Invitation Homes (INVH) investor relations material

Strategic platform advantages

• Operates at unmatched scale and density, leveraging proprietary technology for optimization and centralization.

• Focuses on accretive capital allocation through stock repurchases, strategic acquisitions, and in-house development.

• Delivers a premier customer experience with high resident satisfaction and value-add services.

• Implied value per home is $294K at a $29 stock price, a 36% discount to the $460K average sales price.

Market trends and demand drivers

• Millennials and Gen Z are fueling household formation, supporting long-term demand for single-family rentals.

• Leasing is more affordable than owning, with average monthly savings over $1,000 and rising preference for renting.

• Most single-family rental homes are owned by small operators, unable to match the quality and services offered.

• Nationwide housing shortage and declining new build-to-rent deliveries support continued growth.

Operational and financial performance

• Maintains high occupancy (96.4%–97.1%) and strong renewal rates (76.7%), with blended rental rate growth of 2.4% YTD.

• Sector-leading scale in key markets drives cost efficiency, pricing power, and margin expansion.

• Outperformed peers in same store NOI growth since 2017 IPO, validating strategy and execution.

• Average resident tenure exceeds 40 months, with high satisfaction ratings (4.78/5 post-maintenance, 4.10/5 cumulative online).