homebuilder partners over the next few years, we believe we remain well positioned as a meaningful part of the solution for high quality and flexible housing options."

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

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

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

Q4 2022 Earnings Release and Supplemental Information — page 3

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![logo_horizontala14a.jpg](logo_horizontala14a.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** | **Net Income, FFO, Core FFO, and AFFO Per Share — Diluted** | **Net Income, FFO, Core FFO, and AFFO Per Share — Diluted** |
| | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| Net income | $0.16 | $0.12 | $0.63 | $0.45 |
| FFO | 0.40 | 0.35 | 1.51 | 1.35 |
| Core FFO | 0.43 | 0.39 | 1.67 | 1.49 |
| AFFO | 0.36 | 0.33 | 1.41 | 1.28 |

---

*Net Income*

Net income per share for Q4 2022 was $0.16, compared to net income per share of $0.12 for Q4 2021. Total revenues and total property operating and maintenance expenses for Q4 2022 were $580 million and $210 million, respectively, compared to $520 million and $178 million, respectively, for Q4 2021.

Net income per share for FY 2022 was $0.63, compared to net income per share of $0.45 for FY 2021. Total revenues and total property operating and maintenance expenses for FY 2022 were $2,238 million and $786 million, respectively, compared to $1,997 million and $706 million, respectively, for FY 2021.

*Core FFO*

Year over year, Core FFO per share for Q4 2022 increased 10.6% to $0.43, primarily due to NOI growth.

Year over year, Core FFO per share for FY 2022 increased 11.6% to $1.67, primarily due to NOI growth and interest expense savings.

*AFFO*

Year over year, AFFO per share for Q4 2022 increased 9.2% to $0.36, primarily due to the increase in Core FFO per share described above.

Year over year, AFFO per share for FY 2022 increased 10.2% to $1.41, primarily due to the increase in Core FFO per share described above.

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

Q4 2022 Earnings Release and Supplemental Information — page 4

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Operating Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Same Store Operating Results Snapshot** | **Same Store Operating Results Snapshot** | **Same Store Operating Results Snapshot** | **Same Store Operating Results Snapshot** | **Same Store Operating Results Snapshot** |
| Number of homes in Same Store Portfolio: | 74646 |  |  |  |
|  | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| Core Revenues growth (year over year) | 7.6% |  | 9.0% |  |
| Core Operating Expenses growth (year over year) | 16.3% |  | 8.6% |  |
| NOI growth (year over year) | 3.7% |  | 9.1% |  |
| Average Occupancy | 97.3% | 98.1% | 97.7% | 98.2% |
| Bad debt % of gross rental revenues <sup>(1)</sup> | 2.0% | 1.0% | 1.5% | 1.4% |
| Turnover Rate | 5.3% | 4.7% | 21.9% | 23.1% |
| Rental Rate Growth (lease-over-lease): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewals | 9.9% | 8.9% | 10.0% | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Leases | 7.4% | 17.1% | 13.5% | 14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended | 9.1% | 11.1% | 10.9% | 8.8% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenue Collections Update** | **Revenue Collections Update** | **Revenue Collections Update** | **Revenue Collections Update** | **Revenue Collections Update** | **Revenue Collections Update** |
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Pre-COVID Average** <sup>(2)</sup> |
| **Revenues collected % of revenues due:** <sup>(1)</sup> | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues collected in same month billed | 91% | 91% | 92% | 91% | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Late collections of prior month billings | 6% | 6% | 7% | 6% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total collections** | **97%** | **97%** | **99%** | **97%** | **99%** |

---

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

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

*Same Store NOI*

For the Same Store Portfolio of 74,646 homes, Same Store NOI for Q4 2022 increased 3.7% year over year on Same Store Core Revenues growth of 7.6% and Same Store Core Operating Expenses growth of 16.3%.

FY 2022 Same Store NOI increased 9.1% year over year on Same Store Core Revenues growth of 9.0% and Same Store Core Operating Expenses growth of 8.6%.

*Same Store Core Revenues*

Same Store Core Revenues growth for Q4 2022 of 7.6% year over year was primarily driven by a 9.4% increase in Average Monthly Rent, and a 16.0% increase in other income, net of resident recoveries, offset by an 80 basis points year over year decline in Average Occupancy and a 100 basis points year over year increase in bad debt as a percentage of gross rental revenue. The year over year decline in Average Occupancy was largely attributable to higher vacancy due to increased

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

Q4 2022 Earnings Release and Supplemental Information — page 5

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

turnover. Bad debt remained a headwind in Q4 2022 due in part to an outsized impact in California and more specifically, Los Angeles County, where ordinances continue to restrict residential lease compliance options.

FY 2022 Same Store Core Revenues growth of 9.0% year over year was primarily driven by a 9.2% increase in average monthly rent, and a 22.9% increase in other income, net of resident recoveries, offset by a 50 basis points year over year decline in Average Occupancy and a 10 basis points year over year increase in bad debt as a percentage of gross rental revenue.

*Same Store Core Operating Expenses*

Same Store Core Operating Expenses for Q4 2022 increased 16.3% year over year, primarily driven by higher property tax expense as a result of an outsized catchup in Q4 2022 following an underaccrual in the first three quarters of 2022, higher turnover expense as a result of higher turnover, and inflationary pressures.

FY 2022 Same Store Core Operating Expenses increased 8.6% year over year, primarily driven by inflationary pressures.

**Investment Management Activity**

Acquisitions for Q4 2022 totaled 166 homes for $64 million through multiple acquisition channels. This included 150 wholly owned homes for $58 million in addition to 16 homes for $6 million in the Company's joint ventures.

Dispositions for Q4 2022 included 185 wholly owned homes for gross proceeds of $61 million and 14 homes for gross proceeds of $6 million in the Company's joint ventures.

In FY 2022, the Company acquired 2,502 homes for $1,084 million, including 1,423 wholly owned homes for $601 million and 1,079 homes for $483 million in the Company's joint ventures. The Company also sold 726 homes for $269 million, including 691 wholly owned homes for $253 million and 35 homes for $16 million in the Company's joint ventures.

**Balance Sheet and Capital Markets Activity**

As of December 31, 2022, the Company had $1,263 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of December 31, 2022 was $7,834 million, consisting of $5,775 million of unsecured debt and $2,059 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.7x at December 31, 2022, down from 6.2x as of December 31, 2021.

As previously announced in December 2022, the Company voluntarily prepaid without penalty the outstanding balance of its IH 2018-1 securitization, after drawing the remaining $575 million available under its seven-year unsecured delayed draw term loan that closed in June 2022. As of December 31, 2022, the Company's earliest debt maturity is now due in 2026, 83.1% of the Company's wholly owned properties were unencumbered, 73.7% of the Company's debt was unsecured, and 99.2% of the Company's debt remained at fixed or swapped to fixed rates.

**Dividend**

As previously announced on February 3, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share of common stock, representing an 18.2% increase over the prior quarterly dividend of $0.22 per share. The dividend will be paid on or before February 28, 2023, to stockholders of record as of the close of business on February 14, 2023.

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

Q4 2022 Earnings Release and Supplemental Information — page 6

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**FY 2023 Guidance Details**

The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense, or a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures because it is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, casualty loss, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on the Company's GAAP results for the guidance period.

---

| | | |
|:---|:---|:---|
| **FY 2023 Guidance** | **FY 2023 Guidance** | **FY 2023 Guidance** |
| | **FY 2023 Guidance** | **FY 2022 Actual** |
| Core FFO per share — diluted | $1.73 to $1.81 | $1.67 |
| AFFO per share — diluted | $1.43 to $1.51 | $1.41 |
| Same Store Core Revenues growth<sup>(1)</sup> | 5.25% to 6.25% | 9.0% |
| Same Store Core Operating Expenses growth<sup>(2)</sup> | 7.5% to 9.5% | 8.6% |
| Same Store NOI growth | 4.0% to 5.5% | 9.1% |
| Wholly owned acquisitions<sup>(3)</sup> | $250 million to $300 million | $601 million |
| JV acquisitions<sup>(3)</sup> | $100 million to $300 million | $483 million |
| Wholly owned dispositions | $250 million to $300 million | $253 million |

---

(1)Embedded within the assumptions for this guidance is slightly lower expected average occupancy versus 2022 due to anticipated higher turnover, as well as elevated bad debt of 25 to 75 basis points higher than 2022.

(2)Embedded within the assumptions for this guidance is an expected increase in property tax expense in a range of 6.5% to 7.5%, higher turnover operating and capital expense as a result of higher expected turnover in 2023, and expectations around continued inflationary pressures. Because real estate taxes were underaccrued in the first three quarters of 2022, the Company anticipates Same Store Core Operating Expenses growth in the mid-teens for first quarter 2023 followed by sequential improvement during the remainder of the year, resulting in the expected range for full year 2023 of 7.5% to 9.5%.

(3)Guidance assumes modest acquisition activity in 2023, with wholly owned acquisitions primarily sourced from the Company's builder partners. The Company intends to maintain an opportunistic approach to growth on balance sheet and in its joint ventures based on actual market conditions throughout the year.

---

| | |
|:---|:---|
| **Bridge from FY 2022 Results to FY 2023 Guidance Midpoint** | **Bridge from FY 2022 Results to FY 2023 Guidance Midpoint** |
| | **Core FFO/sh** |
| **FY 2022 reported result** | $**1.67** |
| **Impact from changes in:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Store NOI <sup>(1)</sup> | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store NOI | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joint Venture impact | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management and G&A expense<sup>(2)</sup> | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense<sup>(3)</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (0.01) |
| **Total change** | **0.10** |
| **FY 2023 guidance midpoint**  | $**1.77** |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Based on the 2023 Same Store pool, consisting of 77,290 homes as of January 2023.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Assumes higher property management and G&A expense primarily attributable to inflationary pressures, investments in technology, and additional activities in the Company's joint ventures.

(3)&nbsp;&nbsp;&nbsp;&nbsp;$0.02 increase in interest expense is due to approximately $0.01 each from higher interest costs as a result of 2022 refinancing activity, and lower capitalized interest due to lower anticipated acquisition volume.

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

Q4 2022 Earnings Release and Supplemental Information — page 7

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Earnings Conference Call Information**

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on February 16, 2023, to discuss results for the fourth quarter of 2022. The domestic dial-in number is 1-844-200-6205, and the international dial-in number is 1-929-526-1599. The access code is 890734. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through March 18, 2023, and can be accessed by calling 1-866-813-9403 (domestic) or 1-929-458-6194 (international) and using the replay access code 635351, or by using the link at www.invh.com.

**Supplemental Information**

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

**About Invitation Homes**

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

---

| | |
|:---|:---|
| **Investor Relations Contact** | **Media Relations Contact** |
| Scott McLaughlin | Kristi DesJarlais |
| 844.456.INVH (4684) | 972.421.3587 |
| 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 the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "guidance," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners' association and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and interest rates), uncertainty in financial markets, geopolitical tensions, natural disasters, climate change, and public health crises, including the ongoing COVID-19 pandemic, on the Company's financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. "Risk Factors" of the Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"), as such factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

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

Q4 2022 Earnings Release and Supplemental Information — page 8

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| | | |
|:---|:---|:---|
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| *($ in thousands, except shares and per share data)* |  |  |
|  | **December 31, 2022** | **December 31, 2021** |
|  | **(unaudited)** |  |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in single-family residential properties, net | $17030374 | $16935322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 262870 | 610166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 191057 | 208692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 258207 | 258207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated joint ventures | 280571 | 130395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | 513629 | 395064 |
| **Total assets** | $**18536708** | $**18537846** |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, net | $1645795 | $3055853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured term loan, net | 401530 | 401313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes, net | 2518185 | 1921974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loan facilities, net | 3203567 | 2478122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving facility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible senior notes, net |  | 141397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 198423 | 193633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resident security deposits | 175552 | 165167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 70025 | 341583 |
| **Total liabilities** | **8213077** | **8699042** |
| **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 December 31, 2022 and 2021 |  |  |
| &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, 611,411,382 and 601,045,438 outstanding as of December 31, 2022 and 2021, respectively | 6114 | 6010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 11138463 | 10873539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (951220) | (794869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 97985 | (286938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | **10291342** | **9797742** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 32289 | 41062 |
| **Total equity** | **10323631** | **9838804** |
| **Total liabilities and equity** | $**18536708** | $**18537846** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 9

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Consolidated Statements of Operations** | &nbsp;&nbsp;&nbsp;**Consolidated Statements of Operations** | &nbsp;&nbsp;&nbsp;**Consolidated Statements of Operations** | &nbsp;&nbsp;&nbsp;**Consolidated Statements of Operations** | &nbsp;&nbsp;&nbsp;**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)* | *($ in thousands, except shares and per share amounts)* | *($ in thousands, except shares and per share amounts)* |
|  | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** |  |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $524330 | $475436 | $2028931 | $1826768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other property income | 52180 | 43036 | 197710 | 164954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee revenues | 3326 | 1753 | 11480 | 4893 |
| **Total revenues** | **579836** | **520225** | **2238121** | **1996615** |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating and maintenance | 209615 | 177883 | 786351 | 706162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management expense | 22770 | 20173 | 87936 | 71597 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 16921 | 19668 | 74025 | 75815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 78409 | 79121 | 304092 | 322661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 163318 | 151660 | 638114 | 592135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment and other | 5823 | 3046 | 28697 | 8676 |
| **Total expenses**  | **496856** | **451551** | **1919215** | **1777046** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on investments in equity securities, net | 61 | (3597) | (3939) | (9420) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 344 | (2654) | (11261) | (5835) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property, net of tax | 21213 | 14558 | 90699 | 60008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses from investments in unconsolidated joint ventures | (3736) | (2110) | (9606) | (1546) |
| **Net income** | **100862** | **74871** | **384799** | **262776** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interests | (290) | (328) | (1470) | (1351) |
| **Net income attributable to common stockholders** | **100572** | **74543** | **383329** | **261425** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to participating securities | (146) | (67) | (661) | (327) |
| **Net income available to common stockholders — basic and diluted** | $**100426** | $**74476** | $**382668** | $**261098** |
| **Weighted average common shares outstanding — basic** | **611427853** | **598076066** | **609770610** | **577681070** |
| **Weighted average common shares outstanding — diluted** | **612206225** | **599827368** | **611112396** | **579209523** |
| **Net income per common share — basic** | $**0.16** | $**0.12** | $**0.63** | $**0.45** |
| **Net income per common share — diluted** | $**0.16** | $**0.12** | $**0.63** | $**0.45** |
| **Dividends declared per common share** | $**0.22** | $**0.17** | $**0.88** | $**0.68** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 10

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**Supplemental Schedule 1**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of FFO, Core FFO, and AFFO** | **Reconciliation of FFO, Core FFO, and AFFO** | **Reconciliation of FFO, Core FFO, and AFFO** | **Reconciliation of FFO, Core FFO, and AFFO** | **Reconciliation of FFO, Core FFO, and AFFO** |
| *($ in thousands, except shares and per share amounts) (unaudited)* | *($ in thousands, except shares and per share amounts) (unaudited)* | *($ in thousands, except shares and per share amounts) (unaudited)* | *($ in thousands, except shares and per share amounts) (unaudited)* | *($ in thousands, except shares and per share amounts) (unaudited)* |
| **FFO Reconciliation** | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| Net income available to common stockholders | $100426 | $74476 | $382668 | $261098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to participating securities | 146 | 67 | 661 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 290 | 328 | 1470 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization on real estate assets | 161029 | 149753 | 629301 | 585101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment on depreciated real estate investments | 72 |  | 310 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of previously depreciated investments in real estate | (21213) | (14558) | (90699) | (60008) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and net gain on sale of investments in unconsolidated joint ventures | 2051 | 315 | 4907 | 254 |
| **FFO** | $**242801** | $**210381** | $**928618** | $**788773** |
| **Core FFO Reconciliation** | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| FFO | $242801 | $210381 | $928618 | $788773 |
| &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> | 6819 | 8729 | 24326 | 34520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 6397 | 6098 | 28962 | 27170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal settlements<sup>(2)</sup> |  |  | 7400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance expense | 61 | 557 | 314 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casualty losses, net<sup>(1)(3)</sup> | 5849 | 3046 | 28485 | 8026 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses on investments in equity securities, net | (61) | 3597 | 3939 | 9420 |
| **Core FFO** | $**261866** | $**232408** | $**1022044** | $**868966** |
| **AFFO Reconciliation** | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| Core FFO | $261866 | $232408 | $1022044 | $868966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring capital expenditures<sup>(1)</sup> | (41090) | (33968) | (156147) | (123405) |
| **Adjusted FFO** | $**220776** | $**198440** | $**865897** | $**745561** |
| **Net income available to common stockholders** |  |  |  |  |
| Weighted average common shares outstanding — diluted | 612206225 | 599827368 | 611112396 | 579209523 |
| Net income per common share — diluted | $0.16 | $0.12 | $0.63 | $0.45 |
| **FFO** |  |  |  |  |
| Numerator for FFO per common share — diluted | $242801 | $212214 | $928618 | $803137 |
| Weighted average common shares and OP Units outstanding — diluted | 614172679 | 611140145 | 613669133 | 593735669 |
| FFO per share — diluted | $0.40 | $0.35 | $1.51 | $1.35 |
| **Core FFO and Adjusted FFO** |  |  |  |  |
| Weighted average common shares and OP Units outstanding — diluted | 614172679 | 602631795 | 613669133 | 582442466 |
| Core FFO per share — diluted | $0.43 | $0.39 | $1.67 | $1.49 |
| AFFO per share — diluted | $0.36 | $0.33 | $1.41 | $1.28 |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 11

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 **Supplemental Schedule 1 (Continued)**

(1)Includes the Company's share from unconsolidated joint ventures.

(2)Represents the estimated cost of a global settlement of a multistate putative class action regarding resident late fees. The settlement remains subject to court approval.

(3)Includes $5.0 million and $24.0 million of net estimated losses and damages related to Hurricanes Ian and Nicole for the fourth quarter and year ended December 31, 2022, respectively.

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

Q4 2022 Earnings Release and Supplemental Information — page 12

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**Supplemental Schedule 2(a)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Diluted Shares Outstanding** | **Diluted Shares Outstanding** | **Diluted Shares Outstanding** | **Diluted Shares Outstanding** | **Diluted Shares Outstanding** |
| *(unaudited)* |  |  |  |  |
| **Weighted Average Amounts for Net Income** | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| Common shares — basic | 611427853 | 598076066 | 609770610 | 577681070 |
| Shares potentially issuable from vesting/conversion of equity-based awards | 778372 | 1751302 | 1341786 | 1528453 |
| **Total common shares — diluted** | **612206225** | **599827368** | **611112396** | **579209523** |
| **Weighted average amounts for FFO** | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| Common shares — basic | 611427853 | 598076066 | 609770610 | 577681070 |
| OP units — basic | 1737395 | 2538285 | 2338999 | 2939381 |
| Shares potentially issuable from vesting/conversion of equity-based awards | 1007431 | 2017444 | 1559524 | 1822015 |
| Shares issuable from the 2022 Convertible Notes |  | 8508350 |  | 11293203 |
| **Total common shares and units — diluted** | **614172679** | **611140145** | **613669133** | **593735669** |
| **Weighted average amounts for Core and AFFO** | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| Common shares — basic | 611427853 | 598076066 | 609770610 | 577681070 |
| OP units — basic | 1737395 | 2538285 | 2338999 | 2939381 |
| Shares potentially issuable from vesting/conversion of equity-based awards | 1007431 | 2017444 | 1559524 | 1822015 |
| **Total common shares and units — diluted** | **614172679** | **602631795** | **613669133** | **582442466** |
| **Period end amounts for Core FFO and AFFO** | **December 31, 2022** |  |  |  |
| Common shares | 611411382 |  |  |  |
| OP units | 1737395 |  |  |  |
| Shares potentially issuable from vesting/conversion of equity-based awards | 1203488 |  |  |  |
| **Total common shares and units** — **diluted** | **614352265** |  |  |  |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 13

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**Supplemental Schedule 2(b)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Debt Structure and Leverage Ratios — As of December 31, 2022** | **Debt Structure and Leverage Ratios — As of December 31, 2022** | **Debt Structure and Leverage Ratios — As of December 31, 2022** | **Debt Structure and Leverage Ratios — As of December 31, 2022** | **Debt Structure and Leverage Ratios — As of December 31, 2022** |
| *($ 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> | $1397642 | 17.9% | 4.0% | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating — swapped to fixed | 661029 | 8.4% | 4.2% | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating |  | —% | —% |  |
| Total secured | 2058671 | 26.3% | 4.1% | 4.8 |
| **Unsecured:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed | 2550000 | 32.6% | 2.8% | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating — swapped to fixed | 3158971 | 40.3% | 4.0% | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating | 66029 | 0.8% | 5.7% | 6.5 |
| Total unsecured | 5775000 | 73.7% | 3.5% | 6.0 |
| **Total Debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed + floating swapped to fixed <sup>(3)</sup> | 7767642 | 99.2% | 3.6% | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating | 66029 | 0.8% | 5.7% | 6.5 |
| Total debt | 7833671 | 100.0% | 3.6% | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount/amortization on Note Payable | (13518) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs, net | (51076) |  |  |  |
| **Total debt per Balance Sheet** | **7769077** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained and repurchased certificates | (88564) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, ex-security deposits and letters of credit <sup>(4)</sup> | (275989) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs, net | 51076 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized discount on note payable | 13518 |  |  |  |
| **Net debt** | $**7469118** |  |  |  |
| **Leverage Ratios** | **December 31, 2022** |  |  |  |
| Net Debt / TTM Adjusted EBITDA*re* | 5.7 x |  |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Credit Ratings** | **Ratings** | **Outlook** | | | |
| Fitch Ratings, Inc. | BBB | Stable |  |  |  |
| Moody's Investor Services | Baa3 | Stable |  |  |  |
| Standard & Poor's Rating Services | BBB- | Stable |  |  |  |
| **Unsecured Facilities Covenant Compliance** <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 | 31.4% | ≤ 60% | Aggregate debt ratio | 35.6% | ≤ 65% |
| Secured leverage ratio | 8.7% | ≤ 45% | Secured debt ratio | 9.0% | ≤ 40% |
| Unencumbered leverage ratio | 27.7% | ≤ 60% | Unencumbered assets ratio | 318.0% | &nbsp;&nbsp;&nbsp;&nbsp;≥ 150% |
| Fixed charge coverage ratio | 4.5x | ≥ 1.5x | Debt service ratio | 4.6x | ≥ 1.5x |
| Unsecured interest coverage ratio | 6.0x | &nbsp;&nbsp;&nbsp;&nbsp;≥ 1.75x |  |  |  |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 14

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

(1)Includes the impact of interest rate swaps in place and effective as of December 31, 2022.

(2)Assumes all extension options are exercised.

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

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

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

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

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

Q4 2022 Earnings Release and Supplemental Information — page 15

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Supplemental Schedule 2(c)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Debt Maturity Schedule — As of December 31, 2022** | **Debt Maturity Schedule — As of December 31, 2022** | **Debt Maturity Schedule — As of December 31, 2022** | **Debt Maturity Schedule — As of December 31, 2022** | **Debt Maturity Schedule — As of December 31, 2022** | **Debt Maturity Schedule — As of December 31, 2022** |
| *($ in thousands) (unaudited)* |  |  |  |  |  |
|  |  |  | **Revolving** |  |  |
|  | **Secured** | **Unsecured** | **Credit** |  | **% of** |
| **Debt Maturities, with Extensions** <sup>(1)</sup> | **Debt** | **Debt** | **Facility** | **Balance** | **Total** |
| 2023 |  |  |  |  | —% |
| 2024 |  |  |  |  | —% |
| 2025 |  |  |  |  | —% |
| 2026 | 661029 | 2500000 |  | 3161029 | 40.3% |
| 2027 | 994279 |  |  | 994279 | 12.7% |
| 2028 |  | 750000 |  | 750000 | 9.6% |
| 2029 |  | 725000 |  | 725000 | 9.3% |
| 2030 |  |  |  |  | —% |
| 2031 | 403363 | 650000 |  | 1053363 | 13.4% |
| 2032 |  | 600000 |  | 600000 | 7.7% |
| 2033 |  |  |  |  | —% |
| 2034 |  | 400000 |  | 400000 | 5.1% |
| 2035 |  |  |  |  | —% |
| 2036 |  | 150000 |  | 150000 | 1.9% |
|  | 2058671 | 5775000 |  | 7833671 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized discount on note payable | (1584) | (11934) |  | (13518) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs, net | (9762) | (41314) |  | (51076) |  |
| **Total per Balance Sheet** | $**2047325** | $**5721752** | $**—** | $**7769077** |  |
|  | . |  |  |  |  |

---

(1)Assumes all extension options are exercised.

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

Q4 2022 Earnings Release and Supplemental Information — page 16

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Supplemental Schedule 3(a)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Summary of Operating Information by Home Portfolio** | **Summary of Operating Information by Home Portfolio** | **Summary of Operating Information by Home Portfolio** | **Summary of Operating Information by Home Portfolio** | **Summary of Operating Information by Home Portfolio** | **Summary of Operating Information by Home Portfolio** | **Summary of Operating Information by Home Portfolio** |
| *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* |
| **Number of Homes, period-end** | **Q4 2022** |  |  |  |  |  |
| Total Portfolio | 83113 |  |  |  |  |  |
| Same Store Portfolio | 74646 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Same Store % of Total* | *89.8 %* |  |  |  |  |  |
| **Core Revenues** | **Q4 2022** | **Q4 2021** | **Change YoY** | **FY 2022** | **FY 2021** | **Change YoY** |
| Total Portfolio | $543871 | $491505 | 10.7% | $2104586 | $1885967 | 11.6% |
| Same Store Portfolio | 491025 | 456510 | 7.6% | 1919210 | 1761511 | 9.0% |
| **Core Operating Expenses** | **Q4 2022** | **Q4 2021** | **Change YoY** | **FY 2022** | **FY 2021** | **Change YoY** |
| Total Portfolio | $176976 | $150916 | 17.3% | $664296 | $600407 | 10.6% |
| Same Store Portfolio | 162075 | 139325 | 16.3% | 607092 | 558809 | 8.6% |
| **Net Operating Income** | **Q4 2022** | **Q4 2021** | **Change YoY** | **FY 2022** | **FY 2021** | **Change YoY** |
| Total Portfolio | $366895 | $340589 | 7.7% | $1440290 | $1285560 | 12.0% |
| Same Store Portfolio | 328950 | 317185 | 3.7% | 1312118 | 1202702 | 9.1% |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 17

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Supplemental Schedule 3(b)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* | *($ in thousands) (unaudited)* |
|  |  |  | **Change** |  | **Change** |  |  | **Change** |
|  | **Q4 2022** | **Q4 2021** | **YoY** | **Q3 2022** | **Seq** | **FY 2022** | **FY 2021** | **YoY** |
| **Revenues:** |  |  |  |  |  |  |  |  |
| Rental revenues <sup>(1)</sup> | $474024 | $441853 | 7.3% | $467764 | 1.3% | $1852507 | $1707226 | 8.5% |
| Other property income, net <sup>(1)(2)(3)</sup> | 17001 | 14657 | 16.0% | 17073 | (0.4)% | 66703 | 54285 | 22.9% |
| **Core Revenues** | **491025** | **456510** | **7.6%** | **484837** | **1.3%** | **1919210** | **1761511** | **9.0%** |
| **Fixed Expenses:** |  |  |  |  |  |  |  |  |
| Property taxes<sup>(4)</sup> | 86884 | 73469 | 18.3% | 76640 | 13.4% | 315761 | 292921 | 7.8% |
| Insurance expenses | 8504 | 8349 | 1.9% | 8515 | (0.1)% | 34011 | 33102 | 2.7% |
| HOA expenses | 9371 | 8534 | 9.8% | 9639 | (2.8)% | 36355 | 34546 | 5.2% |
| **Controllable Expenses:** |  |  |  |  |  |  |  |  |
| Repairs and maintenance, net <sup>(5)(6)</sup> | 22843 | 19892 | 14.8% | 27349 | (16.5)% | 92775 | 79993 | 16.0% |
| Personnel, leasing and marketing | 19623 | 19225 | 2.1% | 19111 | 2.7% | 76007 | 74859 | 1.5% |
| Turnover, net <sup>(5)(6)</sup> | 10021 | 6508 | 54.0% | 9722 | 3.1% | 33779 | 30200 | 11.9% |
| Utilities and property administrative, net <sup>(5)(7)</sup> | 4829 | 3348 | 44.2% | 5998 | (19.5)% | 18404 | 13188 | 39.6% |
| **Core Operating Expenses** | **162075** | **139325** | **16.3%** | **156974** | **3.2%** | **607092** | **558809** | **8.6%** |
| **Net Operating Income** | $**328950** | $**317185** | **3.7%** | $**327863** | **0.3%** | $**1312118** | $**1202702** | **9.1%** |

---

(1)All rental revenues and other property income are reflected net of bad debt. Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, under the rationale that a resident's security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident's security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. Bad debt as a percentage of gross rental revenue in Q4 2022 increased by 100 basis points from Q4 2021.

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

(3)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $29,554, $25,133, $28,599, $111,815, and $99,107 for Q4 2022, Q4 2021, Q3 2022, FY 2022, and FY 2021, respectively.

(4)For Q4 2022, the year over year increase to property taxes expense was primarily attributable to the underaccrual of property taxes during the first three quarters of 2022, followed by an outsized catch-up during 4Q 2022 as a result of unexpectedly high tax bills, primarily on the Company's homes in Florida and Georgia.

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

(6)For Q4 2022, the year over year increase to turnover expense, net, was primarily attributable to the increase in turnover; for FY 2022, the year over year increase was primarily attributable to inflationary pressures.

(7)For Q4 2022 and FY 2022, the year over year increase to utilities and property administrative expense, net, was primarily attributable to higher lease compliance costs.

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

Q4 2022 Earnings Release and Supplemental Information — page 18

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Supplemental Schedule 3(c)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)* |
|  | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** |
| Average Occupancy | 97.3% | 97.5% | 98.0% | 98.2% | 98.1% |
| Turnover Rate | 5.3% | 6.2% | 5.8% | 4.6% | 4.7% |
| Trailing four quarters Turnover Rate | 21.9% | 21.3% | 21.3% | 22.3% | 23.1% |
| Average Monthly Rent | $2224 | $2181 | $2124 | $2074 | $2033 |
| Rental Rate Growth (lease-over-lease): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewals | 9.9% | 10.2% | 10.2% | 9.6% | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | 7.4% | 15.6% | 16.7% | 14.9% | 17.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended | 9.1% | 11.5% | 11.7% | 10.9% | 11.1% |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 19

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Supplemental Schedule 4**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2022** <sup>(1)</sup> | **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2022** <sup>(1)</sup> | **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2022** <sup>(1)</sup> | **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2022** <sup>(1)</sup> | **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2022** <sup>(1)</sup> | **Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2022** <sup>(1)</sup> |
| *(unaudited)* |  |  |  |  |  |
|  | **Number of Homes** | **Average Occupancy** | **Average Monthly Rent** | **Average Monthly Rent PSF** | **Percent of Revenue** |
| **Western United States:** |  |  |  |  |  |
| Southern California | 7776 | 97.5% | $2873 | $1.69 | 11.5% |
| Northern California | 4440 | 96.6% | 2577 | 1.64 | 6.1% |
| Seattle | 4084 | 93.0% | 2703 | 1.41 | 5.8% |
| Phoenix | 8914 | 95.9% | 1915 | 1.14 | 9.5% |
| Las Vegas | 3180 | 95.5% | 2117 | 1.07 | 3.5% |
| Denver | 2670 | 91.9% | 2422 | 1.32 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 31064 | 95.7% | 2418 | 1.39 | 39.9% |
| **Florida:** |  |  |  |  |  |
| South Florida | 8402 | 96.6% | 2734 | 1.46 | 12.4% |
| Tampa | 8637 | 96.5% | 2123 | 1.13 | 10.1% |
| Orlando | 6457 | 97.5% | 2070 | 1.11 | 7.4% |
| Jacksonville | 1928 | 97.4% | 2060 | 1.04 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 25424 | 96.9% | 2306 | 1.23 | 32.1% |
| **Southeast United States:** |  |  |  |  |  |
| Atlanta | 12657 | 96.4% | 1875 | 0.91 | 12.8% |
| Carolinas | 5359 | 96.6% | 1910 | 0.90 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 18016 | 96.5% | 1885 | 0.91 | 18.3% |
| **Texas:** |  |  |  |  |  |
| Houston | 2104 | 95.9% | 1778 | 0.92 | 2.0% |
| Dallas | 2869 | 94.7% | 2106 | 1.02 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 4973 | 95.2% | 1966 | 0.98 | 5.3% |
| **Midwest United States:** |  |  |  |  |  |
| Chicago | 2527 | 96.8% | 2219 | 1.38 | 3.0% |
| Minneapolis | 1109 | 94.3% | 2192 | 1.12 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 3636 | 96.0% | 2211 | 1.29 | 4.4% |
| **Total / Average** | **83113** | **96.2%** | $**2232** | $**1.19** | **100.0%** |
| **Same Store Total / Average** | **74646** | **97.3%** | $**2224** | $**1.19** | **90.3%** |

---

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

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

Q4 2022 Earnings Release and Supplemental Information — page 20

------

![logo_horizontala14a.jpg](logo_horizontala14a.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, Q4 2022** | **Number of Homes** | **Q4 2022** | **Q4 2021** | **Change** | **Q4 2022** | **Q4 2021** | **Change** | **Q4 2022** | **Q4 2021** | **Change** |
| **Western United States:** |  |  |  |  |  |  |  |  |  |  |
| Southern California | 7503 | $2872 | $2702 | 6.3% | 98.0% | 98.8% | (0.8)% | $61106 | $59744 | 2.3% |
| Northern California | 3867 | 2540 | 2377 | 6.9% | 97.8% | 98.5% | (0.7)% | 28415 | 27192 | 4.5% |
| Seattle | 3499 | 2681 | 2458 | 9.1% | 96.7% | 97.1% | (0.4)% | 27417 | 25251 | 8.6% |
| Phoenix | 7615 | 1871 | 1672 | 11.9% | 97.0% | 98.3% | (1.3)% | 43488 | 38604 | 12.7% |
| Las Vegas | 2684 | 2110 | 1907 | 10.6% | 96.3% | 98.3% | (2.0)% | 16094 | 15292 | 5.2% |
| Denver | 1960 | 2398 | 2264 | 5.9% | 96.0% | 97.8% | (1.8)% | 14155 | 13413 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 27128 | 2411 | 2225 | 8.4% | 97.2% | 98.3% | (1.1)% | 190675 | 179496 | 6.2% |
| **Florida:** |  |  |  |  |  |  |  |  |  |  |
| South Florida | 7770 | 2751 | 2431 | 13.2% | 97.5% | 98.5% | (1.0)% | 64076 | 57389 | 11.7% |
| Tampa | 7773 | 2095 | 1873 | 11.9% | 97.4% | 98.2% | (0.8)% | 49208 | 44386 | 10.9% |
| Orlando | 5888 | 2049 | 1862 | 10.0% | 98.2% | 98.1% | 0.1% | 36887 | 33696 | 9.5% |
| Jacksonville | 1838 | 2043 | 1866 | 9.5% | 97.6% | 97.6% | —% | 11289 | 10375 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 23269 | 2298 | 2057 | 11.7% | 97.7% | 98.2% | (0.5)% | 161460 | 145846 | 10.7% |
| **Southeast United States:** |  |  |  |  |  |  |  |  |  |  |
| Atlanta | 11904 | 1871 | 1709 | 9.5% | 96.8% | 97.9% | (1.1)% | 65301 | 61332 | 6.5% |
| Carolinas | 4631 | 1896 | 1762 | 7.6% | 97.6% | 98.1% | (0.5)% | 26256 | 24504 | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 16535 | 1878 | 1724 | 8.9% | 97.0% | 98.0% | (1.0)% | 91557 | 85836 | 6.7% |
| **Texas** |  |  |  |  |  |  |  |  |  |  |
| Houston | 1889 | 1776 | 1672 | 6.2% | 97.0% | 97.6% | (0.6)% | 10054 | 9626 | 4.4% |
| Dallas | 2213 | 2123 | 1958 | 8.4% | 96.7% | 96.8% | (0.1)% | 14034 | 13099 | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 4102 | 1963 | 1826 | 7.5% | 96.8% | 97.2% | (0.4)% | 24088 | 22725 | 6.0% |
| **Midwest United States:** |  |  |  |  |  |  |  |  |  |  |
| Chicago | 2512 | 2221 | 2098 | 5.9% | 97.4% | 98.4% | (1.0)% | 16253 | 15679 | 3.7% |
| Minneapolis | 1100 | 2192 | 2065 | 6.2% | 95.2% | 96.6% | (1.4)% | 6992 | 6928 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 3612 | 2212 | 2088 | 5.9% | 96.8% | 97.9% | (1.1)% | 23245 | 22607 | 2.8% |
| **Total / Average** | **74646** | $**2224** | $**2033** | **9.4%** | **97.3%** | **98.1%** | **(0.8)%** | $**491025** | $**456510** | **7.6%** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 21

------

![logo_horizontala14a.jpg](logo_horizontala14a.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, Q4 2022** | **Number of Homes** | **Q4 2022** | **Q3 2022** | **Change** | **Q4 2022** | **Q3 2022** | **Change** | **Q4 2022** | **Q3 2022** | **Change** |
| **Western United States:** |  |  |  |  |  |  |  |  |  |  |
| Southern California | 7503 | $2872 | $2839 | 1.2% | 98.0% | 98.2% | (0.2)% | $61106 | $61607 | (0.8)% |
| Northern California | 3867 | 2540 | 2520 | 0.8% | 97.8% | 97.8% | —% | 28415 | 28841 | (1.5)% |
| Seattle | 3499 | 2681 | 2632 | 1.9% | 96.7% | 97.5% | (0.8)% | 27417 | 27044 | 1.4% |
| Phoenix | 7615 | 1871 | 1826 | 2.5% | 97.0% | 97.2% | (0.2)% | 43488 | 42431 | 2.5% |
| Las Vegas | 2684 | 2110 | 2065 | 2.2% | 96.3% | 97.2% | (0.9)% | 16094 | 16367 | (1.7)% |
| Denver | 1960 | 2398 | 2374 | 1.0% | 96.0% | 97.1% | (1.1)% | 14155 | 14010 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 27128 | 2411 | 2374 | 1.6% | 97.2% | 97.6% | (0.4)% | 190675 | 190300 | 0.2% |
| **Florida:** |  |  |  |  |  |  |  |  |  |  |
| South Florida | 7770 | 2751 | 2668 | 3.1% | 97.5% | 97.6% | (0.1)% | 64076 | 62072 | 3.2% |
| Tampa | 7773 | 2095 | 2043 | 2.5% | 97.4% | 97.5% | (0.1)% | 49208 | 48058 | 2.4% |
| Orlando | 5888 | 2049 | 2010 | 1.9% | 98.2% | 97.5% | 0.7% | 36887 | 35995 | 2.5% |
| Jacksonville | 1838 | 2043 | 2006 | 1.8% | 97.6% | 97.4% | 0.2% | 11289 | 11189 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 23269 | 2298 | 2240 | 2.6% | 97.7% | 97.5% | 0.2% | 161460 | 157314 | 2.6% |
| **Southeast United States:** |  |  |  |  |  |  |  |  |  |  |
| Atlanta | 11904 | 1871 | 1831 | 2.2% | 96.8% | 97.3% | (0.5)% | 65301 | 64421 | 1.4% |
| Carolinas | 4631 | 1896 | 1864 | 1.7% | 97.6% | 97.8% | (0.2)% | 26256 | 25951 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 16535 | 1878 | 1840 | 2.1% | 97.0% | 97.4% | (0.4)% | 91557 | 90372 | 1.3% |
| **Texas** |  |  |  |  |  |  |  |  |  |  |
| Houston | 1889 | 1776 | 1755 | 1.2% | 97.0% | 97.1% | (0.1)% | 10054 | 10012 | 0.4% |
| Dallas | 2213 | 2123 | 2086 | 1.8% | 96.7% | 97.3% | (0.6)% | 14034 | 13856 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 4102 | 1963 | 1934 | 1.5% | 96.8% | 97.2% | (0.4)% | 24088 | 23868 | 0.9% |
| **Midwest United States:** |  |  |  |  |  |  |  |  |  |  |
| Chicago | 2512 | 2221 | 2198 | 1.0% | 97.4% | 97.5% | (0.1)% | 16253 | 16001 | 1.6% |
| Minneapolis | 1100 | 2192 | 2170 | 1.0% | 95.2% | 96.1% | (0.9)% | 6992 | 6982 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 3612 | 2212 | 2190 | 1.0% | 96.8% | 97.1% | (0.3)% | 23245 | 22983 | 1.1% |
| **Total / Average** | **74646** | $**2224** | $**2181** | **2.0%** | **97.3%** | **97.5%** | **(0.2)%** | $**491025** | $**484837** | **1.3%** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 22

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Same Store Core Revenues Growth Summary — FY** | **Same Store Core Revenues Growth Summary — FY** | **Same Store Core Revenues Growth Summary — FY** | **Same Store Core Revenues Growth Summary — FY** | **Same Store Core Revenues Growth Summary — FY** | **Same Store Core Revenues Growth Summary — FY** | **Same Store Core Revenues Growth Summary — FY** | **Same Store Core Revenues Growth Summary — FY** | **Same Store Core Revenues Growth Summary — FY** | **Same Store Core Revenues Growth Summary — FY** | **Same Store Core Revenues Growth Summary — FY** |
| *($ 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, FY 2022** | **Number of Homes** | **FY 2022** | **FY 2021** | **Change** | **FY 2022** | **FY 2021** | **Change** | **FY 2022** | **FY 2021** | **Change** |
| **Western United States:** |  |  |  |  |  |  |  |  |  |  |
| Southern California | 7503 | $2809 | $2645 | 6.2% | 98.3% | 98.8% | (0.5)% | $243222 | $228054 | 6.7% |
| Northern California | 3867 | 2482 | 2308 | 7.5% | 98.1% | 98.8% | (0.7)% | 113077 | 104890 | 7.8% |
| Seattle | 3499 | 2604 | 2374 | 9.7% | 97.7% | 98.1% | (0.4)% | 108049 | 97031 | 11.4% |
| Phoenix | 7615 | 1796 | 1600 | 12.3% | 97.6% | 98.5% | (0.9)% | 167607 | 149107 | 12.4% |
| Las Vegas | 2684 | 2034 | 1824 | 11.5% | 97.4% | 98.4% | (1.0)% | 64513 | 58758 | 9.8% |
| Denver | 1960 | 2347 | 2204 | 6.5% | 97.2% | 97.6% | (0.4)% | 55613 | 52481 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 27128 | 2343 | 2156 | 8.7% | 97.8% | 98.5% | (0.7)% | 752081 | 690321 | 8.9% |
| **Florida:** |  |  |  |  |  |  |  |  |  |  |
| South Florida | 7770 | 2620 | 2346 | 11.7% | 98.1% | 98.1% | —% | 245467 | 220203 | 11.5% |
| Tampa | 7773 | 2007 | 1807 | 11.1% | 97.8% | 98.2% | (0.4)% | 189888 | 171790 | 10.5% |
| Orlando | 5888 | 1976 | 1807 | 9.4% | 98.0% | 98.0% | —% | 142236 | 130449 | 9.0% |
| Jacksonville | 1838 | 1976 | 1811 | 9.1% | 97.6% | 98.4% | (0.8)% | 44084 | 40819 | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 23269 | 2202 | 1987 | 10.8% | 97.9% | 98.1% | (0.2)% | 621675 | 563261 | 10.4% |
| **Southeast United States:** |  |  |  |  |  |  |  |  |  |  |
| Atlanta | 11904 | 1809 | 1651 | 9.6% | 97.4% | 98.1% | (0.7)% | 256294 | 236445 | 8.4% |
| Carolinas | 4631 | 1844 | 1709 | 7.9% | 97.8% | 98.2% | (0.4)% | 103299 | 95767 | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 16535 | 1819 | 1667 | 9.1% | 97.5% | 98.1% | (0.6)% | 359593 | 332212 | 8.2% |
| **Texas** |  |  |  |  |  |  |  |  |  |  |
| Houston | 1889 | 1737 | 1636 | 6.2% | 97.3% | 97.7% | (0.4)% | 39664 | 37456 | 5.9% |
| Dallas | 2213 | 2060 | 1913 | 7.7% | 97.1% | 97.7% | (0.6)% | 54724 | 50847 | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 4102 | 1911 | 1785 | 7.1% | 97.2% | 97.7% | (0.5)% | 94388 | 88303 | 6.9% |
| **Midwest United States:** |  |  |  |  |  |  |  |  |  |  |
| Chicago | 2512 | 2174 | 2056 | 5.7% | 97.9% | 98.5% | (0.6)% | 63704 | 61063 | 4.3% |
| Minneapolis | 1100 | 2144 | 2017 | 6.3% | 96.4% | 97.2% | (0.8)% | 27769 | 26351 | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 3612 | 2165 | 2044 | 5.9% | 97.4% | 98.1% | (0.7)% | 91473 | 87414 | 4.6% |
| **Total / Average** | **74646** | $**2151** | $**1970** | **9.2%** | **97.7%** | **98.2%** | **(0.5)%** | $**1919210** | $**1761511** | **9.0%** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 23

------

![logo_horizontala14a.jpg](logo_horizontala14a.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, Q4 2022** | **Q4 2022** | **Q4 2021** | **Change** | **Q4 2022** | **Q4 2021** | **Change** | **Q4 2022** | **Q4 2021** | **Change** | **Q4 2022** | **Q4 2021** |
| **Western United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Southern California | $61106 | $59744 | 2.3% | $15122 | $17124 | (11.7)% | $45984 | $42620 | 7.9% | 75.3% | 71.3% |
| Northern California | 28415 | 27192 | 4.5% | 6446 | 7178 | (10.2)% | 21969 | 20014 | 9.8% | 77.3% | 73.6% |
| Seattle | 27417 | 25251 | 8.6% | 7286 | 6979 | 4.4% | 20131 | 18272 | 10.2% | 73.4% | 72.4% |
| Phoenix | 43488 | 38604 | 12.7% | 8942 | 7689 | 16.3% | 34546 | 30915 | 11.7% | 79.4% | 80.1% |
| Las Vegas | 16094 | 15292 | 5.2% | 3906 | 3141 | 24.4% | 12188 | 12151 | 0.3% | 75.7% | 79.5% |
| Denver | 14155 | 13413 | 5.5% | 2806 | 2479 | 13.2% | 11349 | 10934 | 3.8% | 80.2% | 81.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 190675 | 179496 | 6.2% | 44508 | 44590 | (0.2)% | 146167 | 134906 | 8.3% | 76.7% | 75.2% |
| **Florida:** |  |  |  |  |  |  |  |  |  |  |  |
| South Florida | 64076 | 57389 | 11.7% | 26406 | 22036 | 19.8% | 37670 | 35353 | 6.6% | 58.8% | 61.6% |
| Tampa | 49208 | 44386 | 10.9% | 19525 | 16553 | 18.0% | 29683 | 27833 | 6.6% | 60.3% | 62.7% |
| Orlando | 36887 | 33696 | 9.5% | 12721 | 10944 | 16.2% | 24166 | 22752 | 6.2% | 65.5% | 67.5% |
| Jacksonville | 11289 | 10375 | 8.8% | 4129 | 3511 | 17.6% | 7160 | 6864 | 4.3% | 63.4% | 66.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 161460 | 145846 | 10.7% | 62781 | 53044 | 18.4% | 98679 | 92802 | 6.3% | 61.1% | 63.6% |
| **Southeast United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Atlanta | 65301 | 61332 | 6.5% | 25565 | 17595 | 45.3% | 39736 | 43737 | (9.1)% | 60.9% | 71.3% |
| Carolinas | 26256 | 24504 | 7.1% | 6884 | 6402 | 7.5% | 19372 | 18102 | 7.0% | 73.8% | 73.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 91557 | 85836 | 6.7% | 32449 | 23997 | 35.2% | 59108 | 61839 | (4.4)% | 64.6% | 72.0% |
| **Texas** |  |  |  |  |  |  |  |  |  |  |  |
| Houston | 10054 | 9626 | 4.4% | 5755 | 4501 | 27.9% | 4299 | 5125 | (16.1)% | 42.8% | 53.2% |
| Dallas | 14034 | 13099 | 7.1% | 6942 | 4907 | 41.5% | 7092 | 8192 | (13.4)% | 50.5% | 62.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 24088 | 22725 | 6.0% | 12697 | 9408 | 35.0% | 11391 | 13317 | (14.5)% | 47.3% | 58.6% |
| **Midwest United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Chicago | 16253 | 15679 | 3.7% | 7067 | 6121 | 15.5% | 9186 | 9558 | (3.9)% | 56.5% | 61.0% |
| Minneapolis | 6992 | 6928 | 0.9% | 2573 | 2165 | 18.8% | 4419 | 4763 | (7.2)% | 63.2% | 68.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 23245 | 22607 | 2.8% | 9640 | 8286 | 16.3% | 13605 | 14321 | (5.0)% | 58.5% | 63.3% |
| **Same Store Total / Average** | $**491025** | $**456510** | **7.6%** | $**162075** | $**139325** | **16.3%** | $**328950** | $**317185** | **3.7%** | **67.0%** | **69.5%** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 24

------

![logo_horizontala14a.jpg](logo_horizontala14a.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, Q4 2022** | **Q4 2022** | **Q3 2022** | **Change** | **Q4 2022** | **Q3 2022** | **Change** | **Q4 2022** | **Q3 2022** | **Change** | **Q4 2022** | **Q3 2022** |
| **Western United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Southern California | $61106 | $61607 | (0.8)% | $15122 | $18366 | (17.7)% | $45984 | $43241 | 6.3% | 75.3% | 70.2% |
| Northern California | 28415 | 28841 | (1.5)% | 6446 | 8025 | (19.7)% | 21969 | 20816 | 5.5% | 77.3% | 72.2% |
| Seattle | 27417 | 27044 | 1.4% | 7286 | 7129 | 2.2% | 20131 | 19915 | 1.1% | 73.4% | 73.6% |
| Phoenix | 43488 | 42431 | 2.5% | 8942 | 10068 | (11.2)% | 34546 | 32363 | 6.7% | 79.4% | 76.3% |
| Las Vegas | 16094 | 16367 | (1.7)% | 3906 | 3988 | (2.1)% | 12188 | 12379 | (1.5)% | 75.7% | 75.6% |
| Denver | 14155 | 14010 | 1.0% | 2806 | 2938 | (4.5)% | 11349 | 11072 | 2.5% | 80.2% | 79.0% |
| &nbsp;&nbsp;&nbsp;Western US Subtotal | 190675 | 190300 | 0.2% | 44508 | 50514 | (11.9)% | 146167 | 139786 | 4.6% | 76.7% | 73.5% |
| **Florida:** |  |  |  |  |  |  |  |  |  |  |  |
| South Florida | 64076 | 62072 | 3.2% | 26406 | 23912 | 10.4% | 37670 | 38160 | (1.3)% | 58.8% | 61.5% |
| Tampa | 49208 | 48058 | 2.4% | 19525 | 18474 | 5.7% | 29683 | 29584 | 0.3% | 60.3% | 61.6% |
| Orlando | 36887 | 35995 | 2.5% | 12721 | 12363 | 2.9% | 24166 | 23632 | 2.3% | 65.5% | 65.7% |
| Jacksonville | 11289 | 11189 | 0.9% | 4129 | 3767 | 9.6% | 7160 | 7422 | (3.5)% | 63.4% | 66.3% |
| &nbsp;&nbsp;&nbsp;Florida Subtotal | 161460 | 157314 | 2.6% | 62781 | 58516 | 7.3% | 98679 | 98798 | (0.1)% | 61.1% | 62.8% |
| **Southeast United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Atlanta | 65301 | 64421 | 1.4% | 25565 | 20019 | 27.7% | 39736 | 44402 | (10.5)% | 60.9% | 68.9% |
| Carolinas | 26256 | 25951 | 1.2% | 6884 | 7543 | (8.7)% | 19372 | 18408 | 5.2% | 73.8% | 70.9% |
| &nbsp;&nbsp;&nbsp;Southeast US Subtotal | 91557 | 90372 | 1.3% | 32449 | 27562 | 17.7% | 59108 | 62810 | (5.9)% | 64.6% | 69.5% |
| **Texas** |  |  |  |  |  |  |  |  |  |  |  |
| Houston | 10054 | 10012 | 0.4% | 5755 | 4772 | 20.6% | 4299 | 5240 | (18.0)% | 42.8% | 52.3% |
| Dallas | 14034 | 13856 | 1.3% | 6942 | 5591 | 24.2% | 7092 | 8265 | (14.2)% | 50.5% | 59.6% |
| &nbsp;&nbsp;&nbsp;Texas Subtotal | 24088 | 23868 | 0.9% | 12697 | 10363 | 22.5% | 11391 | 13505 | (15.7)% | 47.3% | 56.6% |
| **Midwest United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Chicago | 16253 | 16001 | 1.6% | 7067 | 7467 | (5.4)% | 9186 | 8534 | 7.6% | 56.5% | 53.3% |
| Minneapolis | 6992 | 6982 | 0.1% | 2573 | 2552 | 0.8% | 4419 | 4430 | (0.2)% | 63.2% | 63.4% |
| &nbsp;&nbsp;&nbsp;Midwest US Subtotal | 23245 | 22983 | 1.1% | 9640 | 10019 | (3.8)% | 13605 | 12964 | 4.9% | 58.5% | 56.4% |
| **Same Store Total / Average** | $**491025** | $**484837** | **1.3%** | $**162075** | $**156974** | **3.2%** | $**328950** | $**327863** | **0.3%** | **67.0%** | **67.6%** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 25

------

![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Same Store NOI Growth and Margin Summary — FY** | **Same Store NOI Growth and Margin Summary — FY** | **Same Store NOI Growth and Margin Summary — FY** | **Same Store NOI Growth and Margin Summary — FY** | **Same Store NOI Growth and Margin Summary — FY** | **Same Store NOI Growth and Margin Summary — FY** | **Same Store NOI Growth and Margin Summary — FY** | **Same Store NOI Growth and Margin Summary — FY** | **Same Store NOI Growth and Margin Summary — FY** | **Same Store NOI Growth and Margin Summary — FY** | | |
| *($ 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, FY 2022** | **FY 2022** | **FY 2021** | **Change** | **FY 2022** | **FY 2021** | **Change** | **FY 2022** | **FY 2021** | **Change** | **FY 2022** | **FY 2021** |
| **Western United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Southern California | $243222 | $228054 | 6.7% | $67294 | $67622 | (0.5)% | $175928 | $160432 | 9.7% | 72.3% | 70.3% |
| Northern California | 113077 | 104890 | 7.8% | 29306 | 28557 | 2.6% | 83771 | 76333 | 9.7% | 74.1% | 72.8% |
| Seattle | 108049 | 97031 | 11.4% | 28632 | 26573 | 7.7% | 79417 | 70458 | 12.7% | 73.5% | 72.6% |
| Phoenix | 167607 | 149107 | 12.4% | 35411 | 32199 | 10.0% | 132196 | 116908 | 13.1% | 78.9% | 78.4% |
| Las Vegas | 64513 | 58758 | 9.8% | 14477 | 13126 | 10.3% | 50036 | 45632 | 9.7% | 77.6% | 77.7% |
| Denver | 55613 | 52481 | 6.0% | 10797 | 10651 | 1.4% | 44816 | 41830 | 7.1% | 80.6% | 79.7% |
| &nbsp;&nbsp;&nbsp;Western US Subtotal | 752081 | 690321 | 8.9% | 185917 | 178728 | 4.0% | 566164 | 511593 | 10.7% | 75.3% | 74.1% |
| **Florida:** |  |  |  |  |  |  |  |  |  |  |  |
| South Florida | 245467 | 220203 | 11.5% | 95215 | 88436 | 7.7% | 150252 | 131767 | 14.0% | 61.2% | 59.8% |
| Tampa | 189888 | 171790 | 10.5% | 71131 | 64895 | 9.6% | 118757 | 106895 | 11.1% | 62.5% | 62.2% |
| Orlando | 142236 | 130449 | 9.0% | 48326 | 44287 | 9.1% | 93910 | 86162 | 9.0% | 66.0% | 66.1% |
| Jacksonville | 44084 | 40819 | 8.0% | 15047 | 13931 | 8.0% | 29037 | 26888 | 8.0% | 65.9% | 65.9% |
| &nbsp;&nbsp;&nbsp;Florida Subtotal | 621675 | 563261 | 10.4% | 229719 | 211549 | 8.6% | 391956 | 351712 | 11.4% | 63.0% | 62.4% |
| **Southeast United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Atlanta | 256294 | 236445 | 8.4% | 82655 | 71477 | 15.6% | 173639 | 164968 | 5.3% | 67.7% | 69.8% |
| Carolinas | 103299 | 95767 | 7.9% | 28015 | 25789 | 8.6% | 75284 | 69978 | 7.6% | 72.9% | 73.1% |
| &nbsp;&nbsp;&nbsp;Southeast US Subtotal | 359593 | 332212 | 8.2% | 110670 | 97266 | 13.8% | 248923 | 234946 | 5.9% | 69.2% | 70.7% |
| **Texas** |  |  |  |  |  |  |  |  |  |  |  |
| Houston | 39664 | 37456 | 5.9% | 19632 | 17388 | 12.9% | 20032 | 20068 | (0.2)% | 50.5% | 53.6% |
| Dallas | 54724 | 50847 | 7.6% | 22995 | 19681 | 16.8% | 31729 | 31166 | 1.8% | 58.0% | 61.3% |
| &nbsp;&nbsp;&nbsp;Texas Subtotal | 94388 | 88303 | 6.9% | 42627 | 37069 | 15.0% | 51761 | 51234 | 1.0% | 54.8% | 58.0% |
| **Midwest United States:** |  |  |  |  |  |  |  |  |  |  |  |
| Chicago | 63704 | 61063 | 4.3% | 28557 | 25706 | 11.1% | 35147 | 35357 | (0.6)% | 55.2% | 57.9% |
| Minneapolis | 27769 | 26351 | 5.4% | 9602 | 8491 | 13.1% | 18167 | 17860 | 1.7% | 65.4% | 67.8% |
| &nbsp;&nbsp;&nbsp;Midwest US Subtotal | 91473 | 87414 | 4.6% | 38159 | 34197 | 11.6% | 53314 | 53217 | 0.2% | 58.3% | 60.9% |
| **Same Store Total / Average** | $**1919210** | $**1761511** | **9.0%** | $**607092** | $**558809** | **8.6%** | $**1312118** | $**1202702** | **9.1%** | **68.4%** | **68.3%** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 26

------

![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**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** | **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)* | *(unaudited)* | *(unaudited)* | *(unaudited)* |
|  | **Rental Rate Growth** | **Rental Rate Growth** | **Rental Rate Growth** | **Rental Rate Growth** | **Rental Rate Growth** | **Rental Rate Growth** |
|  | **Q4 2022** | **Q4 2022** | **Q4 2022** | **FY 2022** | **FY 2022** | **FY 2022** |
|  | **Renewal** | **New** | **Blended** | **Renewal** | **New** | **Blended** |
|  | **Leases** | **Leases** | **Average** | **Leases** | **Leases** | **Average** |
| **Western United States:** |  |  |  |  |  |  |
| Southern California | 6.9% | 8.7% | 7.4% | 7.1% | 13.4% | 8.5% |
| Northern California | 7.5% | 5.9% | 7.0% | 8.0% | 11.1% | 8.7% |
| Seattle | 9.7% | 5.6% | 8.5% | 9.9% | 10.6% | 10.1% |
| Phoenix | 11.4% | 6.4% | 9.8% | 12.5% | 16.2% | 13.5% |
| Las Vegas | 9.9% | 2.4% | 7.3% | 11.5% | 13.3% | 12.0% |
| Denver | 7.6% | 1.6% | 5.2% | 6.8% | 7.6% | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 8.8% | 5.9% | 7.9% | 9.3% | 12.7% | 10.1% |
| **Florida:** |  |  |  |  |  |  |
| South Florida | 13.7% | 10.6% | 12.8% | 13.7% | 17.9% | 14.6% |
| Tampa | 11.5% | 10.8% | 11.2% | 11.8% | 17.4% | 13.4% |
| Orlando | 10.2% | 8.1% | 9.5% | 8.9% | 16.7% | 11.1% |
| Jacksonville | 9.8% | 3.6% | 7.5% | 9.1% | 11.8% | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 12.1% | 9.5% | 11.3% | 11.8% | 16.9% | 13.1% |
| **Southeast United States:** |  |  |  |  |  |  |
| Atlanta | 9.7% | 9.0% | 9.5% | 9.9% | 13.9% | 10.9% |
| Carolinas | 8.5% | 7.2% | 8.1% | 8.6% | 9.0% | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 9.4% | 8.5% | 9.1% | 9.6% | 12.3% | 10.3% |
| **Texas** |  |  |  |  |  |  |
| Houston | 6.8% | 2.4% | 5.6% | 7.0% | 6.5% | 6.9% |
| Dallas | 8.9% | 6.1% | 7.7% | 8.9% | 9.8% | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Subtotal | 7.9% | 4.8% | 6.8% | 8.1% | 8.6% | 8.2% |
| **Midwest United States:** |  |  |  |  |  |  |
| Chicago | 6.9% | 4.8% | 6.1% | 7.1% | 7.7% | 7.3% |
| Minneapolis | 7.6% | (0.7)% | 4.0% | 8.1% | 4.4% | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 7.2% | 2.6% | 5.4% | 7.4% | 6.5% | 7.1% |
| **Total / Average** | **9.9%** | **7.4%** | **9.1%** | **10.0%** | **13.5%** | **10.9%** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 27

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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 ($000)** | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;R&M OpEx, net | $22843 | $27349 | $22784 | $19799 | $19892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turn OpEx, net | 10021 | 9722 | 8060 | 5976 | 6508 |
| **Total recurring operating expenses, net** | $**32864** | $**37071** | $**30844** | $**25775** | $**26400** |
| &nbsp;&nbsp;&nbsp;&nbsp;R&M CapEx | $26721 | $30570 | $24934 | $23225 | $23578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turn CapEx | 11530 | 11016 | 9697 | 7129 | 7700 |
| **Total recurring capital expenditures** | $**38251** | $**41586** | $**34631** | $**30354** | $**31278** |
| &nbsp;&nbsp;&nbsp;&nbsp;R&M OpEx, net + R&M CapEx | $49564 | $57919 | $47718 | $43024 | $43470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turn OpEx, net + Turn CapEx | 21551 | 20738 | 17757 | 13105 | 14208 |
| **Total Cost to Maintain, net** | $**71115** | $**78657** | $**65475** | $**56129** | $**57678** |
| **Per Home ($)** | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** |
| **Total Cost to Maintain, net** | $**953** | $**1054** | $**877** | $**752** | $**773** |

---

(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 ($000)** | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring CapEx | $40945 | $44556 | $37481 | $32762 | $33921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value Enhancing CapEx | 12258 | 14809 | 12223 | 6670 | 9024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Renovation CapEx | 13853 | 30055 | 33109 | 34226 | 26890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposition CapEx | 999 | 1174 | 1334 | 1306 | 676 |
| **Total Capital Expenditures** | $**68055** | $**90594** | $**84147** | $**74964** | $**70511** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 28

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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** | **Adjusted Property Management and G&A Reconciliation** | **Adjusted Property Management and G&A Reconciliation** |
| *($ in thousands) (unaudited)* |  |  |  |  |
| **Adjusted Property Management Expense** | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| **Property management expense (GAAP)** | $**22770** | $**20173** | $**87936** | $**71597** |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | (1512) | (1273) | (6493) | (5427) |
| **Adjusted property management expense** | $**21258** | $**18900** | $**81443** | $**66170** |
| **Adjusted G&A Expense** | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| **G&A expense (GAAP)** | $**16921** | $**19668** | $**74025** | $**75815** |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | (4885) | (4825) | (22469) | (21743) |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance expense | (61) | (557) | (314) | (1057) |
| **Adjusted G&A expense** | $**11975** | $**14286** | $**51242** | $**53015** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 29

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![logo_horizontala14a.jpg](logo_horizontala14a.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)* |  |  |  |  |  |  |
|  | **September 30, 2022** | **Q4 2022 Acquisitions** <sup>(1)</sup> | **Q4 2022 Acquisitions** <sup>(1)</sup> | **Q4 2022 Dispositions** <sup>(2)</sup> | **Q4 2022 Dispositions** <sup>(2)</sup> | **December 31, 2022** |
|  | **Homes** | **Homes** | **Avg. Est.** | **Homes** | **Average** | **Homes** |
|  | **Owned** | **Acq.** | **Cost Basis** | **Sold** | **Sales Price** | **Owned** |
| ***Wholly Owned Portfolio*** |  |  |  |  |  |  |
| **Western United States:** |  |  |  |  |  |  |
| Southern California | 7789 |  | $— | 13 | $540192 | 7776 |
| Northern California | 4454 |  |  | 14 | 475929 | 4440 |
| Seattle | 4087 |  |  | 3 | 340000 | 4084 |
| Phoenix | 8906 | 15 | 490237 | 7 | 278950 | 8914 |
| Las Vegas | 3179 | 3 | 460028 | 2 | 390000 | 3180 |
| Denver | 2678 | 1 | 432087 | 9 | 342556 | 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western US Subtotal | 31093 | 19 | 482407 | 48 | 427524 | 31064 |
| **Florida:** |  |  |  |  |  |  |
| South Florida | 8380 | 52 | 385441 | 30 | 405387 | 8402 |
| Tampa | 8610 | 42 | 362193 | 15 | 278227 | 8637 |
| Orlando | 6458 | 13 | 301568 | 14 | 300857 | 6457 |
| Jacksonville | 1928 |  |  |  |  | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Subtotal | 25376 | 107 | 366125 | 59 | 348254 | 25424 |
| **Southeast United States:** |  |  |  |  |  |  |
| Atlanta | 12676 | 6 | 428756 | 25 | 245640 | 12657 |
| Carolinas | 5368 | 3 | 328080 | 12 | 342042 | 5359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast US Subtotal | 18044 | 9 | 395198 | 37 | 276905 | 18016 |
| **Texas:** |  |  |  |  |  |  |
| Houston | 2112 | 1 | 328418 | 9 | 213417 | 2104 |
| Dallas | 2869 | 14 | 403792 | 14 | 273866 | 2869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas: Subtotal | 4981 | 15 | 398767 | 23 | 250212 | 4973 |
| **Midwest United States:** |  |  |  |  |  |  |
| Chicago | 2541 |  |  | 14 | 207905 | 2527 |
| Minneapolis | 1113 |  |  | 4 | 322825 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest US Subtotal | 3654 |  |  | 18 | 233443 | 3636 |
| **Total / Average** | **83148** | **150** | $**385863** | **185** | $**331192** | **83113** |
| ***Joint Venture Portfolio*** |  |  |  |  |  |  |
| 2020 Rockpoint JV <sup>(3)</sup> | 2607 | 3 | $383278 |  | $— | 2610 |
| 2022 Rockpoint JV <sup>(4)</sup> | 131 | 1 | 319537 |  |  | 132 |
| FNMA JV <sup>(5)</sup> | 502 |  |  | 14 | 458131 | 488 |
| Pathway Homes <sup>(6)</sup> | 328 | 12 | 413899 |  |  | 340 |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 30

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

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

(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.4%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.

(2)Cap rates on wholly owned dispositions during the quarter averaged 1.8%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.

(3)Represents portfolio owned by the 2020 Rockpoint JV, of which Invitation Homes owns 20.0%.

(4)Represents portfolio owned by the 2022 Rockpoint JV, of which Invitation Homes owns 16.7%.

(5)Represents portfolio owned by the FNMA JV, of which Invitation Homes owns 10.0%.

(6)Represents portfolio owned by Pathway Homes, of which Invitation Homes owned 100.0% of the property portfolio as of December 31, 2022.

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

Q4 2022 Earnings Release and Supplemental Information — page 31

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Supplemental Schedule 8(b)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of December 31, 2022** | **Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of December 31, 2022** | **Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of December 31, 2022** | **Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of December 31, 2022** | **Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of December 31, 2022** | **Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of December 31, 2022** |
| *(unaudited)* |  |  |  |  |  |
|  | **Pipeline as of December 31,<br>2022** <sup>(1)(2)</sup> | **Estimated Deliveries <br>in 2023** | **Estimated Deliveries <br>in 2024** | **Estimated Deliveries Thereafter** | **Avg. Estimated Cost Basis Per Home** |
| Southern California | 127 | 54 | 54 | 19 | $510000 |
| Phoenix | 150 | 30 | 34 | 86 | 420000 |
| Tampa | 523 | 190 | 54 | 279 | 320000 |
| Orlando | 908 | 291 | 173 | 444 | 390000 |
| Atlanta | 193 | 82 | 52 | 59 | 330000 |
| Carolinas | 331 | 38 | 125 | 168 | 410000 |
| South Florida | 42 | 40 |  | 2 | 360000 |
| Dallas | 96 | 36 | 45 | 15 | 310000 |
| **Total / Average** | **2370** | **761** | **537** | **1072** | $**380000** |

---

(1)Represents the number of new homes under contract as of December 31, 2022, that are expected to be built, sold and delivered to the Company by various third-party homebuilders during a future period.

(2)Pipeline rollforward:

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

---

| | |
|:---|:---|
| Pipeline as of September 30, 2022 | 2440 |
| Q4 2022 additions | 14 |
| Q4 2022 cancellations | (3) |
| Q4 2022 deliveries | (81) |
| Pipeline as of December 31, 2022 | 2370 |

---

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

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

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

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

Q4 2022 Earnings Release and Supplemental Information — page 32

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![logo_horizontala14a.jpg](logo_horizontala14a.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.

**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. The Company defines 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.* The Company defines EBITDA*re*, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax and impairment on depreciated real estate investments. Adjusted EBITDA*re* is defined as EBITDA*re* before the following items: share-based compensation expense; severance; casualty losses, net; (gains) losses on investments in equity securities, net; 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 the Company's 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.

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

Q4 2022 Earnings Release and Supplemental Information — page 33

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

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 the Company's liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company's 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 the Company's basis for computing these non-GAAP measures is comparable with that of other companies. See below for a reconciliation of GAAP net income to EBITDA, 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. In calculating per share amounts, Core FFO and AFFO reflect convertible debt securities in the form in which they were outstanding during the period.

The Company believes that FFO is a meaningful supplemental measure of the operating performance of its 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.

The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. Core FFO and Adjusted FFO are not used as measures of the Company's liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company's Core FFO and Adjusted FFO may not be comparable to the Core FFO and Adjusted FFO of other companies due to the fact that not all companies use the same definition of Core FFO and Adjusted FFO. Accordingly, there can be no assurance that the Company's basis for computing this 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 Invitation Homes standards and specifications.

**Net Operating Income (NOI)**

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

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. The Company's 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 the Company's basis for computing this non-GAAP measure is comparable with that of other companies.

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

See below for a reconciliation of GAAP net income to NOI for the Company's total portfolio and NOI for its Same Store Portfolio.

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

Q4 2022 Earnings Release and Supplemental Information — page 34

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**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 its 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 the Company's current resident chooses to stay for a subsequent lease term, or a new lease, where the Company's previous resident moves out and a new resident signs a lease to occupy the same home.

**Revenue Collections** 

Revenue collections represent the total cash received in a given period for rental revenues and other property income (including receipt of late payments that were billed in prior months) divided by the total amounts billed in that period. When a payment plan is in place with a resident, amounts are considered to be billed at the time they would have been billed based on the terms of the original lease, not the terms of the payment plan. "Historical average" revenue collections as a percentage of billings refer to revenue collections as a percentage of billings for the period from October 2019 through and including March 2020.

**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 the existing Invitation Homes Same Store portfolio, and homes in markets that the Company has announced an intent to exit where the Company no longer operates 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 the existing Invitation Homes 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.

The Company believes presenting information about the portion of its portfolio that has been fully operational for the entirety of a given reporting period and its prior year comparison period provides investors with meaningful information about the performance of the Company's comparable homes across periods and about trends in its 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.

**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.

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

Q4 2022 Earnings Release and Supplemental Information — page 35

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![logo_horizontala14a.jpg](logo_horizontala14a.jpg)

**Unsecured Facility Covenants**

Unsecured facility covenants refer to financial and operating requirements that the Company must meet with respect to its $1,000 million revolving credit facility (the "Revolving Facility") and its $2,500 million term loan facility (the "2020 Term Loan Facility" and together with the Revolving Facility, the "Credit Facility"), as set forth in the Company's Amended and Restated Revolving Credit and Term Loan Agreement dated December 8, 2020 (the "Credit Agreement") and its $725 million term loan facility (the "2022 Term Loan Facility"), as set forth in the Company's Term Loan Agreement dated June 22, 2022 (the "Term Loan Agreement" and together with the Credit Agreement, the "Unsecured Credit Agreements"). The metrics provided under the "Unsecured Facilities Covenant Compliance" heading on Supplemental Schedule 2(b) show the Company's compliance with certain covenants that the Company believes are its 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 the Company's pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including the Company's 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 the Company's pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including the Company's 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 the Company's 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 the Company's 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 the Company's 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 the Company's 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 the Company's compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate the Company's financial condition or results of operations, nor do they indicate the Company's 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 the Company in its Earnings Release and Supplemental Information for the purposes of evaluating its financial conditions or results of operations. For a more complete and detailed description of the covenants contained in the Company's Unsecured Credit Agreements, see Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-38004) filed on December 9, 2020 and Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-38004) filed on June 22, 2022.

The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance,

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

Q4 2022 Earnings Release and Supplemental Information — page 36

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changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in its periodic filings with the SEC.

**Unsecured Public Bond Covenants**

Unsecured public bond covenants refer to financial and operating requirements that the Company must meet with respect to its senior notes, as set forth in the Company's Supplemental Indentures to the Base Indenture for its Senior Notes (together, the "Indenture"). The metrics provided under the "Unsecured Public Bond Covenant Compliance" heading on Supplemental Schedule 2(b) show the Company's compliance with certain covenants that the Company believes are its 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 the Company's compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate the Company's financial condition or results of operations, nor do they indicate the Company's 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 the Company in its Earnings Release and Supplemental Information for the purposes of evaluating its financial conditions or results of operations. For a more complete and detailed description of the covenants contained in the Company's Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to the Company's Current Report on Form 8-K (File No. 001-38004) filed on August 6, 2021, November 5, 2021, and April 5, 2022.

The breach of any of the covenants set forth in the Indenture could result in a default of the Company's indebtedness related to its senior notes, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in its 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.

Q4 2022 Earnings Release and Supplemental Information — page 37

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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)* |
|  | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** |
| &nbsp;&nbsp;&nbsp;**Total revenues (Total Portfolio)** | $**579836** | $**568675** | $**557300** | $**532310** | $**520225** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee revenues | (3326) | (3284) | (2759) | (2111) | (1753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total portfolio resident recoveries | (32639) | (31260) | (29394) | (28762) | (26967) |
| &nbsp;&nbsp;&nbsp;**Total Core Revenues (Total Portfolio)** | **543871** | **534131** | **525147** | **501437** | **491505** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store Core Revenues | (52846) | (49294) | (45033) | (38203) | (34995) |
| &nbsp;&nbsp;&nbsp;**Same Store Core Revenues** | $**491025** | $**484837** | $**480114** | $**463234** | $**456510** |
| **Reconciliation of Total Revenues to Same Store Core Revenues, FY** | **Reconciliation of Total Revenues to Same Store Core Revenues, FY** | **Reconciliation of Total Revenues to Same Store Core Revenues, FY** | **Reconciliation of Total Revenues to Same Store Core Revenues, FY** | **Reconciliation of Total Revenues to Same Store Core Revenues, FY** | **Reconciliation of Total Revenues to Same Store Core Revenues, FY** |
| *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* |
|  | **FY 2022** | **FY 2021** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total revenues (Total Portfolio)** | $**2238121** | $**1996615** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee revenues | (11480) | (4893) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total portfolio resident recoveries | (122055) | (105755) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Core Revenues (Total Portfolio)** | **2104586** | **1885967** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store Core Revenues | (185376) | (124456) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Same Store Core Revenues** | $**1919210** | $**1761511** |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* |
|  | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** |
| &nbsp;&nbsp;&nbsp;**Property operating and maintenance expenses (Total Portfolio)** | $**209615** | $**203787** | $**190680** | $**182269** | $**177883** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Portfolio resident recoveries | (32639) | (31260) | (29394) | (28762) | (26967) |
| &nbsp;&nbsp;&nbsp;**Core Operating Expenses (Total Portfolio)** | **176976** | **172527** | **161286** | **153507** | **150916** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store Core Operating Expenses | (14901) | (15553) | (13599) | (13151) | (11591) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Same Store Core Operating Expenses** | $**162075** | $**156974** | $**147687** | $**140356** | $**139325** |
| **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY** | **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY** | **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY** | **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY** | **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY** | **Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY** |
| &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)* |
|  | **FY 2022** | **FY 2021** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Property operating and maintenance expenses (Total Portfolio)** | $**786351** | $**706162** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Portfolio resident recoveries | (122055) | (105755) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Core Operating Expenses (Total Portfolio)** | **664296** | **600407** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store Core Operating Expenses | (57204) | (41598) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Same Store Core Operating Expenses** | $**607092** | $**558809** |  |  |  |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 38

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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)* |  |
|  | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** |
| **Net income available to common stockholders** | $**100426** | $**790320** | $**110815** | $**92395** | $**74476** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to participating securities | 146 | 147 | 148 | 220 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 290 | 250 | 542 | 388 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 78409 | 76454 | 74840 | 74389 | 79121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 163318 | 160428 | 158572 | 155796 | 151660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property management expense | 22770 | 22385 | 21814 | 20967 | 20173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 16921 | 20123 | 19342 | 17639 | 19668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment and other<sup>(1)</sup> | 5823 | 2000 | 1355 | 1515 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property, net of tax | (21213) | (23952) | (27508) | (18026) | (14558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses on investments in equity securities, net | (61) | 796 | 172 | 3032 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (344) | 8372 | 3827 | (594) | 2654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee revenues | (3326) | (3284) | (2759) | (2111) | (1753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in unconsolidated joint ventures | 3736 | 8490 | 2701 | 2320 | 2110 |
| **NOI (Total Portfolio)** | **366895** | **361604** | **363861** | **347930** | **340589** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store NOI | (37945) | (33741) | (31434) | (25052) | (23404) |
| **Same Store NOI** | $**328950** | $**327863** | $**332427** | $**322878** | $**317185** |
| **Reconciliation of Net Income to Same Store NOI, FY** | **Reconciliation of Net Income to Same Store NOI, FY** | **Reconciliation of Net Income to Same Store NOI, FY** | **Reconciliation of Net Income to Same Store NOI, FY** | **Reconciliation of Net Income to Same Store NOI, FY** |  |
| *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* |  |
|  | **FY 2022** | **FY 2021** |  |  |  |
| **Net income available to common stockholders** | $**382668** | $**261098** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to participating securities | 661 | 327 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 1470 | 1351 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 304092 | 322661 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 638114 | 592135 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property management expense | 87936 | 71597 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 74025 | 75815 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment and other<sup>(1)</sup> | 28697 | 8676 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property, net of tax | (90699) | (60008) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses on investments in equity securities, net | 3939 | 9420 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 11261 | 5835 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee revenues | (11480) | (4893) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in unconsolidated joint ventures | 9606 | 1546 |  |  |  |
| **NOI (Total Portfolio)** | **1440290** | **1285560** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store NOI | (128172) | (82858) |  |  |  |
| **Same Store NOI** | $**1312118** | $**1202702** |  |  |  |

---

(1)Includes $5.0 million and $24.0 million of net estimated losses and damages related to Hurricanes Ian and Nicole for the fourth quarter and year ended December 31, 2022, respectively.

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

Q4 2022 Earnings Release and Supplemental Information — page 39

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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)* |
|  | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| **Net income available to common stockholders** | $**100426** | $**74476** | $**382668** | $**261098** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to participating securities | 146 | 67 | 661 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 290 | 328 | 1470 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 78409 | 79121 | 304092 | 322661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense in unconsolidated joint ventures | 2743 | 540 | 3581 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 163318 | 151660 | 638114 | 592135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of investments in unconsolidated joint ventures | 2372 | 565 | 5838 | 1304 |
| **EBITDA** | **347704** | **306757** | **1336424** | **1180085** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property, net of tax | (21213) | (14558) | (90699) | (60008) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment on depreciated real estate investments | 72 |  | 310 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of investments in unconsolidated joint ventures | (298) | (250) | (865) | (1050) |
| **EBITDA*re*** | **326265** | **291949** | **1245170** | **1119677** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 6397 | 6098 | 28962 | 27170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance | 61 | 557 | 314 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casualty losses, net<sup>(1)(2)</sup> | 5849 | 3046 | 28485 | 8026 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses on investments in equity securities, net | (61) | 3597 | 3939 | 9420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net<sup>(3)</sup> | (344) | 2654 | 11261 | 5835 |
| **Adjusted EBITDA*re*** | $**338167** | $**307901** | $**1318131** | $**1171185** |

---

(1)Includes $5.0 million and $24.0 million of net estimated losses and damages related to Hurricanes Ian and Nicole for the fourth quarter and year ended December 31, 2022, respectively.

(2)Includes the Company's share from unconsolidated joint ventures.

(3)Includes interest income and other miscellaneous income and expenses.

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

Q4 2022 Earnings Release and Supplemental Information — page 40

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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** |
|  | **December 31, 2022** | **December 31, 2021** |
| Mortgage loans, net | $1645795 | $3055853 |
| Secured term loan, net | 401530 | 401313 |
| Unsecured notes, net | 2518185 | 1921974 |
| Term loan facility, net | 3203567 | 2478122 |
| Revolving facility |  |  |
| Convertible senior notes, net |  | 141397 |
| **Total Debt per Balance Sheet** | **7769077** | **7998659** |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained and repurchased certificates | (88564) | (159110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, ex-security deposits and letters of credit <sup>(1)</sup> | (275989) | (649722) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs, net | 51076 | 50146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized discounts on note payable | 13518 | 13605 |
| **Net Debt (A)** | $**7469118** | $**7253578** |
|  | **For the TTM Ended** | **For the TTM Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **Adjusted EBITDA*re* (B)** | $**1318131** | $**1171185** |
| **Net Debt / TTM Adjusted EBITDA*re* (A / B)** | **5.7** **x** | **6.2** **x** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Components of Non-Cash Interest Expense (Wholly Owned)** | **Components of Non-Cash Interest Expense (Wholly Owned)** | **Components of Non-Cash Interest Expense (Wholly Owned)** | **Components of Non-Cash Interest Expense (Wholly Owned)** | **Components of Non-Cash Interest Expense (Wholly Owned)** |
| *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* | *(in thousands) (unaudited)* |
|  | **Q4 2022** | **Q4 2021** | **FY 2022** | **FY 2021** |
| Amortization of discounts on notes payable | $399 | $935 | $1653 | $6244 |
| Amortization of deferred financing costs | 3909 | 3387 | 15014 | 13126 |
| Change in fair value of interest rate derivatives | 18 | 23 | 81 | 129 |
| Amortization of swap fair value at designation | 2333 | 4246 | 9405 | 14531 |
| **Total non-cash interest expense** | $**6659** | $**8591** | $**26153** | $**34030** |

---

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

Q4 2022 Earnings Release and Supplemental Information — page 41