ColonyStarwood I HOMES Release Supplemental Informallon Fourth Quarter 2016 Rent Easy. Live Table of Contents Section I: Earnings Release 2 Section II: Consolidated Financials 9 Section Selected Additional Information to Section IV: Same Store Information 21 Section V: Earnings Guidance 34 Appendix: Definitions and Reconciliations 3o ColonyStarwood I HOMES . . Earnings Release IHOMES ColonyStarwood Earnings Release COLONY STARWOOD HOMES ANNOUNCES FOURTH QUARTER AND FULL YEAR 2016 FINANCIAL AND OPERATING RESULTS Scottsdale, Arizona (February 28, 2017) Colony Starwood Homes (NYSE: SFR) (the "Company"), a leading single-family rental real estate investment trust today announced operating and financial results for the three and twelve months ended December 31, 2016. Capitalized terms used herein have the meanings set forth in the Appendix. Fourth Quarter 2016 Highlights Total revenues increased to $146.4 million in Q4 2016, driven by Quarterly Same Store revenue growth of 5.4% Occupancy was 95.5% for the Quarterly Same Store cohort of 28,146 homes Net loss of $10.5 million or per share; Core FFQ of $51.0 million or $0.47 per share for the three months ended December 31, 2016 Quarterly Same Store NOI increased 15.5% over Q4 2015; Quarterly Same Store Core NOI margin was 66.2% Full Year 2016 Highlights Total revenues increased to $575.7 million in 2016, driven by Full Year Same Store revenue growth of 6.2% Occupancy was 95.9% for the Full Year Same Store cohort of 22,363 homes Net loss of $81.3 million or per share; Core FFO of $182.8 million or $1.69 per share Full Year Same Store NOI increased 11.0% over 2015; Full Year Same Store Core NOI margin was 63.8% Company substantially exited from the non-performing loan business through portfolio sale with total proceeds of $265.3 million Reduced total debt in FY16 by $354.0 million with NPL proceeds, non-core asset disposition activity and cash from operations Exceeded target of $50 million in annualized Merger synergies "Fourth Quarter Core FFO of $0.47 per share, supported by our Same Store Core NOI margin of 66.2%, caps a year of tremendous accomplishments for Colony Starwood Homes,? stated Fred Tuomi, the Company's CEO. "Demand for our high-quality, well-located single- family rental homes and operational efficiencies from market density produced Full Year Same Store NOI growth of 11.0%. Since completing our merger in early 2016, we have strengthened our balance sheet by reducing outstanding debt, extending maturities and increasing fixed rate debt from 10% to over 80% today. Having met or exceeded our stated goals for our first full year as Colony Starwood Homes, we are highly confident in our ability to continue delivering superior results. Our 2017 full-year growth expectations reflect strong fundamentals in our high growth markets, the underlying strength of our existing portfolio, and the additional growth opportunities we are pursuing." Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. ColonyStarwood HOMES Earnings Release (Continued) The 2016 financial results of the Company (other than Quarterly Same Store or Full Year Same Store results) include the historical financial results of StarWOOd Waypoint Residential Trust beginning on January 5, 2016, which was the date of the merger betWeen Colony American Homes and SWAY (the "Merger?). Historical financial results (other than Same Store results) as of dates or for periods prior to January 5, 2016 represent only the pre?Merger financial results of CAH and do not reflect what the financial results would have been had the Merger been complete during such periods. Fourth Quarter 2016 Operating Results Total revenues were $146.4 million for the three months ended December 31, 2016, and net loss attributable to common shareholders was approximately $10.5 million, or per share, driven by depreciation and amortization expense. NAREIT FFO was $40.0 million for the three months ended December 31, 2016, or $0.37 per share, and Core FFO was $51.0 million, or $0.47 per share. NAREIT FFO and Core FFO are common supplemental measures of operating performance for a REIT, and the Company believes both are useful to investors as a complement to GAAP measures because they facilitate an understanding of the operating performance of the Company?s properties. Same Store Results For the Company's Quarterly Same Store portfolio of 28,146 homes, revenue for the three months ended December 31, 2016 Was $131.4 million, a 5.4% increase in those homes' revenues as compared to the three months ended December 31, 2015. For the Company's Full Year Same Store portfolio of 22,363 homes, revenue for the tWelve months ended December 31, 2016 was $402.7 million, a 6.2% increase in those homes' revenues as compared to the twelve months ended December 31, 2015. For the Quarterly Same Store portfolio, property operating expenses were down by 8.8% from the three months ended December 31, 2015, resulting in an 15.5% growth of Quarterly Same Store N01 for the three months ended December 31, 2016 as compared to the three months ended December 31, 2015. For the Full Year Same Store portfolio, property operating expenses were down 0.7% from the twelve months ended December 31, 2015, resulting in an 1 1.0% increase of Full Year Same Store N01 for the twelve months ended December 31, 2016 as compared to the twelve months ended December 31, 2015. Quarterly and Full Year Same Store Core NOI margins were 66.2% and 63.8%, respectively. The table below summarizes Quarterly and Full Year Same Store operating results. Homes as of December 31, 2016 28,146 22,363 Occupancy as of December 31,2016 95.5% 95.9% Revenue Growth (December 31, 2016 as compared to December 31, 2015)?) 5.4% 6.2% Operating Expense Growth (December 31,2016 as compared to December 31, 2015) (1) NOI Growth (December 31, 2016 as compared to December 3 1, 201 5) (11 15.5% 110% Core NOI Margin?) 66.2% 63.8% Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. 1? Quarterly Same Store and Full Year Same Store results reflect the three months and twelve months ended December 31, 2016, respectively. HOMES Earnings Release (Continued) Investments During the three months ended December 31, 2016, the Company acquired 549 homes For an aggregate total investment oF approximately $132.0 million, or approximately $240,000 per home, including estimated investment costs For renovation. The Company sold 228 single-Family rental homes For gross sales proceeds oF $38.2 million, resulting in a gain oF approximately $1.3 million. For the twelve months ended December 31 2016, the company acquired 1,079 homes For an aggregate total investment oF approximately $262.8 million, or $244,000 per home, including estimated investment costs For renovation. The Company sold 976 single-Family rental homes For gross sales proceeds oF $167.4 million, resulting in a gain oF approximately $4.7 million. Discontinued Operations On May 4, 2016, the Company's board 0F trustees (the "Board") authorized the exit 01 the non-perForming loan business. The remaining operations ot the NPL business segment are recorded as discontinued operations, net For the three and twelve months ended December 31, 2016 and all comparable periods. In Q4 the Company sold 220 real estate owned homes in the NFL business segment For $31.4 million 0F total cash proceeds, oF which $14.4 million was used to pay down associated debt. As 01 December 31, 2016 there was $19.3 million oF outstanding associated debt; subsequent to December 31, 2016 this debt was paid in Full and the warehouse line was extinguished. Balance Sheet and Capital Markets Activities As oF December 31, 2016, the Company had $3.8 billion oF debt outstanding and approximately $492.0 million 0F undrawn commitments on its credit Facilities. Since the Merger closed on January 5, 2016 through December 31, 2016, the Company reduced its outstanding debt by approximately $354.0 million. Subsequent to December 31 2016, the Company sold $345.0 million oF 3.50% convertible senior notes due 2022. The Company used the net proceeds From the new convertible oFFering to repurchase, in privately negotiated transactions, substantially all 01 its 4.50% convertible senior notes due in 2017. Remaining proceeds From the note issuance were used to repay amounts drawn on the Company's credit Facilities, to Fund ongoing asset acquisitions and For general corporate purposes. Please see the Appendix at the back oF this presentation For certain definitions, explanations and reconciliations oF Financial measures. All inFormation is as oF December 31, 2016 unless otherwise indicated. ColonyStarwood HOMES (1) 2017 Full Year Same Store property count is expected to be approximately 28,850, subject to dispositions throughout the year 6 Earnings Release (Continued) Fourth Quarter 2016 Conference Call A conference call is scheduled on Tuesday, February 28, 2017, at 10:00 am. Eastern Time to discuss the Company's financial results for the three and twelve months ended December 3 2016. The domestic dial-in number is 1-877-407-9039 (for US. and Canada) and the international dial-in number is 1-201-689-8470 (passcode not required). An audio webcast may be accessed at in the investor relations section. A replay of the call will be available through March 3 i 2017 and can be accessed by calling 1-844-512-2921 (US. and Canada) or T- 412-317-6671 (international), replay pin number 13653043, or by using the link at in the investor relations section. About Colony Starwood Homes Colony Starwood Homes (NYSE: SFR) is one of the largest publicly traded owners and operators of single-family rental homes in the United States. Colony Starwood Homes acquires, renovates, leases, maintains and manages single-family homes in markets that exhibit favorable demographics and long-term economic trends, as well as strengthening demand for rental properties. Colony Starwood Homes is building its business upon a foundation of respect for its residents and the communities in which it operates. Additional information can be found at Additional information A copy of the Fourth Quarter 2016 Supplemental Information Package 2016 Supplement?) and this press release are available on the Company's website at Notice Regarding Financial Measures This press release and the Q4 2016 Supplement contain and may refer to certain financial measures and terms that management believes are helpful in understanding our business, as further set forth in the definitions, explanations and reconciliations of each financial measure to its most comparable GAAP financial measures included in the Appendix. These measures and terms are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should be read together with the most comparable GAAP measures. Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 3 i, 2016 unless otherwise indicated. ColonyStarwood HOMES Earnings Release (Continued) Forward-Looking Statements Certain statements in this press release and the quarterly supplement/presentation are forward?looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are based on certain assumptions and discuss Future expectations, describe future plans and strategies and contain financial and operating protections or state other forward-looking information. The Company?s ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although the Company believes that the expectations reflected in such forward?looking statements are based on reasonable assumptions, the Company's actual results and performance could differ materially from those set forth in, or implied by, the forward-looking statements. Factors that could materially and adversely affect the Company?s business, financial condition, liquidity, results of operations and prospects, as well as the Company's ability to make distributions to its shareholders, include, but are not limited to: the factors referenced in the Company's Annual Report on Form unanticipated increases in financing and other costs, including a rise in interest rates; the availability, terms and the Company's ability to effectively deploy short?term and long?term capital; the possibility that unexpected liabilities may arise from the Company's merger (the "Merger") with Colony American Homes including the outcome of any legal proceedings that have been or may be instituted against the Company, CAH or others in connection with the Merger and the associated transactions; changes in the Company's business and growth strategies; the Company's ability to hire and retain highly skilled managerial, investment, financial and operational personnel; volatility in the real estate industry, interest rates and spreads, the debt or equity markets, the economy generally or the rental home market specifically, whether the result of market events or otherwise; events or circumstances that undermine confidence in the financial markets or otherwise have a broad impact on financial markets, such as the sudden instability or collapse of large financial institutions or other significant corporations, terrorist attacks, natural or man-made disasters, or threatened or actual armed conflicts; declines in the value of single-family residential homes, and macroeconomic shifts in demand for, and competition in the supply of, rental homes; the availability of attractive investment opportunities in homes that satisfy the Company's investment obiective and business and growth strategies; the Company's ability to convert the properties it acquires into rental homes generating attractive returns and to effectively control the timing and costs relating to the renovation and operation of the properties; the Company's ability to complete its exit from the non-performing loan (and related real estate owned) business in the anticipated time period on acceptable terms and to re?deploy net cash proceeds therefrom; the Company's ability to lease or re?Iease its rental homes to qualified residents on attractive terms or at all; the failure of residents to pay rent when due or otherwise perform their lease obligations; the Company's ability to effectively manage its portfolio of rental homes; the concentration of credit risks to which the Company is exposed; the rates of default or decreased recovery rates on the Company's target assets; the adequacy of the Company's cash reserves and working capital; potential conflicts of interest with Starwood Capital Group, Colony Capital, LLC ("Colony Capital"), Colony Inc. ("Colony and their affiliates and managed investment activities; the timing of cash flows, if any, from the Company's investments; the Company?s expected leverage; financial and operating covenants contained in the Company's credit facilities and securitizations that could restrict its business and investment activities; effects of derivative and hedging transactions; the Company's ability to maintain effective internal controls as required by the Sarbanes?Oxley Act of 2002 and to comply with other public company regulatory requirements; the Company's ability to maintain its exemption from registration as an investment company under the Investment Company Act of 1940, as amended; actions and initiatives of the U.S., state and municipal governments and changes to governments' policies that impact the economy generally and, more specifically, the housing and rental markets; changes in governmental regulations, tax laws (including changes to laws governing the taxation of real estate investment trusts and rates, and similar matters; limitations imposed on the Company's business and its ability to satisfy complex rules in order for the Company and, if applicable, certain of its subsidiaries to qualify as a REIT for US. federal income tax purposes and the ability of certain of the Company's subsidiaries to qualify as taxable REIT subsidiaries for U.S. federal income tax purposes, and the Company's ability and the ability of its subsidiaries to operate effectively within the limitations imposed by these rules; and estimates relating to the Company's ability to make distributions to its shareholders in the future. You should not place undue reliance on any forward?looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in the reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. Except as required by law, the Company is under no duty to, and the Company does not intend to, update any of the forward- Iooking statements appearing herein, whether as a result of new information, future events or otherwise. Contacts: Investor Relations Media Relations John Christie Phone: 5i 0982-5470 Jason Chudoba Phone: 646-2774 249 Email: IR@coIonystarwood.com Email: Jason.chudoba@icrinc.com Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 3 l, ZOI <5 unless otherwise indicated. ColonyStarwood HOMES . . If. I ll. Consolidated Financials ColonyStarwood 9 I HOMES Balance Sheet (Condensed) As of December 31, 2016 (Unaudited) Dollars in thousands Assets Liabilities Investments in real estate properties: Accounts payable and accrued expenses 88,140 Land and land improvements 1,584,533 Resident prepaid rent and security deposits 57,823 Buildings and building improvements 4,403,871 Secured credit facilities 108,501 Furniture, fixtures and equipment 131,502 Mortgage loans, net 3,333,241 Total investments in real estate properties 6,1 19,906 Convertible senior notes, net 356,983 Accumulated depreciation (370,394) Liabilities related to assets held for sale 25,495 Investments in real estate properties, net 5,749,512 Total liabilities 3,970,183 Real estate held for sale, net 22,201 Cash and cash equivalents 109,097 Equity Re?ndedcadi 155194 L015 Investments in unconsolidated joint ventures 34,384 Additional paid-in capital 2,734,034 Asset-backed securitization certificates 141,103 Accumulated deficit (319,828) Assets held for sale 76,870 Accumulated other comprehensive loss 23,667 Goodwill 260,230 Total shareholders' equity 2,438,888 Other assets, net 66,585 Non-controlling interests 206,105 Total equity 2,644,993 Total assets 6,615,176 Total liabilities and equity 6,615,176 Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. ColonyStarwood HOMES Statements oF Operations (UnaudHed) DoHarsinthousands Three Months Ended December 31, Twelve Months Ended December 31, 2016 2015?) 2016 2015?) Revenues Rental income 95 137,725 75,633 538,191 283,635 Other property income 6,014 2,298 25,844 17,167 Other income 2,625 2,934 I 1,647 2,934 Total revenues 146,364 80,865 575,682 303,736 Expenses Property operating and maintenance 19,225 19,036 83,451 62,349 Real estate taxes, insurance and HOA costs 26,973 10,433 1 10,1 12 53,894 Property management expenses 8,276 4,635 34,736 18,422 Interest expense 37,430 17,324 152,167 65,034 Depreciation and amortization 42,945 28,007 178,763 108,307 Impairment oF real estate assets 220 10,724 750 1 1,780 Share-based compensation 931 - 2,853 - General and administrative 1 1,932 7,483 54,332 34,251 Merger and transaction-related expenses (562) 4,692 29,496 7,1 12 Total expenses 147,370 102,334 646,660 361,149 Net gain on sale 0F real estate owned 1,309 730 4,673 1,133 Equity in income From unconsolidated joint ventures 199 1 15 738 266 Other income (expense), net (1,016) (975) (2,395) (3,607) Loss before income taxes (514) (21,599) (67,962) (59,621) Income tax (expense) beneFit (249) 235 (736) (816) Net loss from continuing operations (763) (21,364) (68,698) (60,437) Income (loss) From discontinued operations, net (10,419) 2,200 (17,787) (1,578) Net loss (1 1,182) (19,164) (86,485) (62,015) Net loss attributable to non?controlling interests 689 7,026 5,218 23,152 Net loss attributable to Colony Starwood Homes (10,493) (12,138) (81,267) (38,863) Net income attributable to preFerred shareholders - (4) - (16) Net loss available to common shareholders (10,493) (12,142) (81 ,267) (38,879) Net loss per common share - basic and diluted Net loss attributable to common shareholders (0.10) (0.19) (0.80) (0.60) Please see the Appendix at the back at this presentation For certain de?nitions, explanations and reconciliations oF Financial measures. AII inFormation is as oF December 31, 2016 unless otherwise indicated. For GAAP purposes, the Merger resulted in a reverse acquisition oF SWAY by CAH. Historical Financial statements For periods prior to the Merger include only the results at operations and Financial position oF CAH. HOMES Reconciliation to FFO and Core FFO Dollars in thousands, except share and per share data Three Months Ended Twelve Months Ended December 31,2016 December 31,2016 Reconciliation of net loss to NAREIT FFO Net loss attributable to common shareholders (10,493) (81,267) Adjustments: Depreciation and amortization on real estate assets 41,889 176,811 Impairment of real estate assets 220 750 Net gain on sale of real estate (1,309) (4,673) Non-controlling interests (689) (5,218) Discontinued operations, net 10,419 17,787 NAREIT no 40,037 104,190 NAREIT FFO per share 1? 0.37 0.96 Adjustments for Core FFO NAREIT no 40,037 104,190 Amortization of deferred financing costs, debt premium discounts and non- cash interest expense from interest rate caps 10,344 38,290 Merger and transaction-related expenses (562) 29,496 Integration Costs IZI 294 7,971 Share-based compensation 931 2,853 Core FFO 51,044 182,800 Core FFO per share 5 0.47 1.69 Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. Weighted-average common shares total 108,032,444 and 108,265,578 for the three and twelve month periods, respectively. These share counts are comprised of 101,492,960 and 101,633,326 weighted- a average common shares outstanding and 139,484 and 232,252 unvested RSUS for the three and twelve month periods ended, respectively, and outstanding OP units exchangeable for 6,400,000 common shares. IZI Please see Appendix A for a definition of Integration Costs, and Appendix for a summary of Integration Costs through the three and twelve months ended December 31, 2016. We believe that identifying Integration Costs is useful for investors as it allows investors to separate these costs from the core operating performance of our Single-Family Rental business. Income Statement Bridge Quarter-to-date normalizations For Merger and Transaction, Integration and NPL business Dollars in thousands Three Months Ended December 31, 2016 (-) (-) (-) Single-Family Rental Consolidated Merger and Transaction- Total Single Development Results Related Expenses Integration Costs 11) NPL Family Rental Same Store Homes Stabilized Homes Homes Other Homes 28,146 2,507 412 266 Revenues Rents From single-Family properties 137,725 137,725 125,937 35 1,377 5 406 Fees From single-Family properties 3,694 3,694 3,339 335 - 2O Tenant chargebacks 2,320 2,320 2,109 189 - 22 Asset management Fees 2,625 2,625 - - - 2,625 Total revenues 146,364 - - - 146,364 131,385 1 1,901 5 3,073 Operating expenses Property and maintenance costs 19,225 19,225 16,929 1,428 1 18 750 Real estate taxes, insurance, HOA costs 26,973 26,973 23,886 2,526 126 435 Property management 8,276 8,276 6,459 512 117 1,188 Total operating expenses 54,474 - - - 54,474 47,274 4,466 361 2,373 Net operating income 91,890 - - - 91,890 84,1 1 1 7,435 (356) 700 Non-operating expenses Home COUNTS by Segment General and administrative 12,863 294 12,569 Merger and transaction-related expenses (562) (562) - 412 266 Depreciation and amortization 42,945 42,945 Interest expense 37,430 37,430 Other expense /(income) (23) (23) Total non-operating expenses 92,653 (562) 294 - 92,921 Net (loss) from continuing operations (763) 562 (294) - (1,031) I same Store Loss From discontinued operations (10,419) (10,419) - Stabilized Net (loss) (11,182) 562 (294) (10,419) (1,031) I Development Net loss attributable to non-controlling interests 689 689 I Other Net (loss) available to common shareholders (10,493) 562 (294) (10,419) (342) Please see the Appendix at the back at this presentation For certain de?nitions, explanations and reconciliations oF Financial measures. All inFormation is as oF December 31, 2016 unless otherwise indicated. Please see Appendix A For a de?nition oF Integration Costs, and Appendix For a summary 01? Integration Costs through the three and twelve months ended December 31, 2016. 1 3 We believe that identiFying Integration Costs is useFul For investors as it allows investors to separate these costs From the core operating perFormance 0F our Single-Family Rental business. Income Statement Bridge Year-to-date normaIizations for Merger and Transaction, Integration and NFL business Dollars in thousands Revenues Rents from single-family properties Fees from single-family properties Tenant chargebacks Asset management fees Total revenues Operating expenses Property and maintenance costs Real estate taxes, insurance, HOA costs Property management Total operating expenses Net operating income Non-operating expenses General and administrative Merger and transaction-related expenses Depreciation and amortization Interest expense Other expense /(income) Total non-operating expenses Net (loss) from continuing operations Loss from discontinued operations Net (loss) Net loss attributable to non-controlling interests Net (loss) available to common shareholders ColonyStarwood HOMES Twelve Months Ended December 31, 2016 Single-Family Rental Consolidated Merger and Transaction- Total Single Development Results Related Expenses Integration Costs NPL Family Rental Same Store Homes Stabilized Homes Homes Other Homes 22,363 8,290 412 266 538,191 538,191 384,167 148,119 7 5,898 14,017 14,017 9,982 3,822 213 11,827 11,827 8,536 2,588 703 11,647 11,647 - - 11,647 575,682 - - - 575,682 402,685 154,529 7 18,461 83,451 83,451 58,362 20,604 483 4,002 110,112 110,112 76,722 30,075 120 3,195 34,736 2,108 32,628 20,182 7,289 454 4,703 228,299 - 2,108 - 226,191 155,266 57,968 1,057 1 1,900 347,383 - (2,108) - 349,491 247,419 96,561 (1,050) 6,561 Home Counts by Segment 57,185 5,863 51,322 29,496 29,496 - 412 178,763 178,763 266 152,167 152,167 (1,530) (1,530) 416,081 29,496 5,863 - 380,722 (68,698) (29,496) (7,971) - (31,231) I Same Store (29 496) (7 971) (31 231) Stabilized 5,218 5,218 Development (81,267) (29,496) (7,971) (17,787) (26,013) I Other Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. Please see Appendix A for a definition of Integration Costs, and Appendix for a summary of Integration Costs through the three and twelve months ended December 31, 2016. 1 4 We believe that identifying Integration Costs is useful for investors as it allows investors to separate these costs from the core operating performance of our Single-Famin Rental NOI by Segment Year-over-year comparison Dollars in thousands Three Months Ended December 31, (1) Twelve Months Ended December 31,111 2016 2015121 Change 2016 2015121 Change Rental and other property revenues: Same Store Homes 131,385 124,704 5.4% 402,685 379,202 6.2% Stabilized Homes 1 1,901 5,074 134.5% 154,529 100,704 534% Development Homes 5 3 66.7% 7 10 -30.0% Other Homes 3,073 3,428 -10.3% 18,461 18,555 Total rental and other property revenues 146,364 133,209 9.9% 575,682 498,471 15.5% Property operating expenses: Same Store Homes 47,274 51,862 155,266 156,285 Stabilized Homes 4,466 3,090 44.5% 57,968 46,446 24.8% Development Homes 361 175 106.3% 1,057 749 41.2% Other Homes 2,373 3,759 ?36.9% 1 1,900 17,277 ?31 Total property operating expenses 54,474 58,886 226,191 220,757 2.5% Net operating income (NOI): Same Store Homes 84,1 11 72,842 15.5% 247,419 222,917 1 1.0% Stabilized Homes 7,435 1,984 274.7% 96,561 54,258 780% Development Homes (356) (172) 107.0% (1,050) (739) 42.1% Other Homes 700 (331) -311.8% 6,561 1,278 413.4% Total property NOI 91,890 74,323 23.6% 349,491 277,714 25.8% Please see the Appendix at the back of this presentation For certain definitions, explanations and reconciliations ot Financial measures. All information is as of December 31, 2016 unless otherwise indicated. 1?1 Colony Starwood Homes' Quarterly Same Store and Full Year Same Store property counts For the quarter-to-date and the year-to-date are 28,146 and 22,363, respectively. (21 2015 represents pro torma linancials tor the combined Company, but does not reflect reimbursement revenue or the related expenses associated with the management at properties owned by third parties. I Selected Additional Information ColonyStarwood 16 I HOMES Home Count by Portfolio As of December 31, 2016 Full Year Same Full Year Stabilized Quarterly Same Quarterly Stabilized Development Net Owned Owned Homes Other Non-owned, Market: Store Homes Homes Store Homes Homes Homes Homes Occupied Homes 121 Managed Homes Total Homes Atlanta 4,853 678 5,439 92 9 5,540 96.5% 47 312 5,899 Tampa 2,710 1,003 3,505 208 - 3,713 94.7% 13 2 9 3,945 Miami 2,089 1,585 3,197 477 7 3,681 95.6% 40 144 3,865 Southern California 2,564 212 2,732 44 5 2,781 96.7% 26 1,4 6 4,223 Houston 2,226 488 2,616 98 - 2,714 94.0% 34 2,748 Dallas 1,113 967 1,847 233 25 2,105 93.6% 63 2,168 Denver 1,086 906 1,691 301 48 2,040 92.3% 3 - 2,043 Orlando 1,328 611 1,766 173 1,939 95.3% 4 10 1,953 LasVegas 1,619 100 1,708 11 - 1,719 95.6% 3 188 1,910 Phoenix 1,305 84 1,329 60 95 1,484 89.8% 446 1,941 Top 10 Markets 20,893 6,634 25,830 1,697 189 27,716 94.9% 244 2,735 30,695 Charlotte - Raleigh 161 772 643 290 146 1,079 82.5% 1 1,080 Northern Calitornia 730 235 773 192 6 971 96.7% 3 827 1,801 Other Markets 579 649 900 328 71 1,299 89.5% 18 402 1,719 Total 22,363 8,290 1 23,146 2,507 412 31,065 94.3% 266 3,964 35,295 ColonyStarwood HOMES Excludes Other Homes and REO properties associated with the NFL business. (2) Includesl 56 homes held For sale and 1 10 homes not in service. Please see the Appendix at the back 01 this presentation For certain definitions, explanations and reconciliations ot Financial measures. All information is as of December 31, 2016 unless otherwise indicated. Asset Rolltorwa rd Three months ended December 31, 2016 Properties as of Properties as of Market: 09/30/16 (1) Acquisitions (1) Dispositions 12/31/1611) Atlanta 5,653 17 (83) 5,587 Tampa 3,730 3 (7) 3,726 Miami 3,750 (29) 3,721 Southern California 2,827 (20) 2,807 Houston 2,791 (43) 2,748 Dallas 2,112 62 (6) 2,168 Denver 1,984 63 (4) 2,043 Orlando 1,950 (7) 1,943 Las Vegas 1,723 6 (7) 1,722 Phoenix 1,388 (4) 1,495 Top 10 Markets 27,908 262 (210) 27,960 Charlotte - Raleigh 893 187 - 1,080 Northern California 977 - (3) 974 Other Markets (2) 1,232 100 (15) 1,317 Total Owned Homes 31,010 549 (228) 31,331 Non-owned, Managed Homes 4,016 2 (54) 3,964 Total Homes 35,026 551 (282) 35,295 Please see the Appendix at the back of this presentation For certain definitions, explanations and reconciliations oi Financial measures. All information is as of December 31, 2016 unless otherwise indicated. Excludes REO properties associated with the NFL business. (2) All 100 acquisitions were made in the Nashville market, HOMES Colony Starwood Homes has entered into three interest rate swap contracts including a February 2016 contract with a notional of $1.6B at 2.75%, a June 2016 contract with a notional of $450M at 3.32%, and a January 2017 agreement with a notional of $550M at 3.59%. The stated interest rates on this page do not include the impact of the Colony Starwood interest rate swaps. Securitizations SWAY 2014-1, CAH 2015-1 and CSH 2016-2 are stated net of class G certificates in the amounts of $26.6M, $33.7M, and $30.6M respectively; CSH 2016-1 is net of class F and G certificates totaling $50.3M. Colony Starwood Homes amended the initial term of the SWAY credit facility from February 2017 to June 2017 without extending the full maturity date. Represents NPL repurchase facility 19 Dollars in millions • • • • (1) Effectively fixed via swap contract. Rate based on weighted average for CSH’s swap contracts, including $1.6Bn contract with average rate of 2.75%, $450MM with average rate of 3.32%, and $550MM with average rate of 3.59% (2) Based on weighted average for CSH’s securitizations; weighted by outstanding balances (3) Equity market capitalization based on February 24, 2017 closing price of $32.54 and 108.3 million weighted average shares and units outstanding (4) Securitizations SWAY 2014-1, CAH 2015-1 and CSH 2016-2 are stated net of class G certificates in the amounts of $26.6M, $33.7M, $30.6M respectively; CSH 2016-1 is net of class F and G certificates totaling $50.3M. 20 I IV. Same Store Information ColonyStarwood 21 I HOMES Portfolio Overview Quarterly Same Store As of December 31, 2016 Average Quarterly Same Average Acquisition Average Average Home Weighted Average Rent per Occupied Market: Store Homes Occupancy Cost per Home Investment Size (sq. ft.) Home Age (years) Home Atlanta 5,439 96.7% 127,684 145,769 2,003 22 1,304 Tampa 3,505 94.8% 156,833 180,976 1,721 28 1,479 Miami 3,197 95.7% 206,872 224,140 1,723 39 1,815 Southern California 2,732 96.8% 272,61 1 308,295 1,713 40 2,051 Houston 2,616 94.1% 151,253 155,272 1,937 20 1,501 Dallas 1,847 94.8% 178,068 185,615 2,095 22 1,641 Denver 1,691 94.4% 198,635 218,661 1,722 36 1,750 Orlando 1,766 95.2% 138,864 166,248 1,726 30 1,391 Las Vegas 1,708 95.6% 187,732 204,346 2,033 17 1,420 Phoenix 1,329 95.8% 137,889 153,735 1,702 26 1,184 Top 10 Markets 25,830 95.6% 172,566 191,587 1,848 28 1,551 Charlotte?Raleigh 643 94.7% 184,903 208,401 2,351 13 1,644 Northern California 773 97.7% 229,317 252,930 1,436 47 1,796 Other Markets 900 94.1% 165,875 173,165 1,700 35 1,670 Total 28,146 95.5% 174,192 193,066 1,844 28 1,564 Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. ColonyStarwood HOMES Portfolio Overview Full Year Same Store As of December 31, 2016 Average Full Year Same Average Acquisition Average Average Home Weighted Average Rent per Occupied Market: Store Homes Occupancy Cost per Home Investment Size (sq. ft.) Home Age (years) Home Atlanta 4,853 96.8% 124,207 143,605 1,980 23 1,290 Tampa 2,710 95.2% 155,742 180,332 1,720 27 1,470 Miami 2,089 96.7% 200,906 214,377 1,673 41 1,760 Southern Calitornia 2,564 96.8% 269,390 305,373 1,714 40 2,045 Houston 2,226 94.4% 148,279 152,709 1,926 18 1,482 Dallas 1,113 94.9% 160,852 166,214 1,968 24 1,548 Denver 1,086 93.9% 179,202 201,248 1,664 37 1,718 Orlando 1,328 95.4% 129,490 158,358 1,694 30 1,352 Las Vegas 1,619 95.8% 185,562 202,000 2,019 17 1,414 Phoenix 1,305 96.0% 137,162 153,068 1,698 26 1,183 Top 10 Markets 20,893 95.9% 166,937 186,382 1,827 28 1,517 Charlotte-Raleigh 161 95.0% 152,637 172,685 2,074 14 1,496 Northern California 730 97.8% 227,602 251,419 1,427 47 1,798 Other Markets 579 94.0% 150,012 157,755 1,595 39 1,580 Total 22,363 95.9% 168,375 187,663 1,810 29 1,528 Please see the Appendix at the back of this presentation For certain definitions, explanations and reconciliations ot Financial measures. All information is as of December 31, 2016 unless otherwise indicated. ColonyStarwood HOMES Same Store Year-Over?Year Results Dollars in thousands Revenues: Rental income Fee income Resident chargebacks Total rental and other property revenue Expenses: Repairs, maintenance and turn costs Real estate taxes, insurance and HOA costs Property management costs Bad debt expense Other operating expenses Total property operating expenses Net Operating Income Net Operating lncome margin Core Net Operating lncome margin Quarterly Same Store 111 Three Months Ended December 31, Full Year Same Store Twelve Months Ended December 31, 2016 (21 2015 (31 Change 2016121 201513) Change 125,937 118,695 6.1% 384,167 361,216 6.4% 3,339 2,514 32.8% 9,982 7,244 37.8% 2,109 3,495 -3 9.7% 8,536 10,742 -20.5% 131,385 124,704 5.4% 402,685 379,202 6.2% 10,037 10,364 37,512 36,492 2.8% 23,886 26,532 -10.0% 76,722 73,811 3.9% 6,459 8,229 -21.5% 20,182 26,001 -22.4% 2,240 2,660 -15.8% 6,508 6,000 8.5% 4,652 4,077 14.1% 14,342 13,981 2.6% 47,274 51,862 155,266 156,285 5 84,1 1 1 72,842 15.5%: 247,419 222,917 1 64.0% 58.4% 61.4% 58.8% 66.2% 61.4% 63.8% 61.5% Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. ColonyStarwood HOMES l?lColony Starwood Homes' Quarterly Same Store and Full Year Same Store property counts for the quarter-to?date and the year-to-date measurements are 28,146 and 22,363, respectively. 121 2016 figures have been adjusted for Integration Costs; please see Income Statement Bridge slides (pages 13 and 14). 1312015 represents pro forma financials for the merged Company. Same Store Core Year-Over?Year Results DoHarsinthousands Quarterly Same Store (1) Three Months Ended December 31, Full Year Same Store (1) Twelve Months Ended December 31, 2016121 2015131 Change 2016 (21 2015131 Change Revenues: Rental income 125,937 $118,695 6.1% $384,167 $361,216 6.4% Fee income 3,339 2,514 32.8% 9,982 7,244 37.8% Bad debt expense (2,240) (2,660) ?15.8% (6,508) (6,000) 8.5% Core rental revenue $127,036 $1 18,549 7.2% $387,641 $362,460 6.9% Expenses: Total property operating expenses 47,274 51,862 155,266 156,285 Resident chargebacks (2,109) (3,495) -39.7% (8,536) (10,742) 205% Bad debt expense (2,240) (2,660) ?15.8% (6,508) (6,000) 8.5% Core property operating expenses 42,925 45,707 $140,222 $139,543 0.5% Core Net Operating Income 84,1 1 1 72,842 15.5% $247,419 $222,917 1 1.0% Core Net Operating Income margin 66.2% 61.4% 63.8% 61.5% Please see the Appendix at the back of this presentation For certain definitions, explanations and reconciliations ot Financial measures. All information is as of December 31, 2016 unless otherwise indicated. l?lColony Starwood Homes' Quarterly Same Store and Full Year Same Store property counts for the quarter-to?date and the year-to?date measurements are 28,146 and 22,363, respectively. a 121 2016 figures have been adjusted for Integration Costs; please see Income Statement Bridge slides (pages 13 and 14). 13) 2015 represents pro torma tinancials tor the merged Company. HOMES Results by Market Quarterly Same Store Three months ended December 31, 2016 Dollars in thousands of Total Same Net Operating of Total Net Core Operating Market: Same Store Homes Store Homes Revenues Expenses Income Operating Income Margin 5439 193% 2L171 7079 14092 168% 686% Tampa 3505 125% 15418 5748 9670 649% NMami 3J97 17187 6813 10374 123% 626% Southern California 2,732 9.7% 16,771 5,729 11,042 13.1% 68.0% 2616 93% 1L492 5320 6172 73% 559% Dallas 1,847 6.6% 8,894 3,460 5,434 6.5% 62.3% meer L691 60% 9005 2309 5696 80% 777% Orlando 1,766 6.3% 7,388 2,866 4,522 5.4% 63.7% Las Vegas 1,708 6.1% 7,496 2,219 5,277 6.3% 72.5% WmeMx L329 47% 4752 L445 3307 39% Top 10 Markets 25,830 91.8% 1 19,574 42,988 76,586 91.1% 66.2% Charlotte - Raleigh 643 2.3% 3,1 1 1 965 2,146 2.6% 70.7% Northern California 773 2.7% 4,293 1,323 2,970 3.5% 72.2% Other Markets 900 3.2% 4,407 1,999 2,408 2.9% 56.4% Total 28,146 100.0% 131,385 47,274 5 84,1 1 1 100.0% 66.2% Please see the Appendix at the back of this presentation For certain definitions, explanations and reconciliations of Financial measures. All information is as of December 3 2016 unless otherwise indicated. ColonyStarwood HOMES Results by Market Full Year Same Store Twelve months ended December 31, 2016 Dollars in thousands of Total Same Net Operating of Total Net Core Operating Market: Same Store Homes Store Homes Revenues Expenses Income Operating Income Margin Atlanta 4,853 21.7% 75,083 27,373 47,710 19.3% 66.7% Tampa 2710 121% 48413 19886 28527 107% 591% Miami 2,089 9.3% 42,601 18,947 23,654 9.6% 57.5% Southern California 2,564 1 1.5% 61,680 21,492 40,188 16.2% 67.2% 2226 100% 38363 18805 19658 79% 527% Dallas 1,1 13 5.0% 20,090 8,125 1 1,965 4.8% 61.4% meer L086 49% 2L994 8154 18840 64% 756% L328 .59% 2L297 9055 12242 49% 600% Las Vegas 1,619 7.2% 27,732 8,644 19,088 7.7% 70.9% WmeMx L305 58% 18392 5880 12612 51% Top 10 Markets 20,893 93.4% 373,645 144,361 229,284 92.7% 63.7% Charlotte - Raleigh 161 0.7% 2,879 920 1,959 0.8% 70.5% Northern California 730 3.3% 15,722 5,140 10,582 4.3% 70.4% Other Markets 579 2.6% 10,439 4,845 5,594 2.3% 55.7% Total 22,363 100.0% 402,685 155,266 247,419 100.0% 63.8% Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. ColonyStarwood HOMES Lease Outcomes Quarterly Same Store As ot December 31, 2016 Based on Quarterly Same Store property count of 28,146 homes Expiration Outcome Turnover l4) Expiration Renewal Retention QTD Turnover YTD Annualized Market: Count (11 Renewed (21 Retained 13) Rate Rate Rate 15) YTD Turnover Rate Turnover Rate 161 Atlanta 915 604 676 66.0% 73.9% 7.5% 36.2% 36.2% Tampa 644 418 447 64.9% 69.4% 8.8% 38.8% 38.8% Miami 475 316 346 66.5% 72.8% 6.8% 30.8% 30.8% Southern Calitornia 504 370 408 73.4% 81.0% 6.4% 28.5% 28.5% Houston 379 247 268 65.2% 70.7% 8.1% 35.2% 35.2% Dallas 290 160 192 55.2% 66.2% 7.9% 36.1% 36.1% Denver 234 T27 T53 54.3% 65.4% 8.6% 35.4% 35.4% Orlando 290 191 207 65.9% 71.4% 7.9% 37.0% 37.0% Las Vegas 266 T69 T88 63.5% 70.7% 7.9% 37.6% 37.6% Phoenix T92 T6 T28 60.4% 66.7% 6.8% 34.8% 34.8% Top 10 Markets 4,139 2,713 3,013 64.9% 71.9% 7.6% 35.0% 35.0% Charlotte-Raleigh T32 9T 96 68.9% 72.7% 7.5% 42.8% 42.8% Northern Calitornia T7 87 94 74.4% 80.3% 6.2% 26.8% 26.8% Other Markets 83 54 65 65.1% 78.3% 6.2% 29.9% 29.9% Total 4,521 2,950 3,268 65.3% 72.3% 7.6% 34.8% 34.3% Please see the Appendix at the back of this presentation For certain definitions, explanations and reconciliations ot Financial measures. All intormation is as 01 December 31, 2016 unless otherwise indicated. 1? Represents the number at leases that expired within the quarter, less early terminations. 17) Includes lease expirations where the lease was renewed [excludes month-to-month leases). a [31 Includes lease expirations where the resident did not "move out". [Al Population limited to homes that realized resident turnover within the subject period, including out of period lease expirations where the lease was terminated early and leases. 15) The number of homes that become vacant during the subiect period as a percentage of homes with an initial move?in ready status. 161 The number of homes that become vacant during the subiect period as an annualized percentage of homes with an initial moverin ready status. Lease Outcomes Full Year Same Store As of December 31, 2016 Based on Full Year Same Store property count of 22,363 homes Expiration Outcome Turnover (41 Expiration Renewal Retention QTD Turnover YTD Turnover YTD Annualized Market: Count 111 Renewed l2) Retained (31 Rate Rate Rate (51 Rate Turnover Rate (61 Atlanta 742 497 553 67.0% 74.5% 7.2% 36.0% 36.0% Tampa 428 281 297 65.7% 69.4% 8.2% 39.4% 39.4% Miami 235 154 174 65.5% 74.0% 5.8% 29.8% 29.8% Southern California 454 333 367 73.3% 80.8% 6.5% 29.0% 29.0% Houston 319 206 225 64.6% 70.5% 8.1% 36.1% 36.1% Dallas 168 87 108 51.8% 64.3% 8.4% 36.1% 36.1% Denver 158 86 102 54.4% 64.6% 9.4% 34.9% 34.9% Orlando 221 146 158 66.1% 71.5% 7.9% 36.9% 36.9% Las Vegas 247 158 177 64.0% 71.7% 7.7% 37.2% 37.2% Phoenix 182 1 13 124 62.1% 68.1% 6.4% 34.6% 34.6% Top 10 Markets 3,154 2,061 2,285 65.3% 72.4% 7.4% 35.0% 35.0% Charlotte-Raleigh 25 18 18 72.0% 72.0% 6.8% 44.1% 44.1% Northern California 99 74 79 74.7% 79.8% 6.2% 27.5% 27.5% Other Markets 39 26 34 66.7% 87.2% 6.2% 29.2% 29.2% Total 3,31 7 2,179 2,416 65.7% 72.8% 7.3% 34.7% 34.7% Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. 1? Represents the number of leases that expired within the quarter, less early terminations. 17) Includes lease expirations where the lease was renewed [excludes month-to-month leases). a [31 Includes lease expirations where the resident did not "move out". [Al Population limited to homes that realized resident turnover within the subject period, including out of period lease expirations where the lease was terminated early and leases. 15) The number of homes that become vacant during the subiect period as a percentage of homes with an initial move?in ready status. 161 The number of homes that become vacant during the subiect period as an annualized percentage of homes with an initial moverin ready status. Rent Growth Quarterly Same Store Quarter-to-Date as of December 31, 2016 Based on Quarterly Same Store property countL of homes Escalations on Renewals Replacement Rent Multi?Year Leases Total Rent Growth Renewal Rent Replacement Rent Blended Rent Average Rent Average Rent Market: Total Leases Growth Total Leases Growth Growth Total Leases Change ?l Total Leases Change (2) Atlanta 57T 4.7% 463 3.5% 4.2% 94 3.0% 28 Tampa 407 3.7% 3 9 2.7% 40 3.0% 766 2.8% Miami 3T3 3.3% 234 2.7% T6 3.0% 663 2.8% Southern California 403 5.3% T86 4.8% 23 3.0% 6T 2 Houston 248 3.8% 22T -T 75 3.0% 544 Dallas T6T 5.7% T23 44 3.0% 328 4.0% Denver T57 8.3% T23 2.7% 5.8% 24 3.0% 304 5.6% Orlando T97 4.6% T45 3.4% T8 3.0% 360 Las Vegas T82 4.3% T24 2.5% 3.5% - - 306 3.5% Phoenix T23 6.3% 73 6.9% 6.5% T2 3.0% 208 6.3% Top 10 Markets 2,762 4.7% 2,0] I 1.9% 3.5% 446 3.0% 5,219 3.5% Charlotte?Raleigh 95 5.T 52 0.7% 3.4% T47 3.4% Northern California 87 7.2% 45 9.5% 7.9% 32 3.0% T64 7.0% Other Markets 60 4.3% 6T 0.7% 42 3.0% T63 Total 3,004 4.8% 2,169 3.6% 520 3.0% 5,693 3.5% Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 3 i, 2016 unless otherwise indicated. l? Represents average rent growth on the population of escalating multi?year leases taking effect for the three months ended December 3 i, 201 6, defined as average of the percentage change in rental rate for all multi-year leases in the period. (2) Represents weighted average rent growth on all replacement, renewal and escalating multi-year leases for the three months ended December 3 T, 2OT 6. Rent Growth Full Year Same Store Quarter-to-Date as of December 3T, 20T6 Based on Full Year Same Store property count of 22,363 homes Escalations on Renewals Replacement Rent Multi?Year Leases Total Rent Growth Renewal Rent Replacement Rent Blended Rent Average Rent Average Rent Market: Total Leases Growth Total Leases Growth Growth Total Leases Change ?l Total Leases Change (2) Atlanta 488 4.7% 409 3.8% 4.3% 75 3.0% 972 4.2% Tampa 280 3.7% 266 2.6% 29 3.0% 575 2.6% Miami T6T 3.6% T65 2.7% 9T 3.0% 4T7 Southern California 368 5.3% T8T 4.9% 5.2% 20 3.0% 569 Houston 2T 4.0% 20T -T 65 3.0% 477 Dallas 9T 6.9% 94 3.4% 5.0% 33 3.0% 2 8 4.8% Denver T6 8.5% 93 3.9% 6.4% T6 3.0% 225 6.2% Orlando T5T 4.7% T20 3.9% 4.3% T4 3.0% 285 4.3% Las Vegas 7T 43% 8 2.7% 3.6% - - 289 3.6% Phoenix T20 6.3% 70 6.9% 6.6% T2 3.0% 202 6.3% Top 10 Markets 2,157 4.9% 1,717 2.3% 3.7% 355 3.0% 4,229 3.7% Charlotte?Raleigh T8 3.8% T3 4.2% 4.0% 3T 4.0% Northern California 75 7.T 44 9.2% 7.8% 28 3.0% T47 6.9% Other Markets 36 5.3% 4T 33 3.0% TO 2. Total 2,286 5.0% 1,815 2.4% 3.8% 416 3.0% 4,517 3.8% Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 3 T, 2OT 6 unless otherwise indicated. l?l Represents average rent growth on the population of escalating multi?year leases taking effect for the three months ended December 3 T, 2OT 6, defined as average of the percentage change in rental rate for all multi-year leases in the period. Represents weighted average rent growth on all replacement, renewal and escalating multi-year leases for the three months ended December 3 T, 2OT 6. Rent Growth Full Year Same Store Year-to-Date as of December 31, 2016 Based on Full Year Same Store property count of 22,363 homes Escalations on Renewals Replacement Rent Multi?Year Leases Total Rent Growth Renewal Rent Replacement Rent Blended Rent Average Rent Average Rent Market: Total Leases Growth Total Leases Growth Growth Total Leases Change ?1 Total Leases Change (2) Atlanta 2,573 5.1 1,815 5.1% 5.1 338 3.0% 4,726 4.9% Tampa 1,517 4.4% 1,036 3.4% 4.0% 191 3.0% 2,744 3.9% Miami 953 4.1% 631 4.0% 4.1% 400 3.0% 1,984 3.9% Southern California 1,652 5.7% 758 5.6% 5.7% 89 3.0% 2,499 5.6% Houston 1,065 4.2% 828 1.6% 281 3.0% 2,174 1.9% Dallas 557 5.2% 409 4.5% 4.9% 139 3.0% 1,105 4.6% Denver 603 8.7% 362 7.7% 8.4% 62 3.0% 1,027 8.0% Orlando 772 5.1% 523 4.6% 4.9% 60 3.0% 1,355 4.8% Las Vegas 880 4.2% 621 3.1% 3.7% 3 3.0% 1,504 3.7% Phoenix 675 6.0% 450 9.0% 7.2% 45 3.0% 1,170 7.1% Top 10 Markets 1 1,247 5.1% 7,433 4.2% 4.7% 1,608 3.0% 20,288 4.6% Charlotte?Raleigh 85 4.7% 65 5.1 4.9% 150 4.9% Northern California 428 6.9% 195 1 1.7% 8.4% 86 3.0% 709 7.7% Other Markets 228 4.3% 195 2.1% 100 3.0% 523 2.4% Total 1 1,988 5.2% 7,888 4.3% 4.8% 1,794 3.0% 21,670 4.7% Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. 1? Represents average rent growth on the population of escalating multi?year leases taking effect for the twelve months ended December 31, 2016, defined as average of the percentage change in rental rate for all multi?year leases in the period. Represents weighted average rent growth on all replacement, renewal and escalating multi-year leases for the twelve months ended December 31, 2016. Cost to Maintain a Home Dollars in thousands, except per home amounts Quarterly Same Store (1) Three Months Ended December 31, Full Year Same Store 111 Twelve Months Ended December 31, 2016 2016 Category Total Cost Cost per Home Total Cost Cost per Home Repairs, maintenance and turnover expenses Repairs and maintenance 4,467 159 17,885 800 Turnover-related costs (2) 2,994 106 10,898 487 Landscaping and pool services 558 20 3,127 140 Total repairs, maintenance and turnover expenses 8,019 285 31,910 1,427 Recurrina capital expenditures (3114) Capital replacements 7,482 266 24,173 1,081 Turnover-related capital costs 3,608 128 1 1,562 517 Total recurring capital expenditures 5 1 1,090 394 35,735 1,598 Total repairs and maintenance and recurring capital expenditures 19,109 679 67,645 3,025 Same Store Home Count 28,146 22,363 Revenue Enhancina Capital Expenditures 15) Total Revenue Enhancing Capital Expenditures 634 23 2,932 131 Please see the Appendix at the back of this presentation for certain definitions, explanations and reconciliations of financial measures. All information is as of December 31, 2016 unless otherwise indicated. ColonyStarwood HOMES ?1 Colony Starwood Homes' Quarterly Same Store and Full Year Same Store property counts for the quarter-to?date and the year-to?date measurements are 28,146 and 22,363, respectively. ?21 Turnover costs are presented net of total billed resident chargebacks at move-out; some chargebacks may present collection risk if tenant security deposits are insufficient. ?31 Excludes initial renovation and redevelopment expenditures. Replacements and expenditures necessary to preserve and maintain the value and functionality of the home and its systems. 15] Includes capital improvements and additions intended to increase the revenue potential for a given property, which we track separately from recurring capital expenditures. . tsEarnings Guidance ColonyStarwood 34 IHOMES 2017 Guidance Colony Starwood Homes 2017 full-year guidance 2017 Guidance Core FFO/Share $1.85 - $1.95 Same Store Revenue Growth (3) 4 5% Same Store Expense Growth (3) 2 3% Same Store Core NOI Margin (3) 63 65% Same Store Occupancy (3) 95 96% 36% Same Store Turnover (3) 34 The Company does not provide forward-looking guidance for certain financial measures on a GAAP basis because it is unable to reasonably predict certain items contained in the GAAP measures, including one-time and infrequent items that are not indicative of the Company's ongoing operations Such items include, but are not limited to, discontinued operations, share-based compensation and other items not reflective of the Company's ongoing operations. Please refer to the Forward Looking Statement disclosure on page 8. a This outlook is based on a number of assumptions, many of which are outside of the Colony Starwood Homes? control, and all of which are subiect to change. This outlook reflects Colony Starwood Homes' 3 5 expectations on (0) existing investments and yield on incremental investments inclusive of Colony Starwood Homes' existing pipeline. All guidance is based on current expectations of future economic conditions I and the iudgment ot the Colony Starwood Homes' management team. 2017 Full Year Same Store property count is expected to be approximately 28,850 homes, subiect to dispositions throughout the year I Appendix ColonyStarwood 36 I HOMES Appendix A: Definitions s calculated by dividing a) the number of homes that become unoccupied during a period of time by b) the number of homes that had completed initial renovation/rehabilitation and were leasable durin the specified period, expressed as an annualized percenta by multiplyin the period of measurement to reach a 12 month period Te.g., multiplyin a three month turnover measurement by four? Managementielieves this operational measure is useful in understanding resident satisgaction, pricing effectiveness and assessing associated property repairs and maintenance expenses. s calculated by dividing a) the total acquisition cost for each home in an identified population (such acquisition costs including purchase price and closing costs, ut excluding renovation/rehabilitation costs incurred prior to leasing) by b) the number of homes in the respective population. Total acquisition cost for assets owned by SWAY prior to the Merger includes the purchase accounting fair market value step-up applied to those assets as of the close of Merger on January 5, 2016. Is calculated by dividin the sum of a) the total acquisition cost for each home in an identified population b) all property related capitalized expenditures incurred in ?te renovation/rehabilitation of a propert prior to leasing1 by c) the number of homes in the respective population. Total acquisition cost for assets owned by SWAY prior to the erger includest purchase accounting fair market value step-up applied to those assets as of the close of Merger on January 5, 2016. Is calculated by dividing a) the aggbregDate contractual cash rent (excluding rent concessions and incentives) for an identified population of occupied rental units dy the number of rental units in the identified population. To date, rent concessions and incentives have been utilized on a limited basis an have not had a significant impact on the CSH portfolio?s average rent. Represents the weighted average rent growth on all new leases (replacement leases) and renewals during a measured period, and is calculated dividing a) the aggregate contractual first month rent on all new leases and lease renewals executed durin the applicable period for an i entified population of occupied rental units by b) the ag regate contractual last month rent for such identi ied population of rental units before renewal or new lease. This calculation does not inc ude lease escalations step-ups for multi?year eases. Core FFO is a financial measure of operating performance that we believe assists investors in assessing the results of CSH's single-family rental business, which is our core operating business. Core FFO adiusts NAREIT FFO (defined below) to eliminate the impact of certain items that CSH believes are not indicative of our core operating performance, including the results of the NPL business, which we intend to exit, as well as certain non-cash items. Our Core FFO begins with NAREIT FFO and is adiusted for revenues an expenses directly related to our NPL business, for amortization of deferred financing costs and debt premium discounts, share-based compensation, loss on derivative financial instruments, amortization of derivative financial instruments, non-cash interest expense, mergser and transaction-related expenses. Core FFO does not represent cash generated from operating activities determined in accordance with AAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income (determined in accordance with GAAP) as a performance measure. ColonyStarwood HOMES Appendix A: Definitions CSH calculates Core NOI by subtracting Core Property 0 erating Expenses from Core Rental Revenue, as defined, which eliminates revenues and expenses that CSH believes are not directly re ated to the operating performance of the homes themselves and GAAP presentations of resident chargeback fees and bad debt expense to provide a clearer presentation of rental and fee income streams as well as associated expenses. Please refer to the definition of NOI below for an ex Ianation of how that measure is calculated separate from Core NOI. Core NOI is a measure of operating performance that CSH elieves assists investors in assessing the performance of our portfolio of single-family homes, which is our core operating business. Please see Appendix for a reconciliation of net income (loss) to Core NOI. The Core NOI measures included in this presentation should not be considered alternatives to net loss or net cash flows from operating activities, as determined in accordance with GAAP as indications of CSH's performance or as measures of liquidity. Although CSH uses these measures for comparability in assessing their performance against other REITs, not all REITs compute the same measures. Accordingly, there can be no assurance that our basis for computing these measures are comparable with that of other REITs. Is calculated by adjusting operating costs for the properties in the relevant sample by eliminating the impact of resident chargebacks bad debt expense. Is calculated by rental and fee income for the properties in the relevant sample adjusted to eliminate the impact of bad debt expense. Homes that a) are awaitin initial rehabilitation, b) are currently undergoing initial rehabilitation, or c) have completed initial rehabilitation but have not yet experience initial occupancy. Homes that met the definition of Some Store Homes as ofJanuary I, 201 6. As of December 3 I 2016 there were 22,363 homes. Costs and charges incurred during the inte ration of the Starwood Waypoint Residential Trust and Colony American Homes operations in the three and twelve months ended December I, 2016 that are not reflective of our core operating performance and that we do not expect to incur subse uent to the completion of the Merger inte ration, but which do not qualify for Merger and transaction-related expenses under GAAP. majority of Inte ration Costs consist of ase salaries, benefits, and pagroll taxes of employees separated or scheduled for separation as a result of the erger. See Appendix for a summary of Integration osts through the three and twelve months ended December 3 I 2016. Direct costs incurred as a result of the Merger closing or costs required to ensure the Merger was completed successfully. These costs include Ie aI fees, advisogy services (accounting, tax, and entity filings), success fees, employee retention Blans and severance costs, and property tax transfer costs. ee Appendix for a summary of costs for the three and twelve months ended ecember 31, 2016. Funds from erations is defined by the National Association of Real Estate Investment Trusts as net income or loss (in accordance with GAAPPechuding gains or losses from sale of previously depreciated real estate assets, Ius depreciation and amortization of real estate assets, impairment of real estate assets, discontinued operations and adjustments or unconsolidated partnerships and joint ventures. Consistent with real estate industry and investment community preferences, we use NAREIT FFO as a supplemental measure of operating performance for a REIT. We consider NAREIT FFO useful to investors as a complement to GAAP measures because it facilitates an understanding of the operating performance of the Company's properties. NAREIT FFO does not ive effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a propert over its use uI life. Since values for Well- maintained real estate assets have historically increased or decreased based upon prevailing mar et conditions, the Company believes that NAREIT FFO provides investors with a clearer view of the Company's operating performance. ColonyStarwood HOMES Appendix A: Definitions CSH defines NOI as rental and other property revenues less property operating expenses. CSH has presented NOT for Same Store Homes as CSH believes this NOI measure to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our homes without allocation of corporate level overhead or general and administrative costs and reflects the operations of our business. Refer to the table below for a reconciliation of net loss attributable to common shareholders to NOT. Please refer to the definition of Core NOI above for an explanation of how that measure is calculated separate from NOI, and see Appendix for a reconciliation of net income (loss) to NOT. These NOI measures included in this resentation should not be considered alternatives to net loss or net cash flows from operating activities, as determined in accordance with GAA as indications of CSH's performance or as measures of liquidity. Although CSH uses these measures for comparability in assessing their erformance against other REITs, not all REITs compute the same measures. Accordingly, there can be no assurance that basis for computing these measures is comparable with that of other REITs. Colony Starwood Homes currently provides its property and asset management services to third parties and/or Hint venture partners as a fee service. he non-owned properties are all managed within the same platform from which Colony Starwood omes services its Owned homes. Represents the percentage of an identified rental unit population that is occupied as of the measurement period and is calculated by dividing of) the number of occupied units as of the last day of the measurement period by b) the number of rental units in the identified population 0 rental units (Same Store, Owned Homes, etc.). Includes 266 Owned Homes as of December 3 T, 2OT 6 that were not intended to be held for the long-term and not in service. The 266 Other Homes excludes the 353 REO homes held as of December 3 T, 20T 6. Represents wholly-owned single-family rental properties, and is measured by the number of total rental units. This takes into account investments in multi-unit properties which Management believes provides a more meaningful measure to investors. Owned Homes excludes the 353 REO homes held as of December 3T, ZOT 6. Homes that met the definition of Some Store Homes as of October T, 20T 6. As of December 3T, 20T 6 there were homes. General replacements and expenditures required to preserve and maintain the value and functionality of a home and its systems as a single-family rental. Is calculated by dividing a) the number of renewed residents with current period lease expirations by b) the total lease expirations during the period. Represents thecpercentage change in contractual rent resulting from all lease renewals that became effective durin a measurement period for an i entified population of rental units, and is calculated by dividing a) the aggregate contractual first mont rent (excluding rent concessions and incentives) on lease renewals executed during the ap licable measurement period for an identified opulation of rental units by b) the aggregate contractual last month rent for such identified population of rental units before renewal. Tpo date, rent concessions and incentives have been used on a limited basis and have not had a significant impact on contractual rent. ColonyStarwood HOMES Appendix A: Definitions Real estate owned, which is associated with the NPL business. Represents the percentage change in contractual rent resulting from new leases on properties previously leased to different residents during a measurement period for an identified population of rental units and is calculated by dividing a) the aggre ate contractual first month rent (excluding rent concessions and incentives) on new leases signed during the applicable measurement perio for an identified opulation of occupied rental units by b) the aggregate contractual last month rent for such identified population of rental units under the prior lease on such properties. To date, rent concessions and incentives have been used on a limited basis and have not had a significant impact on contractual rent. Is calculated by dividing a) the number of retained residents with current period lease expirations by b) the total lease expirations during the period. Capital improvements and additions intended to increase the revenue potential for a given property. Homes which have been stabilized for at least fifteen (15) months prior to the start of the current measurement period, excluding any homes that have been disposed of, removed from service or returned to the development period for significant renovation. Homes that are currently occu ied or have been Breviously leased and occupied that do not meet the criteria to be a Same Store Home. For the three and tWelve months en ed December 3 the Stabilized Home count excludes 10 homes not intended to be held for the long term. Refers to CSH Homes? ten markets with the greatest number of homes as of December 3 2016. Represents all homes Colony Starwood Homes manages. Includes both Owned Homes and Non-Owned, Managed Homes. Represents the Weighted average rent growth on replacement rents, renewals, and escalating multi-year leases for the perIo . Unpaid principal balance. Rounded number of years between when a home was built and the last day of the current measurement period with each market being weighted by its area asset count. ColonyStarwood HOMES Appendix B: Reconciliations Quarterly Same Store Three Months Ended December 3 l, 2016 in (-) Unrelated to cost Cost of Ownership Gross Cost to maintain (-) Chargebacks Net cost to maintain Cost per Home Repairs and maintenance Repairs and maintenance 4,449 - )8 4,467 159 Turnover-related costs 5,588 - (2,594) 2,994 106 Subtotal Repairs, maintenance, and turn costs (1) 10,037 - (2,576) 7,461 265 Other operating expenses Landscape and pool services 1,080 - (522) 558 20 Other expenses 3,572 (3,572) - - - Subtotal Other operating expenses U) 4,652 (3,572) (522) 558 20 Total 5 14,689 (3,572)_ 5 (3,098) 5 8,019 285 Recurring capital expenditures Capital replacements 7,482 7,482 266 Turnover?related capital costs 3,608 3,608 128 Total recurring capital expenditures 5 1 1,090 - - 1 1,090 394 Total cost to maintain a home 679 )1'otal revenue enhancing capital expenditures 634 23 )Same Store Homes 28,146 I ?l Ties to Same Store category total on page 24 of supplemental (in 0005) Three Months ended Twelve Months Ended in Three Months ended Twelve Months Ended DeceMbel? 31, 2016 December 31, 2016 Category December 31, 2016 December 31, 2016 Employee related costs - 5,255 Closing and Success Fees 63 (4205 Accounting 775 Employee Related Costs 18] 1 1 164 Office rent - 564 Le OI IT 294 1,242 (957) 1'26) Other - 135 Other 151 2,866 Total 294 7,971 Total (562) 29,496 ColonyStarwood HOMES Appendix B: Reconciliations Three months ended December 31, 2016 Twelve months ended December 31, 2016 (Dollars in thousands) Same Store Homes Stabilized Homes Same Store Homes Stabilized Homes Reconciliation of net loss to NOI Net loss attributable to Starwood Waypoint Residential Trust shareholders (10,493) (10,493) (81,267) (81,267) Add (deduct) adiustments to get to total NOI Gain (Loss) From discontinued operations 10,419 10,419 17,787 17,787 General and administrative 1 1,932 1 1,932 54,332 54,332 Share-based compensation 931 931 2,853 2,853 Interest expense 37,430 37,430 152,167 152,167 Depreciation and amortization 42,945 42,945 178,763 178,763 Transaction-related expense (562) (562) 29,496 29,496 Impairment at real estate 220 220 750 750 Realized (gain) loss on sales of investments in real estate, net (1,309) (1,309) (4,673) (4,673) Equity in income from unconsolidated joint ventures (199) (199) (738) (73 8) Other (expense) income, net 1,016 1,016 2,395 2,395 Income tax expense 249 249 736 736 Net income attributable to non-controlling interests (689) (689) (5,218) (5,218) Total N01 5 91,890 91,890 347,383 347,383 Add (deduct) adjustments to get to total portfolio NOI Property management integration costs 2,108 2,108 Non?portfolio NOI components: Property operating revenues on non-portfolio homes (14,979) (3,078) (172,997) (18,468) Property operating expenses on non-portfolio homes 7,200 2,734 70,925 12,957 Total Non-portfolio NOI (7,779) (344) (102,072) 5 (5,51 1) Total NOI 84,1 1 1 91,546 247,419 343,980 Calculation portfolio Core NOI margin: Rental income 125,937 137,314 384,167 532,287 Fee income 3,339 3,673 9,982 13,804 Less bad debt expense (2,240) (2,307) (6,508) (8,469) Total rental revenues 127,036 138,680 387,641 537,622 Core NOI margin 66.2% 66.0% 63.8% 64.0% See Income Statement Bridge pages 13 and 14 Stabilized is the summation of Same Store Homes pIus Stabilized Homes as defined in Appendix A. ColonyStarwood HOMES Appendix B: Reconciliations in Description December 31, 2016 Hedge contract 25,772 Prepaids 14,229 Accounts receivable, net of allowance 10,071 Deterred leasing costs and lease intangibles, net 4,437 Furniture, Fixture, and equipment 3,366 Deterred Finance costs, net 2,490 Deposits 1,697 Other 4,523 Total 66,585 Three months ended December 31, 2016 Same-Store Stabilized Development Net Owned Owned Homes Other Non-Owned, Market: Homes Homes Homes Homes (1) Occupied (1) Homes Managed Homes Total Homes Chicago 632 136 - 768 94.7% 4 395 1,167 Other 268 192 71 531 82.1% 14 7 552 Total 900 328 71 1,299 89.5% 18 402 1,719 Twelve months ended December 31, 2016 Same-Store Stabilized Development Net Owned Owned Homes Other Non-Owned, Market: Homes Homes Homes Homes (1) Occupied 1? Homes Managed Homes Total Homes Chicago 395 373 - 768 94.7% 4 395 1,167 Other [21 184 276 71 531 82.1 14 7 552 Total 579 649 71 1,299 89.5% 18 402 1,719 Excludes REO properties, 121 Other Market includes Nashville, Tucson and Delaware. Three Months Ended Twelve Months Ended Description December 31, 2016 December 31, 2016 Weighted-average shares - basic 101,492,960 101,633,326 Incremental shares From RSUs 139,484 232,252 OP units 6,400,000 6,400,000 Total 108,032,444 108,265,578 ColonyStarwood HOMES