#1Investor Presentation November 2023 invitation homes™ Together with you, we make a house a home.#2Key Takeaways And Updates We are the nation's premier single-family home leasing company, with an emphasis on the resident experience Our October 2023 Same Store results: I I Renewal lease rate growth of 7.0% (versus 6.6% in 3Q23), reflecting continued monthly acceleration since July 2023 New lease rate growth of 2.0% (versus 5.2% in 3Q23), indicating an expected return to more normal seasonality Blended lease rate growth of 5.4% (versus 6.2% in 3Q23), our strongest-ever October result outside of 2021-2022 Average occupancy generally remaining steady with 3Q23 average of 96.9% Our best-in-class resident experience focuses on choice, flexibility, and convenience, with a high level of service that is unique among an industry comprised mostly of smaller operators Supply and demand fundamentals for SFR housing expected to remain favorable, with the millennial population just beginning to reach our average new resident age (T12M) of 38.1 years old In all 16 of our core markets, it is more affordable to lease a home than it is to buy, by a weighted average savings of over $1,100 per month or 32%, according to data from John Burns as of 3Q23 We believe our emphasis on location, scale and eyes in markets is an evergreen strategy that offers us many competitive advantages 2 Atlanta invitation homes#3A Business Model For All Seasons We believe our portfolio and proven strategy position us well to weather periods of economic uncertainty The location and quality of our homes attract a higher-end SFR customer; new residents (T12M) have an average annual income of over $142,000 and an income-to-rent ratio of 5.2x as of 3Q23 Our investment-grade rated balance sheet provides us with nearly $1.8 billion of liquidity as of September 30, 2023, and we have no debt reaching final maturity prior to 2026, 99.4% of our debt is fixed rate or swapped to fixed rate, 83.5% of our homes are unencumbered, and over 75% of our debt is unsecured In August 2023, Fitch Ratings revised its rating outlook for the Company to "Positive" from "Stable" and affirmed the Company's ratings, including the "BBB" Long-Term Issuer Default Ratings According to John Burns, national average single-family rent growth has never had a meaningful decline in nearly forty years of tracking the data Single-Family Asking Rent vs. Apartment Rent National YOY % change 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 2.2% 1997 1998 1999 2000 2001 1.8% 2002 2003 2004 2005 2006 2007 Single-family rent growth: top 20 metros -Single-family rent growth Apartment rent growth (1) Source: John Burns Real Estate Consulting, Burns Single-Family Rent Index, published September 2023. 0.3% -0.1% -2.8% 2008 2009 2010 2011 2012 2013 2014 -2.1%- z 3.6% 3.5% 2015 2016 2017 2018 2019 2020 2021 2022 Current 0.7% National SFR rent growth is more insulated and has historically stayed positive even in recessionary periods (shaded in pink). invitation homes#4Our Commitment To ESG Read our April 2023 Sustainability Progress Overview online at www.Invitation Homes.com/Sustainability ENVIRONMENTAL GOVERNANCE ► Resident education on energy efficiency ► ENERGY STAR® certified appliances and durable, energy-efficient materials ▸ Smart Home technology and HVAC filter delivery program Water-saving landscape designs ► Anchor investment in Fifth Wall Climate Tech Fund SOCIAL Genuine Care commitment to our residents Associates' pay linked to resident service and ESG ► Employee Resource Groups and training foster DE&I $250 million investment in Pathway Homes ► Coordinated philanthropy and volunteer efforts Top-ranked governance (¹) ► 90% of directors independent ► Quarterly ESG board updates ▸ Robust risk management ▸ Opted out of MUTA (1) Achieved top score among all REITs in Green Street Advisors' corporate governance rankings, dated July 13, 2023. 4 invitation homes#51. Strategic Approach To Growth South Florida 10484 5 invitation homes#6Differentiated Portfolio And Platform We are strategically positioned around three pillars that enhance growth and the resident experience Track Record of Sector-Leading Growth and High-Quality Resident Experience Location • We believe infill locations create insulation from new supply • ~96% of portfolio in Western U.S., Sunbelt, and Florida In-fill neighborhoods High barriers to homeownership Outsized LT growth drivers ● ● ● Scale Average of nearly 5,300 homes in each of our 16 core markets >98% of revenue from markets with ~2,000+ homes Density drives service efficiency and revenue management intel 6 Eyes in Markets 20 in-house investment professionals in markets ● • ~1,000 operations personnel across 36 local home pods serving our 16 core markets Proactive "ProCare" service visits by in-house techs Local, in-house control of the resident experience invitation homes#7Multi-Channel Approach To Acquisitions Our multi-channel approach puts eyes on more opportunities and maximizes selectivity We believe our multi-channel acquisition approach enables significant external growth in better locations without on-balance-sheet development risk (1) Broker/MLS Leverage Acquisition IQ and broker network to maximize deal flow Auction Participate in municipal and county auctions Channel under consideration. iBuyers Positioned to be "buyer of choice" as the iBuyer market continues to grow Channel agnostic, location specific In SOLD K 1000 w invitation homes 7 X Builder Partnerships Foster relationships to target new-build supply in targeted neighborhoods ## Investor Consolidation Active aggregation of 5+ unit investor portfolios Sale Leaseback (1) Developing program targeting supply owned by individuals interested in transitioning to leasing lifestyle invitation homes#8Differentiated Approach To Build-To-Rent (BTR) We partner with the nation's best homebuilders rather than competing directly against them Our homebuilder-relationship approach to BTR offers what we believe are comparable investment yields of 6%+ with few of the risks of on-balance sheet BTR development We recently announced that Alicia MacPhee, our SVP Operations East, will move into the newly created role of SVP BTR Asset Management, to oversee and capture additional value from our BTR growth and operations As of September 30, 2023, our BTR pipeline was nearly 2,000 homes or over $750M with some of the nation's largest and best homebuilders including Pulte, Lennar, and many others TOHOQUA LENNAR HOMES PULTE HOMES PULTE ACTIVE ADULT RESIDENTS CLUB TOHOQUA.COM Orlando TENNIS V Ma 990 Orlando We enter into each new contract on a project by project basis, with Invitation Homes remaining selective on pricing and location Our homebuilder partners develop homes at the highest level of quality that an end-user would expect, along with our customary finishes that further harden and extend the life of the asset Each home includes standard homebuilder warranties and guarantees, keeping our expected OpEx costs low for many years invitation homes#9Leveraging Our Best-In-Class Property Management Playbook Capital-light opportunity to meaningfully grow AFFO/share with owners of large SFR portfolios Key benefits for Invitation Homes: ▸ Drive meaningful AFFO/sh growth and margin expansion with value-add platform & minimal capital investment ► High margin revenue stream in a high-barrier sector where efficient third-party managers are scarce ▸ Add value to the core business by increasing scale in markets where we own homes ▸ Create a pipeline of future acquisition opportunities with homes for which we have an information advantage ► Provide a pathway to more easily scale into new markets that we find attractive Key benefits for portfolio owners: ► Access to our unmatched scale and platform, including our people and systems ► Engage our coast-to-coast expertise in managing diverse and geographically dispersed assets Key benefits for residents: ► Receive our trademark services, including ProCare and 24/7 emergency maintenance Realize substantial savings and convenience through our scale and value-added services invitation homes#10July 2023 Portfolio Acquisition Of Exceptionally Well-Located Homes High-growth portfolio that further enhances and leverages our scale and margin expansion opportunities ► 1,870 homes acquired from one seller in 3Q 2023 for approximately $645 million ► Over 90% of the homes overlap with our existing Sunbelt footprint, including within our Florida and Texas markets along with Las Vegas, Phoenix, Atlanta and the Carolinas This acquisition offers immediate benefits of scale at a value that we believe would have been impossible to replicate th one-off buying in today's environment We expect our best-in-class platform to help us achieve enhanced returns, starting with a Year 1 yield in the mid-5s that we anticipate will grow quickly thereafter Las Vegas 264 Phoenix 217 Number of homes in core markets Dallas 138 Houston 312 10 Atlanta 177 Tampa 347 Carolinas 98 Jacksonvill 42 Orlando 117 invitation homes#11Track Record Of Consistency And Sector-Leading Growth Differentiated locations, scale, and local expertise have driven consistent organic growth outperformance Invitation Homes AMH National Multifamily Coastal Multifamily Invitation Homes AMH National Multifamily Coastal Multifamily 2017 SS-NOI Growth 2.8% -6.1% 2.9% 2020 SS-NOI Growth AMH National Multifamily 5.1% Cumulative SS-NOI Growth (2017-2022) Invitation Homes Coastal Multifamily -1.5% 2.0% 7.4% 3.7% Invitation Homes AMH National Multifamily Coastal Multifamily 9.9% Invitation. Homes AMH National Multifamily Coastal Multifamily 2018 SS-NOI Growth -5.1% 2.3% 2.8% 2021 SS-NOI Growth 11 2.9% 2.9% 4.4% 9.4% 8.7% 28.9% Invitation Homes AMH National Multifamily Coastal Multifamily Invitation Homes AMH National Multifamily Coastal Multifamily 2019 SS-NOI Growth 35.5% $328M incremental IH SS-NOI 3.3% 2022 SS-NOI Growth 9.1% 3.7% 9.1% $158M incremental IH SS-NOI 4.2% 13.5% 46.6% $99M incremental IH SS-NOI 15.3% 5.6% (1) National Multifamily represents simple average of CPT, MAA, and UDR. Coastal Multifamily represents simple average of AVB, EQR, and ESS. Data, including non-GAAP measures, is from public filings. There can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies, including those mentioned above. invitation homes#12Denver 6388 II. Location & Scale 0 HAMMA 12 0 invitation homes#13Location: High-Growth Markets We focus on high-growth markets and in-fill neighborhoods with proximity to jobs, transportation, and schools ~96% of revenue from Western U.S., Sunbelt, and Florida 6.6% avg annual SS-NOI growth from 2017 to 2022 >34% more home price appreciation than U.S. avg since 2012 (¹) 1.8x more job growth than U.S. avg since 2012 (1) Seattle 6% Northern California 6% Southern California 11% Las Vegas 4% Phoenix 10% Denver 3% Dallas 3% Houston 2% 13 Minne- apolis 1% Percent of 3Q23 revenue Chicago 3% Atlanta 13% Tampa 10% Carolinas 6% Jacksonvill 2% Orlando 8% South Florida 12% (1) Sources: John Burns Real Estate Consulting, S&P CoreLogic Case-Shiller® Home Price Indices, August 2023. Growth rates are for the entire market in which IH owns homes, weighted by IH home count, and represent market-level data for the entire market rather than IH home-specific data. invitation homes#14Scale: Atlanta Case Study Our industry-leading scale enables us to operate efficiently with significant local presence in markets Atlanta - 12,752 Homes (¹) • 1 Vice President of Operations • 2 Director of Operations 1 • 5 Portfolio Directors • 12 Portfolio Mgmt. Personnel • 24 Leasing Personnel • 24 Customer Care Reps • 73 Maintenance Techs/RTM Personnel dartown Rockmart Rehab/Turn/R&M Director onville ATL 5 2,197 Homes invitation homes Heflin invitationhomes.com MANES 27 Rome Bremen ATL 1 2,771 Homes n Adairsyille Jasper 14 Atlanta Forest P Wy Griffin necres Dahlonega Jackson €9 M Chattahoochee- Oconee National Forest (Chatooga District) Toccoa ATL 2 2,757 Homes tary Athens Watkinsville, Madison Lavonia ATL 4 2,606 Homes Comer ATL 3 2,421 Homes Greensboro (1) In addition to the 12,752 wholly owned homes in Atlanta, there are 244 Atlanta homes owned by the 2020 Rockpoint JV, 15 Atlanta homes owned by the 2022 Rockpoint JV, and 181 Atlanta homes owned by the Pathway Homes JV that are managed by Invitation Homes; home counts as of 3Q23. Hart Sparta invitation homes#15Phoenix III. Eyes In Markets 9749 15 invitation homes#16Best-In-Class, Local Approach To Operations And Investing Local, high-touch service with eyes in markets enhances control over asset quality and the resident experience Central strategy, tools, and oversight 20 Field investment personnel 88,353 Homes (¹) Collaboration ~1,000 Field ops personnel covering 36 home pods Differentiated Approach Local resident service, leasing, and investment/asset management, with centralized oversight and tools Proactive resident care and asset preservation 16 Collaboration between operations, investment, and asset mgmt teams to identify opportunities and drive consistency In-house accountability for every step of the resident journey and life of the home Home-by-home asset management decision making Scale in markets to enhance efficiency and intel Superior Results Average resident satisfaction score of 4.5 / 5.0 in TTM Better Business Bureau accredited with an A+ rating TTM Same Store turnover rate of 23.9% at 3Q23 Same Store average occupancy of 96.9% at 3Q23 Residential sector-leading SS-NOI growth in each of the last six calendar years (6.6% per year on average) (1) Includes 84,697 wholly owned homes and 3,656 homes owned through joint ventures that are managed by Invitation Homes as of 3Q23. invitation homes™#17Proactive Resident Service And Asset Management ProCare proactive maintenance program designed to optimize each touch point with our residents and homes ProCare is our differentiated approach to service that leverages proactive engagement with residents and homes to maximize resident satisfaction and the quality and efficiency of asset preservation ▪ In-house personnel own every step of the resident journey and visit residents in their homes at least 2x per year Proactive resident education and "eyes on assets" are critical to homes' condition and cost to maintain; the ProCare cycle is designed to maximize touchpoints that facilitate this, and resident feedback is collected throughout ■ Emergency repairs are addressed immediately, while minor repairs can be bundled into ProCare visits for efficiency Our mobile maintenance app, launched in 2021, allows residents to make camera-enabled maintenance requests on their own terms, and allows us to diagnose the problem before we arrive and reduce the number of return trips Move-in ■ Educate Residents Make Repairs Check Home Condition Initial Showing / Leasing Interaction ProCare Resident Orientation (RO) ProCare 45-Day Maintenance Visit 17 Work Order General Property Condition Assessment Program ProCare 6-Month Maintenance Visit Move-out ProCare Pre-Move Out Visit (PMOV) Move Out Inspection/ Budget Creation invitation homes#18Growing Our Value-Add Services We remain on track with our multi-year plan to grow value-add services to enhance the resident experience Bundled Internet Introduction: We are rolling out a bundled internet and digital media package to many of our residents across the country Residents receive home wifi and digital media at a substantial discount to what they would pay on their own Smart Home Update: Smart Home package includes video doorbell along with smart lock and smart thermostat Highly-desired offering that provides greater security, energy efficiency, and convenience for residents ■ ■ HVAC Filter Program Update: HVAC filters are shipped by a third party to all homes quarterly for a small fee to residents Reduces resident burden, improves energy efficiency, and reduces long-term HVAC maintenance costs I I AL 18 ant genial tonces We remain in the early innings of what the resident experience could look like We continue to see potential for significant growth in value-add service income New or proposed initiatives include pet programs, pest control, landscaping, insurance suite, and energy optimization invitation homes#19IV. Industry Fundamentals Denver 19 3614 invitation homes#20Meeting An Underserved Need In The Housing Market We provide a unique experience, but today serve only 0.5% of the growing demand for single-family rentals Current U.S. Population by Age Cohort (²) (millions of people) U.S. Housing Summary (¹) 132 Million Households Owned: 66% (87M units) Rented: 34% (45M units) 45 Million Rental Households Single Unit Rentals: 36% (16M units) 10+ Unit Rentals: 35% (16M units) 2-9 Unit Rentals: 29% (13M units) 24 23 20 22 21 20 19 18 1 to 9 units 10 to 999 units 21.8 I Potential I T T 1000+ units (1) Source: John Burns Real Estate Consulting, Burns US Housing Analysis and Forecast, published October 23, 2023. (2) Source: U.S. Census Bureau, as of October 2023. (3) Average age of primary resident with an initial move-in date during the trailing 12-months ended September 30, 2023. (4) Source: John Burns Real Estate Consulting, Burns Single-Family Rental Analysis and Forecast, published September 23, 2023. Future Demand 22.7 3% 22.2 23.5 17% 22.5 U.S. Single-Family Rental Ownership (4) Avg. Resident Age: 38.1(3) II 15-19 20-24 25-29 30-34 35-39 40-44 45-49 21.9 19.9 80% invitation homes#21Supply Continues To Be Constrained We believe a decade-long shortfall in single-family construction is likely to persist for the foreseeable future Higher labor costs, materials costs, impact fees, land scarcity, and regulatory hurdles have been barriers to new supply ► Replacement cost for single-family housing has increased significantly due to inflationary impact on materials and labor 4.0% 3.0% 2.0% 1.0% 0.0% Total Housing Permits (Single and Multifamily) as a % of Households in Invitation Homes' Markets (¹) 1980 1984 1988 1992 1996 (1) Source: U.S. Census Bureau and John Burns Real Estate Consulting; data as of December 2022. 2000 21 Single-Family 2004 2008 Multifamily 2012 2016 '80-'22 Avg 2020 invitation homes#22Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act"), which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "guidance," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners' association and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and rising interest rates), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises on the Company's financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. "Risk Factors" of its Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"), as such factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this presentation, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law. IR@Invitation Homes.com 22 www.INVH.com invitation homes