Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Investor Presentation (December 2025)
36 slides from Invitation Homes's investor presentation, Dec 8, 2025
Slide 1: Investor Presentation December 2025
Investor Presentation December 2025
Slide 2: This presentation contains forward-looking statements
This presentation contains forward-looking statements This presentation 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
Slide 3: Why invest in INVH?
Why invest in INVH? 2 Resident satisfaction Customer centricity Value-add services Genuine CARETM P R E M I E R C U S T O M E R E X P E R I E N C E P O W E R O F O U R P L A T F O R M Unmatched scale & density Proprietary technology Optimization Centralization D I V E R S I T Y O F O U R G R O W T H
Slide 4: Oct-Nov 2025 Same Store Leasing Stats
Oct-Nov 2025 Same Store Leasing Stats 3 Same Store Oct-Nov 2024 Oct-Nov 2025 Average Occupancy 96.8% 95.9% Renewal Rental Rate Growth 3.8% 4.3% New Leases Rental Rate Growth -1.9% -3.5% Blended Rental Rate Growth 2.1% 2.1% Our Oct-Nov 2025 SS renewal rent growth accelerated 50 bps YoY, while blends
Slide 5: Overview
4 Overview
Slide 6: Why now: The case for single-family rental
Why now: The case for single-family rental 5Structural demand, improving supply, and fragmentation create opportunity C H E A P E R T O L E A S E T H A N O W N Average monthly savings of ~$900/month vs. ownership in our markets D E M O G R A P H I C S D R I V E L O N G - T E R M D E M A N D Millenni
Slide 7: High-growth locations
High-growth locations Percent of 3Q25 revenue Seattle 6% Minn. 1% Denver 4% Dallas 4% Phoenix 9% Atlanta 13% Tampa 11% Southern California 11% Las Vegas 4% South Florida 12% Northern California 5% Carolinas 6% Jax. 2% Orlando 8%Hou. 2% Chicago 2% Primarily infill locations in high-growth markets for
Slide 8: Sector-leading scale & density
7 Sector-leading scale & density Pod 1 4,641 Homes Pod 2 4,427 Homes Pod 3 4,847 Homes Pod 4 4,783 Homes Home counts as of 9/30/2025 A T L A N T A Scale and density drive cost efficiency, pricing power, and margin expansion 7
Slide 9: Multiple acquisition channels: new home price premium vs. resale
-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 New Home Price Premium vs. Resale (12-month average) Aug-25 = -0.2% 8 Auction purchases MLS purchases New home pricing more attractive Const
Slide 10: Superior NOI growth since our 2017 IPO
Superior NOI growth since our 2017 IPO 9 +60.7% +50.0% +36.7% +19.4% Invitation Homes AMH National Multifamily Coastal Multifamily Cumulative Same Store NOI Growth (2017-2024) National Multifamily represents simple average of CPT, MAA, and UDR; Coastal Multifamily represents simple average of AVB, E
Slide 11: The best awards come from our customers
The best awards come from our customers 10 Atlanta Resident satisfaction drives renewals, lowers turnover, and strengthens returns 4.09 / 5.0 Cumulative all-time Google / Yelp rating 4.74 / 5.0 Average stars on post- maintenance surveys ~40 MONTHS YTD Same Store avg resident tenure 97.0% YTD Same St
Slide 12: The INVH Advantage
11The INVH Advantage
Slide 13: We provide a differentiated maintenance experience
We provide a differentiated maintenance experience We offer a unique package of value-add services 12 Attract Convert Move outRetain Renew Customer explores & finds their perfect home Customer chooses their home & applies Customer leaves home Customer enjoys their home and the easy “Leasing Lifestyl
Slide 14: Our pricing model combines analytics with local market expertise
Public rental listing data Proprietary pricing / comp model Our pricing model combines analytics with local market expertise S T E P 1 : Use advanced analytics to understand market value Estimated market clearing price S T E P 2 : Persistently analyze demand to guide price changes Demand signals Cen
Slide 15: Dynamic lease terms reduce operational strain
14Reduces operational strain and enhances customer experience Dynamic lease terms can shape the expiration curve and offer more flexibility and transparency for residents 0% 5% 10% 15% 20% 25% 30% 1Q 2Q 3Q 4Q L E A S E E X P I R A T I O N S 2024 2025 Ideal
Slide 16: We offer much more than just a home
Bundled Internet Smart Home Air Filter Delivery And many more 15 We offer much more than just a home $23 $31 $41 $50 $67 $80 $0 $20 $40 $60 $80 $100 2020 2021 2022 2023 2024 2025E Gross Value-Add Services Revenues ($M) Same Store value-add revenues on a gross basis as reported for the respective tim
Slide 17: We leverage our scale to provide an enhanced leasing experience
16We leverage our scale to provide an enhanced leasing experience Maintenance isn’t just a service – it’s a loyalty strategy 24/7 self-service Institutional customer experience Multilingual & accessible Intelligent work order management Scalable Data-driven
Slide 18: We are modernizing our service model
We are modernizing our service model 17These are avenues of efficiency and areas of opportunity, leading to an evaluation of market roles E L I M I N A T E N O N - E S S E N T I A L A C T I V I T I E S A U T O M A T E T H R O U G H T E C H - E N A B L E D W O R K F L O W & A I E N A B L E S T A K E
Slide 19: JV & 3PM platform for capital-light earnings growth
18 ~300 bps Average margin expansion for 3PM owners from being added to INVH platform 35+ Institutional sub-scale operators of SFR (<10,000 homes each) 125,000+ Homes managed by sub-scale operators ~$0.01 Accretion for every 3K homes added • 24,000+ homes managed today • Enhances INVH efficiencies •
Slide 20: Our balance sheet is well-positioned to support growth
Our balance sheet is well-positioned to support growth 5.2x Net Debt / TTM Adj. EBITDA $1.9B of liquidity (cash + revolver capacity) No debt maturing before June 2027 90% of real estate is unencumbered 95% of debt fixed or swapped to fixed rate Diverse debt sources, including public bond
Slide 21: NOI benefit of revenue management strategy
NOI benefit of revenue management strategy 20Our revenue management strategy seeks to optimize NOI O C C U P A N C Y 50 bps turnover rate (~6 bps occupancy) 1 day to re-resident (~6 bps occupancy) 10 bps renewal rent growth 10 bps new lease rent growth 5 bps bad debt expense Approx. full year NOI im
Slide 22: Incremental three-year value creation roadmap
Incremental three-year value creation roadmap 21 ACTIVITY INCREMENTAL AFFO PER SHARE BY 2028 Value-Add Services +$0.04 to $0.05 Process Optimizations +$0.02 to $0.03 Field Centralization +$0.01 to $0.02 Customer Solutions +$0.02 Construction Lending +$0.03 to $0.04 3PM +$0.02 to $0.04 +$0.14 to $0.2
Slide 23: External Growth
22 External Growth
Slide 24: Our external growth strategies
Our external growth strategies Acquisition of scattered-site new construction from builders Homebuilder partnerships and BTR-community forward purchases Construction lending for BTR developers 23 Future development opportunities 1 2 3 4
Slide 25: Our scattered site scale enhances our BTR operations
75+ Owned / managed communities 8,000+ Owned / managed homes in communities 1,000+ Homes for future deliveries 7%+ Percentage of total owned / managed homes 24 Community count by market# Our scattered site scale enhances our BTR operations 1 2 3 1 7 6 5 1 6 84 5 6 2 18 1We have expanded our operatin
Slide 26: We are buying homebuilder inventory at attractive prices
2We are buying homebuilder inventory at attractive prices ~10 homebuilders 10+ active markets 19,000 underwritten 6,000 homes offered 160,000+ homes received 525+ homes acquired 2025 YTD Pipeline Plug and play with INVH scattered site operating model 25
Slide 27: Construction lending builds new partnerships and a future pipeline
Support new housing supply Strengthen developer relationships Gain influence over design, location, and delivery Strategic inventory access Build pipeline of high-quality, purpose-built homes Step in where traditional lenders are retreating Attractive risk-adjusted returns Higher sin
Slide 28: Exploring opportunities to add construction capabilities
We are exploring opportunities to add construction capabilities to our platform 4 27 Our targeted development approach provides for: Optionality Flexibility A capital light means of growth • We seek to bring further optionality to our multi-channel BTR strategy and provide better control over produc
Slide 29: Fundamentals
28Fundamentals
Slide 30: Millennials & Gen Z fuel long-term demand for single-family rentals
Millennials & Gen Z fuel long-term demand for single-family rentals 29Over 13k people expected to turn age 35 every day over the next 10 years -3M -2M -1M 0M 1M 2M 3M 4M 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 45–49 Age 50–54 Age 55–59 Age 60–64 Age
Slide 31: Net migration trends in our markets remain resilient
Net migration trends in our markets remain resilient 30Jobs, quality of life, and affordability remain powerful draws for our markets Source: John Burns Research & Consulting; data as of September 2025
Slide 32: The affordability gap creates a structural demand tailwind for SFR
The affordability gap creates a structural demand tailwind for SFR 31 Nationwide Cost of Home Ownership vs. Home Rental Source: John Burns Real Estate Consulting; data as of September 2025 M A I N D R I V E R S O F O W N E R S H I P C O S T I N C R E A S E S : Mortgage rates Maintenance costs Homeow
Slide 33: This creates a long runway of opportunity for growth
This creates a long runway of opportunity for growth Source: John Burns Research & Consulting, Single-Family Rental Analysis and Forecast, published September 2025 3.30% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Ownership Own 1,000+ homes Own 100-999 homes Own 10-99 homes Own 1-9 homes 4 6 M I L L I O N R
Slide 34: The U.S. remains undersupplied by millions of homes
The U.S. remains undersupplied by as many as 2 to 4 million homes Total Housing Permits (Single and Multifamily) as a % of Households in Invitation Homes’ Markets 0.0% 1.0% 2.0% 3.0% 4.0% 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024 Single-Family Multifamily '80-'25 Avg Source: U.S. C
Slide 35: New BTR deliveries have peaked and are declining nationwide
New BTR deliveries have peaked and are declining nationwide… 34 0 5,000 10,000 15,000 20,000 25,000 30,000 JBREC Estimated Build-to-Rent Delivery Schedule Single-Level Rowhomes Townhomes Horizontal Apartments (Cottages) Single-Family Detached Mixed TBD Today New BTR deliveries are expected to be dow
Slide 36: With steep declines in many key INVH markets
… With steep declines in many key INVH markets 35 Sources and Notes: Same as prior slide Today Peak Phoenix, AZ Tampa, FL Dallas-Fort Worth, TX Orlando, FL Temporary imbalances aside, it’s encouraging to see some supply pressures easing
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