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 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.

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 June 30, 2026, we wholly own 85,509 homes for lease, jointly own 8,069 homes for lease, and provide professional third-party property and asset management services for an additional 15,639 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

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.

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, (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, and (v) demand for our land development, fee-building, and build-to-rent operations along with our construction and development lending activities. 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

The regulatory landscape affecting institutional ownership and acquisition of single-family rental properties continues to evolve. Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homes could limit our ability to acquire additional homes, require us to modify our growth, investment, development, or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect market dynamics, our business, and results of operations.In addition, expanded tenant-protection and rent regulation requirements (whether enacted or proposed) could increase our operating costs, reduce revenue, limit operational flexibility, and increase litigation and regulatory enforcement risk.

Current wording

The regulatory landscape affecting institutional ownership and acquisition of single-family rental properties continues to evolve. Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homes, including but not limited to the 21st Century ROAD to Housing Act that became federal law on July 11, 2026 (the “Housing Act”), could limit our ability to acquire additional homes, require us to modify our growth, investment, development, or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect market dynamics, our business, and results of operations, financial condition, or cash flows. In addition, expanded tenant-protection and rent regulation requirements (whether enacted or proposed) could increase operating costs, reduce revenue, limit operational flexibility, and increase litigation and regulatory enforcement risk. The legislative uncertainty stemming from the various iterations of the Housing Act has also caused prospective institutional purchasers to defer or curtail acquisition activity, reducing demand for build-to-rent communities and fee-build operations, as well as the need for construction and development lending. To the extent institutional demand remains constrained, our revenues, margins, and returns on invested capital in these business activities could be materially adversely affected, and if institutional capital is redirected away from single-family housing, our ability to maintain a pipeline of controlled lots on favorable terms through joint ventures, land banking arrangements, or similar structures could be impaired. Even where final legislation preserves exemptions for build-to-rent development, the implementing regulatory framework may impose compliance costs or operational constraints that diminish the attractiveness of these programs to us, institutional investors, or our partners, and there can be no assurance that current exemptions will be maintained or that future legislative or regulatory action will not further restrict institutional participation in the single-family housing market.

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 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.

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 70.4% of our rental revenues and other property income during the three months ended June 30, 2026. We actively monitor the impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as market fundamentals shift.

Previous 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.

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.

Previous wording

Regulatory and Policy Risks: Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homes could limit our ability to acquire additional homes, require us to modify our growth, investment, development, or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect market dynamics, our business, and results of operations. In addition, expanded tenant-protection and rent regulation requirements (whether enacted or proposed) could increase our operating costs, reduce revenue, limit our operational flexibility, and increase our litigation and regulatory enforcement risk. As this policy landscape continues to evolve, we remain committed to working constructively with policymakers at all levels to support housing supply and availability, and we believe that well-managed, professionally operated rental housing serves an important role in expanding access to quality homes for American families.

Current wording

Regulatory and Policy Risks: Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homes, including but not limited to the Housing Act, could limit our ability to acquire additional homes, require us to modify our growth, investment, development, or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect market dynamics, our business, and results of operations, financial condition, or cash flows. In addition, expanded tenant-protection and rent regulation requirements (whether enacted or proposed) could increase operating costs, reduce revenue, limit operational flexibility, and increase litigation and regulatory enforcement risk. As this policy landscape continues to evolve, we remain committed to working constructively with policymakers at all levels to support housing supply and availability, and we believe that well-managed, professionally operated rental housing serves an important role in expanding access to quality homes for American families.

Previous 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.

Current wording

As of June 30, 2026 and 2025, we owned 85,509 and 85,905 single-family rental homes, respectively, in our total portfolio. During the three months ended June 30, 2026 and 2025, we acquired 196 and 939 homes, respectively, and sold 657 and 295 homes, respectively. During the three months ended June 30, 2026 and 2025, we owned an average of 85,798 and 85,505 single-family rental homes, respectively. During the six months ended June 30, 2026 and 2025, we acquired 457 and 1,516 homes, respectively, and sold 1,140 and 749 homes, respectively. During the six months ended June 30, 2026 and 2025, we owned an average of 85,962 and 85,349 single-family rental homes, respectively.

Previous wording

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

Current wording

As of June 30, 2026, our Same Store portfolio consisted of 77,326 single-family rental homes.

Previous 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.

Current wording

For the three months ended June 30, 2026 and 2025, total revenues were $747.6 million and $681.4 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

Previous 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.

Current wording

Average occupancy for the three months ended June 30, 2026 and 2025 for the total portfolio was 95.9% and 95.6%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended June 30, 2026 and 2025 was $2,460 and $2,434, respectively, a 1.1% increase. For our Same Store portfolio, average occupancy was 97.1% and 97.3% for the three months ended June 30, 2026 and 2025, respectively, and average monthly rent per occupied home for the three months ended June 30, 2026 and 2025 was $2,480 and $2,431, respectively, a 2.0% increase.

Previous 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.

Current wording

The annualized turnover rate for the Same Store portfolio for the three months ended June 30, 2026 and 2025 was 22.8% and 24.6%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 46 and 40 days between residents for the three months ended June 30, 2026 and 2025, 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 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.

Current wording

Renewal lease net effective rental rate growth for the total portfolio averaged 3.2% and 4.6% for the three months ended June 30, 2026 and 2025, respectively, and new lease net effective rental rate growth for the total portfolio averaged 1.1% and 2.0% for the three months ended June 30, 2026 and 2025, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 3.3% and 4.7% for the three months ended June 30, 2026 and 2025, respectively, and new lease net effective rental rate growth averaged 1.1% and 2.1% for the three months ended June 30, 2026 and 2025, respectively.

Previous 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.

Current wording

For the three months ended June 30, 2026 and 2025, management fee revenues totaled $19.7 million and $22.3 million, respectively. The 11.5% decrease was primarily driven by lower disposition management fee revenue, with the number of homes disposed decreasing by 431 homes during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Additionally, the average number of homes for which we provide property and asset management services decreased from 24,770 homes during the three months ended June 30, 2025 to 23,744 homes during the three months ended June 30, 2026.

Previous 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.

Current wording

For the three months ended June 30, 2026 and 2025, total expenses were $657.5 million and $579.6 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

Previous 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.

Current wording

For the three months ended June 30, 2026, property operating and maintenance expense increased to $255.7 million from $244.3 million for the three months ended June 30, 2025. The 4.7% increase in property operating and maintenance expense is primarily attributableto increases in utilities, property taxes, and HOA expense.

Previous 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.

Current wording

Interest expense increased to $94.0 million for the three months ended June 30, 2026 from $87.4 million for the three months ended June 30, 2025. The increase in interest expense was primarily due to $339.8 million increase in gross debt outstanding, partially offset by a 6 bps decrease in our weighted average interest rate, in each case, as of June 30, 2026 compared to June 30, 2025.

Previous wording

Depreciation and amortization expense increased to $193.1 million for the three months ended March 31, 2026 from $183.1 million for the three months ended March 31, 2025 due to higher real estate depreciation resulting from cumulative capital expenditures, increased corporate depreciation related to technology improvements and new automobiles for our field personnel, and increased amortization of intangible assets related to our newly acquired homebuilding platform.

Current wording

Depreciation and amortization expense increased to $194.3 million for the three months ended June 30, 2026 from $185.5 million for thethree months ended June 30, 2025 due to higher real estate depreciation resulting from cumulative capital expenditures, increased corporate depreciation related to technology improvements and new automobiles for our field operations, and increased amortization of intangible assets related to our newly acquired homebuilding platform.

Previous wording

Casualty losses, impairment, and other expenses were $4.3 million and $4.7 million for the three months ended March 31, 2026 and 2025, respectively. Expense during both periods is primarily comprised of casualty and other insurance losses and reserves.

Current wording

Casualty losses, impairment, and other expenses were $4.2 million and $3.0 million for the three months ended June 30, 2026 and 2025, respectively. Expense during both periods is primarily comprised of casualty and other insurance losses and reserves.

Previous wording

Gain on sale of property, net of tax was $87.1 million and $71.7 million for the three months ended March 31, 2026 and 2025, respectively. Theincrease resulted from an increase in the disposition proceeds received per home between periods and an increase in the number of homes sold from 454 for the three months ended March 31, 2025 to 483 for the three months ended March 31, 2026.

Current wording

Gain on sale of property, net of tax was $132.3 million and $46.6 million for the three months ended June 30, 2026 and 2025, respectively. Theincrease resulted from an increase in the number of homes sold from 295 for the three months ended June 30, 2025 to 657 for the three months ended June 30, 2026 and an increase in the disposition proceeds received per home between periods.

Previous 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.

Current wording

For the six months ended June 30, 2026 and 2025, total portfolio rental revenues and other property income totaled $1,348.9 million and $1,312.2 million, respectively, an increase of 2.8%, driven by an increase in average monthly rent per occupied home and a 613 home increase between periods in the average number of homes owned, partially offset by a 10 bps reduction in average occupancy.

Previous wording

For the three months ended March 31, 2026, homebuilding revenues totaled $43.7 million after our acquisition of ResiBuilt on January 14, 2026.

Current wording

For the six months ended June 30, 2026, homebuilding revenues totaled $93.2 million after our acquisition of ResiBuilt on January 14, 2026.

Previous 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.

Current wording

Property management expense and general and administrative expense increased to$138.7 million from$125.7 million for the six months ended June 30, 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

For the three months ended March 31, 2026, homebuilding cost of sales totaled $39.1 million after our acquisition of ResiBuilt on January 14, 2026.

Current wording

For the six months ended June 30, 2026, homebuilding cost of sales totaled $81.3 million after our acquisition of ResiBuilt on January 14, 2026.

Previous 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.

Current wording

Our share of losses from unconsolidated joint ventures was $5.5 million and $10.0 million for the six months ended June 30, 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

Other, net decreased to $2.3 million of expense for the three months ended March 31, 2026 from $1.1 million of income for the three months ended March 31, 2025, primarily due to increased transaction costs and expenditures for certain litigation and regulatory matters.

Current wording

Other, net increased to $2.6 million of expense for the six months ended June 30, 2026 from $1.1 million of expense for the six months ended June 30, 2025, primarily due to increased transaction costs and expenditures for certain litigation and regulatory matters, partially offset by increased miscellaneous income.

Previous 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.

Current wording

Our liquidity and capital resources as of June 30, 2026 and December 31, 2025 include unrestricted cash and cash equivalents of $75.8 million and $130.0 million, respectively, a 41.7%decrease primarily due to repurchases of shares of our common stock and the acquisition of Resibuilt as more fully described below. As of June 30, 2026, $1,470.0 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

From time to time, our board of directors may authorize share repurchase programs pursuant to which we may acquire shares of our common stock through open market purchases or negotiated transactions, including through Rule 10b5-1 plans. Unless otherwise specified, share repurchase programs do not have an expiration date. On October 28, 2025, our board of directors authorized repurchases of shares of our common stock up to an aggregate purchase price of $500.0 million. During the three months ended March 31, 2026, we completed this initial authorization by repurchasing 17,101,046 shares of our common stock for a total cost of $439.1 million, including legal fees and commissions.

Current wording

From time to time, our board of directors may authorize share repurchase programs pursuant to which we may acquire shares of our common stock through open market purchases or negotiated transactions, including through Rule 10b5-1 plans. Unless otherwise specified, share repurchase programs do not have an expiration date. On October 28, 2025 and April 27, 2026, our board of directors authorized separate share repurchase programs, under which we may acquire shares of our common stock through the open market or negotiated transactions up to an aggregate purchase price of $500.0 million pursuant to each program.

Previous wording

(4)IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees.

Current wording

(4)IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees. On July 9, 2026, we used proceeds from the issuance of unsecured notes to make a $488.0 million voluntary prepayment on the outstanding principal balance of IH 2017-1 and incurred a prepayment premium of $4.9 million.

Previous 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.

Current wording

(6)As of June 30, 2026, interest rate is based on Term SOFR of 3.65% 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 March 31, 2026 Term SOFR of 3.66%, 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 June 30, 2026 Term SOFR of 3.65%, and includes the impact of interest rate swap agreements effective as of that date.

Previous wording

We believe our rental income, net of total expenses, will generally provide cash flow sufficient to fund operations and dividend payments on a short-term basis. Additionally, we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the financing of one of our joint ventures. We do not expect these guarantees to have a material current or future effect on our liquidity. See Part I. Item 1. “Financial Statements — Note 5 of Notes to Condensed Consolidated Financial Statements” for additional information about our investments in unconsolidated joint ventures.

Current wording

We believe our rental income, net of total expenses, will generally provide cash flow sufficient to fund operations and dividend payments on a short-term basis. Additionally, we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the financing of one of our joint ventures. We do not expect these guarantees to have a material current or future effect on our liquidity.

Previous wording

Our real estate assets are illiquid in nature. A timely liquidation of assets may not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing sources, such as the Revolving Facility which had an undrawn balance of $1,190.0 million as of March 31, 2026.

Current wording

Our real estate assets are illiquid in nature. A timely liquidation of assets may not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing sources, such as the Revolving Facility which had an undrawn balance of $1,470.0 million as of June 30, 2026.

Previous wording

The following table summarizes our cash flows for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our cash flows for the six months ended June 30, 2026 and 2025:

Previous wording

Our cash flows provided by operating activities depend on numerous factors, including the occupancy level of our homes, the rental rates achieved on our leases, the collection of rent from our residents, and the amount of other operating revenues and expenses. Net cash provided by operating activities was $293.0 million and $300.5 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of 2.5%. The decrease in cash provided by operating activities is primarily due to a net$8.0 million of cash used by operations between periods from changes in operating assets and liabilities.

Current wording

Our cash flows provided by operating activities depend on numerous factors, including the occupancy level of our homes, the rental rates achieved on our leases, the collection of rent from our residents, and the amount of other operating revenues and expenses. Net cash provided by operating activities was $676.7 million and $683.0 million for the six months ended June 30, 2026 and 2025, respectively, a decrease of 0.9%. The decrease in cash provided by operating activities is primarily due to a net$13.1 million of cash used in operations between periods from changes in operating assets and liabilities, partially offset by improved operational profitability.

Previous wording

Net cash used in investing activities consists primarily of expenditures for the acquisition, initial renovations, and ongoing capital improvements to our homes, the purchase price of our recent homebuilding platform acquisition, fundings of construction loans, investments in unconsolidated joint ventures and land and construction in progress, partially offset by proceeds from property sales and distributions from joint ventures.

Current wording

Net cash provided by (used in) investing activities consists primarily of proceeds from property sales and distributions from joint ventures, partially offset by expenditures for the acquisition, initial renovations, and ongoing capital improvements to our homes, the purchase price of our recent homebuilding platform acquisition, fundings of construction loans, investments in unconsolidated joint ventures and land and construction in progress.

Previous wording

Net cash used in investing activities was $52.3 million and $114.2 million for the three months ended March 31, 2026 and 2025, respectively, a decreaseof $61.9 million. The netdecrease in cash used in investing activities resulted primarily from the combined effect of the following significant changes in cash flows period over period:(1) a decrease in cash used for the acquisition and initial renovations of homes;(2) the purchase of a homebuilding platform in the current period; (3) an increase in cash proceeds from other investing activities; and (4)an increase in cash proceeds received from the sale of single-family homes. Acquisition and initial renovation spend decreased by $121.8 million from period to period due to a decrease in the number of homes acquired from 577 during the three months ended March 31, 2025 to 261 homes acquired during the three months ended March 31, 2026. On January 14, 2026, we paid $91.1 million for the acquisition of ResiBuilt. Cash provided by other investing activities increased by $28.9 million period over period, primarily due to insurance proceeds received in the current period related to property damage caused by hurricanes in prior periods. Proceeds from the sale of single-family homes increased $22.5 million due to an increase in the number of homes sold from 454 during the three months ended March 31, 2025 to 483 homes sold during the three months ended March 31, 2026 and an increase in average net proceeds per home.

Current wording

Net cash provided by (used in) investing activities was $81.1 million and $(416.9) million for the six months ended June 30, 2026 and 2025, respectively, an increaseof $498.0 million. The netincreasein cash provided by investing activities resulted primarily from the combined effect of the following significant changes in cash flows period over period:(1) a decrease in cash used for the acquisition and initial renovations of homes;(2)an increase in cash proceeds received from the sale of single-family homes;(3) the purchase of a homebuilding platform in the current period; and (4) an increase in cash used for fundings of construction loans.

Previous wording

Net cash used in financing activities was $222.6 million for the three months ended March 31, 2026 compared to $287.4 million for the three months ended March 31, 2025. The change between periods is primarily due to the following financing transactions. During thethree months ended March 31, 2026, wecompleted the repurchase of $447.2 million of shares of our common stock under our share repurchase programs. No such repurchases occurred during the three months ended March 31, 2025. For the three months ended March 31, 2026, $415.0 million of proceeds from our Revolving Facility and proceeds from the sale of homes were used to fund the acquisition of ResiBuilt and share repurchase activity during the quarter. For the three months ended March 31, 2025, we made $100.0 million of net payments on the Revolving Facility. We also made dividend and distribution payments totaling$185.2 million during thethree months ended March 31, 2026 compared to$178.8 million during thethree months ended March 31, 2025, which were funded by cash flows from operations.

Current wording

Net cash used in financing activities was $785.3 million for the six months ended June 30, 2026 compared to $402.0 million for the six months ended June 30, 2025. The change between periods is primarily due to the following financing transactions. During thesix months ended June 30, 2026, wecompleted the repurchase of $547.3 million of shares of our common stock under our share repurchase programs. No such repurchases occurred during the six months ended June 30, 2025. For the six months ended June 30, 2026, $135.0 million of net proceeds from our Revolving Facility and proceeds from the sale of homes were used to acquire ResiBuilt and repurchase shares of our common stock. For the six months ended June 30, 2025, we made $30.0 million of net payments on the Revolving Facility. We also made dividend and distribution payments totaling$365.5 million during thesix months ended June 30, 2026 compared to $358.1 million during thesix months ended June 30, 2025, which were funded by cash flows from operations.

Previous wording

(1)Includes estimated payments for the remaining nine months of 2026.

Current wording

(1)Includes estimated payments for the remaining six months of 2026.

Previous wording

(4)Interest is calculated at rates in effect as of March 31, 2026, including the indexed rate, any applicable margin, and that rate is held constant until the maturity date. As of March 31, 2026, Term SOFR was 3.66%.

Current wording

(6)Interest is calculated at rates in effect as of June 30, 2026, including the indexed rate, any applicable margin, and that rate is held constant until the maturity date. As of June 30, 2026, Term SOFR was 3.65%.

Previous wording

(5)Calculated based on the maturity date if we exercise each of the remaining extension options available, which are subject to certain conditions being met. See Part I. Item 1. “Financial Statements — Note 7 of Notes to Condensed Consolidated Financial Statements” for a description of maturity dates without consideration of extension options.

Current wording

(7)Calculated based on the maturity date if we exercise each of the remaining extension options available, which are subject to certain conditions being met. See Part I. Item 1. “Financial Statements — Note 7 of Notes to Condensed Consolidated Financial Statements” for a description of maturity dates without consideration of extension options.