December 2025
Investor PresentationThis 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 limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "guidance," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners' association ("HOA") fees and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks
related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I. Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report"), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation, in the Annual Report, and in our other periodic filings. The forward-looking statements speak only as of the date of this presentation, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.
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Why invest in INVH?
Unmatched scale & density Proprietary technology Optimization Centralization
P OW E R OF OU R P LA TF O R M
Accretive acquisitions Strategic partnerships Construction lending Third party management
D I V E RS I T Y O F O U R G RO W T H CH A NNE L S
Resident satisfaction Customer centricity Value-add services Genuine CARETM
P RE M I E R CU S T O M E R E X P E RI E NCE
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Oct-Nov 2025 Same Store Leasing Stats
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 remained steady
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Overview 4Why now: The case for single-family rental
C H EA P ER T O L EA S E
TH A N OW N
Average monthly savings of
~$900/month vs. ownership in our markets
D E M O GRA PH I C S
D R I VE LO N G -T ER M D EM A N D
Millennials and Gen Z
fueling household formation for the next decade
F RA GM E N T E D M A R KE T=
C O NS O L ID A T IO N O P PO R TU N I TY
~93% of SFR homes owned by small operators - ripe for professionalization
IM P R O V ING
IM P R O V ING
S U P P L Y
T RE N D S
Nationwide housing shortage New BTR deliveries declining Infill locations remain irreplaceable
S U P P L Y
T RE N D S
Nationwide housing shortage, new BTR deliveries declining, and infill locations remain irreplaceable
Structural demand, improving supply, and fragmentation create opportunity
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Seattle
6%
Minn.
1%
Northern
California
5%
Chicago
Denver
4%
2%
Southern
California 11%
Las
Vegas 4%
Carolinas
6%
Phoenix
9%
Dallas
4%
Atlanta Jax.
13% 2%
Hou.
2%
Tampa
11%
Orlando
8%
Percent of 3Q25 revenue
South
Florida 12%
High-growth locations
Primarily infill locations in high-growth markets for long-term performance
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A TL A N TA
Home counts as of 9/30/2025
Pod 4
4,783 Homes
Sector-leading scale & density
Pod 1
4,641 Homes
Pod 3
4,847 Homes
Pod 2
4,427 Homes
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Scale and density drive cost efficiency, pricing power, and margin expansion 7
Multiple acquisition channels
New Home Price Premium vs. Resale(12-month average) Aug-25 = -0.2%
45.0%
40.0%
35.0%
New home pricing more attractive
30.0%
25.0%
20.0%
Auction purchases
MLS purchases
Homebuilder forward purchasing
Homebuilder Inventory
15.0%
10.0%
5.0%
Historical average: 16.1%*
Resale home pricing more attractive
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
-5.0%
Construction lending
*Historical average: Jan-68 through Aug-25
Note: Data between January 2020 and March 2024 have been re-calculated to include additional data and revisions due to new price groupings from Census.
Sources: NAR; U.S. Census Bureau John Burns Research and Consulting, LLC (Data: May-25, Pub: Sep-25) 8
Superior NOI growth since our 2017 IPO
Cumulative Same Store NOI Growth (2017-2024)+60.7%
+50.0%
+36.7%
+19.4%
Invitation Homes
AMH
National Multifamily
Coastal Multifamily
National Multifamily represents simple average of CPT, MAA, and UDR; Coastal Multifamily represents simple average of AVB, EQR, and ESS; data, including non-GAAP measures, is from public filings; there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies, including those mentioned above
Our outperformance underscores our strategy and disciplined execution
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