AGM 2026

May 7, 2026

Good morning, welcome to Invitation Homes 2026 Annual Meeting of Stockholders. I would now like to turn the conference over to Mike Fascitelli, the Chair of the Board of Directors. Please go ahead. Thank you. Good morning, everyone. I am Mike Fascitelli, the Chair of the Board of Directors of Invitation Homes. I will act as the chair of this meeting, and I would like to welcome and thank you for joining us today. Mark Solls, Executive Vice President, Chief Legal Officer, and Corporate Secretary of Invitation Homes, will act as Secretary for this meeting. We're holding this meeting online only. We chose this format because it allows all of our stockholders to participate remotely, vote, and submit questions during the annual meeting. At today's meeting, following the introduction of the members of our Board of Directors, executive officers, and certain special guests attending the meeting, we will conduct the formal portion of this meeting. Following the formal portion of this meeting, Dallas Tanner, our Chief Executive Officer, will provide a brief business update, and then we'll address stockholder questions. I will now call this meeting to order. First, I would like to introduce our other board members who are standing for re-election and participating in today's meeting. Jana Cohen Barbe, Admiral H. Wyman Howard III, Kellyn S. Kenny, Jeffrey E. Kelter, Joseph D. Margolis, Frances Aldrich Sevilla-Sacasa, Keith D. Taylor, and Dallas B. Tanner. I would like to take a moment to recognize John B. Rhea, who is not standing for re-election at this meeting. On behalf of the company board of directors, I wanna sincerely thank him for his dedicated service and valuable contribution to the company during his 11-year tenure on the board. We will miss him, but we also wish him the best in his future endeavors. Also participating in this meeting are Jonathan S. Olsen, our Executive Vice President and Chief Financial Officer; Scott G. Eisen, our Executive Vice President and Chief Investment Officer; Timothy J. Lobner, our Executive Vice President and Chief Operating Officer; and Allison Mullis, our Executive Vice President and Chief Human Resources Officer. In attendance today are Renea Burns and Susan H. Novit, representatives of Deloitte & Touche, the company's independent registered public accounting firm. Paul Ramirez from Broadridge Financial Solutions has been appointed to serve as our Inspector of Election. The Secretary has delivered an affidavit of mailing establishing this notice that notice of this meeting was duly given. A copy of this, of the notice of the annual meeting and affidavit of mailing will be incorporated into the minutes of the meeting. Our first order of business at the meeting is to determine whether there is a quorum for purposes of transacting business at the meeting. Mark, can you please report as to whether a quorum is present at the meeting? Yes. Thank you, Mike. The Board of Directors fixed March seventeenth, 2026 as the record date for determining stockholders entitled to vote at this meeting. As of the record date, there were 599,466,021 shares of common stock outstanding and entitled to vote at this meeting. We are informed by the Inspector of Election that there are, represented in person or by proxy at the annual meeting, 543,298,418 shares of the company's common stock, representing 90.63% of the voting power on the record date. Since this is more than a majority of the votes cast, entitled to be cast at this meeting, we have the necessary quorum under state law and our bylaws. Thank you, Mark. We appreciate everyone's participation. Since notice was duly given and a quorum is present, the meeting is convened. I hereby declare the polls open for voting. Any stockholder who hasn't voted yet or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action. Mark will address the order of business and the matters to be acted upon at the annual meeting. Thank you, Mike. We intend to adhere to the following order of business. Each of the matters to be acted upon at the annual meeting will be introduced in the order set forth in the proxy statement. The agenda for the annual meeting and the rules of conduct, along with our proxy statement and the annual report, are posted on the meeting web portal. Following the adjournment of the formal portion of the meeting and a brief business update from our CEO, Dallas Tanner, we will answer questions from stockholders. Stockholders may submit questions in the designated Ask a Question field on the annual meeting web portal. Before asking a question, we invite you to refer to our proxy statement for this meeting, which contains information regarding our proposals to be taken up at this meeting. We do not plan to answer questions unrelated to these proposals or for which the answers are covered in our proxy statement. Out of consideration for others, please limit yourself to one question and one follow-up question if needed. Though we may not be able to answer every question, we will do our best to provide a response to as many as possible and will address any unanswered questions after the meeting. Such questions and answers will be made publicly available on our investor relations website promptly after the meeting. Please remember to comply with the rules of conduct applicable to stockholders' questions. Please note that this meeting is being recorded. A webcast playback will be available to the public within approximately 24 hours after the meeting. However, no one attending the webcast is permitted to use any audio recording device. I wanna remind everyone that during today's meeting, we may make forward-looking statements. This is our standard reminder that actual results can differ materially, and you should refer to our filings with the SEC for factors that could cause actual results to differ from such statements. We have four proposals today, all as described in the proxy statement. The first matter is the election of directors who will serve until the next annual meeting of stockholders to be held in 2027, and until their successors are duly elected and qualified. Our board recommends a vote for each of the director nominees. The second matter is the ratification of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending December 31st, 2026. Our board recommends a vote for the ratification of the appointment of Deloitte & Touche as the company's independent registered public accounting firm for 2026. The third matter is the approval on an advisory basis of the compensation of our named executive officers as disclosed in the company's proxy statement in the supplemental letter to stockholders. Our board recommends a vote for the approval on an advisory basis of the compensation of our named executive officers. The fourth and final matter is the approval of the Invitation Homes 2026 Omnibus Incentive Plan. Our board recommends a vote for the approval of the plan. There are no additional candidates or proposals that have been properly brought before the meeting. I wanna remind the stockholders that it is not necessary to vote if you've already done so before the meeting, unless you wanna change your vote. Thank you, Mark. I will now pause for a moment for voting. Thank you. Now that everyone has had the opportunity to vote, I declare the polls closed. Mark will announce preliminary voting results. Thanks, Mike. Based on the preliminary report from the company's inspector of election and subject to confirmation of the final tabulation of votes, each director nominee has received a plurality of the votes cast and has been elected. Proposals 2, 3, and 4, the ratification of the appointment of the independent auditor, the approval of the executive compensation, and the approval of the Invitation Homes 2026 Omnibus Incentive Plan, each received a majority of the votes cast and has been approved. We will report the final voting results on a Form 8-K, which we will file within 4 business days after the annual meeting. Thank you, Mark, and congratulations to the directors who were elected. Since there is no other business to come before the meeting, the meeting is adjourned. Dallas Tanner, our CEO, will now provide a brief business update. Thank you, Mike, and thank you to everyone joining us today. We appreciate and are grateful for your continued trust in Invitation Homes. The value we provide has never been more relevant. In our markets, leasing one of our homes saves residents nearly $1,000 per month compared to owning. That is not a short-term dislocation. It reflects higher mortgage rates, higher home prices, and the real structural cost of homeownership. For millions of American families, leasing a professionally managed single-family home is simply the most responsible housing choice available to them. We are proud to be part of that solution. Over the past year, our teams executed with discipline across a dynamic environment. A few highlights from the year. Our residents continue to just demonstrate deep loyalty to our homes and to our service. Average resident tenure surpassed 40 months, and renewal rates remain above 78%. Evidence that the experience we deliver earns long-term relationships. We advanced our strategy to bring new housing supply to the market, including our launch of our construction lending business and the acquisition of ResiBuilt in January, which together expand our ability to support builders and deliver well-located homes across high-demand communities. We made a decisive statement on capital allocation. Our Board authorized $500 million in share repurchases. We fully deployed that authorization, our Board has since approved a new $500 million repurchase program. We remain a strong, flexible balance sheet with approximately $1.3 billion in available liquidity as of March 31, 2026, and no debt maturing before mid-2027. None of this happens without the dedications of our associates or the trust of our residents and our stockholders. Thank you for being part of this journey. With that, back to you, Mike. Thanks. Thanks, Dallas. Thanks to Dallas and the management team and all the associates for their efforts this year. At this point, we will take stockholders' questions entered on the meeting web portal. We have allotted 15 minutes to answer questions. Again, please note that only questions that are relevant to the business of the annual meeting will be answered at this time. Mark, please let us know what questions were submitted on the meeting web portal. We'll pause for a moment to review the questions that were submitted. Thanks, Mike. No questions have been submitted at this time. Based on that, this concludes the Invitation Homes 2026 Annual Meeting of Stockholders. I thank you all for your time and attention today and your continued support. I will now turn the conference back over to the operator. The Invitation Homes 2026 Annual Meeting of Stockholders has now come to an end. For further details about the company, please visit Invitation Homes investor relations website at invh.com. Thank you for attending. You may now disconnect.