Dallas, TX, April 30, 2024 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation’s premier single-family home leasing and management company, today announced its First Quarter 2024 financial and operating results.

•Year over year, total revenues increased 9.5% to $646 million, property operating and maintenance costs increased 10.5% to $230 million, net income available to common stockholders increased 18.4% to $142 million, and net income per diluted common share increased 18.2% to $0.23.

•Year over year, Core FFO per share increased 5.7% to $0.47 and AFFO per share increased 6.8% to $0.41.

•Same Store NOI increased 4.7% year over year on 5.6% Same Store Core Revenues growth and 7.4% Same Store Core Operating Expenses growth.

•Same Store Bad Debt was 1.0% of gross rental revenue, representing four consecutive quarters of improvement and a year over year improvement of approximately 80 basis points.

•Same Store Average Occupancy was 97.6%, down 20 basis points year over year and up 50 basis points from the prior quarter.

•Same Store renewal rent growth of 5.8% and Same Store new lease rent growth of 0.8% drove Same Store blended rent growth of 4.4%.

•Acquisitions by the Company and the Company's joint ventures totaled 273 homes for approximately $96 million while dispositions totaled 399 homes for approximately $157 million.

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

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

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

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.

Year over year, net income per common share — diluted for Q1 2024 increased 18.2% to $0.23, primarily due to an increase in gain on sale of property, net of tax.

Year over year, Core FFO per share for Q1 2024 increased 5.7% to $0.47, primarily due to NOI growth.

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

For the Same Store Portfolio of 78,487 homes, Same Store NOI for Q1 2024 increased 4.7% year over year on Same Store Core Revenues growth of 5.6% and Same Store Core Operating Expenses growth of 7.4%.

Same Store Core Revenues growth for Q1 2024 of 5.6% year over year was primarily driven by a 4.6% increase in Average Monthly Rent, an 80 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 15.9% increase in other income, net of resident recoveries, partially offset by a 20 basis point year over year decline in Average Occupancy.

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

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

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

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

A summary of the Company’s owned and/or managed homes is included in the following table:

(1)These figures exclude the additional 7,400 homes described in more detail in the narrative above, as the management contracts for these homes had not yet commenced as of March 31, 2024.

As of March 31, 2024, the Company had $1,738 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of March 31, 2024 was $8,607 million, consisting of $6,575 million of unsecured debt and $2,032 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.4x at March 31, 2024, down from 5.5x as of December 31, 2023. The Company has no debt reaching final maturity until 2026, and in addition, 99.5% of its total debt was fixed rate or swapped to fixed rate and 83.6% of its wholly owned homes were unencumbered as of March 31, 2024.

Subsequent to quarter end and as previously announced on April 29, 2024, the Company’s issuer and issue-level credit ratings were upgraded by Moody’s Investors Service to ‘Baa2’ from ‘Baa3’ with a Stable outlook.

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

Full year 2024 guidance remains unchanged from initial guidance provided in February 2024, as outlined in the table below.

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

(2)Guidance assumes FY 2024 property tax expense growth in a range of 8% to 10% year over year and FY 2024 insurance expense growth in the mid- to high teens, which has not been updated at this time to reflect the benefit of the Company’s recently completed annual insurance policy renewal that implies FY 2024 insurance expense growth of approximately 7.5% year over year.

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

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, 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.

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

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income						Q1 2024						Q1 2023
Common shares — basic						612,219,520						611,588,465
Shares potentially issuable from vesting/conversion of equity-based awards						1,587,646						975,833
Total common shares — diluted						613,807,166						612,564,298
Weighted average amounts for FFO, Core FFO, and AFFO						Q1 2024						Q1 2023
Common shares — basic						612,219,520						611,588,465
OP units — basic						1,873,341						1,738,779
Shares potentially issuable from vesting/conversion of equity-based awards						1,894,345						1,208,795
Total common shares and units — diluted						615,987,206						614,536,039
Period end amounts for Core FFO and AFFO						March 31, 2024
Common shares						612,485,098
OP units						1,986,509
Shares potentially issuable from vesting/conversion of equity-based awards						1,742,682
Total common shares and units — diluted						616,214,289

(1)Includes the impact of interest rate swaps in place and effective as of March 31, 2024. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.

(2)Assumes all extension options are exercised.

(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.

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

(5)Moody's Investors Service upgraded the Company’s issuer and issue-level credit ratings to ‘Baa2’ from ‘Baa3’ with a stable outlook in April 2024.

(6)Covenant calculations are specifically defined in the Company's Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the “Glossary and Reconciliations” section below. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

(7)Covenant calculations are specifically defined in the Company's Supplemental Indentures to the Base Indenture for its Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.

(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 80 basis points from Q1 2023 to Q1 2024.

(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $35,023, $30,531, $32,383 for Q1 2024, Q1 2023, and Q4 2023, respectively.

(3)As previously disclosed, due to the underaccrual of property taxes expense in the first three quarters of 2023, and the associated catch up in Q4 2023, the Company expects property taxes expense growth for the first three quarters of 2024 to be elevated, prior to normalizing in Q4 2024 to result in the Company’s expected guidance range for FY 2024 property taxes expense growth of 8% to 10%.

(4)The Company recently renewed its annual insurance policy for the period beginning March 1, 2024, which implies FY 2024 insurance expense growth of approximately 7.5% year over year.

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

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2024 (1)
(unaudited)
						Number of Homes						Average Occupancy						Average Monthly Rent						Average Monthly Rent PSF						Percent of Revenue
Western United States:
Southern California						7,488						96.9		%				$	3,047					$	1.79					11.1		%
Northern California						4,281						97.8		%				2,690						1.71						5.9		%
Seattle						4,027						97.8		%				2,827						1.47						5.8		%
Phoenix						9,233						97.4		%				2,035						1.20						9.7		%
Las Vegas						3,416						97.1		%				2,172						1.10						3.8		%
Denver						2,574						97.6		%				2,506						1.36						3.3		%
Western US Subtotal						31,019						97.4		%				2,527						1.44						39.6		%
Florida:
South Florida						8,251						97.0		%				2,962						1.58						12.2		%
Tampa						9,247						95.3		%				2,263						1.20						10.6		%
Orlando						6,739						96.4		%				2,204						1.18						7.5		%
Jacksonville						1,996						96.5		%				2,151						1.08						2.2		%
Florida Subtotal						26,233						96.2		%				2,462						1.31						32.5		%
Southeast United States:
Atlanta						12,712						96.3		%				2,001						0.97						12.6		%
Carolinas						5,509						96.7		%				2,018						0.95						5.5		%
Southeast US Subtotal						18,221						96.4		%				2,006						0.96						18.1		%
Texas:
Houston						2,340						95.2		%				1,890						0.95						2.2		%
Dallas						3,000						95.9		%				2,223						1.08						3.4		%
Texas Subtotal						5,340						95.6		%				2,077						1.02						5.6		%
Midwest United States:
Chicago						2,487						97.6		%				2,344						1.46						2.9		%
Minneapolis						1,070						96.6		%				2,280						1.16						1.2		%
Midwest US Subtotal						3,557						97.3		%				2,325						1.36						4.1		%
Other (2):						75						65.4		%				1,996						0.96						0.1		%
Total / Average						84,445						96.7		%				$	2,358					$	1.25					100.0		%
Same Store Total / Average						78,487						97.6		%				$	2,363					$	1.26					93.9		%

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

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