Invitation Homes Inc.

Previous wording

Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of June 30, 2025, we wholly own 85,905 homes for lease, jointly own 7,698 homes for lease, and provide professional third-party property and asset management services for an additional 16,785 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who prefer the ease of a leasing lifestyle over the burden of owning a home. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and access to good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.

Current wording

Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of September 30, 2025, we wholly own 86,139 homes for lease, jointly own 7,897 homes for lease, and provide professional third-party property and asset management services for an additional 16,151 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who prefer the ease of a leasing lifestyle over the burden of owning a home. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and access to good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.

Previous wording

General economic conditions in the United States have fluctuated in recent quarters, and concerns persist regarding adverse macroeconomic conditions, such as inflation, elevated interest rates, political dissension, and labor shortfalls. Such macroeconomic factors coupled with uncertainty in financial markets, and a general decline in business activity and/or consumer confidence could adversely affect (i) our occupancy levels, our rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill. Inflationary pressures, bank failures, and other fluctuating global and regional economic conditions, as well as geopolitical events, may also negatively impact consumer income, credit availability, interest rates, and spending, among other factors, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent. These factors, which include labor shortages and inflationary increases in labor and material costs, have impacted and may continue to impact certain aspects of our business. In addition, consumer confidence and spending can be materially adversely affected in response to changes in fiscal and monetary policy, declines in income or asset values, and other macroeconomic factors.

Current wording

General economic conditions in the United States have fluctuated in recent quarters, and concerns persist regarding adverse macroeconomic conditions, such as inflation, elevated interest rates, political dissension, and labor shortfalls. Such macroeconomic factors coupled with uncertainty in financial markets (including as a result of events affecting financial institutions, such as bank failures), ongoing geopolitical tensions, and a general decline in business activity and/or consumer confidence could adversely affect (i) our occupancy levels, our rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill. Inflationary pressures, elevated interest rates, bank failures, and other fluctuating global and regional economic conditions, as well as geopolitical events, may also negatively impact consumer income, credit availability, interest rates, and spending, among other factors, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent. These factors, which include labor shortages and inflationary increases in labor and material costs, have impacted and may continue to impact certain aspects of our business. In addition, consumer confidence and spending can be materially adversely affected in response to changes in fiscal and monetary policy, declines in income or asset values, and other macroeconomic factors. Imposition or increase of tariffs and trade restrictions by the United States on imports from certain countries and counter-tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.

Previous wording

Potential consequences of global climate change may range from more frequent extreme weather events to governmental policy developments and shifts in consumer preferences, which have the potential individually or collectively to disrupt our business as well as negatively affect our suppliers, contractors, and residents. Experiencing or addressing the various physical, regulatory, and transition risks from climate change may significantly reduce our revenues and profitability or cause us to generate losses. We are subject to evolving laws and regulations relating to climate change, promulgated by governmental and regulatory organizations, including regulations aimed at drastically increasing reporting and governance related to climate change as well as focused on limiting greenhouse gas emissions and the implementation of “green” building codes.

Current wording

Potential consequences of global climate change may range from more frequent extreme weather events to extensive governmental policy developments and shifts in consumer preferences, which have the potential individually or collectively to disrupt our business as well as negatively affect our suppliers, contractors, and residents. Experiencing or addressing the various physical, regulatory, and transition risks from climate change may significantly reduce our revenues and profitability or cause us to generate losses. We are subject to evolving laws and regulations relating to climate change, promulgated by governmental and regulatory organizations, including regulations aimed at drastically increasing reporting and governance related to climate change as well as focused on limiting greenhouse gas emissions and the implementation of “green” building codes.

Previous wording

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. See Part I. Item 1A. “Risk Factors” of our Annual Report on Form 10-K for more information regarding factors that could materially adversely affect our results of operations and financial condition. Key factors that impact our results of operations and financial condition include market fundamentals, rental rates and occupancy levels, collection rates, turnover rates and days to re-resident homes, property improvements and maintenance, property acquisitions and renovations, and financing arrangements. Sensitivity to many of these factors has been heightened as a result of current macroeconomic conditions, including elevated interest rates, political dissension, and labor shortfalls. Additionally, each of these factors may also impact the results of operations and financial condition of our joint venture investments and those of third parties for whom we perform property and asset management services, which would impact the amount of management fee revenues and income (loss) from investments in unconsolidated joint ventures that we earn.

Current wording

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. See Part I. Item 1A. “Risk Factors” of our Annual Report on Form 10-K for more information regarding factors that could materially adversely affect our results of operations and financial condition. Key factors that impact our results of operations and financial condition include market fundamentals, rental rates and occupancy levels, collection rates, turnover rates and days to re-resident homes, property improvements and maintenance, property acquisitions and renovations, and financing arrangements. Sensitivity to many of these factors has been heightened as a result of current macroeconomic conditions, including inflation, elevated interest rates, political dissension, labor shortfalls, and adverse global economic conditions. Additionally, each of these factors may also impact the results of operations and financial condition of our joint venture investments and those of third parties for whom we perform property and asset management services, which would impact the amount of management fee revenues and income (losses) from investments in unconsolidated joint ventures that we earn.

Previous wording

Market Fundamentals: Our results are impacted by housing market fundamentals and supply and demand conditions in our markets, particularly in the Western United States and Florida, which represented 71.3% of our rental revenues and other property income during the three months ended June 30, 2025. We actively monitor the impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as market fundamentals shift.

Current wording

Market Fundamentals: Our results are impacted by housing market fundamentals and supply and demand conditions in our markets, particularly in the Western United States and Florida, which represented 71.0% of our rental revenues and other property income during the three months ended September 30, 2025. We actively monitor the impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as market fundamentals shift.

Previous wording

Turnover Rates and Days to Re-Resident: Other drivers of rental revenues and property operating and maintenance expense include the length of stay of our residents, resident turnover rates, and the number of days a home is unoccupied between residents. Our operating results are also impacted by the amount of time it takes to market and lease a property, which is a component of the number of days a home is unoccupied between residents. The period of time to market and lease a property can vary greatly and is impacted by local demand, our marketing techniques, the size of our available inventory, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business, and both current economic conditions and future economic outlook, including the impact of elevated interest rates, political dissension, and labor shortfalls which could adversely affect demand for our properties.

Current wording

Turnover Rates and Days to Re-Resident: Other drivers of rental revenues and property operating and maintenance expense include the length of stay of our residents, resident turnover rates, and the number of days a home is unoccupied between residents. Our operating results are also impacted by the amount of time it takes to market and lease a property, which is a component of the number of days a home is unoccupied between residents. The period of time to market and lease a property can vary greatly and is impacted by local demand, our marketing techniques, the size of our available inventory, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business, and both current economic conditions and future economic outlook, including the impact of inflation, elevated interest rates, political dissension, and labor shortfalls which could adversely affect demand for our properties.

Previous wording

Macroeconomics Conditions: Inflation, elevated interest rates, political dissension, and adverse global economic conditions could negatively affect our business and financial condition. Imposition of, increases in, and changing policies around tariffs by the United States on imports from certain countries and potential counter-tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.

Current wording

Macroeconomics Conditions: Inflation, elevated interest rates, political dissension, labor shortfalls, and adverse global economic conditions could negatively affect our business and financial condition. Imposition of, increases in, and changing policies around tariffs by the United States on imports from certain countries and potential counter-tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.

Previous wording

As of June 30, 2025 and 2024, we owned 85,905 and 84,640 single-family rental homes, respectively, in our total portfolio. During the three months ended June 30, 2025 and 2024, we acquired 939 and 443 homes, respectively, and sold 295 and 248 homes, respectively. During the three months ended June 30, 2025 and 2024, we owned an average of 85,505 and 84,471 single-family rental homes, respectively. During the six months ended June 30, 2025 and 2024, we acquired 1,516 and 700 homes, respectively, and sold 749 and 627 homes, respectively. During the six months ended June 30, 2025 and 2024, we owned an average of 85,349 and 84,478 single-family rental homes, respectively.

Current wording

As of September 30, 2025 and 2024, we owned 86,139 and 85,221 single-family rental homes, respectively, in our total portfolio. During the three months ended September 30, 2025 and 2024, we acquired 526 and 891 homes, respectively, and sold 292 and 310 homes, respectively. During the three months ended September 30, 2025 and 2024, we owned an average of 86,016 and 84,753 single-family rental homes, respectively. During the nine months ended September 30, 2025 and 2024, we acquired 2,042 and 1,591 homes, respectively, and sold 1,041 and 937 homes, respectively. During the nine months ended September 30, 2025 and 2024, we owned an average of 85,573 and 84,567 single-family rental homes, respectively.

Previous wording

As of June 30, 2025, our Same Store portfolio consisted of 77,721 single-family rental homes.

Current wording

As of September 30, 2025, our Same Store portfolio consisted of 77,284 single-family rental homes.

Previous wording

For the three months ended June 30, 2025 and 2024, total revenues were $681.4 million and $653.5 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

Current wording

For the three months ended September 30, 2025 and 2024, total revenues were $688.2 million and $660.3 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

Previous wording

For the three months ended June 30, 2025 and 2024, total portfolio rental revenues and other property income totaled $659.1 million and $637.5 million, respectively, an increase of 3.4%, driven by an increase in average monthly rent per occupied home and a 1,034 home increase between periods in the average number of homes owned, partially offset by a 100 bps reduction in average occupancy.

Current wording

For the three months ended September 30, 2025 and 2024, total portfolio rental revenues and other property income totaled $666.2 million and $641.3 million, respectively, an increase of 3.9%, driven by an increase in average monthly rent per occupied home and a 1,263 home increase between periods in the average number of homes owned, partially offset by a 70 bps reduction in average occupancy.

Previous wording

Average occupancy for the three months ended June 30, 2025 and 2024 for the total portfolio was 95.6% and 96.6%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended June 30, 2025 and 2024 was $2,434 and $2,379, respectively, a 2.3% increase. For our Same Store portfolio, average occupancy was 97.2% and 97.6% for the three months ended June 30, 2025 and 2024, respectively, and average monthly rent per occupied home for the three months ended June 30, 2025 and 2024 was $2,445 and $2,382, respectively, a 2.6% increase.

Current wording

Average occupancy for the three months ended September 30, 2025 and 2024 for the total portfolio was 94.8% and 95.5%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended September 30, 2025 and 2024 was $2,447 and $2,397, respectively, a 2.1% increase. For our Same Store portfolio, average occupancy was 96.5% and 97.1% for the three months ended September 30, 2025 and 2024, respectively, and average monthly rent per occupied home for the three months ended September 30, 2025 and 2024 was $2,461 and $2,401, respectively, a 2.5% increase.

Previous wording

The annualized turnover rate for the Same Store portfolio for the three months ended June 30, 2025 and 2024 was 24.8% and 24.9%, respectively. For the Same Store portfolio, an average home remained unoccupied for 40 and 34 days between residents for the three months ended June 30, 2025 and 2024, respectively. The increase in days to re-resident resulted in an overall decrease in average Same Store occupancy on a year over year basis.

Current wording

The annualized turnover rate for the Same Store portfolio for the three months ended September 30, 2025 and 2024 was 25.5% and 24.5%, respectively. For the Same Store portfolio, an average home remained unoccupied for 45 and 38 days between residents for the three months ended September 30, 2025 and 2024, respectively. The increase in days to re-resident resulted in an overall decrease in average Same Store occupancy on a year over year basis.

Previous wording

Renewal lease net effective rental rate growth for the total portfolio averaged 4.6% and 5.6% for the three months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged 2.0% and 3.5% for the three months ended June 30, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.7% and 5.5% for the three months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged 2.2% and 3.5% for the three months ended June 30, 2025 and 2024, respectively.

Current wording

Renewal lease net effective rental rate growth for the total portfolio averaged 4.5% and 4.2% for the three months ended September 30, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged(0.9)% and 1.7% for the three months ended September 30, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.5% and 4.2% for the three months ended September 30, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged(0.6)% and 1.6% for the three months ended September 30, 2025 and 2024, respectively.

Previous wording

For the three months ended June 30, 2025 and 2024, management fee revenues totaled $22.3 million and $16.0 million, respectively. The 39.5% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 19,488 homes for the three months ended June 30, 2024 to 24,770 homes for the three months ended June 30, 2025.

Current wording

For the three months ended September 30, 2025 and 2024, management fee revenues totaled $22.0 million and $19.0 million, respectively. The 15.8% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 23,182 homes for the three months ended September 30, 2024 to 24,251 homes for the three months ended September 30, 2025.

Previous wording

For the three months ended June 30, 2025 and 2024, total expenses were $579.6 million and $565.3 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

Current wording

For the three months ended September 30, 2025 and 2024, total expenses were $597.2 million and $590.7 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

Previous wording

For the three months ended June 30, 2025, property operating and maintenance expense increased to $244.3 million from $234.2 million for the three months ended June 30, 2024. The 4.3% increase in property operating and maintenance expense is primarily attributableto a 1,034 home increase in the average number of homes owned between periods, as well as increases in utilities, property taxes, and market-level personnel expenses.

Current wording

For the three months ended September 30, 2025, property operating and maintenance expense increased to $259.0 million from $242.2 million for the three months ended September 30, 2024. The 6.9% increase in property operating and maintenance expense is primarily attributableto a 1,263 home increase in the average number of homes owned between periods, as well as increases in property taxes and utilities.

Previous wording

Property management expense and general and administrative expense increased to$125.7 million from$108.8 million for the six months ended June 30, 2025 and 2024, respectively, primarily due to increased personnel costs related to our property and asset management platform, including costs to manage a 41.5% increase in the average number of homes managed between periods. Additionally, share-based compensation expense increased $3.2 million, and severance costs increased $2.2 million period over period.

Current wording

Property management expense and general and administrative expense decreased to $55.5 million from $56.1 million for the three months ended September 30, 2025 and 2024, respectively, primarily due to a $3.5 million decrease in share-based compensation expense driven by the departure of an executive, partially offset by an increase in personnel and other costs related to our property and asset management platform.

Previous wording

Interest expense decreased to $87.4 million for the three months ended June 30, 2025 from $90.0 million for the three months ended June 30, 2024. The decrease in interest expense was primarilydue to a decrease in gross debt outstanding, partially offset by a 17 bps increase in our weighted average interest rate, in each case, as of June 30, 2025 as compared to June 30, 2024. Additionally, the amendment of certain of our interest rate swap agreements during 2024 reduced related non-cash fair value amortization by $4.7 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Current wording

Interest expense decreased slightly to $90.8 million for the three months ended September 30, 2025 from $91.1 million for the three months ended September 30, 2024. The decrease in interest expense was primarily due to a decrease in the balance of gross debt outstanding, partially offset by a 13 bps increase in our weighted average interest rate, in each case, as of September 30, 2025 as compared to September 30, 2024.

Previous wording

Depreciation and amortization expense increased to $185.5 million for the three months ended June 30, 2025 from $176.6 million for thethree months ended June 30, 2024 due to an increase in cumulative capital expenditures and a 1,034 home increase in the average number of homes owned during the three months ended June 30, 2025 compared to thethree months ended June 30, 2024.

Current wording

Depreciation and amortization expense increased to $188.5 million for the three months ended September 30, 2025 from $180.5 million for thethree months ended September 30, 2024 due to an increase in cumulative capital expenditures and a 1,263 home increase in the average number of homes owned during the three months ended September 30, 2025 compared to thethree months ended September 30, 2024.

Previous wording

For the three months ended June 30, 2025, gains (losses) on investments in equity and other securities, net of $0.1 million was comprisedofnet unrealized losses recognized oninvestments held at period end. For the three months ended June 30, 2024, gains on investments in equity and other securities, net of$1.5 million was comprised of a$1.6 million net realized gain from exercised warrants and $0.1 million net unrealized losses recognized on investments held as of June 30, 2024.

Current wording

For the three months ended September 30, 2025, gains on investments in equity and other securities, net of $0.4 million was comprised of a realized gain during the quarter and net unrealized gains recognized on investments held as of September 30, 2025. For the three months ended September 30, 2024, losses on investments in equity and other securities, net of $0.3 million was comprisedofa realized gain during the quarter andnet unrealized losses recognized oninvestments held at period end.

Previous wording

Other, net decreased to $2.1 million of expense for the three months ended June 30, 2025 from $54.0 million of expense for the three months ended June 30, 2024, primarily due to a $22.0 million accrual for a settlement that resolved the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated costs, as well as a $37.5 million accrual for an estimated probable loss with respect to an inquiry from the Federal Trade Commission (“FTC”) that was ongoing as of June 30, 2024 and subsequently settled during the third quarter of 2024.

Current wording

Other, net decreased to $1.8 million of expense for the three months ended September 30, 2025 from $9.3 million of expense for the three months ended September 30, 2024, primarily due to settlement and other costs incurred in connection with the resolution of an inquiry from the Federal Trade Commission (the “FTC”) and the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc. that was settled during the third quarter of 2024. This reduction in expense is partially offset by a decrease in interest earnings on cash balances.

Previous wording

Gain on sale of property, net of tax was $46.6 million and $43.3 million for the three months ended June 30, 2025 and 2024, respectively. The primary driver of the increase was an increase in the number of homes sold from 248 for the three months ended June 30, 2024 to 295 for the three months ended June 30, 2025, partially offset by a decrease in the average price her home.

Current wording

Gain on sale of property, net of tax was $45.5 million and $47.8 million for the three months ended September 30, 2025 and 2024, respectively. A decrease in the number of homes sold from 310 for the three months ended September 30, 2024 to 292 for the three months ended September 30, 2025 was the primary driver of the decrease.

Previous wording

The following table sets forth a comparison of the results of operations for the six months ended June 30, 2025 and 2024:

Current wording

The following table sets forth a comparison of the results of operations for the nine months ended September 30, 2025 and 2024:

Previous wording

For the six months ended June 30, 2025 and 2024, total revenues were $1,355.9 million and $1,299.5 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

Current wording

For the nine months ended September 30, 2025 and 2024, total revenues were $2,044.0 million and $1,959.8 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

Previous wording

For the six months ended June 30, 2025 and 2024, total portfolio rental revenues and other property income totaled $1,312.2 million and $1,269.6 million, respectively, an increase of 3.4%, driven by an increase in average monthly rent per occupied home and a 871 home increase between periods in the average number of homes owned, partially offset by a 120 bps reduction in average occupancy.

Current wording

For the nine months ended September 30, 2025 and 2024, total portfolio rental revenues and other property income totaled $1,978.4 million and $1,910.9 million, respectively, an increase of 3.5%, driven by an increase in average monthly rent per occupied home and a 1,006 home increase between periods in the average number of homes owned, partially offset by a 100 bps reduction in average occupancy.

Previous wording

Average occupancy for the six months ended June 30, 2025 and 2024 for the total portfolio was 95.4% and 96.6%, respectively. Average monthly rent per occupied home for the total portfolio for the six months ended June 30, 2025 and 2024 was $2,429 and $2,369, respectively, a 2.5% increase. For our Same Store portfolio, average occupancy was 97.3% and 97.7% for the six months ended June 30, 2025 and 2024, respectively, and average monthly rent per occupied home for the six months ended June 30, 2025 and 2024 was $2,438 and $2,370, respectively, a 2.9% increase.

Current wording

Average occupancy for the nine months ended September 30, 2025 and 2024 for the total portfolio was 95.2% and 96.2%, respectively. Average monthly rent per occupied home for the total portfolio for the nine months ended September 30, 2025 and 2024 was $2,435 and $2,379, respectively, a 2.4% increase. For our Same Store portfolio, average occupancy was 97.0% and 97.5% for the nine months ended September 30, 2025 and 2024, respectively, and average monthly rent per occupied home for the nine months ended September 30, 2025 and 2024 was $2,445 and $2,379, respectively, a 2.8% increase.

Previous wording

The annualized turnover rate for the Same Store portfolio for the six months ended June 30, 2025 and 2024 was 22.3% and 23.0%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 44 and 36 days between residents for the six months ended June 30, 2025 and 2024, respectively.

Current wording

The annualized turnover rate for the Same Store portfolio for the nine months ended September 30, 2025 and 2024 was 23.2% and 23.5%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 44 and 37 days between residents for the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

Renewal lease net effective rental rate growth for the total portfolio averaged 4.9% and 5.6% for the six months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged 0.9% and 2.2% for the six months ended June 30, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.9% and 5.6% for the six months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged 1.0% and 2.1% for the six months ended June 30, 2025 and 2024, respectively.

Current wording

Renewal lease net effective rental rate growth for the total portfolio averaged 4.7% and 5.1% for the nine months ended September 30, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged 0.3% and 2.0% for the nine months ended September 30, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.8% and 5.1% for the nine months ended September 30, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged 0.5% and 2.0% for the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

Other property income for the six months ended June 30, 2025 increased compared to June 30, 2024, primarily due to enhanced value-add revenue programs and increased utility recoveries as new leases are entered into, among other things.

Current wording

Other property income for the nine months ended September 30, 2025 increased compared to September 30, 2024, primarily due to enhanced value-add revenue programs and increased utility recoveries as new leases are entered into, among other things.

Previous wording

For the six months ended June 30, 2025 and 2024, management fee revenues totaled $43.7 million and $29.9 million, respectively. The 46.1% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 17,639 homes for the six months ended June 30, 2024 to 24,958 homes for the six months ended June 30, 2025.

Current wording

For the nine months ended September 30, 2025 and 2024, management fee revenues totaled $65.7 million and $48.9 million, respectively. The 34.3% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 19,493 homes for the nine months ended September 30, 2024 to 24,722 homes for the nine months ended September 30, 2025.

Previous wording

For the six months ended June 30, 2025 and 2024, total expenses were $1,155.4 million and $1,119.7 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

Current wording

For the nine months ended September 30, 2025 and 2024, total expenses were $1,752.6 million and $1,710.4 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

Previous wording

For the six months ended June 30, 2025, property operating and maintenance expense increased to $481.7 million from $464.6 million for the six months ended June 30, 2024. The 3.7% increase in property operating and maintenance expense is primarily attributableto a 871 home increase in the average number of homes owned between periods, as well as increases in utilities and property taxes.

Current wording

For the nine months ended September 30, 2025, property operating and maintenance expense increased to $740.8 million from $706.8 million for the nine months ended September 30, 2024. The 4.8% increase in property operating and maintenance expense is primarily attributableto a 1,006 home increase in the average number of homes owned between periods, as well as increases in utilities and property taxes.

Previous wording

Property management expense and general and administrative expense increased to $59.4 million from $54.1 million for the three months ended June 30, 2025 and 2024, respectively, primarily due to increased personnel and other costs related to expansion of our property and asset management platform, including costs incurred to manage a 27.1% increase in the average number of homes managed between periods.

Current wording

Property management expense and general and administrative expense increased to$181.2 million from$164.9 million for the nine months ended September 30, 2025 and 2024, respectively, primarily due to increased personnel and other costs related to our property and asset management platform, including costs to manage a 26.8% increase in the average number of homes managed between periods.

Previous wording

Interest expense decreased to $171.7 million for the six months ended June 30, 2025 from $179.9 million for the six months ended June 30, 2024. The decrease in interest expense was partially due to a decrease in the balance of gross debt outstanding, partially offset by a 17 bps increase in our weighted average interest rate, in each case, as of June 30, 2025 as compared to June 30, 2024. Additionally, the amendment of certain of our interest rate swap agreements during 2024 reduced related non-cash fair value amortization by $10.8 million for the six months ended June 30, 2025 compared to thesix months ended June 30, 2024.

Current wording

Interest expense decreased to $262.4 million for the nine months ended September 30, 2025 from $270.9 million for the nine months ended September 30, 2024. The decrease in interest expense was primarily due to a decrease in the balance of gross debt outstanding, partially offset by a 13 bps increase in our weighted average interest rate, in each case, as of September 30, 2025 as compared to September 30, 2024. Additionally, the amendment of certain of our interest rate swap agreements during 2024 reduced related non-cash fair value amortization by $12.7 million for the nine months ended September 30, 2025 compared to thenine months ended September 30, 2024.

Previous wording

Depreciation and amortization expense increased to $368.6 million for the six months ended June 30, 2025 from $351.9 million for the six months ended June 30, 2024 due to an increase in cumulative capital expenditures and a 871 home increase in the average number of homes owned during the six months ended June 30, 2025 compared to thesix months ended June 30, 2024.

Current wording

Depreciation and amortization expense increased to $557.1 million for the nine months ended September 30, 2025 from $532.4 million for the nine months ended September 30, 2024 due to an increase in cumulative capital expenditures and a 1,006 home increase in the average number of homes owned during the nine months ended September 30, 2025 compared to thenine months ended September 30, 2024.

Previous wording

For the six months ended June 30, 2025, gains (losses) on investments in equity and other securities, net of $0.3 million was comprised of net unrealized losses recognized on investments held at period end. For the six months ended June 30, 2024, gains on investments in equity and other securities, net of $1.3 million was comprised of a $1.6 million net realized gain from exercised warrants and $0.3 million net unrealized losses recognized on investment held as of June 30, 2024.

Current wording

For the nine months ended September 30, 2025, gains on investments in equity and other securities, net of $0.1 million was comprised of a realized gain and net unrealized losses recognized on investments held as of September 30, 2025. For the nine months ended September 30, 2024, gains on investments in equity and other securities, net of $1.0 million was comprised of a $1.6 million realized gain from exercised warrants, partially offset by $0.6 million of net unrealized losses recognized on investments held as of September 30, 2024.

Previous wording

Other, net decreased to $0.8 million of expense for the six months ended June 30, 2025 from $48.0 million of expense for the six months ended June 30, 2024, primarily due to a $22.0 million accrual for a settlement that resolved the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated costs, as well as a $37.5 million accrual for an estimated probable loss with respect to an inquiry from the FTC that was ongoing as of June 30, 2024 and subsequently settled during the third quarter of 2024.

Current wording

Other, net decreased to $2.5 million of expense for the nine months ended September 30, 2025 from $57.4 million of expense for the nine months ended September 30, 2024, primarily due to settlement and other costs incurred in connection with the resolution of an inquiry from the FTC and the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc. that was settled during the third quarter of 2024. This reduction in expense is partially offset by a decrease in interest earnings on cash balances.

Previous wording

Gain on sale of property, net of tax was $118.3 million and $93.8 million for the six months ended June 30, 2025 and 2024, respectively. An increase in the number of homes sold from 627 for the six months ended June 30, 2024 to 749 for the six months ended June 30, 2025 was the primary driver of the increase.

Current wording

Gain on sale of property, net of tax was $163.8 million and $141.5 million for the nine months ended September 30, 2025 and 2024, respectively. An increase in the number of homes sold from 937 for the nine months ended September 30, 2024 to 1,041 for the nine months ended September 30, 2025 was the primary driver of the increase.

Previous wording

Our liquidity and capital resources as of June 30, 2025 and December 31, 2024 include unrestricted cash and cash equivalents of $65.1 million and $174.5 million, respectively, a 62.7%decrease primarily due to acquisitions of homes. As of June 30, 2025, $1,210.0 million of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants. We have no debt reaching final maturity until June 2027.

Current wording

Our liquidity and capital resources as of September 30, 2025 and December 31, 2024 include unrestricted cash and cash equivalents of $155.4 million and $174.5 million, respectively, an 11.0%decrease primarilydue to acquisitions of homes. As of September 30, 2025, $1,750.0 million of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants. We have no debt reaching final maturity until June 2027.