EX-99.1 2 q12023supplemental.htm EX-99.1 Document

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Table of Contents













Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 2
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Earnings Press Release
Invitation Homes Reports First Quarter 2023 Results
Dallas, TX, May 1, 2023 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its Q1 2023 financial and operating results.

First Quarter 2023 Highlights
•Year over year, total revenues increased 10.8% to $590 million, property operating and maintenance costs increased 14.4% to $208 million, net income available to common stockholders increased 30.0% to $120 million, and net income per diluted common share increased 29.0% to $0.20.
•Year over year, Core FFO per share increased 9.5% to $0.44, and AFFO per share increased 9.0% to $0.38.
•Same Store NOI increased 5.0% year over year on 7.7% Same Store Core Revenues growth and 14.0% Same Store Core Operating Expenses growth.
•Revenue collections were approximately 99% of the Company's historical average collection rate. Same Store bad debt as a percentage of gross rental revenue was 2.0%, consistent with Q4 2022 as reported and a better than anticipated result.
•Same Store Average Occupancy was 97.8%, a 50 basis points improvement over Q4 2022.
•Same Store renewal rent growth of 8.0% and Same Store new lease rent growth of 5.7% drove Same Store blended rent growth of 7.3%.
•Acquisitions by the Company and the Company's joint ventures totaled 194 homes for $67 million, primarily from the Company's builder partners, while dispositions totaled 297 homes for $101 million.
•As previously announced in March 2023, the Company's issuer and issue-level credit ratings were upgraded by S&P Global Ratings to 'BBB' from 'BBB-' with a Stable outlook. In addition, as previously announced in April 2023, Moody's Investors Service revised the Company's rating outlook to 'Positive' from 'Stable'. The Company has no debt reaching final maturity prior to 2026, 99.2% of its debt is fixed or swapped to fixed, and 83.1% of its homes are unencumbered.

Chief Executive Officer Dallas Tanner comments:
"Our Q1 2023 results represent a strong start to the year. Favorable supply and demand fundamentals continued, met by excellent execution from our best-in-class teams and platform. Looking ahead, we remain bullish on our business, which is backed by the high-value proposition and exceptional service that we offer our residents, along with what we believe is the strongest balance sheet and liquidity position in the single-family rental sector. With the benefits of a worry-free leasing lifestyle as attractive as ever, and the low supply of well-located, high-quality for-lease housing persisting in our markets, we believe we are well positioned to continue delivering strong results."

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.




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 3
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Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q1 2023Q1 2022
Net income$0.20 $0.15 
FFO0.42 0.38 
Core FFO0.44 0.40 
AFFO0.38 0.35 
Net Income
Year over year, net income per diluted common share for Q1 2023 increased 29.0% to $0.20, primarily due to an increase in total revenues.

Core FFO
Year over year, Core FFO per share for Q1 2023 increased 9.5% to $0.44, primarily due to NOI growth.

AFFO
Year over year, AFFO per share for Q1 2023 increased 9.0% to $0.38, 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:77,016 
Q1 2023Q1 2022
Core Revenues growth (year over year)7.7 %
Core Operating Expenses growth (year over year)14.0 %
NOI growth (year over year)5.0 %
Average Occupancy97.8 %98.2 %
Bad debt % of gross rental revenue (1)
2.0 %1.7 %
Turnover Rate5.1 %4.7 %
Rental Rate Growth (lease-over-lease):
Renewals 8.0 %9.6 %
New Leases 5.7 %14.5 %
Blended 7.3 %10.8 %
(1)Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, 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.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 4
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Revenue Collections Update
Q1 2023Q4 2022Q3 2022Q2 2022
Pre-COVID Average (2)
Revenues collected % of revenues due: (1)
Revenues collected in same month billed93 %91 %91 %92 %96 %
Late collections of prior month billings5 %6 %6 %7 %3 %
Total collections98 %97 %97 %99 %99 %
(1)Includes both rental revenues and other property income. Rent is considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. Security deposits retained to offset rents due are not included as revenue collected. See "Same Store Operating Results Snapshot," footnote (1), for detail on the Company's bad debt policy.
(2)Represents the period from October 2019 to March 2020.

Same Store NOI
For the Same Store Portfolio of 77,016 homes, Same Store NOI for Q1 2023 increased 5.0% year over year on Same Store Core Revenues growth of 7.7% and Same Store Core Operating Expenses growth of 14.0%.

Same Store Core Revenues
Same Store Core Revenues growth for Q1 2023 of 7.7% year over year was primarily driven by an 8.5% increase in Average Monthly Rent, and a 7.3% increase in other income, net of resident recoveries, partially offset by a 40 basis points year over year decline in Average Occupancy and a 30 basis points year over year increase in bad debt as a percentage of gross rental revenue. Bad debt as a percentage of gross rental revenue was 2.0% for Q1 2023, consistent with Q4 2022 as reported and better than anticipated as a result of improved payment actions that offset the significant decline in government rental assistance.

Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q1 2023 increased 14.0% year over year, representing a favorable result as compared to the Company's initial guidance expectations for first quarter growth in the mid-teens. The year over year increase was primarily driven by an increase in property tax expense due to an expected year over year increase in property taxes in addition to the underaccrual of property tax expense in the first three quarters of 2022, as well as increases in utilities and property administrative expenses, net of resident recoveries; turnover expenses, net of resident recoveries; and personnel, leasing and marketing expenses.

Investment Management Activity
Acquisitions for Q1 2023 totaled 194 homes for $67 million, primarily sourced from the Company's builder partners. This included 181 wholly owned homes for $62 million in addition to 13 homes for $5 million in the Company's joint ventures.

Dispositions for Q1 2023 included 284 wholly owned homes for gross proceeds of $95 million and 13 homes for gross proceeds of $6 million in the Company's joint ventures.

Balance Sheet and Capital Markets Activity
As of March 31, 2023, the Company had $1,325 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of March 31, 2023 was $7,829 million, consisting of $5,775 million of unsecured debt and $2,054 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.5x at March 31, 2023, down from 5.7x as of December 31, 2022.

As previously announced in March 2023, the Company's issuer and issue-level credit ratings were upgraded by S&P Global Ratings to 'BBB' from 'BBB-' with a Stable outlook. In addition, as previously announced in April 2023, Moody's Investors
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 5
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Service revised the Company's rating outlook to 'Positive' from 'Stable'. The Company has no debt reaching final maturity prior to 2026, 99.2% of its debt is fixed or swapped to fixed, and 83.1% of its homes are unencumbered.

Dividend
As previously announced on April 28, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share of common stock. The dividend will be paid on or before May 26, 2023, to stockholders of record as of the close of business on May 10, 2023.

FY 2023 Guidance
The Company does 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 the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's 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, casualty loss, 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 the Company's GAAP results for the guidance period.

Full year 2023 guidance remains unchanged from initial guidance provided in February 2023, as outlined in the table below:
FY 2023 Guidance
FY 2023 Guidance
Core FFO per share — diluted$1.73 to $1.81
AFFO per share — diluted$1.43 to $1.51
Same Store Core Revenues growth(1)
5.25% to 6.25%
Same Store Core Operating Expenses growth(2)
7.5% to 9.5%
Same Store NOI growth4.0% to 5.5%
Wholly owned acquisitions(3)
$250 million to $300 million
JV acquisitions(3)
$100 million to $300 million
Wholly owned dispositions$250 million to $300 million
(1)Embedded within the assumptions for this guidance is slightly lower expected average occupancy versus 2022 due to anticipated higher turnover, as well as elevated bad debt of 25 to 75 basis points higher than 2022.
(2)Embedded within the assumptions for this guidance is an expected increase in property tax expense in a range of 6.5% to 7.5%, higher turnover operating and capital expense as a result of higher expected turnover in 2023, and expectations around continued inflationary pressures. Because real estate taxes were underaccrued in the first three quarters of 2022, the Company's initial guidance anticipated Same Store Core Operating Expenses growth in the mid-teens for first quarter 2023 followed by sequential improvement during the remainder of the year, resulting in the expected range for full year 2023 of 7.5% to 9.5%.
(3)Guidance assumes modest acquisition activity in 2023, with wholly owned acquisitions primarily sourced from the Company's builder partners. The Company intends to maintain an opportunistic approach to growth on balance sheet and in its joint ventures based on actual market conditions throughout the year.
Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on May 2, 2023, to discuss results for the first quarter of 2023. 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. A live audio webcast may be accessed at www.invh.com. A replay of the call will be available through May 30, 2023, and can be accessed by calling 1-800-770-2030 (domestic) or 1-647-362-9199 (international) and using the playback ID 7714113, or by using the link at www.invh.com.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 6
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Supplemental Information
The full text of the Earnings Release and Supplemental Information referenced in this release are available on Invitation Homes' 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 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. The company's mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.

Investor Relations ContactMedia Relations Contact
Scott McLaughlinKristi DesJarlais
844.456.INVH (4684)972.421.3587
IR@InvitationHomes.comMedia@InvitationHomes.com

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 the Company's expectations regarding the performance of the Company's business, its financial results, its 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, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and rising interest rates), uncertainty in financial markets (including as a result of recent bank failures and events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of the Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"), as such factors may be updated from time to time in the Company's 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 the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims 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.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 7
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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
March 31, 2023December 31, 2022
(unaudited)
Assets:
Investments in single-family residential properties, net$16,914,168 $17,030,374 
Cash and cash equivalents325,277 262,870 
Restricted cash203,019 191,057 
Goodwill258,207 258,207 
Investments in unconsolidated joint ventures272,906 280,571 
Other assets, net529,629 513,629 
Total assets$18,503,206 $18,536,708 
Liabilities:
Mortgage loans, net$1,641,959 $1,645,795 
Secured term loan, net401,351 401,530 
Unsecured notes, net2,519,100 2,518,185 
Term loan facilities, net3,205,643 3,203,567 
Revolving facility— — 
Accounts payable and accrued expenses226,412 198,423 
Resident security deposits176,697 175,552 
Other liabilities79,541 70,025 
Total liabilities8,250,703 8,213,077 
Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2023 and December 31, 2022— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 611,863,780 and 611,411,382 outstanding as of March 31, 2023 and December 31, 2022, respectively6,119 6,114 
Additional paid-in capital11,136,457 11,138,463 
Accumulated deficit(989,431)(951,220)
Accumulated other comprehensive income66,326 97,985 
Total stockholders' equity10,219,471 10,291,342 
Non-controlling interests33,032 32,289 
Total equity10,252,503 10,323,631 
Total liabilities and equity$18,503,206 $18,536,708 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 8
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Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q1 2023Q1 2022
(unaudited)(unaudited)
Revenues:
Rental revenues
$535,217 $483,995 
Other property income
51,298 46,204 
Management fee revenues3,375 2,111 
Total revenues589,890 532,310 
Expenses:
Property operating and maintenance
208,497 182,269 
Property management expense
23,584 20,967 
General and administrative
17,452 17,639 
Interest expense
78,047 74,389 
Depreciation and amortization
164,673 155,796 
Impairment and other
1,163 1,515 
Total expenses
493,416 452,575 
Gains (losses) on investments in equity securities, net 88 (3,032)
Other, net(1,494)594 
Gain on sale of property, net of tax29,671 18,026 
Losses from investments in unconsolidated joint ventures(4,155)(2,320)
Net income
120,584 93,003 
Net income attributable to non-controlling interests(342)(388)
Net income attributable to common stockholders
120,242 92,615 
Net income available to participating securities
(171)(220)
Net income available to common stockholders — basic and diluted
$120,071 $92,395 
Weighted average common shares outstanding — basic611,588,465 606,410,225 
Weighted average common shares outstanding — diluted612,564,298 607,908,398 
Net income per common share — basic
$0.20 $0.15 
Net income per common share — diluted
$0.20 $0.15 
Dividends declared per common share$0.26 $0.22 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 9
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Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation
Q1 2023Q1 2022
Net income available to common stockholders$120,071 $92,395 
Net income available to participating securities171 220 
Non-controlling interests342 388 
Depreciation and amortization on real estate assets162,084 153,640 
Impairment on depreciated real estate investments178 101 
Net gain on sale of previously depreciated investments in real estate(29,671)(18,026)
Depreciation and net gain on sale of investments in unconsolidated joint ventures2,121 500 
FFO
$255,296 $229,218 
Core FFO Reconciliation
Q1 2023Q1 2022
FFO
$255,296 $229,218 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
9,132 6,470 
Share-based compensation expense
6,498 6,646 
Severance expense
153 18 
Casualty losses, net (1)
988 1,414 
(Gains) losses on investments in equity securities, net(88)3,032 
Core FFO
$271,979 $246,798 
AFFO Reconciliation
Q1 2023Q1 2022
Core FFO
$271,979 $246,798 
Recurring capital expenditures (1)
(37,293)(32,830)
AFFO$234,686 $213,968 
Net income available to common stockholders
Weighted average common shares outstanding — diluted612,564,298 607,908,398 
Net income per common share — diluted$0.20 $0.15 
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted614,536,039 610,704,093 
FFO per share — diluted$0.42 $0.38 
Core FFO per share — diluted$0.44 $0.40 
AFFO per share — diluted $0.38 $0.35 
(1)Includes the Company's share from unconsolidated joint ventures.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 10
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Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net IncomeQ1 2023Q1 2022
Common shares — basic611,588,465 606,410,225 
Shares potentially issuable from vesting/conversion of equity-based awards
975,833 1,498,173 
Total common shares — diluted612,564,298 607,908,398 
Weighted average amounts for FFO, Core FFO, and AFFOQ1 2023Q1 2022
Common shares — basic611,588,465 606,410,225 
OP units — basic1,738,779 2,538,285 
Shares potentially issuable from vesting/conversion of equity-based awards
1,208,795 1,755,583 
Total common shares and units — diluted614,536,039 610,704,093 
Period end amounts for Core FFO and AFFOMarch 31, 2023
Common shares611,863,780 
OP units1,861,950 
Shares potentially issuable from vesting/conversion of equity-based awards
955,333 
Total common shares and units — diluted
614,681,063 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 11
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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of March 31, 2023
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$1,396,804 17.8 %4.0 %5.3 
Floating — swapped to fixed657,258 8.4 %4.2 %2.8 
Floating— — %— %— 
Total secured2,054,062 26.2 %4.1 %4.5 
Unsecured:
Fixed2,550,000 32.6 %2.8 %8.4 
Floating — swapped to fixed3,162,742 40.4 %4.0 %3.6 
Floating62,258 0.8 %6.1 %6.2 
Total unsecured5,775,000 73.8 %3.5 %5.7 
Total Debt:
Fixed + floating swapped to fixed (3)
7,766,804 99.2 %3.6 %5.4 
Floating62,258 0.8 %6.1 %6.2 
Total debt7,829,062 100.0 %3.6 %5.4 
Discount/amortization on Note Payable(13,118)
Deferred financing costs, net(47,891)
Total debt per Balance Sheet7,768,053 
Retained and repurchased certificates(88,406)
Cash, ex-security deposits and letters of credit (4)
(349,018)
Deferred financing costs, net47,891 
Unamortized discount on note payable13,118 
Net debt$7,391,638 
Leverage RatiosMarch 31, 2023
Net Debt / TTM Adjusted EBITDAre
5.5 x
Credit RatingsRatingsOutlook
Fitch RatingsBBBStable
Moody's Investors ServiceBaa3
Positive (5)
S&P Global Ratings BBBStable
Unsecured Facilities Covenant Compliance (6)
Unsecured Public Bond Covenant Compliance (7)
ActualRequirementActualRequirement
Total leverage ratio30.8 %≤ 60%Aggregate debt ratio35.4 %≤ 65%
Secured leverage ratio8.5 %≤ 45%Secured debt ratio9.0 %≤ 40%
Unencumbered leverage ratio27.2 %≤ 60%Unencumbered assets ratio320.2 %   ≥ 150%
Fixed charge coverage ratio4.6x≥ 1.5xDebt service ratio4.7x≥ 1.5x
Unsecured interest coverage ratio6.0x  ≥ 1.75x
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 12
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Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of March 31, 2023.
(2)Assumes all extension options are exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(5)Moody's Investors Service revised the Company's rating outlook to 'Positive' from 'Stable' in April 2023.
(6)Covenant calculations are specifically defined in the Company's Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the "Glossary and Reconciliations" section of this report. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
(7)Covenant calculations are specifically defined in the Company's Supplemental Indentures to the Base Indenture for its Senior Notes, which are summarized in the "Glossary and Reconciliations" section of this report. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 13
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Supplemental Schedule 2(c)

Debt Maturity Schedule — As of March 31, 2023
($ in thousands) (unaudited)
Revolving
SecuredUnsecuredCredit% of
Debt Maturities, with Extensions (1)
DebtDebtFacilityBalanceTotal
2023$— $— $— $— — %
2024— — — — — %
2025— — — — — %
2026657,258 2,500,000 — 3,157,258 40.2 %
2027993,675 — — 993,675 12.7 %
2028— 750,000 — 750,000 9.6 %
2029— 725,000 — 725,000 9.3 %
2030— — — — — %
2031403,129 650,000 — 1,053,129 13.5 %
2032— 600,000 — 600,000 7.7 %
2033— — — — — %
2034— 400,000 — 400,000 5.1 %
2035— — — — — %
2036— 150,000 — 150,000 1.9 %
2,054,062 5,775,000 — 7,829,062 100.0 %
Unamortized discount on note payable(1,496)(11,622)— (13,118)
Deferred financing costs, net(9,256)(38,635)— (47,891)
Total per Balance Sheet$2,043,310 $5,724,743 $— $7,768,053 
.
(1)Assumes all extension options are exercised.












Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 14
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Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-endQ1 2023
Total Portfolio83,010 
Same Store Portfolio77,016 
Same Store % of Total92.8 %
Core RevenuesQ1 2023Q1 2022Change YoY
Total Portfolio$554,549 $501,437 10.6 %
Same Store Portfolio516,029 479,217 7.7 %
Core Operating ExpensesQ1 2023Q1 2022Change YoY
Total Portfolio$176,531 $153,507 15.0 %
Same Store Portfolio164,222 144,116 14.0 %
Net Operating IncomeQ1 2023Q1 2022Change YoY
Total Portfolio$378,018 $347,930 8.6 %
Same Store Portfolio351,807 335,101 5.0 %



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 15
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Supplemental Schedule 3(b)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
ChangeChange
Q1 2023Q1 2022YoYQ4 2022Seq
Revenues:
Rental revenues (1)
$498,481 $462,869 7.7 %$490,340 1.7 %
Other property income, net (1)(2)
17,548 16,348 7.3 %17,823 (1.5)%
Core Revenues516,029 479,217 7.7 %508,163 1.5 %
Fixed Expenses:
Property taxes (3)
86,934 78,137 11.3 %89,470 (2.8)%
Insurance expenses9,189 8,668 6.0 %8,610 6.7 %
HOA expenses9,598 9,008 6.6 %9,791 (2.0)%
Controllable Expenses:
Repairs and maintenance, net (4)
21,776 20,131 8.2 %23,184 (6.1)%
Personnel, leasing and marketing21,717 18,346 18.4 %20,242 7.3 %
Turnover, net (4)(5)
8,946 6,141 45.7 %10,318 (13.3)%
Utilities and property administrative, net (4)(6)
6,062 3,685 64.5 %4,875 24.3 %
Core Operating Expenses164,222 144,116 14.0 %166,490 (1.4)%
Net Operating Income$351,807 $335,101 5.0 %$341,673 3.0 %
(1)All rental revenues and other property income are reflected net of bad debt. Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, 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. Bad debt as a percentage of gross rental revenue in Q1 2023 increased by 30 basis points from Q1 2022.
(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $29,910, $27,596, and $30,635, for Q1 2023, Q1 2022, and Q4 2022, respectively.
(3)For Q1 2023, the year over year increase to property tax expense was primarily a result of an expected year over year increase in property taxes, in addition to the underaccrual of property tax expense in the first three quarters of 2022.
(4)These expenses are presented net of applicable resident recoveries.
(5)For Q1 2023, the year over year increase to turnover expense, net, was primarily attributable to higher resident turnover and continued inflationary pressures.
(6)For Q1 2023, the year over year increase to utilities and property administrative expense, net, was primarily attributable to higher vacant utility costs and rates, as well as higher lease compliance costs.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 16
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Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022
Average Occupancy97.8 %97.3 %97.5 %98.0 %98.2 %
Turnover Rate5.1 %5.4 %6.2 %5.9 %4.7 %
Trailing four quarters Turnover Rate22.6 %22.2 %N/A N/AN/A
Average Monthly Rent$2,254 $2,226 $2,184 $2,127 $2,078 
Rental Rate Growth (lease-over-lease):
Renewals8.0 %9.9 %10.1 %10.2 %9.6 %
New leases5.7 %7.1 %15.2 %16.2 %14.5 %
Blended7.3 %9.0 %11.4 %11.6 %10.8 %




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 17
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Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2023 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California7,746 97.4 %$2,912 $1.71 11.3 %
Northern California4,417 97.4 %2,603 1.66 6.1 %
Seattle4,076 96.0 %2,737 1.42 5.9 %
Phoenix8,904 97.8 %1,937 1.15 9.6 %
Las Vegas3,177 96.3 %2,132 1.08 3.5 %
Denver2,643 96.3 %2,424 1.32 3.5 %
Western US Subtotal30,963 97.1 %2,442 1.40 39.9 %
Florida:
South Florida8,407 97.3 %2,784 1.49 12.5 %
Tampa8,679 97.2 %2,152 1.15 10.2 %
Orlando6,488 97.6 %2,098 1.12 7.5 %
Jacksonville1,927 97.7 %2,076 1.05 2.2 %
Florida Subtotal25,501 97.4 %2,341 1.25 32.4 %
Southeast United States:
Atlanta12,636 97.0 %1,898 0.92 12.7 %
Carolinas5,355 97.9 %1,929 0.91 5.5 %
Southeast US Subtotal17,991 97.3 %1,907 0.92 18.2 %
Texas:
Houston2,093 96.2 %1,795 0.93 2.0 %
Dallas2,847 96.5 %2,128 1.03 3.3 %
Texas Subtotal4,940 96.3 %1,987 0.99 5.3 %
Midwest United States:
Chicago2,514 97.7 %2,245 1.39 2.9 %
Minneapolis1,101 95.7 %2,199 1.12 1.3 %
Midwest US Subtotal3,615 97.1 %2,231 1.30 4.2 %
Total / Average83,010 97.2 %$2,259 $1.21 100.0 %
Same Store Total / Average77,016 97.8 %$2,254 $1.20 93.1 %
(1)All data is for the total wholly owned portfolio, unless otherwise noted.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 18
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Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, Q1 2023# HomesQ1 2023Q1 2022ChangeQ1 2023Q1 2022ChangeQ1 2023Q1 2022Change
Western United States:
Southern California7,518 $2,911 $2,747 6.0 %98.1 %98.6 %(0.5)%$61,881 $59,433 4.1 %
Northern California3,902 2,576 2,415 6.7 %98.0 %98.5 %(0.5)%29,315 27,162 7.9 %
Seattle3,678 2,729 2,539 7.5 %97.4 %97.9 %(0.5)%29,523 27,631 6.8 %
Phoenix8,061 1,917 1,741 10.1 %98.0 %98.3 %(0.3)%47,477 43,108 10.1 %
Las Vegas2,807 2,131 1,959 8.8 %96.7 %98.3 %(1.6)%17,322 16,511 4.9 %
Denver2,167 2,425  2,305 5.2 %97.6 %98.1 %(0.5)%15,969 15,088 5.8 %
Western US Subtotal28,133 2,441 2,273 7.4 %97.8 %98.4 %(0.6)%201,487 188,933 6.6 %
Florida:
South Florida7,855 2,801 2,490 12.5 %98.0 %98.7 %(0.7)%66,071 59,562 10.9 %
Tampa8,026 2,131 1,925 10.7 %98.0 %98.1 %(0.1)%52,114 47,156 10.5 %
Orlando6,107 2,084 1,907 9.3 %98.2 %98.1 %0.1 %39,174 35,658 9.9 %
Jacksonville1,859 2,064 1,907 8.2 %97.9 %97.9 %— %11,710 10,812 8.3 %
Florida Subtotal23,847 2,334 2,106 10.8 %98.0 %98.3 %(0.3)%169,069 153,188 10.4 %
Southeast United States:
Atlanta12,081 1,898 1,748 8.6 %97.5 %97.7 %(0.2)%66,961 63,162 6.0 %
Carolinas4,951 1,923 1,799 6.9 %98.2 %97.8 %0.4 %28,559 27,073 5.5 %
Southeast US Subtotal17,032 1,905 1,763 8.1 %97.7 %97.8 %(0.1)%95,520 90,235 5.9 %
Texas
Houston1,939 1,794 1,694 5.9 %97.3 %97.8 %(0.5)%10,489 9,979 5.1 %
Dallas2,469 2,139 1,993 7.3 %97.9 %97.2 %0.7 %16,006 14,696 8.9 %
Texas Subtotal4,408 1,988 1,861 6.8 %97.7 %97.5 %0.2 %26,495 24,675 7.4 %
Midwest United States:
Chicago2,504 2,245 2,118 6.0 %98.1 %98.7 %(0.6)%16,266 15,409 5.6 %
Minneapolis1,092 2,201 2,086 5.5 %96.7 %97.2 %(0.5)%7,192 6,777 6.1 %
Midwest US Subtotal3,596 2,232 2,109 5.8 %97.7 %98.3 %(0.6)%23,458 22,186 5.7 %
Total / Average77,016 $2,254 $2,078 8.5 %97.8 %98.2 %(0.4)%$516,029 $479,217 7.7 %

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 19
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Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
Seq, Q1 2023# HomesQ1 2023Q4 2022ChangeQ1 2023Q4 2022ChangeQ1 2023Q4 2022Change
Western United States:
Southern California7,518 $2,911 $2,873 1.3 %98.1 %98.1 %— %$61,881 $61,569 0.5 %
Northern California3,902 2,576 2,546 1.2 %98.0 %97.8 %0.2 %29,315 28,883 1.5 %
Seattle3,678 2,729 2,689 1.5 %97.4 %96.7 %0.7 %29,523 28,935 2.0 %
Phoenix8,061 1,917 1,892 1.3 %98.0 %97.0 %1.0 %47,477 46,565 2.0 %
Las Vegas2,807 2,131 2,114 0.8 %96.7 %96.3 %0.4 %17,322 16,899 2.5 %
Denver2,167 2,425 2,412 0.5 %97.6 %96.1 %1.5 %15,969 15,739 1.5 %
Western US Subtotal28,133 2,441 2,413 1.2 %97.8 %97.2 %0.6 %201,487 198,590 1.5 %
Florida:
South Florida7,855 2,801 2,748 1.9 %98.0 %97.5 %0.5 %66,071 64,741 2.1 %
Tampa8,026 2,131 2,101 1.4 %98.0 %97.4 %0.6 %52,114 50,978 2.2 %
Orlando6,107 2,084 2,057 1.3 %98.2 %98.2 %— %39,174 38,414 2.0 %
Jacksonville1,859 2,064 2,047 0.8 %97.9 %97.7 %0.2 %11,710 11,445 2.3 %
Florida Subtotal23,847 2,334 2,298 1.6 %98.0 %97.7 %0.3 %169,069 165,578 2.1 %
Southeast United States:
Atlanta12,081 1,898 1,874 1.3 %97.5 %96.9 %0.6 %66,961 66,591 0.6 %
Carolinas4,951 1,923 1,902 1.1 %98.2 %97.6 %0.6 %28,559 28,165 1.4 %
Southeast US Subtotal17,032 1,905 1,882 1.2 %97.7 %97.1 %0.6 %95,520 94,756 0.8 %
Texas
Houston1,939 1,794 1,777 1.0 %97.3 %97.0 %0.3 %10,489 10,344 1.4 %
Dallas2,469 2,139 2,122 0.8 %97.9 %96.8 %1.1 %16,006 15,691 2.0 %
Texas Subtotal4,408 1,988 1,970 0.9 %97.7 %96.9 %0.8 %26,495 26,035 1.8 %
Midwest United States:
Chicago2,504 2,245 2,221 1.1 %98.1 %97.4 %0.7 %16,266 16,221 0.3 %
Minneapolis1,092 2,201 2,195 0.3 %96.7 %95.2 %1.5 %7,192 6,983 3.0 %
Midwest US Subtotal3,596 2,232 2,213 0.9 %97.7 %96.8 %0.9 %23,458 23,204 1.1 %
Total / Average77,016 $2,254 $2,226 1.3 %97.8 %97.3 %0.5 %$516,029 $508,163 1.5 %
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 20
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Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, Q1 2023Q1 2023Q1 2022ChangeQ1 2023Q1 2022ChangeQ1 2023Q1 2022ChangeQ1 2023Q1 2022
Western United States:
Southern California$61,881 $59,433 4.1 %$18,072 $16,834 7.4 %$43,809 $42,599 2.8 %70.8 %71.7 %
Northern California29,315 27,162 7.9 %8,022 7,369 8.9 %21,293 19,793 7.6 %72.6 %72.9 %
Seattle29,523 27,631 6.8 %8,284 7,363 12.5 %21,239 20,268 4.8 %71.9 %73.4 %
Phoenix47,477 43,108 10.1 %9,237 8,259 11.8 %38,240 34,849 9.7 %80.5 %80.8 %
Las Vegas17,322 16,511 4.9 %4,192 3,202 30.9 %13,130 13,309 (1.3)%75.8 %80.6 %
Denver15,969 15,088 5.8 %2,894 2,438 18.7 %13,075 12,650 3.4 %81.9 %83.8 %
Western US Subtotal201,487 188,933 6.6 %50,701 45,465 11.5 %150,786 143,468 5.1 %74.8 %75.9 %
Florida:
South Florida66,071 59,562 10.9 %25,439 22,117 15.0 %40,632 37,445 8.5 %61.5 %62.9 %
Tampa52,114 47,156 10.5 %19,369 16,714 15.9 %32,745 30,442 7.6 %62.8 %64.6 %
Orlando39,174 35,658 9.9 %13,166 11,949 10.2 %26,008 23,709 9.7 %66.4 %66.5 %
Jacksonville11,710 10,812 8.3 %3,994 3,535 13.0 %7,716 7,277 6.0 %65.9 %67.3 %
Florida Subtotal169,069 153,188 10.4 %61,968 54,315 14.1 %107,101 98,873 8.3 %63.3 %64.5 %
Southeast United States:
Atlanta66,961 63,162 6.0 %22,199 18,326 21.1 %44,762 44,836 (0.2)%66.8 %71.0 %
Carolinas28,559 27,073 5.5 %7,704 7,046 9.3 %20,855 20,027 4.1 %73.0 %74.0 %
Southeast US Subtotal95,520 90,235 5.9 %29,903 25,372 17.9 %65,617 64,863 1.2 %68.7 %71.9 %
Texas
Houston10,489 9,979 5.1 %5,345 4,539 17.8 %5,144 5,440 (5.4)%49.0 %54.5 %
Dallas16,006 14,696 8.9 %6,625 5,573 18.9 %9,381 9,123 2.8 %58.6 %62.1 %
Texas Subtotal26,495 24,675 7.4 %11,970 10,112 18.4 %14,525 14,563 (0.3)%54.8 %59.0 %
Midwest United States:
Chicago16,266 15,409 5.6 %7,373 6,762 9.0 %8,893 8,647 2.8 %54.7 %56.1 %
Minneapolis7,192 6,777 6.1 %2,307 2,090 10.4 %4,885 4,687 4.2 %67.9 %69.1 %
Midwest US Subtotal23,458 22,186 5.7 %9,680 8,852 9.4 %13,778 13,334 3.3 %58.7 %60.1 %
Same Store Total / Average$516,029 $479,217 7.7 %$164,222 $144,116 14.0 %$351,807 $335,101 5.0 %68.2 %69.9 %
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2023 Earnings Release and Supplemental Information — page 21
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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
Seq, Q1 2023Q1 2023Q4 2022ChangeQ1 2023Q4 2022ChangeQ1 2023Q4 2022ChangeQ1 2023Q4 2022
Western United States:
Southern California$61,881 $61,569 0.5 %$18,072 $15,116 19.6 %$43,809 $46,453 (5.7)%70.8 %75.4 %
Northern California29,315 28,883 1.5 %8,022 6,513 23.2 %21,293 22,370 (4.8)%72.6 %77.5 %
Seattle29,523 28,935 2.0 %8,284 7,588 9.2 %21,239 21,347 (0.5)%71.9 %73.8 %
Phoenix47,477 46,565 2.0 %9,237 9,502 (2.8)%38,240 37,063 3.2 %80.5 %79.6 %
Las Vegas17,322 16,899 2.5 %4,192 4,069 3.0 %13,130 12,830 2.3 %75.8 %75.9 %
Denver15,969 15,739 1.5 %2,894 3,087 (6.3)%13,075 12,652 3.3 %81.9 %80.4 %
Western US Subtotal201,487 198,590 1.5 %50,701 45,875