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  "documentTitle": "Invitation Homes | Investor Presentation Deck | 22 slides",
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      "kind": "callout",
      "text": "National SFR rent growth is more insulated and has historically stayed positive even in recessionary periods (shaded in pink).",
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      "text": "Single-Family Asking Rent vs. Apartment Rent National YOY % change",
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      "text": "According to John Burns, national average single-family rent growth has never had a meaningful decline in nearly forty years of tracking the data",
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      "text": "The location and quality of our homes attract a higher-end SFR customer; new residents (T12M) have an average annual income of over $142,000 and an income-to-rent ratio of 5.2x as of 3Q23",
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      "text": "In August 2023, Fitch Ratings revised its rating outlook for the Company to “Positive” from “Stable” and affirmed the Company's ratings, including the “BBB” Long-Term Issuer Default Ratings",
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      "text": "Our investment-grade rated balance sheet provides us with nearly $1.8 billion of liquidity as of September 30, 2023, and we have no debt reaching final maturity prior to 2026, 99.4% of our debt is fixed rate or swapped to fixed rate, 83.5% of our homes are unencumbered, and over 75% of our debt is unsecured",
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      "text": "We believe our portfolio and proven strategy position us well to weather periods of economic uncertainty",
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      "text": "(1) Source: John Burns Real Estate Consulting, Burns Single-Family Rent Index, published September 2023.",
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      "text": "A Business Model For All Seasons",
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