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, 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.

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, 2026, we wholly own 85,961 homes for lease, jointly own 7,445 homes for lease, and provide professional third-party property and asset management services for an additional 15,354 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 homes proves that the choice and flexibility we offer are attractive to many people.

Previous wording

On January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), a leading fee homebuilder specializing in single-family rental communities with expertise in land development and construction general contracting across high-growth Southeast markets. The acquisition is a natural extension of our business and supports our growth strategy by adding homebuilding capabilities to our platform. By bringing land development and construction expertise in-house, we gain greater operational control over the development process, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets. We believe this internal development capacity will support our long-term growth strategy by providing a reliable pipeline of purpose-built rental homes tailored to our operational and quality standards.

Current wording

On January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), a leading fee homebuilder specializing in single-family rental communities with expertise in land development and construction general contracting across high-growth Southeast markets. The acquisition was a natural extension of our business and supports our growth strategy by adding homebuilding capabilities to our platform. By bringing land development and construction expertise in-house, we gain greater operational control over the development process, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets. We believe this internal development capacity will support our long-term growth strategy by providing a reliable pipeline of purpose-built rental homes tailored to our operational and quality standards.

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, (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.

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 assets, and (v) demand for our land development, fee-building, and build-to-rent operations, as well as 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, 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.

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 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. We believe the legislative uncertainty preceding the enactment of the Housing Act contributed to certain prospective institutional purchasers deferring or curtailing their acquisition activity, which has reduced demand for our build-to-rent communities and fee-build operations, as well as for our 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. Although the Housing Act includes an exception 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 such exceptions will be maintained or that future legislative or regulatory action will not further restrict institutional participation in the single-family housing market.

Previous wording

(5)As of June 30, 2026, represents homes located in San Antonio, Salt Lake City, Austin, and Nashville, outside of our 16 core markets.

Current wording

(5)As of September 30, 2026, includes 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, 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.

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 development, acquisitions, and renovations, financing arrangements, macroeconomic conditions, regulatory and policy development, and technology and data risks. 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 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.

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 70.3% of our rental revenues and other property income during the three months ended September 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

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.

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 supply and 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, interest rate increases, and labor shortages, uncertainty in financial markets which could adversely affect demand for our properties.

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. 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.

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, although there can be no assurance that we will continue to realize such advantages. 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

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.

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, although there can be no assurance that we will continue to realize such advantages.

Previous wording

Income (losses) from investments in unconsolidated joint ventures consists of our share of net earnings and losses from investments in unconsolidated joint ventures accounted for using the equity method.

Current wording

Income (losses) from investments in unconsolidated joint ventures consists of our share of net earnings and losses from investments in unconsolidated joint ventures accounted for using the equity method, including gains (losses) recognized in connection with the dissolution of joint ventures that result in consolidation of joint venture assets and liabilities.

Previous wording

Other, net includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.

Current wording

Other, net includes interest income, provision for credit losses, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.

Previous 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.

Current wording

As of September 30, 2026 and 2025, we owned 85,961and 86,139 single-family rental homes, respectively, in our total portfolio. During the three months ended September 30, 2026 and 2025, we acquired 1,110 and 526 homes, respectively, and sold 658 and 292 homes, respectively. During the three months ended September 30, 2026 and 2025, we owned an average of 85,409 and 86,016 single-family rental homes, respectively. During the nine months ended September 30, 2026 and 2025, we acquired 1,567 and 2,042 homes, respectively, and sold 1,798 and 1,041 homes, respectively. During the nine months ended September 30, 2026 and 2025, we owned an average of 85,782 and 85,573 single-family rental homes, respectively. The number of homes acquired for the three and nine months ended September 30, 2026 includes 894 homes consolidated as a result of the Pathway Transaction (as more fully described and defined in “— Liquidity and Capital Resources”).

Previous wording

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

Current wording

As of September 30, 2026, our Same Store portfolio consisted of 76,687 single-family rental homes.

Previous 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.

Current wording

For the three months ended September 30, 2026 and 2025, total revenues were $731.3 million and $688.2 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, 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.

Current wording

For the three months ended September 30, 2026 and 2025, total portfolio rental revenues and other property income totaled $675.5 million and $666.2 million, respectively, an increase of 1.4%, driven by an increase in average monthly rent per occupied home and a 60 bps increase in average occupancy, partially offset by a 607 home decrease between periods in the average number of homes owned.

Previous 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.

Current wording

Average occupancy for the three months ended September 30, 2026 and 2025 for the total portfolio was 95.4% and 94.8%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended September 30, 2026 and 2025 was $2,466 and $2,447, respectively, a 0.8% increase. For our Same Store portfolio, average occupancy was 96.4% and 96.5% for the three months ended September 30, 2026 and 2025, respectively, and average monthly rent per occupied home for the three months ended September 30, 2026 and 2025 was $2,492 and $2,448, respectively, a 1.8% increase.

Previous 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.

Current wording

The annualized turnover rate for the Same Store portfolio for the three months ended September 30, 2026 and 2025 was 24.9% and 25.2%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 47 and 45 days between residents for the three months ended September 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 3.2% 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.

Current wording

Renewal lease net effective rental rate growth for the total portfolio averaged 4.3% and 4.5% for the three months ended September 30, 2026 and 2025, respectively, and new lease net effective rental rate growth for the total portfolio averaged 0.1% and(0.9)% for the three months ended September 30, 2026 and 2025, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.3% and 4.5% for the three months ended September 30, 2026 and 2025, respectively, and new lease net effective rental rate growth averaged(0.2)% and(0.7)% for the three months ended September 30, 2026 and 2025, respectively.

Previous 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.

Current wording

For the three months ended September 30, 2026 and 2025, management fee revenues totaled $19.9 million and $22.0 million, respectively. The 9.5% decrease was primarily attributable to a lower average number of homes for which we provide property and asset management services, which decreased from 24,251 homes during the three months ended September 30, 2025 to 23,586 homes during the three months ended September 30, 2026, as well as lower disposition fee revenue.

Previous wording

For the three months ended June 30, 2026, homebuilding revenues totaled $49.5 million related to our acquisition of ResiBuilt on January 14, 2026.

Current wording

For the three months ended September 30, 2026, homebuilding revenues totaled $35.8 million related to our acquisition of ResiBuilt on January 14, 2026.

Previous 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.

Current wording

For the three months ended September 30, 2026 and 2025, total expenses were $664.2 million and $597.2 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, 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.

Current wording

For the three months ended September 30, 2026, property operating and maintenance expense increased to $264.2 million from $259.0 million for the three months ended September 30, 2025. The 2.0% increase in property operating and maintenance expense is primarily attributableto increases in utilities and HOA expense.

Previous wording

For the three months ended June 30, 2026, homebuilding cost of sales totaled $42.2 million related to our acquisition of ResiBuilt on January 14, 2026.

Current wording

For the three months ended September 30, 2026, homebuilding cost of sales totaled $32.0 million related to our acquisition of ResiBuilt on January 14, 2026.

Previous 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.

Current wording

Interest expense increased to $92.0 million for the three months ended September 30, 2026 from $90.8 million for the three months ended September 30, 2025. The increase in interest expense was primarily attributable to a $236.3 million increase in the weighted average debt balance outstanding between periods.

Previous 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.

Current wording

Depreciation and amortization expense increased to $195.8 million for the three months ended September 30, 2026 from $188.5 million for thethree months ended September 30, 2025 due to increased amortization of intangible assets related to our newly acquired homebuilding platform, increased corporate depreciation related to technology improvements, and higher real estate depreciation resulting from cumulative capital expenditures.

Previous 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.

Current wording

Casualty losses, impairment, and other expenses were $6.8 million and $3.4 million for the three months ended September 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 $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.

Current wording

Gain on sale of property, net of tax was $136.2 million and $45.5 million for the three months ended September 30, 2026 and 2025, respectively. Theincrease resulted from an increase in the number of homes sold from 292 for the three months ended September 30, 2025 to 658 for the three months ended September 30, 2026 and an increase in the disposition proceeds received per home between periods.

Previous wording

The following table sets forth a comparison of the results of operations for the six months ended June 30, 2026 and 2025:

Current wording

The following table sets forth a comparison of the results of operations for the nine months ended September 30, 2026 and 2025:

Previous wording

For the six months ended June 30, 2026 and 2025, total revenues were $1,481.7 million and $1,355.9 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, 2026 and 2025, total revenues were $2,212.9 million and $2,044.0 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, 2026 and 2025, total portfolio rental revenues and other property income totaled $678.4 million and $659.1 million, respectively, an increase of 2.9%, driven by an increase in average monthly rent per occupied home, a 293 home increase between periods in the average number of homes owned, and a 30 bps increase in average occupancy.

Current wording

For the nine months ended September 30, 2026 and 2025, total portfolio rental revenues and other property income totaled $2,024.4 million and $1,978.4 million, respectively, an increase of 2.3%, driven by an increase in average monthly rent per occupied home and a 20 bps increase in average occupancy.

Previous wording

Average occupancy for the six months ended June 30, 2026 and 2025 for the total portfolio was 95.3% and 95.4%, respectively. Average monthly rent per occupied home for the total portfolio for the six months ended June 30, 2026 and 2025 was $2,459 and $2,429, respectively, a 1.2% increase. For our Same Store portfolio, average occupancy was 96.7% and 97.3% for the six months ended June 30, 2026 and 2025, respectively, and average monthly rent per occupied home for the six months ended June 30, 2026 and 2025 was $2,475 and $2,424, respectively, a 2.1% increase.

Current wording

Average occupancy for the nine months ended September 30, 2026 and 2025 for the total portfolio was 95.4% and 95.2%, respectively. Average monthly rent per occupied home for the total portfolio for the nine months ended September 30, 2026 and 2025 was $2,461 and $2,435, respectively, a 1.1% increase. For our Same Store portfolio, average occupancy was 96.6% and 97.0% for the nine months ended September 30, 2026 and 2025, respectively, and average monthly rent per occupied home for the nine months ended September 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 six months ended June 30, 2026 and 2025 was 21.9% and 22.3%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 54 and 44 days between residents for the six 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.

Current wording

The annualized turnover rate for the Same Store portfolio for the nine months ended September 30, 2026 and 2025 was 22.7% and 23.3%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 52 and 44 days between residents for the nine months ended September 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 3.4% and 4.9% for the six months ended June 30, 2026 and 2025, respectively, and new lease net effective rental rate growth for the total portfolio averaged (1.2)% and 0.9% for the six months ended June 30, 2026 and 2025, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 3.5% and 4.9% for the six months ended June 30, 2026 and 2025, respectively, and new lease net effective rental rate growth averaged (1.1)% and 1.0% for the six months ended June 30, 2026 and 2025, respectively.

Current wording

Renewal lease net effective rental rate growth for the total portfolio averaged 3.7% and 4.7% for the nine months ended September 30, 2026 and 2025, respectively, and new lease net effective rental rate growth for the total portfolio averaged (0.8)% and 0.3% for the nine months ended September 30, 2026 and 2025, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 3.7% and 4.8% for the nine months ended September 30, 2026 and 2025, respectively, and new lease net effective rental rate growth averaged (0.8)% and 0.4% for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

Other property income for the six months ended June 30, 2026 increased compared to June 30, 2025, 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, 2026 increased compared to September 30, 2025, 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, 2026 and 2025, management fee revenues totaled $39.6 million and $43.7 million, respectively. The 9.4% decrease was primarily driven by lower disposition management fee revenue, with the number of homes disposed decreasing by 666 homes during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Additionally, the average number of homes for which we provide property and asset management services decreased from 24,958 homes for the six months ended June 30, 2025 to 23,739 homes for the six months ended June 30, 2026.

Current wording

For the nine months ended September 30, 2026 and 2025, management fee revenues totaled $59.5 million and $65.7 million, respectively. The 9.4% decrease was primarily attributable to a lower average number of homes for which we provide property and asset management services, which decreased from 24,722 homes for the nine months ended September 30, 2025 to 23,688 homes for the nine months ended September 30, 2026, as well as lower disposition fee revenue.

Previous wording

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

Current wording

For the nine months ended September 30, 2026, homebuilding revenues totaled $129.1 million after our acquisition of ResiBuilt on January 14, 2026.

Previous wording

For the six months ended June 30, 2026 and 2025, total expenses were $1,312.2 million and $1,155.4 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, 2026 and 2025, total expenses were $1,976.4 million and $1,752.6 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, 2026, property operating and maintenance expense increased to $506.8 million from $481.7 million for the six months ended June 30, 2025. The 5.2% increase in property operating and maintenance expense is primarily attributableto increases in utilities, property taxes, repairs and maintenance, and HOA expense.

Current wording

For the nine months ended September 30, 2026, property operating and maintenance expense increased to $771.0 million from $740.8 million for the nine months ended September 30, 2025. The 4.1% increase in property operating and maintenance expense is primarily attributableto increases in utilities, property taxes, repairs and maintenance, and HOA expense.

Previous 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.

Current wording

For the nine months ended September 30, 2026, homebuilding cost of sales totaled $113.3 million after our acquisition of ResiBuilt on January 14, 2026.