Financial Performance & Growth - Preliminary QTD 2025 Same Store results show blended lease rate growth of 4.1% compared to 3.6% in Q1 2025[4] - Renewal lease rate growth is 4.7% versus 5.2% in Q1 2025[4] - New lease rate growth is 2.5% compared to (0.1%) in Q1 2025, representing an acceleration of >500 bps from December 2024 to May 2025[3,4] - The company has an affordability gap of approximately $1,100 per month, where the cost of home ownership exceeds the cost of leasing[3] - Invitation Homes' cumulative Same Store NOI Growth from 2017-2024 was +60.7%[21] Portfolio & Strategy - Approximately 96% of the wholly-owned portfolio is located in the Western U S, Sunbelt, and Florida[8,26] - The company has an average of over 5,300 wholly-owned homes across its 16 core markets[8] - The company manages approximately 25,000 JV and third-party managed homes, nearly all of which are in core and identified target markets[8] - The company has >1,800 homes under construction through its BTR partnership strategy as of March 31, 2025[11] Market & Operations - The company has 85,261 wholly-owned homes, 7,660 JV-owned homes, and 17,336 3rd party managed homes[35] - The company has approximately 1,000 field operations personnel covering 40 home pods[8,35] - Value-add revenues have grown from $23 million to $80 million[44]