Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Investor Day (November 2025)
104 slides from Invitation Homes's investor day presentation, Nov 17, 2025
Slide 1: Investor Day 2025
Investor Day 2025 November 17, 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: We Unlock the Power of Home
2 We Unlock the Power of Home by providing high-quality living solutions and Genuine CARE™, which together offer stability, comfort, and the freedom for residents and communities to thrive.
Slide 4: Today's Agenda: A Guided Tour Through Our Business
Today’s Agenda: A Guided Tour Through Our Business Welcome First Q&A Session The Front Porch President & CEO, Dallas Tanner U N L O C K W H A T ’ S N E X T The Living Room President & CEO, Dallas Tanner U N L O C K T H E P O W E R W I T H I N Break Second Q&A Session The Kitchen COO, Tim Lobner U N
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Slide 6: The Living Room: Unlock the Power Within
Living Room Unlock the Power Within T H E 5
Slide 7: Today's three strategic themes: Innovation, Growth, and Possibility
6 Today’s three strategic themes: Innovation, Growth, and Possibility 1 I N N O V A T I O N G R O W T H P O S S I B I L I T Y We’ve built the premier SFR platform, and we’re committed to staying best in class We’re unlocking value through disciplined external growth We’re thinking strategically abou
Slide 8: Three distinct phases of growth since our founding
Three distinct phases of growth since our founding 7 0 20,000 40,000 60,000 80,000 100,000 120,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Beyond 1st Asset accumulation 2nd Consolidation 3rd Opening the aperture We’re still in the early days of our third phase of growth
Slide 9: We have a long track record of SFR leadership
8 We have a long track record of SFR leadership We’re committed to maintaining SFR leadership to redefine what’s possible P R O C A R E ® M A I N T E N A N C E G E N U I N E C A R E ™ M U L T I C H A N N E L A C Q U I S I T I O N S T R A T E G Y F I R S T S F R S E C U R I T I Z A T I O N F I R S T
Slide 10: We've delivered superior NOI growth since our 2017 IPO
We’ve delivered 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 a
Slide 11: 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% 10Primarily infill locations in high-growth markets f
Slide 12: Sector-leading scale & density
11 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 Scale and density drive cost efficiency, pricing power, and margin expansion A T L A N T A 11
Slide 13: The best awards are earned from our customers
The best awards are earned from our customers 12 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 S
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Slide 15: Why now: The case for single-family rental
Why now: The case for single-family rental 14Structural 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 Millenn
Slide 16: Millennials & Gen Z fuel long-term demand for single-family rentals
Millennials & Gen Z fuel long-term demand for single-family rentals 15Over 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 17: Net migration trends in our markets remain resilient
Net migration trends in our markets remain resilient 16Jobs, quality of life, and affordability remain powerful draws for our markets Source: John Burns Research & Consulting; data as of September 2025
Slide 18: The affordability gap creates a structural demand tailwind for SFR
The affordability gap creates a structural demand tailwind for SFR 17 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 19: 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 20: 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 21: New BTR deliveries have peaked and are declining nationwide
New BTR deliveries have peaked and are declining nationwide… 20 0 5,000 10,000 15,000 20,000 25,000 30,000 1Q 17 3Q 17 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21 3Q 21 1Q 22 3Q 22 1Q 23 3Q 23 1Q 24 3Q 24 1Q 25 3Q 25 1Q 26 3Q 26 JBREC Estimated Build-to-Rent Delivery Schedule Single-Level Rowhomes Tow
Slide 22: With steep declines in many key INVH markets
… With steep declines in many key INVH markets 21 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
Slide 23: Why invest in INVH?
Why invest in INVH? 22We expect our plans today to deliver $0.14 to $0.20 per share of incremental AFFO growth by 2028 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 & d
Slide 24: Today you will hear from our experienced executive team
Today you will hear from our experienced executive team Dallas Tanner President & Chief Executive Officer, Co-Founder, Director „ 13 years at Invitation Homes „ Treehouse Group founder, including SF, MF, MH, and property management „ Roots Management board member Tim Lobner EVP, Chief Operating Offi
Slide 25: Meet our deep bench of best-in-class senior leaders
And meet our deep bench of best-in-class senior leaders 24 I N V E S T I N G & A S S E T M A N A G E M E N T O P E R A T I O N S , F I E L D & T E C H N O L O G Y Peter DiLello SVP, Investment Management Dan Scanlon SVP, Asset Management Bill Tierney SVP, Marketing & Customer Experience Paul Mauk SV
Slide 26: Senior leaders, cont.
And meet our deep bench of best-in-class senior leaders, cont. 25 L E G A L , F I N A N C E & S H A R E D S E R V I C E S Kim Norrell EVP, Chief Accounting Officer Allison Mullis EVP, Chief Human Resources Officer Sheila Greenwood SVP, Gov’t Affairs Kristi DesJarlais SVP, Communications Mark Solls E
Slide 27: The Kitchen: Unlock the Resident Experience
Kitchen Unlock the Resident Experience T H E 26
Slide 28: There is more to this story: SFR is still in its infancy
T H E R E I S M O R E T O T H I S S T O R Y : SFR is still in its infancy There’s a lot of potential27 27
Slide 29: Where we are & what makes us different
28 Where we are & what makes us different
Slide 30: The power of density and scale
T H E P O W E R O F D E N S I T Y Scale and density drive NOI growth and enhance experience 29 T H E P O W E R O F S C A L E This is the Invitation Homes structural advantage 1. Enhance revenues 2. Lower expenses 3. Unlock technology and data opportunities 4. Diversify risks Benefits
Slide 31: Phoenix illustrates the power of scale
Phoenix illustrates the power of scale 30 Team and home counts as of 9/30 for each respective year 2022 and 2025; 2022 payroll figures have been adjusted for inflation to reflect 2025 dollars for comparability P H O E N I X Phoenix Home Count 2022 2025 Increase Wholly-owned 8,906 9,208 +3.4% JV and
Slide 32: We provide a differentiated maintenance experience
We provide a differentiated maintenance experience We offer a unique package of value-add services 31 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 33: 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 34: Dynamic lease terms reduce operational strain
33Reduces 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 35: We offer much more than just a home
Bundled Internet Smart Home Air Filter Delivery And many more 34We expect value-add services to deliver $0.04 to $0.05 of incremental AFFO growth by 2028 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 Revenu
Slide 36: Maintenance isn't just a service, it's a loyalty strategy
35We 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 37: Where we're going & why you should care
36 Where we’re going & why you should care
Slide 38: Revolutionizing our business through technology enablement & centralization
We are embarking on a journey to revolutionize our business through technology enablement & centralization 37
Slide 39: We are modernizing our service model
We are modernizing our service model 38These 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 40: Process optimization case study #1: Call center consolidation
39Fewer calls, faster services, and $1M in savings (so far) Process optimization case study #1: Call center consolidation 100,000 105,000 110,000 115,000 2024 2025 2026 Home Count 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2024 2025 2026 Answer Rate $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 2024 2025
Slide 41: Process optimization case study #2: Digital home care hub
40 Process optimization case study #2: Digital home care hub C U R R E N T S T A T E F U T U R E S T A T E Potential Implications „ 20,000 – 25,000 move ins per year „ Intelligent, digital asset observation with improved data collection „ Can provide proactive maintenance identification and reductio
Slide 42: Process optimization case study #3: Self-service mobile check out
41 Process optimization case study #3: Self-service mobile check out C U R R E N T S T A T E Potential Implications „ 20,000 – 25,000 move outs per year „ 35 – 40% of residents move out prior to their lease expiration by an average of 2.0 – 2.5 days „ 14,000 – 25,000 avoidable days in turn F U T U R
Slide 43: Centralization: Current de-centralized approach
Centralization: Current de-centralized approach 42 Market Leader Turn & Maintenance Operations Property Management Operations Leasing & Renewal Operations National Support Team L O C A L Customer & asset engagement C E N T R A L Policy, process, reporting & tech-enablement
Slide 44: Centralization: Areas of opportunity
Centralization: Current de-centralized approach 43 • Routine, repeatable processes • High-volume administrative tasks • Market specific knowledge not required • Support focused activities Market Leader Turn & Maintenance Operations Property Management Operations Leasing & Renewal Operations National
Slide 45: Centralization: Future centralized approach
Centralization, cont’d: Future centralized approach 44We expect centralization to achieve $0.01 to $0.02 in incremental AFFO growth by 2028 • Rent collection & delinquency management • Security deposit accounting • Leasing & renewal administrative work • HOA & municipal compliance • Resident event s
Slide 46: Key takeaways
Key takeaways Diversified revenue opportunities as we enhance the customer experience journey Future operational efficiencies through process optimization & centralization Lots of opportunity still ahead Scale & density core to our success We expect our operational initiatives to achieve $0.07 to $0
Slide 47: The Den: Unlock the Future of Home
Tampa Den Unlock the Future of Home T H E 46
Slide 48: Our approach has evolved from fragmented to focused
Our approach has evolved from fragmented to focused 47
Slide 49: We are transforming technology, with the customer at the center
We are transforming technology, with the customer at the center 48 „ Optimize for associate productivity „ Automation with some AI I M P R O V E D E F F I C I E N C Y I M P R O V E D C U S T O M E R E X P E R I E N C E & S A T I S F A C T I O N „ Design for flow not friction „ Built for loyalty over
Slide 50: Connecting the dots of attraction through improved communication and technology
We are connecting the dots of attraction through improved communication and technology 49 We meet customers where and when they want 24/7 79% of our applications are submitted without human intervention 46% of our chatbot interactions happen outside of office hours A great home + right location & pr
Slide 51: The customer's control is at their fingertips
The customer’s control is at their fingertips 50 A N I N D U S T R Y F I R S T , A I - L E D L E A S I N G E N G I N E D A T A - D R I V E N C O N V E R S I O N O P T I M I Z A T I O N M O D E R N P A Y M E N T E X P E R I E N C E Time to decision has been reduced by 35% Allowing for features like w
Slide 52: We're unlocking the power of increased retention
We’re unlocking the power of increased retention 80% of the value creation among high-growth companies comes from existing customers (i.e. retention, upsell) via “experience-led growth” M C K I N S E Y “Customer-obsessed” companies show 51% better customer retention vs. non-customer- obsessed peers
Slide 53: Our vision is unified, intelligent, and seamless
Our vision is unified, intelligent, and seamless 52We expect customer-centric solutions to achieve ~$0.02 in incremental AFFO growth by 2028
Slide 54: Protecting our house – secure by design
Protecting our house – secure by design 53We protect residents and data while enabling digital growth, customer trust, and long-term value
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Slide 58: The Garage: Unlock External Growth
Tampa Garage Unlock External Growth T H E 57
Slide 59: Strategic growth summary
58 Strategic growth summary T H I R D P A R T Y M A N A G E M E N T „ Engine for capital light growth „ 3PM provides opportunity to enter new growth markets P O R T F O L I O O P T I M I Z A T I O N „ Disciplined, data driven investment framework „ Scaled platform creates information flywheel „ Abil
Slide 60: Portfolio optimization
59 Portfolio optimization
Slide 61: We optimize our portfolio through a rigorous analytical framework
60 We optimize our portfolio through a rigorous analytical framework D A T A A N A L Y S I S D E C I S I O N Economic market data • GDP growth • Income growth • Population growth • Employment growth Housing market data • Home price appreciation • Cost to own vs. rent • New single family housing perm
Slide 62: We have a disciplined investment framework
61 We have a disciplined investment framework Organized to drive strategic, accretive growth through disciplined underwriting Source Underwrite Diligence Acquire Rehab Lease We have bought or sold nearly 130,000 homes since inception
Slide 63: Allocating capital to long-term, high-growth markets
We are allocating capital to long-term, high-growth markets Core established markets New growth markets Core growth markets 62
Slide 64: Reinvesting in our portfolio through our RevEx Program
We continue to reinvest in our portfolio through our RevEx Program 63 ~$7,500 re-investment per home 6,000 homes in FY 2025 $43M total capital spend in FY 2025 10 – 15% average ROI 2023 2024 2025 5,300 4,600 6,000# of Homes
Slide 65: We optimize dispositions through sales to end-users
We optimize dispositions through sales to end-users 64 CA 30% Central 14% East 48% West 8% D I S P O S I T I O N S B Y R E G I O N 2025 YTD dispositions of wholly-owned homes as a percentage of home count West region comprises Seattle, Phoenix, and Las Vegas Central region comprises Houston, Dallas,
Slide 66: External growth
65 External growth
Slide 67: 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 66 Future development opportunities 1 2 3 4
Slide 68: Rising homebuilder supply is leading to acquisition opportunities
Rising homebuilder supply is leading to acquisition opportunities 67 0 0.5 1 1.5 2 2.5 3 3.5 Ap r-1 0 Au g- 10 De c- 10 Ap r-1 1 Au g- 11 De c- 11 Ap r-1 2 Au g- 12 De c- 12 Ap r-1 3 Au g- 13 De c- 13 Ap r-1 4 Au g- 14 De c- 14 Ap r-1 5 Au g- 15 De c- 15 Ap r-1 6 Au g- 16 De c- 16 Ap r-1 7 Au g- 17
Slide 69: Multiple acquisition channels to pivot with the cycles
-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% 68 Auction purchases MLS purchases New home pricing more attractive Cons
Slide 70: We partner with homebuilders to purchase BTR communities
1We partner with national & regional homebuilders to purchase BTR communities 69 R E G I O N A LN A T I O N A L A win for INVH, homebuilders, and our residents Benefits to homebuilders • Predictable deliveries and earnings • Supplementing end-user sales • Cost savings Benefits to INVH • Discounts on
Slide 71: 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 70 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 72: Flexibility to operate non-traditional types of BTR communities
71Flexibility to operate non-traditional types of BTR communities C F U L L S T A N D A L O N E C O M M U N I T Y A S C A T T E R E D S I T E B P O D S O F H O M E S 1Our "Power of Scale" enables us to have a differentiated operating model for BTR communities
Slide 73: Forward purchase case study: Westfield Village (Atlanta)
Forward purchase case study: Westfield Village (Atlanta) 72 Westfield INVH home 10 – 15%206 Homes ~6% Stabilized cap rate 175,000 Population 10-mile radius Discount to market value 1,100 Number of INVH owned homes in 10-mile radius A T L A N T A $2,200 Avg achieved rents 1
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Slide 75: 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 ~6% cap rates Up to 20% discount to list prices Plug and play with INVH scattered site operating model 7
Slide 76: 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 77: Exploring opportunities to add homebuilding capabilities
We are exploring opportunities to add homebuilding capabilities to our platform Purchased 3,000+ new construction homes from homebuilder partnerships over the past three years We are building construction management expertise through our construction lending program Next step – evaluating potential
Slide 78: Third party management
77 Third party management
Slide 79: 24,000+ homes managed today
24,000+ homes managed today Enhances INVH efficiencies Creates a pipeline of future acquisition opportunities ~$85M FY 2025E revenue Our JV & 3PM platform is best-in-class engine for capital-light earnings growth Asset management fees Disposition fees Property management fees Performance fees 78
Slide 80: Opportunities to grow our 3PM business
79 ~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 There are opportunities to grow our 3PM business and scale i
Slide 81: Multiple growth channels enable us to build scale quickly
80 Having access to multiple growth channels enables INVH to build scale quickly and take advantage of lucrative market entry points Z E R O T O N E A R L Y 1 , 0 0 0 H O M E S Wholly owned & JV 3PM 3PM homes Wholly-owned BTR homes JV-owned homes ~600 ~200 >100 Our re-entry into Nashville offers ins
Slide 82: Salt Lake City expansion case study
S A L T L A K E C I T YSalt Lake City expansion case study 81 M A R K E T O V E R V I E W E X E C U T I O N S T R A T E G Y Forward purchases 3PM 11th 3%+ 5.7x 2.6M Population including neighboring MSAs New jobs per new single-family permits Income growth rate over next 5 years Largest GDP per capit
Slide 83: Strategic growth summary
82 Strategic growth summary T H I R D P A R T Y M A N A G E M E N T „ Engine for capital light growth „ 3PM provides opportunity to enter new growth markets P O R T F O L I O O P T I M I Z A T I O N „ Disciplined, data driven investment framework „ Scaled platform creates information flywheel „ Abil
Slide 84: The Home Office: Unlock Shareholder Value
Tampa Home Office Unlock Shareholder Value T H E 83
Slide 85: The financial five: Today's topics
The financial five: Today’s topics Ample sources of capital to fund growth opportunities Our balance sheet is well-positioned to support growth 2025 property tax growth up 5.0%, the lowest rate since 2021 84 NOI benefit of revenue management strategy 1 2 3 4 Value creation roadmap with incremental A
Slide 86: 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 87: Ample sources of capital to fund growth opportunities
$400 – 600M Ample sources of capital to fund growth opportunities 86Figures as of 9/30/2025 >$1B Joint venture deployment capacity ~$2B Capacity to add incremental debt for growth without exceeding long-term leverage target $1.75B Untapped revolver capacity >$250M Annual free cash flow after the div
Slide 88: Property tax expense growth
87 YoY Prop Tax Expense Growth 2025E ≤5.0% 2024 5.8% 2023 10.3% 2022 7.8% 2021 2.2% 2020 4.5% 2019 5.5% We now anticipate FY 2025 Same Store property tax expense growth of ≤5.0%, the lowest rate since 2021 State % of 3Q25 Revenue % of FY 2025 Prop Tax Expense FY 2025 Expected Assessment Change FY 20
Slide 89: NOI benefit of revenue management strategy
NOI benefit of revenue management strategy 88Our 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 90: Incremental three-year value creation roadmap
Incremental three-year value creation roadmap 89 ACTIVITY OBJECTIVE REFERENCE INCREMENTAL AFFO PER SHARE BY 2028 Value-Add Services Growth TIM Page 34 +$0.04 to $0.05 Process Optimizations Innovation TIM Pages 39-41 +$0.02 to $0.03 Field Centralization Innovation TIM Page 44 +$0.01 to $0.02 Customer
Slide 91: The Front Porch: Unlock What's Next
Tampa Front Porch Unlock What’s Next T H E 9090
Slide 92: Today's three strategic themes: Innovation, Growth, and Possibility
91 Today’s three strategic themes: Innovation, Growth, and Possibility 1 I N N O V A T I O N G R O W T H P O S S I B I L I T Y We’ve built the premier SFR platform, and we’re committed to staying best in class We’re unlocking value through disciplined external growth We’re thinking strategically abo
Slide 93: Unlocking confidence through our trademarked Genuine CARE
RA I S E T H E R O O F We pursue excellence by continuously improving, innovating, and creating value EM B R A C E T H E J O U R N E Y We encourage curiosity and varied perspectives to shape our community and drive us forward A I M T R U E We act with integrity, take responsibility, and focus on doi
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Slide 96: Appendix
95 Appendix
Slide 97: Definitions & Reconciliations
Definitions & Reconciliations 96 Financial and operating measures found in this presentation include certain non-GAAP financial measures. These non-GAAP financial measures are defined herein and, as applicable, reconciled to the most directly comparable GAAP financial measures. In accordance with SE
Slide 98: Definitions & Reconciliations
Definitions & Reconciliations 97 Core NOI Margin Core NOI margin for an identified population of homes is calculated by dividing NOI by Core Revenues attributable to such population. Core Operating Expenses Core operating expenses for an identified population of homes reflect property operating and
Slide 99: Definitions & Reconciliations
Definitions & Reconciliations 98 The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other
Slide 100: Definitions & Reconciliations
Definitions & Reconciliations 99 Net Operating Income (NOI) NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (whi
Slide 101: Definitions & Reconciliations
Definitions & Reconciliations 100 Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as our e
Slide 102: Definitions & Reconciliations
Definitions & Reconciliations 101
Slide 103: Definitions & Reconciliations
Definitions & Reconciliations 102
Slide 104: Definitions & Reconciliations
Definitions & Reconciliations 103