EX-99.12q22026supplemental.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.
Q2 2026 Earnings Release and Supplemental Information — page 2
Earnings Press Release
Invitation Homes Reports Second Quarter 2026 Results
Dallas, TX, July 29, 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 Second Quarter (“Q2”) 2026 financial and operating results.
Q2 2026 Highlights
•Year over year, total revenues increased 9.7% to $748 million, property operating and maintenance costs increased 4.7% to $256 million, and net income available to common stockholders increased 55.1% to $218 million, or $0.37 per diluted common share.
•Year over year, Core FFO per share increased 5.0% to $0.51, while AFFO per share increased 5.9% to $0.44.
•Same Store NOI increased 1.5% year over year on 1.6% Same Store Core Revenues growth and 1.9% Same Store Core Operating Expenses growth.
•Same Store Average Occupancy was 97.1%, an expected reduction of 20 basis points year over year.
•Same Store renewal rent growth of 3.3% and Same Store new lease rent growth of 1.1% resulted in Same Store blended rent growth of 2.7%.
•We disposed of 657 wholly owned homes, many to families purchasing for their own use, and acquired 196 wholly owned homes, for net dispositions of 461 homes and net proceeds of approximately $234 million that were used for second quarter share repurchases and paying down debt that partially funded our first quarter share repurchases.
•During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30.
•At quarter end, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. As of June 30, 2026, our net debt / TTM adjusted EBITDAre was 5.4x, below our targeted range of 5.5x to 6.0x.
•As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027.
•Reflecting our year to date performance, we have raised our full year 2026 guidance by one cent at the midpoint for both Core FFO per share and AFFO per share to $1.95 and $1.65, respectively. We have also narrowed our Same Store Core Revenue growth and Same Store NOI growth guidance ranges, while holding both midpoints unchanged, and increased our wholly owned disposition guidance midpoint by $300 million to $850 million, driven by continued favorable private market valuations relative to public market pricing.
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.
Comments from Chief Executive Officer Dallas Tanner
“We delivered another quarter of strong operational execution thanks to our caring associates and loyal residents. New lease rent growth accelerated every month through June this year, and demand for high-quality rental homes remains healthy across our markets, particularly as leasing a home now costs an average of over $1,000 less per month than owning, according to data from John Burns. We continue to sell homes at prices well above what is implied by our current stock price, and since December, we have repurchased $600 million of our own shares. Given this performance, we have raised our full-year guidance by a penny at the midpoint for both Core FFO per share and AFFO per share, to $1.95 and $1.65, respectively.”
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 3
Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Net income
$
0.37
$
0.23
$
0.63
$
0.50
FFO
0.46
0.45
0.90
0.90
Core FFO
0.51
0.48
0.99
0.97
AFFO
0.44
0.41
0.85
0.84
Net Income
Net income per common share — diluted for Q2 2026 was $0.37, compared to net income per common share — diluted of $0.23 for Q2 2025. Total revenues and total property operating and maintenance expenses for Q2 2026 were $748 million and $256 million, respectively, compared to $681 million and $244 million, respectively, for Q2 2025.
Net income per common share — diluted for YTD 2026 was $0.63, compared to net income per share — diluted of $0.50 for YTD 2025. Total revenues and total property operating and maintenance expenses for YTD 2026 were $1,482 million and $507 million, respectively, compared to $1,356 million and $482 million, respectively, for YTD 2025.
Core FFO
Year over year, Core FFO per share for Q2 2026 increased 5.0% to $0.51, while Core FFO per share for YTD 2026 increased 1.9% to $0.99, primarily due to NOI growth, stock repurchases, and our acquisition of ResiBuilt in January 2026.
AFFO
Year over year, AFFO per share for Q2 2026 increased 5.9% to $0.44, while AFFO per share for YTD 2026 increased 1.6% to $0.85, 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.
Q2 2026 Earnings Release and Supplemental Information — page 4
Operating Results
Same Store Operating Results Snapshot
Number of Homes, period-end
Q2 2026
Total Portfolio
85,509
Number of homes in Same Store Portfolio:
77,326
Same Store % of Total
90.4
%
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Core Revenues growth (year over year)
1.6
%
1.7
%
Core Operating Expenses growth (year over year)
1.9
%
3.7
%
NOI growth (year over year)
1.5
%
0.7
%
Average Occupancy
97.1
%
97.3
%
96.7
%
97.3
%
Bad Debt % of gross rental revenue
0.6
%
0.6
%
0.6
%
0.6
%
Turnover Rate
5.7
%
6.2
%
11.0
%
11.2
%
Rental Rate Growth (lease-over-lease):
Renewals
3.3
%
4.7
%
3.5
%
4.9
%
New leases
1.1
%
2.1
%
(1.1)
%
1.0
%
Blended
2.7
%
4.0
%
2.2
%
3.8
%
Same Store NOI
For the Same Store Portfolio of 77,326 homes, Same Store NOI for Q2 2026 increased 1.5% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 1.9%.
YTD 2026 Same Store NOI increased 0.7% year over year on Same Store Core Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 3.7%.
Same Store Core Revenues
Q2 2026 year over year Same Store Core Revenues growth of 1.6% was primarily driven by a 2.0% increase in Average Monthly Rent, partially offset by a 20 basis point year over year decrease in Average Occupancy.
YTD 2026 year over year Same Store Core Revenues growth of 1.7% was primarily driven by a 2.1% increase in Average Monthly Rent and a 4.7% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decrease in Average Occupancy.
Same Store Core Operating Expenses
Q2 2026 year over year Same Store Core Operating Expenses increased 1.9%, primarily attributable to a 3.5% increase in fixed expenses, partially offset by a 1.0% decrease in controllable expenses.
YTD 2026 year over year Same Store Core Operating Expenses increased 3.7%, primarily driven by a 3.1% increase in fixed expenses and a 4.8% increase in controllable expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 5
Investment, Property Management, and Homebuilding Activity
During Q2 2026, we sold 657 wholly owned homes, many to families purchasing for their own use, for gross proceeds of approximately $309 million, and we sold 14 homes for gross proceeds of approximately $6 million in our joint ventures. Acquisitions for Q2 2026 included 196 wholly owned homes for approximately $74 million and 67 homes for approximately $23 million in our joint ventures.
YTD 2026, we sold 1,140 wholly owned homes for gross proceeds of approximately $515 million and 24 homes for gross proceeds of approximately $11 million in our joint ventures. We also acquired 457 wholly owned homes for approximately $165 million and 87 homes for approximately $31 million in our joint ventures.
A summary of our owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed as of June 30, 2026
Number of Homes Owned and/or Managed as of 3/31/2026
Acquired or Added In
Q2 2026
Disposed or Subtracted In Q2 2026
Number of Homes Owned and/or Managed as of 6/30/2026
Wholly owned homes
85,970
196
(657)
85,509
Joint venture owned homes
8,016
67
(14)
8,069
Managed-only homes
15,759
—
(120)
15,639
Total homes owned and/or managed
109,745
263
(791)
109,217
Balance Sheet and Capital Markets Activity
As of June 30, 2026, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,593 million consisted of 83.8% unsecured debt and 16.2% secured debt; 92.4% 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 5.4x, below our targeted range of 5.5x to 6.0x.
During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30.
As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027.
FY 2026 Guidance
We have raised our full year 2026 guidance, increasing Core FFO per share and AFFO per share midpoints by one cent each to $1.95 and $1.65, respectively, as set forth below, in addition to our other underlying assumptions.
In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss) per share, 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,
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 6
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
Current Guidance Range
Current
Guidance Midpoint
Prior Guidance Midpoint
Change in Guidance Midpoint
G1Core FFO per share — diluted
$1.92 - $1.98
$1.95
$1.94
$0.01
G2AFFO per share — diluted
$1.62 - $1.68
$1.65
$1.64
$0.01
G3Same Store Core Revenues growth (1)
1.5% - 2.3%
1.9%
1.9%
—%
G4Same Store Core Operating Expenses growth (2)
3.0% - 4.0%
3.5%
3.5%
—%
G5Same Store NOI growth
0.4% - 1.9%
1.15%
1.15%
—%
G6Wholly owned acquisitions (3)
$150 - $350 million
$250 million
$250 million
$— million
G7JV acquisitions (3)
$50 - $150 million
$100 million
$100 million
$— million
G8Wholly owned dispositions
$750 - $950 million
$850 million
$550 million
$300 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 5% to 7%; and (iii) all other expenses in a range of approximately 1% to 2%.
(3)Excludes our acquisition of ResiBuilt in January 2026.
Earnings Conference Call Information
We have scheduled a conference call at 11:00 a.m. Eastern Time on July 30, 2026, to review Q2 2026 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, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 7
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, 2025 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in our other periodic filings.
The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 8
Consolidated Balance Sheets
($ in thousands, except shares and per share data)
June 30, 2026
December 31, 2025
(unaudited)
Assets:
Investments in single-family residential properties, net
$
16,884,643
$
17,274,622
Cash and cash equivalents
75,786
129,971
Restricted cash
251,497
224,894
Goodwill
314,154
258,207
Investments in unconsolidated joint ventures
252,049
254,561
Other assets, net
670,181
538,035
Total assets
$
18,448,310
$
18,680,290
Liabilities:
Secured debt, net
$
1,385,098
$
1,384,114
Unsecured notes, net
4,402,839
4,398,921
Term loan facilities, net
2,458,754
2,451,985
Revolving facility
280,000
145,000
Accounts payable and accrued expenses
325,118
230,350
Resident security deposits
186,916
184,536
Other liabilities
316,974
317,492
Total liabilities
9,355,699
9,112,398
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025
—
—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 590,613,522 and 610,788,732 outstanding as of June 30, 2026 and December 31, 2025, respectively
5,906
6,108
Additional paid-in capital
10,604,456
11,128,590
Accumulated deficit
(1,588,885)
(1,610,981)
Accumulated other comprehensive income
32,940
6,415
Total stockholders’ equity
9,054,417
9,530,132
Non-controlling interests
38,194
37,760
Total equity
9,092,611
9,567,892
Total liabilities and equity
$
18,448,310
$
18,680,290
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 9
Consolidated Statements of Operations
($ in thousands, except shares and per share amounts) (unaudited)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Revenues:
Rental revenues
$
602,985
$
592,509
$
1,200,682
$
1,177,703
Other property income
75,367
66,598
148,185
134,475
Management fee revenues
19,738
22,294
39,590
43,702
Homebuilding revenues
49,460
—
93,205
—
Total revenues
747,550
681,401
1,481,662
1,355,880
Expenses:
Property operating and maintenance
255,712
244,278
506,846
481,727
Property management expense
37,726
35,833
77,051
72,572
Homebuilding cost of sales
42,215
—
81,349
0
—
General and administrative
29,332
23,591
61,651
53,109
Interest expense
93,987
87,414
189,300
171,668
Depreciation and amortization
194,299
185,455
387,441
368,601
Casualty losses, impairment, and other
4,236
3,029
8,581
7,712
Total expenses
657,507
579,600
1,312,219
1,155,389
Gain on sale of property, net of tax
132,308
46,591
219,402
118,257
Losses from investments in unconsolidated joint ventures
(2,402)
(4,802)
(5,487)
(10,020)
Other, net
(298)
(2,223)
(2,642)
(1,079)
Net income
219,651
141,367
380,716
307,649
Net income attributable to non-controlling interests
(804)
(480)
(1,361)
(1,017)
Net income attributable to common stockholders
218,847
140,887
379,355
306,632
Net income available to participating securities
(675)
(222)
(1,383)
(450)
Net income available to common stockholders — basic and diluted
$
218,172
$
140,665
$
377,972
$
306,182
Weighted average common shares outstanding — basic
592,411,226
613,048,193
599,166,723
612,913,649
Weighted average common shares outstanding — diluted
592,497,804
613,261,904
599,328,126
613,312,641
Net income per common share — basic
$
0.37
$
0.23
$
0.63
$
0.50
Net income per common share — diluted
$
0.37
$
0.23
$
0.63
$
0.50
Dividends declared per common share
$
0.30
$
0.29
$
0.60
$
0.58
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Net income available to common stockholders
$
218,172
$
140,665
$
377,972
$
306,182
Net income available to participating securities
675
222
1,383
450
Non-controlling interests
804
480
1,361
1,017
Depreciation and amortization of real estate assets
185,400
181,059
370,323
360,122
Impairment on depreciated real estate investments
961
36
1,430
99
Net gain on sale of previously depreciated investments in real estate
(132,308)
(46,591)
(219,402)
(118,257)
Depreciation and net gain on sale of investments in unconsolidated joint ventures
2,877
3,510
5,919
7,008
FFO
$
276,581
$
279,381
$
538,986
$
556,621
Core FFO Reconciliation
Q2 2026
Q2 2025
YTD 2026
YTD 2025
FFO
$
276,581
$
279,381
$
538,986
$
556,621
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
7,847
5,724
18,476
9,358
Share-based compensation expense
9,346
8,464
20,046
18,621
Amortization of intangible assets
2,697
—
5,110
—
Business reorganization costs (2)
1,279
35
2,780
2,420
Casualty losses and reserves, net (1)
3,358
3,000
7,293
7,683
Losses on investments in equity and other securities, net
126
90
339
311
Core FFO
$
301,234
$
296,694
$
593,030
$
595,014
AFFO Reconciliation
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Core FFO
$
301,234
$
296,694
$
593,030
$
595,014
Recurring Capital Expenditures (1)
(41,800)
(43,272)
(82,273)
(80,619)
AFFO
$
259,434
$
253,422
$
510,757
$
514,395
Net income available to common stockholders
Weighted average common shares outstanding — diluted
592,497,804
613,261,904
599,328,126
613,312,641
Net income per common share — diluted
$
0.37
$
0.23
$
0.63
$
0.50
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted
595,159,443
615,771,167
601,939,999
615,703,901
FFO per share — diluted
$
0.46
$
0.45
$
0.90
$
0.90
Core FFO per share — diluted
$
0.51
$
0.48
$
0.99
$
0.97
AFFO per share — diluted
$
0.44
$
0.41
$
0.85
$
0.84
(1)Includes our share from unconsolidated joint ventures.
(2)Includes severance, restructuring, acquisition, and integration costs.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 11
Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Common shares — basic
592,411,226
613,048,193
599,166,723
612,913,649
Shares potentially issuable from vesting/conversion of equity-based awards
86,578
213,711
161,403
398,992
Total common shares — diluted
592,497,804
613,261,904
599,328,126
613,312,641
Weighted average amounts for FFO, Core FFO, and AFFO
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Common shares — basic
592,411,226
613,048,193
599,166,723
612,913,649
OP units — basic
2,196,519
2,095,013
2,149,028
2,031,655
Shares potentially issuable from vesting/conversion of equity-based awards
551,698
627,961
624,248
758,597
Total common shares and units — diluted
595,159,443
615,771,167
601,939,999
615,703,901
Period end amounts for Core FFO and AFFO
June 30, 2026
Common shares
590,613,522
OP units
2,196,519
Shares potentially issuable from vesting/conversion of equity-based awards
1,463,520
Total common shares and units — diluted
594,273,561
Share Repurchase Program
($ in thousands, except shares and per share data) (unaudited)
Period
Shares Repurchased
Purchase
Price
Average Price
Per Share
Q4 2025
2,232,685
$
61,235
$
27.43
Q1 2026
17,101,046
438,765
25.66
Q2 2026
3,478,690
100,000
28.75
Total / Average
22,812,421
$
600,000
$
26.30
Remaining Authorization as of June 30, 2026 (1)
$
400,000
(1)As of March 31, 2026, we fully utilized the $500 million share repurchase authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new share repurchase program to repurchase up to an additional $500 million of outstanding common shares. All repurchased shares are constructively retired and returned to an authorized and unissued status.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 12
Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of June 30, 2026
($ in thousands) (unaudited)
Wtd Avg
Wtd Avg
Interest
Years to
Debt Structure
Balance
% of Total
Rate (1)
Maturity (2)(7)
Secured:
Fixed (3)
$
1,388,238
16.2
%
4.0
%
2.1
Floating — swapped to fixed
—
—
%
—
%
—
Floating
—
—
%
—
%
—
Total secured (7)
1,388,238
16.2
%
4.0
%
2.1
Unsecured:
Fixed (7)
4,450,000
51.8
%
3.8
%
5.8
Floating — swapped to fixed
2,100,000
24.4
%
3.9
%
3.3
Floating
655,000
7.6
%
4.5
%
3.6
Total unsecured (7)
7,205,000
83.8
%
3.9
%
4.8
Total Debt:
Fixed + floating swapped to fixed (3)
7,938,238
92.4
%
3.9
%
4.5
Floating
655,000
7.6
%
4.5
%
3.6
Total debt
8,593,238
100.0
%
3.9
%
4.4
Unamortized discounts on notes payable
(22,365)
Deferred financing costs, net
(44,182)
Total debt per Balance Sheet
8,526,691
Retained and repurchased certificates
(55,499)
Cash, ex-security deposits and letters of credit (4)
(137,316)
Deferred financing costs, net
44,182
Unamortized discounts on notes payable
22,365
Net debt
$
8,400,423
Leverage Ratios
June 30, 2026
Net Debt / TTM Adjusted EBITDAre
5.4
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
30.1
%
≤ 60%
Aggregate debt ratio
36.1
%
≤ 65%
Secured leverage ratio
5.9
%
≤ 45%
Secured debt ratio
5.6
%
≤ 40%
Unencumbered leverage ratio
28.3
%
≤ 60%
Unencumbered assets ratio
298.0
%
≥ 150%
Fixed charge coverage ratio
4.4x
≥ 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.
Q2 2026 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 June 30, 2026. 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.
(7)Subsequent to quarter end on July 8, 2026, we closed a public offering of $500 million aggregate principal amount of 4.950% senior notes, which were priced at 99.291% of the principal amount and mature on February 1, 2032. Proceeds from the offering were used to prepay secured debt. On a pro forma basis, the refinancing activity has the following impact to our debt structure:
a.Total secured debt balance decreases from $1,388,238 to $900,238.
b.Total fixed unsecured debt balance increases from $4,450,000 to $4,950,000.
c.Total unsecured debt balance increases from $7,205,000 to $7,705,000.
d.Weighted average years to maturity for total debt increases from 4.4 to 4.7 years.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 14
Supplemental Schedule 2(c)
Debt Maturity Schedule — As of June 30, 2026
($ in thousands) (unaudited)
Unsecured Debt
Secured
Unsecured
Term Loan
Revolving
% of
Debt Maturities, with Extensions (1)(2)
Debt
Notes
Facilities
Facility
Total
Total
2026
$
—
$
—
$
—
$
—
$
—
—
%
2027
987,852
—
—
—
987,852
11.5
%
2028
—
750,000
—
—
750,000
8.7
%
2029
—
—
1,750,000
280,000
2,030,000
23.6
%
2030
—
450,000
725,000
—
1,175,000
13.7
%
2031
400,386
650,000
—
—
1,050,386
12.2
%
2032
—
600,000
—
—
600,000
7.0
%
2033
—
950,000
—
—
950,000
11.1
%
2034
—
400,000
—
—
400,000
4.7
%
2035
—
500,000
—
—
500,000
5.8
%
2036
—
150,000
—
—
150,000
1.7
%
1,388,238
4,450,000
2,475,000
280,000
8,593,238
100.0
%
Unamortized discounts on notes payable
(352)
(22,013)
—
—
(22,365)
Deferred financing costs, net
(2,788)
(25,148)
(16,246)
—
(44,182)
Total per Balance Sheet
$
1,385,098
$
4,402,839
$
2,458,754
$
280,000
$
8,526,691
(1)Assumes all extension options are exercised.
(2)Subsequent to quarter end on July 8, 2026, we closed a public offering of $500 million aggregate principal amount of 4.950% senior notes, which were priced at 99.291% of the principal amount and mature on February 1, 2032. Proceeds from the offering were used to prepay secured debt. On a pro forma basis, the refinancing activity has the following impact to our debt structure:
a.The amount of secured debt maturing in 2027 declines from $987,852 to $499,852.
b.The amount of unsecured debt maturing in 2032 increases from $600,000 to $1,100,000.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 15
Supplemental Schedule 3(a)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
Change
Change
Change
Q2 2026
Q2 2025
YoY
Q1 2026
Seq
YTD 2026
YTD 2025
YoY
Revenues:
Rental revenues (1)
$
554,805
$
545,420
1.7
%
$
548,910
1.1
%
$
1,103,715
$
1,086,997
1.5
%
Other property income, net (1)(2)
23,365
23,484
(0.5)
%
24,155
(3.3)
%
47,520
45,378
4.7
%
Core Revenues
578,170
568,904
1.6
%
573,065
0.9
%
1,151,235
1,132,375
1.7
%
Fixed Expenses:
Property taxes
100,988
97,506
3.6
%
101,261
(0.3)
%
202,249
195,145
3.6
%
Insurance expenses
9,016
9,795
(8.0)
%
9,434
(4.4)
%
18,450
19,756
(6.6)
%
HOA expenses
11,287
9,888
14.1
%
10,726
5.2
%
22,013
20,425
7.8
%
Total Fixed Expenses
121,291
117,189
3.5
%
121,421
(0.1)
%
242,712
235,326
3.1
%
Controllable Expenses:
Repairs and maintenance, net (3)
26,902
25,822
4.2
%
23,087
16.5
%
49,989
45,877
9.0
%
Personnel, leasing and marketing
19,906
20,497
(2.9)
%
20,366
(2.3)
%
40,272
41,435
(2.8)
%
Turnover, net (3)
10,405
9,682
7.5
%
9,427
10.4
%
19,832
17,800
11.4
%
Utilities and property administrative, net (3)
6,536
8,396
(22.2)
%
8,407
(22.3)
%
14,943
14,194
5.3
%
Total Controllable Expenses
63,749
64,397
(1.0)
%
61,287
4.0
%
125,036
119,306
4.8
%
Core Operating Expenses
185,040
181,586
1.9
%
182,708
1.3
%
367,748
354,632
3.7
%
Net Operating Income
$
393,130
$
387,318
1.5
%
$
390,357
0.7
%
$
783,487
$
777,743
0.7
%
(1)All rental revenues and other property income are reflected net of Bad Debt.
(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $44,975, $37,460, $41,723, $86,698, and $78,201 for Q2 2026, Q2 2025, Q1 2026, YTD 2026, and YTD 2025, respectively.
(3)These expenses are presented net of applicable resident recoveries.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 16
Supplemental Schedule 3(b)
Same Store Quarterly Operating Trends
(unaudited)
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Average Occupancy
97.1
%
96.3
%
96.0
%
96.5
%
97.3
%
Turnover Rate
5.7
%
5.3
%
5.6
%
6.3
%
6.2
%
Trailing four quarters Turnover Rate
22.9
%
23.4
%
23.0
%
N/A
N/A
Average Monthly Rent
$
2,480
$
2,471
$
2,461
$
2,449
$
2,431
Rental Rate Growth (lease-over-lease):
Renewals
3.3
%
3.7
%
4.2
%
4.5
%
4.7
%
New leases
1.1
%
(3.0)
%
(4.2)
%
(0.7)
%
2.1
%
Blended
2.7
%
1.6
%
1.8
%
2.9
%
4.0
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 17
Supplemental Schedule 4
Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2026 (1)
(unaudited)
Number of Homes
Average Occupancy
Average Monthly Rent
Average Monthly Rent PSF
Percent of Revenue
Western United States:
Southern California
6,834
96.0
%
$
3,276
$
1.91
10.5
%
Northern California
3,889
96.7
%
2,832
1.79
5.3
%
Seattle
3,869
97.4
%
3,004
1.57
5.6
%
Phoenix
9,160
96.7
%
2,086
1.23
9.2
%
Las Vegas
3,378
97.0
%
2,275
1.16
3.6
%
Denver
3,038
94.8
%
2,634
1.43
3.7
%
Western US Subtotal
30,168
96.5
%
2,647
1.50
37.9
%
Florida:
South Florida
7,841
95.7
%
3,170
1.70
11.6
%
Tampa
9,610
95.5
%
2,295
1.22
10.8
%
Orlando
7,050
95.3
%
2,299
1.23
7.8
%
Jacksonville
2,133
96.5
%
2,196
1.12
2.3
%
Florida Subtotal
26,634
95.6
%
2,547
1.35
32.5
%
Southeast United States:
Atlanta
12,561
95.8
%
2,133
1.03
12.7
%
Carolinas
6,130
96.1
%
2,127
1.02
6.2
%
Southeast US Subtotal
18,691
95.9
%
2,131
1.02
18.9
%
Texas:
Houston
2,594
94.8
%
1,939
0.98
2.4
%
Dallas
3,546
94.2
%
2,238
1.11
3.8
%
Texas Subtotal
6,140
94.5
%
2,111
1.06
6.2
%
Midwest United States:
Chicago
2,429
96.2
%
2,622
1.63
2.9
%
Minneapolis
1,024
95.9
%
2,499
1.28
1.2
%
Midwest US Subtotal
3,453
96.1
%
2,586
1.51
4.1
%
Other (2):
423
89.6
%
1,993
1.05
0.4
%
Total / Average
85,509
95.9
%
$
2,460
$
1.31
100.0
%
Same Store Total / Average
77,326
97.1
%
$
2,480
$
1.32
91.9
%
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)Includes homes located in San Antonio, Salt Lake City, Austin, and Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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, Q2 2026
# Homes
Q2 2026
Q2 2025
Change
Q2 2026
Q2 2025
Change
Q2 2026
Q2 2025
Change
Western United States:
Southern California
6,223
$
3,276
$
3,174
3.2
%
99.3
%
98.7
%
0.6
%
$
62,095
$
59,958
3.6
%
Northern California
3,704
2,832
2,781
1.8
%
98.8
%
98.6
%
0.2
%
31,856
31,360
1.6
%
Seattle
3,826
3,005
2,941
2.2
%
98.0
%
98.1
%
(0.1)
%
34,536
33,992
1.6
%
Phoenix
8,721
2,079
2,062
0.8
%
97.2
%
97.8
%
(0.6)
%
55,515
55,526
—
%
Las Vegas
3,042
2,273
2,238
1.6
%
97.4
%
97.5
%
(0.1)
%
21,059
20,761
1.4
%
Denver
2,429
2,654
2,617
1.4
%
96.4
%
97.3
%
(0.9)
%
19,320
19,238
0.4
%
Western US Subtotal
27,945
2,647
2,594
2.0
%
97.9
%
98.1
%
(0.2)
%
224,381
220,835
1.6
%
Florida:
South Florida
7,518
3,189
3,118
2.3
%
97.0
%
96.9
%
0.1
%
71,838
70,055
2.5
%
Tampa
8,316
2,316
2,307
0.4
%
96.3
%
96.0
%
0.3
%
58,410
58,090
0.6
%
Orlando
6,518
2,297
2,267
1.3
%
96.6
%
97.2
%
(0.6)
%
45,652
45,272
0.8
%
Jacksonville
1,924
2,223
2,190
1.5
%
96.9
%
96.9
%
—
%
13,017
12,887
1.0
%
Florida Subtotal
24,276
2,575
2,539
1.4
%
96.7
%
96.7
%
—
%
188,917
186,304
1.4
%
Southeast United States:
Atlanta
11,810
2,132
2,086
2.2
%
96.4
%
97.1
%
(0.7)
%
74,898
73,388
2.1
%
Carolinas
5,342
2,146
2,091
2.6
%
96.8
%
97.3
%
(0.5)
%
34,623
34,127
1.5
%
Southeast US Subtotal
17,152
2,136
2,088
2.3
%
96.5
%
97.2
%
(0.7)
%
109,521
107,515
1.9
%
Texas:
Houston
1,899
1,943
1,930
0.7
%
96.9
%
96.7
%
0.2
%
11,276
11,179
0.9
%
Dallas
2,642
2,292
2,282
0.4
%
95.6
%
96.6
%
(1.0)
%
18,247
18,332
(0.5)
%
Texas Subtotal
4,541
2,145
2,135
0.5
%
96.1
%
96.6
%
(0.5)
%
29,523
29,511
—
%
Midwest United States:
Chicago
2,376
2,622
2,471
6.1
%
97.0
%
97.1
%
(0.1)
%
18,152
17,315
4.8
%
Minneapolis
1,010
2,501
2,400
4.2
%
96.4
%
96.8
%
(0.4)
%
7,501
7,251
3.4
%
Midwest US Subtotal
3,386
2,586
2,450
5.6
%
96.9
%
97.0
%
(0.1)
%
25,653
24,566
4.4
%
Other (1):
26
2,200
2,187
0.6
%
95.9
%
96.7
%
(0.8)
%
175
173
1.2
%
Total / Average
77,326
$
2,480
$
2,431
2.0
%
97.1
%
97.3
%
(0.2)
%
$
578,170
$
568,904
1.6
%
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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, Q2 2026
# Homes
Q2 2026
Q1 2026
Change
Q2 2026
Q1 2026
Change
Q2 2026
Q1 2026
Change
Western United States:
Southern California
6,223
$
3,276
$
3,252
0.7
%
99.3
%
98.2
%
1.1
%
$
62,095
$
61,280
1.3
%
Northern California
3,704
2,832
2,821
0.4
%
98.8
%
98.0
%
0.8
%
31,856
31,645
0.7
%
Seattle
3,826
3,005
2,973
1.1
%
98.0
%
97.5
%
0.5
%
34,536
34,110
1.2
%
Phoenix
8,721
2,079
2,077
0.1
%
97.2
%
96.4
%
0.8
%
55,515
55,141
0.7
%
Las Vegas
3,042
2,273
2,265
0.4
%
97.4
%
96.3
%
1.1
%
21,059
20,733
1.6
%
Denver
2,429
2,654
2,649
0.2
%
96.4
%
95.6
%
0.8
%
19,320
19,102
1.1
%
Western US Subtotal
27,945
2,647
2,634
0.5
%
97.9
%
97.1
%
0.8
%
224,381
222,011
1.1
%
Florida:
South Florida
7,518
3,189
3,177
0.4
%
97.0
%
96.3
%
0.7
%
71,838
71,276
0.8
%
Tampa
8,316
2,316
2,316
—
%
96.3
%
96.0
%
0.3
%
58,410
58,176
0.4
%
Orlando
6,518
2,297
2,290
0.3
%
96.6
%
95.9
%
0.7
%
45,652
45,073
1.3
%
Jacksonville
1,924
2,223
2,216
0.3
%
96.9
%
96.6
%
0.3
%
13,017
12,936
0.6
%
Florida Subtotal
24,276
2,575
2,568
0.3
%
96.7
%
96.1
%
0.6
%
188,917
187,461
0.8
%
Southeast United States:
Atlanta
11,810
2,132
2,126
0.3
%
96.4
%
95.8
%
0.6
%
74,898
74,453
0.6
%
Carolinas
5,342
2,146
2,145
—
%
96.8
%
95.5
%
1.3
%
34,623
34,300
0.9
%
Southeast US Subtotal
17,152
2,136
2,132
0.2
%
96.5
%
95.7
%
0.8
%
109,521
108,753
0.7
%
Texas:
Houston
1,899
1,943
1,945
(0.1)
%
96.9
%
96.7
%
0.2
%
11,276
11,308
(0.3)
%
Dallas
2,642
2,292
2,292
—
%
95.6
%
95.4
%
0.2
%
18,247
18,215
0.2
%
Texas Subtotal
4,541
2,145
2,146
—
%
96.1
%
95.9
%
0.2
%
29,523
29,523
—
%
Midwest United States:
Chicago
2,376
2,622
2,588
1.3
%
97.0
%
95.6
%
1.4
%
18,152
17,774
2.1
%
Minneapolis
1,010
2,501
2,486
0.6
%
96.4
%
95.0
%
1.4
%
7,501
7,383
1.6
%
Midwest US Subtotal
3,386
2,586
2,557
1.1
%
96.9
%
95.4
%
1.5
%
25,653
25,157
2.0
%
Other (1):
26
2,200
2,185
0.7
%
95.9
%
91.2
%
4.7
%
175
160
9.4
%
Total / Average
77,326
$
2,480
$
2,471
0.4
%
97.1
%
96.3
%
0.8
%
$
578,170
$
573,065
0.9
%
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 20
Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — YTD
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent
Average Occupancy
Core Revenues
YoY, YTD 2026
# Homes
YTD 2026
YTD 2025
Change
YTD 2026
YTD 2025
Change
YTD 2026
YTD 2025
Change
Western United States:
Southern California
6,223
$
3,264
$
3,156
3.4
%
98.8
%
98.6
%
0.2
%
$
123,375
$
118,914
3.8
%
Northern California
3,704
2,826
2,775
1.8
%
98.4
%
98.6
%
(0.2)
%
63,501
62,507
1.6
%
Seattle
3,826
2,989
2,931
2.0
%
97.8
%
98.0
%
(0.2)
%
68,646
67,557
1.6
%
Phoenix
8,721
2,078
2,063
0.7
%
96.8
%
97.7
%
(0.9)
%
110,656
110,508
0.1
%
Las Vegas
3,042
2,269
2,233
1.6
%
96.8
%
97.5
%
(0.7)
%
41,792
41,319
1.1
%
Denver
2,429
2,651
2,605
1.8
%
96.0
%
97.2
%
(1.2)
%
38,422
38,246
0.5
%
Western US Subtotal
27,945
2,640
2,587
2.0
%
97.5
%
98.0
%
(0.5)
%
446,392
439,051
1.7
%
Florida:
South Florida
7,518
3,183
3,108
2.4
%
96.7
%
97.0
%
(0.3)
%
143,114
139,801
2.4
%
Tampa
8,316
2,316
2,302
0.6
%
96.2
%
96.1
%
0.1
%
116,586
115,411
1.0
%
Orlando
6,518
2,293
2,261
1.4
%
96.3
%
97.3
%
(1.0)
%
90,725
90,285
0.5
%
Jacksonville
1,924
2,220
2,183
1.7
%
96.8
%
97.4
%
(0.6)
%
25,953
25,736
0.8
%
Florida Subtotal
24,276
2,571
2,532
1.5
%
96.4
%
96.8
%
(0.4)
%
376,378
371,233
1.4
%
Southeast United States:
Atlanta
11,810
2,129
2,079
2.4
%
96.1
%
97.0
%
(0.9)
%
149,351
146,316
2.1
%
Carolinas
5,342
2,145
2,086
2.8
%
96.2
%
97.3
%
(1.1)
%
68,923
67,790
1.7
%
Southeast US Subtotal
17,152
2,134
2,082
2.5
%
96.1
%
97.1
%
(1.0)
%
218,274
214,106
1.9
%
Texas:
Houston
1,899
1,944
1,924
1.0
%
96.8
%
96.8
%
—
%
22,584
22,275
1.4
%
Dallas
2,642
2,292
2,280
0.5
%
95.5
%
96.5
%
(1.0)
%
36,462
36,565
(0.3)
%
Texas Subtotal
4,541
2,146
2,131
0.7
%
96.0
%
96.6
%
(0.6)
%
59,046
58,840
0.4
%
Midwest United States:
Chicago
2,376
2,605
2,457
6.0
%
96.3
%
97.3
%
(1.0)
%
35,926
34,446
4.3
%
Minneapolis
1,010
2,493
2,384
4.6
%
95.7
%
96.0
%
(0.3)
%
14,884
14,357
3.7
%
Midwest US Subtotal
3,386
2,572
2,435
5.6
%
96.1
%
96.9
%
(0.8)
%
50,810
48,803
4.1
%
Other (1):
26
2,192
2,191
—
%
93.6
%
96.9
%
(3.3)
%
335
342
(2.0)
%
Total / Average
77,326
$
2,475
$
2,424
2.1
%
96.7
%
97.3
%
(0.6)
%
$
1,151,235
$
1,132,375
1.7
%
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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, Q2 2026
Q2 2026
Q2 2025
Change
Q2 2026
Q2 2025
Change
Q2 2026
Q2 2025
Change
Q2 2026
Q2 2025
Western United States:
Southern California
$
62,095
$
59,958
3.6
%
$
15,161
$
16,169
(6.2)
%
$
46,934
$
43,789
7.2
%
75.6
%
73.0
%
Northern California
31,856
31,360
1.6
%
7,851
8,234
(4.7)
%
24,005
23,126
3.8
%
75.4
%
73.7
%
Seattle
34,536
33,992
1.6
%
9,131
8,843
3.3
%
25,405
25,149
1.0
%
73.6
%
74.0
%
Phoenix
55,515
55,526
—
%
11,519
10,840
6.3
%
43,996
44,686
(1.5)
%
79.3
%
80.5
%
Las Vegas
21,059
20,761
1.4
%
4,928
4,717
4.5
%
16,131
16,044
0.5
%
76.6
%
77.3
%
Denver
19,320
19,238
0.4
%
4,109
3,961
3.7
%
15,211
15,277
(0.4)
%
78.7
%
79.4
%
Western US Subtotal
224,381
220,835
1.6
%
52,699
52,764
(0.1)
%
171,682
168,071
2.1
%
76.5
%
76.1
%
Florida:
South Florida
71,838
70,055
2.5
%
28,629
27,626
3.6
%
43,209
42,429
1.8
%
60.1
%
60.6
%
Tampa
58,410
58,090
0.6
%
22,661
22,403
1.2
%
35,749
35,687
0.2
%
61.2
%
61.4
%
Orlando
45,652
45,272
0.8
%
17,114
16,157
5.9
%
28,538
29,115
(2.0)
%
62.5
%
64.3
%
Jacksonville
13,017
12,887
1.0
%
4,831
4,703
2.7
%
8,186
8,184
—
%
62.9
%
63.5
%
Florida Subtotal
188,917
186,304
1.4
%
73,235
70,889
3.3
%
115,682
115,415
0.2
%
61.2
%
61.9
%
Southeast United States:
Atlanta
74,898
73,388
2.1
%
26,932
26,377
2.1
%
47,966
47,011
2.0
%
64.0
%
64.1
%
Carolinas
34,623
34,127
1.5
%
9,652
9,844
(2.0)
%
24,971
24,283
2.8
%
72.1
%
71.2
%
Southeast US Subtotal
109,521
107,515
1.9
%
36,584
36,221
1.0
%
72,937
71,294
2.3
%
66.6
%
66.3
%
Texas:
Houston
11,276
11,179
0.9
%
5,088
5,060
0.6
%
6,188
6,119
1.1
%
54.9
%
54.7
%
Dallas
18,247
18,332
(0.5)
%
6,905
6,554
5.4
%
11,342
11,778
(3.7)
%
62.2
%
64.2
%
Texas Subtotal
29,523
29,511
—
%
11,993
11,614
3.3
%
17,530
17,897
(2.1)
%
59.4
%
60.6
%
Midwest United States:
Chicago
18,152
17,315
4.8
%
8,043
7,617
5.6
%
10,109
9,698
4.2
%
55.7
%
56.0
%
Minneapolis
7,501
7,251
3.4
%
2,443
2,433
0.4
%
5,058
4,818
5.0
%
67.4
%
66.4
%
Midwest US Subtotal
25,653
24,566
4.4
%
10,486
10,050
4.3
%
15,167
14,516
4.5
%
59.1
%
59.1
%
Other (1):
175
173
1.2
%
43
48
(10.4)
%
132
125
5.6
%
75.4
%
72.3
%
Total / Average
$
578,170
$
568,904
1.6
%
$
185,040
$
181,586
1.9
%
$
393,130
$
387,318
1.5
%
68.0
%
68.1
%
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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, Q2 2026
Q2 2026
Q1 2026
Change
Q2 2026
Q1 2026
Change
Q2 2026
Q1 2026
Change
Q2 2026
Q1 2026
Western United States:
Southern California
$
62,095
$
61,280
1.3
%
$
15,161
$
15,400
(1.6)
%
$
46,934
$
45,880
2.3
%
75.6
%
74.9
%
Northern California
31,856
31,645
0.7
%
7,851
8,168
(3.9)
%
24,005
23,477
2.2
%
75.4
%
74.2
%
Seattle
34,536
34,110
1.2
%
9,131
9,554
(4.4)
%
25,405
24,556
3.5
%
73.6
%
72.0
%
Phoenix
55,515
55,141
0.7
%
11,519
11,488
0.3
%
43,996
43,653
0.8
%
79.3
%
79.2
%
Las Vegas
21,059
20,733
1.6
%
4,928
4,830
2.0
%
16,131
15,903
1.4
%
76.6
%
76.7
%
Denver
19,320
19,102
1.1
%
4,109
4,211
(2.4)
%
15,211
14,891
2.1
%
78.7
%
78.0
%
Western US Subtotal
224,381
222,011
1.1
%
52,699
53,651
(1.8)
%
171,682
168,360
2.0
%
76.5
%
75.8
%
Florida:
South Florida
71,838
71,276
0.8
%
28,629
28,095
1.9
%
43,209
43,181
0.1
%
60.1
%
60.6
%
Tampa
58,410
58,176
0.4
%
22,661
21,894
3.5
%
35,749
36,282
(1.5)
%
61.2
%
62.4
%
Orlando
45,652
45,073
1.3
%
17,114
16,641
2.8
%
28,538
28,432
0.4
%
62.5
%
63.1
%
Jacksonville
13,017
12,936
0.6
%
4,831
4,756
1.6
%
8,186
8,180
0.1
%
62.9
%
63.2
%
Florida Subtotal
188,917
187,461
0.8
%
73,235
71,386
2.6
%
115,682
116,075
(0.3)
%
61.2
%
61.9
%
Southeast United States:
Atlanta
74,898
74,453
0.6
%
26,932
25,979
3.7
%
47,966
48,474
(1.0)
%
64.0
%
65.1
%
Carolinas
34,623
34,300
0.9
%
9,652
9,722
(0.7)
%
24,971
24,578
1.6
%
72.1
%
71.7
%
Southeast US Subtotal
109,521
108,753
0.7
%
36,584
35,701
2.5
%
72,937
73,052
(0.2)
%
66.6
%
67.2
%
Texas:
Houston
11,276
11,308
(0.3)
%
5,088
4,931
3.2
%
6,188
6,377
(3.0)
%
54.9
%
56.4
%
Dallas
18,247
18,215
0.2
%
6,905
6,449
7.1
%
11,342
11,766
(3.6)
%
62.2
%
64.6
%
Texas Subtotal
29,523
29,523
—
%
11,993
11,380
5.4
%
17,530
18,143
(3.4)
%
59.4
%
61.5
%
Midwest United States:
Chicago
18,152
17,774
2.1
%
8,043
7,923
1.5
%
10,109
9,851
2.6
%
55.7
%
55.4
%
Minneapolis
7,501
7,383
1.6
%
2,443
2,610
(6.4)
%
5,058
4,773
6.0
%
67.4
%
64.6
%
Midwest US Subtotal
25,653
25,157
2.0
%
10,486
10,533
(0.4)
%
15,167
14,624
3.7
%
59.1
%
58.1
%
Other (1):
175
160
9.4
%
43
57
(24.6)
%
132
103
28.2
%
75.4
%
64.4
%
Total / Average
$
578,170
$
573,065
0.9
%
$
185,040
$
182,708
1.3
%
$
393,130
$
390,357
0.7
%
68.0
%
68.1
%
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 23
Supplemental Schedule 5(b) (Continued)
Same Store NOI Growth and Margin Summary — YTD
($ in thousands) (unaudited)
Core Revenues
Core Operating Expenses
Net Operating Income
Core NOI Margin
YoY, YTD 2026
YTD 2026
YTD 2025
Change
YTD 2026
YTD 2025
Change
YTD 2026
YTD 2025
Change
YTD 2026
YTD 2025
Western United States:
Southern California
$
123,375
$
118,914
3.8
%
$
30,561
$
31,522
(3.0)
%
$
92,814
$
87,392
6.2
%
75.2
%
73.5
%
Northern California
63,501
62,507
1.6
%
16,019
15,692
2.1
%
47,482
46,815
1.4
%
74.8
%
74.9
%
Seattle
68,646
67,557
1.6
%
18,685
17,415
7.3
%
49,961
50,142
(0.4)
%
72.8
%
74.2
%
Phoenix
110,656
110,508
0.1
%
23,007
20,953
9.8
%
87,649
89,555
(2.1)
%
79.2
%
81.0
%
Las Vegas
41,792
41,319
1.1
%
9,758
9,170
6.4
%
32,034
32,149
(0.4)
%
76.7
%
77.8
%
Denver
38,422
38,246
0.5
%
8,320
8,010
3.9
%
30,102
30,236
(0.4)
%
78.3
%
79.1
%
Western US Subtotal
446,392
439,051
1.7
%
106,350
102,762
3.5
%
340,042
336,289
1.1
%
76.2
%
76.6
%
Florida:
South Florida
143,114
139,801
2.4
%
56,724
54,717
3.7
%
86,390
85,084
1.5
%
60.4
%
60.9
%
Tampa
116,586
115,411
1.0
%
44,555
43,789
1.7
%
72,031
71,622
0.6
%
61.8
%
62.1
%
Orlando
90,725
90,285
0.5
%
33,755
31,997
5.5
%
56,970
58,288
(2.3)
%
62.8
%
64.6
%
Jacksonville
25,953
25,736
0.8
%
9,587
9,194
4.3
%
16,366
16,542
(1.1)
%
63.1
%
64.3
%
Florida Subtotal
376,378
371,233
1.4
%
144,621
139,697
3.5
%
231,757
231,536
0.1
%
61.6
%
62.4
%
Southeast United States:
Atlanta
149,351
146,316
2.1
%
52,911
50,900
4.0
%
96,440
95,416
1.1
%
64.6
%
65.2
%
Carolinas
68,923
67,790
1.7
%
19,374
19,193
0.9
%
49,549
48,597
2.0
%
71.9
%
71.7
%
Southeast US Subtotal
218,274
214,106
1.9
%
72,285
70,093
3.1
%
145,989
144,013
1.4
%
66.9
%
67.3
%
Texas:
Houston
22,584
22,275
1.4
%
10,019
9,695
3.3
%
12,565
12,580
(0.1)
%
55.6
%
56.5
%
Dallas
36,462
36,565
(0.3)
%
13,354
12,522
6.6
%
23,108
24,043
(3.9)
%
63.4
%
65.8
%
Texas Subtotal
59,046
58,840
0.4
%
23,373
22,217
5.2
%
35,673
36,623
(2.6)
%
60.4
%
62.2
%
Midwest United States:
Chicago
35,926
34,446
4.3
%
15,966
15,016
6.3
%
19,960
19,430
2.7
%
55.6
%
56.4
%
Minneapolis
14,884
14,357
3.7
%
5,053
4,755
6.3
%
9,831
9,602
2.4
%
66.1
%
66.9
%
Midwest US Subtotal
50,810
48,803
4.1
%
21,019
19,771
6.3
%
29,791
29,032
2.6
%
58.6
%
59.5
%
Other (1):
335
342
(2.0)
%
100
92
8.7
%
235
250
(6.0)
%
70.1
%
73.1
%
Total / Average
$
1,151,235
$
1,132,375
1.7
%
$
367,748
$
354,632
3.7
%
$
783,487
$
777,743
0.7
%
68.1
%
68.7
%
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 24
Supplemental Schedule 5(c)
Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q2 2026
YTD 2026
Renewal
New
Blended
Renewal
New
Blended
Leases
Leases
Average
Leases
Leases
Average
Western United States:
Southern California
5.0
%
3.1
%
4.8
%
5.0
%
2.4
%
4.6
%
Northern California
1.9
%
3.0
%
2.1
%
2.3
%
1.4
%
2.1
%
Seattle
5.1
%
3.5
%
4.8
%
5.0
%
1.7
%
4.1
%
Phoenix
2.6
%
(0.7)
%
1.6
%
2.8
%
(3.6)
%
0.8
%
Las Vegas
2.8
%
0.8
%
2.3
%
2.9
%
(2.2)
%
1.4
%
Denver
1.0
%
1.1
%
1.0
%
1.7
%
(1.3)
%
0.7
%
Western US Subtotal
3.5
%
1.4
%
3.0
%
3.6
%
(0.8)
%
2.5
%
Florida:
South Florida
4.9
%
(0.3)
%
3.6
%
4.9
%
(2.5)
%
2.8
%
Tampa
2.1
%
(1.3)
%
1.1
%
2.3
%
(3.5)
%
0.6
%
Orlando
2.9
%
1.0
%
2.3
%
3.0
%
(1.1)
%
1.6
%
Jacksonville
2.8
%
2.4
%
2.7
%
3.0
%
—
%
2.1
%
Florida Subtotal
3.3
%
—
%
2.4
%
3.5
%
(2.3)
%
1.7
%
Southeast United States:
Atlanta
3.0
%
2.0
%
2.8
%
3.4
%
(0.7)
%
2.2
%
Carolinas
2.0
%
3.0
%
2.3
%
2.7
%
0.4
%
2.0
%
Southeast US Subtotal
2.8
%
2.3
%
2.6
%
3.2
%
(0.3)
%
2.1
%
Texas:
Houston
2.2
%
(0.9)
%
1.6
%
2.1
%
(3.7)
%
0.8
%
Dallas
2.0
%
(0.3)
%
1.3
%
2.3
%
(3.0)
%
0.7
%
Texas Subtotal
2.1
%
(0.5)
%
1.4
%
2.2
%
(3.2)
%
0.7
%
Midwest United States:
Chicago
5.5
%
5.7
%
5.6
%
6.0
%
4.9
%
5.6
%
Minneapolis
5.7
%
4.6
%
5.3
%
6.2
%
2.7
%
5.0
%
Midwest US Subtotal
5.6
%
5.4
%
5.5
%
6.0
%
4.2
%
5.5
%
Other (1):
(0.5)
%
(4.2)
%
(2.5)
%
2.1
%
(3.3)
%
(0.7)
%
Total / Average
3.3
%
1.1
%
2.7
%
3.5
%
(1.1)
%
2.2
%
(1)Includes 26 Same Store homes located in Nashville.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
R&M OpEx, net
$
26,902
$
23,087
$
23,854
$
30,313
$
25,822
Turn OpEx, net
10,405
9,427
10,162
11,704
9,682
Total recurring operating expenses, net
$
37,307
$
32,514
$
34,016
$
42,017
$
35,504
R&M CapEx
$
29,660
$
26,313
$
26,017
$
34,935
$
28,360
Turn CapEx
8,354
9,093
9,727
10,969
9,404
Total Recurring Capital Expenditures
$
38,014
$
35,406
$
35,744
$
45,904
$
37,764
R&M OpEx, net + R&M CapEx
$
56,562
$
49,400
$
49,871
$
65,248
$
54,182
Turn OpEx, net + Turn CapEx
18,759
18,520
19,889
22,673
19,086
Total Cost to Maintain, net
$
75,321
$
67,920
$
69,760
$
87,921
$
73,268
Per Home
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Total Cost to Maintain, net
$
974
$
878
$
902
$
1,137
$
948
(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.
Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
Total
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Recurring CapEx
$
41,392
$
40,058
$
40,112
$
51,719
$
42,949
Value Enhancing CapEx
14,203
12,618
14,904
21,370
18,314
Initial Renovation CapEx
3,224
4,068
5,708
6,927
8,269
Disposition CapEx
1,274
1,033
904
862
869
Total Capital Expenditures
$
60,093
$
57,777
$
61,628
$
80,878
$
70,401
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 26
Supplemental Schedule 7
Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management Expense
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Property management expense (GAAP)
$
37,726
$
35,833
$
77,051
$
72,572
Adjustments:
Share-based compensation expense
(1,339)
(1,566)
(4,265)
(3,217)
Adjusted property management expense
$
36,387
$
34,267
$
72,786
$
69,355
Adjusted G&A Expense
Q2 2026
Q2 2025
YTD 2026
YTD 2025
G&A expense (GAAP)
$
29,332
$
23,591
$
61,651
$
53,109
Adjustments:
Share-based compensation expense
(8,007)
(6,898)
(15,781)
(15,404)
Business reorganization costs (1)
(1,279)
(35)
(2,780)
(2,420)
Adjusted G&A expense
$
20,046
$
16,658
$
43,090
$
35,285
(1)Includes severance, restructuring, acquisition, and integration costs.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 27
Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)
March 31, 2026
Q2 2026 Acquisitions (1)
Q2 2026 Dispositions (2)
June 30, 2026
Homes
Homes
Avg. Est.
Homes
Average
Homes
Owned
Acq.
Cost Basis
Sold
Sales Price
Owned
Wholly Owned Portfolio
Western United States:
Southern California
7,012
—
$
—
178
$
669,744
6,834
Northern California
3,965
—
—
76
489,673
3,889
Seattle
3,887
—
—
18
544,776
3,869
Phoenix
9,191
—
—
31
363,589
9,160
Las Vegas
3,383
—
—
5
451,580
3,378
Denver
2,999
45
418,792
6
409,000
3,038
Western US Subtotal
30,437
45
418,792
314
580,314
30,168
Florida:
South Florida
7,963
—
—
122
469,295
7,841
Tampa
9,659
24
314,593
73
316,676
9,610
Orlando
7,017
51
429,315
18
316,861
7,050
Jacksonville
2,147
—
—
14
403,207
2,133
Florida Subtotal
26,786
75
392,604
227
404,052
26,634
Southeast United States:
Atlanta
12,584
24
354,306
47
311,594
12,561
Carolinas
6,143
2
265,164
15
372,987
6,130
Southeast US Subtotal
18,727
26
347,449
62
326,447
18,691
Texas:
Houston
2,583
27
292,056
16
200,153
2,594
Dallas
3,568
—
—
22
261,915
3,546
Texas Subtotal
6,151
27
292,056
38
235,910
6,140
Midwest United States:
Chicago
2,441
—
—
12
345,046
2,429
Minneapolis
1,028
—
—
4
305,875
1,024
Midwest US Subtotal
3,469
—
—
16
335,253
3,453
Other (3):
400
23
410,370
—
—
423
Total / Average
85,970
196
$
379,963
657
$
469,569
85,509
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,605
—
$
—
1
$
432,000
2,604
2022 Rockpoint JV (5)
407
55
343,167
—
—
462
FNMA JV (6)
311
—
—
13
465,677
298
Pathway Homes (7)
854
12
349,640
—
—
866
Upward America JV (8)
3,720
—
—
—
—
3,720
2024 Peregrine JV (9)
119
—
—
—
—
119
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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 5.1%. 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 2.0%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)Includes homes located in San Antonio, Salt Lake City, Austin, and 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%; however, our share of income is 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement..
(7)Represents portfolio owned by Pathway Homes, of which we own 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which we own 7.2%.
(9)Represents portfolio owned by the 2024 Peregrine JV, of which we own 30.0%.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 29
Supplemental Schedule 8(b)
Expected Development Pipeline of New Homes — As of June 30, 2026
(unaudited)
Pipeline as of
June 30, 2026 (1)(2)
Estimated
Deliveries
in Q3-Q4 2026
Estimated
Deliveries
Thereafter
Avg. Estimated Cost Basis Per Home
Denver
36
36
—
$
400,000
Tampa
66
37
29
310,000
Orlando
82
45
37
450,000
Atlanta
84
48
36
330,000
Carolinas
30
30
—
430,000
Houston
6
6
—
280,000
Dallas
4
4
—
290,000
Other
3
3
—
400,000
Total / Average
311
209
102
$
370,000
(1)Represents the number of new homes as of June 30, 2026 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 March 31, 2026
556
Q2 2026 additions and cancellations (net)
(15)
Q2 2026 deliveries
(230)
Pipeline as of June 30, 2026
311
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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.
Q2 2026 Earnings Release and Supplemental Information — page 31
compensation expense; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; 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; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; 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.
Q2 2026 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.
Q2 2026 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, as amended, 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 (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 the applicable exhibits to our Annual Report.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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, 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, as such factors may be updated from time to time in our periodic filings with the SEC.
Value Enhancing CapEx
Value enhancing CapEx represents re-investment in stabilized homes, above and beyond general replacements to preserve and maintain the value and functionality of a home, for the purpose of enhancing expected risk-adjusted returns.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 35
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Total revenues (Total Portfolio)
$
747,550
$
734,112
$
685,250
$
688,166
$
681,401
Management fee revenues
(19,738)
(19,852)
(21,662)
(21,975)
(22,294)
Homebuilding revenues
(49,460)
(43,745)
—
—
—
Total portfolio resident recoveries
(49,503)
(46,072)
(45,389)
(46,885)
(40,944)
Total Core Revenues (Total Portfolio)
628,849
624,443
618,199
619,306
618,163
Non-Same Store Core Revenues
(50,679)
(51,378)
(51,276)
(51,422)
(49,259)
Same Store Core Revenues
$
578,170
$
573,065
$
566,923
$
567,884
$
568,904
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
YTD 2026
YTD 2025
Total revenues (Total Portfolio)
$
1,481,662
$
1,355,880
Management fee revenues
(39,590)
(43,702)
Homebuilding revenues
(93,205)
—
Total portfolio resident recoveries
(95,575)
(85,062)
Total Core Revenues (Total Portfolio)
1,253,292
1,227,116
Non-Same Store Core Revenues
(102,057)
(94,741)
Same Store Core Revenues
$
1,151,235
$
1,132,375
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Property operating and maintenance expenses (Total Portfolio)
$
255,712
$
251,134
$
244,823
$
259,037
$
244,278
Total Portfolio resident recoveries
(49,503)
(46,072)
(45,389)
(46,885)
(40,944)
Core Operating Expenses (Total Portfolio)
206,209
205,062
199,434
212,152
203,334
Non-Same Store Core Operating Expenses
(21,169)
(22,354)
(20,788)
(24,045)
(21,748)
Same Store Core Operating Expenses
$
185,040
$
182,708
$
178,646
$
188,107
$
181,586
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
YTD 2026
YTD 2025
Property operating and maintenance expenses (Total Portfolio)
$
506,846
$
481,727
Total Portfolio resident recoveries
(95,575)
(85,062)
Core Operating Expenses (Total Portfolio)
411,271
396,665
Non-Same Store Core Operating Expenses
(43,523)
(42,033)
Same Store Core Operating Expenses
$
367,748
$
354,632
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 36
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Net income available to common stockholders
$
218,172
$
159,800
$
144,308
$
136,474
$
140,665
Net income available to participating securities
675
708
246
264
222
Non-controlling interests
804
557
496
472
480
Management fee revenues
(19,738)
(19,852)
(21,662)
(21,975)
(22,294)
Homebuilding revenues
(49,460)
(43,745)
—
—
—
Property management expense
37,726
39,325
39,485
37,073
35,833
Homebuilding cost of sales
42,215
39,134
—
—
—
General and administrative
29,332
32,319
23,697
18,444
23,591
Interest expense
93,987
95,313
90,878
90,781
87,414
Depreciation and amortization
194,299
193,142
189,875
188,457
185,455
Casualty losses, impairment, and other
4,236
4,345
311
3,420
3,029
Gain on sale of property, net of tax
(132,308)
(87,094)
(54,463)
(45,515)
(46,591)
(Income) losses from investments in unconsolidated joint ventures
2,402
3,085
3,717
(2,130)
4,802
Other, net (1)
298
2,344
1,877
1,389
2,223
NOI (Total Portfolio)
422,640
419,381
418,765
407,154
414,829
Non-Same Store NOI
(29,510)
(29,024)
(30,488)
(27,377)
(27,511)
Same Store NOI
$
393,130
$
390,357
$
388,277
$
379,777
$
387,318
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
YTD 2026
YTD 2025
Net income available to common stockholders
$
377,972
$
306,182
Net income available to participating securities
1,383
450
Non-controlling interests
1,361
1,017
Management fee revenues
(39,590)
(43,702)
Homebuilding revenues
(93,205)
—
Property management expense
77,051
72,572
Homebuilding cost of sales
81,349
—
General and administrative
61,651
53,109
Interest expense
189,300
171,668
Depreciation and amortization
387,441
368,601
Casualty losses, impairment, and other
8,581
7,712
Gain on sale of property, net of tax
(219,402)
(118,257)
Losses from investments in unconsolidated joint ventures
5,487
10,020
Other, net (1)
2,642
1,079
NOI (Total Portfolio)
842,021
830,451
Non-Same Store NOI
(58,534)
(52,708)
Same Store NOI
$
783,487
$
777,743
(1)Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 37
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Net income available to common stockholders
$
218,172
$
140,665
$
377,972
$
306,182
Net income available to participating securities
675
222
1,383
450
Non-controlling interests
804
480
1,361
1,017
Interest expense
93,987
87,414
189,300
171,668
Interest expense in unconsolidated joint ventures
6,265
5,943
12,392
11,569
Depreciation and amortization
194,299
185,455
387,441
368,601
Depreciation and amortization of investments in unconsolidated joint ventures
4,508
3,791
8,976
7,453
EBITDA
518,710
423,970
978,825
866,940
Gain on sale of property, net of tax
(132,308)
(46,591)
(219,402)
(118,257)
Impairment on depreciated real estate investments
961
36
1,430
99
Net gain on sale of investments in unconsolidated joint ventures
(1,627)
(261)
(3,048)
(406)
EBITDAre
385,736
377,154
757,805
748,376
Share-based compensation expense
9,346
8,464
20,046
18,621
Business reorganization costs (1)
1,279
35
2,780
2,420
Casualty losses and reserves, net (2)
3,358
3,000
7,293
7,683
Other, net (3)
298
2,223
2,642
1,079
Adjusted EBITDAre
$
400,017
$
390,876
$
790,566
$
778,179
Trailing Twelve Months (TTM) Ended
June 30, 2026
December 31, 2025
Net income available to common stockholders
$
658,754
$
586,964
Net income available to participating securities
1,893
960
Non-controlling interests
2,329
1,985
Interest expense
370,959
353,327
Interest expense in unconsolidated joint ventures
26,135
25,312
Depreciation and amortization
765,773
746,933
Depreciation and amortization of investments in unconsolidated joint ventures
17,884
16,361
EBITDA
1,843,727
1,731,842
Gain on sale of property, net of tax
(319,380)
(218,235)
Impairment on depreciated real estate investments
1,988
657
Net gain on sale of investments in unconsolidated joint ventures
(11,103)
(8,461)
EBITDAre
1,515,232
1,505,803
Share-based compensation expense
29,255
27,830
Business reorganization costs (1)
3,132
2,772
Casualty losses and reserves, net (2)
10,534
10,924
Other, net (3)
5,908
4,345
Adjusted EBITDAre
$
1,564,061
$
1,551,674
(1)Includes severance, restructuring, acquisition, and integration costs.
(2)Includes our share from unconsolidated joint ventures.
(3)Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 Earnings Release and Supplemental Information — page 38
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As of
As of
June 30, 2026
December 31, 2025
Secured debt, net
$
1,385,098
$
1,384,114
Unsecured notes, net
4,402,839
4,398,921
Term loan facility, net
2,458,754
2,451,985
Revolving facility
280,000
145,000
Total Debt per Balance Sheet
8,526,691
8,380,020
Retained and repurchased certificates
(55,499)
(55,499)
Cash, ex-security deposits and letters of credit (1)
(137,316)
(167,472)
Deferred financing costs, net
44,182
54,208
Unamortized discounts on notes payable
22,365
24,171
Net Debt (A)
$
8,400,423
$
8,235,428
For the TTM Ended
For the TTM Ended
June 30, 2026
December 31, 2025
Adjusted EBITDAre (B)
$
1,564,061
$
1,551,674
Net Debt / TTM Adjusted EBITDAre (A / B)
5.4
x
5.3
x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
Components of Non-Cash Interest Expense
(in thousands) (unaudited)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Amortization of discounts on notes payable
$
906
$
789
$
1,806
$
1,570
Amortization of deferred financing costs
5,179
5,723
13,231
10,705
Change in fair value of interest rate derivatives
—
—
—
—
Amortization of swap fair value at designation
546
(2,421)
1,087
(6,152)
Our share from unconsolidated joint ventures
1,216
1,633
2,352
3,235
Total non-cash interest expense
$
7,847
$
5,724
$
18,476
$
9,358
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2026 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 | 3 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 2 | — | — |
| Buybacks share repurchase, buyback program | 7 | — | — |
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