Investor Presentaiton

Supply Continues to be Constrained We believe a decade-long shortfall in single-family construction is likely to persist for the foreseeable future ▸ Rising labor costs, materials costs, impact fees, land scarcity, and regulatory hurdles have been barriers to supply Replacement cost increases for single-family housing have outpaced consumer inflation and household income growth Total Housing Permits (Single and Multifamily) as a % of Households in Invitation Homes' Markets (1) 4.0% 3.0% 2.0% 1.0% Single-Family Multifamily '80-'21 Avg 0.0% 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 (1) Source: U.S. Census Bureau and John Burns Real Estate Consulting; data as of May 2022. 20 invitation homes

View entire presentation