EX-99.12q22025supplemental.htmEX-99.1 Document
Table of Contents
Earnings Press Release
3
Consolidated Financial Statements
8
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO
10
Schedule 2: Capital Structure Information
11
Schedule 3: Summary of Operating Information by Home Portfolio
16
Schedule 4: Home Characteristics by Market
19
Schedule 5: Same Store Operating Information by Market
20
Schedule 6: Cost to Maintain and Capital Expenditure Detail
27
Schedule 7: Adjusted Property Management and G&A Reconciliation
28
Schedule 8: Acquisitions, Dispositions, and Homebuilder Pipeline
29
Glossary and Reconciliations
32
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 2
Earnings Press Release
Invitation Homes Reports Second Quarter 2025 Results
Dallas, TX, July 30, 2025 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our Second Quarter (“Q2”) 2025 financial and operating results.
Q2 2025 Highlights
•Year over year, total revenues increased 4.3% to $681 million, property operating and maintenance costs increased 4.3% to $244 million, and net income available to common stockholders increased 92.7% to $141 million or $0.23 per diluted common share.
•Year over year, Core FFO per share increased 1.7% to $0.48 and AFFO per share increased 3.4% to $0.41.
•Same Store NOI increased 2.5% year over year on 2.4% Same Store Core Revenues growth and 2.2% Same Store Core Operating Expenses growth.
•Same Store Average Occupancy was 97.2%, representing an expected reduction of 40 basis points year over year.
•Same Store renewal rent growth of 4.7% and Same Store new lease rent growth of 2.2% drove Same Store blended rent growth of 4.0%.
•Same Store Bad Debt improved to 0.6% of gross rental revenue.
•Acquisitions by us and our joint ventures totaled 1,040 homes for approximately $350 million while dispositions totaled 358 homes for approximately $141 million.
•As previously announced in April 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.
•As previously announced in June 2025, we launched our developer lending program with a $33 million loan commitment to support the development of a 156-home community in Houston. Funding is being provided in phases as construction progresses, and the agreement includes an option for us to acquire the community upon stabilization.
Comments from Chief Executive Officer Dallas Tanner
“Our second quarter performance underscores the continued strength and resilience of our platform. We continue to benefit from robust resident demand, elevated renewal rates, and disciplined cost control — all of which reinforce our long-term growth strategy.
“In the first half of the year, net income per common share — diluted increased 42.4% year over year, and we delivered 3.2% Same Store NOI growth and a 3.7% increase in AFFO per share, alongside Same Store average occupancy of 97.3% and blended Same Store leasing spreads of 3.8%. I’m proud of our team’s strong execution, the momentum we’re carrying into the second half of the year, and the value we’re creating for both our residents and our shareholders.”
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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 3
Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Net income
$
0.23
$
0.12
$
0.50
$
0.35
FFO
0.45
0.34
0.90
0.77
Core FFO
0.48
0.47
0.97
0.94
AFFO
0.41
0.40
0.84
0.81
Net Income
Net income per common share — diluted for Q2 2025 was $0.23, compared to net income per common share — diluted of $0.12 for Q2 2024. Total revenues and total property operating and maintenance expenses for Q2 2025 were $681 million and $244 million, respectively, compared to $653 million and $234 million, respectively, for Q2 2024.
Net income per common share — diluted for YTD 2025 was $0.50, compared to net income per share — diluted of $0.35 for YTD 2024. Total revenues and total property operating and maintenance expenses for YTD 2025 were $1,356 million and $482 million, respectively, compared to $1,299 million and $465 million, respectively, for YTD 2024.
Core FFO
Year over year, Core FFO per share for Q2 2025 increased 1.7% to $0.48, while Core FFO per share for YTD 2025 increased 2.6% to $0.97, primarily due to NOI growth.
AFFO
Year over year, AFFO per share for Q2 2025 increased 3.4% to $0.41, while AFFO per share for YTD 2025 increased 3.7% to $0.84, 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:
77,721
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Core Revenues growth (year over year)
2.4
%
2.5
%
Core Operating Expenses growth (year over year)
2.2
%
1.0
%
NOI growth (year over year)
2.5
%
3.2
%
Average Occupancy
97.2
%
97.6
%
97.3
%
97.7
%
Bad Debt % of gross rental revenue
0.6
%
0.7
%
0.7
%
0.7
%
Turnover Rate
6.2
%
6.2
%
11.2
%
11.5
%
Rental Rate Growth (lease-over-lease):
Renewals
4.7
%
5.5
%
4.9
%
5.6
%
New Leases
2.2
%
3.5
%
1.0
%
2.1
%
Blended
4.0
%
5.0
%
3.8
%
4.6
%
Same Store NOI
For the Same Store Portfolio of 77,721 homes, Same Store NOI for Q2 2025 increased 2.5% year over year on Same Store Core Revenues growth of 2.4% and Same Store Core Operating Expenses growth of 2.2%.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 4
YTD 2025 Same Store NOI increased 3.2% year over year on Same Store Core Revenues growth of 2.5% and Same Store Core Operating Expenses growth of 1.0%.
Same Store Core Revenues
Same Store Core Revenues growth for Q2 2025 of 2.4% year over year was primarily driven by a 2.6% increase in Average Monthly Rent and a 6.8% increase in other income, net of resident recoveries, partially offset by a 40 basis point year over year decline in Average Occupancy.
YTD 2025 Same Store Core Revenues growth of 2.5% year over year was primarily driven by a 2.9% increase in Average Monthly Rent and a 4.7% increase in other income, net of resident recoveries, partially offset by a 40 basis point year over year decline in Average Occupancy.
Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q2 2025 increased 2.2% year over year, primarily attributable to a 3.9% increase in controllable expenses and a 1.3% increase in fixed expenses.
YTD 2025 Same Store Core Operating Expenses increased 1.0% year over year, primarily driven by a 1.2% increase in fixed expenses and a 0.8% increase in controllable expenses.
Investment and Property Management Activity
Acquisitions for Q2 2025 totaled 1,040 homes for approximately $350 million through our various acquisition channels. This included 939 wholly owned homes for approximately $316 million and 101 homes for approximately $34 million in our joint ventures. Dispositions for Q2 2025 included 295 wholly owned homes for gross proceeds of approximately $111 million and 63 homes for gross proceeds of approximately $30 million in our joint ventures.
Year to date through Q2 2025, the Company acquired 1,516 wholly owned homes for $510 million and 155 homes for $53 million in the Company's joint ventures. The company also sold 749 wholly owned homes for $284 million and 79 homes for $36 million in the Company's joint ventures.
As previously announced in June 2025, we launched our developer lending program with a $33 million loan commitment to support the development of a 156-home community in Houston. Funding is being provided in phases as construction progresses, and the agreement includes an option for us to acquire the community upon stabilization.
A summary of our owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed As Of 6/30/2025
Number of Homes Owned and/or Managed as of 3/31/2025
Acquired or Added In
Q2 2025
Disposed or Subtracted In Q2 2025
Number of Homes Owned and/or Managed as of 6/30/2025
Wholly owned homes
85,261
939
(295)
85,905
Joint venture owned homes
7,660
101
(63)
7,698
Managed-only homes
17,336
—
(551)
16,785
Total homes owned and/or managed
110,257
1,040
(909)
110,388
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 5
Balance Sheet and Capital Markets Activity
As of June 30, 2025, we had $1,275 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,253 million consisted of 83.1% unsecured debt and 16.9% secured debt; 87.7% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.3x. We have no debt reaching final maturity before 2027.
As previously announced on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.
FY 2025 Guidance Details
We do 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 we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our 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, net casualty losses and reserves, 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 our GAAP results for the guidance period.
Our full year 2025 guidance remains unchanged from initial guidance provided in February 2025, as outlined in the table below.
FY 2025 Guidance
FY 2025
Guidance Range
FY 2025
Guidance
Midpoint
G1Core FFO per share — diluted
$1.88 to $1.94
$1.91
G2AFFO per share — diluted
$1.58 to $1.64
$1.61
G3Same Store Core Revenues growth (1)
1.75% to 3.25%
2.5%
G4Same Store Core Operating Expenses growth (2)
2.75% to 4.25%
3.5%
G5Same Store NOI growth
1.00% to 3.00%
2.0%
G6Wholly owned acquisitions
$500 million to
$700 million
$600 million
G7JV acquisitions
$100 million to
$200 million
$150 million
G8Wholly owned dispositions
$400 million to
$600 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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 6
Earnings Conference Call Information
We have scheduled a conference call at 11:00 a.m. Eastern Time on July 31, 2025, to review Q2 2025 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 our investor relations website at www.invh.com. Following the conclusion of the earnings call, we will post a replay of the webcast to our website for one year.
Supplemental Information
The full text of the Earnings Release and Supplemental Information referenced in this release are available on our 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 homes with valued features such as close proximity to jobs and access to good schools. Our purpose, Unlock the power of home™, reflects our commitment to providing living solutions and Genuine CARE™ to the growing share of people who count on the flexibility and savings of leasing a home.
Investor Relations Contact
Media Relations Contact
Scott McLaughlin
Kristi DesJarlais
844.456.INVH (4684)
844.456.INVH (4684)
IR@InvitationHomes.com
Media@InvitationHomes.com
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 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), 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 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 our other periodic filings.
The forward-looking statements speak only as of the date of this press release, 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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 7
Consolidated Balance Sheets
($ in thousands, except shares and per share data)
June 30, 2025
December 31, 2024
(unaudited)
Assets:
Investments in single-family residential properties, net
$
17,361,929
$
17,212,126
Cash and cash equivalents
65,112
174,491
Restricted cash
218,612
245,202
Goodwill
258,207
258,207
Investments in unconsolidated joint ventures
232,614
241,605
Other assets, net
525,531
569,320
Total assets
$
18,662,005
$
18,700,951
Liabilities:
Secured debt, net
$
1,382,965
$
1,385,573
Unsecured notes, net
3,803,985
3,800,688
Term loan facilities, net
2,447,555
2,446,041
Revolving facility
540,000
570,000
Accounts payable and accrued expenses
308,347
247,709
Resident security deposits
184,656
180,866
Other liabilities
289,201
277,565
Total liabilities
8,956,709
8,908,442
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2025 and December 31, 2024
—
—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 613,008,220 and 612,605,478 outstanding as of June 30, 2025 and December 31, 2024, respectively
6,130
6,126
Additional paid-in capital
11,181,950
11,170,597
Accumulated deficit
(1,531,350)
(1,480,928)
Accumulated other comprehensive income
11,556
60,969
Total stockholders’ equity
9,668,286
9,756,764
Non-controlling interests
37,010
35,745
Total equity
9,705,296
9,792,509
Total liabilities and equity
$
18,662,005
$
18,700,951
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 8
Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q2 2025
Q2 2024
YTD 2025
YTD 2024
(unaudited)
(unaudited)
(unaudited)
Revenues:
Rental revenues
$
592,509
$
576,865
$
1,177,703
$
1,148,295
Other property income
66,598
60,610
134,475
121,277
Management fee revenues
22,294
15,976
43,702
29,918
Total revenues
681,401
653,451
1,355,880
1,299,490
Expenses:
Property operating and maintenance
244,278
234,184
481,727
464,581
Property management expense
35,833
32,633
72,572
63,870
General and administrative
23,591
21,498
53,109
44,946
Interest expense
87,414
90,007
171,668
179,852
Depreciation and amortization
185,455
176,622
368,601
351,935
Casualty losses, impairment, and other
3,029
10,353
7,712
14,490
Total expenses
579,600
565,297
1,155,389
1,119,674
Gains (losses) on investments in equity and other securities, net
(90)
1,504
(311)
1,295
Other, net
(2,133)
(54,012)
(768)
(48,039)
Gain on sale of property, net of tax
46,591
43,267
118,257
93,765
Losses from investments in unconsolidated joint ventures
(4,802)
(5,482)
(10,020)
(10,620)
Net income
141,367
73,431
307,649
216,217
Net income attributable to non-controlling interests
(480)
(243)
(1,017)
(679)
Net income attributable to common stockholders
140,887
73,188
306,632
215,538
Net income available to participating securities
(222)
(207)
(450)
(399)
Net income available to common stockholders — basic and diluted
$
140,665
$
72,981
$
306,182
$
215,139
Weighted average common shares outstanding — basic
613,048,193
612,628,758
612,913,649
612,424,139
Weighted average common shares outstanding — diluted
613,261,904
613,823,339
613,312,641
613,815,253
Net income per common share — basic
$
0.23
$
0.12
$
0.50
$
0.35
Net income per common share — diluted
$
0.23
$
0.12
$
0.50
$
0.35
Dividends declared per common share
$
0.29
$
0.28
$
0.58
$
0.56
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 9
Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Net income available to common stockholders
$
140,665
$
72,981
$
306,182
$
215,139
Net income available to participating securities
222
207
450
399
Non-controlling interests
480
243
1,017
679
Depreciation and amortization on real estate assets
181,059
173,319
360,122
345,237
Impairment on depreciated real estate investments
36
—
99
60
Net gain on sale of previously depreciated investments in real estate
(46,591)
(43,267)
(118,257)
(93,765)
Depreciation and net gain on sale of investments in unconsolidated joint ventures
3,510
3,497
7,008
6,016
FFO
$
279,381
$
206,980
$
556,621
$
473,765
Core FFO Reconciliation
Q2 2025
Q2 2024
YTD 2025
YTD 2024
FFO
$
279,381
$
206,980
$
556,621
$
473,765
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
5,724
8,905
9,358
18,122
Share-based compensation expense
8,464
7,492
18,621
15,392
Legal settlements
—
59,500
—
59,500
Severance expense
35
89
2,420
179
Casualty losses and reserves, net (1)
3,000
10,363
7,683
14,445
Gains (losses) on investments in equity and other securities, net
90
(1,504)
311
(1,295)
Core FFO
$
296,694
$
291,825
$
595,014
$
580,108
AFFO Reconciliation
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Core FFO
$
296,694
$
291,825
$
595,014
$
580,108
Recurring Capital Expenditures (1)
(43,272)
(46,635)
(80,619)
(83,757)
AFFO
$
253,422
$
245,190
$
514,395
$
496,351
Net income available to common stockholders
Weighted average common shares outstanding — diluted
613,261,904
613,823,339
613,312,641
613,815,253
Net income per common share — diluted
$
0.23
$
0.12
$
0.50
$
0.35
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted
615,771,167
616,061,403
615,703,901
616,024,305
FFO per share — diluted
$
0.45
$
0.34
$
0.90
$
0.77
Core FFO per share — diluted
$
0.48
$
0.47
$
0.97
$
0.94
AFFO per share — diluted
$
0.41
$
0.40
$
0.84
$
0.81
(1)Includes our share from unconsolidated joint ventures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 10
Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Common shares — basic
613,048,193
612,628,758
612,913,649
612,424,139
Shares potentially issuable from vesting/conversion of equity-based awards
213,711
1,194,581
398,992
1,391,114
Total common shares — diluted
613,261,904
613,823,339
613,312,641
613,815,253
Weighted average amounts for FFO, Core FFO, and AFFO
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Common shares — basic
613,048,193
612,628,758
612,913,649
612,424,139
OP units — basic
2,095,013
1,984,943
2,031,655
1,929,142
Shares potentially issuable from vesting/conversion of equity-based awards
627,961
1,447,702
758,597
1,671,024
Total common shares and units — diluted
615,771,167
616,061,403
615,703,901
616,024,305
Period end amounts for Core FFO and AFFO
June 30, 2025
Common shares
613,008,220
OP units
2,099,937
Shares potentially issuable from vesting/conversion of equity-based awards
1,053,050
Total common shares and units — diluted
616,161,207
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 11
Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of June 30, 2025
($ in thousands) (unaudited)
Wtd Avg
Wtd Avg
Interest
Years to
Debt Structure
Balance
% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$
1,388,398
16.9
%
4.0
%
3.1
Floating — swapped to fixed
—
—
%
—
%
—
Floating
—
—
%
—
%
—
Total secured
1,388,398
16.9
%
4.0
%
3.1
Unsecured:
Fixed
3,850,000
46.6
%
3.6
%
6.6
Floating — swapped to fixed
2,000,000
24.2
%
4.0
%
4.3
Floating
1,015,000
12.3
%
5.2
%
4.5
Total unsecured
6,865,000
83.1
%
4.0
%
5.6
Total Debt:
Fixed + floating swapped to fixed (3)
7,238,398
87.7
%
3.8
%
5.3
Floating
1,015,000
12.3
%
5.2
%
4.5
Total debt
8,253,398
100.0
%
4.0
%
5.2
Unamortized discounts on notes payable
(22,766)
Deferred financing costs, net
(56,127)
Total debt per Balance Sheet
8,174,505
Retained and repurchased certificates
(55,499)
Cash, ex-security deposits and letters of credit (4)
(95,184)
Deferred financing costs, net
56,127
Unamortized discounts on notes payable
22,766
Net debt
$
8,102,715
Leverage Ratios
June 30, 2025
Net Debt / TTM Adjusted EBITDAre
5.3
x
Credit Ratings
Ratings
Outlook
Fitch Ratings
BBB+
Stable
Moody’s Investors Service
Baa2
Stable
S&P Global Ratings
BBB
Positive
Unsecured Facilities Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
Actual
Requirement
Actual
Requirement
Total leverage ratio
29.0
%
≤ 60%
Aggregate debt ratio
35.0
%
≤ 65%
Secured leverage ratio
5.8
%
≤ 45%
Secured debt ratio
5.7
%
≤ 40%
Unencumbered leverage ratio
27.1
%
≤ 60%
Unencumbered assets ratio
310.4
%
≥ 150%
Fixed charge coverage ratio
4.3 x
≥ 1.5x
Debt service ratio
4.5x
≥ 1.5x
Unsecured interest coverage ratio
5.2 x
≥ 1.75x
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 12
Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of June 30, 2025. See Supplemental Schedule 2(d) for additional information regarding our interest rate swaps.
(2)Assumes all extension options are exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(5)Covenant calculations are specifically defined in the our Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the “Glossary and Reconciliations” section below. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
(6)Covenant calculations are specifically defined in our Supplemental Indentures to the Base Indenture for our Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 13
Supplemental Schedule 2(c)
Debt Maturity Schedule — As of June 30, 2025
($ in thousands) (unaudited)
Unsecured Debt
Secured
Unsecured
Term Loan
Revolving
% of
Debt Maturities, with Extensions (1)
Debt
Notes
Facilities
Facility
Total
Total
2025
$
—
$
—
$
—
$
—
$
—
—
%
2026
—
—
—
—
—
—
%
2027
988,013
—
—
—
988,013
12.0
%
2028
—
750,000
—
—
750,000
9.1
%
2029
—
—
1,750,000
540,000
2,290,000
27.8
%
2030
—
450,000
725,000
—
1,175,000
14.2
%
2031
400,385
650,000
—
—
1,050,385
12.7
%
2032
—
600,000
—
—
600,000
7.3
%
2033
—
350,000
—
—
350,000
4.2
%
2034
—
400,000
—
—
400,000
4.8
%
2035
—
500,000
—
—
500,000
6.1
%
2036
—
150,000
—
—
150,000
1.8
%
1,388,398
3,850,000
2,475,000
540,000
8,253,398
100.0
%
Unamortized discounts on notes payable
(703)
(22,063)
—
—
(22,766)
Deferred financing costs, net
(4,730)
(23,952)
(27,445)
—
(56,127)
Total per Balance Sheet
$
1,382,965
$
3,803,985
$
2,447,555
$
540,000
$
8,174,505
(1)Assumes all extension options are exercised.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 14
Supplemental Schedule 2(d)
Active Swap Schedule — As of June 30, 2025
($ in thousands) (unaudited)
Agreement Date
Effective Date
Maturity Date
Strike Rate
Index
Notional
4/18/2023
4/15/2023
7/31/2025
3.08%
One month Term SOFR
$
200,000
9/20/2024
12/31/2024
5/31/2028
3.13%
One month Term SOFR
200,000
9/20/2024
12/31/2024
5/31/2028
3.14%
One month Term SOFR
200,000
9/23/2024
12/31/2024
5/31/2028
3.13%
One month Term SOFR
200,000
9/24/2024
12/31/2024
5/31/2028
3.08%
One month Term SOFR
200,000
9/24/2024
12/31/2024
5/31/2028
3.08%
One month Term SOFR
200,000
9/25/2024
12/31/2024
5/31/2028
1.93%
One month Term SOFR
200,000
9/25/2024
12/31/2024
5/31/2029
3.12%
One month Term SOFR
200,000
5/8/2025
5/8/2025
5/31/2028
3.51%
One month Term SOFR
200,000
6/20/2025
6/20/2025
5/31/2028
3.60%
One month Term SOFR
200,000
Weighted Average Strike Rate
3.08%
Total
$
2,000,000
Forward Starting Swap Schedule — As of June 30, 2025
($ in thousands) (unaudited)
Forward
Agreement Date
Effective Date
Maturity Date
Strike Rate
Index
Notional
3/22/2023
7/9/2025
5/31/2029
2.99%
One month Term SOFR
$
300,000
Weighted Average Strike Rate
2.99%
Projected Active Swaps — As of June 30, 2025 (1)
($ in thousands) (unaudited)
6/30/2025
9/30/2025
12/31/2025
3/31/2026
6/30/2026
9/30/2026
12/31/2026
3/31/2027
Active Notional
$2,000,000
$2,100,000
$2,100,000
$2,100,000
$2,100,000
$2,100,000
$2,100,000
$2,100,000
Weighted Average
Strike Rate
3.08%
3.07%
3.07%
3.07%
3.07%
3.07%
3.07%
3.07%
(1)Based on swap agreements in place as of June 30, 2025, assuming all swaps are held to maturity and no incremental swaps are entered into in the future.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 15
Supplemental Schedule 3(a)
Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-end
Q2 2025
Total Portfolio
85,905
Same Store Portfolio
77,721
Same Store % of Total
90.5
%
Core Revenues
Q2 2025
Q2 2024
Change YoY
YTD 2025
YTD 2024
Change YoY
Total Portfolio
$
618,163
$
600,373
3.0
%
$
1,227,116
$
1,194,675
2.7
%
Same Store Portfolio
573,665
560,121
2.4
%
1,142,804
1,114,647
2.5
%
Core Operating Expenses
Q2 2025
Q2 2024
Change YoY
YTD 2025
YTD 2024
Change YoY
Total Portfolio
$
203,334
$
197,082
3.2
%
$
396,665
$
389,684
1.8
%
Same Store Portfolio
183,985
179,981
2.2
%
359,171
355,472
1.0
%
Net Operating Income
Q2 2025
Q2 2024
Change YoY
YTD 2025
YTD 2024
Change YoY
Total Portfolio
$
414,829
$
403,291
2.9
%
$
830,451
$
804,991
3.2
%
Same Store Portfolio
389,680
380,140
2.5
%
783,633
759,175
3.2
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 16
Supplemental Schedule 3(b)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
Change
Change
Change
Q2 2025
Q2 2024
YoY
Q1 2025
Seq
YTD 2025
YTD 2024
YoY
Revenues:
Rental revenues (1)
$
550,301
$
538,252
2.2
%
$
547,288
0.6
%
$
1,097,589
$
1,071,447
2.4
%
Other property income, net (1)(2)
23,364
21,869
6.8
%
21,851
6.9
%
45,215
43,200
4.7
%
Core Revenues
573,665
560,121
2.4
%
569,139
0.8
%
1,142,804
1,114,647
2.5
%
Fixed Expenses:
Property taxes
98,608
96,016
2.7
%
98,908
(0.3)
%
197,516
192,976
2.4
%
Insurance expenses
9,895
10,750
(8.0)
%
10,057
(1.6)
%
19,952
20,835
(4.2)
%
HOA expenses
9,888
10,076
(1.9)
%
10,512
(5.9)
%
20,400
21,281
(4.1)
%
Total Fixed Expenses
118,391
116,842
1.3
%
119,477
(0.9)
%
237,868
235,092
1.2
%
Controllable Expenses:
Repairs and maintenance, net (3)
26,255
26,419
(0.6)
%
20,440
28.4
%
46,695
47,334
(1.3)
%
Personnel, leasing and marketing
20,673
21,303
(3.0)
%
21,118
(2.1)
%
41,791
43,072
(3.0)
%
Turnover, net (3)
9,895
10,058
(1.6)
%
8,191
20.8
%
18,086
18,800
(3.8)
%
Utilities and property administrative, net (3)
8,771
5,359
63.7
%
5,960
47.2
%
14,731
11,174
31.8
%
Total Controllable Expenses
65,594
63,139
3.9
%
55,709
17.7
%
121,303
120,380
0.8
%
Core Operating Expenses
183,985
179,981
2.2
%
175,186
5.0
%
359,171
355,472
1.0
%
Net Operating Income
$
389,680
$
380,140
2.5
%
$
393,953
(1.1)
%
$
783,633
$
759,175
3.2
%
(1)All rental revenues and other property income are reflected net of Bad Debt.
(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $37,655, $34,255, $41,008, $78,663, and $69,001 for Q2 2025, Q2 2024, Q1 2025, YTD 2025, and YTD 2024, respectively.
(3)These expenses are presented net of applicable resident recoveries.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 17
Supplemental Schedule 3(c)
Same Store Quarterly Operating Trends
(unaudited)
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Average Occupancy
97.2
%
97.3
%
96.8
%
97.1
%
97.6
%
Turnover Rate
6.2
%
5.0
%
5.1
%
6.1
%
6.2
%
Trailing four quarters Turnover Rate
22.4
%
22.4
%
22.7
%
N/A
N/A
Average Monthly Rent
$
2,445
$
2,431
$
2,417
$
2,403
$
2,382
Rental Rate Growth (lease-over-lease):
Renewals
4.7
%
5.2
%
4.1
%
4.2
%
5.5
%
New leases
2.2
%
(0.1)
%
(2.2)
%
1.6
%
3.5
%
Blended
4.0
%
3.6
%
2.2
%
3.5
%
5.0
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 18
Supplemental Schedule 4
Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2025 (1)
(unaudited)
Number of Homes
Average Occupancy
Average Monthly Rent
Average Monthly Rent PSF
Percent of Revenue
Western United States:
Southern California
7,184
96.6
%
$
3,183
$
1.86
10.9
%
Northern California
4,056
97.4
%
2,783
1.76
5.5
%
Seattle
3,931
97.8
%
2,942
1.53
5.6
%
Phoenix
9,214
97.5
%
2,069
1.22
9.6
%
Las Vegas
3,397
97.2
%
2,239
1.14
3.7
%
Denver
2,849
95.1
%
2,626
1.43
3.5
%
Western US Subtotal
30,631
97.1
%
2,607
1.48
38.8
%
Florida:
South Florida
8,134
96.1
%
3,109
1.66
11.9
%
Tampa
9,658
93.1
%
2,307
1.22
10.7
%
Orlando
6,879
96.3
%
2,269
1.21
7.7
%
Jacksonville
2,082
95.2
%
2,195
1.11
2.2
%
Florida Subtotal
26,753
94.9
%
2,539
1.35
32.5
%
Southeast United States:
Atlanta
12,634
96.2
%
2,088
1.01
12.6
%
Carolinas
6,106
94.1
%
2,089
0.99
6.1
%
Southeast US Subtotal
18,740
95.5
%
2,088
1.00
18.7
%
Texas:
Houston
2,459
92.9
%
1,951
0.98
2.2
%
Dallas
3,495
90.5
%
2,275
1.11
3.6
%
Texas Subtotal
5,954
90.8
%
2,145
1.06
5.8
%
Midwest United States:
Chicago
2,459
95.7
%
2,474
1.54
2.8
%
Minneapolis
1,048
95.8
%
2,395
1.22
1.2
%
Midwest US Subtotal
3,507
95.7
%
2,450
1.43
4.0
%
Other (2):
320
63.5
%
2,197
1.18
0.2
%
Total / Average
85,905
95.6
%
$
2,434
$
1.29
100.0
%
Same Store Total / Average
77,721
97.2
%
$
2,445
$
1.30
92.7
%
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)As of June 30, 2025, virtually all of these homes were newly-constructed and located in either Nashville or San Antonio.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 19
Supplemental Schedule 5(a)
Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent
Average Occupancy
Core Revenues
YoY, Q2 2025
# Homes
Q2 2025
Q2 2024
Change
Q2 2025
Q2 2024
Change
Q2 2025
Q2 2024
Change
Western United States:
Southern California
6,800
$
3,186
$
3,073
3.7
%
98.1
%
98.5
%
(0.4)
%
$
65,172
$
63,075
3.3
%
Northern California
3,892
2,784
2,712
2.7
%
98.4
%
98.5
%
(0.1)
%
32,884
31,955
2.9
%
Seattle
3,907
2,942
2,855
3.0
%
98.0
%
98.4
%
(0.4)
%
34,669
33,847
2.4
%
Phoenix
8,598
2,060
2,037
1.1
%
97.8
%
97.7
%
0.1
%
54,658
53,862
1.5
%
Las Vegas
2,972
2,239
2,183
2.6
%
97.4
%
97.7
%
(0.3)
%
20,276
19,817
2.3
%
Denver
2,454
2,616
2,525
3.6
%
97.0
%
98.4
%
(1.4)
%
19,341
19,057
1.5
%
Western US Subtotal
28,623
2,614
2,545
2.7
%
97.9
%
98.2
%
(0.3)
%
227,000
221,613
2.4
%
Florida:
South Florida
7,827
3,122
3,011
3.7
%
96.8
%
97.4
%
(0.6)
%
72,931
70,775
3.0
%
Tampa
8,150
2,309
2,284
1.1
%
96.0
%
97.3
%
(1.3)
%
56,930
56,648
0.5
%
Orlando
6,364
2,267
2,225
1.9
%
97.2
%
97.2
%
—
%
44,172
43,212
2.2
%
Jacksonville
1,904
2,191
2,163
1.3
%
96.9
%
97.6
%
(0.7)
%
12,757
12,598
1.3
%
Florida Subtotal
24,245
2,551
2,494
2.3
%
96.7
%
97.3
%
(0.6)
%
186,790
183,233
1.9
%
Southeast United States:
Atlanta
11,811
2,084
2,018
3.3
%
97.0
%
97.2
%
(0.2)
%
73,215
71,177
2.9
%
Carolinas
5,223
2,089
2,037
2.6
%
97.4
%
97.5
%
(0.1)
%
33,341
32,223
3.5
%
Southeast US Subtotal
17,034
2,086
2,024
3.1
%
97.2
%
97.3
%
(0.1)
%
106,556
103,400
3.1
%
Texas:
Houston
1,794
1,917
1,872
2.4
%
96.8
%
97.6
%
(0.8)
%
10,483
10,252
2.3
%
Dallas
2,581
2,286
2,252
1.5
%
96.3
%
97.4
%
(1.1)
%
17,876
17,682
1.1
%
Texas Subtotal
4,375
2,134
2,096
1.8
%
96.5
%
97.5
%
(1.0)
%
28,359
27,934
1.5
%
Midwest United States:
Chicago
2,410
2,473
2,371
4.3
%
97.2
%
97.7
%
(0.5)
%
17,550
16,789
4.5
%
Minneapolis
1,034
2,397
2,298
4.3
%
96.7
%
97.2
%
(0.5)
%
7,410
7,152
3.6
%
Midwest US Subtotal
3,444
2,450
2,349
4.3
%
97.1
%
97.6
%
(0.5)
%
24,960
23,941
4.3
%
Total / Average
77,721
$
2,445
$
2,382
2.6
%
97.2
%
97.6
%
(0.4)
%
$
573,665
$
560,121
2.4
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 20
Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent
Average Occupancy
Core Revenues
Seq, Q2 2025
# Homes
Q2 2025
Q1 2025
Change
Q2 2025
Q1 2025
Change
Q2 2025
Q1 2025
Change
Western United States:
Southern California
6,800
$
3,186
$
3,155
1.0
%
98.1
%
98.4
%
(0.3)
%
$
65,172
$
64,584
0.9
%
Northern California
3,892
2,784
2,772
0.4
%
98.4
%
98.6
%
(0.2)
%
32,884
32,759
0.4
%
Seattle
3,907
2,942
2,923
0.7
%
98.0
%
97.8
%
0.2
%
34,669
34,243
1.2
%
Phoenix
8,598
2,060
2,060
—
%
97.8
%
97.6
%
0.2
%
54,658
54,135
1.0
%
Las Vegas
2,972
2,239
2,230
0.4
%
97.4
%
97.5
%
(0.1)
%
20,276
20,092
0.9
%
Denver
2,454
2,616
2,592
0.9
%
97.0
%
97.0
%
—
%
19,341
19,195
0.8
%
Western US Subtotal
28,623
2,614
2,599
0.6
%
97.9
%
97.9
%
—
%
227,000
225,008
0.9
%
Florida:
South Florida
7,827
3,122
3,100
0.7
%
96.8
%
97.1
%
(0.3)
%
72,931
72,640
0.4
%
Tampa
8,150
2,309
2,298
0.5
%
96.0
%
96.3
%
(0.3)
%
56,930
56,237
1.2
%
Orlando
6,364
2,267
2,255
0.5
%
97.2
%
97.4
%
(0.2)
%
44,172
43,945
0.5
%
Jacksonville
1,904
2,191
2,177
0.6
%
96.9
%
97.8
%
(0.9)
%
12,757
12,706
0.4
%
Florida Subtotal
24,245
2,551
2,537
0.6
%
96.7
%
97.0
%
(0.3)
%
186,790
185,528
0.7
%
Southeast United States:
Atlanta
11,811
2,084
2,072
0.6
%
97.0
%
96.8
%
0.2
%
73,215
72,779
0.6
%
Carolinas
5,223
2,089
2,080
0.4
%
97.4
%
97.2
%
0.2
%
33,341
32,872
1.4
%
Southeast US Subtotal
17,034
2,086
2,074
0.6
%
97.2
%
96.9
%
0.3
%
106,556
105,651
0.9
%
Texas:
Houston
1,794
1,917
1,905
0.6
%
96.8
%
97.1
%
(0.3)
%
10,483
10,411
0.7
%
Dallas
2,581
2,286
2,282
0.2
%
96.3
%
96.3
%
—
%
17,876
17,827
0.3
%
Texas Subtotal
4,375
2,134
2,127
0.3
%
96.5
%
96.6
%
(0.1)
%
28,359
28,238
0.4
%
Midwest United States:
Chicago
2,410
2,473
2,446
1.1
%
97.2
%
97.8
%
(0.6)
%
17,550
17,452
0.6
%
Minneapolis
1,034
2,397
2,366
1.3
%
96.7
%
95.1
%
1.6
%
7,410
7,262
2.0
%
Midwest US Subtotal
3,444
2,450
2,422
1.2
%
97.1
%
97.0
%
0.1
%
24,960
24,714
1.0
%
Total / Average
77,721
$
2,445
$
2,431
0.6
%
97.2
%
97.3
%
(0.1)
%
$
573,665
$
569,139
0.8
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 21
Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — YTD
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent
Average Occupancy
Core Revenues
YoY, YTD 2025
# Homes
YTD 2025
YTD 2024
Change
YTD 2025
YTD 2024
Change
YTD 2025
YTD 2024
Change
Western United States:
Southern California
6,800
$
3,170
$
3,061
3.6
%
98.3
%
98.5
%
(0.2)
%
$
129,756
$
125,182
3.7
%
Northern California
3,892
2,778
2,700
2.9
%
98.5
%
98.3
%
0.2
%
65,643
63,355
3.6
%
Seattle
3,907
2,933
2,840
3.3
%
97.9
%
98.3
%
(0.4)
%
68,912
67,159
2.6
%
Phoenix
8,598
2,060
2,031
1.4
%
97.7
%
97.9
%
(0.2)
%
108,793
107,504
1.2
%
Las Vegas
2,972
2,235
2,179
2.6
%
97.4
%
97.7
%
(0.3)
%
40,368
39,505
2.2
%
Denver
2,454
2,604
2,517
3.5
%
97.0
%
98.3
%
(1.3)
%
38,536
37,896
1.7
%
Western US Subtotal
28,623
2,607
2,535
2.8
%
97.9
%
98.2
%
(0.3)
%
452,008
440,601
2.6
%
Florida:
South Florida
7,827
3,111
2,991
4.0
%
97.0
%
97.5
%
(0.5)
%
145,571
140,774
3.4
%
Tampa
8,150
2,304
2,273
1.4
%
96.1
%
97.4
%
(1.3)
%
113,167
112,957
0.2
%
Orlando
6,364
2,261
2,214
2.1
%
97.3
%
97.3
%
—
%
88,117
85,988
2.5
%
Jacksonville
1,904
2,184
2,154
1.4
%
97.4
%
97.6
%
(0.2)
%
25,463
25,106
1.4
%
Florida Subtotal
24,245
2,544
2,480
2.6
%
96.8
%
97.4
%
(0.6)
%
372,318
364,825
2.1
%
Southeast United States:
Atlanta
11,811
2,078
2,008
3.5
%
96.9
%
97.5
%
(0.6)
%
145,994
141,827
2.9
%
Carolinas
5,223
2,085
2,027
2.9
%
97.3
%
97.7
%
(0.4)
%
66,213
64,011
3.4
%
Southeast US Subtotal
17,034
2,080
2,014
3.3
%
97.0
%
97.6
%
(0.6)
%
212,207
205,838
3.1
%
Texas:
Houston
1,794
1,911
1,862
2.6
%
96.9
%
97.6
%
(0.7)
%
20,894
20,420
2.3
%
Dallas
2,581
2,284
2,242
1.8
%
96.3
%
97.4
%
(1.1)
%
35,703
35,228
1.3
%
Texas Subtotal
4,375
2,130
2,086
2.1
%
96.6
%
97.5
%
(0.9)
%
56,597
55,648
1.7
%
Midwest United States:
Chicago
2,410
2,460
2,357
4.4
%
97.5
%
97.9
%
(0.4)
%
35,002
33,507
4.5
%
Minneapolis
1,034
2,381
2,289
4.0
%
95.9
%
97.1
%
(1.2)
%
14,672
14,228
3.1
%
Midwest US Subtotal
3,444
2,436
2,337
4.3
%
97.0
%
97.6
%
(0.6)
%
49,674
47,735
4.1
%
Total / Average
77,721
$
2,438
$
2,370
2.9
%
97.3
%
97.7
%
(0.4)
%
$
1,142,804
$
1,114,647
2.5
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 22
Supplemental Schedule 5(b)
Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core Revenues
Core Operating Expenses
Net Operating Income
Core NOI Margin
YoY, Q2 2025
Q2 2025
Q2 2024
Change
Q2 2025
Q2 2024
Change
Q2 2025
Q2 2024
Change
Q2 2025
Q2 2024
Western United States:
Southern California
$
65,172
$
63,075
3.3
%
$
17,950
$
17,623
1.9
%
$
47,222
$
45,452
3.9
%
72.5
%
72.1
%
Northern California
32,884
31,955
2.9
%
8,727
8,595
1.5
%
24,157
23,360
3.4
%
73.5
%
73.1
%
Seattle
34,669
33,847
2.4
%
9,067
8,547
6.1
%
25,602
25,300
1.2
%
73.8
%
74.7
%
Phoenix
54,658
53,862
1.5
%
10,610
10,425
1.8
%
44,048
43,437
1.4
%
80.6
%
80.6
%
Las Vegas
20,276
19,817
2.3
%
4,623
4,427
4.4
%
15,653
15,390
1.7
%
77.2
%
77.7
%
Denver
19,341
19,057
1.5
%
4,012
3,678
9.1
%
15,329
15,379
(0.3)
%
79.3
%
80.7
%
Western US Subtotal
227,000
221,613
2.4
%
54,989
53,295
3.2
%
172,011
168,318
2.2
%
75.8
%
76.0
%
Florida:
South Florida
72,931
70,775
3.0
%
28,886
28,514
1.3
%
44,045
42,261
4.2
%
60.4
%
59.7
%
Tampa
56,930
56,648
0.5
%
22,072
21,844
1.0
%
34,858
34,804
0.2
%
61.2
%
61.4
%
Orlando
44,172
43,212
2.2
%
15,854
16,027
(1.1)
%
28,318
27,185
4.2
%
64.1
%
62.9
%
Jacksonville
12,757
12,598
1.3
%
4,673
4,735
(1.3)
%
8,084
7,863
2.8
%
63.4
%
62.4
%
Florida Subtotal
186,790
183,233
1.9
%
71,485
71,120
0.5
%
115,305
112,113
2.8
%
61.7
%
61.2
%
Southeast United States:
Atlanta
73,215
71,177
2.9
%
26,510
24,264
9.3
%
46,705
46,913
(0.4)
%
63.8
%
65.9
%
Carolinas
33,341
32,223
3.5
%
9,603
9,069
5.9
%
23,738
23,154
2.5
%
71.2
%
71.9
%
Southeast US Subtotal
106,556
103,400
3.1
%
36,113
33,333
8.3
%
70,443
70,067
0.5
%
66.1
%
67.8
%
Texas:
Houston
10,483
10,252
2.3
%
4,753
5,035
(5.6)
%
5,730
5,217
9.8
%
54.7
%
50.9
%
Dallas
17,876
17,682
1.1
%
6,412
7,251
(11.6)
%
11,464
10,431
9.9
%
64.1
%
59.0
%
Texas Subtotal
28,359
27,934
1.5
%
11,165
12,286
(9.1)
%
17,194
15,648
9.9
%
60.6
%
56.0
%
Midwest United States:
Chicago
17,550
16,789
4.5
%
7,740
7,382
4.8
%
9,810
9,407
4.3
%
55.9
%
56.0
%
Minneapolis
7,410
7,152
3.6
%
2,493
2,565
(2.8)
%
4,917
4,587
7.2
%
66.4
%
64.1
%
Midwest US Subtotal
24,960
23,941
4.3
%
10,233
9,947
2.9
%
14,727
13,994
5.2
%
59.0
%
58.5
%
Total / Average
$
573,665
$
560,121
2.4
%
$
183,985
$
179,981
2.2
%
$
389,680
$
380,140
2.5
%
67.9
%
67.9
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 23
Supplemental Schedule 5(b) (Continued)
Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core Revenues
Core Operating Expenses
Net Operating Income
Core NOI Margin
Seq, Q2 2025
Q2 2025
Q1 2025
Change
Q2 2025
Q1 2025
Change
Q2 2025
Q1 2025
Change
Q2 2025
Q1 2025
Western United States:
Southern California
$
65,172
$
64,584
0.9
%
$
17,950
$
16,848
6.5
%
$
47,222
$
47,736
(1.1)
%
72.5
%
73.9
%
Northern California
32,884
32,759
0.4
%
8,727
7,887
10.7
%
24,157
24,872
(2.9)
%
73.5
%
75.9
%
Seattle
34,669
34,243
1.2
%
9,067
8,771
3.4
%
25,602
25,472
0.5
%
73.8
%
74.4
%
Phoenix
54,658
54,135
1.0
%
10,610
9,910
7.1
%
44,048
44,225
(0.4)
%
80.6
%
81.7
%
Las Vegas
20,276
20,092
0.9
%
4,623
4,375
5.7
%
15,653
15,717
(0.4)
%
77.2
%
78.2
%
Denver
19,341
19,195
0.8
%
4,012
4,101
(2.2)
%
15,329
15,094
1.6
%
79.3
%
78.6
%
Western US Subtotal
227,000
225,008
0.9
%
54,989
51,892
6.0
%
172,011
173,116
(0.6)
%
75.8
%
76.9
%
Florida:
South Florida
72,931
72,640
0.4
%
28,886
28,323
2.0
%
44,045
44,317
(0.6)
%
60.4
%
61.0
%
Tampa
56,930
56,237
1.2
%
22,072
21,026
5.0
%
34,858
35,211
(1.0)
%
61.2
%
62.6
%
Orlando
44,172
43,945
0.5
%
15,854
15,540
2.0
%
28,318
28,405
(0.3)
%
64.1
%
64.6
%
Jacksonville
12,757
12,706
0.4
%
4,673
4,467
4.6
%
8,084
8,239
(1.9)
%
63.4
%
64.8
%
Florida Subtotal
186,790
185,528
0.7
%
71,485
69,356
3.1
%
115,305
116,172
(0.7)
%
61.7
%
62.6
%
Southeast United States:
Atlanta
73,215
72,779
0.6
%
26,510
24,666
7.5
%
46,705
48,113
(2.9)
%
63.8
%
66.1
%
Carolinas
33,341
32,872
1.4
%
9,603
9,131
5.2
%
23,738
23,741
—
%
71.2
%
72.2
%
Southeast US Subtotal
106,556
105,651
0.9
%
36,113
33,797
6.9
%
70,443
71,854
(2.0)
%
66.1
%
68.0
%
Texas:
Houston
10,483
10,411
0.7
%
4,753
4,346
9.4
%
5,730
6,065
(5.5)
%
54.7
%
58.3
%
Dallas
17,876
17,827
0.3
%
6,412
5,912
8.5
%
11,464
11,915
(3.8)
%
64.1
%
66.8
%
Texas Subtotal
28,359
28,238
0.4
%
11,165
10,258
8.8
%
17,194
17,980
(4.4)
%
60.6
%
63.7
%
Midwest United States:
Chicago
17,550
17,452
0.6
%
7,740
7,491
3.3
%
9,810
9,961
(1.5)
%
55.9
%
57.1
%
Minneapolis
7,410
7,262
2.0
%
2,493
2,392
4.2
%
4,917
4,870
1.0
%
66.4
%
67.1
%
Midwest US Subtotal
24,960
24,714
1.0
%
10,233
9,883
3.5
%
14,727
14,831
(0.7)
%
59.0
%
60.0
%
Total / Average
$
573,665
$
569,139
0.8
%
$
183,985
$
175,186
5.0
%
$
389,680
$
393,953
(1.1)
%
67.9
%
69.2
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 24
Supplemental Schedule 5(b) (Continued)
Same Store NOI Growth and Margin Summary — YTD
($ in thousands) (unaudited)
Core Revenues
Core Operating Expenses
Net Operating Income
Core NOI Margin
YoY, YTD 2025
YTD 2025
YTD 2024
Change
YTD 2025
YTD 2024
Change
YTD 2025
YTD 2024
Change
YTD 2025
YTD 2024
Western United States:
Southern California
$
129,756
$
125,182
3.7
%
$
34,798
$
34,973
(0.5)
%
$
94,958
$
90,209
5.3
%
73.2
%
72.1
%
Northern California
65,643
63,355
3.6
%
16,614
17,028
(2.4)
%
49,029
46,327
5.8
%
74.7
%
73.1
%
Seattle
68,912
67,159
2.6
%
17,838
17,038
4.7
%
51,074
50,121
1.9
%
74.1
%
74.6
%
Phoenix
108,793
107,504
1.2
%
20,520
20,240
1.4
%
88,273
87,264
1.2
%
81.1
%
81.2
%
Las Vegas
40,368
39,505
2.2
%
8,998
8,777
2.5
%
31,370
30,728
2.1
%
77.7
%
77.8
%
Denver
38,536
37,896
1.7
%
8,113
7,559
7.3
%
30,423
30,337
0.3
%
78.9
%
80.1
%
Western US Subtotal
452,008
440,601
2.6
%
106,881
105,615
1.2
%
345,127
334,986
3.0
%
76.4
%
76.0
%
Florida:
South Florida
145,571
140,774
3.4
%
57,209
56,647
1.0
%
88,362
84,127
5.0
%
60.7
%
59.8
%
Tampa
113,167
112,957
0.2
%
43,098
43,063
0.1
%
70,069
69,894
0.3
%
61.9
%
61.9
%
Orlando
88,117
85,988
2.5
%
31,394
31,186
0.7
%
56,723
54,802
3.5
%
64.4
%
63.7
%
Jacksonville
25,463
25,106
1.4
%
9,140
9,395
(2.7)
%
16,323
15,711
3.9
%
64.1
%
62.6
%
Florida Subtotal
372,318
364,825
2.1
%
140,841
140,291
0.4
%
231,477
224,534
3.1
%
62.2
%
61.5
%
Southeast United States:
Atlanta
145,994
141,827
2.9
%
51,176
47,374
8.0
%
94,818
94,453
0.4
%
64.9
%
66.6
%
Carolinas
66,213
64,011
3.4
%
18,734
17,917
4.6
%
47,479
46,094
3.0
%
71.7
%
72.0
%
Southeast US Subtotal
212,207
205,838
3.1
%
69,910
65,291
7.1
%
142,297
140,547
1.2
%
67.1
%
68.3
%
Texas:
Houston
20,894
20,420
2.3
%
9,099
9,896
(8.1)
%
11,795
10,524
12.1
%
56.5
%
51.5
%
Dallas
35,703
35,228
1.3
%
12,324
14,846
(17.0)
%
23,379
20,382
14.7
%
65.5
%
57.9
%
Texas Subtotal
56,597
55,648
1.7
%
21,423
24,742
(13.4)
%
35,174
30,906
13.8
%
62.1
%
55.5
%
Midwest United States:
Chicago
35,002
33,507
4.5
%
15,231
14,582
4.5
%
19,771
18,925
4.5
%
56.5
%
56.5
%
Minneapolis
14,672
14,228
3.1
%
4,885
4,951
(1.3)
%
9,787
9,277
5.5
%
66.7
%
65.2
%
Midwest US Subtotal
49,674
47,735
4.1
%
20,116
19,533
3.0
%
29,558
28,202
4.8
%
59.5
%
59.1
%
Total / Average
$
1,142,804
$
1,114,647
2.5
%
$
359,171
$
355,472
1.0
%
$
783,633
$
759,175
3.2
%
68.6
%
68.1
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 25
Supplemental Schedule 5(c)
Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q2 2025
YTD 2025
Renewal
New
Blended
Renewal
New
Blended
Leases
Leases
Average
Leases
Leases
Average
Western United States:
Southern California
6.9
%
6.6
%
6.8
%
6.7
%
5.9
%
6.5
%
Northern California
3.1
%
4.0
%
3.3
%
3.6
%
3.4
%
3.5
%
Seattle
2.8
%
4.4
%
3.3
%
3.8
%
3.6
%
3.7
%
Phoenix
2.4
%
(0.4)
%
1.6
%
3.3
%
(1.5)
%
1.9
%
Las Vegas
3.1
%
1.3
%
2.7
%
3.8
%
0.7
%
3.0
%
Denver
4.5
%
5.8
%
4.9
%
5.2
%
4.2
%
4.9
%
Western US Subtotal
4.1
%
3.3
%
3.9
%
4.5
%
2.4
%
4.0
%
Florida:
South Florida
6.0
%
0.9
%
4.7
%
6.2
%
(0.2)
%
4.5
%
Tampa
4.6
%
(0.4)
%
2.9
%
4.3
%
(1.4)
%
2.4
%
Orlando
4.2
%
0.6
%
3.1
%
4.4
%
(0.3)
%
2.9
%
Jacksonville
3.2
%
—
%
2.2
%
3.4
%
(0.9)
%
2.2
%
Florida Subtotal
5.0
%
0.3
%
3.6
%
5.0
%
(0.7)
%
3.3
%
Southeast United States:
Atlanta
5.2
%
2.2
%
4.4
%
5.6
%
0.9
%
4.2
%
Carolinas
4.9
%
3.8
%
4.6
%
5.1
%
1.7
%
4.1
%
Southeast US Subtotal
5.1
%
2.7
%
4.4
%
5.4
%
1.1
%
4.1
%
Texas:
Houston
3.3
%
0.9
%
2.7
%
3.8
%
—
%
2.8
%
Dallas
3.1
%
—
%
2.3
%
3.3
%
(2.0)
%
1.7
%
Texas Subtotal
3.2
%
0.4
%
2.5
%
3.5
%
(1.3)
%
2.1
%
Midwest United States:
Chicago
7.3
%
12.3
%
8.3
%
6.8
%
10.0
%
7.4
%
Minneapolis
7.9
%
7.5
%
7.8
%
8.1
%
4.7
%
7.0
%
Midwest US Subtotal
7.5
%
10.5
%
8.1
%
7.1
%
7.8
%
7.3
%
Total / Average
4.7
%
2.2
%
4.0
%
4.9
%
1.0
%
3.8
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 26
Supplemental Schedule 6
Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
Total
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
R&M OpEx, net
$
26,255
$
20,440
$
22,912
$
29,655
$
26,419
Turn OpEx, net
9,895
8,191
9,069
10,835
10,058
Total recurring operating expenses, net
$
36,150
$
28,631
$
31,981
$
40,490
$
36,477
R&M CapEx
$
29,096
$
25,270
$
24,091
$
36,302
$
32,793
Turn CapEx
9,755
8,560
8,435
9,744
8,798
Total Recurring Capital Expenditures
$
38,851
$
33,830
$
32,526
$
46,046
$
41,591
R&M OpEx, net + R&M CapEx
$
55,351
$
45,710
$
47,003
$
65,957
$
59,212
Turn OpEx, net + Turn CapEx
19,650
16,751
17,504
20,579
18,856
Total Cost to Maintain, net
$
75,001
$
62,461
$
64,507
$
86,536
$
78,068
Per Home
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Total Cost to Maintain, net
$
965
$
804
$
830
$
1,113
$
1,004
(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.
Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
Total
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Recurring CapEx
$
42,949
$
37,092
$
35,518
$
50,970
$
46,371
Value Enhancing CapEx
18,314
13,023
12,361
16,182
12,500
Initial Renovation CapEx
8,269
6,869
7,091
8,860
6,392
Disposition CapEx
869
952
1,423
1,584
663
Total Capital Expenditures
$
70,401
$
57,936
$
56,393
$
77,596
$
65,926
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 27
Supplemental Schedule 7
Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management Expense
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Property management expense (GAAP)
$
35,833
$
32,633
$
72,572
$
63,870
Adjustments:
Share-based compensation expense
(1,566)
(1,674)
(3,217)
(3,272)
Adjusted property management expense
$
34,267
$
30,959
$
69,355
$
60,598
Adjusted G&A Expense
Q2 2025
Q2 2024
YTD 2025
YTD 2024
G&A expense (GAAP)
$
23,591
$
21,498
$
53,109
$
44,946
Adjustments:
Share-based compensation expense
(6,898)
(5,818)
(15,404)
(12,120)
Severance expense
(35)
(89)
(2,420)
(179)
Adjusted G&A expense
$
16,658
$
15,591
$
35,285
$
32,647
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 28
Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)
March 31, 2025
Q2 2025 Acquisitions (1)
Q2 2025 Dispositions (2)
June 30, 2025
Homes
Homes
Avg. Est.
Homes
Average
Homes
Owned
Acq.
Cost Basis
Sold
Sales Price
Owned
Wholly Owned Portfolio
Western United States:
Southern California
7,234
13
$
540,777
63
$
589,760
7,184
Northern California
4,086
—
—
30
449,042
4,056
Seattle
3,944
—
—
13
533,147
3,931
Phoenix
9,223
1
433,618
10
286,900
9,214
Las Vegas
3,400
1
541,500
4
302,000
3,397
Denver
2,832
25
482,397
8
367,875
2,849
Western US Subtotal
30,719
40
501,629
128
504,508
30,631
Florida:
South Florida
8,138
16
410,452
20
382,010
8,134
Tampa
9,555
148
354,286
45
226,589
9,658
Orlando
6,825
67
388,469
13
221,364
6,879
Jacksonville
2,042
43
315,866
3
390,833
2,082
Florida Subtotal
26,560
274
359,895
81
270,209
26,753
Southeast United States:
Atlanta
12,598
75
350,262
39
266,977
12,634
Carolinas
6,066
60
321,852
20
337,500
6,106
Southeast US Subtotal
18,664
135
337,635
59
290,883
18,740
Texas:
Houston
2,398
71
275,822
10
215,300
2,459
Dallas
3,217
288
300,636
10
289,185
3,495
Texas Subtotal
5,615
359
295,728
20
252,243
5,954
Midwest United States:
Chicago
2,461
—
—
2
262,776
2,459
Minneapolis
1,052
—
—
4
289,125
1,048
Midwest US Subtotal
3,513
—
—
6
280,342
3,507
Other (3):
190
131
347,172
1
307,500
320
Total / Average
85,261
939
$
336,425
295
$
375,120
85,905
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,605
—
$
—
—
$
—
2,605
2022 Rockpoint JV (5)
319
—
—
41
488,896
278
FNMA JV (6)
374
—
—
19
463,973
355
Pathway Homes (7)
642
81
329,586
3
415,667
720
Upward America JV (8)
3,720
—
—
—
—
3,720
2024 Peregrine JV (9)
—
20
386,219
—
—
20
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 29
Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.7%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 1.8%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)As of June 30, 2025, virtually all of these homes were newly-constructed and located in either Nashville or San Antonio.
(4)Represents portfolio owned by the 2020 Rockpoint JV, of which we own 20.0%.
(5)Represents portfolio owned by the 2022 Rockpoint JV, of which we own 16.7%.
(6)Represents portfolio owned by the FNMA JV, of which we own 10.0%.
(7)Represents portfolio owned by Pathway Homes, of which we own 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which we own 7.2%.
(9)Represents portfolio owned by the 2024 Peregrine JV, of which we own 30.0%.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 30
Supplemental Schedule 8(b)
Expected Acquisition Pipeline of New Homes from Homebuilders — As of June 30, 2025
(unaudited)
Pipeline
as of
June 30, 2025 (1)(2)
Estimated Deliveries
in Q3-Q4 2025
Estimated Deliveries
in 2026
Estimated Deliveries Thereafter
Avg. Estimated Cost Basis Per Home
Southern California
30
30
—
—
$
540,000
Denver
56
37
19
—
440,000
South Florida
21
21
—
—
410,000
Tampa
277
144
105
28
330,000
Orlando
348
106
193
49
400,000
Jacksonville
75
75
—
—
320,000
Atlanta
42
18
24
—
340,000
Carolinas
158
83
20
55
350,000
Houston
185
118
67
—
280,000
Dallas
91
45
46
—
250,000
Other
55
55
—
—
230,000
Total / Average
1,338
732
474
132
$
340,000
(1)Represents the number of new homes under contract as of June 30, 2025, that are expected to be built, sold, and delivered by various homebuilders during a future period to either Invitation Homes or one of our joint ventures.
(2)Pipeline rollforward:
Pipeline as of March 31, 2025
1,801
Q2 2025 additions and cancellations (net)
22
Q2 2025 deliveries
(485)
Pipeline as of June 30, 2025
1,338
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 31
Glossary and Reconciliations
Average Estimated Cost Basis
Average estimated cost basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated initial renovation expenditure for an acquired home or population of homes.
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 our 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 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 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.
Cost to Maintain, net
Cost to maintain, net a home represents the sum of the expensed and capitalized portions of recurring repairs & maintenance and turn spend, net of resident reimbursements, as indicated in tables presented, not including the internal labor associated with such work.
Disposition CapEx
Disposition CapEx represents expenditures related to the preparation of a home for disposition after the prior tenant has moved out of the home.
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. We define 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. We define 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
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 32
compensation expense; severance expense; casualty losses and reserves, 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 our 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 our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our 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 our 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. We define 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 and reserves, net; and (gains) losses on investments in equity and other securities, net, as applicable.
We define Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserve the value, and maintain the functionality, of our homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for our share of investments in unconsolidated joint ventures.
We believe that FFO is a meaningful supplemental measure of the operating performance of our 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. We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of our 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 our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our 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 our 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.
Initial Renovation CapEx
Initial renovation CapEx represents expenditures related to the first post-acquisition renovation of a home to bring the home to our standards and specifications.
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 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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 33
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. Our 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 our basis for computing this non-GAAP measure is comparable with that of other companies.
We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio.
See below for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store Portfolio.
PSF
PSF means per square foot.
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 our 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 our current resident chooses to stay for a subsequent lease term, or a new lease, where our 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 our existing Same Store portfolio, and homes in markets that we have announced an intent to exit where we no longer operate 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 our existing 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 1st of the year in which the Same Store portfolio was established.
We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and our prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our 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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 34
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.
Unsecured Facility Covenants
Unsecured facility covenants refer to financial and operating requirements that we must meet with respect to our $1,750 million revolving credit facility (the “Revolving Facility”) and our $1,750 million term loan facility (the “2024 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in our Second Amended and Restated Revolving Credit and Term Loan Agreement dated September 9, 2024 and our $725 million term loan facility (the “2022 Term Loan Facility” and together with the 2024 Term Loan Facility, the “Term Loan Facilities”), as set forth in our 2022 Term Loan Agreement as amended by the First Amendment dated September 9, 2024 and the Second Amendment dated April 28, 2025 (together with the Credit Facility, the “Unsecured Credit Agreements”).
The metrics provided under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, and unsecured interest coverage ratio.
Total leverage ratio represents (i) total outstanding indebtedness (including our pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
Secured leverage ratio represents (i) total outstanding secured indebtedness (including our pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
Unencumbered leverage ratio represents (i) total outstanding unsecured indebtedness (including our pro rata share of unsecured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreements. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
Fixed charge coverage ratio represents (i) the trailing four quarters’ EBITDA (including our pro rata share of EBITDA from unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) the trailing four quarters’ fixed charges (including our pro rata share of fixed charges in unconsolidated entities), as defined in the Unsecured Credit Agreements. Fixed charges include cash interest expense, regularly scheduled principal payments, and preferred stock or preferred OP unit dividends.
Unsecured interest coverage ratio represents (i) the trailing four quarters’ unencumbered NOI, as defined by the Unsecured Credit Agreements, divided by (ii) the trailing four quarters’ total unsecured interest expense (including our pro rata share of interest expense from unsecured debt in unconsolidated entities), as defined in the Unsecured Credit Agreements.
The metrics set forth under the “Unsecured Facilities Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Unsecured Credit Agreements than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations.
For a more complete and detailed description of the covenants contained in our Unsecured Credit Agreements, see Exhibit 10.1 to our Current Report on Form 8-K filed on September 9, 2024 and Exhibit 10.1 to our Current Report on Form 8-K filed on April 30, 2025.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 35
The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of our indebtedness related to our Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC.
Unsecured Public Bond Covenants
Unsecured public bond covenants refer to financial and operating requirements that we must meet with respect to our senior notes, as set forth in our Supplemental Indentures to the Base Indenture for our Senior Notes (together, the “Indenture”). The metrics provided under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our most restrictive financial covenants, including: aggregate debt ratio, secured debt ratio, unencumbered assets ratio, and debt service ratio.
Aggregate debt ratio represents (i) total debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.
Secured debt ratio represents (i) secured debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.
Unencumbered assets ratio represents (i) total unencumbered assets, not including investments in unconsolidated joint ventures, as defined in the Indenture, divided by (ii) unsecured debt, as defined by the Indenture.
Debt service ratio represents (i) consolidated income available for debt service, as defined by the Indenture, divided by (ii) annual service charge for the trailing four quarters, calculated on a pro forma basis as if transactions during the period had occurred at the beginning of the period, as defined in the Indenture. Annual service charge includes interest expense and amortization of original issue discounts on debt, and excludes funded interest reserves, amortization of DFCs, and select nonrecurring charges.
The metrics set forth under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b), and described above, are provided only to show our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Indenture than similarly named metrics are defined by us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations.
For a more complete and detailed description of the covenants contained in our Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to our Current Reports on Form 8-K filed on August 6, 2021, November 5, 2021, April 5, 2022, August 2, 2023, and September 26, 2024.
The breach of any of the covenants set forth in the Indenture could result in a default of our indebtedness related to our senior notes, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC.
Value Enhancing CapEx
Value enhancing CapEx represents re-investment in stabilized homes, above and beyond general replacements to preserve and maintain the value and functionality of a home, for the purpose of enhancing expected risk-adjusted returns.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 36
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Total revenues (Total Portfolio)
$
681,401
$
674,479
$
659,130
$
660,322
$
653,451
Management fee revenues
(22,294)
(21,408)
(21,080)
(18,980)
(15,976)
Total portfolio resident recoveries
(40,944)
(44,118)
(38,120)
(42,412)
(37,102)
Total Core Revenues (Total Portfolio)
618,163
608,953
599,930
598,930
600,373
Non-Same Store Core Revenues
(44,498)
(39,814)
(37,758)
(39,004)
(40,252)
Same Store Core Revenues
$
573,665
$
569,139
$
562,172
$
559,926
$
560,121
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
YTD 2025
YTD 2024
Total revenues (Total Portfolio)
$
1,355,880
$
1,299,490
Management fee revenues
(43,702)
(29,918)
Total portfolio resident recoveries
(85,062)
(74,897)
Total Core Revenues (Total Portfolio)
1,227,116
1,194,675
Non-Same Store Core Revenues
(84,312)
(80,028)
Same Store Core Revenues
$
1,142,804
$
1,114,647
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Property operating and maintenance expenses (Total Portfolio)
$
244,278
$
237,449
$
228,464
$
242,228
$
234,184
Total Portfolio resident recoveries
(40,944)
(44,118)
(38,120)
(42,412)
(37,102)
Core Operating Expenses (Total Portfolio)
203,334
193,331
190,344
199,816
197,082
Non-Same Store Core Operating Expenses
(19,349)
(18,145)
(16,404)
(17,967)
(17,101)
Same Store Core Operating Expenses
$
183,985
$
175,186
$
173,940
$
181,849
$
179,981
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
YTD 2025
YTD 2024
Property operating and maintenance expenses (Total Portfolio)
$
481,727
$
464,581
Total Portfolio resident recoveries
(85,062)
(74,897)
Core Operating Expenses (Total Portfolio)
396,665
389,684
Non-Same Store Core Operating Expenses
(37,494)
(34,212)
Same Store Core Operating Expenses
$
359,171
$
355,472
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 37
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Net income available to common stockholders
$
140,665
$
165,517
$
142,941
$
95,084
$
72,981
Net income available to participating securities
222
228
169
185
207
Non-controlling interests
480
537
460
309
243
Interest expense
87,414
84,254
95,158
91,060
90,007
Depreciation and amortization
185,455
183,146
181,912
180,479
176,622
Property management expense
35,833
36,739
39,238
34,382
32,633
General and administrative
23,591
29,518
23,939
21,727
21,498
Casualty losses, impairment, and other
3,029
4,683
47,563
20,872
10,353
Gain on sale of property, net of tax
(46,591)
(71,666)
(103,019)
(47,766)
(43,267)
(Gains) losses on investments in equity securities, net
90
221
(8)
257
(1,504)
Other, net (1)
2,133
(1,365)
(3,352)
9,345
54,012
Management fee revenues
(22,294)
(21,408)
(21,080)
(18,980)
(15,976)
Losses from investments in unconsolidated joint ventures
4,802
5,218
5,665
12,160
5,482
NOI (Total Portfolio)
414,829
415,622
409,586
399,114
403,291
Non-Same Store NOI
(25,149)
(21,669)
(21,354)
(21,037)
(23,151)
Same Store NOI
$
389,680
$
393,953
$
388,232
$
378,077
$
380,140
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
YTD 2025
YTD 2024
Net income available to common stockholders
$
306,182
$
215,139
Net income available to participating securities
450
399
Non-controlling interests
1,017
679
Interest expense
171,668
179,852
Depreciation and amortization
368,601
351,935
Property management expense
72,572
63,870
General and administrative
53,109
44,946
Casualty losses, impairment, and other
7,712
14,490
Gain on sale of property, net of tax
(118,257)
(93,765)
(Gains) losses on investments in equity securities, net
311
(1,295)
Other, net (1)
768
48,039
Management fee revenues
(43,702)
(29,918)
Losses from investments in unconsolidated joint ventures
10,020
10,620
NOI (Total Portfolio)
830,451
804,991
Non-Same Store NOI
(46,818)
(45,816)
Same Store NOI
$
783,633
$
759,175
(1)Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 38
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Net income available to common stockholders
$
140,665
$
72,981
$
306,182
$
215,139
Net income available to participating securities
222
207
450
399
Non-controlling interests
480
243
1,017
679
Interest expense
87,414
90,007
171,668
179,852
Interest expense in unconsolidated joint ventures
5,943
5,549
11,569
10,784
Depreciation and amortization
185,455
176,622
368,601
351,935
Depreciation and amortization of investments in unconsolidated joint ventures
3,791
3,358
7,453
6,285
EBITDA
423,970
348,967
866,940
765,073
Gain on sale of property, net of tax
(46,591)
(43,267)
(118,257)
(93,765)
Impairment on depreciated real estate investments
36
—
99
60
Net (gain) loss on sale of investments in unconsolidated joint ventures
(261)
167
(406)
(214)
EBITDAre
377,154
305,867
748,376
671,154
Share-based compensation expense
8,464
7,492
18,621
15,392
Severance expense
35
89
2,420
179
Casualty losses and reserves, net (1)
3,000
10,363
7,683
14,445
(Gains) losses on investments in equity and other securities, net
90
(1,504)
311
(1,295)
Other, net (2)
2,133
54,012
768
48,039
Adjusted EBITDAre
$
390,876
$
376,319
$
778,179
$
747,914
Trailing Twelve Months (TTM) Ended
June 30, 2025
December 31, 2024
Net income available to common stockholders
$
544,207
$
453,164
Net income available to participating securities
804
753
Non-controlling interests
1,786
1,448
Interest expense
357,886
366,070
Interest expense in unconsolidated joint ventures
27,118
26,333
Depreciation and amortization
730,992
714,326
Depreciation and amortization of investments in unconsolidated joint ventures
14,545
13,377
EBITDA
1,677,338
1,575,471
Gain on sale of property, net of tax
(269,042)
(244,550)
Impairment on depreciated real estate investments
545
506
Net gain on sale of investments in unconsolidated joint ventures
1,023
1,215
EBITDAre
1,409,864
1,332,642
Share-based compensation expense
31,147
27,918
Severance
2,878
637
Casualty losses, net (1)
75,938
82,700
(Gains) losses on investments in equity and other securities, net
560
(1,046)
Other, net (2)
6,761
54,032
Adjusted EBITDAre
$
1,527,148
$
1,496,883
(1)Includes our share from unconsolidated joint ventures.
(2)Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 39
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As of
As of
June 30, 2025
December 31, 2024
Secured debt, net
$
1,382,965
$
1,385,573
Unsecured notes, net
3,803,985
3,800,688
Term loan facility, net
2,447,555
2,446,041
Revolving facility
540,000
570,000
Total Debt per Balance Sheet
8,174,505
8,202,302
Retained and repurchased certificates
(55,499)
(55,499)
Cash, ex-security deposits and letters of credit (1)
(95,184)
(235,649)
Deferred financing costs, net
56,127
60,559
Unamortized discounts on notes payable
22,766
24,336
Net Debt (A)
$
8,102,715
$
7,996,049
For the TTM Ended
For the TTM Ended
June 30, 2025
December 31, 2024
Adjusted EBITDAre (B)
$
1,527,148
$
1,496,883
Net Debt / TTM Adjusted EBITDAre (A / B)
5.3
x
5.3
x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Amortization of discounts on notes payable
$
789
$
657
$
1,570
$
1,317
Amortization of deferred financing costs
5,723
4,200
10,705
8,400
Change in fair value of interest rate derivatives
—
—
—
1
Amortization of swap fair value at designation
(2,421)
2,321
(6,152)
4,642
Our share from unconsolidated joint ventures
1,633
1,727
3,235
3,762
Total non-cash interest expense
$
5,724
$
8,905
$
9,358
$
18,122
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2025 Earnings Release and Supplemental Information — page 40
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 1 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 0 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor