Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Q4 2025 Earnings Presentation
25 slides from Invitation Homes's earnings presentation, Feb 19, 2026
Slide 1: Investor Presentation
March 2026 Investor Presentation
Slide 2: 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
Slide 3: 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 p
Slide 4: Jan-Feb 2026 Same Store Leasing Stats
Jan-Feb 2026 Same Store Leasing Stats Coastal MF National MF INVH INVH Same Store 4Q 2025 4Q 2025 4Q 2025 Jan-Feb 2026 Average Occupancy 96.1% 95.9% 95.9% 96.0% Renewals 4.1% 3.4% 4.2% 3.8% Rental Rate Growth New Leases -3.8% -6.9% -4.1% -3.4% Rental Rate Growth Blended 0.8% -1.8% 1.8% 1.5% Rental R
Slide 5: Overview
4 invitationhomes Overview
Slide 6: 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 7: 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 4Q25 revenue Florida 12% 6 Primarily infill locations in high-growth markets
Slide 8: Sector-leading scale & density
ATLANTA Owned and managed home counts as of 12/31/2025 Pod 4 4,775 Homes Sector-leading scale & density Pod 1 Pod 3 4,610 Homes 4,841 Homes Pod 2 4,314 Homes 77 Scale and density drive cost efficiency, pricing power, and margin expansion
Slide 9: Multiple acquisition channels
Multiple acquisition channels New Home Price Premium vs. Resale 45.0% 40.0% New home pricing more attractive 35.0% 30.0% Auction purchases 25.0% Homebuilder MLS purchases Homebuilder forward 20.0% Inventory purchasing 15.0% Historical average: 16.0%* 10.0% Resale home pricing more attractive 5.0% Re
Slide 10: 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 represents simple average of AVB, EQR, a
Slide 11: The best awards come from our customers
The best awards come from our customers RESIDENT SATISFACTION >39 MONTHS 95.9% 79% 4.81 / 5.0 4.09 / 5.0 Same Store avg Same Store avg Same Store avg Average stars on post- Cumulative all-time resident tenure occupancy rate renewal rate maintenance surveys Google / Yelp rating AWARDS & ACCOLADES Atl
Slide 12: The INVH Advantage
The INVH Advantage 11
Slide 13: An overview of the customer journey — and what makes our approach great
An overview of the customer journey — and what makes our approach great for customers and investors Attract Convert Retain Renew Move out Customer explores Customer Customer enjoys their Customer Customer & finds their chooses their home and the easy decides whether leaves home perfect home home & a
Slide 14: We are modernizing our service model
We are modernizing our service model AUTOMATE ELIMINATE ENABLE CENTRALIZE OR THROUGH NON-ESSENTIAL STAKEHOLDER OUTSOURCE FOR TECH-ENABLED ACTIVITIES SELF-SERVICE EFFICIENCY WORKFLOW & AI • Discontinue low value • Reduce manual effort • Shift responsibilities • Reassign work to tasks • Implement AI-d
Slide 15: 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 12/31/2025 Long-term Targets 5.3x Net Debt / TTM Adj. EBITDA Net Debt / TTM Adj. EBITDAre 5.3x 5.5x – 6.0x Secured Debt / Gross RE Assets 6.1% < 10% $1.7B of liquidity (cash + r
Slide 16: Growth
Growth 15
Slide 17: 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 more than 4,200 homes since its founding in 2018 Carolinas ~100 Led by Jay Byce, with 22 years’ experience in homebuilding and land develop
Slide 18: 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 19: JV & 3PM platform: 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 20: Fundamentals
Fundamentals 19
Slide 21: 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 (2025-2034) 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 22: 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 Source: John Burns Real Estate Consulting; data as of December 2025. 21
Slide 23: “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 24: The U.S. remains undersupplied by as many as 2 to 4 million 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 4.0% Single-Family Multifamily '80-'25 Avg 3.0% 2.0% 1.0% 0.0% 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024 Source: U.S. C
Slide 25: 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 Mixed TBD Sources and Notes: John Burns Research & Consulting