EX-99.12q42025supplemental.htmEX-99.1 Document
Table of Contents
Earnings Press Release
3
Consolidated Financial Statements
9
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO
11
Schedule 2: Capital Structure Information
12
Schedule 3: Same Store Portfolio Core Operating Detail
16
Schedule 4: Home Characteristics by Market
18
Schedule 5: Same Store Operating Information by Market
19
Schedule 6: Cost to Maintain and Capital Expenditure Detail
26
Schedule 7: Adjusted Property Management and G&A Reconciliation
27
Schedule 8: Acquisitions, Dispositions, and Development Pipeline
28
Glossary and Reconciliations
31
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 2
Earnings Press Release
Invitation Homes Reports Fourth Quarter and Full Year 2025 Results
Dallas, TX, February 18, 2026 — 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 Fourth Quarter (“Q4”) 2025 and Full Year (“FY”) 2025 financial and operating results.
Q4 2025 and FY 2025 Highlights
•Year over year in Q4 2025, total revenues increased 4.0% to $685 million, total property operating and maintenance costs increased 7.2% to $245 million, and net income available to common stockholders increased 1.0% to $144 million, or $0.24 per diluted common share. In FY 2025, total revenues increased 4.2% to $2,729 million, total property operating and maintenance costs increased 5.4% to $986 million, and net income available to common stockholders increased 29.5% to $587 million, or $0.96 per diluted common share.
•Year over year, Q4 2025 Core FFO per share increased 1.3% to $0.48 and AFFO per share remained generally flat at $0.41. FY 2025 Core FFO per share increased 1.7% to $1.91, and AFFO per share increased 1.8% to $1.63.
•Q4 2025 Same Store NOI increased 0.7% year over year on 1.7% Same Store Core Revenues growth and 4.0% Same Store Core Operating Expenses growth. FY 2025 Same Store NOI grew 2.3% year over year on 2.4% Same Store Core Revenues growth and 2.6% Same Store Core Operating Expenses growth.
•Q4 2025 Same Store Average Occupancy was 95.9%, a reduction of 90 basis points year over year. FY 2025 Same Store Average Occupancy was 96.8%, down 50 basis points year over year.
•Q4 2025 Same Store renewal rent growth of 4.2% and Same Store new lease rent growth of (4.1)% resulted in Same Store blended rent growth of 1.8%. FY 2025 Same Store renewal rent growth of 4.6% and Same Store new lease rent growth of (0.6)% drove Same Store blended rent growth of 3.1%.
•During Q4 2025, all 368 of our wholly owned acquisitions were newly-constructed homes purchased from various homebuilders for $123 million, highlighting our continued focus on supporting new housing supply; we also sold 315 wholly owned homes for $138 million. During FY 2025, almost all of our 2,410 wholly owned acquisitions totaling $812 million were bought through our homebuilder relationships, while we sold 1,356 wholly owned homes for $534 million, frequently to families purchasing for their own use.
•As previously announced, on October 28, 2025, our board of directors authorized a share repurchase program pursuant to which we may acquire shares of our common stock up to an aggregate purchase price of $500 million (the “Share Repurchase Program”). During Q4 2025, we repurchased 2,232,685 shares for a total cost of approximately $61 million. Subsequent to year end, during January 2026, we repurchased additional shares such that to date, we have repurchased a total of 3,635,324 shares for a total cost of approximately $100 million.
•Subsequent to quarter end and as previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”) for a contract price of $89 million plus up to $7.5 million in potential incentive-based earn-out payments tied to third-party fee-build performance. The transaction adds existing and future fee-building opportunities, provides options to acquire approximately 1,500 well-located lots, and enables ResiBuilt to serve as an in-house development general contractor for new build-to-rent communities. The acquisition is expected to be modestly accretive to our 2026 AFFO per share.
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.
Q4 2025 Earnings Release and Supplemental Information — page 3
Comments from Chief Executive Officer Dallas Tanner
“Invitation Homes delivered solid performance in 2025 while continuing to provide families with high‑quality single‑family homes and professional service in desirable neighborhoods. In a housing market shaped by persistent structural forces, we play a constructive role in offering a lower‑cost, flexible alternative to homeownership and by helping expand supply through our homebuilder partnerships and our newly-acquired purpose‑built rental development platform, ResiBuilt. Many of the households we serve include essential workers such as teachers, nurses, and firefighters, underscoring the importance of providing well‑located, attainable homes in the communities where they work.
“With a strong balance sheet, disciplined capital allocation, and a value proposition that continues to resonate with families seeking the benefits of a single-family home for lease, we remain focused on delivering sustainable long‑term growth. We will continue working constructively with policymakers to support broader housing affordability and availability, and remain committed to consistent execution, strong results, and long‑term value creation for our residents, associates, and stockholders.”
Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q4 2025
Q4 2024
FY 2025
FY 2024
Net income
$
0.24
$
0.23
$
0.96
$
0.74
FFO
0.45
0.36
1.80
1.50
Core FFO
0.48
0.47
1.91
1.88
AFFO
0.41
0.41
1.63
1.60
Net Income
Net income per common share — diluted for Q4 2025 was $0.24, compared to net income per common share — diluted of $0.23 for Q4 2024. Total revenues and total property operating and maintenance expenses for Q4 2025 were $685 million and $245 million, respectively, compared to $659 million and $228 million, respectively, for Q4 2024.
Net income per common share — diluted for FY 2025 was $0.96, compared to net income per share — diluted of $0.74 for FY 2024. Total revenues and total property operating and maintenance expenses for FY 2025 were $2,729 million and $986 million, respectively, compared to $2,619 million and $935 million, respectively, for FY 2024.
Core FFO
Year over year, Core FFO per share for Q4 2025 increased 1.3% to $0.48, primarily due to NOI growth. Year over year, Core FFO per share for FY 2025 increased 1.7% to $1.91, primarily due to NOI growth.
AFFO
Year over year, AFFO per share for Q4 2025 remained generally flat at $0.41. Year over year, AFFO per share for FY 2025 increased 1.8% to $1.63, primarily due to the increase in Core FFO per share described above.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 4
Operating Results
Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:
76,819
Q4 2025
Q4 2024
FY 2025
FY 2024
Core Revenues growth (year over year)
1.7
%
2.4
%
Core Operating Expenses growth (year over year)
4.0
%
2.6
%
NOI growth (year over year)
0.7
%
2.3
%
Average Occupancy
95.9
%
96.8
%
96.8
%
97.3
%
Bad Debt % of gross rental revenue
0.8
%
0.8
%
0.7
%
0.8
%
Turnover Rate
5.6
%
5.2
%
22.8
%
22.8
%
Rental Rate Growth (lease-over-lease):
Renewals
4.2
%
4.1
%
4.6
%
4.9
%
New Leases
(4.1)
%
(2.2)
%
(0.6)
%
0.9
%
Blended
1.8
%
2.2
%
3.1
%
3.8
%
Same Store NOI
For the Same Store Portfolio of 76,819 homes, Same Store NOI for Q4 2025 increased 0.7% year over year on Same Store Core Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 4.0%.
FY 2025 Same Store NOI increased 2.3% year over year on Same Store Core Revenues growth of 2.4% and Same Store Core Operating Expenses growth of 2.6%.
Same Store Core Revenues
Q4 2025 Same Store Core Revenues growth of 1.7% year over year was primarily driven by a 2.4% increase in Average Monthly Rent, and a 7.2% increase in other income, net of resident recoveries, partially offset by a 90 basis point year over year decline in Average Occupancy.
FY 2025 Same Store Core Revenues growth of 2.4% year over year was primarily driven by a 2.7% increase in Average Monthly Rent, a 6.2% increase in other income, net of resident recoveries, and a 10 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
Q4 2025 Same Store Core Operating Expenses increased 4.0% year over year, attributable to a 7.9% increase in controllable expenses and a 1.9% increase in fixed expenses.
FY 2025 Same Store Core Operating Expenses increased 2.6% year over year, driven by a 3.9% increase in controllable expenses and a 1.9% increase in fixed expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 5
Investment and Property Management Activity
During Q4 2025, all 368 of our wholly owned acquisitions were newly-constructed homes purchased from various homebuilders for $123 million, highlighting our continued focus on supporting new housing supply; we also sold 315 wholly owned homes for $138 million. During FY 2025, almost all of our 2,410 wholly owned acquisitions totaling $812 million were bought through our homebuilder relationships, while we sold 1,356 wholly owned homes for $534 million, frequently to families purchasing for their own use.
During Q4 2025, our joint ventures acquired 122 homes for $41 million and sold 13 homes for $6 million. During FY 2025, our joint ventures acquired 500 homes for $175 million and sold 116 homes for $52 million.
A summary of our owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed as of December 31, 2025
Number of Homes Owned and/or Managed as of 9/30/2025
Acquired or Added In
Q4 2025
Disposed or Subtracted In Q4 2025
Number of Homes Owned and/or Managed as of 12/31/2025
Wholly owned homes
86,139
368
(315)
86,192
Joint venture owned homes
7,897
122
(13)
8,006
Managed-only homes
16,151
—
(285)
15,866
Total homes owned and/or managed
110,187
490
(613)
110,064
Subsequent to quarter end and as previously announced, on January 14, 2026, we acquired ResiBuilt for a contract price of $89 million plus up to $7.5 million in potential incentive-based earn-out payments tied to third-party fee-build performance. ResiBuilt is a leading build-to-rent developer in high-growth markets across the Southeast, having delivered more than 4,200 homes in Georgia, Florida, and the Carolinas since 2018. Its 70-person team, including Co-founder and President Jay Byce, have joined Invitation Homes and will continue operating under the ResiBuilt brand. The transaction adds existing and future fee-building opportunities, provides options to acquire approximately 1,500 well-located lots, and enables ResiBuilt to serve as an in-house development general contractor for new build-to-rent communities. The acquisition is expected to be modestly accretive to our 2026 AFFO per share.
Balance Sheet and Capital Markets Activity
As of December 31, 2025, we had $1,735 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,458 million consisted of 83.6% unsecured debt and 16.4% secured debt; 93.8% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.3x. We have no debt reaching final maturity before June 2027.
On October 28, 2025, our board of directors authorized a Share Repurchase Program pursuant to which we may acquire shares of our common stock up to an aggregate purchase price of $500 million. Repurchases under the Share Repurchase Program 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. The Share Repurchase Program does not have an expiration date.
During the year ended December 31, 2025, we repurchased 2,232,685 shares for a total cost of approximately $61 million, including legal fees and commissions. Subsequent to year end, during January 2026, we repurchased additional shares such that to date, we have repurchased a total of 3,635,324 shares for a total cost of approximately $100 million.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 6
FY 2026 Guidance
Set forth below are our current expectations with respect to FY 2026 Core FFO per share — diluted and AFFO per share — diluted, 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 2026 Guidance Summary
FY 2026
Guidance Range
FY 2026
Guidance
Midpoint
FY 2025
Actual
Results
FY 2025 Guidance Midpoint
G1Core FFO per share — diluted
$1.90 - $1.98
$1.94
$1.91
$1.92
G2AFFO per share — diluted
$1.60 - $1.68
$1.64
$1.63
$1.62
G3Same Store Core Revenues growth (1)
1.3% - 2.5%
1.9%
2.4%
2.5%
G4Same Store Core Operating Expenses growth (2)
3.0% - 4.0%
3.5%
2.6%
2.75%
G5Same Store NOI growth
0.3% - 2.0%
1.15%
2.3%
2.25%
G6Wholly owned acquisitions (3)
$150 - $350 million
$250 million
$812 million
$800 million
G7JV acquisitions (3)
$50 - $150 million
$100 million
$175 million
$150 million
G8Wholly owned dispositions
$450 - $650 million
$550 million
$534 million
$500 million
(1)Same Store Core Revenues growth guidance assumes FY 2026 (i) Average Occupancy in a range of 96.0% to 96.6% and (ii) average Bad Debt in a range of 60 to 80 basis points.
(2)Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 (i) property taxes in a range of 4% to 5%; (ii) insurance expenses in a range of 10% to 12%; and (iii) all other expenses in a range of approximately 1.0% to 2.0%.
(3)Excludes our acquisition of ResiBuilt in January 2026.
Bridge from FY 2025 Results to FY 2026 Guidance Midpoint
Core FFO Per Share
FY 2025 reported result
$1.91
Impact from changes in:
Same Store NOI (4)
$0.03
Non-Same Store NOI
0.01
ResiBuilt contribution, net (5)
0.02
Construction lending income
0.01
Capital markets activity (6)
—
JV and 3PM fees, net
(0.02)
Advocacy costs and other (7)
(0.02)
Total change
$0.03
FY 2026 guidance midpoint
$1.94
(4)Based on the 2026 Same Store pool, consisting of 78,662 homes as of January 2026.
(5)Represents fee-build income net of incremental expenses associated with the ResiBuilt platform.
(6)Includes the net impact of changes in cash interest expense, interest income, and share repurchases.
(7)Advocacy costs are included within G&A.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 7
Earnings Conference Call Information
We have scheduled a conference call at 11:00 a.m. Eastern Time on February 19, 2026, to review Q4 2025 and FY 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, federal, state, and local laws, regulations, executive actions, and policy initiatives, 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.
Q4 2025 Earnings Release and Supplemental Information — page 8
Consolidated Balance Sheets
($ in thousands, except shares and per share data)
December 31, 2025
December 31, 2024
(unaudited)
Assets:
Investments in single-family residential properties, net
$
17,274,622
$
17,212,126
Cash and cash equivalents
129,971
174,491
Restricted cash
224,894
245,202
Goodwill
258,207
258,207
Investments in unconsolidated joint ventures
254,561
241,605
Other assets, net
538,035
569,320
Total assets
$
18,680,290
$
18,700,951
Liabilities:
Secured debt, net
$
1,384,114
$
1,385,573
Unsecured notes, net
4,398,921
3,800,688
Term loan facilities, net
2,451,985
2,446,041
Revolving facility
145,000
570,000
Accounts payable and accrued expenses
230,350
247,709
Resident security deposits
184,536
180,866
Other liabilities
317,492
277,565
Total liabilities
9,112,398
8,908,442
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2025 and 2024
—
—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 610,788,732 and 612,605,478 outstanding as of December 31, 2025 and 2024, respectively
6,108
6,126
Additional paid-in capital
11,128,590
11,170,597
Accumulated deficit
(1,610,981)
(1,480,928)
Accumulated other comprehensive income
6,415
60,969
Total stockholders’ equity
9,530,132
9,756,764
Non-controlling interests
37,760
35,745
Total equity
9,567,892
9,792,509
Total liabilities and equity
$
18,680,290
$
18,700,951
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 9
Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q4 2025
Q4 2024
FY 2025
FY 2024
Revenues:
(unaudited)
(unaudited)
(unaudited)
Rental revenues
$
592,493
$
576,632
$
2,363,802
$
2,300,389
Other property income
71,095
61,418
278,155
248,575
Management fee revenues
21,662
21,080
87,339
69,978
Total revenues
685,250
659,130
2,729,296
2,618,942
Expenses:
Property operating and maintenance
244,823
228,464
985,587
935,273
Property management expense
39,485
39,238
149,130
137,490
General and administrative
23,697
23,939
95,250
90,612
Interest expense
90,878
95,158
353,327
366,070
Depreciation and amortization
189,875
181,912
746,933
714,326
Casualty losses, impairment, and other
311
47,563
11,443
82,925
Total expenses
589,069
616,274
2,341,670
2,326,696
Gain on sale of property, net of tax
54,463
103,019
218,235
244,550
Losses from investments in unconsolidated joint ventures
(3,717)
(5,665)
(11,607)
(28,445)
Other, net
(1,877)
3,360
(4,345)
(52,986)
Net income
145,050
143,570
589,909
455,365
Net income attributable to non-controlling interests
(496)
(460)
(1,985)
(1,448)
Net income attributable to common stockholders
144,554
143,110
587,924
453,917
Net income available to participating securities
(246)
(169)
(960)
(753)
Net income available to common stockholders — basic and diluted
$
144,308
$
142,941
$
586,964
$
453,164
Weighted average common shares outstanding — basic
612,879,916
612,679,152
612,948,321
612,551,317
Weighted average common shares outstanding — diluted
612,999,873
613,247,740
613,177,806
613,631,617
Net income per common share — basic
$
0.24
$
0.23
$
0.96
$
0.74
Net income per common share — diluted
$
0.24
$
0.23
$
0.96
$
0.74
Dividends declared per common share
$
0.30
$
0.29
$
1.17
$
1.13
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 10
Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation
Q4 2025
Q4 2024
FY 2025
FY 2024
Net income available to common stockholders
$
144,308
$
142,941
$
586,964
$
453,164
Net income available to participating securities
246
169
960
753
Non-controlling interests
496
460
1,985
1,448
Depreciation and amortization of real estate assets
184,877
178,063
728,652
699,474
Impairment on depreciated real estate investments
223
176
657
506
Net gain on sale of previously depreciated investments in real estate
(54,463)
(103,019)
(218,235)
(244,550)
Depreciation and net gain on sale of investments in unconsolidated joint ventures
2,829
4,403
7,845
14,479
FFO
$
278,516
$
223,193
$
1,108,828
$
925,274
Core FFO Reconciliation
Q4 2025
Q4 2024
FY 2025
FY 2024
FFO
$
278,516
$
223,193
$
1,108,828
$
925,274
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
8,322
12,474
26,808
44,681
Share-based compensation expense
7,293
7,109
27,830
27,918
Legal settlements
—
—
—
77,000
Severance expense
352
249
2,772
637
Casualty losses and reserves, net (1)
125
47,526
10,924
82,700
Gains on investments in equity and other securities, net
(249)
(8)
(318)
(1,046)
Core FFO
$
294,359
$
290,543
$
1,176,844
$
1,157,164
AFFO Reconciliation
Q4 2025
Q4 2024
FY 2025
FY 2024
Core FFO
$
294,359
$
290,543
$
1,176,844
$
1,157,164
Recurring Capital Expenditures (1)
(40,503)
(35,665)
(173,472)
(170,927)
AFFO
$
253,856
$
254,878
$
1,003,372
$
986,237
Net income available to common stockholders
Weighted average common shares outstanding — diluted
612,999,873
613,247,740
613,177,806
613,631,617
Net income per common share — diluted
$
0.24
$
0.23
$
0.96
$
0.74
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted
615,552,680
615,561,350
615,643,476
615,881,670
FFO per share — diluted
$
0.45
$
0.36
$
1.80
$
1.50
Core FFO per share — diluted
$
0.48
$
0.47
$
1.91
$
1.88
AFFO per share — diluted
$
0.41
$
0.41
$
1.63
$
1.60
(1)Includes our share from unconsolidated joint ventures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 11
Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income
Q4 2025
Q4 2024
FY 2025
FY 2024
Common shares — basic
612,879,916
612,679,152
612,948,321
612,551,317
Shares potentially issuable from vesting/conversion of equity-based awards
119,957
568,588
229,485
1,080,300
Total common shares — diluted
612,999,873
613,247,740
613,177,806
613,631,617
Weighted average amounts for FFO, Core FFO, and AFFO
Q4 2025
Q4 2024
FY 2025
FY 2024
Common shares — basic
612,879,916
612,679,152
612,948,321
612,551,317
OP units — basic
2,099,937
1,979,009
2,068,892
1,954,212
Shares potentially issuable from vesting/conversion of equity-based awards
572,827
903,189
626,263
1,376,141
Total common shares and units — diluted
615,552,680
615,561,350
615,643,476
615,881,670
Period end amounts for Core FFO and AFFO
December 31, 2025
Common shares
610,788,732
OP units
2,099,937
Shares potentially issuable from vesting/conversion of equity-based awards
1,238,852
Total common shares and units — diluted
614,127,521
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 12
Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of December 31, 2025
($ in thousands) (unaudited)
Wtd Avg
Wtd Avg
Interest
Years to
Debt Structure
Balance
% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$
1,388,399
16.4
%
4.0
%
2.6
Floating — swapped to fixed
—
—
%
—
%
—
Floating
—
—
%
—
%
—
Total secured
1,388,399
16.4
%
4.0
%
2.6
Unsecured:
Fixed
4,450,000
52.6
%
3.8
%
6.3
Floating — swapped to fixed
2,100,000
24.8
%
4.0
%
3.8
Floating
520,000
6.2
%
4.5
%
4.1
Total unsecured
7,070,000
83.6
%
3.9
%
5.4
Total Debt:
Fixed + floating swapped to fixed (3)
7,938,399
93.8
%
3.9
%
5.0
Floating
520,000
6.2
%
4.5
%
4.1
Total debt
8,458,399
100.0
%
3.9
%
4.9
Unamortized discounts on notes payable
(24,171)
Deferred financing costs, net
(54,208)
Total debt per Balance Sheet
8,380,020
Retained and repurchased certificates
(55,499)
Cash, ex-security deposits and letters of credit (4)
(167,472)
Deferred financing costs, net
54,208
Unamortized discounts on notes payable
24,171
Net debt
$
8,235,428
Leverage Ratios
December 31, 2025
Net Debt / TTM Adjusted EBITDAre
5.3
x
Credit Ratings
Ratings
Outlook
Fitch Ratings
BBB+
Stable
Moody’s Investors Service
Baa2
Stable
S&P Global Ratings
BBB
Stable
Unsecured Facilities Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
Actual
Requirement
Actual
Requirement
Total leverage ratio
29.4
%
≤ 60%
Aggregate debt ratio
35.4
%
≤ 65%
Secured leverage ratio
5.8
%
≤ 45%
Secured debt ratio
5.6
%
≤ 40%
Unencumbered leverage ratio
27.5
%
≤ 60%
Unencumbered assets ratio
305.2
%
≥ 150%
Fixed charge coverage ratio
4.3x
≥ 1.5x
Debt service ratio
4.6x
≥ 1.5x
Unsecured interest coverage ratio
5.2x
≥ 1.75x
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 13
Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of December 31, 2025. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or Form 10-K.
(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.
Q4 2025 Earnings Release and Supplemental Information — page 14
Supplemental Schedule 2(c)
Debt Maturity Schedule — As of December 31, 2025
($ in thousands) (unaudited)
Unsecured Debt
Secured
Unsecured
Term Loan
Revolving
% of
Debt Maturities, with Extensions (1)
Debt
Notes
Facilities
Facility
Total
Total
2026
$
—
$
—
$
—
$
—
$
—
—
%
2027
988,013
—
—
—
988,013
11.7
%
2028
—
750,000
—
—
750,000
8.9
%
2029
—
—
1,750,000
145,000
1,895,000
22.4
%
2030
—
450,000
725,000
—
1,175,000
13.9
%
2031
400,386
650,000
—
—
1,050,386
12.4
%
2032
—
600,000
—
—
600,000
7.1
%
2033
—
950,000
—
—
950,000
11.2
%
2034
—
400,000
—
—
400,000
4.7
%
2035
—
500,000
—
—
500,000
5.9
%
2036
—
150,000
—
—
150,000
1.8
%
2037
—
—
—
—
—
—
%
1,388,399
4,450,000
2,475,000
145,000
8,458,399
100.0
%
Unamortized discounts on notes payable
(527)
(23,644)
—
—
(24,171)
Deferred financing costs, net
(3,758)
(27,435)
(23,015)
—
(54,208)
Total per Balance Sheet
$
1,384,114
$
4,398,921
$
2,451,985
$
145,000
$
8,380,020
(1)Assumes all extension options are exercised.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 15
Supplemental Schedule 3(a)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
Change
Change
Change
Q4 2025
Q4 2024
YoY
Q3 2025
Seq
FY 2025
FY 2024
YoY
Revenues:
Rental revenues (1)
$
541,411
$
533,505
1.5
%
$
543,540
(0.4)
%
$
2,169,784
$
2,122,262
2.2
%
Other property income, net (1)(2)
23,016
21,470
7.2
%
23,074
(0.3)
%
90,878
85,594
6.2
%
Core Revenues
564,427
554,975
1.7
%
566,614
(0.4)
%
2,260,662
2,207,856
2.4
%
Fixed Expenses:
Property taxes
95,437
91,185
4.7
%
98,280
(2.9)
%
388,443
373,805
3.9
%
Insurance expenses
8,157
10,276
(20.6)
%
8,391
(2.8)
%
36,213
41,440
(12.6)
%
HOA expenses
10,354
10,385
(0.3)
%
10,316
0.4
%
40,740
41,458
(1.7)
%
Total Fixed Expenses
113,948
111,846
1.9
%
116,987
(2.6)
%
465,396
456,703
1.9
%
Controllable Expenses:
Repairs and maintenance, net (3)
23,934
22,600
5.9
%
30,429
(21.3)
%
100,445
98,591
1.9
%
Personnel, leasing and marketing
20,611
20,544
0.3
%
20,190
2.1
%
82,093
83,133
(1.3)
%
Turnover, net (3)
10,268
9,008
14.0
%
11,641
(11.8)
%
39,650
38,418
3.2
%
Utilities and property administrative, net (3)
9,646
7,560
27.6
%
8,363
15.3
%
32,262
24,754
30.3
%
Total Controllable Expenses
64,459
59,712
7.9
%
70,623
(8.7)
%
254,450
244,896
3.9
%
Core Operating Expenses
178,407
171,558
4.0
%
187,610
(4.9)
%
719,846
701,599
2.6
%
Net Operating Income
$
386,020
$
383,417
0.7
%
$
379,004
1.9
%
$
1,540,816
$
1,506,257
2.3
%
(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 $40,893, $34,949, $42,443, $161,024, and $141,702 for Q4 2025, Q4 2024, Q3 2025, FY 2025, and FY 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.
Q4 2025 Earnings Release and Supplemental Information — page 16
Supplemental Schedule 3(b)
Same Store Quarterly Operating Trends
(unaudited)
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Average Occupancy
95.9
%
96.6
%
97.3
%
97.3
%
96.8
%
Turnover Rate
5.6
%
6.1
%
6.1
%
5.0
%
5.2
%
Trailing four quarters Turnover Rate
22.8
%
22.4
%
22.3
%
22.5
%
22.8
%
Average Monthly Rent
$
2,471
$
2,460
$
2,442
$
2,428
$
2,413
Rental Rate Growth (lease-over-lease):
Renewals
4.2
%
4.5
%
4.6
%
5.2
%
4.1
%
New leases
(4.1)
%
(0.6)
%
2.2
%
—
%
(2.2)
%
Blended
1.8
%
3.0
%
4.0
%
3.7
%
2.2
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 17
Supplemental Schedule 4
Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2025 (1)
(unaudited)
Number of Homes
Average Occupancy
Average Monthly Rent
Average Monthly Rent PSF
Percent of Revenue
Western United States:
Southern California
7,100
94.7
%
$
3,231
$
1.89
10.8
%
Northern California
3,997
96.7
%
2,812
1.78
5.5
%
Seattle
3,908
96.7
%
2,957
1.54
5.6
%
Phoenix
9,200
95.6
%
2,081
1.22
9.2
%
Las Vegas
3,391
95.9
%
2,256
1.15
3.7
%
Denver
2,954
91.9
%
2,651
1.44
3.6
%
Western US Subtotal
30,550
95.4
%
2,631
1.50
38.4
%
Florida:
South Florida
8,058
94.4
%
3,147
1.68
11.8
%
Tampa
9,702
94.1
%
2,302
1.22
10.8
%
Orlando
6,973
94.4
%
2,288
1.22
7.6
%
Jacksonville
2,158
92.3
%
2,200
1.11
2.2
%
Florida Subtotal
26,891
94.0
%
2,549
1.35
32.4
%
Southeast United States:
Atlanta
12,624
94.7
%
2,117
1.02
12.6
%
Carolinas
6,157
93.7
%
2,117
1.01
6.2
%
Southeast US Subtotal
18,781
94.4
%
2,117
1.02
18.8
%
Texas:
Houston
2,559
90.7
%
1,954
0.99
2.3
%
Dallas
3,554
91.9
%
2,248
1.11
3.8
%
Texas Subtotal
6,113
91.1
%
2,132
1.06
6.1
%
Midwest United States:
Chicago
2,448
94.2
%
2,559
1.59
2.8
%
Minneapolis
1,035
93.7
%
2,466
1.26
1.2
%
Midwest US Subtotal
3,483
94.1
%
2,531
1.48
4.0
%
Other (2):
374
76.6
%
2,072
1.08
0.3
%
Total / Average
86,192
94.3
%
$
2,452
$
1.30
100.0
%
Same Store Total / Average
76,819
95.9
%
$
2,471
$
1.32
91.2
%
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)As of December 31, 2025, all of these homes were newly-constructed and located in San Antonio, Salt Lake City, Austin, or Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 18
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, Q4 2025
# Homes
Q4 2025
Q4 2024
Change
Q4 2025
Q4 2024
Change
Q4 2025
Q4 2024
Change
Western United States:
Southern California
6,569
$
3,231
$
3,121
3.5
%
97.6
%
98.3
%
(0.7)
%
$
63,611
$
61,830
2.9
%
Northern California
3,830
2,812
2,750
2.3
%
97.6
%
98.3
%
(0.7)
%
32,320
31,873
1.4
%
Seattle
3,874
2,957
2,897
2.1
%
97.1
%
97.6
%
(0.5)
%
34,166
33,710
1.4
%
Phoenix
8,579
2,072
2,049
1.1
%
95.7
%
97.1
%
(1.4)
%
53,576
53,274
0.6
%
Las Vegas
2,953
2,257
2,216
1.9
%
96.2
%
96.6
%
(0.4)
%
20,032
19,658
1.9
%
Denver
2,432
2,654
2,563
3.6
%
94.8
%
96.5
%
(1.7)
%
18,958
18,725
1.2
%
Western US Subtotal
28,237
2,636
2,574
2.4
%
96.6
%
97.5
%
(0.9)
%
222,663
219,070
1.6
%
Florida:
South Florida
7,710
3,163
3,079
2.7
%
95.6
%
96.4
%
(0.8)
%
71,879
70,239
2.3
%
Tampa
8,034
2,319
2,296
1.0
%
95.9
%
96.0
%
(0.1)
%
56,017
54,958
1.9
%
Orlando
6,325
2,285
2,250
1.6
%
95.5
%
96.9
%
(1.4)
%
43,362
43,237
0.3
%
Jacksonville
1,886
2,206
2,175
1.4
%
95.9
%
97.1
%
(1.2)
%
12,461
12,455
—
%
Florida Subtotal
23,955
2,573
2,526
1.9
%
95.7
%
96.5
%
(0.8)
%
183,719
180,889
1.6
%
Southeast United States:
Atlanta
11,724
2,115
2,057
2.8
%
95.5
%
96.1
%
(0.6)
%
72,530
71,212
1.9
%
Carolinas
5,199
2,128
2,066
3.0
%
95.4
%
96.9
%
(1.5)
%
33,035
32,381
2.0
%
Southeast US Subtotal
16,923
2,119
2,060
2.9
%
95.4
%
96.4
%
(1.0)
%
105,565
103,593
1.9
%
Texas:
Houston
1,756
1,929
1,894
1.8
%
95.9
%
96.7
%
(0.8)
%
10,217
10,024
1.9
%
Dallas
2,530
2,294
2,278
0.7
%
95.3
%
96.0
%
(0.7)
%
17,387
17,274
0.7
%
Texas Subtotal
4,286
2,144
2,120
1.1
%
95.5
%
96.3
%
(0.8)
%
27,604
27,298
1.1
%
Midwest United States:
Chicago
2,393
2,558
2,419
5.7
%
95.4
%
97.2
%
(1.8)
%
17,484
17,058
2.5
%
Minneapolis
1,025
2,469
2,345
5.3
%
94.5
%
95.3
%
(0.8)
%
7,392
7,067
4.6
%
Midwest US Subtotal
3,418
2,532
2,397
5.6
%
95.1
%
96.7
%
(1.6)
%
24,876
24,125
3.1
%
Total / Average
76,819
$
2,471
$
2,413
2.4
%
95.9
%
96.8
%
(0.9)
%
$
564,427
$
554,975
1.7
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 19
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, Q4 2025
# Homes
Q4 2025
Q3 2025
Change
Q4 2025
Q3 2025
Change
Q4 2025
Q3 2025
Change
Western United States:
Southern California
6,569
$
3,231
$
3,213
0.6
%
97.6
%
98.6
%
(1.0)
%
$
63,611
$
63,963
(0.6)
%
Northern California
3,830
2,812
2,800
0.4
%
97.6
%
97.9
%
(0.3)
%
32,320
32,433
(0.3)
%
Seattle
3,874
2,957
2,953
0.1
%
97.1
%
98.4
%
(1.3)
%
34,166
34,467
(0.9)
%
Phoenix
8,579
2,072
2,066
0.3
%
95.7
%
96.7
%
(1.0)
%
53,576
54,064
(0.9)
%
Las Vegas
2,953
2,257
2,252
0.2
%
96.2
%
96.5
%
(0.3)
%
20,032
20,106
(0.4)
%
Denver
2,432
2,654
2,633
0.8
%
94.8
%
96.1
%
(1.3)
%
18,958
19,169
(1.1)
%
Western US Subtotal
28,237
2,636
2,626
0.4
%
96.6
%
97.5
%
(0.9)
%
222,663
224,202
(0.7)
%
Florida:
South Florida
7,710
3,163
3,147
0.5
%
95.6
%
96.3
%
(0.7)
%
71,879
72,103
(0.3)
%
Tampa
8,034
2,319
2,319
—
%
95.9
%
95.8
%
0.1
%
56,017
56,095
(0.1)
%
Orlando
6,325
2,285
2,280
0.2
%
95.5
%
96.2
%
(0.7)
%
43,362
43,724
(0.8)
%
Jacksonville
1,886
2,206
2,196
0.5
%
95.9
%
96.8
%
(0.9)
%
12,461
12,588
(1.0)
%
Florida Subtotal
23,955
2,573
2,566
0.3
%
95.7
%
96.1
%
(0.4)
%
183,719
184,510
(0.4)
%
Southeast United States:
Atlanta
11,724
2,115
2,103
0.6
%
95.5
%
96.3
%
(0.8)
%
72,530
72,637
(0.1)
%
Carolinas
5,199
2,128
2,109
0.9
%
95.4
%
96.4
%
(1.0)
%
33,035
33,005
0.1
%
Southeast US Subtotal
16,923
2,119
2,105
0.7
%
95.4
%
96.3
%
(0.9)
%
105,565
105,642
(0.1)
%
Texas:
Houston
1,756
1,929
1,924
0.3
%
95.9
%
96.1
%
(0.2)
%
10,217
10,190
0.3
%
Dallas
2,530
2,294
2,292
0.1
%
95.3
%
95.1
%
0.2
%
17,387
17,376
0.1
%
Texas Subtotal
4,286
2,144
2,140
0.2
%
95.5
%
95.5
%
—
%
27,604
27,566
0.1
%
Midwest United States:
Chicago
2,393
2,558
2,521
1.5
%
95.4
%
96.3
%
(0.9)
%
17,484
17,328
0.9
%
Minneapolis
1,025
2,469
2,435
1.4
%
94.5
%
95.0
%
(0.5)
%
7,392
7,366
0.4
%
Midwest US Subtotal
3,418
2,532
2,495
1.5
%
95.1
%
95.9
%
(0.8)
%
24,876
24,694
0.7
%
Total / Average
76,819
$
2,471
$
2,460
0.4
%
95.9
%
96.6
%
(0.7)
%
$
564,427
$
566,614
(0.4)
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 20
Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — FY
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent
Average Occupancy
Core Revenues
YoY, FY 2025
# Homes
FY 2025
FY 2024
Change
FY 2025
FY 2024
Change
FY 2025
FY 2024
Change
Western United States:
Southern California
6,569
$
3,193
$
3,082
3.6
%
98.3
%
98.4
%
(0.1)
%
$
253,490
$
243,832
4.0
%
Northern California
3,830
2,792
2,722
2.6
%
98.2
%
98.4
%
(0.2)
%
129,483
125,887
2.9
%
Seattle
3,874
2,943
2,862
2.8
%
97.8
%
98.0
%
(0.2)
%
137,024
133,789
2.4
%
Phoenix
8,579
2,065
2,039
1.3
%
96.9
%
97.5
%
(0.6)
%
216,217
213,702
1.2
%
Las Vegas
2,953
2,244
2,193
2.3
%
96.9
%
97.3
%
(0.4)
%
80,251
78,517
2.2
%
Denver
2,432
2,623
2,535
3.5
%
96.3
%
97.7
%
(1.4)
%
76,400
75,087
1.7
%
Western US Subtotal
28,237
2,616
2,548
2.7
%
97.5
%
97.9
%
(0.4)
%
892,865
870,814
2.5
%
Florida:
South Florida
7,710
3,133
3,028
3.5
%
96.5
%
97.0
%
(0.5)
%
287,471
278,860
3.1
%
Tampa
8,034
2,311
2,283
1.2
%
96.0
%
96.8
%
(0.8)
%
223,686
221,799
0.9
%
Orlando
6,325
2,272
2,230
1.9
%
96.6
%
97.1
%
(0.5)
%
174,686
171,649
1.8
%
Jacksonville
1,886
2,190
2,161
1.3
%
96.9
%
97.3
%
(0.4)
%
50,221
49,634
1.2
%
Florida Subtotal
23,955
2,556
2,499
2.3
%
96.4
%
97.0
%
(0.6)
%
736,064
721,942
2.0
%
Southeast United States:
Atlanta
11,724
2,093
2,028
3.2
%
96.4
%
96.9
%
(0.5)
%
290,138
282,391
2.7
%
Carolinas
5,199
2,101
2,044
2.8
%
96.6
%
97.2
%
(0.6)
%
131,954
128,222
2.9
%
Southeast US Subtotal
16,923
2,096
2,033
3.1
%
96.5
%
97.0
%
(0.5)
%
422,092
410,613
2.8
%
Texas:
Houston
1,756
1,918
1,874
2.3
%
96.5
%
97.3
%
(0.8)
%
40,863
40,033
2.1
%
Dallas
2,530
2,288
2,258
1.3
%
95.8
%
96.8
%
(1.0)
%
69,832
69,020
1.2
%
Texas Subtotal
4,286
2,136
2,100
1.7
%
96.1
%
97.0
%
(0.9)
%
110,695
109,053
1.5
%
Midwest United States:
Chicago
2,393
2,499
2,383
4.9
%
96.7
%
97.7
%
(1.0)
%
69,624
67,174
3.6
%
Minneapolis
1,025
2,417
2,312
4.5
%
95.4
%
96.5
%
(1.1)
%
29,322
28,260
3.8
%
Midwest US Subtotal
3,418
2,475
2,362
4.8
%
96.3
%
97.3
%
(1.0)
%
98,946
95,434
3.7
%
Total / Average
76,819
$
2,450
$
2,386
2.7
%
96.8
%
97.3
%
(0.5)
%
$
2,260,662
$
2,207,856
2.4
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 21
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, Q4 2025
Q4 2025
Q4 2024
Change
Q4 2025
Q4 2024
Change
Q4 2025
Q4 2024
Change
Q4 2025
Q4 2024
Western United States:
Southern California
$
63,611
$
61,830
2.9
%
$
16,766
$
16,440
2.0
%
$
46,845
$
45,390
3.2
%
73.6
%
73.4
%
Northern California
32,320
31,873
1.4
%
8,359
8,003
4.4
%
23,961
23,870
0.4
%
74.1
%
74.9
%
Seattle
34,166
33,710
1.4
%
9,172
8,452
8.5
%
24,994
25,258
(1.0)
%
73.2
%
74.9
%
Phoenix
53,576
53,274
0.6
%
10,891
9,562
13.9
%
42,685
43,712
(2.3)
%
79.7
%
82.1
%
Las Vegas
20,032
19,658
1.9
%
4,673
4,549
2.7
%
15,359
15,109
1.7
%
76.7
%
76.9
%
Denver
18,958
18,725
1.2
%
3,952
3,728
6.0
%
15,006
14,997
0.1
%
79.2
%
80.1
%
Western US Subtotal
222,663
219,070
1.6
%
53,813
50,734
6.1
%
168,850
168,336
0.3
%
75.8
%
76.8
%
Florida:
South Florida
71,879
70,239
2.3
%
28,186
27,158
3.8
%
43,693
43,081
1.4
%
60.8
%
61.3
%
Tampa
56,017
54,958
1.9
%
20,780
19,490
6.6
%
35,237
35,468
(0.7)
%
62.9
%
64.5
%
Orlando
43,362
43,237
0.3
%
15,709
15,746
(0.2)
%
27,653
27,491
0.6
%
63.8
%
63.6
%
Jacksonville
12,461
12,455
—
%
4,628
4,416
4.8
%
7,833
8,039
(2.6)
%
62.9
%
64.5
%
Florida Subtotal
183,719
180,889
1.6
%
69,303
66,810
3.7
%
114,416
114,079
0.3
%
62.3
%
63.1
%
Southeast United States:
Atlanta
72,530
71,212
1.9
%
24,837
23,350
6.4
%
47,693
47,862
(0.4)
%
65.8
%
67.2
%
Carolinas
33,035
32,381
2.0
%
9,518
9,265
2.7
%
23,517
23,116
1.7
%
71.2
%
71.4
%
Southeast US Subtotal
105,565
103,593
1.9
%
34,355
32,615
5.3
%
71,210
70,978
0.3
%
67.5
%
68.5
%
Texas:
Houston
10,217
10,024
1.9
%
4,372
4,768
(8.3)
%
5,845
5,256
11.2
%
57.2
%
52.4
%
Dallas
17,387
17,274
0.7
%
5,723
7,020
(18.5)
%
11,664
10,254
13.8
%
67.1
%
59.4
%
Texas Subtotal
27,604
27,298
1.1
%
10,095
11,788
(14.4)
%
17,509
15,510
12.9
%
63.4
%
56.8
%
Midwest United States:
Chicago
17,484
17,058
2.5
%
8,197
7,260
12.9
%
9,287
9,798
(5.2)
%
53.1
%
57.4
%
Minneapolis
7,392
7,067
4.6
%
2,644
2,351
12.5
%
4,748
4,716
0.7
%
64.2
%
66.7
%
Midwest US Subtotal
24,876
24,125
3.1
%
10,841
9,611
12.8
%
14,035
14,514
(3.3)
%
56.4
%
60.2
%
Total / Average
$
564,427
$
554,975
1.7
%
$
178,407
$
171,558
4.0
%
$
386,020
$
383,417
0.7
%
68.4
%
69.1
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 22
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, Q4 2025
Q4 2025
Q3 2025
Change
Q4 2025
Q3 2025
Change
Q4 2025
Q3 2025
Change
Q4 2025
Q3 2025
Western United States:
Southern California
$
63,611
$
63,963
(0.6)
%
$
16,766
$
16,799
(0.2)
%
$
46,845
$
47,164
(0.7)
%
73.6
%
73.7
%
Northern California
32,320
32,433
(0.3)
%
8,359
8,326
0.4
%
23,961
24,107
(0.6)
%
74.1
%
74.3
%
Seattle
34,166
34,467
(0.9)
%
9,172
8,601
6.6
%
24,994
25,866
(3.4)
%
73.2
%
75.0
%
Phoenix
53,576
54,064
(0.9)
%
10,891
12,043
(9.6)
%
42,685
42,021
1.6
%
79.7
%
77.7
%
Las Vegas
20,032
20,106
(0.4)
%
4,673
4,973
(6.0)
%
15,359
15,133
1.5
%
76.7
%
75.3
%
Denver
18,958
19,169
(1.1)
%
3,952
4,148
(4.7)
%
15,006
15,021
(0.1)
%
79.2
%
78.4
%
Western US Subtotal
222,663
224,202
(0.7)
%
53,813
54,890
(2.0)
%
168,850
169,312
(0.3)
%
75.8
%
75.5
%
Florida:
South Florida
71,879
72,103
(0.3)
%
28,186
29,136
(3.3)
%
43,693
42,967
1.7
%
60.8
%
59.6
%
Tampa
56,017
56,095
(0.1)
%
20,780
22,289
(6.8)
%
35,237
33,806
4.2
%
62.9
%
60.3
%
Orlando
43,362
43,724
(0.8)
%
15,709
16,814
(6.6)
%
27,653
26,910
2.8
%
63.8
%
61.5
%
Jacksonville
12,461
12,588
(1.0)
%
4,628
4,712
(1.8)
%
7,833
7,876
(0.5)
%
62.9
%
62.6
%
Florida Subtotal
183,719
184,510
(0.4)
%
69,303
72,951
(5.0)
%
114,416
111,559
2.6
%
62.3
%
60.5
%
Southeast United States:
Atlanta
72,530
72,637
(0.1)
%
24,837
26,588
(6.6)
%
47,693
46,049
3.6
%
65.8
%
63.4
%
Carolinas
33,035
33,005
0.1
%
9,518
10,008
(4.9)
%
23,517
22,997
2.3
%
71.2
%
69.7
%
Southeast US Subtotal
105,565
105,642
(0.1)
%
34,355
36,596
(6.1)
%
71,210
69,046
3.1
%
67.5
%
65.4
%
Texas:
Houston
10,217
10,190
0.3
%
4,372
4,903
(10.8)
%
5,845
5,287
10.6
%
57.2
%
51.9
%
Dallas
17,387
17,376
0.1
%
5,723
7,110
(19.5)
%
11,664
10,266
13.6
%
67.1
%
59.1
%
Texas Subtotal
27,604
27,566
0.1
%
10,095
12,013
(16.0)
%
17,509
15,553
12.6
%
63.4
%
56.4
%
Midwest United States:
Chicago
17,484
17,328
0.9
%
8,197
8,328
(1.6)
%
9,287
9,000
3.2
%
53.1
%
51.9
%
Minneapolis
7,392
7,366
0.4
%
2,644
2,832
(6.6)
%
4,748
4,534
4.7
%
64.2
%
61.6
%
Midwest US Subtotal
24,876
24,694
0.7
%
10,841
11,160
(2.9)
%
14,035
13,534
3.7
%
56.4
%
54.8
%
Total / Average
$
564,427
$
566,614
(0.4)
%
$
178,407
$
187,610
(4.9)
%
$
386,020
$
379,004
1.9
%
68.4
%
66.9
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 23
Supplemental Schedule 5(b) (Continued)
Same Store NOI Growth and Margin Summary — FY
($ in thousands) (unaudited)
Core Revenues
Core Operating Expenses
Net Operating Income
Core NOI Margin
YoY, FY 2025
FY 2025
FY 2024
Change
FY 2025
FY 2024
Change
FY 2025
FY 2024
Change
FY 2025
FY 2024
Western United States:
Southern California
$
253,490
$
243,832
4.0
%
$
66,798
$
67,008
(0.3)
%
$
186,692
$
176,824
5.6
%
73.6
%
72.5
%
Northern California
129,483
125,887
2.9
%
32,974
33,424
(1.3)
%
96,509
92,463
4.4
%
74.5
%
73.4
%
Seattle
137,024
133,789
2.4
%
35,433
33,864
4.6
%
101,591
99,925
1.7
%
74.1
%
74.7
%
Phoenix
216,217
213,702
1.2
%
43,414
41,071
5.7
%
172,803
172,631
0.1
%
79.9
%
80.8
%
Las Vegas
80,251
78,517
2.2
%
18,562
17,944
3.4
%
61,689
60,573
1.8
%
76.9
%
77.1
%
Denver
76,400
75,087
1.7
%
16,122
15,242
5.8
%
60,278
59,845
0.7
%
78.9
%
79.7
%
Western US Subtotal
892,865
870,814
2.5
%
213,303
208,553
2.3
%
679,562
662,261
2.6
%
76.1
%
76.1
%
Florida:
South Florida
287,471
278,860
3.1
%
113,596
110,205
3.1
%
173,875
168,655
3.1
%
60.5
%
60.5
%
Tampa
223,686
221,799
0.9
%
85,500
82,800
3.3
%
138,186
138,999
(0.6)
%
61.8
%
62.7
%
Orlando
174,686
171,649
1.8
%
63,698
62,297
2.2
%
110,988
109,352
1.5
%
63.5
%
63.7
%
Jacksonville
50,221
49,634
1.2
%
18,374
18,088
1.6
%
31,847
31,546
1.0
%
63.4
%
63.6
%
Florida Subtotal
736,064
721,942
2.0
%
281,168
273,390
2.8
%
454,896
448,552
1.4
%
61.8
%
62.1
%
Southeast United States:
Atlanta
290,138
282,391
2.7
%
102,165
95,171
7.3
%
187,973
187,220
0.4
%
64.8
%
66.3
%
Carolinas
131,954
128,222
2.9
%
38,187
36,413
4.9
%
93,767
91,809
2.1
%
71.1
%
71.6
%
Southeast US Subtotal
422,092
410,613
2.8
%
140,352
131,584
6.7
%
281,740
279,029
1.0
%
66.7
%
68.0
%
Texas:
Houston
40,863
40,033
2.1
%
18,190
19,369
(6.1)
%
22,673
20,664
9.7
%
55.5
%
51.6
%
Dallas
69,832
69,020
1.2
%
24,888
28,772
(13.5)
%
44,944
40,248
11.7
%
64.4
%
58.3
%
Texas Subtotal
110,695
109,053
1.5
%
43,078
48,141
(10.5)
%
67,617
60,912
11.0
%
61.1
%
55.9
%
Midwest United States:
Chicago
69,624
67,174
3.6
%
31,634
29,962
5.6
%
37,990
37,212
2.1
%
54.6
%
55.4
%
Minneapolis
29,322
28,260
3.8
%
10,311
9,969
3.4
%
19,011
18,291
3.9
%
64.8
%
64.7
%
Midwest US Subtotal
98,946
95,434
3.7
%
41,945
39,931
5.0
%
57,001
55,503
2.7
%
57.6
%
58.2
%
Total / Average
$
2,260,662
$
2,207,856
2.4
%
$
719,846
$
701,599
2.6
%
$
1,540,816
$
1,506,257
2.3
%
68.2
%
68.2
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 24
Supplemental Schedule 5(c)
Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q4 2025
FY 2025
Renewal
New
Blended
Renewal
New
Blended
Leases
Leases
Average
Leases
Leases
Average
Western United States:
Southern California
4.6
%
2.6
%
4.2
%
6.0
%
4.9
%
5.8
%
Northern California
3.1
%
(0.5)
%
2.3
%
3.3
%
2.2
%
3.1
%
Seattle
0.7
%
0.1
%
0.6
%
2.6
%
2.9
%
2.7
%
Phoenix
4.5
%
(9.4)
%
0.4
%
3.8
%
(4.2)
%
1.4
%
Las Vegas
4.4
%
(4.5)
%
1.8
%
3.8
%
(1.3)
%
2.4
%
Denver
4.5
%
(4.6)
%
1.3
%
4.9
%
1.2
%
3.7
%
Western US Subtotal
3.7
%
(3.6)
%
1.8
%
4.2
%
0.4
%
3.2
%
Florida:
South Florida
4.5
%
(3.8)
%
2.3
%
5.5
%
(1.8)
%
3.6
%
Tampa
3.4
%
(8.1)
%
(0.5)
%
4.0
%
(3.7)
%
1.4
%
Orlando
4.7
%
(5.8)
%
0.7
%
4.4
%
(2.0)
%
2.2
%
Jacksonville
3.9
%
(3.0)
%
1.6
%
3.5
%
(1.6)
%
1.9
%
Florida Subtotal
4.2
%
(5.7)
%
1.1
%
4.7
%
(2.4)
%
2.5
%
Southeast United States:
Atlanta
5.2
%
(3.5)
%
2.6
%
5.4
%
—
%
3.7
%
Carolinas
5.0
%
(3.0)
%
2.6
%
4.9
%
0.6
%
3.6
%
Southeast US Subtotal
5.2
%
(3.4)
%
2.6
%
5.2
%
0.2
%
3.7
%
Texas:
Houston
3.6
%
(5.1)
%
1.0
%
3.6
%
(1.8)
%
2.2
%
Dallas
3.2
%
(6.5)
%
0.3
%
3.2
%
(3.4)
%
1.1
%
Texas Subtotal
3.3
%
(6.0)
%
0.5
%
3.4
%
(2.8)
%
1.5
%
Midwest United States:
Chicago
5.8
%
6.1
%
5.9
%
6.5
%
9.2
%
7.1
%
Minneapolis
7.1
%
1.0
%
5.2
%
7.9
%
3.6
%
6.6
%
Midwest US Subtotal
6.2
%
4.3
%
5.7
%
6.9
%
7.1
%
7.0
%
Total / Average
4.2
%
(4.1)
%
1.8
%
4.6
%
(0.6)
%
3.1
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 25
Supplemental Schedule 6
Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
Total
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
R&M OpEx, net
$
23,934
$
30,429
$
25,928
$
20,154
$
22,600
Turn OpEx, net
10,268
11,641
9,618
8,123
9,008
Total recurring operating expenses, net
$
34,202
$
42,070
$
35,546
$
28,277
$
31,608
R&M CapEx
$
26,328
$
35,453
$
28,620
$
24,867
$
23,785
Turn CapEx
9,941
11,040
9,469
8,456
8,365
Total Recurring Capital Expenditures
$
36,269
$
46,493
$
38,089
$
33,323
$
32,150
R&M OpEx, net + R&M CapEx
$
50,262
$
65,882
$
54,548
$
45,021
$
46,385
Turn OpEx, net + Turn CapEx
20,209
22,681
19,087
16,579
17,373
Total Cost to Maintain, net
$
70,471
$
88,563
$
73,635
$
61,600
$
63,758
Per Home
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Total Cost to Maintain, net
$
917
$
1,153
$
959
$
802
$
830
(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
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Recurring CapEx
$
40,112
$
51,719
$
42,949
$
37,092
$
35,518
Value Enhancing CapEx
14,904
21,370
18,314
13,023
12,361
Initial Renovation CapEx
5,708
6,927
8,269
6,869
7,091
Disposition CapEx
904
862
869
952
1,423
Total Capital Expenditures
$
61,628
$
80,878
$
70,401
$
57,936
$
56,393
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 26
Supplemental Schedule 7
Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management Expense
Q4 2025
Q4 2024
FY 2025
FY 2024
Property management expense (GAAP)
$
39,485
$
39,238
$
149,130
$
137,490
Adjustments:
Share-based compensation expense
(1,640)
(1,245)
(6,419)
(5,830)
Adjusted property management expense
$
37,845
$
37,993
$
142,711
$
131,660
Adjusted G&A Expense
Q4 2025
Q4 2024
FY 2025
FY 2024
G&A expense (GAAP)
$
23,697
$
23,939
$
95,250
$
90,612
Adjustments:
Share-based compensation expense
(5,653)
(5,864)
(21,411)
(22,088)
Severance expense
(352)
(249)
(2,772)
(637)
Adjusted G&A expense
$
17,692
$
17,826
$
71,067
$
67,887
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 27
Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)
September 30, 2025
Q4 2025 Acquisitions (1)
Q4 2025 Dispositions (2)
December 31, 2025
Homes
Homes
Avg. Est.
Homes
Average
Homes
Owned
Acq.
Cost Basis
Sold
Sales Price
Owned
Wholly Owned Portfolio
Western United States:
Southern California
7,154
18
$
527,480
72
$
628,650
7,100
Northern California
4,027
—
—
30
443,028
3,997
Seattle
3,925
—
—
17
551,700
3,908
Phoenix
9,208
—
—
8
266,750
9,200
Las Vegas
3,394
—
—
3
322,033
3,391
Denver
2,915
43
416,477
4
293,500
2,954
Western US Subtotal
30,623
61
449,232
134
538,856
30,550
Florida:
South Florida
8,111
9
414,263
62
450,348
8,058
Tampa
9,678
47
324,155
23
297,435
9,702
Orlando
6,920
54
408,900
1
302,000
6,973
Jacksonville
2,125
34
322,405
1
519,900
2,158
Florida Subtotal
26,834
144
361,153
87
409,017
26,891
Southeast United States:
Atlanta
12,641
19
333,575
36
430,943
12,624
Carolinas
6,138
27
273,840
8
342,500
6,157
Southeast US Subtotal
18,779
46
298,513
44
414,863
18,781
Texas:
Houston
2,511
67
248,273
19
219,921
2,559
Dallas
3,543
30
269,756
19
257,536
3,554
Texas Subtotal
6,054
97
255,803
38
238,728
6,113
Midwest United States:
Chicago
2,453
—
—
5
285,490
2,448
Minneapolis
1,042
—
—
7
246,671
1,035
Midwest US Subtotal
3,495
—
—
12
262,846
3,483
Other (3):
354
20
245,111
—
—
374
Total / Average
86,139
368
$
333,848
315
$
438,955
86,192
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,605
—
$
—
—
$
—
2,605
2022 Rockpoint JV (5)
309
81
321,925
1
760,000
389
FNMA JV (6)
332
—
—
12
395,500
320
Pathway Homes (7)
841
12
394,041
—
—
853
Upward America JV (8)
3,720
—
—
—
—
3,720
2024 Peregrine JV (9)
90
29
346,545
—
—
119
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 28
Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.4%. 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 December 31, 2025, all of these homes were newly-constructed and located in San Antonio, Salt Lake City, Austin, or Nashville.
(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.
Q4 2025 Earnings Release and Supplemental Information — page 29
Supplemental Schedule 8(b)
Expected Development Pipeline of New Homes — As of December 31, 2025
(unaudited)
Pipeline
as of
December 31, 2025 (1)(2)
Estimated
Deliveries
in 2026
Estimated
Deliveries
Thereafter
Avg. Estimated Cost Basis Per Home
Denver
86
86
—
$
420,000
South Florida
1
1
—
410,000
Tampa
117
96
21
300,000
Orlando
250
217
33
400,000
Jacksonville
1
1
—
320,000
Atlanta
109
72
37
330,000
Carolinas
131
71
60
410,000
Houston
87
76
11
310,000
Dallas
40
40
—
250,000
Other
65
65
—
330,000
Total / Average
887
725
162
$
360,000
(1)Represents the number of new homes as of December 31, 2025 that are under contract to be built and delivered during a future period to Invitation Homes or one of our joint ventures.
(2)Pipeline rollforward:
Pipeline as of September 30, 2025
1,002
Q4 2025 additions and cancellations (net)
206
Q4 2025 deliveries
(321)
Pipeline as of December 31, 2025
887
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 30
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.
Q4 2025 Earnings Release and Supplemental Information — page 31
compensation expense; severance expense; casualty losses and reserves, 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.
Q4 2025 Earnings Release and Supplemental Information — page 32
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.
Q4 2025 Earnings Release and Supplemental Information — page 33
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.
Q4 2025 Earnings Release and Supplemental Information — page 34
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.
Q4 2025 Earnings Release and Supplemental Information — page 35
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Total revenues (Total Portfolio)
$
685,250
$
688,166
$
681,401
$
674,479
$
659,130
Management fee revenues
(21,662)
(21,975)
(22,294)
(21,408)
(21,080)
Total portfolio resident recoveries
(45,389)
(46,885)
(40,944)
(44,118)
(38,120)
Total Core Revenues (Total Portfolio)
618,199
619,306
618,163
608,953
599,930
Non-Same Store Core Revenues
(53,772)
(52,692)
(50,579)
(46,916)
(44,955)
Same Store Core Revenues
$
564,427
$
566,614
$
567,584
$
562,037
$
554,975
Reconciliation of Total Revenues to Same Store Core Revenues, FY
(in thousands) (unaudited)
FY 2025
FY 2024
Total revenues (Total Portfolio)
$
2,729,296
$
2,618,942
Management fee revenues
(87,339)
(69,978)
Total portfolio resident recoveries
(177,336)
(155,429)
Total Core Revenues (Total Portfolio)
2,464,621
2,393,535
Non-Same Store Core Revenues
(203,959)
(185,679)
Same Store Core Revenues
$
2,260,662
$
2,207,856
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Property operating and maintenance expenses (Total Portfolio)
$
244,823
$
259,037
$
244,278
$
237,449
$
228,464
Total Portfolio resident recoveries
(45,389)
(46,885)
(40,944)
(44,118)
(38,120)
Core Operating Expenses (Total Portfolio)
199,434
212,152
203,334
193,331
190,344
Non-Same Store Core Operating Expenses
(21,027)
(24,542)
(22,259)
(20,577)
(18,786)
Same Store Core Operating Expenses
$
178,407
$
187,610
$
181,075
$
172,754
$
171,558
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY
(in thousands) (unaudited)
FY 2025
FY 2024
Property operating and maintenance expenses (Total Portfolio)
$
985,587
$
935,273
Total Portfolio resident recoveries
(177,336)
(155,429)
Core Operating Expenses (Total Portfolio)
808,251
779,844
Non-Same Store Core Operating Expenses
(88,405)
(78,245)
Same Store Core Operating Expenses
$
719,846
$
701,599
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 36
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Net income available to common stockholders
$
144,308
$
136,474
$
140,665
$
165,517
$
142,941
Net income available to participating securities
246
264
222
228
169
Non-controlling interests
496
472
480
537
460
Interest expense
90,878
90,781
87,414
84,254
95,158
Depreciation and amortization
189,875
188,457
185,455
183,146
181,912
Property management expense
39,485
37,073
35,833
36,739
39,238
General and administrative
23,697
18,444
23,591
29,518
23,939
Casualty losses, impairment, and other
311
3,420
3,029
4,683
47,563
Gain on sale of property, net of tax
(54,463)
(45,515)
(46,591)
(71,666)
(103,019)
Other, net (1)
1,877
1,389
2,223
(1,144)
(3,360)
Management fee revenues
(21,662)
(21,975)
(22,294)
(21,408)
(21,080)
(Income) losses from investments in unconsolidated joint ventures
3,717
(2,130)
4,802
5,218
5,665
NOI (Total Portfolio)
418,765
407,154
414,829
415,622
409,586
Non-Same Store NOI
(32,745)
(28,150)
(28,320)
(26,339)
(26,169)
Same Store NOI
$
386,020
$
379,004
$
386,509
$
389,283
$
383,417
Reconciliation of Net Income to Same Store NOI, FY
(in thousands) (unaudited)
FY 2025
FY 2024
Net income available to common stockholders
$
586,964
$
453,164
Net income available to participating securities
960
753
Non-controlling interests
1,985
1,448
Interest expense
353,327
366,070
Depreciation and amortization
746,933
714,326
Property management expense
149,130
137,490
General and administrative
95,250
90,612
Casualty losses, impairment, and other
11,443
82,925
Gain on sale of property, net of tax
(218,235)
(244,550)
Other, net (1)
4,345
52,986
Management fee revenues
(87,339)
(69,978)
Losses from investments in unconsolidated joint ventures
11,607
28,445
NOI (Total Portfolio)
1,656,370
1,613,691
Non-Same Store NOI
(115,554)
(107,434)
Same Store NOI
$
1,540,816
$
1,506,257
(1)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, gains and losses resulting from investments in equity securities, and other miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 37
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q4 2025
Q4 2024
FY 2025
FY 2024
Net income available to common stockholders
$
144,308
$
142,941
$
586,964
$
453,164
Net income available to participating securities
246
169
960
753
Non-controlling interests
496
460
1,985
1,448
Interest expense
90,878
95,158
353,327
366,070
Interest expense in unconsolidated joint ventures
6,490
5,363
25,312
26,333
Depreciation and amortization
189,875
181,912
746,933
714,326
Depreciation and amortization of investments in unconsolidated joint ventures
4,424
3,502
16,361
13,377
EBITDA
436,717
429,505
1,731,842
1,575,471
Gain on sale of property, net of tax
(54,463)
(103,019)
(218,235)
(244,550)
Impairment on depreciated real estate investments
223
176
657
506
Net (gain) loss on sale of investments in unconsolidated joint ventures
(1,586)
930
(8,461)
1,215
EBITDAre
380,891
327,592
1,505,803
1,332,642
Share-based compensation expense
7,293
7,109
27,830
27,918
Severance expense
352
249
2,772
637
Casualty losses and reserves, net (1)
125
47,526
10,924
82,700
Other, net (2)
1,877
(3,360)
4,345
52,986
Adjusted EBITDAre
$
390,538
$
379,116
$
1,551,674
$
1,496,883
(1)Includes our share from unconsolidated joint ventures.
(2)Includes settlement and other costs related to certain litigation and regulatory matters, interest income, gains and losses resulting from investments in equity securities, and other miscellaneous income and expenses.
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As of
As of
December 31, 2025
December 31, 2024
Secured debt, net
$
1,384,114
$
1,385,573
Unsecured notes, net
4,398,921
3,800,688
Term loan facility, net
2,451,985
2,446,041
Revolving facility
145,000
570,000
Total Debt per Balance Sheet
8,380,020
8,202,302
Retained and repurchased certificates
(55,499)
(55,499)
Cash, ex-security deposits and letters of credit (1)
(167,472)
(235,649)
Deferred financing costs, net
54,208
60,559
Unamortized discounts on notes payable
24,171
24,336
Net Debt (A)
$
8,235,428
$
7,996,049
For the TTM Ended
For the TTM Ended
December 31, 2025
December 31, 2024
Adjusted EBITDAre (B)
$
1,551,674
$
1,496,883
Net Debt / TTM Adjusted EBITDAre (A / B)
5.3
x
5.3
x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 38
Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q4 2025
Q4 2024
FY 2025
FY 2024
Amortization of discounts on notes payable
$
893
$
764
$
3,303
$
2,765
Amortization of deferred financing costs
5,444
5,188
21,503
18,598
Change in fair value of interest rate derivatives
—
—
—
1
Amortization of swap fair value at designation
553
5,252
(4,988)
12,418
Our share from unconsolidated joint ventures
1,432
1,270
6,990
10,899
Total non-cash interest expense
$
8,322
$
12,474
$
26,808
$
44,681
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2025 Earnings Release and Supplemental Information — page 39
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 | 6 | — | — |
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