Dallas, TX, February 26, 2025 — 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 (“Q4”) 2024 and Full Year (“FY”) 2024 financial and operating results.

•Year over year, Q4 2024 total revenues increased 5.6% to $659 million, and property operating and maintenance costs improved slightly to $228 million. FY 2024 total revenues increased 7.7% to $2,619 million, and property operating and maintenance costs increased 6.2% to $935 million.

•Q4 2024 net income available to common stockholders totaled $143 million or $0.23 per diluted common share. FY 2024 net income available to common stockholders totaled $453 million or $0.74 per diluted common share.

•Year over year, Q4 2024 Core FFO per share increased 5.9% to $0.47, and AFFO per share increased 8.9% to $0.41. FY 2024 Core FFO per share increased 6.4% to $1.88, and AFFO per share increased 6.7% to $1.60.

•Q4 2024 Same Store NOI increased 4.7% year over year on 2.7% Same Store Core Revenues growth and a reduction in Same Store Core Operating Expenses of 1.5%. FY 2024 Same Store NOI grew 4.6% year over year on 4.3% Same Store Core Revenues growth and 3.7% Same Store Core Operating Expenses growth.

•Q4 2024 Same Store Average Occupancy was 96.7%, a reduction of 60 basis points year over year. FY 2024 Same Store Average Occupancy was 97.3%, down 10 basis points year over year.

•Q4 2024 Same Store renewal rent growth of 4.2% and Same Store new lease rent growth of (2.2)% drove Same Store blended rent growth of 2.3%. FY 2024 Same Store renewal rent growth of 4.9% and Same Store new lease rent growth of 1.0% drove Same Store blended rent growth of 3.9%.

•Q4 2024 acquisitions by the Company and its joint ventures totaled 501 homes for approximately $171 million while dispositions totaled 581 homes for approximately $245 million. FY 2024 acquisitions by the Company and its joint ventures totaled 2,200 homes for $764 million and dispositions totaled 1,575 homes for $646 million.

•As previously announced on November 11, 2024, the Company voluntarily repaid without penalty the $630 million outstanding balance of its IH 2018-4 securitization, as planned. As of December 31, 2024, 83.2% of the Company’s total debt was unsecured; 91.3% of its total debt was fixed rate or swapped to fixed rate; and nearly 90% of its wholly owned homes were unencumbered. The Company has no debt reaching final maturity before 2027.

•As previously announced on November 18, 2024, the Company formed a joint venture to invest in newly built homes with an expected $500 million deployment. Invitation Homes will provide various management services and earn management fees in addition to the opportunity to earn a promoted interest subject to certain performance thresholds.

“During 2024, Invitation Homes delivered one of the strongest financial results among public residential REITs, with Same Store NOI growth of 4.6% and AFFO per share growth of 6.7% year over year. These achievements reflect the dedication of our associates, who are committed to providing a best-in-class resident experience and achieving high resident satisfaction, as most recently demonstrated by an average length of stay of nearly 38 months and a robust 80% renewal rate in Q4 2024.

“As we look ahead, we expect to continue to benefit from the sustained demand for high-quality, well-located single-family homes for lease. Our strategic vision for external growth, combined with our unwavering commitment for Genuine Care, positions us to drive strong performance and create long-term value for our stockholders.”

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.

Q4 2024 net income per common share — diluted was $0.23, compared to net income per common share — diluted of $0.21 for Q4 2023. Q4 2024 total revenues and total property operating and maintenance expenses were $659 million and $228 million, respectively, compared to $624 million and $229 million, respectively, for Q4 2023.

FY 2024 net income per common share — diluted was $0.74, compared to net income per share — diluted of $0.85 for FY 2023. FY 2024 total revenues and total property operating and maintenance expenses were $2,619 million and $935 million, respectively, compared to $2,432 million and $880 million, respectively, for FY 2023.

Year over year, Q4 2024 Core FFO per share increased 5.9% to $0.47, primarily due to NOI growth. Year over year, FY 2024 Core FFO per share increased 6.4% to $1.88, primarily due to NOI growth.

Year over year, Q4 2024 AFFO per share increased 8.9% to $0.41, primarily due to the increase in Core FFO per share described above. Year over year, FY 2024 AFFO per share increased 6.7% to $1.60, primarily due to the increase in Core FFO per share described above.

For the Same Store Portfolio of 76,601 homes, Q4 2024 Same Store NOI increased 4.7% year over year on Same Store Core Revenues growth of 2.7% and a reduction in Same Store Core Operating Expenses of 1.5%. FY 2024 Same Store NOI increased 4.6% year over year on Same Store Core Revenues growth of 4.3% and Same Store Core Operating Expenses growth of 3.7%.

Q4 2024 Same Store Core Revenues growth of 2.7% year over year was primarily driven by a 3.1% increase in Average Monthly Rent and a 4.9% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decline in Average Occupancy.

FY 2024 Same Store Core Revenues growth of 4.3% year over year was primarily driven by a 3.9% increase in Average Monthly Rent, a 40 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and an 8.0% increase in other income, net of resident recoveries.

Q4 2024 Same Store Core Operating Expenses were 1.5% lower year over year, primarily attributable to a 3.0% reduction in fixed expenses, partially offset by a 1.5% increase in controllable expenses.

FY 2024 Same Store Core Operating Expenses increased 3.7% year over year, primarily driven by a 5.4% increase in fixed expenses and a 0.9% increase in controllable expenses.

Q4 2024 acquisitions included 481 wholly owned homes for approximately $164 million and 20 homes for approximately $7 million in the Company’s joint ventures. Q4 2024 dispositions included 564 wholly owned homes for gross proceeds of approximately $239 million and 17 homes for gross proceeds of approximately $6 million in the Company’s joint ventures.

During FY 2024, the Company acquired 2,072 wholly owned homes for $721 million and 128 homes for $43 million in the Company’s joint ventures. The Company also sold 1,501 wholly owned homes for $616 million and 74 homes for $30 million in the Company’s joint ventures.

As previously announced on November 18, 2024, the Company formed a joint venture to invest in newly built homes with an expected $500 million deployment. Invitation Homes will provide various management services to the joint venture, for which the Company will earn management fees in addition to the opportunity to earn a promoted interest subject to certain performance thresholds. The Company also has certain rights to potentially acquire the joint venture’s homes in the future.

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

As previously announced on November 11, 2024, the Company voluntarily repaid without penalty the $630 million outstanding balance of its IH 2018-4 securitization, as planned. As of December 31, 2024, the Company had $1,354 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. In addition, the Company’s total indebtedness of $8,287 million consisted of 83.2% unsecured debt and 16.8% secured debt; 91.3% of its total debt was fixed rate or swapped to fixed rate; nearly 90% of its wholly owned homes were unencumbered; and its Net debt / TTM adjusted EBITDAre was 5.3x. The Company has no debt reaching final maturity before 2027.

(1)Same Store Core Revenues growth guidance assumes (i) FY 2025 Average Occupancy in a range of 96.2% to 96.8% and (ii) FY 2025 average Bad Debt in a range of 60 to 90 basis points.

(2)Same Store Core Operating Expenses growth guidance assumes (i) an increase in FY 2025 property taxes in a range of 5.0% to 6.0% year over year and (ii) a reduction in FY 2025 insurance expenses in a range of 2.0% to 3.0% year over year.

(3)Based on the 2025 Same Store pool, consisting of 78,438 homes as of January 2025.

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.

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on February 27, 2025, to review Q4 2024 and FY 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.

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, development and use of artificial intelligence, risks related to the Company’s indebtedness, and risks related to the potential negative impact of fluctuating 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.

(1)As announced on December 8, 2023, the Company commenced an acceleration of the regular timing of its dividends beginning with its January 19, 2024 dividend payment. As a result, there were two dividends declared during Q4 2023 totaling $0.54 and five dividends declared during FY 2023 totaling $1.32. Since that time, the Company has paid or anticipates paying a quarterly dividend during January, April, July, and October, subject each quarter to approval by the Company’s board of directors.

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

(2)For FY 2024, includes $77.0 million 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)Includes $41.1 million and $55.1 million of estimated losses and damages, net of estimated insurance recoveries, related to various hurricanes during Q4 2024 and FY 2024, respectively.

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income						Q4 2024						Q4 2023						FY 2024						FY 2023
Common shares — basic						612,679,152						612,026,090						612,551,317						611,893,784
Shares potentially issuable from vesting/conversion of equity-based awards						568,588						1,662,479						1,080,300						1,394,924
Total common shares — diluted						613,247,740						613,688,569						613,631,617						613,288,708
Weighted average amounts for FFO, Core FFO, and AFFO						Q4 2024						Q4 2023						FY 2024						FY 2023
Common shares — basic						612,679,152						612,026,090						612,551,317						611,893,784
OP units — basic						1,979,009						1,869,483						1,954,212						1,835,686
Shares potentially issuable from vesting/conversion of equity-based awards						903,189						1,947,510						1,376,141						1,638,264
Total common shares and units — diluted						615,561,350						615,843,083						615,881,670						615,367,734
Period end amounts for Core FFO and AFFO						December 31, 2024
Common shares						612,605,478
OP units						1,979,009
Shares potentially issuable from vesting/conversion of equity-based awards						1,670,138
Total common shares and units — diluted						616,254,625

(1)Includes the impact of interest rate swaps in place and effective as of December 31, 2024. See Supplemental Schedule 2(d) for additional information regarding the Company’s interest rate swaps.

(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)Based on swap agreements in place as of December 31, 2024, assuming all swaps are held to maturity and no incremental swaps are entered into in the future.

(1)All rental revenues and other property income are reflected net of Bad Debt.

(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 $34,787, $31,598, $38,467, $141,137, and $124,386 for Q4 2024, Q4 2023, Q3 2024, FY 2024, and FY 2023, respectively.

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

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2024 (1)
(unaudited)
						Number of Homes						Average Occupancy						Average Monthly Rent						Average Monthly Rent PSF						Percent of Revenue
Western United States:
Southern California						7,326						95.6		%				$	3,124					$	1.83					11.2		%
Northern California						4,127						96.8		%				2,742						1.74						5.7		%
Seattle						3,957						96.4		%				2,899						1.51						5.7		%
Phoenix						9,246						96.5		%				2,058						1.21						9.5		%
Las Vegas						3,405						96.0		%				2,215						1.13						3.7		%
Denver						2,728						94.7		%				2,595						1.41						3.5		%
Western US Subtotal						30,789						96.1		%				2,576						1.47						39.3		%
Florida:
South Florida						8,180						95.5		%				3,052						1.64						12.1		%
Tampa						9,543						91.7		%				2,292						1.22						10.5		%
Orlando						6,794						96.0		%				2,251						1.20						7.7		%
Jacksonville						2,005						96.6		%				2,185						1.10						2.2		%
Florida Subtotal						26,522						94.1		%				2,517						1.34						32.5		%
Southeast United States:
Atlanta						12,623						94.6		%				2,060						1.00						12.6		%
Carolinas						6,005						92.1		%				2,071						0.97						5.9		%
Southeast US Subtotal						18,628						93.8		%				2,064						0.99						18.5		%
Texas:
Houston						2,347						93.7		%				1,921						0.97						2.2		%
Dallas						3,158						90.2		%				2,267						1.10						3.4		%
Texas Subtotal						5,505						91.3		%				2,124						1.05						5.6		%
Midwest United States:
Chicago						2,468						95.7		%				2,417						1.51						2.8		%
Minneapolis						1,061						94.3		%				2,340						1.19						1.2		%
Midwest US Subtotal						3,529						95.3		%				2,394						1.40						4.0		%
Other (2):						165						33.7		%				2,142						1.09						0.1		%
Total / Average						85,138						94.6		%				$	2,409					$	1.28					100.0		%
Same Store Total / Average						76,601						96.7		%				$	2,419					$	1.29					92.2		%