Dallas, TX, February 13, 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 Fourth Quarter 2023 and Full Year (“FY”) 2023 financial and operating results.

•Year over year, in Q4 2023, total revenues increased 7.7% to $624 million, and property operating and maintenance costs increased 9.0% to $229 million. In FY 2023, total revenues increased 8.7% to $2,432 million, and property operating and maintenance costs increased 12.0% to $880 million.

•In Q4 2023, net income available to common stockholders totaled $129 million or $0.21 per diluted common share. In FY 2023, net income available to common stockholders totaled $519 million or $0.85 per diluted common share.

•Year over year, in Q4 2023, Core FFO per share increased 4.6% to $0.45, and AFFO per share increased 5.8% to $0.38. In FY 2023, Core FFO per share increased 6.0% to $1.77, and AFFO per share increased 6.3% to $1.50.

•In Q4 2023, Same Store NOI increased 5.6% year over year on 5.9% Same Store Core Revenues growth and 6.6% Same Store Core Operating Expenses growth. In FY 2023, Same Store NOI grew 4.8% year over year on 6.5% Same Store Core Revenues growth and 10.3% Same Store Core Operating Expenses growth.

•In Q4 2023, Same Store Bad Debt was 1.2% of gross rental revenue, representing three consecutive quarters of improvement and a year over year improvement of approximately 50 basis points.

•In Q4 2023, Same Store Average Occupancy was 97.1%, down 20 basis points year over year. In FY 2023, Same Store Average Occupancy was 97.4%, down 30 basis points year over year.

•In Q4 2023, Same Store renewal rent growth of 6.8% and flat Same Store new lease rent growth drove Same Store blended rent growth of 4.6%. In FY 2023, Same Store renewal rent growth of 7.0% and Same Store new lease rent growth of 4.5% drove Same Store blended rent growth of 6.3%.

•In Q4 2023, acquisitions by the Company and the Company's joint ventures totaled 460 homes for $159 million while dispositions totaled 398 homes for $146 million. In FY 2023, acquisitions by the Company and the Company’s joint ventures totaled 3,221 homes for $1,168 million while dispositions totaled 1,489 homes for $547 million.

•As previously announced, and subsequent to year end, the Company has begun a new era of providing professional property and asset management services to portfolio owners of single-family homes for lease. This was launched through an inaugural agreement with a third-party portfolio owner that has brought over 14,000 single family homes onto the Company’s industry-leading platform. The agreement provides Invitation Homes with property and asset management fees that the Company believes are commensurate with its expertise and unmatched scale. Substantially all of the homes are located within the Company’s existing markets, predominantly Atlanta, Phoenix, Dallas, Carolinas, Orlando, and Tampa.

“I’m pleased once again by the outstanding performance of our business and the extraordinary delivery of customer service by our teams. During 2023, we successfully navigated a dynamic real estate market, pursued prudent growth initiatives and strategic developments, and continued to further enhance the resident experience. I’m very proud that our teams have continued this great momentum into 2024, including our announcement to provide our industry-leading brand of professional property and asset management services to an inaugural 14,000 additional households across the country. We are honored to be the nation’s premier single-family leasing and management company and are excited to continue raising the bar for individuals and families who desire the choice, flexibility, and convenience of leasing a home.”

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.

Net income per common share — diluted for Q4 2023 was $0.21, compared to net income per common share — diluted of $0.16 for Q4 2022. Total revenues and total property operating and maintenance expenses for Q4 2023 were $624 million and $229 million, respectively, compared to $580 million and $210 million, respectively, in Q4 2022.

Net income per common share — diluted for FY 2023 was $0.85, compared to net income per common share — diluted of $0.63 for FY 2022. Total revenues and total property operating and maintenance expenses for FY 2023 were $2,432 million and $880 million, respectively, compared to $2,238 million and $786 million, respectively, for FY 2022.

Year over year, Core FFO per share for Q4 2023 increased 4.6% to $0.45, primarily due to NOI growth. Year over year, Core FFO per share for FY 2023 increased 6.0% to $1.77, primarily due to NOI growth.

Year over year, AFFO per share for Q4 2023 increased 5.8% to $0.38, primarily due to the increase in Core FFO per share described above. Year over year, AFFO per share for FY 2023 increased 6.3% to $1.50, primarily due to the increase in Core FFO per share described above.

For the Same Store Portfolio of 75,775 homes, Same Store NOI for Q4 2023 increased 5.6% year over year on Same Store Core Revenues growth of 5.9% and Same Store Core Operating Expenses growth of 6.6%. FY 2023 Same Store NOI increased 4.8% year over year on Same Store Core Revenues growth of 6.5% and Same Store Core Operating Expenses growth of 10.3%.

Same Store Core Revenues growth for Q4 2023 of 5.9% year over year was primarily driven by a 5.3% increase in Average Monthly Rent, a 50 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and an 11.2% increase in other income, net of resident recoveries, partially offset by a 20 basis point year over year decline in Average Occupancy.

FY 2023 Same Store Core Revenues growth of 6.5% year over year was primarily driven by a 6.9% increase in Average Monthly Rent and a 10.3% increase in other income, net of resident recoveries, partially offset by a 30 basis point year over year decline in Average Occupancy and a 10 basis point year over year increase in Bad Debt as a percentage of gross rental revenue.

Same Store Core Operating Expenses for Q4 2023 increased 6.6% year over year, primarily attributable to a 7.9% increase in fixed expenses and a 4.2% increase in controllable expenses.

FY 2023 Same Store Core Operating Expenses increased 10.3% year over year, primarily driven by a 10.4% increase in fixed expenses and a 10.2% increase in controllable expenses.

Acquisitions for Q4 2023 totaled 460 homes for $159 million through the Company's various acquisition channels. This included 251 wholly owned homes for $88 million in addition to 209 homes for $71 million in the Company's joint ventures. Dispositions for Q4 2023 included 381 wholly owned homes for gross proceeds of $138 million and 17 homes for gross proceeds of $8 million in the Company's joint ventures.

In FY 2023, the Company acquired 3,221 homes for $1,168 million, including 2,877 wholly owned homes for $1,054 million and 344 homes for $114 million in the Company's joint ventures. The company also sold 1,489 homes for $547 million, including 1,423 wholly owned homes for $517 million and 66 homes for $30 million in the Company's joint ventures.

As previously announced, and subsequent to year end, the Company has begun a new era of providing professional property and asset management services to portfolio owners of single-family homes for lease. This was launched through an inaugural agreement with a third-party portfolio owner that has brought over 14,000 single family homes onto the Company’s industry-leading platform. The agreement provides Invitation Homes with property and asset management fees that the Company believes are commensurate with its expertise and unmatched scale. Substantially all of the homes are located within the Company’s existing markets, predominantly Atlanta, Phoenix, Dallas, Carolinas, Orlando, and Tampa.

As of December 31, 2023, the Company had $1,701 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of December 31, 2023 was $8,613 million, consisting of $6,575 million of unsecured debt and $2,038 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.5x at December 31, 2023, down from 5.7x as of December 31, 2022. The Company has no debt reaching final maturity until 2026, and in addition, 99.4% of its total debt is fixed rate or swapped to fixed rate, and over 75% of its total debt is unsecured.

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.

(1)Guidance assumes FY 2024 Average Occupancy is a similar result to FY 2023. Guidance assumes average Bad Debt for FY 2024 in a range of 65 to 95 basis points.

(2)Guidance assumes FY 2024 property tax expense growth in a range of 8% to 10% and insurance expense growth in the mid- to high teens.

(3)Based on the 2024 Same Store pool, consisting of 78,823 homes as of January 2024.

(4)Contribution from management fee revenues, net, is primarily related to the Company’s recently announced agreement to provide professional property and asset management services to over 14,000 homes, net of associated expenses.

(5)Increase in cash interest expense primarily related to the Company’s $800 million aggregate public bond offering in August 2023, partially offset by other potential capital markets activities.

(6)Incremental increase in Other primarily related to additional investment in technology and administrative costs.

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on February 14, 2024, to discuss results for the fourth quarter of 2023. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113. A live audio webcast may be accessed at www.invh.com. A replay of the call will be available through March 14, 2024, and can be accessed by calling 1-800-770-2030 (domestic) or 1-647-362-9199 (international) and using the playback ID 7714113, or by using the link at www.invh.com.

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.

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.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and rising interest rates), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises, on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2022 (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.

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

(2)FY 2022 includes $24,000 of net estimated losses and damages related to Hurricanes Ian and Nicole.

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income						Q4 2023						Q4 2022						FY 2023						FY 2022
Common shares — basic						612,026,090						611,427,853						611,893,784						609,770,610
Shares potentially issuable from vesting/conversion of equity-based awards						1,662,479						778,372						1,394,924						1,341,786
Total common shares — diluted						613,688,569						612,206,225						613,288,708						611,112,396
Weighted average amounts for FFO, Core FFO, and AFFO						Q4 2023						Q4 2022						FY 2023						FY 2022
Common shares — basic						612,026,090						611,427,853						611,893,784						609,770,610
OP units — basic						1,869,483						1,737,395						1,835,686						2,338,999
Shares potentially issuable from vesting/conversion of equity-based awards						1,947,510						1,007,431						1,638,264						1,559,524
Total common shares and units — diluted						615,843,083						614,172,679						615,367,734						613,669,133
Period end amounts for Core FFO and AFFO						December 31, 2023
Common shares						611,958,239
OP units						1,869,483
Shares potentially issuable from vesting/conversion of equity-based awards						1,997,388
Total common shares and units — diluted						615,825,110

(1)Includes the impact of interest rate swaps in place and effective as of December 31, 2023. 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.

(1)Assumes all extension options are exercised.

(1)All rental revenues and other property income are reflected net of Bad Debt, which as a percentage of gross rental revenue, improved by 50 basis points from Q4 2022 to Q4 2023.

(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 $31,160, $30,065, $32,231, $122,841, and $113,795 for Q4 2023, Q4 2022, Q3 2023, FY 2023, and FY 2022, respectively.

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

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2023 (1)
(unaudited)
						Number of Homes						Average Occupancy						Average Monthly Rent						Average Monthly Rent PSF						Percent of Revenue
Western United States:
Southern California						7,553						96.3		%				$	3,019					$	1.78					11.2		%
Northern California						4,309						96.8		%				2,670						1.70						5.9		%
Seattle						4,041						97.2		%				2,808						1.46						5.9		%
Phoenix						9,228						96.4		%				2,027						1.19						9.7		%
Las Vegas						3,420						96.3		%				2,170						1.10						3.8		%
Denver						2,584						96.9		%				2,492						1.36						3.4		%
Western US Subtotal						31,135						96.6		%				2,513						1.44						39.9		%
Florida:
South Florida						8,294						96.1		%				2,942						1.57						12.2		%
Tampa						9,174						95.3		%				2,248						1.20						10.5		%
Orlando						6,718						96.3		%				2,189						1.17						7.5		%
Jacksonville						1,996						95.7		%				2,139						1.08						2.2		%
Florida Subtotal						26,182						95.9		%				2,446						1.30						32.4		%
Southeast United States:
Atlanta						12,726						95.5		%				1,985						0.96						12.5		%
Carolinas						5,494						96.1		%				2,010						0.94						5.5		%
Southeast US Subtotal						18,220						95.6		%				1,992						0.96						18.0		%
Texas:
Houston						2,354						93.8		%				1,876						0.94						2.2		%
Dallas						2,991						95.3		%				2,213						1.07						3.4		%
Texas Subtotal						5,345						94.6		%				2,066						1.02						5.6		%
Midwest United States:
Chicago						2,489						97.0		%				2,333						1.45						2.8		%
Minneapolis						1,076						95.5		%				2,270						1.16						1.2		%
Midwest US Subtotal						3,565						96.6		%				2,314						1.35						4.0		%
Other (2):						120						68.8		%				2,044						1.00						0.1		%
Total / Average						84,567						96.0		%				$	2,344					$	1.25					100.0		%
Same Store Total / Average						75,775						97.1		%				$	2,344					$	1.25					90.4		%

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

(2)Represents homes located outside of the Company's 16 core markets, including those acquired as part of the Company's July 2023 portfolio acquisition that are generally being held for sale or evaluated for disposition once they become vacant.