Invitation Homes Receives Investment Grade Ratings from Fitch and Standard & Poor's

Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”) announced today that the Company received investment grade ratings from Fitch Ratings ("Fitch") and Standard & Poor's Rating Services ("S&P"). Fitch has assigned an Issuer Default Rating of 'BBB' to the Company with a Stable outlook, and S&P has assigned the Company an issuer rating of 'BBB-' with a Stable outlook.

"Achieving investment grade ratings from S&P and Fitch represents the realization of one of our long-stated goals since our IPO," said Dallas Tanner, President and Chief Executive Officer of Invitation Homes. "Beyond allowing us access to an additional source of highly flexible, long-dated debt capital, we believe the ratings reaffirm the strength of our business model and the benefits of our strategy of investing in high-quality homes in attractive, in-fill locations where we enjoy meaningful advantages of scale."

According to Fitch's published report, the rating and outlook reflect the positive steps the Company has taken in recent years to reduce leverage, as well as an acceleration in demographic trends including an aging millennial wave that continues to benefit single-family rentals, particularly in the Company's markets. Fitch also cites the high level of granularity of assets within the Company’s portfolio, as well as the Company’s technology and scale, as competitive advantages.

S&P’s published report noted that their outlook reflects expectations that the Company will exhibit strong operating performance over the next two years, with its in-fill acquisition strategy and portfolio geography particularly well-positioned to reap the benefits from increased workforce mobility and continued population migration to core markets in the Sunbelt states.

About Invitation Homes

Invitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.

Forward-Looking Statements

This press release 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. 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 ongoing COVID-19 pandemic on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. 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, 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 at 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 release and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, 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.

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