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Published: 2023-02-15 20:51:54 ET
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EX-99.1 2 q42022supplemental.htm EX-99.1 Document

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Table of Contents













Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 2
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Earnings Press Release
Invitation Homes Reports Fourth Quarter 2022 and Full Year 2022 Results
Dallas, TX, February 15, 2023 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its Fourth Quarter 2022 and Full Year ("FY") 2022 financial and operating results.

Fourth Quarter 2022 and FY 2022 Highlights
•Year over year, in Q4 2022, total revenues increased 11.5% to $580 million, and property operating and maintenance costs increased 17.8% to $210 million. In FY 2022, total revenues increased 12.1% to $2,238 million, and property operating and maintenance costs increased 11.4% to $786 million.
•In Q4 2022, net income available to common stockholders totaled $100 million or $0.16 per diluted common share. In FY 2022, net income available to common stockholders totaled $383 million or $0.63 per diluted common share.
•Year over year, in Q4 2022, Core FFO per share increased 10.6% to $0.43, and AFFO per share increased 9.2% to $0.36. In FY 2022, Core FFO per share increased 11.6% to $1.67, and AFFO per share increased 10.2% to $1.41.
•In Q4 2022, Same Store NOI increased 3.7% year over year on 7.6% Same Store Core Revenues growth and 16.3% Same Store Core Operating Expenses growth. In FY 2022, Same Store NOI grew 9.1% year over year on 9.0% Same Store Core Revenues growth and 8.6% Same Store Core Operating Expenses growth.
•In Q4 2022, Same Store Average Occupancy was 97.3%, down 80 basis points year over year. In FY 2022, Same Store Average Occupancy was 97.7%, down 50 basis points year over year.
•In Q4 2022, Same Store new lease rent growth of 7.4% and Same Store renewal rent growth of 9.9% drove Same Store blended rent growth of 9.1%, down 200 basis points year over year. In FY 2022, Same Store new lease rent growth of 13.5% and Same Store renewal rent growth of 10.0% drove Same Store blended rent growth of 10.9%, up 210 basis points year over year.
•In Q4 2022, acquisitions by the Company and the Company's joint ventures totaled 166 homes for $64 million while dispositions totaled 199 homes for $67 million. In FY 2022, acquisitions by the Company and the Company's joint ventures totaled 2,502 homes for $1,084 million while dispositions totaled 726 homes for $269 million.
•As previously announced in December 2022, the Company voluntarily prepaid without penalty the outstanding balance of its IH 2018-1 securitization, after drawing the remaining $575 million available under its seven-year unsecured delayed draw term loan that closed in June 2022. As of December 31, 2022, the Company's earliest debt maturity is now due in 2026, 83.1% of the Company's wholly owned properties were unencumbered, 73.7% of the Company's debt was unsecured, and 99.2% of the Company's debt remained at fixed or swapped to fixed rates.

President & Chief Executive Officer Dallas Tanner comments:
"We're pleased to report our fourth quarter and full year 2022 financial and operating results, which reflect the hard work of our associates to deliver an outstanding experience and worry-free lifestyle to our residents. Demand for leasing a single-family home remained strong in the fourth quarter of 2022, as evidenced by our 97.3% same store average occupancy and 9.1% same store blended rental rate growth. Further, we anticipate this strong demand to continue in 2023, along with a lack of sufficient housing supply. With the convenience and premier service we provide our residents, the accessibility our homes offer to great neighborhoods, schools, and job centers, and the thousands of homes we're bringing to market through our homebuilder partners over the next few years, we believe we remain well positioned as a meaningful part of the solution for high quality and flexible housing options."

Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures
Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States ("GAAP"). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 3
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Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q4 2022Q4 2021FY 2022FY 2021
Net income$0.16 $0.12 $0.63 $0.45 
FFO0.40 0.35 1.51 1.35 
Core FFO0.43 0.39 1.67 1.49 
AFFO0.36 0.33 1.41 1.28 

Net Income
Net income per share for Q4 2022 was $0.16, compared to net income per share of $0.12 for Q4 2021. Total revenues and total property operating and maintenance expenses for Q4 2022 were $580 million and $210 million, respectively, compared to $520 million and $178 million, respectively, for Q4 2021.

Net income per share for FY 2022 was $0.63, compared to net income per share of $0.45 for FY 2021. Total revenues and total property operating and maintenance expenses for FY 2022 were $2,238 million and $786 million, respectively, compared to $1,997 million and $706 million, respectively, for FY 2021.

Core FFO
Year over year, Core FFO per share for Q4 2022 increased 10.6% to $0.43, primarily due to NOI growth.

Year over year, Core FFO per share for FY 2022 increased 11.6% to $1.67, primarily due to NOI growth and interest expense savings.

AFFO
Year over year, AFFO per share for Q4 2022 increased 9.2% to $0.36, primarily due to the increase in Core FFO per share described above.

Year over year, AFFO per share for FY 2022 increased 10.2% to $1.41, primarily due to the increase in Core FFO per share described above.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 4
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Operating Results
Same Store Operating Results Snapshot
Number of homes in Same Store Portfolio:74,646 
Q4 2022Q4 2021FY 2022FY 2021
Core Revenues growth (year over year)7.6 %9.0 %
Core Operating Expenses growth (year over year)16.3 %8.6 %
NOI growth (year over year)3.7 %9.1 %
Average Occupancy97.3 %98.1 %97.7 %98.2 %
Bad debt % of gross rental revenues (1)
2.0 %1.0 %1.5 %1.4 %
Turnover Rate5.3 %4.7 %21.9 %23.1 %
Rental Rate Growth (lease-over-lease):
Renewals 9.9 %8.9 %10.0 %6.7 %
New Leases 7.4 %17.1 %13.5 %14.4 %
Blended 9.1 %11.1 %10.9 %8.8 %
(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
Q4 2022Q3 2022Q2 2022Q1 2022
Pre-COVID Average (2)
Revenues collected % of revenues due: (1)
Revenues collected in same month billed91 %91 %92 %91 %96 %
Late collections of prior month billings6 %6 %7 %6 %3 %
Total collections97 %97 %99 %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 74,646 homes, Same Store NOI for Q4 2022 increased 3.7% year over year on Same Store Core Revenues growth of 7.6% and Same Store Core Operating Expenses growth of 16.3%.

FY 2022 Same Store NOI increased 9.1% year over year on Same Store Core Revenues growth of 9.0% and Same Store Core Operating Expenses growth of 8.6%.

Same Store Core Revenues
Same Store Core Revenues growth for Q4 2022 of 7.6% year over year was primarily driven by a 9.4% increase in Average Monthly Rent, and a 16.0% increase in other income, net of resident recoveries, offset by an 80 basis points year over year decline in Average Occupancy and a 100 basis points year over year increase in bad debt as a percentage of gross rental revenue. The year over year decline in Average Occupancy was largely attributable to higher vacancy due to increased
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 5
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turnover. Bad debt remained a headwind in Q4 2022 due in part to an outsized impact in California and more specifically, Los Angeles County, where ordinances continue to restrict residential lease compliance options.

FY 2022 Same Store Core Revenues growth of 9.0% year over year was primarily driven by a 9.2% increase in average monthly rent, and a 22.9% increase in other income, net of resident recoveries, offset by a 50 basis points year over year decline in Average Occupancy and a 10 basis points year over year increase in bad debt as a percentage of gross rental revenue.

Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q4 2022 increased 16.3% year over year, primarily driven by higher property tax expense as a result of an outsized catchup in Q4 2022 following an underaccrual in the first three quarters of 2022, higher turnover expense as a result of higher turnover, and inflationary pressures.

FY 2022 Same Store Core Operating Expenses increased 8.6% year over year, primarily driven by inflationary pressures.

Investment Management Activity
Acquisitions for Q4 2022 totaled 166 homes for $64 million through multiple acquisition channels. This included 150 wholly owned homes for $58 million in addition to 16 homes for $6 million in the Company's joint ventures.

Dispositions for Q4 2022 included 185 wholly owned homes for gross proceeds of $61 million and 14 homes for gross proceeds of $6 million in the Company's joint ventures.

In FY 2022, the Company acquired 2,502 homes for $1,084 million, including 1,423 wholly owned homes for $601 million and 1,079 homes for $483 million in the Company's joint ventures. The Company also sold 726 homes for $269 million, including 691 wholly owned homes for $253 million and 35 homes for $16 million in the Company's joint ventures.

Balance Sheet and Capital Markets Activity
As of December 31, 2022, the Company had $1,263 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 December 31, 2022 was $7,834 million, consisting of $5,775 million of unsecured debt and $2,059 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.7x at December 31, 2022, down from 6.2x as of December 31, 2021.

As previously announced in December 2022, the Company voluntarily prepaid without penalty the outstanding balance of its IH 2018-1 securitization, after drawing the remaining $575 million available under its seven-year unsecured delayed draw term loan that closed in June 2022. As of December 31, 2022, the Company's earliest debt maturity is now due in 2026, 83.1% of the Company's wholly owned properties were unencumbered, 73.7% of the Company's debt was unsecured, and 99.2% of the Company's debt remained at fixed or swapped to fixed rates.

Dividend
As previously announced on February 3, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share of common stock, representing an 18.2% increase over the prior quarterly dividend of $0.22 per share. The dividend will be paid on or before February 28, 2023, to stockholders of record as of the close of business on February 14, 2023.






Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 6
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FY 2023 Guidance Details
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 Revenues growth, Same Store Core Operating Expenses 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 the Company's GAAP results for the guidance period.
FY 2023 Guidance
FY 2023 GuidanceFY 2022 Actual
Core FFO per share — diluted$1.73 to $1.81$1.67
AFFO per share — diluted$1.43 to $1.51$1.41
Same Store Core Revenues growth(1)
5.25% to 6.25%9.0%
Same Store Core Operating Expenses growth(2)
7.5% to 9.5%8.6%
Same Store NOI growth4.0% to 5.5%9.1%
Wholly owned acquisitions(3)
$250 million to $300 million$601 million
JV acquisitions(3)
$100 million to $300 million$483 million
Wholly owned dispositions$250 million to $300 million$253 million
(1)Embedded within the assumptions for this guidance is slightly lower expected average occupancy versus 2022 due to anticipated higher turnover, as well as elevated bad debt of 25 to 75 basis points higher than 2022.
(2)Embedded within the assumptions for this guidance is an expected increase in property tax expense in a range of 6.5% to 7.5%, higher turnover operating and capital expense as a result of higher expected turnover in 2023, and expectations around continued inflationary pressures. Because real estate taxes were underaccrued in the first three quarters of 2022, the Company anticipates Same Store Core Operating Expenses growth in the mid-teens for first quarter 2023 followed by sequential improvement during the remainder of the year, resulting in the expected range for full year 2023 of 7.5% to 9.5%.
(3)Guidance assumes modest acquisition activity in 2023, with wholly owned acquisitions primarily sourced from the Company's builder partners. The Company intends to maintain an opportunistic approach to growth on balance sheet and in its joint ventures based on actual market conditions throughout the year.
Bridge from FY 2022 Results to FY 2023 Guidance Midpoint
Core FFO/sh
FY 2022 reported result
$1.67 
Impact from changes in:
Same Store NOI (1)
0.11 
Non-Same Store NOI0.04 
Joint Venture impact0.01 
Property management and G&A expense(2)
(0.03)
Interest expense(3)
(0.02)
Other(0.01)
Total change0.10 
FY 2023 guidance midpoint
$1.77 
(1)     Based on the 2023 Same Store pool, consisting of 77,290 homes as of January 2023.
(2)    Assumes higher property management and G&A expense primarily attributable to inflationary pressures, investments in technology, and additional activities in the Company's joint ventures.
(3)    $0.02 increase in interest expense is due to approximately $0.01 each from higher interest costs as a result of 2022 refinancing activity, and lower capitalized interest due to lower anticipated acquisition volume.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 7
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Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on February 16, 2023, to discuss results for the fourth quarter of 2022. The domestic dial-in number is 1-844-200-6205, and the international dial-in number is 1-929-526-1599. The access code is 890734. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through March 18, 2023, and can be accessed by calling 1-866-813-9403 (domestic) or 1-929-458-6194 (international) and using the replay access code 635351, 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.

About Invitation Homes
Invitation Homes, an S&P 500 company, 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 ContactMedia Relations Contact
Scott McLaughlinKristi DesJarlais
844.456.INVH (4684)972.421.3587
IR@InvitationHomes.comMedia@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 and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and interest rates), uncertainty in financial markets, geopolitical tensions, natural disasters, climate change, and public health crises, including 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. 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 year ended December 31, 2021 (the "Annual Report"), as such factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in 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.
Q4 2022 Earnings Release and Supplemental Information — page 8
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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
December 31, 2022December 31, 2021
(unaudited)
Assets:
Investments in single-family residential properties, net$17,030,374 $16,935,322 
Cash and cash equivalents262,870 610,166 
Restricted cash191,057 208,692 
Goodwill258,207 258,207 
Investments in unconsolidated joint ventures280,571 130,395 
Other assets, net513,629 395,064 
Total assets$18,536,708 $18,537,846 
Liabilities:
Mortgage loans, net$1,645,795 $3,055,853 
Secured term loan, net401,530 401,313 
Unsecured notes, net2,518,185 1,921,974 
Term loan facilities, net3,203,567 2,478,122 
Revolving facility— — 
Convertible senior notes, net— 141,397 
Accounts payable and accrued expenses198,423 193,633 
Resident security deposits175,552 165,167 
Other liabilities70,025 341,583 
Total liabilities8,213,077 8,699,042 
Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2022 and 2021— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 611,411,382 and 601,045,438 outstanding as of December 31, 2022 and 2021, respectively6,114 6,010 
Additional paid-in capital11,138,463 10,873,539 
Accumulated deficit(951,220)(794,869)
Accumulated other comprehensive income (loss)97,985 (286,938)
Total stockholders' equity10,291,342 9,797,742 
Non-controlling interests32,289 41,062 
Total equity10,323,631 9,838,804 
Total liabilities and equity$18,536,708 $18,537,846 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 9
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Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q4 2022Q4 2021FY 2022FY 2021
(unaudited)(unaudited)(unaudited)
Revenues:
Rental revenues
$524,330 $475,436 $2,028,931 $1,826,768 
Other property income
52,180 43,036 197,710 164,954 
Management fee revenues3,326 1,753 11,480 4,893 
Total revenues579,836 520,225 2,238,121 1,996,615 
Expenses:
Property operating and maintenance
209,615 177,883 786,351 706,162 
Property management expense
22,770 20,173 87,936 71,597 
General and administrative
16,921 19,668 74,025 75,815 
Interest expense
78,409 79,121 304,092 322,661 
Depreciation and amortization
163,318 151,660 638,114 592,135 
Impairment and other
5,823 3,046 28,697 8,676 
Total expenses
496,856 451,551 1,919,215 1,777,046 
Gains (losses) on investments in equity securities, net 61 (3,597)(3,939)(9,420)
Other, net344 (2,654)(11,261)(5,835)
Gain on sale of property, net of tax21,213 14,558 90,699 60,008 
Losses from investments in unconsolidated joint ventures(3,736)(2,110)(9,606)(1,546)
Net income
100,862 74,871 384,799 262,776 
Net income attributable to non-controlling interests(290)(328)(1,470)(1,351)
Net income attributable to common stockholders
100,572 74,543 383,329 261,425 
Net income available to participating securities
(146)(67)(661)(327)
Net income available to common stockholders — basic and diluted
$100,426 $74,476 $382,668 $261,098 
Weighted average common shares outstanding — basic611,427,853 598,076,066 609,770,610 577,681,070 
Weighted average common shares outstanding — diluted612,206,225 599,827,368 611,112,396 579,209,523 
Net income per common share — basic
$0.16 $0.12 $0.63 $0.45 
Net income per common share — diluted
$0.16 $0.12 $0.63 $0.45 
Dividends declared per common share$0.22 $0.17 $0.88 $0.68 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 10
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Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation
Q4 2022Q4 2021FY 2022FY 2021
Net income available to common stockholders$100,426 $74,476 $382,668 $261,098 
Net income available to participating securities
146 67 661 327 
Non-controlling interests
290 328 1,470 1,351 
Depreciation and amortization on real estate assets
161,029 149,753 629,301 585,101 
Impairment on depreciated real estate investments
72 — 310 650 
Net gain on sale of previously depreciated investments in real estate(21,213)(14,558)(90,699)(60,008)
Depreciation and net gain on sale of investments in unconsolidated joint ventures2,051 315 4,907 254 
FFO
$242,801 $210,381 $928,618 $788,773 
Core FFO Reconciliation
Q4 2022Q4 2021FY 2022FY 2021
FFO
$242,801 $210,381 $928,618 $788,773 
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives(1)
6,819 8,729 24,326 34,520 
Share-based compensation expense
6,397 6,098 28,962 27,170 
Legal settlements(2)
— — 7,400 — 
Severance expense
61 557 314 1,057 
Casualty losses, net(1)(3)
5,849 3,046 28,485 8,026 
(Gains) losses on investments in equity securities, net(61)3,597 3,939 9,420 
Core FFO
$261,866 $232,408 $1,022,044 $868,966 
AFFO Reconciliation
Q4 2022Q4 2021FY 2022FY 2021
Core FFO
$261,866 $232,408 $1,022,044 $868,966 
Recurring capital expenditures(1)
(41,090)(33,968)(156,147)(123,405)
Adjusted FFO
$220,776 $198,440 $865,897 $745,561 
Net income available to common stockholders
Weighted average common shares outstanding — diluted612,206,225 599,827,368 611,112,396 579,209,523 
Net income per common share — diluted$0.16 $0.12 $0.63 $0.45 
FFO
Numerator for FFO per common share — diluted$242,801 $212,214 $928,618 $803,137 
Weighted average common shares and OP Units outstanding — diluted614,172,679 611,140,145 613,669,133 593,735,669 
FFO per share — diluted$0.40 $0.35 $1.51 $1.35 
Core FFO and Adjusted FFO
Weighted average common shares and OP Units outstanding — diluted614,172,679 602,631,795 613,669,133 582,442,466 
Core FFO per share — diluted$0.43 $0.39 $1.67 $1.49 
AFFO per share — diluted $0.36 $0.33 $1.41 $1.28 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 11
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Supplemental Schedule 1 (Continued)
(1)Includes the Company's share from unconsolidated joint ventures.
(2)Represents the estimated cost of a global settlement of a multistate putative class action regarding resident late fees. The settlement remains subject to court approval.
(3)Includes $5.0 million and $24.0 million of net estimated losses and damages related to Hurricanes Ian and Nicole for the fourth quarter and year ended December 31, 2022, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 12
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Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net IncomeQ4 2022Q4 2021FY 2022FY 2021
Common shares — basic611,427,853 598,076,066 609,770,610 577,681,070 
Shares potentially issuable from vesting/conversion of equity-based awards
778,372 1,751,302 1,341,786 1,528,453 
Total common shares — diluted612,206,225 599,827,368 611,112,396 579,209,523 
Weighted average amounts for FFOQ4 2022Q4 2021FY 2022FY 2021
Common shares — basic611,427,853 598,076,066 609,770,610 577,681,070 
OP units — basic1,737,395 2,538,285 2,338,999 2,939,381 
Shares potentially issuable from vesting/conversion of equity-based awards
1,007,431 2,017,444 1,559,524 1,822,015 
Shares issuable from the 2022 Convertible Notes— 8,508,350 — 11,293,203 
Total common shares and units — diluted614,172,679 611,140,145 613,669,133 593,735,669 
Weighted average amounts for Core and AFFOQ4 2022Q4 2021FY 2022FY 2021
Common shares — basic611,427,853 598,076,066 609,770,610 577,681,070 
OP units — basic1,737,395 2,538,285 2,338,999 2,939,381 
Shares potentially issuable from vesting/conversion of equity-based awards
1,007,431 2,017,444 1,559,524 1,822,015 
Total common shares and units — diluted614,172,679 602,631,795 613,669,133 582,442,466 
Period end amounts for Core FFO and AFFODecember 31, 2022
Common shares611,411,382 
OP units1,737,395 
Shares potentially issuable from vesting/conversion of equity-based awards
1,203,488 
Total common shares and units — diluted
614,352,265 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 13
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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of December 31, 2022
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$1,397,642 17.9 %4.0 %5.6 
Floating — swapped to fixed661,029 8.4 %4.2 %3.0 
Floating— — %— %— 
Total secured2,058,671 26.3 %4.1 %4.8 
Unsecured:
Fixed2,550,000 32.6 %2.8 %8.6 
Floating — swapped to fixed3,158,971 40.3 %4.0 %3.8 
Floating66,029 0.8 %5.7 %6.5 
Total unsecured5,775,000 73.7 %3.5 %6.0 
Total Debt:
Fixed + floating swapped to fixed (3)
7,767,642 99.2 %3.6 %5.6 
Floating66,029 0.8 %5.7 %6.5 
Total debt7,833,671 100.0 %3.6 %5.6 
Discount/amortization on Note Payable(13,518)
Deferred financing costs, net(51,076)
Total debt per Balance Sheet7,769,077 
Retained and repurchased certificates(88,564)
Cash, ex-security deposits and letters of credit (4)
(275,989)
Deferred financing costs, net51,076 
Unamortized discount on note payable13,518 
Net debt$7,469,118 
Leverage RatiosDecember 31, 2022
Net Debt / TTM Adjusted EBITDAre
5.7 x
Credit RatingsRatingsOutlook
Fitch Ratings, Inc.BBBStable
Moody's Investor ServicesBaa3Stable
Standard & Poor's Rating Services BBB-Stable
Unsecured Facilities Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
ActualRequirementActualRequirement
Total leverage ratio31.4 %≤ 60%Aggregate debt ratio35.6 %≤ 65%
Secured leverage ratio8.7 %≤ 45%Secured debt ratio9.0 %≤ 40%
Unencumbered leverage ratio27.7 %≤ 60%Unencumbered assets ratio318.0 %   ≥ 150%
Fixed charge coverage ratio4.5x≥ 1.5xDebt service ratio4.6x≥ 1.5x
Unsecured interest coverage ratio6.0x  ≥ 1.75x
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 14
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Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of December 31, 2022.
(2)Assumes all extension options are exercised.
(3)For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(5)Covenant calculations are specifically defined in 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.
(6)Covenant calculations are specifically defined in the Company's Supplemental Indentures to the Base Indenture for its Senior Notes, which are summarized in the "Glossary and Reconciliations" section of this report. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 15
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Supplemental Schedule 2(c)

Debt Maturity Schedule — As of December 31, 2022
($ in thousands) (unaudited)
Revolving
SecuredUnsecuredCredit% of
Debt Maturities, with Extensions (1)
DebtDebtFacilityBalanceTotal
2023— — — — — %
2024— — — — — %
2025— — — — — %
2026661,029 2,500,000 — 3,161,029 40.3 %
2027994,279 — — 994,279 12.7 %
2028— 750,000 — 750,000 9.6 %
2029— 725,000 — 725,000 9.3 %
2030— — — — — %
2031403,363 650,000 — 1,053,363 13.4 %
2032— 600,000 — 600,000 7.7 %
2033— — — — — %
2034— 400,000 — 400,000 5.1 %
2035— — — — — %
2036— 150,000 — 150,000 1.9 %
2,058,671 5,775,000 — 7,833,671 100.0 %
Unamortized discount on note payable(1,584)(11,934)— (13,518)
Deferred financing costs, net(9,762)(41,314)— (51,076)
Total per Balance Sheet$2,047,325 $5,721,752 $— $7,769,077 
.
(1)Assumes all extension options are exercised.












Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 16
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Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-endQ4 2022
Total Portfolio83,113 
Same Store Portfolio74,646 
Same Store % of Total89.8 %
Core RevenuesQ4 2022Q4 2021Change YoYFY 2022FY 2021Change YoY
Total Portfolio$543,871 $491,505 10.7 %$2,104,586 $1,885,967 11.6 %
Same Store Portfolio491,025 456,510 7.6 %1,919,210 1,761,511 9.0 %
Core Operating ExpensesQ4 2022Q4 2021Change YoYFY 2022FY 2021Change YoY
Total Portfolio$176,976 $150,916 17.3 %$664,296 $600,407 10.6 %
Same Store Portfolio162,075 139,325 16.3 %607,092 558,809 8.6 %
Net Operating IncomeQ4 2022Q4 2021Change YoYFY 2022FY 2021Change YoY
Total Portfolio$366,895 $340,589 7.7 %$1,440,290 $1,285,560 12.0 %
Same Store Portfolio328,950 317,185 3.7 %1,312,118 1,202,702 9.1 %



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 17
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Supplemental Schedule 3(b)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
ChangeChangeChange
Q4 2022Q4 2021YoYQ3 2022SeqFY 2022FY 2021YoY
Revenues:
Rental revenues (1)
$474,024 $441,853 7.3 %$467,764 1.3 %$1,852,507 $1,707,226 8.5 %
Other property income, net (1)(2)(3)
17,001 14,657 16.0 %17,073 (0.4)%66,703 54,285 22.9 %
Core Revenues491,025 456,510 7.6 %484,837 1.3 %1,919,210 1,761,511 9.0 %
Fixed Expenses:
Property taxes(4)
86,884 73,469 18.3 %76,640 13.4 %315,761 292,921 7.8 %
Insurance expenses8,504 8,349 1.9 %8,515 (0.1)%34,011 33,102 2.7 %
HOA expenses9,371 8,534 9.8 %9,639 (2.8)%36,355 34,546 5.2 %
Controllable Expenses:
Repairs and maintenance, net (5)(6)
22,843 19,892 14.8 %27,349 (16.5)%92,775 79,993 16.0 %
Personnel, leasing and marketing19,623 19,225 2.1 %19,111 2.7 %76,007 74,859 1.5 %
Turnover, net (5)(6)
10,021 6,508 54.0 %9,722 3.1 %33,779 30,200 11.9 %
Utilities and property administrative, net (5)(7)
4,829 3,348 44.2 %5,998 (19.5)%18,404 13,188 39.6 %
Core Operating Expenses162,075 139,325 16.3 %156,974 3.2 %607,092 558,809 8.6 %
Net Operating Income$328,950 $317,185 3.7 %$327,863 0.3 %$1,312,118 $1,202,702 9.1 %
(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 as a percentage of gross rental revenue in Q4 2022 increased by 100 basis points from Q4 2021.
(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. Since 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 $29,554, $25,133, $28,599, $111,815, and $99,107 for Q4 2022, Q4 2021, Q3 2022, FY 2022, and FY 2021, respectively.
(4)For Q4 2022, the year over year increase to property taxes expense was primarily attributable to the underaccrual of property taxes during the first three quarters of 2022, followed by an outsized catch-up during 4Q 2022 as a result of unexpectedly high tax bills, primarily on the Company's homes in Florida and Georgia.
(5)These expenses are presented net of applicable resident recoveries.
(6)For Q4 2022, the year over year increase to turnover expense, net, was primarily attributable to the increase in turnover; for FY 2022, the year over year increase was primarily attributable to inflationary pressures.
(7)For Q4 2022 and FY 2022, the year over year increase to utilities and property administrative expense, net, was primarily attributable to higher lease compliance costs.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 18
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Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Average Occupancy97.3 %97.5 %98.0 %98.2 %98.1 %
Turnover Rate5.3 %6.2 %5.8 %4.6 %4.7 %
Trailing four quarters Turnover Rate21.9 %21.3 %21.3 %22.3 %23.1 %
Average Monthly Rent$2,224 $2,181 $2,124 $2,074 $2,033 
Rental Rate Growth (lease-over-lease):
Renewals9.9 %10.2 %10.2 %9.6 %8.9 %
New leases7.4 %15.6 %16.7 %14.9 %17.1 %
Blended9.1 %11.5 %11.7 %10.9 %11.1 %




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 19
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Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2022 (1)
(unaudited)
Number of HomesAverage OccupancyAverage Monthly RentAverage Monthly Rent PSFPercent of Revenue
Western United States:
Southern California7,776 97.5 %$2,873 $1.69 11.5 %
Northern California4,440 96.6 %2,577 1.64 6.1 %
Seattle4,084 93.0 %2,703 1.41 5.8 %
Phoenix8,914 95.9 %1,915 1.14 9.5 %
Las Vegas3,180 95.5 %2,117 1.07 3.5 %
Denver2,670 91.9 %2,422 1.32 3.5 %
Western US Subtotal31,064 95.7 %2,418 1.39 39.9 %
Florida:
South Florida8,402 96.6 %2,734 1.46 12.4 %
Tampa8,637 96.5 %2,123 1.13 10.1 %
Orlando6,457 97.5 %2,070 1.11 7.4 %
Jacksonville1,928 97.4 %2,060 1.04 2.2 %
Florida Subtotal25,424 96.9 %2,306 1.23 32.1 %
Southeast United States:
Atlanta12,657 96.4 %1,875 0.91 12.8 %
Carolinas5,359 96.6 %1,910 0.90 5.5 %
Southeast US Subtotal18,016 96.5 %1,885 0.91 18.3 %
Texas:
Houston2,104 95.9 %1,778 0.92 2.0 %
Dallas2,869 94.7 %2,106 1.02 3.3 %
Texas Subtotal4,973 95.2 %1,966 0.98 5.3 %
Midwest United States:
Chicago2,527 96.8 %2,219 1.38 3.0 %
Minneapolis1,109 94.3 %2,192 1.12 1.4 %
Midwest US Subtotal3,636 96.0 %2,211 1.29 4.4 %
Total / Average83,113 96.2 %$2,232 $1.19 100.0 %
Same Store Total / Average74,646 97.3 %$2,224 $1.19 90.3 %
(1)All data is for the total wholly owned portfolio, unless otherwise noted.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 20
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Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, Q4 2022Number of HomesQ4 2022Q4 2021ChangeQ4 2022Q4 2021ChangeQ4 2022Q4 2021Change
Western United States:
Southern California7,503 $2,872 $2,702 6.3 %98.0 %98.8 %(0.8)%$61,106 $59,744 2.3 %
Northern California3,867 2,540 2,377 6.9 %97.8 %98.5 %(0.7)%28,415 27,192 4.5 %
Seattle3,499 2,681 2,458 9.1 %96.7 %97.1 %(0.4)%27,417 25,251 8.6 %
Phoenix7,615 1,871 1,672 11.9 %97.0 %98.3 %(1.3)%43,488 38,604 12.7 %
Las Vegas2,684 2,110 1,907 10.6 %96.3 %98.3 %(2.0)%16,094 15,292 5.2 %
Denver1,960 2,398  2,264 5.9 %96.0 %97.8 %(1.8)%14,155 13,413 5.5 %
Western US Subtotal27,128 2,411 2,225 8.4 %97.2 %98.3 %(1.1)%190,675 179,496 6.2 %
Florida:
South Florida7,770 2,751 2,431 13.2 %97.5 %98.5 %(1.0)%64,076 57,389 11.7 %
Tampa7,773 2,095 1,873 11.9 %97.4 %98.2 %(0.8)%49,208 44,386 10.9 %
Orlando5,888 2,049 1,862 10.0 %98.2 %98.1 %0.1 %36,887 33,696 9.5 %
Jacksonville1,838 2,043 1,866 9.5 %97.6 %97.6 %— %11,289 10,375 8.8 %
Florida Subtotal23,269 2,298 2,057 11.7 %97.7 %98.2 %(0.5)%161,460 145,846 10.7 %
Southeast United States:
Atlanta11,904 1,871 1,709 9.5 %96.8 %97.9 %(1.1)%65,301 61,332 6.5 %
Carolinas4,631 1,896 1,762 7.6 %97.6 %98.1 %(0.5)%26,256 24,504 7.1 %
Southeast US Subtotal16,535 1,878 1,724 8.9 %97.0 %98.0 %(1.0)%91,557 85,836 6.7 %
Texas
Houston1,889 1,776 1,672 6.2 %97.0 %97.6 %(0.6)%10,054 9,626 4.4 %
Dallas2,213 2,123 1,958 8.4 %96.7 %96.8 %(0.1)%14,034 13,099 7.1 %
Texas Subtotal4,102 1,963 1,826 7.5 %96.8 %97.2 %(0.4)%24,088 22,725 6.0 %
Midwest United States:
Chicago2,512 2,221 2,098 5.9 %97.4 %98.4 %(1.0)%16,253 15,679 3.7 %
Minneapolis1,100 2,192 2,065 6.2 %95.2 %96.6 %(1.4)%6,992 6,928 0.9 %
Midwest US Subtotal3,612 2,212 2,088 5.9 %96.8 %97.9 %(1.1)%23,245 22,607 2.8 %
Total / Average74,646 $2,224 $2,033 9.4 %97.3 %98.1 %(0.8)%$491,025 $456,510 7.6 %

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 21
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Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
Seq, Q4 2022Number of HomesQ4 2022Q3 2022ChangeQ4 2022Q3 2022ChangeQ4 2022Q3 2022Change
Western United States:
Southern California7,503 $2,872 $2,839 1.2 %98.0 %98.2 %(0.2)%$61,106 $61,607 (0.8)%
Northern California3,867 2,540 2,520 0.8 %97.8 %97.8 %— %28,415 28,841 (1.5)%
Seattle3,499 2,681 2,632 1.9 %96.7 %97.5 %(0.8)%27,417 27,044 1.4 %
Phoenix7,615 1,871 1,826 2.5 %97.0 %97.2 %(0.2)%43,488 42,431 2.5 %
Las Vegas2,684 2,110 2,065 2.2 %96.3 %97.2 %(0.9)%16,094 16,367 (1.7)%
Denver1,960 2,398 2,374 1.0 %96.0 %97.1 %(1.1)%14,155 14,010 1.0 %
Western US Subtotal27,128 2,411 2,374 1.6 %97.2 %97.6 %(0.4)%190,675 190,300 0.2 %
Florida:
South Florida7,770 2,751 2,668 3.1 %97.5 %97.6 %(0.1)%64,076 62,072 3.2 %
Tampa7,773 2,095 2,043 2.5 %97.4 %97.5 %(0.1)%49,208 48,058 2.4 %
Orlando5,888 2,049 2,010 1.9 %98.2 %97.5 %0.7 %36,887 35,995 2.5 %
Jacksonville1,838 2,043 2,006 1.8 %97.6 %97.4 %0.2 %11,289 11,189 0.9 %
Florida Subtotal23,269 2,298 2,240 2.6 %97.7 %97.5 %0.2 %161,460 157,314 2.6 %
Southeast United States:
Atlanta11,904 1,871 1,831 2.2 %96.8 %97.3 %(0.5)%65,301 64,421 1.4 %
Carolinas4,631 1,896 1,864 1.7 %97.6 %97.8 %(0.2)%26,256 25,951 1.2 %
Southeast US Subtotal16,535 1,878 1,840 2.1 %97.0 %97.4 %(0.4)%91,557 90,372 1.3 %
Texas
Houston1,889 1,776 1,755 1.2 %97.0 %97.1 %(0.1)%10,054 10,012 0.4 %
Dallas2,213 2,123 2,086 1.8 %96.7 %97.3 %(0.6)%14,034 13,856 1.3 %
Texas Subtotal4,102 1,963 1,934 1.5 %96.8 %97.2 %(0.4)%24,088 23,868 0.9 %
Midwest United States:
Chicago2,512 2,221 2,198 1.0 %97.4 %97.5 %(0.1)%16,253 16,001 1.6 %
Minneapolis1,100 2,192 2,170 1.0 %95.2 %96.1 %(0.9)%6,992 6,982 0.1 %
Midwest US Subtotal3,612 2,212 2,190 1.0 %96.8 %97.1 %(0.3)%23,245 22,983 1.1 %
Total / Average74,646 $2,224 $2,181 2.0 %97.3 %97.5 %(0.2)%$491,025 $484,837 1.3 %

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 22
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Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — FY
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, FY 2022Number of HomesFY 2022FY 2021ChangeFY 2022FY 2021ChangeFY 2022FY 2021Change
Western United States:
Southern California7,503 $2,809 $2,645 6.2 %98.3 %98.8 %(0.5)%$243,222 $228,054 6.7 %
Northern California3,867 2,482 2,308 7.5 %98.1 %98.8 %(0.7)%113,077 104,890 7.8 %
Seattle3,499 2,604 2,374 9.7 %97.7 %98.1 %(0.4)%108,049 97,031 11.4 %
Phoenix7,615 1,796 1,600 12.3 %97.6 %98.5 %(0.9)%167,607 149,107 12.4 %
Las Vegas2,684 2,034 1,824 11.5 %97.4 %98.4 %(1.0)%64,513 58,758 9.8 %
Denver1,960 2,347 2,204 6.5 %97.2 %97.6 %(0.4)%55,613 52,481 6.0 %
Western US Subtotal27,128 2,343 2,156 8.7 %97.8 %98.5 %(0.7)%752,081 752081690,321 8.9 %
Florida:
South Florida7,770 2,620 2,346 11.7 %98.1 %98.1 %— %245,467 220,203 11.5 %
Tampa7,773 2,007 1,807 11.1 %97.8 %98.2 %(0.4)%189,888 171,790 10.5 %
Orlando5,888 1,976 1,807 9.4 %98.0 %98.0 %— %142,236 130,449 9.0 %
Jacksonville1,838 1,976 1,811 9.1 %97.6 %98.4 %(0.8)%44,084 40,819 8.0 %
Florida Subtotal23,269 2,202 1,987 10.8 %97.9 %98.1 %(0.2)%621,675 563,261 10.4 %
Southeast United States:
Atlanta11,904 1,809 1,651 9.6 %97.4 %98.1 %(0.7)%256,294 236,445 8.4 %
Carolinas4,631 1,844 1,709 7.9 %97.8 %98.2 %(0.4)%103,299 95,767 7.9 %
Southeast US Subtotal16,535 1,819 1,667 9.1 %97.5 %98.1 %(0.6)%359,593 332,212 8.2 %
Texas
Houston1,889 1,737 1,636 6.2 %97.3 %97.7 %(0.4)%39,664 37,456 5.9 %
Dallas2,213 2,060 1,913 7.7 %97.1 %97.7 %(0.6)%54,724 50,847 7.6 %
Texas Subtotal4,102 1,911 1,785 7.1 %97.2 %97.7 %(0.5)%94,388 88,303 6.9 %
Midwest United States:
Chicago2,512 2,174 2,056 5.7 %97.9 %98.5 %(0.6)%63,704 61,063 4.3 %
Minneapolis1,100 2,144 2,017 6.3 %96.4 %97.2 %(0.8)%27,769 26,351 5.4 %
Midwest US Subtotal3,612 2,165 2,044 5.9 %97.4 %98.1 %(0.7)%91,473 87,414 4.6 %
Total / Average74,646 $2,151 $1,970 9.2 %97.7 %98.2 %(0.5)%$1,919,210 $1,761,511 9.0 %
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 23
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Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, Q4 2022Q4 2022Q4 2021ChangeQ4 2022Q4 2021ChangeQ4 2022Q4 2021ChangeQ4 2022Q4 2021
Western United States:
Southern California$61,106 $59,744 2.3 %$15,122 $17,124 (11.7)%$45,984 $42,620 7.9 %75.3 %71.3 %
Northern California28,415 27,192 4.5 %6,446 7,178 (10.2)%21,969 20,014 9.8 %77.3 %73.6 %
Seattle27,417 25,251 8.6 %7,286 6,979 4.4 %20,131 18,272 10.2 %73.4 %72.4 %
Phoenix43,488 38,604 12.7 %8,942 7,689 16.3 %34,546 30,915 11.7 %79.4 %80.1 %
Las Vegas16,094 15,292 5.2 %3,906 3,141 24.4 %12,188 12,151 0.3 %75.7 %79.5 %
Denver14,155 13,413 5.5 %2,806 2,479 13.2 %11,349 10,934 3.8 %80.2 %81.5 %
Western US Subtotal190,675 179,496 6.2 %44,508 44,590 (0.2)%146,167 134,906 8.3 %76.7 %75.2 %
Florida:
South Florida64,076 57,389 11.7 %26,406 22,036 19.8 %37,670 35,353 6.6 %58.8 %61.6 %
Tampa49,208 44,386 10.9 %19,525 16,553 18.0 %29,683 27,833 6.6 %60.3 %62.7 %
Orlando36,887 33,696 9.5 %12,721 10,944 16.2 %24,166 22,752 6.2 %65.5 %67.5 %
Jacksonville11,289 10,375 8.8 %4,129 3,511 17.6 %7,160 6,864 4.3 %63.4 %66.2 %
Florida Subtotal161,460 145,846 10.7 %62,781 53,044 18.4 %98,679 92,802 6.3 %61.1 %63.6 %
Southeast United States:
Atlanta65,301 61,332 6.5 %25,565 17,595 45.3 %39,736 43,737 (9.1)%60.9 %71.3 %
Carolinas26,256 24,504 7.1 %6,884 6,402 7.5 %19,372 18,102 7.0 %73.8 %73.9 %
Southeast US Subtotal91,557 85,836 6.7 %32,449 23,997 35.2 %59,108 61,839 (4.4)%64.6 %72.0 %
Texas
Houston10,054 9,626 4.4 %5,755 4,501 27.9 %4,299 5,125 (16.1)%42.8 %53.2 %
Dallas14,034 13,099 7.1 %6,942 4,907 41.5 %7,092 8,192 (13.4)%50.5 %62.5 %
Texas Subtotal24,088 22,725 6.0 %12,697 9,408 35.0 %11,391 13,317 (14.5)%47.3 %58.6 %
Midwest United States:
Chicago16,253 15,679 3.7 %7,067 6,121 15.5 %9,186 9,558 (3.9)%56.5 %61.0 %
Minneapolis6,992 6,928 0.9 %2,573 2,165 18.8 %4,419 4,763 (7.2)%63.2 %68.8 %
Midwest US Subtotal23,245 22,607 2.8 %9,640 8,286 16.3 %13,605 14,321 (5.0)%58.5 %63.3 %
Same Store Total / Average$491,025 $456,510 7.6 %$162,075 $139,325 16.3 %$328,950 $317,185 3.7 %67.0 %69.5 %
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 24
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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
Seq, Q4 2022Q4 2022Q3 2022ChangeQ4 2022Q3 2022ChangeQ4 2022Q3 2022ChangeQ4 2022Q3 2022
Western United States:
Southern California$61,106 $61,607 (0.8)%$15,122 $18,366 (17.7)%$45,984 $43,241 6.3 %75.3 %70.2 %
Northern California28,415 28,841 (1.5)%6,446 8,025 (19.7)%21,969 20,816 5.5 %77.3 %72.2 %
Seattle27,417 27,044 1.4 %7,286 7,129 2.2 %20,131 19,915 1.1 %73.4 %73.6 %
Phoenix43,488 42,431 2.5 %8,942 10,068 (11.2)%34,546 32,363 6.7 %79.4 %76.3 %
Las Vegas16,094 16,367 (1.7)%3,906 3,988 (2.1)%12,188 12,379 (1.5)%75.7 %75.6 %
Denver14,155 14,010 1.0 %2,806 2,938 (4.5)%11,349 11,072 2.5 %80.2 %79.0 %
Western US Subtotal190,675 190,300 0.2 %44,508 50,514 (11.9)%146,167 139,786 4.6 %76.7 %73.5 %
Florida:
South Florida64,076 62,072 3.2 %26,406 23,912 10.4 %37,670 38,160 (1.3)%58.8 %61.5 %
Tampa49,208 48,058 2.4 %19,525 18,474 5.7 %29,683 29,584 0.3 %60.3 %61.6 %
Orlando36,887 35,995 2.5 %12,721 12,363 2.9 %24,166 23,632 2.3 %65.5 %65.7 %
Jacksonville11,289 11,189 0.9 %4,129 3,767 9.6 %7,160 7,422 (3.5)%63.4 %66.3 %
Florida Subtotal161,460 157,314 2.6 %62,781 58,516 7.3 %98,679 98,798 (0.1)%61.1 %62.8 %
Southeast United States:
Atlanta65,301 64,421 1.4 %25,565 20,019 27.7 %39,736 44,402 (10.5)%60.9 %68.9 %
Carolinas26,256 25,951 1.2 %6,884 7,543 (8.7)%19,372 18,408 5.2 %73.8 %70.9 %
Southeast US Subtotal91,557 90,372 1.3 %32,449 27,562 17.7 %59,108 62,810 (5.9)%64.6 %69.5 %
Texas
Houston10,054 10,012 0.4 %5,755 4,772 20.6 %4,299 5,240 (18.0)%42.8 %52.3 %
Dallas14,034 13,856 1.3 %6,942 5,591 24.2 %7,092 8,265 (14.2)%50.5 %59.6 %
Texas Subtotal24,088 23,868 0.9 %12,697 10,363 22.5 %11,391 13,505 (15.7)%47.3 %56.6 %
Midwest United States:
Chicago16,253 16,001 1.6 %7,067 7,467 (5.4)%9,186 8,534 7.6 %56.5 %53.3 %
Minneapolis6,992 6,982 0.1 %2,573 2,552 0.8 %4,419 4,430 (0.2)%63.2 %63.4 %
Midwest US Subtotal23,245 22,983 1.1 %9,640 10,019 (3.8)%13,605 12,964 4.9 %58.5 %56.4 %
Same Store Total / Average$491,025 $484,837 1.3 %$162,075 $156,974 3.2 %$328,950 $327,863 0.3 %67.0 %67.6 %

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 25
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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — FY
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, FY 2022FY 2022FY 2021ChangeFY 2022FY 2021ChangeFY 2022FY 2021ChangeFY 2022FY 2021
Western United States:
Southern California$243,222 $228,054 6.7 %$67,294 $67,622 (0.5)%$175,928 $160,432 9.7 %72.3 %70.3 %
Northern California113,077 104,890 7.8 %29,306 28,557 2.6 %83,771 76,333 9.7 %74.1 %72.8 %
Seattle108,049 97,031 11.4 %28,632 26,573 7.7 %79,417 70,458 12.7 %73.5 %72.6 %
Phoenix167,607 149,107 12.4 %35,411 32,199 10.0 %132,196 116,908 13.1 %78.9 %78.4 %
Las Vegas64,513 58,758 9.8 %14,477 13,126 10.3 %50,036 45,632 9.7 %77.6 %77.7 %
Denver55,613 52,481 6.0 %10,797 10,651 1.4 %44,816 41,830 7.1 %80.6 %79.7 %
Western US Subtotal752,081 690,321 8.9 %185,917 178,728 4.0 %566,164 511,593 10.7 %75.3 %74.1 %
Florida:
South Florida245,467 220,203 11.5 %95,215 88,436 7.7 %150,252 131,767 14.0 %61.2 %59.8 %
Tampa189,888 171,790 10.5 %71,131 64,895 9.6 %118,757 106,895 11.1 %62.5 %62.2 %
Orlando142,236 130,449 9.0 %48,326 44,287 9.1 %93,910 86,162 9.0 %66.0 %66.1 %
Jacksonville44,084 40,819 8.0 %15,047 13,931 8.0 %29,037 26,888 8.0 %65.9 %65.9 %
Florida Subtotal621,675 563,261 10.4 %229,719 211,549 8.6 %391,956 351,712 11.4 %63.0 %62.4 %
Southeast United States:
Atlanta256,294 236,445 8.4 %82,655 71,477 15.6 %173,639 164,968 5.3 %67.7 %69.8 %
Carolinas103,299 95,767 7.9 %28,015 25,789 8.6 %75,284 69,978 7.6 %72.9 %73.1 %
Southeast US Subtotal359,593 332,212 8.2 %110,670 97,266 13.8 %248,923 234,946 5.9 %69.2 %70.7 %
Texas
Houston39,664 37,456 5.9 %19,632 17,388 12.9 %20,032 20,068 (0.2)%50.5 %53.6 %
Dallas54,724 50,847 7.6 %22,995 19,681 16.8 %31,729 31,166 1.8 %58.0 %61.3 %
Texas Subtotal94,388 88,303 6.9 %42,627 37,069 15.0 %51,761 51,234 1.0 %54.8 %58.0 %
Midwest United States:
Chicago63,704 61,063 4.3 %28,557 25,706 11.1 %35,147 35,357 (0.6)%55.2 %57.9 %
Minneapolis27,769 26,351 5.4 %9,602 8,491 13.1 %18,167 17,860 1.7 %65.4 %67.8 %
Midwest US Subtotal91,473 87,414 4.6 %38,159 34,197 11.6 %53,314 53,217 0.2 %58.3 %60.9 %
Same Store Total / Average$1,919,210 $1,761,511 9.0 %$607,092 $558,809 8.6 %$1,312,118 $1,202,702 9.1 %68.4 %68.3 %
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 26
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Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q4 2022FY 2022
RenewalNewBlendedRenewalNewBlended
LeasesLeasesAverageLeasesLeasesAverage
Western United States:
Southern California6.9 %8.7 %7.4 %7.1 %13.4 %8.5 %
Northern California7.5 %5.9 %7.0 %8.0 %11.1 %8.7 %
Seattle9.7 %5.6 %8.5 %9.9 %10.6 %10.1 %
Phoenix11.4 %6.4 %9.8 %12.5 %16.2 %13.5 %
Las Vegas9.9 %2.4 %7.3 %11.5 %13.3 %12.0 %
Denver7.6 %1.6 %5.2 %6.8 %7.6 %7.0 %
Western US Subtotal8.8 %5.9 %7.9 %9.3 %12.7 %10.1 %
Florida:
South Florida13.7 %10.6 %12.8 %13.7 %17.9 %14.6 %
Tampa11.5 %10.8 %11.2 %11.8 %17.4 %13.4 %
Orlando10.2 %8.1 %9.5 %8.9 %16.7 %11.1 %
Jacksonville9.8 %3.6 %7.5 %9.1 %11.8 %9.9 %
Florida Subtotal12.1 %9.5 %11.3 %11.8 %16.9 %13.1 %
Southeast United States:
Atlanta9.7 %9.0 %9.5 %9.9 %13.9 %10.9 %
Carolinas8.5 %7.2 %8.1 %8.6 %9.0 %8.7 %
Southeast US Subtotal9.4 %8.5 %9.1 %9.6 %12.3 %10.3 %
Texas
Houston6.8 %2.4 %5.6 %7.0 %6.5 %6.9 %
Dallas8.9 %6.1 %7.7 %8.9 %9.8 %9.2 %
Texas Subtotal7.9 %4.8 %6.8 %8.1 %8.6 %8.2 %
Midwest United States:
Chicago6.9 %4.8 %6.1 %7.1 %7.7 %7.3 %
Minneapolis7.6 %(0.7)%4.0 %8.1 %4.4 %6.9 %
Midwest US Subtotal7.2 %2.6 %5.4 %7.4 %6.5 %7.1 %
Total / Average9.9 %7.4 %9.1 %10.0 %13.5 %10.9 %




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 27
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Supplemental Schedule 6


Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
Total ($ 000)Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
R&M OpEx, net$22,843 $27,349 $22,784 $19,799 $19,892 
Turn OpEx, net10,021 9,722 8,060 5,976 6,508 
Total recurring operating expenses, net$32,864 $37,071 $30,844 $25,775 $26,400 
R&M CapEx$26,721 $30,570 $24,934 $23,225 $23,578 
Turn CapEx11,530 11,016 9,697 7,129 7,700 
Total recurring capital expenditures$38,251 $41,586 $34,631 $30,354 $31,278 
R&M OpEx, net + R&M CapEx$49,564 $57,919 $47,718 $43,024 $43,470 
Turn OpEx, net + Turn CapEx21,551 20,738 17,757 13,105 14,208 
Total Cost to Maintain, net$71,115 $78,657 $65,475 $56,129 $57,678 
Per Home ($)Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Total Cost to Maintain, net$953 $1,054 $877 $752 $773 
(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)Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Recurring CapEx$40,945 $44,556 $37,481 $32,762 $33,921 
Value Enhancing CapEx12,258 14,809 12,223 6,670 9,024 
Initial Renovation CapEx13,853 30,055 33,109 34,226 26,890 
Disposition CapEx999 1,174 1,334 1,306 676 
Total Capital Expenditures$68,055 $90,594 $84,147 $74,964 $70,511 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 28
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Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management ExpenseQ4 2022Q4 2021FY 2022FY 2021
Property management expense (GAAP)$22,770 $20,173 $87,936 $71,597 
Adjustments:
Share-based compensation expense(1,512)(1,273)(6,493)(5,427)
Adjusted property management expense
$21,258 $18,900 $81,443 $66,170 
Adjusted G&A ExpenseQ4 2022Q4 2021FY 2022FY 2021
G&A expense (GAAP)$16,921 $19,668 $74,025 $75,815 
Adjustments:
Share-based compensation expense(4,885)(4,825)(22,469)(21,743)
Severance expense(61)(557)(314)(1,057)
Adjusted G&A expense
$11,975 $14,286 $51,242 $53,015 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 29
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Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)
September 30, 2022
Q4 2022 Acquisitions (1)
Q4 2022 Dispositions (2)
December 31, 2022
HomesHomesAvg. Est.HomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California7,789 — $— 13 $540,192 7,776 
Northern California4,454 — — 14 475,929 4,440 
Seattle4,087 — — 3 340,000 4,084 
Phoenix8,906 15 490,237 7 278,950 8,914 
Las Vegas3,179 3 460,028 2 390,000 3,180 
Denver2,678 1 432,087 9 342,556 2,670 
Western US Subtotal31,093 19 482,407 48 427,524 31,064 
Florida:
South Florida8,380 52 385,441 30 405,387 8,402 
Tampa8,610 42 362,193 15 278,227 8,637 
Orlando6,458 13 301,568 14 300,857 6,457 
Jacksonville1,928 — — — — 1,928 
Florida Subtotal25,376 107 366,125 59 348,254 25,424 
Southeast United States:
Atlanta12,676 6 428,756 25 245,640 12,657 
Carolinas5,368 3 328,080 12 342,042 5,359 
Southeast US Subtotal18,044 9 395,198 37 276,905 18,016 
Texas:
Houston2,112 1 328,418 9 213,417 2,104 
Dallas2,869 14 403,792 14 273,866 2,869 
Texas: Subtotal4,981 15 398,767 23 250,212 4,973 
Midwest United States:
Chicago2,541 — — 14 207,905 2,527 
Minneapolis1,113 — — 4 322,825 1,109 
Midwest US Subtotal3,654 — — 18 233,443 3,636 
Total / Average83,148 150 $385,863 185 $331,192 83,113 
Joint Venture Portfolio
2020 Rockpoint JV (3)
2,607 3 $383,278 — $— 2,610 
2022 Rockpoint JV (4)
131 1319,537 — — 132
FNMA JV (5)
502 — — 14 458,131 488 
Pathway Homes (6)
328 12 413,899 — — 340 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 30
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Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.4%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 1.8%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)Represents portfolio owned by the 2020 Rockpoint JV, of which Invitation Homes owns 20.0%.
(4)Represents portfolio owned by the 2022 Rockpoint JV, of which Invitation Homes owns 16.7%.
(5)Represents portfolio owned by the FNMA JV, of which Invitation Homes owns 10.0%.
(6)Represents portfolio owned by Pathway Homes, of which Invitation Homes owned 100.0% of the property portfolio as of December 31, 2022.




































Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 31
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Supplemental Schedule 8(b)

Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of December 31, 2022
(unaudited)
Pipeline as of December 31,
2022 (1)(2)
Estimated Deliveries
in 2023		Estimated Deliveries
in 2024		Estimated Deliveries ThereafterAvg. Estimated Cost Basis Per Home
Southern California127545419$510,000 
Phoenix150303486420,000 
Tampa52319054279320,000 
Orlando908291173444390,000 
Atlanta193825259330,000 
Carolinas33138125168410,000 
South Florida4240—2360,000 
Dallas96364515310,000 
Total / Average2,3707615371,072$380,000 
(1)Represents the number of new homes under contract as of December 31, 2022, that are expected to be built, sold and delivered to the Company by various third-party homebuilders during a future period.
(2)Pipeline rollforward:
    
Pipeline as of September 30, 2022
2,440
Q4 2022 additions
14
Q4 2022 cancellations
(3)
Q4 2022 deliveries
(81)
Pipeline as of December 31, 2022
2,370
             
        
    










Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 32
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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, EBITDAre, and Adjusted EBITDAre
EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. The Company defines EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts ("Nareit") recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. The Company defines EBITDAre, 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 EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; severance; casualty losses, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of the Company's financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 33
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The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of the Company's liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company's EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that the Company's basis for computing these non-GAAP measures is comparable with that of other companies. See below for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)
FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. In calculating per share amounts, Core FFO and AFFO reflect convertible debt securities in the form in which they were outstanding during the period.

The Company believes that FFO is a meaningful supplemental measure of the operating performance of its 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 the Company's liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company's 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 the Company's 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. The Company defines NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and income 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. The Company's 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 the Company's basis for computing this non-GAAP measure is comparable with that of other companies.

The Company believes that Same Store NOI is also a meaningful supplemental measure of the Company's operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of the Company's performance across reporting periods by reflecting NOI for homes in its Same Store Portfolio.

See below for a reconciliation of GAAP net income to NOI for the Company's total portfolio and NOI for its Same Store Portfolio.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 34
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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 the Company's current resident chooses to stay for a subsequent lease term, or a new lease, where the Company's previous resident moves out and a new resident signs a lease to occupy the same home.

Revenue Collections
Revenue collections represent 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 1st of the year in which the Same Store portfolio was established.

The Company believes presenting information about the portion of its 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 the Company's comparable homes across periods and about trends in its 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.
Q4 2022 Earnings Release and Supplemental Information — page 35
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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 "2020 Term Loan Facility" and together with the Revolving Facility, the "Credit Facility"), as set forth in the Company's Amended and Restated Revolving Credit and Term Loan Agreement dated December 8, 2020 (the "Credit Agreement") and its $725 million term loan facility (the "2022 Term Loan Facility"), as set forth in the Company's Term Loan Agreement dated June 22, 2022 (the "Term Loan Agreement" and together with the Credit Agreement, the "Unsecured Credit Agreements"). The metrics provided under the "Unsecured Facilities 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 Agreements, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Secured leverage ratio represents (i) total outstanding secured indebtedness (including the Company's pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Unencumbered leverage ratio represents (i) total outstanding unsecured indebtedness (including the Company's pro rata share of unsecured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreements. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreements, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Fixed charge coverage ratio represents (i) the trailing four quarters' EBITDA (including the Company's pro rata share of EBITDA from unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) the trailing four quarters' fixed charges (including the Company's pro rata share of fixed charges in unconsolidated entities), as defined in the Unsecured Credit Agreements. Fixed charges include cash interest expense, regularly scheduled principal payments, and preferred stock or preferred OP unit dividends.

Unsecured interest coverage ratio represents (i) the trailing four quarters' unencumbered NOI, as defined by the Unsecured Credit Agreements, divided by (ii) the trailing four quarters' total unsecured interest expense (including the Company's pro rata share of interest expense from unsecured debt in unconsolidated entities), as defined in the Unsecured Credit Agreements.

The metrics set forth under the "Unsecured Facilities Covenant Compliance" heading on Supplemental Schedule 2(b), and described above, are provided only to show 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 Agreements 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 Agreements, see Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-38004) filed on December 9, 2020 and Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-38004) filed on June 22, 2022.
The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facilities, 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,
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 36
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changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in its periodic filings with the SEC.

Unsecured Public Bond Covenants
Unsecured public bond covenants refer to financial and operating requirements that the Company must meet with respect to its senior notes, as set forth in the Company's Supplemental Indentures to the Base Indenture for its Senior Notes (together, the "Indenture"). The metrics provided under the "Unsecured Public Bond 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: aggregate debt ratio, secured debt ratio, unencumbered assets ratio, and debt service ratio.

Aggregate debt ratio represents (i) total debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.

Secured debt ratio represents (i) secured debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.

Unencumbered assets ratio represents (i) total unencumbered assets, not including investments in unconsolidated joint ventures, as defined in the Indenture, divided by (ii) unsecured debt, as defined by the Indenture.

Debt service ratio represents (i) consolidated income available for debt service, as defined by the Indenture, divided by (ii) annual service charge for the trailing four quarters, calculated on a pro forma basis as if transactions during the period had occurred at the beginning of the period, as defined in the Indenture. Annual service charge includes interest expense and amortization of original issue discounts on debt, and excludes funded interest reserves, amortization of DFCs, and select nonrecurring charges.

The metrics set forth under the "Unsecured Public Bond Covenant Compliance" heading on Supplemental Schedule 2(b), and described above, are provided only to show 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 Indenture 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 Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to the Company’s Current Report on Form 8-K (File No. 001-38004) filed on August 6, 2021, November 5, 2021, and April 5, 2022.

The breach of any of the covenants set forth in the Indenture could result in a default of the Company's indebtedness related to its senior notes, 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 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in its periodic filings with the SEC.

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





Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 37
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Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Total revenues (Total Portfolio)$579,836 $568,675 $557,300 $532,310 $520,225 
Management fee revenues(3,326)(3,284)(2,759)(2,111)(1,753)
Total portfolio resident recoveries(32,639)(31,260)(29,394)(28,762)(26,967)
Total Core Revenues (Total Portfolio)543,871 534,131 525,147 501,437 491,505 
Non-Same Store Core Revenues(52,846)(49,294)(45,033)(38,203)(34,995)
Same Store Core Revenues$491,025 $484,837 $480,114 $463,234 $456,510 
Reconciliation of Total Revenues to Same Store Core Revenues, FY
(in thousands) (unaudited)
FY 2022FY 2021
Total revenues (Total Portfolio)$2,238,121 $1,996,615 
Management fee revenues(11,480)(4,893)
Total portfolio resident recoveries(122,055)(105,755)
Total Core Revenues (Total Portfolio)2,104,586 1,885,967 
Non-Same Store Core Revenues(185,376)(124,456)
Same Store Core Revenues$1,919,210 $1,761,511 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Property operating and maintenance expenses (Total Portfolio)$209,615 $203,787 $190,680 $182,269 $177,883 
Total Portfolio resident recoveries(32,639)(31,260)(29,394)(28,762)(26,967)
Core Operating Expenses (Total Portfolio)176,976 172,527 161,286 153,507 150,916 
Non-Same Store Core Operating Expenses(14,901)(15,553)(13,599)(13,151)(11,591)
Same Store Core Operating Expenses$162,075 $156,974 $147,687 $140,356 $139,325 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY
(in thousands) (unaudited)
FY 2022FY 2021
Property operating and maintenance expenses (Total Portfolio)$786,351 $706,162 
Total Portfolio resident recoveries(122,055)(105,755)
Core Operating Expenses (Total Portfolio)664,296 600,407 
Non-Same Store Core Operating Expenses(57,204)(41,598)
Same Store Core Operating Expenses$607,092 $558,809 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 38
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Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Net income available to common stockholders
$100,426 $79,032 $110,815 $92,395 $74,476 
Net income available to participating securities
146 147 148 220 67 
Non-controlling interests290 250 542 388 328 
Interest expense78,409 76,454 74,840 74,389 79,121 
Depreciation and amortization163,318 160,428 158,572 155,796 151,660 
Property management expense22,770 22,385 21,814 20,967 20,173 
General and administrative16,921 20,123 19,342 17,639 19,668 
Impairment and other(1)
5,823 20,004 1,355 1,515 3,046 
Gain on sale of property, net of tax(21,213)(23,952)(27,508)(18,026)(14,558)
(Gains) losses on investments in equity securities, net(61)796 172 3,032 3,597 
Other, net(344)8,372 3,827 (594)2,654 
Management fee revenues(3,326)(3,284)(2,759)(2,111)(1,753)
Loss from investments in unconsolidated joint ventures3,736 849 2,701 2,320 2,110 
NOI (Total Portfolio)366,895 361,604 363,861 347,930 340,589 
Non-Same Store NOI(37,945)(33,741)(31,434)(25,052)(23,404)
Same Store NOI$328,950 $327,863 $332,427 $322,878 $317,185 
Reconciliation of Net Income to Same Store NOI, FY
(in thousands) (unaudited)
FY 2022FY 2021
Net income available to common stockholders
$382,668 $261,098 
Net income available to participating securities
661 327 
Non-controlling interests1,470 1,351 
Interest expense304,092 322,661 
Depreciation and amortization638,114 592,135 
Property management expense87,936 71,597 
General and administrative74,025 75,815 
Impairment and other(1)
28,697 8,676 
Gain on sale of property, net of tax(90,699)(60,008)
Losses on investments in equity securities, net3,939 9,420 
Other, net11,261 5,835 
Management fee revenues(11,480)(4,893)
Loss from investments in unconsolidated joint ventures9,606 1,546 
NOI (Total Portfolio)1,440,290 1,285,560 
Non-Same Store NOI(128,172)(82,858)
Same Store NOI$1,312,118 $1,202,702 
(1)Includes $5.0 million and $24.0 million of net estimated losses and damages related to Hurricanes Ian and Nicole for the fourth quarter and year ended December 31, 2022, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 39
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Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Q4 2022Q4 2021FY 2022FY 2021
Net income available to common stockholders$100,426 $74,476 $382,668 $261,098 
Net income available to participating securities146 67 661 327 
Non-controlling interests290 328 1,470 1,351 
Interest expense78,409 79,121 304,092 322,661 
Interest expense in unconsolidated joint ventures2,743 540 3,581 1,209 
Depreciation and amortization163,318 151,660 638,114 592,135 
Depreciation and amortization of investments in unconsolidated joint ventures2,372 565 5,838 1,304 
EBITDA347,704 306,757 1,336,424 1,180,085 
Gain on sale of property, net of tax(21,213)(14,558)(90,699)(60,008)
Impairment on depreciated real estate investments72 — 310 650 
Net gain on sale of investments in unconsolidated joint ventures(298)(250)(865)(1,050)
EBITDAre
326,265 291,949 1,245,170 1,119,677 
Share-based compensation expense6,397 6,098 28,962 27,170 
Severance61 557 314 1,057 
Casualty losses, net(1)(2)
5,849 3,046 28,485 8,026 
(Gains) losses on investments in equity securities, net(61)3,597 3,939 9,420 
Other, net(3)
(344)2,654 11,261 5,835 
Adjusted EBITDAre
$338,167 $307,901 $1,318,131 $1,171,185 
(1)Includes $5.0 million and $24.0 million of net estimated losses and damages related to Hurricanes Ian and Nicole for the fourth quarter and year ended December 31, 2022, respectively.
(2)Includes the Company's share from unconsolidated joint ventures.
(3)Includes interest income and other miscellaneous income and expenses.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 40
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Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
December 31, 2022December 31, 2021
Mortgage loans, net$1,645,795 $3,055,853 
Secured term loan, net401,530 401,313 
Unsecured notes, net2,518,185 1,921,974 
Term loan facility, net3,203,567 2,478,122 
Revolving facility— — 
Convertible senior notes, net— 141,397 
Total Debt per Balance Sheet7,769,077 7,998,659 
Retained and repurchased certificates(88,564)(159,110)
Cash, ex-security deposits and letters of credit (1)
(275,989)(649,722)
Deferred financing costs, net51,076 50,146 
Unamortized discounts on note payable13,518 13,605 
Net Debt (A)$7,469,118 $7,253,578 
For the TTM EndedFor the TTM Ended
December 31, 2022December 31, 2021
Adjusted EBITDAre (B)
$1,318,131 $1,171,185 
Net Debt / TTM Adjusted EBITDAre (A / B)
5.7 x6.2 x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit





Components of Non-Cash Interest Expense (Wholly Owned)
(in thousands) (unaudited)
Q4 2022Q4 2021FY 2022FY 2021
Amortization of discounts on notes payable
$399 $935 $1,653 $6,244 
Amortization of deferred financing costs
3,909 3,387 15,014 13,126 
Change in fair value of interest rate derivatives
18 23 81 129 
Amortization of swap fair value at designation
2,333 4,246 9,405 14,531 
Total non-cash interest expense
$6,659 $8,591 $26,153 $34,030 
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2022 Earnings Release and Supplemental Information — page 41