Consolidated Financial Statements 9
Earnings Press Release 3 Consolidated Financial Statements 9 Schedule 1: 11 Reconciliation of FFO, Core FFO, and AFFO Schedule 2: Capital Structure Information 12 Schedule 3: Same Store Portfolio Core Operating 16 Detail Schedule 4: Home Characteristics by Market 18 Schedule 5: Same Store Operating Information by 19 Market Schedule 6: Cost to Maintain and Capital 26 Expenditure Detail Schedule 7: Adjusted Property Management and G&A 27 Reconciliation Schedule 8: Acquisitions, Dispositions, and Development 28 Pipeline Glossary and Reconciliations 31
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 2 Earnings Press Release
Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our Third Quarter (“Q3”) 2026 financial and operating results.
• Year over year, total revenues increased 6.3% to $731 million, property operating and maintenance costs increased 2.0% to $264 million, and net income available to common stockholders increased 15.6% to $158 million, or $0.27 per diluted common share.
• Year over year, Core FFO per share increased 2.4% to $0.48, while AFFO per share increased 0.1% to $0.38.
• Same Store NOI increased 1.1% year over year on 1.6% Same Store Core Revenues growth and 2.5% Same Store Core Operating Expenses growth.
• Same Store Average Occupancy was 96.4%, a reduction of 10 basis points year over year.
• Same Store renewal rent growth of 4.3% and Same Store new lease rent growth of (0.2)% resulted in Same Store blended rent growth of 3.0%.
• We sold 658 wholly owned homes, most to families purchasing for their own use, and acquired 216 wholly owned homes, for net dispositions of 442 homes and net proceeds of approximately $245 million that we used to fund share repurchases.
• As previously announced, on July 8, 2026, we closed a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. Net proceeds were used to prepay a portion of our secured debt obligation maturing in June 2027.
From December 1, 2025 through October 27, 2026, we bought back nearly $1 billion of our shares. This includes an aggregate of 36,923,753 shares repurchased to date at an average stock price of $26.78, and represents an implied value per home of approximately $280,000 against a gross average sales price of approximately $460,000 for homes sold during that same period.
On October 26, 2026, our board of directors authorized an additional $500 million share repurchase program. Comments from Chief Executive Officer Dallas Tanner “Our third quarter reflected steady execution across the platform. Same Store NOI grew 1.1% year over year, blended rent growth was 3.0%, and with the benefit of our share repurchases, Core FFO per share grew 2.4%. Since December 2025, we’ve repurchased nearly $1 billion of our stock at a substantial valuation discount. We believe that is more than any other residential REIT. With the new $500 million share repurchase program our board just authorized, we intend to keep funding buybacks with home sale proceeds whenever our stock trades at a meaningful discount to the value of our homes, guided by market conditions and a disciplined approach to the balance sheet.”
“Following a solid third quarter, we are raising our full year guidance midpoints for Core FFO per share by $0.01 to $1.96, Same Store NOI growth guidance to 1.2%, and wholly owned home sales to $950 million, which supports our continued focus on closing the gap between public and private market values.” 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.
Net income per common share — diluted for Q3 2026 was $0.27, compared to net income per common share — diluted of $0.22 for Q3 2025. Total revenues and total property operating and maintenance expenses for Q3 2026 were $731 million and $264 million, respectively, compared to $688 million and $259 million, respectively, for Q3 2025.
Net income per common share — diluted for YTD 2026 was $0.90, compared to net income per share — diluted of $0.72 for YTD 2025. Total revenues and total property operating and maintenance expenses for YTD 2026 were $2,213 million and $771 million, respectively, compared to $2,044 million and $741 million, respectively, for YTD 2025.
Year over year, Core FFO per share for Q3 2026 increased 2.4% to $0.48, while Core FFO per share for YTD 2026 increased 2.1% to $1.46, primarily due to a lower share count from stock repurchases and Same Store NOI growth.
Year over year, AFFO per share for Q3 2026 increased 0.1% to $0.38, while AFFO per share for YTD 2026 increased 1.1% to $1.23, primarily due to the increase in Core FFO per share described above.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 4 Same Store NOI For the Same Store Portfolio of 76,687 homes, Same Store NOI for Q3 2026 increased 1.1% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 2.5%.
YTD 2026 Same Store NOI increased 0.9% year over year on Same Store Core Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 3.3%.
Q3 2026 year over year Same Store Core Revenues growth of 1.6% was primarily driven by a 1.8% increase in Average Monthly Rent and a 2.6% increase in other property income, net, partially offset by a 10 basis point year over year decrease in Average Occupancy and a 10 basis point year over year increase in bad debt.
YTD 2026 year over year Same Store Core Revenues growth of 1.7% was primarily driven by a 2.0% increase in Average Monthly Rent and a 4.1% increase in other property income, net, partially offset by a 40 basis point year over year decrease in Average Occupancy.
Q3 2026 year over year Same Store Core Operating Expenses increased 2.5%, primarily attributable to a 4.9% increase in controllable expenses and a 1.1% increase in fixed expenses.
YTD 2026 year over year Same Store Core Operating Expenses increased 3.3%, primarily driven by a 4.7% increase in controllable expenses and a 2.5% increase in fixed expenses. Investment, Property Management, and Homebuilding Activity During Q3 2026, we sold 658 wholly owned homes, most to families purchasing for their own use, for gross proceeds of approximately $318 million, and we sold 18 homes for gross proceeds of approximately $7 million in our joint ventures. Acquisitions for Q3 2026 included 216 wholly owned homes for approximately $74 million and 288 homes for approximately $92 million in our joint ventures.
YTD 2026, we sold 1,798 wholly owned homes for gross proceeds of approximately $833 million and 42 homes for gross proceeds of approximately $18 million in our joint ventures. We also acquired 673 wholly owned homes for approximately $239 million and 375 homes for approximately $122 million in our joint ventures.
On September 15, 2026, we executed a series of agreements to effectuate the dissolution of the Pathway joint ventures, Pathway Property Company (“Pathway Homes”) and Pathway Operating Company. We were the sole limited partner and provided all of the equity capital to Pathway Homes from its inception. In connection with the transaction, we acquired the general partner and all other interests in Pathway Homes, resulting in our ownership of a controlling financial interest in the entity and the consolidation of the 894 homes, along with other assets and liabilities, previously owned by Pathway Homes. Those homes are now reported as wholly owned homes. In conjunction with the transaction, the operating agreements governing the Pathway joint ventures were terminated, resulting in the dissolution of Pathway Operating Company, the technology and asset management platform that served the homes. During Q3 2026, we recognized a non-cash net loss of $30.4 million related to the dissolution of the joint ventures and the resulting consolidation of the assets and liabilities at fair value, which is excluded from Core FFO, AFFO, and Adjusted EBITDA re .
A summary of our owned and/or managed homes is included in the following table: Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
As of September 30, 2026, we had $1,344 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,810 million consisted of 89.8% unsecured debt and 10.2% secured debt; 90.2% of our total debt was fixed rate or swapped to fixed rate; 89.7% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDA re was 5.5x, within our targeted range of 5.5x to 6.0x.
During Q3 2026, we acquired 8,874,903 shares of our common stock for approximately $250 million. From December 1, 2025 through October 27, 2026, we bought back nearly $1 billion of our shares. On October 26, 2026, our board of directors authorized an additional $500 million share repurchase program, which allows us to acquire shares of our common stock through open market purchases or negotiated transactions, including through Rule 10b5-1 plans, with no expiration date. Any repurchases will be made at our discretion, with the timing and actual number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities. As previously announced, on July 8, 2026, we closed a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. Net proceeds were used to prepay a portion of our secured debt obligation maturing in June 2027.
We have raised our full year 2026 guidance, including an increase to the Core FFO per share midpoint by $0.01 to $1.96 as set forth below, in addition to our other underlying assumptions.
FY 2026 Guidance Summary Current Current Prior Change in Guidance Guidance Guidance Guidance Range Midpoint Midpoint Midpoint Core FFO $1.94 - per share — $1.98 $1.96 $1.95 $0.01 diluted AFFO per $1.63 - share — $1.67 $1.65 $1.65 $— diluted Same Store Core 1.65% - 1.9% 1.9% —% Revenues 2.15% growth Same Store Core Operating 2.7% - 3.7% 3.2% 3.5% (0.3)% Expenses growth(1) Same Store 0.7% - 1.7% 1.20% 1.15% 0.05% NOI growth Wholly $200 - $300 owned million $250 million $250 million $— million acquisitio… JV $100 - $150 $125 million $100 million $25 million acquisitio… million Wholly $900 - owned $1,000 $950 million $850 million $100 million dispositio… million
(1) Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 property taxes in a range of 3% to 4%.
(2) Excludes our acquisition of ResiBuilt in January 2026. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 6 In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss) per share, 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 we are unable to reasonably predict certain items contained in the GAAP measures, including non- recurring and infrequent items that are not indicative of our 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, net casualty losses and reserves, 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 our GAAP results for the guidance period.
We will host a live webcast on Thursday, October 29, 2026, at 11:00 a.m. Eastern Time to review third quarter results, discuss recent events, and conduct a question-and-answer session with covering sell-side research analysts. A link to the live webcast is available online from our investor relations website at www.invh.com, with a replay available for one year.
Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high- quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.
Investor Relations Contact Media Relations Contact Scott McLaughlin Kristi DesJarlais 844.456.INVH (4684) 844.456.INVH (4684) IR@InvitationHomes.com Media@InvitationHomes.com
We file annual, quarterly, and current reports, proxy statements, and other information with the SEC. Our SEC filings are available to the public over the internet at the SEC's website at www.sec.gov. We maintain a website at www.invh.com, where our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are made available free of charge as soon as reasonably practicable after they are filed with or furnished to the SEC. Additionally, we may, from time to time, disclose material information to investors and the public through our investor relations website at www.invh.com, press releases, public conference calls and webcasts, and our LinkedIn pages (www.linkedin.com/company/invitation-homes/ and www.linkedin.com/showcase/resibuilt-by-invitation-homes/). We may use any one or a combination of these channels for any particular announcement. We encourage investors, the media, and others interested in our company to monitor these channels, as information posted to them could be deemed material. In addition, you may automatically receive email alerts and other information about Invitation Homes when you enroll your email address in the "receive investor email alerts" section at www.invh.com. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
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 our expectations regarding the performance of our business, our financial results, our 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 that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, federal, state, and local laws, regulations, executive actions, and policy initiatives (including the implementation of the 21st Century ROAD to Housing Act (the “Housing Act”) and related rulemaking, any limitations on institutional participation in the single-family housing market, and the effects of the Housing Act on institutional demand for our build-to-rent communities, fee-build operations, and construction and development lending), competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees, and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”), as such factors may be updated from time to time in our 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 our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim 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.
Consolidated Balance Sheets ($ in thousands, except shares and per share data) September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── -unaudited Assets: Investments in single-family $ 17,031,752 $ 17,274,622 residential properties, net Cash and cash 78,927 129,971 equivalents Restricted cash 258,907 224,894 Goodwill 314,154 258,207 Investments in unconsolidated 114,506 254,561 joint ventures Other assets, net 732,543 538,035 Total assets $ 18,530,789 $ 18,680,290 Liabilities: Secured debt, net $ 898,308 $ 1,384,114 Unsecured notes, 4,896,194 4,398,921 net Term loan 2,460,701 2,451,985 facilities, net Revolving facility 485,000 145,000 Accounts payable and accrued 406,654 230,350 expenses Resident security 187,614 184,536 deposits Other liabilities 337,331 317,492 Total liabilities 9,671,802 9,112,398 Equity: Stockholders’ equity Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, — — none outstanding as of September 30, 2026 and December 31, 2025 Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 581,764,220 and 610,788,732 5,818 6,108 outstanding as of September 30, 2026 and December 31, 2025, respectively Additional paid-in 10,364,715 11,128,590 capital Accumulated -1,606,336 -1,610,981 deficit Accumulated other comprehensive 55,991 6,415 income Total stockholders’ 8,820,188 9,530,132 equity Non-controlling 38,799 37,760 interests Total equity 8,858,987 9,567,892 Total liabilities $ 18,530,789 $ 18,680,290 and equity
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 10 Supplemental Schedule 1
(1) Includes our share from unconsolidated joint ventures. (2) Includes a $30,411 loss recognized from consolidation of assets and liabilities in connection with the dissolution of our Pathway joint ventures; this loss was recorded in income (losses) from investments in unconsolidated joint ventures. Also includes severance, restructuring, acquisition, and integration costs. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(1) From December 1, 2025 through October 27, 2026, we bought back nearly $1 billion of our shares. This includes an aggregate of 36,923,753 shares repurchased to date at an average stock price of $26.78, and represents an implied value per home of approximately $280,000 against a gross average sales price of approximately $460,000 for homes sold during that same period.
On October 26, 2026, our board of directors authorized an additional $500 million share repurchase program. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Cre… Rati… Outlo… Rat… Fit… BBB+ Stable Rat… Moo… Inv… Baa2 Stable Ser… S&P Glo… BBB Stable Rat… Uns… Unse… Fac… Publ… Cov… Bond Com… Cove… Comp… Actu… Requi… Actual Requ… Tot… Aggr… lev… 30.2 % ≤ 60% debt 36.7 % ≤ 65% rat… ratio Sec… Secu… lev… 3.6 % ≤ 45% debt 3.5 % ≤ 40% rat… ratio Une… Unen… ≥ lev… 30.8 % ≤ 60% asse… 275.8 % 150% rat… ratio Fix… Debt cha… 4.3x ≥ 1.5x serv… 4.4x ≥ cov… ratio 1.5x rat… Uns… int… 4.7x ≥ cov… 1.75x rat…
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(1) Includes the impact of interest rate swaps in place and effective as of September 30, 2026. 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.
(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 our 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 our Supplemental Indentures to the Base Indenture for our 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.
(1) Assumes all extension options are exercised. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(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 $46,872, $42,193, $44,531, $132,717, and $119,728 for Q3 2026, Q3 2025, Q2 2026, YTD 2026, and YTD 2025, 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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(2) Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 18 Supplemental Schedule 5(a)
(1) Includes 26 Same Store homes located in Nashville. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 19 Supplemental Schedule 5(a) (Continued)
(1) Includes 26 Same Store homes located in Nashville. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 20 Supplemental Schedule 5(a) (Continued)
(1) Includes 26 Same Store homes located in Nashville. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 21 Supplemental Schedule 5(b)
(1) Includes 26 Same Store homes located in Nashville. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 22 Supplemental Schedule 5(b) (Continued)
(1) Includes 26 Same Store homes located in Nashville. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 23 Supplemental Schedule 5(b) (Continued)
(1) Includes 26 Same Store homes located in Nashville. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(1) Includes 26 Same Store homes located in Nashville. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(1) Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(1) Includes severance, restructuring, acquisition, and integration costs. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 27 Supplemental Schedule 8(a)
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(1) Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.7%. Stabilized cap rate represents forecasted nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2) Cap rates on wholly owned dispositions during the quarter averaged 2.4%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price. (3) Pathway Homes was previously held through a joint venture. On September 15, 2026, we acquired the general partner and all other interests in Pathway Homes, resulting in our ownership of a controlling financial interest and the consolidation of the entity. As a result, the 894 homes held by Pathway Homes at the time were reclassified from our joint venture portfolio to our wholly owned portfolio during Q3 2026. These homes are shown as a reclassification and are not included in Q3 wholly owned acquisitions or joint venture dispositions.
(4) Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville. (5) Represents portfolio owned by the 2020 Rockpoint JV, of which we own 20.0%.
(7) Represents portfolio owned by the FNMA JV, of which we own 10.0%; however, our share of income is 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement.
(9) Represents portfolio owned by the 2024 Peregrine JV, of which we own 30.0%. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(1) Represents the number of new homes as of September 30, 2026 that are under contract to be built and delivered during a future period to Invitation Homes or one of our joint ventures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
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 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 related lease.
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 represents our 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 for an identified population of homes is calculated by dividing NOI by Core Revenues attributable to such population.
Core operating expenses for an identified population of homes reflect property operating and maintenance expenses, excluding any expenses recovered from residents.
Core revenues for an identified population of homes reflects total revenues, net of any resident recoveries.
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 represents expenditures related to the preparation of a home for disposition after the prior tenant has moved out of the home.
EBITDA, EBITDA re, and Adjusted EBITDA re are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define 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. The National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDA re. Consistent with the Nareit definition, we define EBITDA re as EBITDA, further adjusted for gain on sale of property, net of tax; and impairment on depreciated real estate investments. Adjusted EBITDA re is defined as EBITDA re before the following items: share-based compensation expense; business Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 31 reorganization; casualty (gains) losses and reserves, net; (gains) losses on debt extinguishment and modifications; and other income and expenses. EBITDA, EBITDA re, and Adjusted EBITDA re are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDA re, and Adjusted EBITDA re as measures of performance.
The GAAP measure most directly comparable to EBITDA, EBITDA re, and Adjusted EBITDA re is net income or loss. EBITDA, EBITDA re, and Adjusted EBITDA re are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, EBITDA re, and Adjusted EBITDA re may not be comparable to the EBITDA, EBITDA re, and Adjusted EBITDA re of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDA re, and Adjusted EBITDA re . Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of Net Income to Adjusted EBITDA re ” for a reconciliation of GAAP net income to EBITDA, EBITDA re, and Adjusted EBITDA re .
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. We define Core FFO as FFO adjusted for the following (including adjustments for unconsolidated joint ventures, as applicable): 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; amortization of intangible assets; business reorganization; casualty (gains) losses and reserves, net; (gains) losses on debt extinguishment and modifications; non-cash provision for (reversal of) credit losses, net; and (gains) losses on investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less Recurring Capital Expenditures, including adjustments for unconsolidated joint ventures, that are necessary to help preserve the value and maintain the functionality of our homes.
We believe that FFO is a meaningful supplemental measure of the operating performance of our 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. We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of our 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 our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our 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 our 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 represents expenditures related to the first post- acquisition renovation of a home to bring the home to our standards and specifications.
NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define 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, utility expenses, repairs and maintenance, and property administration). NOI excludes: management fee revenues; homebuilding revenues; property management expense; homebuilding cost of sales; general and administrative expense; interest expense; depreciation and amortization; casualty Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 32 losses, impairment, and other; gain on sale of property, net of tax; losses from investments in unconsolidated joint ventures; (gains) losses on debt extinguishment and modifications; and other income and expenses.
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. Our 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 our basis for computing this non-GAAP measure is comparable with that of other companies.
We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio. See “Reconciliation of Net Income to Same Store NOI” for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store Portfolio.
Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and maintain the value and functionality of a home and our systems as a single-family rental.
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 our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home.
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 our existing Same Store portfolio, homes occupied without a valid lease or other legal right of possession, and homes in markets that we have announced an intent to exit where we no longer operate a significant number of homes for the primary purpose of income generation.
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, characteristics, and lease terms as our existing 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 1 st of the year in which the Same Store portfolio was established.
We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and our prior year comparison period provides management and external stakeholders with meaningful information about the performance of our comparable homes across periods and about trends in our organic business.
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.
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 refer to financial and operating requirements that we must meet with respect to our $1,750 million revolving credit facility (the “Revolving Facility”) and our $1,750 million term loan facility (the “2024 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in our Second Amended and Restated Revolving Credit and Term Loan Agreement dated September 9, 2024, as amended, and our $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 our 2022 Term Loan Agreement, as amended (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 our compliance with certain covenants that we believe are our 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 our pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our 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 our pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our 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 our 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 our 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 our 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 our 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 our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our 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 us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Credit Agreements, see the applicable exhibits to our Annual Report. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 34 The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of our indebtedness related to our Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report, as such factors may be updated from time to time in our periodic filings with the SEC.
Unsecured public bond covenants refer to financial and operating requirements that we must meet with respect to our senior notes, as set forth in our Supplemental Indentures to the Base Indenture for our Senior Notes (together, the “Indenture”). The metrics provided under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our 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 our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our 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 us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to our Current Reports on Form 8-K filed on August 6, 2021, November 5, 2021, April 5, 2022, August 2, 2023, September 26, 2024, August 15, 2025, and July 8, 2026.
The breach of any of the covenants set forth in the Indenture could result in a default of our indebtedness related to our senior notes, which could cause those obligations to become due and payable. Our ability to comply with th ese covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report, as such factors may be updated from time to time in our periodic filings with the SEC.
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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(1) Includes interest income, non-cash provision for credit losses, net, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(1) Includes a $30,411 loss recognized from consolidation of assets and liabilities in connection with the dissolution of our Pathway joint ventures; this loss was recorded in income (losses) from investments in unconsolidated joint ventures. Also includes severance, restructuring, acquisition, and integration costs.
(3) Includes interest income, non-cash provision for credit losses, net, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses. Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
(1) Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Full text with the tables
Table of Contents
Earnings Press Release 3
Consolidated Financial Statements 9
Schedule 1: 11
Reconciliation of FFO, Core FFO, and AFFO
Schedule 2: Capital Structure Information 12
Schedule 3: Same Store Portfolio Core Operating 16
Detail
Schedule 4: Home Characteristics by Market 18
Schedule 5: Same Store Operating Information by 19
Market
Schedule 6: Cost to Maintain and Capital 26
Expenditure Detail
Schedule 7: Adjusted Property Management and G&A 27
Reconciliation
Schedule 8:
Acquisitions, Dispositions, and Development 28
Pipeline
Glossary and Reconciliations 31
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 2
Earnings Press Release
Invitation Homes Reports Third Quarter 2026 Results
Dallas, TX, October 28, 2026 —
Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”),
the nation’s premier single-family home leasing and management company, today
announced our Third Quarter (“Q3”) 2026 financial and operating results.
Q3 2026 Highlights
• Year over year, total revenues increased 6.3% to $731 million, property
operating and maintenance costs increased 2.0% to $264 million, and net income
available to common stockholders increased 15.6% to $158 million, or $0.27 per
diluted common share.
• Year over year, Core FFO per share increased 2.4% to $0.48, while AFFO per
share increased 0.1% to $0.38.
• Same Store NOI increased 1.1% year over year on 1.6% Same Store Core Revenues
growth and 2.5% Same Store Core Operating Expenses growth.
• Same Store Average Occupancy was 96.4%, a reduction of 10 basis points year
over year.
• Same Store renewal rent growth of 4.3% and Same Store new lease rent growth of
(0.2)% resulted in Same Store blended rent growth of 3.0%.
• We sold 658 wholly owned homes, most to families purchasing for their own use,
and acquired 216 wholly owned homes, for net dispositions of 442 homes and net
proceeds of approximately $245 million that we used to fund share repurchases.
• As previously announced, on July 8, 2026, we closed a public offering of $500
million aggregate principal amount of 4.950% senior notes (the “Notes”). The
Notes were priced at 99.291% of the principal amount and mature on February 1,
2032. Net proceeds were used to prepay a portion of our secured debt obligation
maturing in June 2027.
Capital Allocation Update
From December 1, 2025 through October 27, 2026, we bought back nearly $1 billion
of our shares. This includes an aggregate of 36,923,753 shares repurchased to
date at an average stock price of $26.78, and represents an implied value per
home of approximately $280,000 against a gross average sales price of
approximately $460,000 for homes sold during that same period.
On October 26, 2026, our board of directors authorized an additional $500
million share repurchase program.
Comments from Chief Executive Officer Dallas Tanner
“Our third quarter reflected steady execution across the platform. Same Store
NOI grew 1.1% year over year, blended rent growth was 3.0%, and with the benefit
of our share repurchases, Core FFO per share grew 2.4%. Since December 2025,
we’ve repurchased nearly $1 billion of our stock at a substantial valuation
discount. We believe that is more than any other residential REIT. With the new
$500 million share repurchase program our board just authorized, we intend to
keep funding buybacks with home sale proceeds whenever our stock trades at a
meaningful discount to the value of our homes, guided by market conditions and a
disciplined approach to the balance sheet.”
“Following a solid third quarter, we are raising our full year guidance
midpoints for Core FFO per share by $0.01 to $1.96, Same Store NOI growth
guidance to 1.2%, and wholly owned home sales to $950 million, which supports
our continued focus on closing the gap between public and private market
values.”
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 2026 Earnings Release and Supplemental Information — page 3
Financial Results
Net Income, FFO,
Core FFO, and AFFO
Per
Share — Diluted Q3 2026 Q3 2025 YTD 2026 YTD 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 0.27 $ 0.22 $ 0.90 $ 0.72
FFO 0.36 0.44 1.25 1.35
Core FFO 0.48 0.47 1.46 1.43
AFFO 0.38 0.38 1.23 1.22
Net Income
Net income per common share — diluted for Q3 2026 was $0.27, compared to net
income per common share — diluted of $0.22 for Q3 2025. Total revenues and total
property operating and maintenance expenses for Q3 2026 were $731 million and
$264 million, respectively, compared to $688 million and $259 million,
respectively, for Q3 2025.
Net income per common share — diluted for YTD 2026 was $0.90, compared to net
income per share — diluted of $0.72 for YTD 2025. Total revenues and total
property operating and maintenance expenses for YTD 2026 were $2,213 million and
$771 million, respectively, compared to $2,044 million and $741 million,
respectively, for YTD 2025.
Core FFO
Year over year, Core FFO per share for Q3 2026 increased 2.4% to $0.48, while
Core FFO per share for YTD 2026 increased 2.1% to $1.46, primarily due to a
lower share count from stock repurchases and Same Store NOI growth.
AFFO
Year over year, AFFO per share for Q3 2026 increased 0.1% to $0.38, while AFFO
per share for YTD 2026 increased 1.1% to $1.23, primarily due to the increase in
Core FFO per share described above.
Operating Results
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Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 4
Same Store NOI
For the Same Store Portfolio of 76,687 homes, Same Store NOI for Q3 2026
increased 1.1% year over year on Same Store Core Revenues growth of 1.6% and
Same Store Core Operating Expenses growth of 2.5%.
YTD 2026 Same Store NOI increased 0.9% year over year on Same Store Core
Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 3.3%.
Same Store Core Revenues
Q3 2026 year over year Same Store Core Revenues growth of 1.6% was primarily
driven by a 1.8% increase in Average Monthly Rent and a 2.6% increase in other
property income, net, partially offset by a 10 basis point year over year
decrease in Average Occupancy and a 10 basis point year over year increase in
bad debt.
YTD 2026 year over year Same Store Core Revenues growth of 1.7% was primarily
driven by a 2.0% increase in Average Monthly Rent and a 4.1% increase in other
property income, net, partially offset by a 40 basis point year over year
decrease in Average Occupancy.
Same Store Core Operating Expenses
Q3 2026 year over year Same Store Core Operating Expenses increased 2.5%,
primarily attributable to a 4.9% increase in controllable expenses and a 1.1%
increase in fixed expenses.
YTD 2026 year over year Same Store Core Operating Expenses increased 3.3%,
primarily driven by a 4.7% increase in controllable expenses and a 2.5% increase
in fixed expenses.
Investment, Property Management, and Homebuilding Activity
During Q3 2026, we sold 658 wholly owned homes, most to families purchasing for
their own use, for gross proceeds of approximately $318 million, and we sold 18
homes for gross proceeds of approximately $7 million in our joint ventures.
Acquisitions for Q3 2026 included 216 wholly owned homes for approximately $74
million and 288 homes for approximately $92 million in our joint ventures.
YTD 2026, we sold 1,798 wholly owned homes for gross proceeds of approximately
$833 million and 42 homes for gross proceeds of approximately $18 million in our
joint ventures. We also acquired 673 wholly owned homes for approximately $239
million and 375 homes for approximately $122 million in our joint ventures.
On September 15, 2026, we executed a series of agreements to effectuate the
dissolution of the Pathway joint ventures, Pathway Property Company (“Pathway
Homes”) and Pathway Operating Company. We were the sole limited partner and
provided all of the equity capital to Pathway Homes from its inception. In
connection with the transaction, we acquired the general partner and all other
interests in Pathway Homes, resulting in our ownership of a controlling
financial interest in the entity and the consolidation of the 894 homes, along
with other assets and liabilities, previously owned by Pathway Homes. Those
homes are now reported as wholly owned homes. In conjunction with the
transaction, the operating agreements governing the Pathway joint ventures were
terminated, resulting in the dissolution of Pathway Operating Company, the
technology and asset management platform that served the homes. During Q3 2026,
we recognized a non-cash net loss of $30.4 million related to the dissolution of
the joint ventures and the resulting consolidation of the assets and liabilities
at fair value, which is excluded from Core FFO, AFFO, and Adjusted EBITDA re .
A summary of our owned and/or managed homes is included in the following table:
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 5
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Balance Sheet and Capital Markets Activity
As of September 30, 2026, we had $1,344 million in available liquidity through a
combination of unrestricted cash and undrawn capacity on our revolving credit
facility. In addition, our total indebtedness of $8,810 million consisted of
89.8% unsecured debt and 10.2% secured debt; 90.2% of our total debt was fixed
rate or swapped to fixed rate; 89.7% of our wholly owned homes were
unencumbered; and our Net debt / TTM adjusted EBITDA re was 5.5x, within our
targeted range of 5.5x to 6.0x.
During Q3 2026, we acquired 8,874,903 shares of our common stock for
approximately $250 million. From December 1, 2025 through October 27, 2026, we
bought back nearly $1 billion of our shares. On October 26, 2026, our board of
directors authorized an additional $500 million share repurchase program, which
allows us to acquire shares of our common stock through open market purchases or
negotiated transactions, including through Rule 10b5-1 plans, with no expiration
date. Any repurchases will be made at our discretion, with the timing and actual
number of shares repurchased depending on a variety of factors, including price,
corporate and regulatory requirements, market conditions, and other liquidity
needs and priorities.
As previously announced, on July 8, 2026, we closed a public offering of $500
million aggregate principal amount of 4.950% senior notes (the “Notes”). The
Notes were priced at 99.291% of the principal amount and mature on February 1,
2032. Net proceeds were used to prepay a portion of our secured debt obligation
maturing in June 2027.
FY 2026 Guidance
We have raised our full year 2026 guidance, including an increase to the Core
FFO per share midpoint by $0.01 to $1.96 as set forth below, in addition to our
other underlying assumptions.
FY 2026
Guidance
Summary
Current Current Prior Change in
Guidance Guidance Guidance Guidance
Range Midpoint Midpoint Midpoint
Core FFO $1.94 -
per share — $1.98 $1.96 $1.95 $0.01
diluted
AFFO per $1.63 -
share — $1.67 $1.65 $1.65 $—
diluted
Same Store
Core 1.65% - 1.9% 1.9% —%
Revenues 2.15%
growth
Same Store
Core
Operating 2.7% - 3.7% 3.2% 3.5% (0.3)%
Expenses
growth(1)
Same Store 0.7% - 1.7% 1.20% 1.15% 0.05%
NOI growth
Wholly $200 - $300
owned million $250 million $250 million $— million
acquisitio…
JV $100 - $150 $125 million $100 million $25 million
acquisitio… million
Wholly $900 -
owned $1,000 $950 million $850 million $100 million
dispositio… million
(1) Same Store Core Operating Expenses growth guidance assumes a year over year
increase in FY 2026 property taxes in a range of 3% to 4%.
(2) Excludes our acquisition of ResiBuilt in January 2026.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 6
In accordance with SEC rules, we do not provide guidance for the most comparable
GAAP financial measures of net income (loss) per share, 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 we are unable to
reasonably predict certain items contained in the GAAP measures, including non-
recurring and infrequent items that are not indicative of our 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, net casualty losses
and reserves, 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 our GAAP results for the guidance period.
Earnings Conference Call Information
We will host a live webcast on Thursday, October 29, 2026, at 11:00 a.m. Eastern
Time to review third quarter results, discuss recent events, and conduct a
question-and-answer session with covering sell-side research analysts. A link to
the live webcast is available online from our investor relations website at
www.invh.com, with a replay available for one year.
About Invitation Homes
Invitation Homes, an S&P 500 company, is the nation’s premier single-family home
leasing and management company, helping to expand housing through new
development and strategic partnerships. Our purpose, Unlock the Power of Home™,
reflects our commitment to address America’s housing needs by delivering high-
quality living solutions and Genuine CARE™ to those who choose the flexibility
and value of leasing.
Investor Relations Contact Media Relations Contact
Scott McLaughlin Kristi DesJarlais
844.456.INVH (4684) 844.456.INVH (4684)
IR@InvitationHomes.com Media@InvitationHomes.com
Investor Communication Channels
We file annual, quarterly, and current reports, proxy statements, and other
information with the SEC. Our SEC filings are available to the public over the
internet at the SEC's website at www.sec.gov. We maintain a website at
www.invh.com, where our annual reports on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K, and amendments to those reports filed or
furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as amended, are made available free of charge as soon as reasonably
practicable after they are filed with or furnished to the SEC. Additionally, we
may, from time to time, disclose material information to investors and the
public through our investor relations website at www.invh.com, press releases,
public conference calls and webcasts, and our LinkedIn pages
(www.linkedin.com/company/invitation-homes/ and
www.linkedin.com/showcase/resibuilt-by-invitation-homes/). We may use any one or
a combination of these channels for any particular announcement. We encourage
investors, the media, and others interested in our company to monitor these
channels, as information posted to them could be deemed material. In addition,
you may automatically receive email alerts and other information about
Invitation Homes when you enroll your email address in the "receive investor
email alerts" section at www.invh.com.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 7
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 our expectations regarding the
performance of our business, our financial results, our 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 that may impact our financial condition, results of
operations, cash flows, business, associates, and residents, including, among
others, risks inherent to the single-family rental industry and our business
model, macroeconomic factors beyond our control, federal, state, and local laws,
regulations, executive actions, and policy initiatives (including the
implementation of the 21st Century ROAD to Housing Act (the “Housing Act”) and
related rulemaking, any limitations on institutional participation in the
single-family housing market, and the effects of the Housing Act on
institutional demand for our build-to-rent communities, fee-build operations,
and construction and development lending), competition in identifying and
acquiring properties, competition in the leasing market for quality residents,
increasing property taxes, homeowners’ association (“HOA”) fees, and insurance
costs, poor resident selection and defaults and non-renewals by our residents,
our dependence on third parties for key services, risks related to the
evaluation of properties, performance of our information technology systems,
development and use of artificial intelligence, risks related to our
indebtedness, risks related to the potential negative impact of fluctuating
global and United States economic conditions (including inflation and imposition
or increase of tariffs and trade restrictions by the United States and foreign
countries), uncertainty in financial markets (including as a result of events
affecting financial institutions), geopolitical tensions, natural disasters,
climate change, and public health crises. Accordingly, there are or will be
important factors that could cause actual outcomes or results to differ
materially from those indicated in these statements. We believe these factors
include, but are not limited to, those described under Part I. Item 1A. “Risk
Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025
(the “Annual Report”), as such factors may be updated from time to time in our
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 our other periodic filings. The forward-looking statements speak only as
of the date of this press release, and we expressly disclaim 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 2026 Earnings Release and Supplemental Information — page 8
Consolidated
Balance Sheets
($ in thousands,
except shares and
per share data) September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
-unaudited
Assets:
Investments in
single-family $ 17,031,752 $ 17,274,622
residential
properties, net
Cash and cash 78,927 129,971
equivalents
Restricted cash 258,907 224,894
Goodwill 314,154 258,207
Investments in
unconsolidated 114,506 254,561
joint
ventures
Other assets, net 732,543 538,035
Total assets $ 18,530,789 $ 18,680,290
Liabilities:
Secured debt, net $ 898,308 $ 1,384,114
Unsecured notes, 4,896,194 4,398,921
net
Term loan 2,460,701 2,451,985
facilities, net
Revolving facility 485,000 145,000
Accounts payable
and accrued 406,654 230,350
expenses
Resident security 187,614 184,536
deposits
Other liabilities 337,331 317,492
Total liabilities 9,671,802 9,112,398
Equity:
Stockholders’
equity
Preferred stock,
$0.01 par value
per
share, 900,000,000
shares authorized, — —
none outstanding
as of September
30,
2026 and December
31, 2025
Common stock,
$0.01 par value
per share,
9,000,000,000
shares authorized,
581,764,220 and
610,788,732 5,818 6,108
outstanding
as of September
30, 2026 and
December
31, 2025,
respectively
Additional paid-in 10,364,715 11,128,590
capital
Accumulated -1,606,336 -1,610,981
deficit
Accumulated other
comprehensive 55,991 6,415
income
Total
stockholders’ 8,820,188 9,530,132
equity
Non-controlling 38,799 37,760
interests
Total equity 8,858,987 9,567,892
Total liabilities $ 18,530,789 $ 18,680,290
and equity
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 9
Cons…
Stat…
of
Oper…
($ in
thou…
exce…
shar…
and
per
share
amou…
(una… Q3 Q3 YTD YTD
Reve… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Rent… $ 597,3… $ 593,6… $ 1,798… $ 1,771…
reve…
Other
prop… 78,203 72,585 226,3… 207,0…
inco…
Mana…
fee 19,889 21,975 59,479 65,677
reve…
Home… 35,849 — 129,0… —
reve…
Total 731,2… 688,1… 2,212… 2,044…
reve…
Expe…
Prop…
oper… 264,1… 259,0… 771,0… 740,7…
and
main…
Prop…
mana… 39,163 37,073 116,2… 109,6…
expe…
Home…
cost 31,967 — 113,3… —
of
sales
Gene…
and 34,233 18,444 95,884 71,553
admi…
Inte… 92,045 90,781 281,3… 262,4…
expe…
Depr…
and 195,7… 188,4… 583,1… 557,0…
amor…
Casu…
loss…
impa… 6,807 3,420 15,388 11,132
and
other
Total 664,1… 597,2… 1,976… 1,752…
expe…
Gain
on
sale
of 136,1… 45,515 355,5… 163,7…
prop…
net
of
tax
Inco…
(los…
from
inve… -32,1… 2,130 -37,6… -7,890
in
unco…
joint
vent…
Loss
on
debt -8,660 — -8,660 —
exti…
and
modi…
Othe… -3,366 -1,389 -6,008 -2,468
net
Net 159,0… 137,2… 539,8… 444,8…
inco…
Net
inco…
attr… -602 -472 -1,963 -1,489
to
non-…
inte…
Net
inco…
attr… 158,4… 136,7… 537,8… 443,3…
to
comm…
stoc…
Net
inco…
avai… -676 -264 -2,059 -714
to
part…
secu…
Net
inco…
avai…
to
comm… $ 157,8… $ 136,4… $ 535,7… $ 442,6…
stoc…
—
basic
and
dilu…
Weig…
aver…
comm…
shar… 588,4… 613,0… 595,5… 612,9…
outs…
—
basic
Weig…
aver…
comm…
shar… 588,5… 613,0… 595,6… 613,2…
outs…
—
dilu…
Net
inco…
per
comm… $ 0.27 $ 0.22 $ 0.90 $ 0.72
share
—
basic
Net
inco…
per
comm… $ 0.27 $ 0.22 $ 0.90 $ 0.72
share
—
dilu…
Divi…
decl…
per $ 0.30 $ 0.29 $ 0.90 $ 0.87
comm…
share
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 10
Supplemental Schedule 1
Rec…
of
FFO,
Core
FFO,
and
AFFO
($
in
tho…
exc…
sha…
and
per
sha…
amo… FFO Q3 Q3 YTD YTD
(un… Reco… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
inc…
ava… $ 157,… $ 136,4… $ 535,7… $ 442,6…
to
com…
sto…
Net
inc…
ava… 676 264 2,059 714
to
par…
sec…
Non… 602 472 1,963 1,489
int…
Dep…
and
amo…
of 185,… 183,6… 555,4… 543,7…
real
est…
ass…
Imp…
on
dep… 796 335 2,226 434
real
est…
inv…
Net
gain
on
sale
of
pre… -136… -45,5… -355,… -163,…
dep…
inv…
in
real
est…
Dep…
and
net
gain
on
sale 2,710 -1,992 8,629 5,016
of
inv…
in
unc…
joi…
ven…
FFO $ 211,… $ 273,6… $ 750,5… $ 830,3…
Core Q3 Q3 YTD YTD
FFO 2026 2025 2026 2025
Rec…
FFO $ 211,… $ 273,6… $ 750,5… $ 830,3…
Non…
int…
exp…
rel…
to
amo…
of
def…
fin… 5,418 9,128 23,894 18,486
cos…
loan
dis…
and
non…
int…
exp…
from
der…
Sha…
com… 11,4… 1,916 31,508 20,537
exp…
Amo…
of 4,188 — 9,298 —
int…
ass…
Bus… 32,0… — 34,789 2,420
reo…
Cas…
los…
and 6,036 3,116 13,329 10,799
res…
net…
Loss
on
debt 8,660 — 8,660 —
ext…
and
mod…
Non…
pro…
for 3,516 — 3,516 —
cre…
los…
net
(Ga…
los…
on
inv…
in 5 -380 344 -69
equ…
and
oth…
sec…
net
Core $ 282,… $ 287,4… $ 875,8… $ 882,4…
FFO
AFFO Q3 Q3 YTD YTD
Rec… 2026 2025 2026 2025
Core $ 282,… $ 287,4… $ 875,8… $ 882,4…
FFO
Rec…
Cap… -56,… -52,3… -139,… -132,…
Exp…
AFFO $ 226,… $ 235,1… $ 736,7… $ 749,5…
Net
inc…
ava…
to
com…
sto…
Wei…
ave…
com…
sha… 588,… 613,0… 595,6… 613,2…
out…
—
dil…
Net
inc…
per
com… $ 0.27 $ 0.22 $ 0.90 $ 0.72
sha…
—
dil…
FFO,
Core
FFO,
and
AFFO
Wei…
ave…
com…
sha…
and 591,… 615,5… 598,3… 615,6…
OP
Uni…
out…
—
dil…
FFO
per
sha… $ 0.36 $ 0.44 $ 1.25 $ 1.35
—
dil…
Core
FFO
per $ 0.48 $ 0.47 $ 1.46 $ 1.43
sha…
—
dil…
AFFO
per
sha… $ 0.38 $ 0.38 $ 1.23 $ 1.22
—
dil…
(1) Includes our share from unconsolidated joint ventures.
(2) Includes a $30,411 loss recognized from consolidation of assets and
liabilities in connection with the dissolution of our Pathway joint ventures;
this loss was recorded in income (losses) from investments in unconsolidated
joint ventures. Also includes severance, restructuring, acquisition, and
integration costs.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 11
Supplemental Schedule 2(a)
Dilu…
Shar…
Outs…
(una…
Weig…
Aver…
Amou… Q3 Q3 YTD YTD
for 2026 2025 2026 2025
Net
Inco…
Comm…
shar… 588,4… 613,0… 595,5… 612,9…
—
basic
Shar…
pote…
issu…
from 121,6… — 148,1… 265,9…
vest…
of
equi…
awar…
Total
comm…
shar… 588,5… 613,0… 595,6… 613,2…
—
dilu…
Weig…
aver…
amou…
for Q3 Q3 YTD YTD
FFO, 2026 2025 2026 2025
Core
FFO,
and
AFFO
Comm…
shar… 588,4… 613,0… 595,5… 612,9…
—
basic
OP
units 2,196… 2,099… 2,165… 2,058…
—
basic
Shar…
pote…
issu…
from 787,2… 415,0… 678,5… 644,0…
vest…
of
equi…
awar…
Total
comm…
shar…
and 591,3… 615,5… 598,3… 615,6…
units
—
dilu…
Peri…
end
amou… Septe…
for 30,
Core 2026
FFO
and
AFFO
Comm… 581,7…
shar…
OP 2,196…
units
Shar…
pote…
issu…
from 1,449…
vest…
of
equi…
awar…
Total
comm…
shar… 585,4…
and
unit…
Share
Repurcha…
Program
($ in
thousand…
except
shares
and per
share
data) Average
(unaudit… Shares Purchase Price
Period Repurchas… Price Per Share
──────────────────────────────────────────────────────────────────────────────
Q4 2025 2,232,685 $ 61,235 $ 27.43
Q1 2026 17,101,046 438,765 25.66
Q2 2026 3,478,690 100,000 28.75
Q3 2026 8,874,903 250,000 28.17
Total / 31,687,324 $ 850,000 $ 26.82
Average
Remaining
Authoriz…
as of $ 150,000
September
30,
2026(1)
(1) From December 1, 2025 through October 27, 2026, we bought back nearly $1
billion of our shares. This includes an aggregate of 36,923,753 shares
repurchased to date at an average stock price of $26.78, and represents an
implied value per home of approximately $280,000 against a gross average sales
price of approximately $460,000 for homes sold during that same period.
On October 26, 2026, our board of directors authorized an additional $500
million share repurchase program.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 12
Supplemental Schedule 2(b)
Debt
Stru…
and
Leve…
Rati…
— As
of
Sept…
30,
2026
──────────────────────────────────────────────────────────────────────────────
($ in
thou…
(una…
Wtd Wtd
Avg Avg
Inter… Years
to
Debt Bala… % of Rate(… Matu…
Stru… Total
Secu…
Fixe… $ 900,1… 10.2 % 3.9 % 2.5
Floa…
—
swap… — — % — % —
to
fixed
Floa… — — % — % —
Total 900,1… 10.2 % 3.9 % 2.5
secu…
Unse…
Fixed 4,950… 56.2 % 3.9 % 5.5
Floa…
—
swap… 2,100… 23.8 % 3.9 % 3.1
to
fixed
Floa… 860,0… 9.8 % 4.7 % 3.2
Total 7,910… 89.8 % 4.0 % 4.6
unse…
Total
Debt:
Fixed
+
floa… 7,950… 90.2 % 3.9 % 4.5
swap…
to
fixe…
Floa… 860,0… 9.8 % 4.7 % 3.2
Total 8,810… 100.0 % 4.0 % 4.4
debt
Unam…
disc…
on -24,8…
notes
paya…
Defe…
fina… -45,1…
cost…
net
Total
debt
per 8,740…
Bala…
Sheet
Reta…
and -55,4…
repu…
cert…
Cash,
ex-s…
depo…
and -147,…
lett…
of
cred…
Defe…
fina… 45,110
cost…
net
Unam…
disc…
on 24,854
notes
paya…
Net $ 8,607…
debt
Leve… Sept…
Rati… 30,
2026
Net
Debt
/ TTM 5.5 x
Adju…
EBIT…
Cre… Rati… Outlo…
Rat…
Fit… BBB+ Stable
Rat…
Moo…
Inv… Baa2 Stable
Ser…
S&P
Glo… BBB Stable
Rat…
Uns… Unse…
Fac… Publ…
Cov… Bond
Com… Cove…
Comp…
Actu… Requi… Actual Requ…
Tot… Aggr…
lev… 30.2 % ≤ 60% debt 36.7 % ≤ 65%
rat… ratio
Sec… Secu…
lev… 3.6 % ≤ 45% debt 3.5 % ≤ 40%
rat… ratio
Une… Unen… ≥
lev… 30.8 % ≤ 60% asse… 275.8 % 150%
rat… ratio
Fix… Debt
cha… 4.3x ≥ 1.5x serv… 4.4x ≥
cov… ratio 1.5x
rat…
Uns…
int… 4.7x ≥
cov… 1.75x
rat…
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 13
Supplemental Schedule 2(b) (Continued)
(1) Includes the impact of interest rate swaps in place and effective as of
September 30, 2026. 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 our 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 our Supplemental
Indentures to the Base Indenture for our 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 2026 Earnings Release and Supplemental Information — page 14
Supplemental Schedule 2(c)
D…
M…
S…
—
As
of
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
($
in
t…
(…
Un…
De…
Se… Un… Te… Re… %
Lo… of
D…
M… De… No… Fa… Fa… To… To…
w…
E…
2… $ — $ — $ — $ — $ — — %
2… 49… — — — 49… 5… %
2… — 75… — — 75… 8… %
2… — — 1,… 48… 2,… 2… %
2… — 45… 72… — 1,… 1… %
2… 40… 65… — — 1,… 1… %
2… — 1,… — — 1,… 1… %
2… — 95… — — 95… 1… %
2… — 40… — — 40… 4… %
2… — 50… — — 50… 5… %
2… — 15… — — 15… 1… %
90… 4,… 2,… 48… 8,… 1… %
U…
d…
on -2… -2… — — -2…
n…
p…
D…
f… -1… -2… -1… — -4…
c…
n…
T…
p… $ 89… $ 4,… $ 2,… $ 48… $ 8,…
B…
S…
(1) Assumes all extension options are exercised.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 15
Supplemental Schedule 3(a)
… … … … … Y… Y… C…
… … … … … 2… 2… Y…
──────────────────────────────────────────────────────────────────────────────
$ … $ … … % $ … … % $ … $ … … %
… … … % … … % … … … %
… … … % … … % … … … %
… … … % … … % … … … %
… … … % … … % … … … %
… … … % … … % … … … %
… … … % … … % … … … %
… … … % … … % … … … %
… … … % … … % … … … %
… … … % … … % … … … %
… … … % … … % … … … %
… … … % … … % … … … %
… … … % … … % … … … %
$ … $ … … % $ … … % $ … $ … … %
(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 $46,872, $42,193, $44,531, $132,717, and $119,728
for Q3 2026, Q3 2025, Q2 2026, YTD 2026, and YTD 2025, 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 2026 Earnings Release and Supplemental Information — page 16
Supplemental Schedule 3(b)
S…
S…
Q…
O…
T…
(…
Q3 Q2 Q1 Q4 Q3
20… 20… 20… 2… 2…
A… 96… % 97… % 96… % 96… % 96… %
O…
T… 6.2 % 5.6 % 5.2 % 5.6 % 6.3 %
R…
T…
f…
q… 22… % 22… % 23… % 23… % N…
T…
R…
A…
M… $ 2,… $ 2,… $ 2,… $ 2,… $ 2,…
R…
R…
R…
G…
(…
R… 4.3 % 3.3 % 3.7 % 4.2 % 4.5 %
N… -0… % 1.2 % -3… % -4… % -0… %
l…
B… 3.0 % 2.7 % 1.6 % 1.8 % 2.9 %
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 17
Supplemental Schedule 4
Wh…
Ow…
Po…
Ch…
—
As
of
and
for
the
Qu…
En…
Se…
30,
20…
(u… Ave…
We… Num… Ave… Mon… Per…
Un… of Ave… Mon… Rent of
St… Hom… Occ… Rent PSF Rev…
──────────────────────────────────────────────────────────────────────────────
So… 6,6… 96.2 % $ 3,… $ 1.… 10… %
Ca…
No… 3,8… 96.6 % 2,… 1.… 5.2 %
Ca…
Se… 3,8… 96.7 % 3,… 1.… 5.6 %
Ph… 9,2… 96.5 % 2,… 1.… 9.2 %
Las 3,3… 96.5 % 2,… 1.… 3.7 %
Ve…
De… 3,1… 94.0 % 2,… 1.… 3.8 %
We…
US 29,… 96.2 % 2,… 1.… 38… %
Su…
Fl…
So… 7,7… 94.2 % 3,… 1.… 11… %
Fl…
Ta… 9,5… 94.9 % 2,… 1.… 10… %
Or… 7,0… 95.7 % 2,… 1.… 7.9 %
Ja… 2,1… 96.9 % 2,… 1.… 2.3 %
Fl… 26,… 95.1 % 2,… 1.… 32… %
Su…
So…
Un…
St…
At… 12,… 94.8 % 2,… 1.… 12… %
Ca… 6,2… 95.5 % 2,… 1.… 6.3 %
So…
US 18,… 95.0 % 2,… 1.… 18… %
Su…
Te…
Ho… 2,5… 94.6 % 1,… 0.… 2.4 %
Da… 3,8… 93.8 % 2,… 1.… 3.9 %
Te… 6,4… 94.1 % 2,… 1.… 6.3 %
Su…
Mi…
Un…
St…
Ch… 2,4… 96.2 % 2,… 1.… 2.9 %
Mi… 1,0… 94.1 % 2,… 1.… 1.2 %
Mi…
US 3,4… 95.6 % 2,… 1.… 4.1 %
Su…
Ot… 540 90.9 % 1,… 1.… 0.4 %
To…
/ 85,… 95.4 % $ 2,… $ 1.… 10… %
Av…
Sa…
St…
To… 76,… 96.4 % $ 2,… $ 1.… 91… %
/
Av…
(1) All data is for the total wholly owned portfolio, unless otherwise noted.
(2) Includes homes located in San Antonio, Salt Lake City, Austin, and
Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 18
Supplemental Schedule 5(a)
…
──────────────────────────────────────────────────────────────────────────────
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 19
Supplemental Schedule 5(a) (Continued)
…
──────────────────────────────────────────────────────────────────────────────
% … % … … —
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 20
Supplemental Schedule 5(a) (Continued)
…
──────────────────────────────────────────────────────────────────────────────
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
% … % … … …
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 21
Supplemental Schedule 5(b)
──────────────────────────────────────────────────────────────────────────────
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 22
Supplemental Schedule 5(b) (Continued)
──────────────────────────────────────────────────────────────────────────────
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 23
Supplemental Schedule 5(b) (Continued)
──────────────────────────────────────────────────────────────────────────────
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 24
Supplemental Schedule 5(c)
…
…
…
…
…
…
R…
R…
G…
Q3 …
2… …
R… N… B… … … …
L… L… A… … … …
…
…
…
… 5… % 4… % 5… % 5… % 2… % 4… %
…
… 1… % 3… % 1… % 2… % 2… % 2… %
…
… 4… % 2… % 3… % 4… % 2… % 4… %
… 4… % -… % 1… % 3… % -… % 1… %
… 3… % -… % 2… % 3… % -… % 1… %
…
… 3… % -… % 2… % 2… % -… % 1… %
…
… 3… % 0… % 3… % 3… % -… % 2… %
…
…
… 5… % -… % 3… % 5… % -… % 3… %
…
… 4… % -… % 1… % 2… % -… % 1… %
… 4… % 1… % 3… % 3… % -… % 2… %
… 4… % 2… % 4… % 3… % 0… % 2… %
… 4… % -… % 2… % 3… % -… % 2… %
…
…
…
…
… 3… % -… % 2… % 3… % -… % 2… %
… 3… % 2… % 3… % 3… % 1… % 2… %
…
… 3… % 0… % 2… % 3… % -… % 2… %
…
…
… 4… % -… % 3… % 2… % -… % 1… %
… 4… % -… % 2… % 2… % -… % 1… %
… 4… % -… % 2… % 2… % -… % 1… %
…
…
…
…
… 5… % 6… % 5… % 5… % 5… % 5… %
… 5… % 4… % 5… % 5… % 3… % 5… %
…
… 5… % 5… % 5… % 5… % 4… % 5… %
…
… 5… % -… % 0… % 3… % -… % -… %
…
/ 4… % -… % 3… % 3… % -… % 2… %
…
(1) Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 25
Supplemental Schedule 6
Sa…
St…
Co…
to
Ma…
ne…
($
in
th…
ex…
per
ho…
am… Q3 Q2 Q1 Q4 Q3
(u… Tot… 2026 2026 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
R&M
Op… $ 31,… $ 26,… $ 22,… $ 23,… $ 29,…
net
Tu…
Op… 12,… 10,… 9,2… 10,… 11,…
net
To…
re…
op… $ 43,… $ 36,… $ 32,… $ 33,… $ 41,…
ex…
net
R&M $ 41,… $ 29,… $ 26,… $ 25,… $ 34,…
Ca…
Tu… 10,… 8,1… 8,9… 9,6… 10,…
Ca…
To…
Re… $ 51,… $ 37,… $ 35,… $ 35,… $ 45,…
Ca…
Ex…
R&M
Op…
net $ 72,… $ 56,… $ 48,… $ 49,… $ 64,…
+
R&M
Ca…
Tu…
Op…
net 22,… 18,… 18,… 19,… 22,…
+
Tu…
Ca…
To…
Co…
to $ 95,… $ 74,… $ 67,… $ 69,… $ 86,…
Ma…
net
Per Q3 Q2 Q1 Q4 Q3
Ho… 2026 2026 2026 2025 20…
To…
Co…
to $ 1,2… $ 970 $ 877 $ 901 $ 1,1…
Ma…
net
(1) Recurring R&M OpEx and Turn OpEx are presented net of applicable resident
recoveries.
Total
Whol…
Owned
Port…
Capi…
Expe…
Deta…
($ in
thou… Q3 Q2 Q1 Q3
(una… Total 2026 2026 2026 Q4 2025 2025
──────────────────────────────────────────────────────────────────────────────
Recu… $ 56,274 $ 41,392 $ 40,058 $ 40,112 $ 51,719
CapEx
Value
Enha… 13,727 14,203 12,618 14,904 21,370
CapEx
Init…
Reno… 2,714 3,224 4,068 5,708 6,927
CapEx
Disp… 729 1,274 1,033 904 862
CapEx
Total
Capi… $ 73,444 $ 60,093 $ 57,777 $ 61,628 $ 80,878
Expe…
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 26
Supplemental Schedule 7
Adj…
Pro…
Man…
and
G&A
Rec…
($ Adju…
in Prop…
tho… Mana… Q3 Q3 YTD YTD
(un… Expe… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Pro…
man… $ 39,1… $ 37,073 $ 116,2… $ 109,6…
exp…
(GA…
Adj…
Sha…
com… -1,8… -1,562 -6,089 -4,779
exp…
Adj…
pro… $ 37,3… $ 35,511 $ 110,1… $ 104,8…
man…
exp…
Adj… Q3 Q3 YTD YTD
G&A 2026 2025 2026 2025
Exp…
G&A
exp… $ 34,2… $ 18,444 $ 95,884 $ 71,553
(GA…
Adj…
Sha…
com… -9,6… -354 -25,4… -15,7…
exp…
Bus… -1,5… — -4,378 -2,420
reo…
Adj…
G&A $ 22,9… $ 18,090 $ 66,087 $ 53,375
exp…
(1) Includes severance, restructuring, acquisition, and integration costs.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 27
Supplemental Schedule 8(a)
…
…
…
…
…
… J… Q3 Pa… Q3 Se…
… 3… 2… Av… Ho… 20… 30,
… 2… A… Es… Re… Di… Av… 20…
… H… H… Co… Ho… Ho… Sa… Ho…
… O… A… Ba… Ow… So… Pr… Ow…
──────────────────────────────────────────────────────────────────────────────
… 6… — $ — — -… $ 6… 6…
…
… 3… — — — -… 4… 3…
…
… 3… — — — -… 5… 3…
… 9… 2 3… 1… -… 3… 9…
… 3… — — — -4 4… 3…
…
… 3… 34 4… 42 -6 3… 3…
…
… 3… 36 4… 1… -… 5… 2…
…
…
… 7… — — -… 4… 7…
…
… 9… 24 3… 17 -… 3… 9…
… 7… 26 4… 16 -… 3… 7…
… 2… — — -7 3… 2…
… 2… 50 3… 33 -… 4… 2…
…
…
…
…
… 1… 35 3… 2… -… 2… 1…
… 6… 20 3… 1… -… 3… 6…
…
… 1… 55 3… 3… -… 3… 1…
…
…
… 2… 6 2… — -8 2… 2…
… 3… 48 2… 3… -… 2… 3…
… 6… 54 2… 3… -… 2… 6…
…
…
…
…
… 2… — — — -… 3… 2…
… 1… — — — -4 2… 1…
…
… 3… — — — -… 3… 3…
…
… 4… 21 3… 96 — — 5…
…
/ 8… 2… $ 3… 8… -… $ 4… 8…
…
…
…
…
…
… 2… — $ — — — $ — 2…
…
…
… 4… 2… 3… — — — 7…
…
… 2… — — — -… 4… 2…
…
… 8… 29 2… -… -1 3… —
…
…
… 3… — — — -3 2… 3…
…
…
… 1… — — — — — 1…
…
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 28
Supplemental Schedule 8(a) (Continued)
(1) Estimated stabilized cap rates on wholly owned acquisitions during the
quarter averaged 5.7%. Stabilized cap rate represents forecasted nominal NOI for
the 12 months following stabilization, divided by estimated cost basis.
(2) Cap rates on wholly owned dispositions during the quarter averaged 2.4%.
Disposition cap rate represents actual NOI recognized in the 12 months prior to
the month of disposition, divided by sales price.
(3) Pathway Homes was previously held through a joint venture. On September 15,
2026, we acquired the general partner and all other interests in Pathway Homes,
resulting in our ownership of a controlling financial interest and the
consolidation of the entity. As a result, the 894 homes held by Pathway Homes at
the time were reclassified from our joint venture portfolio to our wholly owned
portfolio during Q3 2026. These homes are shown as a reclassification and are
not included in Q3 wholly owned acquisitions or joint venture dispositions.
(4) Includes homes located in San Antonio, Salt Lake City, Austin, and
Nashville.
(5) Represents portfolio owned by the 2020 Rockpoint JV, of which we own 20.0%.
(6) Represents portfolio owned by the 2022 Rockpoint JV, of which we own 16.7%.
(7) Represents portfolio owned by the FNMA JV, of which we own 10.0%; however,
our share of income is 50.0% as a result of achieving a promote interest
threshold pursuant to the terms of the joint venture agreement.
(8) Represents portfolio owned by the Upward America JV, of which we own 7.2%.
(9) Represents portfolio owned by the 2024 Peregrine JV, of which we own 30.0%.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 29
Supplemental Schedule 8(b)
Expected
Developme…
Pipeline
of New
Homes — As
of
September
30, 2026
──────────────────────────────────────────────────────────────────────────────
(unaudite…
Pipeline Avg.
as of Estimated Estimated Estimated
September Deliveries Deliveries Cost Basis
30, in Q4 2026 Thereafter Per Home
2026(1)(2)
Denver 45 2 43 $ 390,000
Tampa 42 16 26 310,000
Orlando 55 14 41 450,000
Atlanta 55 24 31 330,000
Carolinas 41 11 30 290,000
Total / 238 67 171 $ 360,000
Average
(1) Represents the number of new homes as of September 30, 2026 that are under
contract to be built and delivered during a future period to Invitation Homes or
one of our joint ventures.
(2) Pipeline rollforward:
Q3 2026 additions and
cancellations 311
Pipeline as of June 30, 2026 (net) 83
──────────────────────────────────────────────────────────────────────────────
Q3 2026 deliveries -156
Pipeline as of September 30, 238
2026
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 30
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 related 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 our 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, EBITDA
re
, and Adjusted EBITDA
re
EBITDA, EBITDA re, and Adjusted EBITDA re are supplemental, non-GAAP measures
often utilized to evaluate the performance of real estate companies. We define
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. The National Association of Real
Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs
that report an EBITDA performance measure also report EBITDA re. Consistent with
the Nareit definition, we define EBITDA re as EBITDA, further adjusted for gain
on sale of property, net of tax; and impairment on depreciated real estate
investments. Adjusted EBITDA re is defined as EBITDA re before the following
items: share-based compensation expense; business
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 31
reorganization; casualty (gains) losses and reserves, net; (gains) losses on
debt extinguishment and modifications; and other income and expenses. EBITDA,
EBITDA re, and Adjusted EBITDA re are used as supplemental financial performance
measures by management and by external users of our financial statements, such
as investors and commercial banks. Set forth below is additional detail on how
management uses EBITDA, EBITDA re, and Adjusted EBITDA re as measures of
performance.
The GAAP measure most directly comparable to EBITDA, EBITDA re, and Adjusted
EBITDA re is net income or loss. EBITDA, EBITDA re, and Adjusted EBITDA re are
not used as measures of our liquidity and should not be considered alternatives
to net income or loss or any other measure of financial performance presented in
accordance with GAAP. Our EBITDA, EBITDA re, and Adjusted EBITDA re may not be
comparable to the EBITDA, EBITDA re, and Adjusted EBITDA re of other companies
due to the fact that not all companies use the same definitions of EBITDA,
EBITDA re, and Adjusted EBITDA re . Accordingly, there can be no assurance that
our basis for computing these non-GAAP measures is comparable with that of other
companies. See “Reconciliation of Net Income to Adjusted EBITDA re ” for a
reconciliation of GAAP net income to EBITDA, EBITDA re, and Adjusted EBITDA re .
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. We define Core FFO as FFO adjusted for the
following (including adjustments for unconsolidated joint ventures, as
applicable): 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; amortization of intangible
assets; business reorganization; casualty (gains) losses and reserves, net;
(gains) losses on debt extinguishment and modifications; non-cash provision for
(reversal of) credit losses, net; and (gains) losses on investments in equity
and other securities, net, as applicable. We define Adjusted FFO as Core FFO
less Recurring Capital Expenditures, including adjustments for unconsolidated
joint ventures, that are necessary to help preserve the value and maintain the
functionality of our homes.
We believe that FFO is a meaningful supplemental measure of the operating
performance of our 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. We believe that Core FFO and Adjusted
FFO are also meaningful supplemental measures of our operating performance for
the same reasons as FFO and are further helpful to investors as they provide a
more consistent measurement of our 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 our
liquidity and should not be considered alternatives to net income or loss or any
other measure of financial performance presented in accordance with GAAP. Our
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 our 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 our standards and
specifications.
Net Operating Income (NOI)
NOI is a non-GAAP measure often used to evaluate the performance of real estate
companies. We define 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, utility expenses, repairs and
maintenance, and property administration). NOI excludes: management fee
revenues; homebuilding revenues; property management expense; homebuilding cost
of sales; general and administrative expense; interest expense; depreciation and
amortization; casualty
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 32
losses, impairment, and other; gain on sale of property, net of tax; losses from
investments in unconsolidated joint ventures; (gains) losses on debt
extinguishment and modifications; and other income and expenses.
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. Our 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 our basis for computing this
non-GAAP measure is comparable with that of other companies.
We believe that Same Store NOI is also a meaningful supplemental measure of our
operating performance for the same reasons as NOI and is further helpful to
investors as it provides a more consistent measurement of our performance across
reporting periods by reflecting NOI for homes in our Same Store Portfolio. See
“Reconciliation of Net Income to Same Store NOI” for a reconciliation of GAAP
net income to NOI for our total portfolio and NOI for our 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 our 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 our current resident chooses to stay for a subsequent lease term,
or a new lease, where our 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 our existing Same Store portfolio, homes
occupied without a valid lease or other legal right of possession, and homes in
markets that we have announced an intent to exit where we no longer operate a
significant number of homes for the primary purpose of income generation.
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,
characteristics, and lease terms as our existing 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 1 st of the year in which the Same Store portfolio
was established.
We believe presenting information about the portion of our portfolio that has
been fully operational for the entirety of a given reporting period and our
prior year comparison period provides management and external stakeholders with
meaningful information about the performance of our comparable homes across
periods and about trends in our 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 2026 Earnings Release and Supplemental Information — page 33
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
we must meet with respect to our $1,750 million revolving credit facility (the
“Revolving Facility”) and our $1,750 million term loan facility (the “2024 Term
Loan Facility” and together with the Revolving Facility, the “Credit Facility”),
as set forth in our Second Amended and Restated Revolving Credit and Term Loan
Agreement dated September 9, 2024, as amended, and our $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 our 2022 Term Loan
Agreement, as amended (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 our compliance with
certain covenants that we believe are our 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
our pro rata share of debt in unconsolidated entities), as defined by the
Unsecured Credit Agreements, divided by (ii) total asset value (including our
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 our pro rata share of secured debt in unconsolidated entities), as
defined by the Unsecured Credit Agreements, divided by (ii) total asset value
(including our 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 our 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 our 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 our 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 our 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 our compliance with these covenants. These metrics should not be used for
any other purpose, including without limitation to evaluate our financial
condition or results of operations, nor do they indicate our 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 us in our Earnings
Release and Supplemental Information for the purposes of evaluating our
financial conditions or results of operations. For a more complete and detailed
description of the covenants contained in our Unsecured Credit Agreements, see
the applicable exhibits to our Annual Report.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 34
The breach of any of the covenants set forth in the Unsecured Credit Agreements
could result in a default of our indebtedness related to our Revolving Facility
and Term Loan Facilities, which could cause those obligations to become due and
payable. Our ability to comply with these covenants may be affected by changes
in our operating and financial performance, changes in general business and
economic conditions, adverse regulatory developments, or other events adversely
impacting it. If any of our indebtedness is accelerated, we may not be able to
repay it. For risks related to failure to comply with covenants, see Part I.
Item 1A. “Risk Factors” in our Annual Report, as such factors may be updated
from time to time in our periodic filings with the SEC.
Unsecured Public Bond Covenants
Unsecured public bond covenants refer to financial and operating requirements
that we must meet with respect to our senior notes, as set forth in our
Supplemental Indentures to the Base Indenture for our Senior Notes (together,
the “Indenture”). The metrics provided under the “Unsecured Public Bond Covenant
Compliance” heading on Supplemental Schedule 2(b) show our compliance with
certain covenants that we believe are our 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 our compliance with these covenants. These metrics should not be used for
any other purpose, including without limitation to evaluate our financial
condition or results of operations, nor do they indicate our 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 us in our Earnings Release and
Supplemental Information for the purposes of evaluating our financial conditions
or results of operations. For a more complete and detailed description of the
covenants contained in our Unsecured Public Bond Agreements, see Exhibit 4.2
and/or 4.3 to our Current Reports on Form 8-K filed on August 6, 2021, November
5, 2021, April 5, 2022, August 2, 2023, September 26, 2024, August 15, 2025, and
July 8, 2026.
The breach of any of the covenants set forth in the Indenture could result in a
default of our indebtedness related to our senior notes, which could cause those
obligations to become due and payable. Our ability to comply with th ese
covenants may be affected by changes in our operating and financial performance,
changes in general business and economic conditions, adverse regulatory
developments, or other events adversely impacting it. If any of our indebtedness
is accelerated, we may not be able to repay it. For risks related to failure to
comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report,
as such factors may be updated from time to time in our 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 2026 Earnings Release and Supplemental Information — page 35
Rec…
of
Tot…
Rev…
to
Same
Sto…
Core
Rev…
Qua…
(in
tho… Q3 Q2 Q1 Q4 Q3
(un… 2026 2026 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
Tot…
rev… $ 731,… $ 747,… $ 734,1… $ 685,… $ 688,1…
(To…
Por…
Man…
fee -19,… -19,… -19,8… -21,… -21,9…
rev…
Hom… -35,… -49,… -43,7… — —
rev…
Tot…
por… -51,… -49,… -46,0… -45,… -46,8…
res…
rec…
Tot…
Core
Rev… 623,… 628,… 624,4… 618,… 619,3…
(To…
Por…
Non…
Sto… -51,… -54,… -56,1… -56,… -56,4…
Core
Rev…
Same
Sto… $ 571,… $ 573,… $ 568,2… $ 562,… $ 562,9…
Core
Rev…
Rec…
of
Tot…
Rev…
to
Same
Sto…
Core
Rev…
YTD
(in
tho…
(un…
YTD YTD
2026 2025
Tot…
rev… $ 2,21… $ 2,04…
(To…
Por…
Man…
fee -59,… -65,…
rev…
Hom… -129… —
rev…
Tot…
por… -147… -131…
res…
rec…
Tot…
Core
Rev… 1,87… 1,84…
(To…
Por…
Non…
Sto… -162… -160…
Core
Rev…
Same
Sto… $ 1,71… $ 1,68…
Core
Rev…
Rec…
of
Pro…
Ope…
and
Mai…
Exp…
to
Same
Sto…
Core
Ope…
Exp…
Qua…
(in
tho… Q3 Q2 Q1 Q4 Q3
(un… 2026 2026 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
Pro…
ope…
and
mai… $ 264,… $ 255… $ 251… $ 244,… $ 259…
exp…
(To…
Por…
Tot…
Por… -51,… -49… -46… -45,… -46…
res…
rec…
Core
Ope…
Exp… 212,… 206… 205… 199,… 212…
(To…
Por…
Non…
Sto…
Core -21,… -23… -24… -22,… -25…
Ope…
Exp…
Same
Sto…
Core $ 191,… $ 183… $ 180… $ 177,… $ 186…
Ope…
Exp…
Rec…
of
Pro…
Ope…
and
Mai…
Exp…
to
Same
Sto…
Core
Ope…
Exp…
YTD
(in
tho…
(un…
YTD YTD
2026 2025
Pro…
ope…
and
mai… $ 771,… $ 740…
exp…
(To…
Por…
Tot…
Por… -147… -13…
res…
rec…
Core
Ope…
Exp… 623,… 608,…
(To…
Por…
Non…
Sto…
Core -68,… -71…
Ope…
Exp…
Same
Sto…
Core $ 554,… $ 537…
Ope…
Exp…
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 36
Rec…
of
Net
Inc…
to
Same
Sto…
NOI,
Qua…
(in
tho… Q3 Q2 Q1 Q4 Q3
(un… 2026 2026 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
Net
inc…
ava… $ 157,… $ 218,… $ 159,8… $ 144,… $ 136,4…
to
com…
sto…
Net
inc…
ava… 676 675 708 246 264
to
par…
sec…
Non… 602 804 557 496 472
int…
Man…
fee -19,… -19,… -19,8… -21,… -21,9…
rev…
Hom… -35,… -49,… -43,7… — —
rev…
Pro…
man… 39,1… 37,7… 39,325 39,4… 37,073
exp…
Hom…
cost 31,9… 42,2… 39,134 — —
of
sal…
Gen…
and 34,2… 29,3… 32,319 23,6… 18,444
adm…
Int… 92,0… 93,9… 95,313 90,8… 90,781
exp…
Dep…
and 195,… 194,… 193,1… 189,… 188,4…
amo…
Cas…
los…
imp… 6,807 4,236 4,345 311 3,420
and
oth…
Gain
on
sale
of -136… -132… -87,0… -54,… -45,5…
pro…
net
of
tax
(In…
los…
from
inv… 32,1… 2,402 3,085 3,717 -2,130
in
unc…
joi…
ven…
Loss
on
debt 8,660 — — — —
ext…
and
mod…
Oth… 3,366 298 2,344 1,877 1,389
net…
NOI
(To… 411,… 422,… 419,3… 418,… 407,1…
Por…
Non…
Sto… -30,… -31,… -32,0… -33,… -30,5…
NOI
Same
Sto… $ 380,… $ 390,… $ 387,3… $ 384,… $ 376,5…
NOI
Rec…
of
Net
Inc…
to
Same
Sto…
NOI,
YTD
(in
tho…
(un…
YTD YTD
2026 2025
Net
inc…
ava… $ 535,… $ 442,…
to
com…
sto…
Net
inc…
ava… 2,059 714
to
par…
sec…
Non… 1,963 1,489
int…
Man…
fee -59,… -65,…
rev…
Hom… -129… —
rev…
Pro…
man… 116,… 109,…
exp…
Hom…
cost 113,… —
of
sal…
Gen…
and 95,8… 71,5…
adm…
Int… 281,… 262,…
exp…
Dep…
and 583,… 557,…
amo…
Cas…
los…
imp… 15,3… 11,1…
and
oth…
Gain
on
sale
of -355… -163…
pro…
net
of
tax
Los…
from
inv…
in 37,6… 7,890
unc…
joi…
ven…
Loss
on
debt 8,660 —
ext…
and
mod…
Oth… 6,008 2,468
net…
NOI
(To… 1,25… 1,23…
Por…
Non…
Sto… -94,… -89,…
NOI
Same
Sto… $ 1,15… $ 1,14…
NOI
(1) Includes interest income, non-cash provision for credit losses, net, gains
(losses) resulting from investments in equity securities, settlement and other
costs related to certain litigation and regulatory matters, and other
miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 37
Recon…
of Net
Income
to
Adjus…
EBITD…
(in
thous… YTD
unaud… Q3 2026 Q3 2025 2026 YTD 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
avail… $ 157,811 $ 136,474 $ 535,783 $ 442,656
to
common
stock…
Net
income
avail… 676 264 2,059 714
to
parti…
secur…
Non-c… 602 472 1,963 1,489
inter…
Inter… 92,045 90,781 281,345 262,449
expen…
Inter…
expen…
in 6,054 7,253 18,446 18,822
uncon…
joint
ventu…
Depre…
and 195,751 188,457 583,192 557,058
amort…
Depre…
and
amort…
of
inves… 4,572 4,484 13,548 11,937
in
uncon…
joint
ventu…
EBITDA 457,511 428,185 1,436,… 1,295,1…
Gain
on
sale
of -136,1… -45,515 -355,5… -163,772
prope…
net of
tax
Impai…
on
depre… 796 335 2,226 434
real
estate
inves…
Net
gain
on
sale
of -1,856 -6,469 -4,904 -6,875
inves…
in
uncon…
joint
ventu…
EBITD… 320,275 376,536 1,078,… 1,124,9…
Share…
compe… 11,462 1,916 31,508 20,537
expen…
Busin… 32,009 — 34,789 2,420
reorg…
Casua…
losses
and 6,036 3,116 13,329 10,799
reser…
net(2)
Loss
on
debt 8,660 — 8,660 —
extin…
and
modif…
Other, 3,366 1,389 6,008 2,468
net(3)
Adjus… $ 381,808 $ 382,957 $ 1,172,… $ 1,161,1…
EBITD…
Traili…
Twelve
Months
(TTM)
Ended
Septem… Decemb…
30, 31,
2026 2025
Net
income
avail… $ 680,091 $ 586,964
to
common
stock…
Net
income
avail… 2,305 960
to
parti…
secur…
Non-c… 2,459 1,985
inter…
Inter… 372,223 353,327
expen…
Inter…
expen…
in 24,936 25,312
uncon…
joint
ventu…
Depre…
and 773,067 746,933
amort…
Depre…
and
amort…
of
inves… 17,972 16,361
in
uncon…
joint
ventu…
EBITDA 1,873,… 1,731,8…
Gain
on
sale
of -410,0… -218,235
prope…
net of
tax
Impai…
on
depre… 2,449 657
real
estate
inves…
Net
gain
on
sale
of -6,490 -8,461
inves…
in
uncon…
joint
ventu…
EBITD… 1,458,… 1,505,8…
Share…
compe… 38,801 27,830
expen…
Busin… 35,141 2,772
reorg…
Casua…
losses
and 13,454 10,924
reser…
net(2)
Loss
on
debt 8,660 —
extin…
and
modif…
Other, 7,885 4,345
net(3)
Adjus… $ 1,562,… $ 1,551,6…
EBITD…
(1) Includes a $30,411 loss recognized from consolidation of assets and
liabilities in connection with the dissolution of our Pathway joint ventures;
this loss was recorded in income (losses) from investments in unconsolidated
joint ventures. Also includes severance, restructuring, acquisition, and
integration costs.
(2) Includes our share from unconsolidated joint ventures.
(3) Includes interest income, non-cash provision for credit losses, net, gains
(losses) resulting from investments in equity securities, settlement and other
costs related to certain litigation and regulatory matters, and other
miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 38
Reconcilia…
of Net Debt
/ Trailing
Twelve
Months
(TTM)
Adjusted
EBITDAre
(in
thousands,
except for
ratio) September December 31,
(unaudited) As of 30, 2026 As of 2025
──────────────────────────────────────────────────────────────────────────────
Secured $ 898,308 $ 1,384,114
debt, net
Unsecured 4,896,194 4,398,921
notes, net
Term loan
facility, 2,460,701 2,451,985
net
Revolving 485,000 145,000
facility
Total Debt
per Balance 8,740,203 8,380,020
Sheet
Retained
and -55,499 -55,499
repurchased
certificat…
Cash,
ex-security
deposits -147,083 -167,472
and letters
of
credit(1)
Deferred
financing 45,110 54,208
costs, net
Unamortized
discounts 24,854 24,171
on notes
payable
Net Debt $ 8,607,585 $ 8,235,428
(A)
For the TTM For the TTM
Ended Ended
September December
30, 2026 31, 2025
Adjusted $ 1,562,912 $ 1,551,674
EBITDAre(B)
Net Debt /
TTM
Adjusted 5.5 x 5.3 x
EBITDAre(A
/ B)
(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 2026 Q3 2025 YTD 2026 YTD 2025
──────────────────────────────────────────────────────────────────────────────
Amortization of
discounts on notes $ 1,056 $ 840 $ 2,862 $ 2,410
payable
Amortization of
deferred financing 2,465 5,354 15,696 16,059
costs
Change in fair
value of interest — — — —
rate
derivatives
Amortization of
swap fair value at 553 611 1,640 -5,541
designation
Our share from
unconsolidated 1,344 2,323 3,696 5,558
joint
ventures
Total non-cash $ 5,418 $ 9,128 $ 23,894 $ 18,486
interest expense
Note: Refer to “Glossary and Reconciliations” for metric definitions and
reconciliations of non-GAAP financial measures.
Q3 2026 Earnings Release and Supplemental Information — page 39