EX-99.1 2 q32024supplemental.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.
Q3 2024 Earnings Release and Supplemental Information — page 2

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Earnings Press Release
Invitation Homes Reports Third Quarter 2024 Results
Dallas, TX, October 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 Q3 2024 financial and operating results.

Third Quarter 2024 Highlights
Year over year, total revenues increased 6.9% to $660 million, property operating and maintenance costs increased 5.6% to $242 million, net income available to common stockholders decreased 27.8% to $95 million, and net income per diluted common share decreased 27.8% to $0.15.
Year over year, Core FFO per share increased 6.8% to $0.47 and AFFO per share increased 7.2% to $0.38.
Same Store NOI increased 3.9% year over year on 3.6% Same Store Core Revenues growth and 3.1% Same Store Core Operating Expenses growth.
Same Store Average Occupancy was 97.0%, generally consistent with the prior year result.
Same Store renewal rent growth of 4.2% and Same Store new lease rent growth of 1.7% drove Same Store blended rent growth of 3.6%.
Acquisitions by the Company and the Company’s joint ventures totaled 926 homes for approximately $331 million while dispositions totaled 331 homes for approximately $128 million.
The Company continued to improve the strength of its investment-grade balance sheet. Specifically:
As previously announced on September 23, 2024, Fitch Ratings upgraded the Company’s issuer and issue-level credit ratings to ‘BBB+’ from ‘BBB’ with a stable outlook.
As previously announced on September 9, 2024, the Company replaced its existing credit facility and lowered the cost of its debt with a new $3.5 billion senior unsecured credit facility, consisting of a $1.75 billion revolving line of credit and a $1.75 billion term loan, with each carrying two six-month extension options such that the final maturity date is September 2029, subject to certain conditions.
As previously announced on September 23, 2024, the Company closed a public offering of $500 million aggregate principal amount of 4.875% Senior Notes due 2035.
In addition, during September 2024, the Company amended certain interest rate swaps and entered into $1.4 billion of new interest rate swaps. As of September 30, 2024, the Company’s currently active swaps have a weighted average strike rate of 2.86% and are scheduled to terminate between November 30, 2024 and July 31, 2025, while its forward starting swaps, which will become active between December 31, 2024 and July 9, 2025 and mature between May 31, 2028 and May 31, 2029, have a weighted average strike rate of 2.95%.
The Company experienced mostly limited damages to its homes in several markets from Hurricanes Beryl, Debby, and Helene, which it estimates at approximately $14.0 million of expenses, net of estimated insurance recoveries; subsequent to quarter end, the Company incurred losses and damages to homes in its Florida markets as a result of Hurricane Milton, with initial expense estimates totaling approximately $37.5 million, net of estimated insurance recoveries.

Comments from Chief Executive Officer Dallas Tanner
“We’re pleased to report another strong quarter, driven by year over year growth in total revenues of 6.9% and AFFO per share of 7.2%. We continue to believe our growth prospects, coupled with the attractive value proposition of single-family rentals compared to homeownership, create a constructive backdrop for the foreseeable future. Based on our solid year to date results and expectations for the remainder of the year, we have raised our full year 2024 Core FFO and AFFO per share guidance by a penny at the midpoint to $1.88 and $1.59 per share, respectively.”

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.
Q3 2024 Earnings Release and Supplemental Information — page 3

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Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q3 2024Q3 2023YTD 2024YTD 2023
Net income$0.15 $0.21 $0.51 $0.64 
FFO0.37 0.40 1.14 1.23 
Core FFO0.47 0.44 1.41 1.32 
AFFO0.38 0.36 1.19 1.12 
Net Income
Net income per common share — diluted for Q3 2024 was $0.15, compared to net income per common share — diluted of $0.21 for Q3 2023. Total revenues and total property operating and maintenance expenses for Q3 2024 were $660 million and $242 million, respectively, compared to $618 million and $229 million, respectively, for Q3 2023.
Net income per common share — diluted for YTD 2024 was $0.51, compared to net income per share — diluted of $0.64 for YTD 2023. Total revenues and total property operating and maintenance expenses for YTD 2024 were $1,960 million and $707 million, respectively, compared to $1,808 million and $652 million, respectively, for YTD 2023.
Core FFO
Year over year, Core FFO per share for Q3 2024 increased 6.8% to $0.47, while Core FFO per share for YTD 2024 increased 6.6% to $1.41, primarily due to NOI growth.
AFFO
Year over year, AFFO per share for Q3 2024 increased 7.2% to $0.38, while AFFO per share for YTD 2024 increased 6.0% to $1.19, 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:77,186 
Q3 2024Q3 2023YTD 2024YTD 2023
Core Revenues growth (year over year)3.6 %4.8 %
Core Operating Expenses growth (year over year)3.1 %5.6 %
NOI growth (year over year)3.9 %4.5 %
Average Occupancy97.0 %97.1 %97.5 %97.5 %
Bad Debt % of gross rental revenue1.0 %1.1 %0.9 %1.4 %
Turnover Rate6.2 %6.8 %17.5 %18.8 %
Rental Rate Growth (lease-over-lease):
Renewals 4.2 %6.5 %5.2 %7.0 %
New Leases 1.7 %4.6 %2.1 %5.5 %
Blended 3.6 %5.9 %4.3 %6.5 %
Same Store NOI
For the Same Store Portfolio of 77,186 homes, Same Store NOI for Q3 2024 increased 3.9% year over year on Same Store Core Revenues growth of 3.6% and Same Store Core Operating Expenses growth of 3.1%. YTD 2024 Same Store NOI increased 4.5% year over year on Same Store Core Revenues growth of 4.8% and Same Store Core Operating Expenses growth of 5.6%.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 4

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Same Store Core Revenues
Same Store Core Revenues growth for Q3 2024 of 3.6% year over year was primarily driven by a 3.7% increase in Average Monthly Rent, a 10 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 2.4% increase in other income, net of resident recoveries, partially offset by a 10 basis point year over year decline in Average Occupancy.

YTD 2024 Same Store Core Revenues growth of 4.8% year over year was primarily driven by a 4.2% increase in Average Monthly Rent, a 50 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 9.1% increase in other income, net of resident recoveries.

Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q3 2024 increased 3.1% year over year, primarily attributable to a 5.3% increase in fixed expenses, partially offset by a 0.5% decrease in controllable expenses.

YTD 2024 Same Store Core Operating Expenses increased 5.6% year over year, primarily driven by a 8.4% increase in fixed expenses and a 0.8% increase in controllable expenses.

Investment and Property Management Activity
Acquisitions for Q3 2024 included 891 wholly owned homes for approximately $319 million and 35 homes for approximately $12 million in the Company’s joint ventures. Dispositions for Q3 2024 included 310 wholly owned homes for gross proceeds of approximately $119 million and 21 homes for gross proceeds of approximately $9 million in the Company’s joint ventures.

Year to date through Q3 2024, the Company acquired 1,591 wholly owned homes for $557 million and 108 homes for $37 million in the Company’s joint ventures. The company also sold 937 wholly owned homes for $378 million and 57 homes for $25 million in the Company’s joint ventures.

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 9/30/2024
Number of Homes Owned and/or Managed as of 6/30/2024 Acquired or Added In
Q3 2024
Disposed or Subtracted In Q3 2024Number of Homes Owned and/or Managed as of 9/30/2024
Wholly owned homes84,640891(310)85,221
Joint venture owned homes7,60535(21)7,619
Managed-only homes 17,261696(41)17,916
Total homes owned and/or managed109,5061,622(372)110,756

Balance Sheet and Capital Markets Activity
As of September 30, 2024, the Company had $2,027 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 September 30, 2024 was $9,098 million, consisting of $7,075 million of unsecured debt and $2,023 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.4x at September 30, 2024, a slight decrease from 5.5x as of December 31, 2023. As of September 30, 2024, 99.6% of the Company’s total debt was fixed rate or swapped to fixed rate and 83.8% of its wholly owned homes were unencumbered.
During Q3 2024, the Company continued to improve the strength of its investment-grade balance sheet. Specifically:
As previously announced, on September 23, 2024, Fitch Ratings upgraded the Company’s issuer and issue-level credit ratings to ‘BBB+’ from ‘BBB’ with a stable outlook.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 5

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As previously announced, on September 9, 2024, the Company replaced its existing credit facility and lowered the cost of its debt with a new $3.5 billion senior unsecured credit facility, consisting of a $1.75 billion revolving line of credit and a $1.75 billion term loan, both maturing on September 9, 2028, with two six-month extension options, subject to certain conditions.
As previously announced, on September 23, 2024, the Company closed a public offering of $500 million aggregate principal amount of 4.875% Senior Notes due 2035.
In addition, during September 2024, the Company amended certain interest rate swaps and entered into $1.4 billion of new interest rate swaps. As of September 30, 2024, the Company’s currently active swaps have a weighted average strike rate of 2.86% and are scheduled to terminate between November 30, 2024 and July 31, 2025, while its forward starting swaps, which will become active between December 31, 2024 and July 9, 2025 and mature between May 31, 2028 and May 31, 2029, have a weighted average strike rate of 2.95%.

FY 2024 Guidance Details
The Company has revised its full year 2024 guidance expectations, as outlined in the following table:
FY 2024 Guidance
FY 2024 Current Guidance RangeFY 2024 Midpoint
CurrentPrior
(As of July 2024)
Change
Core FFO per share — diluted$1.86 to $1.90$1.88$1.87$0.01
AFFO per share — diluted$1.57 to $1.61$1.59$1.58$0.01
Same Store Core Revenues growth (1)
4.0% to 4.5%4.25%4.875%-62.5 bps
Same Store Core Operating Expenses growth (2)
3.25% to 4.25%3.75%5.75%-200.0 bps
Same Store NOI growth4.0% to 5.0%4.50%4.5%0.0 bps
Wholly owned acquisitions$600 million to $1,000 million$800 million$800 million$ —
JV acquisitions$100 million to $300 million$200 million$200 million$ —
Wholly owned dispositions$400 million to $600 million$500 million$500 million$ —
(1)Guidance assumes FY 2024 Average Occupancy is similar to FY 2023 Average Occupancy. Guidance assumes average Bad Debt for FY 2024 in a range of 65 to 95 basis points.
(2)Guidance assumes (i) FY 2024 property taxes expense growth in a range of 5.0% to 6.5% year over year, reflecting an improvement in expectations from the prior guidance range of 8.0% to 9.5%, primarily due to favorable information received to date from Florida and Georgia; and (ii) FY 2024 insurance expense growth of approximately 7.5% year over year.

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.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 6

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Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 2:00 p.m. Eastern Time on October 31, 2024, to review third quarter of 2024 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

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

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)844.456.INVH (4684)
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, development and use of artificial intelligence, 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), 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.
Q3 2024 Earnings Release and Supplemental Information — page 7

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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
September 30, 2024December 31, 2023
(unaudited)
Assets:
Investments in single-family residential properties, net$17,284,631 $17,289,214 
Cash and cash equivalents1,027,199 700,618 
Restricted cash218,273 196,866 
Goodwill258,207 258,207 
Investments in unconsolidated joint ventures244,647 247,166 
Other assets, net599,891 528,896 
Total assets$19,632,848 $19,220,967 
Liabilities:
Mortgage loans, net$1,614,220 $1,627,256 
Secured term loan, net401,595 401,515 
Unsecured notes, net3,799,034 3,305,467 
Term loan facilities, net2,444,054 3,211,814 
Revolving facility750,000 — 
Accounts payable and accrued expenses398,894 200,590 
Resident security deposits180,484 180,455 
Other liabilities92,905 103,435 
Total liabilities9,681,186 9,030,532 
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2024 and December 31, 2023— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 612,605,478 and 611,958,239 outstanding as of September 30, 2024 and December 31, 2023, respectively
6,126 6,120 
Additional paid-in capital11,164,240 11,156,736 
Accumulated deficit(1,275,601)(1,070,586)
Accumulated other comprehensive income21,310 63,701 
Total stockholders’ equity
9,916,075 10,155,971 
Non-controlling interests35,587 34,464 
Total equity9,951,662 10,190,435 
Total liabilities and equity$19,632,848 $19,220,967 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 8

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Consolidated Statements of Operations
($ in thousands, except shares and per share amounts) (unaudited)
Q3 2024Q3 2023YTD 2024YTD 2023
Revenues:
Rental revenues$575,462 $555,270 $1,723,757 $1,633,672 
Other property income65,880 59,021 187,157 164,058 
Management fee revenues18,980 3,404 48,898 10,227 
Total revenues660,322 617,695 1,959,812 1,807,957 
Expenses:
Property operating and maintenance242,228 229,488 706,809 651,793 
Property management expense34,382 23,399 98,252 70,563 
General and administrative21,727 22,714 66,673 59,957 
Interest expense91,060 86,736 270,912 243,408 
Depreciation and amortization180,479 170,696 532,414 501,128 
Casualty losses, impairment, and other20,872 2,496 35,362 5,527 
Total expenses 590,748 535,529 1,710,422 1,532,376 
Gains (losses) on investments in equity and other securities, net(257)(499)1,038 113 
Other, net(9,345)(2,533)(57,384)(7,968)
Gain on sale of property, net of tax47,766 57,989 141,531 134,448 
Losses from investments in unconsolidated joint ventures(12,160)(4,902)(22,780)(11,087)
Net income95,578 132,221 311,795 391,087 
Net income attributable to non-controlling interests(309)(403)(988)(1,163)
Net income attributable to common stockholders95,269 131,818 310,807 389,924 
Net income available to participating securities(185)(181)(584)(518)
Net income available to common stockholders — basic and diluted$95,084 $131,637 $310,223 $389,406 
Weighted average common shares outstanding — basic612,674,802 612,000,811 612,508,300 611,849,302 
Weighted average common shares outstanding — diluted613,645,188 613,580,042 613,759,171 613,155,041 
Net income per common share — basic$0.16 $0.22 $0.51 $0.64 
Net income per common share — diluted$0.15 $0.21 $0.51 $0.64 
Dividends declared per common share$0.28 $0.26 $0.84 $0.78 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 ReconciliationQ3 2024Q3 2023YTD 2024YTD 2023
Net income available to common stockholders$95,084 $131,637 $310,223 $389,406 
Net income available to participating securities
185 181 584 518 
Non-controlling interests
309 403 988 1,163 
Depreciation and amortization on real estate assets
176,174 167,921 521,411 493,027 
Impairment on depreciated real estate investments
270 83 330 342 
Net gain on sale of previously depreciated investments in real estate(47,766)(57,989)(141,531)(134,448)
Depreciation and net gain on sale of investments in unconsolidated joint ventures4,060 2,111 10,076 6,425 
FFO$228,316 $244,347 $702,081 $756,433 
Core FFO ReconciliationQ3 2024Q3 2023YTD 2024YTD 2023
FFO$228,316 $244,347 $702,081 $756,433 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
14,085 9,561 32,207 25,875 
Share-based compensation expense5,417 8,929 20,809 21,493 
Legal settlements (2)
17,500 2,000 77,000 2,000 
Severance expense209 392 388 916 
Casualty losses, net (1)(3)
20,729 2,429 35,174 5,214 
(Gains) losses on investments in equity and other securities, net257 499 (1,038)(113)
Core FFO$286,513 $268,157 $866,621 $811,818 
AFFO ReconciliationQ3 2024Q3 2023YTD 2024YTD 2023
Core FFO$286,513 $268,157 $866,621 $811,818 
Recurring capital expenditures (1)
(51,505)(49,007)(135,262)(122,700)
AFFO$235,008 $219,150 $731,359 $689,118 
Net income available to common stockholders
Weighted average common shares outstanding — diluted613,645,188 613,580,042 613,759,171 613,155,041 
Net income per common share — diluted$0.15 $0.21 $0.51 $0.64 
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted615,913,139 615,699,631 615,987,978 615,208,781 
FFO per share — diluted$0.37 $0.40 $1.14 $1.23 
Core FFO per share — diluted$0.47 $0.44 $1.41 $1.32 
AFFO per share — diluted $0.38 $0.36 $1.19 $1.12 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 10

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Supplemental Schedule 1 (Continued)
(1)Includes the Company’s share from unconsolidated joint ventures.
(2)For Q3 2024 and YTD 2024, includes $17.5 million and $77.0 million, respectively, of settlement costs related to resolution of an inquiry from the Federal Trade Commission and the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated costs.
(3)For Q3 2024 and YTD 2024, includes $14.0 million of estimated losses and damages, net of estimated insurance recoveries, related to Hurricanes Beryl, Debby, and Helene.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 11

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Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net IncomeQ3 2024Q3 2023YTD 2024YTD 2023
Common shares — basic612,674,802 612,000,811 612,508,300 611,849,302 
Shares potentially issuable from vesting/conversion of equity-based awards970,386 1,579,231 1,250,871 1,305,739 
Total common shares — diluted613,645,188 613,580,042 613,759,171 613,155,041 
Weighted average amounts for FFO, Core FFO, and AFFOQ3 2024Q3 2023YTD 2024YTD 2023
Common shares — basic612,674,802 612,000,811 612,508,300 611,849,302 
OP units — basic1,979,009 1,869,483 1,945,886 1,824,297 
Shares potentially issuable from vesting/conversion of equity-based awards1,259,328 1,829,337 1,533,792 1,535,182 
Total common shares and units — diluted615,913,139 615,699,631 615,987,978 615,208,781 
Period end amounts for Core FFO and AFFOSeptember 30, 2024
Common shares612,605,478 
OP units1,979,009 
Shares potentially issuable from vesting/conversion of equity-based awards1,974,929 
Total common shares and units diluted
616,559,416 



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 12

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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of September 30, 2024
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$1,392,927 15.3 %4.0 %3.8 
Floating — swapped to fixed630,162 6.9 %4.2 %1.3 
Floating— — %— %— 
Total secured2,023,089 22.2 %4.1 %3.0 
Unsecured:
Fixed3,850,000 42.3 %3.6 %7.4 
Floating — swapped to fixed3,189,838 35.1 %3.9 %4.9 
Floating35,162 0.4 %5.7 %4.9 
Total unsecured7,075,000 77.8 %3.7 %6.2 
Total Debt:
Fixed + floating swapped to fixed (3)
9,062,927 99.6 %3.8 %5.5 
Floating35,162 0.4 %5.7 %4.9 
Total debt9,098,089 100.0 %3.8 %5.5 
Discount/amortization on Note Payable(25,100)
Deferred financing costs, net(64,086)
Total debt per Balance Sheet9,008,903 
Retained and repurchased certificates(87,063)
Cash, ex-security deposits and letters of credit (4)
(1,062,179)
Deferred financing costs, net64,086 
Unamortized discount on note payable25,100 
Net debt$7,948,847 
Leverage RatiosSeptember 30, 2024
Net Debt / TTM Adjusted EBITDAre
5.4 x
Credit RatingsRatingsOutlook
Fitch RatingsBBB+Stable
Moody’s Investors ServiceBaa2Stable
S&P Global Ratings BBBStable
Unsecured Facilities Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
ActualRequirementActualRequirement
Total leverage ratio30.1 %≤ 60%Aggregate debt ratio37.7 %≤ 65%
Secured leverage ratio5.8 %≤ 45%Secured debt ratio8.1 %≤ 40%
Unencumbered leverage ratio30.1 %≤ 60%Unencumbered assets ratio290.2 %   ≥ 150%
Fixed charge coverage ratio4.0 x≥ 1.5xDebt service ratio4.2x≥ 1.5x
Unsecured interest coverage ratio5.0 x  ≥ 1.75x

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 13

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Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of September 30, 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)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.
(6)Covenant calculations are specifically defined in the Company’s Supplemental Indentures to the Base Indenture for its Senior Notes, which are summarized in the “Glossary and Reconciliations” section 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.
Q3 2024 Earnings Release and Supplemental Information — page 14

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Supplemental Schedule 2(c)

Debt Maturity Schedule — As of September 30, 2024
($ in thousands) (unaudited)
Revolving
SecuredUnsecuredCredit% of
Debt Maturities, with Extensions (1)
DebtDebtFacilityBalanceTotal
2024$— $— $— $— — %
2025— — — — — %
2026630,162 — — 630,162 6.9 %
2027989,881 — — 989,881 10.9 %
2028— 750,000 — 750,000 8.2 %
2029— 2,475,000 750,000 3,225,000 35.4 %
2030— 450,000 — 450,000 4.9 %
2031403,046 650,000 — 1,053,046 11.7 %
2032— 600,000 — 600,000 6.6 %
2033— 350,000 — 350,000 3.8 %
2034— 400,000 — 400,000 4.5 %
2035— 500,000 — 500,000 5.5 %
2036— 150,000 — 150,000 1.6 %
2,023,089 6,325,000 750,000 9,098,089 100.0 %
Unamortized discount on note payable(968)(24,132)— (25,100)
Deferred financing costs, net(6,306)(57,780)— (64,086)
Total per Balance Sheet$2,015,815 $6,243,088 $750,000 $9,008,903 
.
(1)Assumes all extension options are exercised.













Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 15

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Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-endQ3 2024
Total Portfolio85,221 
Same Store Portfolio77,186 
Same Store % of Total90.6 %
Core RevenuesQ3 2024Q3 2023Change YoYYTD 2024YTD 2023Change YoY
Total Portfolio$598,930 $577,650 3.7 %$1,793,605 $1,696,347 5.7 %
Same Store Portfolio555,279 535,877 3.6 %1,662,737 1,586,094 4.8 %
Core Operating ExpensesQ3 2024Q3 2023Change YoYYTD 2024YTD 2023Change YoY
Total Portfolio$199,816 $192,847 3.6 %$589,500 $550,410 7.1 %
Same Store Portfolio181,685 176,258 3.1 %536,115 507,656 5.6 %
Net Operating IncomeQ3 2024Q3 2023Change YoYYTD 2024YTD 2023Change YoY
Total Portfolio$399,114 $384,803 3.7 %$1,204,105 $1,145,937 5.1 %
Same Store Portfolio373,594 359,619 3.9 %1,126,622 1,078,438 4.5 %




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 16

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Supplemental Schedule 3(b)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
ChangeChangeChange
Q3 2024Q3 2023YoYQ2 2024SeqYTD 2024YTD 2023YoY
Revenues:
Rental revenues (1)
$534,005 $515,106 3.7 %$534,854 (0.2)%$1,598,897 $1,527,556 4.7 %
Other property income, net (1)(2)
21,274 20,771 2.4 %21,539 (1.2)%63,840 58,538 9.1 %
Core Revenues555,279 535,877 3.6 %556,393 (0.2)%1,662,737 1,586,094 4.8 %
Fixed Expenses:
Property taxes93,329 88,207 5.8 %95,549 (2.3)%285,539 261,540 9.2 %
Insurance expenses10,790 9,988 8.0 %10,750 0.4 %31,603 29,484 7.2 %
HOA expenses10,207 10,362 (1.5)%9,988 2.2 %31,359 30,464 2.9 %
     Total Fixed Expenses114,326 108,557 5.3 %116,287 (1.7)%348,501 321,488 8.4 %
Controllable Expenses:
Repairs and maintenance, net (3)
29,802 27,258 9.3 %26,564 12.2 %77,289 70,110 10.2 %
Personnel, leasing and marketing20,169 21,025 (4.1)%21,182 (4.8)%63,003 64,891 (2.9)%
Turnover, net (3)
11,024 12,135 (9.2)%10,037 9.8 %29,730 32,399 (8.2)%
Utilities and property administrative, net (3)
6,364 7,283 (12.6)%5,400 17.9 %17,592 18,768 (6.3)%
     Total Controllable Expenses67,359 67,701 (0.5)%63,183 6.6 %187,614 186,168 0.8 %
Core Operating Expenses181,685 176,258 3.1 %179,470 1.2 %536,115 507,656 5.6 %
Net Operating Income$373,594 $359,619 3.9 %$376,923 (0.9)%$1,126,622 $1,078,438 4.5 %
(1)All rental revenues and other property income are reflected net of Bad Debt, which as a percentage of gross rental revenue, improved by 10 basis points from Q3 2023 to Q3 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 $38,824, $32,878, $33,994, $107,287, and $93,557 for Q3 2024, Q3 2023, Q2 2024, YTD 2024, and YTD 2023, respectively.
(3)These expenses are presented net of applicable resident recoveries.




Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 17

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Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023
Average Occupancy97.0 %97.6 %97.9 %97.3 %97.1 %
Turnover Rate6.2 %6.2 %5.2 %5.5 %6.8 %
Trailing four quarters Turnover Rate23.1 %23.7 %24.2 %24.3 %N/A
Average Monthly Rent$2,406 $2,384 $2,361 $2,347 $2,321 
Rental Rate Growth (lease-over-lease):
Renewals4.2 %5.6 %5.8 %6.7 %6.5 %
New leases1.7 %3.6 %0.8 %(0.4)%4.6 %
Blended3.6 %5.0 %4.4 %4.3 %5.9 %





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 18

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Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended September 30, 2024 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California7,405 96.4 %$3,103 $1.82 11.2 %
Northern California4,221 97.5 %2,737 1.73 5.8 %
Seattle4,007 97.1 %2,874 1.50 5.8 %
Phoenix9,258 96.6 %2,055 1.21 9.6 %
Las Vegas3,411 96.4 %2,198 1.12 3.8 %
Denver2,734 96.9 %2,560 1.39 3.4 %
Western US Subtotal31,036 96.7 %2,565 1.46 39.6 %
Florida:
South Florida8,238 96.1 %3,021 1.62 12.1 %
Tampa9,485 93.9 %2,291 1.22 10.6 %
Orlando6,792 95.9 %2,245 1.20 7.7 %
Jacksonville1,998 96.8 %2,179 1.10 2.2 %
Florida Subtotal26,513 95.3 %2,502 1.33 32.6 %
Southeast United States:
Atlanta12,691 94.6 %2,042 0.99 12.5 %
Carolinas5,876 93.8 %2,060 0.97 5.7 %
Southeast US Subtotal18,567 94.3 %2,047 0.98 18.2 %
Texas:
Houston2,324 95.1 %1,907 0.96 2.2 %
Dallas3,118 92.6 %2,261 1.09 3.4 %
Texas Subtotal5,442 93.7 %2,105 1.04 5.6 %
Midwest United States:
Chicago2,480 96.7 %2,399 1.49 2.8 %
Minneapolis1,064 95.9 %2,317 1.18 1.2 %
Midwest US Subtotal3,544 96.5 %2,375 1.39 4.0 %
Other (2):
119 37.5 %2,081 1.01 — %
Total / Average85,221 95.5 %$2,397 $1.27 100.0 %
Same Store Total / Average77,186 97.0 %$2,406 $1.28 92.6 %
(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; as of September 30, 2024, these include 106 homes located in Nashville, and 13 homes located in other markets that are generally being held for sale.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 19

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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, Q3 2024# HomesQ3 2024Q3 2023ChangeQ3 2024Q3 2023ChangeQ3 2024Q3 2023Change
Western United States:
Southern California7,020 $3,103 $2,987 3.9 %98.1 %97.6 %0.5 %$65,174 $61,996 5.1 %
Northern California3,952 2,734 2,653 3.1 %98.6 %97.5 %1.1 %32,554 31,038 4.9 %
Seattle3,774 2,887 2,793 3.4 %97.7 %97.3 %0.4 %32,641 31,354 4.1 %
Phoenix8,433 2,043 1,991 2.6 %97.0 %97.1 %(0.1)%52,111 51,086 2.0 %
Las Vegas2,923 2,203 2,165 1.8 %97.1 %95.9 %1.2 %19,428 18,739 3.7 %
Denver2,310 2,559  2,487 2.9 %97.6 %97.8 %(0.2)%17,917 17,492 2.4 %
Western US Subtotal28,412 2,574 2,495 3.2 %97.6 %97.2 %0.4 %219,825 211,705 3.8 %
Florida:
South Florida7,794 3,056 2,902 5.3 %96.9 %97.1 %(0.2)%70,758 67,791 4.4 %
Tampa8,094 2,291 2,217 3.3 %96.4 %96.7 %(0.3)%55,799 53,984 3.4 %
Orlando6,218 2,245 2,164 3.7 %96.7 %96.9 %(0.2)%42,250 41,006 3.0 %
Jacksonville1,901 2,172 2,122 2.4 %97.0 %96.5 %0.5 %12,472 12,197 2.3 %
Florida Subtotal24,007 2,519 2,419 4.1 %96.7 %96.9 %(0.2)%181,279 174,978 3.6 %
Southeast United States:
Atlanta11,775 2,038 1,962 3.9 %96.3 %97.1 %(0.8)%70,527 68,348 3.2 %
Carolinas5,189 2,055 1,988 3.4 %96.8 %97.4 %(0.6)%32,040 30,951 3.5 %
Southeast US Subtotal16,964 2,043 1,970 3.7 %96.4 %97.2 %(0.8)%102,567 99,299 3.3 %
Texas:
Houston1,808 1,881 1,829 2.8 %97.2 %97.1 %0.1 %10,299 9,983 3.2 %
Dallas2,491 2,267 2,200 3.0 %96.2 %96.4 %(0.2)%16,931 16,493 2.7 %
Texas Subtotal4,299 2,104 2,043 3.0 %96.6 %96.7 %(0.1)%27,230 26,476 2.8 %
Midwest United States:
Chicago2,452 2,399 2,307 4.0 %97.3 %96.8 %0.5 %17,128 16,349 4.8 %
Minneapolis1,052 2,319 2,255 2.8 %96.6 %96.6 %— %7,250 7,070 2.5 %
Midwest US Subtotal3,504 2,375 2,291 3.7 %97.1 %96.7 %0.4 %24,378 23,419 4.1 %
Total / Average77,186 $2,406 $2,321 3.7 %97.0 %97.1 %(0.1)%$555,279 $535,877 3.6 %


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 20

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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, Q3 2024# HomesQ3 2024Q2 2024ChangeQ3 2024Q2 2024ChangeQ3 2024Q2 2024Change
Western United States:
Southern California7,020 $3,103 $3,071 1.0 %98.1 %98.5 %(0.4)%$65,174 $64,943 0.4 %
Northern California3,952 2,734 2,709 0.9 %98.6 %98.5 %0.1 %32,554 32,385 0.5 %
Seattle3,774 2,887 2,867 0.7 %97.7 %98.4 %(0.7)%32,641 32,751 (0.3)%
Phoenix8,433 2,043 2,034 0.4 %97.0 %97.7 %(0.7)%52,111 52,737 (1.2)%
Las Vegas2,923 2,203 2,185 0.8 %97.1 %97.7 %(0.6)%19,428 19,514 (0.4)%
Denver2,310 2,559 2,538 0.8 %97.6 %98.4 %(0.8)%17,917 18,026 (0.6)%
Western US Subtotal28,412 2,574 2,553 0.8 %97.6 %98.2 %(0.6)%219,825 220,356 (0.2)%
Florida:
South Florida7,794 3,056 3,018 1.3 %96.9 %97.4 %(0.5)%70,758 70,627 0.2 %
Tampa8,094 2,291 2,281 0.4 %96.4 %97.3 %(0.9)%55,799 56,188 (0.7)%
Orlando6,218 2,245 2,228 0.8 %96.7 %97.2 %(0.5)%42,250 42,247 — %
Jacksonville1,901 2,172 2,163 0.4 %97.0 %97.6 %(0.6)%12,472 12,579 (0.9)%
Florida Subtotal24,007 2,519 2,497 0.9 %96.7 %97.3 %(0.6)%181,279 181,641 (0.2)%
Southeast United States:
Atlanta11,775 2,038 2,015 1.1 %96.3 %97.1 %(0.8)%70,527 70,764 (0.3)%
Carolinas5,189 2,055 2,037 0.9 %96.8 %97.5 %(0.7)%32,040 31,998 0.1 %
Southeast US Subtotal16,964 2,043 2,022 1.0 %96.4 %97.3 %(0.9)%102,567 102,762 (0.2)%
Texas:
Houston1,808 1,881 1,872 0.5 %97.2 %97.6 %(0.4)%10,299 10,315 (0.2)%
Dallas2,491 2,267 2,249 0.8 %96.2 %97.5 %(1.3)%16,931 17,046 (0.7)%
Texas Subtotal4,299 2,104 2,090 0.7 %96.6 %97.5 %(0.9)%27,230 27,361 (0.5)%
Midwest United States:
Chicago2,452 2,399 2,369 1.3 %97.3 %97.7 %(0.4)%17,128 17,001 0.7 %
Minneapolis1,052 2,319 2,298 0.9 %96.6 %97.3 %(0.7)%7,250 7,272 (0.3)%
Midwest US Subtotal3,504 2,375 2,348 1.1 %97.1 %97.6 %(0.5)%24,378 24,273 0.4 %
Total / Average77,186 $2,406 $2,384 0.9 %97.0 %97.6 %(0.6)%$555,279 $556,393 (0.2)%


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 21

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Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — YTD
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, YTD 2024# HomesYTD 2024YTD 2023ChangeYTD 2024YTD 2023ChangeYTD 2024YTD 2023Change
Western United States:
Southern California7,020 $3,074 $2,947 4.3 %98.3 %97.9 %0.4 %$194,130 $180,994 7.3 %
Northern California3,952 2,709 2,628 3.1 %98.5 %97.8 %0.7 %96,795 92,031 5.2 %
Seattle3,774 2,863 2,766 3.5 %98.1 %97.6 %0.5 %97,645 92,893 5.1 %
Phoenix8,433 2,032 1,964 3.5 %97.6 %97.6 %— %157,357 152,153 3.4 %
Las Vegas2,923 2,188 2,149 1.8 %97.5 %96.4 %1.1 %58,346 55,429 5.3 %
Denver2,310 2,539 2,464 3.0 %98.0 %97.8 %0.2 %53,746 51,995 3.4 %
Western US Subtotal28,412 2,553 2,466 3.5 %98.0 %97.6 %0.4 %658,019 625,495 5.2 %
Florida:
South Florida7,794 3,017 2,848 5.9 %97.3 %97.7 %(0.4)%211,252 200,215 5.5 %
Tampa8,094 2,277 2,183 4.3 %97.1 %97.4 %(0.3)%167,854 160,780 4.4 %
Orlando6,218 2,226 2,132 4.4 %97.1 %97.6 %(0.5)%126,317 121,850 3.7 %
Jacksonville1,901 2,160 2,100 2.9 %97.4 %97.2 %0.2 %37,538 36,407 3.1 %
Florida Subtotal24,007 2,495 2,379 4.9 %97.2 %97.5 %(0.3)%542,961 519,252 4.6 %
Southeast United States:
Atlanta11,775 2,016 1,930 4.5 %97.1 %97.3 %(0.2)%211,552 201,314 5.1 %
Carolinas5,189 2,036 1,959 3.9 %97.4 %97.7 %(0.3)%95,610 91,487 4.5 %
Southeast US Subtotal16,964 2,022 1,939 4.3 %97.2 %97.4 %(0.2)%307,162 292,801 4.9 %
Texas:
Houston1,808 1,868 1,811 3.1 %97.5 %97.2 %0.3 %30,864 29,774 3.7 %
Dallas2,491 2,249 2,173 3.5 %97.1 %97.1 %— %50,909 49,070 3.7 %
Texas Subtotal4,299 2,088 2,021 3.3 %97.3 %97.1 %0.2 %81,773 78,844 3.7 %
Midwest United States:
Chicago2,452 2,370 2,275 4.2 %97.7 %97.6 %0.1 %51,094 48,583 5.2 %
Minneapolis1,052 2,299 2,227 3.2 %96.9 %96.9 %— %21,728 21,119 2.9 %
Midwest US Subtotal3,504 2,349 2,261 3.9 %97.5 %97.4 %0.1 %72,822 69,702 4.5 %
Total / Average77,186 $2,384 $2,289 4.2 %97.5 %97.5 % %$1,662,737 $1,586,094 4.8 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 22

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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, Q3 2024Q3 2024Q3 2023ChangeQ3 2024Q3 2023ChangeQ3 2024Q3 2023ChangeQ3 2024Q3 2023
Western United States:
Southern California$65,174 $61,996 5.1 %$18,194 $18,474 (1.5)%$46,980 $43,522 7.9 %72.1 %70.2 %
Northern California32,554 31,038 4.9 %9,018 8,634 4.4 %23,536 22,404 5.1 %72.3 %72.2 %
Seattle32,641 31,354 4.1 %8,359 8,125 2.9 %24,282 23,229 4.5 %74.4 %74.1 %
Phoenix52,111 51,086 2.0 %11,134 10,952 1.7 %40,977 40,134 2.1 %78.6 %78.6 %
Las Vegas19,428 18,739 3.7 %4,643 4,847 (4.2)%14,785 13,892 6.4 %76.1 %74.1 %
Denver17,917 17,492 2.4 %3,841 3,549 8.2 %14,076 13,943 1.0 %78.6 %79.7 %
Western US Subtotal219,825 211,705 3.8 %55,189 54,581 1.1 %164,636 157,124 4.8 %74.9 %74.2 %
Florida:
South Florida70,758 67,791 4.4 %27,721 26,718 3.8 %43,037 41,073 4.8 %60.8 %60.6 %
Tampa55,799 53,984 3.4 %21,161 21,055 0.5 %34,638 32,929 5.2 %62.1 %61.0 %
Orlando42,250 41,006 3.0 %15,338 14,504 5.8 %26,912 26,502 1.5 %63.7 %64.6 %
Jacksonville12,472 12,197 2.3 %4,431 4,365 1.5 %8,041 7,832 2.7 %64.5 %64.2 %
Florida Subtotal181,279 174,978 3.6 %68,651 66,642 3.0 %112,628 108,336 4.0 %62.1 %61.9 %
Southeast United States:
Atlanta70,527 68,348 3.2 %25,080 23,765 5.5 %45,447 44,583 1.9 %64.4 %65.2 %
Carolinas32,040 30,951 3.5 %9,294 8,777 5.9 %22,746 22,174 2.6 %71.0 %71.6 %
Southeast US Subtotal102,567 99,299 3.3 %34,374 32,542 5.6 %68,193 66,757 2.2 %66.5 %67.2 %
Texas:
Houston10,299 9,983 3.2 %5,071 5,211 (2.7)%5,228 4,772 9.6 %50.8 %47.8 %
Dallas16,931 16,493 2.7 %7,123 7,012 1.6 %9,808 9,481 3.4 %57.9 %57.5 %
Texas Subtotal27,230 26,476 2.8 %12,194 12,223 (0.2)%15,036 14,253 5.5 %55.2 %53.8 %
Midwest United States:
Chicago17,128 16,349 4.8 %8,479 7,762 9.2 %8,649 8,587 0.7 %50.5 %52.5 %
Minneapolis7,250 7,070 2.5 %2,798 2,508 11.6 %4,452 4,562 (2.4)%61.4 %64.5 %
Midwest US Subtotal24,378 23,419 4.1 %11,277 10,270 9.8 %13,101 13,149 (0.4)%53.7 %56.1 %
Same Store Total / Average$555,279 $535,877 3.6 %$181,685 $176,258 3.1 %$373,594 $359,619 3.9 %67.3 %67.1 %

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 23

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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, Q3 2024Q3 2024Q2 2024ChangeQ3 2024Q2 2024ChangeQ3 2024Q2 2024ChangeQ3 2024Q2 2024
Western United States:
Southern California$65,174 $64,943 0.4 %$18,194 $18,183 0.1 %$46,980 $46,760 0.5 %72.1 %72.0 %
Northern California32,554 32,385 0.5 %9,018 8,734 3.3 %23,536 23,651 (0.5)%72.3 %73.0 %
Seattle32,641 32,751 (0.3)%8,359 8,307 0.6 %24,282 24,444 (0.7)%74.4 %74.6 %
Phoenix52,111 52,737 (1.2)%11,134 10,227 8.9 %40,977 42,510 (3.6)%78.6 %80.6 %
Las Vegas19,428 19,514 (0.4)%4,643 4,375 6.1 %14,785 15,139 (2.3)%76.1 %77.6 %
Denver17,917 18,026 (0.6)%3,841 3,504 9.6 %14,076 14,522 (3.1)%78.6 %80.6 %
Western US Subtotal219,825 220,356 (0.2)%55,189 53,330 3.5 %164,636 167,026 (1.4)%74.9 %75.8 %
Florida:
South Florida70,758 70,627 0.2 %27,721 28,494 (2.7)%43,037 42,133 2.1 %60.8 %59.7 %
Tampa55,799 56,188 (0.7)%21,161 21,758 (2.7)%34,638 34,430 0.6 %62.1 %61.3 %
Orlando42,250 42,247 — %15,338 15,757 (2.7)%26,912 26,490 1.6 %63.7 %62.7 %
Jacksonville12,472 12,579 (0.9)%4,431 4,730 (6.3)%8,041 7,849 2.4 %64.5 %62.4 %
Florida Subtotal181,279 181,641 (0.2)%68,651 70,739 (3.0)%112,628 110,902 1.6 %62.1 %61.1 %
Southeast United States:
Atlanta70,527 70,764 (0.3)%25,080 24,247 3.4 %45,447 46,517 (2.3)%64.4 %65.7 %
Carolinas32,040 31,998 0.1 %9,294 9,000 3.3 %22,746 22,998 (1.1)%71.0 %71.9 %
Southeast US Subtotal102,567 102,762 (0.2)%34,374 33,247 3.4 %68,193 69,515 (1.9)%66.5 %67.6 %
Texas:
Houston10,299 10,315 (0.2)%5,071 5,026 0.9 %5,228 5,289 (1.2)%50.8 %51.3 %
Dallas16,931 17,046 (0.7)%7,123 6,987 1.9 %9,808 10,059 (2.5)%57.9 %59.0 %
Texas Subtotal27,230 27,361 (0.5)%12,194 12,013 1.5 %15,036 15,348 (2.0)%55.2 %56.1 %
Midwest United States:
Chicago17,128 17,001 0.7 %8,479 7,526 12.7 %8,649 9,475 (8.7)%50.5 %55.7 %
Minneapolis7,250 7,272 (0.3)%2,798 2,615 7.0 %4,452 4,657 (4.4)%61.4 %64.0 %
Midwest US Subtotal24,378 24,273 0.4 %11,277 10,141 11.2 %13,101 14,132 (7.3)%53.7 %58.2 %
Same Store Total / Average$555,279 $556,393 (0.2)%$181,685 $179,470 1.2 %$373,594 $376,923 (0.9)%67.3 %67.7 %


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 24

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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — YTD
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, YTD 2024YTD 2024YTD 2023ChangeYTD 2024YTD 2023ChangeYTD 2024YTD 2023ChangeYTD 2024YTD 2023
Western United States:
Southern California$194,130 $180,994 7.3 %$54,283 $52,679 3.0 %$139,847 $128,315 9.0 %72.0 %70.9 %
Northern California96,795 92,031 5.2 %26,310 25,040 5.1 %70,485 66,991 5.2 %72.8 %72.8 %
Seattle97,645 92,893 5.1 %24,870 24,782 0.4 %72,775 68,111 6.8 %74.5 %73.3 %
Phoenix157,357 152,153 3.4 %30,956 30,418 1.8 %126,401 121,735 3.8 %80.3 %80.0 %
Las Vegas58,346 55,429 5.3 %13,321 13,578 (1.9)%45,025 41,851 7.6 %77.2 %75.5 %
Denver53,746 51,995 3.4 %11,045 9,999 10.5 %42,701 41,996 1.7 %79.4 %80.8 %
Western US Subtotal658,019 625,495 5.2 %160,785 156,496 2.7 %497,234 468,999 6.0 %75.6 %75.0 %
Florida:
South Florida211,252 200,215 5.5 %84,351 77,168 9.3 %126,901 123,047 3.1 %60.1 %61.5 %
Tampa167,854 160,780 4.4 %64,037 61,115 4.8 %103,817 99,665 4.2 %61.8 %62.0 %
Orlando126,317 121,850 3.7 %45,947 41,770 10.0 %80,370 80,080 0.4 %63.6 %65.7 %
Jacksonville37,538 36,407 3.1 %13,817 12,799 8.0 %23,721 23,608 0.5 %63.2 %64.8 %
Florida Subtotal542,961 519,252 4.6 %208,152 192,852 7.9 %334,809 326,400 2.6 %61.7 %62.9 %
Southeast United States:
Atlanta211,552 201,314 5.1 %72,355 68,422 5.7 %139,197 132,892 4.7 %65.8 %66.0 %
Carolinas95,610 91,487 4.5 %27,117 24,935 8.8 %68,493 66,552 2.9 %71.6 %72.7 %
Southeast US Subtotal307,162 292,801 4.9 %99,472 93,357 6.6 %207,690 199,444 4.1 %67.6 %68.1 %
Texas:
Houston30,864 29,774 3.7 %14,985 15,068 (0.6)%15,879 14,706 8.0 %51.4 %49.4 %
Dallas50,909 49,070 3.7 %21,549 20,436 5.4 %29,360 28,634 2.5 %57.7 %58.4 %
Texas Subtotal81,773 78,844 3.7 %36,534 35,504 2.9 %45,239 43,340 4.4 %55.3 %55.0 %
Midwest United States:
Chicago51,094 48,583 5.2 %23,340 22,291 4.7 %27,754 26,292 5.6 %54.3 %54.1 %
Minneapolis21,728 21,119 2.9 %7,832 7,156 9.4 %13,896 13,963 (0.5)%64.0 %66.1 %
Midwest US Subtotal72,822 69,702 4.5 %31,172 29,447 5.9 %41,650 40,255 3.5 %57.2 %57.8 %
Same Store Total / Average$1,662,737 $1,586,094 4.8 %$536,115 $507,656 5.6 %$1,126,622 $1,078,438 4.5 %67.8 %68.0 %
0.678780201294723

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 25

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Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q3 2024YTD 2024
RenewalNewBlendedRenewalNewBlended
LeasesLeasesAverageLeasesLeasesAverage
Western United States:
Southern California4.0 %8.1 %4.8 %5.2 %7.1 %5.6 %
Northern California3.7 %3.7 %3.7 %4.5 %3.2 %4.2 %
Seattle4.0 %3.0 %3.8 %4.4 %3.6 %4.2 %
Phoenix3.2 %(1.2)%1.9 %3.9 %(0.9)%2.6 %
Las Vegas4.0 %1.5 %3.4 %3.7 %0.4 %2.9 %
Denver3.9 %5.0 %4.2 %3.7 %3.8 %3.7 %
Western US Subtotal3.8 %2.8 %3.5 %4.4 %2.7 %3.9 %
Florida:
South Florida6.5 %0.4 %4.9 %7.8 %1.1 %6.0 %
Tampa2.5 %(0.9)%1.6 %4.6 %0.6 %3.4 %
Orlando3.5 %(0.1)%2.5 %4.9 %1.4 %3.8 %
Jacksonville2.2 %— %1.7 %3.9 %0.4 %2.9 %
Florida Subtotal4.3 %(0.1)%3.1 %5.9 %1.0 %4.5 %
Southeast United States:
Atlanta5.3 %2.4 %4.6 %6.1 %2.7 %5.2 %
Carolinas3.9 %2.7 %3.5 %4.5 %2.7 %4.0 %
Southeast US Subtotal4.9 %2.5 %4.2 %5.6 %2.7 %4.8 %
Texas:
Houston4.4 %2.1 %3.9 %4.7 %2.1 %4.1 %
Dallas4.0 %(1.0)%2.5 %5.1 %0.7 %3.9 %
Texas Subtotal4.2 %(0.1)%3.1 %4.9 %1.2 %4.0 %
Midwest United States:
Chicago4.1 %7.8 %5.0 %4.7 %6.8 %5.2 %
Minneapolis4.2 %2.7 %3.8 %5.4 %— %3.9 %
Midwest US Subtotal4.2 %6.1 %4.6 %4.9 %4.4 %4.8 %
Total / Average4.2 %1.7 %3.6 %5.2 %2.1 %4.3 %





Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 26

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Supplemental Schedule 6


Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
TotalQ3 2024Q2 2024Q1 2024Q4 2023Q3 2023
R&M OpEx, net$29,802 $26,564 $20,923 $22,462 $27,258 
Turn OpEx, net11,024 10,037 8,669 9,866 12,135 
Total recurring operating expenses, net$40,826 $36,601 $29,592 $32,328 $39,393 
R&M CapEx$36,660 $33,321 $25,536 $26,464 $32,867 
Turn CapEx10,050 8,754 8,218 9,896 11,452 
Total recurring capital expenditures$46,710 $42,075 $33,754 $36,360 $44,319 
R&M OpEx, net + R&M CapEx$66,462 $59,885 $46,459 $48,926 $60,125 
Turn OpEx, net + Turn CapEx21,074 18,791 16,887 19,762 23,587 
Total Cost to Maintain, net$87,536 $78,676 $63,346 $68,688 $83,712 
Per HomeQ3 2024Q2 2024Q1 2024Q4 2023Q3 2023
Total Cost to Maintain, net$1,134 $1,019 $821 $890 $1,085 
(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)
TotalQ3 2024Q2 2024Q1 2024Q4 2023Q3 2023
Recurring CapEx$50,970 $46,371 $36,923 $40,080 $48,765 
Value Enhancing CapEx16,182 12,500 7,300 12,148 14,381 
Initial Renovation CapEx8,860 6,392 7,698 9,656 11,744 
Disposition CapEx1,584 663 716 1,021 1,258 
Total Capital Expenditures$77,596 $65,926 $52,637 $62,905 $76,148 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 27

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Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management ExpenseQ3 2024Q3 2023YTD 2024YTD 2023
Property management expense (GAAP)$34,382 $23,399 $98,252 $70,563 
Adjustments:
Share-based compensation expense(1,313)(1,830)(4,585)(5,232)
Adjusted property management expense$33,069 $21,569 $93,667 $65,331 
Adjusted G&A ExpenseQ3 2024Q3 2023YTD 2024YTD 2023
G&A expense (GAAP)$21,727 $22,714 $66,673 $59,957 
Adjustments:
Share-based compensation expense(4,104)(7,099)(16,224)(16,261)
Severance expense(209)(392)(388)(916)
Adjusted G&A expense$17,414 $15,223 $50,061 $42,780 


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 28

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Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)June 30, 2024
Q3 2024 Acquisitions (1)
Q3 2024 Dispositions (2)
September 30, 2024
HomesHomesAvg. Est.HomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California7,446 12 $533,534 53 $639,727 7,405 
Northern California4,258 — — 37 427,581 4,221 
Seattle4,012 — — 414,600 4,007 
Phoenix9,243 24 388,970 272,889 9,258 
Las Vegas3,415 — — 355,688 3,411 
Denver2,569 174 495,299 420,444 2,734 
Western US Subtotal30,943 210 485,332 117 508,221 31,036 
Florida:
South Florida8,269 362,560 37 466,051 8,238 
Tampa9,302 229 321,540 46 261,433 9,485 
Orlando6,774 32 362,376 14 252,829 6,792 
Jacksonville1,995 311,033 — — 1,998 
Florida Subtotal26,340 270 327,174 97 338,241 26,513 
Southeast United States:
Atlanta12,712 32 346,232 53 279,283 12,691 
Carolinas5,633 247 324,411 380,125 5,876 
Southeast US Subtotal18,345 279 326,914 57 286,360 18,567 
Texas:
Houston2,331 — — 215,071 2,324 
Dallas3,037 94 274,419 13 265,838 3,118 
Texas Subtotal5,368 94 274,419 20 248,070 5,442 
Midwest United States:
Chicago2,484 — — 338,375 2,480 
Minneapolis1,066 — — 347,500 1,064 
Midwest US Subtotal3,550   6 341,417 3,544 
Other (3):
94 38 312,933 13 283,623 119 
Total / Average84,640 891 $358,196 310 $384,809 85,221 
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,607 — $— $370,000 2,606 
2022 Rockpoint JV (5)
319 — — — — 319
FNMA JV (6)
401 — — 483,639 392 
Pathway Homes (7)
558 35 337,335 11 353,172 582 
Upward America JV (8)
3,720 — — — — 3,720 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 29

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Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 6.0%. 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 2.7%. 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; as of September 30, 2024, these include 106 homes located in Nashville, and 13 homes located in other markets that are generally being held for sale.
(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 owns 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which Invitation Homes owns 7.2%.
































Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 30

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Supplemental Schedule 8(b)

Expected Acquisition Pipeline of New Homes from Homebuilders — As of September 30, 2024
(unaudited)
Pipeline as of September 30, 2024 (1)(2)
Estimated Deliveries
in Q4 2024
Estimated Deliveries
in 2025
Estimated Deliveries ThereafterAvg. Estimated Cost Basis Per Home
Southern California852461$540,000 
Phoenix8665030440,000 
Tampa38472164148320,000 
Orlando42841213221430,000 
Jacksonville26540178270,000 
Atlanta9574147340,000 
Carolinas37710518092330,000 
South Florida1515370,000 
Houston53360324149280,000 
Dallas16626140270,000 
Nashville2727300,000 
Total / Average2,4613831,213 865$340,000 
(1)Represents the number of new homes under contract as of September 30, 2024, that are expected to be built, sold and delivered to the Company by various homebuilders during a future period.
(2)Pipeline rollforward:
    
Pipeline as of June 30, 2024
2,689
Q3 2024 additions and cancellations (net)
146
Q3 2024 deliveries
(374)
Pipeline as of September 30, 2024
2,461
    
















Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 31

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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 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

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 32

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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 defines Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; severance expense; casualty (gains) losses, net; and (gains) losses on investments in equity and other securities, net, as applicable. The Company defines Adjusted FFO as Core FFO less recurring capital expenditures that are necessary to help preserve the value, and maintain the functionality, of its homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for the Company’s share of investments in 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 Company believes that Core FFO and Adjusted FFO are also meaningful supplemental measures of its operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of the Company’s performance across reporting periods by removing the impact of certain items that are not comparable from period to period.

The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. FFO, Core FFO, and Adjusted FFO are not used as measures of 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 FFO, Core FFO, and Adjusted FFO may not be comparable to the FFO, Core FFO, and Adjusted FFO of other companies due to the fact that not all companies use the same definition of FFO, Core FFO, and Adjusted FFO. Accordingly, there can be no assurance that 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.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 33

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

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

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

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.



Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 34

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

Unsecured Facility Covenants
Unsecured facility covenants refer to financial and operating requirements that the Company must meet with respect to its $1,750 million revolving credit facility (the “Revolving Facility”) and its $1,750 million term loan facility (the “2024 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in the Company’s Second Amended and Restated Revolving Credit and Term Loan Agreement dated September 9, 2024 and its $725 million term loan facility (the “2022 Term Loan Facility” and together with the 2024 Term Loan Facility, the “Term Loan Facilities”), as set forth in the Company’s 2022 Term Loan Agreement as amended by the First Amendment dated September 9, 2024 (together with the Credit Facility, the “Unsecured Credit Agreements”). The metrics provided under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b) show 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 September 9, 2024.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 35

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The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of the Company’s indebtedness related to its Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. The Company’s ability to comply with these covenants may be affected by changes in the Company’s operating and financial performance, 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, August 2, 2023, and September 26, 2024.

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.
Q3 2024 Earnings Release and Supplemental Information — page 36

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Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023
Total revenues (Total Portfolio)$660,322 $653,451 $646,039 $624,321 $617,695 
Management fee revenues(18,980)(15,976)(13,942)(3,420)(3,404)
Total portfolio resident recoveries(42,412)(37,102)(37,795)(35,050)(36,641)
Total Core Revenues (Total Portfolio)598,930 600,373 594,302 585,851 577,650 
Non-Same Store Core Revenues(43,651)(43,980)(43,237)(42,737)(41,773)
Same Store Core Revenues$555,279 $556,393 $551,065 $543,114 $535,877 
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
YTD 2024YTD 2023
Total revenues (Total Portfolio)$1,959,812 $1,807,957 
Management fee revenues(48,898)(10,227)
Total portfolio resident recoveries(117,309)(101,383)
Total Core Revenues (Total Portfolio)1,793,605 1,696,347 
Non-Same Store Core Revenues(130,868)(110,253)
Same Store Core Revenues$1,662,737 $1,586,094 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023
Property operating and maintenance expenses (Total Portfolio)$242,228 $234,184 $230,397 $228,542 $229,488 
Total Portfolio resident recoveries(42,412)(37,102)(37,795)(35,050)(36,641)
Core Operating Expenses (Total Portfolio)199,816 197,082 192,602 193,492 192,847 
Non-Same Store Core Operating Expenses(18,131)(17,612)(17,642)(17,277)(16,589)
Same Store Core Operating Expenses$181,685 $179,470 $174,960 $176,215 $176,258 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
YTD 2024YTD 2023
Property operating and maintenance expenses (Total Portfolio)$706,809 $651,793 
Total Portfolio resident recoveries(117,309)(101,383)
Core Operating Expenses (Total Portfolio)589,500 550,410 
Non-Same Store Core Operating Expenses(53,385)(42,754)
Same Store Core Operating Expenses$536,115 $507,656 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 37

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Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023
Net income available to common stockholders$95,084 $72,981 $142,158 $129,368 $131,637 
Net income available to participating securities185 207 192 178 181 
Non-controlling interests309 243 436 395 403 
Interest expense91,060 90,007 89,845 90,049 86,736 
Depreciation and amortization180,479 176,622 175,313 173,159 170,696 
Property management expense34,382 32,633 31,237 25,246 23,399 
General and administrative21,727 21,498 23,448 22,387 22,714 
Casualty losses, impairment, and other (1)
20,872 10,353 4,137 3,069 2,496 
Gain on sale of property, net of tax(47,766)(43,267)(50,498)(49,092)(57,989)
(Gains) losses on investments in equity securities, net257 (1,504)209 (237)499 
Other, net (2)
9,345 54,012 (5,973)(5,533)2,533 
Management fee revenues(18,980)(15,976)(13,942)(3,420)(3,404)
Losses from investments in unconsolidated joint ventures12,160 5,482 5,138 6,790 4,902 
NOI (Total Portfolio)399,114 403,291 401,700 392,359 384,803 
Non-Same Store NOI(25,520)(26,368)(25,595)(25,460)(25,184)
Same Store NOI$373,594 $376,923 $376,105 $366,899 $359,619 
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
YTD 2024YTD 2023
Net income available to common stockholders$310,223 $389,406 
Net income available to participating securities584 518 
Non-controlling interests988 1,163 
Interest expense270,912 243,408 
Depreciation and amortization532,414 501,128 
Property management expense98,252 70,563 
General and administrative66,673 59,957 
Casualty losses, impairment, and other (1)
35,362 5,527 
Gain on sale of property, net of tax(141,531)(134,448)
(Gains) losses on investments in equity securities, net(1,038)(113)
Other, net (2)
57,384 7,968 
Management fee revenues(48,898)(10,227)
Losses from investments in unconsolidated joint ventures22,780 11,087 
NOI (Total Portfolio)1,204,105 1,145,937 
Non-Same Store NOI(77,483)(67,499)
Same Store NOI$1,126,622 $1,078,438 
(1)For Q3 2024 and YTD 2024, includes $14.0 million of estimated losses and damages, net of estimated insurance recoveries, related to Hurricanes Beryl, Debby, and Helene.
(2)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.


Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 38

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Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q3 2024Q3 2023YTD 2024YTD 2023
Net income available to common stockholders$95,084 $131,637 $310,223 $389,406 
Net income available to participating securities185 181 584 518 
Non-controlling interests309 403 988 1,163 
Interest expense91,060 86,736 270,912 243,408 
Interest expense in unconsolidated joint ventures10,186 5,051 20,970 12,774 
Depreciation and amortization180,479 170,696 532,414 501,128 
Depreciation and amortization of investments in unconsolidated joint ventures3,590 2,690 9,875 7,686 
EBITDA380,893 397,394 1,145,966 1,156,083 
Gain on sale of property, net of tax(47,766)(57,989)(141,531)(134,448)
Impairment on depreciated real estate investments270 83 330 342 
Net (gain) loss on sale of investments in unconsolidated joint ventures499 (554)285 (1,188)
EBITDAre
333,896 338,934 1,005,050 1,020,789 
Share-based compensation expense5,417 8,929 20,809 21,493 
Severance209 392 388 916 
Casualty losses, net (1)(2)
20,729 2,429 35,174 5,214 
(Gains) losses on investments in equity and other securities, net257 499 (1,038)(113)
Other, net (3)
9,345 2,533 57,384 7,968 
Adjusted EBITDAre
$369,853 $353,716 $1,117,767 $1,056,267 
                                                                                               Trailing Twelve Months (TTM) Ended
September 30, 2024December 31, 2023
Net income available to common stockholders$439,591 $518,774 
Net income available to participating securities762 696 
Non-controlling interests1,383 1,558 
Interest expense360,961 333,457 
Interest expense in unconsolidated joint ventures26,451 18,255 
Depreciation and amortization705,573 674,287 
Depreciation and amortization of investments in unconsolidated joint ventures12,658 10,469 
EBITDA1,547,379 1,557,496 
Gain on sale of property, net of tax(190,623)(183,540)
Impairment on depreciated real estate investments415 427 
Net gain on sale of investments in unconsolidated joint ventures(195)(1,668)
EBITDAre
1,356,976 1,372,715 
Share-based compensation expense28,819 29,503 
Severance449 977 
Casualty losses, net (1)(2)
38,160 8,200 
(Gains) losses on investments in equity and other securities, net(1,275)(350)
Other, net (3)
51,851 2,435 
Adjusted EBITDAre
$1,474,980 $1,413,480 
(1)Includes the Company’s share from unconsolidated joint ventures.
(2)For Q3 2024 and YTD 2024, includes $14.0 million of estimated losses and damages, net of estimated insurance recoveries, related to Hurricanes Beryl, Debby, and Helene.
(3)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 39

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Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
September 30, 2024December 31, 2023
Mortgage loans, net$1,614,220 $1,627,256 
Secured term loan, net401,595 401,515 
Unsecured notes, net3,799,034 3,305,467 
Term loan facility, net2,444,054 3,211,814 
Revolving facility750,000 — 
Total Debt per Balance Sheet9,008,903 8,546,052 
Retained and repurchased certificates(87,063)(87,703)
Cash, ex-security deposits and letters of credit (1)
(1,062,179)(713,898)
Deferred financing costs, net64,086 45,518 
Unamortized discounts on note payable25,100 21,376 
Net Debt (A)$7,948,847 $7,811,345 
For the TTM EndedFor the TTM Ended
September 30, 2024December 31, 2023
Adjusted EBITDAre (B)
$1,474,980 $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)
Q3 2024Q3 2023YTD 2024YTD 2023
Amortization of discounts on notes payable$684 $532 $2,001 $1,335 
Amortization of deferred financing costs5,010 4,131 13,410 12,003 
Change in fair value of interest rate derivatives— 41 
Amortization of swap fair value at designation2,524 2,340 7,166 6,970 
Company’s share from unconsolidated joint ventures5,867 2,557 9,629 5,526 
Total non-cash interest expense$14,085 $9,561 $32,207 $25,875 

Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2024 Earnings Release and Supplemental Information — page 40