Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Investor Presentation (June 2026)
18 slides from Invitation Homes's investor presentation, June 2026
Slide 1: Investor Presentation June 2026
June 2026 Investor Presentation
Slide 2: Why invest in INVH
Why invest in INVH POWER OF OUR DIVERSITY OF OUR PREMIER CUSTOMER PLATFORM GROWTH CHANNELS EXPERIENCE Accretive acquisitions Unmatched scale & density Resident satisfaction Strategic partnerships Proprietary technology Customer centricity Construction lending Optimization Value-add services Third pa
Slide 3: April-May 2026 Same Store Leasing Stats
April-May 2026 Same Store Leasing Stats Coastal MF National MF INVH INVH Same Store 1Q 2026 1Q 2026 1Q 2026 April-May 2026 Average Occupancy 96.4% 95.7% 96.3% 97.2% Renewals Rental Rate Growth 3.8% 4.5% 3.7% 3.2% New Leases Rental Rate Growth -2.6% -4.9% -3.0% 0.8% Blended Rental Rate Growth 1.1% —%
Slide 4: Why now: The case for single-family rental
Why now: The case for single-family rental DEMOGRAPHICS CHEAPER TO ACCESS TO II M M PP R ROOVV II N N GG DRIVE LONG- LEASE QUALITY HOUSING SS U UP P LL YY PP TERM DEMAND THAN OWN AND SERVICES TT R E N D D SS Millennials and Gen Z Average monthly savings of ~93% of SFR homes owned Nationwide housing
Slide 5: High-growth locations
Seattle 5% Minn. 1% Northern California High-growth Chicago 5% 3% Denver 4% Las Vegas locations Southern 4% Carolinas California 6% 11% Phoenix 9% Atlanta Jax. Dallas 13% 2% 4% Orlando Hou. 8% Tampa 2% 11% South Percent of 1Q26 revenue Florida 12% 4 Primarily infill locations in high-growth markets
Slide 6: Sector-leading scale & density
ATLANTA Owned and managed home counts as of 3/31/2026 Pod 4 4,765 Homes Sector-leading scale & density Pod 1 Pod 3 4,600 Homes 4,825 Homes Pod 2 4,257 Homes 55 Scale and density drive cost efficiency, pricing power, and margin expansion
Slide 7: Superior NOI growth since our 2017 IPO
Superior NOI growth since our 2017 IPO Superior NOI growth since our 2017 IPO Indexed Same Store NOI Growth (2017-2025) Invitation +64.3% Homes AMH +57.0% National +37.3% Multifamily Coastal +22.3% Multifamily National Multifamily represents simple average of CPT, MAA, and UDR; Coastal Multifamily r
Slide 8: Resident satisfaction drives renewals, lowers turnover, and strengthens returns
Resident satisfaction drives renewals, lowers turnover, and strengthens returns >40 MONTHS 96.3% 78.4% Same Store avg Same Store avg Same Store avg resident tenure occupancy rate renewal rate 4.82 / 5.0 4.10 / 5.0 Average stars on post- Cumulative all-time maintenance surveys Google / Yelp rating As
Slide 9: Multiple acquisition channels
Multiple acquisition channels New Home Price Premium vs. Resale (12-month average) 45% 40% New home pricing more attractive 35% 30% Auction purchases Homebuilder 25% Homebuilder MLS purchases forward Inventory 20% purchasing 15% Historical average: 16.0%* 10% Resale home pricing more attractive 5% R
Slide 10: Our acquisition of ResiBuilt adds development capabilities to our platform
Our acquisition of ResiBuilt adds development capabilities to our platform ResiBuilt is a BTR developer and general contractor platform that has constructed >4,700 homes since its founding in 2018 Carolinas ~100 Led by Jay Byce, with 25 years of experience in homebuilding and land development, a
Slide 11: Construction lending builds new partnerships and a future pipeline
Construction lending builds new partnerships and a future pipeline Strategic rationale Business advantage Financial impact Support new housing supply Strategic inventory access Attractive risk-adjusted returns Strengthen developer Build pipeline of high-quality, Higher single-digit yield
Slide 12: Our JV & 3PM platform is the best-in-class engine for capital-light earnings growth
~24,000 JV & 3PM homes managed today Our JV & 3PM platform Enhances INVH efficiencies is the best-in-class engine for capital-light Creates a pipeline of future acquisition opportunities earnings growth $87M FY 2025 revenue 35+ 125,000+ ~300 bps ~$0.01 Sub-scale Homes managed by Average marg
Slide 13: Our balance sheet is well-positioned to support growth
Our balance sheet is well-positioned to support growth Our balance sheet is well-positioned to support growth Current Versus Long-Term Targets Fortress Balance Sheet Metrics 3/31/2026 Long-term Targets 5.6x Net Debt / TTM Adj. EBITDA Net Debt / TTM Adj. EBITDAre 5.6x 5.5x – 6.0x Secured Debt / Gro
Slide 14: Millennials & Gen Z fuel long-term demand for single-family rentals
Millennials & Gen Z fuel long-term demand for single-family rentals U.S. 10-Year Net Population Change by Age Group (2025-2035) 4M 3M 2M 1M 0M -1M INVH SWEET SPOT -2M Average age of new resident: ~39 years -3M Age 0–4 Age 5–9 Age 10–14 Age 15–19 Age 20–24 Age 25–29 Age 30–34 Age 35–39 Age 40–44 Age
Slide 15: The affordability gap creates a structural demand tailwind for SFR
The affordability gap creates a structural demand tailwind for SFR The affordability gap creates a structural demand tailwind for SFR Nationwide Cost of Home Ownership vs. Home Rental MAIN DRIVERS OF OWNERSHIP COST INCREASES: Mortgage rates Property taxes Homeowners insurance Maintenance costs Sourc
Slide 16: “Mom & Pop” owners dominate SFR; professionals own just 3%
“Mom & Pop” owners dominate SFR; professionals own just 3% 148 MILLION 134 MILLION 47 MILLION 14 MILLION HOUSING UNITS HOUSEHOLDS RENTAL HOUSEHOLDS SFR HOMES 100.0% 3.40% 80.0% Households: 91% Apartments: 66% (134M units) (31M units) Single- Owned: 65% Rented: 35% Family: 30% 60.0% (88M units) (47M
Slide 17: New BTR deliveries have peaked and are declining nationwide
New BTR deliveries have peaked and are declining nationwide New BTR deliveries have peaked and are declining nationwide JBREC Estimated Build-to-Rent Delivery Schedule Today 25,000 20,000 15,000 10,000 5,000 0 Single-Level Rowhomes Townhomes Horizontal Apartments (Cottages) Single-Family Detached Mi
Slide 18: This presentation contains forward-looking statements
This presentation contains forward-looking statements This presentation contains forward-looking statements within the systems, development and use of artificial intelligence, risks related to meaning of Section 27A of the Securities Act of 1933, as amended, and our indebtedness, risks related to th