Document

EX-99.1 2 q22021supplemental.htm EX-99.1 Document

Table of Contents


Earnings Press Release			2
Consolidated Financial Statements			8
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO			10
Schedule 2: Capital Structure Information			12
Schedule 3: Summary of Operating Information by Home Portfolio			17
Schedule 4: Home Characteristics by Market			20
Schedule 5: Same Store Operating Information by Market			21
Schedule 6: Cost to Maintain and Capital Expenditure Detail			28
Schedule 7: Adjusted Property Management and G&A Reconciliation			29
Schedule 8: Acquisitions and Dispositions			30
Glossary and Reconciliations			32

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

Q2 2021 Earnings Release and Supplemental Information — page 1

Earnings Press Release

Invitation Homes Reports Second Quarter 2021 Results

Dallas, TX, July 28, 2021 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its Q2 2021 financial and operating results.

Second Quarter 2021 Highlights

•Year over year, total revenues increased 9.3% to $492 million, property operating and maintenance costs increased 5.0% to $175 million, net income available to common stockholders increased 40.8% to $60 million, and net income per diluted common share increased 36.0% to $0.11.

•Year over year, Core FFO per share increased 14.4% to $0.37, and AFFO per share increased 16.9% to $0.32.

•Same Store NOI grew 8.4% year over year on 5.9% Same Store Core revenue growth and 0.9% Same Store Core operating expenses growth.

•Same Store average occupancy was 98.3%, up 80 basis points year over year.

•Same Store new lease rent growth of 13.8% and Same Store renewal rent growth of 5.8% drove Same Store blended rent growth of 8.0%, up 470 basis points year over year.

•Revenue collections were approximately 99% of the Company's historical average collection rate.

•Acquisitions by the Company and the Company's joint ventures totaled 879 homes for $337 million while dispositions totaled 218 homes for $73 million.

•As previously announced in May 2021, the Company issued and sold $300 million of privately placed senior unsecured notes at a weighted average coupon of 2.82%. Proceeds were primarily used to voluntarily prepay the highest-cost classes of various securitizations due to reach final maturity between December 2024 and January 2026.

•Subsequent to quarter end, as previously announced, the Company gave notice of its intent to settle conversions of its 3.5% convertible notes due January 15, 2022 (the "2022 Convertible Notes"), with common stock.

•Subsequent to quarter end, as previously announced, the Company and PulteGroup Inc., the nation's third largest homebuilder, have formed an innovative strategic relationship in which Invitation Homes expects to purchase approximately 7,500 new homes over the next five years that PulteGroup will design and build expressly for this purpose.

•Subsequent to quarter end and in conjunction with this release, the Company is raising its full year 2021 guidance for Same Store Core Revenue growth by 50 basis points at the midpoint to 5.5%, and Same Store NOI growth by 100 basis points at the midpoint to 7.0%. The Company is also raising its full year 2021 guidance for Core FFO per share and AFFO per share by $0.02 at the midpoint to $1.44 and $1.24, respectively.

President & Chief Executive Officer Dallas Tanner comments:

"Invitation Homes had a strong second quarter, driven by solid execution from our teams, our commitment to an outstanding resident experience, and positive market fundamentals. With notable year over year new lease and renewal rent growth, along with high occupancy, we remain focused on realizing prudent growth and enhanced efficiencies in the second half of the year. We believe our people, locations, scale, and service are second to none, and that the long-term demographic trends and our best-in-class platform have together created a long runway for outsized NOI and Core FFO growth."

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

Q2 2021 Earnings Release and Supplemental Information — page 2

Financial Results


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

	Q2 2021		Q2 2020		YTD 2021		YTD 2020
Net income (1)	$	0.11	$	0.08	$	0.21	$	0.17
FFO (1)	0.32		0.30		0.65		0.62
Core FFO (2)	0.37		0.32		0.73		0.66
AFFO (2)	0.32		0.27		0.63		0.57

(1)In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 3.5% Convertible Notes due January 15, 2022 (the "2022 Convertible Notes"), were converted to common shares at the beginning of each relevant period in 2020 and 2021, unless such treatment is anti-dilutive to net income per share or FFO per share. See "Reconciliation of FFO, Core FFO, and AFFO," footnote (1), for more detail on the treatment of convertible notes in each specific period presented in the table.

(2)Core FFO and AFFO per share reflect the 2022 Convertible Notes in the form in which they were outstanding during each period. See "Reconciliation of FFO, Core FFO, and AFFO," footnote (2), for more detail on the treatment of convertible notes in each specific period presented in the table.

Net Income

Net income per share in the second quarter of 2021 was $0.11, compared to net income per share of $0.08 in the second quarter of 2020. Total revenues and total property operating and maintenance expenses in the second quarter of 2021 were $492 million and $175 million, respectively, compared to $450 million and $167 million, respectively, in the second quarter of 2020.

Net income per share in YTD 2021 was $0.21, compared to net income per share of $0.17 in YTD 2020. Total revenues and total property operating and maintenance expenses in YTD 2021 were $967 million and $344 million, respectively, compared to $900 million and $334 million, respectively, in YTD 2020.

Core FFO

Year over year, Core FFO per share in the second quarter of 2021 increased 14.4% to $0.37, primarily due to NOI growth and interest expense savings.

Year over year, Core FFO per share in YTD 2021 increased 9.3% to $0.73, primarily due to NOI growth and interest expense savings.

AFFO

Year over year, AFFO per share in the second quarter of 2021 increased 16.9% to $0.32, primarily due to the increase in Core FFO per share described above.

Year over year, AFFO per share in YTD 2021 increased 11.7% to $0.63, 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.

Q2 2021 Earnings Release and Supplemental Information — page 3

Operating Results


Same Store Operating Results Snapshot

Number of homes in Same Store portfolio:	72,658

	Q2 2021		Q2 2020		YTD 2021		YTD 2020
Core revenue growth (year over year)	5.9	%			4.0	%
Core operating expense growth (year over year)	0.9	%			(0.7)	%
NOI growth (year over year)	8.4	%			6.4	%

Average occupancy	98.3	%	97.5	%	98.4	%	97.1	%
Bad debt % of gross rental revenues (1)	1.8	%	1.8	%	2.0	%	1.1	%
Turnover rate	6.7	%	7.0	%	12.0	%	13.3	%

Rental rate growth (lease-over-lease):
Renewals	5.8	%	3.5	%	5.1	%	3.8	%
New leases	13.8	%	2.7	%	11.1	%	2.3	%
Blended	8.0	%	3.3	%	6.8	%	3.3	%

(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

	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Pre-COVID Average (2)
Revenues collected % of revenues due: (1)
Revenues collected in same month billed	92	%	91	%	91	%	92	%	96	%
Late collections of prior month billings	6	%	6	%	5	%	5	%	3	%
Total collections	98	%	97	%	96	%	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 72,658 homes, second quarter 2021 Same Store NOI increased 8.4% year over year on Same Store Core revenue growth of 5.9% and Same Store Core operating expenses growth of 0.9%.

YTD 2021 Same Store NOI increased 6.4% year over year on Same Store Core revenue growth of 4.0% and a 0.7% decrease in Same Store Core operating expense.

Same Store Core Revenues

Second quarter 2021 Same Store Core revenue growth of 5.9% year over year was driven by a 3.9% increase in average monthly rent, an 80 basis point increase in average occupancy to 98.3%, and a 48.4% increase in Other income, net of resident recoveries. Bad debt as a percentage of gross rental revenues in Q2 2021 was in line with Q2 2020.

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

Q2 2021 Earnings Release and Supplemental Information — page 4

YTD 2021 Same Store Core revenue growth of 4.0% year over year was driven by a 3.7% increase in average monthly rent and a 130 basis point increase in average occupancy to 98.4%. As a result of the increases in average monthly rent and average occupancy, Same Store rental revenues increased 5.1% year over year on a gross basis before bad debt. Bad debt increased from 1.1% of gross rental revenues in YTD 2020 to 2.0% of gross rental revenues in YTD 2021, which was a 97 basis point drag on Same Store Core revenue growth, all else equal.

Same Store Core Operating Expenses

Second quarter 2021 Same Store Core operating expenses increased 0.9% year over year, driven by a 2.0% increase in Same Store fixed expenses, partially offset by a 1.1% decline in Same Store controllable expenses, net of resident recoveries.

YTD 2021 Same Store Core operating expenses decreased 0.7% year over year, driven by a 6.1% decline in Same Store controllable expenses, net of resident recoveries, partially offset by a 2.4% increase in Same Store fixed expenses.

Investment Management Activity

Second quarter 2021 acquisitions totaled 879 homes for $337 million through multiple acquisition channels. This included 494 wholly owned homes for $195 million and 385 homes for $142 million in the Company's unconsolidated joint venture with Rockpoint Group (the "Rockpoint JV"). Invitation Homes owns 20% of the Rockpoint JV, which owned a total of 820 homes as of June 30, 2021.

Dispositions in the second quarter of 2021 included 212 wholly owned homes for gross proceeds of $71 million and 6 homes for gross proceeds of $2 million in the Company's unconsolidated joint venture with the Federal National Mortgage Association (the "FNMA JV").

Year to date through June 30, 2021, the Company acquired 1,575 homes for $569 million, including 895 wholly owned homes for $333 million and 680 homes for $236 million in the Rockpoint JV. The Company also sold 483 homes for $155 million, including 460 wholly owned homes for $146 million and 23 homes for $8 million in the FNMA JV.

Subsequent to quarter end in July, the Company and PulteGroup Inc., the nation's third largest homebuilder, announced they have formed an innovative strategic relationship. As part of their agreement, Invitation Homes expects to purchase approximately 7,500 new homes over the next five years that PulteGroup will design and build expressly for this purpose. The companies have identified the first 1,000 homes across seven communities to be built in select markets within Florida, Georgia, Southern California, North Carolina and Texas.

Balance Sheet and Capital Markets Activity

As of June 30, 2021, the Company had $1,126 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 June 30, 2021, was $8,059 million, consisting of $4,914 million of secured debt and $3,145 million of unsecured debt.

As previously announced, in May 2021, the Company issued and sold $300 million of privately placed fixed rate senior unsecured notes (the “Unsecured Notes”) at a weighted average coupon of 2.82%. The Unsecured Notes are comprised of two tranches: a $150 million 7-year tranche with a coupon of 2.46% maturing in 2028, and a $150 million 15-year tranche with a coupon of 3.18% maturing in 2036. Proceeds were used to voluntarily prepay the highest-cost classes of various securitizations due to reach final maturity between December 2024 and January 2026. The private placement jumpstarted the diversification of the balance sheet toward more unsecured debt and improved the laddering of maturity schedule.

In July 2021, the Company gave notice of its intent to settle conversions of its 3.5% convertible notes due January 15, 2022 (the "2022 Convertible Notes"), with common stock. For holders electing conversion on or before January 15, 2022, the 2022 Convertible Notes will be exchanged for common stock according to a conversion ratio that is fixed other than for adjustments related to dividends paid to common stockholders and other potential transactions. Based on the June 30, 2021, conversion ratio of 43.9448 shares per $1,000 principal amount of the 2022 Convertible Notes, settlement of the $345 million (par value)

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

Q2 2021 Earnings Release and Supplemental Information — page 5

of the 2022 Convertible Notes would result in the issuance of approximately 15 million common shares and a reduction in cash interest expense of approximately $12 million on an annualized basis. On a pro forma basis, whereby net debt is reduced for the impact of the conversion of 2022 Convertible Notes, Net Debt / Trailing Twelve Months Adjusted EBITDAre at June 30, 2021, would have been 6.7x, down from 7.0x on an as-reported basis and from 7.3x at the end of 2020 on an as-reported basis, with no debt reaching final maturity until December 2024. As of July 28, 2021, $177 million of principal was converted into approximately 8 million shares of common stock at the election of the note holders.

Dividend

As previously announced on July 23, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.17 per share of common stock. The dividend will be paid on or before August 27, 2021, to stockholders of record as of the close of business on August 10, 2021.

FY 2021 Guidance Update


FY 2021 Guidance
	Current	Previous
	FY 2021	FY 2021
	Guidance	Guidance
Core FFO per share — diluted	$1.40 - $1.48	$1.38 - $1.46
AFFO per share — diluted	$1.20 - $1.28	$1.18 - $1.26

Same Store Core revenue growth	5.0% - 6.0%	4.5% - 5.5%
Same Store Core operating expense growth	2.5% - 3.5%	2.5% - 3.5%
Same Store NOI growth	6.5% - 7.5%	5.5% - 6.5%

Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense, or a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core revenue growth, Same Store Core operating expense 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 our GAAP results for the guidance period.

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on July 29, 2021, to discuss results for the second quarter of 2021. The domestic dial-in number is 1-888-317-6003, and the international dial-in number is 1-412-317-6061. The passcode is 2915574. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through August 29, 2021, and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10157679, 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.

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.

Q2 2021 Earnings Release and Supplemental Information — page 6

About Invitation Homes

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

Investor Relations Contact

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

Media Relations Contact

Kristi DesJarlais
Phone: 972.421.3587
Email: 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 (“HOA”) fees, and insurance costs, the Company's dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by the Company's residents, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of 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. Moreover, many of these factors have been heightened as a result of the ongoing and numerous adverse impacts of COVID-19. 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 fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in the Company's periodic filings with 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 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.

Q2 2021 Earnings Release and Supplemental Information — page 7


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

	June 30, 2021		December 31, 2020
	(unaudited)
Assets:
Investments in single-family residential properties, net	$	16,333,324	$	16,288,693
Cash and cash equivalents	126,168		213,422
Restricted cash	241,976		198,346
Goodwill	258,207		258,207
Investments in unconsolidated joint ventures	77,523		69,267
Other assets, net	447,413		478,287
Total assets	$	17,484,611	$	17,506,222

Liabilities:
Mortgage loans, net	$	4,498,289	$	4,820,098
Secured term loan, net	401,204		401,095
Unsecured notes, net	298,399		—
Term loan facility, net	2,474,495		2,470,907
Revolving facility	—		—
Convertible senior notes, net	342,050		339,404
Accounts payable and accrued expenses	217,394		149,299
Resident security deposits	162,225		157,936
Other liabilities	470,879		611,410
Total liabilities	8,864,935		8,950,149

Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2021 and December 31, 2020	—		—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 568,718,544 and 567,117,666 outstanding as of June 30, 2021 and December 31, 2020, respectively	5,687		5,671
Additional paid-in capital	9,725,480		9,707,258
Accumulated deficit	(737,444)		(661,162)
Accumulated other comprehensive loss	(413,684)		(546,942)
Total stockholders' equity	8,580,039		8,504,825
Non-controlling interests	39,637		51,248
Total equity	8,619,676		8,556,073
Total liabilities and equity	$	17,484,611	$	17,506,222

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

Q2 2021 Earnings Release and Supplemental Information — page 8


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

	Q2 2021		Q2 2020		YTD 2021		YTD 2020

Revenues:
Rental revenues	$	449,113	$	419,201	$	887,246	$	833,667
Other property income	41,505		30,554		77,826		65,877
Joint venture management fees	1,015		—		1,786		—
Total revenues	491,633		449,755		966,858		899,544

Expenses:
Property operating and maintenance	175,422		167,002		343,795		333,918
Property management expense	17,696		14,529		33,538		28,901
General and administrative	19,828		14,426		36,778		28,654
Interest expense	80,764		86,071		164,170		170,828
Depreciation and amortization	145,280		137,266		289,781		272,293
Impairment and other	980		(180)		1,336		2,947
Total expenses	439,970		419,114		869,398		837,541

Gains (losses) on investments in equity securities, net	(7,002)		—		(10,142)		34
Other, net	(1,903)		1,370		(1,673)		5,050
Gain on sale of property, net of tax	17,919		11,167		32,403		26,367
Income from investments in unconsolidated joint ventures	11		—		362		—

Net income	60,688		43,178		118,410		93,454
Net income attributable to non-controlling interests	(350)		(275)		(705)		(595)

Net income attributable to common stockholders	60,338		42,903		117,705		92,859
Net income available to participating securities	(96)		(119)		(191)		(221)


Net income available to common stockholders — basic and diluted	$	60,242	$	42,784	$	117,514	$	92,638

Weighted average common shares outstanding — basic	567,931,472		548,811,968		567,655,034		545,680,740
Weighted average common shares outstanding — diluted	569,283,166		549,920,213		569,056,182		546,836,809

Net income per common share — basic	$	0.11	$	0.08	$	0.21	$	0.17
Net income per common share — diluted	$	0.11	$	0.08	$	0.21	$	0.17

Dividends declared per common share	$	0.17	$	0.15	$	0.34	$	0.30

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

Q2 2021 Earnings Release and Supplemental Information — page 9

Supplemental Schedule 1


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

FFO Reconciliation	Q2 2021		Q2 2020		YTD 2021		YTD 2020
Net income available to common stockholders	$	60,242	$	42,784	$	117,514	$	92,638
Net income available to participating securities	96		119		191		221
Non-controlling interests	350		275		705		595
Depreciation and amortization on real estate assets	143,607		135,647		286,391		269,561
Impairment on depreciated real estate investments	93		1,442		524		3,913
Net gain on sale of previously depreciated investments in real estate	(17,919)		(11,167)		(32,403)		(26,367)
Depreciation and net gain on sale of investments in unconsolidated joint ventures	142		—		(90)		—
FFO	$	186,611	$	169,100	$	372,832	$	340,561

Core FFO Reconciliation	Q2 2021		Q2 2020		YTD 2021		YTD 2020
FFO	$	186,611	$	169,100	$	372,832	$	340,561
Non-cash interest expense, including our share from unconsolidated joint ventures	8,169		9,366		16,787		19,757
Share-based compensation expense	9,206		2,106		15,020		6,207


Severance expense	160		255		274		255
Casualty (gains) losses, net	887		(1,622)		812		(966)
(Gains) losses on investments in equity securities, net	7,002		—		10,142		(34)
Core FFO	$	212,035	$	179,205	$	415,867	$	365,780

AFFO Reconciliation	Q2 2021		Q2 2020		YTD 2021		YTD 2020
Core FFO	$	212,035	$	179,205	$	415,867	$	365,780
Recurring capital expenditures, including our share from unconsolidated joint ventures	(28,714)		(27,617)		(53,189)		(53,605)
Adjusted FFO	$	183,321	$	151,588	$	362,678	$	312,175

Net income available to common stockholders
Weighted average common shares outstanding — diluted (1)	569,283,166		549,920,213		569,056,182		546,836,809

Net income per common share — diluted (1)	$	0.11	$	0.08	$	0.21	$	0.17

FFO
Numerator for FFO per common share — diluted(1)	$	190,955	$	173,379	$	381,520	$	349,119
Weighted average common shares and OP Units outstanding — diluted (1)	587,982,707		568,769,738		587,906,276		565,753,742

FFO per share — diluted (1)	$	0.32	$	0.30	$	0.65	$	0.62

Core FFO and Adjusted FFO
Weighted average common shares and OP Units outstanding — diluted (2)	572,822,015		553,669,295		572,745,584		550,653,299

Core FFO per share — diluted (2)	$	0.37	$	0.32	$	0.73	$	0.66
AFFO per share — diluted (2)	$	0.32	$	0.27	$	0.63	$	0.57

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

Q2 2021 Earnings Release and Supplemental Information — page 10

Supplemental Schedule 1 (Continued)

Treatment of the 2022 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share for each of the periods presented in the table. As such, net income per share does not treat the 2022 Convertible Notes as if converted. FFO per share does treat the 2022 Convertible Notes as if converted, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2022 Convertible Notes and adjusting shares outstanding in the denominator to include shares issuable on conversion of the 2022 Convertible Notes.

(2)Core FFO and AFFO per share reflect the 2022 Convertible Notes in the form in which they were outstanding during each period.

As such, Core FFO and AFFO per share does not treat the 2022 Convertible Notes as if converted for each of the periods presented in the table.

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

Q2 2021 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(a)


Diluted Shares Outstanding
(unaudited)

Weighted Average Amounts for Net Income (1)	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Common shares — basic	567,931,472	548,811,968	567,655,034	545,680,740
Shares potentially issuable from vesting/conversion of equity-based awards	1,351,694	1,108,245	1,401,148	1,156,069
Total common shares — diluted	569,283,166	549,920,213	569,056,182	546,836,809

Weighted average amounts for FFO (1)	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Common shares — basic	567,931,472	548,811,968	567,655,034	545,680,740
OP units — basic	3,232,241	3,463,285	3,347,125	3,463,285
Shares potentially issuable from vesting/conversion of equity-based awards	1,658,302	1,394,042	1,743,425	1,509,274
Shares issuable from Convertible Notes	15,160,692	15,100,443	15,160,692	15,100,443


Total common shares and units — diluted	587,982,707	568,769,738	587,906,276	565,753,742

Weighted average amounts for Core and AFFO (2)	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Common shares — basic	567,931,472	548,811,968	567,655,034	545,680,740
OP units — basic	3,232,241	3,463,285	3,347,125	3,463,285
Shares potentially issuable from vesting/conversion of equity-based awards	1,658,302	1,394,042	1,743,425	1,509,274
Total common shares and units — diluted	572,822,015	553,669,295	572,745,584	550,653,299

Period end amounts for Core FFO, and AFFO (2)	June 30, 2021
Common shares	568,718,544
OP units	2,538,285
Shares potentially issuable from vesting/conversion of equity-based awards	1,407,307
Total common shares and units — diluted	572,664,136

(1)In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2020 and 2021, unless such treatment is anti-dilutive to net income per share or FFO per share. See "Supplemental Schedule 1," footnote (1), for more detail on the treatment of convertible notes in each specific period presented in the table.

(2)Core FFO and AFFO per share reflect the 2022 Convertible Notes in the form in which they were outstanding during each period. For weighted average amounts, see "Supplemental Schedule 1," footnote (2), for more detail on the treatment of convertible notes in each specific period presented in the table.

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

Q2 2021 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b)


Debt Structure and Leverage Ratios — June 30, 2021
($ in thousands) (unaudited)

							Wtd Avg		Wtd Avg
							Interest		Years
Debt Structure	Balance			% of Total			Rate (1)		to Maturity (2)
Secured:
Fixed (3)	$	1,399,659		17.4	%		4.0	%	7.1
Floating — swapped to fixed	3,270,000			40.6	%		3.7	%	4.0
Floating	244,771			3.0	%		1.2	%	4.0
Total secured	4,914,430			61.0	%		3.7	%	4.9

Unsecured:
Fixed	644,994			8.0	%		3.2	%	5.4
Floating — swapped to fixed	2,500,000			31.0	%		3.3	%	4.6
Floating	—			—	%		—	%	—
Total unsecured	3,144,994			39.0	%		3.3	%	4.8

Total Debt:
Fixed + floating swapped to fixed (3)	7,814,653			97.0	%		3.6	%	4.8
Floating	244,771			3.0	%		1.2	%	4.0
Total debt	8,059,424			100.0	%		3.5	%	4.8
Unamortized discounts on notes payable	(5,057)
Deferred financing costs, net	(39,930)
Total Debt per Balance Sheet	8,014,437
Retained and repurchased certificates	(231,315)
Cash, ex-security deposits and letters of credit (4)	(201,779)
Deferred financing costs, net	39,930
Unamortized discounts on notes payable	5,057
Net Debt	$	7,626,330

Leverage Ratios	June 30, 2021
Net Debt / TTM Adjusted EBITDAre (5)	7.0		x

Credit Ratings	Ratings			Outlook
Fitch Ratings, Inc.	BBB			Stable
Moody's Investor Services	Baa3			Stable
Standard & Poor's Rating Services	BBB-			Stable

Unsecured Facility Covenant Compliance (6)	June 30, 2021			Covenant Limit
Total leverage ratio	37.4		%	60	%	(maximum)
Secured leverage ratio	22.4		%	45	%	(maximum)
Unencumbered leverage ratio	26.5		%	60	%	(maximum)
Fixed charge coverage ratio	3.8x			1.5x		(minimum)
Unsecured interest coverage ratio	6.4x			1.75x		(minimum)

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

Q2 2021 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(b) (Continued)

(1)Includes the impact of interest rate swaps in place and effective as of June 30, 2021.

(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)In July 2021, the Company gave notice of intent to settle conversions of its 3.5% Convertible Notes due January 15, 2022, with common stock. Net Debt / Trailing Twelve Months Adjusted EBITDAre presented in the table does not take into account the impact of any conversions. On a pro forma basis, whereby net debt is reduced for the impact of the full conversion of the $345 million (par value) 2022 Convertible Notes, Net Debt / Trailing Twelve Months Adjusted EBITDAre at June 30, 2021, would have been 6.7x.

(6)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.

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

Q2 2021 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 2(c)


Debt Maturity Schedule — June 30, 2021 (1)
($ in thousands) (unaudited)
					Revolving
	Secured		Unsecured		Credit				% of
Debt Maturities, with Extensions (2)	Debt		Debt		Facility		Balance		Total


2021	$	—	$	—	$	—	$	—	—	%
2022	—		344,994		—		344,994		4.3	%
2023	—		—		—		—		—	%
2024	551,280		—		—		551,280		6.8	%
2025	2,210,480		—		—		2,210,480		27.4	%
2026	753,011		2,500,000		—		3,253,011		40.4	%
2027	996,296		—		—		996,296		12.3	%
2028	—		150,000		—		150,000		1.9	%
2029	—		—		—		—		—	%
2030	—		—		—		—		—	%
Thereafter	403,363		150,000		—		553,363		6.9	%
	4,914,430		3,144,994		—		8,059,424		100.0	%
Unamortized discounts on notes payable	(2,113)		(2,944)		—		(5,057)
Deferred financing costs, net	(12,824)		(27,106)		—		(39,930)
Total per Balance Sheet	$	4,899,493	$	3,114,944	$	—	$	8,014,437

(1)In July 2021, the Company gave notice of intent to settle conversions of its 3.5% Convertible Notes due January 15, 2022, with common stock. The impact of any conversions is not included in the table.

(2)Assumes all extension options are exercised.

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

Q2 2021 Earnings Release and Supplemental Information — page 15

Supplemental Schedule 2(d)


Cost to Maturity of Debt as of June 30, 2021 (1)
($ in thousands) (unaudited)

			Percentage of Weighted Average Debt Outstanding by Type								Weighted Average Cost by Instrument Type
	Weighted Average		Issued		Issued				Total		Spread to		Fixed Cost				Total Debt
	Amount of		Floating		Floating				Fixed		LIBOR		of				Including
	Debt		and		but Swapped		Issued		or Swapped		For Floating		Interest Rate		Fixed Rate		Swap
	Outstanding (2)		Not Swapped		to Fixed		Fixed (3)		to Fixed		Rate Debt		Swaps		Debt		Impact (4)

3Q21-4Q21	$	8,059,424	6.2	%	68.4	%	25.4	%	93.8	%	1.1	%	2.5	%	3.8	%	3.5	%
2022	7,728,607		10.9	%	66.9	%	22.2	%	89.1	%	1.1	%	2.7	%	3.8	%	3.5	%
2023	7,714,429		11.0	%	67.0	%	22.0	%	89.0	%	1.1	%	2.8	%	3.8	%	3.5	%
2024	7,681,292		11.4	%	66.5	%	22.1	%	88.6	%	1.1	%	2.8	%	3.8	%	3.5	%
2025	5,832,232		44.5	%	26.4	%	29.1	%	55.5	%	1.1	%	3.0	%	3.8	%	2.7	%
2026	1,930,555		12.0	%	—	%	88.0	%	88.0	%	1.0	%	N/A		3.8	%	3.5	%
2027	1,140,095		—	%	—	%	100.0	%	100.0	%	N/A		N/A		3.6	%	3.6	%
2028	615,658		—	%	—	%	100.0	%	100.0	%	N/A		N/A		3.4	%	3.4	%
2029	553,363		—	%	—	%	100.0	%	100.0	%	N/A		N/A		3.5	%	3.5	%

(1)In July 2021, the Company gave notice of intent to settle conversions of its 2022 Convertible Notes with common stock. In this table, all $345 million (par value) of the 2022 Convertible Notes outstanding as of June 30, 2021, are assumed to convert in January 2022.

(2)In each period, represents June 30, 2021, debt that remains outstanding assuming all debt is held until final maturity with all extension options exercised.

(4)Assumes June 30, 2021, LIBOR rate of 0.10% for all future periods.

Note: Schedule 2(d) is presented to show the estimated overall cost of Invitation Homes' debt, based on debt and interest rate swaps in place as of June 30, 2021, as well as the rate for 30-day LIBOR as of June 30, 2021. New debt not presented in this table may be issued, and/or existing debt presented in this table may be repaid prior to maturity. Similarly, new interest rate swaps may be put in place. 30-day LIBOR may also change or be replaced by other alternative benchmark rates. The aforementioned activities may change the amount of outstanding debt, the percentage of debt floating, swapped, or fixed, and/or the weighted average cost of debt and hedging instruments from what is presented in Schedule 2(d).

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

Q2 2021 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(a)


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

Number of Homes, period-end	Q2 2021
Total portfolio	80,612
Same Store portfolio	72,658
Same Store % of Total	90.1		%

Core Revenues	Q2 2021			Q2 2020		Change YoY		YTD 2021		YTD 2020		Change YoY
Total portfolio	$	464,542		$	429,598	8.1	%	$	914,256	$	859,346	6.4	%
Same Store portfolio	421,930			398,581		5.9	%	833,009		800,678		4.0	%

Core Operating Expenses	Q2 2021			Q2 2020		Change YoY		YTD 2021		YTD 2020		Change YoY
Total portfolio	$	149,346		$	146,845	1.7	%	$	292,979	$	293,720	(0.3)	%
Same Store portfolio	136,062			134,871		0.9	%	267,638		269,508		(0.7)	%

Net Operating Income	Q2 2021			Q2 2020		Change YoY		YTD 2021		YTD 2020		Change YoY
Total portfolio	$	315,196		$	282,753	11.5	%	$	621,277	$	565,626	9.8	%
Same Store portfolio	285,868			263,710		8.4	%	565,371		531,170		6.4	%

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

Q2 2021 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 3(b)


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

					Change				Change						Change
	Q2 2021		Q2 2020		YoY		Q1 2021		Seq		YTD 2021		YTD 2020		YoY
Revenues:
Rental revenues (1)	$	408,327	$	389,415	4.9	%	$	400,899	1.9	%	$	809,226	$	777,566	4.1	%
Other property income, net (1)(2)(3)	13,603		9,166		48.4	%	10,180		33.6	%	23,783		23,112		2.9	%
Core revenues	421,930		398,581		5.9	%	411,079		2.6	%	833,009		800,678		4.0	%






Fixed Expenses:
Property taxes	71,196		70,777		0.6	%	71,588		(0.5)	%	142,784		140,016		2.0	%
Insurance expenses	8,250		7,771		6.2	%	7,938		3.9	%	16,188		15,634		3.5	%
HOA expenses	8,108		7,277		11.4	%	8,133		(0.3)	%	16,241		15,431		5.2	%

Controllable Expenses:
Repairs and maintenance, net (4)	19,536		18,880		3.5	%	16,463		18.7	%	35,999		37,196		(3.2)	%
Personnel	15,317		14,851		3.1	%	15,179		0.9	%	30,496		29,967		1.8	%
Turnover, net (4)	8,147		7,922		2.8	%	6,742		20.8	%	14,889		16,574		(10.2)	%
Utilities and property administrative, net (4)	2,928		4,391		(33.3)	%	2,914		0.5	%	5,842		8,709		(32.9)	%
Leasing and marketing	2,580		3,002		(14.1)	%	2,619		(1.5)	%	5,199		5,981		(13.1)	%
Core Property operating and maintenance expenses	136,062		134,871		0.9	%	131,576		3.4	%	267,638		269,508		(0.7)	%

Net Operating Income	$	285,868	$	263,710	8.4	%	$	279,503	2.3	%	$	565,371	$	531,170	6.4	%

(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 in Q2 2021 was in line with Q2 2020, while the increase in bad debt against rental revenues for YTD 2021 was a 97 basis point drag on year over year Same Store Core revenue growth.

(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. As of 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 $23,718, $18,841, $22,458, $46,176, and $37,703 for Q2 2021, Q2 2020, Q1 2021, YTD 2021, and YTD 2020, respectively.

(4)Expenses are presented net of applicable resident recoveries.

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

Q2 2021 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 3(c)


Same Store Quarterly Operating Trends
(unaudited)

	Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q2 2020

Average occupancy	98.3		%	98.4		%	98.1		%	97.9		%	97.5		%
Turnover rate	6.7		%	5.3		%	5.6		%	7.4		%	7.0		%
Trailing four quarters turnover rate	25.0		%	25.3		%	26.3		%	N/A			N/A
Average monthly rent	$	1,941		$	1,915		$	1,899		$	1,880		$	1,868
Rental rate growth (lease-over-lease):
Renewals	5.8		%	4.3		%	3.8		%	3.2		%	3.5		%
New leases	13.8		%	8.0		%	6.8		%	5.6		%	2.7		%
Blended	8.0		%	5.4		%	4.8		%	4.0		%	3.3		%

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

Q2 2021 Earnings Release and Supplemental Information — page 19

Supplemental Schedule 4


Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2021 (1)
(unaudited)
						Average
	Number of	Average		Average		Monthly		Percent of
	Homes	Occupancy		Monthly Rent		Rent PSF		Revenue
Western United States:
Southern California	7,909	98.3	%	$	2,609	$	1.54	12.3	%
Northern California	4,241	98.5	%	2,277		1.46		6.1	%
Seattle	3,753	97.9	%	2,363		1.23		5.6	%
Phoenix	8,338	97.8	%	1,586		0.96		8.7	%
Las Vegas	3,017	98.0	%	1,792		0.90		3.6	%
Denver	2,466	94.5	%	2,192		1.20		3.4	%
Western US Subtotal	29,724	97.8	%	2,128		1.23		39.7	%

Florida:
South Florida	8,243	97.4	%	2,297		1.23		12.2	%
Tampa	8,236	97.6	%	1,782		0.96		9.6	%
Orlando	6,261	97.2	%	1,785		0.96		7.4	%
Jacksonville	1,874	98.4	%	1,791		0.90		2.2	%
Florida Subtotal	24,614	97.5	%	1,956		1.04		31.4	%

Southeast United States:
Atlanta	12,573	97.8	%	1,627		0.79		13.2	%
Carolinas	5,037	97.2	%	1,693		0.79		5.4	%
Southeast US Subtotal	17,610	97.6	%	1,646		0.79		18.6	%

Texas:
Houston	2,142	96.5	%	1,624		0.84		2.2	%
Dallas	2,810	95.7	%	1,878		0.91		3.4	%
Texas Subtotal	4,952	96.1	%	1,768		0.88		5.6	%

Midwest United States:
Chicago	2,585	98.2	%	2,040		1.26		3.3	%
Minneapolis	1,123	97.6	%	2,000		1.02		1.4	%
Midwest US Subtotal	3,708	98.0	%	2,028		1.18		4.7	%

Announced Market-in-Exit:
Nashville (2)	4	55.2	%	2,451		0.85		—	%

Total / Average	80,612	97.6	%	$	1,943	$	1.04	100.0	%
Same Store Total / Average	72,658	98.3	%	$	1,941	$	1.04	90.8	%

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

(2)In December 2019, Invitation Homes announced a plan to fully exit the Nashville market, and sold 708 homes in Nashville in a bulk transaction. The Company is pursuing the sale of the remaining four homes in the market as of June 30, 2021.

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

Q2 2021 Earnings Release and Supplemental Information — page 20

Supplemental Schedule 5(a)


Same Store Core Revenue Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)

		Avg. Monthly Rent						Average Occupancy						Core Revenue
YoY, Q2 2021	# Homes	Q2 2021		Q2 2020		Change		Q2 2021		Q2 2020		Change		Q2 2021		Q2 2020		Change
Western United States:
Southern California	7,610	$	2,610	$	2,516	3.7	%	98.8	%	98.1	%	0.7	%	$	55,911	$	55,032	1.6	%
Northern California	3,862	2,264		2,185		3.6	%	99.0	%	98.2	%	0.8	%	25,451		24,852		2.4	%
Seattle	3,267	2,345		2,296		2.1	%	98.8	%	97.7	%	1.1	%	22,368		22,223		0.7	%
Phoenix	7,131	1,548		1,446		7.1	%	98.6	%	98.1	%	0.5	%	34,042		31,205		9.1	%
Las Vegas	2,427	1,784		1,680		6.2	%	98.5	%	97.7	%	0.8	%	12,942		12,000		7.9	%
Denver	1,799	2,144		2,062		4.0	%	98.0	%	97.4	%	0.6	%	11,822		11,037		7.1	%
Western US Subtotal	26,096	2,127		2,038		4.4	%	98.7	%	98.0	%	0.7	%	162,536		156,349		4.0	%

Florida:
South Florida	7,847	2,308		2,235		3.3	%	98.1	%	96.6	%	1.5	%	54,876		50,782		8.1	%
Tampa	7,699	1,776		1,711		3.8	%	98.2	%	97.1	%	1.1	%	41,945		38,942		7.7	%
Orlando	5,618	1,769		1,705		3.8	%	98.0	%	97.1	%	0.9	%	30,661		28,416		7.9	%
Jacksonville	1,840	1,788		1,722		3.8	%	98.6	%	96.8	%	1.8	%	10,091		9,385		7.5	%
Florida Subtotal	23,004	1,957		1,889		3.6	%	98.1	%	96.9	%	1.2	%	137,573		127,525		7.9	%

Southeast United States:
Atlanta	11,570	1,622		1,551		4.6	%	98.1	%	97.4	%	0.7	%	56,418		52,588		7.3	%
Carolinas	4,477	1,681		1,620		3.8	%	98.1	%	97.7	%	0.4	%	22,864		21,542		6.1	%

Southeast US Subtotal	16,047	1,639		1,570		4.4	%	98.1	%	97.5	%	0.6	%	79,282		74,130		6.9	%

Texas:
Houston	1,871	1,622		1,582		2.5	%	97.8	%	96.8	%	1.0	%	9,279		8,758		5.9	%
Dallas	1,960	1,887		1,832		3.0	%	98.0	%	96.7	%	1.3	%	11,228		10,575		6.2	%
Texas Subtotal	3,831	1,758		1,710		2.8	%	97.9	%	96.8	%	1.1	%	20,507		19,333		6.1	%

Midwest United States:
Chicago	2,559	2,041		2,007		1.7	%	98.6	%	97.7	%	0.9	%	15,465		14,824		4.3	%
Minneapolis	1,121	2,000		1,932		3.5	%	97.8	%	97.6	%	0.2	%	6,567		6,420		2.3	%
Midwest US Subtotal	3,680	2,028		1,984		2.2	%	98.3	%	97.7	%	0.6	%	22,032		21,244		3.7	%

Same Store Total / Average	72,658	$	1,941	$	1,868	3.9	%	98.3	%	97.5	%	0.8	%	$	421,930	$	398,581	5.9	%

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

Q2 2021 Earnings Release and Supplemental Information — page 21

Supplemental Schedule 5(a) (Continued)


Same Store Core Revenue Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)

		Avg. Monthly Rent						Average Occupancy						Core Revenue
Seq, Q2 2021	# Homes	Q2 2021		Q1 2021		Change		Q2 2021		Q1 2021		Change		Q2 2021		Q1 2021		Change
Western United States:
Southern California	7,610	$	2,610	$	2,593	0.7	%	98.8	%	98.9	%	(0.1)	%	$	55,911	$	55,116	1.4	%
Northern California	3,862	2,264		2,249		0.7	%	99.0	%	99.1	%	(0.1)	%	25,451		24,976		1.9	%
Seattle	3,267	2,345		2,308		1.6	%	98.8	%	98.7	%	0.1	%	22,368		21,821		2.5	%
Phoenix	7,131	1,548		1,514		2.2	%	98.6	%	98.7	%	(0.1)	%	34,042		32,970		3.3	%
Las Vegas	2,427	1,784		1,749		2.0	%	98.5	%	98.5	%	—	%	12,942		12,529		3.3	%
Denver	1,799	2,144		2,115		1.4	%	98.0	%	97.6	%	0.4	%	11,822		11,461		3.1	%
Western US Subtotal	26,096	2,127		2,100		1.3	%	98.7	%	98.7	%	—	%	162,536		158,873		2.3	%

Florida:
South Florida	7,847	2,308		2,276		1.4	%	98.1	%	97.8	%	0.3	%	54,876		53,112		3.3	%
Tampa	7,699	1,776		1,749		1.5	%	98.2	%	98.1	%	0.1	%	41,945		40,692		3.1	%
Orlando	5,618	1,769		1,747		1.3	%	98.0	%	97.8	%	0.2	%	30,661		29,729		3.1	%
Jacksonville	1,840	1,788		1,762		1.5	%	98.6	%	98.8	%	(0.2)	%	10,091		9,942		1.5	%
Florida Subtotal	23,004	1,957		1,929		1.5	%	98.1	%	98.0	%	0.1	%	137,573		133,475		3.1	%

Southeast United States:
Atlanta	11,570	1,622		1,596		1.6	%	98.1	%	98.4	%	(0.3)	%	56,418		54,948		2.7	%
Carolinas	4,477	1,681		1,656		1.5	%	98.1	%	98.4	%	(0.3)	%	22,864		22,292		2.6	%

Southeast US Subtotal	16,047	1,639		1,613		1.6	%	98.1	%	98.4	%	(0.3)	%	79,282		77,240		2.6	%

Texas:
Houston	1,871	1,622		1,606		1.0	%	97.8	%	97.9	%	(0.1)	%	9,279		8,950		3.7	%
Dallas	1,960	1,887		1,866		1.1	%	98.0	%	98.0	%	—	%	11,228		10,839		3.6	%
Texas Subtotal	3,831	1,758		1,739		1.1	%	97.9	%	98.0	%	(0.1)	%	20,507		19,789		3.6	%

Midwest United States:
Chicago	2,559	2,041		2,019		1.1	%	98.6	%	98.8	%	(0.2)	%	15,465		15,152		2.1	%
Minneapolis	1,121	2,000		1,970		1.5	%	97.8	%	98.0	%	(0.2)	%	6,567		6,550		0.3	%
Midwest US Subtotal	3,680	2,028		2,004		1.2	%	98.3	%	98.6	%	(0.3)	%	22,032		21,702		1.5	%

Same Store Total / Average	72,658	$	1,941	$	1,915	1.4	%	98.3	%	98.4	%	(0.1)	%	$	421,930	$	411,079	2.6	%

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

Q2 2021 Earnings Release and Supplemental Information — page 22

Supplemental Schedule 5(a) (Continued)


Same Store Core Revenue Growth Summary — YTD
($ in thousands, except avg. monthly rent) (unaudited)

		Avg. Monthly Rent						Average Occupancy						Core Revenue
YoY, YTD 2021	# Homes	YTD 2021		YTD 2020		Change		YTD 2021		YTD 2020		Change		YTD 2021		YTD 2020		Change
Western United States:
Southern California	7,610	$	2,601	$	2,500	4.0	%	98.8	%	97.5	%	1.3	%	$	111,027	$	110,894	0.1	%
Northern California	3,862	2,257		2,169		4.1	%	99.1	%	98.0	%	1.1	%	50,427		49,790		1.3	%
Seattle	3,267	2,326		2,283		1.9	%	98.7	%	97.2	%	1.5	%	44,189		44,363		(0.4)	%
Phoenix	7,131	1,531		1,435		6.7	%	98.7	%	97.8	%	0.9	%	67,012		62,415		7.4	%
Las Vegas	2,427	1,766		1,669		5.8	%	98.5	%	97.6	%	0.9	%	25,471		24,203		5.2	%
Denver	1,799	2,129		2,051		3.8	%	97.8	%	97.2	%	0.6	%	23,283		22,136		5.2	%
Western US Subtotal	26,096	2,114		2,024		4.4	%	98.7	%	97.6	%	1.1	%	321,409		313,801		2.4	%

Florida:
South Florida	7,847	2,292		2,231		2.7	%	97.9	%	96.5	%	1.4	%	107,988		102,561		5.3	%
Tampa	7,699	1,763		1,706		3.3	%	98.1	%	96.7	%	1.4	%	82,637		78,363		5.5	%
Orlando	5,618	1,758		1,698		3.5	%	97.9	%	96.9	%	1.0	%	60,390		57,110		5.7	%
Jacksonville	1,840	1,775		1,713		3.6	%	98.7	%	96.6	%	2.1	%	20,033		18,837		6.3	%
Florida Subtotal	23,004	1,943		1,883		3.2	%	98.1	%	96.7	%	1.4	%	271,048		256,871		5.5	%

Southeast United States:
Atlanta	11,570	1,609		1,544		4.2	%	98.3	%	96.8	%	1.5	%	111,366		105,393		5.7	%
Carolinas	4,477	1,668		1,614		3.3	%	98.3	%	97.2	%	1.1	%	45,156		43,195		4.5	%

Southeast US Subtotal	16,047	1,626		1,564		4.0	%	98.3	%	96.9	%	1.4	%	156,522		148,588		5.3	%

Texas:
Houston	1,871	1,614		1,577		2.3	%	97.9	%	96.4	%	1.5	%	18,229		17,494		4.2	%
Dallas	1,960	1,877		1,827		2.7	%	98.0	%	96.1	%	1.9	%	22,067		21,220		4.0	%
Texas Subtotal	3,831	1,749		1,705		2.6	%	97.9	%	96.3	%	1.6	%	40,296		38,714		4.1	%

Midwest United States:
Chicago	2,559	2,030		2,002		1.4	%	98.7	%	97.3	%	1.4	%	30,617		29,930		2.3	%
Minneapolis	1,121	1,985		1,922		3.3	%	97.9	%	96.9	%	1.0	%	13,117		12,774		2.7	%
Midwest US Subtotal	3,680	2,016		1,978		1.9	%	98.4	%	97.2	%	1.2	%	43,734		42,704		2.4	%

Same Store Total / Average	72,658	$	1,928	$	1,859	3.7	%	98.4	%	97.1	%	1.3	%	$	833,009	$	800,678	4.0	%

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

Q2 2021 Earnings Release and Supplemental Information — page 23

Supplemental Schedule 5(b)


Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)

	Core Revenue						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, Q2 2021	Q2 2021		Q2 2020		Change		Q2 2021		Q2 2020		Change		Q2 2021		Q2 2020		Change		Q2 2021		Q2 2020
Western United States:
Southern California	$	55,911	$	55,032	1.6	%	$	16,790	$	18,069	(7.1)	%	$	39,121	$	36,963	5.8	%	70.0	%	67.2	%
Northern California	25,451		24,852		2.4	%	7,130		7,195		(0.9)	%	18,321		17,657		3.8	%	72.0	%	71.0	%
Seattle	22,368		22,223		0.7	%	5,960		6,229		(4.3)	%	16,408		15,994		2.6	%	73.4	%	72.0	%
Phoenix	34,042		31,205		9.1	%	7,320		7,111		2.9	%	26,722		24,094		10.9	%	78.5	%	77.2	%
Las Vegas	12,942		12,000		7.9	%	2,919		2,734		6.8	%	10,023		9,266		8.2	%	77.4	%	77.2	%
Denver	11,822		11,037		7.1	%	2,382		2,518		(5.4)	%	9,440		8,519		10.8	%	79.9	%	77.2	%
Western US Subtotal	162,536		156,349		4.0	%	42,501		43,856		(3.1)	%	120,035		112,493		6.7	%	73.9	%	71.9	%

Florida:
South Florida	54,876		50,782		8.1	%	22,013		21,728		1.3	%	32,863		29,054		13.1	%	59.9	%	57.2	%
Tampa	41,945		38,942		7.7	%	15,898		15,192		4.6	%	26,047		23,750		9.7	%	62.1	%	61.0	%
Orlando	30,661		28,416		7.9	%	10,515		10,423		0.9	%	20,146		17,993		12.0	%	65.7	%	63.3	%
Jacksonville	10,091		9,385		7.5	%	3,411		3,361		1.5	%	6,680		6,024		10.9	%	66.2	%	64.2	%
Florida Subtotal	137,573		127,525		7.9	%	51,837		50,704		2.2	%	85,736		76,821		11.6	%	62.3	%	60.2	%

Southeast United States:
Atlanta	56,418		52,588		7.3	%	17,600		16,780		4.9	%	38,818		35,808		8.4	%	68.8	%	68.1	%
Carolinas	22,864		21,542		6.1	%	6,247		5,990		4.3	%	16,617		15,552		6.8	%	72.7	%	72.2	%

Southeast US Subtotal	79,282		74,130		6.9	%	23,847		22,770		4.7	%	55,435		51,360		7.9	%	69.9	%	69.3	%

Texas:
Houston	9,279		8,758		5.9	%	4,286		4,152		3.2	%	4,993		4,606		8.4	%	53.8	%	52.6	%
Dallas	11,228		10,575		6.2	%	4,541		4,401		3.2	%	6,687		6,174		8.3	%	59.6	%	58.4	%
Texas Subtotal	20,507		19,333		6.1	%	8,827		8,553		3.2	%	11,680		10,780		8.3	%	57.0	%	55.8	%

Midwest United States:
Chicago	15,465		14,824		4.3	%	6,950		6,941		0.1	%	8,515		7,883		8.0	%	55.1	%	53.2	%
Minneapolis	6,567		6,420		2.3	%	2,100		2,047		2.6	%	4,467		4,373		2.1	%	68.0	%	68.1	%
Midwest US Subtotal	22,032		21,244		3.7	%	9,050		8,988		0.7	%	12,982		12,256		5.9	%	58.9	%	57.7	%

Same Store Total / Average	$	421,930	$	398,581	5.9	%	$	136,062	$	134,871	0.9	%	$	285,868	$	263,710	8.4	%	67.8	%	66.2	%

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

Q2 2021 Earnings Release and Supplemental Information — page 24

Supplemental Schedule 5(b) (Continued)


Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)

	Core Revenue						Core Operating Expenses						Net Operating Income						Core NOI Margin
Seq, Q2 2021	Q2 2021		Q1 2021		Change		Q2 2021		Q1 2021		Change		Q2 2021		Q1 2021		Change		Q2 2021		Q1 2021
Western United States:
Southern California	$	55,911	$	55,116	1.4	%	$	16,790	$	16,878	(0.5)	%	$	39,121	$	38,238	2.3	%	70.0	%	69.4	%
Northern California	25,451		24,976		1.9	%	7,130		6,941		2.7	%	18,321		18,035		1.6	%	72.0	%	72.2	%
Seattle	22,368		21,821		2.5	%	5,960		6,086		(2.1)	%	16,408		15,735		4.3	%	73.4	%	72.1	%
Phoenix	34,042		32,970		3.3	%	7,320		7,246		1.0	%	26,722		25,724		3.9	%	78.5	%	78.0	%
Las Vegas	12,942		12,529		3.3	%	2,919		2,771		5.3	%	10,023		9,758		2.7	%	77.4	%	77.9	%
Denver	11,822		11,461		3.1	%	2,382		2,270		4.9	%	9,440		9,191		2.7	%	79.9	%	80.2	%
Western US Subtotal	162,536		158,873		2.3	%	42,501		42,192		0.7	%	120,035		116,681		2.9	%	73.9	%	73.4	%

Florida:
South Florida	54,876		53,112		3.3	%	22,013		21,723		1.3	%	32,863		31,389		4.7	%	59.9	%	59.1	%
Tampa	41,945		40,692		3.1	%	15,898		15,295		3.9	%	26,047		25,397		2.6	%	62.1	%	62.4	%
Orlando	30,661		29,729		3.1	%	10,515		9,989		5.3	%	20,146		19,740		2.1	%	65.7	%	66.4	%
Jacksonville	10,091		9,942		1.5	%	3,411		3,341		2.1	%	6,680		6,601		1.2	%	66.2	%	66.4	%
Florida Subtotal	137,573		133,475		3.1	%	51,837		50,348		3.0	%	85,736		83,127		3.1	%	62.3	%	62.3	%

Southeast United States:
Atlanta	56,418		54,948		2.7	%	17,600		16,563		6.3	%	38,818		38,385		1.1	%	68.8	%	69.9	%
Carolinas	22,864		22,292		2.6	%	6,247		5,989		4.3	%	16,617		16,303		1.9	%	72.7	%	73.1	%

Southeast US Subtotal	79,282		77,240		2.6	%	23,847		22,552		5.7	%	55,435		54,688		1.4	%	69.9	%	70.8	%

Texas:
Houston	9,279		8,950		3.7	%	4,286		4,039		6.1	%	4,993		4,911		1.7	%	53.8	%	54.9	%
Dallas	11,228		10,839		3.6	%	4,541		3,870		17.3	%	6,687		6,969		(4.0)	%	59.6	%	64.3	%
Texas Subtotal	20,507		19,789		3.6	%	8,827		7,909		11.6	%	11,680		11,880		(1.7)	%	57.0	%	60.0	%

Midwest United States:
Chicago	15,465		15,152		2.1	%	6,950		6,627		4.9	%	8,515		8,525		(0.1)	%	55.1	%	56.3	%
Minneapolis	6,567		6,550		0.3	%	2,100		1,948		7.8	%	4,467		4,602		(2.9)	%	68.0	%	70.3	%
Midwest US Subtotal	22,032		21,702		1.5	%	9,050		8,575		5.5	%	12,982		13,127		(1.1)	%	58.9	%	60.5	%

Same Store Total / Average	$	421,930	$	411,079	2.6	%	$	136,062	$	131,576	3.4	%	$	285,868	$	279,503	2.3	%	67.8	%	68.0	%

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

Q2 2021 Earnings Release and Supplemental Information — page 25

Supplemental Schedule 5(b) (Continued)


Same Store NOI Growth and Margin Summary — YTD
($ in thousands) (unaudited)

	Core Revenue						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, YTD 2021	YTD 2021		YTD 2020		Change		YTD 2021		YTD 2020		Change		YTD 2021		YTD 2020		Change		YTD 2021		YTD 2020
Western United States:
Southern California	$	111,027	$	110,894	0.1	%	$	33,668	$	35,573	(5.4)	%	$	77,359	$	75,321	2.7	%	69.7	%	67.9	%
Northern California	50,427		49,790		1.3	%	14,071		14,397		(2.3)	%	36,356		35,393		2.7	%	72.1	%	71.1	%
Seattle	44,189		44,363		(0.4)	%	12,046		12,084		(0.3)	%	32,143		32,279		(0.4)	%	72.7	%	72.8	%
Phoenix	67,012		62,415		7.4	%	14,566		14,921		(2.4)	%	52,446		47,494		10.4	%	78.3	%	76.1	%
Las Vegas	25,471		24,203		5.2	%	5,690		5,566		2.2	%	19,781		18,637		6.1	%	77.7	%	77.0	%
Denver	23,283		22,136		5.2	%	4,652		4,627		0.5	%	18,631		17,509		6.4	%	80.0	%	79.1	%
Western US Subtotal	321,409		313,801		2.4	%	84,693		87,168		(2.8)	%	236,716		226,633		4.4	%	73.6	%	72.2	%

Florida:
South Florida	107,988		102,561		5.3	%	43,736		43,669		0.2	%	64,252		58,892		9.1	%	59.5	%	57.4	%
Tampa	82,637		78,363		5.5	%	31,193		30,257		3.1	%	51,444		48,106		6.9	%	62.3	%	61.4	%
Orlando	60,390		57,110		5.7	%	20,504		20,697		(0.9)	%	39,886		36,413		9.5	%	66.0	%	63.8	%
Jacksonville	20,033		18,837		6.3	%	6,752		6,738		0.2	%	13,281		12,099		9.8	%	66.3	%	64.2	%
Florida Subtotal	271,048		256,871		5.5	%	102,185		101,361		0.8	%	168,863		155,510		8.6	%	62.3	%	60.5	%

Southeast United States:
Atlanta	111,366		105,393		5.7	%	34,163		33,999		0.5	%	77,203		71,394		8.1	%	69.3	%	67.7	%
Carolinas	45,156		43,195		4.5	%	12,236		12,196		0.3	%	32,920		30,999		6.2	%	72.9	%	71.8	%

Southeast US Subtotal	156,522		148,588		5.3	%	46,399		46,195		0.4	%	110,123		102,393		7.5	%	70.4	%	68.9	%

Texas:
Houston	18,229		17,494		4.2	%	8,325		8,156		2.1	%	9,904		9,338		6.1	%	54.3	%	53.4	%
Dallas	22,067		21,220		4.0	%	8,411		8,733		(3.7)	%	13,656		12,487		9.4	%	61.9	%	58.8	%
Texas Subtotal	40,296		38,714		4.1	%	16,736		16,889		(0.9)	%	23,560		21,825		7.9	%	58.5	%	56.4	%

Midwest United States:
Chicago	30,617		29,930		2.3	%	13,577		13,785		(1.5)	%	17,040		16,145		5.5	%	55.7	%	53.9	%
Minneapolis	13,117		12,774		2.7	%	4,048		4,110		(1.5)	%	9,069		8,664		4.7	%	69.1	%	67.8	%
Midwest US Subtotal	43,734		42,704		2.4	%	17,625		17,895		(1.5)	%	26,109		24,809		5.2	%	59.7	%	58.1	%

Same Store Total / Average	$	833,009	$	800,678	4.0	%	$	267,638	$	269,508	(0.7)	%	$	565,371	$	531,170	6.4	%	67.9	%	66.3	%

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

Q2 2021 Earnings Release and Supplemental Information — page 26

Supplemental Schedule 5(c)


Same Store Lease-Over-Lease Rent Growth
(unaudited)

	Rental Rate Growth
	Q2 2021						YTD 2021
	Renewal		New		Blended		Renewal		New		Blended
	Leases		Leases		Average		Leases		Leases		Average
Western United States:
Southern California	5.2	%	11.8	%	6.7	%	5.2	%	10.3	%	6.4	%
Northern California	5.4	%	15.8	%	7.8	%	5.2	%	12.6	%	6.9	%
Seattle	0.2	%	15.8	%	3.4	%	0.4	%	13.2	%	3.4	%
Phoenix	9.0	%	23.6	%	12.7	%	8.1	%	19.3	%	11.1	%
Las Vegas	7.9	%	22.1	%	11.9	%	7.6	%	17.2	%	10.6	%
Denver	6.2	%	11.2	%	7.6	%	5.4	%	8.4	%	6.3	%
Western US Subtotal	5.4	%	16.5	%	8.0	%	5.2	%	13.6	%	7.3	%

Florida:
South Florida	7.0	%	10.9	%	8.0	%	5.7	%	7.8	%	6.3	%
Tampa	6.2	%	14.3	%	9.0	%	5.0	%	10.7	%	7.0	%
Orlando	4.6	%	11.9	%	7.2	%	4.2	%	9.4	%	6.1	%
Jacksonville	5.1	%	13.7	%	7.8	%	4.4	%	11.2	%	6.6	%
Florida Subtotal	6.1	%	12.5	%	8.1	%	5.1	%	9.4	%	6.5	%

Southeast United States:
Atlanta	6.7	%	15.6	%	9.1	%	5.7	%	13.8	%	7.9	%
Carolinas	6.5	%	12.2	%	8.1	%	5.6	%	9.6	%	6.8	%

Southeast US Subtotal	6.6	%	14.5	%	8.8	%	5.6	%	12.5	%	7.5	%

Texas:
Houston	4.3	%	7.4	%	5.2	%	3.8	%	5.8	%	4.3	%
Dallas	5.3	%	10.2	%	6.9	%	4.8	%	8.1	%	5.9	%
Texas Subtotal	4.8	%	9.1	%	6.2	%	4.3	%	7.2	%	5.2	%

Midwest United States:
Chicago	4.0	%	8.6	%	5.1	%	3.3	%	5.9	%	3.9	%
Minneapolis	5.7	%	8.8	%	6.6	%	5.3	%	7.2	%	5.9	%
Midwest US Subtotal	4.6	%	8.7	%	5.7	%	3.9	%	6.4	%	4.5	%

Same Store Total / Average	5.8	%	13.8	%	8.0	%	5.1	%	11.1	%	6.8	%

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

Q2 2021 Earnings Release and Supplemental Information — page 27

Supplemental Schedule 6


Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)

Total ($ 000)	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q2 2020

R&M OpEx, net	$	19,536	$	16,463	$	18,905	$	24,499	$	18,880
Turn OpEx, net	8,147		6,742		7,327		9,217		7,922
Total recurring operating expenses, net	$	27,683	$	23,205	$	26,232	$	33,716	$	26,802

R&M CapEx	$	19,179	$	16,664	$	20,321	$	24,154	$	19,352
Turn CapEx	6,996		5,891		5,800		6,957		6,311
Total recurring capital expenditures	$	26,175	$	22,555	$	26,121	$	31,111	$	25,663

R&M OpEx, net + R&M CapEx	$	38,715	$	33,127	$	39,226	$	48,653	$	38,232
Turn OpEx, net + Turn CapEx	15,143		12,633		13,127		16,174		14,233
Total cost to maintain, net	$	53,858	$	45,760	$	52,353	$	64,827	$	52,465

Per Home ($)	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q2 2020
Total cost to maintain, net	$	741	$	630	$	721	$	892	$	722

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


Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)

Total ($ 000)	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q2 2020
Recurring CapEx	$	28,693	$	24,454	$	28,485	$	33,861	$	27,617
Value Enhancing CapEx	9,039		8,945		10,459		10,286		10,611
Initial Renovation CapEx	16,635		19,320		28,539		13,385		21,023
Disposition CapEx	1,557		1,748		1,746		1,748		2,877
Total Capital Expenditures	$	55,924	$	54,467	$	69,229	$	59,280	$	62,128

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

Q2 2021 Earnings Release and Supplemental Information — page 28

Supplemental Schedule 7


Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)

Adjusted Property Management Expense	Q2 2021		Q2 2020		YTD 2021		YTD 2020
Property management expense (GAAP)	$	17,696	$	14,529	$	33,538	$	28,901
Adjustments:
Share-based compensation expense	(1,703)		(447)		(2,877)		(1,280)

Adjusted property management expense	$	15,993	$	14,082	$	30,661	$	27,621


Adjusted G&A Expense	Q2 2021		Q2 2020		YTD 2021		YTD 2020
G&A expense (GAAP)	$	19,828	$	14,426	$	36,778	$	28,654
Adjustments:
Share-based compensation expense	(7,503)		(1,659)		(12,143)		(4,927)

Severance expense	(160)		(255)		(274)		(255)



Adjusted G&A expense	$	12,165	$	12,512	$	24,361	$	23,472

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

Q2 2021 Earnings Release and Supplemental Information — page 29

Supplemental Schedule 8


Acquisitions and Dispositions — Q2 2021
(unaudited)
	3/31/2021	Q2 2021 Acquisitions (1)			Q2 2021 Dispositions (2)			6/30/2021
	Homes	Homes	Avg. Estimated		Homes	Average		Homes
	Owned	Acq.	Cost Basis		Sold	Sales Price		Owned
Wholly Owned Portfolio
Western United States:
Southern California	7,930	—	$	—	21	$	616,024	7,909
Northern California	4,235	16	519,736		10	528,700		4,241
Seattle	3,696	62	511,010		5	641,250		3,753
Phoenix	8,240	106	390,667		8	244,058		8,338
Las Vegas	3,010	8	401,876		1	325,000		3,017
Denver	2,372	101	473,457		7	426,071		2,466
Western US Subtotal	29,483	293	452,025		52	513,264		29,724

Florida:
South Florida	8,280	29	281,876		66	311,990		8,243
Tampa	8,217	42	319,152		23	264,903		8,236
Orlando	6,245	33	317,359		17	221,835		6,261
Jacksonville	1,872	3	307,517		1	293,000		1,874
Florida Subtotal	24,614	107	308,170		107	287,367		24,614

Southeast United States:
Atlanta	12,556	30	290,211		13	243,808		12,573
Carolinas	4,987	54	330,606		4	225,975		5,037
Southeast US Subtotal	17,543	84	316,179		17	239,612		17,610

Texas:
Houston	2,146	—	—		4	225,250		2,142
Dallas	2,808	10	300,478		8	245,750		2,810
Texas Subtotal	4,954	10	300,478		12	238,917		4,952

Midwest United States:
Chicago	2,604	—	—		19	264,800		2,585
Minneapolis	1,125	—	—		2	230,000		1,123
Midwest US Subtotal	3,729	—	—		21	261,486		3,708

Announced Market-in-Exit:
Nashville (3)	7	—	—		3	447,167		4

Total / Average	80,330	494	$	394,699	212	$	335,901	80,612

Joint Venture Portfolio
Rockpoint Joint Venture (4)	435	385	$	367,968	—	$	—	820
FNMA Joint Venture (5)	554	—	—		6	309,599		548

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

Q2 2021 Earnings Release and Supplemental Information — page 30

Supplemental Schedule 8 (Continued)

(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.2%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.

(2)Cap rates on wholly owned dispositions during the quarter averaged 2.0%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.

(3)In December 2019, Invitation Homes announced a plan to fully exit the Nashville market, and sold 708 homes in Nashville in a bulk transaction. The Company is pursuing the sale of the remaining four homes in the market as of June 30, 2021.

(4)Represents portfolio in the Company's unconsolidated joint venture with Rockpoint Group, of which Invitation Homes owns 20%.

(5)Represents portfolio in the Company's unconsolidated joint venture with Federal National Mortgage Association, of which Invitation Homes owns 10%.

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

Q2 2021 Earnings Release and Supplemental Information — page 31

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, EBITDAre, and Adjusted EBITDAre

EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts ("Nareit") recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. We define EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax and impairment on depreciated real estate investments. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; severance; casualty (gains) losses, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered alternatives to net income

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

Q2 2021 Earnings Release and Supplemental Information — page 32

or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See "Reconciliation of Non-GAAP Measures" below for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

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

FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. In calculating per share amounts, Core FFO and AFFO reflect convertible debt securities in the form in which they were outstanding during the period.

We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss.

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 our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our 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 our 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. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities,net; other income and expenses; joint venture management fees; 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. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

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

See "Reconciliation of Non-GAAP Measures" below for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store portfolio.

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

Q2 2021 Earnings Release and Supplemental Information — page 33

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

Revenue Collections as a Percentage of Billings

Revenue collections as a percentage of billings represents 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 1st of the year in which the Same Store portfolio was established.

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

Total Homes / Total Portfolio

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

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.

Q2 2021 Earnings Release and Supplemental Information — page 34

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 "Term Loan Facility") (together, the "Credit Facility"), as set forth in the Company's Amended and Restated Revolving Credit and Term Loan Agreement dated December 8, 2020 (the "Unsecured Credit Agreement"). The metrics provided under the "Unsecured Facility 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 Agreement, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreement. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreement, 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 Agreement, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreement. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreement, 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 Agreement, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreement. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreement, 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 Agreement, 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 Agreement. 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 Agreement, 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 Agreement.

The metrics set forth under the "Unsecured Facility 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 Agreement 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 Agreement, see Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-38004) filed on December 9, 2020.

The breach of any of the covenants set forth in the Unsecured Credit Agreement could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facility, 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

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

Q2 2021 Earnings Release and Supplemental Information — page 35

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 our Annual Report on Form 10-K for the year ended December 31, 2020, as such factors may be updated from time to time in our periodic filings with the SEC.

Value Enhancing CapEx

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

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

Q2 2021 Earnings Release and Supplemental Information — page 36


Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, Quarterly
(in thousands) (unaudited)

	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q2 2020
Total revenues (total portfolio)	$	491,633	$	475,225	$	464,100	$	459,184	$	449,755
Joint venture management fees	(1,015)		(771)		—		—		—
Total portfolio resident recoveries	(26,076)		(24,740)		(23,885)		(23,675)		(20,157)
Total Core revenues (total portfolio)	464,542		449,714		440,215		435,509		429,598
Non-Same Store Core revenues	(42,612)		(38,635)		(34,991)		(32,686)		(31,017)
Same Store Core revenues	$	421,930	$	411,079	$	405,224	$	402,823	$	398,581






Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, YTD
(in thousands) (unaudited)

	YTD 2021		YTD 2020
Total revenues (total portfolio)	$	966,858	$	899,544
Joint venture management fees	(1,786)		—
Total portfolio resident recoveries	(50,816)		(40,198)
Total Core revenues (total portfolio)	914,256		859,346
Non-Same Store Core revenues	(81,247)		(58,668)
Same Store Core revenues	$	833,009	$	800,678

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

Q2 2021 Earnings Release and Supplemental Information — page 37


Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)

	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q2 2020
Property operating and maintenance expenses (total portfolio)	$	175,422	$	168,373	$	168,628	$	177,997	$	167,002
Total portfolio resident recoveries	(26,076)		(24,740)		(23,885)		(23,675)		(20,157)
Core Property operating and maintenance expenses (total portfolio)	149,346		143,633		144,743		154,322		146,845
Non-Same Store Core operating expenses	(13,284)		(12,057)		(12,120)		(11,909)		(11,974)
Same Store Core operating expenses	$	136,062	$	131,576	$	132,623	$	142,413	$	134,871


Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)

	YTD 2021		YTD 2020
Property operating and maintenance expenses (total portfolio)	$	343,795	$	333,918
Total portfolio resident recoveries	(50,816)		(40,198)
Core Property operating and maintenance expenses (total portfolio)	292,979		293,720
Non-Same Store Core operating expenses	(25,341)		(24,212)
Same Store Core operating expenses	$	267,638	$	269,508

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

Q2 2021 Earnings Release and Supplemental Information — page 38


Reconciliation of Net Income to NOI and Same Store NOI, Quarterly
(in thousands) (unaudited)

	Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q2 2020
Net income available to common stockholders	$	60,242	$	57,272	$	70,586	$	32,540	$	42,784
Net income available to participating securities	96		95		113		114		119
Non-controlling interests	350		355		431		211		275
Interest expense	80,764		83,406		95,382		87,713		86,071
Depreciation and amortization	145,280		144,501		142,090		138,147		137,266
Property management expense	17,696		15,842		14,888		14,824		14,529
General and administrative	19,828		16,950		16,679		17,972		14,426
Impairment and other	980		356		(3,974)		1,723		(180)
Gain on sale of property, net of tax	(17,919)		(14,484)		(13,121)		(15,106)		(11,167)
(Gains) losses on investments in equity securities, net	7,002		3,140		(29,689)		—		—
Other, net	1,903		(230)		2,087		3,049		(1,370)
Joint venture management fees	(1,015)		(771)		—		—		—
Income from investments in unconsolidated joint ventures	(11)		(351)		—		—		—
NOI (total portfolio)	315,196		306,081		295,472		281,187		282,753
Non-Same Store NOI	(29,328)		(26,578)		(22,871)		(20,777)		(19,043)
Same Store NOI	$	285,868	$	279,503	$	272,601	$	260,410	$	263,710


Reconciliation of Net Income to NOI and Same Store NOI, YTD
(in thousands) (unaudited)

	YTD 2021		YTD 2020
Net income available to common stockholders	$	117,514	$	92,638
Net income available to participating securities	191		221
Non-controlling interests	705		595
Interest expense	164,170		170,828
Depreciation and amortization	289,781		272,293
Property management expense	33,538		28,901
General and administrative	36,778		28,654
Impairment and other	1,336		2,947
Gain on sale of property, net of tax	(32,403)		(26,367)
(Gains) losses on investments in equity securities, net	10,142		(34)
Other, net	1,673		(5,050)
Joint venture management fees	(1,786)		—
Income from investments in unconsolidated joint ventures	(362)		—
NOI (total portfolio)	621,277		565,626
Non-Same Store NOI	(55,906)		(34,456)
Same Store NOI	$	565,371	$	531,170

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

Q2 2021 Earnings Release and Supplemental Information — page 39


Reconciliation of Net Income to EBITDA, EBITDAre, and Adjusted EBITDAre
(in thousands, unaudited)

	Q2 2021		Q2 2020		YTD 2021		YTD 2020
Net income available to common stockholders	$	60,242	$	42,784	$	117,514	$	92,638
Net income available to participating securities	96		119		191		221
Non-controlling interests	350		275		705		595
Interest expense	80,764		86,071		164,170		170,828
Interest expense in unconsolidated joint ventures	225		—		299		—
Depreciation and amortization	145,280		137,266		289,781		272,293
Depreciation and amortization of real estate assets in unconsolidated joint ventures	246		—		350		—
EBITDA	287,203		266,515		573,010		536,575
Gain on sale of property, net of tax	(17,919)		(11,167)		(32,403)		(26,367)
Impairment on depreciated real estate investments	93		1,442		524		3,913
Net gain on sale of investments in unconsolidated joint ventures	(104)		—		(440)		—
EBITDAre	269,273		256,790		540,691		514,121
Share-based compensation expense	9,206		2,106		15,020		6,207
Severance	160		255		274		255
Casualty (gains) losses, net	887		(1,622)		812		(966)
(Gains) losses on investments in equity securities, net	7,002		—		10,142		(34)
Other, net	1,903		(1,370)		1,673		(5,050)
Adjusted EBITDAre	$	288,431	$	256,159	$	568,612	$	514,533

	Trailing Twelve Months (TTM) Ended
	June 30, 2021		December 31, 2020
Net income available to common stockholders	$	220,640	$	195,764
Net income available to participating securities	418		448
Non-controlling interests	1,347		1,237
Interest expense	347,265		353,923
Interest expense in unconsolidated joint ventures	299		—
Depreciation and amortization	570,018		552,530
Depreciation and amortization of real estate assets in unconsolidated joint ventures	350		—
EBITDA	1,140,337		1,103,902
Gain on sale of property, net of tax	(60,630)		(54,594)
Impairment on depreciated real estate investments	1,189		4,578
Net gain on sale of investments in unconsolidated joint ventures	(440)		—
EBITDAre	1,080,456		1,053,886
Share-based compensation expense	25,903		17,090
Severance	620		601
Casualty (gains) losses, net	(2,104)		(3,882)
(Gains) losses on investments in equity securities, net	(19,547)		(29,723)
Other, net	6,809		86
Adjusted EBITDAre	$	1,092,137	$	1,038,058

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

Q2 2021 Earnings Release and Supplemental Information — page 40


Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)

	As of			As of
	June 30, 2021			December 31, 2020
Mortgage loans, net	$	4,498,289		$	4,820,098
Secured term loan, net	401,204			401,095
Unsecured notes, net	298,399			—
Term loan facility, net	2,474,495			2,470,907
Revolving facility	—			—
Convertible senior notes, net	342,050			339,404
Total Debt per Balance Sheet	8,014,437			8,031,504
Retained and repurchased certificates	(231,315)			(247,526)
Cash, ex-security deposits and letters of credit (1)	(201,779)			(250,204)
Deferred financing costs, net	39,930			43,396
Unamortized discounts on note payable	5,057			7,885
Net Debt (A)	$	7,626,330		$	7,585,055
2022 convertible senior notes, net	(342,050)
Unamortized discounts related to 2022 convertible senior notes	(2,944)
Pro Forma Net Debt (B) (2)	$	7,281,336

	For the Trailing Twelve			For the Trailing Twelve
	Months (TTM) Ended			Months (TTM) Ended
	June 30, 2021			December 31, 2020
Adjusted EBITDAre (C)	$	1,092,137		$	1,038,058

Net Debt / TTM Adjusted EBITDAre (A / C)	7.0		x	7.3		x

Pro Forma Net Debt / TTM Adjusted EBITDAre (B / C) (2)	6.7		x

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

(2)In July 2021, the Company gave notice of intent to settle conversions of its 3.5% Convertible Notes due January 15, 2022, with common stock. Pro Forma Net Debt and Pro Forma Net Debt / Trailing Twelve Months Adjusted EBITDAre assume the net debt is reduced for the impact of the full conversion of the $345 million (par value) 2022 Convertible Notes.


Components of Non-Cash Interest Expense (Wholly Owned)
(in thousands) (unaudited)

	Q2 2021		Q2 2020		YTD 2021		YTD 2020

Amortization of discounts on notes payable	$	1,414	$	1,349	$	2,828	$	2,697
Amortization of deferred financing costs	3,057		6,401		6,567		14,353
Change in fair value of interest rate derivatives	74		39		105		52
Amortization of swap fair value at designation	3,483		1,577		7,074		2,655
Total non-cash interest expense	$	8,028	$	9,366	$	16,574	$	19,757

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

Q2 2021 Earnings Release and Supplemental Information — page 41