a4q2017supplementalfinal

South Florida South FloridaAtlanta Northern California Tampa Seattle Southern California EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOURTH QUARTER 2017

Q4 2017 Earnings Release and Supplemental Information - page 1 Table of Contents Earnings Press Release.............................................................................................................................................................. Consolidated Financial Statements ........................................................................................................................................... Schedule 1: Reconciliation of FFO, Core FFO, and AFFO ..................................................................................................... Schedule 2: Capital Structure Information............................................................................................................................... Schedule 3: Summary of Operating Information by Home Portfolio ...................................................................................... Schedule 4: Same Store Operating Information — Invitation Homes..................................................................................... Schedule 5: Same Store Operating Information by Market — Invitation Homes ................................................................... Schedule 6: History of Same Store Total Cost to Maintain — Invitation Homes ................................................................... Schedule 7: Same Store Operating Information — Legacy Starwood Waypoint Homes........................................................ Schedule 8: Same Store Operating Information by Market — Legacy Starwood Waypoint Homes ...................................... Schedule 9: History of Same Store Total Cost to Maintain — Legacy Starwood Waypoint Homes ...................................... Schedule 10: Adjusted Property Management and G&A Reconciliation ................................................................................ Schedule 11: Acquisitions and Dispositions ............................................................................................................................ Glossary and Reconciliations.................................................................................................................................................... 2 11 13 14 17 18 20 27 28 30 37 38 39 40

Q4 2017 Earnings Release and Supplemental Information - page 2 Earnings Press Release Invitation Homes Reports Fourth Quarter and Full Year 2017 Results Dallas, TX, Feb. 21, 2018 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes," "IH," or the "Company"), a leading owner and operator of single-family homes for lease in the United States, today announced its fourth quarter and full year 2017 financial and operating results. As previously announced, Invitation Homes completed its merger with Starwood Waypoint Homes ("Legacy SWH") on November 16, 2017. Information presented for the fourth quarter and full year 2017 includes the impact of the merger. Fourth Quarter 2017 and Full Year 2017 Highlights • In Q4 2017, total revenues increased 40.7% year-over-year to $330 million, and net loss attributable to common shareholders increased to $46 million. FY 2017 total revenues increased 14.3% to $1,054 million, and net loss attributable to common shareholders increased to $105 million. • IH Same Store revenue grew 4.8% year-over-year in Q4 2017 and 4.7% in FY 2017. Legacy SWH Same Store Core revenue grew 5.4% year-over-year in Q4 2017 and 4.8% in FY 2017. • IH Same Store NOI grew 9.3% year-over-year in Q4 2017 and 7.4% in FY 2017. Legacy SWH Same Store NOI grew 4.7% year-over-year in Q4 2017 and 6.4% in FY 2017, or 5.2% in Q4 2017 and 6.5% in FY 2017 when removing the impact of increased real estate taxes triggered by the Company's merger due to California's Proposition 13. • IH Same Store NOI margin was 66.1% in Q4 2017 and 64.0% in FY 2017. Legacy SWH Same Store NOI margin was 66.5% in Q4 2017 and 65.5% in FY 2017. • In February 2018, Invitation Homes closed a $917 million, seven-year (inclusive of extension options) mortgage loan with total cost of funds of LIBOR + 124 basis points. Net proceeds were used to repay in full all remaining 2019 secured maturities. Together with the previously announced November 2017 refinancing, total refinancing activity in Q4 2017 and February 2018 is expected to result in net annual interest expense savings of $9.1 million. Guidance Highlights Full Year 2018 Guidance Core FFO per share – diluted $1.13 - $1.21 AFFO per share – diluted $0.94 - $1.02 Same Store Core revenue growth 4 - 5% Same Store Core operating expense growth 2 - 3% Same Store NOI growth 5 - 6% • The Company has identified $45 - $50 million of annual run-rate cost synergies related to its merger with Starwood Waypoint Homes, and remains on track to realize 75% of those synergies on a run-rate basis by the end of 2018. Additional upside remains a possibility as best practices are implemented across the organization. Chief Executive Officer Fred Tuomi comments: "We are pleased that we finished an eventful 2017 stronger than expected, with 7.4% NOI growth in the Invitation Homes Same Store portfolio, and 6.4% NOI growth in the Legacy Starwood Waypoint Homes Same Store portfolio for the full year. Supply and demand fundamentals in our markets remain supportive, and consumers continue to choose the attractive housing option provided by our first-class resident service and high quality homes in desirable locations. Against this backdrop, we expect another year of outsized growth and margin expansion in 2018." "We are also excited after the close of our merger to enter 2018 as one combined company, leading the single-family rental sector with unparalleled quality of service, locations, scale, and operating efficiency. We continue to believe this merger creates significant value for both residents and shareholders, and we have a clearly defined integration plan in place to deliver that value. Our teams across the company are energized and intensely focused on execution in 2018, with respect to customer service, core operations, and integration. We are currently on track with our integration plan and remain confident in our ability to achieve the expected synergies."

Q4 2017 Earnings Release and Supplemental Information - page 3 Financial Results Net Loss, FFO, Core FFO, and AFFO Per Share — Diluted Q4 2017 FY 2017 Net loss (1) $ (0.11) $ (0.26) FFO (2) 0.13 0.50 Core FFO (2) 0.29 1.04 AFFO (2) 0.24 0.88 (1) No shares of common stock were outstanding prior to the close of the Company's initial public offering. As such, net loss per share for FY 2017 has been calculated based on operating results for the period from February 1, 2017 through December 31, 2017, and the weighted average number of shares outstanding during that same period, in accordance with GAAP. Also in accordance with GAAP, operating results and share count reflect the impact of the merger with Starwood Waypoint Homes from its close on November 16, 2017 through December 31, 2017. (2) No shares of common stock or OP Units were outstanding prior to the close of the Company's initial public offering. For FY 2017, FFO, Core FFO, and AFFO per share have been calculated based on operating results for the full period from January 1, 2017 through December 31, 2017, and as if shares issued in connection with the IPO were issued on January 1, 2017. Additionally, operating results and weighted average shares and units outstanding reflect the impact of the merger with Starwood Waypoint Homes from its close on November 16, 2017 through December 31, 2017. Net Loss Net loss attributable to common shareholders for the three months ended December 31, 2017 was $46.0 million, an increase of $19.3 million from the prior year. The increase in net loss attributable to common shareholders was primarily due to higher operating expenses, partially offset by an increase in revenues, resulting from the Company's merger with Starwood Waypoint Homes. The increase in operating expenses included a $47.1 million increase in non-recurring expenses related to share-based compensation, IPO costs, merger costs, and severance, as well as a $5.5 million accrual for Hurricane Irma damage. Exclusive of these non-recurring items, net income (loss) attributable to common shareholders improved by $33.2 million from the prior year. Net loss attributable to common shareholders for the twelve months ended December 31, 2017 was $105.3 million, an increase of $27.1 million from the prior year. The increase in net loss attributable to common shareholders was primarily due to higher operating expenses resulting from the Company's merger with Starwood Waypoint Homes, partially offset by an increase in revenues, lower interest expense, and higher gain on sale. The increase in operating expenses included a $105.8 million increase in non-recurring expenses related to share-based compensation, IPO costs, merger costs, and severance, as well as a $21.5 million accrual for Hurricane Irma damage. Exclusive of these non-recurring items, net income (loss) attributable to common shareholders improved by $100.2 million from the prior year. For details, see the Consolidated Statements of Operations in this press release. Core FFO Year-over-year, Core FFO for the three months ended December 31, 2017 increased $57.3 million to $120.3 million, primarily due to an increase in NOI, driven by higher home count from the Company's merger with Starwood Waypoint Homes and an increase in Invitation Homes Same Store NOI of 9.3%. Core FFO for the twelve months ended December 31, 2017 increased $95.6 million to $351.1 million, primarily due to an increase in NOI, driven by higher home count from the Company's merger with Starwood Waypoint Homes and an increase in Invitation Homes Same Store NOI of 7.4%. For a reconciliation of net loss to Core FFO, see Schedule 1 of the Supplemental Financial Information. AFFO Year-over-year, AFFO for the three months ended December 31, 2017 increased $47.7 million to $100.1 million, primarily driven by the increase in Core FFO described above. AFFO for the twelve months ended December 31, 2017 increased $89.0 million to $296.6 million, primarily driven by the increase in Core FFO described above. For a reconciliation of net loss to AFFO, see Schedule 1 of the Supplemental Financial Information.

Q4 2017 Earnings Release and Supplemental Information - page 4 Operating Results — Invitation Homes Note: All IH Same Store data follows Invitation Homes' metric definitions as they have been defined historically. Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Same Store Operating Results Snapshot — IH Number of homes in Same Store portfolio: 42,689 Q4 2017 Q4 2016 FY 2017 FY 2016 Revenue growth (year-over-year) 4.8 % 4.7% Operating expense growth (year-over-year) (2.6)% 0.5% NOI growth (year-over-year) 9.3 % 7.4% Core NOI margin 66.1 % 63.1% 64.0% 62.1% Period average occupancy 95.6 % 95.4% 95.7% 96.1% Turnover rate 7.4 % 7.4% 34.6% 34.9% Rental rate growth (lease-over-lease): New leases 1.6 % 3.0% 3.4% 5.6% Renewals 4.9 % 5.5% 5.1% 5.5% Blended 3.6 % 4.4% 4.4% 5.5% Same Store NOI For the Same Store portfolio of 42,689 homes, fourth quarter 2017 Same Store NOI increased 9.3% year-over-year on Same Store revenue growth of 4.8% and a 2.6% decrease in Same Store operating expenses. As a result, Core NOI margin increased to 66.1% in the fourth quarter of 2017 from 63.1% in the fourth quarter of 2016. FY 2017 Same Store NOI increased 7.4% year-over-year on Same Store revenue growth of 4.7% and Same Store operating expense growth of 0.5%. As a result, Core NOI margin increased to 64.0% in FY 2017 from 62.1% in FY 2016. Same Store Revenues Fourth quarter 2017 Same Store revenue growth of 4.8% was driven by a 3.8% increase in average monthly rent, a 0.2% increase in average occupancy to 95.6%, and a 20.5% increase in other property income. FY 2017 Same Store revenue growth of 4.7% was driven by a 4.2% increase in average monthly rent and a 20.6% increase in other property income, partially offset by a 0.4% decline in average occupancy to 95.7%. Same Store Operating Expenses Fourth quarter 2017 Same Store operating expenses decreased 2.6% year-over-year, driven by 13.1% lower repairs and maintenance expense, 8.7% lower personnel expense, 10.9% lower leasing and marketing expense, and 6.2% lower turnover expense. FY 2017 Same Store operating expenses increased 0.5% year-over-year, driven primarily by 5.3% higher property taxes. Insurance expense was lower by 11.0% year-over-year, and controllable expenses were 3.5% lower, driven by a 14.8% decline in personnel expense and an 11.8% decline in leasing and marketing expense.

Q4 2017 Earnings Release and Supplemental Information - page 5 Operating Results — Legacy Starwood Waypoint Homes Note: Legacy SWH refers to the homes owned by Starwood Waypoint Homes prior to its merger with Invitation Homes. All Legacy SWH Same Store data follows Legacy SWH' metric definitions, and reflects results for the full three months of the quarters presented and full twelve months of the annual periods presented. Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Same Store Operating Results Snapshot — Legacy SWH Number of homes in Same Store portfolio: 27,198 Q4 2017 Q4 2016 FY 2017 FY 2016 Core revenue growth (year-over-year) (1) 5.4% 4.8% Core operating expense growth (year-over-year) (1) 6.7% 1.8% NOI growth (year-over-year) 4.7% 6.4% Core NOI margin 66.5% 66.9% 65.5% 64.5% Period end occupancy 95.2% 95.6% 95.2% 95.6% Turnover rate 7.5% 7.5% 35.7% 34.8% Rental rate growth (lease-over-lease): New leases 0.9% 1.7% 3.3% 3.6% Renewals 4.7% 4.8% 4.9% 5.0% Blended 3.3% 3.4% 4.3% 4.5% (1) Core revenue growth and Core operating expense growth are depicted in the table above to exclude the impact of resident recoveries, including utility billing revenue and associated utility expenses resulting from Starwood Waypoint Homes' utility billing policy transition beginning in Q3 2016, whereby water, sewer, and trash services began being held in the Company's name during resident occupancy and billed back to the resident. Revenue growth before "Core" adjustments was 6.6% in 4Q17 and 6.0% in FY 2017, and operating expense growth before "Core" adjustments was 9.9% in 4Q17 and 5.4% in FY 2017. Same Store NOI For the Same Store portfolio of 27,198 homes, fourth quarter 2017 Same Store NOI increased 4.7% year-over-year on Same Store Core revenue growth of 5.4% and a 6.7% increase in Same Store Core operating expenses. As a result, Core NOI margin decreased to 66.5% in the fourth quarter of 2017 from 66.9% in the fourth quarter of 2016. FY 2017 Same Store NOI increased 6.4% year-over-year on Same Store Core revenue growth of 4.8% and Same Store Core operating expense growth of 1.8%. As a result, Core NOI margin increased to 65.5% in FY 2017 from 64.5% in FY 2016. Same Store Core Revenues Fourth quarter 2017 Same Store Core revenue growth of 5.4% was driven by a 4.3% increase in period average monthly rent and lower bad debt and concessions, partially offset by a 0.2% decrease in period average occupancy to 95.0%. FY 2017 Same Store Core revenue growth of 4.8% was driven by a 4.4% increase in period average monthly rent, and a 0.1% increase in period average occupancy to 95.1%. Same Store Core Operating Expenses Fourth quarter 2017 Same Store Core operating expenses increased 6.7% year-over-year, driven primarily by 11.8% higher property taxes. Excluding the impact of accruals for estimated reassessments triggered by the merger due to California's Proposition 13, Same Store Core operating expenses would have increased 5.8% year-over-year, resulting in Same Store NOI growth of 5.2%. Core controllable expenses were 3.2% higher year-over-year.

Q4 2017 Earnings Release and Supplemental Information - page 6 FY 2017 Same Store Core operating expenses increased 1.8% year-over-year, driven primarily by 6.8% higher property taxes. Excluding the impact of accruals for estimated reassessments triggered by the merger due to California's Proposition 13, Same Store Core operating expenses would have increased 1.6% year-over-year, resulting in Same Store NOI growth of 6.5%. HOA expenses were 6.0% lower, insurance expenses were 5.0% lower, and Core controllable expenses declined by 2.1%, driven by lower repairs & maintenance and turn costs and other expenses. Investment Management Activity Invitation Homes acquired 34,670 homes as a result of its merger with Starwood Waypoint Homes that closed on November 16, 2017. In addition to the homes acquired in the merger, Invitation Homes acquired 290 homes for $80.5 million in the fourth quarter of 2017, including estimated renovation costs, and sold 257 homes for gross proceeds of $57.9 million, resulting in total portfolio home count at December 31, 2017 of 82,570 homes. Update on Hurricane Impact As previously announced, Invitation Homes' and Starwood Waypoint Homes' portfolios experienced damage related to Hurricane Harvey and Hurricane Irma in the third quarter of 2017. Additional homes that experienced hurricane damage were identified in the fourth quarter. The Company has revised its estimate of total damages, and increased its casualty loss accrual by an incremental $5.5 million. Merger and Integration Update As previously announced, on November 16, 2017, Invitation Homes completed its merger with Starwood Waypoint Homes, bringing together the best practices, technology, and personnel from both firms to create the premier single-family rental company in the United States. Integration efforts are progressing well and remain on track. Current and prospective residents experienced a seamless transition and are already enjoying benefits including a new and improved resident website and further enhancements to the Company's unique ProCare service model. In addition, all corporate and field leadership personnel and key operating strategy decisions have been made. A plan has been put into place to roll out the unified operating strategy and platform to all markets over the next several quarters. In-line with its initial estimate, the Company has identified $45 million to $50 million of projected annual run-rate cost synergies, and expects to realize 75% of those synergies on a run-rate basis by the end of 2018. Furthemore, the Company believes there could be additional upside from the implementation of best practices across the organization. As of February 21, 2018, approximately $20 million of annualized run-rate synergy savings had been realized, which includes approximately $9 million of share-based compensation expense. Balance Sheet and Capital Markets Activity At December 31, 2017, the Company had $1,145 million in availability through a combination of unrestricted cash and undrawn capacity on its credit facility. The Company's total indebtedness at December 31, 2017 was $9,722 million, consisting of $7,612 million of secured debt and $2,110 million of unsecured debt. During the fourth quarter of 2017, as previously announced, the Company closed a seven-year (inclusive of extension options), floating rate securitization loan (IH 2017-2) with total principal amount of $865 million, of which the Company retained $43 million to comply with risk retention requirements. Total cost of funds for the loan was LIBOR + 150 basis points. Net proceeds were used to repay in full IH 2014-2 and IH 2014-3. The securitization transaction and associated repayments are expected to result in net annual interest expense savings of $4.9 million. Subsequent to year end, the Company closed a seven-year (inclusive of extension options), floating rate securitization loan (IH 2018-1) with principal amount of $917 million, of which the Company retained $46 million to comply with risk retention requirements. Total cost of funds for the loan is LIBOR + 124 basis points. Net proceeds were used to repay in full the Company's last remaining 2019 secured debt maturities, CAH 2014-1 and CAH 2014-2. The securitization transaction and associated repayments are expected to result in net annual interest expense savings of $4.2 million.

Q4 2017 Earnings Release and Supplemental Information - page 7 After giving effect to the IH 2018-1 securitization and associated repayment activity, weighted average years to maturity at December 31, 2017 would have been 4.7 years. 79% of debt would have been fixed rate or swapped to fixed rate, and the weighted average interest rate on total debt during the quarter would have been 3.33%. Dividend As previously announced on February 2, 2018, the Company's Board of Directors declared a quarterly cash dividend of $0.11 per common share and operating partnership ("OP") unit, representing a 38% increase from the prior quarterly dividend. The dividend will be paid on or before February 28, 2018 to shareholders and OP unit holders of record as of the close of business on February 13, 2018. Full Year 2018 Guidance Details 2018 Guidance FY 2018 Guidance Core FFO per share – diluted $1.13 - $1.21 AFFO per share – diluted $0.94 - $1.02 Same Store Core revenue growth 4 - 5% Same Store Core operating expense growth 2 - 3% Same Store NOI growth 5 - 6% 2018 Same Store Presentation In 2018, the presentation of Legacy SWH Same Store results will be discontinued. In order to provide what the Company believes to be the most relevant operating metrics in 2018, results will be reported for one Same Store pool, and the Same Store definition will be modified to include homes acquired via the Starwood Waypoint Homes merger that were stabilized within the Legacy SWH portfolio prior to October 1, 2016, in addition to homes acquired and stabilized by Invitation Homes prior to October 1, 2016. Merger Synergy Impact Guidance is inclusive of anticipated synergy savings resulting from Invitation Homes' merger with Starwood Waypoint Homes. Of identifiable total cost synergies of $45 to $50 million, the Company expects 75% to be realized on a run-rate basis by the end of 2018, consistent with initial expectations. The majority of synergies, including those impacting NOI, are expected to be realized after transitioning to one operating platform for the Company’s field and corporate teams, which the Company remains on track to complete later in the second half of 2018. As a result, the Company anticipates that synergy realization in 2018 will be almost entirely related to property management and G&A savings rather than NOI increases, and weighted towards the second half of the year. Synergies are expected to be more impactful to earnings growth in 2019 than in 2018, consistent with initial expectations.

Q4 2017 Earnings Release and Supplemental Information - page 8 Bridge from FY 2017 Results to FY 2018 Guidance ($ in millions, except per share amounts) Core FFO per share AFFO per share Low High Low High FY 2017 reported result $ 1.04 $ 1.04 $ 0.88 $ 0.88 Merger adjustment items: Change in shares outstanding (0.38) (0.38) (0.32) (0.32) Pre-merger Legacy SWH 2017 results 0.36 0.36 0.28 0.28 Changes in: Same Store NOI 0.08 0.10 0.08 0.10 Interest Expense 0.02 0.04 0.02 0.04 Recurring Capital Expenditures N/A N/A (0.01) (0.01) Synergies to PME and G&A 0.03 0.04 0.03 0.04 Other (0.02) 0.01 (0.02) 0.01 FY 2018 Guidance $ 1.13 $ 1.21 $ 0.94 $ 1.02 Note: The Company does not provide guidance for the most comparable GAAP financial measures of net loss, total revenues, and property operating and maintenance, or a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store revenue growth, Same Store operating expense growth, Same Store NOI growth, and Same Store Core NOI margin 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.

Q4 2017 Earnings Release and Supplemental Information - page 9 Earnings Conference Call Information Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on Thursday, February 22, 2018 to discuss results for the three months and the year ended December 31, 2017. The domestic dial-in number is 1-888-317-6003, and the international dial-in number is 1-412-317-6061. The passcode is 8873589. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through March 22, 2018, and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10116270, 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 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 in the Glossary in the Supplemental Information and, as applicable, reconciled to the most comparable GAAP measures. About Invitation Homes Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes across America. With more than 80,000 homes for lease in 17 markets across the country, Invitation Homes is meeting changing lifestyle demands by providing residents access to updated homes with features they value, 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 high-touch service that continuously enhances residents' living experiences and provides homes where individuals and families can thrive. Investor Relations Contact Greg Van Winkle Phone: 844.456.INVH (4684) Email: IR@InvitationHomes.com Media Relations Contact Claire Parker Phone: 202.257.2329 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 (the "Securities Act") 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 anticipated benefits of the merger with Starwood Waypoint Homes, 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," "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 associated with achieving expected revenue synergies or cost savings, risks inherent to the single-family rental industry sector and the Company’s business model, macroeconomic factors beyond the Company’s control, competition in identifying and acquiring the Company’s properties, competition in the leasing market for quality residents, increasing property taxes, homeowners' association fees and insurance costs, the Company’s dependence on third parties for key services, risks related to evaluation of properties, poor resident selection and defaults and non-renewals by the Company’s residents, performance of the Company’s

Q4 2017 Earnings Release and Supplemental Information - page 10 information technology systems, and risks related to the Company’s indebtedness. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found under (i) the section entitled "Part I-Item 1A. Risk Factors," of the Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission (the "SEC") and (ii) the caption entitled "Risk Factors" in the Company's definitive joint proxy statement/information statement and prospectus filed with the SEC under Rule 424(b)(3), 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 http://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 filings with the SEC. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Q4 2017 Earnings Release and Supplemental Information - page 11 Consolidated Balance Sheets ($ in thousands, except shares and per share data) December 31, December 31, 2017 2016 (unaudited) Assets: Investments in single-family residential properties, net $ 17,312,264 $ 9,002,515 Cash and cash equivalents 179,878 198,119 Restricted cash 236,684 222,092 Goodwill 258,207 — Other assets, net 696,605 309,625 Total assets $ 18,683,638 $ 9,732,351 Liabilities: Mortgage loans, net $ 7,580,153 $ 5,254,738 Term loan facility, net 1,487,973 — Revolving facility 35,000 — Credit facilities, net — 2,315,541 Convertible senior notes, net 548,536 — Accounts payable and accrued expenses 193,413 88,052 Resident security deposits 146,689 86,513 Other liabilities 41,999 30,084 Total liabilities 10,033,763 7,774,928 Equity: Shareholders' equity Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding at December 31, 2017 — — Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 519,173,142 outstanding at December 31, 2017 5,192 — Additional paid-in-capital 8,602,603 — Accumulated deficit (157,595) — Accumulated other comprehensive income 47,885 — Total shareholders' equity 8,498,085 — Non-controlling interests 151,790 — Combined equity — 1,957,423 Total equity 8,649,875 1,957,423 Total liabilities and equity $ 18,683,638 $ 9,732,351

Q4 2017 Earnings Release and Supplemental Information - page 12 Consolidated Statements of Operations ($ in thousands, except per share amounts) Q4 2017 Q4 2016 FY 2017 FY 2016 (unaudited) (unaudited) (unaudited) Revenues: Rental revenues $ 310,946 $ 223,265 $ 994,921 $ 877,991 Other property income 19,008 11,286 59,535 44,596 Total revenues 329,954 234,551 1,054,456 922,587 Operating expenses: Property operating and maintenance 117,220 89,833 391,495 360,327 Property management expense 11,908 7,855 43,344 30,493 General and administrative 63,585 19,523 167,739 69,102 Depreciation and amortization 107,020 69,420 309,578 267,681 Impairment and other 7,611 2,565 24,093 4,207 Total operating expenses 307,344 189,196 936,249 731,810 Operating income 22,610 45,355 118,207 190,777 Other income (expenses): Interest expense (74,244) (76,883) (256,970) (286,048) Other, net (477) (533) (959) (1,558) Total other income (expenses) (74,721) (77,416) (257,929) (287,606) Loss from continuing operations (52,111) (32,061) (139,722) (96,829) Gain on sale of property, net of tax 5,657 5,412 33,896 18,590 Net loss (46,454) (26,649) (105,826) (78,239) Net loss attributable to non-controlling interests 489 — 489 — Net loss attributable to common shareholders $ (45,965) $ (26,649) $ (105,337) $ (78,239) February 1, 2017 through Q4 2017 December 31, 2017 (unaudited) (unaudited) Net loss available to common shareholders — basic and diluted $ (46,236) $ (89,073) Weighted average common shares outstanding — basic and diluted 415,276,026 339,423,442 Net loss per common share — basic and diluted $ (0.11) $ (0.26) Dividends declared per common share $ 0.08 $ 0.22

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 13 Supplemental Schedule 1 Reconciliation of FFO, Core FFO, and AFFO ($ in thousands, except per share amounts) (unaudited) FFO Reconciliation Q4 2017 Q4 2016 FY 2017 FY 2016 Net loss available to common shareholders $ (46,236) $ (26,649) $ (105,952) $ (78,239) Net loss available to participating securities 271 — 615 — Non-controlling interests (489) — (489) — Depreciation and amortization on real estate assets 105,828 68,463 305,851 263,093 Impairment on depreciated real estate investments 675 687 2,231 2,282 Net gain on sale of previously depreciated investments in real estate (5,657) (5,412) (33,896) (18,590) FFO $ 54,392 $ 37,089 $ 168,360 $ 168,546 Core FFO Reconciliation Q4 2017 Q4 2016 FY 2017 FY 2016 FFO $ 54,392 $ 37,089 $ 168,360 $ 168,546 Noncash interest expense 5,762 17,921 29,506 59,402 Share-based compensation expense 16,739 (2,813) 81,203 10,210 IPO related expenses — 8,898 8,287 12,979 Merger and transaction-related expenses 24,858 — 29,802 — Severance expense 11,631 78 12,048 2,363 Casualty losses, net 6,936 1,878 21,862 1,925 Acquisition costs — 8 — 50 Core FFO $ 120,318 $ 63,059 $ 351,068 $ 255,475 AFFO Reconciliation Q4 2017 Q4 2016 FY 2017 FY 2016 Core FFO $ 120,318 $ 63,059 $ 351,068 $ 255,475 Recurring capital expenditures (20,198) (10,646) (54,423) (47,877) AFFO $ 100,120 $ 52,413 $ 296,645 $ 207,598 Weighted average shares and units outstanding — diluted (1) 421,443,717 338,933,198 FFO per share — diluted (1) $ 0.13 $ 0.50 Core FFO per share — diluted (1) $ 0.29 $ 1.04 AFFO per share — diluted (1) $ 0.24 $ 0.88 (1) No shares of common stock or OP Units were outstanding prior to the close of the Company's initial public offering. For FY 2017, FFO, Core FFO, and AFFO per share have been calculated based on operating results for the full period from January 1, 2017 through December 31, 2017, and as if shares issued in connection with the IPO were issued on January 1, 2017. Additionally, operating results and weighted average shares and units outstanding reflect the impact of the merger with Starwood Waypoint Homes from its close on November 16, 2017 through December 31, 2017.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 15 Supplemental Schedule 2(b) Debt Structure and Leverage Ratios — December 31, 2017 ($ in thousands) (unaudited) Wtd Avg Wtd Avg Interest Years Debt Structure Balance % of Total Rate (1)(2) to Maturity (2) Secured: Fixed $ 999,798 10.3 % 4.2 % 9.4 Floating — swapped to fixed 4,620,000 47.5 % 3.3 % 2.6 Floating 1,991,775 20.5 % 2.9 % 5.4 Total secured 7,611,573 78.3 % 3.3 % 4.2 Unsecured: Fixed (Convertible) 575,000 5.9 % 3.3 % 3.0 Floating — swapped to fixed 1,500,000 15.4 % 3.7 % 4.1 Floating 35,000 0.4 % 3.3 % 4.1 Total unsecured 2,110,000 21.7 % 3.6 % 3.8 Total Debt: Fixed + floating swapped to fixed 7,694,798 79.2 % 3.5 % 3.8 Floating 2,026,775 20.8 % 2.9 % 5.3 Total debt 9,721,573 100.0 % 3.4 % 4.1 Unamortized discounts on notes payable (29,809) Deferred financing costs (40,102) Total Debt per Balance Sheet 9,651,662 Retained and repurchased certificates (381,890) Cash, ex-security deposits (3) (269,464) Deferred financing costs 40,102 Unamortized discounts on notes payable 29,809 Net debt $ 9,070,219 Leverage Ratios Q4 2017 Fixed charge coverage ratio 2.8x Net debt / annualized Adjusted EBITDA 9.5x (1) Includes impact of interest rate swaps. (2) Numbers in this table do not take into account the impact of the IH 2018-1 securitization loan and repayments of the CAH 2014-1 and CAH 2014-2 securitization loans in February 2018. On a basis that gives effect to these transactions, weighted average interest rate would have been 3.3%, and weighted average years to maturity would have been 4.7 years. (3) Represents cash and cash equivalents and the non-security deposit portion of restricted cash.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 17 Supplemental Schedule 3 Summary of Property Operations by Home Portfolio ($ in thousands) (unaudited) Dec. 31, Number of Homes, period-end 2017 IH Same Store portfolio 42,689 Legacy SWH Same Store portfolio 27,198 Non-Same Store portfolio 12,683 Total 82,570 Total Portfolio Q4 2017 Q4 2016 Change YoY FY 2017 FY 2016 Change YoY Revenues $ 329,954 $ 234,551 40.7 % $ 1,054,456 $ 922,587 14.3 % Operating expenses 117,220 89,833 30.5 % 391,495 360,327 8.6 % Net Operating Income $ 212,734 $ 144,718 47.0 % $ 662,961 $ 562,260 17.9% IH Same Store portfolio Q4 2017 Q4 2016 Change YoY FY 2017 FY 2016 Change YoY Revenues $ 221,285 $ 211,080 4.8 % $ 874,720 $ 835,197 4.7 % Operating expenses 77,500 79,570 (2.6)% 324,125 322,672 0.5 % Net Operating Income $ 143,785 $ 131,510 9.3 % $ 550,595 $ 512,525 7.4% Legacy SWH Same Store portfolio (1) Q4 2017 Q4 2016 Change YoY FY 2017 FY 2016 Change YoY Revenues $ 137,075 $ 128,578 6.6 % $ 536,981 $ 506,550 6.0 % Operating expenses 51,312 46,702 9.9 % 204,595 194,148 5.4 % Net Operating Income $ 85,763 $ 81,876 4.7 % $ 332,386 $ 312,402 6.4% (1) Revenue and operating expense numbers depicted in this table include the impact of resident recoveries, including utility expenses and associated utility billing revenue resulting from Starwood Waypoint Homes' utility billing policy transition beginning in Q3 2016, whereby water, sewer, and trash services are held in the Company's name during resident occupancy and billed back to the resident. Core revenue and Core operating expense growth numbers adjust for resident recoveries, including the impact of this billing policy transition, and are presented in Supplemental Schedule 7(a).

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 18 Supplemental Schedule 4(a) — Invitation Homes Same Store Portfolio Operating Detail — IH ($ in thousands) (unaudited) Change Change Change Q4 2017 Q4 2016 YoY Q3 2017 Seq FY 2017 FY 2016 YoY Revenues: Rental revenues $209,079 $200,948 4.0 % $207,208 0.9 % $ 826,187 $ 794,955 3.9 % Other property income 12,206 10,132 20.5 % 12,731 (4.1 )% 48,533 40,242 20.6 % Total revenues 221,285 211,080 4.8 % 219,939 0.6 % 874,720 835,197 4.7 % Less: Resident recoveries (1) (3,640) (2,510) 45.0 % (3,936) (7.5 )% (14,886) (9,899) 50.4 % Core revenues 217,645 208,570 4.4 % 216,003 0.8 % 859,834 825,298 4.2 % Fixed Expenses: Property taxes 35,330 35,161 0.5 % 36,896 (4.2 )% 146,165 138,854 5.3 % Insurance expenses 4,273 4,212 1.4 % 4,091 4.4 % 16,722 18,787 (11.0 )% HOA expenses 5,309 5,021 5.7 % 5,349 (0.7 )% 21,396 20,102 6.4 % Controllable Expenses: Repairs and maintenance 8,224 9,468 (13.1 )% 11,550 (28.8 )% 38,780 37,910 2.3 % Personnel 9,537 10,441 (8.7 )% 9,595 (0.6 )% 38,013 44,595 (14.8 )% Turnover 4,981 5,312 (6.2 )% 6,787 (26.6 )% 24,450 24,440 — % Utilities 4,318 4,048 6.7 % 4,830 (10.6 )% 17,698 15,659 13.0 % Leasing and marketing (2) 3,548 3,980 (10.9 )% 3,542 0.2 % 14,113 15,993 (11.8 )% Property administrative 1,980 1,927 2.8 % 1,756 12.8 % 6,788 6,332 7.2 % Property operating and maintenance expenses 77,500 79,570 (2.6)% 84,396 (8.2)% 324,125 322,672 0.5 % Less: Resident recoveries (1) (3,640) (2,510) 45.0 % (3,936) (7.5 )% (14,886) (9,899) 50.4 % Core operating expenses 73,860 77,060 (4.2)% 80,460 (8.2)% 309,239 312,773 (1.1)% Net Operating Income $143,785 $131,510 9.3 % $135,543 6.1 % $ 550,595 $ 512,525 7.4 % Core NOI margin 66.1% 63.1% 62.8% 64.0% 62.1% (1) Q4 2017 and FY 2017 resident recoveries include both utility cost recoveries and move-out cost recoveries. Q4 2016 and FY 2016 resident recoveries include only utility cost recoveries, as move out cost recoveries were not tracked until the beginning of 2017. Same store utility cost recoveries were $2,509 in Q4 2017 and $7,413 in FY 2017, versus $2,535 in Q4 2016 and $7,403 in FY 2016. (2) Same Store leasing and marketing expense includes amortization of leasing commissions of $2,712, $2,842, $2,724, $8,130, and $9,355 for Q4 2017, Q4 2016, Q3 2017, FY 2017, and FY 2016, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 20 Supplemental Schedule 5(a) — Invitation Homes Same Store Revenue Growth Summary, YoY Quarter — IH ($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent (1) Occupancy (Period Average) (1) Total Revenue YoY, Q4 2017 # Homes Q4 2017 Q4 2016 Change Q4 2017 Q4 2016 Change Q4 2017 Q4 2016 Change Western United States: Southern California 4,104 $ 2,293 $ 2,172 5.6 % 96.7 % 96.5 % 0.2 % $ 28,083 $ 26,251 7.0 % Northern California 2,427 1,804 1,692 6.6 % 96.5 % 97.6 % (1.1)% 14,167 13,365 6.0 % Seattle 2,762 1,997 1,877 6.4 % 95.4 % 95.9 % (0.5)% 17,652 16,490 7.0 % Phoenix 4,582 1,204 1,139 5.7 % 96.5 % 95.6 % 0.9 % 17,302 16,208 6.7 % Las Vegas 868 1,488 1,430 4.1 % 96.4 % 95.7 % 0.7 % 3,992 3,777 5.7 % Western US Subtotal 14,743 1,771 1,674 5.8 % 96.3 % 96.2 % 0.1 % 81,196 76,091 6.7 % Florida: South Florida 5,182 2,215 2,162 2.5 % 93.8 % 94.5 % (0.7)% 33,360 32,364 3.1 % Tampa 4,458 1,606 1,556 3.2 % 94.7 % 95.4 % (0.7)% 21,356 20,761 2.9 % Orlando 3,281 1,543 1,471 4.9 % 96.8 % 96.4 % 0.4 % 15,394 14,482 6.3 % Jacksonville 1,861 1,591 1,555 2.3 % 95.0 % 93.2 % 1.8 % 8,897 8,431 5.5 % Florida Subtotal 14,782 1,801 1,748 3.0 % 94.9 % 95.0 % (0.1)% 79,007 76,038 3.9 % Southeast United States: Atlanta 6,493 1,416 1,370 3.4 % 95.8 % 96.1 % (0.3)% 27,443 26,337 4.2 % Charlotte 2,716 1,376 1,344 2.4 % 95.6 % 94.2 % 1.4 % 11,095 10,643 4.2 % Southeast US Subtotal 9,209 1,404 1,362 3.1 % 95.7 % 95.5 % 0.2 % 38,538 36,980 4.2 % Midwest United States: Chicago 2,787 2,021 2,013 0.4 % 94.7 % 92.8 % 1.9 % 16,149 15,834 2.0 % Minneapolis 1,168 1,791 1,742 2.8 % 94.9 % 94.9 % — % 6,395 6,137 4.2 % Midwest US Subtotal 3,955 1,953 1,932 1.1 % 94.8 % 93.4 % 1.4 % 22,544 21,971 2.6 % Same Store Total / Average 42,689 $ 1,719 $ 1,656 3.8% 95.6% 95.4% 0.2 % $ 221,285 $ 211,080 4.8% (1) For the IH Same Store pool, average monthly rent and occupancy are presented in the above table on a period average basis. Period end average monthly rent was $1,725 and $1,662, and period end occupancy was 95.9% and 95.9%, for Q4 2017 and Q4 2016, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 21 Supplemental Schedule 5(a) — Invitation Homes (Continued) Same Store Revenue Growth Summary — Sequential Quarter — IH ($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent (1) Occupancy (Period Average) (1) Total Revenue Seq, Q4 2017 # Homes Q4 2017 Q3 2017 Change Q4 2017 Q3 2017 Change Q4 2017 Q3 2017 Change Western United States: Southern California 4,104 $ 2,293 $ 2,270 1.0 % 96.7 % 96.6 % 0.1 % $ 28,083 $ 27,791 1.1 % Northern California 2,427 1,804 1,776 1.6 % 96.5 % 96.3 % 0.2 % 14,167 13,952 1.5 % Seattle 2,762 1,997 1,974 1.2 % 95.4 % 95.7 % (0.3)% 17,652 17,537 0.7 % Phoenix 4,582 1,204 1,189 1.3 % 96.5 % 95.4 % 1.1 % 17,302 17,009 1.7 % Las Vegas 868 1,488 1,474 0.9 % 96.4 % 96.9 % (0.5)% 3,992 3,987 0.1 % Western US Subtotal 14,743 1,771 1,752 1.1 % 96.3 % 96.0 % 0.3 % 81,196 80,276 1.1 % Florida: South Florida 5,182 2,215 2,206 0.4 % 93.8 % 93.7 % 0.1 % 33,360 33,161 0.6 % Tampa 4,458 1,606 1,595 0.7 % 94.7 % 94.8 % (0.1)% 21,356 21,299 0.3 % Orlando 3,281 1,543 1,526 1.1 % 96.8 % 96.6 % 0.2 % 15,394 15,268 0.8 % Jacksonville 1,861 1,591 1,581 0.6 % 95.0 % 95.1 % (0.1)% 8,897 8,849 0.5 % Florida Subtotal 14,782 1,801 1,789 0.7 % 94.9 % 94.9 % — % 79,007 78,577 0.5 % Southeast United States: Atlanta 6,493 1,416 1,403 0.9 % 95.8 % 95.7 % 0.1 % 27,443 27,320 0.5 % Charlotte 2,716 1,376 1,371 0.4 % 95.6 % 95.3 % 0.3 % 11,095 11,079 0.1 % Southeast US Subtotal 9,209 1,404 1,394 0.7 % 95.7 % 95.6 % 0.1 % 38,538 38,399 0.4 % Midwest United States: Chicago 2,787 2,021 2,028 (0.3)% 94.7 % 94.4 % 0.3 % 16,149 16,282 (0.8)% Minneapolis 1,168 1,791 1,783 0.4 % 94.9 % 95.1 % (0.2)% 6,395 6,405 (0.2)% Midwest US Subtotal 3,955 1,953 1,956 (0.2)% 94.8 % 94.6 % 0.2 % 22,544 22,687 (0.6)% Same Store Total / Average 42,689 $ 1,719 $ 1,706 0.8 % 95.6% 95.4% 0.2 % $ 221,285 $ 219,939 0.6 % (1) For the IH Same Store pool, average monthly rent and occupancy are presented in the above table on a period average basis. Period end average monthly rent was $1,725 and $1,714, and period end occupancy was 95.9% and 95.9%, for Q4 2017 and Q3 2017, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 22 Supplemental Schedule 5(a) — Invitation Homes (Continued) Same Store Revenue Growth Summary, YoY Full Year — IH ($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent (1) Occupancy (Period Average) (1) Total Revenue YoY, FY 2017 # Homes FY 2017 FY 2016 Change FY 2017 FY 2016 Change FY 2017 FY 2016 Change Western United States: Southern California 4,104 $ 2,247 $ 2,130 5.5 % 96.4 % 96.6 % (0.2 )% $ 109,542 $ 103,350 6.0 % Northern California 2,427 1,758 1,646 6.8 % 96.9 % 97.7 % (0.8 )% 55,474 51,904 6.9 % Seattle 2,762 1,955 1,831 6.8 % 96.1 % 96.5 % (0.4 )% 69,622 64,965 7.2 % Phoenix 4,582 1,178 1,112 5.9 % 96.3 % 96.8 % (0.5 )% 67,939 64,017 6.1 % Las Vegas 868 1,464 1,409 3.9 % 96.3 % 96.0 % 0.3 % 15,724 14,942 5.2 % Western US Subtotal 14,743 1,734 1,635 6.1 % 96.4 % 96.8 % (0.4 )% 318,301 299,178 6.4 % Florida: South Florida 5,182 2,196 2,127 3.2 % 94.2 % 95.5 % (1.3 )% 132,521 128,851 2.8 % Tampa 4,458 1,587 1,533 3.5 % 95.3 % 96.0 % (0.7 )% 84,997 81,871 3.8 % Orlando 3,281 1,515 1,445 4.8 % 96.8 % 96.8 % — % 60,647 57,316 5.8 % Jacksonville 1,861 1,574 1,540 2.2 % 94.9 % 95.0 % (0.1 )% 35,131 33,920 3.6 % Florida Subtotal 14,782 1,780 1,722 3.4 % 95.2 % 95.9 % (0.7 )% 313,296 301,958 3.8 % Southeast United States: Atlanta 6,493 1,396 1,345 3.8 % 95.9 % 96.5 % (0.6 )% 108,398 103,946 4.3 % Charlotte 2,716 1,364 1,324 3.0 % 95.6 % 95.5 % 0.1 % 44,239 42,639 3.8 % Southeast US Subtotal 9,209 1,387 1,339 3.6 % 95.8 % 96.2 % (0.4 )% 152,637 146,585 4.1 % Midwest United States: Chicago 2,787 2,022 1,996 1.3 % 94.6 % 93.2 % 1.4 % 65,040 63,286 2.8 % Minneapolis 1,168 1,769 1,715 3.1 % 95.5 % 94.6 % 0.9 % 25,446 24,190 5.2 % Midwest US Subtotal 3,955 1,947 1,912 1.8 % 94.9 % 93.6 % 1.3 % 90,486 87,476 3.4 % Same Store Total / Average 42,689 $ 1,694 $ 1,626 4.2% 95.7% 96.1% (0.4)% $ 874,720 $ 835,197 4.7% (1) For the IH Same Store pool, average monthly rent and occupancy are presented in the above table on a period average basis. Period end average monthly rent was $1,725 and $1,662, and period end occupancy was 95.9% and 95.9%, for FY 2017 and FY 2016, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 23 Supplemental Schedule 5(b) — Invitation Homes Same Store NOI Growth and Margin Summary — YoY Quarter — IH ($ in thousands) (unaudited) Total Revenue Operating Expenses Net Operating Income Core NOI Margin YoY, Q4 2017 Q4 2017 Q4 2016 Change Q4 2017 Q4 2016 Change Q4 2017 Q4 2016 Change Q4 2017 Q4 2016 Western United States: Southern California $ 28,083 $ 26,251 7.0 % $ 8,894 $ 8,211 8.3 % $ 19,189 $ 18,040 6.4 % 68.8 % 68.9 % Northern California 14,167 13,365 6.0 % 4,977 4,541 9.6 % 9,190 8,824 4.1 % 70.2 % 71.4 % Seattle 17,652 16,490 7.0 % 5,984 6,141 (2.6 )% 11,668 10,349 12.7 % 71.1 % 67.1 % Phoenix 17,302 16,208 6.7 % 4,443 4,826 (7.9 )% 12,859 11,382 13.0 % 74.7 % 70.3 % Las Vegas 3,992 3,777 5.7 % 1,037 1,142 (9.2 )% 2,955 2,635 12.1 % 75.9 % 71.0 % Western US Subtotal 81,196 76,091 6.7 % 25,335 24,861 1.9 % 55,861 51,230 9.0 % 71.2 % 69.4 % Florida: South Florida 33,360 32,364 3.1 % 14,509 15,124 (4.1 )% 18,851 17,240 9.3 % 56.7 % 53.3 % Tampa 21,356 20,761 2.9 % 8,381 8,381 — % 12,975 12,380 4.8 % 61.2 % 59.7 % Orlando 15,394 14,482 6.3 % 5,294 5,372 (1.5 )% 10,100 9,110 10.9 % 65.8 % 62.9 % Jacksonville 8,897 8,431 5.5 % 3,128 3,380 (7.5 )% 5,769 5,051 14.2 % 65.3 % 59.9 % Florida Subtotal 79,007 76,038 3.9 % 31,312 32,257 (2.9 )% 47,695 43,781 8.9 % 60.7 % 57.6 % Southeast United States: Atlanta 27,443 26,337 4.2 % 7,943 8,473 (6.3 )% 19,500 17,864 9.2 % 71.5 % 67.9 % Charlotte 11,095 10,643 4.2 % 3,013 3,432 (12.2 )% 8,082 7,211 12.1 % 73.2 % 67.8 % Southeast US Subtotal 38,538 36,980 4.2 % 10,956 11,905 (8.0 )% 27,582 25,075 10.0 % 72.0 % 67.8 % Midwest United States: Chicago 16,149 15,834 2.0 % 7,702 8,292 (7.1 )% 8,447 7,542 12.0 % 52.6 % 47.7 % Minneapolis 6,395 6,137 4.2 % 2,195 2,255 (2.7 )% 4,200 3,882 8.2 % 68.0 % 65.4 % Midwest US Subtotal 22,544 21,971 2.6 % 9,897 10,547 (6.2 )% 12,647 11,424 10.7 % 56.9 % 52.5 % Same Store Total / Average $ 221,285 $ 211,080 4.8% $ 77,500 $ 79,570 (2.6)% $ 143,785 $ 131,510 9.3% 66.1% 63.1%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 24 Supplemental Schedule 5(b) — Invitation Homes (Continued) Same Store NOI Growth and Margin Summary — Sequential Quarter — IH ($ in thousands) (unaudited) Total Revenue Operating Expenses Net Operating Income Core NOI Margin Seq, Q4 2017 Q4 2017 Q3 2017 Change Q4 2017 Q3 2017 Change Q4 2017 Q3 2017 Change Q4 2017 Q3 2017 Western United States: Southern California $ 28,083 $ 27,791 1.1 % $ 8,894 $ 9,037 (1.6 )% $ 19,189 $ 18,754 2.3 % 68.8 % 68.1 % Northern California 14,167 13,952 1.5 % 4,977 5,053 (1.5 )% 9,190 8,899 3.3 % 70.2 % 69.0 % Seattle 17,652 17,537 0.7 % 5,984 6,185 (3.2 )% 11,668 11,352 2.8 % 71.1 % 69.6 % Phoenix 17,302 17,009 1.7 % 4,443 4,871 (8.8 )% 12,859 12,138 5.9 % 74.7 % 71.8 % Las Vegas 3,992 3,987 0.1 % 1,037 1,140 (9.0 )% 2,955 2,847 3.8 % 75.9 % 73.7 % Western US Subtotal 81,196 80,276 1.1 % 25,335 26,286 (3.6 )% 55,861 53,990 3.5 % 71.2 % 69.7 % Florida: South Florida 33,360 33,161 0.6 % 14,509 15,988 (9.3 )% 18,851 17,173 9.8 % 56.7 % 52.0 % Tampa 21,356 21,299 0.3 % 8,381 9,248 (9.4 )% 12,975 12,051 7.7 % 61.2 % 57.2 % Orlando 15,394 15,268 0.8 % 5,294 6,056 (12.6 )% 10,100 9,212 9.6 % 65.8 % 60.7 % Jacksonville 8,897 8,849 0.5 % 3,128 3,622 (13.6 )% 5,769 5,227 10.4 % 65.3 % 59.5 % Florida Subtotal 79,007 78,577 0.5 % 31,312 34,914 (10.3 )% 47,695 43,663 9.2 % 60.7 % 56.0 % Southeast United States: Atlanta 27,443 27,320 0.5 % 7,943 9,427 (15.7 )% 19,500 17,893 9.0 % 71.5 % 65.9 % Charlotte 11,095 11,079 0.1 % 3,013 3,441 (12.4 )% 8,082 7,638 5.8 % 73.2 % 69.3 % Southeast US Subtotal 38,538 38,399 0.4 % 10,956 12,868 (14.9 )% 27,582 25,531 8.0 % 72.0 % 66.9 % Midwest United States: Chicago 16,149 16,282 (0.8)% 7,702 7,999 (3.7 )% 8,447 8,283 2.0 % 52.6 % 51.2 % Minneapolis 6,395 6,405 (0.2)% 2,195 2,329 (5.8 )% 4,200 4,076 3.0 % 68.0 % 65.9 % Midwest US Subtotal 22,544 22,687 (0.6)% 9,897 10,328 (4.2 )% 12,647 12,359 2.3 % 56.9 % 55.3 % Same Store Total / Average $ 221,285 $ 219,939 0.6 % $ 77,500 $ 84,396 (8.2)% $ 143,785 $ 135,543 6.1% 66.1% 62.8%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 25 Supplemental Schedule 5(b) — Invitation Homes (Continued) Same Store NOI Growth and Margin Summary — YoY Full Year — IH ($ in thousands) (unaudited) Total Revenue Operating Expenses Net Operating Income Core NOI Margin YoY, FY 2017 FY 2017 FY 2016 Change FY 2017 FY 2016 Change FY 2017 FY 2016 Change FY 2017 FY 2016 Western United States: Southern California $ 109,542 $ 103,350 6.0 % $ 35,773 $ 32,587 9.8 % $ 73,769 $ 70,763 4.2 % 67.9 % 68.6 % Northern California 55,474 51,904 6.9 % 20,069 18,481 8.6 % 35,405 33,423 5.9 % 69.0 % 69.6 % Seattle 69,622 64,965 7.2 % 24,676 24,642 0.1 % 44,946 40,323 11.5 % 69.5 % 66.5 % Phoenix 67,939 64,017 6.1 % 18,575 18,924 (1.8)% 49,364 45,093 9.5 % 73.1 % 70.5 % Las Vegas 15,724 14,942 5.2 % 4,333 4,564 (5.1)% 11,391 10,378 9.8 % 74.4 % 70.7 % Western US Subtotal 318,301 299,178 6.4 % 103,426 99,198 4.3 % 214,875 199,980 7.4 % 69.9 % 68.9 % Florida: South Florida 132,521 128,851 2.8 % 60,718 60,997 (0.5)% 71,803 67,854 5.8 % 54.4 % 52.7 % Tampa 84,997 81,871 3.8 % 34,537 34,999 (1.3)% 50,460 46,872 7.7 % 59.9 % 57.3 % Orlando 60,647 57,316 5.8 % 22,918 23,087 (0.7)% 37,729 34,229 10.2 % 62.6 % 59.7 % Jacksonville 35,131 33,920 3.6 % 13,533 13,675 (1.0)% 21,598 20,245 6.7 % 61.9 % 59.7 % Florida Subtotal 313,296 301,958 3.8 % 131,706 132,758 (0.8)% 181,590 169,200 7.3 % 58.3 % 56.1 % Southeast United States: Atlanta 108,398 103,946 4.3 % 35,838 36,579 (2.0)% 72,560 67,367 7.7 % 67.3 % 64.8 % Charlotte 44,239 42,639 3.8 % 13,334 14,486 (8.0)% 30,905 28,153 9.8 % 70.2 % 66.0 % Southeast US Subtotal 152,637 146,585 4.1 % 49,172 51,065 (3.7)% 103,465 95,520 8.3 % 68.2 % 65.2 % Midwest United States: Chicago 65,040 63,286 2.8 % 31,065 30,883 0.6 % 33,975 32,403 4.9 % 52.6 % 51.3 % Minneapolis 25,446 24,190 5.2 % 8,756 8,768 (0.1)% 16,690 15,422 8.2 % 67.9 % 66.0 % Midwest US Subtotal 90,486 87,476 3.4 % 39,821 39,651 0.4 % 50,665 47,825 5.9 % 56.8 % 55.3 % Same Store Total / Average $ 874,720 $ 835,197 4.7% $ 324,125 $ 322,672 0.5 % $ 550,595 $ 512,525 7.4% 64.0% 62.1%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 28 Supplemental Schedule 7(a) — Legacy Starwood Waypoint Homes Same Store Portfolio Operating Detail — Legacy SWH ($ in thousands) (unaudited) Change Change Change Q4 2017 Q4 2016 YoY Q3 2017 Seq FY 2017 FY 2016 YoY Revenues: Rental revenues $127,502 $121,418 5.0 % $125,004 2.0 % $ 501,079 $ 479,355 4.5 % Other property income 9,573 7,160 33.7 % 9,957 (3.9 )% 35,902 27,195 32.0 % Total revenues 137,075 128,578 6.6 % 134,961 1.6 % 536,981 506,550 6.0 % Less: Resident recoveries (1) (6,351) (4,014) 58.2 % (6,360) (0.1 )% (22,587) (15,072) 49.9 % Less: Bad debt (1,697) (2,145) (20.9)% (1,842) (7.9 )% (6,686) (6,802) (1.7)% Core revenues 129,027 122,419 5.4 % 126,759 1.8 % 507,708 484,676 4.8 % Fixed Expenses: Property taxes (2) 21,745 19,453 11.8 % 21,633 0.5 % 86,427 80,919 6.8 % Insurance expenses 2,350 2,457 (4.4)% 2,210 6.3 % 9,079 9,556 (5.0)% HOA expenses 1,700 1,707 (0.4)% 1,735 (2.0 )% 6,806 7,243 (6.0)% Controllable Expenses: Repairs & maintenance and turn costs 11,442 10,801 5.9 % 14,264 (19.8 )% 48,797 50,188 (2.8)% Utilities (1) 4,311 2,219 94.3 % 4,079 5.7 % 14,054 7,174 95.9 % Property management costs 6,827 6,633 2.9 % 6,567 4.0 % 27,805 26,648 4.3 % Bad Debt 1,697 2,145 (20.9)% 1,842 (7.9 )% 6,686 6,802 (1.7)% Other expenses 1,240 1,287 (3.7)% 1,203 3.1 % 4,941 5,618 (12.1)% Property operating and maintenance expenses 51,312 46,702 9.9 % 53,533 (4.1)% 204,595 194,148 5.4 % Less: Resident recoveries (1) (6,351) (4,014) 58.2 % (6,360) (0.1 )% (22,587) (15,072) 49.9 % Less: Bad debt (1,697) (2,145) (20.9)% (1,842) (7.9 )% (6,686) (6,802) (1.7)% Core operating expenses 43,264 40,543 6.7 % 45,331 (4.6)% 175,322 172,274 1.8 % Net Operating Income $ 85,763 $ 81,876 4.7 % $ 81,428 5.3 % $ 332,386 $ 312,402 6.4 % Core NOI margin 66.5% 66.9% 64.2% 65.5% 64.5% (1) Year-over-year resident recoveries and utility expense increases are primarily attributable to a transition to a third-party billing platform which maintains water, sewer, and trash services in the Company's name and bills the costs back to residents. (2) Property taxes include a $376 accrual in Q4 2017 and FY 2017 for estimated Prop 13-related reassessments triggered by the merger between Invitation Homes and Starwood Waypoint Homes.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 30 Supplemental Schedule 8(a) — Legacy Starwood Waypoint Homes Same Store Revenue Growth Summary, YoY Quarter — Legacy SWH ($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent (period end) (1) Occupancy (period end) (1) Total Core Revenue YoY, Q4 2017 # Homes Q4 2017 Q4 2016 Change Q4 2017 Q4 2016 Change Q4 2017 Q4 2016 Change Western United States: Southern California 2,642 $ 2,186 $ 2,064 5.9 % 95.4 % 96.8 % (1.4 )% $ 16,551 $ 15,626 5.9 % Northern California 756 1,958 1,794 9.1 % 96.0 % 97.6 % (1.6 )% 4,207 3,990 5.4 % Phoenix 1,348 1,265 1,187 6.6 % 97.0 % 95.8 % 1.2 % 4,946 4,631 6.8 % Las Vegas 1,700 1,480 1,417 4.4 % 95.7 % 95.6 % 0.1 % 7,458 7,034 6.0 % Denver 1,751 1,851 1,755 5.5 % 94.8 % 94.5 % 0.3 % 9,236 8,801 4.9 % Western US Subtotal 8,197 1,794 1,693 6.0 % 95.7 % 96.0 % (0.3 )% 42,398 40,082 5.8 % Florida: South Florida 3,308 1,885 1,829 3.1 % 95.9 % 95.8 % 0.1 % 17,916 17,030 5.2 % Tampa 3,542 1,525 1,479 3.1 % 93.7 % 94.8 % (1.1 )% 15,471 14,803 4.5 % Orlando 1,828 1,472 1,397 5.4 % 96.2 % 95.2 % 1.0 % 7,811 7,300 7.0 % Florida Subtotal 8,678 1,652 1,596 3.5 % 95.0 % 95.3 % (0.3 )% 41,198 39,133 5.3 % Southeast United States: Atlanta 4,583 1,412 1,335 5.8 % 96.1 % 96.4 % (0.3 )% 18,582 17,352 7.1 % Charlotte 712 1,708 1,650 3.5 % 89.7 % 94.8 % (5.1 )% 3,316 3,297 0.6 % Nashville 108 2,266 2,191 3.4 % 85.2 % 98.1 % (12.9 )% 629 693 (9.2)% Southeast US Subtotal 5,403 1,464 1,390 5.3 % 95.0 % 96.2 % (1.2 )% 22,527 21,342 5.6 % Texas: Houston 2,362 1,528 1,514 0.9 % 96.1 % 94.5 % 1.6 % 10,428 9,850 5.9 % Dallas 1,885 1,715 1,648 4.1 % 92.9 % 95.0 % (2.1 )% 9,176 8,825 4.0 % Texas Subtotal 4,247 1,610 1,573 2.4 % 94.7 % 94.7 % — % 19,604 18,675 5.0 % Midwest United States: Chicago 673 1,759 1,721 2.2 % 94.4 % 94.4 % — % 3,300 3,187 3.5 % Midwest US Subtotal 673 1,759 1,721 2.2 % 94.4 % 94.4 % — % 3,300 3,187 3.5 % Same Store Total / Average 27,198 $ 1,654 $ 1,585 4.4% 95.2% 95.6% (0.4)% $ 129,027 $ 122,419 5.4 % (1) In-line with Legacy Starwood Waypoint Homes' historical basis of presentation, average monthly rent and occupancy are period end figures in the above table. Period average monthly rent was $1,650 and $1,582, and period average occupancy was 95.0% and 95.2%, for Q4 2017 and Q4 2016, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 31 Supplemental Schedule 8(a) — Legacy Starwood Waypoint Homes (Continued) Same Store Revenue Growth Summary, Sequential Quarter — Legacy SWH ($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent (period end) (1) Occupancy (period end) (1) Total Core Revenue Seq, Q4 2017 # Homes Q4 2017 Q3 2017 Change Q4 2017 Q3 2017 Change Q4 2017 Q3 2017 Change Western United States: Southern California 2,642 $ 2,186 $ 2,158 1.3 % 95.4 % 95.8 % (0.4)% $ 16,551 $ 16,037 3.2 % Northern California 756 1,958 1,924 1.8 % 96.0 % 95.9 % 0.1 % 4,207 4,169 0.9 % Phoenix 1,348 1,265 1,255 0.8 % 97.0 % 95.9 % 1.1 % 4,946 4,784 3.4 % Las Vegas 1,700 1,480 1,473 0.5 % 95.7 % 94.9 % 0.8 % 7,458 7,356 1.4 % Denver 1,751 1,851 1,840 0.6 % 94.8 % 94.7 % 0.1 % 9,236 9,099 1.5 % Western US Subtotal 8,197 1,794 1,776 1.0 % 95.7 % 95.4 % 0.3 % 42,398 41,445 2.3 % Florida: South Florida 3,308 1,885 1,874 0.6 % 95.9 % 95.3 % 0.6 % 17,916 17,644 1.5 % Tampa 3,542 1,525 1,518 0.5 % 93.7 % 93.7 % — % 15,471 15,196 1.8 % Orlando 1,828 1,472 1,460 0.8 % 96.2 % 95.5 % 0.7 % 7,811 7,554 3.4 % Florida Subtotal 8,678 1,652 1,643 0.5 % 95.0 % 94.7 % 0.3 % 41,198 40,394 2.0 % Southeast United States: Atlanta 4,583 1,412 1,402 0.7 % 96.1 % 96.0 % 0.1 % 18,582 18,219 2.0 % Charlotte 712 1,708 1,699 0.5 % 89.7 % 90.6 % (0.9)% 3,316 3,350 (1.0)% Nashville 108 2,266 2,280 (0.6)% 85.2 % 86.1 % (0.9)% 629 660 (4.7)% Southeast US Subtotal 5,403 1,464 1,455 0.6 % 95.0 % 95.1 % (0.1)% 22,527 22,229 1.3 % Texas: Houston 2,362 1,528 1,523 0.3 % 96.1 % 96.4 % (0.3)% 10,428 10,284 1.4 % Dallas 1,885 1,715 1,709 0.4 % 92.9 % 95.5 % (2.6)% 9,176 9,229 (0.6)% Texas Subtotal 4,247 1,610 1,604 0.4 % 94.7 % 96.0 % (1.3)% 19,604 19,513 0.5 % Midwest United States: Chicago 673 1,759 1,754 0.3 % 94.4 % 93.2 % 1.2 % 3,300 3,178 3.8 % Midwest US Subtotal 673 1,759 1,754 0.3 % 94.4 % 93.2 % 1.2 % 3,300 3,178 3.8 % Same Store Total / Average 27,198 $ 1,654 $ 1,643 0.7 % 95.2% 95.2% — % $ 129,027 $ 126,759 1.8 % (1) In-line with Legacy Starwood Waypoint Homes' historical basis of presentation, average monthly rent and occupancy are period end figures in the above table. Period average monthly rent was $1,650 and $1,638, and period average occupancy was 95.0% and 94.4%, for Q4 2017 and Q3 2017, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 32 Supplemental Schedule 8(a) — Legacy Starwood Waypoint Homes (Continued) Same Store Revenue Growth Summary, YoY Full Year — Legacy SWH ($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent (period end) (1) Occupancy (period end) (1) Total Core Revenue YoY, FY 2017 # Homes FY 2017 FY 2016 Change FY 2017 FY 2016 Change FY 2017 FY 2016 Change Western United States: Southern California 2,642 $ 2,186 $ 2,064 5.9 % 95.4 % 96.8 % (1.4 )% $ 64,589 $ 61,585 4.9 % Northern California 756 1,958 1,794 9.1 % 96.0 % 97.6 % (1.6 )% 16,603 15,455 7.4 % Phoenix 1,348 1,265 1,187 6.6 % 97.0 % 95.8 % 1.2 % 19,382 18,236 6.3 % Las Vegas 1,700 1,480 1,417 4.4 % 95.7 % 95.6 % 0.1 % 29,311 27,946 4.9 % Denver 1,751 1,851 1,755 5.5 % 94.8 % 94.5 % 0.3 % 36,476 34,499 5.7 % Western US Subtotal 8,197 1,794 1,693 6.0 % 95.7 % 96.0 % (0.3 )% 166,361 157,721 5.5 % Florida: South Florida 3,308 1,885 1,829 3.1 % 95.9 % 95.8 % 0.1 % 70,268 67,021 4.8 % Tampa 3,542 1,525 1,479 3.1 % 93.7 % 94.8 % (1.1 )% 61,148 58,942 3.7 % Orlando 1,828 1,472 1,397 5.4 % 96.2 % 95.2 % 1.0 % 30,373 29,006 4.7 % Florida Subtotal 8,678 1,652 1,596 3.5 % 95.0 % 95.3 % (0.3 )% 161,789 154,969 4.4 % Southeast United States: Atlanta 4,583 1,412 1,335 5.8 % 96.1 % 96.4 % (0.3 )% 72,730 69,087 5.3 % Charlotte 712 1,708 1,650 3.5 % 89.7 % 94.8 % (5.1 )% 13,394 13,511 (0.9)% Nashville 108 2,266 2,191 3.4 % 85.2 % 98.1 % (12.9 )% 2,648 2,716 (2.5)% Southeast US Subtotal 5,403 1,464 1,390 5.3 % 95.0 % 96.2 % (1.2 )% 88,772 85,314 4.1 % Texas: Houston 2,362 1,528 1,514 0.9 % 96.1 % 94.5 % 1.6 % 41,387 39,439 4.9 % Dallas 1,885 1,715 1,648 4.1 % 92.9 % 95.0 % (2.1 )% 36,459 35,020 4.1 % Texas Subtotal 4,247 1,610 1,573 2.4 % 94.7 % 94.7 % — % 77,846 74,459 4.5 % Midwest United States: Chicago 673 1,759 1,721 2.2 % 94.4 % 94.4 % — % 12,940 12,213 6.0 % Midwest US Subtotal 673 1,759 1,721 2.2 % 94.4 % 94.4 % — % 12,940 12,213 6.0 % Same Store Total / Average 27,198 $ 1,654 $ 1,585 4.4% 95.2% 95.6% (0.4)% $ 507,708 $ 484,676 4.8 % (1) In-line with Legacy Starwood Waypoint Homes' historical basis of presentation, average monthly rent and occupancy are period end figures in the above table. Period average monthly rent was $1,626 and $1,557, and period average occupancy was 95.1% and 95.0%, for FY 2017 and FY 2016, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 33 Supplemental Schedule 8(b) — Legacy Starwood Waypoint Homes Same Store NOI Growth and Margin Summary, YoY Quarter — Legacy SWH ($ in thousands) (unaudited) Core Revenue (1) Core Operating Expenses (1) Net Operating Income Core NOI Margin YoY, Q4 2017 Q4 2017 Q4 2016 Change Q4 2017 Q4 2016 Change Q4 2017 Q4 2016 Change Q4 2017 Q4 2016 Western United States: Southern California $ 16,551 $ 15,626 5.9 % $ 5,411 $ 4,931 9.7 % $ 11,140 $ 10,695 4.2 % 67.3 % 68.4 % Northern California 4,207 3,990 5.4 % 1,515 1,148 32.0 % 2,692 2,842 (5.3)% 64.0 % 71.2 % Phoenix 4,946 4,631 6.8 % 1,188 1,202 (1.2)% 3,758 3,429 9.6 % 76.0 % 74.0 % Las Vegas 7,458 7,034 6.0 % 1,784 1,745 2.2 % 5,674 5,289 7.3 % 76.1 % 75.2 % Denver 9,236 8,801 4.9 % 1,956 1,840 6.3 % 7,280 6,961 4.6 % 78.8 % 79.1 % Western US Subtotal 42,398 40,082 5.8 % 11,854 10,866 9.1 % 30,544 29,216 4.5 % 72.0 % 72.9 % Florida: South Florida 17,916 17,030 5.2 % 6,537 6,465 1.1 % 11,379 10,565 7.7 % 63.5 % 62.0 % Tampa 15,471 14,803 4.5 % 5,704 5,011 13.8 % 9,767 9,792 (0.3)% 63.1 % 66.1 % Orlando 7,811 7,300 7.0 % 2,448 2,560 (4.4)% 5,363 4,740 13.1 % 68.7 % 64.9 % Florida Subtotal 41,198 39,133 5.3 % 14,689 14,036 4.7 % 26,509 25,097 5.6 % 64.3 % 64.1 % Southeast United States: Atlanta 18,582 17,352 7.1 % 5,665 5,245 8.0 % 12,917 12,107 6.7 % 69.5 % 69.8 % Charlotte 3,316 3,297 0.6 % 965 1,036 (6.9)% 2,351 2,261 4.0 % 70.9 % 68.6 % Nashville 629 693 (9.2)% 135 183 (26.2)% 494 510 (3.1)% 78.5 % 73.6 % Southeast US Subtotal 22,527 21,342 5.6 % 6,765 6,464 4.7 % 15,762 14,878 5.9 % 70.0 % 69.7 % Texas: Houston 10,428 9,850 5.9 % 4,609 4,325 6.6 % 5,819 5,525 5.3 % 55.8 % 56.1 % Dallas 9,176 8,825 4.0 % 3,751 3,269 14.7 % 5,425 5,556 (2.4)% 59.1 % 63.0 % Texas Subtotal 19,604 18,675 5.0 % 8,360 7,594 10.1 % 11,244 11,081 1.5 % 57.4 % 59.3 % Midwest United States: Chicago 3,300 3,187 3.5 % 1,596 1,583 0.8 % 1,704 1,604 6.2 % 51.6 % 50.3 % Midwest US Subtotal 3,300 3,187 3.5 % 1,596 1,583 0.8 % 1,704 1,604 6.2 % 51.6 % 50.3 % Same Store Total / Average $ 129,027 $ 122,419 5.4 % $ 43,264 $ 40,543 6.7 % $ 85,763 $ 81,876 4.7 % 66.5% 66.9% (1) Presented on a Core basis to exclude the impact Starwood Waypoint Homes' utility billing policy transition by which it began holding utilities in the Company name and billing back to residents beginning in Q3 2016.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 34 Supplemental Schedule 8(b) — Legacy Starwood Waypoint Homes (Continued) Same Store NOI Growth and Margin Summary, Sequential Quarter — Legacy SWH ($ in thousands) (unaudited) Core Revenue (1) Core Operating Expenses (1) Net Operating Income Core NOI Margin Seq, Q4 2017 Q4 2017 Q3 2017 Change Q4 2017 Q3 2017 Change Q4 2017 Q3 2017 Change Q4 2017 Q3 2017 Western United States: Southern California $ 16,551 $ 16,037 3.2 % $ 5,411 $ 4,246 27.4 % $ 11,140 $ 11,791 (5.5)% 67.3 % 73.5 % Northern California 4,207 4,169 0.9 % 1,515 1,178 28.6 % 2,692 2,991 (10.0)% 64.0 % 71.7 % Phoenix 4,946 4,784 3.4 % 1,188 1,387 (14.3 )% 3,758 3,397 10.6 % 76.0 % 71.0 % Las Vegas 7,458 7,356 1.4 % 1,784 2,089 (14.6 )% 5,674 5,267 7.7 % 76.1 % 71.6 % Denver 9,236 9,099 1.5 % 1,956 2,331 (16.1 )% 7,280 6,768 7.6 % 78.8 % 74.4 % Western US Subtotal 42,398 41,445 2.3 % 11,854 11,231 5.5 % 30,544 30,214 1.1 % 72.0 % 72.9 % Florida: South Florida 17,916 17,644 1.5 % 6,537 7,359 (11.2 )% 11,379 10,285 10.6 % 63.5 % 58.3 % Tampa 15,471 15,196 1.8 % 5,704 6,128 (6.9 )% 9,767 9,068 7.7 % 63.1 % 59.7 % Orlando 7,811 7,554 3.4 % 2,448 2,761 (11.3 )% 5,363 4,793 11.9 % 68.7 % 63.4 % Florida Subtotal 41,198 40,394 2.0 % 14,689 16,248 (9.6 )% 26,509 24,146 9.8 % 64.3 % 59.8 % Southeast United States: Atlanta 18,582 18,219 2.0 % 5,665 5,868 (3.5 )% 12,917 12,351 4.6 % 69.5 % 67.8 % Charlotte 3,316 3,350 (1.0)% 965 1,062 (9.1 )% 2,351 2,288 2.8 % 70.9 % 68.3 % Nashville 629 660 (4.7)% 135 148 (8.8 )% 494 512 (3.5)% 78.5 % 77.6 % Southeast US Subtotal 22,527 22,229 1.3 % 6,765 7,078 (4.4 )% 15,762 15,151 4.0 % 70.0 % 68.2 % Texas: Houston 10,428 10,284 1.4 % 4,609 4,918 (6.3 )% 5,819 5,366 8.4 % 55.8 % 52.2 % Dallas 9,176 9,229 (0.6)% 3,751 4,135 (9.3 )% 5,425 5,094 6.5 % 59.1 % 55.2 % Texas Subtotal 19,604 19,513 0.5 % 8,360 9,053 (7.7 )% 11,244 10,460 7.5 % 57.4 % 53.6 % Midwest United States: Chicago 3,300 3,178 3.8 % 1,596 1,721 (7.3 )% 1,704 1,457 17.0 % 51.6 % 45.8 % Midwest US Subtotal 3,300 3,178 3.8 % 1,596 1,721 (7.3 )% 1,704 1,457 17.0 % 51.6 % 45.8 % Same Store Total / Average $ 129,027 $ 126,759 1.8 % $ 43,264 $ 45,331 (4.6)% $ 85,763 $ 81,428 5.3 % 66.5% 64.2% (1) Presented on a Core basis to exclude the impact Starwood Waypoint Homes' utility billing policy transition by which it began holding utilities in the Company name and billing back to residents beginning in Q3 2016.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 35 Supplemental Schedule 8(b) — Legacy Starwood Waypoint Homes (Continued) Same Store NOI Growth and Margin Summary, YoY Full Year — Legacy SWH ($ in thousands) (unaudited) Core Revenue (1) Core Operating Expenses (1) Net Operating Income Core NOI Margin YoY, FY 2017 FY 2017 FY 2016 Change FY 2017 FY 2016 Change FY 2017 FY 2016 Change FY 2017 FY 2016 Western United States: Southern California $ 64,589 $ 61,585 4.9 % $ 19,916 $ 20,566 (3.2)% $ 44,673 $ 41,019 8.9 % 69.2 % 66.6 % Northern California 16,603 15,455 7.4 % 5,072 4,925 3.0 % 11,531 10,530 9.5 % 69.5 % 68.1 % Phoenix 19,382 18,236 6.3 % 5,193 5,056 2.7 % 14,189 13,180 7.7 % 73.2 % 72.3 % Las Vegas 29,311 27,946 4.9 % 7,788 7,248 7.5 % 21,523 20,698 4.0 % 73.4 % 74.1 % Denver 36,476 34,499 5.7 % 8,116 7,633 6.3 % 28,360 26,866 5.6 % 77.7 % 77.9 % Western US Subtotal 166,361 157,721 5.5 % 46,085 45,428 1.4 % 120,276 112,293 7.1 % 72.3 % 71.2 % Florida: South Florida 70,268 67,021 4.8 % 27,465 27,647 (0.7)% 42,803 39,374 8.7 % 60.9 % 58.7 % Tampa 61,148 58,942 3.7 % 23,286 22,991 1.3 % 37,862 35,951 5.3 % 61.9 % 61.0 % Orlando 30,373 29,006 4.7 % 10,581 10,953 (3.4)% 19,792 18,053 9.6 % 65.2 % 62.2 % Florida Subtotal 161,789 154,969 4.4 % 61,332 61,591 (0.4)% 100,457 93,378 7.6 % 62.1 % 60.3 % Southeast United States: Atlanta 72,730 69,087 5.3 % 22,757 22,425 1.5 % 49,973 46,662 7.1 % 68.7 % 67.5 % Charlotte 13,394 13,511 (0.9)% 4,012 4,252 (5.6)% 9,382 9,259 1.3 % 70.0 % 68.5 % Nashville 2,648 2,716 (2.5)% 620 764 (18.8)% 2,028 1,952 3.9 % 76.6 % 71.9 % Southeast US Subtotal 88,772 85,314 4.1 % 27,389 27,441 (0.2)% 61,383 57,873 6.1 % 69.1 % 67.8 % Texas: Houston 41,387 39,439 4.9 % 19,095 18,532 3.0 % 22,292 20,907 6.6 % 53.9 % 53.0 % Dallas 36,459 35,020 4.1 % 15,205 13,337 14.0 % 21,254 21,683 (2.0)% 58.3 % 61.9 % Texas Subtotal 77,846 74,459 4.5 % 34,300 31,869 7.6 % 43,546 42,590 2.2 % 55.9 % 57.2 % Midwest United States: Chicago 12,940 12,213 6.0 % 6,216 5,945 4.6 % 6,724 6,268 7.3 % 52.0 % 51.3 % Midwest US Subtotal 12,940 12,213 6.0 % 6,216 5,945 4.6 % 6,724 6,268 7.3 % 52.0 % 51.3 % Same Store Total / Average $ 507,708 $ 484,676 4.8 % $ 175,322 $ 172,274 1.8 % $ 332,386 $ 312,402 6.4 % 65.5% 64.5% (1) Presented on a Core basis to exclude the impact Starwood Waypoint Homes' utility billing policy transition by which it began holding utilities in the Company name and billing back to residents beginning in Q3 2016.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures. Legacy SWH and IH Same Store data follow Legacy SWH and IH metric definitions, respectively. Q4 2017 Earnings Release and Supplemental Information - page 39 Supplemental Schedule 11 Acquisitions and Dispositions — Q4 2017 (unaudited) As of SWH 9/30/2017 Merger Other Q4 2017 Acquisitions (1) Q4 2017 Dispositions(2) 12/31/2017 Homes Homes Homes Avg. Estimated Homes Average Homes Owned Acq. Acq. Invested Basis Sold Sales Price Owned Western United States: Southern California 4,631 3,768 10 $ 483,352 25 $ 365,094 8,384 Northern California 2,857 1,771 3 374,536 25 313,618 4,606 Seattle 3,246 — 32 335,787 7 321,286 3,271 Phoenix 5,443 1,999 23 232,979 30 158,545 7,435 Las Vegas 961 1,746 3 223,941 2 480,000 2,708 Denver — 2,197 1 233,251 3 254,667 2,195 Western US Subtotal 17,138 11,481 72 318,971 92 277,111 28,599 Florida: South Florida 5,577 3,783 10 314,430 36 241,197 9,334 Tampa 4,915 3,924 30 255,296 16 212,869 8,853 Orlando 3,736 1,945 21 278,125 23 186,983 5,679 Jacksonville 1,953 — — — 8 197,986 1,945 Florida Subtotal 16,181 9,652 61 272,849 83 216,548 25,811 Southeast United States: Atlanta 7,337 5,077 26 216,503 12 131,650 12,428 Charlotte 3,132 1,670 105 274,985 12 168,381 4,895 Nashville — 737 24 246,607 — — 761 Southeast US Subtotal 10,469 7,484 155 260,781 24 150,015 18,084 Texas: Houston — 2,620 — — 23 139,300 2,597 Dallas — 2,275 2 231,581 7 183,786 2,270 Texas Subtotal — 4,895 2 231,581 30 149,680 4,867 Midwest United States: Chicago 2,898 1,158 — — 25 213,633 4,031 Minneapolis 1,181 — — — 3 336,633 1,178 Midwest US Subtotal 4,079 1,158 — — 28 226,812 5,209 Total / Average 47,867 34,670 290 $ 277,565 257 $ 225,126 82,570 (1) Estimated stabilized cap rates on acquisitions during the quarter, excluding homes acquired via the Starwood Waypoint Homes merger, averaged 5.6%. Stabilized cap rate represents forecast nominal NOI for the twelve months following stabilization, divided by estimated invested basis. (2) Cap rates on dispositions during the quarter averaged 0.7%. Disposition cap rate represents actual NOI recognized in the twelve months prior to the month of disposition, divided by sales price.

Q4 2017 Earnings Release and Supplemental Information - page 40 Glossary and Reconciliations Glossary: Average Estimated Invested Basis Average estimated invested basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated upfront renovation expense for an acquired home or population of homes. Average Monthly Rent Average monthly rent represents the average of the contracted monthly rent for occupied properties in an identified population of homes for the period indicated. Rents for the Total Portfolio and IH Same Store portfolio are reflected net of concessions, and rents for the Legacy SWH Same Store portfolio are presented gross of concessions, consistent with prior metric definitions. 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 by residents and/or bad debt attributable to such population. Core Revenues Core revenues for an identified population of homes reflects total revenues, net of any resident recoveries and/or bad debt attributable to such population. EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA 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 GAAP) before the following items: interest expense; income tax expense; and depreciation and amortization. Adjusted EBITDA is defined as EBITDA before the following items: share-based compensation expense; IPO related expenses, merger and transaction-related costs, impairment and other; acquisition costs; gain (loss) on sale of property, net of tax; and interest income and other miscellaneous income and expenses. Pro Forma Adjusted EBITDA is defined as Adjusted EBITDA for Invitation Homes plus Adjusted EBITDA for Legacy Starwood Waypoint Homes for the period prior to the close of the merger between Invitation Homes and Starwood Waypoint Homes. EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA 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, Adjusted EBITDA, and Pro Forma Adjusted EBITDA as measures of performance. The GAAP measure most directly comparable to EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA is net income or loss. EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA may not be comparable to the EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA of other companies due to the fact that not all companies use the same definitions of EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA. 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 (loss) to EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA. 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 the National Association of Real Estate Investment Trusts (“NAREIT”) as net income or loss (computed

Q4 2017 Earnings Release and Supplemental Information - page 41 in accordance with GAAP) excluding net gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated partnerships and joint ventures. We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, as well as gains or losses related to sales of previously depreciated homes, from GAAP net income or loss. The GAAP measure most directly comparable to FFO is net income or loss. FFO is not used as a measure of our liquidity and should not be considered an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our FFO may not be comparable to the FFO of other companies due to the fact that not all companies use the same definition of FFO. Accordingly, there can be no assurance that our basis for computing this non-GAAP measures is comparable with that of other companies. We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating performance for the same reasons as FFO and are further helpful to investors as they provides a more consistent measurement of our performance across reporting periods by removing the impact of certain items that are not comparable from period to period. We define Core FFO as FFO adjusted for noncash interest expense related to amortization of deferred financing costs and discounts related to our financing arrangements, noncash interest expense for derivatives, share-based compensation expense, IPO related expenses, merger and transaction-related costs, severance expenses, casualty losses, net, and acquisition costs, as applicable. We define Adjusted FFO as Core FFO less recurring capital expenditures that are necessary to help preserve the value of and maintain functionality of our homes. 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. Please see Supplemental Schedule 1 for a reconciliation of GAAP net income (loss) to FFO, Core FFO, and Adjusted FFO. Legacy Starwood Waypoint Homes (Legacy SWH) Legacy Starwood Waypoint Homes refers to the homes owned by Starwood Waypoint Homes prior to its merger with Invitation Homes, and the metric definitions used by Starwood Waypoint Homes prior to its merger with Invitation Homes. 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. 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 portfolios. For both the IH Same Store portfolio and the SWH Same Store portfolio, Same Store NOI is defined as rental revenues and other property income less property operating and maintenance expense, with those revenues and expenses defined in line with IH definitions for the IH Same Store portfolio and with Legacy SWH definitions for the Legacy SWH same store portfolio.

Q4 2017 Earnings Release and Supplemental Information - page 42 See "Reconciliation of Non-GAAP Measures" below for a reconciliation of GAAP net income (loss) to NOI for our total portfolio and NOI for our Same Store portfolios. Occupancy (Period Average) Period average occupancy for an identified population of homes represents (i) the number of days that the homes in such population were occupied, divided by (ii) the total number of owned days in the measurement period for the homes in that population. Occupancy (Period End) Period end occupancy for an identified population of homes represents (i) the number of occupied homes as of the last day of the measurement period divided by (ii) the number of homes in that population as of the last day of the measurement period. 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 difference between the monthly rent from an expiring lease and the monthly rent from the next lease. For these calculations, rents for the Total Portfolio and IH Same Store portfolio are reflected net of concessions, and rents for the Legacy SWH Same Store portfolio are presented gross of concessions, consistent with prior metric definitions. 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. Blended rental rate growth represents the blended average of net effective rental rate growth for both new and renewal leases. Same Store / Same Store Portfolio For Invitation Homes (IH), Same Store or Same Store portfolio includes, for a given reporting period, homes that have been stabilized (defined as homes that have (i) completed an upfront renovation and (ii) entered into at least one post-renovation Invitation Homes lease) for at least 90 days prior to the first day of the prior-year measurement period and excludes homes that have been sold and homes that have been designated for sale but have not yet entered into a written sale agreement during such reporting period. IH Same Store portfolios are established as of January 1st of each calendar year. Therefore, any home included in the IH Same Store portfolio will have satisfied the conditions described in clauses (i) and (ii) above prior to October 3rd of the year prior to the first year of the comparison period. 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. For Legacy Starwood Waypoint Homes, Same Store or Same Store portfolio includes, for a given reporting period, homes that have been stabilized for at least fifteen (15) months prior to the start of the current measurement period, excluding any homes that have been disposed of, removed from service or returned to the development period for significant renovation. Total Cost to Maintain Total cost to maintain a home represents the sum of average repairs & maintenance and turnover expense (gross or net of resident reimbursements, as indicated in tables presented) and average recurring capital expenditures. Total Homes / Total Portfolio Total homes or total portfolio refers to the total number of homes we own, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated.

Q4 2017 Earnings Release and Supplemental Information - page 43 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 for Invitation Homes, and the number of homes that had completed initial renovation/ rehabilitation and were leasable during the specific period for Legacy Starwood Waypoint Homes, consistent with prior metric definitions. Reconciliation of Non-GAAP Measures: Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues — IH, Quarterly (in thousands) (unaudited) Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Total revenues (total portfolio) $ 329,954 $ 243,536 $ 242,216 $ 238,750 $ 234,551 Non-Same Store revenues (41,160) (23,597) (23,566) (23,904) (23,471) Post-merger Legacy SWH Same Store revenues (68,421) — — — — Adjustments to align Legacy SWH revenues with IH metric definition 912 — — — — IH Same Store revenues 221,285 219,939 218,650 214,846 211,080 IH Same Store resident recoveries (3,640) (3,936) (3,856) (3,454) (2,510) IH Same Store Core revenues $ 217,645 $ 216,003 $ 214,794 $ 211,392 $ 208,570 Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues — IH, Full Year (in thousands) (unaudited) FY 2017 FY 2016 Total revenues (total portfolio) $1,054,456 $ 922,587 Non-Same Store revenues (112,227) (87,390) Post-merger Legacy SWH Same Store revenues (68,421) — Adjustments to align Legacy SWH revenues with IH metric definition 912 — IH Same Store Revenue 874,720 835,197 IH Same Store resident recoveries (14,886) (9,899) IH Same Store Core revenues $ 859,834 $ 825,298

Q4 2017 Earnings Release and Supplemental Information - page 44 Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues — SWH, Quarterly (in thousands) (unaudited) Q4 2017 Total revenues (total portfolio) $ 329,954 Non-Same Store revenues (41,160) IH Same Store revenues (221,285) Pre-merger Legacy SWH Same Store revenues 68,654 Adjustments to align IH revenues with Legacy SWH metric definition 912 Legacy SWH Same Store revenues 137,075 Legacy SWH Same Store resident recoveries (6,351) Legacy SWH bad debt expense (1,697) Legacy SWH Same Store Core revenues $ 129,027 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Legacy SWH total revenues (total portfolio) $ 169,687 $ 154,374 $ 151,040 $ 147,484 Legacy SWH non-Same Store revenues (34,726) (20,639) (19,830) (18,906) Legacy SWH Same Store revenues 134,961 133,735 131,210 128,578 Legacy SWH Same Store resident recoveries (6,360) (5,381) (4,495) (4,014) Legacy SWH bad debt expense (1,842) (1,428) (1,719) (2,145) Legacy SWH Same Store Core revenues $ 126,759 $ 126,926 $ 124,996 $ 122,419 Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues — SWH, Full Year (in thousands) (unaudited) FY 2017 Total revenues (total portfolio) $1,054,456 Non-Same Store revenues (112,227) IH Same Store revenues (874,720) Pre-merger Legacy SWH Same Store revenues 468,560 Adjustments to align IH revenues with Legacy SWH metric definition 912 Legacy SWH Same Store revenues 536,981 Legacy SWH Same Store resident recoveries (22,587) Legacy SWH bad debt expense (6,686) Legacy SWH Same Store Core revenues $ 507,708 FY 2016 Legacy SWH total revenues (total portfolio) $ 575,682 Legacy SWH non-Same Store revenues (69,132) Legacy SWH Same Store revenues 506,550 Legacy SWH Same Store resident recoveries (15,072) Legacy SWH bad debt expense (6,802) Legacy SWH Same Store Core revenues $ 484,676

Q4 2017 Earnings Release and Supplemental Information - page 45 Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses — IH, Quarterly (in thousands) (unaudited) Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Property operating and maintenance expenses (total portfolio) $ 117,220 $ 93,267 $ 92,840 $ 88,168 $ 89,833 Non-Same Store operating expenses (15,213) (8,871) (9,325) (9,454) (10,263) Post-merger Legacy SWH Same Store operating expenses (25,918) — — — — Adjustments to align Legacy SWH operating expenses with IH metric definition 1,411 — — — — IH Same Store operating expenses 77,500 84,396 83,515 78,714 79,570 IH Same Store resident recoveries (3,640) (3,936) (3,856) (3,454) (2,510) IH Same Store Core operating expenses $ 73,860 $ 80,460 $ 79,659 $ 75,260 $ 77,060 Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses — IH, Full Year (in thousands) (unaudited) FY 2017 FY 2016 Property operating and maintenance expenses (total portfolio) $ 391,495 $ 360,327 Non-Same Store operating expenses (42,863) (37,655) Post-merger Legacy SWH Same Store operating expenses (25,918) — Adjustments to align Legacy SWH operating expenses with IH metric definition 1,411 — IH Same Store operating expenses 324,125 322,672 IH Same Store resident recoveries (14,886) (9,899) IH Same Store Core operating expenses $ 309,239 $ 312,773

Q4 2017 Earnings Release and Supplemental Information - page 46 Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses — SWH, Quarterly (in thousands) (unaudited) Q4 2017 Property operating and maintenance expenses (total portfolio) $ 117,220 Non-Same Store operating expenses (15,213) IH Same Store operating expenses (77,500) Pre-merger Legacy SWH Same Store operating expenses 25,394 Adjustments to align IH operating expenses with Legacy SWH metric definition 1,411 Legacy SWH Same Store operating expenses 51,312 Legacy SWH Same Store resident recoveries (6,351) Legacy SWH bad debt expense (1,697) Legacy SWH Same Store Core operating expenses $ 43,264 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Legacy SWH property operating and maintenance expenses (total portfolio) $ 68,084 $ 60,371 $ 56,895 $ 55,594 Legacy SWH non-Same Store operating expenses (14,551) (8,920) (8,596) (8,892) Legacy SWH Same Store operating expenses 53,533 51,451 48,299 46,702 Legacy SWH Same Store resident recoveries (6,360) (5,381) (4,495) (4,014) Legacy SWH bad debt expense (1,842) (1,428) (1,719) (2,145) Legacy SWH Same Store Core operating expenses $ 45,331 $ 44,642 $ 42,085 $ 40,543 Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses — SWH, Full Year (in thousands) (unaudited) FY 2017 Property operating and maintenance expenses (total portfolio) $ 391,495 Non-Same Store operating expenses (42,863) IH Same Store operating expenses (324,125) Pre-merger Legacy SWH Same Store operating expenses 178,677 Adjustments to align IH operating expenses with Legacy SWH metric definition 1,411 Legacy SWH Same Store operating expenses 204,595 Legacy SWH Same Store resident recoveries (22,587) Legacy SWH bad debt expense (6,686) Legacy SWH Same Store Core operating expenses $ 175,322 FY 2016 Legacy SWH property operating and maintenance expenses (total portfolio) $ 228,299 Legacy SWH non-Same Store operating expenses (34,151) Legacy SWH Same Store operating expenses 194,148 Legacy SWH Same Store resident recoveries (15,072) Legacy SWH bad debt expense (6,802) Legacy SWH Same Store Core operating expenses $ 172,274

Q4 2017 Earnings Release and Supplemental Information - page 47 Reconciliation of Net Income (Loss) to NOI, Same Store NOI, and Same Store Core NOI Margin — IH, Quarterly (in thousands) (unaudited) Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Net income (loss) available to common shareholders $ (46,236) $ (22,745) $ 5,420 $ (42,391) $ (26,649) Net loss available to participating securities 271 235 109 — — Non-controlling interests (489) — — — — Interest expense 74,244 56,796 57,358 68,572 76,883 Depreciation and amortization 107,020 67,466 67,515 67,577 69,420 General and administrative 63,585 27,462 18,426 58,266 19,523 Property management expense 11,908 10,852 9,135 11,449 7,855 Impairment and other 7,611 14,572 706 1,204 2,565 Acquisition costs — — — — 8 Gain on sale of property, net of tax (5,657) (3,756) (10,162) (14,321) (5,412) Other, net 477 (613) 869 226 525 NOI (total portfolio) 212,734 150,269 149,376 150,582 144,718 Non-Same Store NOI (25,947) (14,726) (14,241) (14,450) (13,208) Post-merger Legacy SWH Same Store NOI (42,503) — — — — Adjustments to align Legacy SWH NOI with IH metric definition (499) — — — — IH Same Store NOI $ 143,785 $ 135,543 $ 135,135 $ 136,132 $ 131,510 IH Same Store Core revenues $ 217,645 $ 216,003 $ 214,794 $ 211,392 $ 208,570 IH Same Store Core NOI margin 66.1% 62.8% 62.9% 64.4% 63.1%

Q4 2017 Earnings Release and Supplemental Information - page 48 Reconciliation of Net Loss to NOI, Same Store NOI, and Same Store Core NOI Margin — IH, Full Year (in thousands) (unaudited) FY 2017 FY 2016 Net loss available to common shareholders $ (105,952) $ (78,239) Net loss available to participating securities 615 — Non-controlling interests (489) — Interest expense 256,970 286,048 Depreciation and amortization 309,578 267,681 General and administrative 167,739 69,102 Property management expense 43,344 30,493 Impairment and other 24,093 4,207 Acquisition costs — 50 Gain on sale of property, net of tax (33,896) (18,590) Other, net 959 1,508 NOI (total portfolio) 662,961 562,260 Non-Same Store NOI (69,364) (49,735) Post-merger Legacy SWH Same Store NOI (42,503) — Adjustments to align Legacy SWH NOI with IH metric definition (499) — IH Same Store NOI $ 550,595 $ 512,525 IH Same Store Core revenues $ 859,834 $ 825,298 IH Same Store Core NOI margin 64.0% 62.1%

Q4 2017 Earnings Release and Supplemental Information - page 49 Reconciliation of Net Loss to NOI, Same Store NOI, and Same Store Core NOI Margin — SWH, Quarterly (in thousands) (unaudited) Q4 2017 NOI (total portfolio) $ 212,734 Non-Same Store NOI (25,947) IH Same Store NOI (143,785) Pre-merger Legacy SWH Same Store NOI 43,260 Adjustments to align IH NOI with Legacy SWH metric definition (499) Legacy SWH Same Store NOI 85,763 Legacy SWH Same Store Core revenues $ 129,027 Legacy SWH Same Store Core NOI margin 66.5% Q3 2017 Q2 2017 Q1 2017 Q4 2016 Legacy SWH net loss attributable to common shareholders $ (23,159) $ (1,055) $ (11,342) $ (10,493) Legacy SWH loss from discontinued operations 1,984 175 46 10,419 Legacy SWH general and administrative 10,932 10,945 10,840 11,932 Legacy SWH share-based compensation 2,387 1,636 1,561 931 Legacy SWH interest expense 38,877 37,141 38,999 37,430 Legacy SWH depreciation and amortization 53,994 48,114 46,185 42,945 Legacy SWH transaction-related expenses 7,791 65 — (562) Legacy SWH impairment of real estate 13,077 214 443 220 Legacy SWH realized gain on sales of investments in real estate, net of tax (3,735) (7,809) (678) (1,309) Legacy SWH equity in income from unconsolidated JVs (214) (190) (180) (199) Legacy SWH other expense, net 372 4,649 8,792 1,016 Legacy SWH income tax expense 359 179 157 249 Legacy SWH net income attributable to non-controlling interests (1,062) (61) (678) (689) Legacy SWH NOI (total portfolio) 101,603 94,003 94,145 91,890 Legacy SWH non-Same Store NOI (20,175) (11,719) (11,234) (10,014) Legacy SWH Same Store NOI $ 81,428 $ 82,284 $ 82,911 $ 81,876 Legacy SWH Same Store Core revenues $ 126,759 $ 126,926 $ 124,996 $ 122,419 Legacy SWH Same Store Core NOI margin 64.2% 64.8% 66.3% 66.9%

Q4 2017 Earnings Release and Supplemental Information - page 50 Reconciliation of Net Loss to NOI, Same Store NOI, and Same Store Core NOI Margin — SWH, Full Year (in thousands) (unaudited) FY 2017 NOI (total portfolio) $ 662,961 Non-Same Store NOI (69,364) IH Same Store NOI (550,595) Pre-merger Legacy SWH Same Store NOI 289,883 Adjustments to align IH NOI with Legacy SWH metric definition (499) Legacy SWH Same Store NOI 332,386 Legacy SWH Same Store Core revenues $ 507,708 Legacy SWH Same Store Core NOI margin 65.5% FY 2016 Legacy SWH net loss attributable to common shareholders $ (81,267) Legacy SWH loss from discontinued operations 17,787 Legacy SWH general and administrative 54,332 Legacy SWH share-based compensation 2,853 Legacy SWH interest expense 152,167 Legacy SWH depreciation and amortization 178,763 Legacy SWH transaction-related expenses 29,496 Legacy SWH impairment of real estate 750 Legacy SWH realized gain on sales of investments in real estate, net of tax (4,673) Legacy SWH equity in income from unconsolidated JVs (738) Legacy SWH other expense, net 2,395 Legacy SWH income tax expense 736 Legacy SWH net income attributable to non-controlling interests (5,218) Legacy SWH NOI (total portfolio) 347,383 Legacy SWH non-Same Store NOI (34,981) Legacy SWH Same Store NOI $ 312,402 Legacy SWH Same Store Core revenues $ 484,676 Legacy SWH Same Store Core NOI margin 64.5%

Q4 2017 Earnings Release and Supplemental Information - page 51 Reconciliation of Loss to EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA (in thousands) (unaudited) Q4 2017 Q4 2016 % Change Net loss available to common shareholders $ (46,236) $ (26,649) Net income available to participating securities 271 — Non-controlling interests (489) — Interest expense 74,244 76,883 Depreciation and amortization 107,020 69,420 EBITDA 134,810 119,654 Share-based compensation expense 16,739 (2,813) IPO related expenses — 8,898 Merger and transaction-related expenses 24,858 — Severance 12,048 — Impairment and other 7,611 2,565 Acquisition costs — 8 Gain on sale of property, net of tax (5,657) (5,412) Other, net 477 525 Adjusted EBITDA $ 190,886 $ 123,425 54.7% Pre-Merger Legacy SWH Adj. EBITDA (1) 47,873 Pro Forma Adjusted EBITDA $ 238,759 (1) Estimated by assuming that Adjusted EBITDA for Legacy SWH in the forty five days pre-merger was the same as Adjusted EBITDA for Legacy SWH in the 45 days post-merger.

Q4 2017 Earnings Release and Supplemental Information - page 52 Reconciliation of Net Debt / Annualized Pro Forma Adjusted EBITDA (in thousands, except for ratio) (unaudited) As of December 31, 2017 Mortgage loans, net $ 7,580,153 Term loan facility, net 1,487,973 Revolving facility 35,000 Convertible senior notes, net 548,536 Total Debt per Balance Sheet 9,651,662 Retained and repurchased certificates (381,890) Cash, ex-security deposits (1) (269,464) Deferred financing costs 40,102 Unamortized discount on note payable 29,809 Net Debt (A) $ 9,070,219 For the Three Months Ended December 31, 2017 Pro Forma Adjusted EBITDA (B) $ 238,759 Annualized Pro Forma Adjusted EBITDA (C = B x 4) $ 955,036 Net debt / annualized Adjusted EBITDA (A / C) 9.5x (1) Represents cash and cash equivalents and the non-security deposit portion of restricted cash. Reconciliation of Fixed Charge Coverage Ratio (in thousands, except for ratio) (unaudited) For the Three Months Ended December 31, 2017 Interest expense $ 74,244 Noncash interest expense (5,762) Fixed charges (A) $ 68,482 Adjusted EBITDA (B) $ 190,886 Fixed charge coverage ratio (B / A) 2.8x

Q4 2017 Earnings Release and Supplemental Information - page 53 Components of Noncash Interest Expense (in thousands) (unaudited) Q4 2017 Q4 2016 FY 2017 FY 2016 Write-offs associated with debt extinguishment and retired credit facilities $ — $ — $ 6,044 $ — Amortization of loan and convertible note discounts 1,188 742 1,389 4,900 Amortization of deferred financing costs 2,721 8,497 16,227 45,819 Change in fair value of interest rate derivatives 133 8,682 4,126 8,683 Merger-related SWAP amortization 1,720 — 1,720 — Total non-cash interest expense $ 5,762 $ 17,921 $ 29,506 $ 59,402