EX-99.1 2 a3q2018supplemental.htm EXHIBIT 99.1

Table of Contents

Earnings Press Release | 2
Consolidated Financial Statements | 9
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO | 11
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 2018 Earnings Release and Supplemental Information — page 1

Earnings Press Release

Invitation Homes Reports Third Quarter 2018 Results
Dallas, TX, November 5, 2018 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), a leading owner and operator of single-family homes for lease in the United States, today announced its third quarter 2018 financial and operating results.
Third Quarter 2018 Highlights

• | Year-over-year, total revenues increased 78.3% to $434 million, total property operating and maintenance expenses increased 82.3% to $170 million, and net income attributable to common shareholders increased to $1 million, or $0.00 per share.

• | Core FFO per share increased 21.3% year-over-year to $0.29 per share.

• | Same Store NOI grew 4.9% year-over-year on 4.4% Same Store Core revenue growth and 3.7% Same Store Core operating expense growth.

• | Same Store average occupancy was 95.5%, up 50 basis points year-over-year.

• | Continued strength in Same Store renewal rent growth of 4.8% and new lease rent growth of 3.3% drove Same Store blended rent growth of 4.2%.

• | As of October 31, 2018, $41 million of the total $50 - 55 million of expected merger synergies had been realized on a run-rate basis, outpacing management's previous expectation for 75% achievement by the end of 2018.

• | In October 2018, the Company used cash on hand to prepay $50 million of securitized debt maturing in 2021, incremental to the previously announced $200 million of securitized debt prepaid in the third quarter of 2018.

• | In the third quarter of 2018 and October 2018, pursuant to the Company's plan to further enhance portfolio quality, five bulk transactions were completed to dispose of homes with below-average rent. A total of 1,375 homes were sold across the five bulk transactions, with 147 homes closing in two September 2018 transactions, and the remaining 1,228 homes closing in three October 2018 transactions. Gross proceeds of $214 million from the five transactions are expected to be used for general corporate purposes and to repay debt.

Interim President Dallas Tanner comments: "Fundamentals in our high-growth markets remain favorable, and the high-quality service and living experience we provide continues to resonate with residents. As a result, we achieved another quarter of lower year-over-year turnover that drove Same Store average occupancy 50 basis points higher year-over-year to 95.5% in the third quarter of 2018. Blended rent growth also remained strong, driving Same Store Core revenue growth of 4.4% year-over-year in the third quarter of 2018, consistent with growth in the first half of the year.
"In addition to strong top line execution, our other operational priorities for the year are progressing well. With respect to merger integration, we achieved our 2018 year-end target of 75% run-rate synergy realization ahead of schedule. We also continue to fine-tune our integrated repairs and maintenance technology platform to increase the efficiency with which we serve our residents. With respect to capital recycling and balance sheet optimization, we closed the sale of 1,375 homes in bulk transactions in September and October to further enhance the quality of our portfolio and reduce leverage.
"We expect favorable fundamentals and execution on our key initiatives to continue driving growth, and are narrowing our 2018 Core FFO per share guidance to $1.16 - $1.18, a 12.0 - 13.9% increase versus 2017. We look forward to finishing the year strong as we remain focused on delivering value for our residents, associates, and shareholders."
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 2

Financial Results

Net Income (Loss), FFO, Core FFO, and AFFO Per Share — Diluted
|  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |  |  |
Net income (loss) (1) |  | $ | — |  |  | $ | (0.07 | ) |  | $ | (0.06 | ) |  | $ | (0.14 | ) |  |  |
FFO (2) |  | 0.23 |  |  | 0.13 |  |  | 0.70 |  |  | 0.37 |  |  |  |
Core FFO (2) |  | 0.29 |  |  | 0.24 |  |  | 0.87 |  |  | 0.74 |  |  |  |
AFFO (2) |  | 0.22 |  |  | 0.20 |  |  | 0.70 |  |  | 0.63 |  |  |  |

(1) | No shares of common stock were outstanding prior to the close of the Company's initial public offering. As such, net income (loss) per share for YTD 2017 has been calculated based on operating results for the period from February 1, 2017 through September 30, 2017, and the weighted average number of shares outstanding during that same period, in accordance with GAAP.

(2) | No shares of common stock or OP Units were outstanding prior to the close of the Company's initial public offering. For YTD 2017, FFO, Core FFO, and AFFO per share have been calculated based on operating results for the full period from January 1, 2017 through September 30, 2017, and as if shares issued in connection with the IPO were issued on January 1, 2017.

Net Income (Loss)
Net income attributable to common shareholders for the three months ended September 30, 2018 was $0.00 per share, compared to a loss of $0.07 per share for the three months ended September 30, 2017. Total revenues and total operating and maintenance expenses for the three months ended September 30, 2018 were $434 million and $170 million, respectively, compared to $244 million and $93 million, respectively, for the three months ended September 30, 2017.
Net loss attributable to common shareholders for the nine months ended September 30, 2018 was a loss of $0.06 per share, compared to a loss of $0.14 per share for the prior year period during which the Company was public from February 1, 2017 to September 30, 2017. Total revenues and total operating and maintenance expenses for the nine months ended September 30, 2018 were $1,290 million and $496 million, respectively, compared to $725 million and $274 million, respectively, for the prior year period during which the Company was public from February 1, 2017 to September 30, 2017.
Core FFO
Year-over-year, Core FFO for the three months ended September 30, 2018 increased 21.3% to $0.29 per share, primarily due to an increase in NOI per share, driven by higher revenues, lower adjusted general and administrative expense per share, and lower cash interest expense per share.
Year-over-year, Core FFO for the nine months ended September 30, 2018 increased 18.0% to $0.87 per share, primarily due to an increase in NOI per share, driven by higher revenues, lower adjusted general and administrative expense per share, and lower cash interest expense per share.
AFFO
Year-over-year, AFFO for the three months ended September 30, 2018 increased 10.2% to $0.22 per share, primarily driven by the increase in Core FFO described above.
Year-over-year, AFFO for the nine months ended September 30, 2018 increased 10.5% to $0.70 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 2018 Earnings Release and Supplemental Information — page 3

Operating Results

Same Store Operating Results Snapshot
Number of homes in Same Store portfolio: |  | 71,226 |  |  |  |  |  |  |  |
|  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |
Core revenue growth (year-over-year) |  | 4.4 | % |  |  |  | 4.4 | % |  |  |
Core operating expense growth (year-over-year) |  | 3.7 | % |  |  |  | 4.2 | % |  |  |
NOI growth (year-over-year) |  | 4.9 | % |  |  |  | 4.5 | % |  |  |
Average occupancy |  | 95.5 | % |  | 95.0 | % |  | 95.8 | % |  | 95.5 | % |
Turnover rate |  | 9.3 | % |  | 9.8 | % |  | 26.2 | % |  | 27.9 | % |
Rental rate growth (lease-over-lease): |  |  |  |  |  |  |  |  |
Renewals |  | 4.8 | % |  | 5.1 | % |  | 4.8 | % |  | 5.2 | % |
New leases |  | 3.3 | % |  | 3.3 | % |  | 3.6 | % |  | 4.1 | % |
Blended |  | 4.2 | % |  | 4.4 | % |  | 4.4 | % |  | 4.8 | % |

Same Store NOI
For the Same Store portfolio of 71,226 homes, third quarter 2018 Same Store NOI increased 4.9% year-over-year on Same Store Core revenue growth of 4.4% and Same Store Core operating expense growth of 3.7%.
YTD 2018 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 4.2%.
Same Store Core Revenues
Third quarter 2018 Same Store Core revenue growth of 4.4% year-over-year was driven by a 3.8% increase in average monthly rent, a 0.5% increase in average occupancy to 95.5%, and a 4.4% increase in other property income, net of resident reimbursements.
YTD 2018 Same Store Core revenue growth of 4.4% year-over-year was driven by a 3.9% increase in average monthly rent, a 0.3% increase in average occupancy to 95.8%, and a 7.5% increase in other property income, net of resident reimbursements.
Same Store Core Operating Expenses
Third quarter 2018 Same Store Core operating expenses increased 3.7% year-over-year, driven primarily by increases in repairs and maintenance (R&M) expenses and property taxes. Repairs and maintenance expenses remain elevated, but in-line with the Company's expectations, prior to completion of the R&M technology and personnel optimization efforts that are underway.
YTD 2018 Same Store Core operating expenses increased 4.2% year-over-year, driven primarily by increases in repairs and maintenance expenses and property taxes. The increase in repairs and maintenance expenses was primarily attributable to lower R&M productivity prior to completion of optimization efforts that are underway, and prioritization of service requests related to hurricane damage in the fourth quarter of 2017 that pushed routine, non-storm related service requests that otherwise would have been resolved in 2017 into the first quarter of 2018.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 4

Investment Management Activity
Invitation Homes acquired 249 homes for $72.8 million in the third quarter of 2018, including estimated renovation costs, and sold 413 homes for gross proceeds of $85.9 million, resulting in total portfolio home count of 82,260 homes at September 30, 2018.
Year-to-date, the Company acquired 702 homes for $205.1 million, including estimated renovation costs, and sold 1,012 homes for gross proceeds of $217.9 million.
Of the 413 homes sold during the third quarter, 147 were sold in two bulk transactions that closed in September 2018 for $22.5 million of gross proceeds. Subsequent to quarter end, the Company closed the sale of an additional 1,228 homes for $191.7 million in gross proceeds across three bulk transactions. Homes included in the five bulk sales had average in-place monthly rent of $1,404, 19.8% below that of the remaining portfolio. Proceeds from the transactions are expected to be used for general corporate purposes and to prepay debt.
Merger Integration Update
Completion of key integration milestones has unlocked $41 million of synergies on a run-rate basis as of October 31, 2018, and resulted in achievement of the Company's year-end 2018 target of 75% synergy realization faster than expected. Of the $41 million of synergies realized as of October 31, 2018, $36 million are related to property management and G&A, $4 million are related to operating expenses, and $1 million are related to capitalized expenses.
The company continues to expect to achieve total annualized cost synergies between $50 million and $55 million on a run-rate basis by mid-2019. Approximately two thirds of the remaining synergies are likely to be attributable to NOI and achieved after implementation of the Company's unified operating platform and field configuration in each market.
Balance Sheet and Capital Markets Activity
At September 30, 2018, the Company had $1,130 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness at September 30, 2018 was $9,544 million, consisting of $7,469 million of secured debt and $2,075 million of unsecured debt.
As previously announced, the Company prepaid $200 million of securitized debt (CSH 2016-1) in July 2018 using proceeds from its June 2018 refinancings and cash on hand. In October 2018, the Company prepaid an additional $50 million of CSH 2016-1 using cash on hand. As of September 30, 2018, weighted average years to maturity of the Company's debt was 5.2 years, and the weighted average interest rate on total debt during the third quarter of 2018 was 3.3%.
Dividend
As previously announced, on November 1, 2018 the Company's Board of Directors declared a quarterly cash dividend of $0.11 per share of common stock. The dividend will be paid on or before November 30, 2018 to shareholders of record as of the close of business on November 14, 2018.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 5

Full Year 2018 Guidance Update

FY 2018 Guidance
|  | Revised |  | Previous |
|  | FY 2018 |  | FY 2018 |
|  | Guidance |  | Guidance |
Core FFO per share – diluted |  | $1.16 - $1.18 |  | $1.15 - $1.19 |
AFFO per share – diluted |  | $0.93 - $0.95 |  | $0.94 - $0.98 |
Same Store Core revenue growth |  | 4.4 - 4.5% |  | 4.3 - 4.7% |
Same Store Core operating expense growth |  | 5.4 - 6.0% |  | 4.6 - 5.4% |
Same Store NOI growth |  | 3.5 - 4.0% |  | 3.8 - 4.8% |

Changes to FY 2018 Guidance
The change in Same Store NOI growth guidance is primarily attributable to revised Same Store Core operating expense expectations.
The vast majority of the increase in Same Store Core operating expense growth guidance is attributable to higher expected real estate taxes. Property tax reassessments received in October 2018 have trended higher than expected. While the Company intends to appeal assessed values where appropriate, real estate tax expenses in the fourth quarter of 2018 are likely to be higher than what was contemplated in previous guidance.
Excluding real estate taxes, all other Same Store Core operating expenses are expected to fall within the previous range of expectations, though some are trending toward the high end of that previous range. Repairs and maintenance operating expenses remain on track to meet the midpoint of what was contemplated in previous guidance.
Taking into account revised expectations for Same Store results, guidance ranges for Core FFO per share and AFFO per share have also been revised.
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.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 6

Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on Monday, November 5, 2018 to discuss results for the three months ended September 30, 2018. The domestic dial-in number is 1-888-317-6003, and the international dial-in number is 1-412-317-6061. The passcode is 8467806. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through December 5, 2018, and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10125240, 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 homes for lease, 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 Contacts
Claire Parker
Phone: 202.257.2329
Email: Media@InvitationHomes.com
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 (the "Securities Act") 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 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," "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
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 7

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. Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found 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, 2017, 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 2018 Earnings Release and Supplemental Information — page 8

Consolidated Balance Sheets
($ in thousands, except shares and per share data) |  |  |  |  |
|  | September 30, |  | December 31, |
|  | 2018 |  | 2017 |
|  | (unaudited) |  |  |
Assets: |  |  |  |  |
Investments in single-family residential properties, net |  | $ | 16,802,352 |  |  | $ | 17,312,264 |  |
Cash and cash equivalents |  | 130,037 |  |  | 179,878 |  |
Restricted cash |  | 253,603 |  |  | 236,684 |  |
Goodwill |  | 258,207 |  |  | 258,207 |  |
Other assets, net |  | 1,032,449 |  |  | 696,605 |  |
Total assets |  | $ | 18,476,648 |  |  | $ | 18,683,638 |  |
Mortgage loans, net |  | $ | 7,409,700 |  |  | $ | 7,580,153 |  |
Term loan facility, net |  | 1,490,138 |  |  | 1,487,973 |  |
Revolving facility |  | — |  |  | 35,000 |  |
Convertible senior notes, net |  | 555,081 |  |  | 548,536 |  |
Accounts payable and accrued expenses |  | 275,203 |  |  | 193,413 |  |
Resident security deposits |  | 151,305 |  |  | 146,689 |  |
Other liabilities |  | 30,573 |  |  | 41,999 |  |
Total liabilities |  | 9,912,000 |  |  | 10,033,763 |  |
Equity: |  |  |  |  |
Shareholders' equity |  |  |  |  |
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding at September 30, 2018 and December 31, 2017 |  | — |  |  | — |  |
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 520,579,577 and 519,173,142 outstanding at September 30, 2018 and December 31, 2017, respectively |  | 5,206 |  |  | 5,192 |  |
Additional paid-in-capital |  | 8,624,380 |  |  | 8,602,603 |  |
Accumulated deficit |  | (360,344 | ) |  | (157,595 | ) |
Accumulated other comprehensive income |  | 151,886 |  |  | 47,885 |  |
Total shareholders' equity |  | 8,421,128 |  |  | 8,498,085 |  |
Non-controlling interests |  | 143,520 |  |  | 151,790 |  |
Total equity |  | 8,564,648 |  |  | 8,649,875 |  |
Total liabilities and equity |  | $ | 18,476,648 |  |  | $ | 18,683,638 |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 9

Consolidated Statements of Operations |
($ in thousands, except shares and per share amounts) (unaudited) |
|  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |
Revenues: |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 404,140 |  |  | $ | 229,375 |  |  | $ | 1,203,780 |  |  | $ | 683,975 |  |
Other property income |  | 30,111 |  |  | 14,161 |  |  | 86,566 |  |  | 40,527 |  |
Total revenues |  | 434,251 |  |  | 243,536 |  |  | 1,290,346 |  |  | 724,502 |  |
Operating expenses: |  |  |  |  |  |  |  |  |
Property operating and maintenance |  | 170,021 |  |  | 93,267 |  |  | 496,211 |  |  | 274,275 |  |
Property management expense |  | 16,692 |  |  | 10,852 |  |  | 48,204 |  |  | 31,436 |  |
General and administrative |  | 21,152 |  |  | 27,462 |  |  | 73,424 |  |  | 104,154 |  |
Depreciation and amortization |  | 139,371 |  |  | 67,466 |  |  | 430,321 |  |  | 202,558 |  |
Impairment and other |  | 3,252 |  |  | 14,572 |  |  | 13,476 |  |  | 16,482 |  |
Total operating expenses |  | 350,488 |  |  | 213,619 |  |  | 1,061,636 |  |  | 628,905 |  |
Operating income |  | 83,763 |  |  | 29,917 |  |  | 228,710 |  |  | 95,597 |  |
Interest expense |  | (97,564 | ) |  | (56,796 | ) |  | (287,089 | ) |  | (182,726 | ) |
Other, net |  | 3,330 |  |  | 613 |  |  | 6,697 |  |  | (482 | ) |
Gain on sale of property, net of tax |  | 11,512 |  |  | 3,756 |  |  | 20,955 |  |  | 28,239 |  |
Net income (loss) |  | 1,041 |  |  | (22,510 | ) |  | (30,727 | ) |  | (59,372 | ) |
Net income (loss) attributable to non-controlling interests |  | (21 | ) |  | — |  |  | 532 |  |  | — |  |
Net income (loss) attributable to common shareholders |  | $ | 1,020 |  |  | $ | (22,510 | ) |  | $ | (30,195 | ) |  | $ | (59,372 | ) |
|  |  |  |  |  |  |  | February 1, 2017 |
|  |  |  |  |  |  |  | through |
|  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | September 30, 2017 |
Net income (loss) available to common shareholders — basic and diluted |  | $ | 824 |  |  | $ | (22,745 | ) |  | $ | (30,822 | ) |  | $ | (42,837 | ) |
Weighted average common shares outstanding — basic |  | 520,620,519 |  |  | 311,559,780 |  |  | 520,267,029 |  |  | 311,674,226 |  |
Weighted average common shares outstanding — diluted |  | 521,761,076 |  |  | 311,559,780 |  |  | 520,267,029 |  |  | 311,674,226 |  |
Net income (loss) per common share — basic |  | $ | — |  |  | $ | (0.07 | ) |  | $ | (0.06 | ) |  | $ | (0.14 | ) |
Net income (loss) per common share — diluted |  | $ | — |  |  | $ | (0.07 | ) |  | $ | (0.06 | ) |  | $ | (0.14 | ) |
Dividends declared per common share |  | $ | 0.11 |  |  | $ | 0.08 |  |  | $ | 0.33 |  |  | $ | 0.14 |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 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 |  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |
Net income (loss) available to common shareholders |  | $ | 824 |  |  | $ | (22,745 | ) |  | $ | (30,822 | ) |  | $ | (59,716 | ) |
Net income available to participating securities |  | 196 |  |  | 235 |  |  | 627 |  |  | 344 |  |
Non-controlling interests |  | 21 |  |  | — |  |  | (532 | ) |  | — |  |
Depreciation and amortization on real estate assets |  | 132,168 |  |  | 66,671 |  |  | 420,223 |  |  | 200,023 |  |
Impairment on depreciated real estate investments |  | 1,296 |  |  | 424 |  |  | 3,570 |  |  | 1,556 |  |
Net gain on sale of previously depreciated investments in real estate |  | (11,512 | ) |  | (3,756 | ) |  | (20,955 | ) |  | (28,239 | ) |
FFO |  | $ | 122,993 |  |  | $ | 40,829 |  |  | $ | 372,111 |  |  | $ | 113,968 |  |
Core FFO Reconciliation |  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |
FFO |  | $ | 122,993 |  |  | $ | 40,829 |  |  | $ | 372,111 |  |  | $ | 113,968 |  |
Noncash interest expense |  | 13,401 |  |  | 3,473 |  |  | 33,439 |  |  | 23,744 |  |
Share-based compensation expense |  | 6,068 |  |  | 12,004 |  |  | 23,582 |  |  | 64,464 |  |
IPO related expenses |  | — |  |  | — |  |  | — |  |  | 8,287 |  |
Merger and transaction-related expenses (1) |  | 9,406 |  |  | 4,944 |  |  | 18,009 |  |  | 4,944 |  |
Severance expense |  | 1,952 |  |  | (20 | ) |  | 6,292 |  |  | 417 |  |
Casualty losses, net |  | 1,956 |  |  | 14,148 |  |  | 9,906 |  |  | 14,926 |  |
Core FFO |  | $ | 155,776 |  |  | $ | 75,378 |  |  | $ | 463,339 |  |  | $ | 230,750 |  |
AFFO Reconciliation |  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |
Core FFO |  | $ | 155,776 |  |  | $ | 75,378 |  |  | $ | 463,339 |  |  | $ | 230,750 |  |
Recurring capital expenditures |  | (39,399 | ) |  | (13,391 | ) |  | (93,640 | ) |  | (34,225 | ) |
AFFO |  | $ | 116,377 |  |  | $ | 61,987 |  |  | $ | 369,699 |  |  | $ | 196,525 |  |
Weighted average common shares outstanding — diluted (2) |  | 521,761,076 |  | 311,559,780 |  |  | 520,267,029 |  |  | 311,674,226 |  |
Net income (loss) per common share — diluted (2) |  | $ | — |  |  | $ | (0.07 | ) |  | $ | (0.06 | ) |  | $ | (0.14 | ) |
Weighted average shares and units outstanding — diluted (3) |  | 530,797,654 |  | 311,559,780 |  |  | 530,581,319 |  |  | 311,674,226 |  |
FFO per share — diluted (3) |  | $ | 0.23 |  |  | $ | 0.13 |  |  | $ | 0.70 |  |  | $ | 0.37 |  |
Core FFO per share — diluted (3) |  | $ | 0.29 |  |  | $ | 0.24 |  |  | $ | 0.87 |  |  | $ | 0.74 |  |
AFFO per share — diluted (3) |  | $ | 0.22 |  |  | $ | 0.20 |  |  | $ | 0.70 |  |  | $ | 0.63 |  |

(1) | In Q3 2018 and YTD 2018, includes $6,067 of depreciation expense related to the write-down of legacy technology systems replaced by newly integrated systems and furniture, fixtures, and equipment from abandoned legacy offices. All other merger and transaction-related expenses presented in the Core FFO Reconciliation are general and administrative expenses.

(2) | No shares of common stock were outstanding prior to the close of the Company's initial public offering. As such, net income (loss) per share for YTD 2017 has been calculated based on operating results for the period from February 1, 2017 through September 30, 2017, and the weighted average number of shares outstanding during that same period, in accordance with GAAP.

(3) | No shares of common stock or OP Units were outstanding prior to the close of the Company's initial public offering. For YTD 2017, FFO, Core FFO, and AFFO per share have been calculated based on operating results for the full period from January 1, 2017 through September 30, 2017, and as if shares issued in connection with the IPO were issued on January 1, 2017.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited) |  |  |  |  |  |  |  |  |
Weighted Average Amounts for Net Income (Loss) (1) |  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |
Total common shares — diluted |  | 521,761,076 |  |  | 311,559,780 |  |  | 520,267,029 |  |  | 311,674,226 |  |
Weighted average amounts for FFO, Core FFO, and AFFO (2) |  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |
Common shares — diluted |  | 521,761,076 |  |  | 311,559,780 |  |  | 521,437,918 |  |  | 311,674,226 |  |
OP units |  | 9,036,578 |  |  | — |  |  | 9,143,401 |  |  | — |  |
Total common shares and units — diluted |  | 530,797,654 |  |  | 311,559,780 |  |  | 530,581,319 |  |  | 311,674,226 |  |
Period end amounts for FFO, Core FFO, and AFFO |  | September 30, 2018 |  |  |  |  |  |  |
Common shares — diluted |  | 522,119,874 |  |  |  |  |  |  |  |
OP units |  | 9,036,578 |  |  |  |  |  |  |  |
Total common shares and units — diluted |  | 531,156,452 |  |  |  |  |  |  |  |

(1) | No shares of common stock were outstanding prior to the close of the Company's initial public offering. As such, YTD 2017 weighted average shares outstanding for net income (loss) are for the period from February 1, 2017 through September 30, 2017, in accordance with GAAP.

(2) | No shares of common stock or OP Units were outstanding prior to the close of the Company's initial public offering. As such, YTD 2017 weighted average shares and units outstanding for FFO, Core FFO, and AFFO are calculated as if shares issued in connection with the IPO were issued on January 1, 2017.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b)

Debt Structure and Leverage Ratios — September 30, 2018 |
($ in thousands) (unaudited)
|  |  |  |  |  | Wtd Avg |  | Wtd Avg |
|  |  |  |  |  | Interest |  | Years |
Debt Structure |  | Balance |  | % of Total |  | Rate (1) (2) |  | to Maturity (2) |
Secured: |  |  |  |  |  |  |  |  |
Fixed |  | $ | 998,951 |  |  | 10.5 | % |  | 4.2 | % |  | 8.7 |  |
Floating — swapped to fixed |  | 4,620,000 |  |  | 48.4 | % |  | 3.0 | % |  | 4.9 |  |
Floating |  | 1,850,512 |  |  | 19.4 | % |  | 3.5 | % |  | 6.2 |  |
Total secured |  | 7,469,463 |  |  | 78.3 | % |  | 3.3 | % |  | 5.8 |  |
Unsecured: |  |  |  |  |  |  |  |  |
Fixed (Convertible) |  | 574,993 |  |  | 6.0 | % |  | 3.3 | % |  | 2.3 |  |
Floating — swapped to fixed |  | 1,500,000 |  |  | 15.7 | % |  | 3.7 | % |  | 3.4 |  |
Floating |  | — |  |  | — | % |  | — | % |  | — |  |
Total unsecured |  | 2,074,993 |  |  | 21.7 | % |  | 3.6 | % |  | 3.1 |  |
Total Debt: |  |  |  |  |  |  |  |  |
Fixed + floating swapped to fixed |  | 7,693,944 |  |  | 80.6 | % |  | 3.3 | % |  | 4.9 |  |
Floating |  | 1,850,512 |  |  | 19.4 | % |  | 3.5 | % |  | 6.2 |  |
Total debt |  | 9,544,456 |  |  | 100.0 | % |  | 3.3 | % |  | 5.2 |  |
Unamortized discounts on notes payable |  | (22,993 | ) |  |  |  |  |  |  |
Deferred financing costs |  | (66,544 | ) |  |  |  |  |  |  |
Total Debt per Balance Sheet |  | 9,454,919 |  |  |  |  |  |  |  |
Retained and repurchased certificates |  | (395,941 | ) |  |  |  |  |  |  |
Cash, ex-security deposits (3) |  | (230,148 | ) |  |  |  |  |  |  |
Deferred financing costs |  | 66,544 |  |  |  |  |  |  |  |
Unamortized discounts on notes payable |  | 22,993 |  |  |  |  |  |  |  |
Net debt |  | $ | 8,918,367 |  |  |  |  |  |  |  |
Leverage Ratios |  | Q3 2018 |  |  |  |  |  |  |
Fixed charge coverage ratio |  | 2.8 | x |  |  |  |  |  |  |
Net debt / annualized Adjusted EBITDA re |  | 9.4 | x |  |  |  |  |  |  |

(1) | Includes the impact of interest rate swaps in place and effective as of September 30, 2018.

(2) | The impact of an October 2018 voluntary prepayment of $50,000 of the outstanding borrowings under CSH 2016-1, a securitized loan maturing in 2021, is not included in this table.

(3) | 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 2018 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(c)

Debt Maturity Schedule — September 30, 2018 (1)
($ in thousands) (unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Revolving |  |  |  |  |  | Wtd Avg |
|  | Secured |  | Unsecured |  | Credit |  |  |  | % of |  | Interest |
Debt Maturities, with Extensions (2) |  | Debt |  | Debt |  | Facility |  | Balance |  | Total |  | Rate (3) |
2018 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | % |  | — | % |
2019 |  | — |  |  | 229,993 |  |  | — |  |  | 229,993 |  |  | 2.4 | % |  | 3.0 | % |
2020 |  | 646,760 |  |  | — |  |  | — |  |  | 646,760 |  |  | 6.8 | % |  | 3.0 | % |
2021 |  | 928,914 |  |  | — |  |  | — |  |  | 928,914 |  |  | 9.7 | % |  | 3.1 | % |
2022 |  | — |  |  | 1,845,000 |  |  | — |  |  | 1,845,000 |  |  | 19.3 | % |  | 3.6 | % |
2023 |  | 767,835 |  |  | — |  |  | — |  |  | 767,835 |  |  | 8.1 | % |  | 2.7 | % |
2024 |  | 862,181 |  |  | — |  |  | — |  |  | 862,181 |  |  | 9.0 | % |  | 3.8 | % |
2025 |  | 3,264,822 |  |  | — |  |  | — |  |  | 3,264,822 |  |  | 34.2 | % |  | 3.1 | % |
2026 |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — | % |
2027 |  | 998,951 |  |  | — |  |  | — |  |  | 998,951 |  |  | 10.5 | % |  | 4.2 | % |
|  | 7,469,463 |  |  | 2,074,993 |  |  | — |  |  | 9,544,456 |  |  | 100.0 | % |  | 3.3 | % |
Unamortized discounts on notes payable |  | (3,081 | ) |  | (19,912 | ) |  | — |  |  | (22,993 | ) |  |  |  |  |
Deferred financing costs |  | (56,682 | ) |  | (9,862 | ) |  | — |  |  | (66,544 | ) |  |  |  |  |
Total per Balance Sheet |  | $ | 7,409,700 |  |  | $ | 2,045,219 |  |  | $ | — |  |  | $ | 9,454,919 |  |  |  |  |  |

(1) | The impact of an October 2018 voluntary prepayment of $50,000 of the outstanding borrowings under CSH 2016-1, a securitized loan maturing in 2021, is not included in this table.

(2) | Assumes all extension options are exercised.

(3) | Includes the impact of interest rate swaps in place and effective as of September 30, 2018.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 2(d)

Cost to Maturity of Debt as of September 30, 2018
($ 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) |
4Q18 |  | $ | 9,544,456 |  |  | 19.4 | % |  | 64.1 | % |  | 16.5 | % |  | 80.6 | % |  | 1.6 | % |  | 1.5 | % |  | 3.9 | % |  | 3.3 | % |
2019 |  | 9,429,144 |  |  | 15.7 | % |  | 68.8 | % |  | 15.5 | % |  | 84.3 | % |  | 1.6 | % |  | 1.9 | % |  | 4.0 | % |  | 3.6 | % |
2020 |  | 9,005,219 |  |  | 8.6 | % |  | 76.5 | % |  | 14.9 | % |  | 91.4 | % |  | 1.6 | % |  | 2.3 | % |  | 4.0 | % |  | 3.8 | % |
2021 |  | 8,475,129 |  |  | 7.6 | % |  | 76.5 | % |  | 15.9 | % |  | 92.3 | % |  | 1.5 | % |  | 2.5 | % |  | 4.0 | % |  | 4.0 | % |
2022 |  | 6,060,021 |  |  | 18.8 | % |  | 64.5 | % |  | 16.7 | % |  | 81.2 | % |  | 1.4 | % |  | 2.8 | % |  | 4.2 | % |  | 4.2 | % |
2023 |  | 5,144,886 |  |  | 10.2 | % |  | 70.4 | % |  | 19.4 | % |  | 89.8 | % |  | 1.4 | % |  | 2.9 | % |  | 4.2 | % |  | 4.2 | % |
2024 |  | 5,074,128 |  |  | 10.3 | % |  | 70.0 | % |  | 19.7 | % |  | 89.7 | % |  | 1.4 | % |  | 2.9 | % |  | 4.2 | % |  | 4.2 | % |
2025 |  | 2,306,709 |  |  | 10.1 | % |  | 46.6 | % |  | 43.3 | % |  | 89.9 | % |  | 1.4 | % |  | 2.9 | % |  | 4.2 | % |  | 4.2 | % |
2026 |  | 998,951 |  |  | — | % |  | — | % |  | 100.0 | % |  | 100.0 | % |  | N/A |  |  | N/A |  |  | 4.2 | % |  | 4.2 | % |
2027 |  | 437,896 |  |  | — | % |  | — | % |  | 100.0 | % |  | 100.0 | % |  | N/A |  |  | N/A |  |  | 4.2 | % |  | 4.2 | % |

(1) | In each period, represents September 30, 2018 debt that remains outstanding, assuming all debt is held until final maturity with all extension options exercised. The impact of an October 2018 voluntary prepayment of $50,000 of the outstanding borrowings under CSH 2016-1, a securitized loan maturing in 2021, is not included in this table.

(2) | Assumes September 30, 2018 LIBOR rate of 2.26% for all future periods.

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, 2018, as well as the rate for 30-day LIBOR as of September 30, 2018. 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 2018 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 2018 |  |  |  |  |  |  |  |  |  |  |
Total portfolio |  | 82,260 |  |  |  |  |  |  |  |  |  |  |  |
Same Store portfolio |  | 71,226 |  |  |  |  |  |  |  |  |  |  |  |
Same Store % of Total |  | 86.6 | % |  |  |  |  |  |  |  |  |  |  |
Core Revenues |  | Q3 2018 |  | Q3 2017 |  | Change YoY |  | YTD 2018 |  | YTD 2017 |  | Change YoY |
Total portfolio |  | $ | 419,138 |  |  | $ | 238,483 |  |  | 75.8 | % |  | $ | 1,247,705 |  |  | $ | 709,902 |  |  | 75.8 | % |
Same Store portfolio |  | 366,910 |  |  | 351,333 |  |  | 4.4 | % |  | 1,091,694 |  |  | 1,045,929 |  |  | 4.4 | % |
Core Operating expenses |  | Q3 2018 |  | Q3 2017 |  | Change YoY |  | YTD 2018 |  | YTD 2017 |  | Change YoY |
Total portfolio |  | $ | 154,908 |  |  | $ | 88,214 |  |  | 75.6 | % |  | $ | 453,570 |  |  | $ | 259,675 |  |  | 74.7 | % |
Same Store portfolio |  | 135,271 |  |  | 130,436 |  |  | 3.7 | % |  | 394,093 |  |  | 378,204 |  |  | 4.2 | % |
Net Operating Income |  | Q3 2018 |  | Q3 2017 |  | Change YoY |  | YTD 2018 |  | YTD 2017 |  | Change YoY |
Total portfolio |  | $ | 264,230 |  |  | $ | 150,269 |  |  | 75.8 | % |  | $ | 794,135 |  |  | $ | 450,227 |  |  | 76.4 | % |
Same Store portfolio |  | 231,639 |  |  | 220,897 |  |  | 4.9 | % |  | 697,601 |  |  | 667,725 |  |  | 4.5 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(b)

Same Store Portfolio Operating Detail
($ in thousands) (unaudited)
|  |  |  |  | Change |  |  |  | Change |  |  |  |  |  | Change |
| Q3 2018 |  | Q3 2017 |  | YoY |  | Q2 2018 |  | Seq |  | YTD 2018 |  | YTD 2017 |  | YoY |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues | $ | 353,869 |  |  | $ | 338,842 |  |  | 4.4 | % |  | $ | 352,766 |  |  | 0.3 | % |  | $ | 1,053,579 |  |  | $ | 1,010,471 |  |  | 4.3 | % |
Other property income (1) | 25,848 |  |  | 22,035 |  |  | 17.3 | % |  | 24,465 |  |  | 5.7 | % |  | 74,324 |  |  | 61,325 |  |  | 21.2 | % |
Total revenues | 379,717 |  |  | 360,877 |  |  | 5.2 | % |  | 377,231 |  |  | 0.7 | % |  | 1,127,903 |  |  | 1,071,796 |  |  | 5.2 | % |
Less: Resident recoveries (1) | (12,807 | ) |  | (9,544 | ) |  | 34.2 | % |  | (11,475 | ) |  | 11.6 | % |  | (36,209 | ) |  | (25,867 | ) |  | 40.0 | % |
Core revenues | 366,910 |  |  | 351,333 |  |  | 4.4 | % |  | 365,756 |  |  | 0.3 | % |  | 1,091,694 |  |  | 1,045,929 |  |  | 4.4 | % |
Fixed Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property taxes | 62,589 |  |  | 60,488 |  |  | 3.5 | % |  | 62,653 |  |  | (0.1 | )% |  | 187,558 |  |  | 178,922 |  |  | 4.8 | % |
Insurance expenses | 7,397 |  |  | 6,870 |  |  | 7.7 | % |  | 7,421 |  |  | (0.3 | )% |  | 21,717 |  |  | 20,869 |  |  | 4.1 | % |
HOA expenses | 6,697 |  |  | 6,897 |  |  | (2.9 | )% |  | 6,935 |  |  | (3.4 | )% |  | 20,571 |  |  | 20,529 |  |  | 0.2 | % |
Controllable Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repairs and maintenance | 23,093 |  |  | 20,372 |  |  | 13.4 | % |  | 21,127 |  |  | 9.3 | % |  | 62,822 |  |  | 53,612 |  |  | 17.2 | % |
Personnel | 16,139 |  |  | 16,732 |  |  | (3.5 | )% |  | 16,518 |  |  | (2.3 | )% |  | 50,157 |  |  | 50,509 |  |  | (0.7 | )% |
Turnover | 14,043 |  |  | 13,230 |  |  | 6.1 | % |  | 13,045 |  |  | 7.7 | % |  | 38,146 |  |  | 36,942 |  |  | 3.3 | % |
Utilities (1) | 12,796 |  |  | 9,427 |  |  | 35.7 | % |  | 10,298 |  |  | 24.3 | % |  | 32,992 |  |  | 24,643 |  |  | 33.9 | % |
Leasing and marketing (2) | 2,729 |  |  | 3,262 |  |  | (16.3 | )% |  | 2,917 |  |  | (6.4 | )% |  | 8,503 |  |  | 10,262 |  |  | (17.1 | )% |
Property administrative | 2,595 |  |  | 2,702 |  |  | (4.0 | )% |  | 2,420 |  |  | 7.2 | % |  | 7,836 |  |  | 7,783 |  |  | 0.7 | % |
Property operating and maintenance expenses | 148,078 |  |  | 139,980 |  |  | 5.8 | % |  | 143,334 |  |  | 3.3 | % |  | 430,302 |  |  | 404,071 |  |  | 6.5 | % |
Less: Resident recoveries (1) | (12,807 | ) |  | (9,544 | ) |  | 34.2 | % |  | (11,475 | ) |  | 11.6 | % |  | (36,209 | ) |  | (25,867 | ) |  | 40.0 | % |
Core operating expenses | 135,271 |  |  | 130,436 |  |  | 3.7 | % |  | 131,859 |  |  | 2.6 | % |  | 394,093 |  |  | 378,204 |  |  | 4.2 | % |
Net Operating Income | $ | 231,639 |  |  | $ | 220,897 |  |  | 4.9 | % |  | $ | 233,897 |  |  | (1.0 | )% |  | $ | 697,601 |  |  | $ | 667,725 |  |  | 4.5 | % |

(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) | Same Store leasing and marketing expense includes amortization of leasing commissions of $2,354, $2,841, $2,578, $7,574 and $8,771 for Q3 2018, Q3 2017, Q2 2018, YTD 2018 and YTD 2017, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
|  | Q3 2018 |  | Q2 2018 |  | Q1 2018 |  | Q4 2017 |  | Q3 2017 |
Average occupancy |  | 95.5 | % |  | 96.1 | % |  | 95.7 | % |  | 95.3 | % |  | 95.0 | % |
Turnover rate |  | 9.3 | % |  | 9.3 | % |  | 7.6 | % |  | 7.7 | % |  | 9.8 | % |
Trailing four quarters turnover rate |  | 33.9 | % |  | 34.4 | % |  | 35.1 | % |  | 35.5 | % |  | N/A |  |
Average monthly rent |  | $ | 1,746 |  |  | $ | 1,726 |  |  | $ | 1,706 |  |  | $ | 1,696 |  |  | $ | 1,682 |  |
Rental rate growth (lease-over-lease): |  |  |  |  |  |  |  |  |  |  |
Renewals |  | 4.8 | % |  | 4.7 | % |  | 4.9 | % |  | 4.9 | % |  | 5.1 | % |
New leases |  | 3.3 | % |  | 4.9 | % |  | 2.5 | % |  | 1.4 | % |  | 3.3 | % |
Blended |  | 4.2 | % |  | 4.7 | % |  | 4.0 | % |  | 3.5 | % |  | 4.4 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 4

Portfolio Characteristics — As of and for the Quarter Ended September 30, 2018 (1)
(unaudited) |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Average |  |  |
|  | Number of |  | Average |  | Average |  | Monthly |  | Percent of |
|  | Homes |  | Occupancy |  | Monthly Rent |  | Rent PSF |  | Revenue |
Western United States: |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 8,314 |  |  | 95.3 | % |  | $ | 2,293 |  |  | $ | 1.36 |  |  | 13.2 | % |
Northern California |  | 4,555 |  |  | 95.8 | % |  | 1,970 |  |  | 1.28 |  |  | 6.4 | % |
Seattle |  | 3,383 |  |  | 92.9 | % |  | 2,103 |  |  | 1.10 |  |  | 5.1 | % |
Phoenix |  | 7,515 |  |  | 95.3 | % |  | 1,282 |  |  | 0.79 |  |  | 6.9 | % |
Las Vegas |  | 2,688 |  |  | 95.9 | % |  | 1,533 |  |  | 0.77 |  |  | 3.0 | % |
Denver |  | 2,208 |  |  | 92.8 | % |  | 1,907 |  |  | 1.07 |  |  | 3.0 | % |
Western US Subtotal |  | 28,663 |  |  | 94.9 | % |  | 1,853 |  |  | 1.08 |  |  | 37.6 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 9,219 |  |  | 94.1 | % |  | 2,126 |  |  | 1.15 |  |  | 13.4 | % |
Tampa |  | 8,627 |  |  | 93.9 | % |  | 1,610 |  |  | 0.88 |  |  | 9.7 | % |
Orlando |  | 5,904 |  |  | 95.1 | % |  | 1,582 |  |  | 0.86 |  |  | 6.5 | % |
Jacksonville |  | 1,932 |  |  | 94.0 | % |  | 1,630 |  |  | 0.82 |  |  | 2.2 | % |
Florida Subtotal |  | 25,682 |  |  | 94.3 | % |  | 1,790 |  |  | 0.97 |  |  | 31.8 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 12,450 |  |  | 94.5 | % |  | 1,456 |  |  | 0.71 |  |  | 12.5 | % |
Carolinas |  | 4,980 |  |  | 94.0 | % |  | 1,538 |  |  | 0.72 |  |  | 5.3 | % |
Nashville |  | 782 |  |  | 96.1 | % |  | 1,826 |  |  | 0.86 |  |  | 1.0 | % |
Southeast US Subtotal |  | 18,212 |  |  | 94.4 | % |  | 1,494 |  |  | 0.72 |  |  | 18.8 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |
Houston |  | 2,414 |  |  | 92.1 | % |  | 1,541 |  |  | 0.79 |  |  | 2.6 | % |
Dallas |  | 2,264 |  |  | 93.3 | % |  | 1,728 |  |  | 0.82 |  |  | 2.7 | % |
Texas Subtotal |  | 4,678 |  |  | 92.7 | % |  | 1,630 |  |  | 0.81 |  |  | 5.3 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 3,858 |  |  | 91.5 | % |  | 1,946 |  |  | 1.20 |  |  | 5.0 | % |
Minneapolis |  | 1,167 |  |  | 95.9 | % |  | 1,833 |  |  | 0.93 |  |  | 1.5 | % |
Midwest US Subtotal |  | 5,025 |  |  | 92.5 | % |  | 1,919 |  |  | 1.12 |  |  | 6.5 | % |
Total / Average |  | 82,260 |  |  | 94.3 | % |  | $ | 1,745 |  |  | $ | 0.94 |  |  | 100.0 | % |
Same Store Total / Average |  | 71,226 |  |  | 95.5 | % |  | $ | 1,746 |  |  | $ | 0.94 |  |  | 87.4 | % |

(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 2018 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 2018 |  | # Homes |  | Q3 2018 |  | Q3 2017 |  | Change |  | Q3 2018 |  | Q3 2017 |  | Change |  | Q3 2018 |  | Q3 2017 |  | Change |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 6,824 |  |  | $ | 2,345 |  |  | $ | 2,234 |  |  | 5.0 | % |  | 96.0 | % |  | 96.1 | % |  | (0.1 | )% |  | $ | 46,901 |  |  | $ | 44,552 |  |  | 5.3 | % |
Northern California |  | 3,247 |  |  | 1,927 |  |  | 1,810 |  |  | 6.5 | % |  | 96.9 | % |  | 96.3 | % |  | 0.6 | % |  | 18,648 |  |  | 17,426 |  |  | 7.0 | % |
Seattle |  | 3,014 |  |  | 2,090 |  |  | 1,977 |  |  | 5.7 | % |  | 95.8 | % |  | 95.7 | % |  | 0.1 | % |  | 18,660 |  |  | 17,747 |  |  | 5.1 | % |
Phoenix |  | 6,217 |  |  | 1,272 |  |  | 1,202 |  |  | 5.8 | % |  | 96.5 | % |  | 95.2 | % |  | 1.3 | % |  | 24,180 |  |  | 22,697 |  |  | 6.5 | % |
Las Vegas |  | 2,506 |  |  | 1,538 |  |  | 1,476 |  |  | 4.2 | % |  | 96.2 | % |  | 95.6 | % |  | 0.6 | % |  | 11,538 |  |  | 10,951 |  |  | 5.4 | % |
Denver |  | 1,866 |  |  | 1,914 |  |  | 1,844 |  |  | 3.8 | % |  | 94.4 | % |  | 93.5 | % |  | 0.9 | % |  | 10,480 |  |  | 9,905 |  |  | 5.8 | % |
Western US Subtotal |  | 23,674 |  |  | 1,853 |  |  | 1,762 |  |  | 5.2 | % |  | 96.1 | % |  | 95.6 | % |  | 0.5 | % |  | 130,407 |  |  | 123,278 |  |  | 5.8 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 8,335 |  |  | 2,145 |  |  | 2,087 |  |  | 2.8 | % |  | 95.1 | % |  | 94.0 | % |  | 1.1 | % |  | 52,220 |  |  | 50,121 |  |  | 4.2 | % |
Tampa |  | 8,087 |  |  | 1,615 |  |  | 1,573 |  |  | 2.7 | % |  | 94.8 | % |  | 94.2 | % |  | 0.6 | % |  | 38,533 |  |  | 37,141 |  |  | 3.7 | % |
Orlando |  | 5,578 |  |  | 1,577 |  |  | 1,501 |  |  | 5.1 | % |  | 96.4 | % |  | 95.9 | % |  | 0.5 | % |  | 26,468 |  |  | 24,977 |  |  | 6.0 | % |
Jacksonville |  | 1,880 |  |  | 1,630 |  |  | 1,579 |  |  | 3.2 | % |  | 95.1 | % |  | 95.3 | % |  | (0.2 | )% |  | 9,151 |  |  | 8,856 |  |  | 3.3 | % |
Florida Subtotal |  | 23,880 |  |  | 1,792 |  |  | 1,735 |  |  | 3.3 | % |  | 95.3 | % |  | 94.6 | % |  | 0.7 | % |  | 126,372 |  |  | 121,095 |  |  | 4.4 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 11,362 |  |  | 1,457 |  |  | 1,401 |  |  | 4.0 | % |  | 95.4 | % |  | 95.5 | % |  | (0.1 | )% |  | 48,783 |  |  | 46,964 |  |  | 3.9 | % |
Carolinas |  | 3,705 |  |  | 1,495 |  |  | 1,454 |  |  | 2.8 | % |  | 94.6 | % |  | 94.5 | % |  | 0.1 | % |  | 16,180 |  |  | 15,729 |  |  | 2.9 | % |
Nashville |  | 210 |  |  | 2,123 |  |  | 2,119 |  |  | 0.2 | % |  | 95.8 | % |  | 90.4 | % |  | 5.4 | % |  | 1,348 |  |  | 1,254 |  |  | 7.5 | % |
Southeast US Subtotal |  | 15,277 |  |  | 1,475 |  |  | 1,423 |  |  | 3.7 | % |  | 95.2 | % |  | 95.2 | % |  | — | % |  | 66,311 |  |  | 63,947 |  |  | 3.7 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 2,005 |  |  | 1,547 |  |  | 1,539 |  |  | 0.5 | % |  | 93.6 | % |  | 93.6 | % |  | — | % |  | 8,962 |  |  | 8,885 |  |  | 0.9 | % |
Dallas |  | 1,963 |  |  | 1,745 |  |  | 1,705 |  |  | 2.3 | % |  | 93.9 | % |  | 94.7 | % |  | (0.8 | )% |  | 9,868 |  |  | 9,752 |  |  | 1.2 | % |
Texas Subtotal |  | 3,968 |  |  | 1,645 |  |  | 1,622 |  |  | 1.4 | % |  | 93.7 | % |  | 94.2 | % |  | (0.5 | )% |  | 18,830 |  |  | 18,637 |  |  | 1.0 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 3,267 |  |  | 1,982 |  |  | 1,970 |  |  | 0.6 | % |  | 95.7 | % |  | 93.9 | % |  | 1.8 | % |  | 18,643 |  |  | 18,292 |  |  | 1.9 | % |
Minneapolis |  | 1,160 |  |  | 1,833 |  |  | 1,776 |  |  | 3.2 | % |  | 96.5 | % |  | 95.1 | % |  | 1.4 | % |  | 6,347 |  |  | 6,084 |  |  | 4.3 | % |
Midwest US Subtotal |  | 4,427 |  |  | 1,943 |  |  | 1,919 |  |  | 1.3 | % |  | 95.9 | % |  | 94.2 | % |  | 1.7 | % |  | 24,990 |  |  | 24,376 |  |  | 2.5 | % |
Same Store Total / Average |  | 71,226 |  |  | $ | 1,746 |  |  | $ | 1,682 |  |  | 3.8 | % |  | 95.5 | % |  | 95.0 | % |  | 0.5 | % |  | $ | 366,910 |  |  | $ | 351,333 |  |  | 4.4 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 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 2018 |  | # Homes |  | Q3 2018 |  | Q2 2018 |  | Change |  | Q3 2018 |  | Q2 2018 |  | Change |  | Q3 2018 |  | Q2 2018 |  | Change |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 6,824 |  |  | $ | 2,345 |  |  | $ | 2,315 |  |  | 1.3 | % |  | 96.0 | % |  | 96.7 | % |  | (0.7 | )% |  | $ | 46,901 |  |  | $ | 46,633 |  |  | 0.6 | % |
Northern California |  | 3,247 |  |  | 1,927 |  |  | 1,896 |  |  | 1.6 | % |  | 96.9 | % |  | 97.4 | % |  | (0.5 | )% |  | 18,648 |  |  | 18,482 |  |  | 0.9 | % |
Seattle |  | 3,014 |  |  | 2,090 |  |  | 2,058 |  |  | 1.6 | % |  | 95.8 | % |  | 96.8 | % |  | (1.0 | )% |  | 18,660 |  |  | 18,594 |  |  | 0.4 | % |
Phoenix |  | 6,217 |  |  | 1,272 |  |  | 1,252 |  |  | 1.6 | % |  | 96.5 | % |  | 97.2 | % |  | (0.7 | )% |  | 24,180 |  |  | 24,140 |  |  | 0.2 | % |
Las Vegas |  | 2,506 |  |  | 1,538 |  |  | 1,517 |  |  | 1.4 | % |  | 96.2 | % |  | 96.4 | % |  | (0.2 | )% |  | 11,538 |  |  | 11,412 |  |  | 1.1 | % |
Denver |  | 1,866 |  |  | 1,914 |  |  | 1,895 |  |  | 1.0 | % |  | 94.4 | % |  | 94.6 | % |  | (0.2 | )% |  | 10,480 |  |  | 10,389 |  |  | 0.9 | % |
Western US Subtotal |  | 23,674 |  |  | 1,853 |  |  | 1,828 |  |  | 1.4 | % |  | 96.1 | % |  | 96.7 | % |  | (0.6 | )% |  | 130,407 |  |  | 129,650 |  |  | 0.6 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 8,335 |  |  | 2,145 |  |  | 2,129 |  |  | 0.8 | % |  | 95.1 | % |  | 95.3 | % |  | (0.2 | )% |  | 52,220 |  |  | 51,974 |  |  | 0.5 | % |
Tampa |  | 8,087 |  |  | 1,615 |  |  | 1,602 |  |  | 0.8 | % |  | 94.8 | % |  | 95.2 | % |  | (0.4 | )% |  | 38,533 |  |  | 38,507 |  |  | 0.1 | % |
Orlando |  | 5,578 |  |  | 1,577 |  |  | 1,553 |  |  | 1.5 | % |  | 96.4 | % |  | 96.8 | % |  | (0.4 | )% |  | 26,468 |  |  | 26,178 |  |  | 1.1 | % |
Jacksonville |  | 1,880 |  |  | 1,630 |  |  | 1,608 |  |  | 1.4 | % |  | 95.1 | % |  | 96.4 | % |  | (1.3 | )% |  | 9,151 |  |  | 9,107 |  |  | 0.5 | % |
Florida Subtotal |  | 23,880 |  |  | 1,792 |  |  | 1,774 |  |  | 1.0 | % |  | 95.3 | % |  | 95.7 | % |  | (0.4 | )% |  | 126,372 |  |  | 125,766 |  |  | 0.5 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 11,362 |  |  | 1,457 |  |  | 1,436 |  |  | 1.5 | % |  | 95.4 | % |  | 96.0 | % |  | (0.6 | )% |  | 48,783 |  |  | 48,501 |  |  | 0.6 | % |
Carolinas |  | 3,705 |  |  | 1,495 |  |  | 1,478 |  |  | 1.2 | % |  | 94.6 | % |  | 95.6 | % |  | (1.0 | )% |  | 16,180 |  |  | 16,200 |  |  | (0.1 | )% |
Nashville |  | 210 |  |  | 2,123 |  |  | 2,133 |  |  | (0.5 | )% |  | 95.8 | % |  | 94.0 | % |  | 1.8 | % |  | 1,348 |  |  | 1,306 |  |  | 3.2 | % |
Southeast US Subtotal |  | 15,277 |  |  | 1,475 |  |  | 1,456 |  |  | 1.3 | % |  | 95.2 | % |  | 95.9 | % |  | (0.7 | )% |  | 66,311 |  |  | 66,007 |  |  | 0.5 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 2,005 |  |  | 1,547 |  |  | 1,542 |  |  | 0.3 | % |  | 93.6 | % |  | 94.7 | % |  | (1.1 | )% |  | 8,962 |  |  | 9,056 |  |  | (1.0 | )% |
Dallas |  | 1,963 |  |  | 1,745 |  |  | 1,732 |  |  | 0.8 | % |  | 93.9 | % |  | 94.6 | % |  | (0.7 | )% |  | 9,868 |  |  | 9,904 |  |  | (0.4 | )% |
Texas Subtotal |  | 3,968 |  |  | 1,645 |  |  | 1,636 |  |  | 0.6 | % |  | 93.7 | % |  | 94.6 | % |  | (0.9 | )% |  | 18,830 |  |  | 18,960 |  |  | (0.7 | )% |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 3,267 |  |  | 1,982 |  |  | 1,973 |  |  | 0.5 | % |  | 95.7 | % |  | 96.6 | % |  | (0.9 | )% |  | 18,643 |  |  | 18,982 |  |  | (1.8 | )% |
Minneapolis |  | 1,160 |  |  | 1,833 |  |  | 1,814 |  |  | 1.0 | % |  | 96.5 | % |  | 97.7 | % |  | (1.2 | )% |  | 6,347 |  |  | 6,391 |  |  | (0.7 | )% |
Midwest US Subtotal |  | 4,427 |  |  | 1,943 |  |  | 1,931 |  |  | 0.6 | % |  | 95.9 | % |  | 96.9 | % |  | (1.0 | )% |  | 24,990 |  |  | 25,373 |  |  | (1.5 | )% |
Same Store Total / Average |  | 71,226 |  |  | $ | 1,746 |  |  | $ | 1,726 |  |  | 1.2 | % |  | 95.5 | % |  | 96.1 | % |  | (0.6 | )% |  | $ | 366,910 |  |  | $ | 365,756 |  |  | 0.3 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 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 2018 |  | # Homes |  | YTD 2018 |  | YTD 2017 |  | Change |  | YTD 2018 |  | YTD 2017 |  | Change |  | YTD 2018 |  | YTD 2017 |  | Change |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 6,824 |  |  | $ | 2,315 |  |  | $ | 2,198 |  |  | 5.3 | % |  | 96.3 | % |  | 96.3 | % |  | — | % |  | $ | 138,965 |  |  | $ | 131,686 |  |  | 5.5 | % |
Northern California |  | 3,247 |  |  | 1,894 |  |  | 1,775 |  |  | 6.7 | % |  | 97.2 | % |  | 97.0 | % |  | 0.2 | % |  | 55,135 |  |  | 51,626 |  |  | 6.8 | % |
Seattle |  | 3,014 |  |  | 2,058 |  |  | 1,944 |  |  | 5.9 | % |  | 96.3 | % |  | 96.4 | % |  | (0.1 | )% |  | 55,421 |  |  | 52,556 |  |  | 5.5 | % |
Phoenix |  | 6,217 |  |  | 1,253 |  |  | 1,184 |  |  | 5.8 | % |  | 97.0 | % |  | 96.2 | % |  | 0.8 | % |  | 71,997 |  |  | 67,717 |  |  | 6.3 | % |
Las Vegas |  | 2,506 |  |  | 1,516 |  |  | 1,453 |  |  | 4.3 | % |  | 96.4 | % |  | 95.9 | % |  | 0.5 | % |  | 34,279 |  |  | 32,471 |  |  | 5.6 | % |
Denver |  | 1,866 |  |  | 1,893 |  |  | 1,808 |  |  | 4.7 | % |  | 94.7 | % |  | 94.5 | % |  | 0.2 | % |  | 31,208 |  |  | 29,438 |  |  | 6.0 | % |
Western US Subtotal |  | 23,674 |  |  | 1,827 |  |  | 1,732 |  |  | 5.5 | % |  | 96.5 | % |  | 96.2 | % |  | 0.3 | % |  | 387,005 |  |  | 365,494 |  |  | 5.9 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 8,335 |  |  | 2,128 |  |  | 2,068 |  |  | 2.9 | % |  | 95.0 | % |  | 94.5 | % |  | 0.5 | % |  | 155,145 |  |  | 149,735 |  |  | 3.6 | % |
Tampa |  | 8,087 |  |  | 1,602 |  |  | 1,558 |  |  | 2.8 | % |  | 94.9 | % |  | 95.1 | % |  | (0.2 | )% |  | 114,838 |  |  | 111,370 |  |  | 3.1 | % |
Orlando |  | 5,578 |  |  | 1,554 |  |  | 1,480 |  |  | 5.0 | % |  | 96.6 | % |  | 96.3 | % |  | 0.3 | % |  | 78,379 |  |  | 74,154 |  |  | 5.7 | % |
Jacksonville |  | 1,880 |  |  | 1,611 |  |  | 1,565 |  |  | 2.9 | % |  | 95.8 | % |  | 95.0 | % |  | 0.8 | % |  | 27,275 |  |  | 26,266 |  |  | 3.8 | % |
Florida Subtotal |  | 23,880 |  |  | 1,774 |  |  | 1,717 |  |  | 3.3 | % |  | 95.4 | % |  | 95.1 | % |  | 0.3 | % |  | 375,637 |  |  | 361,525 |  |  | 3.9 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 11,362 |  |  | 1,438 |  |  | 1,382 |  |  | 4.1 | % |  | 95.8 | % |  | 95.8 | % |  | — | % |  | 145,306 |  |  | 139,254 |  |  | 4.3 | % |
Carolinas |  | 3,705 |  |  | 1,479 |  |  | 1,443 |  |  | 2.5 | % |  | 95.0 | % |  | 95.0 | % |  | — | % |  | 48,317 |  |  | 47,115 |  |  | 2.6 | % |
Nashville |  | 210 |  |  | 2,135 |  |  | 2,099 |  |  | 1.7 | % |  | 92.4 | % |  | 92.8 | % |  | (0.4 | )% |  | 3,907 |  |  | 3,796 |  |  | 2.9 | % |
Southeast US Subtotal |  | 15,277 |  |  | 1,457 |  |  | 1,406 |  |  | 3.6 | % |  | 95.5 | % |  | 95.6 | % |  | (0.1 | )% |  | 197,530 |  |  | 190,165 |  |  | 3.9 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 2,005 |  |  | 1,542 |  |  | 1,531 |  |  | 0.7 | % |  | 94.7 | % |  | 94.5 | % |  | 0.2 | % |  | 27,047 |  |  | 26,779 |  |  | 1.0 | % |
Dallas |  | 1,963 |  |  | 1,730 |  |  | 1,681 |  |  | 2.9 | % |  | 94.3 | % |  | 94.6 | % |  | (0.3 | )% |  | 29,509 |  |  | 28,797 |  |  | 2.5 | % |
Texas Subtotal |  | 3,968 |  |  | 1,635 |  |  | 1,605 |  |  | 1.9 | % |  | 94.5 | % |  | 94.5 | % |  | — | % |  | 56,556 |  |  | 55,576 |  |  | 1.8 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 3,267 |  |  | 1,973 |  |  | 1,961 |  |  | 0.6 | % |  | 95.9 | % |  | 94.5 | % |  | 1.4 | % |  | 56,014 |  |  | 55,026 |  |  | 1.8 | % |
Minneapolis |  | 1,160 |  |  | 1,813 |  |  | 1,755 |  |  | 3.3 | % |  | 96.8 | % |  | 95.7 | % |  | 1.1 | % |  | 18,952 |  |  | 18,143 |  |  | 4.5 | % |
Midwest US Subtotal |  | 4,427 |  |  | 1,931 |  |  | 1,907 |  |  | 1.3 | % |  | 96.1 | % |  | 94.8 | % |  | 1.3 | % |  | 74,966 |  |  | 73,169 |  |  | 2.5 | % |
Same Store Total / Average |  | 71,226 |  |  | $ | 1,726 |  |  | $ | 1,661 |  |  | 3.9 | % |  | 95.8 | % |  | 95.5 | % |  | 0.3 | % |  | $ | 1,091,694 |  |  | $ | 1,045,929 |  |  | 4.4 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 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 2018 |  | Q3 2018 |  | Q3 2017 |  | Change |  | Q3 2018 |  | Q3 2017 |  | Change |  | Q3 2018 |  | Q3 2017 |  | Change |  | Q3 2018 |  | Q3 2017 |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | $ | 46,901 |  |  | $ | 44,552 |  |  | 5.3 | % |  | $ | 16,555 |  |  | $ | 14,452 |  |  | 14.6 | % |  | $ | 30,346 |  |  | $ | 30,100 |  |  | 0.8 | % |  | 64.7 | % |  | 67.6 | % |
Northern California |  | 18,648 |  |  | 17,426 |  |  | 7.0 | % |  | 6,013 |  |  | 5,367 |  |  | 12.0 | % |  | 12,635 |  |  | 12,059 |  |  | 4.8 | % |  | 67.8 | % |  | 69.2 | % |
Seattle |  | 18,660 |  |  | 17,747 |  |  | 5.1 | % |  | 5,709 |  |  | 5,299 |  |  | 7.7 | % |  | 12,951 |  |  | 12,448 |  |  | 4.0 | % |  | 69.4 | % |  | 70.1 | % |
Phoenix |  | 24,180 |  |  | 22,697 |  |  | 6.5 | % |  | 7,316 |  |  | 6,331 |  |  | 15.6 | % |  | 16,864 |  |  | 16,366 |  |  | 3.0 | % |  | 69.7 | % |  | 72.1 | % |
Las Vegas |  | 11,538 |  |  | 10,951 |  |  | 5.4 | % |  | 3,222 |  |  | 3,042 |  |  | 5.9 | % |  | 8,316 |  |  | 7,909 |  |  | 5.1 | % |  | 72.1 | % |  | 72.2 | % |
Denver |  | 10,480 |  |  | 9,905 |  |  | 5.8 | % |  | 2,142 |  |  | 2,688 |  |  | (20.3 | )% |  | 8,338 |  |  | 7,217 |  |  | 15.5 | % |  | 79.6 | % |  | 72.9 | % |
Western US Subtotal |  | 130,407 |  |  | 123,278 |  |  | 5.8 | % |  | 40,957 |  |  | 37,179 |  |  | 10.2 | % |  | 89,450 |  |  | 86,099 |  |  | 3.9 | % |  | 68.6 | % |  | 69.8 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 52,220 |  |  | 50,121 |  |  | 4.2 | % |  | 22,354 |  |  | 23,266 |  |  | (3.9 | )% |  | 29,866 |  |  | 26,855 |  |  | 11.2 | % |  | 57.2 | % |  | 53.6 | % |
Tampa |  | 38,533 |  |  | 37,141 |  |  | 3.7 | % |  | 16,310 |  |  | 15,793 |  |  | 3.3 | % |  | 22,223 |  |  | 21,348 |  |  | 4.1 | % |  | 57.7 | % |  | 57.5 | % |
Orlando |  | 26,468 |  |  | 24,977 |  |  | 6.0 | % |  | 10,338 |  |  | 9,666 |  |  | 7.0 | % |  | 16,130 |  |  | 15,311 |  |  | 5.3 | % |  | 60.9 | % |  | 61.3 | % |
Jacksonville |  | 9,151 |  |  | 8,856 |  |  | 3.3 | % |  | 3,702 |  |  | 3,555 |  |  | 4.1 | % |  | 5,449 |  |  | 5,301 |  |  | 2.8 | % |  | 59.5 | % |  | 59.9 | % |
Florida Subtotal |  | 126,372 |  |  | 121,095 |  |  | 4.4 | % |  | 52,704 |  |  | 52,280 |  |  | 0.8 | % |  | 73,668 |  |  | 68,815 |  |  | 7.1 | % |  | 58.3 | % |  | 56.8 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 48,783 |  |  | 46,964 |  |  | 3.9 | % |  | 17,296 |  |  | 15,919 |  |  | 8.7 | % |  | 31,487 |  |  | 31,045 |  |  | 1.4 | % |  | 64.5 | % |  | 66.1 | % |
Carolinas |  | 16,180 |  |  | 15,729 |  |  | 2.9 | % |  | 5,061 |  |  | 4,787 |  |  | 5.7 | % |  | 11,119 |  |  | 10,942 |  |  | 1.6 | % |  | 68.7 | % |  | 69.6 | % |
Nashville |  | 1,348 |  |  | 1,254 |  |  | 7.5 | % |  | 302 |  |  | 281 |  |  | 7.5 | % |  | 1,046 |  |  | 973 |  |  | 7.5 | % |  | 77.6 | % |  | 77.6 | % |
Southeast US Subtotal |  | 66,311 |  |  | 63,947 |  |  | 3.7 | % |  | 22,659 |  |  | 20,987 |  |  | 8.0 | % |  | 43,652 |  |  | 42,960 |  |  | 1.6 | % |  | 65.8 | % |  | 67.2 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 8,962 |  |  | 8,885 |  |  | 0.9 | % |  | 4,209 |  |  | 4,445 |  |  | (5.3 | )% |  | 4,753 |  |  | 4,440 |  |  | 7.0 | % |  | 53.0 | % |  | 50.0 | % |
Dallas |  | 9,868 |  |  | 9,752 |  |  | 1.2 | % |  | 4,408 |  |  | 4,465 |  |  | (1.3 | )% |  | 5,460 |  |  | 5,287 |  |  | 3.3 | % |  | 55.3 | % |  | 54.2 | % |
Texas Subtotal |  | 18,830 |  |  | 18,637 |  |  | 1.0 | % |  | 8,617 |  |  | 8,910 |  |  | (3.3 | )% |  | 10,213 |  |  | 9,727 |  |  | 5.0 | % |  | 54.2 | % |  | 52.2 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 18,643 |  |  | 18,292 |  |  | 1.9 | % |  | 8,200 |  |  | 9,023 |  |  | (9.1 | )% |  | 10,443 |  |  | 9,269 |  |  | 12.7 | % |  | 56.0 | % |  | 50.7 | % |
Minneapolis |  | 6,347 |  |  | 6,084 |  |  | 4.3 | % |  | 2,134 |  |  | 2,057 |  |  | 3.7 | % |  | 4,213 |  |  | 4,027 |  |  | 4.6 | % |  | 66.4 | % |  | 66.2 | % |
Midwest US Subtotal |  | 24,990 |  |  | 24,376 |  |  | 2.5 | % |  | 10,334 |  |  | 11,080 |  |  | (6.7 | )% |  | 14,656 |  |  | 13,296 |  |  | 10.2 | % |  | 58.6 | % |  | 54.5 | % |
Same Store Total / Average |  | $ | 366,910 |  |  | $ | 351,333 |  |  | 4.4 | % |  | $ | 135,271 |  |  | $ | 130,436 |  |  | 3.7 | % |  | $ | 231,639 |  |  | $ | 220,897 |  |  | 4.9 | % |  | 63.1 | % |  | 62.9 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 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 2018 |  | Q3 2018 |  | Q2 2018 |  | Change |  | Q3 2018 |  | Q2 2018 |  | Change |  | Q3 2018 |  | Q2 2018 |  | Change |  | Q3 2018 |  | Q2 2018 |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | $ | 46,901 |  |  | $ | 46,633 |  |  | 0.6 | % |  | $ | 16,555 |  |  | $ | 15,574 |  |  | 6.3 | % |  | $ | 30,346 |  |  | $ | 31,059 |  |  | (2.3 | )% |  | 64.7 | % |  | 66.6 | % |
Northern California |  | 18,648 |  |  | 18,482 |  |  | 0.9 | % |  | 6,013 |  |  | 5,484 |  |  | 9.6 | % |  | 12,635 |  |  | 12,998 |  |  | (2.8 | )% |  | 67.8 | % |  | 70.3 | % |
Seattle |  | 18,660 |  |  | 18,594 |  |  | 0.4 | % |  | 5,709 |  |  | 5,484 |  |  | 4.1 | % |  | 12,951 |  |  | 13,110 |  |  | (1.2 | )% |  | 69.4 | % |  | 70.5 | % |
Phoenix |  | 24,180 |  |  | 24,140 |  |  | 0.2 | % |  | 7,316 |  |  | 6,750 |  |  | 8.4 | % |  | 16,864 |  |  | 17,390 |  |  | (3.0 | )% |  | 69.7 | % |  | 72.0 | % |
Las Vegas |  | 11,538 |  |  | 11,412 |  |  | 1.1 | % |  | 3,222 |  |  | 2,993 |  |  | 7.7 | % |  | 8,316 |  |  | 8,419 |  |  | (1.2 | )% |  | 72.1 | % |  | 73.8 | % |
Denver |  | 10,480 |  |  | 10,389 |  |  | 0.9 | % |  | 2,142 |  |  | 2,127 |  |  | 0.7 | % |  | 8,338 |  |  | 8,262 |  |  | 0.9 | % |  | 79.6 | % |  | 79.5 | % |
Western US Subtotal |  | 130,407 |  |  | 129,650 |  |  | 0.6 | % |  | 40,957 |  |  | 38,412 |  |  | 6.6 | % |  | 89,450 |  |  | 91,238 |  |  | (2.0 | )% |  | 68.6 | % |  | 70.4 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 52,220 |  |  | 51,974 |  |  | 0.5 | % |  | 22,354 |  |  | 23,011 |  |  | (2.9 | )% |  | 29,866 |  |  | 28,963 |  |  | 3.1 | % |  | 57.2 | % |  | 55.7 | % |
Tampa |  | 38,533 |  |  | 38,507 |  |  | 0.1 | % |  | 16,310 |  |  | 15,999 |  |  | 1.9 | % |  | 22,223 |  |  | 22,508 |  |  | (1.3 | )% |  | 57.7 | % |  | 58.5 | % |
Orlando |  | 26,468 |  |  | 26,178 |  |  | 1.1 | % |  | 10,338 |  |  | 10,117 |  |  | 2.2 | % |  | 16,130 |  |  | 16,061 |  |  | 0.4 | % |  | 60.9 | % |  | 61.4 | % |
Jacksonville |  | 9,151 |  |  | 9,107 |  |  | 0.5 | % |  | 3,702 |  |  | 3,630 |  |  | 2.0 | % |  | 5,449 |  |  | 5,477 |  |  | (0.5 | )% |  | 59.5 | % |  | 60.1 | % |
Florida Subtotal |  | 126,372 |  |  | 125,766 |  |  | 0.5 | % |  | 52,704 |  |  | 52,757 |  |  | (0.1 | )% |  | 73,668 |  |  | 73,009 |  |  | 0.9 | % |  | 58.3 | % |  | 58.1 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 48,783 |  |  | 48,501 |  |  | 0.6 | % |  | 17,296 |  |  | 16,655 |  |  | 3.8 | % |  | 31,487 |  |  | 31,846 |  |  | (1.1 | )% |  | 64.5 | % |  | 65.7 | % |
Carolinas |  | 16,180 |  |  | 16,200 |  |  | (0.1 | )% |  | 5,061 |  |  | 4,684 |  |  | 8.0 | % |  | 11,119 |  |  | 11,516 |  |  | (3.4 | )% |  | 68.7 | % |  | 71.1 | % |
Nashville |  | 1,348 |  |  | 1,306 |  |  | 3.2 | % |  | 302 |  |  | 321 |  |  | (5.9 | )% |  | 1,046 |  |  | 985 |  |  | 6.2 | % |  | 77.6 | % |  | 75.4 | % |
Southeast US Subtotal |  | 66,311 |  |  | 66,007 |  |  | 0.5 | % |  | 22,659 |  |  | 21,660 |  |  | 4.6 | % |  | 43,652 |  |  | 44,347 |  |  | (1.6 | )% |  | 65.8 | % |  | 67.2 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 8,962 |  |  | 9,056 |  |  | (1.0 | )% |  | 4,209 |  |  | 4,243 |  |  | (0.8 | )% |  | 4,753 |  |  | 4,813 |  |  | (1.2 | )% |  | 53.0 | % |  | 53.1 | % |
Dallas |  | 9,868 |  |  | 9,904 |  |  | (0.4 | )% |  | 4,408 |  |  | 4,313 |  |  | 2.2 | % |  | 5,460 |  |  | 5,591 |  |  | (2.3 | )% |  | 55.3 | % |  | 56.5 | % |
Texas Subtotal |  | 18,830 |  |  | 18,960 |  |  | (0.7 | )% |  | 8,617 |  |  | 8,556 |  |  | 0.7 | % |  | 10,213 |  |  | 10,404 |  |  | (1.8 | )% |  | 54.2 | % |  | 54.9 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 18,643 |  |  | 18,982 |  |  | (1.8 | )% |  | 8,200 |  |  | 8,469 |  |  | (3.2 | )% |  | 10,443 |  |  | 10,513 |  |  | (0.7 | )% |  | 56.0 | % |  | 55.4 | % |
Minneapolis |  | 6,347 |  |  | 6,391 |  |  | (0.7 | )% |  | 2,134 |  |  | 2,005 |  |  | 6.4 | % |  | 4,213 |  |  | 4,386 |  |  | (3.9 | )% |  | 66.4 | % |  | 68.6 | % |
Midwest US Subtotal |  | 24,990 |  |  | 25,373 |  |  | (1.5 | )% |  | 10,334 |  |  | 10,474 |  |  | (1.3 | )% |  | 14,656 |  |  | 14,899 |  |  | (1.6 | )% |  | 58.6 | % |  | 58.7 | % |
Same Store Total / Average |  | $ | 366,910 |  |  | $ | 365,756 |  |  | 0.3 | % |  | $ | 135,271 |  |  | $ | 131,859 |  |  | 2.6 | % |  | $ | 231,639 |  |  | $ | 233,897 |  |  | (1.0 | )% |  | 63.1 | % |  | 63.9 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 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 2018 |  | YTD 2018 |  | YTD 2017 |  | Change |  | YTD 2018 |  | YTD 2017 |  | Change |  | YTD 2018 |  | YTD 2017 |  | Change |  | YTD 2018 |  | YTD 2017 |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | $ | 138,965 |  |  | $ | 131,686 |  |  | 5.5 | % |  | $ | 46,781 |  |  | $ | 42,509 |  |  | 10.0 | % |  | $ | 92,184 |  |  | $ | 89,177 |  |  | 3.4 | % |  | 66.3 | % |  | 67.7 | % |
Northern California |  | 55,135 |  |  | 51,626 |  |  | 6.8 | % |  | 16,997 |  |  | 15,780 |  |  | 7.7 | % |  | 38,138 |  |  | 35,846 |  |  | 6.4 | % |  | 69.2 | % |  | 69.4 | % |
Seattle |  | 55,421 |  |  | 52,556 |  |  | 5.5 | % |  | 16,286 |  |  | 16,027 |  |  | 1.6 | % |  | 39,135 |  |  | 36,529 |  |  | 7.1 | % |  | 70.6 | % |  | 69.5 | % |
Phoenix |  | 71,997 |  |  | 67,717 |  |  | 6.3 | % |  | 20,485 |  |  | 18,153 |  |  | 12.8 | % |  | 51,512 |  |  | 49,564 |  |  | 3.9 | % |  | 71.5 | % |  | 73.2 | % |
Las Vegas |  | 34,279 |  |  | 32,471 |  |  | 5.6 | % |  | 9,034 |  |  | 8,849 |  |  | 2.1 | % |  | 25,245 |  |  | 23,622 |  |  | 6.9 | % |  | 73.6 | % |  | 72.7 | % |
Denver |  | 31,208 |  |  | 29,438 |  |  | 6.0 | % |  | 5,675 |  |  | 6,932 |  |  | (18.1 | )% |  | 25,533 |  |  | 22,506 |  |  | 13.4 | % |  | 81.8 | % |  | 76.5 | % |
Western US Subtotal |  | 387,005 |  |  | 365,494 |  |  | 5.9 | % |  | 115,258 |  |  | 108,250 |  |  | 6.5 | % |  | 271,747 |  |  | 257,244 |  |  | 5.6 | % |  | 70.2 | % |  | 70.4 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 155,145 |  |  | 149,735 |  |  | 3.6 | % |  | 67,785 |  |  | 67,234 |  |  | 0.8 | % |  | 87,360 |  |  | 82,501 |  |  | 5.9 | % |  | 56.3 | % |  | 55.1 | % |
Tampa |  | 114,838 |  |  | 111,370 |  |  | 3.1 | % |  | 48,342 |  |  | 44,970 |  |  | 7.5 | % |  | 66,496 |  |  | 66,400 |  |  | 0.1 | % |  | 57.9 | % |  | 59.6 | % |
Orlando |  | 78,379 |  |  | 74,154 |  |  | 5.7 | % |  | 30,016 |  |  | 28,389 |  |  | 5.7 | % |  | 48,363 |  |  | 45,765 |  |  | 5.7 | % |  | 61.7 | % |  | 61.7 | % |
Jacksonville |  | 27,275 |  |  | 26,266 |  |  | 3.8 | % |  | 10,853 |  |  | 10,278 |  |  | 5.6 | % |  | 16,422 |  |  | 15,988 |  |  | 2.7 | % |  | 60.2 | % |  | 60.9 | % |
Florida Subtotal |  | 375,637 |  |  | 361,525 |  |  | 3.9 | % |  | 156,996 |  |  | 150,871 |  |  | 4.1 | % |  | 218,641 |  |  | 210,654 |  |  | 3.8 | % |  | 58.2 | % |  | 58.3 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 145,306 |  |  | 139,254 |  |  | 4.3 | % |  | 49,578 |  |  | 46,807 |  |  | 5.9 | % |  | 95,728 |  |  | 92,447 |  |  | 3.5 | % |  | 65.9 | % |  | 66.4 | % |
Carolinas |  | 48,317 |  |  | 47,115 |  |  | 2.6 | % |  | 14,548 |  |  | 14,298 |  |  | 1.7 | % |  | 33,769 |  |  | 32,817 |  |  | 2.9 | % |  | 69.9 | % |  | 69.7 | % |
Nashville |  | 3,907 |  |  | 3,796 |  |  | 2.9 | % |  | 966 |  |  | 863 |  |  | 11.9 | % |  | 2,941 |  |  | 2,933 |  |  | 0.3 | % |  | 75.3 | % |  | 77.3 | % |
Southeast US Subtotal |  | 197,530 |  |  | 190,165 |  |  | 3.9 | % |  | 65,092 |  |  | 61,968 |  |  | 5.0 | % |  | 132,438 |  |  | 128,197 |  |  | 3.3 | % |  | 67.0 | % |  | 67.4 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 27,047 |  |  | 26,779 |  |  | 1.0 | % |  | 12,597 |  |  | 13,041 |  |  | (3.4 | )% |  | 14,450 |  |  | 13,738 |  |  | 5.2 | % |  | 53.4 | % |  | 51.3 | % |
Dallas |  | 29,509 |  |  | 28,797 |  |  | 2.5 | % |  | 12,958 |  |  | 12,428 |  |  | 4.3 | % |  | 16,551 |  |  | 16,369 |  |  | 1.1 | % |  | 56.1 | % |  | 56.8 | % |
Texas Subtotal |  | 56,556 |  |  | 55,576 |  |  | 1.8 | % |  | 25,555 |  |  | 25,469 |  |  | 0.3 | % |  | 31,001 |  |  | 30,107 |  |  | 3.0 | % |  | 54.8 | % |  | 54.2 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 56,014 |  |  | 55,026 |  |  | 1.8 | % |  | 25,131 |  |  | 25,859 |  |  | (2.8 | )% |  | 30,883 |  |  | 29,167 |  |  | 5.9 | % |  | 55.1 | % |  | 53.0 | % |
Minneapolis |  | 18,952 |  |  | 18,143 |  |  | 4.5 | % |  | 6,061 |  |  | 5,787 |  |  | 4.7 | % |  | 12,891 |  |  | 12,356 |  |  | 4.3 | % |  | 68.0 | % |  | 68.1 | % |
Midwest US Subtotal |  | 74,966 |  |  | 73,169 |  |  | 2.5 | % |  | 31,192 |  |  | 31,646 |  |  | (1.4 | )% |  | 43,774 |  |  | 41,523 |  |  | 5.4 | % |  | 58.4 | % |  | 56.7 | % |
Same Store Total / Average |  | $ | 1,091,694 |  |  | $ | 1,045,929 |  |  | 4.4 | % |  | $ | 394,093 |  |  | $ | 378,204 |  |  | 4.2 | % |  | $ | 697,601 |  |  | $ | 667,725 |  |  | 4.5 | % |  | 63.9 | % |  | 63.8 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 25

Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
|  | Rental Rate Growth |
|  | Q3 2018 |  | YTD 2018 |
|  | Renewal |  | New |  | Blended |  | Renewal |  | New |  | Blended |
|  | Leases |  | Leases |  | Average |  | Leases |  | Leases |  | Average |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 6.1 | % |  | 5.7 | % |  | 5.9 | % |  | 6.1 | % |  | 5.9 | % |  | 6.0 | % |
Northern California |  | 6.6 | % |  | 9.5 | % |  | 7.5 | % |  | 6.7 | % |  | 9.1 | % |  | 7.5 | % |
Seattle |  | 7.0 | % |  | 6.0 | % |  | 6.6 | % |  | 7.0 | % |  | 7.0 | % |  | 7.0 | % |
Phoenix |  | 5.8 | % |  | 7.9 | % |  | 6.6 | % |  | 5.9 | % |  | 7.9 | % |  | 6.7 | % |
Las Vegas |  | 5.0 | % |  | 4.9 | % |  | 4.9 | % |  | 5.2 | % |  | 4.4 | % |  | 5.0 | % |
Denver |  | 5.4 | % |  | 0.1 | % |  | 3.4 | % |  | 5.7 | % |  | 2.0 | % |  | 4.4 | % |
Western US Subtotal |  | 6.0 | % |  | 5.9 | % |  | 6.0 | % |  | 6.1 | % |  | 6.3 | % |  | 6.2 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 4.2 | % |  | 0.5 | % |  | 2.9 | % |  | 4.1 | % |  | 1.2 | % |  | 3.1 | % |
Tampa |  | 4.2 | % |  | 0.9 | % |  | 2.8 | % |  | 4.1 | % |  | 1.7 | % |  | 3.2 | % |
Orlando |  | 4.9 | % |  | 6.7 | % |  | 5.6 | % |  | 5.1 | % |  | 6.6 | % |  | 5.6 | % |
Jacksonville |  | 3.2 | % |  | 5.2 | % |  | 4.1 | % |  | 3.3 | % |  | 4.7 | % |  | 3.9 | % |
Florida Subtotal |  | 4.3 | % |  | 2.2 | % |  | 3.5 | % |  | 4.2 | % |  | 2.7 | % |  | 3.7 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 4.8 | % |  | 3.6 | % |  | 4.3 | % |  | 4.7 | % |  | 3.9 | % |  | 4.4 | % |
Carolinas |  | 3.7 | % |  | 1.8 | % |  | 2.9 | % |  | 3.9 | % |  | 1.1 | % |  | 2.8 | % |
Nashville |  | 2.6 | % |  | (2.9 | )% |  | 0.5 | % |  | 2.0 | % |  | (3.5 | )% |  | (0.6 | )% |
Southeast US Subtotal |  | 4.5 | % |  | 3.0 | % |  | 3.9 | % |  | 4.4 | % |  | 2.9 | % |  | 3.9 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 2.8 | % |  | (3.2 | )% |  | 0.7 | % |  | 3.2 | % |  | (2.7 | )% |  | 1.2 | % |
Dallas |  | 4.5 | % |  | 0.1 | % |  | 3.0 | % |  | 4.4 | % |  | (0.4 | )% |  | 2.6 | % |
Texas Subtotal |  | 3.6 | % |  | (1.6 | )% |  | 1.9 | % |  | 3.8 | % |  | (1.4 | )% |  | 2.0 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 2.0 | % |  | 0.2 | % |  | 1.5 | % |  | 2.3 | % |  | (0.5 | )% |  | 1.4 | % |
Minneapolis |  | 4.6 | % |  | 4.2 | % |  | 4.4 | % |  | 4.9 | % |  | 3.3 | % |  | 4.3 | % |
Midwest US Subtotal |  | 2.6 | % |  | 1.3 | % |  | 2.2 | % |  | 2.9 | % |  | 0.5 | % |  | 2.1 | % |
Same Store Total / Average |  | 4.8 | % |  | 3.3 | % |  | 4.2 | % |  | 4.8 | % |  | 3.6 | % |  | 4.4 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 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 2018 |  | Q2 2018 |  | Q1 2018 |  |  |  |  |
Recurring operating expenses (gross): |  |  |  |  |  |  |  |  |  |  |
R&M OpEx |  | $ | 23,093 |  |  | $ | 21,127 |  |  | $ | 18,602 |  |  |  |  |  |
Turn OpEx |  | 14,043 |  |  | 13,045 |  |  | 11,058 |  |  |  |  |  |
Total recurring operating expense (gross) |  | 37,136 |  |  | 34,172 |  |  | 29,660 |  |  |  |  |  |
R&M + Turn recoveries |  | (3,336 | ) |  | (3,112 | ) |  | (2,091 | ) |  |  |  |  |
Total recurring operating expenses (net) |  | $ | 33,800 |  |  | $ | 31,060 |  |  | $ | 27,568 |  |  |  |  |  |
Recurring capital expenditures: |  |  |  |  |  |  |  |  |  |  |
R&M CapEx |  | $ | 26,552 |  |  | $ | 18,616 |  |  | $ | 13,981 |  |  |  |  |  |
Turn CapEx |  | 7,765 |  |  | 6,221 |  |  | 7,779 |  |  |  |  |  |
Total recurring capital expenditures |  | $ | 34,317 |  |  | $ | 24,837 |  |  | $ | 21,760 |  |  |  |  |  |
Cost to maintain (gross): |  |  |  |  |  |  |  |  |  |  |
R&M OpEx + CapEx |  | $ | 49,645 |  |  | $ | 39,743 |  |  | $ | 32,583 |  |  |  |  |  |
Turn OpEx + CapEx |  | 21,808 |  |  | 19,266 |  |  | 18,837 |  |  |  |  |  |
Total cost to maintain (gross) |  | 71,453 |  |  | 59,009 |  |  | 51,420 |  |  |  |  |  |
R&M + Turn recoveries |  | (3,336 | ) |  | (3,112 | ) |  | (2,091 | ) |  |  |  |  |
Total cost to maintain (net) |  | $ | 68,117 |  |  | $ | 55,897 |  |  | $ | 49,329 |  |  |  |  |  |
Per Home ($) |  | Q3 2018 |  | Q2 2018 |  | Q1 2018 |  |  |  |  |
Total cost to maintain (gross) |  | $ | 1,003 |  |  | $ | 828 |  |  | $ | 722 |  |  |  |  |  |
R&M + Turn recoveries |  | (47 | ) |  | (44 | ) |  | (29 | ) |  |  |  |  |
Total cost to maintain (net) |  | $ | 956 |  |  | $ | 784 |  |  | $ | 693 |  |  |  |  |  |

Total Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
Total ($ 000) |  | Q3 2018 |  | Q2 2018 |  | Q1 2018 |  |  |  |  |
Recurring CapEx |  | $ | 39,399 |  |  | $ | 28,848 |  |  | $ | 25,393 |  |  |  |  |  |
Value Enhancing CapEx |  | 5,296 |  |  | 3,396 |  |  | 4,876 |  |  |  |  |  |
Initial Renovation CapEx |  | 9,721 |  |  | 9,819 |  |  | 13,429 |  |  |  |  |  |
Total Capital Expenditures |  | $ | 54,416 |  |  | $ | 42,063 |  |  | $ | 43,698 |  |  |  |  |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 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 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |
Property management expense (GAAP) |  | $ | 16,692 |  |  | $ | 10,852 |  |  | $ | 48,204 |  |  | $ | 31,436 |  |
Adjustments: |  |  |  |  |  |  |  |  |
Share-based compensation expense (1) |  | (1,167 | ) |  | (2,695 | ) |  | (4,353 | ) |  | (8,004 | ) |
Adjusted property management expense |  | $ | 15,525 |  |  | $ | 8,157 |  |  | $ | 43,851 |  |  | $ | 23,432 |  |
Adjusted G&A Expense |  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |
G&A expense (GAAP) |  | $ | 21,152 |  |  | $ | 27,462 |  |  | $ | 73,424 |  |  | $ | 104,154 |  |
Adjustments: |  |  |  |  |  |  |  |  |
Share-based compensation expense (2) |  | (4,901 | ) |  | (9,309 | ) |  | (19,229 | ) |  | (56,460 | ) |
IPO related expenses |  | — |  |  | — |  |  | — |  |  | (8,287 | ) |
Merger and transaction-related expenses |  | (3,339 | ) |  | (4,944 | ) |  | (11,942 | ) |  | (4,944 | ) |
Severance expense |  | (1,952 | ) |  | 20 |  |  | (6,292 | ) |  | (417 | ) |
Adjusted G&A expense |  | $ | 10,960 |  |  | $ | 13,229 |  |  | $ | 35,961 |  |  | $ | 34,046 |  |

(1) | For Q3 2018, Q3 2017, YTD 2018, and YTD 2017, includes $348, $1,271, $1,440, and $6,412, respectively, related to IPO and pre-IPO grants.

(2) | For Q3 2018, includes $699 related to IPO and pre-IPO grants and $980 related to merger grants. For Q3 2017, includes $5,158 related to IPO and pre-IPO grants. For YTD 2018, includes $4,289 related to IPO and pre-IPO grants and $2,495 related to merger grants. For YTD 2017, includes $51,219 related to IPO and pre-IPO grants.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 28

Supplemental Schedule 8

Acquisitions and Dispositions — Q3 2018
(unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 6/30/2018 |  | Q3 2018 Acquisitions (1) |  | Q3 2018 Dispositions (2) |  | 9/30/2018 |
|  | Homes |  | Homes |  | Avg. Estimated |  | Homes |  | Average |  | Homes |
|  | Owned |  | Acq. |  | Cost Basis |  | Sold |  | Sales Price |  | Owned |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 8,334 |  |  | 1 |  |  | $ | 332,201 |  |  | 21 |  |  | $ | 335,740 |  |  | 8,314 |  |
Northern California |  | 4,573 |  |  | — |  |  | — |  |  | 18 |  |  | 296,161 |  |  | 4,555 |  |
Seattle |  | 3,359 |  |  | 31 |  |  | 363,681 |  |  | 7 |  |  | 299,843 |  |  | 3,383 |  |
Phoenix |  | 7,464 |  |  | 79 |  |  | 281,100 |  |  | 28 |  |  | 175,284 |  |  | 7,515 |  |
Las Vegas |  | 2,707 |  |  | — |  |  | — |  |  | 19 |  |  | 198,538 |  |  | 2,688 |  |
Denver |  | 2,190 |  |  | 27 |  |  | 384,975 |  |  | 9 |  |  | 314,556 |  |  | 2,208 |  |
Western US Subtotal |  | 28,627 |  |  | 138 |  |  | 320,345 |  |  | 102 |  |  | 254,819 |  |  | 28,663 |  |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 9,258 |  |  | — |  |  | — |  |  | 39 |  |  | 238,559 |  |  | 9,219 |  |
Tampa |  | 8,609 |  |  | 8 |  |  | 259,230 |  |  | 29 |  |  | 189,276 |  |  | 8,588 |  |
Orlando |  | 5,919 |  |  | 38 |  |  | 289,046 |  |  | 14 |  |  | 238,071 |  |  | 5,943 |  |
Jacksonville |  | 1,936 |  |  | — |  |  | — |  |  | 4 |  |  | 273,373 |  |  | 1,932 |  |
Florida Subtotal |  | 25,722 |  |  | 46 |  |  | 283,860 |  |  | 86 |  |  | 223,480 |  |  | 25,682 |  |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 12,428 |  |  | 42 |  |  | 237,766 |  |  | 20 |  |  | 194,000 |  |  | 12,450 |  |
Carolinas |  | 4,988 |  |  | 9 |  |  | 262,678 |  |  | 17 |  |  | 191,729 |  |  | 4,980 |  |
Nashville |  | 782 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 782 |  |
Southeast US Subtotal |  | 18,198 |  |  | 51 |  |  | 242,162 |  |  | 37 |  |  | 192,957 |  |  | 18,212 |  |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 2,501 |  |  | — |  |  | — |  |  | 87 |  |  | 143,917 |  |  | 2,414 |  |
Dallas |  | 2,256 |  |  | 14 |  |  | 228,189 |  |  | 6 |  |  | 191,283 |  |  | 2,264 |  |
Texas Subtotal |  | 4,757 |  |  | 14 |  |  | 228,189 |  |  | 93 |  |  | 146,972 |  |  | 4,678 |  |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 3,951 |  |  | — |  |  | — |  |  | 93 |  |  | 208,251 |  |  | 3,858 |  |
Minneapolis |  | 1,169 |  |  | — |  |  | — |  |  | 2 |  |  | 263,700 |  |  | 1,167 |  |
Midwest US Subtotal |  | 5,120 |  |  | — |  |  | — |  |  | 95 |  |  | 209,418 |  |  | 5,025 |  |
Total / Average |  | 82,424 |  |  | 249 |  |  | $ | 292,410 |  |  | 413 |  |  | $ | 208,023 |  |  | 82,260 |  |

(1) | Estimated stabilized cap rates on acquisitions during the quarter averaged 5.6%. Stabilized cap rate represents forecast nominal NOI for the twelve months following stabilization, divided by estimated cost basis.

(2) | Cap rates on dispositions during the quarter averaged 2.0%. Disposition cap rate represents actual NOI recognized in the twelve 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 2018 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 recurring repairs and maintenance and recurring turnover expenses (gross or net of resident reimbursements, as indicated in tables presented) and recurring capital expenditures.
EBITDA, EBITDA re, and Adjusted EBITDA re
EBITDA, EBITDA re and Adjusted EBITDA re 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 EBIDA performance measure also report EBITDA re in all financial reports for periods beginning after December 31, 2017. We define EBITDA re, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax and impairment on depreciated real estate investments. Adjusted EBITDA re is defined as EBITDA re 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, EBITDA re and Adjusted EBITDA re 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, EBITDA re and Adjusted EBITDA re as measures of performance.
The GAAP measure most directly comparable to EBITDA, EBITDA re and Adjusted EBITDA re is net income or loss. EBITDA, EBITDA re and Adjusted EBITDA re 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, EBITDA re and Adjusted EBITDA re may not be comparable to the EBITDA, EBITDA re and Adjusted EBITDA re of other companies due to the fact that not all
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 30

companies use the same definitions of EBITDA, EBITDA re and Adjusted EBITDA re. 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, EBITDA re and Adjusted EBITDA re.
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.
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.
Please 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 2018 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 for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, and homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure.
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.
Additionally, homes acquired via the Starwood Waypoint Homes merger have been deemed to qualify for the Same Store portfolio beginning in 2018 if they were stabilized, according to the Invitation Homes criteria for stabilization, within Starwood Waypoint Homes' portfolio prior to the merger.
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. In order to provide meaningful comparative information across periods that, in some cases, pre-date the Starwood Waypoint Homes merger, all information regarding the performance of the Same Store portfolio for periods prior to December 31, 2017 is presented as though the Starwood Waypoint Homes merger was consummated on January 1, 2017.
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 2018 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 2018 |  | Q2 2018 |  | Q1 2018 |  | Q4 2017 |  | Q3 2017 |
Total revenues (Invitation Homes total portfolio) |  | $ | 434,251 |  |  | $ | 432,426 |  |  | $ | 423,669 |  |  | $ | 329,954 |  |  | $ | 243,536 |  |
Starwood Waypoint Homes revenues (1) |  | — |  |  | — |  |  | — |  |  | 84,775 |  |  | 166,546 |  |
Pro Forma total revenues |  | 434,251 |  |  | 432,426 |  |  | 423,669 |  |  | 414,729 |  |  | 410,082 |  |
Non-Same Store revenues |  | (54,534 | ) |  | (55,195 | ) |  | (52,714 | ) |  | (50,351 | ) |  | (49,205 | ) |
Same Store revenues |  | 379,717 |  |  | 377,231 |  |  | 370,955 |  |  | 364,378 |  |  | 360,877 |  |
Same Store resident recoveries |  | (12,807 | ) |  | (11,475 | ) |  | (11,927 | ) |  | (9,451 | ) |  | (9,544 | ) |
Same Store Core revenues |  | $ | 366,910 |  |  | $ | 365,756 |  |  | $ | 359,028 |  |  | $ | 354,927 |  |  | $ | 351,333 |  |

(1) | Represents revenues generated by Starwood Waypoint Homes prior to its merger with Invitation Homes, expressed using Invitation Homes' definition of total revenues.

Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, YTD
(in thousands) (unaudited)
|  | YTD 2018 |  | YTD 2017 |  |  |  |  |  |  |
Total revenues (Invitation Homes total portfolio) |  | $ | 1,290,346 |  |  | $ | 724,502 |  |  |  |  |  |  |  |
Starwood Waypoint Homes revenues (1) |  | — |  |  | 462,475 |  |  |  |  |  |  |  |
Pro Forma total revenues |  | 1,290,346 |  |  | 1,186,977 |  |  |  |  |  |  |  |
Non-Same Store revenues |  | (162,443 | ) |  | (115,181 | ) |  |  |  |  |  |  |
Same Store revenues |  | 1,127,903 |  |  | 1,071,796 |  |  |  |  |  |  |  |
Same Store resident recoveries |  | (36,209 | ) |  | (25,867 | ) |  |  |  |  |  |  |
Same Store Core revenues |  | $ | 1,091,694 |  |  | $ | 1,045,929 |  |  |  |  |  |  |  |

(1) | Represents revenues generated by Starwood Waypoint Homes prior to its merger with Invitation Homes, expressed using Invitation Homes' definition of total revenues.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 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 2018 |  | Q2 2018 |  | Q1 2018 |  | Q4 2017 |  | Q3 2017 |
Property operating and maintenance expenses (total portfolio) |  | $ | 170,021 |  |  | $ | 165,423 |  |  | $ | 160,767 |  |  | $ | 117,220 |  |  | $ | 93,267 |  |
Starwood Waypoint Homes operating expenses (1) |  | — |  |  | — |  |  | — |  |  | 31,919 |  |  | 66,106 |  |
Pro Forma total operating expenses |  | 170,021 |  |  | 165,423 |  |  | 160,767 |  |  | 149,139 |  |  | 159,373 |  |
Non-Same Store operating expenses |  | (21,943 | ) |  | (22,089 | ) |  | (21,877 | ) |  | (19,635 | ) |  | (19,393 | ) |
Same Store operating expenses |  | 148,078 |  |  | 143,334 |  |  | 138,890 |  |  | 129,504 |  |  | 139,980 |  |
Same Store resident recoveries |  | (12,807 | ) |  | (11,475 | ) |  | (11,927 | ) |  | (9,451 | ) |  | (9,544 | ) |
Same Store Core operating expenses |  | $ | 135,271 |  |  | $ | 131,859 |  |  | $ | 126,963 |  |  | $ | 120,053 |  |  | $ | 130,436 |  |

(1) | Represents property operating and maintenance expenses generated by Starwood Waypoint Homes prior to its merger with Invitation Homes, expressed using Invitation Homes' definition of property operating and maintenance expenses.

Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
|  | YTD 2018 |  | YTD 2017 |  |  |  |  |  |  |
Property operating and maintenance expenses (total portfolio) |  | $ | 496,211 |  |  | $ | 274,275 |  |  |  |  |  |  |  |
Starwood Waypoint Homes operating expenses (1) |  | — |  |  | 180,597 |  |  |  |  |  |  |  |
Pro Forma total operating expenses |  | 496,211 |  |  | 454,872 |  |  |  |  |  |  |  |
Non-Same Store operating expenses |  | (65,909 | ) |  | (50,801 | ) |  |  |  |  |  |  |
Same Store operating expenses |  | 430,302 |  |  | 404,071 |  |  |  |  |  |  |  |
Same Store resident recoveries |  | (36,209 | ) |  | (25,867 | ) |  |  |  |  |  |  |
Same Store Core operating expenses |  | $ | 394,093 |  |  | $ | 378,204 |  |  |  |  |  |  |  |

(1) | Represents property operating and maintenance expenses generated by Starwood Waypoint Homes prior to its merger with Invitation Homes, expressed using Invitation Homes' definition of property operating and maintenance expenses.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 34

Reconciliation of Net Income (Loss) to NOI and Same Store NOI, Quarterly
(in thousands) (unaudited)
|  | Q3 2018 |  | Q2 2018 |  | Q1 2018 |  | Q4 2017 |  | Q3 2017 |
Net income (loss) available to common shareholders |  | $ | 824 |  |  | $ | (14,155 | ) |  | $ | (17,491 | ) |  | $ | (46,236 | ) |  | $ | (22,745 | ) |
Net income available to participating securities |  | 196 |  |  | 209 |  |  | 222 |  |  | 271 |  |  | 235 |  |
Non-controlling interests |  | 21 |  |  | (242 | ) |  | (311 | ) |  | (489 | ) |  | — |  |
Interest expense |  | 97,564 |  |  | 97,226 |  |  | 92,299 |  |  | 74,244 |  |  | 56,796 |  |
Depreciation and amortization |  | 139,371 |  |  | 146,450 |  |  | 144,500 |  |  | 107,020 |  |  | 67,466 |  |
General and administrative |  | 21,152 |  |  | 24,636 |  |  | 27,636 |  |  | 63,585 |  |  | 27,462 |  |
Property management expense |  | 16,692 |  |  | 14,348 |  |  | 17,164 |  |  | 11,908 |  |  | 10,852 |  |
Impairment and other |  | 3,252 |  |  | 4,103 |  |  | 6,121 |  |  | 7,611 |  |  | 14,572 |  |
Gain on sale of property, net of tax |  | (11,512 | ) |  | (3,941 | ) |  | (5,502 | ) |  | (5,657 | ) |  | (3,756 | ) |
Other, net |  | (3,330 | ) |  | (1,631 | ) |  | (1,736 | ) |  | 477 |  |  | (613 | ) |
NOI (total portfolio) |  | 264,230 |  |  | 267,003 |  |  | 262,902 |  |  | 212,734 |  |  | 150,269 |  |
Starwood Waypoint Homes NOI (1) |  | — |  |  | — |  |  | — |  |  | 52,856 |  |  | 100,440 |  |
Pro Forma total NOI |  | 264,230 |  |  | 267,003 |  |  | 262,902 |  |  | 265,590 |  |  | 250,709 |  |
Non-Same Store NOI |  | (32,591 | ) |  | (33,106 | ) |  | (30,837 | ) |  | (30,716 | ) |  | (29,812 | ) |
Same Store NOI |  | $ | 231,639 |  |  | $ | 233,897 |  |  | $ | 232,065 |  |  | $ | 234,874 |  |  | $ | 220,897 |  |

(1) | Represents NOI generated by Starwood Waypoint Homes prior to its merger with Invitation Homes, expressed using Invitation Homes' definition of NOI.

Reconciliation of Net Income (Loss) to NOI and Same Store NOI, YTD
(in thousands) (unaudited)
|  | YTD 2018 |  | YTD 2017 |  |  |  |  |  |  |
Net income (loss) available to common shareholders |  | $ | (30,822 | ) |  | $ | (59,716 | ) |  |  |  |  |  |  |
Net income available to participating securities |  | 627 |  |  | 344 |  |  |  |  |  |  |  |
Non-controlling interests |  | (532 | ) |  | — |  |  |  |  |  |  |  |
Interest expense |  | 287,089 |  |  | 182,726 |  |  |  |  |  |  |  |
Depreciation and amortization |  | 430,321 |  |  | 202,558 |  |  |  |  |  |  |  |
General and administrative |  | 73,424 |  |  | 104,154 |  |  |  |  |  |  |  |
Property management expense |  | 48,204 |  |  | 31,436 |  |  |  |  |  |  |  |
Impairment and other |  | 13,476 |  |  | 16,482 |  |  |  |  |  |  |  |
Gain on sale of property, net of tax |  | (20,955 | ) |  | (28,239 | ) |  |  |  |  |  |  |
Other, net |  | (6,697 | ) |  | 482 |  |  |  |  |  |  |  |
NOI (total portfolio) |  | 794,135 |  |  | 450,227 |  |  |  |  |  |  |  |
Starwood Waypoint Homes NOI (1) |  | — |  |  | 281,878 |  |  |  |  |  |  |  |
Pro Forma total NOI |  | 794,135 |  |  | 732,105 |  |  |  |  |  |  |  |
Non-Same Store NOI |  | (96,534 | ) |  | (64,380 | ) |  |  |  |  |  |  |
Same Store NOI |  | $ | 697,601 |  |  | $ | 667,725 |  |  |  |  |  |  |  |

(1) | Represents NOI generated by Starwood Waypoint Homes prior to its merger with Invitation Homes, expressed using Invitation Homes' definition of NOI.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 35

Reconciliation of Net Income (Loss) to EBITDA, EBITDA re and Adjusted EBITDA re
(in thousands) (unaudited)
|  | Q3 2018 |  | Q3 2017 |  | % Change |  | YTD 2018 |  | YTD 2017 |  | % Change |
Net income (loss) available to common shareholders |  | $ | 824 |  |  | $ | (22,745 | ) |  |  |  | $ | (30,822 | ) |  | $ | (59,716 | ) |  |  |
Net income available to participating securities |  | 196 |  |  | 235 |  |  |  |  | 627 |  |  | 344 |  |  |  |
Non-controlling interests |  | 21 |  |  | — |  |  |  |  | (532 | ) |  | — |  |  |  |
Interest expense |  | 97,564 |  |  | 56,796 |  |  |  |  | 287,089 |  |  | 182,726 |  |  |  |
Depreciation and amortization |  | 139,371 |  |  | 67,466 |  |  |  |  | 430,321 |  |  | 202,558 |  |  |  |
EBITDA |  | 237,976 |  |  | 101,752 |  |  |  |  | 686,683 |  |  | 325,912 |  |  |  |
Gain on sale of property, net of tax |  | (11,512 | ) |  | (3,756 | ) |  |  |  | (20,955 | ) |  | (28,239 | ) |  |  |
Impairment on depreciated real estate investments |  | 1,296 |  |  | 424 |  |  |  |  | 3,570 |  |  | 1,556 |  |  |  |
EBITDA re |  | 227,760 |  |  | 98,420 |  |  |  |  | 669,298 |  |  | 299,229 |  |  |  |
Share-based compensation expense |  | 6,068 |  |  | 12,004 |  |  |  |  | 23,582 |  |  | 64,464 |  |  |  |
IPO related expenses |  | — |  |  | — |  |  |  |  | — |  |  | 8,287 |  |  |  |
Merger and transaction-related expenses |  | 3,339 |  |  | 4,944 |  |  |  |  | 11,942 |  |  | 4,944 |  |  |  |
Severance |  | 1,952 |  |  | — |  |  |  |  | 6,292 |  |  | — |  |  |  |
Casualty losses, net |  | 1,956 |  |  | 14,148 |  |  |  |  | 9,906 |  |  | 14,926 |  |  |  |
Other, net |  | (3,330 | ) |  | (613 | ) |  |  |  | (6,697 | ) |  | 482 |  |  |  |
Adjusted EBITDA re |  | $ | 237,745 |  |  | $ | 128,903 |  |  | 84.4 | % |  | $ | 714,323 |  |  | $ | 392,332 |  |  | 82.1 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 36

Reconciliation of Net Debt / Annualized Adjusted EBITDA re
(in thousands, except for ratio) (unaudited)
|  | As of |
|  | September 30, 2018 |
Mortgage loans, net |  | $ | 7,409,700 |  |
Term loan facility, net |  | 1,490,138 |  |
Revolving facility |  | — |  |
Convertible senior notes, net |  | 555,081 |  |
Total Debt per Balance Sheet |  | 9,454,919 |  |
Retained and repurchased certificates |  | (395,941 | ) |
Cash, ex-security deposits (1) |  | (230,148 | ) |
Deferred financing costs |  | 66,544 |  |
Unamortized discounts on note payable |  | 22,993 |  |
Net Debt (A) |  | $ | 8,918,367 |  |
|  | For the Three |
|  | Months Ended |
|  | September 30, 2018 |
Adjusted EBITDA re (B) |  | $ | 237,745 |  |
Annualized Adjusted EBITDA re (C = B x 4) |  | $ | 950,980 |  |
Net debt / annualized Adjusted EBITDA re (A / C) |  | 9.4 | 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, 2018 |
Interest expense |  | $ | 97,564 |  |
Noncash interest expense |  | (13,401 | ) |
Fixed charges (A) |  | $ | 84,163 |  |
Adjusted EBITDA re (B) |  | $ | 237,745 |  |
Fixed charge coverage ratio (B / A) |  | 2.8 | x |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 37

Components of Noncash Interest Expense
(in thousands) (unaudited)
|  | Q3 2018 |  | Q3 2017 |  | YTD 2018 |  | YTD 2017 |
Amortization of discounts on notes payable |  | $ | 2,308 |  |  | $ | 88 |  |  | 6,816 |  |  | 202 |  |
Amortization of deferred financing costs |  | 8,148 |  |  | 3,195 |  |  | 17,826 |  |  | 19,550 |  |
Change in fair value of interest rate derivatives |  | 10 |  |  | — |  |  | 355 |  |  | — |  |
Amortization of swap fair value at designation |  | 2,935 |  |  | 190 |  |  | 8,442 |  |  | 3,992 |  |
Total non-cash interest expense |  | $ | 13,401 |  |  | $ | 3,473 |  |  | $ | 33,439 |  |  | $ | 23,744 |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 38