EX-99.1 2 q12024supplemental.htm EX-99.1 Document

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Table of Contents














Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 2
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Earnings Press Release
Invitation Homes Reports First Quarter 2024 Results
Dallas, TX, April 30, 2024 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation’s premier single-family home leasing and management company, today announced its First Quarter 2024 financial and operating results.

First Quarter 2024 Highlights
•Year over year, total revenues increased 9.5% to $646 million, property operating and maintenance costs increased 10.5% to $230 million, net income available to common stockholders increased 18.4% to $142 million, and net income per diluted common share increased 18.2% to $0.23.
•Year over year, Core FFO per share increased 5.7% to $0.47 and AFFO per share increased 6.8% to $0.41.
•Same Store NOI increased 4.7% year over year on 5.6% Same Store Core Revenues growth and 7.4% Same Store Core Operating Expenses growth.
•Same Store Bad Debt was 1.0% of gross rental revenue, representing four consecutive quarters of improvement and a year over year improvement of approximately 80 basis points.
•Same Store Average Occupancy was 97.6%, down 20 basis points year over year and up 50 basis points from the prior quarter.
•Same Store renewal rent growth of 5.8% and Same Store new lease rent growth of 0.8% drove Same Store blended rent growth of 4.4%.
•Acquisitions by the Company and the Company's joint ventures totaled 273 homes for approximately $96 million while dispositions totaled 399 homes for approximately $157 million.
•As previously announced in January 2024, the Company began providing professional property and asset management services to portfolio owners of single-family homes for lease. This was launched through an inaugural agreement with a third-party portfolio owner that brought over 14,000 single-family homes onto the Company’s industry-leading management platform.
•In March 2024, the Company entered into a third-party agreement to provide property and asset management services for a portfolio of approximately 3,000 single-family homes for lease, which is expected to commence May 15, 2024.

Subsequent to quarter end and concurrent with this earnings release, the Company announced it has entered into a new joint venture agreement whereby Invitation Homes has made a $37.5 million investment, representing a 7.2% ownership interest, in a portfolio of approximately 3,700 single-family homes for lease. The Company also expects to provide property and asset management services to those homes and an additional 700 homes beginning in the third quarter of 2024.

Comments from Chief Executive Officer Dallas Tanner
“We’re pleased to start 2024 with strong operating results and execution on our growth strategy. This includes first quarter Same Store average occupancy of 97.6%, net operating income growth of 4.7%, blended lease rate growth of 4.4%, and a substantial improvement in bad debt year over year. As the nation’s premier single-family home leasing and management company, the rapid growth of our third-party management business is attributable to the high value of our platform, scale, and people. I’d like to thank our associates for their hard work in making this a seamless transition to date, as well as extend my appreciation to all of our esteemed partners for putting their trust in us. We look forward to working with them and continuing to forge new relationships with those who desire our industry-leading management experience.”

Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures
Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 3
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Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q1 2024Q1 2023
Net income$0.23 $0.20 
FFO0.43 0.42 
Core FFO0.47 0.44 
AFFO0.41 0.38 
Net Income
Year over year, net income per common share — diluted for Q1 2024 increased 18.2% to $0.23, primarily due to an increase in gain on sale of property, net of tax.
Core FFO
Year over year, Core FFO per share for Q1 2024 increased 5.7% to $0.47, primarily due to NOI growth.

AFFO
Year over year, AFFO per share for Q1 2024 increased 6.8% to $0.41, primarily due to the increase in Core FFO per share described above.

Operating Results
Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:78,487 
Q1 2024Q1 2023
Core Revenues growth (year over year)5.6 %
Core Operating Expenses growth (year over year)7.4 %
NOI growth (year over year)4.7 %
Average Occupancy97.6 %97.8 %
Bad Debt % of gross rental revenue1.0 %1.8 %
Turnover Rate5.2 %5.2 %
Rental Rate Growth (lease-over-lease):
Renewals 5.8 %7.8 %
New Leases 0.8 %5.3 %
Blended 4.4 %7.1 %
Same Store NOI
For the Same Store Portfolio of 78,487 homes, Same Store NOI for Q1 2024 increased 4.7% year over year on Same Store Core Revenues growth of 5.6% and Same Store Core Operating Expenses growth of 7.4%.





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 4
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Same Store Core Revenues
Same Store Core Revenues growth for Q1 2024 of 5.6% year over year was primarily driven by a 4.6% increase in Average Monthly Rent, an 80 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 15.9% increase in other income, net of resident recoveries, partially offset by a 20 basis point year over year decline in Average Occupancy.

Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q1 2024 increased 7.4% year over year, primarily attributable to an 11.8% increase in fixed expenses that was partially offset by a 0.5% decrease in controllable expenses. The 11.8% increase in fixed expenses was primarily attributable to property taxes expense, which for Q1 2024 increased 11.6% year over year. As previously disclosed, due to the underaccrual of property taxes expense in the first three quarters of 2023, and the associated catch up in Q4 2023, the Company expects property taxes expense growth for the first three quarters of 2024 to be elevated, prior to normalizing in Q4 2024 to result in the Company’s expected guidance range for FY 2024 property taxes expense growth of 8% to 10%.

Investment and Property Management Activity
Acquisitions for Q1 2024 totaled 273 homes for approximately $96 million through the Company's various acquisition channels. This included 257 wholly owned homes for approximately $91 million in addition to 16 homes for approximately $5 million in the Company's joint ventures. Dispositions for Q1 2024 included 379 wholly owned homes for gross proceeds of approximately $148 million and 20 homes for gross proceeds of approximately $9 million in the Company's joint ventures.

As previously announced in January 2024, the Company began providing professional property and asset management services to portfolio owners of single-family homes for lease. This was launched through an inaugural agreement with a third-party portfolio owner that brought over 14,000 single-family homes onto the Company’s industry-leading management platform.

In March 2024, the Company entered into a third-party agreement to provide property and asset management services for a portfolio of approximately 3,000 single-family homes for lease, which is expected to commence May 15, 2024.

Subsequent to quarter end and concurrent with this earnings release, the Company announced it has entered into a new joint venture agreement whereby Invitation Homes has made a $37.5 million investment, representing a 7.2% ownership interest, in a portfolio of approximately 3,700 single-family homes for lease. The Company also expects to provide property and asset management services to those homes and an additional 700 homes beginning in the third quarter of 2024.

A summary of the Company’s owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed As Of 3/31/2024
Number of Homes Owned and/or Managed as of 12/31/2023 Acquired or Added In
Q1 2024		Disposed or Subtracted In Q1 2024Number of Homes Owned and/or Managed as of 3/31/2024
Wholly owned homes84,567257(379)84,445
Joint venture owned homes3,84816(20)3,844
Managed-only homes—14,278—14,278
Total homes owned and/or managed (1)
88,41514,551(399)102,567
(1)These figures exclude the additional 7,400 homes described in more detail in the narrative above, as the management contracts for these homes had not yet commenced as of March 31, 2024.






Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 5
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Balance Sheet and Capital Markets Activity
As of March 31, 2024, the Company had $1,738 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of March 31, 2024 was $8,607 million, consisting of $6,575 million of unsecured debt and $2,032 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.4x at March 31, 2024, down from 5.5x as of December 31, 2023. The Company has no debt reaching final maturity until 2026, and in addition, 99.5% of its total debt was fixed rate or swapped to fixed rate and 83.6% of its wholly owned homes were unencumbered as of March 31, 2024.
Subsequent to quarter end and as previously announced on April 29, 2024, the Company’s issuer and issue-level credit ratings were upgraded by Moody’s Investors Service to ‘Baa2’ from ‘Baa3’ with a Stable outlook.

FY 2024 Guidance Details
The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, casualty loss, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on the Company's GAAP results for the guidance period.

Full year 2024 guidance remains unchanged from initial guidance provided in February 2024, as outlined in the table below.
FY 2024 Guidance
 FY 2024 Guidance Ranges
Core FFO per share — diluted$1.82 to $1.90
AFFO per share — diluted$1.54 to $1.62
Same Store Core Revenues growth (1)
4.5% to 5.5%
Same Store Core Operating Expenses growth (2)
5.5% to 7.0%
Same Store NOI growth3.5% to 5.5%
Wholly owned acquisitions$600 million to $1,000 million
JV acquisitions$100 million to $300 million
Wholly owned dispositions$400 million to $600 million
(1)Guidance assumes FY 2024 Average Occupancy is a similar result to FY 2023. Guidance assumes average Bad Debt for FY 2024 in a range of 65 to 95 basis points.
(2)Guidance assumes FY 2024 property tax expense growth in a range of 8% to 10% year over year and FY 2024 insurance expense growth in the mid- to high teens, which has not been updated at this time to reflect the benefit of the Company’s recently completed annual insurance policy renewal that implies FY 2024 insurance expense growth of approximately 7.5% year over year.

Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on May 1, 2024, to discuss results for the first quarter of 2024. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113. A live audio webcast may be accessed at www.invh.com. A replay of the call will be available through May 31, 2024, and can be accessed by calling 1-800-770-2030 (domestic) or 1-609-800-9909 (international) and using the playback ID 7714113, or by using the link at www.invh.com.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 6
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Supplemental Information
The full text of the Earnings Release and Supplemental Information referenced in this release are available on Invitation Homes' Investor Relations website at www.invh.com.

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

Investor Relations ContactMedia Relations Contact
Scott McLaughlinKristi DesJarlais
844.456.INVH (4684)972.421.3587
IR@InvitationHomes.comMedia@InvitationHomes.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and rising interest rates), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises, on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”), as such factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 7
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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
March 31, 2024December 31, 2023
(unaudited)
Assets:
Investments in single-family residential properties, net$17,186,871 $17,289,214 
Cash and cash equivalents738,125 700,618 
Restricted cash209,281 196,866 
Goodwill258,207 258,207 
Investments in unconsolidated joint ventures238,330 247,166 
Other assets, net579,124 528,896 
Total assets$19,209,938 $19,220,967 
Liabilities:
Mortgage loans, net$1,622,036 $1,627,256 
Secured term loan, net401,569 401,515 
Unsecured notes, net3,306,873 3,305,467 
Term loan facilities, net3,213,904 3,211,814 
Revolving facility— — 
Accounts payable and accrued expenses240,538 200,590 
Resident security deposits180,197 180,455 
Other liabilities74,732 103,435 
Total liabilities9,039,849 9,030,532 
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2024 and December 31, 2023— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 612,485,098 and 611,958,239 outstanding as of March 31, 2024 and December 31, 2023, respectively6,125 6,120 
Additional paid-in capital11,153,703 11,156,736 
Accumulated deficit(1,099,957)(1,070,586)
Accumulated other comprehensive income74,826 63,701 
Total stockholders’ equity
10,134,697 10,155,971 
Non-controlling interests35,392 34,464 
Total equity10,170,089 10,190,435 
Total liabilities and equity$19,209,938 $19,220,967 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 8
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Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q1 2024Q1 2023
(unaudited)(unaudited)
Revenues:
Rental revenues
$571,430 $535,217 
Other property income
60,667 51,298 
Management fee revenues13,942 3,375 
Total revenues646,039 589,890 
Expenses:
Property operating and maintenance
230,397 208,497 
Property management expense
31,237 23,584 
General and administrative
23,448 17,452 
Interest expense
89,845 78,047 
Depreciation and amortization
175,313 164,673 
Impairment and other
4,137 1,163 
Total expenses
554,377 493,416 
Gains (losses) on investments in equity securities, net (209)88 
Other, net5,973 (1,494)
Gain on sale of property, net of tax50,498 29,671 
Losses from investments in unconsolidated joint ventures(5,138)(4,155)
Net income
142,786 120,584 
Net income attributable to non-controlling interests(436)(342)
Net income attributable to common stockholders
142,350 120,242 
Net income available to participating securities
(192)(171)
Net income available to common stockholders — basic and diluted
$142,158 $120,071 
Weighted average common shares outstanding — basic612,219,520 611,588,465 
Weighted average common shares outstanding — diluted613,807,166 612,564,298 
Net income per common share — basic
$0.23 $0.20 
Net income per common share — diluted
$0.23 $0.20 
Dividends declared per common share$0.28 $0.26 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 9
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Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation
Q1 2024Q1 2023
Net income available to common stockholders$142,158 $120,071 
Net income available to participating securities192 171 
Non-controlling interests436 342 
Depreciation and amortization on real estate assets171,918 162,084 
Impairment on depreciated real estate investments60 178 
Net gain on sale of previously depreciated investments in real estate(50,498)(29,671)
Depreciation and net gain on sale of investments in unconsolidated joint ventures2,519 2,121 
FFO
$266,785 $255,296 
Core FFO Reconciliation
Q1 2024Q1 2023
FFO
$266,785 $255,296 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
9,217 9,132 
Share-based compensation expense
7,900 6,498 
Severance expense
90 153 
Casualty losses, net (1)
4,082 988 
(Gains) losses on investments in equity securities, net209 (88)
Core FFO
$288,283 $271,979 
AFFO Reconciliation
Q1 2024Q1 2023
Core FFO
$288,283 $271,979 
Recurring capital expenditures (1)
(37,122)(37,293)
AFFO$251,161 $234,686 
Net income available to common stockholders
Weighted average common shares outstanding — diluted613,807,166 612,564,298 
Net income per common share — diluted$0.23 $0.20 
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted615,987,206 614,536,039 
FFO per share — diluted$0.43 $0.42 
Core FFO per share — diluted$0.47 $0.44 
AFFO per share — diluted $0.41 $0.38 
(1)Includes the Company's share from unconsolidated joint ventures.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 10
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Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net IncomeQ1 2024Q1 2023
Common shares — basic612,219,520 611,588,465 
Shares potentially issuable from vesting/conversion of equity-based awards1,587,646 975,833 
Total common shares — diluted613,807,166 612,564,298 
Weighted average amounts for FFO, Core FFO, and AFFOQ1 2024Q1 2023
Common shares — basic612,219,520 611,588,465 
OP units — basic1,873,341 1,738,779 
Shares potentially issuable from vesting/conversion of equity-based awards1,894,345 1,208,795 
Total common shares and units — diluted615,987,206 614,536,039 
Period end amounts for Core FFO and AFFOMarch 31, 2024
Common shares612,485,098 
OP units1,986,509 
Shares potentially issuable from vesting/conversion of equity-based awards1,742,682 
Total common shares and units — diluted
616,214,289 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 11
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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of March 31, 2024
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$1,393,984 16.2 %4.0 %4.3 
Floating — swapped to fixed638,163 7.4 %4.2 %1.8 
Floating— — %— %— 
Total secured2,032,147 23.6 %4.1 %3.5 
Unsecured:
Fixed3,350,000 38.9 %3.4 %7.4 
Floating — swapped to fixed3,181,837 37.0 %4.0 %2.6 
Floating43,163 0.5 %6.7 %5.2 
Total unsecured6,575,000 76.4 %3.7 %5.1 
Total Debt:
Fixed + floating swapped to fixed (3)
8,563,984 99.5 %3.8 %4.7 
Floating43,163 0.5 %6.7 %5.2 
Total debt8,607,147 100.0 %3.8 %4.7 
Discount/amortization on Note Payable(20,716)
Deferred financing costs, net(42,049)
Total debt per Balance Sheet8,544,382 
Retained and repurchased certificates(87,477)
Cash, ex-security deposits and letters of credit (4)
(764,359)
Deferred financing costs, net42,049 
Unamortized discount on note payable20,716 
Net debt$7,755,311 
Leverage RatiosMarch 31, 2024
Net Debt / TTM Adjusted EBITDAre
5.4 x
Credit RatingsRatingsOutlook
Fitch RatingsBBBPositive
Moody's Investors Service (5)
Baa2Stable
S&P Global Ratings BBBStable
Unsecured Facilities Covenant Compliance (6)
Unsecured Public Bond Covenant Compliance (7)
ActualRequirementActualRequirement
Total leverage ratio29.8 %≤ 60%Aggregate debt ratio36.7 %≤ 65%
Secured leverage ratio5.9 %≤ 45%Secured debt ratio8.4 %≤ 40%
Unencumbered leverage ratio29.0 %≤ 60%Unencumbered assets ratio301.3 %   ≥ 150%
Fixed charge coverage ratio4.2 x≥ 1.5xDebt service ratio4.3x≥ 1.5x
Unsecured interest coverage ratio5.2 x  ≥ 1.75x

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 12
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Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of March 31, 2024. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.
(2)Assumes all extension options are exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(5)Moody's Investors Service upgraded the Company’s issuer and issue-level credit ratings to ‘Baa2’ from ‘Baa3’ with a stable outlook in April 2024.
(6)Covenant calculations are specifically defined in the Company's Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the “Glossary and Reconciliations” section below. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
(7)Covenant calculations are specifically defined in the Company's Supplemental Indentures to the Base Indenture for its Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 13
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Supplemental Schedule 2(c)

Debt Maturity Schedule — As of March 31, 2024
($ in thousands) (unaudited)
Revolving
SecuredUnsecuredCredit% of
Debt Maturities, with Extensions (1)
DebtDebtFacilityBalanceTotal
2024$— $— $— $— — %
2025— — — — — %
2026638,163 2,500,000 — 3,138,163 36.6 %
2027990,855 — — 990,855 11.5 %
2028— 750,000 — 750,000 8.7 %
2029— 725,000 — 725,000 8.4 %
2030— 450,000 — 450,000 5.2 %
2031403,129 650,000 — 1,053,129 12.2 %
2032— 600,000 — 600,000 7.0 %
2033— 350,000 — 350,000 4.1 %
2034— 400,000 — 400,000 4.6 %
2035— — — — — %
2036— 150,000 — 150,000 1.7 %
2,032,147 6,575,000 — 8,607,147 100.0 %
Unamortized discount on note payable(1,144)(19,572)— (20,716)
Deferred financing costs, net(7,398)(34,651)— (42,049)
Total per Balance Sheet$2,023,605 $6,520,777 $— $8,544,382 
.
(1)Assumes all extension options are exercised.













Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 14
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Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-endQ1 2024
Total Portfolio84,445 
Same Store Portfolio78,487 
Same Store % of Total92.9 %
Core RevenuesQ1 2024Q1 2023Change YoY
Total Portfolio$594,302 $554,549 7.2 %
Same Store Portfolio558,439 528,981 5.6 %
Core Operating ExpensesQ1 2024Q1 2023Change YoY
Total Portfolio$192,602 $176,531 9.1 %
Same Store Portfolio178,821 166,478 7.4 %
Net Operating IncomeQ1 2024Q1 2023Change YoY
Total Portfolio$401,700 $378,018 6.3 %
Same Store Portfolio379,618 362,503 4.7 %




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 15
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Supplemental Schedule 3(b)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
ChangeChange
Q1 2024Q1 2023YoYQ4 2023Seq
Revenues:
Rental revenues (1)
$537,204 $510,665 5.2 %$530,385 1.3 %
Other property income, net (1)(2)
21,235 18,316 15.9 %20,699 2.6 %
Core Revenues558,439 528,981 5.6 %551,084 1.3 %
Fixed Expenses:
Property taxes (3)
98,466 88,258 11.6 %97,132 1.4 %
Insurance expenses (4)
10,240 9,305 10.1 %10,301 (0.6)%
HOA expenses11,342 9,834 15.3 %11,005 3.1 %
     Total Fixed Expenses120,048 107,397 11.8 %118,438 1.4 %
Controllable Expenses:
Repairs and maintenance, net (5)
21,412 21,803 (1.8)%22,955 (6.7)%
Personnel, leasing and marketing22,026 22,109 (0.4)%21,789 1.1 %
Turnover, net (5)
8,886 9,107 (2.4)%10,189 (12.8)%
Utilities and property administrative, net (5)
6,449 6,062 6.4 %6,682 (3.5)%
     Total Controllable Expenses58,773 59,081 (0.5)%61,615 (4.6)%
Core Operating Expenses178,821 166,478 7.4 %180,053 (0.7)%
Net Operating Income$379,618 $362,503 4.7 %$371,031 2.3 %
(1)All rental revenues and other property income are reflected net of Bad Debt, which as a percentage of gross rental revenue, improved by 80 basis points from Q1 2023 to Q1 2024.
(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $35,023, $30,531, $32,383 for Q1 2024, Q1 2023, and Q4 2023, respectively.
(3)As previously disclosed, due to the underaccrual of property taxes expense in the first three quarters of 2023, and the associated catch up in Q4 2023, the Company expects property taxes expense growth for the first three quarters of 2024 to be elevated, prior to normalizing in Q4 2024 to result in the Company’s expected guidance range for FY 2024 property taxes expense growth of 8% to 10%.
(4)The Company recently renewed its annual insurance policy for the period beginning March 1, 2024, which implies FY 2024 insurance expense growth of approximately 7.5% year over year.
(5)These expenses are presented net of applicable resident recoveries.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 16
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Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023
Average Occupancy97.6 %97.1 %97.0 %97.6 %97.8 %
Turnover Rate5.2 %5.5 %6.8 %6.8 %5.2 %
Trailing four quarters Turnover Rate24.3 %24.3 %N/AN/AN/A
Average Monthly Rent$2,363 $2,348 $2,323 $2,290 $2,260 
Rental Rate Growth (lease-over-lease):
Renewals5.8 %6.7 %6.4 %6.8 %7.8 %
New leases0.8 %(0.4)%4.6 %6.7 %5.3 %
Blended4.4 %4.3 %5.9 %6.8 %7.1 %





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 17
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Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2024 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California7,488 96.9 %$3,047 $1.79 11.1 %
Northern California4,281 97.8 %2,690 1.71 5.9 %
Seattle4,027 97.8 %2,827 1.47 5.8 %
Phoenix9,233 97.4 %2,035 1.20 9.7 %
Las Vegas3,416 97.1 %2,172 1.10 3.8 %
Denver2,574 97.6 %2,506 1.36 3.3 %
Western US Subtotal31,019 97.4 %2,527 1.44 39.6 %
Florida:
South Florida8,251 97.0 %2,962 1.58 12.2 %
Tampa9,247 95.3 %2,263 1.20 10.6 %
Orlando6,739 96.4 %2,204 1.18 7.5 %
Jacksonville1,996 96.5 %2,151 1.08 2.2 %
Florida Subtotal26,233 96.2 %2,462 1.31 32.5 %
Southeast United States:
Atlanta12,712 96.3 %2,001 0.97 12.6 %
Carolinas5,509 96.7 %2,018 0.95 5.5 %
Southeast US Subtotal18,221 96.4 %2,006 0.96 18.1 %
Texas:
Houston2,340 95.2 %1,890 0.95 2.2 %
Dallas3,000 95.9 %2,223 1.08 3.4 %
Texas Subtotal5,340 95.6 %2,077 1.02 5.6 %
Midwest United States:
Chicago2,487 97.6 %2,344 1.46 2.9 %
Minneapolis1,070 96.6 %2,280 1.16 1.2 %
Midwest US Subtotal3,557 97.3 %2,325 1.36 4.1 %
Other (2):
75 65.4 %1,996 0.96 0.1 %
Total / Average84,445 96.7 %$2,358 $1.25 100.0 %
Same Store Total / Average78,487 97.6 %$2,363 $1.26 93.9 %
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)Represents homes located outside of the Company's 16 core markets, including those acquired as part of the Company's July 2023 portfolio acquisition that are generally being held for sale or evaluated for disposition once they become vacant.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 18
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Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, Q1 2024# HomesQ1 2024Q1 2023ChangeQ1 2024Q1 2023ChangeQ1 2024Q1 2023Change
Western United States:
Southern California7,259 $3,051 $2,914 4.7 %97.8 %98.2 %(0.4)%$65,520 $60,664 8.0 %
Northern California4,064 2,686 2,608 3.0 %98.2 %98.1 %0.1 %32,675 31,099 5.1 %
Seattle3,822 2,837 2,738 3.6 %98.2 %97.3 %0.9 %32,634 30,820 5.9 %
Phoenix8,475 2,020 1,937 4.3 %98.0 %98.0 %— %52,753 50,438 4.6 %
Las Vegas2,963 2,176 2,135 1.9 %97.6 %96.6 %1.0 %19,583 18,351 6.7 %
Denver2,352 2,520  2,438 3.4 %98.0 %97.5 %0.5 %18,076 17,450 3.6 %
Western US Subtotal28,935 2,537 2,443 3.8 %97.9 %97.8 %0.1 %221,241 208,822 5.9 %
Florida:
South Florida7,909 2,976 2,795 6.5 %97.5 %98.0 %(0.5)%70,842 66,466 6.6 %
Tampa8,238 2,258 2,151 5.0 %97.6 %97.9 %(0.3)%56,802 53,957 5.3 %
Orlando6,264 2,204 2,100 5.0 %97.4 %98.2 %(0.8)%42,062 40,464 3.9 %
Jacksonville1,907 2,145 2,074 3.4 %97.7 %97.9 %(0.2)%12,529 12,072 3.8 %
Florida Subtotal24,318 2,468 2,341 5.4 %97.5 %98.0 %(0.5)%182,235 172,959 5.4 %
Southeast United States:
Atlanta12,052 1,997 1,902 5.0 %96.8 %97.5 %(0.7)%71,041 67,107 5.9 %
Carolinas5,214 2,016 1,931 4.4 %97.8 %98.1 %(0.3)%31,707 30,196 5.0 %
Southeast US Subtotal17,266 2,002 1,911 4.8 %97.1 %97.7 %(0.6)%102,748 97,303 5.6 %
Texas:
Houston1,873 1,850 1,793 3.2 %97.5 %97.3 %0.2 %10,573 10,135 4.3 %
Dallas2,548 2,228 2,143 4.0 %97.4 %97.9 %(0.5)%17,223 16,563 4.0 %
Texas Subtotal4,421 2,068 1,995 3.7 %97.4 %97.6 %(0.2)%27,796 26,698 4.1 %
Midwest United States:
Chicago2,479 2,344 2,247 4.3 %97.7 %98.1 %(0.4)%17,106 16,164 5.8 %
Minneapolis1,068 2,281 2,202 3.6 %96.9 %96.7 %0.2 %7,313 7,035 4.0 %
Midwest US Subtotal3,547 2,325 2,233 4.1 %97.5 %97.7 %(0.2)%24,419 23,199 5.3 %
Total / Average78,487 $2,363 $2,260 4.6 %97.6 %97.8 %(0.2)%$558,439 $528,981 5.6 %


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 19
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Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
Seq, Q1 2024# HomesQ1 2024Q4 2023ChangeQ1 2024Q4 2023ChangeQ1 2024Q4 2023Change
Western United States:
Southern California7,259 $3,051 $3,023 0.9 %97.8 %97.3 %0.5 %$65,520 $64,763 1.2 %
Northern California4,064 2,686 2,669 0.6 %98.2 %97.6 %0.6 %32,675 32,242 1.3 %
Seattle3,822 2,837 2,818 0.7 %98.2 %97.5 %0.7 %32,634 32,115 1.6 %
Phoenix8,475 2,020 2,012 0.4 %98.0 %97.1 %0.9 %52,753 51,893 1.7 %
Las Vegas2,963 2,176 2,176 — %97.6 %97.0 %0.6 %19,583 19,325 1.3 %
Denver2,352 2,520 2,505 0.6 %98.0 %97.4 %0.6 %18,076 17,906 0.9 %
Western US Subtotal28,935 2,537 2,522 0.6 %97.9 %97.3 %0.6 %221,241 218,244 1.4 %
Florida:
South Florida7,909 2,976 2,956 0.7 %97.5 %96.8 %0.7 %70,842 69,767 1.5 %
Tampa8,238 2,258 2,242 0.7 %97.6 %97.1 %0.5 %56,802 55,915 1.6 %
Orlando6,264 2,204 2,190 0.6 %97.4 %97.6 %(0.2)%42,062 41,828 0.6 %
Jacksonville1,907 2,145 2,136 0.4 %97.7 %97.4 %0.3 %12,529 12,424 0.8 %
Florida Subtotal24,318 2,468 2,452 0.7 %97.5 %97.2 %0.3 %182,235 179,934 1.3 %
Southeast United States:
Atlanta12,052 1,997 1,982 0.8 %96.8 %96.3 %0.5 %71,041 70,062 1.4 %
Carolinas5,214 2,016 2,009 0.3 %97.8 %97.2 %0.6 %31,707 31,359 1.1 %
Southeast US Subtotal17,266 2,002 1,990 0.6 %97.1 %96.5 %0.6 %102,748 101,421 1.3 %
Texas:
Houston1,873 1,850 1,841 0.5 %97.5 %97.3 %0.2 %10,573 10,437 1.3 %
Dallas2,548 2,228 2,219 0.4 %97.4 %97.0 %0.4 %17,223 17,116 0.6 %
Texas Subtotal4,421 2,068 2,058 0.5 %97.4 %97.1 %0.3 %27,796 27,553 0.9 %
Midwest United States:
Chicago2,479 2,344 2,333 0.5 %97.7 %97.3 %0.4 %17,106 16,733 2.2 %
Minneapolis1,068 2,281 2,271 0.4 %96.9 %96.5 %0.4 %7,313 7,199 1.6 %
Midwest US Subtotal3,547 2,325 2,314 0.5 %97.5 %97.1 %0.4 %24,419 23,932 2.0 %
Total / Average78,487 $2,363 $2,348 0.6 %97.6 %97.1 %0.5 %$558,439 $551,084 1.3 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 20
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Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, Q1 2024Q1 2024Q1 2023ChangeQ1 2024Q1 2023ChangeQ1 2024Q1 2023ChangeQ1 2024Q1 2023
Western United States:
Southern California$65,520 $60,664 8.0 %$18,699 $17,441 7.2 %$46,821 $43,223 8.3 %71.5 %71.3 %
Northern California32,675 31,099 5.1 %8,835 8,459 4.4 %23,840 22,640 5.3 %73.0 %72.8 %
Seattle32,634 30,820 5.9 %8,334 8,551 (2.5)%24,300 22,269 9.1 %74.5 %72.3 %
Phoenix52,753 50,438 4.6 %9,637 9,756 (1.2)%43,116 40,682 6.0 %81.7 %80.7 %
Las Vegas19,583 18,351 6.7 %4,408 4,413 (0.1)%15,175 13,938 8.9 %77.5 %76.0 %
Denver18,076 17,450 3.6 %3,780 3,128 20.8 %14,296 14,322 (0.2)%79.1 %82.1 %
Western US Subtotal221,241 208,822 5.9 %53,693 51,748 3.8 %167,548 157,074 6.7 %75.7 %75.2 %
Florida:
South Florida70,842 66,466 6.6 %28,575 25,424 12.4 %42,267 41,042 3.0 %59.7 %61.7 %
Tampa56,802 53,957 5.3 %21,493 19,904 8.0 %35,309 34,053 3.7 %62.2 %63.1 %
Orlando42,062 40,464 3.9 %15,001 13,501 11.1 %27,061 26,963 0.4 %64.3 %66.6 %
Jacksonville12,529 12,072 3.8 %4,672 4,112 13.6 %7,857 7,960 (1.3)%62.7 %65.9 %
Florida Subtotal182,235 172,959 5.4 %69,741 62,941 10.8 %112,494 110,018 2.3 %61.7 %63.6 %
Southeast United States:
Atlanta71,041 67,107 5.9 %23,878 22,115 8.0 %47,163 44,992 4.8 %66.4 %67.0 %
Carolinas31,707 30,196 5.0 %8,864 8,108 9.3 %22,843 22,088 3.4 %72.0 %73.1 %
Southeast US Subtotal102,748 97,303 5.6 %32,742 30,223 8.3 %70,006 67,080 4.4 %68.1 %68.9 %
Texas:
Houston10,573 10,135 4.3 %5,078 5,167 (1.7)%5,495 4,968 10.6 %52.0 %49.0 %
Dallas17,223 16,563 4.0 %7,649 6,842 11.8 %9,574 9,721 (1.5)%55.6 %58.7 %
Texas Subtotal27,796 26,698 4.1 %12,727 12,009 6.0 %15,069 14,689 2.6 %54.2 %55.0 %
Midwest United States:
Chicago17,106 16,164 5.8 %7,434 7,301 1.8 %9,672 8,863 9.1 %56.5 %54.8 %
Minneapolis7,313 7,035 4.0 %2,484 2,256 10.1 %4,829 4,779 1.0 %66.0 %67.9 %
Midwest US Subtotal24,419 23,199 5.3 %9,918 9,557 3.8 %14,501 13,642 6.3 %59.4 %58.8 %
Same Store Total / Average$558,439 $528,981 5.6 %$178,821 $166,478 7.4 %$379,618 $362,503 4.7 %68.0 %68.5 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 21
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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
Seq, Q1 2024Q1 2024Q4 2023ChangeQ1 2024Q4 2023ChangeQ1 2024Q4 2023ChangeQ1 2024Q4 2023
Western United States:
Southern California$65,520 $64,763 1.2 %$18,699 $17,728 5.5 %$46,821 $47,035 (0.5)%71.5 %72.6 %
Northern California32,675 32,242 1.3 %8,835 7,845 12.6 %23,840 24,397 (2.3)%73.0 %75.7 %
Seattle32,634 32,115 1.6 %8,334 8,325 0.1 %24,300 23,790 2.1 %74.5 %74.1 %
Phoenix52,753 51,893 1.7 %9,637 9,604 0.3 %43,116 42,289 2.0 %81.7 %81.5 %
Las Vegas19,583 19,325 1.3 %4,408 4,364 1.0 %15,175 14,961 1.4 %77.5 %77.4 %
Denver18,076 17,906 0.9 %3,780 3,527 7.2 %14,296 14,379 (0.6)%79.1 %80.3 %
Western US Subtotal221,241 218,244 1.4 %53,693 51,393 4.5 %167,548 166,851 0.4 %75.7 %76.5 %
Florida:
South Florida70,842 69,767 1.5 %28,575 28,966 (1.3)%42,267 40,801 3.6 %59.7 %58.5 %
Tampa56,802 55,915 1.6 %21,493 21,362 0.6 %35,309 34,553 2.2 %62.2 %61.8 %
Orlando42,062 41,828 0.6 %15,001 14,597 2.8 %27,061 27,231 (0.6)%64.3 %65.1 %
Jacksonville12,529 12,424 0.8 %4,672 4,629 0.9 %7,857 7,795 0.8 %62.7 %62.7 %
Florida Subtotal182,235 179,934 1.3 %69,741 69,554 0.3 %112,494 110,380 1.9 %61.7 %61.3 %
Southeast United States:
Atlanta71,041 70,062 1.4 %23,878 27,859 (14.3)%47,163 42,203 11.8 %66.4 %60.2 %
Carolinas31,707 31,359 1.1 %8,864 9,185 (3.5)%22,843 22,174 3.0 %72.0 %70.7 %
Southeast US Subtotal102,748 101,421 1.3 %32,742 37,044 (11.6)%70,006 64,377 8.7 %68.1 %63.5 %
Texas:
Houston10,573 10,437 1.3 %5,078 5,053 0.5 %5,495 5,384 2.1 %52.0 %51.6 %
Dallas17,223 17,116 0.6 %7,649 6,823 12.1 %9,574 10,293 (7.0)%55.6 %60.1 %
Texas Subtotal27,796 27,553 0.9 %12,727 11,876 7.2 %15,069 15,677 (3.9)%54.2 %56.9 %
Midwest United States:
Chicago17,106 16,733 2.2 %7,434 7,498 (0.9)%9,672 9,235 4.7 %56.5 %55.2 %
Minneapolis7,313 7,199 1.6 %2,484 2,688 (7.6)%4,829 4,511 7.0 %66.0 %62.7 %
Midwest US Subtotal24,419 23,932 2.0 %9,918 10,186 (2.6)%14,501 13,746 5.5 %59.4 %57.4 %
Same Store Total / Average$558,439 $551,084 1.3 %$178,821 $180,053 (0.7)%$379,618 $371,031 2.3 %68.0 %67.3 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 22
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Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q1 2024
RenewalNewBlended
LeasesLeasesAverage
Western United States:
Southern California6.1 %7.1 %6.4 %
Northern California5.0 %1.0 %4.0 %
Seattle4.6 %2.5 %4.0 %
Phoenix5.2 %(2.1)%3.1 %
Las Vegas3.4 %(2.2)%1.7 %
Denver3.6 %1.6 %2.9 %
Western US Subtotal5.0 %1.5 %4.0 %
Florida:
South Florida7.5 %(0.2)%5.3 %
Tampa6.7 %0.3 %4.7 %
Orlando6.3 %0.4 %4.4 %
Jacksonville5.5 %(1.0)%3.5 %
Florida Subtotal6.9 %0.1 %4.8 %
Southeast United States:
Atlanta6.7 %1.2 %5.2 %
Carolinas4.1 %0.6 %3.0 %
Southeast US Subtotal5.9 %1.0 %4.5 %
Texas:
Houston4.6 %(0.2)%3.4 %
Dallas5.9 %1.0 %4.5 %
Texas Subtotal5.4 %0.5 %4.0 %
Midwest United States:
Chicago5.0 %2.7 %4.5 %
Minneapolis6.7 %(6.7)%2.1 %
Midwest US Subtotal5.4 %(1.1)%3.8 %
Total / Average5.8 %0.8 %4.4 %





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 23
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Supplemental Schedule 6


Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
TotalQ1 2024Q4 2023Q3 2023Q2 2023Q1 2023
R&M OpEx, net$21,412 $22,955 $27,779 $21,785 $21,803 
Turn OpEx, net8,886 10,189 12,424 11,565 9,107 
Total recurring operating expenses, net$30,298 $33,144 $40,203 $33,350 $30,910 
R&M CapEx$26,125 $27,245 $33,492 $24,469 $24,527 
Turn CapEx8,430 10,271 11,808 9,265 9,841 
Total recurring capital expenditures$34,555 $37,516 $45,300 $33,734 $34,368 
R&M OpEx, net + R&M CapEx$47,537 $50,200 $61,271 $46,254 $46,330 
Turn OpEx, net + Turn CapEx17,316 20,460 24,232 20,830 18,948 
Total Cost to Maintain, net$64,853 $70,660 $85,503 $67,084 $65,278 
Per HomeQ1 2024Q4 2023Q3 2023Q2 2023Q1 2023
Total Cost to Maintain, net$826 $900 $1,089 $855 $832 
(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.


Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
TotalQ1 2024Q4 2023Q3 2023Q2 2023Q1 2023
Recurring CapEx$36,923 $40,080 $48,765 $36,173 $37,114 
Value Enhancing CapEx7,300 12,148 14,381 12,875 9,458 
Initial Renovation CapEx7,698 9,656 11,744 4,356 4,037 
Disposition CapEx716 1,021 1,258 1,694 1,825 
Total Capital Expenditures$52,637 $62,905 $76,148 $55,098 $52,434 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 24
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Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management ExpenseQ1 2024Q1 2023
Property management expense (GAAP)$31,237 $23,584 
Adjustments:
Share-based compensation expense(1,598)(1,960)
Adjusted property management expense
$29,639 $21,624 
Adjusted G&A ExpenseQ1 2024Q1 2023
G&A expense (GAAP)$23,448 $17,452 
Adjustments:
Share-based compensation expense(6,302)(4,538)
Severance expense(90)(153)
Adjusted G&A expense
$17,056 $12,761 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 25
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Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)
December 31, 2023
Q1 2024 Acquisitions (1)
Q1 2024 Dispositions (2)
March 31, 2024
HomesHomesAvg. Est.HomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California7,553 12 $536,736 77 $593,410 7,488 
Northern California4,309 — — 28 437,282 4,281 
Seattle4,041 — — 14 609,021 4,027 
Phoenix9,228 13 384,559 8 279,063 9,233 
Las Vegas3,420 — — 4 390,500 3,416 
Denver2,584 — — 10 414,460 2,574 
Western US Subtotal31,135 25 457,604 141 527,673 31,019 
Florida:
South Florida8,294 1 357,982 44 432,455 8,251 
Tampa9,174 113 353,120 40 302,583 9,247 
Orlando6,718 34 349,740 13 309,962 6,739 
Jacksonville1,996 2 320,285 2 381,250 1,996 
Florida Subtotal26,182 150 351,948 99 362,862 26,233 
Southeast United States:
Atlanta12,726 27 323,979 41 244,565 12,712 
Carolinas5,494 28 366,300 13 375,831 5,509 
Southeast US Subtotal18,220 55 345,524 54 276,166 18,221 
Texas:
Houston2,354 2 370,223 16 233,203 2,340 
Dallas2,991 23 285,584 14 283,857 3,000 
Texas: Subtotal5,345 25 292,355 30 256,842 5,340 
Midwest United States:
Chicago2,489 — — 2 252,500 2,487 
Minneapolis1,076 — — 6 277,983 1,070 
Midwest US Subtotal3,565 — — 8 271,613 3,557 
Other (3):
120 2 394,916 47 276,092 75 
Total / Average84,567 257 $355,389 379 $390,746 84,445 
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,609 — $— 1 $176,000 2,608 
2022 Rockpoint JV (5)
309 10 298,953 — — 319
FNMA JV (6)
426 — — 18 446,172 408 
Pathway Homes (7)
504 6 371,009 1 411,680 509 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 26
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Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 6.1%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 2.0%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)Represents homes located outside of the Company's 16 core markets, including those acquired as part of the Company's July 2023 portfolio acquisition that are generally being held for sale or evaluated for disposition once they become vacant. During Q1 2024, the Company sold 47 of these homes with an average estimated cost basis of $266,396 for an average sales price of $276,092.
(4)Represents portfolio owned by the 2020 Rockpoint JV, of which Invitation Homes owns 20.0%.
(5)Represents portfolio owned by the 2022 Rockpoint JV, of which Invitation Homes owns 16.7%.
(6)Represents portfolio owned by the FNMA JV, of which Invitation Homes owns 10.0%.
(7)Represents portfolio owned by Pathway Homes, of which Invitation Homes owned 100.0% of the property portfolio as of March 31, 2024.
































Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 27
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Supplemental Schedule 8(b)

Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of March 31, 2024
(unaudited)
Pipeline as of March 31, 2024 (1)(2)
Estimated Deliveries
in Q2-Q4 2024		Estimated Deliveries
in 2025		Estimated Deliveries ThereafterAvg. Estimated Cost Basis Per Home
Southern California1155461—$540,000 
Phoenix122425030420,000 
Tampa39214074178320,000 
Orlando478118204156430,000 
Jacksonville242—40202270,000 
Atlanta965244—340,000 
Carolinas3622488826360,000 
South Florida2020——360,000 
Dallas4242——310,000 
Nashville1018516—310,000 
Total / Average1,970801577592$370,000 
(1)Represents the number of new homes under contract as of March 31, 2024, that are expected to be built, sold and delivered to the Company by various third-party homebuilders during a future period.
(2)Pipeline rollforward:
    
Pipeline as of December 31, 2023
1,789
Q1 2024 additions and cancellations (net)
418
Q1 2024 deliveries
(237)
Pipeline as of March 31, 2024
1,970
    
Included above is the cancellation of 108 homes within an early-concept community located in the Carolinas that no longer met the Company's return expectations. The Company expects to be refunded all of its deposits paid in accordance with its agreement with the homebuilder.
















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 28
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Glossary and Reconciliations
Average Estimated Cost Basis
Average estimated cost basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated initial renovation expenditure for an acquired home or population of homes.

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

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

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

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

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

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

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

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

EBITDA, EBITDAre, and Adjusted EBITDAre
EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. The Company defines EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. The Company defines

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 29
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EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; severance; casualty losses, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of the Company's financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

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

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)
FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures.

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

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

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

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

The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company's NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 30
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of NOI. Accordingly, there can be no assurance that the Company's basis for computing this non-GAAP measure is comparable with that of other companies.
The Company believes that Same Store NOI is also a meaningful supplemental measure of the Company's operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of the Company's performance across reporting periods by reflecting NOI for homes in its Same Store Portfolio.

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

PSF
PSF means per square foot.

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

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

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

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

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

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

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

Turnover Rate
Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 31
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Unsecured Facility Covenants
Unsecured facility covenants refer to financial and operating requirements that the Company must meet with respect to its $1,000 million revolving credit facility (the “Revolving Facility”) and its $2,500 million term loan facility (the “2020 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in the Company's Amended and Restated Revolving Credit and Term Loan Agreement dated December 8, 2020 (as amended by the First Amendment, dated as of April 18, 2023, the “Credit Agreement”) and its $725 million term loan facility (the “2022 Term Loan Facility” and together with the 2020 Term Loan Facility, the “Term Loan Facilities”), as set forth in the Company's Term Loan Agreement dated June 22, 2022 (the “Term Loan Agreement” and together with the Credit Agreement, the “Unsecured Credit Agreements”). The metrics provided under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b) show the Company's compliance with certain covenants that the Company believes are its most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, and unsecured interest coverage ratio.

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

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

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

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

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

The metrics set forth under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show the Company's compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate the Company's financial condition or results of operations, nor do they indicate the Company's covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Unsecured Credit Agreements than similarly named metrics are defined by the Company in its Earnings Release and Supplemental Information for the purposes of evaluating its financial conditions or results of operations. For a more complete and detailed description of the covenants contained in the Company's Unsecured Credit Agreements, see Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 24, 2023 and Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 22, 2022.
The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. The

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 32
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Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in its periodic filings with the SEC.

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

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

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

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

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

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

The breach of any of the covenants set forth in the Indenture could result in a default of the Company's indebtedness related to its senior notes, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in its periodic filings with the SEC.

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

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 33
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Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023
Total revenues (Total Portfolio)$646,039 $624,321 $617,695 $600,372 $589,890 
Management fee revenues(13,942)(3,420)(3,404)(3,448)(3,375)
Total portfolio resident recoveries(37,795)(35,050)(36,641)(32,776)(31,966)
Total Core Revenues (Total Portfolio)594,302 585,851 577,650 564,148 554,549 
Non-Same Store Core Revenues(35,863)(34,767)(33,416)(25,689)(25,568)
Same Store Core Revenues$558,439 $551,084 $544,234 $538,459 $528,981 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023
Property operating and maintenance expenses (Total Portfolio)$230,397 $228,542 $229,488 $213,808 $208,497 
Total Portfolio resident recoveries(37,795)(35,050)(36,641)(32,776)(31,966)
Core Operating Expenses (Total Portfolio)192,602 193,492 192,847 181,032 176,531 
Non-Same Store Core Operating Expenses(13,781)(13,439)(13,071)(9,985)(10,053)
Same Store Core Operating Expenses$178,821 $180,053 $179,776 $171,047 $166,478 
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023
Net income available to common stockholders
$142,158 $129,368 $131,637 $137,698 $120,071 
Net income available to participating securities192 178 181 166 171 
Non-controlling interests436 395 403 418 342 
Interest expense89,845 90,049 86,736 78,625 78,047 
Depreciation and amortization175,313 173,159 170,696 165,759 164,673 
Property management expense31,237 25,246 23,399 23,580 23,584 
General and administrative23,448 22,387 22,714 19,791 17,452 
Impairment and other 4,137 3,069 2,496 1,868 1,163 
Gain on sale of property, net of tax(50,498)(49,092)(57,989)(46,788)(29,671)
(Gains) losses on investments in equity securities, net209 (237)499 (524)(88)
Other, net (1)
(5,973)(5,533)2,533 3,941 1,494 
Management fee revenues(13,942)(3,420)(3,404)(3,448)(3,375)
Losses from investments in unconsolidated joint ventures5,138 6,790 4,902 2,030 4,155 
NOI (Total Portfolio)401,700 392,359 384,803 383,116 378,018 
Non-Same Store NOI(22,082)(21,328)(20,345)(15,704)(15,515)
Same Store NOI$379,618 $371,031 $364,458 $367,412 $362,503 
(1)Includes interest income and other miscellaneous income and expenses.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 34
image3.jpg
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Trailing Twelve Months (TTM) Ended
Q1 2024Q1 2023March 31, 2024December 31, 2023
Net income available to common stockholders$142,158 $120,071 $540,861 $518,774 
Net income available to participating securities192 171 717 696 
Non-controlling interests436 342 1,652 1,558 
Interest expense89,845 78,047 345,255 333,457 
Interest expense in unconsolidated joint ventures5,235 4,578 18,912 18,255 
Depreciation and amortization175,313 164,673 684,927 674,287 
Depreciation and amortization of investments in unconsolidated joint ventures2,927 2,475 10,921 10,469 
EBITDA416,106 370,357 1,603,245 1,557,496 
Gain on sale of property, net of tax(50,498)(29,671)(204,367)(183,540)
Impairment on depreciated real estate investments60 178 309 427 
Net gain on sale of investments in unconsolidated joint ventures(381)(330)(1,719)(1,668)
EBITDAre
365,287 340,534 1,397,468 1,372,715 
Share-based compensation expense7,900 6,498 30,905 29,503 
Severance90 153 914 977 
Casualty losses, net (1)
4,082 988 11,294 8,200 
(Gains) losses on investments in equity securities, net209 (88)(53)(350)
Other, net (2)
(5,973)1,494 (5,032)2,435 
Adjusted EBITDAre
$371,595 $349,579 $1,435,496 $1,413,480 
(1)Includes the Company's share from unconsolidated joint ventures.
(2)Includes interest income and other miscellaneous income and expenses.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 35
image3.jpg
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
March 31, 2024December 31, 2023
Mortgage loans, net$1,622,036 $1,627,256 
Secured term loan, net401,569 401,515 
Unsecured notes, net3,306,873 3,305,467 
Term loan facility, net3,213,904 3,211,814 
Revolving facility— — 
Total Debt per Balance Sheet8,544,382 8,546,052 
Retained and repurchased certificates(87,477)(87,703)
Cash, ex-security deposits and letters of credit (1)
(764,359)(713,898)
Deferred financing costs, net42,049 45,518 
Unamortized discounts on note payable20,716 21,376 
Net Debt (A)$7,755,311 $7,811,345 
For the TTM EndedFor the TTM Ended
March 31, 2024December 31, 2023
Adjusted EBITDAre (B)
$1,435,496 $1,413,480 
Net Debt / TTM Adjusted EBITDAre (A / B)
5.4 x5.5 x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit





Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q1 2024Q1 2023
Amortization of discounts on notes payable
$660 $400 
Amortization of deferred financing costs
4,200 3,911 
Change in fair value of interest rate derivatives
1 (15)
Amortization of swap fair value at designation
2,321 2,310 
Company's share from unconsolidated joint ventures2,035 2,526 
Total non-cash interest expense
$9,217 $9,132 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2024 Earnings Release and Supplemental Information — page 36