Invitation Homes Inc. (NYSE:INVH) Q2 2021 Earnings Conference Call July 29, 2021 11:00 AM ET Company Participants Scott McLaughlin - Vice President, Investor Relations Dallas Tanner - President and Chief Executive Officer Ernie Freedman - Chief Financial Officer Charles Young - Chief Operating Officer Conference Call Participants Rich Hill - Morgan Stanley Jeff Spector - Bank of America Sam Choe - Credit Suisse Haendel St. Juste - Mizuho Nick Joseph - Citi Rich Hightower - Evercore Brad Heffern - RBC John P ...

[Part I - Financial Information](index=6&type=section&id=PART%20I) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents Invitation Homes Inc.'s unaudited condensed consolidated financial statements, including Balance Sheets, Statements of Operations, and Cash Flows, with detailed notes [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2021, total assets were **$17.48 billion**, slightly down from **$17.51 billion**, with liabilities decreasing to **$8.86 billion** and equity increasing to **$8.62 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Investments in single-family residential properties, net | $16,333,324 | $16,288,693 | | Cash and cash equivalents | $126,168 | $213,422 | | Total assets | $17,484,611 | $17,506,222 | | **Liabilities & Equity** | | | | Mortgage loans, net | $4,498,289 | $4,820,098 | | Term loan facility, net | $2,474,495 | $2,470,907 | | Total liabilities | $8,864,935 | $8,950,149 | | Total stockholders' equity | $8,580,039 | $8,504,825 | | Total liabilities and equity | $17,484,611 | $17,506,222 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2021 total revenues rose to **$491.6 million** from **$449.8 million**, with net income increasing to **$60.3 million** ($0.11 per diluted share) from **$42.9 million** Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $491,633 | $449,755 | $966,858 | $899,544 | | Total expenses | $439,970 | $419,114 | $869,398 | $837,541 | | Net income | $60,688 | $43,178 | $118,410 | $93,454 | | Net income attributable to common stockholders | $60,338 | $42,903 | $117,705 | $92,859 | | Net income per common share — diluted | $0.11 | $0.08 | $0.21 | $0.17 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$470.1 million** for YTD 2021, while net cash used in investing activities rose to **$282.9 million**, and financing activities shifted to a **$230.9 million** outflow Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $470,101 | $395,935 | | Net cash used in investing activities | ($282,875) | ($89,504) | | Net cash provided by (used in) financing activities | ($230,850) | $202,937 | | **Change in cash, cash equivalents, and restricted cash** | **($43,624)** | **$509,368** | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, financial components, and significant events, covering COVID-19 impacts, joint ventures, debt instruments, derivatives, and share-based compensation - The company is closely monitoring the impact of the COVID-19 pandemic, which has led to resident requests for rent deferrals and has been affected by temporary eviction moratoriums and restrictions on rent increases imposed by various government entities[41](index=41&type=chunk)[42](index=42&type=chunk) - The company has investments in two unconsolidated joint ventures with Rockpoint Group and FNMA, accounted for using the equity method, with a carrying value of **$77.5 million** as of June 30, 2021[39](index=39&type=chunk)[67](index=67&type=chunk) - As of June 30, 2021, the company had various derivative instruments, primarily interest rate swaps designated as cash flow hedges, with a total notional amount of **$6.575 billion** to manage interest rate risk on its variable-rate debt[159](index=159&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=43&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's business, portfolio, and financial results for Q2 and H1 2021, covering performance drivers, COVID-19 impact, liquidity, debt strategy, and non-GAAP reconciliations [Overview and COVID-19](index=43&type=section&id=Overview%20and%20COVID-19) Invitation Homes, a leading single-family rental owner, managed COVID-19 impacts through safety protocols and flexible payments, maintaining **98%** revenue collection for Q2 2021 - The company's mission, "Together with you, we make a house a home," reflects its commitment to high-touch service for residents in its portfolio of over **80,000** homes across **16** markets[228](index=228&type=chunk) - In response to COVID-19, the company implemented safety protocols, leveraged self-show and virtual tour technology, and offered flexible payment solutions to residents facing hardship[232](index=232&type=chunk)[234](index=234&type=chunk) - Revenue collections as a percentage of monthly billings was **98%** for Q2 2021, approximately **99%** of the company's historical average[234](index=234&type=chunk) [Our Portfolio](index=45&type=section&id=Our%20Portfolio) As of June 30, 2021, the portfolio comprised **80,612** homes with **97.6%** average occupancy and **$1,943** average monthly rent, primarily concentrated in the Western US and Florida Portfolio Summary by Region (as of June 30, 2021) | Region | Number of Homes | Average Occupancy (Q2'21) | Average Monthly Rent (Q2'21) | % of Revenue (Q2'21) | | :--- | :--- | :--- | :--- | :--- | | Western United States | 29,724 | 97.8% | $2,128 | 39.7% | | Florida | 24,614 | 97.5% | $1,956 | 31.4% | | Southeast United States | 17,610 | 97.6% | $1,646 | 18.6% | | Texas | 4,952 | 96.1% | $1,768 | 5.6% | | Midwest United States | 3,708 | 98.0% | $2,028 | 4.7% | | **Total / Average** | **80,612** | **97.6%** | **$1,943** | **100.0%** | [Results of Operations](index=49&type=section&id=Results%20of%20Operations) Q2 2021 revenues grew **9.3%** to **$491.6 million** and net income increased **40.6%** to **$60.7 million**, driven by higher occupancy and strong rental rate growth Q2 2021 vs Q2 2020 Performance | Metric | Q2 2021 | Q2 2020 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $491.6M | $449.8M | +9.3% | | Net Income | $60.7M | $43.2M | +40.6% | | Total Portfolio Avg. Occupancy | 97.6% | 96.0% | +160 bps | | Same Store Renewal Lease Growth | 5.8% | 3.5% | +230 bps | | Same Store New Lease Growth | 13.8% | 2.7% | +1110 bps | YTD 2021 vs YTD 2020 Performance | Metric | YTD 2021 | YTD 2020 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $966.9M | $899.5M | +7.5% | | Net Income | $118.4M | $93.5M | +26.7% | | Total Portfolio Avg. Occupancy | 97.5% | 95.2% | +230 bps | | Same Store Renewal Lease Growth | 5.1% | 3.8% | +130 bps | | Same Store New Lease Growth | 11.1% | 2.3% | +880 bps | [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2021, the company had **$126.2 million** cash and a **$1.0 billion** undrawn revolving facility, pursuing a debt strategy to reduce leverage and increase unencumbered assets - As of June 30, 2021, liquidity included **$126.2 million** in unrestricted cash and a fully undrawn **$1.0 billion** revolving facility[319](index=319&type=chunk) - The company's long-term debt strategy targets reducing net debt to **5.5 to 6.0 times** trailing twelve months Adjusted EBITDAre and increasing unencumbered assets to over **70%** of gross assets[327](index=327&type=chunk) - In May 2021, the company issued **$300 million** of senior unsecured notes, using proceeds to prepay higher-cost secured debt[319](index=319&type=chunk)[359](index=359&type=chunk) - The company has a purchase commitment of **$275.9 million** for **833** single-family homes, with completion dates from 2022 to 2025[321](index=321&type=chunk)[403](index=403&type=chunk) [Non-GAAP Measures](index=68&type=section&id=Non-GAAP%20Measures) This section defines and reconciles key non-GAAP measures like EBITDAre, NOI, FFO, and AFFO, showing Q2 2021 Same Store NOI growth to **$285.9 million** and increased FFO/AFFO per share Non-GAAP Performance Metrics (Q2 2021 vs Q2 2020) | Metric (in thousands, except per share) | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Adjusted EBITDAre | $288,431 | $256,159 | | NOI (Same Store portfolio) | $285,868 | $263,710 | | FFO per common share — diluted | $0.32 | $0.30 | | Core FFO per common share — diluted | $0.37 | $0.32 | | AFFO per common share — diluted | $0.32 | $0.27 | [Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate fluctuations, with **95.9%** of **$6.01 billion** variable-rate debt hedged, and operational seasonality impacting costs - The company's main market risks are interest rate fluctuations and operational seasonality[427](index=427&type=chunk) - As of June 30, 2021, the company had **$6.01 billion** in variable-rate debt, with **95.9%** effectively fixed via interest rate swaps; a **100 bps** LIBOR increase would raise annual interest expense by an estimated **$2.4 million**[429](index=429&type=chunk) - The company experiences higher resident move-outs and turnover costs during the summer, along with increased HVAC and landscaping expenses in certain markets[431](index=431&type=chunk) [Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[432](index=432&type=chunk) - No material changes were made to the internal control over financial reporting during the second quarter of 2021[433](index=433&type=chunk) [Part II - Other Information](index=75&type=section&id=PART%20II) [Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) The company is not subject to any material litigation beyond routine proceedings arising in the ordinary course of business - There is no material litigation currently pending or threatened against the company, other than routine matters[435](index=435&type=chunk) [Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - The report refers to the risk factors disclosed in the Annual Report on Form 10-K, indicating no material updates in this filing[436](index=436&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the reporting period - The company reports no unregistered sales of equity securities for the quarter[437](index=437&type=chunk) [Exhibits](index=76&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Note Purchase Agreement, CEO/CFO certifications, and XBRL data files - Key exhibits filed include the Note Purchase Agreement for the May 2021 private placement of senior unsecured notes and certifications by the CEO and CFO as required by the Sarbanes-Oxley Act[443](index=443&type=chunk)

Invitation Homes Inc. (NYSE:INVH) Q1 2021 Earnings Conference Call April 29, 2021 11:00 AM ET Company Participants Scott McLaughlin - Vice President, Investor Relations Dallas Tanner - President & Chief Executive Officer Charles Young - Chief Operating Officer Ernie Freedman - Chief Financial Officer Conference Call Participants Nick Joseph - Citi Jeff Spector - Bank of America Rich Hill - Morgan Stanley Dennis McGill - Zelman Haendel St. Juste - Mizuho Rich Hightower - Evercore John Pawlowski - Green Stree ...

Financial Performance - Total revenues for Q1 2021 were $475.225 million, an increase of 5.4% compared to $449.789 million in Q1 2020[15] - Net income for Q1 2021 was $57.722 million, up 14.5% from $50.276 million in Q1 2020[15] - Rental revenues and other property income increased to $474.454 million in Q1 2021, compared to $449.789 million in Q1 2020, reflecting a growth of 5.5%[15] - Comprehensive gain for Q1 2021 was $175.424 million, compared to a comprehensive loss of $282.595 million in Q1 2020[17] - Net income for the three months ended March 31, 2021, was $57,722,000, an increase of 14.5% compared to $50,276,000 for the same period in 2020[22] - Net cash provided by operating activities increased to $240,588,000 from $177,721,000, reflecting a growth of 35.3% year-over-year[22] - Payment of dividends and dividend equivalents increased to $97,230,000 from $81,774,000, marking a rise of 19.0% year-over-year[22] - For the three months ended March 31, 2021, net income available to common stockholders was $57,272,000, compared to $49,854,000 for the same period in 2020, representing an increase of approximately 14.3%[190] Assets and Liabilities - Total assets as of March 31, 2021, were $17.490 billion, slightly down from $17.506 billion as of December 31, 2020[13] - Total liabilities decreased to $8.858 billion as of March 31, 2021, from $8.950 billion as of December 31, 2020, a reduction of approximately 1%[13] - Stockholders' equity increased to $8.580 billion as of March 31, 2021, compared to $8.505 billion as of December 31, 2020, representing a growth of 0.9%[13] - The net carrying amount of investments in single-family residential properties was $16,285,049 as of March 31, 2021, slightly down from $16,288,693 as of December 31, 2020[53] - The total outstanding principal balance of mortgage loans was $4,808,085 thousand, a slight decrease from $4,820,098 thousand as of December 31, 2020[85] Cash Flow and Investments - Total cash, cash equivalents, and restricted cash at the end of the period was $410,821,000, down from $515,795,000 at the end of the previous year[22] - The company incurred $127,467,000 in acquisition costs for single-family residential properties, a decrease of 7.3% from $137,471,000 in the prior year[22] - Proceeds from the sale of single-family residential properties were $69,329,000, significantly lower than $123,318,000 in the same quarter of 2020, representing a decline of 43.8%[22] - The company recognized $142,784 in depreciation expense for the three months ended March 31, 2021, compared to $133,914 for the same period in 2020[55] - The fair value of investments in debt securities as of March 31, 2021, was $249,545,000, compared to $249,736,000 as of December 31, 2020, showing a slight decrease[181] Dividends and Shareholder Information - The company declared dividends of $0.17 per share, totaling $96.933 million for Q1 2021[20] - The total dividends declared for Q1 2021 amounted to $96,933, with a dividend of $0.17 per share[161] - As of March 31, 2021, the company had 567,650,434 shares of common stock issued and 3,463,285 outstanding OP Units redeemable[155] - The company issued 532,768 shares of common stock during the three months ended March 31, 2021, compared to 2,124,720 shares in the same period of 2020[156] Debt and Financing - The total debt as of March 31, 2021, amounts to $8,067,562, with $2,336,218 maturing in the remainder of 2021 and $1,833,106 in 2022[138] - The Secured Term Loan had an outstanding principal amount of $403,363,000, with a fixed interest rate of 3.59%[106] - The Credit Facility provides a total borrowing capacity of $3,500,000,000, consisting of a $1,000,000,000 revolving facility and a $2,500,000,000 term loan facility, both maturing on January 31, 2025[112] - The Term Loan Facility had an outstanding principal amount of $2,500,000,000 as of March 31, 2021, with an interest rate of 1.66%[116] - The company made voluntary and mandatory prepayments of $13,022,000 and $107,387,000 for the three months ended March 31, 2021 and 2020, respectively, under the mortgage loan agreements[104] Market and Operational Risks - The ongoing COVID-19 pandemic continues to pose significant risks, potentially impacting rental revenues and operational cash flows[39] - The company is closely monitoring the pandemic's effects on its business, including potential increases in uncollectible revenues and restrictions on rental collections[41] - Rental revenues and other property income for the three months ended March 31, 2021, included $24,394 thousand in variable lease payments, compared to $25,047 thousand for the same period in 2020, representing a decrease of approximately 2.6%[77] Share-Based Compensation - Total share-based compensation expense for the three months ended March 31, 2021, was $5,814,000, up from $4,101,000 in 2020, indicating a rise of approximately 41.7%[176] - The weighted average grant date fair value of time-vesting RSUs was $26.40 as of March 31, 2021, with 569,342 RSUs outstanding[172] - The expected volatility for share-based awards granted during the three months ended March 31, 2021 was 33.2%[174] - As of March 31, 2021, there is $34,187,000 of unrecognized share-based compensation expense expected to be recognized over a weighted average period of 2.16 years[177]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE (Exact name of registrant as specified in its charter) Maryland 90-0939055 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

Invitation Homes Inc. (NYSE:INVH) Q4 2020 Earnings Conference Call February 17, 2021 11:00 AM ET Company Representatives Dallas Tanner - President, Chief Executive Officer Ernie Freedman - Chief Financial Officer Charles Young - Chief Operating Officer Greg Van Winkle - Vice President of Corporate Strategy, Capital Markets, Investor Relations Conference Call Participants Alua Askarbek - Bank of America Sam Choe - Credit Suisse Carl Keegan - Berenberg Nick Joseph - Citi Alex Kalmus - Zelman & Associates Ron ...

Invitation Homes Inc. (NYSE:INVH) Q3 2020 Earnings Conference Call October 29, 2020 11:00 AM ET Company Participants Greg Van Winkle – Vice President-Corporate Strategy, Capital Markets and Investor Relations Dallas Tanner – President and Chief Executive Officer Ernie Freedman – Chief Financial Officer Charles Young – Chief Operating Officer Conference Call Participants Nick Joseph – Citi Alua Askarbek – Bank of America Douglas Harter – Credit Suisse Dennis McGill – Zelman & Associates Rich Hill – Morgan St ...

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarterly period ended September 30, 2020 FORM10-Q OR (Address of principal executive offices) (Zip Code) For the transition period from to Commission File Number 001-38004 Invitation Homes Inc. (Exact name of registrant as specified in its charter) (972) 421-3600 Maryland 90-0939055 Dallas, Texas 75201 ☐ TRANSITION REPORT PURSUANT TO SECTI ...

Invitation Homes, Inc. (NYSE:INVH) Q2 2020 Earnings Conference Call August 4, 2020 11:00 AM ET Company Participants Greg Van Winkle – Vice President-Corporate Strategy, Capital Markets and Investor Relations Dallas Tanner – President and Chief Executive Officer Ernie Freedman – Chief Financial Officer Charles Young – Chief Operating Officer Conference Call Participants Sam Choe – Credit Suisse Rich Hill – Morgan Stanley Haendel St. Juste – Mizuho Nick Joseph – Citi Jade Rahmani – KBW Wes Golladay – RBC Ale ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR 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) Maryland 90-0939055 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identific ...