Invitation Homes : Nareit Conference Presentation June 2020

Disclaimer

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources, and other non-historical statements, including without limitation the information under the heading "Full Year 2020 Guidance Update." In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "guidance," "believes," "expects," "potential," "continues,"

"may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners' association ("HOA") and insurance costs, the Company's dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by the Company's residents, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of the outbreak of the novel coronavirus strain, known as COVID-19, on the Company's financial condition, results of operations, cash flows, business, associates, and residents. The extent

to which COVID-19 impacts the Company will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity, and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic, containment measures, monetary and/or fiscal policies implemented to provide support or relief to businesses and/or residents, and other government, regulatory, and/or legislative changes precipitated by the COVID-19 pandemic, among others. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Moreover, many of these factors have been heightened as a result of the ongoing and numerous adverse impacts of COVID-19. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. "Risk Factors" of the Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in the Company's

periodic filings with the SEC, which are accessible on the SEC's website athttp://www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this presentation, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Key Takeaways and Updates

Invitation Homes is positioned favorably for both near-term stability and long-term growth

1) Business continues to perform well amid COVID-19

•  Rent collections 97% of historical average in May, up from April's 95%

•  Same Store average occupancy increased to another record high of 97.5% in May (+90 bps YoY), up from 97.2% in April

•  Continued strong demand, with Same Store net effective blended rent growth of 3.4% in May vs 3.2% in April

•  ~$1.1B of liquidity as of April 30, 2020, with no debt maturities until 2022; repaid $120M of revolver balance in May

2) Long-term growth story as strong as ever

•  Significant pipeline of demand in millennial generation likely to move toward single-family rental over the next decade

•  Ripple-effects of COVID-19 could have a lasting impact on preferences for single-family space versus denser housing options

•  Multiple INVH growth initiatives (on top of organic fundamentals) to enhance the resident experience, portfolio, and returns

3) Invitation Homes enjoys unique competitive advantages

•  Long-term high-growth market footprint with over 70% of revenues in the Western US and Florida

•  Scale and market density of almost 5,000 homes per market is a key efficiency driver that is not easily replicable

•  Local management, collaborating with central support, enhances control over asset quality and the resident experience

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Note: All May numbers are preliminary as of 5/30/2020.

COVID-19 Response Update

Resident satisfaction scores have continued to climb, and operating results have remained positive so far

We acted early in response to COVID-19 to prioritize the wellbeing of residents and associates:

•  COVID-specific safety measures were implemented in mid-March, such as leveraging self-show technology for leasing tours

•  Resident care measures related to financial hardship were introduced in March and continue today, including a voluntary moratorium on evictions and payment plans for residents who require flexibility to meet rental obligations over time

•  Offices remain closed, and non-critical maintenance continues to be deferred, but we have formulated flexible plans to re- open safely and begin addressing deferred R&M in the near-term on a market-by-market basis as appropriate

We have maximized operating results (see page 6) by leveraging our platform advantages and staying nimble:

•  Early concessions were reduced considerably in May, and demand has remained strong (occupancy record-high)

•  Remaining steady on renewal rent growth, with turnover improving further (Same Store move-outs down 8.5% YoY in May)

•  Resident communication and payment plan vetting enhanced over time, helping to drive even better rent collection in May

Continuing to manage risk conservatively, but monitoring for opportunities:

 Repaid $120M of revolving credit in May on the back of strong rent collections and healthy trends in the business

 Remain temporarily paused on sourcing new acquisitions, but monitoring for the appropriate time to resume activity

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Note: All May numbers are preliminary as of 5/30/2020.