UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q Invitation Homes Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Maryland 90-0939055 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commissi ...

Summary of Invitation Homes Conference Call Company Overview - **Company**: Invitation Homes - **Industry**: Single Family Rental (SFR) - **Market Cap**: $20 billion - **Key Executives Present**: Dallas Tanner (CEO), John Olson (CFO), Charles Young (President and COO) [2][3] Core Industry Insights - **Demographics**: The average customer is a 39-year-old millennial couple with a combined household income of approximately $140,000 [5] - **Rental vs. Ownership**: Renting is on average $930 cheaper than owning a home in Invitation Homes' markets, highlighting a favorable environment for rental growth [5] - **Supply Shortage**: There is a significant shortfall in housing supply, estimated between 1 million to 2.5 million units, exacerbated by rising construction costs and regulatory challenges [6][12] - **Occupancy Rates**: Current occupancy stands at approximately 97.7%, with rental growth in the mid-single digits [7][18] Financial Performance - **Revenue and NOI Growth**: Expected revenue and NOI growth in the mid-single digits for 2023, with new lease rate growth recorded at 7.5% in April, up from 5.7% in Q1 [13][16] - **Geographic Performance**: Strong performance in Florida markets (South Florida, Tampa, Orlando) and consistent growth in California and Atlanta, while Phoenix has shown some recent recovery [31][32] Operational Insights - **Expense Management**: Expenses are in line with expectations, with some elevated costs due to property tax adjustments and operational normalization post-pandemic [21][22] - **Bad Debt Management**: Approximately half of the markets are performing at historical bad debt rates, with ongoing cleanup efforts in areas like Southern California [25][26] Capital Allocation and Growth Strategy - **Acquisition Strategy**: Actively writing offers for homes in the high 5% to low 6% cap rate range, with a focus on strategic partnerships with builders for new product pipelines [36][37] - **Dividend Policy**: Currently paying out close to 100% of taxable income, with a cautious approach to capital allocation as the company disposes of underperforming assets [38][39] - **Liquidity Position**: The company has approximately $2 billion in liquidity, allowing for opportunistic growth while managing upcoming debt maturities [40][42] Future Outlook - **Market Positioning**: Invitation Homes aims to capture the growing demand for rental properties by enhancing customer experience and offering flexible leasing options [8][49] - **Long-term Growth**: The company is well-positioned for the next 7-10 years to capitalize on demographic trends and shifting consumer preferences towards renting [9][10] Additional Considerations - **Portfolio Composition**: The company has strategically culled underperforming assets, resulting in a diversified risk profile and improved occupancy rates [49] - **Customer Experience**: Focus on enhancing customer experience through ancillary services and technology integration [10][8] This summary encapsulates the key points discussed during the conference call, providing insights into Invitation Homes' operational performance, market dynamics, and strategic direction.

In all 16 of our markets, it is more affordable to lease one of our homes today than it is to buy, by a weighted average savings of over $900 per month or nearly 30%, according to data from John Burns as of 1Q23 Our Commitment To ESG SOCIAL 2022 GRESB Score Opted out of MUTA I. Executive Summary We are the nation's premier single-family home leasing company, with an emphasis on the resident experience Blended rate growth of 7.3%, consistent with 1Q23 Loss to lease of approximately 5-6% as of end of April Su ...

Invitation Homes Inc. (NYSE:INVH) Q1 2023 Earnings Conference Call May 2, 2023 11:00 AM ET Company Participants Scott McLaughlin - Senior Vice President, Investor Relations Dallas Tanner - Chief Executive Officer Charles Young - President and COO Ernie Freedman - Chief Financial Officer Jon Olsen - Executive Vice President, Corporate Strategy and Finance Conference Call Participants Josh Dennerlein - Bank of America Eric Wolfe - Citibank Austin Wurschmidt - KeyBanc Jamie Feldman - Wells Fargo Brad Heffern - ...

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, 2023 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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) Maryland 90-0939055 (State or other jurisdiction of incorporat ...

Invitation Homes Inc. (NYSE:INVH) Q4 2022 Earnings Conference Call February 16, 2023 11:00 AM ET Company Participants Scott McLaughlin - Vice President of Investor Relations Dallas Tanner - President and Chief Executive Officer Charles Young - Chief Operating Officer Ernie Freedman - Chief Financial Officer Conference Call Participants Josh Dennerlein - Bank of America Nicholas Joseph - Citi Austin Wurschmidt - KeyBanc Capital Markets Brad Heffern - RBC Capital Markets Sam Choe - Credit Suisse Steve Sakwa - ...

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|--------------------|---------|---------|---------| | Diluted Shares Outstanding \n(unaudited) \nWeighted Average Amounts for Net Income | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 | | Common shares — basic 611,427,853 598,076,066 609,770,610 577,681,070 | | | | | | Shares potentially issuable from vesting/conversion of equity-based awards 778,372 1,751,302 1,341 ...

Financial Data and Key Metrics Changes - Invitation Homes reported same-store NOI growth of 8.6% and blended lease rate growth of 11.6% with an average occupancy of 97.5% [8][22] - Core FFO increased by 9.5% year-over-year to $0.42 per share, while AFFO rose by 8.2% to $0.34 per share [35] - Bad debt increased to 170 basis points, reflecting volatility influenced by rental assistance programs [23][90] Business Line Data and Key Metrics Changes - Same-store core revenue growth was 8.3%, driven by a 9.6% increase in average monthly rent and a 15.5% increase in other income [22] - New lease rates grew by 15.6% and renewal rates by 10.2%, resulting in blended rent growth of 11.6% [26] - Core operating expenses increased by 7.6% year-over-year, primarily due to inflationary pressures [25] Market Data and Key Metrics Changes - The company noted a significant difference in the cost of homeownership versus leasing, with leasing being over 20% cheaper on average [11] - Average household incomes for new residents climbed to over $134,000, indicating a healthy income-to-rent ratio of 5.3 times [24] Company Strategy and Development Direction - The company aims to grow its scale and technology while being prudent capital allocators, with an updated acquisition target of $1.1 billion for the year [12][13] - Invitation Homes is focusing on energy and sustainability initiatives, having improved its GRESB score by over 13% year-over-year [15] - The company is exploring opportunities in investment management and joint ventures to expand its growth [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning within the housing market despite challenges such as rising property taxes and bad debt [16][18] - The management highlighted the ongoing housing supply shortage and the favorable demographics supporting demand for single-family rentals [10][11] - Future guidance reflects expectations for increased property taxes and elevated bad debt, but overall business performance remains strong [39][42] Other Important Information - The company has a solid balance sheet with 99% of its debt fixed or swapped to fixed at a weighted average interest rate of 3.6% [33] - The company plans to appeal higher property tax assessments, particularly in Florida and Georgia, where assessments increased by nearly 30% [41][69] Q&A Session Summary Question: Supply growth or shrinkage in SFR homes available for sale - Management noted a cyclical behavior in the market with a drop in new listings, indicating a stable supply environment [46][50] Question: External growth and acquisition strategy - Management acknowledged a pullback on acquisitions but remains open to opportunities as market conditions evolve [53][56] Question: Real estate taxes and assessments process - Management explained the timing of assessments and millage rates, indicating a lack of clarity until final tax bills are received [61][66] Question: Bad debt resolution timeline - Management indicated that processing times for non-payers have increased significantly, particularly in California [72][75] Question: Property tax impact on future expenses - Management clarified that elevated property tax growth is expected in the fourth quarter due to prior under-accruals [80][125] Question: Loss to lease calculation and home price impact - Management explained that loss to lease is calculated based on market conditions and does not directly correlate with home ownership costs [127][129]

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 September 30, 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 orga ...