Invitation Homes

“Inflation and Macroeconomic Conditions Inflation primarily impacts our results of operations in the form of increased repair and maintenance and other costs and wage pressures.”

Annual report 2025A · The company itself

“The effects of inflation on our financial condition and results of operations over the past few years are primarily related to increased operating costs for the procurement of goods and services, compensation of our associates, including benefits, and financing costs in the form 22 of interest expense.”

Annual report 2025A · The company itself

“We also face intense competition for the employment of highly skilled managerial, investment, financial, and operational associates. Additionally, our results of operations can be adversely affected by labor shortages, turnover, and labor cost increases.”

Annual report 2025A · The company itself

“Competition for highly skilled managerial, investment, financial, and operational associates is intense. As additional large real estate investors enter into and expand their scale within the single-family rental business, we have faced increased challenges in hiring and retaining associates, and we cannot assure our stockholders that we will be successful in attracting and retaining such skilled associates. If we are unable to hire and retain qualified associates as required, our growth and operating results could be adversely affected.”

Annual report 2025A · The company itself

“Our ability to meet our labor needs while controlling our labor costs is subject to numerous external factors, including unemployment levels, prevailing wage rates, persisting inflation, changing demographics, and changes in employment legislation.”

Annual report 2025A · The company itself

“In addition, we continue to experience disruptions from workforce turnover due to a scarcity of talent, as businesses compete for personnel, and rising labor costs.”

Annual report 2025A · The company itself

“An overall labor shortage experienced by our vendors, general contractors, subcontractors, and other third-party service providers, lack of skilled labor, increased turnover, or labor inflation, including as a result of general macroeconomic factors, could have a material adverse impact on our business, financial condition, or operating results.”

Annual report 2025A · The company itself

“Building rental homes and rental communities also involves significant risks to our business, such as delays or cost increases due to changes in or failure to meet regulatory requirements, including permitting and zoning regulations, failure of lease rentals on newly-constructed properties to achieve anticipated investment returns, inclement weather, adverse site selection, unforeseen site conditions or shortages of suitable land, construction materials, and labor, and other risks. We may be unable to build new rental homes and rental communities that generate acceptable returns, and, as a result, our growth and results of operations may be adversely impacted.”

Annual report 2025A · The company itself

“We are able to drive cost efficiencies through oversight by our local associates of the entire process of renovating our homes. Each property’s detailed budget and scope of work prepared by our in-house team of renovation professionals is reviewed and vetted by our operations teams, both locally and nationally, and in certain cases of work we contract directly, presented for bid to one or more of our pre-approved vendor partners in each of our markets. In the case of work for which we rely upon general contractors, we set prices based on the scope of work involved. By establishing and enforcing best practices and quality consistency, and through a constant process of evaluating and grading our vendor partners, we believe that we are able to reduce the costs of both materials and labor.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had 1,725 dedicated full-time associates, which we supplement with temporary and contract resources as needed. None of our associates are covered by a collective bargaining agreement.”

Annual report 2025A · The company itself

“We believe that competitive compensation and benefits are key drivers of associate attraction, retention, motivation, and engagement. Compensation is one component of our Total Value offering for Invitation Homes associates, and we strive to compensate associates fairly and consistently based on market rates for their roles, experience, and how they perform.”

Annual report 2025A · The company itself

“We may not be able to effectively control the timing and costs relating to the renovation and maintenance of our properties, which may adversely affect our operating results and ability to make distributions to our stockholders. Most of our properties require some level of renovation either immediately upon their acquisition or in the future following expiration of a lease or otherwise.”

Annual report 2025A · The company itself

“Consequently, we routinely retain independent contractors and trade professionals to perform physical repair work and are exposed to all of the risks inherent in property renovation and maintenance, including potential cost overruns, increases in labor and materials costs, delays by contractors in completing work, delays in the timing of receiving necessary work permits, delays in receiving materials, fixtures, or appliances, certificates of occupancy, and poor workmanship.”

Annual report 2025A · The company itself

“Labor shortages and supply chain disruptions, among other challenges, continue to affect the ability of our associates, suppliers, and other business partners to carry out their assigned tasks, provide services, or supply materials at ordinary levels of performance relative to the conduct of our business.”

Annual report 2025A · The company itself

“Future acquisitions of properties and development projects may be more costly and have lower yield characteristics than recent past and present opportunities. The following factors, among others, may make acquisitions or development activities more expensive: •improvements in overall economic conditions and employment levels; •greater availability of consumer credit; •improvements in the pricing and terms of mortgages; •the emergence of increased competition for single-family properties and developable land from private investors and entities with similar investment objectives to ours; •tax or other government incentives that encourage homeownership; and •increases in construction costs, including labor, materials, and supplies or delays in construction timelines.”

Annual report 2025A · The company itself

“Associates are the backbone of our company, and we understand that nothing is accomplished without the day-to-day dedication of our invaluable teams. Whether they are front-line market associates who represent us each and every day with our residents or centralized team members who support the front line and strive to ensure the quality and consistency of our work, our associates are our greatest asset. From our focus on associates’ well-being, health, and safety to our support of a supportive and collaborative culture, we act with honesty, integrity, and respect.”

Annual report 2025A · The company itself

“We recognize the value of providing regular development opportunities for our associates that improve their capability to succeed in their current roles and achieve career growth to meet their aspirations. Growing People for Success is our fully integrated talent cycle that incorporates our performance and feedback process, career growth and development, and leadership behaviors model. We also conduct an annual mandatory compliance training campaign and offer a robust catalog of online learning and development videos designed to help associates build their skills. We are committed to accelerating the development of our leaders through various programs such as “Leadership Foundations,” “Leading through Change,” and our operations management training.”

Annual report 2025A · The company itself

“Another component of our Total Value offering for associates is our holistic wellness program, which is designed to enhance mental, physical, and financial well-being.”

Annual report 2025A · The company itself

“Health and safety programs and processes are also vitally important to the wellbeing of our associates, and we conduct monthly safety training for our maintenance associates and a regular driving safety training for our fleet drivers. We strive to drive continuous improvement in our health and safety performance by maintaining high standards for our health and safety compliance programs and reinforcing expectations with respect to safe behaviors and safety rules. We endeavor to ensure that our associates are well-informed about health and safety measures and are provided with the appropriate equipment and tools to protect themselves and those around them.”

Annual report 2025A · The company itself

“Our investments are and may continue to be concentrated in our markets and in the single-family properties sector of the real estate industry, which exposes us to seasonal fluctuations in rental demand and downturns in our markets or in the single-family properties sector. Our investments in real estate assets and the investments we manage on behalf of others are and may continue to be concentrated in our markets and in the single-family properties sector of the real estate industry. A downturn or slowdown in the rental demand for single-family housing caused by adverse economic, regulatory, or environmental conditions, or other events, in our markets may have a greater impact on the value of our owned and managed properties or our operating results than if we had more fully diversified our investments.”

Annual report 2025A · The company itself

“We believe that there are seasonal fluctuations in rental demand with demand higher in the spring and summer than in the late fall and winter. Such seasonal fluctuations may impact our operating results.”

Annual report 2025A · The company itself

“We could also be adversely affected by overbuilding or high vacancy rates of homes in our markets, which could result in an excess supply of homes and reduce occupancy and rental rates. Continuing development of apartment buildings, condominium units, and single-family rental communities in many of our markets will increase the supply of housing and exacerbate competition for residents.”

Annual report 2025A · The company itself

“Managing newly constructed communities presents specific risks to our business, such as the inability to lease newly-constructed rental homes at anticipated rates, resulting in underperformance of investment returns. Factors such as adverse site selection, inclement weather delaying construction or occupancy, and other risks can exacerbate these challenges. Failure to achieve occupancy or rental income targets for newly constructed communities may adversely impact our growth and results of operations.”

Annual report 2025A · The company itself

“Substantially all of our new leases have a duration of one to two years. As such leases permit the residents to leave at the end of the lease term, we anticipate our rental revenues may be affected by declines in market rental rates more quickly than if our leases were for longer terms. Short-term leases may result in high turnover, which involves costs such as restoring the properties, marketing costs, and lower occupancy levels.”

Annual report 2025A · The company itself

“Digital Marketing Initiatives and Branding Our brand is differentiated through our commitment to providing high-quality living solutions and a professional property management team to support our residents, reflective of the needs of the rising generation of millennial renters. The ease of leasing through our technology, the Genuine CARETM from our teams, and our exceptional value-add services help our residents live the worry-free leasing lifestyle.”

Annual report 2025A · The company itself

“We have launched a developer lending program pursuant to which we provide financing to experienced homebuilders for the development of single-family rental communities that may serve as future acquisition opportunities.”

Annual report 2025A · The company itself

“We expect to continue entering into contracts with homebuilder counterparties for the acquisition of new homes. Pursuant to these contracts, homes will be delivered to us pursuant to a negotiated delivery schedule.”

Annual report 2025A · The company itself

“BUSINESS Overview Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country.”

Annual report 2025A · The company itself

“We have grown rapidly, assembling a portfolio of 86,192 owned homes as of December 31, 2025, providing property and asset management services to portfolio owners of single-family residential properties, and beginning to construct homes for ourselves and third parties.”

Annual report 2025A · The company itself

“We provide property management and other services on a contractual basis to co-investors in certain of our joint ventures that invest in single-family rental properties. These services include marketing, leasing, maintenance, renovation, accounting, transaction management, and financial markets services.”

Annual report 2025A · The company itself

“Segment Reporting Our principal business is acquiring, renovating, leasing, operating, and managing single-family residential properties.”

Annual report 2025A · The company itself

“By leveraging multiple distribution channels — including bulk portfolio sales, our “Resident First Look” program (which facilitates home sales to our current residents), direct-to-market sales, and MLS — we can facilitate efficient and well-targeted transactions.”

Annual report 2025A · The company itself

“We depend on rental income from residents for substantially all of our revenues. As a result, our success depends in large part upon our ability to attract and retain qualified residents for our owned and managed properties.”

Annual report 2025A · The company itself

“We depend on our residents and their willingness to meet their lease obligations and renew their leases for substantially all of our revenues. Poor resident selection, defaults, and non-renewals by our residents may adversely affect our reputation, financial performance, and ability to make distributions to our stockholders. We depend on rental income from residents for substantially all of our revenues.”

Annual report 2025A · The company itself

“In addition, federal, state, and local regulatory developments, including executive actions and proposed federal and state legislation aimed at limiting institutional ownership and acquisition of single-family homes, may affect the competitive dynamics in our markets by imposing requirements or restrictions that apply differently to various categories of market participants. To the extent these developments disproportionately affect institutional owners, including us, or advantage other categories of investors, such as individual investors and smaller partnerships who may fall outside regulatory definitions, our ability to compete for acquisitions, residents, or capital on favorable terms could be adversely affected.”

Annual report 2025A · The company itself

“In light of continuing federal, state, and local attention on housing supply and availability, there is considerable uncertainty regarding how executive actions, policy initiatives, and potential legislation, along with existing laws, judicial orders, and regulatory frameworks, could affect large institutional investors in single-family rental markets. In addition, legislative and regulatory initiatives addressing residential housing supply and availability have received increased attention at the federal, state, and local levels. This focus has included heightened public and governmental scrutiny of institutional investment in the single-family rental housing market, as well as discussion of potential measures that could affect the acquisition, ownership, or operation of residential rental properties.”

Annual report 2025A · The company itself

“In addition, there has been increased public and governmental scrutiny of institutional investment in single-family rental housing. Certain policymakers, including the President of the United States, have publicly called for congressional action to limit or restrict the ability of large or institutional investors to purchase and own single-family homes. Proposals under discussion could include limitations on acquisitions, increased taxes or fees, enhanced disclosure or reporting requirements, or other restrictions applicable to institutional owners of residential rental housing.”

Annual report 2025A · The company itself

“Risks Related to Our Business Environment and Industry Our operating results are subject to general economic conditions and risks associated with our real estate assets.”

Annual report 2025A · The company itself

“A general decline in business activity and demand for real estate transactions resulting from a pandemic could adversely affect (1) our ability to build, acquire, or dispose of single-family homes on terms that are attractive or at all and (2) the value of our homes and our business such that we may recognize impairment on the carrying value of our investments in single-family residential properties and other assets subject to impairment review, including, but not limited to, goodwill.”

Annual report 2025A · The company itself

“We also believe our business has a positive economic impact on the communities in which we operate, through improved neighborhoods that benefit from renovations to and ongoing maintenance of our homes, the value of our local teams living in and contributing to the local economy, the payment of real estate taxes, and the purchase of local goods and services.”

Annual report 2025A · The company itself

“We rely heavily on third-party digital marketing and residential listing platforms to generate leasing leads for our homes. A substantial portion of prospective residents are introduced to our properties through a single, widely used third-party platform that plays a significant role in resident search behavior and lead origination. As a result, our ability to attract residents, maintain occupancy levels, and efficiently lease our homes is materially dependent on the continued effectiveness, availability, and commercial terms of that platform.”

Annual report 2025A · The company itself

“We support local market operations with national strategy, infrastructure, workflows enabled by technology, and standards to drive efficiency, consistency, and cost savings. We utilize our extensive scale and investments in technology to ensure the consistent quality of our resident experience and maximize cost efficiencies and purchasing power. On a national level we are also able to standardize resident leases, employ a consistent approach to resident screening and leasing operations, and utilize a tailored pricing tool that analyzes publicly available data to reflect local market conditions.”

Annual report 2025A · The company itself

“We have developed and employ a highly scalable, vertically integrated, and resident-centric property management service platform, referred to as “ProCare.” All of our property management functions have been internally managed since our founding in 2012, and we have implemented an extensive property management infrastructure, including a resident portal that is available both online and via a mobile app, smart home technology, a mobile app for residents to schedule and track maintenance requests, a technology suite to manage work orders and associate schedules, dedicated in-market associates, and local offices in each of our core markets.”

Annual report 2025A · The company itself

“We offer choice, control, and engagement options to our prospective and existing residents by providing a mobile-responsive website, an iOS app, and an Android app. Prospective residents can browse homes available for lease, take virtual tours, request additional information, and apply to lease a specific home. Our existing residents have the added convenience of requesting maintenance services, paying rent, and learning about value-add services – all from their digital platform of choice.”

Annual report 2025A · The company itself

“Our associates are able to support and manage requests for critical functions such as leasing and maintenance through easy-to-use digital tools and AI services.”

Annual report 2025A · The company itself

“Our operations are dependent upon our information systems that support our business processes, including marketing, leasing, vendor communications, finance, intercompany communications, our resident portals, and property management service platforms, which include certain automated processes that require access to telecommunications or the Internet, each of which is subject to system security risks. Certain critical components of our platform are dependent upon third-party service providers, and a significant portion of our business operations is conducted online or via mobile applications.”

Annual report 2025A · The company itself

“We support local market operations with national strategy, infrastructure, workflows enabled by technology, and standards to drive efficiency, consistency, and cost savings. We utilize our extensive scale and investments in technology to ensure the consistent quality of our resident experience and maximize cost efficiencies and purchasing power. On a national level we are also able to standardize resident leases, employ a consistent approach to resident screening and leasing operations, and utilize a tailored pricing tool that analyzes publicly available data to reflect local market conditions.”

Annual report 2025A · The company itself

“We have developed and employ a highly scalable, vertically integrated, and resident-centric property management service platform, referred to as “ProCare.” All of our property management functions have been internally managed since our founding in 2012, and we have implemented an extensive property management infrastructure, including a resident portal that is available both online and via a mobile app, smart home technology, a mobile app for residents to schedule and track maintenance requests, a technology suite to manage work orders and associate schedules, dedicated in-market associates, and local offices in each of our core markets.”

Annual report 2025A · The company itself

“Systems and Technology Effective systems and technology are essential components of our business. To ensure scalability for continued growth of our portfolio of single-family homes for lease and our third-party management platform, we have made significant investments in processes and systems across leasing and property management, construction management, property and 16 corporate accounting, asset management, and data analysis.”

Annual report 2025A · The company itself

“Our reliance on this platform subjects us to risks largely outside of our control, including changes in pricing, algorithms, listing prioritization, data access, advertising formats, contractual terms, or policies governing the display or distribution of our listings. Any adverse changes to these factors could reduce lead volume or quality, increase our marketing and customer acquisition costs, or impair our ability to convert prospects into residents, any of which could materially and adversely affect our operating results and cash flows.”

Annual report 2025A · The company itself

“We rely heavily on third-party digital marketing and residential listing platforms to generate leasing leads for our homes. A substantial portion of prospective residents are introduced to our properties through a single, widely used third-party platform that plays a significant role in resident search behavior and lead origination. As a result, our ability to attract residents, maintain occupancy levels, and efficiently lease our homes is materially dependent on the continued effectiveness, availability, and commercial terms of that platform.”

Annual report 2025A · The company itself

“We offer choice, control, and engagement options to our prospective and existing residents by providing a mobile-responsive website, an iOS app, and an Android app. Prospective residents can browse homes available for lease, take virtual tours, request additional information, and apply to lease a specific home. Our existing residents have the added convenience of requesting maintenance services, paying rent, and learning about value-add services – all from their digital platform of choice.”

Annual report 2025A · The company itself

“Municipal Regulations and Homeowners’ Associations Our properties are subject to various municipal regulations and orders, and county and city ordinances, including without limitation, use, operation and maintenance of our properties. Certain of our properties are subject to the rules of the various HOAs where such properties are located. HOA rules and regulations are commonly referred to as “covenants, conditions and restrictions,” or CC&Rs, and typically consist of various restrictions or guidelines regarding use and maintenance of the property, including, among others, landscaping standards, noise restrictions, or guidelines as to how many cars may be parked on the property.”

Annual report 2025A · The company itself

“In addition, state and local regulations may require us to maintain properties that we own, even if the cost of maintenance is greater than the value of the property or any potential benefit from renting the property, or pass regulations that limit our ability to increase rental rates.”

Annual report 2025A · The company itself

“Additionally, our acquisition of ResiBuilt (as defined below), a leading fee homebuilder specializing in single-family rental communities, represents a natural extension of our vertically integrated platform, adding home building capabilities that enable us to develop single-family rental homes and communities internally across high-growth markets. By bringing land development and construction expertise in-house, we gain greater operational control, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets, leveraging local market knowledge and relationships. This development capacity complements our integrated approach to investment and asset management.”

Annual report 2025A · The company itself

“Land Development and Construction On January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), a leading fee homebuilder specializing in single-family rental communities with expertise in land development and construction general contracting across high-growth Southeast markets. The acquisition is a natural extension of our business and supports our growth strategy by adding home building capabilities to our platform. By bringing land development and construction expertise in-house, we gain greater operational control over the development process, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets.”

Annual report 2025A · The company itself

“Developer Lending Program In May 2025, we launched a developer lending program to selectively provide financing to experienced, successful, and relationship-driven homebuilders for the development of new single-family home communities that may serve as future acquisition opportunities. This initiative is intended to support the creation of new housing supply in markets with strong demand and to complement our traditional property acquisition strategy.”

Annual report 2025A · The company itself

“As part of our growth strategy, we completed the acquisition of ResiBuilt and expanded our platform to engage in the development and construction of single-family rental homes and communities, including through build-to-rent development and third-party fee-building arrangements. These activities involve substantial up-front costs, operational complexity, and execution risk, and require us to successfully manage land acquisition strategies, construction processes, and development timelines before homes are available for rent and to generate income.”

Annual report 2025A · The company itself

“Segment Reporting Our principal business is acquiring, renovating, leasing, operating, and managing single-family residential properties.”

Annual report 2025A · The company itself

“The portfolio of homes we own average approximately 1,880 square feet with three to four bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident. We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand.”

Annual report 2025A · The company itself

“Competition may increase the prices for properties that we would like to purchase, reduce the amount of rent we may charge for our properties, reduce the occupancy of our portfolio, and adversely impact our ability to achieve attractive total returns.”

Annual report 2025A · The company itself

“In an inflationary environment, we may not be able to raise rents sufficiently to keep up with the rate of inflation.”

Annual report 2025A · The company itself

“Our rental income is affected by many factors beyond our control, such as the availability of alternative rental housing and economic conditions in our markets.”

Annual report 2025A · The company itself

“Although an extreme or sustained escalation in costs could have a negative impact on our residents and their ability to absorb rent increases, we do not believe this had a material impact on our results of operations for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Digital Marketing Initiatives and Branding Our brand is differentiated through our commitment to providing high-quality living solutions and a professional property management team to support our residents, reflective of the needs of the rising generation of millennial renters. The ease of leasing through our technology, the Genuine CARETM from our teams, and our exceptional value-add services help our residents live the worry-free leasing lifestyle.”

Annual report 2025A · The company itself

“Marketing and Leasing Our associates are responsible for establishing rental rates, marketing and leasing properties, and collecting and processing rent. We establish and manage rental rates based on a tailored pricing tool that analyzes publicly available data to reflect local market conditions, including a competitive analysis of market rents for institutional single-family rental properties, as well as the size, fit and finish, and location of the home, the number of applications received, and the number of days a home has been available on the market. We also consider a number of qualitative factors, such as neighborhood characteristics, community amenities, and proximity to employment centers, desirable schools, transportation corridors, and local services.”

Annual report 2025A · The company itself

“Our competitors or other third parties may incorporate generative AI into their information systems and operations more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations.”

Annual report 2025A · The company itself

“Multiple channels are utilized to communicate with prospective residents, including automated email and texts, associate correspondence, and an AI leasing assistant.”

Annual report 2025A · The company itself

“Systems and Technology Effective systems and technology are essential components of our business. To ensure scalability for continued growth of our portfolio of single-family homes for lease and our third-party management platform, we have made significant investments in processes and systems across leasing and property management, construction management, property and 16 corporate accounting, asset management, and data analysis.”

Annual report 2025A · The company itself

“In addition to carefully monitoring our core platform, we consistently advance cloud-based digital technologies and the pragmatic use of AI to benefit both our residents and our associates.”

Annual report 2025A · The company itself

“Our associates are able to support and manage requests for critical functions such as leasing and maintenance through easy-to-use digital tools and AI services.”

Annual report 2025A · The company itself

“We currently use traditional and generative AI solutions for certain marketing, operational, administrative, and other functions. We may incorporate additional generative AI solutions into our information systems in the future and these solutions may become important in our operations over time.”

Annual report 2025A · The company itself

“Our Genuine CARE™ values serve as the foundation for our work, and the underlying principles of clear communication, integrity, responsibility, innovation, adaptability, and a welcoming workplace are designed to create an authentic experience for our residents, shareholders, and associates. We also work to advance sustainability, which is an important part of our strategic business objectives and is critical to our long-term success.”

Annual report 2025A · The company itself

“Sustainability and Corporate Responsibility As one of the nation’s premier home leasing and management companies, we have an opportunity to make a profound impact through sustainability and corporate responsibility initiatives. We are committed to engaging with our communities to make meaningful and long-lasting impacts on those around us. We are dedicated to fostering a better way of living for our residents and empowering our associates to advance efforts that make our company more innovative and our processes more sustainable.”

Annual report 2025A · The company itself

“Vendor Practices We have adopted a Vendor Code of Conduct that extends our values to company vendors and highlights our commitment to ethical business practices, fair and safe labor conditions, the protection of human rights, sustainability, and regulatory compliance. This code defines the expectations we hold for our vendors to align with the standards we strive to uphold in every aspect of our operations.”

Annual report 2025A · The company itself

“Additionally, state and local agencies may place affordability covenants on certain properties to ensure that they are used to provide affordable housing for persons or families of lower income. If any of our properties contain affordability covenants recorded in their chains of title, we will be forced to sell such properties at a maximum price limit as calculated per the applicable affordable housing covenant, which will likely result in us having to sell such properties below their market values.”

Annual report 2025A · The company itself

“If enacted or expanded, such measures could limit our ability to acquire additional homes, require us to modify our growth, investment, capital deployment, development, and/or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect our business model.”

Annual report 2025A · The company itself

“Additionally, our acquisition of ResiBuilt (as defined below), a leading fee homebuilder specializing in single-family rental communities, represents a natural extension of our vertically integrated platform, adding home building capabilities that enable us to develop single-family rental homes and communities internally across high-growth markets. By bringing land development and construction expertise in-house, we gain greater operational control, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets, leveraging local market knowledge and relationships. This development capacity complements our integrated approach to investment and asset management.”

Annual report 2025A · The company itself

“Additionally, new construction allows us to incorporate modern design features and amenities that align with current resident preferences, such as open floor plans, energy-efficient appliances, smart home technology, and updated finishes. Energy-efficient construction also benefits residents through lower utility costs, which may make our new homes more attractive to residents.”

Annual report 2025A · The company itself

“Additionally, new construction allows us to incorporate modern design features and amenities that align with current resident preferences, such as open floor plans, energy-efficient appliances, smart home technology, and updated finishes. Energy-efficient construction also benefits residents through lower utility costs, which may make our new homes more attractive to residents.”

Annual report 2025A · The company itself

“As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing.”

Annual report 2025A · The company itself

“We provide property management and other services on a contractual basis to co-investors in certain of our joint ventures that invest in single-family rental properties. These services include marketing, leasing, maintenance, renovation, accounting, transaction management, and financial markets services.”

Annual report 2025A · The company itself

“Broker Licensure We own internal brokerages to serve the states in which we operate and utilize in-market leasing experience specialists to drive an end-to-end resident experience that achieves our occupancy, revenue, and retention goals while facilitating enjoyment of a worry-free leasing lifestyle. Our internal brokerages are subject to numerous federal, state, and local laws and regulations that govern the licensure of real estate agents and brokers and affiliate brokers and set forth standards for, and prohibitions on, the conduct of real estate brokers. Such standards and prohibitions include, among others, those relating to fiduciary and agency duties, administration of trust funds, collection of commissions, and advertising and consumer disclosures, as well as compliance with federal, state, and local laws and programs for providing housing to low-income families.”

Annual report 2025A · The company itself

“Laws and Regulations Regarding Privacy and Data Protection We are subject to a variety of laws and regulations that involve matters such as privacy, data protection, content, consumer protection, and other matters. These regulations include laws requiring holders of personal data to maintain safeguards and to take certain actions in response to a data breach.”

Annual report 2025A · The company itself

“For example, the California Consumer Privacy Act of 2018 (“CCPA”), which came into effect on January 1, 2020, as amended by the California Privacy 19 Rights Act (“CPRA”), which became effective on January 1, 2023, governs the collection, use, disclosure, and security of information about California residents. It also requires us to, among other things, provide certain disclosures to California residents, promptly respond to certain consumer requests related to their data, and contractually impose certain obligations on vendors.”

Annual report 2025A · The company itself

“Other states in the United States have either passed, proposed, or are considering similar laws and regulations to the CCPA and CPRA (such as the Nevada Privacy of Information Collected on the Internet from Consumers Act, which became effective on October 1, 2021, the Colorado Privacy Act and the Utah Consumer Privacy Act, which both became effective in 2023, and the Texas Data Privacy and Security Act, which became effective on July 1, 2024) which could impose similarly significant operational and legal obligations, potential liabilities and costs.”

Annual report 2025A · The company itself

“Our ability to sell our properties may also be limited by our need to avoid the 100% prohibited transactions tax that is imposed on gain recognized by a REIT from the sale of property characterized as dealer property. For example, we may be required to hold our properties for a minimum period of time and comply with certain other requirements in the Internal Revenue Code of 1986, as amended (the “Code”), or dispose of our properties through a taxable REIT subsidiary (“TRS”), in which case we will incur corporate level tax on any net gains from such dispositions.”

Annual report 2025A · The company itself

“Our industry is under increasing political and regulatory scrutiny, resulting in governmental inquiries relating to the conduct of our business. These actions or inquiries may be costly to comply with, result in negative publicity and reputational damage, require significant management time and attention, and subject us to expenses and remedies that may harm our business, including fines or demands or orders that we modify or cease existing business practices.”

Annual report 2025A · The company itself

“Various continuously evolving and new federal and state privacy and data security laws, such as the California Consumer Privacy Act, further expanded by the California Privacy Rights Act, Nevada Privacy Law, the Colorado Privacy Act, the Utah Consumer Privacy Act, and the Texas Data Privacy and Security Act, or other legal and regulatory standards create data privacy rights for users, including more ability to control how their data is shared with third parties. These laws and regulations, as well as any associated inquiries or investigations or any other government actions, may be costly to comply with, require significant management time and attention, and subject us to remedies that may harm our business, including fines and other sanctions resulting from any related breaches of data privacy regulations or demands or orders that we modify or cease existing business practices.”

Annual report 2025A · The company itself

“To qualify as a REIT, we must continually satisfy tests concerning, among other things, our sources of income, the nature and diversification of our assets, the amounts we distribute to our stockholders, and the ownership of our stock. For instance, at the end of each calendar quarter, at least 75% of the value of our assets must consist of cash, cash items, government securities, and qualified REIT real estate assets.”

Annual report 2025A · The company itself

“The Code generally requires that a REIT annually distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain, and imposes tax on any REIT taxable income retained by a REIT, including capital gains.”

Annual report 2025A · The company itself

“In particular, restrictions on, or withdrawal of, participation by agency or government-sponsored enterprises in transactions secured by our homes, or in securitizations backed by such assets, could limit our refinancing alternatives at or near maturities, require us to use more expensive or less flexible sources of capital, or necessitate asset sales on unfavorable terms.”

Annual report 2025A · The company itself

“Inflation could also impact our cost of capital as a result of changing interest rates on variable rate debt that is not hedged or if our debt instruments are refinanced in a high-inflation environment.”

Annual report 2025A · The company itself

“Additionally, increased interest rates, political dissension, and fluctuating global and United States economic conditions, geopolitical tensions, and other factors that are beyond our control could negatively affect our business and financial condition.”

Annual report 2025A · The company itself

“The effects of inflation on our financial condition and results of operations over the past few years are primarily related to increased operating costs for the procurement of goods and services, compensation of our associates, including benefits, and financing costs in the form 22 of interest expense.”

Annual report 2025A · The company itself

“Additionally, volatility in the financial markets and elevated interest rates could affect our ability to access the capital markets at a time when we desire, or need, to do so which could have an impact on our flexibility to pursue additional growth opportunities and maintain our desired level of revenue growth in the future.”

Annual report 2025A · The company itself

“A general decline in business activity and demand for real estate transactions could adversely affect our ability to acquire or dispose of single-family homes or to successfully complete and lease development projects on terms that are attractive or at all, which may be impacted in periods of elevated interest rates.”

Annual report 2025A · The company itself

“Current fluctuating macroeconomic conditions, including inflation, elevated interest rates, slower growth, economic uncertainty, and a general decline in business activity, have caused dislocations, illiquidity, and volatility in the market for asset-backed securities and mortgage-backed securities, as well as disruption in the wider global financial markets, including a significant reduction of investor demand for, and purchases of, asset-backed securities and structured financial products.”

Annual report 2025A · The company itself

“Borrowings under our debt instruments totaling $2,620.0 million as of December 31, 2025, bear interest at variable rates and expose us to interest rate risk. Long-term interest rates remain elevated, driven by broader market factors. Elevated interest rates could lead to increases in debt service obligations on our variable rate indebtedness even though the amount borrowed remained the same, and our earnings and cash flows could correspondingly decrease.”

Annual report 2025A · The company itself

“If we are unable to maintain our current credit ratings, we would likely incur higher borrowing costs, and it would make it more difficult or expensive to obtain additional financing or refinance existing obligations and commitments, which could have a material adverse impact on our financial condition, results of operations, cash flows, and liquidity.”

Annual report 2025A · The company itself

“In addition, decreases in interest rates may lead to additional competition for the acquisition of single-family homes, which may lead to future acquisitions being more costly and resulting in lower yields on single-family homes targeted for acquisition.”

Annual report 2025A · The company itself

“Risks Related to Our Business Environment and Industry Our operating results are subject to general economic conditions and risks associated with our real estate assets.”

Annual report 2025A · The company itself

“Our investments are and may continue to be concentrated in our markets and in the single-family properties sector of the real estate industry, which exposes us to seasonal fluctuations in rental demand and downturns in our markets or in the single-family properties sector. Our investments in real estate assets and the investments we manage on behalf of others are and may continue to be concentrated in our markets and in the single-family properties sector of the real estate industry. A downturn or slowdown in the rental demand for single-family housing caused by adverse economic, regulatory, or environmental conditions, or other events, in our markets may have a greater impact on the value of our owned and managed properties or our operating results than if we had more fully diversified our investments.”

Annual report 2025A · The company itself

“In addition to global and United States economic conditions, our operating performance will be impacted by the economic conditions in our markets. We base a substantial part of our business plan on our belief that property values and operating fundamentals for single-family properties in our markets will continue to improve over the near to intermediate term. However, these markets have experienced substantial economic downturns in the past and could experience similar or worse economic downturns in the future.”

Annual report 2025A · The company itself

“In addition, increases in unemployment levels and other adverse changes in economic conditions in our markets may adversely affect the creditworthiness of potential residents, which may decrease the overall number of qualified residents for our properties within such markets. Fluctuating global and United States economic conditions, uncertainty in financial markets, and elevated interest rates may materially negatively impact our residents, and our business could be negatively impacted.”

Annual report 2025A · The company itself

“We could also be adversely affected by overbuilding or high vacancy rates of homes in our markets, which could result in an excess supply of homes and reduce occupancy and rental rates. Continuing development of apartment buildings, condominium units, and single-family rental communities in many of our markets will increase the supply of housing and exacerbate competition for residents.”

Annual report 2025A · The company itself

“Increases in unemployment levels and other adverse changes in economic conditions in our markets could result in substantial resident defaults.”

Annual report 2025A · The company itself

“Our access to additional third-party sources of financing will depend, in part, on: •fluctuating global and United States economic conditions, uncertainty in financial markets, and geopolitical tensions; •the market’s perception of our growth potential; •with respect to acquisition financing, the market’s perception of the value of the homes to be acquired; •our current debt levels; •our current and expected future earnings; •our cash flow and cash distributions; and •the market price of our common stock.”

Annual report 2025A · The company itself

“Future acquisitions of properties and development projects may be more costly and have lower yield characteristics than recent past and present opportunities. The following factors, among others, may make acquisitions or development activities more expensive: •improvements in overall economic conditions and employment levels; •greater availability of consumer credit; •improvements in the pricing and terms of mortgages; •the emergence of increased competition for single-family properties and developable land from private investors and entities with similar investment objectives to ours; •tax or other government incentives that encourage homeownership; and •increases in construction costs, including labor, materials, and supplies or delays in construction timelines.”

Annual report 2025A · The company itself

“Additionally, volatility in the financial markets and elevated interest rates could affect our ability to access the capital markets at a time when we desire, or need, to do so which could have an impact on our flexibility to pursue additional growth opportunities and maintain our desired level of revenue growth in the future.”

Annual report 2025A · The company itself

“An economic downturn resulting from a pandemic, and a disruption of, and/or instability in, the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations, including construction and acquisitions, or address maturing liabilities on a timely basis.”

Annual report 2025A · The company itself

“Our access to additional third-party sources of financing will depend, in part, on: •fluctuating global and United States economic conditions, uncertainty in financial markets, and geopolitical tensions; •the market’s perception of our growth potential; •with respect to acquisition financing, the market’s perception of the value of the homes to be acquired; •our current debt levels; •our current and expected future earnings; •our cash flow and cash distributions; and •the market price of our common stock.”

Annual report 2025A · The company itself

“We utilize a significant amount of indebtedness in the operation of our business. As of December 31, 2025 we had $8,458.4 million aggregate principal amount of indebtedness outstanding.”

Annual report 2025A · The company itself

“Risks Related to Our Indebtedness Our cash flows and operating results could be adversely affected by required payments of debt or related interest and other risks of our debt financing.”

Annual report 2025A · The company itself

“In addition, federal, state, and local regulatory developments, including executive actions and proposed federal and state legislation aimed at limiting institutional ownership and acquisition of single-family homes, may affect the competitive dynamics in our markets by imposing requirements or restrictions that apply differently to various categories of market participants. To the extent these developments disproportionately affect institutional owners, including us, or advantage other categories of investors, such as individual investors and smaller partnerships who may fall outside regulatory definitions, our ability to compete for acquisitions, residents, or capital on favorable terms could be adversely affected.”

Annual report 2025A · The company itself

“In light of continuing federal, state, and local attention on housing supply and availability, there is considerable uncertainty regarding how executive actions, policy initiatives, and potential legislation, along with existing laws, judicial orders, and regulatory frameworks, could affect large institutional investors in single-family rental markets. In addition, legislative and regulatory initiatives addressing residential housing supply and availability have received increased attention at the federal, state, and local levels. This focus has included heightened public and governmental scrutiny of institutional investment in the single-family rental housing market, as well as discussion of potential measures that could affect the acquisition, ownership, or operation of residential rental properties.”

Annual report 2025A · The company itself

“In addition, there has been increased public and governmental scrutiny of institutional investment in single-family rental housing. Certain policymakers, including the President of the United States, have publicly called for congressional action to limit or restrict the ability of large or institutional investors to purchase and own single-family homes. Proposals under discussion could include limitations on acquisitions, increased taxes or fees, enhanced disclosure or reporting requirements, or other restrictions applicable to institutional owners of residential rental housing.”

Annual report 2025A · The company itself

“In addition, executive actions and federal and state legislative, regulatory, or policy initiatives, particularly those focused on institutional ownership and acquisition of single-family homes, could limit our ability to acquire properties, impose additional compliance or operating requirements, or constrain pricing flexibility in certain markets.”

Annual report 2025A · The company itself

“Brokerage of real estate leasing transactions and the provision of property management services require us and certain of our associates to maintain applicable licenses in each state in which we perform these services. If we and our associates fail to maintain our licenses, conduct these activities without a license, or violate any of the regulations covering our licenses, we may be required to pay fines or return commissions received or have our licenses suspended or revoked.”

Annual report 2025A · The company itself

“Labor shortages and supply chain disruptions, among other challenges, continue to affect the ability of our associates, suppliers, and other business partners to carry out their assigned tasks, provide services, or supply materials at ordinary levels of performance relative to the conduct of our business.”

Annual report 2025A · The company itself

“Though we are internally managed, we use local and national third-party vendors and service providers to provide certain services for our properties and development projects. For example, we typically engage third-party home improvement professionals with respect to certain maintenance and specialty services, such as HVAC, roofing, painting, and floor installations.”

Annual report 2025A · The company itself

“We have entered into a multi-year contract with a third-party vendor to provide certain services for our properties. Because of the large volume of services under this contract, only a limited number of companies are capable of servicing our needs on this scale. Accordingly, the inability or unwillingness of this vendor to continue to provide these services on acceptable terms or at all could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“This strategy depends on the performance of our counterparties and the ability of homebuilders to develop new homes specifically for our purchase. We rely on builder counterparties to acquire land suitable for residential building in our markets and to deliver quality homes at reasonable prices in a timely manner, in accordance with agreed to specifications. A failure of builder counterparties to perform in accordance with the terms of our agreements, could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“Throughout our operations, we rely on technology systems that integrate with various third-party vendors, including their AI services. The failure of these systems or services to perform at subscribed levels could adversely impact our business. Taking a proactive approach and engaging with our third-party vendors about service delivery and implementing security risk management controls allow us to mitigate any potential negative impact on our business.”

Annual report 2025A · The company itself

“Information security risks have generally increased in recent years due to the rise in new technologies and the increased sophistication and activities of perpetrators of cyberattacks. In the ordinary course of our business, we acquire and store sensitive data, including intellectual property, our proprietary business information, and personally identifiable information of our prospective and current residents, associates, and third-party service providers.”

Annual report 2025A · The company itself

“In addition to global and United States economic conditions, our operating performance will be impacted by the economic conditions in our markets. We base a substantial part of our business plan on our belief that property values and operating fundamentals for single-family properties in our markets will continue to improve over the near to intermediate term. However, these markets have experienced substantial economic downturns in the past and could experience similar or worse economic downturns in the future.”

Annual report 2025A · The company itself

“We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States. Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our wholly and jointly owned portfolios to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated.”

Annual report 2025A · The company itself

“Inflation and Macroeconomic Conditions Inflation primarily impacts our results of operations in the form of increased repair and maintenance and other costs and wage pressures.”

Annual report 2025A · The company itself

“Our resident leases typically have a term of one to two years, which generally enables us to compensate for inflationary effects by increasing rents on our homes to current market rates.”

Annual report 2025A · The company itself

“Many factors impact the single-family rental market; and if rents in our markets do not increase sufficiently to keep pace with rising costs of operations, our income and distributable cash could decline.”

Annual report 2025A · The company itself

“The effects of inflation on our financial condition and results of operations over the past few years are primarily related to increased operating costs for the procurement of goods and services, compensation of our associates, including benefits, and financing costs in the form 22 of interest expense.”

Annual report 2025A · The company itself

“In an inflationary environment, we may not be able to raise rents sufficiently to keep up with the rate of inflation.”

Annual report 2025A · The company itself

“A significant portion of our costs and expenses are fixed, and we may not be able to adapt our cost structure to offset declines in our revenue. Many of the expenses associated with our business, such as property taxes, insurance, HOA fees, utilities, construction, acquisition, renovation and maintenance costs, and other general corporate expenses are relatively inflexible and will not necessarily decrease with a reduction in revenue from our business.”

Annual report 2025A · The company itself

“Our expenses and ongoing capital expenditures are also affected by continued inflationary pressures, and certain of our cost increases may exceed the rate of inflation in any given period or market.”

Annual report 2025A · The company itself

“Our ability to meet our labor needs while controlling our labor costs is subject to numerous external factors, including unemployment levels, prevailing wage rates, persisting inflation, changing demographics, and changes in employment legislation.”

Annual report 2025A · The company itself

“Inflation, changes in building codes and ordinances, environmental considerations, and other factors might also keep us from using insurance proceeds to replace or renovate a particular property after it has been damaged or destroyed.”

Annual report 2025A · The company itself

“Current fluctuating macroeconomic conditions, including inflation, elevated interest rates, slower growth, economic uncertainty, and a general decline in business activity, have caused dislocations, illiquidity, and volatility in the market for asset-backed securities and mortgage-backed securities, as well as disruption in the wider global financial markets, including a significant reduction of investor demand for, and purchases of, asset-backed securities and structured financial products.”

Annual report 2025A · The company itself

“For example, we have negotiated discounts and extended warranties for products that we regularly use during the renovation process, including appliances, HVAC systems and components, carpet and flooring, and paint, among others.”

Annual report 2025A · The company itself

“Building rental homes and rental communities also involves significant risks to our business, such as delays or cost increases due to changes in or failure to meet regulatory requirements, including permitting and zoning regulations, failure of lease rentals on newly-constructed properties to achieve anticipated investment returns, inclement weather, adverse site selection, unforeseen site conditions or shortages of suitable land, construction materials, and labor, and other risks. We may be unable to build new rental homes and rental communities that generate acceptable returns, and, as a result, our growth and results of operations may be adversely impacted.”

Annual report 2025A · The company itself

“In general, before a previously owned home is acquired or first becomes vacant after acquisition, our in-house teams begin the renovation process by preparing a detailed renovation budget and scope of work based on an assessment of each property’s major systems and structural features. These include HVAC, roofs, pools, and plumbing and electrical systems. In addition, we also evaluate other features of the home’s fit and finish, including appliances, landscaping, decks and/or patios, and fixtures.”

Annual report 2025A · The company itself

“We may not be able to effectively control the timing and costs relating to the renovation and maintenance of our properties, which may adversely affect our operating results and ability to make distributions to our stockholders. Most of our properties require some level of renovation either immediately upon their acquisition or in the future following expiration of a lease or otherwise.”

Annual report 2025A · The company itself

“Consequently, we routinely retain independent contractors and trade professionals to perform physical repair work and are exposed to all of the risks inherent in property renovation and maintenance, including potential cost overruns, increases in labor and materials costs, delays by contractors in completing work, delays in the timing of receiving necessary work permits, delays in receiving materials, fixtures, or appliances, certificates of occupancy, and poor workmanship.”

Annual report 2025A · The company itself

“Future acquisitions of properties and development projects may be more costly and have lower yield characteristics than recent past and present opportunities. The following factors, among others, may make acquisitions or development activities more expensive: •improvements in overall economic conditions and employment levels; •greater availability of consumer credit; •improvements in the pricing and terms of mortgages; •the emergence of increased competition for single-family properties and developable land from private investors and entities with similar investment objectives to ours; •tax or other government incentives that encourage homeownership; and •increases in construction costs, including labor, materials, and supplies or delays in construction timelines.”

Annual report 2025A · The company itself

“Increasing property taxes, insurance costs, and HOA fees may negatively affect our financial results.”

Annual report 2025A · The company itself

“If the costs associated with property taxes, insurance, or HOA fees and assessments rise significantly and we are unable to increase rental rates due to current market conditions, rent control laws, or other regulations to offset such increases, our results of operations would be negatively affected.”

Annual report 2025A · The company itself

“A significant portion of our costs and expenses are fixed, and we may not be able to adapt our cost structure to offset declines in our revenue. Many of the expenses associated with our business, such as property taxes, insurance, HOA fees, utilities, construction, acquisition, renovation and maintenance costs, and other general corporate expenses are relatively inflexible and will not necessarily decrease with a reduction in revenue from our business.”

Annual report 2025A · The company itself

“Risk and Insurance We maintain property, casualty, flood, and corporate-level insurance coverage related to our business, including general liability, business auto, umbrella, commercial crime, directors’ and officers’ liability, fiduciary liability, cyber liability, employment practices liability, and workers’ compensation insurance.”

Annual report 2025A · The company itself

“Changes in the cost or availability of insurance could expose us to uninsured casualty losses.”

Annual report 2025A · The company itself

“Our business, results of operations, financial condition, and cash flows may be adversely affected by pandemics and outbreaks of infectious disease.”

Annual report 2025A · The company itself

“The resulting impact from a future pandemic or outbreak of infectious disease on rental revenues and other property income could impact our ability to make all required debt service payments and to continue paying dividends to our stockholders at expected levels or at all. Additionally, the lingering impact of a pandemic and related containment measures may interfere with the ability of our suppliers and other business partners to carry out their assigned tasks or supply materials, products, services, or funding (in the case of our revolving credit facility) at ordinary levels of performance relative to the conduct of our business.”

Annual report 2025A · The company itself

“A general decline in business activity and demand for real estate transactions resulting from a pandemic could adversely affect (1) our ability to build, acquire, or dispose of single-family homes on terms that are attractive or at all and (2) the value of our homes and our business such that we may recognize impairment on the carrying value of our investments in single-family residential properties and other assets subject to impairment review, including, but not limited to, goodwill.”

Annual report 2025A · The company itself

“An economic downturn resulting from a pandemic, and a disruption of, and/or instability in, the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations, including construction and acquisitions, or address maturing liabilities on a timely basis.”

Annual report 2025A · The company itself

“Natural disasters, geopolitical turmoil, medical epidemics and pandemics, economic instability, or other causes could have material and adverse effect on our residents’ ability to meet their lease obligations and our ability to collect rent or enforce remedies for failure to pay rent thereby reducing our cash flows, and the resulting impact on rental and other property income could impact our ability to make all required debt service payments and to continue paying dividends to our stockholders at expected levels or at all.”

Annual report 2025A · The company itself

“Multiple economic and demographic factors may contribute to increases or decreases in homeownership rates resulting in fluctuating rental rates and average occupancy levels.”

Annual report 2025A · The company itself

“Our rental income is affected by many factors beyond our control, such as the availability of alternative rental housing and economic conditions in our markets.”

Annual report 2025A · The company itself

“A general decline in business activity and demand for real estate transactions could adversely affect our ability to acquire or dispose of single-family homes or to successfully complete and lease development projects on terms that are attractive or at all, which may be impacted in periods of elevated interest rates.”

Annual report 2025A · The company itself

“Similarly, significant changes in precipitation could lead to increases in droughts or wildfires that could adversely impact demand for our properties. The increases in property damage due to these events may also contribute to increased insurance premiums and deductibles or a decrease in the availability of coverage.”

Annual report 2025A · The company itself

“Natural disasters, geopolitical turmoil, medical epidemics and pandemics, economic instability, or other causes could have material and adverse effect on our residents’ ability to meet their lease obligations and our ability to collect rent or enforce remedies for failure to pay rent thereby reducing our cash flows, and the resulting impact on rental and other property income could impact our ability to make all required debt service payments and to continue paying dividends to our stockholders at expected levels or at all.”

Annual report 2025A · The company itself

“In addition, increases in unemployment levels and other adverse changes in economic conditions in our markets may adversely affect the creditworthiness of potential residents, which may decrease the overall number of qualified residents for our properties within such markets. Fluctuating global and United States economic conditions, uncertainty in financial markets, and elevated interest rates may materially negatively impact our residents, and our business could be negatively impacted.”

Annual report 2025A · The company itself

“Increases in unemployment levels and other adverse changes in economic conditions in our markets could result in substantial resident defaults.”

Annual report 2025A · The company itself

“Additionally, increased interest rates, political dissension, and fluctuating global and United States economic conditions, geopolitical tensions, and other factors that are beyond our control could negatively affect our business and financial condition.”

Annual report 2025A · The company itself

“Our access to additional third-party sources of financing will depend, in part, on: •fluctuating global and United States economic conditions, uncertainty in financial markets, and geopolitical tensions; •the market’s perception of our growth potential; •with respect to acquisition financing, the market’s perception of the value of the homes to be acquired; •our current debt levels; •our current and expected future earnings; •our cash flow and cash distributions; and •the market price of our common stock.”

Annual report 2025A · The company itself

“Compliance with existing governmental laws, regulations, and covenants (or those that may be enacted in the future) that are applicable to the properties we own and manage on behalf of others, including affordability covenants, permit, license, and zoning requirements, and federal executive actions and potential federal and state legislation aimed at limiting institutional ownership and acquisition of single-family homes may adversely affect our ability to make future acquisitions, renovations, or dispositions, result in significant costs, delays, or losses, and adversely affect our growth strategy.”

Annual report 2025A · The company itself

“The portfolio of homes we own average approximately 1,880 square feet with three to four bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident. We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand.”

Annual report 2025A · The company itself

“United States regulators have also increased their focus on cyber security vulnerabilities and risks. Compliance with laws and regulations concerning cyber security, such as SEC rules requiring disclosure of material cybersecurity incidents, data governance, and data protection could result in significant expense, and any failure to comply could result in proceedings against us by regulatory authorities or other third parties.”

Annual report 2025A · The company itself

“Under various federal, state, and local environmental laws, a current or previous owner or operator of real property may be liable for the cost of removing or remediating hazardous or toxic substances on such property. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances.”

Annual report 2025A · The company itself

“In addition, we face significant competition in acquiring attractive properties on advantageous terms, and the value of the properties that we acquire may decline substantially after we purchase them.”

Annual report 2025A · The company itself

“In general, before a previously owned home is acquired or first becomes vacant after acquisition, our in-house teams begin the renovation process by preparing a detailed renovation budget and scope of work based on an assessment of each property’s major systems and structural features. These include HVAC, roofs, pools, and plumbing and electrical systems. In addition, we also evaluate other features of the home’s fit and finish, including appliances, landscaping, decks and/or patios, and fixtures.”

Annual report 2025A · The company itself

“Mandated and proposed tariffs to be imposed by the United States on imports from certain countries and potential counter-tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.”

Annual report 2025A · The company itself