Invitation Homes Inc. (NYSE:INVH) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET Company Participants Scott McLaughlin - Head, Investor Relations Dallas Tanner - President & Chief Executive Officer Charles Young - Chief Operating Officer Ernie Freedman - Chief Financial Officer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Steve Sakwa - Evercore ISI Nicholas Joseph - Citi Brad Heffern - RBC Capital Adam Kramer - Morgan Stanley Anthony Powell - Barclays Haendel St. Juste - Mizu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38004 Invitation Homes Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Maryland 90-0939055 (I.R.S. Employer Identi ...

invitation homes Investor Presentation June 2022 Together with you, we make a house a home. Las Vegas I. Executive Summary 2 Key Takeaways and Updates We remain strategically positioned to pursue growth opportunities and enhance the resident experience Our strong Same Store results continued in May: New lease rate growth accelerated to 16.5% (+240 bps YoY) in May, up from 15.5% in April and 14.8% in 1Q22 Renewal rate growth accelerated to 10.3% (+450 bps YoY) in May, consistent with April and up from 9.7% i ...

Financial Data and Key Metrics Changes - Invitation Homes reported same-store NOI growth of 11.7% for Q1 2022, marking the third consecutive quarter above 10% [22] - Core FFO per share increased by 13.5% year-over-year to $0.40, driven by NOI growth and interest expense savings [35] - Average occupancy remained strong at 98.1%, with resident turnover at a historic low of 4.6% [24][22] - The net debt to EBITDA ratio was 6.0 times, achieving the top of the targeted range of 5.5 to 6 times [33] Business Line Data and Key Metrics Changes - Same-store core revenues grew by 9.4%, driven by an average monthly rental rate growth of 8.3% and a 47.1% increase in other income [23] - New lease rate growth was reported at 14.8% for the quarter, while renewal rate growth was 9.7%, resulting in blended rent growth of 10.9% [25] - The company acquired a total of 822 homes for $341 million during the first quarter, including 518 wholly-owned homes for $218 million [34] Market Data and Key Metrics Changes - Leasing a home is over 12% more affordable on average than owning a home within Invitation Homes' markets, driven by rising mortgage rates [11] - The company has seen a 20% increase in website traffic from prospective residents, indicating strong demand [24] Company Strategy and Development Direction - Invitation Homes plans to leverage multi-channel acquisition strategies and technology to grow its portfolio, targeting total gross acquisitions of $2 billion in 2022 [19] - The company is focusing on partnerships with homebuilders to add new residential housing supply and expand consumer choice [13] - Strategic partnerships, such as the joint venture with Rockpoint, aim to specialize in premium location, higher price point homes for lease [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong fundamentals supporting the business, citing a favorable macroeconomic environment and increasing demand for rental homes [8][11] - The company anticipates continued strong financial results and a positive resident experience, positioning itself well for the peak season [36] Other Important Information - The company has launched a mobile maintenance app to enhance service efficiency and resident satisfaction [27] - Invitation Homes is actively managing its balance sheet, including a recent $600 million bond offering to address upcoming debt maturities [31] Q&A Session Summary Question: Acquisition forecast for 2022 - Management noted that Q1 acquisitions were ahead of last year's pace, with expectations for increased activity in Q2 and Q3 [40][42] Question: Same-store revenue expectations - Management indicated that there is a long runway for above-trend growth due to a significant loss to lease of nearly 20% [44] Question: Turnover trends - Management believes current low turnover rates may not remain but will stabilize at a higher level than pre-pandemic [53] Question: Pathway Homes program details - Management highlighted the flexibility and choice offered through the Pathway Homes program, which allows residents to lease with an option to buy [54] Question: Bad debt increase - Management explained that the increase in bad debt was due to slower payments in Q1 but noted improvements in April [93]

invitation homes EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION EDI H Jacksonville Table of Contents | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | Earnings Press Release .............................................................................................................................................................. | 2 | | Cons ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38004 Invitation Homes Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organiza ...

Citi Conference March 7-8, 2022 Together with you, we make a house a home. Key Updates & Guidance We are strategically positioned to pursue multiple growth opportunities and enhance the resident experience Our prudent capital sourcing and our multi-channel acquisition strategy help us to achieve our growth goals, including an expanded pipeline of new homes from our builder relationships and our new, premier-product JV with Rockpoint Our best-in-class resident experience focuses on choice and flexibility, wh ...

Financial Performance - Total revenues for the year ended December 31, 2021, were $1,996.6 million, a 9.5% increase from $1,822.8 million in 2020 [367]. - Rental revenues and other property income increased to $1,991.7 million in 2021, up 9.3% from $1,822.8 million in 2020, driven by higher occupancy and average monthly rent [368]. - Net income for 2021 was $262.8 million, reflecting a 33.1% increase from $197.4 million in 2020 [363]. - Total expenses increased to $1,777.0 million in 2021, a 3.9% rise from $1,709.6 million in 2020 [376]. - Interest expense decreased to $322.7 million in 2021 from $353.9 million in 2020, primarily due to refinancing activities [380]. - The company reported a net income available to common stockholders of $261,098,000 for the year ended December 31, 2021, an increase of 33.3% from $195,764,000 in 2020 [432]. - The company’s EBITDA for 2021 was $1,180,085,000, representing an increase of 6.9% from $1,103,902,000 in 2020 [432]. - Adjusted EBITDAre for 2021 was $1,171,185,000, compared to $1,038,058,000 in 2020, marking a growth of 12.8% [432]. - FFO for 2021 was $788,773, representing a 13.7% increase from $693,852 in 2020 [446]. - Core FFO for 2021 was $868,966, up 20.9% from $718,353 in 2020 [446]. - Adjusted FFO for 2021 reached $745,561, a 23.7% increase compared to $602,402 in 2020 [446]. - Net income per common share — diluted for 2021 was $0.45, compared to $0.35 in 2020, reflecting a 28.6% increase [446]. - FFO per common share — diluted for 2021 was $1.35, up from $1.24 in 2020, indicating an 8.9% growth [446]. - Core FFO per common share — diluted for 2021 was $1.49, an increase of 16.4% from $1.28 in 2020 [446]. - AFFO per common share — diluted for 2021 was $1.28, compared to $1.08 in 2020, marking an 18.5% rise [446]. Property Management and Operations - The company has made significant investments in technology systems to support scalability, including lease management and property accounting systems, enhancing resident experience through digital tools [104]. - Property operating expenses include property taxes, insurance, and maintenance costs, which are capitalized before a property is "rent-ready" and expensed thereafter [350]. - The company actively engages with third-party vendors to mitigate risks associated with technology system failures and security breaches [105]. - The company is subject to various laws and regulations, including the Fair Housing Act, ensuring compliance to avoid discrimination in housing [110]. - The company recognizes depreciation and amortization expenses associated with homes and capital expenditures over their expected useful lives [356]. - The Same Store portfolio consisted of 72,245 single-family rental homes as of December 31, 2021 [366]. - The company owned 82,381 single-family rental homes as of December 31, 2021, compared to 80,177 homes in 2020, with acquisitions of 2,938 homes in 2021 [364]. - The company acquired 80 homes held for sale as of December 31, 2021, which is less than 0.1% of its total portfolio, down from 179 homes in 2020 [428]. - The company’s total property management expense was $71,597,000 in 2021, up from $58,613,000 in 2020, indicating a rise of 22.1% [442]. - The company’s total acquisition costs for homes include legal fees, bidding service, and title fees, which are capitalized as part of the investment in each property [423]. Debt and Financing - The company has historically utilized indebtedness to fund acquisitions and renovations, with current financing arrangements containing financial covenants and variable interest rate terms [121]. - As of December 31, 2021, total debt amounted to $7,998.7 million, with net debt at $7,253.6 million [391]. - The company aims to reduce net debt to approximately 5.5 to 6.0 times trailing twelve months Adjusted EBITDAre and secure debt to less than 20% of gross assets [394]. - The undrawn balance of the Revolving Facility was $1 billion as of December 31, 2021, providing a potential liquidity source [399]. - The company plans to satisfy long-term liquidity needs through cash from operations, long-term borrowings, and the issuance of debt and equity securities [400]. - As of December 31, 2021, the weighted average interest rate on total debt was 3.45% [391]. - The company issued $300 million of unsecured notes in May 2021 and used the proceeds to repay $300 million of high-cost securitizations maturing between December 2024 and January 2026 [390]. - In August 2021, the company raised $650 million through unsecured notes, repaying $635.3 million of high-cost securitizations [390]. - A total of $1 billion in unsecured notes was issued in November 2021, with proceeds used to repay $798.2 million of various securitizations and for general corporate purposes [390]. - The company generated net proceeds of $571.2 million from the sale of 14,375,000 shares of common stock in a public offering, primarily for acquisitions [390]. - The company issued $1,938.0 million in unsecured notes in 2021, which were used to repay $1,766.9 million of mortgage loans [415]. Cash Flow and Investments - Net cash provided by operating activities increased by 30.3% from $696.7 million in 2020 to $907.7 million in 2021, driven by improved operational profitability [412][413]. - Net cash used in investing activities rose significantly by 172.7%, from $425.2 million in 2020 to $1,159.6 million in 2021, primarily due to increased acquisition costs of homes [412][414]. - The number of homes acquired increased from 2,252 in 2020 to 2,938 in 2021, contributing to a $505.1 million rise in acquisition spending [414]. - Net cash provided by financing activities was $659.0 million in 2021, a substantial increase from a net cash used of $(146.0) million in 2020 [415]. - Cash deposited and held by others increased by $59.2 million due to higher deposits made for the acquisition of new-build single-family residential properties [414]. - The company has commitments to acquire 360 single-family rental homes and an additional 1,357 homes over the next six years, totaling approximately $420.0 million [406]. - Remaining equity commitments to joint ventures total $244.4 million as of December 31, 2021 [406]. Market and Competitive Environment - The company faces competition from various sources, including individual investors and private equity funds, which may impact property acquisition prices and rental rates [106]. - Seasonal factors affect the business, with higher resident move-outs during summer months impacting rental revenues and turnover costs [108]. - The transition from LIBOR to a successor rate is expected to require significant management attention, although it is not anticipated to materially affect financing costs [407].

Invitation Homes Inc. (NYSE:INVH) Q4 2021 Earnings Conference Call February 16, 2022 11:00 AM ET Company Participants Scott McLaughlin - IR Dallas Tanner - President, CEO Ernie Freedman - CFO Charles Young - COO Conference Call Participants Anthony Paolone - JP Morgan Jeff Spector - Bank of America Brad Heffern - RBC Capital Markets Keegan Carl - Berenberg Jade Rahmani - KBW John Pawlowski - Green Street Haendel St. Juste - Mizuho Dennis McGill - Zelman & Associates Sam Choe - Credit Suisse Austin Wurschmid ...

Invitation Homes Inc. (NYSE:INVH) Q3 2021 Earnings Conference Call October 28, 2021 11:00 AM ET Company Participants Scott McLaughlin – Vice President-Investor Relations Dallas Tanner – President and Chief Executive Officer Charles Young – Chief Operating Officer Ernie Freedman – Chief Financial Officer Conference Call Participants Richard Hill – Morgan Stanley Sam Choe – Credit Suisse Jeff Spector – Bank of America Nick Joseph – Citi Dennis McGill – Zelman Brad Heffern – RBC Alan Peterson – Green Street Ke ...