EX-99.12q32025supplemental.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.
Q3 2025 Earnings Release and Supplemental Information — page 2
Earnings Press Release
Invitation Homes Reports Third Quarter 2025 Results
Dallas, TX, October 29, 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 Third Quarter (“Q3”) 2025 financial and operating results.
Q3 2025 Highlights
•Year over year, total revenues increased 4.2% to $688 million, property operating and maintenance costs increased 6.9% to $259 million, and net income available to common stockholders increased 43.5% to $136 million or $0.22 per diluted common share.
•Year over year, Core FFO per share increased 0.4% to $0.47 and AFFO per share increased 0.1% to $0.38.
•Same Store NOI increased 1.1% year over year on 2.3% Same Store Core Revenues growth and 4.9% Same Store Core Operating Expenses growth.
•Same Store Average Occupancy was 96.5%, representing an expected reduction of 60 basis points year over year.
•Same Store renewal rent growth of 4.5% and Same Store new lease rent growth of (0.6)% resulted in Same Store blended rent growth of 3.0%.
•Same Store Bad Debt was 0.7% of gross rental revenue, a 20 basis point improvement year over year.
•Acquisitions by us and our joint ventures totaled 749 homes for approximately $260 million while dispositions totaled 316 homes for approximately $122 million.
•As previously announced, on August 15, 2025 we closed a public offering of $600 million aggregate principal amount of 4.950% Senior Notes due 2033.
•As previously announced, on August 15, 2025 our common stock was dual listed on NYSE Texas, a new fully electronic equities exchange headquartered in Dallas, under the same INVH ticker symbol while maintaining our primary listing on the NYSE.
•In recognition of our year to date performance, we have raised our full year 2025 guidance midpoints for Core FFO per share and AFFO per share by one cent each to $1.92 and $1.62, respectively, and Same Store NOI growth by 25 basis points to 2.25%.
In addition, this week our Board of Directors authorized a share repurchase program under which we may acquire shares of our common stock in open market or negotiated transactions up to an aggregate purchase price of $500 million. We view this as a tool that is part of a disciplined capital allocation plan and an ordinary course approach to enhancing shareholder value.
Comments from Chief Executive Officer Dallas Tanner
“Our third quarter results showcased our robust Same Store renewal rate growth and sustained momentum in Core FFO per share. These achievements underscore the strength of our platform and the effectiveness of our operating strategy. In recognition of our year to date performance, we have raised our full year 2025 guidance midpoints for Core FFO per share and AFFO per share by one cent each to $1.92 and $1.62, respectively, and Same Store NOI growth by 25 basis points to 2.25%. I want to extend my sincere thanks to our teams across the country for their dedication, as well as to our customers for their loyalty and trust in Invitation Homes.
By continuing to prioritize resident experience, operational excellence, and disciplined capital allocation, we believe we are well-positioned to deliver strong results and long-term value for our stockholders.”
Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures
Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 3
Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Net income
$
0.22
$
0.15
$
0.72
$
0.51
FFO
0.44
0.37
1.35
1.14
Core FFO
0.47
0.47
1.43
1.41
AFFO
0.38
0.38
1.22
1.19
Net Income
Net income per common share — diluted for Q3 2025 was $0.22, compared to net income per common share — diluted of $0.15 for Q3 2024. Total revenues and total property operating and maintenance expenses for Q3 2025 were $688 million and $259 million, respectively, compared to $660 million and $242 million, respectively, for Q3 2024.
Net income per common share — diluted for YTD 2025 was $0.72, compared to net income per share — diluted of $0.51 for YTD 2024. Total revenues and total property operating and maintenance expenses for YTD 2025 were $2,044 million and $741 million, respectively, compared to $1,960 million and $707 million, respectively, for YTD 2024.
Core FFO
Year over year, Core FFO per share for Q3 2025 increased 0.4% to $0.47, while Core FFO per share for YTD 2025 increased 1.9% to $1.43, primarily due to NOI growth.
AFFO
Year over year, AFFO per share for Q3 2025 increased 0.1% to $0.38, while AFFO per share for YTD 2025 increased 2.5% to $1.22, 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:
77,284
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Core Revenues growth (year over year)
2.3
%
2.5
%
Core Operating Expenses growth (year over year)
4.9
%
2.2
%
NOI growth (year over year)
1.1
%
2.7
%
Average Occupancy
96.5
%
97.1
%
97.0
%
97.5
%
Bad Debt % of gross rental revenue
0.7
%
0.9
%
0.6
%
0.8
%
Turnover Rate
6.4
%
6.1
%
17.4
%
17.6
%
Rental Rate Growth (lease-over-lease):
Renewals
4.5
%
4.2
%
4.8
%
5.1
%
New Leases
(0.6)
%
1.6
%
0.5
%
2.0
%
Blended
3.0
%
3.5
%
3.5
%
4.2
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 4
Same Store NOI
For the Same Store Portfolio of 77,284 homes, Same Store NOI for Q3 2025 increased 1.1% year over year on Same Store Core Revenues growth of 2.3% and Same Store Core Operating Expenses growth of 4.9%.
YTD 2025 Same Store NOI increased 2.7% year over year on Same Store Core Revenues growth of 2.5% and Same Store Core Operating Expenses growth of 2.2%.
Same Store Core Revenues
Same Store Core Revenues growth for Q3 2025 of 2.3% year over year was primarily driven by a 2.5% increase in Average Monthly Rent, a 7.7% increase in other income, net of resident recoveries, and a 20 basis point improvement in Same Store Bad Debt, partially offset by a 60 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 2.8% increase in Average Monthly Rent, a 5.8% increase in other income, net of resident recoveries, and a 20 basis point improvement in Same Store Bad Debt, partially offset by a 50 basis point year over year decline in Average Occupancy.
Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q3 2025 increased 4.9% year over year, primarily attributable to a 7.4% increase in controllable expenses and a 3.4% increase in fixed expenses.
YTD 2025 Same Store Core Operating Expenses increased 2.2% year over year, primarily driven by a 1.9% increase in fixed expenses and a 2.9% increase in controllable expenses.
Investment and Property Management Activity
Acquisitions for Q3 2025 totaled 749 homes for approximately $260 million through our various acquisition channels. This included 526 wholly owned homes for approximately $179 million and 223 homes for approximately $81 million in our joint ventures. Dispositions for Q3 2025 included 292 wholly owned homes for gross proceeds of approximately $112 million and 24 homes for gross proceeds of approximately $10 million in our joint ventures.
Year to date through Q3 2025, we acquired 2,042 wholly owned homes for $689 million and 378 homes for $134 million in our joint ventures. We also sold 1,041 wholly owned homes for $396 million and 103 homes for $46 million in our joint ventures.
A summary of our owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed As Of September 30, 2025
Number of Homes Owned and/or Managed as of 6/30/2025
Acquired or Added In
Q3 2025
Disposed or Subtracted In Q3 2025
Number of Homes Owned and/or Managed as of 9/30/2025
Wholly owned homes
85,905
526
(292)
86,139
Joint venture owned homes
7,698
223
(24)
7,897
Managed-only homes
16,785
—
(634)
16,151
Total homes owned and/or managed
110,388
749
(950)
110,187
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 5
Balance Sheet and Capital Markets Activity
As of September 30, 2025, we had $1,905 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,313 million consisted of 83.3% unsecured debt and 16.7% secured debt; 95.5% 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 5.2x. We have no debt reaching final maturity before 2027.
As previously announced, on August 15, 2025 we closed a public offering of $600 million aggregate principal amount of 4.950% Senior Notes due 2033. Further, as previously announced, on August 15, 2025 our common stock was dual listed on NYSE Texas, a new fully electronic equities exchange headquartered in Dallas, under the same INVH ticker symbol while maintaining our primary listing on the NYSE.
In addition, this week our Board of Directors authorized a share repurchase program under which we may acquire shares of our common stock in open market or negotiated transactions up to an aggregate purchase price of $500 million. We view this as a tool that is part of a disciplined capital allocation plan and an ordinary course approach to enhancing shareholder value. Repurchases, if any, will be made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.
FY 2025 Guidance
We have raised our full year 2025 guidance midpoints for Core FFO per share and AFFO per share by one cent each to $1.92 and $1.62, respectively, and Same Store NOI growth by 25 basis points to 2.25%, as set forth below in addition to our underlying assumptions. In accordance with SEC rules, 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.
FY 2025 Guidance Summary
Current
Guidance Range
Current
Guidance
Midpoint
Prior
Guidance
Midpoint
Change in Guidance Midpoint
G1Core FFO per share — diluted
$1.90 to $1.94
$1.92
$1.91
$0.01
G2AFFO per share — diluted
$1.60 to $1.64
$1.62
$1.61
$0.01
G3Same Store Core Revenues growth
2.0% to 3.0%
2.5%
2.5%
0 bps
G4Same Store Core Operating Expenses growth
2.0% to 3.5%
2.75%
3.5%
-75 bps
G5Same Store NOI growth
1.75% to 2.75%
2.25%
2.0%
25 bps
G6Wholly owned acquisitions (1)
$750 million to
$850 million
$800 million
$600 million
$200 million
G7JV acquisitions
$100 million to
$200 million
$150 million
$150 million
$— million
G8Wholly owned dispositions
$400 million to
$600 million
$500 million
$500 million
$— million
(1)The increase in wholly owned acquisitions guidance reflects $689 million in year to date activity through Q3 2025, plus anticipated Q4 2025 acquisitions from our homebuilder partner pipeline and/or opportunistic one-off acquisitions via homebuilder month-end inventory.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 October 30, 2025, to review Q3 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 and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at 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.
Q3 2025 Earnings Release and Supplemental Information — page 7
Consolidated Balance Sheets
($ in thousands, except shares and per share data)
September 30, 2025
December 31, 2024
(unaudited)
Assets:
Investments in single-family residential properties, net
$
17,356,304
$
17,212,126
Cash and cash equivalents
155,370
174,491
Restricted cash
240,298
245,202
Goodwill
258,207
258,207
Investments in unconsolidated joint ventures
255,867
241,605
Other assets, net
516,730
569,320
Total assets
$
18,782,776
$
18,700,951
Liabilities:
Secured debt, net
$
1,383,541
$
1,385,573
Unsecured notes, net
4,396,973
3,800,688
Term loan facilities, net
2,449,770
2,446,041
Revolving facility
—
570,000
Accounts payable and accrued expenses
407,288
247,709
Resident security deposits
184,315
180,866
Other liabilities
297,939
277,565
Total liabilities
9,119,826
8,908,442
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2025 and December 31, 2024
—
—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 613,020,589 and 612,605,478 outstanding as of September 30, 2025 and December 31, 2024, respectively
6,130
6,126
Additional paid-in capital
11,183,482
11,170,597
Accumulated deficit
(1,571,463)
(1,480,928)
Accumulated other comprehensive income
7,795
60,969
Total stockholders’ equity
9,625,944
9,756,764
Non-controlling interests
37,006
35,745
Total equity
9,662,950
9,792,509
Total liabilities and equity
$
18,782,776
$
18,700,951
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 8
Consolidated Statements of Operations
($ in thousands, except shares and per share amounts) (unaudited)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Revenues:
Rental revenues
$
593,606
$
575,462
$
1,771,309
$
1,723,757
Other property income
72,585
65,880
207,060
187,157
Management fee revenues
21,975
18,980
65,677
48,898
Total revenues
688,166
660,322
2,044,046
1,959,812
Expenses:
Property operating and maintenance
259,037
242,228
740,764
706,809
Property management expense
37,073
34,382
109,645
98,252
General and administrative
18,444
21,727
71,553
66,673
Interest expense
90,781
91,060
262,449
270,912
Depreciation and amortization
188,457
180,479
557,058
532,414
Casualty losses, impairment, and other
3,420
20,872
11,132
35,362
Total expenses
597,212
590,748
1,752,601
1,710,422
Gains (losses) on investments in equity and other securities, net
380
(257)
69
1,038
Other, net
(1,769)
(9,345)
(2,537)
(57,384)
Gain on sale of property, net of tax
45,515
47,766
163,772
141,531
Income (losses) from investments in unconsolidated joint ventures
2,130
(12,160)
(7,890)
(22,780)
Net income
137,210
95,578
444,859
311,795
Net income attributable to non-controlling interests
(472)
(309)
(1,489)
(988)
Net income attributable to common stockholders
136,738
95,269
443,370
310,807
Net income available to participating securities
(264)
(185)
(714)
(584)
Net income available to common stockholders — basic and diluted
$
136,474
$
95,084
$
442,656
$
310,223
Weighted average common shares outstanding — basic
613,084,571
612,674,802
612,971,293
612,508,300
Weighted average common shares outstanding — diluted
613,084,571
613,645,188
613,237,288
613,759,171
Net income per common share — basic
$
0.22
$
0.16
$
0.72
$
0.51
Net income per common share — diluted
$
0.22
$
0.15
$
0.72
$
0.51
Dividends declared per common share
$
0.29
$
0.28
$
0.87
$
0.84
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Net income available to common stockholders
$
136,474
$
95,084
$
442,656
$
310,223
Net income available to participating securities
264
185
714
584
Non-controlling interests
472
309
1,489
988
Depreciation and amortization on real estate assets
183,653
176,174
543,775
521,411
Impairment on depreciated real estate investments
335
270
434
330
Net gain on sale of previously depreciated investments in real estate
(45,515)
(47,766)
(163,772)
(141,531)
Depreciation and net gain on sale of investments in unconsolidated joint ventures
(1,992)
4,060
5,016
10,076
FFO
$
273,691
$
228,316
$
830,312
$
702,081
Core FFO Reconciliation
Q3 2025
Q3 2024
YTD 2025
YTD 2024
FFO
$
273,691
$
228,316
$
830,312
$
702,081
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
9,128
14,085
18,486
32,207
Share-based compensation expense
1,916
5,417
20,537
20,809
Legal settlements
—
17,500
—
77,000
Severance expense
—
209
2,420
388
Casualty losses and reserves, net (1)
3,116
20,729
10,799
35,174
(Gains) losses on investments in equity and other securities, net
(380)
257
(69)
(1,038)
Core FFO
$
287,471
$
286,513
$
882,485
$
866,621
AFFO Reconciliation
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Core FFO
$
287,471
$
286,513
$
882,485
$
866,621
Recurring Capital Expenditures (1)
(52,350)
(51,505)
(132,969)
(135,262)
AFFO
$
235,121
$
235,008
$
749,516
$
731,359
Net income available to common stockholders
Weighted average common shares outstanding — diluted
613,084,571
613,645,188
613,237,288
613,759,171
Net income per common share — diluted
$
0.22
$
0.15
$
0.72
$
0.51
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted
615,599,540
615,913,139
615,673,797
615,987,978
FFO per share — diluted
$
0.44
$
0.37
$
1.35
$
1.14
Core FFO per share — diluted
$
0.47
$
0.47
$
1.43
$
1.41
AFFO per share — diluted
$
0.38
$
0.38
$
1.22
$
1.19
(1)Includes our share from unconsolidated joint ventures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 10
Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Common shares — basic
613,084,571
612,674,802
612,971,293
612,508,300
Shares potentially issuable from vesting/conversion of equity-based awards
—
970,386
265,995
1,250,871
Total common shares — diluted
613,084,571
613,645,188
613,237,288
613,759,171
Weighted average amounts for FFO, Core FFO, and AFFO
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Common shares — basic
613,084,571
612,674,802
612,971,293
612,508,300
OP units — basic
2,099,937
1,979,009
2,058,429
1,945,886
Shares potentially issuable from vesting/conversion of equity-based awards
415,032
1,259,328
644,075
1,533,792
Total common shares and units — diluted
615,599,540
615,913,139
615,673,797
615,987,978
Period end amounts for Core FFO and AFFO
September 30, 2025
Common shares
613,020,589
OP units
2,099,937
Shares potentially issuable from vesting/conversion of equity-based awards
1,014,713
Total common shares and units — diluted
616,135,239
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 11
Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of September 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
16.7
%
4.0
%
2.8
Floating — swapped to fixed
—
—
%
—
%
—
Floating
—
—
%
—
%
—
Total secured
1,388,398
16.7
%
4.0
%
2.8
Unsecured:
Fixed
4,450,000
53.5
%
3.8
%
6.5
Floating — swapped to fixed
2,100,000
25.3
%
4.0
%
4.1
Floating
375,000
4.5
%
5.0
%
4.6
Total unsecured
6,925,000
83.3
%
3.9
%
5.7
Total Debt:
Fixed + floating swapped to fixed (3)
7,938,398
95.5
%
3.9
%
5.2
Floating
375,000
4.5
%
5.0
%
4.6
Total debt
8,313,398
100.0
%
3.9
%
5.2
Unamortized discounts on notes payable
(25,064)
Deferred financing costs, net
(58,050)
Total debt per Balance Sheet
8,230,284
Retained and repurchased certificates
(55,499)
Cash, ex-security deposits and letters of credit (4)
(208,054)
Deferred financing costs, net
58,050
Unamortized discounts on notes payable
25,064
Net debt
$
8,049,845
Leverage Ratios
September 30, 2025
Net Debt / TTM Adjusted EBITDAre
5.2
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
28.9
%
≤ 60%
Aggregate debt ratio
34.9
%
≤ 65%
Secured leverage ratio
5.8
%
≤ 45%
Secured debt ratio
5.6
%
≤ 40%
Unencumbered leverage ratio
27.0
%
≤ 60%
Unencumbered assets ratio
310.8
%
≥ 150%
Fixed charge coverage ratio
4.4 x
≥ 1.5x
Debt service ratio
4.6x
≥ 1.5x
Unsecured interest coverage ratio
5.3 x
≥ 1.75x
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 September 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 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.
Q3 2025 Earnings Release and Supplemental Information — page 13
Supplemental Schedule 2(c)
Debt Maturity Schedule — As of September 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
11.9
%
2028
—
750,000
—
—
750,000
9.0
%
2029
—
—
1,750,000
—
1,750,000
21.2
%
2030
—
450,000
725,000
—
1,175,000
14.1
%
2031
400,385
650,000
—
—
1,050,385
12.6
%
2032
—
600,000
—
—
600,000
7.2
%
2033
—
950,000
—
—
950,000
11.4
%
2034
—
400,000
—
—
400,000
4.8
%
2035
—
500,000
—
—
500,000
6.0
%
2036
—
150,000
—
—
150,000
1.8
%
1,388,398
4,450,000
2,475,000
—
8,313,398
100.0
%
Unamortized discounts on notes payable
(615)
(24,449)
—
—
(25,064)
Deferred financing costs, net
(4,242)
(28,578)
(25,230)
—
(58,050)
Total per Balance Sheet
$
1,383,541
$
4,396,973
$
2,449,770
$
—
$
8,230,284
(1)Assumes all extension options are exercised.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 14
Supplemental Schedule 2(d)
Active Swap Schedule — As of September 30, 2025
($ in thousands) (unaudited)
Agreement Date
Effective Date
Maturity Date
Strike Rate
Index
Notional
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
3/22/2023
7/9/2025
5/31/2029
2.99%
One month Term SOFR
300,000
Weighted Average Strike Rate
3.07%
Total
$
2,100,000
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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
Q3 2025
Total Portfolio
86,139
Same Store Portfolio
77,284
Same Store % of Total
89.7
%
Core Revenues
Q3 2025
Q3 2024
Change YoY
YTD 2025
YTD 2024
Change YoY
Total Portfolio
$
619,306
$
598,930
3.4
%
$
1,846,422
$
1,793,605
2.9
%
Same Store Portfolio
569,293
556,388
2.3
%
1,706,261
1,663,870
2.5
%
Core Operating Expenses
Q3 2025
Q3 2024
Change YoY
YTD 2025
YTD 2024
Change YoY
Total Portfolio
$
212,152
$
199,816
6.2
%
$
608,817
$
589,500
3.3
%
Same Store Portfolio
189,424
180,643
4.9
%
545,763
533,766
2.2
%
Net Operating Income
Q3 2025
Q3 2024
Change YoY
YTD 2025
YTD 2024
Change YoY
Total Portfolio
$
407,154
$
399,114
2.0
%
$
1,237,605
$
1,204,105
2.8
%
Same Store Portfolio
379,869
375,745
1.1
%
1,160,498
1,130,104
2.7
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 16
Supplemental Schedule 3(b)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
Change
Change
Change
Q3 2025
Q3 2024
YoY
Q2 2025
Seq
YTD 2025
YTD 2024
YoY
Revenues:
Rental revenues (1)
$
546,117
$
534,866
2.1
%
$
547,912
(0.3)
%
$
1,638,057
$
1,599,384
2.4
%
Other property income, net (1)(2)
23,176
21,522
7.7
%
23,266
(0.4)
%
68,204
64,486
5.8
%
Core Revenues
569,293
556,388
2.3
%
571,178
(0.3)
%
1,706,261
1,663,870
2.5
%
Fixed Expenses:
Property taxes
98,984
93,121
6.3
%
97,927
1.1
%
295,137
284,722
3.7
%
Insurance expenses
8,455
10,722
(21.1)
%
9,829
(14.0)
%
28,271
31,411
(10.0)
%
HOA expenses
10,391
10,154
2.3
%
9,790
6.1
%
30,622
31,300
(2.2)
%
Total Fixed Expenses
117,830
113,997
3.4
%
117,546
0.2
%
354,030
347,433
1.9
%
Controllable Expenses:
Repairs and maintenance, net (3)
30,633
29,467
4.0
%
26,109
17.3
%
77,042
76,527
0.7
%
Personnel, leasing and marketing
20,311
20,167
0.7
%
20,551
(1.2)
%
61,857
62,979
(1.8)
%
Turnover, net (3)
11,977
10,805
10.8
%
9,695
23.5
%
29,799
29,527
0.9
%
Utilities and property administrative, net (3)
8,673
6,207
39.7
%
8,500
2.0
%
23,035
17,300
33.2
%
Total Controllable Expenses
71,594
66,646
7.4
%
64,855
10.4
%
191,733
186,333
2.9
%
Core Operating Expenses
189,424
180,643
4.9
%
182,401
3.9
%
545,763
533,766
2.2
%
Net Operating Income
$
379,869
$
375,745
1.1
%
$
388,777
(2.3)
%
$
1,160,498
$
1,130,104
2.7
%
(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 $42,734, $38,778, $37,455, $120,969, and $107,405 for Q3 2025, Q3 2024, Q2 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.
Q3 2025 Earnings Release and Supplemental Information — page 17
Supplemental Schedule 3(c)
Same Store Quarterly Operating Trends
(unaudited)
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Average Occupancy
96.5
%
97.3
%
97.3
%
96.8
%
97.1
%
Turnover Rate
6.4
%
6.1
%
4.9
%
5.2
%
6.1
%
Trailing four quarters Turnover Rate
22.6
%
22.3
%
22.5
%
22.8
%
N/A
Average Monthly Rent
$
2,461
$
2,444
$
2,429
$
2,415
$
2,401
Rental Rate Growth (lease-over-lease):
Renewals
4.5
%
4.6
%
5.2
%
4.1
%
4.2
%
New leases
(0.6)
%
2.1
%
(0.1)
%
(2.2)
%
1.6
%
Blended
3.0
%
4.0
%
3.6
%
2.2
%
3.5
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 18
Supplemental Schedule 4
Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended September 30, 2025 (1)
(unaudited)
Number of Homes
Average Occupancy
Average Monthly Rent
Average Monthly Rent PSF
Percent of Revenue
Western United States:
Southern California
7,154
95.6
%
$
3,213
$
1.88
10.8
%
Northern California
4,027
96.8
%
2,799
1.77
5.4
%
Seattle
3,925
97.9
%
2,952
1.54
5.6
%
Phoenix
9,208
96.6
%
2,075
1.22
9.4
%
Las Vegas
3,394
96.2
%
2,252
1.15
3.7
%
Denver
2,915
93.6
%
2,641
1.43
3.6
%
Western US Subtotal
30,623
96.2
%
2,622
1.49
38.5
%
Florida:
South Florida
8,111
95.0
%
3,131
1.67
11.8
%
Tampa
9,678
93.2
%
2,311
1.23
10.8
%
Orlando
6,920
95.0
%
2,283
1.22
7.7
%
Jacksonville
2,125
94.2
%
2,198
1.11
2.2
%
Florida Subtotal
26,834
94.2
%
2,548
1.35
32.5
%
Southeast United States:
Atlanta
12,641
95.3
%
2,106
1.02
12.6
%
Carolinas
6,138
94.5
%
2,103
1.00
6.1
%
Southeast US Subtotal
18,779
95.1
%
2,105
1.01
18.7
%
Texas:
Houston
2,511
91.5
%
1,957
0.99
2.3
%
Dallas
3,543
89.3
%
2,270
1.12
3.7
%
Texas Subtotal
6,054
89.3
%
2,144
1.07
6.0
%
Midwest United States:
Chicago
2,453
94.6
%
2,521
1.57
2.8
%
Minneapolis
1,042
93.9
%
2,435
1.24
1.2
%
Midwest US Subtotal
3,495
94.4
%
2,496
1.46
4.0
%
Other (2):
354
75.4
%
2,142
1.13
0.3
%
Total / Average
86,139
94.8
%
$
2,447
$
1.30
100.0
%
Same Store Total / Average
77,284
96.5
%
$
2,461
$
1.31
91.9
%
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)As of September 30, 2025, 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.
Q3 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, Q3 2025
# Homes
Q3 2025
Q3 2024
Change
Q3 2025
Q3 2024
Change
Q3 2025
Q3 2024
Change
Western United States:
Southern California
6,667
$
3,213
$
3,103
3.5
%
98.0
%
98.4
%
(0.4)
%
$
64,538
$
62,391
3.4
%
Northern California
3,857
2,799
2,737
2.3
%
97.8
%
98.6
%
(0.8)
%
32,613
31,922
2.2
%
Seattle
3,887
2,953
2,875
2.7
%
98.3
%
97.9
%
0.4
%
34,557
33,638
2.7
%
Phoenix
8,590
2,066
2,046
1.0
%
96.7
%
97.1
%
(0.4)
%
54,135
53,231
1.7
%
Las Vegas
2,963
2,252
2,201
2.3
%
96.4
%
97.1
%
(0.7)
%
20,155
19,691
2.4
%
Denver
2,441
2,633
2,545
3.5
%
96.0
%
97.6
%
(1.6)
%
19,199
18,880
1.7
%
Western US Subtotal
28,405
2,627
2,563
2.5
%
97.3
%
97.8
%
(0.5)
%
225,197
219,753
2.5
%
Florida:
South Florida
7,769
3,146
3,048
3.2
%
96.2
%
96.8
%
(0.6)
%
72,572
70,443
3.0
%
Tampa
8,109
2,319
2,293
1.1
%
95.6
%
96.5
%
(0.9)
%
56,541
56,033
0.9
%
Orlando
6,350
2,279
2,243
1.6
%
96.2
%
96.7
%
(0.5)
%
43,854
43,131
1.7
%
Jacksonville
1,903
2,199
2,172
1.2
%
96.7
%
97.0
%
(0.3)
%
12,694
12,491
1.6
%
Florida Subtotal
24,131
2,566
2,514
2.1
%
96.0
%
96.7
%
(0.7)
%
185,661
182,098
2.0
%
Southeast United States:
Atlanta
11,773
2,103
2,040
3.1
%
96.2
%
96.3
%
(0.1)
%
72,839
70,761
2.9
%
Carolinas
5,216
2,109
2,056
2.6
%
96.3
%
96.8
%
(0.5)
%
33,091
32,232
2.7
%
Southeast US Subtotal
16,989
2,105
2,045
2.9
%
96.2
%
96.5
%
(0.3)
%
105,930
102,993
2.9
%
Texas:
Houston
1,774
1,924
1,882
2.2
%
96.0
%
97.4
%
(1.4)
%
10,281
10,139
1.4
%
Dallas
2,555
2,291
2,269
1.0
%
94.9
%
96.4
%
(1.5)
%
17,506
17,409
0.6
%
Texas Subtotal
4,329
2,140
2,109
1.5
%
95.3
%
96.8
%
(1.5)
%
27,787
27,548
0.9
%
Midwest United States:
Chicago
2,401
2,521
2,401
5.0
%
96.1
%
97.6
%
(1.5)
%
17,329
16,892
2.6
%
Minneapolis
1,029
2,434
2,320
4.9
%
95.0
%
96.6
%
(1.6)
%
7,389
7,104
4.0
%
Midwest US Subtotal
3,430
2,495
2,377
5.0
%
95.8
%
97.3
%
(1.5)
%
24,718
23,996
3.0
%
Total / Average
77,284
$
2,461
$
2,401
2.5
%
96.5
%
97.1
%
(0.6)
%
$
569,293
$
556,388
2.3
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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, Q3 2025
# Homes
Q3 2025
Q2 2025
Change
Q3 2025
Q2 2025
Change
Q3 2025
Q2 2025
Change
Western United States:
Southern California
6,667
$
3,213
$
3,186
0.8
%
98.0
%
98.7
%
(0.7)
%
$
64,538
$
64,431
0.2
%
Northern California
3,857
2,799
2,784
0.5
%
97.8
%
98.6
%
(0.8)
%
32,613
32,688
(0.2)
%
Seattle
3,887
2,953
2,942
0.4
%
98.3
%
98.1
%
0.2
%
34,557
34,549
—
%
Phoenix
8,590
2,066
2,061
0.2
%
96.7
%
97.8
%
(1.1)
%
54,135
54,635
(0.9)
%
Las Vegas
2,963
2,252
2,240
0.5
%
96.4
%
97.4
%
(1.0)
%
20,155
20,229
(0.4)
%
Denver
2,441
2,633
2,615
0.7
%
96.0
%
97.2
%
(1.2)
%
19,199
19,302
(0.5)
%
Western US Subtotal
28,405
2,627
2,612
0.6
%
97.3
%
98.1
%
(0.8)
%
225,197
225,834
(0.3)
%
Florida:
South Florida
7,769
3,146
3,122
0.8
%
96.2
%
96.9
%
(0.7)
%
72,572
72,471
0.1
%
Tampa
8,109
2,319
2,309
0.4
%
95.6
%
96.1
%
(0.5)
%
56,541
56,693
(0.3)
%
Orlando
6,350
2,279
2,267
0.5
%
96.2
%
97.2
%
(1.0)
%
43,854
44,095
(0.5)
%
Jacksonville
1,903
2,199
2,191
0.4
%
96.7
%
97.0
%
(0.3)
%
12,694
12,750
(0.4)
%
Florida Subtotal
24,131
2,566
2,551
0.6
%
96.0
%
96.7
%
(0.7)
%
185,661
186,009
(0.2)
%
Southeast United States:
Atlanta
11,773
2,103
2,084
0.9
%
96.2
%
97.1
%
(0.9)
%
72,839
73,021
(0.2)
%
Carolinas
5,216
2,109
2,090
0.9
%
96.3
%
97.4
%
(1.1)
%
33,091
33,300
(0.6)
%
Southeast US Subtotal
16,989
2,105
2,086
0.9
%
96.2
%
97.2
%
(1.0)
%
105,930
106,321
(0.4)
%
Texas:
Houston
1,774
1,924
1,916
0.4
%
96.0
%
96.8
%
(0.8)
%
10,281
10,378
(0.9)
%
Dallas
2,555
2,291
2,285
0.3
%
94.9
%
96.5
%
(1.6)
%
17,506
17,736
(1.3)
%
Texas Subtotal
4,329
2,140
2,134
0.3
%
95.3
%
96.7
%
(1.4)
%
27,787
28,114
(1.2)
%
Midwest United States:
Chicago
2,401
2,521
2,473
1.9
%
96.1
%
97.4
%
(1.3)
%
17,329
17,514
(1.1)
%
Minneapolis
1,029
2,434
2,398
1.5
%
95.0
%
96.8
%
(1.8)
%
7,389
7,386
—
%
Midwest US Subtotal
3,430
2,495
2,451
1.8
%
95.8
%
97.2
%
(1.4)
%
24,718
24,900
(0.7)
%
Total / Average
77,284
$
2,461
$
2,444
0.7
%
96.5
%
97.3
%
(0.8)
%
$
569,293
$
571,178
(0.3)
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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
6,667
$
3,184
$
3,073
3.6
%
98.4
%
98.4
%
—
%
$
192,361
$
184,955
4.0
%
Northern California
3,857
2,785
2,712
2.7
%
98.4
%
98.4
%
—
%
97,787
94,664
3.3
%
Seattle
3,887
2,939
2,851
3.1
%
98.1
%
98.2
%
(0.1)
%
103,198
100,437
2.7
%
Phoenix
8,590
2,062
2,036
1.3
%
97.3
%
97.6
%
(0.3)
%
162,862
160,641
1.4
%
Las Vegas
2,963
2,241
2,186
2.5
%
97.1
%
97.5
%
(0.4)
%
60,412
59,071
2.3
%
Denver
2,441
2,613
2,526
3.4
%
96.7
%
98.1
%
(1.4)
%
57,596
56,568
1.8
%
Western US Subtotal
28,405
2,612
2,542
2.8
%
97.8
%
98.0
%
(0.2)
%
674,216
656,336
2.7
%
Florida:
South Florida
7,769
3,123
3,010
3.8
%
96.7
%
97.3
%
(0.6)
%
217,139
210,163
3.3
%
Tampa
8,109
2,309
2,280
1.3
%
96.0
%
97.1
%
(1.1)
%
169,208
168,440
0.5
%
Orlando
6,350
2,267
2,224
1.9
%
96.9
%
97.1
%
(0.2)
%
131,799
128,922
2.2
%
Jacksonville
1,903
2,189
2,160
1.3
%
97.2
%
97.4
%
(0.2)
%
38,142
37,578
1.5
%
Florida Subtotal
24,131
2,551
2,491
2.4
%
96.6
%
97.2
%
(0.6)
%
556,288
545,103
2.1
%
Southeast United States:
Atlanta
11,773
2,086
2,018
3.4
%
96.7
%
97.1
%
(0.4)
%
218,419
212,125
3.0
%
Carolinas
5,216
2,093
2,036
2.8
%
97.0
%
97.4
%
(0.4)
%
99,221
96,172
3.2
%
Southeast US Subtotal
16,989
2,088
2,024
3.2
%
96.8
%
97.2
%
(0.4)
%
317,640
308,297
3.0
%
Texas:
Houston
1,774
1,915
1,868
2.5
%
96.7
%
97.6
%
(0.9)
%
30,957
30,323
2.1
%
Dallas
2,555
2,286
2,251
1.6
%
95.9
%
97.1
%
(1.2)
%
52,913
52,264
1.2
%
Texas Subtotal
4,329
2,133
2,094
1.9
%
96.2
%
97.3
%
(1.1)
%
83,870
82,587
1.6
%
Midwest United States:
Chicago
2,401
2,480
2,372
4.6
%
97.1
%
97.8
%
(0.7)
%
52,239
50,279
3.9
%
Minneapolis
1,029
2,399
2,300
4.3
%
95.6
%
96.9
%
(1.3)
%
22,008
21,268
3.5
%
Midwest US Subtotal
3,430
2,456
2,350
4.5
%
96.7
%
97.5
%
(0.8)
%
74,247
71,547
3.8
%
Total / Average
77,284
$
2,445
$
2,379
2.8
%
97.0
%
97.5
%
(0.5)
%
$
1,706,261
$
1,663,870
2.5
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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, Q3 2025
Q3 2025
Q3 2024
Change
Q3 2025
Q3 2024
Change
Q3 2025
Q3 2024
Change
Q3 2025
Q3 2024
Western United States:
Southern California
$
64,538
$
62,391
3.4
%
$
17,309
$
17,102
1.2
%
$
47,229
$
45,289
4.3
%
73.2
%
72.6
%
Northern California
32,613
31,922
2.2
%
8,418
8,723
(3.5)
%
24,195
23,199
4.3
%
74.2
%
72.7
%
Seattle
34,557
33,638
2.7
%
8,647
8,556
1.1
%
25,910
25,082
3.3
%
75.0
%
74.6
%
Phoenix
54,135
53,231
1.7
%
12,059
11,331
6.4
%
42,076
41,900
0.4
%
77.7
%
78.7
%
Las Vegas
20,155
19,691
2.4
%
4,997
4,697
6.4
%
15,158
14,994
1.1
%
75.2
%
76.1
%
Denver
19,199
18,880
1.7
%
4,174
4,027
3.7
%
15,025
14,853
1.2
%
78.3
%
78.7
%
Western US Subtotal
225,197
219,753
2.5
%
55,604
54,436
2.1
%
169,593
165,317
2.6
%
75.3
%
75.2
%
Florida:
South Florida
72,572
70,443
3.0
%
29,388
27,503
6.9
%
43,184
42,940
0.6
%
59.5
%
61.0
%
Tampa
56,541
56,033
0.9
%
22,562
21,104
6.9
%
33,979
34,929
(2.7)
%
60.1
%
62.3
%
Orlando
43,854
43,131
1.7
%
16,892
15,610
8.2
%
26,962
27,521
(2.0)
%
61.5
%
63.8
%
Jacksonville
12,694
12,491
1.6
%
4,773
4,432
7.7
%
7,921
8,059
(1.7)
%
62.4
%
64.5
%
Florida Subtotal
185,661
182,098
2.0
%
73,615
68,649
7.2
%
112,046
113,449
(1.2)
%
60.3
%
62.3
%
Southeast United States:
Atlanta
72,839
70,761
2.9
%
26,759
24,996
7.1
%
46,080
45,765
0.7
%
63.3
%
64.7
%
Carolinas
33,091
32,232
2.7
%
10,056
9,332
7.8
%
23,035
22,900
0.6
%
69.6
%
71.0
%
Southeast US Subtotal
105,930
102,993
2.9
%
36,815
34,328
7.2
%
69,115
68,665
0.7
%
65.2
%
66.7
%
Texas:
Houston
10,281
10,139
1.4
%
4,957
4,980
(0.5)
%
5,324
5,159
3.2
%
51.8
%
50.9
%
Dallas
17,506
17,409
0.6
%
7,193
7,266
(1.0)
%
10,313
10,143
1.7
%
58.9
%
58.3
%
Texas Subtotal
27,787
27,548
0.9
%
12,150
12,246
(0.8)
%
15,637
15,302
2.2
%
56.3
%
55.5
%
Midwest United States:
Chicago
17,329
16,892
2.6
%
8,383
8,262
1.5
%
8,946
8,630
3.7
%
51.6
%
51.1
%
Minneapolis
7,389
7,104
4.0
%
2,857
2,722
5.0
%
4,532
4,382
3.4
%
61.3
%
61.7
%
Midwest US Subtotal
24,718
23,996
3.0
%
11,240
10,984
2.3
%
13,478
13,012
3.6
%
54.5
%
54.2
%
Total / Average
$
569,293
$
556,388
2.3
%
$
189,424
$
180,643
4.9
%
$
379,869
$
375,745
1.1
%
66.7
%
67.5
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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, Q3 2025
Q3 2025
Q2 2025
Change
Q3 2025
Q2 2025
Change
Q3 2025
Q2 2025
Change
Q3 2025
Q2 2025
Western United States:
Southern California
$
64,538
$
64,431
0.2
%
$
17,309
$
17,353
(0.3)
%
$
47,229
$
47,078
0.3
%
73.2
%
73.1
%
Northern California
32,613
32,688
(0.2)
%
8,418
8,612
(2.3)
%
24,195
24,076
0.5
%
74.2
%
73.7
%
Seattle
34,557
34,549
—
%
8,647
9,004
(4.0)
%
25,910
25,545
1.4
%
75.0
%
73.9
%
Phoenix
54,135
54,635
(0.9)
%
12,059
10,602
13.7
%
42,076
44,033
(4.4)
%
77.7
%
80.6
%
Las Vegas
20,155
20,229
(0.4)
%
4,997
4,600
8.6
%
15,158
15,629
(3.0)
%
75.2
%
77.3
%
Denver
19,199
19,302
(0.5)
%
4,174
3,985
4.7
%
15,025
15,317
(1.9)
%
78.3
%
79.4
%
Western US Subtotal
225,197
225,834
(0.3)
%
55,604
54,156
2.7
%
169,593
171,678
(1.2)
%
75.3
%
76.0
%
Florida:
South Florida
72,572
72,471
0.1
%
29,388
28,627
2.7
%
43,184
43,844
(1.5)
%
59.5
%
60.5
%
Tampa
56,541
56,693
(0.3)
%
22,562
21,931
2.9
%
33,979
34,762
(2.3)
%
60.1
%
61.3
%
Orlando
43,854
44,095
(0.5)
%
16,892
15,810
6.8
%
26,962
28,285
(4.7)
%
61.5
%
64.1
%
Jacksonville
12,694
12,750
(0.4)
%
4,773
4,666
2.3
%
7,921
8,084
(2.0)
%
62.4
%
63.4
%
Florida Subtotal
185,661
186,009
(0.2)
%
73,615
71,034
3.6
%
112,046
114,975
(2.5)
%
60.3
%
61.8
%
Southeast United States:
Atlanta
72,839
73,021
(0.2)
%
26,759
26,416
1.3
%
46,080
46,605
(1.1)
%
63.3
%
63.8
%
Carolinas
33,091
33,300
(0.6)
%
10,056
9,590
4.9
%
23,035
23,710
(2.8)
%
69.6
%
71.2
%
Southeast US Subtotal
105,930
106,321
(0.4)
%
36,815
36,006
2.2
%
69,115
70,315
(1.7)
%
65.2
%
66.1
%
Texas:
Houston
10,281
10,378
(0.9)
%
4,957
4,700
5.5
%
5,324
5,678
(6.2)
%
51.8
%
54.7
%
Dallas
17,506
17,736
(1.3)
%
7,193
6,330
13.6
%
10,313
11,406
(9.6)
%
58.9
%
64.3
%
Texas Subtotal
27,787
28,114
(1.2)
%
12,150
11,030
10.2
%
15,637
17,084
(8.5)
%
56.3
%
60.8
%
Midwest United States:
Chicago
17,329
17,514
(1.1)
%
8,383
7,699
8.9
%
8,946
9,815
(8.9)
%
51.6
%
56.0
%
Minneapolis
7,389
7,386
—
%
2,857
2,476
15.4
%
4,532
4,910
(7.7)
%
61.3
%
66.5
%
Midwest US Subtotal
24,718
24,900
(0.7)
%
11,240
10,175
10.5
%
13,478
14,725
(8.5)
%
54.5
%
59.1
%
Total / Average
$
569,293
$
571,178
(0.3)
%
$
189,424
$
182,401
3.9
%
$
379,869
$
388,777
(2.3)
%
66.7
%
68.1
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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
$
192,361
$
184,955
4.0
%
$
51,090
$
51,359
(0.5)
%
$
141,271
$
133,596
5.7
%
73.4
%
72.2
%
Northern California
97,787
94,664
3.3
%
24,829
25,597
(3.0)
%
72,958
69,067
5.6
%
74.6
%
73.0
%
Seattle
103,198
100,437
2.7
%
26,374
25,504
3.4
%
76,824
74,933
2.5
%
74.4
%
74.6
%
Phoenix
162,862
160,641
1.4
%
32,563
31,553
3.2
%
130,299
129,088
0.9
%
80.0
%
80.4
%
Las Vegas
60,412
59,071
2.3
%
13,958
13,445
3.8
%
46,454
45,626
1.8
%
76.9
%
77.2
%
Denver
57,596
56,568
1.8
%
12,229
11,548
5.9
%
45,367
45,020
0.8
%
78.8
%
79.6
%
Western US Subtotal
674,216
656,336
2.7
%
161,043
159,006
1.3
%
513,173
497,330
3.2
%
76.1
%
75.8
%
Florida:
South Florida
217,139
210,163
3.3
%
86,109
83,702
2.9
%
131,030
126,461
3.6
%
60.3
%
60.2
%
Tampa
169,208
168,440
0.5
%
65,404
63,950
2.3
%
103,804
104,490
(0.7)
%
61.3
%
62.0
%
Orlando
131,799
128,922
2.2
%
48,204
46,740
3.1
%
83,595
82,182
1.7
%
63.4
%
63.7
%
Jacksonville
38,142
37,578
1.5
%
13,901
13,820
0.6
%
24,241
23,758
2.0
%
63.6
%
63.2
%
Florida Subtotal
556,288
545,103
2.1
%
213,618
208,212
2.6
%
342,670
336,891
1.7
%
61.6
%
61.8
%
Southeast United States:
Atlanta
218,419
212,125
3.0
%
77,746
72,173
7.7
%
140,673
139,952
0.5
%
64.4
%
66.0
%
Carolinas
99,221
96,172
3.2
%
28,768
27,225
5.7
%
70,453
68,947
2.2
%
71.0
%
71.7
%
Southeast US Subtotal
317,640
308,297
3.0
%
106,514
99,398
7.2
%
211,126
208,899
1.1
%
66.5
%
67.8
%
Texas:
Houston
30,957
30,323
2.1
%
13,954
14,750
(5.4)
%
17,003
15,573
9.2
%
54.9
%
51.4
%
Dallas
52,913
52,264
1.2
%
19,377
21,956
(11.7)
%
33,536
30,308
10.7
%
63.4
%
58.0
%
Texas Subtotal
83,870
82,587
1.6
%
33,331
36,706
(9.2)
%
50,539
45,881
10.2
%
60.3
%
55.6
%
Midwest United States:
Chicago
52,239
50,279
3.9
%
23,548
22,794
3.3
%
28,691
27,485
4.4
%
54.9
%
54.7
%
Minneapolis
22,008
21,268
3.5
%
7,709
7,650
0.8
%
14,299
13,618
5.0
%
65.0
%
64.0
%
Midwest US Subtotal
74,247
71,547
3.8
%
31,257
30,444
2.7
%
42,990
41,103
4.6
%
57.9
%
57.4
%
Total / Average
$
1,706,261
$
1,663,870
2.5
%
$
545,763
$
533,766
2.2
%
$
1,160,498
$
1,130,104
2.7
%
68.0
%
67.9
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 25
Supplemental Schedule 5(c)
Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q3 2025
YTD 2025
Renewal
New
Blended
Renewal
New
Blended
Leases
Leases
Average
Leases
Leases
Average
Western United States:
Southern California
5.8
%
4.5
%
5.6
%
6.4
%
5.5
%
6.3
%
Northern California
2.8
%
2.5
%
2.7
%
3.4
%
3.1
%
3.3
%
Seattle
1.9
%
3.8
%
2.4
%
3.2
%
3.7
%
3.3
%
Phoenix
4.2
%
(4.6)
%
1.5
%
3.6
%
(2.5)
%
1.8
%
Las Vegas
3.5
%
(2.0)
%
2.0
%
3.7
%
(0.3)
%
2.6
%
Denver
4.6
%
0.9
%
3.4
%
5.0
%
3.3
%
4.4
%
Western US Subtotal
4.0
%
0.1
%
3.0
%
4.4
%
1.7
%
3.7
%
Florida:
South Florida
5.5
%
(2.7)
%
3.2
%
5.9
%
(1.2)
%
4.0
%
Tampa
3.8
%
(4.2)
%
1.0
%
4.2
%
(2.4)
%
1.9
%
Orlando
4.0
%
(1.3)
%
2.0
%
4.3
%
(0.7)
%
2.6
%
Jacksonville
3.1
%
(1.5)
%
1.6
%
3.3
%
(1.2)
%
2.0
%
Florida Subtotal
4.5
%
(2.7)
%
2.2
%
4.9
%
(1.4)
%
2.9
%
Southeast United States:
Atlanta
5.1
%
1.5
%
4.0
%
5.4
%
1.1
%
4.1
%
Carolinas
4.7
%
1.4
%
3.6
%
4.9
%
1.6
%
3.9
%
Southeast US Subtotal
5.0
%
1.4
%
3.9
%
5.2
%
1.2
%
4.0
%
Texas:
Houston
3.2
%
(2.4)
%
1.8
%
3.6
%
(0.7)
%
2.5
%
Dallas
2.9
%
(3.4)
%
0.6
%
3.2
%
(2.5)
%
1.3
%
Texas Subtotal
3.0
%
(3.1)
%
1.0
%
3.4
%
(1.9)
%
1.8
%
Midwest United States:
Chicago
7.2
%
10.7
%
8.0
%
6.8
%
10.3
%
7.5
%
Minneapolis
8.2
%
3.9
%
7.0
%
8.2
%
4.5
%
7.0
%
Midwest US Subtotal
7.5
%
8.5
%
7.7
%
7.2
%
8.1
%
7.4
%
Total / Average
4.5
%
(0.6)
%
3.0
%
4.8
%
0.5
%
3.5
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
R&M OpEx, net
$
30,633
$
26,109
$
20,300
$
22,759
$
29,467
Turn OpEx, net
11,977
9,695
8,127
9,050
10,805
Total recurring operating expenses, net
$
42,610
$
35,804
$
28,427
$
31,809
$
40,272
R&M CapEx
$
35,671
$
28,836
$
25,041
$
23,933
$
36,068
Turn CapEx
11,343
9,564
8,468
8,411
9,730
Total Recurring Capital Expenditures
$
47,014
$
38,400
$
33,509
$
32,344
$
45,798
R&M OpEx, net + R&M CapEx
$
66,304
$
54,945
$
45,341
$
46,692
$
65,535
Turn OpEx, net + Turn CapEx
23,320
19,259
16,595
17,461
20,535
Total Cost to Maintain, net
$
89,624
$
74,204
$
61,936
$
64,153
$
86,070
Per Home
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Total Cost to Maintain, net
$
1,160
$
960
$
801
$
830
$
1,114
(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
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Recurring CapEx
$
51,719
$
42,949
$
37,092
$
35,518
$
50,970
Value Enhancing CapEx
21,370
18,314
13,023
12,361
16,182
Initial Renovation CapEx
6,927
8,269
6,869
7,091
8,860
Disposition CapEx
862
869
952
1,423
1,584
Total Capital Expenditures
$
80,878
$
70,401
$
57,936
$
56,393
$
77,596
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Property management expense (GAAP)
$
37,073
$
34,382
$
109,645
$
98,252
Adjustments:
Share-based compensation expense
(1,562)
(1,313)
(4,779)
(4,585)
Adjusted property management expense
$
35,511
$
33,069
$
104,866
$
93,667
Adjusted G&A Expense
Q3 2025
Q3 2024
YTD 2025
YTD 2024
G&A expense (GAAP)
$
18,444
$
21,727
$
71,553
$
66,673
Adjustments:
Share-based compensation expense
(354)
(4,104)
(15,758)
(16,224)
Severance expense
—
(209)
(2,420)
(388)
Adjusted G&A expense
$
18,090
$
17,414
$
53,375
$
50,061
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 28
Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)
June 30, 2025
Q3 2025 Acquisitions (1)
Q3 2025 Dispositions (2)
September 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
7,184
28
$
537,623
58
$
621,070
7,154
Northern California
4,056
—
—
29
477,872
4,027
Seattle
3,931
—
—
6
484,000
3,925
Phoenix
9,214
2
415,286
8
292,900
9,208
Las Vegas
3,397
—
—
3
408,333
3,394
Denver
2,849
70
437,527
4
334,063
2,915
Western US Subtotal
30,631
100
465,109
108
534,156
30,623
Florida:
South Florida
8,134
10
410,236
33
428,300
8,111
Tampa
9,658
63
320,412
43
262,296
9,678
Orlando
6,879
48
414,060
7
300,143
6,920
Jacksonville
2,082
45
319,850
2
270,000
2,125
Florida Subtotal
26,753
166
352,750
85
330,043
26,834
Southeast United States:
Atlanta
12,634
44
345,146
37
259,457
12,641
Carolinas
6,106
44
277,816
12
265,841
6,138
Southeast US Subtotal
18,740
88
311,481
49
261,020
18,779
Texas:
Houston
2,459
72
270,334
20
233,375
2,511
Dallas
3,495
65
272,913
17
263,359
3,543
Texas Subtotal
5,954
137
271,557
37
247,151
6,054
Midwest United States:
Chicago
2,459
—
—
6
304,000
2,453
Minneapolis
1,048
—
—
6
302,000
1,042
Midwest US Subtotal
3,507
—
—
12
303,000
3,495
Other (3):
320
35
261,721
1
249,990
354
Total / Average
85,905
526
$
340,002
292
$
382,065
86,139
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,605
—
$
—
—
$
—
2,605
2022 Rockpoint JV (5)
278
31
393,816
—
—
309
FNMA JV (6)
355
—
—
23
406,628
332
Pathway Homes (7)
720
122
362,726
1
278,000
841
Upward America JV (8)
3,720
—
—
—
—
3,720
2024 Peregrine JV (9)
20
70
355,309
—
—
90
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 5.5%. Stabilized cap rate represents forecasted nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 1.6%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)As of September 30, 2025, 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.
Q3 2025 Earnings Release and Supplemental Information — page 30
Supplemental Schedule 8(b)
Expected Acquisition Pipeline of New Homes from Homebuilders — As of September 30, 2025
(unaudited)
Pipeline as of
September 30, 2025 (1)(2)
Estimated Deliveries
in Q4 2025
Estimated Deliveries
in 2026
Estimated Deliveries Thereafter
Avg. Estimated Cost Basis Per Home
Southern California
14
14
—
—
$
540,000
Denver
58
12
46
—
430,000
South Florida
11
11
—
—
410,000
Tampa
176
53
85
38
320,000
Orlando
304
37
209
58
400,000
Jacksonville
36
36
—
—
320,000
Atlanta
8
5
3
—
340,000
Carolinas
187
24
91
72
380,000
Houston
119
43
56
20
280,000
Dallas
59
19
40
—
250,000
Other
30
10
20
—
250,000
Total / Average
1,002
264
550
188
$
360,000
(1)Represents the number of new homes under contract as of September 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 June 30, 2025
1,338
Q3 2025 additions and cancellations (net)
90
Q3 2025 deliveries
(426)
Pipeline as of September 30, 2025
1,002
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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.
Q3 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 “Reconciliation of Net Income to Adjusted EBITDAre” 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) losses from investments in unconsolidated joint ventures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 “Reconciliation of Net Income to Same Store NOI” 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.
Q3 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.
Q3 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, September 26, 2024, and August 15, 2025.
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.
Q3 2025 Earnings Release and Supplemental Information — page 36
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Total revenues (Total Portfolio)
$
688,166
$
681,401
$
674,479
$
659,130
$
660,322
Management fee revenues
(21,975)
(22,294)
(21,408)
(21,080)
(18,980)
Total portfolio resident recoveries
(46,885)
(40,944)
(44,118)
(38,120)
(42,412)
Total Core Revenues (Total Portfolio)
619,306
618,163
608,953
599,930
598,930
Non-Same Store Core Revenues
(50,013)
(46,985)
(43,163)
(41,229)
(42,542)
Same Store Core Revenues
$
569,293
$
571,178
$
565,790
$
558,701
$
556,388
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
YTD 2025
YTD 2024
Total revenues (Total Portfolio)
$
2,044,046
1,959,812
Management fee revenues
(65,677)
(48,898)
Total portfolio resident recoveries
(131,947)
(117,309)
Total Core Revenues (Total Portfolio)
1,846,422
1,793,605
Non-Same Store Core Revenues
(140,161)
(129,735)
Same Store Core Revenues
$
1,706,261
$
1,663,870
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Property operating and maintenance expenses (Total Portfolio)
$
259,037
$
244,278
$
237,449
$
228,464
$
242,228
Total Portfolio resident recoveries
(46,885)
(40,944)
(44,118)
(38,120)
(42,412)
Core Operating Expenses (Total Portfolio)
212,152
203,334
193,331
190,344
199,816
Non-Same Store Core Operating Expenses
(22,728)
(20,933)
(19,393)
(17,567)
(19,173)
Same Store Core Operating Expenses
$
189,424
$
182,401
$
173,938
$
172,777
$
180,643
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)
$
740,764
$
706,809
Total Portfolio resident recoveries
(131,947)
(117,309)
Core Operating Expenses (Total Portfolio)
608,817
589,500
Non-Same Store Core Operating Expenses
(63,054)
(55,734)
Same Store Core Operating Expenses
$
545,763
$
533,766
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2025 Earnings Release and Supplemental Information — page 37
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Net income available to common stockholders
$
136,474
$
140,665
$
165,517
$
142,941
$
95,084
Net income available to participating securities
264
222
228
169
185
Non-controlling interests
472
480
537
460
309
Interest expense
90,781
87,414
84,254
95,158
91,060
Depreciation and amortization
188,457
185,455
183,146
181,912
180,479
Property management expense
37,073
35,833
36,739
39,238
34,382
General and administrative
18,444
23,591
29,518
23,939
21,727
Casualty losses, impairment, and other
3,420
3,029
4,683
47,563
20,872
Gain on sale of property, net of tax
(45,515)
(46,591)
(71,666)
(103,019)
(47,766)
(Gains) losses on investments in equity securities, net
(380)
90
221
(8)
257
Other, net (1)
1,769
2,133
(1,365)
(3,352)
9,345
Management fee revenues
(21,975)
(22,294)
(21,408)
(21,080)
(18,980)
(Income) losses from investments in unconsolidated joint ventures
(2,130)
4,802
5,218
5,665
12,160
NOI (Total Portfolio)
407,154
414,829
415,622
409,586
399,114
Non-Same Store NOI
(27,285)
(26,052)
(23,770)
(23,662)
(23,369)
Same Store NOI
$
379,869
$
388,777
$
391,852
$
385,924
$
375,745
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
YTD 2025
YTD 2024
Net income available to common stockholders
$
442,656
$
310,223
Net income available to participating securities
714
584
Non-controlling interests
1,489
988
Interest expense
262,449
270,912
Depreciation and amortization
557,058
532,414
Property management expense
109,645
98,252
General and administrative
71,553
66,673
Casualty losses, impairment, and other
11,132
35,362
Gain on sale of property, net of tax
(163,772)
(141,531)
(Gains) losses on investments in equity securities, net
(69)
(1,038)
Other, net (1)
2,537
57,384
Management fee revenues
(65,677)
(48,898)
Losses from investments in unconsolidated joint ventures
7,890
22,780
NOI (Total Portfolio)
1,237,605
1,204,105
Non-Same Store NOI
(77,107)
(74,001)
Same Store NOI
$
1,160,498
$
1,130,104
(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.
Q3 2025 Earnings Release and Supplemental Information — page 38
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Net income available to common stockholders
$
136,474
$
95,084
$
442,656
$
310,223
Net income available to participating securities
264
185
714
584
Non-controlling interests
472
309
1,489
988
Interest expense
90,781
91,060
262,449
270,912
Interest expense in unconsolidated joint ventures
7,253
10,186
18,822
20,970
Depreciation and amortization
188,457
180,479
557,058
532,414
Depreciation and amortization of investments in unconsolidated joint ventures
4,484
3,590
11,937
9,875
EBITDA
428,185
380,893
1,295,125
1,145,966
Gain on sale of property, net of tax
(45,515)
(47,766)
(163,772)
(141,531)
Impairment on depreciated real estate investments
335
270
434
330
Net (gain) loss on sale of investments in unconsolidated joint ventures
(6,469)
499
(6,875)
285
EBITDAre
376,536
333,896
1,124,912
1,005,050
Share-based compensation expense
1,916
5,417
20,537
20,809
Severance expense
—
209
2,420
388
Casualty losses and reserves, net (1)
3,116
20,729
10,799
35,174
(Gains) losses on investments in equity and other securities, net
(380)
257
(69)
(1,038)
Other, net (2)
1,769
9,345
2,537
57,384
Adjusted EBITDAre
$
382,957
$
369,853
$
1,161,136
$
1,117,767
Trailing Twelve Months (TTM) Ended
September 30, 2025
December 31, 2024
Net income available to common stockholders
$
585,597
$
453,164
Net income available to participating securities
883
753
Non-controlling interests
1,949
1,448
Interest expense
357,607
366,070
Interest expense in unconsolidated joint ventures
24,185
26,333
Depreciation and amortization
738,970
714,326
Depreciation and amortization of investments in unconsolidated joint ventures
15,439
13,377
EBITDA
1,724,630
1,575,471
Gain on sale of property, net of tax
(266,791)
(244,550)
Impairment on depreciated real estate investments
610
506
Net (gain) loss on sale of investments in unconsolidated joint ventures
(5,945)
1,215
EBITDAre
1,452,504
1,332,642
Share-based compensation expense
27,646
27,918
Severance
2,669
637
Casualty losses, net (1)
58,325
82,700
Gains on investments in equity and other securities, net
(77)
(1,046)
Other, net (2)
(815)
54,032
Adjusted EBITDAre
$
1,540,252
$
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.
Q3 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
September 30, 2025
December 31, 2024
Secured debt, net
$
1,383,541
$
1,385,573
Unsecured notes, net
4,396,973
3,800,688
Term loan facility, net
2,449,770
2,446,041
Revolving facility
—
570,000
Total Debt per Balance Sheet
8,230,284
8,202,302
Retained and repurchased certificates
(55,499)
(55,499)
Cash, ex-security deposits and letters of credit (1)
(208,054)
(235,649)
Deferred financing costs, net
58,050
60,559
Unamortized discounts on notes payable
25,064
24,336
Net Debt (A)
$
8,049,845
$
7,996,049
For the TTM Ended
For the TTM Ended
September 30, 2025
December 31, 2024
Adjusted EBITDAre (B)
$
1,540,252
$
1,496,883
Net Debt / TTM Adjusted EBITDAre (A / B)
5.2
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)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Amortization of discounts on notes payable
$
840
$
684
$
2,410
$
2,001
Amortization of deferred financing costs
5,354
5,010
16,059
13,410
Change in fair value of interest rate derivatives
—
—
—
1
Amortization of swap fair value at designation
611
2,524
(5,541)
7,166
Our share from unconsolidated joint ventures
2,323
5,867
5,558
9,629
Total non-cash interest expense
$
9,128
$
14,085
$
18,486
$
32,207
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q3 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 | 2 | — | — |
| Buybacks share repurchase, buyback program | 2 | — | — |
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