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 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.

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 March 31, 2026, we wholly own 85,970 homes for lease, jointly own 8,016 homes for lease, and provide professional third-party property and asset management services for an additional 15,759 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 count on the ease, flexibility, and savings of leasing. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.

Previous wording

At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, which is underscored by our recently updated company purpose to Unlock the Power of Home™. Our Genuine CARE™ values serve as the foundation for our work, and the underlying principles of clear communication, integrity, responsibility, innovation, adaptability, and a welcoming workplace were designed to create an authentic experience for our residents, shareholders, and associates. We also work to advance sustainability, which is an important part of our strategic business objectives and is critical to our long-term success.

Current wording

At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, which is underscored by our company purpose to Unlock the Power of Home™. Our Genuine CARE™ values serve as the foundation for our work, and the underlying principles of clear communication, integrity, responsibility, innovation, adaptability, and a welcoming workplace are designed to create an authentic experience for our residents, shareholders, and associates. We also work to advance sustainability, which is an important part of our strategic business objectives and is critical to our long-term success.

Previous wording

Our commitment to high-touch customer service continuously enhances residents’ living experiences and provides homes where individuals and families can thrive. Each aspect of our operations — whether in our corporate headquarters or field offices located in our 16 core markets — is driven by a resident-centric model. Our associates take our values seriously and work hard every day to honor the trust our residents have placed in us to provide clean, safe, and functional homes for them and their loved ones. In turn, we focus on ensuring that our associates are fairly compensated and that we provide a culture that values respect, opportunity, and belonging. We also place a strong emphasis on the impact we have in our communities and to the environment in general, and we continue to develop programs that demonstrate those commitments. In addition, we ensure that we operate under strong, well-defined governance practices and adhere to the highest ethical standards at all times.

Current wording

Our commitment to high-touch customer service continuously enhances residents’ living experiences and provides an environment where individuals and families can thrive. Many of our residents are first responders, healthcare workers, teachers, and other essential members of their communities, people who dedicate themselves to serving others every day. We are honored to serve them in return, and we work hard to ensure they come home to a place of comfort and security. Each aspect of our operations — whether in our corporate headquarters or field offices located in our 16 core markets — is driven by a resident-centric model. Our associates take our values seriously and work hard every day to honor the trust our residents have placed in us to provide clean, safe, and functional homes for them and their loved ones. In turn, we focus on ensuring that our associates are fairly compensated and that we provide a culture that values respect, opportunity, and belonging. We also place a strong emphasis on the impact we have in our communities and on the environment in general, and we continue to support programs that demonstrate those commitments. In addition, we operate under strong, well-defined governance practices and are dedicated to adhering to the highest ethical standards at all times.

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 (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.

Current wording

General economic conditions in the United States have continued to fluctuate in recent quarters. While inflationary pressures have moderated from prior peaks, they remain elevated, and interest rates remain subject to volatility and uncertainty. These factors, together with ongoing uncertainty in financial and capital markets, geopolitical tensions, evolving trade and tariff policies, labor market conditions, and a general decline in consumer confidence could adversely affect (i) our occupancy levels, 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 the value of our tangible assets or goodwill. Broader inflationary pressures and market conditions may contribute to increases in operating costs that are outside of our control, including property taxes, utilities, and insurance costs (including higher premiums and deductibles, more restrictive terms, or reduced availability of coverage), which could adversely affect our results of operations. In addition, consumer confidence and spending may decline in response to changes in fiscal and monetary policy, reductions in income or asset values, and other macroeconomic factors. Labor shortages and inflationary increases in labor and material costs have impacted and may continue to impact certain aspects of our business. 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. Any of these factors 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 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.

Current 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. 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, including regulations aimed at drastically increasing reporting and governance related to climate change as well as focused on limiting greenhouse gas emissions.

Previous wording

Evolving laws and regulations or any changed interpretation of such laws and regulations may require us to make costly improvements to our existing properties beyond our current plans to decrease the impact of our homes on the environment, resulting in increased operating costs and compliance burdens. Incorporating greater resource efficiency into our homes, whether to comply with upgraded building codes or recommended practices given a region’s particular exposure to climate conditions or undertaken to satisfy demand from increasingly environmentally conscious residents and investors or to meet our own sustainability goals, could raise our costs to maintain our homes. In evaluating whether to implement voluntary improvements, we also consider that choosing not to enhance our homes’ resource efficiency can make them less attractive to municipalities and increase the vulnerability of residents in our communities to rising energy and water expenses and use restrictions. Choosing not to enhance our homes’ resource efficiency could make our portfolio less attractive to residents and investors. Additionally, disclosure obligations relating to sustainability matters are complex and not always consistent, making compliance difficult and uncertain. If we fail to manage transition risks effectively, our profitability and cash flow could suffer.

Current wording

Evolving laws and regulations or any changed interpretation of such laws and regulations may require us to make costly improvements to our properties resulting in increased operating costs and compliance burdens. Choosing not to enhance our homes’ resource efficiency could make our portfolio less attractive to residents and investors. If we fail to manage transition risks effectively, our profitability and cash flow could suffer.

Previous wording

We recognize that climate change could have a significant impact on our portfolio of homes located in a variety of markets across the United States and that an increase in the number of acute weather events, natural disasters, and other climate-related events could significantly impact our business, operations, and homes. We actively consider physical risks such as the potential for natural disasters such as hurricanes, floods, droughts, and wildfires when assessing our portfolio of homes and our business processes. Such extreme climate related events are driving changes in market dynamics and stakeholder expectations and could result in disruptions to us, our suppliers, vendors, and residents. We recognize that we must continue to adapt our policies, objectives, and processes to prepare for such events and improve the resiliency of our physical properties and our business.

Current wording

We recognize that climate change could have a significant impact on our portfolio of homes and that an increase in the number of acute weather events, natural disasters, and other climate-related events could significantly impact our business, operations, and homes. We consider physical risks, including the potential for natural disasters such as hurricanes, floods, and wildfires, when assessing our portfolio of homes and our business processes.

Previous wording

(5)Represents homes located outside of our 16 core markets as of September 30, 2025, primarily in Nashville and San Antonio.

Current wording

(5)As of March 31, 2026, represents homes located in San Antonio, Salt Lake City, Austin, and Nashville, outside of our 16 core markets.

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 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.

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, interest rate volatility, political dissension, labor market conditions, disruptions in financial markets (including events affecting financial institutions), evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties, and increasing technology and data risks. 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 71.0% 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.

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 70.5% of our rental revenues and other property income during the three months ended March 31, 2026. We actively monitor the impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as market fundamentals shift.

Previous wording

Rental Rates and Occupancy Levels: Rental rates and occupancy levels are primary drivers of rental revenues and other property income. Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality, resident defaults, and the amount of time it takes to prepare a home for its next resident and re-lease homes when residents vacate. An important driver of rental rate growth is our ability to increase monthly rents from expiring leases, which typically have a term of one to two years.

Current wording

Rental Rates and Occupancy Levels: Rental rates and occupancy levels are primary drivers of rental revenues and other property income. Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, tenant-protection, rent control, and rent stabilization laws and regulations, seasonality, resident defaults, and the amount of time it takes to prepare a home for its next resident and re-lease homes when residents vacate. An important driver of rental rate growth is our ability to increase monthly rents from expiring leases, which typically have a term of one to two years.

Previous wording

Collection Rates: Our rental revenues and other property income are impacted by the rate at which we collect such revenues from our residents. Despite our efforts to assist residents facing financial hardships who need flexibility to fulfill their lease obligations, a portion of amounts receivable may not ultimately be collected. We may also be constrained in our ability to collect resident receivables due to local ordinances restricting residential lease compliance options. Any amounts billed to residents that have been deemed uncollectible along with our estimate of amounts that may ultimately be uncollectible decrease our rental revenues and other property income.

Current wording

Collection Rates: Our rental revenues and other property income are impacted by the rate at which we collect such revenues from our residents. Despite our efforts to assist residents facing financial hardships who need flexibility to fulfill their lease obligations, a portion of amounts receivable may not ultimately be collected. We may also be constrained in our ability to collect resident receivables due to local ordinances restricting residential lease compliance options. Any amounts billed to residents that have been deemed uncollectible along with our estimate of amounts that may ultimately be uncollectible decrease our rental revenues and other property income. In addition, expanded tenant-protection and rent regulation requirements and other legal restrictions affecting notices, fees, or enforcement remedies could adversely affect collections and increase related operating costs.

Previous wording

Property Improvements and Maintenance: Property improvements and maintenance impact capital expenditures, property operating and maintenance expense, and rental revenues. We actively manage our homes on a total portfolio basis to determine what capital and maintenance needs may be required and what opportunities we may have to generate additional revenues or expense savings from such expenditures. As a result of inflationary trends and/or imposition of or increases in tariffs, we may experience, as we have in the past, increased costs for certain materials and services necessary to improve and maintain our homes. We continue to actively manage the impact of these factors on these costs, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Current wording

Property Improvements and Maintenance: Property improvements and maintenance impact capital expenditures, property operating and maintenance expense, and rental revenues. We actively manage our homes on a total portfolio basis to determine what capital and maintenance needs may be required and what opportunities we may have to generate additional revenues or expense savings from such expenditures. As a result of inflationary trends and/or imposition of or increases in tariffs, we may experience, as we have in the past, increased costs for certain materials and services necessary to improve and maintain our homes. We continue to actively manage the impact of these factors on these costs, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally. Our property improvement and maintenance costs could also increase due to severe weather events or other casualty events, as well as increasing insurance premiums, deductibles, or reduced insurance availability.

Previous wording

Property Acquisitions and Renovations: Future growth in rental revenues and other property income may be impacted by our ability to identify and acquire homes, our pace of property acquisitions, and the time and cost required to renovate and lease a newly acquired home. Our ability to identify and acquire single-family homes that meet our investment criteria is impacted by home prices in targeted acquisition locations, the inventory of homes available for sale through our acquisition channels, and competition for our target assets. All of these factors may be negatively impacted by current inflationary trends and elevated interest rates, potentially reducing the number of homes we acquire.

Current wording

Property Development, Acquisitions, and Renovations: Future growth in rental revenues and other property income may be impacted by our ability to and the pace at which we identify and build or acquire homes and the time and cost required to renovate and lease those homes. We are also developing build-to-rent homes through third-party homebuilders and our ResiBuilt business, acquired in January 2026. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets, and inventory of homes currently under construction or newly developed. Our ability to identify and acquire single-family homes that meet our investment criteria is impacted by home prices in targeted acquisition locations, the inventory of homes available for sale through our acquisition channels, and competition for our target assets. All of these factors may be negatively impacted by current inflationary trends and elevated interest rates, potentially reducing the number of homes we acquire. The evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties could also limit our ability to acquire additional homes.

Previous wording

The acquisition of homes involves expenditures in addition to payment of the purchase price, including payments for acquisition fees, property inspections, closing costs, title insurance, transfer taxes, recording fees, broker commissions, property taxes, and HOA fees (when applicable). Additionally, we incur costs to renovate a home to prepare it for rental. The scope of renovation work varies, but may include paint, flooring, carpeting, cabinetry, appliances, plumbing hardware, roof replacement, HVAC replacement, and other items required to prepare the home for rental. The time and cost involved in accessing our homes and preparing them for rental can significantly impact our financial performance. The time to renovate a newly acquired property can vary significantly among homes for several reasons, including the property’s acquisition channel, the condition of the property, whether the property was vacant when acquired, and whether there are any state or local restrictions on our ability to complete renovations as an essential business function. Additionally, 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 have increased the time required to renovate our homes. As a result of inflationary trends and/or imposition of or increases in tariffs, we may experience, as we have in the past, increased costs for certain materials and services necessary to renovate our homes. We continue to actively manage these factors on the cost of renovations, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Current wording

The acquisition of homes involves expenditures in addition to payment of the purchase price, including payments for acquisition fees, property inspections, closing costs, title insurance, transfer taxes, recording fees, broker commissions, property taxes, and HOA fees (when applicable). Additionally, we incur costs to renovate acquired homes to prepare them for rent. The time and cost involved in preparing acquired homes for rent can significantly impact our financial performance. As a result of inflationary trends and/or imposition of or increases in tariffs, we may experience, as we have in the past, increased costs for certain materials and services necessary to renovate our homes. We continue to actively manage the cost of renovations, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Previous wording

Financing Arrangements: Financing arrangements directly impact our interest expense, our various debt instruments, and our ability to acquire and renovate homes. We have historically utilized indebtedness to fund the acquisition and renovation of new homes. Our current financing arrangements contain financial covenants and other terms and conditions, including variable interest rates in some cases, that are impacted by market conditions. Current macroeconomic conditions may continue to negatively affect volatility, availability of funds, and transaction costs (including interest rates) within financial markets. These factors may also negatively affect our ability to access financial markets as well as our business, results of operations, and financial condition. See Part I. Item 3. “Quantitative and Qualitative Disclosures about Market Risk” for further discussion regarding interest rate risk. Our future financing arrangements may not have similar terms with respect to amounts, interest rates, financial covenants, and durations.

Current wording

Financing Arrangements: Financing arrangements directly impact our interest expense, our various debt instruments, and our ability to acquire and renovate homes. We have historically utilized indebtedness to fund the acquisition and renovation of new homes. Our current financing arrangements contain financial covenants and other terms and conditions, including variable interest rates in some cases, that are impacted by market conditions. Current macroeconomic conditions may continue to negatively affect volatility, availability of funds, and transaction costs (including interest rates) within financial markets. These factors may also negatively affect our ability to access financial markets as well as our business, results of operations, and financial condition. Financial market uncertainty (including as a result of events affecting financial institutions) could also adversely affect credit availability and pricing. See Part I. Item 3. “Quantitative and Qualitative Disclosures about Market Risk” for further discussion regarding interest rate risk. Our future financing arrangements may not have similar terms with respect to amounts, interest rates, financial covenants, and durations.

Previous 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.

Current wording

Macroeconomic Conditions: Inflation, interest rate volatility, political dissension, labor market conditions, the evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties, 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. In addition, increases in property taxes and insurance costs could adversely affect our results of operations.

Previous wording

Other property income is comprised of: (i) resident reimbursements for utilities, HOA fines, and other charge-backs; (ii) rent and non-refundable deposits associated with pets; (iii) revenues from value-add services such as smart homes, internet and media packages, home liability insurance, and HVAC replacement filters; and (iv) various other fees, including late fees and lease termination fees, among others.

Current wording

Other property income is comprised of: (i) resident reimbursements for utilities, HOA fines, and other charge-backs; (ii) revenues from value-add services such as smart homes, internet and media packages, home liability insurance, and HVAC replacement filters; (iii) various other fees, including late fees and lease termination fees, among others; and (iv) rent and non-refundable deposits associated with pets.

Previous wording

General and administrative expense represents personnel costs, professional fees, and other costs associated with our day-to-day activities. General and administrative expense may also include expenses that are of a non-recurring nature, such as severance.

Current wording

General and administrative expense represents personnel costs, professional fees, and other costs associated with our day-to-day activities. General and administrative expense may also include expenses that are of a non-recurring nature, such as business reorganization costs.

Previous wording

We recognize depreciation and amortization expense associated with our homes and other capital expenditures over the expected useful lives of the assets.

Current wording

We recognize depreciation expense associated with our homes and other capital expenditures and amortization of intangible assets over the expected useful lives of the assets.

Previous wording

Casualty losses, impairment, and other represents provisions for impairment when the carrying amount of our single-family residential properties is not recoverable and casualty (gains) losses, net of any insurance recoveries.

Current wording

Casualty losses, impairment, and other represents casualty (gains) losses, net of any insurance recoveries, and provisions for impairment when the carrying amount of our single-family residential properties is not recoverable.

Previous 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.

Current wording

As of March 31, 2026 and 2025, we owned 85,970 and 85,261 single-family rental homes, respectively, in our total portfolio. During the three months ended March 31, 2026 and 2025, we acquired 261 and 577 homes, respectively, and sold 483 and 454 homes, respectively. During the three months ended March 31, 2026 and 2025, we owned an average of 86,128 and 85,189 single-family rental homes, respectively.

Previous wording

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

Current wording

As of March 31, 2026, our Same Store portfolio consisted of 78,141 single-family rental homes.

Previous 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.

Current wording

For the three months ended March 31, 2026 and 2025, total revenues were $734.1 million and $674.5 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

Previous 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.

Current wording

For the three months ended March 31, 2026 and 2025, total portfolio rental revenues and other property income totaled $670.5 million and $653.1 million, respectively, an increase of 2.7%, driven by an increase in average monthly rent per occupied home and a 939 home increase between periods in the average number of homes owned, partially offset by a 40 bps reduction in average occupancy.

Previous 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.

Current wording

Average occupancy for the three months ended March 31, 2026 and 2025 for the total portfolio was 94.8% and 95.2%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended March 31, 2026 and 2025 was $2,458 and $2,424, respectively, a 1.4% increase. For our Same Store portfolio, average occupancy was 96.3% and 97.2% for the three months ended March 31, 2026 and 2025, respectively, and average monthly rent per occupied home for the three months ended March 31, 2026 and 2025 was $2,474 and $2,421, respectively, a 2.2% increase.

Previous 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.

Current wording

The annualized turnover rate for the Same Store portfolio for the three months ended March 31, 2026 and 2025 was 21.4% and 20.0%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 61 and 48 days between residents for the three months ended March 31, 2026 and 2025, respectively.

Previous 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.

Current wording

Renewal lease net effective rental rate growth for the total portfolio averaged 3.6% and 5.1% for the three months ended March 31, 2026 and 2025, respectively, and new lease net effective rental rate growth for the total portfolio averaged (3.1)% and(0.2)% for the three months ended March 31, 2026 and 2025, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 3.7% and 5.2% for the three months ended March 31, 2026 and 2025, respectively, and new lease net effective rental rate growth averaged (3.0)% and (0.1)% for the three months ended March 31, 2026 and 2025, respectively.

Previous 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.

Current wording

For the three months ended March 31, 2026 and 2025, management fee revenues totaled $19.9 million and $21.4 million, respectively. The 7.3% decrease is primarily due to a decrease in the average number of homes for which we provide property and asset management services, which declined from 25,161 homes for the three months ended March 31, 2025 to 23,733 homes for the three months ended March 31, 2026.

Previous 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.

Current wording

For the three months ended March 31, 2026 and 2025, total expenses were $654.7 million and $575.8 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

Previous 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.

Current wording

For the three months ended March 31, 2026, property operating and maintenance expense increased to $251.1 million from $237.4 million for the three months ended March 31, 2025. The 5.8% increase in property operating and maintenance expense is primarily attributableto increases in property taxes and utilities, as well asa 939 home increase in the average number of homes owned between periods.

Previous 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.

Current wording

Property management expense and general and administrative expense increased to$71.6 million from$66.3 million for the three months ended March 31, 2026 and 2025, respectively, primarily due to increased personnel and other costs related to our homebuilding platform and overall increases in salary and burden.

Previous 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.

Current wording

Interest expense increased to $95.3 million for the three months ended March 31, 2026 from $84.3 million for the three months ended March 31, 2025. The increase in interest expense was primarily due to $689.0 million increase in gross debt outstanding, partially offset by a 5 bps decrease in our weighted average interest rate, in each case, as of March 31, 2026 compared to March 31, 2025.

Previous wording

Our share of losses from unconsolidated joint ventures was $7.9 million and $22.8 million for the nine months ended September 30, 2025 and 2024, respectively. The change was primarily driven by an increase in our share of income and distributions from the FNMA joint venture from 10.0% to 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement and gains on dispositions of homes within that portfolio.

Current wording

Our share of losses from unconsolidated joint ventures was $3.1 million and $5.2 million for the three months ended March 31, 2026 and 2025, respectively. The change was primarily driven by an increase in our share of income and distributions from the FNMA joint venture from 10.0% to 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement and gains on dispositions of homes within that portfolio.

Previous 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.

Current wording

Our liquidity and capital resources as of March 31, 2026 and December 31, 2025 include unrestricted cash and cash equivalents of $114.1 million and $130.0 million, respectively, a 12.2%decrease primarilydue to repurchases of shares of our common stock and the acquisition of ResiBuilt, as more fully described below. As of March 31, 2026, $1,190.0 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.

Previous wording

On October 28, 2025, our board of directors authorized a share repurchase program under which we may acquire shares of our common stock in the open market or negotiated transactions up to an aggregate purchase price of $500.0 million. Repurchases under the Share Repurchase Program, if any, will be made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities. The Share Repurchase Program does not have an expiration date.

Current wording

On April 27, 2026, our board of directors authorized a new share repurchase program under which we may acquire shares of our common stock in the open market or negotiated transactions up to an aggregate purchase price of $500.0 million.

Previous wording

(2)Variable interest rate loans are indexed to a Secured Overnight Financing Rate (“SOFR”) index rate determined by reference to a published forward-looking SOFR rate for the interest period relevant to such borrowing (“Term SOFR”), including any credit spread adjustments provided for in the terms of the underlying agreement (“Adjusted SOFR”), reflected as “S” in the table above.

Current wording

(2)Variable interest rate loans are indexed to a Secured Overnight Financing Rate (“SOFR”) index rate determined by reference to a published forward-looking SOFR rate for the interest period relevant to such borrowing (“Term SOFR”), reflected as “S” in the table above.

Previous wording

(6)As of September 30, 2025, interest rate is based on Term SOFR of 4.13% plus the applicable margin and a 0.10% credit spread adjustment for 2024 Term Loan and the Revolving Facility.

Current wording

(6)As of March 31, 2026, interest rate is based on Term SOFR of 3.66% plus the applicable margin for the 2024 Term Loan and the Revolving Facility.

Previous wording

(8)For unsecured debt and total debt, the weighted average interest rate is calculated based on September 30, 2025 Term SOFR of 4.13% adjusted for a 0.10% credit spread adjustment (Adjusted SOFR), where appropriate, and includes the impact of interest rate swap agreements effective as of that date.

Current wording

(8)For unsecured debt and total debt, the weighted average interest rate is calculated based on March 31, 2026 Term SOFR of 3.66%, and includes the impact of interest rate swap agreements effective as of that date.

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. Fluctuating economic conditions and uncertainty in financial markets may negatively impact our operating cash flow such that we are unable to make required debt service payments, which would result in an event of default for any debt instrument under whose loan agreement such payments were not made. Specifically, the collateral within individual borrower entities may underperform, resulting in cash flow shortfalls for debt service while consolidated cash flows are sufficient to fund our operations. If an event of default occurs for our secured debt, our loan agreements provide certain remedies, including our ability to fund shortfalls from consolidated cash flow; and such an event of default would not result in an immediate acceleration of the loan.

Current wording

General economic conditions in the United States have continued to fluctuate in recent quarters, and concerns persist regarding adverse macroeconomic conditions, such as inflation, interest rate volatility, political dissension, and labor market conditions. Fluctuating economic conditions and uncertainty in financial markets may negatively impact our operating cash flow such that we are unable to make required debt service payments, which would result in an event of default for any debt instrument under whose loan agreement such payments were not made. Specifically, the collateral within individual borrower entities may underperform, resulting in cash flow shortfalls for debt service while consolidated cash flows are sufficient to fund our operations. If an event of default occurs for our secured debt, our loan agreements provide certain remedies, including our ability to fund shortfalls from consolidated cash flow; and such an event of default would not result in an immediate acceleration of the loan.