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
November 17, 2025 Investor Day 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 intelligence, risks related to our indebtedness, risks related to the potential negative impact the Securities Act of 1933, as amended, and Section 21E of
Slide 3: We Unlock the Power of Home
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. 2
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 UNLOCK WHAT’S NEXT The Living Room Break Second Q&A Session President & CEO, Dallas Tanner UNLOCK THE POWER WITHIN The Kitchen The Garage COO, Tim Lobner CIO, Scott Eisen UNLOC
Slide 5: Video
4 invitationhomes SE vldeteeV VIDEO
Slide 6: The Living Room: Unlock the Power Within
Living Room THE Unlock the Power Within 5
Slide 7: Today's three strategic themes: Innovation, Growth, and Possibility
Today’s three strategic themes: Innovation, Growth, and Possibility 1INNOVATION GROWTH POSSIBILITY We’ve built the premier SFR We’re unlocking value We’re thinking strategically platform, and we’re committed through disciplined about tomorrow and exploring to staying best in class external growth lo
Slide 8: Three distinct phases of growth since our founding
Three distinct phases of growth since our founding Number of Homes Owned / 3rd Managed Opening the aperture 120,000 2nd Consolidation 100,000 80,000 1st Asset 60,000 accumulation 40,000 20,000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Beyond 7 We’re still in the early d
Slide 9: We have a long track record of SFR leadership
We have a long track record of SFR leadership S&P 500 COMPANY CONSTRUCTION FIRST SFR LENDING SECURITIZATION MULTICHANNEL ACQUISITION STRATEGY FIRST RESIDENT HOMEBUILDER MOBILE APP PARTNERSHIPS FIRST SFR GSE FINANCING NRHC PROCARE® FOUNDING MAINTENANCE MEMBER GENUINE CARE™ 8 We’re committed to mainta
Slide 10: We've delivered superior NOI growth since our 2017 IPO
We’ve delivered superior NOI growth since our 2017 IPO Cumulative Same Store NOI Growth (2017-2024) Invitation Homes +60.7% AMH +50.0% National +36.7% Multifamily Coastal +19.4% Multifamily National Multifamily represents simple average of CPT, MAA, and UDR; Coastal Multifamily represents simple ave
Slide 11: High-growth locations
Seattle 6% Minn. 1% Northern California High-growth Chicago 5% 2% Denver 4% Las Vegas locations Southern 4% Carolinas California 6% Phoenix 11% 9% Atlanta Jax. Dallas 13% 2% 4% Orlando Hou. Tampa 8% 2% 11% South Percent of 3Q25 revenue Florida 12% 10 Primarily infill locations in high-growth markets
Slide 12: Sector-leading scale & density
Home counts as of 9/30/2025 ATLANTA Pod 4 4,783 Homes Sector-leading scale & density Pod 1 Pod 3 4,641 Homes 4,847 Homes Pod 2 4,427 Homes 1111 Scale and density drive cost efficiency, pricing power, and margin expansion
Slide 13: The best awards are earned from our customers
The best awards are earned from our customers RESIDENT SATISFACTION ~40 MONTHS 97.0% >78% 4.74 / 5.0 4.09 / 5.0 YTD Same Store YTD Same Store YTD Same Store Average stars on post- Cumulative all-time avg resident tenure avg occupancy rate avg renewal rate maintenance surveys Google / Yelp rating AWA
Slide 14: Video
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Slide 15: Why now: The case for single-family rental
Why now: The case for single-family rental DEMOGRAPHICS CHEAPER TO FRAGMENTED MARKET= IMPROVING DRIVE LONG- LEASE CONSOLIDATION SUPPLY TERM DEMAND THAN OWN OPPORTUNITY TRENDS Millennials and Gen Z Average monthly savings of ~93% of SFR homes owned Nationwide housing housing shortage, shortage fuelin
Slide 16: 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 4
Slide 17: Net migration trends in our markets remain resilient
Net migration trends in our markets remain resilient Source: John Burns Research & Consulting; data as of September 2025 16 Jobs, quality of life, and affordability remain powerful draws for our markets
Slide 18: 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 Maintenance costs Homeowners insurance Property taxes Source: John Burns Real Estate Consulting; data as of September 2025 17
Slide 19: Mom & Pop owners dominate SFR; professionals own just 3%
“Mom & Pop” owners dominate SFR; professionals own just 3% 148 MILLION 134 MILLION 46 MILLION 14 MILLION HOUSING UNITS HOUSEHOLDS RENTAL HOUSEHOLDS SFR HOMES 100.0% 3.30% 80.0% Households: 91% Apartments: 66% (134M units) Single- Owned: 65% Rented: 35% (31M units) Family: 30% 60.0% (88M units) (46M
Slide 20: 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 21: 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 30,000 25,000 Do 20,000 wn 73 % 15,000 10,000 5,000 0 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q Single-Leve
Slide 22: With steep declines in many key INVH markets
… With steep declines in many key INVH markets Phoenix, AZ Tampa, FL Peak Dallas-Fort Worth, TX Orlando, FL Today Sources and Notes: Same as prior slide Temporary imbalances aside, it’s encouraging to see some supply pressures easing 21
Slide 23: Why invest in INVH?
Why invest in INVH? INNOVATION + GROWTH + POSSIBILITY = VALUE CREATION POWER OF OUR DIVERSITY OF OUR PREMIER CUSTOMER PLATFORM GROWTH CHANNELS EXPERIENCE Unmatched scale & density Accretive acquisitions Resident satisfaction Proprietary technology Strategic partnerships Customer centricity Optimizat
Slide 24: Today you will hear from our experienced executive team
Today you will hear from our experienced executive team Dallas Tanner Tim Lobner Virginia Suliman Scott Eisen Jon Olsen President & Chief Executive EVP, Chief Operating Officer EVP, Chief Information & EVP, Chief Investment Officer EVP, Chief Financial Officer Officer, Co-Founder, Director Digital O
Slide 25: And meet our deep bench of best-in-class senior leaders
And meet our deep bench of best-in-class senior leaders INVESTING & ASSET MANAGEMENT OPERATIONS, FIELD & TECHNOLOGY Peter DiLello Dan Scanlon Tracy Valenzuela Randy Gray Libby Hertz SVP, Investment SVP, Asset Management SVP, Field Ops West SVP, Field Ops Southeast SVP, Field Ops East Management Aaro
Slide 26: And meet our deep bench of best-in-class senior leaders, cont.
And meet our deep bench of best-in-class senior leaders, cont. LEGAL, FINANCE & SHARED SERVICES Mark Solls Kim Norrell Allison Mullis Liuba Baban EVP, Chief Legal Officer EVP, Chief Accounting EVP, Chief Human SVP, Chief Compliance Officer Resources Officer Officer Kristi DesJarlais David Fraser She
Slide 27: The Kitchen: Unlock the Resident Experience
Kitchen THE Unlock the Resident Experience 26
Slide 28: SFR is still in its infancy
THERE IS MORE TO THIS STORY: SFR is still in its infancy 27 There’s a lot of potential 27
Slide 29: Where we are & what makes us different
Where we are & what makes us different 28
Slide 30: Scale and density drive NOI growth and enhance experience
Scale and density drive NOI growth and enhance experience THE POWER OF SCALE THE POWER OF DENSITY 1. Enhance revenues Benefits 2. Lower expenses 3. Unlock technology and data opportunities 4. Diversify risks 29 This is the Invitation Homes structural advantage
Slide 31: Phoenix illustrates the power of scale
Phoenix illustrates the PHOENIX power of scale Phoenix Home Count 2022 2025 Increase Wholly-owned 8,906 9,208 +3.4% JV and 3PM 822 3,268 +297.6% Total homes 9,728 12,476 +28.2% Phoenix Associate Count 2022 2025 Increase Directors and above 7 7 0.0% Managers and below 108 123 13.9% Total associates 1
Slide 32: An overview of the customer journey
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 33: Our pricing model combines analytics with local market expertise
Our pricing model combines analytics with local market expertise STEP 1: Use advanced analytics to understand market value Public rental Proprietary pricing / Estimated market listing data comp model clearing price STEP 2: Persistently analyze demand to guide price changes Central / local Demand sig
Slide 34: Dynamic lease terms can shape the expiration curve
Dynamic lease terms can shape the expiration curve LEASE EXPIRATIONS and offer more flexibility and 30% transparency for residents 25% 20% 15% 10% 5% 0% 1Q 2Q 3Q 4Q 2024 2025 Ideal Reduces operational strain and enhances customer experience 33
Slide 35: We offer much more than just a home
We offer much more "The smart home features at my residence are a great feature and have than just a home been very useful. The Internet package for my area is spot on.” –Hannah P., Orlando Gross Value-Add Services Bundled Internet Revenues ($M) $100 Smart Home $80 $60 $40 $80 Air Filter Delivery $6
Slide 36: Maintenance isn't just a service – it's a loyalty strategy
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 We leverage our scale to provide an enhanced leasing experience 35
Slide 37: Where we're going & why you should care
Where we’re going & why you should care 36
Slide 38: Journey to revolutionize 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 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 40: Process optimization case study #1: Call center consolidation
Process optimization case study #1: Call center consolidation Home Count Answer Rate 115,000 100.0% 80.0% 110,000 60.0% 105,000 40.0% 20.0% 100,000 0.0% 2024 2025 2026 2024 2025 2026 FROM 2024 TO 2025: Home count increased by 4.7% Answer rate improved by 11.5% Call Volume Costs 1,500,000 $4,000,000
Slide 41: Process optimization case study #2: Digital home care hub
Process optimization case study #2: Digital home care hub Potential Implications 20,000 – 25,000 move ins per year C U R R E N T F U T U R E Intelligent, digital asset observation with improved S T A T E S T A T E data collection Can provide proactive maintenance identification and reduction i
Slide 42: Process optimization case study #3: Self-service mobile check out
Process optimization case study #3: Self-service mobile check out Potential Implications 20,000 – 25,000 move outs per year C U R R E N T F U T U R E S T A T E S T A T E 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 day
Slide 43: Centralization: Current de-centralized approach
Centralization: Current de-centralized approach LOCAL Customer & asset engagement Market Leader Turn & Property Leasing Maintenance Management & Renewal Operations Operations Operations CENTRAL Policy, process, reporting & tech-enablement National Support Team 42
Slide 44: Centralization: Current de-centralized approach
Centralization: Current de-centralized approach LOCAL Customer & asset engagement Market Leader • Routine, repeatable • Market specific knowledge Turn & Property Leasing processes not required Maintenance Management & Renewal Operations Operations Operations • High-volume • Support focused activitie
Slide 45: Centralization, cont'd: Future centralized approach
Centralization, cont’d: Future centralized approach LOCAL Areas of Opportunity Customer & asset engagement • Rent collection & delinquency management Market Leader • Security deposit accounting • Leasing & renewal administrative work Turn & Property Leasing Maintenance Management & Renewal • HOA & m
Slide 46: Key takeaways
Key takeaways Scale & density core to our success Simple approach scaled with precision Diversified revenue opportunities as we enhance the customer experience journey Future operational efficiencies through process optimization & centralization Lots of opportunity still ahead We expect our operatio
Slide 47: The Den: Unlock the Future of Home
Den THE Unlock the Future of Home Tampa 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 IMPROVED EFFICIENCY Optimize for associate productivity Automation with some AI IMPROVED CUSTOMER EXPERIENCE & SATISFACTION Design for flow not friction Built for loyalty over time MORE REVENUE Consistent experiences drive ret
Slide 50: Connecting the dots of attraction through improved communication and technology
We are connecting the dots of attraction through improved communication and technology We meet customers where and when they want 24/7 46% of our chatbot interactions happen outside of office hours 79% of our applications are submitted without human intervention A great home + right location & price
Slide 51: The customer's control is at their fingertips
The customer’s control is at their fingertips AN INDUSTRY FIRST, AI-LED LEASING ENGINE Allowing for features like waitlisting, decreased fraud, and pre-qualification DATA-DRIVEN CONVERSION OPTIMIZATION MODERN PAYMENT EXPERIENCE Time to decision has been reduced by 35% 50
Slide 52: We're unlocking the power of increased retention
We’re unlocking the power of increased retention MCKINSEY 80% of the value creation among high-growth companies comes from existing customers (i.e. retention, upsell) via “experience-led growth” FORRESTER’S 2024 CX INDEX “Customer-obsessed” companies show 51% better customer retention vs. non-custom
Slide 53: Our vision is unified, intelligent, and seamless
Our vision is unified, intelligent, and seamless We expect customer-centric solutions to achieve ~$0.02 in incremental AFFO growth by 2028 52
Slide 54: Protecting our house – secure by design
Protecting our house – secure by design We protect residents and data while enabling digital growth, customer trust, and long-term value 53
Slide 55: Video
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Slide 56: Session 1 Q&A
Session 1 Q&A 55
Slide 57: Break
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Slide 58: The Garage: Unlock External Growth
Garage THE Unlock External Growth Tampa 57
Slide 59: Strategic growth summary
PORTFOLIO OPTIMIZATION Disciplined, data driven investment framework Scaled platform creates information flywheel Ability to attractively recycle capital through home sales to the end-user market Strategic EXTERNAL GROWTH growth Growth through multiple acquisition channels Current market i
Slide 60: Portfolio optimization
Portfolio optimization 59
Slide 61: We optimize our portfolio through a rigorous analytical framework
We optimize our portfolio through a rigorous analytical framework DATA ANALYSIS DECISION Economic market data • GDP growth • • Income growth Population growth Buy • Employment growth Housing market data Data analysis • Home price appreciation & • Cost to own vs. rent optimization Hold / reinvest • N
Slide 62: We have a disciplined investment framework
Source We have a Lease Underwrite disciplined investment framework Rehab Diligence Acquire We have bought or sold nearly 130,000 homes since inception Organized to drive strategic, accretive growth through disciplined underwriting 61
Slide 63: We are allocating capital to long-term, high-growth markets
We are allocating capital to long-term, high-growth markets Core growth markets New growth markets Core established markets 62
Slide 64: We continue to reinvest in our portfolio through our RevEx Program
We continue to reinvest in our portfolio through our RevEx Program 2023 2024 2025 ~$7,500 re-investment per home # of Homes 5,300 4,600 6,000 6,000 homes in FY 2025 $43M total capital spend in FY 2025 10 – 15% average ROI 63
Slide 65: We optimize dispositions through sales to end-users
We optimize dispositions through sales to end-users DISPOSITIONS BY REGION DISPOSITION REASONS West Non-core submarkets 8% CA 30% High rehab cost East De-risking environmental exposure 48% Central 14% Low risk-adjusted returns We expect to sell ~1,400 homes for 2025 YTD dispositions of wholly-owned
Slide 66: External growth
External growth 65
Slide 67: Our external growth strategies
1 Homebuilder partnerships and BTR-community forward purchases Our 2 Acquisition of scattered-site new construction from builders external growth 3 Construction lending for BTR developers strategies 4 Future development opportunities 66
Slide 68: Rising homebuilder supply is leading to acquisition opportunities
Rising homebuilder supply is leading to acquisition opportunities Number of Unsold, Finished New Homes per Community Weighted Averages 3.5 3 2.5 2 1.5 Seasonal unsold inventory average: 1.85* 1 0.5 0 Aug-12 Aug-13 Aug-10 Aug-14 Aug-11 Aug-15 Aug-18 Aug-17 Aug-19 Aug-16 Dec-16 Apr-17 Apr-19 Dec-12 Ap
Slide 69: We have multiple acquisition channels to pivot with the cycles
We have multiple acquisition channels to pivot with the cycles New Home Price Premium vs. Resale (12-month average) Aug-25 = -0.2% 45.0% 40.0% New home pricing more attractive 35.0% 30.0% Auction purchases Homebuilder 25.0% Homebuilder MLS purchases forward Inventory 20.0% purchasing 15.0% Historica
Slide 70: We partner with national & regional homebuilders to purchase BTR communities
1 We partner with national & regional homebuilders to purchase BTR communities NATIONAL REGIONAL Benefits to homebuilders • Predictable deliveries and earnings • Supplementing end-user sales • Cost savings Benefits to INVH • Discounts on retail home pricing • Control product design and delivery pace
Slide 71: We have expanded our operating model to include BTR communities
We have expanded our operating model to include 1 BTR communities 75+ Owned / managed communities 8,000+ 1 Owned / managed homes in communities 2 1 3 4 6 8 1,000+ 7 Homes for future deliveries 6 1 7%+ 6 5 5 18 2 Percentage of total owned / # Community count by market managed homes Our scattered site
Slide 72: Our Power of Scale enables a differentiated operating model for BTR
Our "Power of Scale" enables us to have a differentiated 1 operating model for BTR communities A SCATTERED SITE B PODS OF HOMES C FULL STANDALONE COMMUNITY Flexibility to operate non-traditional types of BTR communities 71
Slide 73: Forward purchase case study: Westfield Village (Atlanta)
ATLANTA 1 Forward purchase case study: Westfield Village (Atlanta) 206 10 – 15% Homes Discount to market value Westfield INVH home 1,100 175,000 Number of INVH Population owned homes in 10-mile radius 10-mile radius $2,200 ~6% Avg achieved Stabilized cap rents rate 72
Slide 74: Video
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Slide 75: We are buying homebuilder inventory at attractive prices
2 We are buying homebuilder inventory at attractive prices 2025 YTD Pipeline ~6% ~10 160,000+ homes received 19,000 underwritten cap rates homebuilders 10+ Up to 6,000 homes offered 20% active markets discount to 525+ homes acquired list prices 74 Plug and play with INVH scattered site operating mod
Slide 76: Construction lending builds new partnerships and a future pipeline
Construction lending builds new partnerships and a 3 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 yie
Slide 77: We are exploring opportunities to add homebuilding capabilities
We are exploring opportunities 4 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 potentia
Slide 78: Third party management
Third party management 77
Slide 79: Our JV & 3PM platform is best-in-class engine
24,000+ homes managed today Our JV & 3PM platform is Enhances INVH efficiencies best-in-class engine for capital-light Creates a pipeline of future acquisition opportunities earnings growth ~$85M FY 2025E revenue Asset management Property management Performance Disposition fees fees fees fees 78
Slide 80: Opportunities to grow our 3PM business and scale into new markets
There are opportunities to grow our 3PM business and scale into new markets 35+ 125,000+ ~300 bps ~$0.01 Institutional Homes managed by Average margin Accretion for every sub-scale operators sub-scale operators expansion for 3PM 3K homes added of SFR (<10,000 owners from being homes each) added to I
Slide 81: Our re-entry into Nashville offers insight to our 3PM growth
Our re-entry into Nashville offers NASHVILLE insight to our 3PM growth ZERO TO NEARLY 1,000 HOMES ~600 ~200 >100 Wholly-owned 3PM homes JV-owned homes BTR homes Having access to multiple growth channels enables INVH to build scale quickly and take advantage of lucrative market entry points Wholly ow
Slide 82: Salt Lake City expansion case study
Salt Lake City expansion case study SALT LAKE CITY MARKET OVERVIEW 2.6M 11th Population including Largest GDP per neighboring MSAs capita in U.S. ~$100,000 3%+ Market median Income growth rate household income over next 5 years ~$1,600 5.7x Cost of ownership New jobs per new vs. rent variance single
Slide 83: Strategic growth summary
PORTFOLIO OPTIMIZATION Disciplined, data driven investment framework Scaled platform creates information flywheel Ability to attractively recycle capital through home sales to the end-user market Strategic EXTERNAL GROWTH growth Growth through multiple acquisition channels Current market i
Slide 84: The Home Office: Unlock Shareholder Value
Home Office THE Unlock Shareholder Value Tampa 83
Slide 85: The financial five
1 Our balance sheet is well-positioned to support growth The 2 Ample sources of capital to fund growth opportunities financial five: 3 2025 property tax growth up 5.0%, the lowest rate since 2021 Today’s topics 4 NOI benefit of revenue management strategy 5 Value creation roadmap with incremental AF
Slide 86: 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 9/30/2019 9/30/2025 Long-term Targets 5.2x Net Debt / TTM Adj. EBITDA Net Debt / TTM Adj. EBITDAre 8.5x 5.2x 5.5x – 6.0x Secured Debt / Gross RE Assets 24.9% 6.2% < 10% $1.9B of
Slide 87: Ample sources of capital to fund growth opportunities
Ample sources of capital to fund growth opportunities $1.75B >$1B Untapped revolver capacity $400 – 600M Joint venture deployment capacity ~$2B Potential annual pool of disposition candidates creating accretive capital recycling opportunities Capacity to add incremental debt for growth >$250M withou
Slide 88: FY 2025 Same Store property tax expense growth of ≤5.0%
We now anticipate FY 2025 Same Store property tax expense growth of ≤5.0%, the lowest rate since 2021 FY 2025 FY 2025 % of FY 2025 % of 3Q25 Expected Expected State Prop Tax Revenue Assessment Millage Rate Expense Change Change YoY Prop Tax FL 32% 41% +5.6% +2.6% Expense Growth CA 16% 15% +2.0% +0.9
Slide 89: NOI benefit of revenue management strategy
NOI benefit of revenue management strategy OCCUPANCY COLLECTIONS RENT GROWTH 1 50 bps day to turnover 5 bps 10 bps 10 bps re-resident rate DRIVERS bad debt new lease renewal expense rent growth rent growth (~6 bps (~6 bps occupancy) occupancy) Approx. full year NOI impact $1.5M $2.4M $1.1M $0.5M $1.
Slide 90: Incremental three-year value creation roadmap
Incremental three-year value creation roadmap INCREMENTAL AFFO PER ACTIVITY OBJECTIVE REFERENCE SHARE BY 2028 Growth Value-Add Services TIM Page 34 +$0.04 to $0.05 Innovation Process Optimizations TIM Pages 39-41 +$0.02 to $0.03 Innovation Field Centralization TIM Page 44 +$0.01 to $0.02 Innovation
Slide 91: The Front Porch: Unlock What's Next
Front Porch THE Unlock What’s Next Tampa 90 90
Slide 92: Today's three strategic themes: Innovation, Growth, and Possibility
Today’s three strategic themes: Innovation, Growth, and Possibility 1INNOVATION GROWTH POSSIBILITY We’ve built the premier SFR We’re unlocking value We’re thinking strategically platform, and we’re committed through disciplined about tomorrow and exploring to staying best in class external growth lo
Slide 93: Unlocking confidence through our trademarked Genuine CARE
Unlocking confidence through our trademarked Genuine CARE™ CONNECT THE DOTS We foster open and transparent communication to provide context, ensure clarity, and build trust AIM TRUE We act with integrity, take responsibility, and focus on doing what's right in every decision RAISE THE ROOF We pursue
Slide 94: Video
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Slide 95: Session 2 Q&A
Session 2 Q&A 94
Slide 96: Appendix
Appendix 95
Slide 97: Definitions & Reconciliations
Definitions & Reconciliations 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 SEC r
Slide 98: Definitions & Reconciliations
Definitions & Reconciliations 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 mai
Slide 99: Definitions & Reconciliations
Definitions & Reconciliations 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 mea
Slide 100: Definitions & Reconciliations
Definitions & Reconciliations 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 (which
Slide 101: Definitions & Reconciliations
Definitions & Reconciliations 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 exist
Slide 102: Definitions & Reconciliations
Definitions & Reconciliations 101
Slide 103: Definitions & Reconciliations
Definitions & Reconciliations 102
Slide 104: Definitions & Reconciliations
Definitions & Reconciliations 103