EX-99.1 2 q22021supplemental.htm EX-99.1

Table of Contents

Earnings Press Release | 2
Consolidated Financial Statements | 8
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO | 10
Schedule 2: Capital Structure Information | 12
Schedule 3: Summary of Operating Information by Home Portfolio | 17
Schedule 4: Home Characteristics by Market | 20
Schedule 5: Same Store Operating Information by Market | 21
Schedule 6: Cost to Maintain and Capital Expenditure Detail | 28
Schedule 7: Adjusted Property Management and G&A Reconciliation | 29
Schedule 8: Acquisitions and Dispositions | 30
Glossary and Reconciliations | 32

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 1

Earnings Press Release

Invitation Homes Reports Second Quarter 2021 Results
Dallas, TX, July 28, 2021 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its Q2 2021 financial and operating results.
Second Quarter 2021 Highlights
•Year over year, total revenues increased 9.3% to $492 million, property operating and maintenance costs increased 5.0% to $175 million, net income available to common stockholders increased 40.8% to $60 million, and net income per diluted common share increased 36.0% to $0.11.
•Year over year, Core FFO per share increased 14.4% to $0.37, and AFFO per share increased 16.9% to $0.32.
•Same Store NOI grew 8.4% year over year on 5.9% Same Store Core revenue growth and 0.9% Same Store Core operating expenses growth.
•Same Store average occupancy was 98.3%, up 80 basis points year over year.
•Same Store new lease rent growth of 13.8% and Same Store renewal rent growth of 5.8% drove Same Store blended rent growth of 8.0%, up 470 basis points year over year.
•Revenue collections were approximately 99% of the Company's historical average collection rate.
•Acquisitions by the Company and the Company's joint ventures totaled 879 homes for $337 million while dispositions totaled 218 homes for $73 million.
•As previously announced in May 2021, the Company issued and sold $300 million of privately placed senior unsecured notes at a weighted average coupon of 2.82%. Proceeds were primarily used to voluntarily prepay the highest-cost classes of various securitizations due to reach final maturity between December 2024 and January 2026.
•Subsequent to quarter end, as previously announced, the Company gave notice of its intent to settle conversions of its 3.5% convertible notes due January 15, 2022 (the "2022 Convertible Notes"), with common stock.
•Subsequent to quarter end, as previously announced, the Company and PulteGroup Inc., the nation's third largest homebuilder, have formed an innovative strategic relationship in which Invitation Homes expects to purchase approximately 7,500 new homes over the next five years that PulteGroup will design and build expressly for this purpose.
•Subsequent to quarter end and in conjunction with this release, the Company is raising its full year 2021 guidance for Same Store Core Revenue growth by 50 basis points at the midpoint to 5.5%, and Same Store NOI growth by 100 basis points at the midpoint to 7.0%. The Company is also raising its full year 2021 guidance for Core FFO per share and AFFO per share by $0.02 at the midpoint to $1.44 and $1.24, respectively.
President & Chief Executive Officer Dallas Tanner comments:
"Invitation Homes had a strong second quarter, driven by solid execution from our teams, our commitment to an outstanding resident experience, and positive market fundamentals. With notable year over year new lease and renewal rent growth, along with high occupancy, we remain focused on realizing prudent growth and enhanced efficiencies in the second half of the year. We believe our people, locations, scale, and service are second to none, and that the long-term demographic trends and our best-in-class platform have together created a long runway for outsized NOI and Core FFO growth."
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 2

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
|  | Q2 2021 |  | Q2 2020 |  |  |  | YTD 2021 |  | YTD 2020 |  |  |
Net income (1) |  | $ | 0.11 |  |  | $ | 0.08 |  |  |  |  | $ | 0.21 |  |  | $ | 0.17 |  |  |  |
FFO (1) |  | 0.32 |  |  | 0.30 |  |  |  |  | 0.65 |  |  | 0.62 |  |  |  |
Core FFO (2) |  | 0.37 |  |  | 0.32 |  |  |  |  | 0.73 |  |  | 0.66 |  |  |  |
AFFO (2) |  | 0.32 |  |  | 0.27 |  |  |  |  | 0.63 |  |  | 0.57 |  |  |  |

(1)In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 3.5% Convertible Notes due January 15, 2022 (the "2022 Convertible Notes"), were converted to common shares at the beginning of each relevant period in 2020 and 2021, unless such treatment is anti-dilutive to net income per share or FFO per share. See "Reconciliation of FFO, Core FFO, and AFFO," footnote (1), for more detail on the treatment of convertible notes in each specific period presented in the table.
(2)Core FFO and AFFO per share reflect the 2022 Convertible Notes in the form in which they were outstanding during each period. See "Reconciliation of FFO, Core FFO, and AFFO," footnote (2), for more detail on the treatment of convertible notes in each specific period presented in the table.
Net Income
Net income per share in the second quarter of 2021 was $0.11, compared to net income per share of $0.08 in the second quarter of 2020. Total revenues and total property operating and maintenance expenses in the second quarter of 2021 were $492 million and $175 million, respectively, compared to $450 million and $167 million, respectively, in the second quarter of 2020.
Net income per share in YTD 2021 was $0.21, compared to net income per share of $0.17 in YTD 2020. Total revenues and total property operating and maintenance expenses in YTD 2021 were $967 million and $344 million, respectively, compared to $900 million and $334 million, respectively, in YTD 2020.
Core FFO
Year over year, Core FFO per share in the second quarter of 2021 increased 14.4% to $0.37, primarily due to NOI growth and interest expense savings.
Year over year, Core FFO per share in YTD 2021 increased 9.3% to $0.73, primarily due to NOI growth and interest expense savings.
AFFO
Year over year, AFFO per share in the second quarter of 2021 increased 16.9% to $0.32, primarily due to the increase in Core FFO per share described above.
Year over year, AFFO per share in YTD 2021 increased 11.7% to $0.63, primarily due to the increase in Core FFO per share described above.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 3

Operating Results

Same Store Operating Results Snapshot
Number of homes in Same Store portfolio: |  | 72,658 |  |  |  |  |  |  |  |  |  |  |
|  | Q2 2021 |  | Q2 2020 |  |  |  | YTD 2021 |  | YTD 2020 |  |
Core revenue growth (year over year) |  | 5.9 | % |  |  |  |  |  | 4.0 | % |  |  |  |
Core operating expense growth (year over year) |  | 0.9 | % |  |  |  |  |  | (0.7) | % |  |  |  |
NOI growth (year over year) |  | 8.4 | % |  |  |  |  |  | 6.4 | % |  |  |  |
Average occupancy |  | 98.3 | % |  | 97.5 | % |  |  |  | 98.4 | % |  | 97.1 | % |  |
Bad debt % of gross rental revenues (1) |  | 1.8 | % |  | 1.8 | % |  |  |  | 2.0 | % |  | 1.1 | % |  |
Turnover rate |  | 6.7 | % |  | 7.0 | % |  |  |  | 12.0 | % |  | 13.3 | % |  |
Rental rate growth (lease-over-lease): |  |  |  |  |  |  |  |  |  |  |  |
Renewals |  | 5.8 | % |  | 3.5 | % |  |  |  | 5.1 | % |  | 3.8 | % |  |
New leases |  | 13.8 | % |  | 2.7 | % |  |  |  | 11.1 | % |  | 2.3 | % |  |
Blended |  | 8.0 | % |  | 3.3 | % |  |  |  | 6.8 | % |  | 3.3 | % |  |

(1)Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, under the rationale that a resident's security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident's security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. All rental revenues and other property income, in both total portfolio and Same Store portfolio presentations, are reflected net of bad debt.

Revenue Collections Update
|  |  | Q2 2021 |  | Q1 2021 |  | Q4 2020 |  | Q3 2020 |  | Pre-COVID Average (2) |
Revenues collected % of revenues due: (1) |  |  |  |  |  |  |  |  |  |  |  |
Revenues collected in same month billed |  |  | 92 | % |  | 91 | % |  | 91 | % |  | 92 | % |  | 96 | % |
Late collections of prior month billings |  |  | 6 | % |  | 6 | % |  | 5 | % |  | 5 | % |  | 3 | % |
Total collections |  |  | 98 | % |  | 97 | % |  | 96 | % |  | 97 | % |  | 99 | % |

(1)Includes both rental revenues and other property income. Rent is considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. Security deposits retained to offset rents due are not included as revenue collected. See "Same Store Operating Results Snapshot," footnote (1), for detail on the Company's bad debt policy.
(2)Represents the period from October 2019 to March 2020.
Same Store NOI
For the Same Store portfolio of 72,658 homes, second quarter 2021 Same Store NOI increased 8.4% year over year on Same Store Core revenue growth of 5.9% and Same Store Core operating expenses growth of 0.9%.
YTD 2021 Same Store NOI increased 6.4% year over year on Same Store Core revenue growth of 4.0% and a 0.7% decrease in Same Store Core operating expense.
Same Store Core Revenues
Second quarter 2021 Same Store Core revenue growth of 5.9% year over year was driven by a 3.9% increase in average monthly rent, an 80 basis point increase in average occupancy to 98.3%, and a 48.4% increase in Other income, net of resident recoveries. Bad debt as a percentage of gross rental revenues in Q2 2021 was in line with Q2 2020.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 4

YTD 2021 Same Store Core revenue growth of 4.0% year over year was driven by a 3.7% increase in average monthly rent and a 130 basis point increase in average occupancy to 98.4%. As a result of the increases in average monthly rent and average occupancy, Same Store rental revenues increased 5.1% year over year on a gross basis before bad debt. Bad debt increased from 1.1% of gross rental revenues in YTD 2020 to 2.0% of gross rental revenues in YTD 2021, which was a 97 basis point drag on Same Store Core revenue growth, all else equal.
Same Store Core Operating Expenses
Second quarter 2021 Same Store Core operating expenses increased 0.9% year over year, driven by a 2.0% increase in Same Store fixed expenses, partially offset by a 1.1% decline in Same Store controllable expenses, net of resident recoveries.
YTD 2021 Same Store Core operating expenses decreased 0.7% year over year, driven by a 6.1% decline in Same Store controllable expenses, net of resident recoveries, partially offset by a 2.4% increase in Same Store fixed expenses.
Investment Management Activity
Second quarter 2021 acquisitions totaled 879 homes for $337 million through multiple acquisition channels. This included 494 wholly owned homes for $195 million and 385 homes for $142 million in the Company's unconsolidated joint venture with Rockpoint Group (the "Rockpoint JV"). Invitation Homes owns 20% of the Rockpoint JV, which owned a total of 820 homes as of June 30, 2021.
Dispositions in the second quarter of 2021 included 212 wholly owned homes for gross proceeds of $71 million and 6 homes for gross proceeds of $2 million in the Company's unconsolidated joint venture with the Federal National Mortgage Association (the "FNMA JV").
Year to date through June 30, 2021, the Company acquired 1,575 homes for $569 million, including 895 wholly owned homes for $333 million and 680 homes for $236 million in the Rockpoint JV. The Company also sold 483 homes for $155 million, including 460 wholly owned homes for $146 million and 23 homes for $8 million in the FNMA JV.
Subsequent to quarter end in July, the Company and PulteGroup Inc., the nation's third largest homebuilder, announced they have formed an innovative strategic relationship. As part of their agreement, Invitation Homes expects to purchase approximately 7,500 new homes over the next five years that PulteGroup will design and build expressly for this purpose. The companies have identified the first 1,000 homes across seven communities to be built in select markets within Florida, Georgia, Southern California, North Carolina and Texas.
Balance Sheet and Capital Markets Activity
As of June 30, 2021, the Company had $1,126 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of June 30, 2021, was $8,059 million, consisting of $4,914 million of secured debt and $3,145 million of unsecured debt.
As previously announced, in May 2021, the Company issued and sold $300 million of privately placed fixed rate senior unsecured notes (the “Unsecured Notes”) at a weighted average coupon of 2.82%. The Unsecured Notes are comprised of two tranches: a $150 million 7-year tranche with a coupon of 2.46% maturing in 2028, and a $150 million 15-year tranche with a coupon of 3.18% maturing in 2036. Proceeds were used to voluntarily prepay the highest-cost classes of various securitizations due to reach final maturity between December 2024 and January 2026. The private placement jumpstarted the diversification of the balance sheet toward more unsecured debt and improved the laddering of maturity schedule.
In July 2021, the Company gave notice of its intent to settle conversions of its 3.5% convertible notes due January 15, 2022 (the "2022 Convertible Notes"), with common stock. For holders electing conversion on or before January 15, 2022, the 2022 Convertible Notes will be exchanged for common stock according to a conversion ratio that is fixed other than for adjustments related to dividends paid to common stockholders and other potential transactions. Based on the June 30, 2021, conversion ratio of 43.9448 shares per $1,000 principal amount of the 2022 Convertible Notes, settlement of the $345 million (par value)
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 5

of the 2022 Convertible Notes would result in the issuance of approximately 15 million common shares and a reduction in cash interest expense of approximately $12 million on an annualized basis. On a pro forma basis, whereby net debt is reduced for the impact of the conversion of 2022 Convertible Notes, Net Debt / Trailing Twelve Months Adjusted EBITDA re at June 30, 2021, would have been 6.7x, down from 7.0x on an as-reported basis and from 7.3x at the end of 2020 on an as-reported basis, with no debt reaching final maturity until December 2024. As of July 28, 2021, $177 million of principal was converted into approximately 8 million shares of common stock at the election of the note holders.
Dividend
As previously announced on July 23, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.17 per share of common stock. The dividend will be paid on or before August 27, 2021, to stockholders of record as of the close of business on August 10, 2021.
FY 2021 Guidance Update

FY 2021 Guidance
|  | Current |  | Previous |  |  |  |  |
|  | FY 2021 |  | FY 2021 |  |  |  |  |
|  | Guidance |  | Guidance |  |  |  |  |
Core FFO per share — diluted |  | $1.40 - $1.48 |  | $1.38 - $1.46 |  |  |  |  |
AFFO per share — diluted |  | $1.20 - $1.28 |  | $1.18 - $1.26 |  |  |  |  |
Same Store Core revenue growth |  | 5.0% - 6.0% |  | 4.5% - 5.5% |  |  |  |  |
Same Store Core operating expense growth |  | 2.5% - 3.5% |  | 2.5% - 3.5% |  |  |  |  |
Same Store NOI growth |  | 6.5% - 7.5% |  | 5.5% - 6.5% |  |  |  |  |

Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense, or a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core revenue growth, Same Store Core operating expense growth, and Same Store NOI growth to the comparable GAAP financial measures because it is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, casualty loss, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.
Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on July 29, 2021, to discuss results for the second quarter of 2021. The domestic dial-in number is 1-888-317-6003, and the international dial-in number is 1-412-317-6061. The passcode is 2915574. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through August 29, 2021, and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10157679, 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 herein and, as applicable, reconciled to the most comparable GAAP measures.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 6

About Invitation Homes
Invitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.
Investor Relations Contact
Scott McLaughlin
Phone: 844.456.INVH (4684)
Email: IR@InvitationHomes.com
Media Relations Contact
Kristi DesJarlais
Phone: 972.421.3587
Email: Media@InvitationHomes.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Company's expectations regarding 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,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees, and insurance costs, the Company's dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by the Company's residents, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of the ongoing COVID-19 pandemic on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Moreover, many of these factors have been heightened as a result of the ongoing and numerous adverse impacts of COVID-19. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2020, 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 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 other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 7

Consolidated Balance Sheets
($ in thousands, except shares and per share data) |  |  |  |  |
|  | June 30, 2021 |  | December 31, 2020 |
|  | (unaudited) |  |  |
Assets: |  |  |  |  |
Investments in single-family residential properties, net |  | $ | 16,333,324 |  |  | $ | 16,288,693 |  |
Cash and cash equivalents |  | 126,168 |  |  | 213,422 |  |
Restricted cash |  | 241,976 |  |  | 198,346 |  |
Goodwill |  | 258,207 |  |  | 258,207 |  |
Investments in unconsolidated joint ventures |  | 77,523 |  |  | 69,267 |  |
Other assets, net |  | 447,413 |  |  | 478,287 |  |
Total assets |  | $ | 17,484,611 |  |  | $ | 17,506,222 |  |
Liabilities: |  |  |  |  |
Mortgage loans, net |  | $ | 4,498,289 |  |  | $ | 4,820,098 |  |
Secured term loan, net |  | 401,204 |  |  | 401,095 |  |
Unsecured notes, net |  | 298,399 |  |  | — |  |
Term loan facility, net |  | 2,474,495 |  |  | 2,470,907 |  |
Revolving facility |  | — |  |  | — |  |
Convertible senior notes, net |  | 342,050 |  |  | 339,404 |  |
Accounts payable and accrued expenses |  | 217,394 |  |  | 149,299 |  |
Resident security deposits |  | 162,225 |  |  | 157,936 |  |
Other liabilities |  | 470,879 |  |  | 611,410 |  |
Total liabilities |  | 8,864,935 |  |  | 8,950,149 |  |
Equity: |  |  |  |  |
Stockholders' equity |  |  |  |  |
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2021 and December 31, 2020 |  | — |  |  | — |  |
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 568,718,544 and 567,117,666 outstanding as of June 30, 2021 and December 31, 2020, respectively |  | 5,687 |  |  | 5,671 |  |
Additional paid-in capital |  | 9,725,480 |  |  | 9,707,258 |  |
Accumulated deficit |  | (737,444) |  |  | (661,162) |  |
Accumulated other comprehensive loss |  | (413,684) |  |  | (546,942) |  |
Total stockholders' equity |  | 8,580,039 |  |  | 8,504,825 |  |
Non-controlling interests |  | 39,637 |  |  | 51,248 |  |
Total equity |  | 8,619,676 |  |  | 8,556,073 |  |
Total liabilities and equity |  | $ | 17,484,611 |  |  | $ | 17,506,222 |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 8

Consolidated Statements of Operations |  |
($ in thousands, except shares and per share amounts) (unaudited) |  |
|  | Q2 2021 |  | Q2 2020 |  |  | YTD 2021 |  | YTD 2020 |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 449,113 |  |  | $ | 419,201 |  |  |  | $ | 887,246 |  |  | $ | 833,667 |  |  |
Other property income |  | 41,505 |  |  | 30,554 |  |  |  | 77,826 |  |  | 65,877 |  |  |
Joint venture management fees |  | 1,015 |  |  | — |  |  |  | 1,786 |  |  | — |  |  |
Total revenues |  | 491,633 |  |  | 449,755 |  |  |  | 966,858 |  |  | 899,544 |  |  |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Property operating and maintenance |  | 175,422 |  |  | 167,002 |  |  |  | 343,795 |  |  | 333,918 |  |  |
Property management expense |  | 17,696 |  |  | 14,529 |  |  |  | 33,538 |  |  | 28,901 |  |  |
General and administrative |  | 19,828 |  |  | 14,426 |  |  |  | 36,778 |  |  | 28,654 |  |  |
Interest expense |  | 80,764 |  |  | 86,071 |  |  |  | 164,170 |  |  | 170,828 |  |  |
Depreciation and amortization |  | 145,280 |  |  | 137,266 |  |  |  | 289,781 |  |  | 272,293 |  |  |
Impairment and other |  | 980 |  |  | (180) |  |  |  | 1,336 |  |  | 2,947 |  |  |
Total expenses |  | 439,970 |  |  | 419,114 |  |  |  | 869,398 |  |  | 837,541 |  |  |
Gains (losses) on investments in equity securities, net |  | (7,002) |  |  | — |  |  |  | (10,142) |  |  | 34 |  |  |
Other, net |  | (1,903) |  |  | 1,370 |  |  |  | (1,673) |  |  | 5,050 |  |  |
Gain on sale of property, net of tax |  | 17,919 |  |  | 11,167 |  |  |  | 32,403 |  |  | 26,367 |  |  |
Income from investments in unconsolidated joint ventures |  | 11 |  |  | — |  |  |  | 362 |  |  | — |  |  |
Net income |  | 60,688 |  |  | 43,178 |  |  |  | 118,410 |  |  | 93,454 |  |  |
Net income attributable to non-controlling interests |  | (350) |  |  | (275) |  |  |  | (705) |  |  | (595) |  |  |
Net income attributable to common stockholders |  | 60,338 |  |  | 42,903 |  |  |  | 117,705 |  |  | 92,859 |  |  |
Net income available to participating securities |  | (96) |  |  | (119) |  |  |  | (191) |  |  | (221) |  |  |
Net income available to common stockholders — basic and diluted |  | $ | 60,242 |  |  | $ | 42,784 |  |  |  | $ | 117,514 |  |  | $ | 92,638 |  |  |
Weighted average common shares outstanding — basic |  | 567,931,472 |  |  | 548,811,968 |  |  |  | 567,655,034 |  |  | 545,680,740 |  |  |
Weighted average common shares outstanding — diluted |  | 569,283,166 |  |  | 549,920,213 |  |  |  | 569,056,182 |  |  | 546,836,809 |  |  |
Net income per common share — basic |  | $ | 0.11 |  |  | $ | 0.08 |  |  |  | $ | 0.21 |  |  | $ | 0.17 |  |  |
Net income per common share — diluted |  | $ | 0.11 |  |  | $ | 0.08 |  |  |  | $ | 0.21 |  |  | $ | 0.17 |  |  |
Dividends declared per common share |  | $ | 0.17 |  |  | $ | 0.15 |  |  |  | $ | 0.34 |  |  | $ | 0.30 |  |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 9

Supplemental Schedule 1

Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited) |  |
FFO Reconciliation |  | Q2 2021 |  | Q2 2020 |  |  | YTD 2021 |  | YTD 2020 |  |
Net income available to common stockholders |  | $ | 60,242 |  |  | $ | 42,784 |  |  |  | $ | 117,514 |  |  | $ | 92,638 |  |  |
Net income available to participating securities |  | 96 |  |  | 119 |  |  |  | 191 |  |  | 221 |  |  |
Non-controlling interests |  | 350 |  |  | 275 |  |  |  | 705 |  |  | 595 |  |  |
Depreciation and amortization on real estate assets |  | 143,607 |  |  | 135,647 |  |  |  | 286,391 |  |  | 269,561 |  |  |
Impairment on depreciated real estate investments |  | 93 |  |  | 1,442 |  |  |  | 524 |  |  | 3,913 |  |  |
Net gain on sale of previously depreciated investments in real estate |  | (17,919) |  |  | (11,167) |  |  |  | (32,403) |  |  | (26,367) |  |  |
Depreciation and net gain on sale of investments in unconsolidated joint ventures |  | 142 |  |  | — |  |  |  | (90) |  |  | — |  |  |
FFO |  | $ | 186,611 |  |  | $ | 169,100 |  |  |  | $ | 372,832 |  |  | $ | 340,561 |  |  |
Core FFO Reconciliation |  | Q2 2021 |  | Q2 2020 |  |  | YTD 2021 |  | YTD 2020 |  |
FFO |  | $ | 186,611 |  |  | $ | 169,100 |  |  |  | $ | 372,832 |  |  | $ | 340,561 |  |  |
Non-cash interest expense, including our share from unconsolidated joint ventures |  | 8,169 |  |  | 9,366 |  |  |  | 16,787 |  |  | 19,757 |  |  |
Share-based compensation expense |  | 9,206 |  |  | 2,106 |  |  |  | 15,020 |  |  | 6,207 |  |  |
Severance expense |  | 160 |  |  | 255 |  |  |  | 274 |  |  | 255 |  |  |
Casualty (gains) losses, net |  | 887 |  |  | (1,622) |  |  |  | 812 |  |  | (966) |  |  |
(Gains) losses on investments in equity securities, net |  | 7,002 |  |  | — |  |  |  | 10,142 |  |  | (34) |  |  |
Core FFO |  | $ | 212,035 |  |  | $ | 179,205 |  |  |  | $ | 415,867 |  |  | $ | 365,780 |  |  |
AFFO Reconciliation |  | Q2 2021 |  | Q2 2020 |  |  | YTD 2021 |  | YTD 2020 |  |
Core FFO |  | $ | 212,035 |  |  | $ | 179,205 |  |  |  | $ | 415,867 |  |  | $ | 365,780 |  |  |
Recurring capital expenditures, including our share from unconsolidated joint ventures |  | (28,714) |  |  | (27,617) |  |  |  | (53,189) |  |  | (53,605) |  |  |
Adjusted FFO |  | $ | 183,321 |  |  | $ | 151,588 |  |  |  | $ | 362,678 |  |  | $ | 312,175 |  |  |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding — diluted (1) |  | 569,283,166 |  |  | 549,920,213 |  |  |  | 569,056,182 |  |  | 546,836,809 |  |  |
Net income per common share — diluted (1) |  | $ | 0.11 |  |  | $ | 0.08 |  |  |  | $ | 0.21 |  |  | $ | 0.17 |  |  |
FFO |  |  |  |  |  |  |  |  |  |  |
Numerator for FFO per common share — diluted(1) |  | $ | 190,955 |  |  | $ | 173,379 |  |  |  | $ | 381,520 |  |  | $ | 349,119 |  |  |
Weighted average common shares and OP Units outstanding — diluted (1) |  | 587,982,707 |  |  | 568,769,738 |  |  |  | 587,906,276 |  |  | 565,753,742 |  |  |
FFO per share — diluted (1) |  | $ | 0.32 |  |  | $ | 0.30 |  |  |  | $ | 0.65 |  |  | $ | 0.62 |  |  |
Core FFO and Adjusted FFO |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares and OP Units outstanding — diluted (2) |  | 572,822,015 |  |  | 553,669,295 |  |  |  | 572,745,584 |  |  | 550,653,299 |  |  |
Core FFO per share — diluted (2) |  | $ | 0.37 |  |  | $ | 0.32 |  |  |  | $ | 0.73 |  |  | $ | 0.66 |  |  |
AFFO per share — diluted (2) |  | $ | 0.32 |  |  | $ | 0.27 |  |  |  | $ | 0.63 |  |  | $ | 0.57 |  |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 10

Supplemental Schedule 1 (Continued)

(1)In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2020 and 2021, unless such treatment is anti-dilutive to net income per share or FFO per share.
Treatment of the 2022 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share for each of the periods presented in the table. As such, net income per share does not treat the 2022 Convertible Notes as if converted. FFO per share does treat the 2022 Convertible Notes as if converted, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2022 Convertible Notes and adjusting shares outstanding in the denominator to include shares issuable on conversion of the 2022 Convertible Notes.
(2)Core FFO and AFFO per share reflect the 2022 Convertible Notes in the form in which they were outstanding during each period.
As such, Core FFO and AFFO per share does not treat the 2022 Convertible Notes as if converted for each of the periods presented in the table.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 11

Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited) |  |  |  |  |  |  |  |  |
Weighted Average Amounts for Net Income (1) |  | Q2 2021 |  | Q2 2020 |  | YTD 2021 |  | YTD 2020 |
Common shares — basic |  | 567,931,472 |  |  | 548,811,968 |  |  | 567,655,034 |  |  | 545,680,740 |  |
Shares potentially issuable from vesting/conversion of equity-based awards |  | 1,351,694 |  |  | 1,108,245 |  |  | 1,401,148 |  |  | 1,156,069 |  |
Total common shares — diluted |  | 569,283,166 |  |  | 549,920,213 |  |  | 569,056,182 |  |  | 546,836,809 |  |
Weighted average amounts for FFO (1) |  | Q2 2021 |  | Q2 2020 |  | YTD 2021 |  | YTD 2020 |
Common shares — basic |  | 567,931,472 |  |  | 548,811,968 |  |  | 567,655,034 |  |  | 545,680,740 |  |
OP units — basic |  | 3,232,241 |  |  | 3,463,285 |  |  | 3,347,125 |  |  | 3,463,285 |  |
Shares potentially issuable from vesting/conversion of equity-based awards |  | 1,658,302 |  |  | 1,394,042 |  |  | 1,743,425 |  |  | 1,509,274 |  |
Shares issuable from Convertible Notes |  | 15,160,692 |  |  | 15,100,443 |  |  | 15,160,692 |  |  | 15,100,443 |  |
Total common shares and units — diluted |  | 587,982,707 |  |  | 568,769,738 |  |  | 587,906,276 |  |  | 565,753,742 |  |
Weighted average amounts for Core and AFFO (2) |  | Q2 2021 |  | Q2 2020 |  | YTD 2021 |  | YTD 2020 |
Common shares — basic |  | 567,931,472 |  |  | 548,811,968 |  |  | 567,655,034 |  |  | 545,680,740 |  |
OP units — basic |  | 3,232,241 |  |  | 3,463,285 |  |  | 3,347,125 |  |  | 3,463,285 |  |
Shares potentially issuable from vesting/conversion of equity-based awards |  | 1,658,302 |  |  | 1,394,042 |  |  | 1,743,425 |  |  | 1,509,274 |  |
Total common shares and units — diluted |  | 572,822,015 |  |  | 553,669,295 |  |  | 572,745,584 |  |  | 550,653,299 |  |
Period end amounts for Core FFO, and AFFO (2) |  | June 30, 2021 |  |  |  |  |  |  |
Common shares |  | 568,718,544 |  |  |  |  |  |  |  |
OP units |  | 2,538,285 |  |  |  |  |  |  |  |
Shares potentially issuable from vesting/conversion of equity-based awards |  | 1,407,307 |  |  |  |  |  |  |  |
Total common shares and units — diluted |  | 572,664,136 |  |  |  |  |  |  |  |

(1)In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2020 and 2021, unless such treatment is anti-dilutive to net income per share or FFO per share. See "Supplemental Schedule 1," footnote (1), for more detail on the treatment of convertible notes in each specific period presented in the table.
(2)Core FFO and AFFO per share reflect the 2022 Convertible Notes in the form in which they were outstanding during each period. For weighted average amounts, see "Supplemental Schedule 1," footnote (2), for more detail on the treatment of convertible notes in each specific period presented in the table.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 12

Supplemental Schedule 2(b)

Debt Structure and Leverage Ratios — June 30, 2021 |
($ in thousands) (unaudited)
|  |  |  |  |  | Wtd Avg |  | Wtd Avg |
|  |  |  |  |  | Interest |  | Years |
Debt Structure |  | Balance |  | % of Total |  | Rate (1) |  | to Maturity (2) |
Secured: |  |  |  |  |  |  |  |  |
Fixed (3) |  | $ | 1,399,659 |  |  | 17.4 | % |  | 4.0 | % |  | 7.1 |  |
Floating — swapped to fixed |  | 3,270,000 |  |  | 40.6 | % |  | 3.7 | % |  | 4.0 |  |
Floating |  | 244,771 |  |  | 3.0 | % |  | 1.2 | % |  | 4.0 |  |
Total secured |  | 4,914,430 |  |  | 61.0 | % |  | 3.7 | % |  | 4.9 |  |
Unsecured: |  |  |  |  |  |  |  |  |
Fixed |  | 644,994 |  |  | 8.0 | % |  | 3.2 | % |  | 5.4 |  |
Floating — swapped to fixed |  | 2,500,000 |  |  | 31.0 | % |  | 3.3 | % |  | 4.6 |  |
Floating |  | — |  |  | — | % |  | — | % |  | — |  |
Total unsecured |  | 3,144,994 |  |  | 39.0 | % |  | 3.3 | % |  | 4.8 |  |
Total Debt: |  |  |  |  |  |  |  |  |
Fixed + floating swapped to fixed (3) |  | 7,814,653 |  |  | 97.0 | % |  | 3.6 | % |  | 4.8 |  |
Floating |  | 244,771 |  |  | 3.0 | % |  | 1.2 | % |  | 4.0 |  |
Total debt |  | 8,059,424 |  |  | 100.0 | % |  | 3.5 | % |  | 4.8 |  |
Unamortized discounts on notes payable |  | (5,057) |  |  |  |  |  |  |  |
Deferred financing costs, net |  | (39,930) |  |  |  |  |  |  |  |
Total Debt per Balance Sheet |  | 8,014,437 |  |  |  |  |  |  |  |
Retained and repurchased certificates |  | (231,315) |  |  |  |  |  |  |  |
Cash, ex-security deposits and letters of credit (4) |  | (201,779) |  |  |  |  |  |  |  |
Deferred financing costs, net |  | 39,930 |  |  |  |  |  |  |  |
Unamortized discounts on notes payable |  | 5,057 |  |  |  |  |  |  |  |
Net Debt |  | $ | 7,626,330 |  |  |  |  |  |  |  |
Leverage Ratios |  | June 30, 2021 |  |  |  |  |  |  |
Net Debt / TTM Adjusted EBITDA re (5) |  | 7.0 | x |  |  |  |  |  |  |
Credit Ratings |  | Ratings |  | Outlook |  |  |  |  |
Fitch Ratings, Inc. |  | BBB |  | Stable |  |  |  |  |
Moody's Investor Services |  | Baa3 |  | Stable |  |  |  |  |
Standard & Poor's Rating Services |  | BBB- |  | Stable |  |  |  |  |
Unsecured Facility Covenant Compliance (6) |  | June 30, 2021 |  | Covenant Limit |  |  |
Total leverage ratio |  | 37.4 | % |  | 60 | % | (maximum) |  |  |
Secured leverage ratio |  | 22.4 | % |  | 45 | % | (maximum) |  |  |
Unencumbered leverage ratio |  | 26.5 | % |  | 60 | % | (maximum) |  |  |
Fixed charge coverage ratio |  | 3.8x |  | 1.5x | (minimum) |  |  |
Unsecured interest coverage ratio |  | 6.4x |  | 1.75x | (minimum) |  |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 13

Supplemental Schedule 2(b) (Continued)

(1)Includes the impact of interest rate swaps in place and effective as of June 30, 2021.
(2)Assumes all extension options are exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(5)In July 2021, the Company gave notice of intent to settle conversions of its 3.5% Convertible Notes due January 15, 2022, with common stock. Net Debt / Trailing Twelve Months Adjusted EBITDA re presented in the table does not take into account the impact of any conversions. On a pro forma basis, whereby net debt is reduced for the impact of the full conversion of the $345 million (par value) 2022 Convertible Notes, Net Debt / Trailing Twelve Months Adjusted EBITDA re at June 30, 2021, would have been 6.7x.
(6)Covenant calculations are specifically defined in the Company's Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the "Glossary and Reconciliations" section of this report. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 14

Supplemental Schedule 2(c)

Debt Maturity Schedule — June 30, 2021 (1)
($ in thousands) (unaudited) |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Revolving |  |  |  |  |
|  | Secured |  | Unsecured |  | Credit |  |  |  | % of |
Debt Maturities, with Extensions (2) |  | Debt |  | Debt |  | Facility |  | Balance |  | Total |
2021 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | % |
2022 |  | — |  |  | 344,994 |  |  | — |  |  | 344,994 |  |  | 4.3 | % |
2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |
2024 |  | 551,280 |  |  | — |  |  | — |  |  | 551,280 |  |  | 6.8 | % |
2025 |  | 2,210,480 |  |  | — |  |  | — |  |  | 2,210,480 |  |  | 27.4 | % |
2026 |  | 753,011 |  |  | 2,500,000 |  |  | — |  |  | 3,253,011 |  |  | 40.4 | % |
2027 |  | 996,296 |  |  | — |  |  | — |  |  | 996,296 |  |  | 12.3 | % |
2028 |  | — |  |  | 150,000 |  |  | — |  |  | 150,000 |  |  | 1.9 | % |
2029 |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |
2030 |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |
Thereafter |  | 403,363 |  |  | 150,000 |  |  | — |  |  | 553,363 |  |  | 6.9 | % |
|  | 4,914,430 |  |  | 3,144,994 |  |  | — |  |  | 8,059,424 |  |  | 100.0 | % |
Unamortized discounts on notes payable |  | (2,113) |  |  | (2,944) |  |  | — |  |  | (5,057) |  |  |  |
Deferred financing costs, net |  | (12,824) |  |  | (27,106) |  |  | — |  |  | (39,930) |  |  |  |
Total per Balance Sheet |  | $ | 4,899,493 |  |  | $ | 3,114,944 |  |  | $ | — |  |  | $ | 8,014,437 |  |  |  |

(1)In July 2021, the Company gave notice of intent to settle conversions of its 3.5% Convertible Notes due January 15, 2022, with common stock. The impact of any conversions is not included in the table.
(2)Assumes all extension options are exercised.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 15

Supplemental Schedule 2(d)

Cost to Maturity of Debt as of June 30, 2021 (1)
($ 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 (2) |  | Not Swapped |  | to Fixed |  | Fixed (3) |  | to Fixed |  | Rate Debt |  | Swaps |  | Debt |  | Impact (4) |
3Q21-4Q21 |  | $ | 8,059,424 |  |  | 6.2 | % |  | 68.4 | % |  | 25.4 | % |  | 93.8 | % |  | 1.1 | % |  | 2.5 | % |  | 3.8 | % |  | 3.5 | % |
2022 |  | 7,728,607 |  |  | 10.9 | % |  | 66.9 | % |  | 22.2 | % |  | 89.1 | % |  | 1.1 | % |  | 2.7 | % |  | 3.8 | % |  | 3.5 | % |
2023 |  | 7,714,429 |  |  | 11.0 | % |  | 67.0 | % |  | 22.0 | % |  | 89.0 | % |  | 1.1 | % |  | 2.8 | % |  | 3.8 | % |  | 3.5 | % |
2024 |  | 7,681,292 |  |  | 11.4 | % |  | 66.5 | % |  | 22.1 | % |  | 88.6 | % |  | 1.1 | % |  | 2.8 | % |  | 3.8 | % |  | 3.5 | % |
2025 |  | 5,832,232 |  |  | 44.5 | % |  | 26.4 | % |  | 29.1 | % |  | 55.5 | % |  | 1.1 | % |  | 3.0 | % |  | 3.8 | % |  | 2.7 | % |
2026 |  | 1,930,555 |  |  | 12.0 | % |  | — | % |  | 88.0 | % |  | 88.0 | % |  | 1.0 | % |  | N/A |  | 3.8 | % |  | 3.5 | % |
2027 |  | 1,140,095 |  |  | — | % |  | — | % |  | 100.0 | % |  | 100.0 | % |  | N/A |  | N/A |  | 3.6 | % |  | 3.6 | % |
2028 |  | 615,658 |  |  | — | % |  | — | % |  | 100.0 | % |  | 100.0 | % |  | N/A |  | N/A |  | 3.4 | % |  | 3.4 | % |
2029 |  | 553,363 |  |  | — | % |  | — | % |  | 100.0 | % |  | 100.0 | % |  | N/A |  | N/A |  | 3.5 | % |  | 3.5 | % |

(1)In July 2021, the Company gave notice of intent to settle conversions of its 2022 Convertible Notes with common stock. In this table, all $345 million (par value) of the 2022 Convertible Notes outstanding as of June 30, 2021, are assumed to convert in January 2022.
(2)In each period, represents June 30, 2021, debt that remains outstanding assuming all debt is held until final maturity with all extension options exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Assumes June 30, 2021, LIBOR rate of 0.10% 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 June 30, 2021, as well as the rate for 30-day LIBOR as of June 30, 2021. 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 or be replaced by other alternative benchmark rates. 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.
Q2 2021 Earnings Release and Supplemental Information — page 16

Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-end |  | Q2 2021 |  |  |  |  |  |  |  |  |  |  |
Total portfolio |  | 80,612 |  |  |  |  |  |  |  |  |  |  |  |
Same Store portfolio |  | 72,658 |  |  |  |  |  |  |  |  |  |  |  |
Same Store % of Total |  | 90.1 | % |  |  |  |  |  |  |  |  |  |  |
Core Revenues |  | Q2 2021 |  | Q2 2020 |  | Change YoY |  | YTD 2021 |  | YTD 2020 |  | Change YoY |
Total portfolio |  | $ | 464,542 |  |  | $ | 429,598 |  |  | 8.1 | % |  | $ | 914,256 |  |  | $ | 859,346 |  |  | 6.4 | % |
Same Store portfolio |  | 421,930 |  |  | 398,581 |  |  | 5.9 | % |  | 833,009 |  |  | 800,678 |  |  | 4.0 | % |
Core Operating Expenses |  | Q2 2021 |  | Q2 2020 |  | Change YoY |  | YTD 2021 |  | YTD 2020 |  | Change YoY |
Total portfolio |  | $ | 149,346 |  |  | $ | 146,845 |  |  | 1.7 | % |  | $ | 292,979 |  |  | $ | 293,720 |  |  | (0.3) | % |
Same Store portfolio |  | 136,062 |  |  | 134,871 |  |  | 0.9 | % |  | 267,638 |  |  | 269,508 |  |  | (0.7) | % |
Net Operating Income |  | Q2 2021 |  | Q2 2020 |  | Change YoY |  | YTD 2021 |  | YTD 2020 |  | Change YoY |
Total portfolio |  | $ | 315,196 |  |  | $ | 282,753 |  |  | 11.5 | % |  | $ | 621,277 |  |  | $ | 565,626 |  |  | 9.8 | % |
Same Store portfolio |  | 285,868 |  |  | 263,710 |  |  | 8.4 | % |  | 565,371 |  |  | 531,170 |  |  | 6.4 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 17

Supplemental Schedule 3(b)

Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
|  |  |  |  | Change |  |  |  | Change |  |  |  |  |  | Change |
| Q2 2021 |  | Q2 2020 |  | YoY |  | Q1 2021 |  | Seq |  | YTD 2021 |  | YTD 2020 |  | YoY |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues (1) | $ | 408,327 |  |  | $ | 389,415 |  |  | 4.9 | % |  | $ | 400,899 |  |  | 1.9 | % |  | $ | 809,226 |  |  | $ | 777,566 |  |  | 4.1 | % |
Other property income, net (1)(2)(3) | 13,603 |  |  | 9,166 |  |  | 48.4 | % |  | 10,180 |  |  | 33.6 | % |  | 23,783 |  |  | 23,112 |  |  | 2.9 | % |
Core revenues | 421,930 |  |  | 398,581 |  |  | 5.9 | % |  | 411,079 |  |  | 2.6 | % |  | 833,009 |  |  | 800,678 |  |  | 4.0 | % |
Fixed Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property taxes | 71,196 |  |  | 70,777 |  |  | 0.6 | % |  | 71,588 |  |  | (0.5) | % |  | 142,784 |  |  | 140,016 |  |  | 2.0 | % |
Insurance expenses | 8,250 |  |  | 7,771 |  |  | 6.2 | % |  | 7,938 |  |  | 3.9 | % |  | 16,188 |  |  | 15,634 |  |  | 3.5 | % |
HOA expenses | 8,108 |  |  | 7,277 |  |  | 11.4 | % |  | 8,133 |  |  | (0.3) | % |  | 16,241 |  |  | 15,431 |  |  | 5.2 | % |
Controllable Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repairs and maintenance, net (4) | 19,536 |  |  | 18,880 |  |  | 3.5 | % |  | 16,463 |  |  | 18.7 | % |  | 35,999 |  |  | 37,196 |  |  | (3.2) | % |
Personnel | 15,317 |  |  | 14,851 |  |  | 3.1 | % |  | 15,179 |  |  | 0.9 | % |  | 30,496 |  |  | 29,967 |  |  | 1.8 | % |
Turnover, net (4) | 8,147 |  |  | 7,922 |  |  | 2.8 | % |  | 6,742 |  |  | 20.8 | % |  | 14,889 |  |  | 16,574 |  |  | (10.2) | % |
Utilities and property administrative, net (4) | 2,928 |  |  | 4,391 |  |  | (33.3) | % |  | 2,914 |  |  | 0.5 | % |  | 5,842 |  |  | 8,709 |  |  | (32.9) | % |
Leasing and marketing | 2,580 |  |  | 3,002 |  |  | (14.1) | % |  | 2,619 |  |  | (1.5) | % |  | 5,199 |  |  | 5,981 |  |  | (13.1) | % |
Core Property operating and maintenance expenses | 136,062 |  |  | 134,871 |  |  | 0.9 | % |  | 131,576 |  |  | 3.4 | % |  | 267,638 |  |  | 269,508 |  |  | (0.7) | % |
Net Operating Income | $ | 285,868 |  |  | $ | 263,710 |  |  | 8.4 | % |  | $ | 279,503 |  |  | 2.3 | % |  | $ | 565,371 |  |  | $ | 531,170 |  |  | 6.4 | % |

(1)All rental revenues and other property income are reflected net of bad debt. Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, under the rationale that a resident's security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident's security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. Bad debt in Q2 2021 was in line with Q2 2020, while the increase in bad debt against rental revenues for YTD 2021 was a 97 basis point drag on year over year Same Store Core revenue growth.
(2)In light of the COVID-19 pandemic, almost all late fees typically enforced in accordance with lease agreements were not enforced or collected between Q2 2020 and Q1 2021, which resulted in lower other property income, net, during this time period. As of Q2 2021, enforcement and collection of late fees have generally recommenced in all markets where permissible.
(3)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $23,718, $18,841, $22,458, $46,176, and $37,703 for Q2 2021, Q2 2020, Q1 2021, YTD 2021, and YTD 2020, respectively.
(4)Expenses are presented net of applicable resident recoveries.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 18

Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
|  | Q2 2021 |  | Q1 2021 |  | Q4 2020 |  | Q3 2020 |  | Q2 2020 |
Average occupancy |  | 98.3 | % |  | 98.4 | % |  | 98.1 | % |  | 97.9 | % |  | 97.5 | % |
Turnover rate |  | 6.7 | % |  | 5.3 | % |  | 5.6 | % |  | 7.4 | % |  | 7.0 | % |
Trailing four quarters turnover rate |  | 25.0 | % |  | 25.3 | % |  | 26.3 | % |  | N/A |  | N/A |
Average monthly rent |  | $ | 1,941 |  |  | $ | 1,915 |  |  | $ | 1,899 |  |  | $ | 1,880 |  |  | $ | 1,868 |  |
Rental rate growth (lease-over-lease): |  |  |  |  |  |  |  |  |  |  |
Renewals |  | 5.8 | % |  | 4.3 | % |  | 3.8 | % |  | 3.2 | % |  | 3.5 | % |
New leases |  | 13.8 | % |  | 8.0 | % |  | 6.8 | % |  | 5.6 | % |  | 2.7 | % |
Blended |  | 8.0 | % |  | 5.4 | % |  | 4.8 | % |  | 4.0 | % |  | 3.3 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 19

Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2021 (1)
(unaudited) |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Average |  |  |
|  | Number of |  | Average |  | Average |  | Monthly |  | Percent of |
|  | Homes |  | Occupancy |  | Monthly Rent |  | Rent PSF |  | Revenue |
Western United States: |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 7,909 |  |  | 98.3 | % |  | $ | 2,609 |  |  | $ | 1.54 |  |  | 12.3 | % |
Northern California |  | 4,241 |  |  | 98.5 | % |  | 2,277 |  |  | 1.46 |  |  | 6.1 | % |
Seattle |  | 3,753 |  |  | 97.9 | % |  | 2,363 |  |  | 1.23 |  |  | 5.6 | % |
Phoenix |  | 8,338 |  |  | 97.8 | % |  | 1,586 |  |  | 0.96 |  |  | 8.7 | % |
Las Vegas |  | 3,017 |  |  | 98.0 | % |  | 1,792 |  |  | 0.90 |  |  | 3.6 | % |
Denver |  | 2,466 |  |  | 94.5 | % |  | 2,192 |  |  | 1.20 |  |  | 3.4 | % |
Western US Subtotal |  | 29,724 |  |  | 97.8 | % |  | 2,128 |  |  | 1.23 |  |  | 39.7 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 8,243 |  |  | 97.4 | % |  | 2,297 |  |  | 1.23 |  |  | 12.2 | % |
Tampa |  | 8,236 |  |  | 97.6 | % |  | 1,782 |  |  | 0.96 |  |  | 9.6 | % |
Orlando |  | 6,261 |  |  | 97.2 | % |  | 1,785 |  |  | 0.96 |  |  | 7.4 | % |
Jacksonville |  | 1,874 |  |  | 98.4 | % |  | 1,791 |  |  | 0.90 |  |  | 2.2 | % |
Florida Subtotal |  | 24,614 |  |  | 97.5 | % |  | 1,956 |  |  | 1.04 |  |  | 31.4 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 12,573 |  |  | 97.8 | % |  | 1,627 |  |  | 0.79 |  |  | 13.2 | % |
Carolinas |  | 5,037 |  |  | 97.2 | % |  | 1,693 |  |  | 0.79 |  |  | 5.4 | % |
Southeast US Subtotal |  | 17,610 |  |  | 97.6 | % |  | 1,646 |  |  | 0.79 |  |  | 18.6 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |
Houston |  | 2,142 |  |  | 96.5 | % |  | 1,624 |  |  | 0.84 |  |  | 2.2 | % |
Dallas |  | 2,810 |  |  | 95.7 | % |  | 1,878 |  |  | 0.91 |  |  | 3.4 | % |
Texas Subtotal |  | 4,952 |  |  | 96.1 | % |  | 1,768 |  |  | 0.88 |  |  | 5.6 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 2,585 |  |  | 98.2 | % |  | 2,040 |  |  | 1.26 |  |  | 3.3 | % |
Minneapolis |  | 1,123 |  |  | 97.6 | % |  | 2,000 |  |  | 1.02 |  |  | 1.4 | % |
Midwest US Subtotal |  | 3,708 |  |  | 98.0 | % |  | 2,028 |  |  | 1.18 |  |  | 4.7 | % |
Announced Market-in-Exit: |  |  |  |  |  |  |  |  |  |  |
Nashville (2) |  | 4 |  |  | 55.2 | % |  | 2,451 |  |  | 0.85 |  |  | — | % |
Total / Average |  | 80,612 |  |  | 97.6 | % |  | $ | 1,943 |  |  | $ | 1.04 |  |  | 100.0 | % |
Same Store Total / Average |  | 72,658 |  |  | 98.3 | % |  | $ | 1,941 |  |  | $ | 1.04 |  |  | 90.8 | % |

(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)In December 2019, Invitation Homes announced a plan to fully exit the Nashville market, and sold 708 homes in Nashville in a bulk transaction. The Company is pursuing the sale of the remaining four homes in the market as of June 30, 2021.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 20

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, Q2 2021 |  | # Homes |  | Q2 2021 |  | Q2 2020 |  | Change |  | Q2 2021 |  | Q2 2020 |  | Change |  | Q2 2021 |  | Q2 2020 |  | Change |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 7,610 |  |  | $ | 2,610 |  |  | $ | 2,516 |  |  | 3.7 | % |  | 98.8 | % |  | 98.1 | % |  | 0.7 | % |  | $ | 55,911 |  |  | $ | 55,032 |  |  | 1.6 | % |
Northern California |  | 3,862 |  |  | 2,264 |  |  | 2,185 |  |  | 3.6 | % |  | 99.0 | % |  | 98.2 | % |  | 0.8 | % |  | 25,451 |  |  | 24,852 |  |  | 2.4 | % |
Seattle |  | 3,267 |  |  | 2,345 |  |  | 2,296 |  |  | 2.1 | % |  | 98.8 | % |  | 97.7 | % |  | 1.1 | % |  | 22,368 |  |  | 22,223 |  |  | 0.7 | % |
Phoenix |  | 7,131 |  |  | 1,548 |  |  | 1,446 |  |  | 7.1 | % |  | 98.6 | % |  | 98.1 | % |  | 0.5 | % |  | 34,042 |  |  | 31,205 |  |  | 9.1 | % |
Las Vegas |  | 2,427 |  |  | 1,784 |  |  | 1,680 |  |  | 6.2 | % |  | 98.5 | % |  | 97.7 | % |  | 0.8 | % |  | 12,942 |  |  | 12,000 |  |  | 7.9 | % |
Denver |  | 1,799 |  |  | 2,144 |  |  | 2,062 |  |  | 4.0 | % |  | 98.0 | % |  | 97.4 | % |  | 0.6 | % |  | 11,822 |  |  | 11,037 |  |  | 7.1 | % |
Western US Subtotal |  | 26,096 |  |  | 2,127 |  |  | 2,038 |  |  | 4.4 | % |  | 98.7 | % |  | 98.0 | % |  | 0.7 | % |  | 162,536 |  |  | 156,349 |  |  | 4.0 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 7,847 |  |  | 2,308 |  |  | 2,235 |  |  | 3.3 | % |  | 98.1 | % |  | 96.6 | % |  | 1.5 | % |  | 54,876 |  |  | 50,782 |  |  | 8.1 | % |
Tampa |  | 7,699 |  |  | 1,776 |  |  | 1,711 |  |  | 3.8 | % |  | 98.2 | % |  | 97.1 | % |  | 1.1 | % |  | 41,945 |  |  | 38,942 |  |  | 7.7 | % |
Orlando |  | 5,618 |  |  | 1,769 |  |  | 1,705 |  |  | 3.8 | % |  | 98.0 | % |  | 97.1 | % |  | 0.9 | % |  | 30,661 |  |  | 28,416 |  |  | 7.9 | % |
Jacksonville |  | 1,840 |  |  | 1,788 |  |  | 1,722 |  |  | 3.8 | % |  | 98.6 | % |  | 96.8 | % |  | 1.8 | % |  | 10,091 |  |  | 9,385 |  |  | 7.5 | % |
Florida Subtotal |  | 23,004 |  |  | 1,957 |  |  | 1,889 |  |  | 3.6 | % |  | 98.1 | % |  | 96.9 | % |  | 1.2 | % |  | 137,573 |  |  | 127,525 |  |  | 7.9 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 11,570 |  |  | 1,622 |  |  | 1,551 |  |  | 4.6 | % |  | 98.1 | % |  | 97.4 | % |  | 0.7 | % |  | 56,418 |  |  | 52,588 |  |  | 7.3 | % |
Carolinas |  | 4,477 |  |  | 1,681 |  |  | 1,620 |  |  | 3.8 | % |  | 98.1 | % |  | 97.7 | % |  | 0.4 | % |  | 22,864 |  |  | 21,542 |  |  | 6.1 | % |
Southeast US Subtotal |  | 16,047 |  |  | 1,639 |  |  | 1,570 |  |  | 4.4 | % |  | 98.1 | % |  | 97.5 | % |  | 0.6 | % |  | 79,282 |  |  | 74,130 |  |  | 6.9 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 1,871 |  |  | 1,622 |  |  | 1,582 |  |  | 2.5 | % |  | 97.8 | % |  | 96.8 | % |  | 1.0 | % |  | 9,279 |  |  | 8,758 |  |  | 5.9 | % |
Dallas |  | 1,960 |  |  | 1,887 |  |  | 1,832 |  |  | 3.0 | % |  | 98.0 | % |  | 96.7 | % |  | 1.3 | % |  | 11,228 |  |  | 10,575 |  |  | 6.2 | % |
Texas Subtotal |  | 3,831 |  |  | 1,758 |  |  | 1,710 |  |  | 2.8 | % |  | 97.9 | % |  | 96.8 | % |  | 1.1 | % |  | 20,507 |  |  | 19,333 |  |  | 6.1 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 2,559 |  |  | 2,041 |  |  | 2,007 |  |  | 1.7 | % |  | 98.6 | % |  | 97.7 | % |  | 0.9 | % |  | 15,465 |  |  | 14,824 |  |  | 4.3 | % |
Minneapolis |  | 1,121 |  |  | 2,000 |  |  | 1,932 |  |  | 3.5 | % |  | 97.8 | % |  | 97.6 | % |  | 0.2 | % |  | 6,567 |  |  | 6,420 |  |  | 2.3 | % |
Midwest US Subtotal |  | 3,680 |  |  | 2,028 |  |  | 1,984 |  |  | 2.2 | % |  | 98.3 | % |  | 97.7 | % |  | 0.6 | % |  | 22,032 |  |  | 21,244 |  |  | 3.7 | % |
Same Store Total / Average |  | 72,658 |  |  | $ | 1,941 |  |  | $ | 1,868 |  |  | 3.9 | % |  | 98.3 | % |  | 97.5 | % |  | 0.8 | % |  | $ | 421,930 |  |  | $ | 398,581 |  |  | 5.9 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 21

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, Q2 2021 |  | # Homes |  | Q2 2021 |  | Q1 2021 |  | Change |  | Q2 2021 |  | Q1 2021 |  | Change |  | Q2 2021 |  | Q1 2021 |  | Change |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 7,610 |  |  | $ | 2,610 |  |  | $ | 2,593 |  |  | 0.7 | % |  | 98.8 | % |  | 98.9 | % |  | (0.1) | % |  | $ | 55,911 |  |  | $ | 55,116 |  |  | 1.4 | % |
Northern California |  | 3,862 |  |  | 2,264 |  |  | 2,249 |  |  | 0.7 | % |  | 99.0 | % |  | 99.1 | % |  | (0.1) | % |  | 25,451 |  |  | 24,976 |  |  | 1.9 | % |
Seattle |  | 3,267 |  |  | 2,345 |  |  | 2,308 |  |  | 1.6 | % |  | 98.8 | % |  | 98.7 | % |  | 0.1 | % |  | 22,368 |  |  | 21,821 |  |  | 2.5 | % |
Phoenix |  | 7,131 |  |  | 1,548 |  |  | 1,514 |  |  | 2.2 | % |  | 98.6 | % |  | 98.7 | % |  | (0.1) | % |  | 34,042 |  |  | 32,970 |  |  | 3.3 | % |
Las Vegas |  | 2,427 |  |  | 1,784 |  |  | 1,749 |  |  | 2.0 | % |  | 98.5 | % |  | 98.5 | % |  | — | % |  | 12,942 |  |  | 12,529 |  |  | 3.3 | % |
Denver |  | 1,799 |  |  | 2,144 |  |  | 2,115 |  |  | 1.4 | % |  | 98.0 | % |  | 97.6 | % |  | 0.4 | % |  | 11,822 |  |  | 11,461 |  |  | 3.1 | % |
Western US Subtotal |  | 26,096 |  |  | 2,127 |  |  | 2,100 |  |  | 1.3 | % |  | 98.7 | % |  | 98.7 | % |  | — | % |  | 162,536 |  |  | 158,873 |  |  | 2.3 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 7,847 |  |  | 2,308 |  |  | 2,276 |  |  | 1.4 | % |  | 98.1 | % |  | 97.8 | % |  | 0.3 | % |  | 54,876 |  |  | 53,112 |  |  | 3.3 | % |
Tampa |  | 7,699 |  |  | 1,776 |  |  | 1,749 |  |  | 1.5 | % |  | 98.2 | % |  | 98.1 | % |  | 0.1 | % |  | 41,945 |  |  | 40,692 |  |  | 3.1 | % |
Orlando |  | 5,618 |  |  | 1,769 |  |  | 1,747 |  |  | 1.3 | % |  | 98.0 | % |  | 97.8 | % |  | 0.2 | % |  | 30,661 |  |  | 29,729 |  |  | 3.1 | % |
Jacksonville |  | 1,840 |  |  | 1,788 |  |  | 1,762 |  |  | 1.5 | % |  | 98.6 | % |  | 98.8 | % |  | (0.2) | % |  | 10,091 |  |  | 9,942 |  |  | 1.5 | % |
Florida Subtotal |  | 23,004 |  |  | 1,957 |  |  | 1,929 |  |  | 1.5 | % |  | 98.1 | % |  | 98.0 | % |  | 0.1 | % |  | 137,573 |  |  | 133,475 |  |  | 3.1 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 11,570 |  |  | 1,622 |  |  | 1,596 |  |  | 1.6 | % |  | 98.1 | % |  | 98.4 | % |  | (0.3) | % |  | 56,418 |  |  | 54,948 |  |  | 2.7 | % |
Carolinas |  | 4,477 |  |  | 1,681 |  |  | 1,656 |  |  | 1.5 | % |  | 98.1 | % |  | 98.4 | % |  | (0.3) | % |  | 22,864 |  |  | 22,292 |  |  | 2.6 | % |
Southeast US Subtotal |  | 16,047 |  |  | 1,639 |  |  | 1,613 |  |  | 1.6 | % |  | 98.1 | % |  | 98.4 | % |  | (0.3) | % |  | 79,282 |  |  | 77,240 |  |  | 2.6 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 1,871 |  |  | 1,622 |  |  | 1,606 |  |  | 1.0 | % |  | 97.8 | % |  | 97.9 | % |  | (0.1) | % |  | 9,279 |  |  | 8,950 |  |  | 3.7 | % |
Dallas |  | 1,960 |  |  | 1,887 |  |  | 1,866 |  |  | 1.1 | % |  | 98.0 | % |  | 98.0 | % |  | — | % |  | 11,228 |  |  | 10,839 |  |  | 3.6 | % |
Texas Subtotal |  | 3,831 |  |  | 1,758 |  |  | 1,739 |  |  | 1.1 | % |  | 97.9 | % |  | 98.0 | % |  | (0.1) | % |  | 20,507 |  |  | 19,789 |  |  | 3.6 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 2,559 |  |  | 2,041 |  |  | 2,019 |  |  | 1.1 | % |  | 98.6 | % |  | 98.8 | % |  | (0.2) | % |  | 15,465 |  |  | 15,152 |  |  | 2.1 | % |
Minneapolis |  | 1,121 |  |  | 2,000 |  |  | 1,970 |  |  | 1.5 | % |  | 97.8 | % |  | 98.0 | % |  | (0.2) | % |  | 6,567 |  |  | 6,550 |  |  | 0.3 | % |
Midwest US Subtotal |  | 3,680 |  |  | 2,028 |  |  | 2,004 |  |  | 1.2 | % |  | 98.3 | % |  | 98.6 | % |  | (0.3) | % |  | 22,032 |  |  | 21,702 |  |  | 1.5 | % |
Same Store Total / Average |  | 72,658 |  |  | $ | 1,941 |  |  | $ | 1,915 |  |  | 1.4 | % |  | 98.3 | % |  | 98.4 | % |  | (0.1) | % |  | $ | 421,930 |  |  | $ | 411,079 |  |  | 2.6 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 22

Supplemental Schedule 5(a) (Continued)

Same Store Core Revenue Growth Summary — YTD
($ in thousands, except avg. monthly rent) (unaudited)
|  |  |  | Avg. Monthly Rent |  | Average Occupancy |  | Core Revenue |
YoY, YTD 2021 |  | # Homes |  | YTD 2021 |  | YTD 2020 |  | Change |  | YTD 2021 |  | YTD 2020 |  | Change |  | YTD 2021 |  | YTD 2020 |  | Change |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 7,610 |  |  | $ | 2,601 |  |  | $ | 2,500 |  |  | 4.0 | % |  | 98.8 | % |  | 97.5 | % |  | 1.3 | % |  | $ | 111,027 |  |  | $ | 110,894 |  |  | 0.1 | % |
Northern California |  | 3,862 |  |  | 2,257 |  |  | 2,169 |  |  | 4.1 | % |  | 99.1 | % |  | 98.0 | % |  | 1.1 | % |  | 50,427 |  |  | 49,790 |  |  | 1.3 | % |
Seattle |  | 3,267 |  |  | 2,326 |  |  | 2,283 |  |  | 1.9 | % |  | 98.7 | % |  | 97.2 | % |  | 1.5 | % |  | 44,189 |  |  | 44,363 |  |  | (0.4) | % |
Phoenix |  | 7,131 |  |  | 1,531 |  |  | 1,435 |  |  | 6.7 | % |  | 98.7 | % |  | 97.8 | % |  | 0.9 | % |  | 67,012 |  |  | 62,415 |  |  | 7.4 | % |
Las Vegas |  | 2,427 |  |  | 1,766 |  |  | 1,669 |  |  | 5.8 | % |  | 98.5 | % |  | 97.6 | % |  | 0.9 | % |  | 25,471 |  |  | 24,203 |  |  | 5.2 | % |
Denver |  | 1,799 |  |  | 2,129 |  |  | 2,051 |  |  | 3.8 | % |  | 97.8 | % |  | 97.2 | % |  | 0.6 | % |  | 23,283 |  |  | 22,136 |  |  | 5.2 | % |
Western US Subtotal |  | 26,096 |  |  | 2,114 |  |  | 2,024 |  |  | 4.4 | % |  | 98.7 | % |  | 97.6 | % |  | 1.1 | % |  | 321,409 |  |  | 313,801 |  |  | 2.4 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 7,847 |  |  | 2,292 |  |  | 2,231 |  |  | 2.7 | % |  | 97.9 | % |  | 96.5 | % |  | 1.4 | % |  | 107,988 |  |  | 102,561 |  |  | 5.3 | % |
Tampa |  | 7,699 |  |  | 1,763 |  |  | 1,706 |  |  | 3.3 | % |  | 98.1 | % |  | 96.7 | % |  | 1.4 | % |  | 82,637 |  |  | 78,363 |  |  | 5.5 | % |
Orlando |  | 5,618 |  |  | 1,758 |  |  | 1,698 |  |  | 3.5 | % |  | 97.9 | % |  | 96.9 | % |  | 1.0 | % |  | 60,390 |  |  | 57,110 |  |  | 5.7 | % |
Jacksonville |  | 1,840 |  |  | 1,775 |  |  | 1,713 |  |  | 3.6 | % |  | 98.7 | % |  | 96.6 | % |  | 2.1 | % |  | 20,033 |  |  | 18,837 |  |  | 6.3 | % |
Florida Subtotal |  | 23,004 |  |  | 1,943 |  |  | 1,883 |  |  | 3.2 | % |  | 98.1 | % |  | 96.7 | % |  | 1.4 | % |  | 271,048 |  |  | 256,871 |  |  | 5.5 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 11,570 |  |  | 1,609 |  |  | 1,544 |  |  | 4.2 | % |  | 98.3 | % |  | 96.8 | % |  | 1.5 | % |  | 111,366 |  |  | 105,393 |  |  | 5.7 | % |
Carolinas |  | 4,477 |  |  | 1,668 |  |  | 1,614 |  |  | 3.3 | % |  | 98.3 | % |  | 97.2 | % |  | 1.1 | % |  | 45,156 |  |  | 43,195 |  |  | 4.5 | % |
Southeast US Subtotal |  | 16,047 |  |  | 1,626 |  |  | 1,564 |  |  | 4.0 | % |  | 98.3 | % |  | 96.9 | % |  | 1.4 | % |  | 156,522 |  |  | 148,588 |  |  | 5.3 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 1,871 |  |  | 1,614 |  |  | 1,577 |  |  | 2.3 | % |  | 97.9 | % |  | 96.4 | % |  | 1.5 | % |  | 18,229 |  |  | 17,494 |  |  | 4.2 | % |
Dallas |  | 1,960 |  |  | 1,877 |  |  | 1,827 |  |  | 2.7 | % |  | 98.0 | % |  | 96.1 | % |  | 1.9 | % |  | 22,067 |  |  | 21,220 |  |  | 4.0 | % |
Texas Subtotal |  | 3,831 |  |  | 1,749 |  |  | 1,705 |  |  | 2.6 | % |  | 97.9 | % |  | 96.3 | % |  | 1.6 | % |  | 40,296 |  |  | 38,714 |  |  | 4.1 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 2,559 |  |  | 2,030 |  |  | 2,002 |  |  | 1.4 | % |  | 98.7 | % |  | 97.3 | % |  | 1.4 | % |  | 30,617 |  |  | 29,930 |  |  | 2.3 | % |
Minneapolis |  | 1,121 |  |  | 1,985 |  |  | 1,922 |  |  | 3.3 | % |  | 97.9 | % |  | 96.9 | % |  | 1.0 | % |  | 13,117 |  |  | 12,774 |  |  | 2.7 | % |
Midwest US Subtotal |  | 3,680 |  |  | 2,016 |  |  | 1,978 |  |  | 1.9 | % |  | 98.4 | % |  | 97.2 | % |  | 1.2 | % |  | 43,734 |  |  | 42,704 |  |  | 2.4 | % |
Same Store Total / Average |  | 72,658 |  |  | $ | 1,928 |  |  | $ | 1,859 |  |  | 3.7 | % |  | 98.4 | % |  | 97.1 | % |  | 1.3 | % |  | $ | 833,009 |  |  | $ | 800,678 |  |  | 4.0 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 23

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, Q2 2021 |  | Q2 2021 |  | Q2 2020 |  | Change |  | Q2 2021 |  | Q2 2020 |  | Change |  | Q2 2021 |  | Q2 2020 |  | Change |  | Q2 2021 |  | Q2 2020 |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | $ | 55,911 |  |  | $ | 55,032 |  |  | 1.6 | % |  | $ | 16,790 |  |  | $ | 18,069 |  |  | (7.1) | % |  | $ | 39,121 |  |  | $ | 36,963 |  |  | 5.8 | % |  | 70.0 | % |  | 67.2 | % |
Northern California |  | 25,451 |  |  | 24,852 |  |  | 2.4 | % |  | 7,130 |  |  | 7,195 |  |  | (0.9) | % |  | 18,321 |  |  | 17,657 |  |  | 3.8 | % |  | 72.0 | % |  | 71.0 | % |
Seattle |  | 22,368 |  |  | 22,223 |  |  | 0.7 | % |  | 5,960 |  |  | 6,229 |  |  | (4.3) | % |  | 16,408 |  |  | 15,994 |  |  | 2.6 | % |  | 73.4 | % |  | 72.0 | % |
Phoenix |  | 34,042 |  |  | 31,205 |  |  | 9.1 | % |  | 7,320 |  |  | 7,111 |  |  | 2.9 | % |  | 26,722 |  |  | 24,094 |  |  | 10.9 | % |  | 78.5 | % |  | 77.2 | % |
Las Vegas |  | 12,942 |  |  | 12,000 |  |  | 7.9 | % |  | 2,919 |  |  | 2,734 |  |  | 6.8 | % |  | 10,023 |  |  | 9,266 |  |  | 8.2 | % |  | 77.4 | % |  | 77.2 | % |
Denver |  | 11,822 |  |  | 11,037 |  |  | 7.1 | % |  | 2,382 |  |  | 2,518 |  |  | (5.4) | % |  | 9,440 |  |  | 8,519 |  |  | 10.8 | % |  | 79.9 | % |  | 77.2 | % |
Western US Subtotal |  | 162,536 |  |  | 156,349 |  |  | 4.0 | % |  | 42,501 |  |  | 43,856 |  |  | (3.1) | % |  | 120,035 |  |  | 112,493 |  |  | 6.7 | % |  | 73.9 | % |  | 71.9 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 54,876 |  |  | 50,782 |  |  | 8.1 | % |  | 22,013 |  |  | 21,728 |  |  | 1.3 | % |  | 32,863 |  |  | 29,054 |  |  | 13.1 | % |  | 59.9 | % |  | 57.2 | % |
Tampa |  | 41,945 |  |  | 38,942 |  |  | 7.7 | % |  | 15,898 |  |  | 15,192 |  |  | 4.6 | % |  | 26,047 |  |  | 23,750 |  |  | 9.7 | % |  | 62.1 | % |  | 61.0 | % |
Orlando |  | 30,661 |  |  | 28,416 |  |  | 7.9 | % |  | 10,515 |  |  | 10,423 |  |  | 0.9 | % |  | 20,146 |  |  | 17,993 |  |  | 12.0 | % |  | 65.7 | % |  | 63.3 | % |
Jacksonville |  | 10,091 |  |  | 9,385 |  |  | 7.5 | % |  | 3,411 |  |  | 3,361 |  |  | 1.5 | % |  | 6,680 |  |  | 6,024 |  |  | 10.9 | % |  | 66.2 | % |  | 64.2 | % |
Florida Subtotal |  | 137,573 |  |  | 127,525 |  |  | 7.9 | % |  | 51,837 |  |  | 50,704 |  |  | 2.2 | % |  | 85,736 |  |  | 76,821 |  |  | 11.6 | % |  | 62.3 | % |  | 60.2 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 56,418 |  |  | 52,588 |  |  | 7.3 | % |  | 17,600 |  |  | 16,780 |  |  | 4.9 | % |  | 38,818 |  |  | 35,808 |  |  | 8.4 | % |  | 68.8 | % |  | 68.1 | % |
Carolinas |  | 22,864 |  |  | 21,542 |  |  | 6.1 | % |  | 6,247 |  |  | 5,990 |  |  | 4.3 | % |  | 16,617 |  |  | 15,552 |  |  | 6.8 | % |  | 72.7 | % |  | 72.2 | % |
Southeast US Subtotal |  | 79,282 |  |  | 74,130 |  |  | 6.9 | % |  | 23,847 |  |  | 22,770 |  |  | 4.7 | % |  | 55,435 |  |  | 51,360 |  |  | 7.9 | % |  | 69.9 | % |  | 69.3 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 9,279 |  |  | 8,758 |  |  | 5.9 | % |  | 4,286 |  |  | 4,152 |  |  | 3.2 | % |  | 4,993 |  |  | 4,606 |  |  | 8.4 | % |  | 53.8 | % |  | 52.6 | % |
Dallas |  | 11,228 |  |  | 10,575 |  |  | 6.2 | % |  | 4,541 |  |  | 4,401 |  |  | 3.2 | % |  | 6,687 |  |  | 6,174 |  |  | 8.3 | % |  | 59.6 | % |  | 58.4 | % |
Texas Subtotal |  | 20,507 |  |  | 19,333 |  |  | 6.1 | % |  | 8,827 |  |  | 8,553 |  |  | 3.2 | % |  | 11,680 |  |  | 10,780 |  |  | 8.3 | % |  | 57.0 | % |  | 55.8 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 15,465 |  |  | 14,824 |  |  | 4.3 | % |  | 6,950 |  |  | 6,941 |  |  | 0.1 | % |  | 8,515 |  |  | 7,883 |  |  | 8.0 | % |  | 55.1 | % |  | 53.2 | % |
Minneapolis |  | 6,567 |  |  | 6,420 |  |  | 2.3 | % |  | 2,100 |  |  | 2,047 |  |  | 2.6 | % |  | 4,467 |  |  | 4,373 |  |  | 2.1 | % |  | 68.0 | % |  | 68.1 | % |
Midwest US Subtotal |  | 22,032 |  |  | 21,244 |  |  | 3.7 | % |  | 9,050 |  |  | 8,988 |  |  | 0.7 | % |  | 12,982 |  |  | 12,256 |  |  | 5.9 | % |  | 58.9 | % |  | 57.7 | % |
Same Store Total / Average |  | $ | 421,930 |  |  | $ | 398,581 |  |  | 5.9 | % |  | $ | 136,062 |  |  | $ | 134,871 |  |  | 0.9 | % |  | $ | 285,868 |  |  | $ | 263,710 |  |  | 8.4 | % |  | 67.8 | % |  | 66.2 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 24

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, Q2 2021 |  | Q2 2021 |  | Q1 2021 |  | Change |  | Q2 2021 |  | Q1 2021 |  | Change |  | Q2 2021 |  | Q1 2021 |  | Change |  | Q2 2021 |  | Q1 2021 |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | $ | 55,911 |  |  | $ | 55,116 |  |  | 1.4 | % |  | $ | 16,790 |  |  | $ | 16,878 |  |  | (0.5) | % |  | $ | 39,121 |  |  | $ | 38,238 |  |  | 2.3 | % |  | 70.0 | % |  | 69.4 | % |
Northern California |  | 25,451 |  |  | 24,976 |  |  | 1.9 | % |  | 7,130 |  |  | 6,941 |  |  | 2.7 | % |  | 18,321 |  |  | 18,035 |  |  | 1.6 | % |  | 72.0 | % |  | 72.2 | % |
Seattle |  | 22,368 |  |  | 21,821 |  |  | 2.5 | % |  | 5,960 |  |  | 6,086 |  |  | (2.1) | % |  | 16,408 |  |  | 15,735 |  |  | 4.3 | % |  | 73.4 | % |  | 72.1 | % |
Phoenix |  | 34,042 |  |  | 32,970 |  |  | 3.3 | % |  | 7,320 |  |  | 7,246 |  |  | 1.0 | % |  | 26,722 |  |  | 25,724 |  |  | 3.9 | % |  | 78.5 | % |  | 78.0 | % |
Las Vegas |  | 12,942 |  |  | 12,529 |  |  | 3.3 | % |  | 2,919 |  |  | 2,771 |  |  | 5.3 | % |  | 10,023 |  |  | 9,758 |  |  | 2.7 | % |  | 77.4 | % |  | 77.9 | % |
Denver |  | 11,822 |  |  | 11,461 |  |  | 3.1 | % |  | 2,382 |  |  | 2,270 |  |  | 4.9 | % |  | 9,440 |  |  | 9,191 |  |  | 2.7 | % |  | 79.9 | % |  | 80.2 | % |
Western US Subtotal |  | 162,536 |  |  | 158,873 |  |  | 2.3 | % |  | 42,501 |  |  | 42,192 |  |  | 0.7 | % |  | 120,035 |  |  | 116,681 |  |  | 2.9 | % |  | 73.9 | % |  | 73.4 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 54,876 |  |  | 53,112 |  |  | 3.3 | % |  | 22,013 |  |  | 21,723 |  |  | 1.3 | % |  | 32,863 |  |  | 31,389 |  |  | 4.7 | % |  | 59.9 | % |  | 59.1 | % |
Tampa |  | 41,945 |  |  | 40,692 |  |  | 3.1 | % |  | 15,898 |  |  | 15,295 |  |  | 3.9 | % |  | 26,047 |  |  | 25,397 |  |  | 2.6 | % |  | 62.1 | % |  | 62.4 | % |
Orlando |  | 30,661 |  |  | 29,729 |  |  | 3.1 | % |  | 10,515 |  |  | 9,989 |  |  | 5.3 | % |  | 20,146 |  |  | 19,740 |  |  | 2.1 | % |  | 65.7 | % |  | 66.4 | % |
Jacksonville |  | 10,091 |  |  | 9,942 |  |  | 1.5 | % |  | 3,411 |  |  | 3,341 |  |  | 2.1 | % |  | 6,680 |  |  | 6,601 |  |  | 1.2 | % |  | 66.2 | % |  | 66.4 | % |
Florida Subtotal |  | 137,573 |  |  | 133,475 |  |  | 3.1 | % |  | 51,837 |  |  | 50,348 |  |  | 3.0 | % |  | 85,736 |  |  | 83,127 |  |  | 3.1 | % |  | 62.3 | % |  | 62.3 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 56,418 |  |  | 54,948 |  |  | 2.7 | % |  | 17,600 |  |  | 16,563 |  |  | 6.3 | % |  | 38,818 |  |  | 38,385 |  |  | 1.1 | % |  | 68.8 | % |  | 69.9 | % |
Carolinas |  | 22,864 |  |  | 22,292 |  |  | 2.6 | % |  | 6,247 |  |  | 5,989 |  |  | 4.3 | % |  | 16,617 |  |  | 16,303 |  |  | 1.9 | % |  | 72.7 | % |  | 73.1 | % |
Southeast US Subtotal |  | 79,282 |  |  | 77,240 |  |  | 2.6 | % |  | 23,847 |  |  | 22,552 |  |  | 5.7 | % |  | 55,435 |  |  | 54,688 |  |  | 1.4 | % |  | 69.9 | % |  | 70.8 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 9,279 |  |  | 8,950 |  |  | 3.7 | % |  | 4,286 |  |  | 4,039 |  |  | 6.1 | % |  | 4,993 |  |  | 4,911 |  |  | 1.7 | % |  | 53.8 | % |  | 54.9 | % |
Dallas |  | 11,228 |  |  | 10,839 |  |  | 3.6 | % |  | 4,541 |  |  | 3,870 |  |  | 17.3 | % |  | 6,687 |  |  | 6,969 |  |  | (4.0) | % |  | 59.6 | % |  | 64.3 | % |
Texas Subtotal |  | 20,507 |  |  | 19,789 |  |  | 3.6 | % |  | 8,827 |  |  | 7,909 |  |  | 11.6 | % |  | 11,680 |  |  | 11,880 |  |  | (1.7) | % |  | 57.0 | % |  | 60.0 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 15,465 |  |  | 15,152 |  |  | 2.1 | % |  | 6,950 |  |  | 6,627 |  |  | 4.9 | % |  | 8,515 |  |  | 8,525 |  |  | (0.1) | % |  | 55.1 | % |  | 56.3 | % |
Minneapolis |  | 6,567 |  |  | 6,550 |  |  | 0.3 | % |  | 2,100 |  |  | 1,948 |  |  | 7.8 | % |  | 4,467 |  |  | 4,602 |  |  | (2.9) | % |  | 68.0 | % |  | 70.3 | % |
Midwest US Subtotal |  | 22,032 |  |  | 21,702 |  |  | 1.5 | % |  | 9,050 |  |  | 8,575 |  |  | 5.5 | % |  | 12,982 |  |  | 13,127 |  |  | (1.1) | % |  | 58.9 | % |  | 60.5 | % |
Same Store Total / Average |  | $ | 421,930 |  |  | $ | 411,079 |  |  | 2.6 | % |  | $ | 136,062 |  |  | $ | 131,576 |  |  | 3.4 | % |  | $ | 285,868 |  |  | $ | 279,503 |  |  | 2.3 | % |  | 67.8 | % |  | 68.0 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 25

Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — YTD |  |  |  |
($ in thousands) (unaudited) |  |  |  |
|  | Core Revenue |  | Core Operating Expenses |  | Net Operating Income |  | Core NOI Margin |
YoY, YTD 2021 |  | YTD 2021 |  | YTD 2020 |  | Change |  | YTD 2021 |  | YTD 2020 |  | Change |  | YTD 2021 |  | YTD 2020 |  | Change |  | YTD 2021 |  | YTD 2020 |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | $ | 111,027 |  |  | $ | 110,894 |  |  | 0.1 | % |  | $ | 33,668 |  |  | $ | 35,573 |  |  | (5.4) | % |  | $ | 77,359 |  |  | $ | 75,321 |  |  | 2.7 | % |  | 69.7 | % |  | 67.9 | % |
Northern California |  | 50,427 |  |  | 49,790 |  |  | 1.3 | % |  | 14,071 |  |  | 14,397 |  |  | (2.3) | % |  | 36,356 |  |  | 35,393 |  |  | 2.7 | % |  | 72.1 | % |  | 71.1 | % |
Seattle |  | 44,189 |  |  | 44,363 |  |  | (0.4) | % |  | 12,046 |  |  | 12,084 |  |  | (0.3) | % |  | 32,143 |  |  | 32,279 |  |  | (0.4) | % |  | 72.7 | % |  | 72.8 | % |
Phoenix |  | 67,012 |  |  | 62,415 |  |  | 7.4 | % |  | 14,566 |  |  | 14,921 |  |  | (2.4) | % |  | 52,446 |  |  | 47,494 |  |  | 10.4 | % |  | 78.3 | % |  | 76.1 | % |
Las Vegas |  | 25,471 |  |  | 24,203 |  |  | 5.2 | % |  | 5,690 |  |  | 5,566 |  |  | 2.2 | % |  | 19,781 |  |  | 18,637 |  |  | 6.1 | % |  | 77.7 | % |  | 77.0 | % |
Denver |  | 23,283 |  |  | 22,136 |  |  | 5.2 | % |  | 4,652 |  |  | 4,627 |  |  | 0.5 | % |  | 18,631 |  |  | 17,509 |  |  | 6.4 | % |  | 80.0 | % |  | 79.1 | % |
Western US Subtotal |  | 321,409 |  |  | 313,801 |  |  | 2.4 | % |  | 84,693 |  |  | 87,168 |  |  | (2.8) | % |  | 236,716 |  |  | 226,633 |  |  | 4.4 | % |  | 73.6 | % |  | 72.2 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 107,988 |  |  | 102,561 |  |  | 5.3 | % |  | 43,736 |  |  | 43,669 |  |  | 0.2 | % |  | 64,252 |  |  | 58,892 |  |  | 9.1 | % |  | 59.5 | % |  | 57.4 | % |
Tampa |  | 82,637 |  |  | 78,363 |  |  | 5.5 | % |  | 31,193 |  |  | 30,257 |  |  | 3.1 | % |  | 51,444 |  |  | 48,106 |  |  | 6.9 | % |  | 62.3 | % |  | 61.4 | % |
Orlando |  | 60,390 |  |  | 57,110 |  |  | 5.7 | % |  | 20,504 |  |  | 20,697 |  |  | (0.9) | % |  | 39,886 |  |  | 36,413 |  |  | 9.5 | % |  | 66.0 | % |  | 63.8 | % |
Jacksonville |  | 20,033 |  |  | 18,837 |  |  | 6.3 | % |  | 6,752 |  |  | 6,738 |  |  | 0.2 | % |  | 13,281 |  |  | 12,099 |  |  | 9.8 | % |  | 66.3 | % |  | 64.2 | % |
Florida Subtotal |  | 271,048 |  |  | 256,871 |  |  | 5.5 | % |  | 102,185 |  |  | 101,361 |  |  | 0.8 | % |  | 168,863 |  |  | 155,510 |  |  | 8.6 | % |  | 62.3 | % |  | 60.5 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 111,366 |  |  | 105,393 |  |  | 5.7 | % |  | 34,163 |  |  | 33,999 |  |  | 0.5 | % |  | 77,203 |  |  | 71,394 |  |  | 8.1 | % |  | 69.3 | % |  | 67.7 | % |
Carolinas |  | 45,156 |  |  | 43,195 |  |  | 4.5 | % |  | 12,236 |  |  | 12,196 |  |  | 0.3 | % |  | 32,920 |  |  | 30,999 |  |  | 6.2 | % |  | 72.9 | % |  | 71.8 | % |
Southeast US Subtotal |  | 156,522 |  |  | 148,588 |  |  | 5.3 | % |  | 46,399 |  |  | 46,195 |  |  | 0.4 | % |  | 110,123 |  |  | 102,393 |  |  | 7.5 | % |  | 70.4 | % |  | 68.9 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 18,229 |  |  | 17,494 |  |  | 4.2 | % |  | 8,325 |  |  | 8,156 |  |  | 2.1 | % |  | 9,904 |  |  | 9,338 |  |  | 6.1 | % |  | 54.3 | % |  | 53.4 | % |
Dallas |  | 22,067 |  |  | 21,220 |  |  | 4.0 | % |  | 8,411 |  |  | 8,733 |  |  | (3.7) | % |  | 13,656 |  |  | 12,487 |  |  | 9.4 | % |  | 61.9 | % |  | 58.8 | % |
Texas Subtotal |  | 40,296 |  |  | 38,714 |  |  | 4.1 | % |  | 16,736 |  |  | 16,889 |  |  | (0.9) | % |  | 23,560 |  |  | 21,825 |  |  | 7.9 | % |  | 58.5 | % |  | 56.4 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 30,617 |  |  | 29,930 |  |  | 2.3 | % |  | 13,577 |  |  | 13,785 |  |  | (1.5) | % |  | 17,040 |  |  | 16,145 |  |  | 5.5 | % |  | 55.7 | % |  | 53.9 | % |
Minneapolis |  | 13,117 |  |  | 12,774 |  |  | 2.7 | % |  | 4,048 |  |  | 4,110 |  |  | (1.5) | % |  | 9,069 |  |  | 8,664 |  |  | 4.7 | % |  | 69.1 | % |  | 67.8 | % |
Midwest US Subtotal |  | 43,734 |  |  | 42,704 |  |  | 2.4 | % |  | 17,625 |  |  | 17,895 |  |  | (1.5) | % |  | 26,109 |  |  | 24,809 |  |  | 5.2 | % |  | 59.7 | % |  | 58.1 | % |
Same Store Total / Average |  | $ | 833,009 |  |  | $ | 800,678 |  |  | 4.0 | % |  | $ | 267,638 |  |  | $ | 269,508 |  |  | (0.7) | % |  | $ | 565,371 |  |  | $ | 531,170 |  |  | 6.4 | % |  | 67.9 | % |  | 66.3 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 26

Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
|  | Rental Rate Growth |
|  | Q2 2021 |  | YTD 2021 |
|  | Renewal |  | New |  | Blended |  | Renewal |  | New |  | Blended |
|  | Leases |  | Leases |  | Average |  | Leases |  | Leases |  | Average |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 5.2 | % |  | 11.8 | % |  | 6.7 | % |  | 5.2 | % |  | 10.3 | % |  | 6.4 | % |
Northern California |  | 5.4 | % |  | 15.8 | % |  | 7.8 | % |  | 5.2 | % |  | 12.6 | % |  | 6.9 | % |
Seattle |  | 0.2 | % |  | 15.8 | % |  | 3.4 | % |  | 0.4 | % |  | 13.2 | % |  | 3.4 | % |
Phoenix |  | 9.0 | % |  | 23.6 | % |  | 12.7 | % |  | 8.1 | % |  | 19.3 | % |  | 11.1 | % |
Las Vegas |  | 7.9 | % |  | 22.1 | % |  | 11.9 | % |  | 7.6 | % |  | 17.2 | % |  | 10.6 | % |
Denver |  | 6.2 | % |  | 11.2 | % |  | 7.6 | % |  | 5.4 | % |  | 8.4 | % |  | 6.3 | % |
Western US Subtotal |  | 5.4 | % |  | 16.5 | % |  | 8.0 | % |  | 5.2 | % |  | 13.6 | % |  | 7.3 | % |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 7.0 | % |  | 10.9 | % |  | 8.0 | % |  | 5.7 | % |  | 7.8 | % |  | 6.3 | % |
Tampa |  | 6.2 | % |  | 14.3 | % |  | 9.0 | % |  | 5.0 | % |  | 10.7 | % |  | 7.0 | % |
Orlando |  | 4.6 | % |  | 11.9 | % |  | 7.2 | % |  | 4.2 | % |  | 9.4 | % |  | 6.1 | % |
Jacksonville |  | 5.1 | % |  | 13.7 | % |  | 7.8 | % |  | 4.4 | % |  | 11.2 | % |  | 6.6 | % |
Florida Subtotal |  | 6.1 | % |  | 12.5 | % |  | 8.1 | % |  | 5.1 | % |  | 9.4 | % |  | 6.5 | % |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 6.7 | % |  | 15.6 | % |  | 9.1 | % |  | 5.7 | % |  | 13.8 | % |  | 7.9 | % |
Carolinas |  | 6.5 | % |  | 12.2 | % |  | 8.1 | % |  | 5.6 | % |  | 9.6 | % |  | 6.8 | % |
Southeast US Subtotal |  | 6.6 | % |  | 14.5 | % |  | 8.8 | % |  | 5.6 | % |  | 12.5 | % |  | 7.5 | % |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 4.3 | % |  | 7.4 | % |  | 5.2 | % |  | 3.8 | % |  | 5.8 | % |  | 4.3 | % |
Dallas |  | 5.3 | % |  | 10.2 | % |  | 6.9 | % |  | 4.8 | % |  | 8.1 | % |  | 5.9 | % |
Texas Subtotal |  | 4.8 | % |  | 9.1 | % |  | 6.2 | % |  | 4.3 | % |  | 7.2 | % |  | 5.2 | % |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 4.0 | % |  | 8.6 | % |  | 5.1 | % |  | 3.3 | % |  | 5.9 | % |  | 3.9 | % |
Minneapolis |  | 5.7 | % |  | 8.8 | % |  | 6.6 | % |  | 5.3 | % |  | 7.2 | % |  | 5.9 | % |
Midwest US Subtotal |  | 4.6 | % |  | 8.7 | % |  | 5.7 | % |  | 3.9 | % |  | 6.4 | % |  | 4.5 | % |
Same Store Total / Average |  | 5.8 | % |  | 13.8 | % |  | 8.0 | % |  | 5.1 | % |  | 11.1 | % |  | 6.8 | % |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 27

Supplemental Schedule 6

Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
Total ($ 000) |  | Q2 2021 |  | Q1 2021 |  | Q4 2020 |  | Q3 2020 |  | Q2 2020 |  |
R&M OpEx, net |  | $ | 19,536 |  |  | $ | 16,463 |  |  | $ | 18,905 |  |  | $ | 24,499 |  |  | $ | 18,880 |  |  |
Turn OpEx, net |  | 8,147 |  |  | 6,742 |  |  | 7,327 |  |  | 9,217 |  |  | 7,922 |  |  |
Total recurring operating expenses, net |  | $ | 27,683 |  |  | $ | 23,205 |  |  | $ | 26,232 |  |  | $ | 33,716 |  |  | $ | 26,802 |  |  |
R&M CapEx |  | $ | 19,179 |  |  | $ | 16,664 |  |  | $ | 20,321 |  |  | $ | 24,154 |  |  | $ | 19,352 |  |  |
Turn CapEx |  | 6,996 |  |  | 5,891 |  |  | 5,800 |  |  | 6,957 |  |  | 6,311 |  |  |
Total recurring capital expenditures |  | $ | 26,175 |  |  | $ | 22,555 |  |  | $ | 26,121 |  |  | $ | 31,111 |  |  | $ | 25,663 |  |  |
R&M OpEx, net + R&M CapEx |  | $ | 38,715 |  |  | $ | 33,127 |  |  | $ | 39,226 |  |  | $ | 48,653 |  |  | $ | 38,232 |  |  |
Turn OpEx, net + Turn CapEx |  | 15,143 |  |  | 12,633 |  |  | 13,127 |  |  | 16,174 |  |  | 14,233 |  |  |
Total cost to maintain, net |  | $ | 53,858 |  |  | $ | 45,760 |  |  | $ | 52,353 |  |  | $ | 64,827 |  |  | $ | 52,465 |  |  |
Per Home ($) |  | Q2 2021 |  | Q1 2021 |  | Q4 2020 |  | Q3 2020 |  | Q2 2020 |  |
Total cost to maintain, net |  | $ | 741 |  |  | $ | 630 |  |  | $ | 721 |  |  | $ | 892 |  |  | $ | 722 |  |  |

(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.

Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
Total ($ 000) |  | Q2 2021 |  | Q1 2021 |  | Q4 2020 |  | Q3 2020 |  | Q2 2020 |
Recurring CapEx |  | $ | 28,693 |  |  | $ | 24,454 |  |  | $ | 28,485 |  |  | $ | 33,861 |  |  | $ | 27,617 |  |
Value Enhancing CapEx |  | 9,039 |  |  | 8,945 |  |  | 10,459 |  |  | 10,286 |  |  | 10,611 |  |
Initial Renovation CapEx |  | 16,635 |  |  | 19,320 |  |  | 28,539 |  |  | 13,385 |  |  | 21,023 |  |
Disposition CapEx |  | 1,557 |  |  | 1,748 |  |  | 1,746 |  |  | 1,748 |  |  | 2,877 |  |
Total Capital Expenditures |  | $ | 55,924 |  |  | $ | 54,467 |  |  | $ | 69,229 |  |  | $ | 59,280 |  |  | $ | 62,128 |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 28

Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited) |  |  |  |  |  |  |  |  |
Adjusted Property Management Expense |  | Q2 2021 |  | Q2 2020 |  | YTD 2021 |  | YTD 2020 |
Property management expense (GAAP) |  | $ | 17,696 |  |  | $ | 14,529 |  |  | $ | 33,538 |  |  | $ | 28,901 |  |
Adjustments: |  |  |  |  |  |  |  |  |
Share-based compensation expense |  | (1,703) |  |  | (447) |  |  | (2,877) |  |  | (1,280) |  |
Adjusted property management expense |  | $ | 15,993 |  |  | $ | 14,082 |  |  | $ | 30,661 |  |  | $ | 27,621 |  |
Adjusted G&A Expense |  | Q2 2021 |  | Q2 2020 |  | YTD 2021 |  | YTD 2020 |
G&A expense (GAAP) |  | $ | 19,828 |  |  | $ | 14,426 |  |  | $ | 36,778 |  |  | $ | 28,654 |  |
Adjustments: |  |  |  |  |  |  |  |  |
Share-based compensation expense |  | (7,503) |  |  | (1,659) |  |  | (12,143) |  |  | (4,927) |  |
Severance expense |  | (160) |  |  | (255) |  |  | (274) |  |  | (255) |  |
Adjusted G&A expense |  | $ | 12,165 |  |  | $ | 12,512 |  |  | $ | 24,361 |  |  | $ | 23,472 |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 29

Supplemental Schedule 8

Acquisitions and Dispositions — Q2 2021
(unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 3/31/2021 |  | Q2 2021 Acquisitions (1) |  | Q2 2021 Dispositions (2) |  | 6/30/2021 |
|  | Homes |  | Homes |  | Avg. Estimated |  | Homes |  | Average |  | Homes |
|  | Owned |  | Acq. |  | Cost Basis |  | Sold |  | Sales Price |  | Owned |
Wholly Owned Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |
Western United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  | 7,930 |  |  | — |  |  | $ | — |  |  | 21 |  |  | $ | 616,024 |  |  | 7,909 |  |
Northern California |  | 4,235 |  |  | 16 |  |  | 519,736 |  |  | 10 |  |  | 528,700 |  |  | 4,241 |  |
Seattle |  | 3,696 |  |  | 62 |  |  | 511,010 |  |  | 5 |  |  | 641,250 |  |  | 3,753 |  |
Phoenix |  | 8,240 |  |  | 106 |  |  | 390,667 |  |  | 8 |  |  | 244,058 |  |  | 8,338 |  |
Las Vegas |  | 3,010 |  |  | 8 |  |  | 401,876 |  |  | 1 |  |  | 325,000 |  |  | 3,017 |  |
Denver |  | 2,372 |  |  | 101 |  |  | 473,457 |  |  | 7 |  |  | 426,071 |  |  | 2,466 |  |
Western US Subtotal |  | 29,483 |  |  | 293 |  |  | 452,025 |  |  | 52 |  |  | 513,264 |  |  | 29,724 |  |
Florida: |  |  |  |  |  |  |  |  |  |  |  |  |
South Florida |  | 8,280 |  |  | 29 |  |  | 281,876 |  |  | 66 |  |  | 311,990 |  |  | 8,243 |  |
Tampa |  | 8,217 |  |  | 42 |  |  | 319,152 |  |  | 23 |  |  | 264,903 |  |  | 8,236 |  |
Orlando |  | 6,245 |  |  | 33 |  |  | 317,359 |  |  | 17 |  |  | 221,835 |  |  | 6,261 |  |
Jacksonville |  | 1,872 |  |  | 3 |  |  | 307,517 |  |  | 1 |  |  | 293,000 |  |  | 1,874 |  |
Florida Subtotal |  | 24,614 |  |  | 107 |  |  | 308,170 |  |  | 107 |  |  | 287,367 |  |  | 24,614 |  |
Southeast United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  | 12,556 |  |  | 30 |  |  | 290,211 |  |  | 13 |  |  | 243,808 |  |  | 12,573 |  |
Carolinas |  | 4,987 |  |  | 54 |  |  | 330,606 |  |  | 4 |  |  | 225,975 |  |  | 5,037 |  |
Southeast US Subtotal |  | 17,543 |  |  | 84 |  |  | 316,179 |  |  | 17 |  |  | 239,612 |  |  | 17,610 |  |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |
Houston |  | 2,146 |  |  | — |  |  | — |  |  | 4 |  |  | 225,250 |  |  | 2,142 |  |
Dallas |  | 2,808 |  |  | 10 |  |  | 300,478 |  |  | 8 |  |  | 245,750 |  |  | 2,810 |  |
Texas Subtotal |  | 4,954 |  |  | 10 |  |  | 300,478 |  |  | 12 |  |  | 238,917 |  |  | 4,952 |  |
Midwest United States: |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago |  | 2,604 |  |  | — |  |  | — |  |  | 19 |  |  | 264,800 |  |  | 2,585 |  |
Minneapolis |  | 1,125 |  |  | — |  |  | — |  |  | 2 |  |  | 230,000 |  |  | 1,123 |  |
Midwest US Subtotal |  | 3,729 |  |  | — |  |  | — |  |  | 21 |  |  | 261,486 |  |  | 3,708 |  |
Announced Market-in-Exit: |  |  |  |  |  |  |  |  |  |  |  |  |
Nashville (3) |  | 7 |  |  | — |  |  | — |  |  | 3 |  |  | 447,167 |  |  | 4 |  |
Total / Average |  | 80,330 |  |  | 494 |  |  | $ | 394,699 |  |  | 212 |  |  | $ | 335,901 |  |  | 80,612 |  |
Joint Venture Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |
Rockpoint Joint Venture (4) |  | 435 |  |  | 385 |  |  | $ | 367,968 |  |  | — |  |  | $ | — |  |  | 820 |  |
FNMA Joint Venture (5) |  | 554 |  |  | — |  |  | — |  |  | 6 |  |  | 309,599 |  |  | 548 |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 30

Supplemental Schedule 8 (Continued)

(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.2%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 2.0%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)In December 2019, Invitation Homes announced a plan to fully exit the Nashville market, and sold 708 homes in Nashville in a bulk transaction. The Company is pursuing the sale of the remaining four homes in the market as of June 30, 2021.
(4)Represents portfolio in the Company's unconsolidated joint venture with Rockpoint Group, of which Invitation Homes owns 20%.
(5)Represents portfolio in the Company's unconsolidated joint venture with Federal National Mortgage Association, of which Invitation Homes owns 10%.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 31

Glossary and Reconciliations

Average Estimated Cost Basis
Average estimated cost basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated initial renovation expenditure for an acquired home or population of homes.
Average Monthly Rent
Average monthly rent represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period, and reflects the impact of non-service rental concessions and contractual rent increases amortized over the life of the lease.
Average Occupancy
Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period.
Core NOI Margin
Core NOI margin for an identified population of homes is calculated by dividing NOI by Core revenues attributable to such population.
Core Operating Expenses
Core operating expenses for an identified population of homes reflect property operating and maintenance expenses, excluding any expenses recovered from residents.
Core Revenues
Core revenues for an identified population of homes reflects total revenues, net of any resident recoveries.
Cost to Maintain, net
Cost to maintain, net a home represents the sum of the expensed and capitalized portions of recurring repairs & maintenance and turn spend, net of resident reimbursements, as indicated in tables presented, not including the internal labor associated with such work.
Disposition CapEx
Disposition CapEx represents expenditures related to the preparation of a home for disposition after the prior tenant has moved out of the home.
EBITDA, 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; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts ("Nareit") recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDA re. 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; severance; casualty (gains) losses, net; (gains) losses on investments in equity securities, net; and other 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
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 32

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 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 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 joint ventures. In calculating per share amounts, Core FFO and AFFO reflect convertible debt securities in the form in which they were outstanding during the period.
We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss.
The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. Core FFO and Adjusted FFO are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our Core FFO and Adjusted FFO may not be comparable to the Core FFO and Adjusted FFO of other companies due to the fact that not all companies use the same definition of Core FFO and Adjusted FFO. Accordingly, there can be no assurance that our basis for computing this non-GAAP measures is comparable with that of other companies. See "Reconciliation of FFO, Core FFO, and Adjusted FFO" for a reconciliation of GAAP net income to FFO, Core FFO, and Adjusted FFO.
Initial Renovation CapEx
Initial renovation CapEx represents expenditures related to the first post-acquisition renovation of a home to bring the home to 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 expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities,net; other income and expenses; joint venture management fees; and income from investments in unconsolidated joint ventures.
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 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.
Q2 2021 Earnings Release and Supplemental Information — page 33

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 amortized contractual rent increases. Leases are either renewal leases, where our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home.
Revenue Collections as a Percentage of Billings
Revenue collections as a percentage of billings represents the total cash received in a given period for rental revenues and other property income (including receipt of late payments that were billed in prior months) divided by the total amounts billed in that period. When a payment plan is in place with a resident, amounts are considered to be billed at the time they would have been billed based on the terms of the original lease, not the terms of the payment plan. "Historical average" revenue collections as a percentage of billings refer to revenue collections as a percentage of billings for the period from October 2019 through and including March 2020.
Same Store / Same Store Portfolio
Same Store or Same Store portfolio includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio, and homes in markets that the Company has announced an intent to exit where the Company no longer operates a significant number of homes.
Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio may be considered stabilized at the time of acquisition.
Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1 st of the year in which the Same Store portfolio was established.
We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and its prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our organic business.
Total Homes / Total Portfolio
Total homes or total portfolio refers to the total number of homes owned, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to the wholly owned homes and excludes homes owned in joint ventures.
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.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 34

Unsecured Facility Covenants
Unsecured facility covenants refer to financial and operating requirements that the Company must meet with respect to its $1,000 million revolving credit facility (the "Revolving Facility") and its $2,500 million term loan facility (the "Term Loan Facility") (together, the "Credit Facility"), as set forth in the Company's Amended and Restated Revolving Credit and Term Loan Agreement dated December 8, 2020 (the "Unsecured Credit Agreement"). The metrics provided under the "Unsecured Facility Covenant Compliance" heading on Supplemental Schedule 2(b) show the Company's compliance with certain covenants that the Company believes are its most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, and unsecured interest coverage ratio.
Total leverage ratio represents (i) total outstanding indebtedness (including the Company's pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreement. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreement, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
Secured leverage ratio represents (i) total outstanding secured indebtedness (including the Company's pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreement. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreement, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
Unencumbered leverage ratio represents (i) total outstanding unsecured indebtedness (including the Company's pro rata share of unsecured debt in unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreement. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreement, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
Fixed charge coverage ratio represents (i) the trailing four quarters' EBITDA (including the Company's pro rata share of EBITDA from unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) the trailing four quarters' fixed charges (including the Company's pro rata share of fixed charges in unconsolidated entities), as defined in the Unsecured Credit Agreement. Fixed charges include cash interest expense, regularly scheduled principal payments, and preferred stock or preferred OP unit dividends.
Unsecured interest coverage ratio represents (i) the trailing four quarters' unencumbered NOI, as defined by the Unsecured Credit Agreement, divided by (ii) the trailing four quarters' total unsecured interest expense (including the Company's pro rata share of interest expense from unsecured debt in unconsolidated entities), as defined in the Unsecured Credit Agreement.
The metrics set forth under the "Unsecured Facility Covenant Compliance" heading on Supplemental Schedule 2(b), and described above, are provided only to show the Company's compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate the Company's financial condition or results of operations, nor do they indicate the Company's covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Unsecured Credit Agreement than similarly named metrics are defined by the Company in its Earnings Release and Supplemental Information for the purposes of evaluating its financial conditions or results of operations. For a more complete and detailed description of the covenants contained in the Company's Unsecured Credit Agreement, see Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-38004) filed on December 9, 2020.
The breach of any of the covenants set forth in the Unsecured Credit Agreement could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facility, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 35

the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, as such factors may be updated from time to time in our periodic filings with the SEC.
Value Enhancing CapEx
Value enhancing CapEx represents re-investment in stabilized homes, above and beyond general replacements to preserve and maintain the value and functionality of a home, for the purpose of enhancing expected risk-adjusted returns.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 36

Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
|  | Q2 2021 |  | Q1 2021 |  | Q4 2020 |  | Q3 2020 |  | Q2 2020 |
Total revenues (total portfolio) |  | $ | 491,633 |  |  | $ | 475,225 |  |  | $ | 464,100 |  |  | $ | 459,184 |  |  | $ | 449,755 |  |
Joint venture management fees |  | (1,015) |  |  | (771) |  |  | — |  |  | — |  |  | — |  |
Total portfolio resident recoveries |  | (26,076) |  |  | (24,740) |  |  | (23,885) |  |  | (23,675) |  |  | (20,157) |  |
Total Core revenues (total portfolio) |  | 464,542 |  |  | 449,714 |  |  | 440,215 |  |  | 435,509 |  |  | 429,598 |  |
Non-Same Store Core revenues |  | (42,612) |  |  | (38,635) |  |  | (34,991) |  |  | (32,686) |  |  | (31,017) |  |
Same Store Core revenues |  | $ | 421,930 |  |  | $ | 411,079 |  |  | $ | 405,224 |  |  | $ | 402,823 |  |  | $ | 398,581 |  |
Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, YTD
(in thousands) (unaudited)
|  | YTD 2021 |  | YTD 2020 |  |  |  |  |  |  |
Total revenues (total portfolio) |  | $ | 966,858 |  |  | $ | 899,544 |  |  |  |  |  |  |  |
Joint venture management fees |  | (1,786) |  |  | — |  |  |  |  |  |  |  |
Total portfolio resident recoveries |  | (50,816) |  |  | (40,198) |  |  |  |  |  |  |  |
Total Core revenues (total portfolio) |  | 914,256 |  |  | 859,346 |  |  |  |  |  |  |  |
Non-Same Store Core revenues |  | (81,247) |  |  | (58,668) |  |  |  |  |  |  |  |
Same Store Core revenues |  | $ | 833,009 |  |  | $ | 800,678 |  |  |  |  |  |  |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 37

Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
|  | Q2 2021 |  | Q1 2021 |  | Q4 2020 |  | Q3 2020 |  | Q2 2020 |
Property operating and maintenance expenses (total portfolio) |  | $ | 175,422 |  |  | $ | 168,373 |  |  | $ | 168,628 |  |  | $ | 177,997 |  |  | $ | 167,002 |  |
Total portfolio resident recoveries |  | (26,076) |  |  | (24,740) |  |  | (23,885) |  |  | (23,675) |  |  | (20,157) |  |
Core Property operating and maintenance expenses (total portfolio) |  | 149,346 |  |  | 143,633 |  |  | 144,743 |  |  | 154,322 |  |  | 146,845 |  |
Non-Same Store Core operating expenses |  | (13,284) |  |  | (12,057) |  |  | (12,120) |  |  | (11,909) |  |  | (11,974) |  |
Same Store Core operating expenses |  | $ | 136,062 |  |  | $ | 131,576 |  |  | $ | 132,623 |  |  | $ | 142,413 |  |  | $ | 134,871 |  |
Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
|  | YTD 2021 |  | YTD 2020 |  |  |  |  |  |  |
Property operating and maintenance expenses (total portfolio) |  | $ | 343,795 |  |  | $ | 333,918 |  |  |  |  |  |  |  |
Total portfolio resident recoveries |  | (50,816) |  |  | (40,198) |  |  |  |  |  |  |  |
Core Property operating and maintenance expenses (total portfolio) |  | 292,979 |  |  | 293,720 |  |  |  |  |  |  |  |
Non-Same Store Core operating expenses |  | (25,341) |  |  | (24,212) |  |  |  |  |  |  |  |
Same Store Core operating expenses |  | $ | 267,638 |  |  | $ | 269,508 |  |  |  |  |  |  |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 38

Reconciliation of Net Income to NOI and Same Store NOI, Quarterly
(in thousands) (unaudited)
|  | Q2 2021 |  | Q1 2021 |  | Q4 2020 |  | Q3 2020 |  | Q2 2020 |
Net income available to common stockholders |  | $ | 60,242 |  |  | $ | 57,272 |  |  | $ | 70,586 |  |  | $ | 32,540 |  |  | $ | 42,784 |  |
Net income available to participating securities |  | 96 |  |  | 95 |  |  | 113 |  |  | 114 |  |  | 119 |  |
Non-controlling interests |  | 350 |  |  | 355 |  |  | 431 |  |  | 211 |  |  | 275 |  |
Interest expense |  | 80,764 |  |  | 83,406 |  |  | 95,382 |  |  | 87,713 |  |  | 86,071 |  |
Depreciation and amortization |  | 145,280 |  |  | 144,501 |  |  | 142,090 |  |  | 138,147 |  |  | 137,266 |  |
Property management expense |  | 17,696 |  |  | 15,842 |  |  | 14,888 |  |  | 14,824 |  |  | 14,529 |  |
General and administrative |  | 19,828 |  |  | 16,950 |  |  | 16,679 |  |  | 17,972 |  |  | 14,426 |  |
Impairment and other |  | 980 |  |  | 356 |  |  | (3,974) |  |  | 1,723 |  |  | (180) |  |
Gain on sale of property, net of tax |  | (17,919) |  |  | (14,484) |  |  | (13,121) |  |  | (15,106) |  |  | (11,167) |  |
(Gains) losses on investments in equity securities, net |  | 7,002 |  |  | 3,140 |  |  | (29,689) |  |  | — |  |  | — |  |
Other, net |  | 1,903 |  |  | (230) |  |  | 2,087 |  |  | 3,049 |  |  | (1,370) |  |
Joint venture management fees |  | (1,015) |  |  | (771) |  |  | — |  |  | — |  |  | — |  |
Income from investments in unconsolidated joint ventures |  | (11) |  |  | (351) |  |  | — |  |  | — |  |  | — |  |
NOI (total portfolio) |  | 315,196 |  |  | 306,081 |  |  | 295,472 |  |  | 281,187 |  |  | 282,753 |  |
Non-Same Store NOI |  | (29,328) |  |  | (26,578) |  |  | (22,871) |  |  | (20,777) |  |  | (19,043) |  |
Same Store NOI |  | $ | 285,868 |  |  | $ | 279,503 |  |  | $ | 272,601 |  |  | $ | 260,410 |  |  | $ | 263,710 |  |
Reconciliation of Net Income to NOI and Same Store NOI, YTD
(in thousands) (unaudited)
|  | YTD 2021 |  | YTD 2020 |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 117,514 |  |  | $ | 92,638 |  |  |  |  |  |  |  |
Net income available to participating securities |  | 191 |  |  | 221 |  |  |  |  |  |  |  |
Non-controlling interests |  | 705 |  |  | 595 |  |  |  |  |  |  |  |
Interest expense |  | 164,170 |  |  | 170,828 |  |  |  |  |  |  |  |
Depreciation and amortization |  | 289,781 |  |  | 272,293 |  |  |  |  |  |  |  |
Property management expense |  | 33,538 |  |  | 28,901 |  |  |  |  |  |  |  |
General and administrative |  | 36,778 |  |  | 28,654 |  |  |  |  |  |  |  |
Impairment and other |  | 1,336 |  |  | 2,947 |  |  |  |  |  |  |  |
Gain on sale of property, net of tax |  | (32,403) |  |  | (26,367) |  |  |  |  |  |  |  |
(Gains) losses on investments in equity securities, net |  | 10,142 |  |  | (34) |  |  |  |  |  |  |  |
Other, net |  | 1,673 |  |  | (5,050) |  |  |  |  |  |  |  |
Joint venture management fees |  | (1,786) |  |  | — |  |  |  |  |  |  |  |
Income from investments in unconsolidated joint ventures |  | (362) |  |  | — |  |  |  |  |  |  |  |
NOI (total portfolio) |  | 621,277 |  |  | 565,626 |  |  |  |  |  |  |  |
Non-Same Store NOI |  | (55,906) |  |  | (34,456) |  |  |  |  |  |  |  |
Same Store NOI |  | $ | 565,371 |  |  | $ | 531,170 |  |  |  |  |  |  |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 39

Reconciliation of Net Income to EBITDA, EBITDA re, and Adjusted EBITDA re
(in thousands, unaudited)
|  | Q2 2021 |  | Q2 2020 |  | YTD 2021 |  | YTD 2020 |  |  |
Net income available to common stockholders |  | $ | 60,242 |  |  | $ | 42,784 |  |  | $ | 117,514 |  |  | $ | 92,638 |  |  |  |
Net income available to participating securities |  | 96 |  |  | 119 |  |  | 191 |  |  | 221 |  |  |  |
Non-controlling interests |  | 350 |  |  | 275 |  |  | 705 |  |  | 595 |  |  |  |
Interest expense |  | 80,764 |  |  | 86,071 |  |  | 164,170 |  |  | 170,828 |  |  |  |
Interest expense in unconsolidated joint ventures |  | 225 |  |  | — |  |  | 299 |  |  | — |  |  |  |
Depreciation and amortization |  | 145,280 |  |  | 137,266 |  |  | 289,781 |  |  | 272,293 |  |  |  |
Depreciation and amortization of real estate assets in unconsolidated joint ventures |  | 246 |  |  | — |  |  | 350 |  |  | — |  |  |  |
EBITDA |  | 287,203 |  |  | 266,515 |  |  | 573,010 |  |  | 536,575 |  |  |  |
Gain on sale of property, net of tax |  | (17,919) |  |  | (11,167) |  |  | (32,403) |  |  | (26,367) |  |  |  |
Impairment on depreciated real estate investments |  | 93 |  |  | 1,442 |  |  | 524 |  |  | 3,913 |  |  |  |
Net gain on sale of investments in unconsolidated joint ventures |  | (104) |  |  | — |  |  | (440) |  |  | — |  |  |  |
EBITDA re |  | 269,273 |  |  | 256,790 |  |  | 540,691 |  |  | 514,121 |  |  |  |
Share-based compensation expense |  | 9,206 |  |  | 2,106 |  |  | 15,020 |  |  | 6,207 |  |  |  |
Severance |  | 160 |  |  | 255 |  |  | 274 |  |  | 255 |  |  |  |
Casualty (gains) losses, net |  | 887 |  |  | (1,622) |  |  | 812 |  |  | (966) |  |  |  |
(Gains) losses on investments in equity securities, net |  | 7,002 |  |  | — |  |  | 10,142 |  |  | (34) |  |  |  |
Other, net |  | 1,903 |  |  | (1,370) |  |  | 1,673 |  |  | (5,050) |  |  |  |
Adjusted EBITDA re |  | $ | 288,431 |  |  | $ | 256,159 |  |  | $ | 568,612 |  |  | $ | 514,533 |  |  |  |
|  | Trailing Twelve Months (TTM) Ended |  |  |  |  |  |  |
|  | June 30, 2021 |  | December 31, 2020 |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 220,640 |  |  | $ | 195,764 |  |  |  |  |  |  |  |
Net income available to participating securities |  | 418 |  |  | 448 |  |  |  |  |  |  |  |
Non-controlling interests |  | 1,347 |  |  | 1,237 |  |  |  |  |  |  |  |
Interest expense |  | 347,265 |  |  | 353,923 |  |  |  |  |  |  |  |
Interest expense in unconsolidated joint ventures |  | 299 |  |  | — |  |  |  |  |  |  |  |
Depreciation and amortization |  | 570,018 |  |  | 552,530 |  |  |  |  |  |  |  |
Depreciation and amortization of real estate assets in unconsolidated joint ventures |  | 350 |  |  | — |  |  |  |  |  |  |  |
EBITDA |  | 1,140,337 |  |  | 1,103,902 |  |  |  |  |  |  |  |
Gain on sale of property, net of tax |  | (60,630) |  |  | (54,594) |  |  |  |  |  |  |  |
Impairment on depreciated real estate investments |  | 1,189 |  |  | 4,578 |  |  |  |  |  |  |  |
Net gain on sale of investments in unconsolidated joint ventures |  | (440) |  |  | — |  |  |  |  |  |  |  |
EBITDA re |  | 1,080,456 |  |  | 1,053,886 |  |  |  |  |  |  |  |
Share-based compensation expense |  | 25,903 |  |  | 17,090 |  |  |  |  |  |  |  |
Severance |  | 620 |  |  | 601 |  |  |  |  |  |  |  |
Casualty (gains) losses, net |  | (2,104) |  |  | (3,882) |  |  |  |  |  |  |  |
(Gains) losses on investments in equity securities, net |  | (19,547) |  |  | (29,723) |  |  |  |  |  |  |  |
Other, net |  | 6,809 |  |  | 86 |  |  |  |  |  |  |  |
Adjusted EBITDA re |  | $ | 1,092,137 |  |  | $ | 1,038,058 |  |  |  |  |  |  |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 40

Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDA re |
(in thousands, except for ratio) (unaudited) |
|  | As of |  | As of |  |  |
|  | June 30, 2021 |  | December 31, 2020 |  |  |
Mortgage loans, net |  | $ | 4,498,289 |  |  | $ | 4,820,098 |  |  |  |
Secured term loan, net |  | 401,204 |  |  | 401,095 |  |  |  |
Unsecured notes, net |  | 298,399 |  |  | — |  |  |  |
Term loan facility, net |  | 2,474,495 |  |  | 2,470,907 |  |  |  |
Revolving facility |  | — |  |  | — |  |  |  |
Convertible senior notes, net |  | 342,050 |  |  | 339,404 |  |  |  |
Total Debt per Balance Sheet |  | 8,014,437 |  |  | 8,031,504 |  |  |  |
Retained and repurchased certificates |  | (231,315) |  |  | (247,526) |  |  |  |
Cash, ex-security deposits and letters of credit (1) |  | (201,779) |  |  | (250,204) |  |  |  |
Deferred financing costs, net |  | 39,930 |  |  | 43,396 |  |  |  |
Unamortized discounts on note payable |  | 5,057 |  |  | 7,885 |  |  |  |
Net Debt (A) |  | $ | 7,626,330 |  |  | $ | 7,585,055 |  |  |  |
2022 convertible senior notes, net |  | (342,050) |  |  |  |  |  |
Unamortized discounts related to 2022 convertible senior notes |  | (2,944) |  |  |  |  |  |
Pro Forma Net Debt (B) (2) |  | $ | 7,281,336 |  |  |  |  |  |
|  | For the Trailing Twelve |  | For the Trailing Twelve |  |  |
|  | Months (TTM) Ended |  | Months (TTM) Ended |  |  |
|  | June 30, 2021 |  | December 31, 2020 |  |  |
Adjusted EBITDA re (C) |  | $ | 1,092,137 |  |  | $ | 1,038,058 |  |  |  |
Net Debt / TTM Adjusted EBITDA re (A / C) |  | 7.0 | x |  | 7.3 | x |  |  |
Pro Forma Net Debt / TTM Adjusted EBITDA re (B / C) (2) |  | 6.7 | x |  |  |  |  |

(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit
(2)In July 2021, the Company gave notice of intent to settle conversions of its 3.5% Convertible Notes due January 15, 2022, with common stock. Pro Forma Net Debt and Pro Forma Net Debt / Trailing Twelve Months Adjusted EBITDA re assume the net debt is reduced for the impact of the full conversion of the $345 million (par value) 2022 Convertible Notes.

Components of Non-Cash Interest Expense (Wholly Owned)
(in thousands) (unaudited)
|  | Q2 2021 |  | Q2 2020 |  | YTD 2021 |  | YTD 2020 |
Amortization of discounts on notes payable |  | $ | 1,414 |  |  | $ | 1,349 |  |  | $ | 2,828 |  |  | $ | 2,697 |  |
Amortization of deferred financing costs |  | 3,057 |  |  | 6,401 |  |  | 6,567 |  |  | 14,353 |  |
Change in fair value of interest rate derivatives |  | 74 |  |  | 39 |  |  | 105 |  |  | 52 |  |
Amortization of swap fair value at designation |  | 3,483 |  |  | 1,577 |  |  | 7,074 |  |  | 2,655 |  |
Total non-cash interest expense |  | $ | 8,028 |  |  | $ | 9,366 |  |  | $ | 16,574 |  |  | $ | 19,757 |  |

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q2 2021 Earnings Release and Supplemental Information — page 41