DALLAS, April 30, 2025--(BUSINESS WIRE)--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 First Quarter ("Q1") 2025 financial and operating results.

Q1 2025 Highlights

Year over year, total revenues increased 4.4% to $674 million, property operating and maintenance costs increased 3.1% to $237 million, and net income available to common stockholders increased 16.4% to $166 million or $0.27 per diluted common share. Year over year, Core FFO per share increased 3.5% to $0.48 and AFFO per share increased 4.0% to $0.42. Same Store NOI increased 3.7% year over year on 2.5% Same Store Core Revenues growth and no growth in Same Store Core Operating Expenses. Same Store Average Occupancy was 97.2%, a slightly higher result than expected, representing a reduction of 60 basis points year over year. Same Store renewal rent growth of 5.2% and Same Store new lease rent growth of (0.1)% drove Same Store blended rent growth of 3.6%. Same Store Bad Debt improved 10 basis points year over year to 0.7% of gross rental revenue, one of our strongest quarterly results since before the pandemic. Acquisitions by us and our joint ventures totaled 631 homes for approximately $213 million while dispositions totaled 470 homes for approximately $179 million.

Subsequent to quarter end, on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.

Comments from Chief Executive Officer Dallas Tanner

"Our first quarter 2025 financial and operational results highlight the stability and resilience of our business, the dedication of our teams, and the compelling value proposition we offer our residents. This is demonstrated by the significant cost difference between owning and leasing a home in our markets, our consistently positive customer survey results, and our residents’ renewal rates that are among the highest in the industry. As outlined within this release, Same Store renewal rent growth, which constitutes a substantial majority of our leasing activity, remained solid at 5.2% during the first quarter. At the same time, we’re pleased to share that new lease rent growth has accelerated each month of 2025 so far, with March new lease rate growth at 1.3% and preliminary April new lease rate growth at 2.7%.

Story Continues

"Whatever may come in the broader economic environment, we take pride in offering a crucial, valuable, and sought-after leasing option for the over 14 million Americans who choose to lease a home. I would like to thank our teams for their efforts in posting a strong start to 2025, and for setting a high standard for the rest of the year. We continue to manage our expectations cautiously given it’s still early in the year, while remaining confident in the strength, stability, and growth opportunity of our core business. We are therefore pleased to reiterate our FY 2025 guidance as initially announced two months ago."

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.

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted  Q1 2025  Q1 2024  Net income  $ 0.27  $ 0.23  FFO   0.45   0.43  Core FFO   0.48   0.47  AFFO   0.42   0.41

Net Income

Year over year, net income per common share — diluted for Q1 2025 increased 16.5% to $0.27, primarily due to increases in total revenues and gain on sale of property, net of tax.

Core FFO

Year over year, Core FFO per share for Q1 2025 increased 3.5% to $0.48, primarily due to NOI growth.

AFFO

Year over year, AFFO per share for Q1 2025 increased 4.0% to $0.42, primarily due to the increase in Core FFO per share described above.

Operating Results

Same Store Operating Results Snapshot Number of homes in Same Store Portfolio:  78,078   Q1 2025  Q1 2024  Core Revenues growth (year over year)  2.5 %  Core Operating Expenses growth (year over year)  — %  NOI growth (year over year)  3.7 %   Average Occupancy  97.2 %  97.8 %  Bad Debt % of gross rental revenue  0.7 %  0.8 %  Turnover Rate  5.0 %  5.2 %   Rental Rate Growth (lease-over-lease):  Renewals  5.2 %  5.7 %  New Leases  (0.1 )%  0.7 %  Blended  3.6 %  4.3 %

Same Store NOI

For the Same Store Portfolio of 78,078 homes, Same Store NOI for Q1 2025 increased 3.7% year over year on Same Store Core Revenues growth of 2.5% and no growth in Same Store Core Operating Expenses.

Same Store Core Revenues

Same Store Core Revenues growth for Q1 2025 of 2.5% year over year was primarily driven by a 3.1% increase in Average Monthly Rent, a 10 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 2.2% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decline in Average Occupancy.

Same Store Core Operating Expenses

Same Store Core Operating Expenses for Q1 2025 had no growth year over year as a result of a 1.0% increase in fixed expenses that was fully offset by a 2.1% reduction in controllable expenses.

Investment and Property Management Activity

Acquisitions for Q1 2025 totaled 631 homes for approximately $213 million through our various acquisition channels. This included 577 wholly owned homes for approximately $194 million and 54 homes for approximately $19 million in our joint ventures. Dispositions for Q1 2025 included 454 wholly owned homes for gross proceeds of approximately $173 million and 16 homes for gross proceeds of approximately $6 million in our joint ventures.

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

Summary of Homes Owned and/or Managed As Of 3/31/2025  Number of Homes Owned
and/or Managed as of 12/31/2024  Acquired or Added In Q1 2025  Disposed or Subtracted In Q1 2025  Number of Homes Owned
and/or Managed as of 3/31/2025  Wholly owned homes  85,138  577  (454)  85,261  Joint venture owned homes  7,622  54  (16)  7,660  Managed-only homes  17,678  —  (342)  17,336  Total homes owned and/or managed  110,438  631  (812)  110,257

Balance Sheet and Capital Markets Activity

As of March 31, 2025, we had $1,364 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,184 million consisted of 83.0% unsecured debt and 17.0% secured debt; 87.5% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.3x. We have no debt reaching final maturity before 2027.

Subsequent to quarter end, on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.

FY 2025 Guidance Details

We do not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because 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.

Our full year 2025 guidance remains unchanged from initial guidance provided in February 2025, as outlined in the table below.

FY 2025 Guidance  FY 2025 Guidance
Range  FY 2025 Guidance Midpoint  Core FFO per share — diluted $1.88 to $1.94  $1.91  AFFO per share — diluted $1.58 to $1.64  $1.61   Same Store Core Revenues growth (1) 1.75% to 3.25%  2.5%  Same Store Core Operating Expenses growth (2) 2.75% to 4.25%  3.5%  Same Store NOI growth 1.00% to 3.00%  2.0%   Wholly owned acquisitions $500 million to

$700 million  $600 million  JV acquisitions $100 million to

$200 million  $150 million  Wholly owned dispositions $400 million to

$600 million  $500 million   (1) Same Store Core Revenues growth guidance assumes (i) FY 2025 Average Occupancy in a range of 96.2% to 96.8% and (ii) FY 2025 average Bad Debt in a range of 60 to 90 basis points. (2) Same Store Core Operating Expenses growth guidance assumes (i) an increase in FY 2025 property taxes in a range of 5.0% to 6.0% year over year and (ii) a reduction in FY 2025 insurance expenses in a range of 2.0% to 3.0% year over year, which has not been updated at this time to reflect the benefit of our recently completed annual insurance policy renewal that implies a reduction in FY 2025 insurance expenses of approximately 3.5% year over year.

Earnings Conference Call Information

We have scheduled a conference call at 11:00 a.m. Eastern Time on May 1, 2025, to review Q1 2025 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

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

Supplemental Information

The full text of the Earnings Release and Supplemental Information referenced in this release are available on our Investor Relations website at www.invh.com.

About Invitation Homes

Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools.

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, 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), 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, 2024 (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.

Consolidated Balance Sheets ($ in thousands, except shares and per share data)   March 31,
2025  December 31,
2024  (unaudited)  Assets:  Investments in single-family residential properties, net  $ 17,203,322   $ 17,212,126  Cash and cash equivalents   84,387    174,491  Restricted cash   234,243    245,202  Goodwill   258,207    258,207  Investments in unconsolidated joint ventures   241,882    241,605  Other assets, net   556,051    569,320  Total assets  $ 18,578,092   $ 18,700,951   Liabilities:  Secured debt, net  $ 1,383,383   $ 1,385,573  Unsecured notes, net   3,802,333    3,800,688  Term loan facilities, net   2,447,764    2,446,041  Revolving facility   470,000    570,000  Accounts payable and accrued expenses   250,501    247,709  Resident security deposits   183,684    180,866  Other liabilities   285,413    277,565  Total liabilities   8,823,078    8,908,442   Equity:  Stockholders’ equity  Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2025 and December 31, 2024   —    —  Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 612,883,911 and 612,605,478 outstanding as of March 31, 2025 and December 31, 2024, respectively   6,129    6,126  Additional paid-in capital   11,174,953    11,170,597  Accumulated deficit   (1,493,971 )   (1,480,928 )  Accumulated other comprehensive income   31,320    60,969  Total stockholders’ equity   9,718,431    9,756,764  Non-controlling interests   36,583    35,745  Total equity   9,755,014    9,792,509  Total liabilities and equity  $ 18,578,092   $ 18,700,951

Consolidated Statements of Operations ($ in thousands, except shares and per share amounts)   Q1 2025  Q1 2024  (unaudited)  (unaudited)  Revenues:  Rental revenues  $ 585,193   $ 571,430  Other property income   67,878    60,667  Management fee revenues   21,408    13,942  Total revenues   674,479    646,039   Expenses:  Property operating and maintenance   237,449    230,397  Property management expense   36,739    31,237  General and administrative   29,518    23,448  Interest expense   84,254    89,845  Depreciation and amortization   183,146    175,313  Casualty losses, impairment, and other   4,683    4,137  Total expenses   575,789    554,377   Losses on investments in equity and other securities, net   (221 )   (209 )  Other, net   1,365    5,973  Gain on sale of property, net of tax   71,666    50,498  Losses from investments in unconsolidated joint ventures   (5,218 )   (5,138 )   Net income   166,282    142,786  Net income attributable to non-controlling interests   (537 )   (436 )   Net income attributable to common stockholders   165,745    142,350  Net income available to participating securities   (228 )   (192 )   Net income available to common stockholders — basic and diluted  $ 165,517   $ 142,158   Weighted average common shares outstanding — basic   612,777,606    612,219,520  Weighted average common shares outstanding — diluted   613,361,880    613,807,166   Net income per common share — basic  $ 0.27   $ 0.23  Net income per common share — diluted  $ 0.27   $ 0.23   Dividends declared per common share  $ 0.29   $ 0.28

Glossary and Reconciliations

Average Monthly Rent

Average monthly rent represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period, and reflects the impact of non-service rental concessions and contractual rent increases amortized over the life of the lease.

Average Occupancy

Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period.

Bad Debt

Bad debt represents 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 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.

EBITDA, EBITDAre, and Adjusted EBITDAre

EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. 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. National Association of Real Estate Investment Trusts ("Nareit") recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. We define EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; severance expense; casualty losses and reserves, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of 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, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See below for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)

FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. We define Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; severance expense; casualty (gains) losses and reserves, 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 that are necessary to help preserve the value, and maintain the functionality, of our homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for our share of investments in unconsolidated joint ventures.

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.

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, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and income from investments in unconsolidated joint ventures.

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 below 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

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, and homes in markets that we have announced an intent to exit where we no longer operate a significant number of homes.

Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as 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 1st 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 investors 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.

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.

Reconciliation of FFO, Core FFO, and AFFO ($ in thousands, except shares and per share amounts) (unaudited)   FFO Reconciliation  Q1 2025  Q1 2024  Net income available to common stockholders  $ 165,517   $ 142,158  Net income available to participating securities   228    192  Non-controlling interests   537    436  Depreciation and amortization on real estate assets   179,063    171,918  Impairment on depreciated real estate investments   63    60  Net gain on sale of previously depreciated investments in real estate   (71,666 )   (50,498 )  Depreciation and net gain on sale of investments in unconsolidated joint ventures   3,498    2,519  FFO  $ 277,240   $ 266,785   Core FFO Reconciliation  Q1 2025  Q1 2024  FFO  $ 277,240   $ 266,785  Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)   3,634    9,217  Share-based compensation expense   10,157    7,900  Severance expense   2,385    90  Casualty losses and reserves, net (1)   4,683    4,082  Losses on investments in equity and other securities, net   221    209  Core FFO  $ 298,320   $ 288,283   AFFO Reconciliation  Q1 2025  Q1 2024  Core FFO  $ 298,320   $ 288,283  Recurring Capital Expenditures (1)   (37,347 )   (37,122 )  AFFO  $ 260,973   $ 251,161   Net income available to common stockholders  Weighted average common shares outstanding — diluted   613,361,880    613,807,166   Net income per common share — diluted  $ 0.27   $ 0.23   FFO, Core FFO, and AFFO  Weighted average common shares and OP Units outstanding — diluted   615,645,848    615,987,206  ...  FFO per share — diluted  $ 0.45   $ 0.43   Core FFO per share — diluted  $ 0.48   $ 0.47   AFFO per share — diluted  $ 0.42   $ 0.41   (1) Includes our share from unconsolidated joint ventures.

Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly (in thousands) (unaudited)  Q1 2025  Q4 2024  Q3 2024  Q2 2024  Q1 2024  Total revenues (Total Portfolio)  $ 674,479   $ 659,130   $ 660,322   $ 653,451   $ 646,039  Management fee revenues   (21,408 )   (21,080 )   (18,980 )   (15,976 )   (13,942 )  Total portfolio resident recoveries   (44,118 )   (38,120 )   (42,412 )   (37,102 )   (37,795 )  Total Core Revenues (Total Portfolio)   608,953    599,930    598,930    600,373    594,302  Non-Same Store Core Revenues   (37,903 )   (35,388 )   (36,441 )   (37,600 )   (37,165 )  Same Store Core Revenues  $ 571,050   $ 564,542   $ 562,489   $ 562,773   $ 557,137

Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly (in thousands) (unaudited)  Q1 2025  Q4 2024  Q3 2024  Q2 2024  Q1 2024  Property operating and maintenance expenses (Total Portfolio)  $ 237,449   $ 228,464   $ 242,228   $ 234,184   $ 230,397  Total Portfolio resident recoveries   (44,118 )   (38,120 )   (42,412 )   (37,102 )   (37,795 )  Core Operating Expenses (Total Portfolio)   193,331    190,344    199,816    197,082    192,602  Non-Same Store Core Operating Expenses   (16,932 )   (15,505 )   (17,044 )   (16,181 )   (16,211 )  Same Store Core Operating Expenses  $ 176,399   $ 174,839   $ 182,772   $ 180,901   $ 176,391

Reconciliation of Net Income to Same Store NOI, Quarterly (in thousands) (unaudited)   Q1 2025  Q4 2024  Q3 2024  Q2 2024  Q1 2024  Net income available to common stockholders  $ 165,517   $ 142,941   $ 95,084   $ 72,981   $ 142,158  Net income available to participating securities   228    169    185    207    192  Non-controlling interests   537    460    309    243    436  Interest expense   84,254    95,158    91,060    90,007    89,845  Depreciation and amortization   183,146    181,912    180,479    176,622    175,313  Property management expense   36,739    39,238    34,382    32,633    31,237  General and administrative   29,518    23,939    21,727    21,498    23,448  Casualty losses, impairment, and other   4,683    47,563    20,872    10,353    4,137  Gain on sale of property, net of tax   (71,666 )   (103,019 )   (47,766 )   (43,267 )   (50,498 )  (Gains) losses on investments in equity securities, net   221    (8 )   257    (1,504 )   209  Other, net (1)   (1,365 )   (3,352 )   9,345    54,012    (5,973 )  Management fee revenues   (21,408 )   (21,080 )   (18,980 )   (15,976 )   (13,942 )  Losses from investments in unconsolidated joint ventures   5,218    5,665    12,160    5,482    5,138  NOI (Total Portfolio)   415,622    409,586    399,114    403,291    401,700  Non-Same Store NOI   (20,971 )   (19,883 )   (19,397 )   (21,419 )   (20,954 )  Same Store NOI  $ 394,651   $ 389,703   $ 379,717   $ 381,872   $ 380,746   (1) Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Reconciliation of Net Income to Adjusted EBITDAre (in thousands, unaudited) Trailing Twelve Months
(TTM) Ended  Q1 2025  Q1 2024  March 31, 2025  December 31, 2024  Net income available to common stockholders  $ 165,517   $ 142,158   $ 476,523   $ 453,164  Net income available to participating securities   228    192    789    753  Non-controlling interests   537    436    1,549    1,448  Interest expense   84,254    89,845    360,479    366,070  Interest expense in unconsolidated joint ventures   5,626    5,235    26,724    26,333  Depreciation and amortization   183,146    175,313    722,159    714,326  Depreciation and amortization of investments in unconsolidated joint ventures   3,662    2,927    14,112    13,377  EBITDA   442,970    416,106    1,602,335    1,575,471  Gain on sale of property, net of tax   (71,666 )   (50,498 )   (265,718 )   (244,550 )  Impairment on depreciated real estate investments   63    60    509    506  Net (gain) loss on sale of investments in unconsolidated joint ventures   (145 )   (381 )   1,451    1,215  EBITDAre   371,222    365,287    1,338,577    1,332,642  Share-based compensation expense   10,157    7,900    30,175    27,918  Severance expense   2,385    90    2,932    637  Casualty losses and reserves, net (1)   4,683    4,082    83,301    82,700  (Gains) losses on investments in equity and other securities, net   221    209    (1,034 )   (1,046 )  Other, net (2)   (1,365 )   (5,973 )   58,640    54,032  Adjusted EBITDAre  $ 387,303   $ 371,595   $ 1,512,591   $ 1,496,883   (1) Includes our share from unconsolidated joint ventures. (2) Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre (in thousands, except for ratio) (unaudited)   As of March 31, 2025  As of December 31, 2024  Secured debt, net  $ 1,383,383   $ 1,385,573  Unsecured notes, net   3,802,333    3,800,688  Term loan facility, net   2,447,764    2,446,041  Revolving facility   470,000    570,000  Total Debt per Balance Sheet   8,103,480    8,202,302  Retained and repurchased certificates   (55,499 )   (55,499 )  Cash, ex-security deposits and letters of credit (1)   (132,044 )   (235,649 )  Deferred financing costs, net   57,375    60,559  Unamortized discounts on notes payable   23,555    24,336  Net Debt (A)  $ 7,996,867   $ 7,996,049   For the TTM Ended  For the TTM Ended  March 31, 2025  December 31, 2024  Adjusted EBITDAre (B)  $ 1,512,591   $ 1,496,883   Net Debt / TTM Adjusted EBITDAre (A / B)  5.3x  5.3x    (1) Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.

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