Invitation Homes Investor Presentation Deck

A 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

View entire presentation