DALLAS, February 26, 2025--(BUSINESS WIRE)--Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation’s premier single-family home leasing and management company, today announced its Fourth Quarter ("Q4") 2024 and Full Year ("FY") 2024 financial and operating results.

Q4 2024 and FY 2024 Highlights

• Year over year, Q4 2024 total revenues increased 5.6% to $659 million, and property operating and maintenance costs improved slightly to $228 million. FY 2024 total revenues increased 7.7% to $2,619 million, and property operating and maintenance costs increased 6.2% to $935 million.
• Q4 2024 net income available to common stockholders totaled $143 million or $0.23 per diluted common share. FY 2024 net income available to common stockholders totaled $453 million or $0.74 per diluted common share.
• Year over year, Q4 2024 Core FFO per share increased 5.9% to $0.47, and AFFO per share increased 8.9% to $0.41. FY 2024 Core FFO per share increased 6.4% to $1.88, and AFFO per share increased 6.7% to $1.60.
• Q4 2024 Same Store NOI increased 4.7% year over year on 2.7% Same Store Core Revenues growth and a reduction in Same Store Core Operating Expenses of 1.5%. FY 2024 Same Store NOI grew 4.6% year over year on 4.3% Same Store Core Revenues growth and 3.7% Same Store Core Operating Expenses growth.
• Q4 2024 Same Store Average Occupancy was 96.7%, a reduction of 60 basis points year over year. FY 2024 Same Store Average Occupancy was 97.3%, down 10 basis points year over year.
• Q4 2024 Same Store renewal rent growth of 4.2% and Same Store new lease rent growth of (2.2)% drove Same Store blended rent growth of 2.3%. FY 2024 Same Store renewal rent growth of 4.9% and Same Store new lease rent growth of 1.0% drove Same Store blended rent growth of 3.9%.
• Q4 2024 acquisitions by the Company and its joint ventures totaled 501 homes for approximately $171 million while dispositions totaled 581 homes for approximately $245 million. FY 2024 acquisitions by the Company and its joint ventures totaled 2,200 homes for $764 million and dispositions totaled 1,575 homes for $646 million.
• As previously announced on November 11, 2024, the Company voluntarily repaid without penalty the $630 million outstanding balance of its IH 2018-4 securitization, as planned. As of December 31, 2024, 83.2% of the Company’s total debt was unsecured; 91.3% of its total debt was fixed rate or swapped to fixed rate; and nearly 90% of its wholly owned homes were unencumbered. The Company has no debt reaching final maturity before 2027.
• As previously announced on November 18, 2024, the Company formed a joint venture to invest in newly built homes with an expected $500 million deployment. Invitation Homes will provide various management services and earn management fees in addition to the opportunity to earn a promoted interest subject to certain performance thresholds.

Comments from Chief Executive Officer Dallas Tanner

"During 2024, Invitation Homes delivered one of the strongest financial results among public residential REITs, with Same Store NOI growth of 4.6% and AFFO per share growth of 6.7% year over year. These achievements reflect the dedication of our associates, who are committed to providing a best-in-class resident experience and achieving high resident satisfaction, as most recently demonstrated by an average length of stay of nearly 38 months and a robust 80% renewal rate in Q4 2024.

"As we look ahead, we expect to continue to benefit from the sustained demand for high-quality, well-located single-family homes for lease. Our strategic vision for external growth, combined with our unwavering commitment for Genuine Care, positions us to drive strong performance and create long-term value for our stockholders."

Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures

Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States ("GAAP"). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
		Q4 2024			Q4 2023			FY 2024			FY 2023
Net income		$	0.23		$	0.21		$	0.74		$	0.85
FFO			0.36			0.41			1.50			1.64
Core FFO			0.47			0.45			1.88			1.77
AFFO			0.41			0.38			1.60			1.50

Net Income

Q4 2024 net income per common share — diluted was $0.23, compared to net income per common share — diluted of $0.21 for Q4 2023. Q4 2024 total revenues and total property operating and maintenance expenses were $659 million and $228 million, respectively, compared to $624 million and $229 million, respectively, for Q4 2023.

FY 2024 net income per common share — diluted was $0.74, compared to net income per share — diluted of $0.85 for FY 2023. FY 2024 total revenues and total property operating and maintenance expenses were $2,619 million and $935 million, respectively, compared to $2,432 million and $880 million, respectively, for FY 2023.

Core FFO

Year over year, Q4 2024 Core FFO per share increased 5.9% to $0.47, primarily due to NOI growth. Year over year, FY 2024 Core FFO per share increased 6.4% to $1.88, primarily due to NOI growth.

AFFO

Year over year, Q4 2024 AFFO per share increased 8.9% to $0.41, primarily due to the increase in Core FFO per share described above. Year over year, FY 2024 AFFO per share increased 6.7% to $1.60, primarily due to the increase in Core FFO per share described above.

Operating Results

Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:		76,601
		Q4 2024		Q4 2023		FY 2024		FY 2023
Core Revenues growth (year over year)		2.7 %				4.3 %
Core Operating Expenses growth (year over year)		(1.5) %				3.7 %
NOI growth (year over year)		4.7 %				4.6 %
Average Occupancy		96.7 %		97.3 %		97.3 %		97.4 %
Bad Debt % of gross rental revenue		1.0 %		1.0 %		0.9 %		1.3 %
Turnover Rate		5.1 %		5.5 %		22.6 %		24.3 %
Rental Rate Growth (lease-over-lease):
Renewals		4.2 %		6.8 %		4.9 %		6.9 %
New Leases		(2.2) %		(0.4) %		1.0 %		4.0 %
Blended		2.3 %		4.3 %		3.9 %		6.0 %

Same Store NOI

For the Same Store Portfolio of 76,601 homes, Q4 2024 Same Store NOI increased 4.7% year over year on Same Store Core Revenues growth of 2.7% and a reduction in Same Store Core Operating Expenses of 1.5%. FY 2024 Same Store NOI increased 4.6% year over year on Same Store Core Revenues growth of 4.3% and Same Store Core Operating Expenses growth of 3.7%.

Same Store Core Revenues

Q4 2024 Same Store Core Revenues growth of 2.7% year over year was primarily driven by a 3.1% increase in Average Monthly Rent and a 4.9% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decline in Average Occupancy.

FY 2024 Same Store Core Revenues growth of 4.3% year over year was primarily driven by a 3.9% increase in Average Monthly Rent, a 40 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and an 8.0% increase in other income, net of resident recoveries.

Same Store Core Operating Expenses

Q4 2024 Same Store Core Operating Expenses were 1.5% lower year over year, primarily attributable to a 3.0% reduction in fixed expenses, partially offset by a 1.5% increase in controllable expenses.

FY 2024 Same Store Core Operating Expenses increased 3.7% year over year, primarily driven by a 5.4% increase in fixed expenses and a 0.9% increase in controllable expenses.

Investment and Property Management Activity

Q4 2024 acquisitions included 481 wholly owned homes for approximately $164 million and 20 homes for approximately $7 million in the Company’s joint ventures. Q4 2024 dispositions included 564 wholly owned homes for gross proceeds of approximately $239 million and 17 homes for gross proceeds of approximately $6 million in the Company’s joint ventures.

During FY 2024, the Company acquired 2,072 wholly owned homes for $721 million and 128 homes for $43 million in the Company’s joint ventures. The Company also sold 1,501 wholly owned homes for $616 million and 74 homes for $30 million in the Company’s joint ventures.

As previously announced on November 18, 2024, the Company formed a joint venture to invest in newly built homes with an expected $500 million deployment. Invitation Homes will provide various management services to the joint venture, for which the Company will earn management fees in addition to the opportunity to earn a promoted interest subject to certain performance thresholds. The Company also has certain rights to potentially acquire the joint venture’s homes in the future.

A summary of the Company’s owned and/or managed homes is included in the following table:

Summary of Homes Owned and/or Managed As Of 12/31/2024
		Number of Homes Owned and/or Managed as of 9/30/2024		Acquired or Added In Q4 2024		Disposed or Subtracted In Q4 2024			Number of Homes Owned and/or Managed as of 12/31/2024
Wholly owned homes		85,221		481		(564	)		85,138
Joint venture owned homes		7,619		20		(17	)		7,622
Managed-only homes		17,916		—		(238	)		17,678
Total homes owned and/or managed		110,756		501		(819	)		110,438

Balance Sheet and Capital Markets Activity

As previously announced on November 11, 2024, the Company voluntarily repaid without penalty the $630 million outstanding balance of its IH 2018-4 securitization, as planned. As of December 31, 2024, the Company had $1,354 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. In addition, the Company’s total indebtedness of $8,287 million consisted of 83.2% unsecured debt and 16.8% secured debt; 91.3% of its total debt was fixed rate or swapped to fixed rate; nearly 90% of its wholly owned homes were unencumbered; and its Net debt / TTM adjusted EBITDAre was 5.3x. The Company has no debt reaching final maturity before 2027.

FY 2025 Guidance Details

FY 2025 Guidance
	FY 2025 Guidance Range		FY 2025 Guidance Midpoint		FY 2024 Actual		FY 2024 Guidance Midpoint
Core FFO per share — diluted	$1.88 to $1.94		$1.91		$1.88		$1.88
AFFO per share — diluted	$1.58 to $1.64		$1.61		$1.60		$1.59
Same Store Core Revenues growth (1)	1.75% to 3.25%		2.5%		4.3%		4.25%
Same Store Core Operating Expenses growth (2)	2.75% to 4.25%		3.5%		3.7%		3.75%
Same Store NOI growth	1.00% to 3.00%		2.0%		4.6%		4.5%
Wholly owned acquisitions	$500 million to $700 million		$600 million		$721 million		$800 million
JV acquisitions	$100 million to $200 million		$150 million		$43 million		$200 million
Wholly owned dispositions	$400 million to $600 million		$500 million		$616 million		$500 million

(1)		Same Store Core Revenues growth guidance assumes (i) FY 2025 Average Occupancy in a range of 96.2% to 96.8% and (ii) FY 2025 average Bad Debt in a range of 60 to 90 basis points.
(2)		Same Store Core Operating Expenses growth guidance assumes (i) an increase in FY 2025 property taxes in a range of 5.0% to 6.0% year over year and (ii) a reduction in FY 2025 insurance expenses in a range of 2.0% to 3.0% year over year.

Bridge from FY 2024 Results to FY 2025 Guidance Midpoint
	Core FFO Per Share
FY 2024 reported result	$1.88
Impact from changes in:
Same Store NOI (3)	$0.05
Non-Same Store NOI	0.02
Management fee revenues, net	0.02
Interest income	(0.05	)
Interest expense	(0.01	)
Total change	$0.03
FY 2025 guidance midpoint	$1.91

(3)

Based on the 2025 Same Store pool, consisting of 78,438 homes as of January 2025.

The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company’s ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, casualty loss, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance period.

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on February 27, 2025, to review Q4 2024 and FY 2024 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from the Company’s investor relations website at www.invh.com. Following the conclusion of the earnings call, the Company will post a replay of the webcast to its website for one year.

Supplemental Information

The full text of the Earnings Release and Supplemental Information referenced in this release are available on Invitation Homes’ Investor Relations website at www.invh.com.

About Invitation Homes

Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The Company’s mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents’ living experiences.

Forward-Looking Statements

This press release 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 the Company’s expectations regarding the performance of the Company’s business, its financial results, its 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, including, among others, risks inherent to the single-family rental industry and the Company’s business model, macroeconomic factors beyond the Company’s control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company’s residents, the Company’s dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company’s information technology systems, development and use of artificial intelligence, risks related to the Company’s indebtedness, and risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises, on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. "Risk Factors" of its Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report"), as such factors may be updated from time to time in the Company’s periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC’s website at 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 release, in the Annual Report, and in the Company’s other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims 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.

Consolidated Balance Sheets
($ in thousands, except shares and per share data)
		December 31, 2024				December 31, 2023
		(unaudited)
Assets:
Investments in single-family residential properties, net		$	17,212,126			$	17,289,214
Cash and cash equivalents			174,491				700,618
Restricted cash			245,202				196,866
Goodwill			258,207				258,207
Investments in unconsolidated joint ventures			241,605				247,166
Other assets, net			569,320				528,896
Total assets		$	18,700,951			$	19,220,967
Liabilities:
Mortgage loans, net		$	983,924			$	1,627,256
Secured term loan, net			401,649				401,515
Unsecured notes, net			3,800,688				3,305,467
Term loan facilities, net			2,446,041				3,211,814
Revolving facility			570,000				—
Accounts payable and accrued expenses			247,709				200,590
Resident security deposits			180,866				180,455
Other liabilities			277,565				103,435
Total liabilities			8,908,442				9,030,532
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2024 and 2023			—				—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 612,605,478 and 611,958,239 outstanding as of December 31, 2024 and 2023, respectively			6,126				6,120
Additional paid-in capital			11,170,597				11,156,736
Accumulated deficit			(1,480,928	)			(1,070,586	)
Accumulated other comprehensive income			60,969				63,701
Total stockholders’ equity			9,756,764				10,155,971
Non-controlling interests			35,745				34,464
Total equity			9,792,509				10,190,435
Total liabilities and equity		$	18,700,951			$	19,220,967

Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
		Q4 2024				Q4 2023				FY 2024				FY 2023
		(unaudited)				(unaudited)				(unaudited)
Revenues:
Rental revenues		$	576,632			$	563,844			$	2,300,389			$	2,197,516
Other property income			61,418				57,057				248,575				221,115
Management fee revenues			21,080				3,420				69,978				13,647
Total revenues			659,130				624,321				2,618,942				2,432,278
Expenses:									...
Property operating and maintenance			228,464				228,542				935,273				880,335
Property management expense			39,238				25,246				137,490				95,809
General and administrative			23,939				22,387				90,612				82,344
Interest expense			95,158				90,049				366,070				333,457
Depreciation and amortization			181,912				173,159				714,326				674,287
Casualty losses, impairment, and other			47,563				3,069				82,925				8,596
Total expenses			616,274				542,452				2,326,696				2,074,828
Gains on investments in equity and other securities, net			8				237				1,046				350
Other, net			3,352				5,533				(54,032	)			(2,435	)
Gain on sale of property, net of tax			103,019				49,092				244,550				183,540
Losses from investments in unconsolidated joint ventures			(5,665	)			(6,790	)			(28,445	)			(17,877	)
Net income			143,570				129,941				455,365				521,028
Net income attributable to non-controlling interests			(460	)			(395	)			(1,448	)			(1,558	)
Net income attributable to common stockholders			143,110				129,546				453,917				519,470
Net income available to participating securities			(169	)			(178	)			(753	)			(696	)
Net income available to common stockholders — basic and diluted		$	142,941			$	129,368			$	453,164			$	518,774
Weighted average common shares outstanding — basic			612,679,152				612,026,090				612,551,317				611,893,784
Weighted average common shares outstanding — diluted			613,247,740				613,688,569				613,631,617				613,288,708
Net income per common share — basic		$	0.23			$	0.21			$	0.74			$	0.85
Net income per common share — diluted		$	0.23			$	0.21			$	0.74			$	0.85
Dividends declared per common share (1)		$	0.29			$	0.54			$	1.13			$	1.32

(1)

As announced on December 8, 2023, the Company commenced an acceleration of the regular timing of its dividends beginning with its January 19, 2024 dividend payment. As a result, there were two dividends declared during Q4 2023 totaling $0.54 and five dividends declared during FY 2023 totaling $1.32. Since that time, the Company has paid or anticipates paying a quarterly dividend during January, April, July, and October, subject each quarter to approval by the Company’s board of directors.

Glossary and Reconciliations

Average Monthly Rent

Average monthly rent represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period, and reflects the impact of non-service rental concessions and contractual rent increases amortized over the life of the lease.

Average Occupancy

Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period.

Bad Debt

Bad debt represents the Company’s reserves for residents’ accounts receivables balances that are aged greater than 30 days, under the rationale that a resident’s security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident’s security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. All rental revenues and other property income, in both Total Portfolio and Same Store Portfolio presentations, are reflected net of bad debt.

Core Operating Expenses

Core operating expenses for an identified population of homes reflect property operating and maintenance expenses, excluding any expenses recovered from residents.

Core Revenues

Core revenues for an identified population of homes reflects total revenues, net of any resident recoveries.

EBITDA, EBITDAre, and Adjusted EBITDAre

EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. The Company defines EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States ("GAAP") before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts ("Nareit") recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. The Company defines EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; severance expense; casualty losses, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of the Company’s financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

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 the Company’s liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company’s EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that the Company’s basis for computing these non-GAAP measures is comparable with that of other companies. See below for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)

FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. The Company defines Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; severance expense; casualty (gains) losses, net; and (gains) losses on investments in equity and other securities, net, as applicable. The Company defines Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserve the value, and maintain the functionality, of its homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for the Company’s share of investments in unconsolidated joint ventures.

The Company believes that FFO is a meaningful supplemental measure of the operating performance of its business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss. The Company believes that Core FFO and Adjusted FFO are also meaningful supplemental measures of its operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of the Company’s performance across reporting periods by removing the impact of certain items that are not comparable from period to period.

The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. FFO, Core FFO, and Adjusted FFO are not used as measures of the Company’s liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company’s FFO, Core FFO, and Adjusted FFO may not be comparable to the FFO, Core FFO, and Adjusted FFO of other companies due to the fact that not all companies use the same definition of FFO, Core FFO, and Adjusted FFO. Accordingly, there can be no assurance that the Company’s basis for computing these non-GAAP measures is comparable with that of other companies. See "Reconciliation of FFO, Core FFO, and Adjusted FFO" for a reconciliation of GAAP net income to FFO, Core FFO, and Adjusted FFO.

Net Operating Income (NOI)

NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. The Company defines NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and income from investments in unconsolidated joint ventures.

The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company’s NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that the Company’s basis for computing this non-GAAP measure is comparable with that of other companies.

The Company believes that Same Store NOI is also a meaningful supplemental measure of the Company’s operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of the Company’s performance across reporting periods by reflecting NOI for homes in its Same Store Portfolio.

See below for a reconciliation of GAAP net income to NOI for the Company’s total portfolio and NOI for its Same Store Portfolio.

Recurring Capital Expenditures or Recurring CapEx

Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and maintain the value and functionality of a home and its systems as a single-family rental.

Rental Rate Growth

Rental rate growth for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease, and, in each case, reflects the impact of any amortized non-service rent concessions and amortized contractual rent increases. Leases are either renewal leases, where the Company’s current resident chooses to stay for a subsequent lease term, or a new lease, where the Company’s previous resident moves out and a new resident signs a lease to occupy the same home.

Same Store / Same Store Portfolio

Same Store or Same Store portfolio includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio, and homes in markets that the Company has announced an intent to exit where the Company no longer operates a significant number of homes.

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 the existing Invitation Homes Same Store portfolio may be considered stabilized at the time of acquisition.

Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1^st of the year in which the Same Store portfolio was established.

The Company believes presenting information about the portion of its portfolio that has been fully operational for the entirety of a given reporting period and its prior year comparison period provides investors with meaningful information about the performance of the Company’s comparable homes across periods and about trends in its organic business.

Total Homes / Total Portfolio

Total homes or total portfolio refers to the total number of homes owned, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to the wholly owned homes and excludes homes owned in joint ventures.

Turnover Rate

Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population.

Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation		Q4 2024				Q4 2023				FY 2024			FY 2023
Net income available to common stockholders		$	142,941			$	129,368			$	453,164		$	518,774
Net income available to participating securities			169				178				753			696
Non-controlling interests			460				395				1,448			1,558
Depreciation and amortization on real estate assets			178,063				170,371				699,474			663,398
Impairment on depreciated real estate investments			176				85				506			427
Net gain on sale of previously depreciated investments in real estate			(103,019	)			(49,092	)			(244,550	)		(183,540	)
Depreciation and net gain on sale of investments in unconsolidated joint ventures			4,403				2,279				14,479			8,704
FFO		$	223,193			$	253,584			$	925,274		$	1,010,017
Core FFO Reconciliation		Q4 2024				Q4 2023				FY 2024			FY 2023
FFO		$	223,193			$	253,584			$	925,274		$	1,010,017
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)			12,474				10,194				44,681			36,069
Share-based compensation expense			7,109				8,010				27,918			29,503
Legal settlements (2)			—				—				77,000			2,000
Severance expense			249				61				637			977
Casualty losses, net (1)(3)			47,526				2,986				82,700			8,200
Gains on investments in equity and other securities, net			(8	)			(237	)			(1,046	)		(350	)
Core FFO		$	290,543			$	274,598			$	1,157,164		$	1,086,416
AFFO Reconciliation		Q4 2024				Q4 2023				FY 2024			FY 2023
Core FFO		$	290,543			$	274,598			$	1,157,164		$	1,086,416
Recurring Capital Expenditures (1)			(35,665	)			(40,351	)			(170,927	)		(163,051	)
AFFO		$	254,878			$	234,247			$	986,237		$	923,365
Net income available to common stockholders
Weighted average common shares outstanding — diluted			613,247,740				613,688,569				613,631,617			613,288,708
Net income per common share — diluted		$	0.23			$	0.21			$	0.74		$	0.85
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted			615,561,350				615,843,083				615,881,670			615,367,734
FFO per share — diluted		$	0.36			$	0.41			$	1.50		$	1.64
Core FFO per share — diluted		$	0.47			$	0.45			$	1.88		$	1.77
AFFO per share — diluted		$	0.41			$	0.38			$	1.60		$	1.50

(1)		Includes the Company’s share from unconsolidated joint ventures.
(2)		For FY 2024, includes $77.0 million of settlement costs related to resolution of an inquiry from the Federal Trade Commission and the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated costs.
(3)		Includes $41.1 million and $55.1 million of estimated losses and damages, net of estimated insurance recoveries, related to various hurricanes during Q4 2024 and FY 2024, respectively.

Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
Total revenues (Total Portfolio)		$	659,130			$	660,322			$	653,451			$	646,039			$	624,321
Management fee revenues			(21,080	)			(18,980	)			(15,976	)			(13,942	)			(3,420	)
Total portfolio resident recoveries			(38,120	)			(42,412	)			(37,102	)			(37,795	)			(35,050	)
Total Core Revenues (Total Portfolio)			599,930				598,930				600,373				594,302				585,851
Non-Same Store Core Revenues			(46,697	)			(47,192	)			(48,131	)			(47,561	)			(47,027	)
Same Store Core Revenues		$	553,233			$	551,738			$	552,242			$	546,741			$	538,824
Reconciliation of Total Revenues to Same Store Core Revenues, FY
(in thousands) (unaudited)
		FY 2024				FY 2023
Total revenues (Total Portfolio)		$	2,618,942			$	2,432,278
Management fee revenues			(69,978	)			(13,647	)
Total portfolio resident recoveries			(155,429	)			(136,433	)
Total Core Revenues (Total Portfolio)			2,393,535				2,282,198
Non-Same Store Core Revenues			(189,581	)			(169,878	)
Same Store Core Revenues		$	2,203,954			$	2,112,320

Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
Property operating and maintenance expenses (Total Portfolio)		$	228,464			$	242,228			$	234,184			$	230,397			$	228,542
Total Portfolio resident recoveries			(38,120	)			(42,412	)			(37,102	)			(37,795	)			(35,050	)
Core Operating Expenses (Total Portfolio)			190,344				199,816				197,082				192,602				193,492
Non-Same Store Core Operating Expenses			(18,201	)			(19,854	)			(19,118	)			(19,118	)			(18,756	)
Same Store Core Operating Expenses		$	172,143			$	179,962			$	177,964			$	173,484			$	174,736
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY
(in thousands) (unaudited)
		FY 2024				FY 2023
Property operating and maintenance expenses (Total Portfolio)		$	935,273			$	880,335
Total Portfolio resident recoveries			(155,429	)			(136,433	)
Core Operating Expenses (Total Portfolio)			779,844				743,902
Non-Same Store Core Operating Expenses			(76,291	)			(65,762	)
Same Store Core Operating Expenses		$	703,553			$	678,140

Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
Net income available to common stockholders		$	142,941			$	95,084			$	72,981			$	142,158			$	129,368
Net income available to participating securities			169				185				207				192				178
Non-controlling interests			460				309				243				436				395
Interest expense			95,158				91,060				90,007				89,845				90,049
Depreciation and amortization			181,912				180,479				176,622				175,313				173,159
Property management expense			39,238				34,382				32,633				31,237				25,246
General and administrative			23,939				21,727				21,498				23,448				22,387
Casualty losses, impairment, and other (1)			47,563				20,872				10,353				4,137				3,069
Gain on sale of property, net of tax			(103,019	)			(47,766	)			(43,267	)			(50,498	)			(49,092	)
(Gains) losses on investments in equity securities, net			(8	)			257				(1,504	)			209				(237	)
Other, net (2)			(3,352	)			9,345				54,012				(5,973	)			(5,533	)
Management fee revenues			(21,080	)			(18,980	)			(15,976	)			(13,942	)			(3,420	)
Losses from investments in unconsolidated joint ventures			5,665				12,160				5,482				5,138				6,790
NOI (Total Portfolio)			409,586				399,114				403,291				401,700				392,359
Non-Same Store NOI			(28,496	)			(27,338	)			(29,013	)			(28,443	)			(28,271	)
Same Store NOI		$	381,090			$	371,776			$	374,278			$	373,257			$	364,088
Reconciliation of Net Income to Same Store NOI, FY
(in thousands) (unaudited)
		FY 2024				FY 2023
Net income available to common stockholders		$	453,164			$	518,774
Net income available to participating securities			753				696
Non-controlling interests			1,448				1,558
Interest expense			366,070				333,457
Depreciation and amortization			714,326				674,287
Property management expense			137,490				95,809
General and administrative			90,612				82,344
Casualty losses, impairment, and other (1)			82,925				8,596
Gain on sale of property, net of tax			(244,550	)			(183,540	)
Gains on investments in equity securities, net			(1,046	)			(350	)
Other, net (2)			54,032				2,435
Management fee revenues			(69,978	)			(13,647	)
Losses from investments in unconsolidated joint ventures			28,445				17,877
NOI (Total Portfolio)			1,613,691				1,538,296
Non-Same Store NOI			(113,290	)			(104,116	)
Same Store NOI		$	1,500,401			$	1,434,180

(1)		Includes $41.1 million, $14.0 million, and $55.1 million of estimated losses and damages, net of estimated insurance recoveries, related to various hurricanes during Q4 2024, Q3 2024, and FY 2024, respectively.
(2)		Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
		Q4 2024				Q4 2023				FY 2024				FY 2023
Net income available to common stockholders		$	142,941			$	129,368			$	453,164			$	518,774
Net income available to participating securities			169				178				753				696
Non-controlling interests			460				395				1,448				1,558
Interest expense			95,158				90,049				366,070				333,457
Interest expense in unconsolidated joint ventures			5,363				5,481				26,333				18,255
Depreciation and amortization			181,912				173,159				714,326				674,287
Depreciation and amortization of investments in unconsolidated joint ventures			3,502				2,783				13,377				10,469
EBITDA			429,505				401,413				1,575,471				1,557,496
Gain on sale of property, net of tax			(103,019	)			(49,092	)			(244,550	)			(183,540	)
Impairment on depreciated real estate investments			176				85				506				427
Net (gain) loss on sale of investments in unconsolidated joint ventures			930				(480	)			1,215				(1,668	)
EBITDAre			327,592				351,926				1,332,642				1,372,715
Share-based compensation expense			7,109				8,010				27,918				29,503
Severance expense			249				61				637				977
Casualty losses, net (1)(2)			47,526				2,986				82,700				8,200
Gains on investments in equity and other securities, net			(8	)			(237	)			(1,046	)			(350	)
Other, net (3)			(3,352	)			(5,533	)			54,032				2,435
Adjusted EBITDAre		$	379,116			$	357,213			$	1,496,883			$	1,413,480

(1)		Includes the Company’s share from unconsolidated joint ventures.
(2)		Includes $41.1 million and $55.1 million of estimated losses and damages, net of estimated insurance recoveries, related to various hurricanes during Q4 2024 and FY 2024, respectively.
(3)		Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
		As of				As of
		December 31, 2024				December 31, 2023
Mortgage loans, net		$	983,924			$	1,627,256
Secured term loan, net			401,649				401,515
Unsecured notes, net			3,800,688				3,305,467
Term loan facility, net			2,446,041				3,211,814
Revolving facility			570,000				—
Total Debt per Balance Sheet			8,202,302				8,546,052
Retained and repurchased certificates			(55,499	)			(87,703	)
Cash, ex-security deposits and letters of credit (1)			(235,649	)			(713,898	)
Deferred financing costs, net			60,559				45,518
Unamortized discounts on note payable			24,336				21,376
Net Debt (A)		$	7,996,049			$	7,811,345
		For the TTM Ended				For the TTM Ended
		December 31, 2024				December 31, 2023
Adjusted EBITDAre (B)		$	1,496,883			$	1,413,480
Net Debt / TTM Adjusted EBITDAre (A / B)		5.3x				5.5x

(1)

Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.

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Contacts

Investor Relations Contact
Scott McLaughlin
844.456.INVH (4684)
IR@InvitationHomes.com

Media Relations Contact
Kristi DesJarlais
844.456.INVH (4684)
Media@InvitationHomes.com