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Investor Presentaiton

Investment Grade Balance Sheet Received investment grade ratings in April and closed $300M private placement in May The investment grade ratings: ► Provide immediate annualized interest cost reduction of approximately $0.03 per share Offer improved flexibility and access to additional forms of cost-effective capital ► Reinforce commitment to long-term leverage target of 5.5 to 6x net debt to EBITDAre and transition into more unsecured financings Strong balance sheet position & nimble investment platform: ► $1.2B liquidity with no debt reaching final maturity before 2024(1)(2) ▸ Improved debt maturity schedule with $300M privately placed senior unsecured notes; proceeds from the transaction were used to pay-off secured debt ► 57% of homes unencumbered and 97% of debt fixed or swapped to fixed rate (2) ► Funding on-balance sheet acquisitions with cash on hand, operating cash flow, and dispositions ▸ Ability to ramp acquisition pace up or down quickly to adapt to opportunity Pro Forma Fully Extended Debt Maturity Schedule as of 3/31/2021 (2) Pro Forma Net Debt / EBITDAre (2) 10.7x 7.1x 3/31/2017 (at IPO) 3/31/2021 ($ in millions) $4,000 $3,000 $2,000 $1,000 2021 $345 2022 $3,257 $2,217 $552 $997 $150 $403 $150 2023 2024 2025 2026 2027 2028 2029 2030 2031 I 2036 (1) Excludes $345M convertible notes maturing in 2022. (2) Pro Forma $300M privately placed senior unsecured notes closed in May 2021 12 invitation homes
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