Invitation Homes (INVH) 8-K Results of Operations and Financial Condition

Table of Contents

Earnings Press Release	2
Consolidated Financial Statements	8
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO	10
Schedule 2: Capital Structure Information	12
Schedule 3: Summary of Operating Information by Home Portfolio	16
Schedule 4: Home Characteristics by Market	19
Schedule 5: Same Store Operating Information by Market	20
Schedule 6: Cost to Maintain and Capital Expenditure Detail	27
Schedule 7: Adjusted Property Management and G&A Reconciliation	28
Schedule 8: Acquisitions and Dispositions	29
Glossary and Reconciliations	30

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 1

Earnings Press Release

Invitation Homes Reports Third Quarter 2019 Results

Dallas, TX, October 29, 2019 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), a leading owner and operator of single-family rental homes in the United States, today announced its third quarter 2019 financial and operating results.

Third Quarter 2019 Highlights

• Year over year, total revenues increased 2.1% to $443 million, total property operating and maintenance expenses increased 3.2% to $175 million, and net income attributable to common stockholders increased to $34 million, or $0.06 per share.

• Core FFO per share was $0.29, flat year over year, and AFFO per share increased 3.1% year over year to $0.23. Included in these numbers is the negative timing impact of $3.5 million of accelerated cost within Other, net, that is expected to be offset by corresponding favorable timing impacts over the next two quarters.

• Same Store NOI grew 4.5% year over year on 4.4% Same Store Core revenue growth and 4.3% Same Store Core operating expense growth.

• Same Store average occupancy was 95.9%, up 40 basis points year over year.

• Same Store renewal rent growth of 4.7% and Same Store new lease rent growth of 4.3% drove Same Store blended rent growth of 4.6%, 30 basis points higher year over year.

• In September 2019, affiliates of Blackstone completed a secondary offering of 44 million shares of Invitation Homes common stock. Invitation Homes did not receive any proceeds from the transaction. After the transaction, Blackstone's ownership decreased to approximately 11% of total common shares and units outstanding at September 30, 2019.

President & Chief Executive Officer Dallas Tanner comments: "We executed well to achieve another outstanding quarter of resident service and Same Store NOI growth, in line with our expectations. Favorable fundamentals in Invitation Homes markets helped our teams drive robust revenue growth during peak leasing season, and we executed our playbook to enter the off-season in a strong occupancy position. Operating efficiency also continues to improve, with controllable expenses, net of resident recoveries, decreasing slightly year-over-year in the third quarter.

"Given our strong year-to-date performance, we are increasing our FY 2019 Same Store NOI growth guidance to 5.2% - 5.6%, up 15 basis points at the midpoint versus previous guidance. With fundamental tailwinds at our back and a number of opportunities to refine and grow our business, we are ready to run toward a strong finish to 2019 and further value creation in the years ahead."

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 2

Financial Results

Net Income (Loss), FFO, Core FFO, and AFFO Per Share — Diluted
	Q3 2019		Q3 2018		YTD 2019		YTD 2018
Net income (loss) (1)	$	0.06	$	—	$	0.18	$	(0.06	)
FFO (1)	0.27		0.23		0.81		0.70
Core FFO (2)	0.29		0.29		0.93		0.87
AFFO (2)	0.23		0.22		0.75		0.70

(1) In accordance with GAAP and Nareit guidelines, net income (loss) per share and FFO per share are calculated as if the 3.0% Convertible Notes due July 1, 2019 ("2019 Convertible Notes") were converted to common shares at the beginning of the relevant period, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. In YTD 2019, the 2019 Convertible Notes were outstanding from January 1, 2019 through June 30, 2019. During this period from January 1, 2019 through June 30, 2019, treatment of the 2019 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, YTD 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. YTD 2019 FFO per share treats the 2019 Convertible Notes as if converted on January 1, 2019, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2019 Convertible Notes and adjusting shares outstanding in the denominator to include shares issued upon conversion of the 2019 Convertible Notes, for the full period from January 1, 2019 through September 30, 2019.

(2) Core FFO and AFFO per share reflect the 2019 Convertible Notes in the form in which they were outstanding during each period. As such, YTD 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but do not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. For the period from January 1, 2019 through June 30, 2019, cash interest expense associated with the 2019 Convertible Notes has been included in Core FFO and AFFO in the numerators, and shares issued upon conversion of the 2019 Convertible Notes have not been included as shares outstanding in the denominators.

Net Income (Loss)

Net income in the third quarter of 2019 was $0.06 per share, compared to net income of $0.00 per share in the third quarter of 2018. Total revenues and total property operating and maintenance expenses in the third quarter of 2019 were $443 million and $175 million, respectively, compared to $434 million and $170 million, respectively, in the third quarter of 2018.

Net income in YTD 2019 was $0.18 per share, compared to a net loss of $0.06 per share in YTD 2018. Total revenues and total property operating and maintenance expenses in YTD 2019 were $1,320 million and $502 million, respectively, compared to $1,290 million and $496 million, respectively, in YTD 2018.

Core FFO

Year over year, Core FFO in the third quarter of 2019 was flat at $0.29 per share. Core FFO in the third quarter includes the negative timing impact of $3.5 million of accelerated cost within Other, net. This is expected to be offset by corresponding favorable timing impacts in the fourth quarter of 2019 and the first quarter of 2020.

Year over year, Core FFO in YTD 2019 increased 6.3% to $0.93 per share, primarily due to an increase in NOI and lower cash interest expense.

AFFO

Year over year, AFFO in the third quarter of 2019 increased 3.1% to $0.23 per share.

Year over year, AFFO in YTD 2019 increased 8.2% to $0.75 per share, primarily driven by the increase in Core FFO described above.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 3

Operating Results

Same Store Operating Results Snapshot
Number of homes in Same Store portfolio:	72,001
	Q3 2019		Q3 2018		YTD 2019		YTD 2018
Core revenue growth (year-over-year)	4.4	%			4.5	%
Core operating expense growth (year-over-year)	4.3	%			1.6	%
NOI growth (year-over-year)	4.5	%			6.1	%
Average occupancy	95.9	%	95.5	%	96.3	%	95.8	%
Turnover rate	9.0	%	9.4	%	23.7	%	26.6	%
Rental rate growth (lease-over-lease):
Renewals	4.7	%	4.8	%	5.1	%	4.8	%
New leases	4.3	%	3.4	%	4.4	%	3.6	%
Blended	4.6	%	4.3	%	4.9	%	4.4	%

Same Store NOI

For the Same Store portfolio of 72,001 homes, third quarter 2019 Same Store NOI increased 4.5% year over year on Same Store Core revenue growth of 4.4% and Same Store Core operating expense growth of 4.3%.

YTD 2019 Same Store NOI increased 6.1% year over year on Same Store Core revenue growth of 4.5% and Same Store Core operating expense growth of 1.6%.

Same Store Core Revenues

Third quarter 2019 Same Store Core revenue growth of 4.4% year over year was driven primarily by a 4.0% increase in average monthly rent and a 40 basis point increase in average occupancy to 95.9%.

YTD 2019 Same Store Core revenue growth of 4.5% year over year was driven primarily by a 4.1% increase in average monthly rent and a 50 basis point increase in average occupancy to 96.3%.

Same Store Core Operating Expenses

Third quarter 2019 Same Store Core operating expenses increased 4.3% year over year. Same Store controllable expenses, net of resident recoveries, decreased 0.4% year over year. Offsetting the improvement in controllable expenses was an 8.0% increase in fixed expenses, net of resident recoveries, driven primarily by a 6.0% increase in property taxes.

YTD 2019 Same Store Core operating expenses increased 1.6% year over year. Same Store controllable expenses, net of resident recoveries, decreased 5.8% year over year, driven most significantly by lower personnel and turnover costs. Controllable costs also benefited from a favorable first quarter comparison resulting from higher-than-normal repairs and maintenance work order volume in the first quarter of 2018. The favorable factors impacting controllable expense growth were partially offset by a negative impact from last year's realignment of utility bill-back timing that resulted in higher than normal resident recoveries in the first quarter of 2018. Fixed expenses, net of resident recoveries, increased 6.9% year over year, driven primarily by a 5.9% increase in property taxes.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 4

Investment Management Activity

In the third quarter of 2019, Invitation Homes acquired 578 homes for $183 million, including estimated renovation costs, and sold 668 homes for gross proceeds of $168 million, resulting in a total portfolio home count of 80,232 homes as of September 30, 2019.

In YTD 2019, the Company acquired 1,526 homes for $456 million, including estimated renovation costs, and sold 2,101 homes for gross proceeds of $527 million.

Balance Sheet and Capital Markets Activity

As of September 30, 2019, the Company had $1,082 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of September 30, 2019 was $8,717 million, consisting of $6,872 million of secured debt and $1,845 million of unsecured debt.

As previously announced, in July 2019, the Company voluntarily prepaid $50 million of secured borrowings under IH 2017-2, which carried an interest rate of LIBOR + 231 basis points.

As previously announced, in July 2019, the Company completed settling conversions of its 2019 Convertible Notes with common shares. Conversion of the $230 million of 2019 Convertible Notes resulted in issuance of 12.6 million common shares.

In August 2019, the Company announced that it had entered into agreements ("ATM Equity Program") to sell, from time to time, up to $800 million of common stock in aggregate through at-the-market offerings. In September 2019, the Company issued 671,020 shares of common stock under its ATM Equity Program, at an average price of $28.02 per share, for gross proceeds of $19 million. Proceeds were used primarily to acquire homes. $781 million of capacity remained under the ATM Equity Program as of September 30, 2019.

After the impact of capital markets activity in the third quarter of 2019, net debt / annualized Adjusted EBITDAre declined to 8.5x at September 30, 2019, down from 9.0x at the end of 2018.

Full Year 2019 Guidance Update

FY 2019 Guidance
	Current	Previous
	FY 2019	FY 2019
	Guidance	Guidance
Core FFO per share – diluted (1)	$1.24 - $1.28	$1.23 - $1.29
AFFO per share – diluted (1)	$1.02 - $1.06	$1.01 - $1.07
Same Store Core revenue growth	4.25% - 4.5%	4.0% - 4.5%
Same Store Core operating expense growth	2.25% - 2.75%	2.0% - 3.0%
Same Store NOI growth	5.2% - 5.6%	5.0% - 5.5%

(1) For the purposes of reporting 2019 Core FFO and AFFO per share, the Company treats the 2019 Convertible Notes in the form in which they are outstanding during each period. Guidance treats the 2019 Convertible Notes as an interest-bearing liability in the first and second quarters of 2019, and as common shares in the third and fourth quarters of 2019.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 5

Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance, or a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store revenue growth, Same Store operating expense growth, and Same Store NOI growth to the comparable GAAP financial measures because it is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, casualty loss, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on Wednesday, October 30, 2019 to discuss results for the third quarter of 2019. The domestic dial-in number is 1-888-317-6003, and the international dial-in number is 1-412-317-6061. The passcode is 3199988. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through November 30, 2019 and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10135802, or by using the link at www.invh.com.

Supplemental Information

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

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 in the Glossary in the Supplemental Information and, as applicable, reconciled to the most comparable GAAP measures.

About Invitation Homes

Invitation Homes is a leading owner and operator of single-family rental homes, offering residents high-quality homes across America. With over 80,000 homes for lease in 17 markets across the country, Invitation Homes is meeting changing lifestyle demands by providing residents access to updated homes with features they value, such as close proximity to jobs and access to good schools. The Company's mission statement, "Together with you, we make a house a home," reflects its commitment to high-touch service that continuously enhances residents' living experiences and provides homes where individuals and families can thrive.

Investor Relations Contact

Greg Van Winkle


Phone: 844.456.INVH (4684)


Email: IR@InvitationHomes.com

Media Relations Contact

Kristi DesJarlais


Phone: 972.421.3587


Email: 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, which include, but are not limited to, statements related to the Company’s expectations regarding the anticipated benefits of the merger with Starwood Waypoint Homes, the performance of the Company’s business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as "outlook,"

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 6

"believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks associated with achieving expected revenue synergies or cost savings from the merger, risks inherent to the single-family rental industry sector and the Company’s business model, macroeconomic factors beyond the Company’s control, competition in identifying and acquiring the Company’s properties, competition in the leasing market for quality residents, increasing property taxes, homeowners' association fees and insurance costs, the Company’s dependence on third parties for key services, risks related to evaluation of properties, poor resident selection and defaults and non-renewals by the Company’s residents, performance of the Company’s information technology systems, and risks related to the Company’s indebtedness. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under the section entitled "Part I. Item 1A. Risk Factors," of the Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at http://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 and in the Company’s filings with the SEC. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 7

Consolidated Balance Sheets
($ in thousands, except shares and per share data)
	September 30,			December 31,
	2019			2018
	(unaudited)
Assets:
Investments in single-family residential properties, net	$	16,218,701		$	16,686,060
Cash and cash equivalents	81,531			144,940
Restricted cash	244,882			215,051
Goodwill	258,207			258,207
Other assets, net	856,697			759,170
Total assets	$	17,660,018		$	18,063,428
Liabilities:
Mortgage loans, net	$	6,428,874		$	7,201,654
Secured term loan, net	400,924			—
Term loan facility, net	1,493,025			1,490,860
Revolving facility	—			—
Convertible senior notes, net	333,070			557,301
Accounts payable and accrued expenses	278,272			169,603
Resident security deposits	149,023			148,995
Other liabilities	400,319			125,829
Total liabilities	9,483,507			9,694,242
Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2019 and December 31, 2018	—			—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 538,356,606 and 520,647,977 outstanding as of September 30, 2019 and December 31, 2018, respectively	5,384			5,206
Additional paid-in capital	8,938,487			8,629,462
Accumulated deficit	(505,887		)	(392,594		)
Accumulated other comprehensive loss	(340,724		)	(12,963		)
Total stockholders' equity	8,097,260			8,229,111
Non-controlling interests	79,251			140,075
Total equity	8,176,511			8,369,186
Total liabilities and equity	$	17,660,018		$	18,063,428

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 8

Consolidated Statements of Operations
($ in thousands, except shares and per share amounts) (unaudited)
	Q3 2019			Q3 2018			YTD 2019			YTD 2018
Rental revenues and other property income	$	443,326		$	434,251		$	1,320,408		$	1,290,346
Expenses:
Property operating and maintenance	175,491			170,021			502,411			496,211
Property management expense	15,872			16,692			47,053			48,204
General and administrative	16,405			21,152			58,899			73,424
Interest expense	89,067			97,564			278,756			287,089
Depreciation and amortization	133,315			139,371			399,955			430,321
Impairment and other	4,740			3,252			11,803			13,476
Total expenses	434,890			448,052			1,298,877			1,348,725
Other, net	4,735			3,330			8,470			6,697
Gain on sale of property, net of tax	20,812			11,512			64,556			20,955
Net income (loss)	33,983			1,041			94,557			(30,727		)
Net (income) loss attributable to non-controlling interests	(276		)	(21		)	(1,086		)	532
Net income (loss) attributable to common stockholders	33,707			1,020			93,471			(30,195		)
Net income available to participating securities	(91		)	(196		)	(306		)	(627		)
Net income (loss) available to common stockholders — basic and diluted	$	33,616		$	824		$	93,165		$	(30,822	)
Weighted average common shares outstanding — basic	537,771,245			520,620,519			528,209,033			520,267,029
Weighted average common shares outstanding — diluted	538,644,888			521,761,076			529,160,353			520,267,029
Net income (loss) per common share — basic	$	0.06		$	—		$	0.18		$	(0.06	)
Net income (loss) per common share — diluted	$	0.06		$	—		$	0.18		$	(0.06	)
Dividends declared per common share	$	0.13		$	0.11		$	0.39		$	0.33

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 9

Supplemental Schedule 1

Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation	Q3 2019			Q3 2018			YTD 2019			YTD 2018
Net income (loss) available to common stockholders	$	33,616		$	824		$	93,165		$	(30,822	)
Net income available to participating securities	91			196			306			627
Non-controlling interests	276			21			1,086			(532		)
Depreciation and amortization on real estate assets	132,266			132,168			396,568			420,223
Impairment on depreciated real estate investments	3,960			1,296			11,289			3,570
Net gain on sale of previously depreciated investments in real estate	(20,812		)	(11,512		)	(64,556		)	(20,955		)
FFO	$	149,397		$	122,993		$	437,858		$	372,111
Core FFO Reconciliation	Q3 2019			Q3 2018			YTD 2019			YTD 2018
FFO	$	149,397		$	122,993		$	437,858		$	372,111
Noncash interest expense	10,385			13,401			37,422			33,439
Share-based compensation expense	4,625			6,068			13,847			23,582
Offering related expenses	129			—			2,148			—
Merger and transaction-related expenses	—			9,406			4,347			18,009
Severance expense	881			1,952			8,225			6,292
Unrealized gains on investment in equity securities	(6,480		)	—			(6,480		)	—
Casualty losses, net	780			1,956			514			9,906
Core FFO	$	159,717		$	155,776		$	497,881		$	463,339
AFFO Reconciliation	Q3 2019			Q3 2018			YTD 2019			YTD 2018
Core FFO	$	159,717		$	155,776		$	497,881		$	463,339
Recurring capital expenditures	(36,653		)	(39,399		)	(93,563		)	(93,640		)
Adjusted FFO	$	123,064		$	116,377		$	404,318		$	369,699
Net income (loss) available to common stockholders
Weighted average common shares outstanding — diluted (1)	538,644,888			521,761,076			529,160,353			520,267,029
Net income (loss) per common share — diluted (1)	$	0.06		$	—		$	0.18		$	(0.06	)
FFO
FFO for per share calculation(1)	$	149,397		$	122,993		$	443,444		$	372,111
Weighted average common shares and OP Units outstanding — diluted (1)	544,481,679			530,797,654			544,506,626			530,581,319
FFO per share — diluted (1)	$	0.27		$	0.23		$	0.81		$	0.70
Core FFO and Adjusted FFO
Weighted average shares and units outstanding — diluted (2)	544,481,679			530,797,654			536,183,368			530,581,319
Core FFO per share — diluted (2)	$	0.29		$	0.29		$	0.93		$	0.87
AFFO per share — diluted (2)	$	0.23		$	0.22		$	0.75		$	0.70

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 10

(1) In accordance with GAAP and Nareit guidelines, net income (loss) per share and FFO per share are calculated as if the 2019 Convertible Notes were converted to common shares at the beginning of the relevant period, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. In YTD 2019, the 2019 Convertible Notes were outstanding from January 1, 2019 through June 30, 2019. During this period from January 1, 2019 through June 30, 2019, treatment of the 2019 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, YTD 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. YTD 2019 FFO per share treats the 2019 Convertible Notes as if converted on January 1, 2019, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2019 Convertible Notes and adjusting shares outstanding in the denominator to include shares issued upon conversion of the 2019 Convertible Notes, for the full period from January 1, 2019 through September 30, 2019.

(2) Core FFO and AFFO per share reflect the 2019 Convertible Notes in the form in which they were outstanding during each period. As such, YTD 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but do not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. For the period from January 1, 2019 through June 30, 2019, cash interest expense associated with the 2019 Convertible Notes has been included in Core FFO and AFFO in the numerators, and shares issued upon conversion of the 2019 Convertible Notes have not been included as shares outstanding in the denominators.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income (Loss) (1)	Q3 2019	Q3 2018	YTD 2019	YTD 2018
Common shares — basic	537,771,245	520,620,519	528,209,033	520,267,029
Shares potentially issuable from vesting/conversion of equity-based awards	873,643	1,140,557	951,320	—
Total common shares — diluted	538,644,888	521,761,076	529,160,353	520,267,029
Weighted average amounts for FFO (1)	Q3 2019	Q3 2018	YTD 2019	YTD 2018
Common shares — basic	537,771,245	520,620,519	528,209,033	520,267,029
OP units — basic	5,463,285	9,036,578	6,526,571	9,143,401
Shares potentially issuable from vesting/conversion of equity-based awards	1,247,149	1,140,557	1,447,764	1,170,889
Shares issuable from 2019 Convertible Notes	—	—	8,323,258	—
Total common shares and units — diluted	544,481,679	530,797,654	544,506,626	530,581,319
Weighted average amounts for Core and AFFO (2)	Q3 2019	Q3 2018	YTD 2019	YTD 2018
Common shares — basic	537,771,245	520,620,519	528,209,033	520,267,029
OP units — basic	5,463,285	9,036,578	6,526,571	9,143,401
Shares potentially issuable from vesting/conversion of equity-based awards	1,247,149	1,140,557	1,447,764	1,170,889
Total common shares and units — diluted	544,481,679	530,797,654	536,183,368	530,581,319
	September 30,
Period end amounts for Core FFO, and AFFO	2019
Common shares	538,356,606
OP units	5,463,285
Shares potentially issuable from vesting/conversion of equity-based awards	1,128,805
Total common shares and units — diluted	544,948,696

(1) In accordance with GAAP and Nareit guidelines, net income (loss) per share and FFO per share are calculated as if the 2019 Convertible Notes were converted to common shares at the beginning of the relevant period, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. In YTD 2019, the 2019 Convertible Notes were outstanding from January 1, 2019 through June 30, 2019. During this period from January 1, 2019 through June 30, 2019, treatment of the 2019 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, YTD 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. YTD 2019 FFO per share treats the 2019 Convertible Notes as if converted on January 1, 2019, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2019 Convertible Notes and adjusting shares outstanding in the denominator to include shares issued upon conversion of the 2019 Convertible Notes, for the full period from January 1, 2019 through September 30, 2019.

(2) Core FFO and AFFO per share reflect the 2019 Convertible Notes in the form in which they were outstanding during each period. As such, YTD 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but do not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. For the period from January 1, 2019 through June 30, 2019, cash interest expense associated with the 2019 Convertible Notes has been included in Core FFO and AFFO in the numerators, and shares issued upon conversion of the 2019 Convertible Notes have not been included as shares outstanding in the denominators.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b)

Debt Structure and Leverage Ratios — September 30, 2019
($ in thousands) (unaudited)
						Wtd Avg		Wtd Avg
						Interest		Years
Debt Structure	Balance			% of Total		Rate (1)		to Maturity (2)
Secured:
Fixed (3)	$	1,401,853		16.1	%	4.0	%	8.8
Floating — swapped to fixed	5,020,000			57.5	%	3.4	%	5.3
Floating	449,665			5.2	%	3.4	%	6.0
Total secured	6,871,518			78.8	%	3.5	%	6.1
Unsecured:
Fixed (Convertible)	345,000			4.0	%	3.5	%	2.3
Floating — swapped to fixed	1,500,000			17.2	%	3.7	%	2.4
Floating	—			—	%	—	%	—
Total unsecured	1,845,000			21.2	%	3.6	%	2.3
Total Debt:
Fixed + floating swapped to fixed (3)	8,266,853			94.8	%	3.5	%	5.3
Floating	449,665			5.2	%	3.4	%	6.0
Total debt	8,716,518			100.0	%	3.5	%	5.3
Unamortized discounts on notes payable	(14,659		)
Deferred financing costs	(45,966		)
Total Debt per Balance Sheet	8,655,893
Retained and repurchased certificates	(329,558		)
Cash, ex-security deposits (4)	(176,906		)
Deferred financing costs	45,966
Unamortized discounts on notes payable	14,659
Net debt	$	8,210,054
Leverage Ratios	Q3 2019
Fixed charge coverage ratio	3.1		x
Net debt / annualized Adjusted EBITDAre	8.5		x

(1) Includes the impact of interest rate swaps in place and effective as of September 30, 2019.

(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 non-security deposit portion of restricted cash.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(c)

Debt Maturity Schedule — September 30, 2019
($ in thousands) (unaudited)
							Revolving
	Secured			Unsecured			Credit					% of
Debt Maturities, with Extensions (1)	Debt			Debt			Facility		Balance			Total
2019	$	—		$	—		$	—	$	—		—	%
2020	—			—			—		—			—	%
2021	—			—			—		—			—	%
2022	—			1,845,000			—		1,845,000			21.2	%
2023	753,940			—			—		753,940			8.6	%
2024	680,384			—			—		680,384			7.8	%
2025	3,092,430			—			—		3,092,430			35.5	%
2026	942,911			—			—		942,911			10.8	%
2027	998,389			—			—		998,389			11.5	%
Thereafter	403,464			—			—		403,464			4.6	%
	6,871,518			1,845,000			—		8,716,518			100.0	%
Unamortized discounts on notes payable	(2,729		)	(11,930		)	—		(14,659		)
Deferred financing costs	(38,991		)	(6,975		)	—		(45,966		)
Total per Balance Sheet	$	6,829,798		$	1,826,095		$	—	$	8,655,893

(1) Assumes all extension options are exercised.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 2(d)

Cost to Maturity of Debt as of September 30, 2019
($ in thousands) (unaudited)
			Percentage of Weighted Average Debt Outstanding by Type								Weighted Average Cost by Instrument Type
	Weighted Average		Issued		Issued				Total		Spread to		Fixed Cost				Total Debt
	Amount of		Floating		Floating				Fixed		LIBOR		of				Including
	Debt		and		but Swapped		Issued		or Swapped		For Floating		Interest Rate		Fixed Rate		Swap
	Outstanding (1)		Not Swapped		to Fixed		Fixed		to Fixed		Rate Debt		Rate Swaps		Debt		Impact (2)
4Q19	$	8,716,517	5.2	%	74.8	%	20.0	%	94.8	%	1.4	%	2.0	%	3.9	%	3.5	%
2020	8,716,517		1.0	%	79.0	%	20.0	%	99.0	%	1.4	%	2.3	%	3.9	%	3.8	%
2021	8,716,517		5.6	%	74.4	%	20.0	%	94.4	%	1.4	%	2.5	%	3.9	%	3.9	%
2022	7,037,750		15.3	%	64.6	%	20.1	%	84.7	%	1.4	%	2.9	%	4.0	%	4.1	%
2023	6,136,168		5.1	%	72.1	%	22.8	%	94.9	%	1.3	%	3.0	%	4.0	%	4.2	%
2024	6,076,680		5.3	%	71.6	%	23.1	%	94.7	%	1.3	%	3.0	%	4.0	%	4.2	%
2025	3,602,726		18.4	%	42.7	%	38.9	%	81.6	%	1.4	%	3.0	%	4.0	%	4.1	%
2026	1,425,103		1.6	%	—	%	98.4	%	98.4	%	1.4	%	N/A		4.0	%	4.0	%
2027	841,114		—	%	—	%	100.0	%	100.0	%	N/A		N/A		3.9	%	3.9	%
Thereafter(3)	403,464		—	%	—	%	100.0	%	100.0	%	N/A		N/A		3.6	%	3.6	%

(1) In each period, represents September 30, 2019 debt that remains outstanding assuming all debt is held until final maturity with all extension options exercised.

(2) Assumes September 30, 2019 LIBOR rate of 2.02% for all future periods.

(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.

Note: Schedule 2(d) is presented to show the estimated overall cost of Invitation Homes' debt, based on debt and interest rate swaps in place as of September 30, 2019, as well as the rate for 30-day LIBOR as of September 30, 2019. New debt not presented in this table may be issued, and/or existing debt presented in this table may be repaid prior to maturity. Similarly, new interest rate swaps may be put in place. 30-day LIBOR may also change. The aforementioned activities may change the amount of outstanding debt, the percentage of debt floating, swapped, or fixed, and/or the weighted average cost of debt and hedging instruments from what is presented in Schedule 2(d).

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 15

Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-end	Q3 2019
Total portfolio	80,232
Same Store portfolio	72,001
Same Store % of Total	89.7		%
Core Revenues	Q3 2019			Q3 2018		Change YoY		YTD 2019		YTD 2018		Change YoY
Total portfolio	$	423,992		$	419,138	1.2	%	$	1,266,362	$	1,247,705	1.5	%
Same Store portfolio	389,300			372,788		4.4	%	1,158,629		1,108,620		4.5	%
Core Operating expenses	Q3 2019			Q3 2018		Change YoY		YTD 2019		YTD 2018		Change YoY
Total portfolio	$	156,157		$	154,908	0.8	%	$	448,365	$	453,570	(1.1	)%
Same Store portfolio	141,552			135,656		4.3	%	401,267		394,800		1.6	%
Net Operating Income	Q3 2019			Q3 2018		Change YoY		YTD 2019		YTD 2018		Change YoY
Total portfolio	$	267,835		$	264,230	1.4	%	$	817,997	$	794,135	3.0	%
Same Store portfolio	247,748			237,132		4.5	%	757,362		713,820		6.1	%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(b)

Same Store Portfolio Operating Detail
($ in thousands) (unaudited)
							Change					Change								Change
	Q3 2019			Q3 2018			YoY		Q2 2019			Seq		YTD 2019			YTD 2018			YoY
Revenues:
Rental revenues	$	375,703		$	359,488		4.5	%	$	374,264		0.4	%	$	1,119,871		$	1,069,615		4.7	%
Other property income (1)(2)	31,299			26,663			17.4	%	29,718			5.3	%	87,900			76,857			14.4	%
Total revenues	407,002			386,151			5.4	%	403,982			0.7	%	1,207,771			1,146,472			5.3	%
Less: Resident recoveries (1)(2)	(17,702		)	(13,363		)	32.5	%	(16,573		)	6.8	%	(49,142		)	(37,852		)	29.8	%
Core revenues	389,300			372,788			4.4	%	387,409			0.5	%	1,158,629			1,108,620			4.5	%
Fixed Expenses:
Property taxes	66,624			62,849			6.0	%	66,913			(0.4	)%	199,163			188,017			5.9	%
Insurance expenses	7,905			7,381			7.1	%	7,876			0.4	%	23,267			21,656			7.4	%
HOA expenses	8,508			6,714			26.7	%	6,841			24.4	%	23,765			20,650			15.1	%
Controllable Expenses:
Repairs and maintenance	25,364			23,130			9.7	%	20,143			25.9	%	62,475			62,774			(0.5	)%
Personnel	14,418			16,335			(11.7	)%	15,855			(9.1	)%	46,387			50,792			(8.7	)%
Turnover	13,656			14,093			(3.1	)%	11,885			14.9	%	33,795			38,105			(11.3	)%
Utilities (1)	17,717			13,322			33.0	%	14,975			18.3	%	46,907			34,495			36.0	%
Leasing and marketing (3)	2,621			2,689			(2.5	)%	2,465			6.3	%	7,631			8,439			(9.6	)%
Property administrative	2,441			2,506			(2.6	)%	2,267			7.7	%	7,019			7,724			(9.1	)%
Property operating and maintenance expenses	159,254			149,019			6.9	%	149,220			6.7	%	450,409			432,652			4.1	%
Less: Resident recoveries (1)(2)	(17,702		)	(13,363		)	32.5	%	(16,573		)	6.8	%	(49,142		)	(37,852		)	29.8	%
Core operating expenses	141,552			135,656			4.3	%	132,647			6.7	%	401,267			394,800			1.6	%
Net Operating Income	$	247,748		$	237,132		4.5	%	$	254,762		(2.8	)%	$	757,362		$	713,820		6.1	%

(1) The year-over-year increases in other property income, utilities, and resident recoveries are primarily attributable to an ongoing transition in utility billing policy. Residents continue to be responsible for costs associated with their water, sewer, and waste removal services, but providers of these services now invoice Invitation Homes rather than the resident for payment. Invitation Homes pays the utility provider, and subsequently bills the resident for reimbursement, resulting in materially higher utility expense that is offset by materially higher resident recoveries.

(2) In addition to the transition in utility billing policy, other property income and resident recoveries in YTD 2018 were higher as a result of a one-time item related to the timing by which resident utility recoveries are accrued. The timing of resident utility bill-backs from the two merged companies was aligned in Q1 2018 by adopting a best practice that matches reimbursements with the period in which the corresponding expenses are booked. This resulted in a one-time increase in resident recoveries in Q1 2018.

(3) Same Store leasing and marketing expense includes amortization of leasing commissions of $2,360, $2,313, $2,208, $6,853, and $7,492 for Q3 2019, Q3 2018, Q2 2019, YTD 2019, and YTD 2018, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
	Q3 2019			Q2 2019				Q1 2019			Q4 2018			Q3 2018
Average occupancy	95.9		%	96.5		%		96.5		%	96.0		%	95.5		%
Turnover rate	9.0		%	8.4		%		6.3		%	5.9		%	9.4		%
Trailing four quarters turnover rate	29.6		%	30.0		%		31.1		%	32.5		%	N/A
Average monthly rent	$	1,825		$	1,804			$	1,784		$	1,770		$	1,754
Rental rate growth (lease-over-lease):
Renewals	4.7		%	5.4		%		5.2		%	4.8		%	4.8		%
New leases	4.3		%	5.2		%		3.6		%	2.0		%	3.4		%
Blended	4.6		%	5.3		%	��	4.7		%	3.7		%	4.3		%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 4

Portfolio Characteristics — As of and for the Quarter Ended September 30, 2019 (1)
(unaudited)
						Average
	Number of	Average		Average		Monthly		Percent of
	Homes	Occupancy		Monthly Rent		Rent PSF		Revenue
Western United States:
Southern California	8,116	94.5	%	$	2,436	$	1.44	13.4	%
Northern California	4,422	94.6	%	2,112		1.37		6.5	%
Seattle	3,477	93.4	%	2,216		1.16		5.3	%
Phoenix	7,650	94.5	%	1,376		0.85		7.4	%
Las Vegas	2,963	94.4	%	1,616		0.81		3.4	%
Denver	2,291	89.6	%	2,009		1.12		3.1	%
Western US Subtotal	28,919	94.0	%	1,962		1.14		39.1	%
Florida:
South Florida	8,669	93.1	%	2,196		1.18		12.8	%
Tampa	8,172	94.0	%	1,676		0.90		9.5	%
Orlando	5,997	93.9	%	1,667		0.90		6.8	%
Jacksonville	1,869	95.5	%	1,681		0.85		2.2	%
Florida Subtotal	24,707	93.8	%	1,856		0.99		31.3	%
Southeast United States:
Atlanta	12,474	94.4	%	1,515		0.74		12.9	%
Carolinas	4,686	94.7	%	1,591		0.74		5.1	%
Nashville	797	95.8	%	1,879		0.88		1.1	%
Southeast US Subtotal	17,957	94.5	%	1,552		0.74		19.1	%
Texas:
Houston	2,266	91.7	%	1,564		0.80		2.4	%
Dallas	2,270	92.1	%	1,795		0.85		2.7	%
Texas Subtotal	4,536	91.9	%	1,678		0.83		5.1	%
Midwest United States:
Chicago	2,962	91.0	%	1,988		1.22		3.9	%
Minneapolis	1,151	96.3	%	1,892		0.96		1.5	%
Midwest US Subtotal	4,113	92.4	%	1,961		1.14		5.4	%
Total / Average	80,232	93.8	%	$	1,821	$	0.98	100.0	%
Same Store Total / Average	72,001	95.9	%	$	1,825	$	0.98	91.8	%

(1) All data is for the total portfolio, unless otherwise noted.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 19

Supplemental Schedule 5(a)

Same Store Core Revenue Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
		Avg. Monthly Rent						Average Occupancy						Core Revenue
YoY, Q3 2019	# Homes	Q3 2019		Q3 2018		Change		Q3 2019		Q3 2018		Change		Q3 2019		Q3 2018		Change
Western United States:
Southern California	7,700	$	2,440	$	2,304	5.9	%	95.5	%	96.0	%	(0.5	)%	$	54,666	$	51,995	5.1	%
Northern California	3,807	2,101		1,968		6.8	%	96.6	%	96.9	%	(0.3	)%	23,753		22,316		6.4	%
Seattle	3,018	2,215		2,096		5.7	%	96.1	%	95.7	%	0.4	%	19,766		18,725		5.6	%
Phoenix	6,736	1,366		1,284		6.4	%	96.8	%	96.4	%	0.4	%	28,034		26,372		6.3	%
Las Vegas	2,478	1,619		1,536		5.4	%	96.8	%	96.3	%	0.5	%	12,075		11,420		5.7	%
Denver	1,859	1,998		1,911		4.6	%	94.9	%	94.6	%	0.3	%	11,023		10,442		5.6	%
Western US Subtotal	25,598	1,967		1,857		5.9	%	96.1	%	96.1	%	—	%	149,317		141,270		5.7	%
Florida:
South Florida	7,921	2,214		2,164		2.3	%	95.0	%	95.1	%	(0.1	)%	51,118		50,076		2.1	%
Tampa	7,737	1,678		1,628		3.1	%	95.5	%	94.8	%	0.7	%	38,671		37,190		4.0	%
Orlando	5,461	1,654		1,580		4.7	%	96.0	%	96.4	%	(0.4	)%	27,099		25,963		4.4	%
Jacksonville	1,840	1,683		1,630		3.3	%	96.1	%	95.1	%	1.0	%	9,302		8,961		3.8	%
Florida Subtotal	22,959	1,857		1,801		3.1	%	95.5	%	95.3	%	0.2	%	126,190		122,190		3.3	%
Southeast United States:
Atlanta	11,267	1,516		1,462		3.7	%	95.8	%	95.4	%	0.4	%	50,583		48,601		4.1	%
Carolinas	4,035	1,578		1,543		2.3	%	96.3	%	94.4	%	1.9	%	19,056		18,208		4.7	%
Nashville	576	1,930		1,895		1.8	%	96.0	%	95.6	%	0.4	%	3,343		3,263		2.5	%
Southeast US Subtotal	15,878	1,547		1,498		3.3	%	96.0	%	95.2	%	0.8	%	72,982		70,072		4.2	%
Texas:
Houston	1,830	1,564		1,541		1.5	%	95.3	%	93.4	%	1.9	%	8,449		8,147		3.7	%
Dallas	1,904	1,804		1,753		2.9	%	95.1	%	94.0	%	1.1	%	10,123		9,642		5.0	%
Texas Subtotal	3,734	1,686		1,650		2.2	%	95.2	%	93.7	%	1.5	%	18,572		17,789		4.4	%
Midwest United States:
Chicago	2,693	2,001		1,975		1.3	%	97.3	%	95.2	%	2.1	%	15,795		15,256		3.5	%
Minneapolis	1,139	1,891		1,828		3.4	%	97.2	%	96.5	%	0.7	%	6,444		6,211		3.8	%
Midwest US Subtotal	3,832	1,968		1,931		1.9	%	97.2	%	95.6	%	1.6	%	22,239		21,467		3.6	%
Same Store Total / Average	72,001	$	1,825	$	1,754	4.0	%	95.9	%	95.5	%	0.4	%	$	389,300	$	372,788	4.4	%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 20

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenue Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
		Avg. Monthly Rent						Average Occupancy						Core Revenue
Seq, Q3 2019	# Homes	Q3 2019		Q2 2019		Change		Q3 2019		Q2 2019		Change		Q3 2019		Q2 2019		Change
Western United States:
Southern California	7,700	$	2,440	$	2,403	1.5	%	95.5	%	96.5	%	(1.0	)%	$	54,666	$	54,225	0.8	%
Northern California	3,807	2,101		2,060		2.0	%	96.6	%	97.6	%	(1.0	)%	23,753		23,505		1.1	%
Seattle	3,018	2,215		2,175		1.8	%	96.1	%	96.9	%	(0.8	)%	19,766		19,595		0.9	%
Phoenix	6,736	1,366		1,343		1.7	%	96.8	%	97.3	%	(0.5	)%	28,034		27,888		0.5	%
Las Vegas	2,478	1,619		1,595		1.5	%	96.8	%	97.8	%	(1.0	)%	12,075		12,090		(0.1	)%
Denver	1,859	1,998		1,961		1.9	%	94.9	%	96.7	%	(1.8	)%	11,023		10,983		0.4	%
Western US Subtotal	25,598	1,967		1,934		1.7	%	96.1	%	97.1	%	(1.0	)%	149,317		148,286		0.7	%
Florida:
South Florida	7,921	2,214		2,205		0.4	%	95.0	%	95.5	%	(0.5	)%	51,118		51,203		(0.2	)%
Tampa	7,737	1,678		1,665		0.8	%	95.5	%	96.3	%	(0.8	)%	38,671		38,611		0.2	%
Orlando	5,461	1,654		1,632		1.3	%	96.0	%	96.6	%	(0.6	)%	27,099		26,824		1.0	%
Jacksonville	1,840	1,683		1,663		1.2	%	96.1	%	96.1	%	—	%	9,302		9,210		1.0	%
Florida Subtotal	22,959	1,857		1,842		0.8	%	95.5	%	96.1	%	(0.6	)%	126,190		125,848		0.3	%
Southeast United States:
Atlanta	11,267	1,516		1,497		1.3	%	95.8	%	96.1	%	(0.3	)%	50,583		50,185		0.8	%
Carolinas	4,035	1,578		1,564		0.9	%	96.3	%	96.3	%	—	%	19,056		18,894		0.9	%
Nashville	576	1,930		1,911		1.0	%	96.0	%	95.2	%	0.8	%	3,343		3,294		1.5	%
Southeast US Subtotal	15,878	1,547		1,529		1.2	%	96.0	%	96.1	%	(0.1	)%	72,982		72,373		0.8	%
Texas:
Houston	1,830	1,564		1,553		0.7	%	95.3	%	97.4	%	(2.1	)%	8,449		8,555		(1.2	)%
Dallas	1,904	1,804		1,786		1.0	%	95.1	%	95.5	%	(0.4	)%	10,123		10,048		0.7	%
Texas Subtotal	3,734	1,686		1,671		0.9	%	95.2	%	96.4	%	(1.2	)%	18,572		18,603		(0.2	)%
Midwest United States:
Chicago	2,693	2,001		1,989		0.6	%	97.3	%	98.0	%	(0.7	)%	15,795		15,889		(0.6	)%
Minneapolis	1,139	1,891		1,875		0.9	%	97.2	%	97.2	%	—	%	6,444		6,410		0.5	%
Midwest US Subtotal	3,832	1,968		1,955		0.7	%	97.2	%	97.8	%	(0.6	)%	22,239		22,299		(0.3	)%
Same Store Total / Average	72,001	$	1,825	$	1,804	1.2	%	95.9	%	96.5	%	(0.6	)%	$	389,300	$	387,409	0.5	%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 21

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenue Growth Summary — YoY Year-To-Date
($ in thousands, except avg. monthly rent) (unaudited)
		Avg. Monthly Rent						Average Occupancy						Core Revenue
YoY, YTD 2019	# Homes	YTD 2019		YTD 2018		Change		YTD 2019		YTD 2018		Change		YTD 2019		YTD 2018		Change
Western United States:
Southern California	7,700	$	2,401	$	2,273	5.6	%	96.3	%	96.3	%	—	%	$	162,389	$	153,928	5.5	%
Northern California	3,807	2,062		1,934		6.6	%	97.2	%	97.0	%	0.2	%	70,282		65,739		6.9	%
Seattle	3,018	2,177		2,063		5.5	%	96.7	%	96.3	%	0.4	%	58,654		55,604		5.5	%
Phoenix	6,736	1,343		1,265		6.2	%	97.1	%	96.9	%	0.2	%	83,114		78,617		5.7	%
Las Vegas	2,478	1,595		1,515		5.3	%	97.2	%	96.5	%	0.7	%	35,868		33,894		5.8	%
Denver	1,859	1,968		1,888		4.2	%	96.0	%	94.8	%	1.2	%	32,824		31,075		5.6	%
Western US Subtotal	25,598	1,935		1,830		5.7	%	96.8	%	96.5	%	0.3	%	443,131		418,857		5.8	%
Florida:
South Florida	7,921	2,202		2,146		2.6	%	95.4	%	95.0	%	0.4	%	153,139		148,822		2.9	%
Tampa	7,737	1,664		1,615		3.0	%	95.9	%	94.9	%	1.0	%	115,354		110,813		4.1	%
Orlando	5,461	1,634		1,557		4.9	%	96.4	%	96.6	%	(0.2	)%	80,517		76,908		4.7	%
Jacksonville	1,840	1,665		1,610		3.4	%	96.0	%	95.8	%	0.2	%	27,588		26,695		3.3	%
Florida Subtotal	22,959	1,842		1,783		3.3	%	95.9	%	95.4	%	0.5	%	376,598		363,238		3.7	%
Southeast United States:
Atlanta	11,267	1,500		1,444		3.9	%	96.1	%	95.8	%	0.3	%	150,314		144,780		3.8	%
Carolinas	4,035	1,565		1,527		2.5	%	96.4	%	94.8	%	1.6	%	56,641		54,366		4.2	%
Nashville	576	1,908		1,889		1.0	%	95.8	%	93.2	%	2.6	%	9,886		9,532		3.7	%
Southeast US Subtotal	15,878	1,531		1,481		3.4	%	96.1	%	95.4	%	0.7	%	216,841		208,678		3.9	%
Texas:
Houston	1,830	1,556		1,538		1.2	%	96.3	%	94.6	%	1.7	%	25,466		24,551		3.7	%
Dallas	1,904	1,788		1,740		2.8	%	95.6	%	94.4	%	1.2	%	30,194		28,837		4.7	%
Texas Subtotal	3,734	1,674		1,641		2.0	%	95.9	%	94.5	%	1.4	%	55,660		53,388		4.3	%
Midwest United States:
Chicago	2,693	1,990		1,965		1.3	%	97.3	%	95.6	%	1.7	%	47,245		45,903		2.9	%
Minneapolis	1,139	1,875		1,808		3.7	%	97.0	%	96.8	%	0.2	%	19,154		18,556		3.2	%
Midwest US Subtotal	3,832	1,956		1,918		2.0	%	97.2	%	96.0	%	1.2	%	66,399		64,459		3.0	%
Same Store Total / Average	72,001	$	1,804	$	1,733	4.1	%	96.3	%	95.8	%	0.5	%	$	1,158,629	$	1,108,620	4.5	%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 22

Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
	Core Revenue						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, Q3 2019	Q3 2019		Q3 2018		Change		Q3 2019		Q3 2018		Change		Q3 2019		Q3 2018		Change		Q3 2019		Q3 2018
Western United States:
Southern California	$	54,666	$	51,995	5.1	%	$	18,191	$	18,205	(0.1	)%	$	36,475	$	33,790	7.9	%	66.7	%	65.0	%
Northern California	23,753		22,316		6.4	%	8,128		7,209		12.7	%	15,625		15,107		3.4	%	65.8	%	67.7	%
Seattle	19,766		18,725		5.6	%	5,440		5,738		(5.2	)%	14,326		12,987		10.3	%	72.5	%	69.4	%
Phoenix	28,034		26,372		6.3	%	7,700		7,924		(2.8	)%	20,334		18,448		10.2	%	72.5	%	70.0	%
Las Vegas	12,075		11,420		5.7	%	3,177		3,175		0.1	%	8,898		8,245		7.9	%	73.7	%	72.2	%
Denver	11,023		10,442		5.6	%	2,690		2,180		23.4	%	8,333		8,262		0.9	%	75.6	%	79.1	%
Western US Subtotal	149,317		141,270		5.7	%	45,326		44,431		2.0	%	103,991		96,839		7.4	%	69.6	%	68.5	%
Florida:
South Florida	51,118		50,076		2.1	%	22,961		21,478		6.9	%	28,157		28,598		(1.5	)%	55.1	%	57.1	%
Tampa	38,671		37,190		4.0	%	16,841		15,755		6.9	%	21,830		21,435		1.8	%	56.5	%	57.6	%
Orlando	27,099		25,963		4.4	%	10,439		10,146		2.9	%	16,660		15,817		5.3	%	61.5	%	60.9	%
Jacksonville	9,302		8,961		3.8	%	3,413		3,618		(5.7	)%	5,889		5,343		10.2	%	63.3	%	59.6	%
Florida Subtotal	126,190		122,190		3.3	%	53,654		50,997		5.2	%	72,536		71,193		1.9	%	57.5	%	58.3	%
Southeast United States:
Atlanta	50,583		48,601		4.1	%	17,676		17,113		3.3	%	32,907		31,488		4.5	%	65.1	%	64.8	%
Carolinas	19,056		18,208		4.7	%	6,065		5,532		9.6	%	12,991		12,676		2.5	%	68.2	%	69.6	%
Nashville	3,343		3,263		2.5	%	833		755		10.3	%	2,510		2,508		0.1	%	75.1	%	76.9	%
Southeast US Subtotal	72,982		70,072		4.2	%	24,574		23,400		5.0	%	48,408		46,672		3.7	%	66.3	%	66.6	%
Texas:
Houston	8,449		8,147		3.7	%	4,190		3,855		8.7	%	4,259		4,292		(0.8	)%	50.4	%	52.7	%
Dallas	10,123		9,642		5.0	%	4,580		4,306		6.4	%	5,543		5,336		3.9	%	54.8	%	55.3	%
Texas Subtotal	18,572		17,789		4.4	%	8,770		8,161		7.5	%	9,802		9,628		1.8	%	52.8	%	54.1	%
Midwest United States:
Chicago	15,795		15,256		3.5	%	6,984		6,582		6.1	%	8,811		8,674		1.6	%	55.8	%	56.9	%
Minneapolis	6,444		6,211		3.8	%	2,244		2,085		7.6	%	4,200		4,126		1.8	%	65.2	%	66.4	%
Midwest US Subtotal	22,239		21,467		3.6	%	9,228		8,667		6.5	%	13,011		12,800		1.6	%	58.5	%	59.6	%
Same Store Total / Average	$	389,300	$	372,788	4.4	%	$	141,552	$	135,656	4.3	%	$	247,748	$	237,132	4.5	%	63.6	%	63.6	%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 23

Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
	Core Revenue						Core Operating Expenses						Net Operating Income						Core NOI Margin
Seq, Q3 2019	Q3 2019		Q2 2019		Change		Q3 2019		Q2 2019		Change		Q3 2019		Q2 2019		Change		Q3 2019		Q2 2019
Western United States:
Southern California	$	54,666	$	54,225	0.8	%	$	18,191	$	16,971	7.2	%	$	36,475	$	37,254	(2.1	)%	66.7	%	68.7	%
Northern California	23,753		23,505		1.1	%	8,128		8,225		(1.2	)%	15,625		15,280		2.3	%	65.8	%	65.0	%
Seattle	19,766		19,595		0.9	%	5,440		5,088		6.9	%	14,326		14,507		(1.2	)%	72.5	%	74.0	%
Phoenix	28,034		27,888		0.5	%	7,700		6,875		12.0	%	20,334		21,013		(3.2	)%	72.5	%	75.3	%
Las Vegas	12,075		12,090		(0.1	)%	3,177		2,749		15.6	%	8,898		9,341		(4.7	)%	73.7	%	77.3	%
Denver	11,023		10,983		0.4	%	2,690		2,176		23.6	%	8,333		8,807		(5.4	)%	75.6	%	80.2	%
Western US Subtotal	149,317		148,286		0.7	%	45,326		42,084		7.7	%	103,991		106,202		(2.1	)%	69.6	%	71.6	%
Florida:
South Florida	51,118		51,203		(0.2	)%	22,961		21,661		6.0	%	28,157		29,542		(4.7	)%	55.1	%	57.7	%
Tampa	38,671		38,611		0.2	%	16,841		15,654		7.6	%	21,830		22,957		(4.9	)%	56.5	%	59.5	%
Orlando	27,099		26,824		1.0	%	10,439		10,046		3.9	%	16,660		16,778		(0.7	)%	61.5	%	62.5	%
Jacksonville	9,302		9,210		1.0	%	3,413		3,475		(1.8	)%	5,889		5,735		2.7	%	63.3	%	62.3	%
Florida Subtotal	126,190		125,848		0.3	%	53,654		50,836		5.5	%	72,536		75,012		(3.3	)%	57.5	%	59.6	%
Southeast United States:
Atlanta	50,583		50,185		0.8	%	17,676		16,596		6.5	%	32,907		33,589		(2.0	)%	65.1	%	66.9	%
Carolinas	19,056		18,894		0.9	%	6,065		5,467		10.9	%	12,991		13,427		(3.2	)%	68.2	%	71.1	%
Nashville	3,343		3,294		1.5	%	833		803		3.7	%	2,510		2,491		0.8	%	75.1	%	75.6	%
Southeast US Subtotal	72,982		72,373		0.8	%	24,574		22,866		7.5	%	48,408		49,507		(2.2	)%	66.3	%	68.4	%
Texas:
Houston	8,449		8,555		(1.2	)%	4,190		3,715		12.8	%	4,259		4,840		(12.0	)%	50.4	%	56.6	%
Dallas	10,123		10,048		0.7	%	4,580		4,164		10.0	%	5,543		5,884		(5.8	)%	54.8	%	58.6	%
Texas Subtotal	18,572		18,603		(0.2	)%	8,770		7,879		11.3	%	9,802		10,724		(8.6	)%	52.8	%	57.6	%
Midwest United States:
Chicago	15,795		15,889		(0.6	)%	6,984		6,942		0.6	%	8,811		8,947		(1.5	)%	55.8	%	56.3	%
Minneapolis	6,444		6,410		0.5	%	2,244		2,040		10.0	%	4,200		4,370		(3.9	)%	65.2	%	68.2	%
Midwest US Subtotal	22,239		22,299		(0.3	)%	9,228		8,982		2.7	%	13,011		13,317		(2.3	)%	58.5	%	59.7	%
Same Store Total / Average	$	389,300	$	387,409	0.5	%	$	141,552	$	132,647	6.7	%	$	247,748	$	254,762	(2.8	)%	63.6	%	65.8	%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 24

Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — YoY Year-To-Date
($ in thousands) (unaudited)
	Core Revenue						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, YTD 2019	YTD 2019		YTD 2018		Change		YTD 2019		YTD 2018		Change		YTD 2019		YTD 2018		Change		YTD 2019		YTD 2018
Western United States:
Southern California	$	162,389	$	153,928	5.5	%	$	52,110	$	51,695	0.8	%	$	110,279	$	102,233	7.9	%	67.9	%	66.4	%
Northern California	70,282		65,739		6.9	%	23,028		20,387		13.0	%	47,254		45,352		4.2	%	67.2	%	69.0	%
Seattle	58,654		55,604		5.5	%	15,723		16,314		(3.6	)%	42,931		39,290		9.3	%	73.2	%	70.7	%
Phoenix	83,114		78,617		5.7	%	21,629		22,138		(2.3	)%	61,485		56,479		8.9	%	74.0	%	71.8	%
Las Vegas	35,868		33,894		5.8	%	8,828		8,913		(1.0	)%	27,040		24,981		8.2	%	75.4	%	73.7	%
Denver	32,824		31,075		5.6	%	7,233		5,719		26.5	%	25,591		25,356		0.9	%	78.0	%	81.6	%
Western US Subtotal	443,131		418,857		5.8	%	128,551		125,166		2.7	%	314,580		293,691		7.1	%	71.0	%	70.1	%
Florida:
South Florida	153,139		148,822		2.9	%	65,566		65,056		0.8	%	87,573		83,766		4.5	%	57.2	%	56.3	%
Tampa	115,354		110,813		4.1	%	46,941		46,556		0.8	%	68,413		64,257		6.5	%	59.3	%	58.0	%
Orlando	80,517		76,908		4.7	%	29,789		29,440		1.2	%	50,728		47,468		6.9	%	63.0	%	61.7	%
Jacksonville	27,588		26,695		3.3	%	10,200		10,621		(4.0	)%	17,388		16,074		8.2	%	63.0	%	60.2	%
Florida Subtotal	376,598		363,238		3.7	%	152,496		151,673		0.5	%	224,102		211,565		5.9	%	59.5	%	58.2	%
Southeast United States:
Atlanta	150,314		144,780		3.8	%	49,957		49,085		1.8	%	100,357		95,695		4.9	%	66.8	%	66.1	%
Carolinas	56,641		54,366		4.2	%	16,823		16,071		4.7	%	39,818		38,295		4.0	%	70.3	%	70.4	%
Nashville	9,886		9,532		3.7	%	2,242		2,407		(6.9	)%	7,644		7,125		7.3	%	77.3	%	74.7	%
Southeast US Subtotal	216,841		208,678		3.9	%	69,022		67,563		2.2	%	147,819		141,115		4.8	%	68.2	%	67.6	%
Texas:
Houston	25,466		24,551		3.7	%	11,652		11,491		1.4	%	13,814		13,060		5.8	%	54.2	%	53.2	%
Dallas	30,194		28,837		4.7	%	12,731		12,636		0.8	%	17,463		16,201		7.8	%	57.8	%	56.2	%
Texas Subtotal	55,660		53,388		4.3	%	24,383		24,127		1.1	%	31,277		29,261		6.9	%	56.2	%	54.8	%
Midwest United States:
Chicago	47,245		45,903		2.9	%	20,552		20,339		1.0	%	26,693		25,564		4.4	%	56.5	%	55.7	%
Minneapolis	19,154		18,556		3.2	%	6,263		5,932		5.6	%	12,891		12,624		2.1	%	67.3	%	68.0	%
Midwest US Subtotal	66,399		64,459		3.0	%	26,815		26,271		2.1	%	39,584		38,188		3.7	%	59.6	%	59.2	%
Same Store Total / Average	$	1,158,629	$	1,108,620	4.5	%	$	401,267	$	394,800	1.6	%	$	757,362	$	713,820	6.1	%	65.4	%	64.4	%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 25

Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
	Rental Rate Growth
	Q3 2019						YTD 2019
	Renewal		New		Blended		Renewal		New		Blended
	Leases		Leases		Average		Leases		Leases		Average
Western United States:
Southern California	6.2	%	5.6	%	6.0	%	6.9	%	6.5	%	6.8	%
Northern California	7.3	%	8.6	%	7.6	%	7.7	%	9.2	%	8.1	%
Seattle	7.6	%	7.8	%	7.7	%	7.5	%	7.9	%	7.7	%
Phoenix	6.1	%	10.7	%	7.6	%	6.4	%	10.5	%	7.8	%
Las Vegas	5.9	%	8.0	%	6.5	%	6.0	%	7.8	%	6.5	%
Denver	5.8	%	4.3	%	5.3	%	5.5	%	4.8	%	5.3	%
Western US Subtotal	6.5	%	7.4	%	6.8	%	6.8	%	7.8	%	7.1	%
Florida:
South Florida	3.2	%	(0.9	)%	1.8	%	4.0	%	(0.6	)%	2.6	%
Tampa	3.7	%	2.2	%	3.1	%	4.1	%	2.4	%	3.5	%
Orlando	3.8	%	5.9	%	4.6	%	4.7	%	6.1	%	5.2	%
Jacksonville	3.5	%	4.8	%	4.1	%	3.7	%	4.3	%	4.0	%
Florida Subtotal	3.5	%	2.1	%	3.0	%	4.2	%	2.3	%	3.5	%
Southeast United States:
Atlanta	4.4	%	4.0	%	4.2	%	4.7	%	4.4	%	4.6	%
Carolinas	3.0	%	3.1	%	3.1	%	3.2	%	1.9	%	2.8	%
Nashville	3.2	%	0.1	%	2.0	%	3.8	%	0.2	%	2.4	%
Southeast US Subtotal	3.9	%	3.5	%	3.8	%	4.2	%	3.5	%	4.0	%
Texas:
Houston	3.2	%	1.2	%	2.6	%	3.2	%	0.3	%	2.5	%
Dallas	3.8	%	2.7	%	3.4	%	4.2	%	2.7	%	3.7	%
Texas Subtotal	3.5	%	2.1	%	3.0	%	3.7	%	1.8	%	3.2	%
Midwest United States:
Chicago	3.2	%	0.1	%	2.5	%	2.8	%	(0.6	)%	2.0	%
Minneapolis	4.3	%	4.5	%	4.4	%	4.1	%	3.7	%	4.0	%
Midwest US Subtotal	3.5	%	1.8	%	3.0	%	3.1	%	1.0	%	2.6	%
Same Store Total / Average	4.7	%	4.3	%	4.6	%	5.1	%	4.4	%	4.9	%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 26

Supplemental Schedule 6

Same Store Cost to Maintain
($ in thousands, except per home amounts) (unaudited)
Total ($ 000)	Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
Recurring operating expenses (gross):
R&M OpEx	$	25,364		$	20,143		$	16,968		$	17,231		$	23,130
Turn OpEx	13,656			11,885			8,254			9,837			14,093
Total recurring operating expense (gross)	39,020			32,028			25,222			27,068			37,223
R&M + Turn recoveries	(3,299		)	(4,001		)	(2,997		)	(2,789		)	(3,421		)
Total recurring operating expenses (net)	$	35,721		$	28,027		$	22,225		$	24,279		$	33,802
Recurring capital expenditures:
R&M CapEx	$	24,873		$	20,903		$	17,420		$	17,983		$	26,238
Turn CapEx	9,512			7,545			5,217			5,871			7,591
Total recurring capital expenditures	$	34,385		$	28,448		$	22,637		$	23,854		$	33,829
Cost to maintain (gross):
R&M OpEx + CapEx	$	50,237		$	41,046		$	34,388		$	35,214		$	49,368
Turn OpEx + CapEx	23,168			19,430			13,471			15,708			21,684
Total cost to maintain (gross)	73,405			60,476			47,859			50,922			71,052
R&M + Turn recoveries	(3,299		)	(4,001		)	(2,997		)	(2,789		)	(3,421		)
Total cost to maintain (net)	$	70,106		$	56,475		$	44,862		$	48,133		$	67,631
Per Home ($)	Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
Total cost to maintain (gross)	$	1,020		$	840		$	665		$	707		$	987
R&M + Turn recoveries	(46		)	(56		)	(42		)	(39		)	(48		)
Total cost to maintain (net)	$	974		$	784		$	623		$	668		$	939

Total Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
Total ($ 000)	Q3 2019		Q2 2019		Q1 2019		Q4 2018		Q3 2018
Recurring CapEx	$	36,653	$	31,799	$	25,111	$	29,093	$	39,399
Value Enhancing CapEx	12,256		8,519		3,104		5,294		5,296
Initial Renovation CapEx	15,804		9,932		7,816		11,238		9,721
Disposition CapEx (1)	2,165		5,062		1,994		—		—
Total Capital Expenditures	$	66,878	$	55,312	$	38,025	$	45,625	$	54,416

(1) Commencing in 2019, capital expenditures related to the preparation of homes for disposition are reported separately as Disposition CapEx, rather than included in Recurring CapEx. For periods prior to Q1 2019, Disposition CapEx was included in Recurring CapEx. The amount of Disposition CapEx included in Recurring CapEx for the full year 2018 was less than $3,600.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 27

Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management Expense	Q3 2019			Q3 2018			YTD 2019			YTD 2018
Property management expense (GAAP)	$	15,872		$	16,692		$	47,053		$	48,204
Adjustments:
Share-based compensation expense (1)	(807		)	(1,167		)	(2,314		)	(4,353		)
Adjusted property management expense	$	15,065		$	15,525		$	44,739		$	43,851
Adjusted G&A Expense	Q3 2019			Q3 2018			YTD 2019			YTD 2018
G&A expense (GAAP)	$	16,405		$	21,152		$	58,899		$	73,424
Adjustments:
Share-based compensation expense (2)	(3,818		)	(4,901		)	(11,533		)	(19,229		)
Merger and transaction-related expenses	—			(3,339		)	(4,347		)	(11,942		)
Severance expense	(881		)	(1,952		)	(8,225		)	(6,292		)
Adjusted G&A expense	$	11,706		$	10,960		$	34,794		$	35,961

(1) For Q3 2018, YTD 2019, and YTD 2018, includes $348, $136, and $1,440, respectively, related to IPO and pre-IPO grants.

(2) For Q3 2019, includes $78 related to merger grants. For Q3 2018, includes $699 related to IPO and pre-IPO grants and $980 related to merger grants. For YTD 2019, includes $360 related to IPO and pre-IPO grants and $2,227 related to merger grants. For YTD 2018, includes $4,289 related to IPO and pre-IPO grants and $2,495 related to merger grants.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 28

Supplemental Schedule 8

Acquisitions and Dispositions — Q3 2019
(unaudited)
	6/30/2019	Q3 2019 Acquisitions (1)			Q3 2019 Dispositions (2)			9/30/2019
	Homes	Homes	Avg. Estimated		Homes	Average		Homes
	Owned	Acq.	Cost Basis		Sold	Sales Price		Owned
Western United States:
Southern California	8,163	2	$	587,768	49	$	405,949	8,116
Northern California	4,449	3	401,757		30	292,070		4,422
Seattle	3,412	86	412,170		21	362,719		3,477
Phoenix	7,592	109	301,344		51	196,290		7,650
Las Vegas	2,963	16	341,507		16	322,187		2,963
Denver	2,240	73	410,197		22	298,182		2,291
Western US Subtotal	28,819	289	367,067		189	306,860		28,919
Florida:
South Florida	8,789	—	—		120	251,887		8,669
Tampa	8,211	23	283,953		62	182,328		8,172
Orlando	5,943	83	294,747		29	222,982		5,997
Jacksonville	1,877	—	—		8	214,838		1,869
Florida Subtotal	24,820	106	292,405		219	227,014		24,707
Southeast United States:
Atlanta	12,430	75	248,231		31	217,919		12,474
Carolinas	4,693	30	261,076		37	232,239		4,686
Nashville	797	—	—		—	—		797
Southeast US Subtotal	17,920	105	251,901		68	225,613		17,957
Texas:
Houston	2,313	—	—		47	178,917		2,266
Dallas	2,202	78	253,660		10	220,040		2,270
Texas Subtotal	4,515	78	253,660		57	186,132		4,536
Midwest United States:
Chicago	3,095	—	—		133	247,998		2,962
Minneapolis	1,153	—	—		2	451,089		1,151
Midwest US Subtotal	4,248	—	—		135	251,007		4,113
Total / Average	80,322	578	$	317,149	668	$	250,861	80,232

(1) Estimated stabilized cap rates on acquisitions during the quarter averaged 5.4%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.

(2) Cap rates on dispositions during the quarter averaged 1.4%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 29

Glossary and Reconciliations

Glossary:

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.

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

Cost to maintain a home represents the sum of the expensed and capitalized portions of recurring repairs & maintenance and turn spend (gross or 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; and depreciation and amortization. National Association of Real Estate Investment Trusts ("Nareit") recommends as a best practice that REITs operating as real estate companies which report an EBITDA performance measure also report EBITDAre in all financial reports for periods beginning after December 31, 2017. We define EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain/loss on sale of property, net of tax and impairment on depreciated real estate investments. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; IPO related expenses; merger and transaction-related expenses; severance; casualty losses, net; acquisition costs; and interest income and other miscellaneous 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.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 30

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 Non-GAAP Measures" below for a reconciliation of GAAP net income (loss) 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 partnerships and joint ventures. In calculating per share amounts, Core FFO and AFFO reflect convertible debt securities in the form in which they were outstanding during the period.

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.

The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. 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 Core FFO and Adjusted FFO may not be comparable to the Core FFO and Adjusted FFO of other companies due to the fact that not all companies use the same definition of Core FFO and Adjusted FFO. Accordingly, there can be no assurance that our basis for computing this non-GAAP measures is comparable with that of other companies. See Supplemental Schedule 1 for a reconciliation of GAAP net income (loss) 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 Invitation Homes 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). NOI excludes: interest expense; depreciation and amortization; general and administrative expense; property management expense; impairment and other; acquisition costs; (gain) loss on sale of property, net of tax; and interest income and other miscellaneous income and expenses.

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 Non-GAAP Measures" below for a reconciliation of GAAP net income (loss) to NOI for our total portfolio and NOI for our Same Store portfolio.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 31

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 its systems as a single-family rental.

Rental Rate Growth

Rental rate growth for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease, and, in each case, reflects the impact of any amortized non-service rent concessions and 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, homes that have been stabilized and seasoned (whether under Invitation Homes ownership or Starwood Waypoint Homes ownership), 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, and homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio.

Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio may be considered stabilized at the time of acquisition.

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

We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and its prior year comparison period provides investors with meaningful information about the performance of 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.

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.

Value Enhancing CapEx

Value enhancing CapEx represents re-investment in stabilized homes, above and beyond general replacements to preserve and maintain the value and functionality of a home, for the purpose of enhancing expected risk-adjusted returns.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 32

Reconciliation of Non-GAAP Measures:

Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
	Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
Total revenues (total portfolio)	$	443,326		$	441,582		$	435,500		$	432,616		$	434,251
Non-Same Store revenues	(36,324		)	(37,600		)	(38,713		)	(41,971		)	(48,100		)
Same Store revenues	407,002			403,982			396,787			390,645			386,151
Same Store resident recoveries	(17,702		)	(16,573		)	(14,867		)	(13,235		)	(13,363		)
Same Store Core revenues	$	389,300		$	387,409		$	381,920		$	377,410		$	372,788

Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, YTD
(in thousands) (unaudited)
	YTD 2019			YTD 2018
Total revenues (total portfolio)	$	1,320,408		$	1,290,346
Non-Same Store revenues	(112,637		)	(143,874		)
Same Store revenues	1,207,771			1,146,472
Same Store resident recoveries	(49,142		)	(37,852		)
Same Store Core revenues	$	1,158,629		$	1,108,620

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 33

Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
	Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
Property operating and maintenance expenses (total portfolio)	$	175,491		$	166,574		$	160,346		$	159,200		$	170,021
Non-Same Store operating expenses	(16,237		)	(17,354		)	(18,411		)	(17,595		)	(21,002		)
Same Store operating expenses	159,254			149,220			141,935			141,605			149,019
Same Store resident recoveries	(17,702		)	(16,573		)	(14,867		)	(13,235		)	(13,363		)
Same Store Core operating expenses	$	141,552		$	132,647		$	127,068		$	128,370		$	135,656

Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
	YTD 2019			YTD 2018
Property operating and maintenance expenses (total portfolio)	$	502,411		$	496,211
Non-Same Store operating expenses	(52,002		)	(63,559		)
Same Store operating expenses	450,409			432,652
Same Store resident recoveries	(49,142		)	(37,852		)
Same Store Core operating expenses	$	401,267		$	394,800

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 34

Reconciliation of Net Income (Loss) to NOI and Same Store NOI, Quarterly
(in thousands) (unaudited)
	Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
Net income (loss) available to common stockholders	$	33,616		$	38,833		$	20,716		$	25,078		$	824
Net income available to participating securities	91			109			106			190			196
Non-controlling interests	276			463			347			446			21
Interest expense	89,067			95,706			93,983			96,506			97,564
Depreciation and amortization	133,315			133,031			133,609			130,220			139,371
Property management expense	15,872			16,021			15,160			17,281			16,692
General and administrative	16,405			15,956			26,538			25,340			21,152
Impairment and other	4,740			1,671			5,392			7,343			3,252
Gain on sale of property, net of tax	(20,812		)	(26,172		)	(17,572		)	(28,727		)	(11,512		)
Other, net	(4,735		)	(610		)	(3,125		)	(261		)	(3,330		)
NOI (total portfolio)	267,835			275,008			275,154			273,416			264,230
Non-Same Store NOI	(20,087		)	(20,246		)	(20,302		)	(24,376		)	(27,098		)
Same Store NOI	$	247,748		$	254,762		$	254,852		$	249,040		$	237,132

Reconciliation of Net Income (Loss) to NOI and Same Store NOI, YTD
(in thousands) (unaudited)
	YTD 2019			YTD 2018
Net income (loss) available to common stockholders	$	93,165		$	(30,822	)
Net income available to participating securities	306			627
Non-controlling interests	1,086			(532		)
Interest expense	278,756			287,089
Depreciation and amortization	399,955			430,321
Property management expense	47,053			48,204
General and administrative	58,899			73,424
Impairment and other	11,803			13,476
Gain on sale of property, net of tax	(64,556		)	(20,955		)
Other, net	(8,470		)	(6,697		)
NOI (total portfolio)	817,997			794,135
Non-Same Store NOI	(60,635		)	(80,315		)
Same Store NOI	$	757,362		$	713,820

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 35

Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Adjusted EBITDAre
(in thousands) (unaudited)
	Q3 2019			Q3 2018			% Change		YTD 2019			YTD 2018			% Change
Net income (loss) available to common stockholders	$	33,616		$	824				$	93,165		$	(30,822	)
Net income available to participating securities	91			196					306			627
Non-controlling interests	276			21					1,086			(532		)
Interest expense	89,067			97,564					278,756			287,089
Depreciation and amortization	133,315			139,371					399,955			430,321
EBITDA	256,365			237,976					773,268			686,683
Gain on sale of property, net of tax	(20,812		)	(11,512		)			(64,556		)	(20,955		)
Impairment on depreciated real estate investments	3,960			1,296					11,289			3,570
EBITDAre	239,513			227,760					720,001			669,298
Share-based compensation expense	4,625			6,068					13,847			23,582
Merger and transaction-related expenses	—			3,339					4,347			11,942
Severance	881			1,952					8,225			6,292
Casualty losses, net	780			1,956					514			9,906
Other, net	(4,735		)	(3,330		)			(8,470		)	(6,697		)
Adjusted EBITDAre	$	241,064		$	237,745		1.4	%	$	738,464		$	714,323		3.4	%

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 36

Reconciliation of Net Debt / Annualized Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
	As of
	September 30, 2019
Mortgage loans, net	$	6,428,874
Secured term loan, net	400,924
Term loan facility, net	1,493,025
Revolving facility	—
Convertible senior notes, net	333,070
Total Debt per Balance Sheet	8,655,893
Retained and repurchased certificates	(329,558		)
Cash, ex-security deposits (1)	(176,906		)
Deferred financing costs	45,966
Unamortized discounts on note payable	14,659
Net Debt (A)	$	8,210,054
	For the Three
	Months Ended
	September 30, 2019
Adjusted EBITDAre (C)	$	241,064
Annualized Adjusted EBITDAre (D = C x 4)	$	964,256
Net Debt / Annualized Adjusted EBITDAre (A / D)	8.5		x

(1) Represents cash and cash equivalents and the non-security deposit portion of restricted cash.

Reconciliation of Fixed Charge Coverage Ratio
(in thousands, except for ratio) (unaudited)
	For the Three
	Months Ended
	September 30, 2019
Interest expense	$	89,067
Noncash interest expense	(10,385		)
Fixed charges (A)	$	78,682
Adjusted EBITDAre (B)	$	241,064
Fixed charge coverage ratio (B / A)	3.1		x

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 37

Components of Noncash Interest Expense
(in thousands) (unaudited)
	Q3 2019			Q3 2018		YTD 2019		YTD 2018
Amortization of discounts on notes payable	$	1,317		$	2,308	$	6,026	$	6,816
Amortization of deferred financing costs	9,229			8,148		29,386		17,826
Change in fair value of interest rate derivatives	64			10		98		355
Amortization of swap fair value at designation	(225		)	2,935		1,912		8,442
Total non-cash interest expense	$	10,385		$	13,401	$	37,422	$	33,439

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

Q3 2019 Earnings Release and Supplemental Information — page 38