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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 for single-family housing has increased significantly due to inflationary pressures on materials and labor Total Housing Permits (Single and Multifamily) as a % of Households in Invitation Homes' Markets (1) 4.0% Single-Family Multifamily '80-'22 Avg 3.0% 2.0% 1.0% 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 December 2022. 18 invitation homes™
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