InvH April-May SS occupancy 97.2%, rent growth 2.5%; valuation discount to NAV

Invitation Homes Inc.

April-May 2026 same store avg occupancy 97.2%, blended rent growth 2.5%, accelerating ~100bps from Q1 2026.
Implied per home valuation of $294K at $29 stock price, 31% discount to 1Q26 avg sales price of $427K.
ResiBuilt acquisition expected to contribute $0.02 per share to 2026 AFFO; adds development capabilities.
Net Debt/TTM Adj. EBITDA 5.6x, $1.3B liquidity, no debt maturing before June 2027; ~90% unencumbered.
Same Store NOI growth since 2017 IPO: +64.3%, outperforming national and coastal multifamily peers.

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