Invitation Homes Annual Report 2024

FY2024 Annual Report · Invitation Homes

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Annual
Report
Tohoqua | Orlando

1.
John Burns Research & Consulting, S&P CoreLogic Case-Shiller® Home Price Indices, September 2024. Growth rates are for the entire market in which Invitation Homes owns homes, weighted by
Invitation Homes home count for each entire market as of December 31, 2024, and represent market-level data for the entire market rather than Invitation Homes home-specific data.
We’re the nation’s premier single-family
home leasing and management company.
85,138 wholly-owned homes
Phoenix
10%
Seattle
6%
Northern
California
6%
Carolinas
6%
Southern
California
11%
Atlanta
13%
Dallas 3%
Chicago
3%
Denver
3%
Las
Vegas
4%
Houston
2%
Minn.
1%
South
Florida
12%
Tampa
10%
Jax
2%
Orlando
8%
Percent of 4Q24 revenue
We focus on high-growth markets and inﬁll neighborhoods with
proximity to jobs, transportation, and schools.
32%
more
of revenue from Western
U.S., Sunbelt, and Florida
96%
6.1%
average annual SS-NOI
growth from 2017 to 2024
home price appreciation
than U.S. average since
20121
32%
more
job growth than U.S.
average since 20121
1.7x
more

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Í ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 2024
OR
‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number 001-38004
Invitation Homes Inc.
(Exact name of registrant as specified in its charter)
Maryland
90-0939055
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
5420 LBJ Freeway, Suite 600
Dallas, Texas
75240
(Address of principal executive offices)
(Zip Code)
(972) 421-3600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.01 par value
INVH
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes Í
No ‘
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.
Yes ‘
No Í
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes Í
No ‘
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).
Yes Í
No ‘
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or
an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging
growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Í
Accelerated Filer
‘
Non-Accelerated Filer
‘
Smaller Reporting Company ‘
Emerging Growth Company ‘
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ‘
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that
prepared or issued its audit report. Í
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in
the filling reflect the correction of an error to previously issued financials statements. ‘
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ‘
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ‘
No Í
As of June 30, 2024, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately
$21.9 billion (based upon the closing sale price of the common stock on that date on the New York Stock Exchange).
As of February 26, 2025, there were 612,689,592 shares of common stock, par value $0.01 per share, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Items 10, 11, 12, 13, and 14 of Part III incorporate information by reference from the registrant’s definitive proxy statement relating to its 2025
annual meeting of stockholders (the “2025 Proxy Statement”) to be filed with the Securities and Exchange Commission within 120 days after the
close of the registrant’s fiscal year to which this report relates.

INVITATION HOMES INC.
Page
PART I
Item 1.
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Item 1A.
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
Item 1B.
Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55
Item 1C.
Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55
Item 2.
Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
Item 3.
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
Item 4.
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases
of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
Item 6.
Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . .
60
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . .
85
Item 8.
Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
86
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . .
86
Item 9A.
Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
86
Item 9B.
Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspection . . . . . . . . . . . . . . . . . . . . . .
89
PART III
Item 10.
Directors, Executive Officers, and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90
Item 11.
Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90
Item 13.
Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . .
90
Item 14.
Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90
PART IV
Item 15.
Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
91
Item 16.
Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96
Exhibit Index
Signatures
2

FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K 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 our expectations regarding the
performance of our business, our financial results, our 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,” “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 that may
impact our financial condition, results of operations, cash flows, business, associates, and residents, including
those summarized below in “Summary Risk Factors.” These risks and uncertainties include among others, risks
inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control,
competition in identifying and acquiring properties, competition in the leasing market for quality residents,
increasing property taxes, homeowners’ association (“HOA”) fees, and insurance costs, poor resident selection
and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to
the evaluation of properties, performance of our information technology systems, development and use of
artificial intelligence (“AI”), risks related to our indebtedness, risks related to the potential negative impact of
fluctuating global and United States economic conditions (including inflation), uncertainty in financial markets
(including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate
change, and public health crises. Accordingly, there are or will be important factors that could cause actual
outcomes or results to differ materially from those indicated in these statements. We believe these factors include
but are not limited to, those described under Part I. Item 1A. “Risk Factors” of this Annual Report on Form 10-K,
as such factors may be updated from time to time in our other periodic filings with the Securities and Exchange
Commission (the “SEC”), which are accessible on the SEC’s website at https://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 Annual Report on Form 10-K and in our other periodic filings. The forward-looking
statements speak only as of the date of this Annual Report on Form 10-K, and we expressly disclaim 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.
Summary Risk Factors
Our ability to successfully operate our business is subject to numerous risks, including those that are
generally associated with operating in the real estate industry. Some of the more significant challenges and risks
are summarized below. This summary contains only a select portion of the risks set forth in Part I. Item 1A.
“Risk Factors” and throughout this Annual Report on Form 10-K.
•
Our operating results are subject to risks associated with our real estate assets, as well as fluctuating
global and United States economic conditions, political dissension, inflation, higher interest rates,
uncertainty in financial markets, and geopolitical tensions;
•
Supply chain disruptions, labor shortages, or labor inflation could have a material adverse impact on
our business, financial condition, or operating results;
•
A significant portion of our costs and expenses are fixed, including increasing property taxes, insurance
costs, and HOA fees, and we may not be able to adapt our costs structure to offset declines in our
revenue;
•
Timing and costs of renovating our properties and the cost of maintaining rental properties may
negatively affect our financial results;
•
Concentration of our investments in certain markets and in the single-family properties sector of the
real estate industry exposes us to seasonal fluctuations in rental demand and downturns in our markets
or in the single-family properties sector;
3

•
We face significant competition for quality residents, which may limit our ability to lease homes on
favorable terms;
•
Our reliance on information supplied by prospective residents, which may be inaccurate, may lead to
poor leasing decisions, and our portfolio may contain more risk than we believe;
•
If a significant number of our residents fail to meet their lease obligations or fail to renew their leases,
our reputation, financial performance, and ability to make distributions to our stockholders may be
adversely affected;
•
We face risks associated with acquisitions and dispositions of properties which could lead to material
losses on our investments in our properties and adversely impact anticipated yields, including risks
related to:
•
competition in identifying and acquiring our properties;
•
possible title defects;
•
acquisitions of new homes from third-party homebuilders;
•
bulk portfolio acquisitions and dispositions;
•
acquisitions through an auction process;
•
evaluation of properties based on potentially inaccurate assumptions;
•
difficulty selling our real estate investments; and
•
acquisitions of properties consistent with our investment strategy regardless of favorability of
rental and housing markets;
•
Our dependence upon third parties for key services may have an adverse effect on our operating results
or reputation if the third parties fail to perform;
•
Relatively short lease terms expose us to the risk that we may have to re-lease our properties
frequently, which we may be unable to do on attractive terms, on a timely basis, or at all;
•
Fluctuations of rent rates in our markets could adversely affect our financial condition, operating
results, and ability to make distributions to our stockholders;
•
Declining real estate valuations and impairment charges could adversely affect our financial condition
and operating results;
•
Investments in joint ventures may restrict our market choices and expose us to challenges, including
limited decision-making authority, reliance on partners’ financial conditions, potential liabilities for
services provided, and disputes with joint venture partners;
•
We may suffer losses that are not covered by insurance and we may elect to self-insure against
potential losses;
•
We may encounter challenges providing property and asset management services to portfolio owners of
single-family homes leading to management distractions or operational inconsistencies;
•
Compliance with evolving and sometimes inconsistent federal, state, and local laws and regulatory
requirements, including expanding tenant rights’ laws, restrictions on evictions and collections, rent
control laws, affordability covenants, permit, license, and zoning requirements, may negatively impact
our rental income and profitability;
•
Legal and regulatory proceedings and demands from tenant and consumer advocacy organizations,
exacerbated by increased political and regulatory scrutiny of our industry, and negative publicity could
constrain our operations and may result in significant litigation expenses and reputational harm;
•
Many of our properties are part of HOAs, subjecting us and our residents to the rules of such HOAs,
which are subject to change, and violations may lead to additional fees and penalties and costly
litigation with such HOAs;
4

•
Leasing fraud may negatively impact our operations, including the loss of revenue and/or an increase in
costs to combat these activities, and may result in fines, settlements, litigation expenses, and
reputational damage;
•
We are highly dependent on information systems, and system failures, security breaches, and our use of
emerging technologies such as AI could disrupt our business and present business, reputational, legal,
and compliance risks;
•
We are subject to risks related to sustainability, corporate responsibility, and governance issues,
including risks from natural disasters, environmentally hazardous conditions, and physical and
transitional climate change risks;
•
Difficulty securing financing from debt and equity markets, or a credit ratings downgrade may
negatively impact our growth strategy, financial condition, and operating results;
•
We utilize a significant amount of indebtedness in our business, and our cash flows and operating
results could be adversely affected by required debt payments or related interest and other risks of our
debt financing;
•
Provisions of Maryland law and our charter may limit the ability of a third party to acquire control of
us, even if such change in control would be in the best interests of our stockholders; and
•
Failure to maintain our qualification as a real estate investment trust (“REIT”) may result in taxation as
a regular domestic corporation leading to a substantial tax liability, and maintaining our REIT status
may hinder our ability to operate solely on the basis of maximizing profits.
This summary is qualified in its entirety by the more complete statement of risks and uncertainties in Part I.
Item 1A. “Risk Factors.” You should carefully read the entire statement together with all of the other information
in this Annual Report on Form 10-K when considering the risks and uncertainties in evaluating our company and
our business.
5

DEFINED TERMS
Invitation Homes Inc. (“INVH”), a REIT, conducts its operations through Invitation Homes Operating
Partnership LP (“INVH LP”). Through THR Property Management L.P., a wholly owned subsidiary of
INVH LP, and its wholly owned subsidiaries (collectively, the “Manager”), we provide all management and
other administrative services with respect to the properties we own. The Manager also provides professional
property and asset management services to portfolio owners of single-family homes for lease, including our
investments in unconsolidated joint ventures. Unless the context suggests otherwise, references in this Annual
Report on Form 10-K to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer to INVH and its
consolidated subsidiaries.
In this Annual Report on Form 10-K:
•
“average monthly rent” represents average monthly rental income per home for occupied properties in an
identified population of homes over the measurement period and reflects the impact of non-service rent
concessions and contractual rent increases amortized over the life of the related lease. We believe average
monthly rent reflects pricing trends that significantly impact rental revenues over time, making average
monthly rent useful to management and external stakeholders as a means of evaluating changes in rental
revenues across periods;
•
“average occupancy” for an identified population of homes represents (i) the total number of days that the
homes in such population were occupied during the measurement period, divided by (ii) the total number of
days that the homes in such population were owned during the measurement period. We believe average
occupancy significantly impacts rental revenues in a given period, making comparisons of average
occupancy across different periods helpful to management and external stakeholders in evaluating changes
in rental revenues across periods;
•
“Carolinas” includes Charlotte-Concord-Gastonia, NC-SC, Greensboro-High Point, NC, Raleigh-Cary, NC,
Durham-Chapel Hill, NC, and Winston-Salem, NC;
•
“core markets” refers to markets where we have meaningful scale and the ability to conduct business using
our existing operating platform. Our current 16 core markets are identified on our portfolio table in Part II.
Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Our
Portfolio;”
•
“days to re-resident” for an individual home represents the number of days between (i) the date the prior
resident moves out of a home and (ii) the date the next resident is granted access to the same home, which is
deemed to be the earlier of the next resident’s contractual lease start date and the next resident’s move-in
date. Days to re-resident impacts our average occupancy and thus our rental revenues, making comparisons
of days to re-resident helpful to management and external stakeholders in evaluating changes in rental
revenues across periods;
•
“in-fill” refers to markets, MSAs, submarkets, neighborhoods, or other geographic areas that are typified by
significant population densities and low availability of land suitable for development into competitive
properties, resulting in limited opportunities for new construction;
•
“Metropolitan Statistical Area” or “MSA” is defined by the United States Office of Management and
Budget as a region associated with at least one urbanized area that has a population of at least 50,000 and
comprises the central county or counties containing the core, plus adjacent outlying counties having a high
degree of social and economic integration with the central county or counties as measured through
commuting;
•
“net effective rental rate growth” for any home represents the percentage difference between the monthly
rent from an expiring lease and the monthly rent from the next lease and, in each case, reflects the impact of
non-service rent concessions and contractual rent increases amortized over the life of the related lease.
Leases are either renewal leases, where our current resident chooses to stay for a subsequent lease term, or a
new lease, where our previous resident moves out and a new resident signs a lease to occupy the same
home. Net effective rental rate growth drives changes in our average monthly rent, making net effective
rental rate growth useful to management and external stakeholders as a means of evaluating changes in
rental revenues across periods;
6

•
“Northern California” includes Sacramento-Roseville-Folsom, CA, San Francisco-Oakland-Berkeley, CA,
Stockton, CA, Vallejo, CA, and Yuba City, CA;
•
“PSF” means per square foot. When comparing homes or cohorts of homes, we believe PSF calculations
help management and external stakeholders normalize metrics for differences in property size, enabling
more meaningful comparisons based on characteristics other than property size;
•
“Same Store” or “Same Store portfolio” includes, for a given reporting period, wholly owned homes that
have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified
for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or
significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that
are deemed not to have undergone renovations of sufficiently similar quality and characteristics as the
existing Invitation Homes Same Store portfolio, and homes in markets that we have announced an intent to
exit where we no longer operate a significant number of homes for the primary purpose of income
generation. Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered
into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of
sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio may be
considered stabilized at the time of acquisition. Homes are considered to be seasoned once they have been
stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was
established. We believe information about the portion of our portfolio that has been fully operational for the
entirety of a given reporting period and its prior year comparison period provides management and external
stakeholders with meaningful information about the performance of our comparable homes across periods
and about trends in our organic business;
•
“Southeast United States” includes our Atlanta and Carolinas markets;
•
“South Florida” includes Miami-Fort Lauderdale-Pompano Beach, FL, and Port St. Lucie, FL;
•
“Southern California” includes Los Angeles-Long Beach-Anaheim, CA, Oxnard-Thousand Oaks-Ventura,
CA, Riverside-San Bernardino-Ontario, CA, and San Diego-Chula Vista-Carlsbad, CA;
•
“total homes” or “total portfolio” refers to the total number of homes we own, whether or not stabilized, and
excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated.
Unless otherwise indicated, total homes or total portfolio refers to wholly owned homes and excludes homes
owned in joint ventures. Additionally, unless the context otherwise requires, all measures in this Annual
Report on Form 10-K are presented on a total portfolio basis;
•
“turnover rate” represents the number of instances that homes in an identified population become
unoccupied in a given period, divided by the number of homes in such population. To the extent the
measurement period shown is less than 12 months, the turnover rate may be reflected on an annualized
basis. We believe turnover rate impacts average occupancy and thus our rental revenues, making
comparisons of turnover rate helpful to management and external stakeholders in evaluating changes in
rental revenues across periods. In addition, turnover can impact our cost to maintain homes, making changes
in turnover rate useful to management and external stakeholders in evaluating changes in our property
operating and maintenance expenses across periods; and
•
“Western United States” includes our Southern California, Northern California, Seattle, Phoenix, Las Vegas,
and Denver markets.
7

PART I
ITEM 1. 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, 2024, we wholly own
85,138 homes for lease, jointly own 7,622 homes for lease, and provide professional third-party property and
asset management services for an additional 17,678 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 prefer the ease of a
leasing lifestyle over the burden of owning a home. We provide our residents access to updated homes with
features they value, as well as close proximity to jobs and access to good schools. The continued demand for our
product proves that the choice and flexibility we offer are attractive to many people.
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. Since our founding in 2012, we have built a proven, vertically integrated operating platform
that enables us to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we
own and those we manage on behalf of others.
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.
At Invitation Homes, we are committed to creating a better way to live and to being a force for positive
change, while at the same time advancing efforts that make our company more innovative and our processes
more sustainable. Sustainability is an important part of our strategic business objectives and is critical to our
long-term success.
Our commitment to high-touch customer service continuously enhances residents’ living experiences and
provides homes where individuals and families can thrive. Each aspect of our operations — whether in our
corporate headquarters or field offices located in our 16 core markets — is driven by a resident-centric model.
Our associates take our values seriously and work hard every day to honor the trust our residents have placed in
us to provide clean, safe, and functional homes for them and their loved ones. In turn, we focus on ensuring that
our associates are fairly compensated and that we provide a culture that values respect, opportunity, and
belonging. We also place a strong emphasis on the impact we have in our communities and to the environment in
general, and we continue to develop programs that demonstrate those commitments. In addition, we ensure that
we operate under strong, well-defined governance practices and adhere to the highest ethical standards at all
times.
History
Through certain of the six holding entities that owned our business prior to our initial public offering (the
“IH Holding Entities”), we commenced operations in 2012. On January 31, 2017, we effected certain
reorganization transactions that resulted in INVH LP holding, directly or indirectly, all of the assets, liabilities,
and results of operations of the Manager and the full portfolio of homes owned by the IH Holding Entities. As a
result of the reorganization transactions, INVH LP became a consolidated subsidiary of INVH. A wholly owned
subsidiary of INVH, Invitation Homes OP GP LLC (the “General Partner”), serves as INVH LP’s sole general
partner.
8

Invitation Homes Inc., a Maryland corporation, was incorporated in Delaware on October 4, 2016. On
February 6, 2017, Invitation Homes Inc. changed its jurisdiction of incorporation to Maryland and completed an
initial public offering of its shares of common stock (the “IPO”).
As of December 31, 2024, INVH owns a 99.7% partnership interest in INVH LP and has the full, exclusive,
and complete responsibility for and discretion over the day-to-day management and control of INVH LP.
Our principal executive offices are located at 5420 LBJ Freeway, Suite 600, Dallas, Texas 75240, and our
telephone number is (972) 421-3600.
Our Platform
Our vertically integrated, scalable platform allows greater influence over the experience of our residents
while enabling us to better control operating costs and continuously share best practices across functional areas
of the business. Our differentiated platform is built upon:
•
Resident-centric focus. Our high-touch business model enables us to continuously solicit and integrate
resident feedback into our operations and tailor our approach to address their preferences, providing a
superior living experience and fostering customer loyalty. We believe this, in turn, drives rent growth,
occupancy, and low turnover rates and will enable us to develop significant brand equity in the longer
term.
•
Local presence and expertise. In-market managers oversee the operations of local leasing, property
management, and maintenance teams, enabling us to provide outstanding resident service, leverage
local expertise in managing rental, occupancy, and turnover rates, and improve cost and oversight of
renovations and ongoing maintenance of our homes. As a result of our concentrated footprint within
our core markets, our regional managers and in-market teams are able to realize local-operator
advantages, while still benefiting from significant economies of scale.
•
Scalable, centralized infrastructure. 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.
Our approach to investment and asset management similarly combines local presence and expertise with
national oversight. Our investment and asset management teams are primarily located in-market and apply their
local market knowledge within the framework of a proprietary and consistent underwriting methodology, with
support from national leadership focused on investment and asset management strategy based in our corporate
headquarters. Through the integration of investment, property management, and asset management functions, our
platform enables our teams to incorporate real-time information regarding leasing activity, property operations,
maintenance, and capital spending into asset selection and asset management. We believe the advantages of our
integrated acquisition platform and local market expertise drive the performance of our existing total portfolio of
85,138 owned homes as of December 31, 2024, as well as the portfolio of homes we jointly own with or manage
on behalf of others. We similarly believe that employing experienced, in-house acquisitions teams at the local
level gives us a competitive advantage in selectively acquiring homes that will maximize risk-adjusted total
return.
Our Business Activities
Since our founding in 2012, we have built a proven, vertically integrated operating platform that allows us
to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we own as well as
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those we manage on behalf of others, including our joint venture partners and third parties. Our differentiated
approach, which combines a resident-centric focus, local market presence and expertise, and national strategy,
infrastructure, technology-enabled workflows, and standards, informs all areas of our operations.
Property Operations
Property operations encompasses the in-house local market management and execution of marketing,
leasing, resident relations, and maintenance functions. 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 an online resident portal, 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.
We have organized our property management associates and operating structure such that Vice Presidents of
Operations in each of our core markets are responsible for the operations of local leasing, property management,
and maintenance teams. We believe our operating model differentiates our approach to local market operations
and enables us to provide superior, high-touch resident service, maximize the effectiveness of our in-market
associates in managing rental, occupancy, and turnover rates and improve our cost management and oversight
over both upfront renovations and ongoing maintenance.
All of our local market associates are supported by our centralized national infrastructure, which allows us
to deploy best practices and standardized processes where appropriate. The combination of our local market
presence and national infrastructure enables us to exercise greater control over our property management service
platform, allowing us to enhance the experience of our residents, better manage operating costs, and share best
practices across various functional areas of our business.
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.
We typically begin pre-marketing properties 30 to 45 days in advance of their becoming vacant to maintain
high occupancy rates and reduce vacancy losses. We advertise available properties through multiple channels,
including our proprietary website, internet listing services (such as Zillow, Trulia, HotPads, and Realtor.com),
Multiple Listing Service (“MLS”), yard signs, search engine marketing, digital media, and local brokers. We
offer flexible showing options for convenience, including virtual tours and floor plans, self-showings that
leverage smart home technology, and in-person showings. 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.
Prospective residents may submit an application through our proprietary mobile app or on our website. To
maintain brand consistency and better track compliance with leasing requirements, we utilize standardized online
applications, national lease agreements, move-in and move-out documents, resident communications, and other
ancillary documents. Multiple channels are utilized to communicate with prospective residents, including
automated email and texts, associate correspondence, and the new addition of an AI leasing assistant. We
evaluate prospective residents in a standardized manner through the use of third-party resident screening
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providers that obtain appropriate identification, evaluate credit history and household income, review the
applicant’s rental history, and complete a background check for criminal activity, each in accordance with
applicable law. Although we require a minimum income to rent ratio, many additional factors are also considered
during the resident evaluation process, including eviction history, criminal history, and rental and other payment
history.
Our disciplined investment strategy and local, in-market approach have given us scale and density of homes
in desirable neighborhoods, enabling us to execute cost-effective advertising strategies targeting potential
residents whose online behaviors indicate interest in these neighborhoods. We believe this approach increases
our likelihood of capturing and retaining residents and enhances our opportunity to develop and market other
programs and services.
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 Care from our teams, and our
exceptional value-add services help our residents live the worry-free leasing lifestyle. We encourage meaningful
community interaction across our digital platforms by continuously refreshing the content of our website, blog,
and social media accounts with articles, home maintenance advice, giveaways, and incentives designed to enrich
the lives of our residents and protect our homes. For example, we alert our residents to prepare for storms,
encourage them to pay their rent online, offer “Lease Friendly” and “Make It Home” design tips and giveaways,
and hold an annual Resident Appreciation Month. Our resident engagement and social following continue to
grow, owing partially to positive feedback from residents, who specifically mention our lifestyle and home
maintenance content.
Resident Relations and Property Maintenance
The associates in each of our markets are responsible for property repairs and maintenance, as well as
resident relations. In coordination with a third-party vendor, we offer a 24/7 emergency telephone line to handle
after-hours maintenance issues on an expedited basis as needed, and our residents can also contact us through our
mobile app, our online resident portal, our call centers, or our local property management offices. As part of our
property management best practices, we seek to conduct routine repairs and maintenance in a timely manner, as
appropriate, by appointment at the resident’s convenience. We seek to utilize quality materials to minimize the
recurrence of maintenance requests and maximize long-term rental income and cash flows from our portfolio.
We typically utilize our in-house maintenance associates in each of our markets to provide ordinary course,
“handyman” services, and outsource more complex or extensive repairs, such as roofing, heating, ventilation, and
air conditioning (“HVAC”) systems, plumbing, and electrical work to vetted, pre-approved third-party vendor
partners. We strive to maximize the number of maintenance calls that are addressed by our in-house maintenance
technicians. In cases where we outsource more complex or extensive repairs, our in-house maintenance
associates provide oversight to ensure quality control and cost effectiveness. In addition, our in-house market-
based associates conduct ProCare visits with residents at move-in, 45 days after move-in, and prior to move-out
to help foster positive, long-term relationships with our residents, track and report maintenance needs effectively,
and support compliance with lease terms, local laws, and HOA rules and regulations.
ProCare service, our proactive property management service platform, includes several touchpoints over the
term of a resident’s lease designed to enhance their satisfaction with our service model, improve the efficiency of
our service and our homes’ systems, and ensure that each resident is properly educated regarding the home and
their responsibilities. When a new resident moves into one of our homes, our associates conduct a resident
orientation during which we revisit the terms of the lease, outline what aspects of the home’s upkeep are the
resident’s responsibility, walk through all of the home’s major systems in order to familiarize the resident with
their safe and proper operation, and inform the resident that we will be conducting a post move-in maintenance
visit. Following the move-in orientation, each resident is encouraged to keep a record of any non-emergency
service items. We conduct a post move-in maintenance visit approximately 45 days after move-in, during which
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our in-house property maintenance associates will address any non-emergency service needs the resident has
noted. We believe this process has a number of benefits. First, by conducting an in-person move-in orientation,
we are able to ensure that residents understand their obligations under the terms of their lease, as well as how to
safely and properly operate the home’s systems, reducing both the likelihood of misaligned expectations and
unnecessary wear and tear on the property. Second, by scheduling a post move-in maintenance visit, we are able
to address multiple service requests in a single visit, improving the resident experience by avoiding the
inconvenience of multiple service appointments and improving the efficiency and productivity of our in-house
property maintenance associates. Finally, the post move-in maintenance visit allows us to more quickly identify
residents who may not be adhering to the terms of their lease or may be subjecting the home to undue wear and
tear and/or damages as a result of their treatment of the property.
We also conduct pre-move-out consultations 15 to 30 days prior to scheduled resident move-outs and any
additional pre-move-out consultations required by applicable law. These consultations allow us to notify
residents of any repairs they may need to undertake prior to moving out of the property, such as removing scuff
marks or landscaping maintenance. In addition, these visits allow our in-house property maintenance associates
to begin preparing a scope of work and budget for the turnover work we undertake between residents to prepare
our homes to be re-leased to a new resident. These visits also improve our ability to pre-market our homes.
Regardless of the purpose or timing of the visit, our in-house property maintenance associates are required
to conduct a general property condition assessment (“GPCA”) every time they visit one of our homes. The
GPCA requires our in-house property maintenance associates to assess and document interior and exterior
conditions and whether the resident is adhering to the terms of their lease, as well as any potential safety hazards
or potential causes of damage that could result in us incurring significant maintenance costs if left unaddressed. If
a deficiency is identified by our in-house property maintenance associates we endeavor to take prompt action to
correct it.
Investment and Asset Management
Acquisition Strategy
We have a disciplined acquisition platform that is capable of deploying capital from multiple capital
sources, including our own balance sheet and joint ventures that we manage, across multiple acquisition channels
and markets simultaneously. Our strategy targets both existing homes through portfolio acquisitions or via MLS
and newly constructed homes via strategic relationships with homebuilders. Our markets were generally selected
through a robust process utilizing an analysis of housing and rental market supply and demand fundamentals,
macroeconomic and demographic trends, and risk-adjusted total return potential. Specifically, the process we use
to select and, on an ongoing basis, evaluate our markets ranks these markets based on relative weightings of
factors that include, but are not limited to, forecast population and employment growth, household formation,
historical and forecast deliveries of new residential housing supply, size of the addressable market, volume of
new and existing home sales, potential yields implied by the relationship between market rental rates and the
price of single-family residential housing, forecast home price appreciation, and forecast rental rate growth.
We have amassed significant scale within our 16 core markets. In these markets, our acquisition strategy has
been, and will continue to be, focused on buying, renovating, and operating high quality single-family homes for
lease that we believe will appeal to and attract a high quality resident base, that will experience robust long-term
demand, and that will benefit from capital appreciation. In evaluating acquisitions, we analyze numerous factors,
including neighborhood desirability, proximity to employment centers, schools, and transportation corridors,
community amenities, construction type, and required ongoing capital needs, among others.
We target submarkets and neighborhoods in undersupplied high-growth markets and leverage our in-house
acquisition and operations teams’ local market expertise to acquire homes in desirable locations that we believe
will experience above average rental rate growth and home price appreciation. Our in-house acquisition teams
are comprised of dedicated professionals located in our markets and at our corporate headquarters who provide
strategic direction and broad oversight. Our acquisition teams have significant local market experience and
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expertise in single-family investments and sales, which enables us to target specific submarkets, neighborhoods,
individual streets, and homes that meet our selection and underwriting criteria. As part of our selective and
disciplined investment approach, we have analyzed and considered a far greater number of potential acquisitions
than the number of homes we have actually acquired or have agreed to purchase in the future from a homebuilder
with whom we have a strategic relationship. We thus have a substantial proprietary database from which we can
draw as we evaluate future acquisition opportunities in our markets. As a result of our large existing portfolio and
volume of acquisitions to date, we believe we have a high degree of visibility into publicly available market data
on rental rates and fixed and controllable operating expenses, which allows us to more accurately underwrite
expected net yields of homes prior to acquisition.
To identify investment and acquisition opportunities, we engage with local market real estate brokers,
homebuilders, and strategic third-party technology platforms. Within our markets, our approach allows us to
screen broadly and rapidly to identify potential acquisitions in highly targeted submarkets at the neighborhood
and street levels. Our in-house team of acquisition professionals coordinates with our in-house renovation,
maintenance, and property management teams to ensure that feedback from historical acquisitions is shared
across functions so that our ongoing investment activities are informed by, and benefit from, insight from prior
experience.
Partnerships with Homebuilders
We have increasingly leveraged strategic relationships with homebuilders to identify opportunities to
purchase newly constructed homes. These partnerships allow us to meaningfully scale and expand our portfolio
with single-family homes that are specifically designed to be leased by our target customer. We commission the
construction of homes in high-demand areas that cater to the needs and preferences of our residents, contributing
to the overall number of homes available in a supply-constrained environment. These contractual arrangements
generally provide for periodic deposits from us to the homebuilders and scheduled delivery of homes over a
specified period of time.
Property Renovations
We have an in-house team of dedicated associates located in our markets who oversee the upfront property
renovation process and the ongoing maintenance of our homes, with support from centralized construction
experts and infrastructure, including technology-enabled workflows. This team works in collaboration with our
in-house investment and property management teams to maximize the total return of our upfront investment and
minimize ongoing maintenance costs. To this end, our professionals ensure the following are evaluated: the
structural needs and major systems of a property (e.g., examining roofs, HVAC systems, and siding); other
maintenance-reducing improvements and repairs (e.g., installing durable hard-surface flooring, removing carpet
from high-traffic areas, and testing plumbing and pipes both in the home and out to the street); and the level of fit
and finish required to maintain consistency with our brand standards and maximize rental demand (e.g., selecting
cabinet and countertop finishes and appliances designed to improve resident demand).
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. During our initial assessment, we also
determine the potential for, and potential return on, any value-additive upgrades that may reduce future operating
costs or enhance rental demand and, by extension, our ability to realize more attractive rental, occupancy, or
turnover rates.
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
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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. 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. We are also able to reduce general contractor fees by working directly
with vendors. We believe this approach results in both a larger proportion of our upfront renovation expenditures
going toward actual investment in our homes as well as lower overall expenditures than if we were to outsource
all elements of vendor selection and oversight to third-party general contractors.
Portfolio Optimization
We maintain a sophisticated process to identify and efficiently dispose of homes that no longer fit our
investment objectives and recycle capital into homes that better fit our long-term investment objectives. We
believe our approach helps streamline the disposition process and minimize costs. 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. We believe the significant local density of our portfolio, which averages approximately
5,000 homes in each of our core markets as of December 31, 2024, allows us to selectively sell properties
without sacrificing the operating efficiency of our concentrated scale.
Sustainability and Corporate Responsibility
As one of the nation’s premier home leasing 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. We are committed to implementing programs that align
with our values and reflect our dedication to providing a high-quality resident experience. We are equally
dedicated to upholding the ethical standards and responsible business practices that are integral to our culture.
We focus on ensuring that our residents live in high-quality homes and enjoy a worry-free leasing lifestyle,
with access to professional services and Genuine Care. Our scale enables us to offer enhanced services and
exclusive offers that further improve the leasing experience. We are equally committed to remaining true to the
values, ethics, and responsible business practices that we embed in our culture.
We value being part of the communities where we do business, and we recognize that the vitality of our
business is directly linked to the vitality of the communities in which we operate. We also believe our business
has a positive economic impact on the communities in which we operate, through improved neighborhoods that
benefit from our home renovations, 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.
We are committed to incorporating sustainability and corporate responsibility considerations into our
strategy, processes, and operations. Our board of directors maintains ultimate oversight of our sustainability
strategy. The Nominating and Corporate Governance Committee of the board monitors and oversees our
sustainability efforts, initiatives, and policies. Our executive leadership takes a hands-on role in furthering
strategy and in ensuring that we are accurately following and reporting on corporate responsibility activities and
outcomes.
For information about our perspective on climate change see Part II. Item 7. “Management’s Discussion and
Analysis of Financial Condition and Results of Operations — Climate Change.”
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Human Capital
As of December 31, 2024, we had 1,750 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. 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.
Our efforts aim to foster a workplace culture that values respect, opportunity, and belonging. We support
fair access to opportunities through our hiring practices and are committed to fair practices that ensure a level
playing field for all associates. The investment in our people is directly linked to our strategic business initiatives
and measured by those outcomes.
We value feedback from our associates, and we maintain a continuous listening associate survey tool, Our
Family. Your Voice. We continue to achieve high participation by our associates, with 82% of our associates
sharing feedback at least once in 2024. This tool provides managers with actionable feedback on several key
engagement dimensions. We believe meaningful actions based on associate feedback provided by the surveys
have resulted, and will continue to result, in ongoing high engagement with our associates as evidenced by our
strong associate Net Promoter Score of 60 at the end of 2024, compared to a benchmark of 33. In 2024, we were
recognized for our company culture through several external awards, including U.S. News Best Companies to
Work for in Real Estate, and Best Companies to Work for in the South.
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 were recognized by Comparably in 2024 for Best Company for Career Growth.
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. These programs
are designed to build capable and confident leaders that can lead and inspire in an ever-changing environment. In
2024, we facilitated the third cohort of “Peak,” an immersive six-month leadership development program for 25
high potential leaders. We also launched “Spark,” the next level leadership program focused on emerging
leaders. In addition, we offered customized talent management solutions, including Stand Out assessments,
leadership assimilations, team building activities, and more. This commitment to leadership development
resulted in Invitation Homes being recognized by Comparably in 2024 as having the Best Company for
Leadership.
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. We monitor our pay equity practices on an ongoing basis and consider pay
equity dynamics when promoting internally and hiring externally. Sustaining pay equity is a key focus for us now
and in the future.
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. 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
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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. We continually monitor the
number of work-related injuries per 100 associates in a one-year period. New incidents are reported and
evaluated for corrective action, and through continuous investment in health and safety, we strive to mitigate the
risk of on-the-job injuries. Our 2024 incident rate was 3.39, compared to 3.39 in 2023 and 3.49 in 2022.
Governance and Ethical Business Practices
We strive every day to ensure that our actions result in value for the individuals and organizations that have
chosen to invest in our company, and we take that responsibility very seriously. We believe that ethical business
practices and good governance promote the long-term interests of our stockholders, strengthen the board of
directors and management accountability, and improve our standing as a trusted member of the communities we
serve.
We believe it is critically important to maintain a corporate culture that demands integrity and reflects our
ethical values. We are committed to operating at the highest ethical level and serving as a responsible fiduciary
for our stockholders. We are committed to exercising and maintaining strong corporate governance practices,
while integrating corporate responsibility and sustainability considerations into our decision-making processes.
We maintain a Code of Business Conduct and Ethics (the “Code of Conduct”) that is applicable to all of our
directors, officers, and associates. Our Code of Conduct drives our daily decisions, demonstrating our
commitment to be a responsible corporate citizen and a good business partner, and our actions are guided by our
company’s core values. The Code of Conduct articulates these tenets and sets forth our principles, expectations,
and guidelines for appropriate business behavior.
Code of Conduct
Our Code of Conduct is supported by company wide policies and programs and reinforced through regular
associate training. Honesty and integrity are essential in our daily interactions with residents, fellow associates,
vendors, suppliers, and other stakeholders. Our Code of Conduct outlines these key principles, including policies
on conflicts of interest, gifts and entertainment, fraud, sanctions, outside activities, political contributions, and
bribery and corruption. Any associate who violates the requirements of the Code of Conduct, or any of our other
policies, is subject to disciplinary action up to and including termination.
Reporting Violations and Whistleblower Protection
Our confidential compliance hotline is critical to our ethics and compliance program. The hotline is
available 24 hours a day, 365 days a year and is operated by a third-party compliance management provider,
enabling automated and anonymous reporting. We have established a whistleblower policy, enabling associates
to report concerns confidentially and anonymously. This policy includes comprehensive procedures for the
receipt, retention, investigation, and treatment of reports. The reports are reviewed with our audit committee at
meetings throughout the year. Our Code of Conduct provides that “neither our company, nor any director,
officer, employee, contractor, subcontractor, or agent of the company will, directly or indirectly, discharge,
demote, suspend, threaten, harass, or in any manner discriminate or retaliate against any person who, in good
faith, makes a report or assists in investigating a report.”
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.
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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. We believe the
policy specifications and insured limits under our insurance program are appropriate and adequate for our
business and properties given the relative risk of loss, the cost of the coverage, and industry practice. However,
our insurance coverage is subject to deductibles and coverage exclusions, and we are self-insured up to the
amount of such deductibles and exclusions. See Part I. Item 1A. “Risk Factors — Risks Related to Our Business
and Operations — Increasing property taxes, insurance costs, and HOA fees may negatively affect our
financial results” and We may suffer losses that are not covered by insurance.”
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 various processes and systems including lease and property management,
construction management, property and corporate accounting, asset management and data analysis. In addition to
carefully monitoring our core platform, we consistently advance cloud-based digital technologies to benefit both
our residents and our associates.
We offer choice and control to our prospective and existing residents by providing a mobile-responsive
website, an iOS app, and an Android app to engage with us. 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.
Our associates are able to support and manage requests for critical functions such as leasing and
maintenance through easy-to-use digital tools. Our system is designed to handle the core requirements of
residential property accounting, including accounting for security deposits as well as payment of property-level
expenses. The system also interfaces with our third-party resident screening vendors to expedite evaluations of
prospective residents’ rental applications.
Throughout our operations, we rely on technology systems that integrate with various third-party vendors
and service providers. 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. For more information on the risks related to our use of technology and cybersecurity risk
management, see Part I. Item 1A. “Risk Factors — Risks Related to Information Technology, Cybersecurity, and
Data Protection — Security breaches and other disruptions could compromise our information systems and
expose us to liability, which would cause our business and reputation to suffer” and Part I. Item 1C.
“Cybersecurity.”
Competition
We face competition from different sources in each of our primary activities: acquiring and leasing our
properties and providing property and asset management services for single-family homes. We believe our
competitors in acquiring properties for investment purposes are larger investors, including private equity funds
and other REITs, that are seeking to capitalize on the same market opportunity that we have identified, individual
investors, and small private investment partnerships looking for one-off acquisitions of investment properties that
can either be leased or restored and sold. Our primary competitors in acquiring portfolios include large and small
private equity investors, public and private REITs, and other sizable private institutional investors. These same
competitors may also compete with us for residents and may provide property and asset management services
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similar to those that we provide. 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. However, we believe that our acquisition platform,
our extensive in-market property operations infrastructure, and local expertise in our markets provide us with
competitive advantages.
Inflation and Macroeconomic Conditions
Inflation primarily impacts our results of operations as a result of increased repair and maintenance and
other costs and wage pressures. 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. 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. 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, 2024.
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.
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.
Seasonality
Our business and related operating results have been, and we believe will continue to be, impacted by
seasonal factors throughout the year. In particular, we have experienced higher levels of resident move-outs
during the summer months, which impacts both our rental revenues and related turnover costs. Further, our
property operating costs are seasonally impacted in certain markets by increases in expenses such as HVAC
repairs and costs to re-resident during the summer season.
Regulation
General
Our business operations and properties are subject to various federal, state, and local laws, regulations,
ordinances, and rules, as well as covenants, some of which may conflict with one another or have limited judicial
or regulatory interpretations. We seek to comply in all material respects with such laws, regulations, ordinances,
rules, and covenants, and we also require that our residents agree to do the same under their leases with us.
In light of the recent change in administration in the United States, there is considerable uncertainty and
potential conflict regarding and among existing laws, judicial orders and bans, new presidential executive orders,
regulatory frameworks, leadership changes, and enforcement priorities and strategies, further complicating
compliance with such laws, orders and regulations.
Fair Housing Act
The Fair Housing Act (“FHA”) and its state law counterparts and the regulations promulgated by the United
States Department of Housing and Urban Development and various state agencies prohibit discrimination in
housing on the basis of race or color, national origin, religion, sex, familial status (including children under the
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age of 18 living with parents or legal custodians, pregnant women, and people in the process of adopting a child
or securing custody of children under the age of 18), disability or, in some states, financial capability and veteran
status, among other protected classes. We train our associates on a regular basis regarding such laws and
regulations and we believe that our properties are in substantial compliance with the FHA and other such
regulations.
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.
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. Under applicable state
law, we generally have a duty to supervise and are responsible for the conduct of our internal brokerages.
Environmental Matters
As a current or prior owner of real estate, we are subject to various federal, state, and local environmental
laws, regulations, and ordinances, and we could be liable to third parties as a result of environmental
contamination or noncompliance at our properties, even if we no longer own such properties. We are not aware
of any environmental matters that would have a material adverse effect on our financial position. See Part I.
Item 1A. “Risk Factors — Legal and Regulatory Related Risks — Contingent or unknown liabilities could
adversely affect our financial condition, cash flows, and operating results.”
Residential Housing Legislation and Regulations
Legislative and regulatory efforts across the United States have increasingly focused on addressing the
shortage of residential housing and the rising cost of living. In response, some states and local jurisdictions have
introduced or enacted regulations that limit landlords’ ability to screen applicants, raise rents, process evictions,
or terminate leases.
We are closely monitoring developments related to such regulations. However, the timing and outcome of
specific proposals or policies remain uncertain, as do their potential impacts on our operations.
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. Data privacy and security at
the state level remains an evolving landscape. We endeavor to comply with privacy laws and regulations
applicable to us. For example, the California Consumer Privacy Act of 2018 (“CCPA”), which came into effect
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on January 1, 2020, as amended by the California Privacy 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. 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. Such laws and regulations are expected to vary from jurisdiction to jurisdiction, thus further increasing
costs, operational and legal burdens, and the potential for liability on regulated entities. See Part I. Item 1A.
“Risk Factors — Risks Related to Information Technology, Cybersecurity, and Data Protection — Our business
is subject to laws and regulations regarding privacy, data protection, consumer protection, and other matters.
Many of these laws and regulations are subject to change and uncertain interpretation, and could result in
claims, changes to our business practices, monetary penalties, or otherwise harm our business.”
REIT Qualification
We have elected to qualify as a REIT for United States federal income tax purposes. So long as we qualify
as a REIT, we generally will not be subject to United States federal income tax on net taxable income that we
distribute annually to our stockholders. To qualify as a REIT for United States federal income tax purposes, we
must continually satisfy tests concerning, among other things, the real estate qualification of sources of our
income, the composition and values of our assets, the amounts we distribute to our stockholders, and the diversity
of ownership of our stock. To comply with REIT requirements, we may need to forego otherwise attractive
opportunities and limit our expansion opportunities and the manner in which we conduct our operations.
Website and Availability of SEC filings
We file annual, quarterly, and current reports, proxy statements, and other information with the SEC. Our
SEC filings are available to the public over the Internet at the SEC’s website at https://www.sec.gov.
We maintain an internet site at INVH.com, where we make our annual reports on Form 10-K, quarterly
reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant
to Section 13(a) or 15(d) of the Exchange Act available free of charge as soon as reasonably practicable after
they are filed with or furnished to the SEC. Our website and the information contained on or through that site are
not incorporated into this Annual Report on Form 10-K. We use our website INVH.com as a channel of
distribution of material company information. For example, financial and other material information regarding
our company is routinely posted on and accessible at INVH.com. Accordingly, investors should monitor the
website, in addition to following our press releases, SEC filings, and public conference calls and webcasts. In
addition, you may automatically receive email alerts and other information about Invitation Homes when you
enroll your email address by visiting the Email Notification section at INVH.com under the Investor Resources
tab. The contents of our website and social media channels are not, however, a part of this Annual Report on
Form 10-K and are not incorporated by reference herein.
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ITEM 1A. RISK FACTORS
The risk factors noted in this section and other factors noted throughout this Annual Report on Form 10-K,
describe certain risks and uncertainties that could cause our actual results to differ materially from those
contained in any forward-looking statement and should be considered carefully in evaluating our company and
our business. Additional risks not presently known to us or that we currently deem immaterial may also impair
our business operations.
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.
Our operating results are subject to risks generally incident to the ownership and rental of residential real
estate, many of which are beyond our control, including, without limitation:
•
fluctuating global and United States economic conditions, uncertainty in financial markets, and
geopolitical tensions;
•
bank failures or other liquidity constraints affecting financial institutions;
•
changes in national, regional, or local economic, demographic, or real estate market conditions;
•
changes in job markets and employment levels on a national, regional, and local basis;
•
declines in the value of residential real estate;
•
overall conditions in the housing market, including:
•
macroeconomic shifts in demand for rental homes;
•
inability to lease or re-lease homes to residents on a timely basis, on attractive terms or at all;
•
failure of residents to pay rent when due or otherwise perform their lease obligations;
•
unanticipated repairs, capital expenditures, weather related damages, or other costs;
•
uninsured damages; and
•
increases in property taxes, HOA fees, and insurance costs;
•
level of competition for suitable rental homes;
•
terms and conditions of purchase contracts;
•
costs and time period required to convert acquisitions to rental homes;
•
changes in the terms or availability of financing that may render the acquisition of any homes difficult
or unattractive;
•
the liquidity of real estate investments, generally;
•
the short-term nature of most residential leases and the costs and potential delays in re-leasing;
•
changes in laws and regulations, including those that increase operating expenses or limit our ability to
increase rental rates. See “Legal and Regulatory Related Risks — Eviction, tenant rights, rent control,
and rent stabilization laws, and other similar laws and/or regulations that limit our ability to collect
rent, enforce remedies for failure to pay rent, or increase rental rates may negatively impact our
rental income and profitability;”
•
the impact of potential reforms relating to government-sponsored enterprises involved in the home
finance and mortgage markets;
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•
rules, regulations and/or policy initiatives by government and private actors, including HOAs, to
discourage or restrict the purchase or operation of single-family properties by entities owned or
controlled by institutional investors;
•
the potential effects of climate change, related regulatory policies, legislation, and/or investor
responses and expectations, and the transition to a lower-carbon economy;
•
disputes and potential negative publicity in connection with eviction proceedings;
•
construction of new supply;
•
costs resulting from the clean-up of, and liability to third parties for damages resulting from,
environmental problems, such as indoor mold;
•
fraud by borrowers, originators, and/or sellers of mortgage loans;
•
undetected deficiencies and/or inaccuracies in underlying mortgage loan documentation and
calculations;
•
casualty or condemnation losses;
•
the geographic mix of our properties;
•
the cost, quality, and condition of the properties we are able to acquire; and
•
our ability to provide adequate management, maintenance, and insurance.
Any one or more of these factors could adversely affect our business, financial condition, and results of
operations.
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.
The success of our business model depends, in part, on conditions in the single-family rental market in
which we operate. One of the possible impacts on our results of operations and key operating metrics due to
limitations on our ability to increase rental rates could be a decrease in gross rental revenues and other property
income. Our investment strategy is based on assumptions about occupancy levels, rental rates, interest rates, and
other factors; and if those assumptions prove to be inaccurate, our cash flows may be reduced. Multiple
economic and demographic factors may contribute to increases or decreases in homeownership rates resulting in
fluctuating rental rates and average occupancy levels. Revenues earned from our property and asset management
services are sensitive to macroeconomic conditions that negatively impact rent collections and the performance
of the properties we manage. In addition, we expect that if investors like us increasingly seek to capitalize on
opportunities to purchase housing assets and convert them to productive uses, competition in the market for the
supply of single-family rental properties may increase and could result in a higher cost to acquire those
properties. A softening of the rental market in our core areas would reduce our rental revenue and profitability.
Inflation and other macroeconomic factors could adversely affect our business and financial results.
General economic conditions in the United States have fluctuated in recent quarters, and concerns persist
regarding adverse macroeconomic conditions, such as fluctuating global and United States economic conditions
(including elevated interest rates, political dissension, and labor shortfalls). Persistent inflation has adversely
affected us by increasing the costs of products, materials, and labor needed to operate our business and could
continue to adversely affect us in future periods. 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 service, compensation of our associates, including benefits, and financing costs in the form of interest
expense. Continued inflationary pressures could have a material impact on our results of operations in the future.
In an inflationary environment, we may not be able to raise rents sufficiently to keep up with the rate of inflation.
High levels of inflation may also negatively impact consumer income and spending, among other factors, which
may adversely impact our business, financial condition, cash flows, and results of operations. Actions by the
government to stimulate the economy may increase the risk of significant inflation, which may also have an
adverse impact on our business or financial results.
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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.
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.
Increasing property taxes, insurance costs, and HOA fees may negatively affect our financial results.
As a result of our substantial real estate holdings, the cost of property taxes and insuring our properties is a
significant component of our expenses. Our properties are subject to real and personal property taxes that may
increase as tax rates change and as the real properties are assessed or reassessed by taxing authorities. As the
owner of our properties, we are responsible for payment of the taxes to the applicable government authorities. If
real property taxes increase, our expenses will increase. If we fail to pay any such taxes, the applicable taxing
authority may place a lien on the real property and the real property may be subject to a tax sale.
Current and potential impacts of climate change along with the increased risk of extreme weather events and
natural disasters have caused significant increases in our property insurance premiums and may adversely affect
the availability and terms of coverage in the future. See “Risks Related to our Business and Operations — We
may suffer losses that are not covered by insurance.” Additionally, “social inflation” caused the cost of general
liability claims to rise at a rate above general economic inflation, primarily due to a trend in increasing litigation
costs related to unpredictable jury verdicts for plaintiffs seeking large monetary relief for their injuries. In
general, these factors have put pressure on insurance premiums and made it more challenging to obtain
appropriate insurance coverage at reasonable rates without the assumption of increasingly higher levels of self-
retained risk.
In addition, a significant portion of our properties are located within HOAs, and we are subject to HOA
rules and regulations. HOAs have the power to increase monthly charges and make assessments for capital
improvements and common area repairs and maintenance.
Property taxes, insurance costs, and HOA fees may be subject to significant increases, which can be outside
of our control. 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.
Our business, results of operations, financial condition, and cash flows may be adversely affected by
pandemics and outbreaks of infectious disease.
A significant outbreak of infectious disease, medical epidemic, or a pandemic may result in a widespread
health crisis and may lead to an economic downturn that could negatively affect our business, results of
operations, and financial condition. To the extent our current or prospective residents experience unemployment,
deteriorating financial conditions, and declines in household income, resulting from medical epidemics or
pandemics, they may be unwilling or unable to pay rent in full on a timely basis or renew or enter into new leases
for our homes, and our revenues and operating results could be negatively affected.
Measures put in place in response to a pandemic such as temporary eviction moratoriums if certain criteria
are met by residents, deferral of missed rent payments without incurring late fees, and restrictions on rent
increases may impose restrictions on our ability to enforce residents’ contractual rental obligations and limit our
ability to collect and increase rents.
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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.
A general decline in business activity and demand for real estate transactions resulting from a pandemic
could adversely affect (1) our ability to 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.
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 acquisitions, or address maturing liabilities on a timely basis.
Disease outbreaks, epidemics, pandemics, or similar widespread public health concerns and the volatile
regional and global economic conditions stemming therefrom, as well as reactions to future pandemics, could
also precipitate or aggravate the other risk factors set forth in this Annual Report on Form 10-K, which in turn
could materially adversely affect our business, financial condition, and results of operations.
Risks Related to our Business and Operations
We may not be able to effectively manage our growth, and any failure to do so may have an adverse effect on
our business and operating results.
Since commencing operations in 2012, we have grown rapidly, assembling a portfolio of 85,138 owned
homes as of December 31, 2024 and providing property and asset management services to portfolio owners of
single-family residential properties. Our future operating results may depend on our ability to effectively manage
our growth, which is dependent, in part, upon our ability to:
•
stabilize and manage an increasing number of properties and resident relationships across our
geographically dispersed portfolio while maintaining a high level of resident satisfaction and building
and enhancing our brand;
•
identify and supervise a number of suitable third parties on which we rely to provide certain services
outside of property management to our properties;
•
attract, integrate, and retain new management and operations associates; and
•
continue to improve our operational and financial controls and reporting procedures and systems.
We can provide no assurance that we will be able to manage our properties or grow our business efficiently
or effectively, or without incurring significant additional expenses. Any failure to do so may have an adverse
effect on our business and operating results.
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,
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. Some components of our fixed assets
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depreciate more rapidly and require ongoing capital expenditures. 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. 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. 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. As a result, we may not be able to fully offset rising costs and capital spending by
increasing rental rates, which could have a material adverse effect on our results of operations and cash available
for distribution.
We recorded net losses in the past and we may experience net losses in the future.
We have recorded consolidated net losses in the past. These net losses were inclusive in each period of
significant non-cash charges, consisting primarily of depreciation and amortization expense. We expect such
non-cash charges to continue to be significant in future periods and, as a result, we may record net losses in
future periods.
We are dependent on our executive officers and dedicated associates, and the departure of any of our key
associates could materially and adversely affect us. 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.
We rely on a small number of persons to carry out our business and investment strategies, and the loss of the
services of any of our key management associates, or our inability to recruit and retain qualified associates in the
future, could have an adverse effect on our business and financial results.
In addition, the implementation of our business plan may require that we employ additional qualified
associates. 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.
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. High unemployment levels and federal unemployment subsidies may adversely affect
the labor force available to us or increased labor costs. 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. Many
of our positions require specialized skill sets resulting in a longer than average time period to fill vacant
positions. We are also experiencing and may continue to experience additional pressure due to labor shortages
associated with the impact of continued elevated demand. If we are unable to retain qualified associates or our
labor costs increase significantly, our business operations and our financial performance could be adversely
impacted.
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
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and managed properties or our operating results than if we had more fully diversified our investments. 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.
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. We can provide no assurance
as to the extent property values and operating fundamentals in these markets will improve, if at all. If an
economic downturn in these markets occurs or if we fail to accurately predict the timing of economic
improvement in these markets, the value of our properties could decline and our ability to execute our business
plan may be adversely affected to a greater extent than if we owned and managed real estate portfolios that were
more geographically diversified, which could adversely affect our financial condition, operating results, and
ability to make distributions to our stockholders and cause the value of our common stock to decline.
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. We may acquire properties that we plan to renovate
extensively. We may also acquire properties that we expect to be in good condition only to discover unforeseen
defects and problems that require extensive renovation and capital expenditures. To the extent properties are
leased to existing residents, renovations may be postponed until the resident vacates the premises at which time
the costs of renovating will be incurred. In addition, from time to time, we may perform ongoing maintenance or
make ongoing capital improvements and replacements and perform significant renovations and repairs that
resident deposits and insurance may not cover. Because the portfolio of homes we own and manage consists of
geographically dispersed properties, our ability to adequately monitor or manage any such renovations or
maintenance may be more limited or subject to greater inefficiencies than if our properties were more
geographically concentrated.
Our properties have infrastructure and appliances of varying ages and conditions. 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. 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. In addition, we are
experiencing disruptions from workforce turnover, affecting the renovation and maintenance of our properties, as
businesses emerging from the pandemic compete for personnel. Many of our positions require specialized skill
sets resulting in a longer than average time period to fill position vacancies. If our assumptions regarding the
costs or timing of renovation and maintenance across our properties prove to be materially inaccurate, our
operating results and ability to make distributions to our stockholders may be adversely affected.
We face significant competition in the leasing market for quality residents, which may limit our ability to lease
the single-family homes we own and manage on favorable terms.
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. We face competition for residents from other lessors of single-family properties, apartment buildings,
and condominium units. Competing properties may be newer, better located, and more attractive to residents.
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Potential competitors may have lower rates of occupancy than we do or may have superior access to capital and
other resources, which may result in competing owners more easily locating residents and leasing available
housing at lower rental rates than we might offer at our homes. Many of these competitors may successfully
attract residents with better incentives and amenities, which could adversely affect our ability to obtain quality
residents and lease our single-family properties on favorable terms. Additionally, we may fail to receive certain
subsidies that we have received in the past, while some competing housing options may qualify for such
government subsidies or other government subsidies, which may render the properties of our competitors as more
accessible and therefore more attractive than our properties. This competition may affect our ability to attract and
retain residents and may reduce the rental rates we are able to charge.
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 (including due to bank failures), may materially negatively impact
our residents, such as being unable to access their existing cash to fulfill their payment obligations to us due to
future bank failures, and our business could be negatively impacted.
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 and condominium units in many of our markets will increase the supply of housing and
exacerbate competition for residents.
In addition, laudable government sponsored programs to promote home ownership may encourage potential
renters to purchase residences rather than lease them, thereby causing a decline in the number and quality of
potential residents available to us.
No assurance can be given that we will be able to attract and retain suitable residents. If we are unable to
lease our homes to suitable residents, we would be adversely affected and the value of our common stock could
decline.
We intend to continue to acquire properties from time to time consistent with our investment strategy even if
the rental and housing markets are not as favorable as they have been in the recent past, which could
adversely impact anticipated yields.
We intend to continue to acquire properties from time to time consistent with our investment strategy, even
if the rental and housing markets are not as favorable as they have been in the recent past. Future acquisitions of
properties may be more costly than those we have acquired previously. The following factors, among others, may
make acquisitions 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 from private investors and entities
with similar investment objectives to ours; and
•
tax or other government incentives that encourage homeownership.
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 on terms that are attractive or at all, which may be impacted
in periods of elevated interest rates.
We plan to continue acquiring properties as long as we believe such properties offer an attractive total return
opportunity. Accordingly, future acquisitions may have lower yield characteristics than recent past and present
opportunities and, if such future acquisitions are funded through equity issuances, the yield and distributable cash
per share may be reduced, and the value of our common stock may decline.
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Competition in identifying and acquiring our properties could adversely affect our ability to implement our
business and growth strategies, which could materially and adversely affect us.
In acquiring our properties, we compete with a variety of institutional investors, including other REITs,
specialty finance companies, public and private funds, savings and loan associations, banks, mortgage bankers,
insurance companies, institutional investors, investment banking firms, financial institutions, governmental
bodies, and other entities. We also compete with individual private home buyers and small-scale investors.
Certain of our competitors may be larger in certain of our markets and may have greater financial or other
resources than we do. Some competitors may have a lower cost of funds and access to funding sources that may
not be available to us. In addition, any potential competitor may have higher risk tolerances or different risk
assessments and may not be subject to the operating constraints associated with qualification for taxation as a
REIT, which could allow them to consider a wider variety of investments. Competition may result in fewer
investments, higher prices, a broadly dispersed portfolio of properties that does not lend itself to efficiencies of
concentration, acceptance of greater risk, lower yields and a narrower spread of yields over our financing costs.
In addition, competition for desirable investments could delay the investment of our capital, which could
adversely affect our results of operations and cash flows. As a result, there can be no assurance that we will be
able to identify and finance investments that are consistent with our investment objectives or to achieve positive
investment results, and our failure to accomplish any of the foregoing could have a material adverse effect on us
and cause the value of our common stock to decline.
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. As a result, our success
depends in large part upon our ability to attract and retain qualified residents for our owned and managed
properties. Our reputation, financial performance, and ability to make distributions to our stockholders would be
adversely affected if a significant number of our residents fail to meet their lease obligations or fail to renew their
leases. For example, residents may default on rent payments, make unreasonable and repeated demands for
service or improvements, make unsupported or unjustified complaints to regulatory or political authorities, use
our properties for illegal purposes, damage or make unauthorized structural changes to our properties that are not
covered by security deposits, refuse to leave the property upon termination of the lease, engage in domestic
violence or similar disturbances, disturb nearby residents with noise, trash, odors, or eyesores, fail to comply
with HOA regulations, sublet to less desirable individuals in violation of our lease, or permit unauthorized
persons to live with them. We have been experiencing lower collections from residents with accounts receivable
balances that are aged greater than 30 days, or bad debt, and we may experience higher resident turnover.
Damage to our properties may delay re-leasing, necessitate expensive repairs, or impair the rental income or
value of the property resulting in a lower than expected rate of return. Increases in unemployment levels and
other adverse changes in economic conditions in our markets could result in substantial resident defaults. In the
event of a resident default or bankruptcy, we may experience delays in enforcing our rights as landlord at that
property and will incur costs in protecting our investment and re-leasing the property.
Furthermore, we rely on information supplied by prospective residents in making resident selections, which
may in some cases be false. See “— We rely on information supplied by prospective residents in managing our
business.”
Our evaluation of properties involves a number of assumptions that may prove inaccurate, which could result
in us paying too much for properties we acquire and/or overvaluing our properties or our properties failing to
perform as we expect.
We are authorized to follow a broad investment policy established by our board of directors and subject to
implementation by our management. Our board of directors periodically reviews and updates the investment
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policy and also reviews our portfolio of residential real estate, but it generally does not review or approve
specific property acquisitions. Our success depends on our ability to acquire properties that can be quickly
possessed, renovated, repaired, upgraded, and rented with minimal expense and maintained in quality condition.
In determining whether a particular property meets our investment criteria, we also make a number of
assumptions, including, among other things, assumptions related to estimated time of possession and estimated
renovation costs and time frames, annual operating costs, market rental rates and potential rent amounts, time
from purchase to leasing, and resident default rates. These assumptions may prove inaccurate, particularly since
the properties that we acquire vary materially in terms of time to possession, renovation, quality and type of
construction, geographic location, and hazards. As a result, we may pay too much for properties we acquire and/
or overvalue our properties, or our properties may fail to perform as anticipated. Adjustments to the assumptions
we make in evaluating potential purchases may result in fewer properties qualifying under our investment
criteria, including assumptions related to our ability to lease properties we have purchased.
Our dependence upon third parties for key services may have an adverse effect on our operating results or
reputation if the third parties fail to perform.
Though we are internally managed, we use local and national third-party vendors and service providers to
provide certain services for our properties. 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. Selecting, managing, and supervising these third-party service providers requires significant
resources and expertise, and because our portfolio consists of geographically dispersed properties, our ability to
adequately select, manage, and supervise such third parties may be more limited or subject to greater
inefficiencies than if our properties were more geographically concentrated.
An overall labor shortage experienced by our vendors, lack of skilled labor, increased turnover, or labor
inflation, caused by a pandemic or as a result of general macroeconomic factors, could have a material adverse
impact on our business, financial condition, or operating results. 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.
We generally do not have exclusive or long-term contractual relationships with third-party providers, and
we can provide no assurance that we will have uninterrupted or unlimited access to their services. If we do not
select, manage, and supervise appropriate third parties to provide these services, our reputation and financial
results may suffer.
We rely on the systems of our third-party service providers, their ability to perform key operations on our
behalf in a timely manner and in accordance with agreed levels of service, and their ability to attract and retain
sufficient qualified associates to perform our work. A failure in the systems of one of our third-party service
providers, or their inability to perform in accordance with the terms of our contracts or to retain sufficient
qualified associates, could have a material adverse effect on our business, results of operations, and financial
condition.
Notwithstanding our efforts to implement and enforce strong policies and practices regarding service
providers, we may not successfully detect and prevent fraud, misconduct, incompetence, or theft by our third-
party service providers. In addition, any removal or termination of third-party service providers would require us
to seek new vendors or providers, which would create delays and adversely affect our operations. Poor
performance by such third-party service providers may reflect poorly on us and could significantly damage our
reputation among desirable residents. In the event of fraud or misconduct by a third party, we could also be
exposed to material liability and be held responsible for damages, fines, or penalties and our reputation may
suffer. In the event of failure by our general contractors to pay their subcontractors, our properties may be subject
to filings of mechanics or materialmen liens, which we may need to resolve to remain in compliance with certain
debt covenants, and for which indemnification from the general contractors may not be available.
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We are subject to certain risks associated with bulk portfolio acquisitions and dispositions and acquisitions
through an auction process.
We have acquired and disposed of, and may continue to acquire and dispose of, properties we acquire or sell
in bulk from or to other owners of single-family homes, banks, and loan servicers. When we purchase properties
in bulk or through an auction process, we often do not have the opportunity to conduct interior inspections or
conduct more than cursory exterior inspections on a portion of the properties, if at all. Such inspection processes
may fail to reveal major defects associated with such properties, which may cause the amount of time and cost
required to renovate and/or maintain such properties to substantially exceed our estimates. The costs involved in
locating and performing due diligence (when feasible) on portfolios of homes as well as negotiating and entering
into transactions with potential portfolio sellers could be significant, and there is a risk that either the seller may
withdraw from the entire transaction for failure to come to an agreement or the seller may not be willing to sell
us the bulk portfolio on terms that we view as favorable. In addition, a seller may require that a group of homes
be purchased as a package even though we may not want to purchase certain individual assets in the bulk
portfolio.
Bulk portfolio acquisitions are also more complex than single-family home acquisitions, and we may not be
able to implement this strategy successfully. With respect to auction process acquisitions, allegations of
deficiencies in auction practices could result in claims challenging the validity of some auctions, potentially
placing our claim of ownership to the properties at risk. Upon acquiring a new home, we may have to evict
residents who are in unlawful possession before we can secure possession and control of the home.
Moreover, to the extent the management and leasing of such properties has not been consistent with our
property management and leasing standards, we may be subject to a variety of risks, including risks relating to
the condition of the properties, the credit quality and employment stability of the residents, and compliance with
applicable laws, among others. In addition, financial and other information provided to us regarding such
portfolios during our due diligence may be inaccurate, and we may not discover such inaccuracies until it is too
late to seek remedies against such sellers. To the extent we pursue such remedies, we may not be able to
successfully prevail against the seller in an action seeking damages for such inaccuracies. If we conclude that
certain individual properties purchased in bulk portfolio sales do not fit our target investment criteria, we may
decide to sell, rather than renovate and lease, such properties, which could take an extended period of time and
may not result in a sale at an attractive price.
From time to time we engage in bulk portfolio dispositions of properties consistent with our business and
investment strategy. With respect to any such disposition, the purchaser may default on payment or otherwise
breach the terms of the relevant purchase agreement, and it may be difficult for us to pursue remedies against
such purchaser or retain or resume possession of the relevant properties. To the extent we pursue such remedies,
we may not be able to successfully prevail against the purchaser.
Our strategy to acquire homes from third-party homebuilders could subject us to significant risks that could
adversely affect our financial condition, cash flows, and operating results, and the strategy may be restricted
by governmental regulations and zoning requirements.
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. We
have made commitments for future fundings, and there can be no assurance that funding will be available to us
for such purposes. Additionally, if home values decline subsequent to when we entered into contracts with
homebuilder counterparties, we may not be able to adjust our contractual acquisition prices to reflect the
decreased home values.
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
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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. Further, poor performance by
homebuilder counterparties may reflect poorly on us and could damage our reputation. Governmental laws,
regulations, and zoning requirements may be imposed that restrict our ability to purchase homes from third-party
homebuilders that are intended for rental purposes in areas where we would like to invest.
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.
Unoccupied homes could be difficult to lease, which could adversely affect our revenues.
The properties we acquire may often be vacant at the time of closing, and we may acquire multiple
unoccupied homes in close geographic proximity to one another. We may not be successful in locating residents
to lease the individual properties that we acquire as quickly as we had expected, or at all. Even if we are able to
place residents as quickly as we had expected, we may incur vacancies in the future and may not be able to
re-lease those properties without longer than assumed delays, which may result in increased renovation and
maintenance costs and opportunity costs from lost revenues.
Unoccupied homes may also be at risk for fraudulent activity which could impact our ability to lease a
home. As a result, if vacancies continue for a longer period of time than we expect or indefinitely, we may suffer
reduced revenues, incur additional operating expenses and capital expenditures, and our homes could be
substantially impaired, all of which may have a material adverse effect on us.
We rely on information supplied by prospective residents in managing our business.
We evaluate prospective residents in a standardized manner through the use of a third-party resident
screening vendor partners. Our resident screening process includes obtaining appropriate identification, a
thorough evaluation of credit history and household income, a review of the applicant’s rental history, and a
background check for criminal activity. We make leasing decisions based on information in rental applications
completed by a prospective resident and screened by our third-party partners, and we cannot be certain that this
information is accurate. Additionally, these applications are submitted to us at the time we evaluate a prospective
resident, and we do not require residents to provide us with updated information during the terms of their leases,
notwithstanding the fact that this information can, and frequently does, change over time. For example, increases
in unemployment levels or adverse economic conditions in certain of our markets may adversely affect the
creditworthiness of our residents in such markets. Even though this information is not updated, we will use it to
evaluate the characteristics of our portfolio over time. If resident-supplied information is inaccurate or our
residents’ creditworthiness declines over time, we may make poor or imperfect leasing decisions and our
portfolio may contain more risk than we believe.
Our leases are relatively short-term, exposing us to the risk that we may have to re-lease our properties
frequently, which we may be unable to do on attractive terms, on a timely basis, or at all.
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. Our resident
turnover rate and related cost estimates may be less accurate than if we had more operating data upon which to
base such estimates. If the rental rates for our properties decrease or our residents do not renew their leases, our
operating results and ability to make distributions to our stockholders could be adversely affected. In addition, a
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portion of our potential residents are represented by leasing agents and we may need to pay all or a portion of any
related agent commissions, which will reduce the revenue from a particular rental home. Alternatively, to the
extent that a lease term exceeds one year, we may lose the opportunity to raise rents in an appreciating market
and be locked into a lower rent until such lease expires.
We may not have control over timing and costs arising from renovating our properties, and the cost of
maintaining rental properties can be higher than the cost of maintaining owner-occupied homes, which will
affect our results of operations and may adversely impact our ability to make distributions to our stockholders.
Renters impose additional risks to owning real property. Renters do not have the same interest as an owner
in maintaining a property and its contents and generally do not participate in any appreciation of the property.
Accordingly, renters may damage a property and its contents, and may not be forthright in reporting damages or
amenable to repairing them completely, or at all. A rental property may need repairs and/or improvements after
each resident vacates the premises, the costs of which may exceed any security deposit provided to us by the
resident when the rental property was originally leased. Accordingly, the cost of maintaining rental properties
can be higher than the cost of maintaining owner-occupied homes, which will affect our results of operations and
may adversely impact our ability to make distributions to our stockholders.
Declining real estate valuations and impairment charges could adversely affect our financial condition and
operating results.
We periodically review the value of our properties to determine whether their value, based on market
factors, projected income, and generally accepted accounting principles in the United States (“GAAP”), has
permanently decreased such that it is necessary or appropriate to take an impairment loss in the relevant
accounting period. Such a loss would cause an immediate reduction of net income in the applicable accounting
period and would be reflected in a decrease in our balance sheet assets. Even if we do not determine that it is
necessary or appropriate to record an impairment loss, a reduction in the intrinsic value of a property would
become manifest over time through reduced income from the property and would therefore affect our earnings
and financial condition.
Our participation in joint venture investments may limit our ability to invest in certain markets, and we may be
adversely affected by our lack of sole decision-making authority, our reliance on joint venture partners’
financial condition, and disputes between us and our joint venture partners.
We currently, and may in the future, co-invest with third parties through partnerships, joint ventures, or
other entities, acquiring non-controlling interests in or sharing responsibility for managing the affairs of a
property, partnership, joint venture, or other entity. These joint ventures may be subject to restrictions that
prohibit us from making other investments in certain markets until all of the funds in such partnership, joint
venture, or other entity are invested or committed. In addition, we may also not be in a position to exercise sole
decision-making authority regarding the property, partnership, joint venture, or other entity, and our joint venture
partners could take actions that are not within our control. Such actions could, among other things, impact our
ability to maintain our status as a REIT. Further, investments in partnerships, joint ventures, or other entities
may, under certain circumstances, involve risks not present were a third party not involved, including the
possibility that joint venture partners might become bankrupt or fail to fund their share of required capital
contributions. Joint venture partners may have economic or other business interests or goals that are inconsistent
with our business interests or goals and may be in a position to take actions contrary to our policies or objectives.
Such investments also may have the potential risk of impasses on decisions, such as a sale, because neither we
nor our partners would have full control over the partnership or joint venture. Disputes between us and our
partners may result in litigation or arbitration that would increase our expenses and prevent our officers and/or
directors from focusing their time and effort on our business. Consequently, actions by, or disputes with, any of
our joint venture partners might result in subjecting properties owned by the partnership or joint venture to
additional risk. In addition, we may in certain circumstances be liable for the actions of any of our third-party
partners or co-venturers.
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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. Our exposure to
liabilities in connection with such property management activities could have an adverse effect on our business
and financial results.
We may suffer losses that are not covered by insurance.
We attempt to ensure that our properties are adequately insured to cover casualty losses. However, there are
certain losses, including losses from floods, fires, earthquakes, wind, hail, pollution, acts of war, acts of terrorism
or riots, certain environmental hazards, and security breaches for which we may self-insure or which may not
always or generally be insured against because it may not be deemed economically feasible or prudent to do so.
Changes in the cost or availability of insurance could expose us to uninsured casualty losses. In particular, a
number of our properties are located in areas that are known to be subject to increased earthquake activity, fires,
or wind and/or flood risk. For example, in 2024, various parts of the United States and our properties in Texas,
Florida, Atlanta, and the Carolinas were impacted by Hurricanes Beryl, Debby, Helene, and Milton, as well as by
wildfires in California and other geographies. Any and all such severe weather events may be exacerbated by
global climate change, resulting in increased insurance premiums and deductibles, or a decrease in the
availability of coverage. See “Risks Related to Sustainability, Corporate Responsibility, and Governance — We
are subject to risks from natural disasters such as earthquakes, wildfires, and severe weather.” While we have
annual policies for earthquakes, hurricane, and/or flood risk, our properties may nonetheless incur casualty losses
that are not fully covered by insurance. In such an event, the value of the affected properties would be reduced by
the amount of any such uninsured loss, and we could experience a significant loss of capital invested and
potential revenues in such properties and could potentially remain obligated under any recourse debt associated
with such properties. 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. Under those circumstances, the insurance proceeds we receive might be
inadequate to restore our economic position in the damaged or destroyed property. Any such losses could
adversely affect us and cause the value of our common stock to decline. There can be no assurance that we are
adequately insured to protect against potential casualty losses and liabilities, and we may elect to self-insure
against certain potential losses, accept higher deductibles, utilize an insurance captive, or reduce the amount of
coverage in response to excessive insurance premium increases.
In addition, we may have no source of funding to repair or reconstruct the damaged home, and we cannot
assure that any such sources of funding will be available to us for such purposes in the future.
We may have difficulty selling our real estate investments, and our ability to distribute all or a portion of the
net proceeds from any such sale to our stockholders may be limited.
Real estate investments are relatively illiquid and, as a result, we may have a limited ability to sell our
properties. When we sell any of our properties, we may recognize a loss on such sale. We may elect not to
distribute any proceeds from the sale of properties to our stockholders. Instead, we may use such proceeds for
other purposes, including:
•
purchasing additional properties;
•
repaying debt or buying back stock;
•
creating working capital reserves; or
•
making repairs, maintenance or other capital improvements or expenditures to our remaining
properties.
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
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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.
We may encounter challenges in effectively providing the professional property and asset management
services we offer to owners of single-family home portfolios on a contractual basis. Our failure to effectively
perform professional property and asset management functions or to effectively manage the expanded
portfolio of properties we manage could materially and adversely affect us.
There can be no assurance that we will be able to effectively manage a significant increase in the number of
properties we manage. The potential difficulties we may encounter in providing professional property and asset
management services may include, without limitation:
•
our inability to effectively perform the property and asset management services at the level and/or the
cost that we anticipate or as a result of a failure to allocate sufficient resources to meet those needs;
•
our inability to manage the complexities associated with hiring and retaining key personnel required to
provide property and asset management services to the increased number of properties we manage as
we grow;
•
integrating additional regulatory and legal compliance controls and financial reporting practices and
controls into our business;
•
failure to have received comprehensive diligence regarding the properties or existing tenants that we
manage, which may have impaired our assessment of the engagement;
•
potential unknown liabilities and unforeseen increased expenses associated with property and asset
management; and
•
performance shortfalls as a result of the diversion of management’s attention caused by a significant
increase in the number of properties we manage.
For all these reasons, it is possible that providing professional property and asset management services
could result in the distraction of our management or inconsistencies in our operations, services, standards,
controls, policies, and procedures, any of which could adversely affect our business and financial results.
We may not be able to operate our business successfully or generate sufficient cash flows to make or sustain
distributions to our stockholders.
If we are unable to operate our business successfully, we would not be able to generate sufficient cash flow
to make or sustain distributions to our stockholders, and stockholders could lose all or a portion of the value of
their ownership in our common stock. Our ability to successfully operate our business and implement our
operating policies and investment strategy depends on many factors, including:
•
our ability to effectively manage renovation, maintenance, marketing, and other operating costs for our
properties;
•
economic conditions in our markets, including changes in employment and household earnings and
expenses, as well as the condition of the financial and real estate markets and the economy, in general;
•
our ability to maintain high occupancy rates and target rent levels;
•
the availability of, and our ability to identify, attractive acquisition opportunities consistent with our
investment strategy;
•
our ability to compete with other investors entering the single-family rental industry;
•
costs that are beyond our control, including title litigation, litigation with residents or tenant
organizations, legal compliance, property taxes, insurance, and HOA fees;
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•
judicial and regulatory developments affecting landlord-tenant relations that may affect or delay our
ability to dispossess or evict occupants or increase rental rates;
•
reversal of population, employment, or homeownership trends in our markets; and
•
interest rate levels and volatility, which may affect the accessibility of short-term and long-term
financing on desirable terms.
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.
Legal and Regulatory Related Risks
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, 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.
Rental homes are subject to various federal, state, and local laws and regulatory requirements, including
permitting, licensing, and zoning requirements, some of which may conflict with one another or have limited
judicial or regulatory interpretations. In light of the recent change in administration in the United States, there is
considerable uncertainty and potential conflict regarding and among existing laws, judicial orders and bans, new
presidential executive orders, regulatory frameworks, leadership changes, and enforcement priorities and
strategies, further complicating regulatory compliance. A disparity between federal and state regulations
increases the likelihood of heightened state regulatory risk, as compliance with federal standards may not fully
align with more stringent or divergent state-level requirements.
Brokerage of real estate leasing transactions and the provision of property management services require us
and 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. Local regulations, including municipal or local ordinances, restrictions, and restrictive
covenants imposed by community developers may restrict our or the use of our properties and may require us to
obtain approval from local officials or community standards organizations at any time with respect to our
properties, including prior to acquiring any of our properties or when undertaking renovations of any of our
existing properties. Among other things, these restrictions may relate to fire and safety, seismic, asbestos-
cleanup, or hazardous material abatement requirements. Such local regulations may cause us to incur additional
costs to renovate or maintain our properties in accordance with the particular rules and regulations. 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. Our properties are also subject to federal, state, and local accessibility
requirements, including and in addition to those imposed by the Americans with Disabilities Act and the Fair
Housing Act.
Any violation by us of the laws and regulations we are subject to could lead to significant fines or penalties
and could limit our ability to conduct business. We cannot assure you that existing regulatory policies will not
adversely affect us or the timing or cost of any future acquisitions, renovations, or dispositions, or that additional
regulations will not be adopted that would increase such delays or result in additional costs or losses. Our
business and growth strategies may be materially and adversely affected by our ability to obtain permits, licenses,
and approvals. Our failure to obtain such permits, licenses, and approvals could have a material adverse effect on
us and cause the value of our common stock to decline.
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Eviction, tenant rights, rent control, and rent stabilization laws, and other similar laws and/or regulations that
limit our ability to collect rent, enforce remedies for failure to pay rent, or increase rental rates may negatively
impact our rental income and profitability.
While acting as the landlord for the numerous properties we own and manage on behalf of others, we are
involved from time to time in evicting residents who are not paying their rent or who are otherwise in material
violation of the terms of their lease. Eviction activities impose legal and managerial expenses that raise costs and
expose us to potential negative publicity. The eviction process is typically subject to legal barriers, mandatory
“cure” policies, our internal policies and procedures, and other sources of expense and delay, each of which may
delay our ability to gain possession and stabilize the property. There has recently been an increase in restrictions
and other regulations regarding evictions and expansion of tenant rights by federal, state, and local governments
and courts, continuing to result in additional legal and regulatory hurdles to the eviction process. Additionally,
eviction proceedings by owners and operators of single-family homes for lease have been the focus of negative
media attention, which damages our reputation.
State and local landlord-tenant laws may impose legal duties to assist residents in relocating to new housing,
or restrict the landlord’s ability to remove the resident on a timely basis or to recover certain costs or charge
residents for damage residents cause to the landlord’s premises. Because such laws vary by state and locality, we
must be familiar with and take all appropriate steps to comply with all applicable landlord-tenant laws and need
to incur supervisory and legal expenses to ensure such compliance.
Furthermore, state and local governmental agencies may introduce rent control laws or other regulations that
limit our ability to increase rental rates, which may affect our rental income. Especially in times of recession and
economic slowdown, rent control initiatives can amass significant political support. If rent controls unexpectedly
became applicable to certain of our properties, our revenue from and the value of such properties could be
adversely affected.
For example, in 2019, the state of California passed the Tenant Protection Act of 2019, a rent control law
which limits our ability to increase rental rates for existing residents and put into place protections for the
terminations of tenancies. This law has negatively impacted our rental income from certain of the 11,453 homes
we own in California as of December 31, 2024, and may continue to do so.
To the extent that we do not comply with laws and regulations regarding eviction, tenant rights, rent control,
rent stabilization, and similar matters, we may be subjected to civil litigation filed by individuals (including class
actions) or actions by federal, state, or local law enforcement and, as a result, our reputation and financial results
may suffer. We may be required to modify or cease existing business practices, pay fines and/or our adversaries’
litigation fees and expenses if judgment is entered against us in such litigation or if we settle such litigation.
Given increasing political support for these types of laws and regulations, we believe these conditions will
continue to negatively impact our business and results of operations.
We are subject to regulatory proceedings and litigation (including class actions) and may become a target of
legal demands and/or negative publicity from tenant and consumer advocacy organizations, which could
directly limit and constrain our operations and may result in significant litigation expenses and reputational
harm.
We are involved in a range of legal and regulatory proceedings, claims, actions, inquiries, and investigations
in the ordinary course of business. These legal and regulatory proceedings may include, among others, eviction
proceedings and other landlord-tenant disputes, challenges to title and ownership rights, Fair Housing or other
discrimination claims, disputes arising over potential violations of HOA rules and regulations, issues with local
housing officials arising from the condition or maintenance of the property, outside vendor disputes, and
trademark infringement and other intellectual property claims. Additionally, we may attract attention and become
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a target of legal demands, litigation, and negative publicity from tenant and consumer advocacy organizations.
Such organizations may lobby federal, state, and local legislatures to pass new laws and regulations to constrain
or limit our business operations, adversely impact our business, or may generate negative publicity for our
business and harm our reputation.
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.
Additionally, we may become subject to legal claims against us (including on a class action basis) for
damages or injunctive relief and to seek to publicize our activities in a negative light. We cannot anticipate what
form such legal actions might take or what remedies they may seek.
In August 2021, the Federal Trade Commission (“FTC”) initiated an investigation into certain of our
business practices, focusing on our general operations and practices during the COVID-19 pandemic. After fully
cooperating with the inquiry and engaging in extensive negotiations, we entered into a stipulated order with the
FTC in September 2024, resolving all aspects of the investigation without any admission of liability and agreeing
to $48.0 million in monetary relief.
Separately, in July 2024, we reached a settlement agreement in the legal dispute City of San Diego et al v.
Invitation Homes, Inc., which fully released INVH without any admission of liability. In October 2024,
$20.0 million from the settlement was disbursed to the plaintiffs.
While we are not currently involved in any legal or regulatory proceedings that we expect to have a material
adverse effect on our business, results of operations, or financial condition, such proceedings have imposed, and
may in the future impose, on us significant litigation expenses, including settlements to avoid continued litigation
or judgments for damages or injunctions.
Contingent or unknown liabilities could adversely affect our financial condition, cash flows, and operating
results.
Assets and entities that we have acquired or may acquire in the future may be subject to unknown or
contingent liabilities for which we may have limited or no recourse against the sellers. Unknown or contingent
liabilities might include liabilities for, or with respect to, liens attached to properties, unpaid property tax,
utilities, or HOA charges for which a subsequent owner remains liable, clean-up or remediation of environmental
conditions or code violations, claims of customers, vendors, or other persons dealing with the acquired entities,
and tax liabilities. Purchases of single-family properties acquired at auction, in short sales, from lenders, or in
portfolio purchases typically involve few or no representations or warranties with respect to the properties and
may allow us limited or no recourse against the sellers. Such properties also often have unpaid tax, utility, and
HOA liabilities which we may be obligated to pay but fail to anticipate. As a result, the total amount of costs and
expenses that we may incur with respect to liabilities associated with acquired properties and entities may exceed
our expectations, which may adversely affect our operating results and financial condition. Additionally, such
properties may be subject to covenants, conditions, or restrictions that restrict the use or ownership of such
properties, including prohibitions on leasing. We may not discover such restrictions during the acquisition
process and such restrictions may adversely affect our ability to operate such properties as we intend.
In particular, under a Florida statutory framework implemented by certain Florida jurisdictions, a violation
of the relevant building codes, zoning codes, or other similar regulations applicable to a property may result in a
lien on that property and all other properties owned by the same violator and located in the same county as the
property with the code violation, even though the other properties might not be in violation of any code. Until a
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municipal inspector verifies that the violation has been remedied and any applicable fines have been paid,
additional fines accrue on the amount of the lien and the lien may not be released, in each case even at those
properties that are not in violation. As a practical matter, it might be possible to obtain a release of these liens
without remedying the property in violation through other methods, such as payment of an amount to the relevant
county, although no assurance can be given that this option will necessarily be available or how long such a
process would take.
Title defects could lead to material losses on our investments in our properties.
Our title to a property may be challenged for a variety of reasons, and in such instances title insurance may
not prove adequate. For example, while we do not lend to homeowners and accordingly do not foreclose on a
home, our title to properties we acquire at foreclosure auctions may be subject to challenge based on allegations
of defects in the foreclosure process undertaken by other parties. In addition, we have in the past, and may from
time to time in the future, acquire a number of our properties on an “as is” basis, at auctions or otherwise. When
acquiring properties on an “as is” basis, title commitments are often not available prior to purchase and title
reports or title information may not reflect all senior liens, which may increase the possibility of acquiring houses
outside predetermined acquisition and price parameters, purchasing residences with title defects and deed
restrictions, HOA restrictions on leasing, or purchasing the wrong residence without the benefit of title insurance
prior to closing. Although we use various policies, procedures, and practices to assess the state of title prior to
purchase and obtain title insurance if an acquired property is placed into a securitization facility in connection
with a mortgage loan financing, there can be no assurance that these policies and procedures will be effective,
which could lead to a material if not complete loss on our investment in such properties.
For properties we acquire at auction, we similarly may not obtain title insurance prior to purchase, and we
are not able to perform the type of title review that is customary in acquisitions of real property. As a result, our
knowledge of potential title issues will be limited, and title insurance protection may not be in place. This lack of
title knowledge and insurance protection may result in third parties having claims against our title to such
properties that may materially and adversely affect the values of the properties or call into question the validity of
our title to such properties. Without title insurance, we are fully exposed to, and would have to defend ourselves
against, such claims. Further, if any such claims are superior to our title to the property we acquired, we risk loss
of the property purchased.
Increased scrutiny of title matters could lead to legal challenges with respect to the validity of the sale. In
the absence of title insurance, the sale may be rescinded, and we may be unable to recover our purchase price,
resulting in a complete loss. Title insurance obtained subsequent to purchase offers little protection against
discoverable defects because they are typically excluded from such policies. In addition, any title insurance on a
property, even if acquired, may not cover all defects or the significant legal costs associated with obtaining clear
title.
Any of these risks could adversely affect our operating results, cash flows, and ability to make distributions
to our stockholders.
A significant number of the single-family residential properties we own and manage on behalf of others are
part of HOAs, and we and our residents are subject to the rules and regulations of such HOAs, which are
subject to change and which may be arbitrary or restrictive, and violations of such rules may subject us to
additional fees and penalties and litigation with such HOAs, which would be costly.
A significant number of the properties we own and manage on behalf of others are located within HOAs,
which are private entities that regulate the activities of owners and occupants of, and levy assessments on,
properties in a residential subdivision. The HOAs of which our properties are part may have enacted or may from
time to time enact onerous or arbitrary rules that restrict our ability to restore, market, lease, or operate properties
in accordance with our investment strategy, or require us to restore or maintain such properties at standards or
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costs that are in excess of our planned budgets. Some HOAs impose limits on the number of property owners
who may lease their homes, which, if met or exceeded, would cause us to incur additional costs to sell the
property and opportunity costs from lost rental revenue. Furthermore, residents may violate HOA rules and incur
fines for which the owner of the property may be liable and for which we may not, on behalf of the owner, be
able to obtain reimbursement from the resident. Additionally, the governing bodies of the HOAs in which we
own property may not make important disclosures about the properties or may block our access to HOA records,
initiate litigation, restrict our ability to sell our properties, impose assessments, or arbitrarily change the HOA
rules. We may be unaware of or unable to review or comply with HOA rules before purchasing a property, and
any such excessively restrictive or arbitrary regulations may cause us to sell such property at a loss, prevent us
from leasing such property, or otherwise reduce our cash flow from such property, which would have an adverse
effect on our returns on these properties. Several states have enacted laws that provide that a lien for unpaid
monies owed to an HOA may be senior to or extinguish mortgage liens on properties. Such actions, if not cured,
may give rise to events of default under certain of our indebtedness, which could have a material adverse impact
on us.
Leasing fraud could adversely affect our business, financial condition, and results of operations.
Criminals are using increasingly sophisticated methods to engage in illegal activities such as leasing fraud.
As we make more of our services available over the internet and through mobile applications, we subject
ourselves to new types of leasing fraud risk. Unrelated third parties have developed “fake landlord” scams posing
as Invitation Homes and fraudulently collecting rent on properties they do not own. Furthermore, increases in
fraudulent applications lead to a higher rate of delinquency, and coupled with legal and regulatory barriers to the
eviction process, it allows for unqualified residents to remain in our homes for longer periods of time. We devote
significant resources to discover and discourage fraudulent activities, and we use a variety of tools to protect
against fraud; however, these tools may not always be successful. Fraudulent activities could result in lost
revenue and increased expenses, including costs related to damages to the homes we own and manage on behalf
of others from occupants who do not maintain them, diversion of time from our personnel, and development of
measures to combat these activities, or otherwise disrupt our operations. Allegations of fraud may further result
in fines, settlements, litigation expenses, and reputational damage.
Eminent domain could lead to material losses on our investments in our properties.
Governmental authorities may exercise eminent domain to acquire the land on which our properties are built
in order to build roads and other infrastructure. Any such exercise of eminent domain would allow us to recover
only the fair value of the affected properties. In addition, “fair value” could be substantially less than the real
market value of the property for a number of years, and we could effectively have no profit potential from
properties acquired by the government through eminent domain.
Risks Related to Information Technology, Cybersecurity, and Data Protection
We are highly dependent on information systems, and systems failures could significantly disrupt our
business, which may, in turn, negatively affect us and the value of our common stock.
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 are conducted over the Internet or through mobile applications. As a result, we could be severely
impacted by a catastrophic occurrence, such as a natural disaster or a terrorist attack, or a circumstance that
disrupted access to telecommunications, the Internet, or operations at our third-party service providers, including
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viruses that could penetrate network security defenses and cause system failures and disruptions of operations.
Even though we believe we utilize appropriate duplication and back-up procedures, a significant outage in
telecommunications, the Internet, or at our third-party service providers could negatively impact our operations.
If we are unable to effectively execute or maintain our information technology strategies or adopt new
technologies and processes relevant to our service platform, our ability to deliver high-quality services to our
residents may be materially impaired. In addition, we make investments in new systems and tools to achieve
competitive advantages and efficiencies. Implementation of such investments in information technology could
exceed estimated budgets, and we may experience challenges that prevent new strategies or technologies from
being realized. If we are unable to maintain current information technology and processes or encounter delays, or
fail to exploit new technologies, then the execution of our business plans may be disrupted. Similarly, our
associates require effective tools and techniques to perform functions integral to our business.
We currently use limited traditional and generative AI solutions for certain marketing, 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. The ever-increasing use and evolution of
technology, including cloud-based computing and generative AI, creates opportunities for the potential loss or
misuse of personal data that we use in our business operations. Unintentional dissemination or intentional
destruction of confidential information stored in our or our third-party providers’ systems, portable media, or
storage devices may result in significantly increased business and security costs, a damaged reputation,
administrative penalties, or costs related to defending legal claims. Generative AI programs may be costly and
require significant expertise to develop, may be difficult to set up and manage, and require periodic upgrades.
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.
Security breaches and other disruptions could compromise our information systems and expose us to liability,
which would cause our business and reputation to suffer.
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. The secure processing and maintenance of such information is critical to our operations and business
strategy. Despite our security measures, our information technology and infrastructure are subject to ongoing
threats and attacks and may be vulnerable to attacks by malicious third parties or breached due to employee error,
malfeasance, or other disruptions. Due to the nature of some of the attacks, there is a risk that they may remain
undetected for a period of time. Since the techniques used to obtain unauthorized access to systems, or to
otherwise sabotage them, change frequently and are often not recognized until launched against a target, we may
be unable to anticipate these techniques or to implement adequate preventative measures. While we have
invested in the protection of data and information technology and implemented processes, procedures, and
internal controls that are designed to mitigate cybersecurity risks and cyber intrusions, there can be no assurance
that our efforts will prevent cyber incidents or security breaches. Any such breach could compromise our
networks and the information stored therein could be accessed, publicly disclosed, misused, lost, or stolen. Any
such access, disclosure or other loss of information could result in legal claims or proceedings, misstated or
unreliable financial data, liability under laws that protect the privacy of personal information, regulatory
penalties, disruption to our operations and the services we provide to customers, including our residents, or
damage our reputation, any of which could adversely affect our results of operations, reputation, and competitive
position. We maintain cyber liability insurance; however, this insurance may not be sufficient to cover the
financial, legal, business, or reputational losses that may result from an interruption or breach of our systems. In
connection with our flexible work arrangements, a significant number of our associates work remotely on a
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recurring basis. An extended period of remote work arrangements could strain our business continuity plans,
introduce operational risk, including, but not limited to cybersecurity risks, and impair our ability to manage our
business.
United States regulators have also increased their focus on cyber security vulnerabilities and risks.
Compliance with laws and regulations concerning cyber security, such as the recently enacted 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. See “— Our business is subject to laws and regulations regarding privacy, data protection,
consumer protection, and other matters. Many of these laws and regulations are subject to change and
uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, or
otherwise harm our business.”
Our business is subject to laws and regulations regarding privacy, data protection, consumer protection, and
other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and
could result in claims, changes to our business practices, monetary penalties, or otherwise harm our business.
We are subject to a variety of laws and regulations that involve matters such as: privacy; data protection;
personal information; rights of publicity; content; marketing; distribution; data security; data retention and
deletion; electronic contracts and other communications; consumer protection; and online payment services.
These laws and regulations are constantly evolving and can be subject to significant change. As a result, the
application, interpretation, and enforcement of these laws and regulations are often uncertain and may be
interpreted and applied inconsistently. Additionally, as we depend on third parties for key services (see “Risks
Related to Our Business and Operations — Our dependence upon third parties for key services may have an
adverse effect on our operating results or reputation if the third parties fail to perform”), we rely on such third-
party service providers’ compliance with laws and regulations regarding privacy, data protection, consumer
protection, and other matters relating to our customers.
There are a number of legislative proposals at both the federal and state level, as well as other jurisdictions
that could impose new obligations in areas affecting our business. We are subject to numerous, complex, and
frequently changing laws, regulations, and contractual obligations designed to protect personal information.
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.
Accidental or willful security breaches or other unauthorized access to our information systems or the
systems of our service providers, suppliers, or other third parties, or the existence of computer viruses or malware
(such as ransomware) in our or their data or software could expose us to a risk of information loss, business
disruption, and misappropriation of proprietary and confidential information, including information relating to
our residents and the personal information of our associates or third parties. Such an event could disrupt our
business and result in, among other things, unfavorable publicity, damage to our reputation, loss of our
competitive information, litigation by affected parties and possible financial obligations for liabilities and
damages related to the theft or misuse of such information, significant remediation costs, disruption of key
business operations and significant diversion of our resources, as well as, any of which could have a material
adverse effect on our business, profitability and financial condition. See “— Security breaches and other
disruptions could compromise our information systems and expose us to liability, which would cause our
business and reputation to suffer.”
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Risks Related to Sustainability, Corporate Responsibility, and Governance
Climate change and related environmental issues, related legislative and regulatory responses to climate
change, and the transition to a lower-carbon economy may adversely affect our business.
There is increasing concern that a gradual rise in global average temperatures due to increased concentration
of carbon dioxide and other greenhouse gases (“GHG”) in the atmosphere will cause significant changes in
weather patterns around the globe, an increase in the frequency, severity, and duration of extreme weather
conditions and natural disasters, and water scarcity and poor water quality. These events could also compound
adverse economic conditions. To the extent that significant changes in the climate occur in areas where our
properties are located, we may experience extreme weather and/or changes in precipitation and temperature, all
of which may result in physical damage to, or a decrease in demand for, properties located in these areas or
affected by these conditions and our financial condition or results of operations may be adversely affected. See “
— We are subject to risks from natural disasters such as earthquakes, wildfires, and severe weather.”
Growing public concern about climate change has resulted in the increased focus of local, state, regional,
national, and international regulatory bodies on GHG emissions and climate change issues. Policy changes and
changes in federal, state, and local legislation and regulation based on concerns about climate change, including
regulations aimed at limiting GHG emissions and the implementation of “green” building codes, could result in
increased capital expenditures on our existing properties (for example, to improve their energy efficiency and/or
resistance to inclement weather) without a corresponding increase in revenue, resulting in adverse impacts to our
results of operations. Experiencing or addressing the various physical, regulatory, and transition risks from
climate change may significantly reduce our revenues and profitability or cause us to generate losses.
We are subject to evolving, complex, and sometimes, inconsistent disclosure obligations promulgated by
governmental and regulatory organizations relating to sustainability. In March 2024, the SEC adopted the final
rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures
for Investors. This rule will require registrants to disclose certain climate-related information in registration
statements and annual reports. In April 2024, the SEC issued an order voluntarily staying the effectiveness of the
new rules pending the completion of judicial review of certain legal challenges to their validity. On February 11,
2025, SEC Acting Chairman Mark T. Uyeda released a public statement and notified the United States Court of
Appeals for the Eighth Circuit (where the challenges are consolidated) to hold off scheduling the case for
argument to provide time for the SEC to further deliberate and determine next steps. Therefore, the timing of the
effectiveness of these disclosure requirements is uncertain. We are currently assessing the effect of new rules on
our consolidated financial statements and related disclosures. Additionally, the State of California recently
passed the Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act that will
impose broad climate-related disclosure obligations on certain companies doing business in California, including
us, starting in 2026, though the Governor of California has directed further consideration of the implementation
deadlines for each of the laws. Both laws have been challenged in federal court. Unless legal challenges to the
foregoing new rules prevail or they are otherwise modified prior to effective dates or the effective dates are
delayed, we will become subject to the rules as adopted, and they could significantly increase compliance
burdens and associated regulatory costs and complexity.
Regulatory requirements related to sustainability matters continue to evolve and any assessment of the
potential impact of future climate change legislation, regulations, or industry standards, as well as any
international treaties and accords, is uncertain given the wide scope of potential regulatory change.
We are subject to risks from natural disasters such as earthquakes, wildfires, and severe weather.
Natural disasters, severe weather such as earthquakes, tornadoes, hurricanes, wind, floods, droughts, and
wildfires may result in significant damage to our properties. The extent of our casualty losses and loss of income
in connection with such events is a function of the severity of the event and the total amount of exposure in the
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affected area. Additional consequences of severe weather could include increased insurance premiums and
deductibles or a decrease in the availability of coverage. See “Risks Related to Our Business and Operations —
We may suffer losses that are not covered by insurance.”
We are subject to risks from events such as natural disasters, severe weather, and wildfires, which may have
a significant negative effect on our financial condition and results of operations. 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. See “Risks Related to Our Business and
Operations — We may suffer losses that are not covered by insurance.” As a result, our operating and financial
results may vary significantly from one period to the next. We have in the past and may in the future incur losses
arising from natural disasters or severe weather. While we seek to mitigate our business risks associated with
climate change, we recognize that there are inherent climate related risks regardless of where we conduct our
business. For example, a catastrophic natural disaster could negatively impact any of our markets. Accordingly, a
natural disaster has the potential to disrupt our businesses and could have a material adverse impact on our
financial condition and results of operations, including increased insurance costs or loss of coverage, legal
liability, and reputational losses. See “— Climate change and related environmental issues, related legislative
and regulatory responses to climate change, and the transition to a lower-carbon economy may adversely
affect our business.”
Environmentally hazardous conditions may adversely affect us.
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. Even if more than one person may have been responsible for the
contamination, each person covered by applicable environmental laws may be held responsible for all of the
clean-up costs incurred. In addition, third parties may sue the owner or operator of a site for damages based on
personal injury, natural resources, or property damage or other costs, including investigation and clean-up costs,
resulting from the environmental contamination. The presence of hazardous or toxic substances on one of our
properties, or the failure to properly remediate a contaminated property, could give rise to a lien in favor of the
government for costs it may incur to address the contamination or otherwise adversely affect our ability to sell or
lease the property or borrow using the property as collateral. Environmental laws also may impose restrictions on
the manner in which property may be used or businesses may be operated. A property owner who violates
environmental laws may be subject to sanctions which may be enforced by governmental agencies or, in certain
circumstances, private parties. In connection with the acquisition and ownership of our properties, we may be
exposed to such costs. The cost of defending against environmental claims, of compliance with environmental
regulatory requirements, or of remediating any contaminated property could materially and adversely affect us.
Compliance with evolving environmental laws or regulations or stricter interpretation of such laws may
require material expenditures by us. We are subject to environmental laws or regulations relating to our
properties, such as those concerning lead-based paint, mold, asbestos, proximity to power lines, or other issues.
We cannot assure you that future laws, ordinances, or regulations will not impose any material environmental
liability or that the current environmental condition of our properties will not be affected by the activities of
residents, existing conditions of the land, operations in the vicinity of the properties, or the activities of unrelated
third parties. In addition, we may be required to comply with various local, state, and federal fire, health, life-
safety, and similar regulations. Failure to comply with applicable laws and regulations could result in fines and/or
damages, suspension of personnel, civil liability, or other sanctions.
We are subject to increasing scrutiny from investors and others regarding our sustainability responsibilities,
which could result in additional costs or risks and adversely impact our reputation, associate attraction and
retention, and ability to raise capital.
Investor advocacy groups, certain institutional investors, investment funds, other market participants, and
stakeholders have focused increasingly on sustainability practices of companies, including those associated with
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climate change. These parties have placed increased importance on the implications of the social cost of their
investments. If our sustainability practices do not meet investor or other industry stakeholder expectations and
standards (including any third-party ratings used by stakeholders), which continue to evolve, our reputation, our
ability to attract or retain associates, our ability to access capital, and our attractiveness as an investment or
business partner could be negatively affected. Any sustainability disclosures we make may include our policies
and practices on a variety of social and ethical matters, including corporate governance, environmental
initiatives, associate health and safety practices, human capital management, product quality, and supply chain
management. If our sustainability practices do not meet investor or other stakeholder expectations and standards,
we could also incur additional costs and require additional resources to monitor, report, and comply with various
sustainability practices.
Conversely, “anti-ESG” sentiment has gained momentum across the United States. We could be criticized
by “anti-ESG” stakeholders for our sustainability initiatives or become the subject of adverse media campaigns.
Moreover, several states have enacted or proposed “anti-ESG” policies or legislation. For example, boycott bills
in certain states target financial institutions that are perceived as “boycotting” or “discriminating against”
companies in certain industries and prohibit state entities from doing business with such institutions and/or
investing the state’s assets (including pension plan assets) through such institutions. In addition, certain states
now require that relevant state entities or managers/administrators of state investments make investments based
solely on pecuniary factors without consideration of environmental, social, and governance factors. Failure to
successfully manage divergent expectations across stakeholders could erode stakeholder trust, impact our
reputation, and adversely affect our business.
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.
We are generally subject to risks associated with debt financing. These risks include: (1) our cash flow may
not be sufficient to satisfy required payments of principal and interest; (2) we may not be able to refinance
existing indebtedness or the terms of any refinancing may be less favorable to us than the terms of existing debt;
(3) required debt payments are not reduced if the economic performance of any property declines; (4) debt
service obligations could reduce funds available for distribution to our stockholders and funds available for
capital investment; (5) any default on our indebtedness could result in acceleration of those obligations and
possible loss of property to foreclosure; (6) the risk that necessary capital expenditures cannot be financed on
favorable terms; and (7) the value of the collateral securing our indebtedness may fluctuate and fall below the
amount of indebtedness it secures. If the income from a property is pledged to secure payment of indebtedness
and we cannot make the applicable debt payments, we may have to surrender the property to the lender with a
consequent loss of any prospective income and equity value from such property. Any of these risks could place
strains on our cash flows, reduce our ability to grow, and adversely affect our results of operations. 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. See “Risks Related to Our Business
Environment and Industry — Our business, results of operations, financial condition, and cash flows may be
adversely affected by pandemics and outbreaks of infectious disease.”
We utilize a significant amount of indebtedness in the operation of our business.
As of December 31, 2024 we had $8,287.2 million aggregate principal amount of indebtedness outstanding.
Our leverage could have important consequences to us. For example, it could: (1) result in the acceleration of a
significant amount of debt for non-compliance with the terms of such debt or, if such debt contains cross-default
44

or cross-acceleration provisions, other debt; (2) result in the loss of assets, including individual properties or
portfolios, due to foreclosure or sale on unfavorable terms, which could create taxable income without
accompanying cash proceeds; (3) materially impair our ability to borrow unused amounts under existing
financing arrangements or to obtain additional financing or refinancing on favorable terms, or at all; (4) require
us to dedicate a substantial portion of our cash flow to paying principal and interest on our indebtedness,
reducing the cash flow available to fund our business, to pay dividends, including those necessary to maintain our
REIT qualification, or to use for other purposes; (5) increase our vulnerability to an economic downturn; (6) limit
our ability to withstand competitive pressures; or (7) reduce our flexibility to respond to changing business and
economic conditions.
If any of the foregoing occurs, our business, financial condition, liquidity, results of operations, and
prospects could be materially and adversely affected, and the trading price of our common stock could decline
significantly.
We may be unable to obtain financing through the debt and equity markets, which would have a material
adverse effect on our growth strategy and our financial condition and results of operations.
We cannot assure you that we will be able to access the capital and credit markets to obtain additional debt
or equity financing or that we will be able to obtain financing on terms favorable to us. Our inability to obtain
financing could have negative effects on our business. Among other things, we could have difficulty acquiring,
re-developing or maintaining, our properties, which would materially and adversely affect our business strategy
and portfolio, and may result in our: (1) liquidity being adversely affected; (2) inability to repay or refinance our
indebtedness on or before its maturity; (3) making higher interest and principal payments or selling some of our
assets on terms unfavorable to us to service our indebtedness; or (4) issuing additional capital stock, which could
further dilute the ownership of our existing stockholders.
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 (including
due to bank failures), 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.
Potential lenders may be unwilling or unable to provide us with financing that is attractive to us or may
charge us prohibitively high fees in order to obtain financing. Consequently, there is uncertainty regarding our
ability to access the credit markets in order to attract financing on reasonable terms. Investment returns on our
assets and our ability to make acquisitions could be adversely affected by our inability to secure financing on
reasonable terms, if at all.
A downgrade in our credit ratings could adversely affect our financing ability.
Our credit ratings affect the amount and type of capital, as well as the terms and pricing of any financing we
may obtain. 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.
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Secured indebtedness exposes us to the possibility of foreclosure on our ownership interests in our rental
homes.
Incurring secured mortgage indebtedness increases our risk of loss of our ownership interests in our rental
homes because defaults thereunder, and/or the inability to refinance such indebtedness, may result in foreclosure
action initiated by lenders. For tax purposes, a foreclosure of any of our rental homes would be treated as a sale
of the home for a purchase price equal to the outstanding balance of the indebtedness secured by such rental
home. If the outstanding balance of the indebtedness secured by such rental home exceeds our tax basis in the
rental home, we would recognize taxable income on foreclosure without receiving any cash proceeds.
Covenants in our debt agreements may restrict our operating activities and adversely affect our financial
condition.
Our existing debt agreements contain, and future debt agreements may contain, financial and/or operating
covenants including, among other things, certain coverage ratios, as well as limitations on the ability to incur
additional secured and unsecured debt, and/or otherwise affect our distribution and operating policies. These
covenants may limit our operational flexibility and acquisition and disposition activities. Moreover, if any of the
covenants in these debt agreements are breached and not cured within the applicable cure period, we could be
required to repay the debt immediately, even in the absence of a payment default. A default under one of our debt
agreements could result in a cross-default under other debt agreements, and our lenders could elect to declare
outstanding amounts due and payable, terminate their commitments, require the posting of additional collateral,
and enforce their respective interests against existing collateral. As a result, a default under applicable debt
covenants could have an adverse effect on our financial condition or results of operations. Additionally,
borrowing base requirements associated with our financing arrangements may prevent us from drawing upon our
total maximum capacity under these financing arrangements if sufficient collateral, in accordance with our
facility agreements, is not available.
For example, our mortgage loans and secured term loan require, among other things, that a cash
management account controlled by the lender collect all rents and cash generated by the properties securing the
portfolio. Upon the occurrence of an event of default or failure to satisfy the required minimum debt yield or debt
service coverage ratio, the lender may apply any excess cash in such cash management account as the lender
elects, including prepayment of principal and amounts due under the loans.
These covenants may restrict our ability to engage in transactions that we believe would otherwise be in the
best interests of our stockholders. Further, such restrictions could make it difficult for us to satisfy the
requirements necessary to maintain our qualification as a REIT for United States federal income tax purposes.
We have and may continue to utilize non-recourse long-term mortgage loans, and such structures may expose
us to certain risks not prevalent in other debt financings, which could affect the availability and attractiveness
of this financing option or otherwise result in losses to us.
We have and may continue to utilize non-recourse long-term mortgage loans relating to pools of homes
which we own, if and when they become available and to the extent consistent with the maintenance of our REIT
qualification. Mortgage loans may expose us to certain risks not prevalent in other debt financings. Moreover, we
cannot be assured that we will be able to access the securitization market in the future, or be able to do so at
favorable rates. 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. Disruptions of the securitization market could preclude
our ability to use mortgage loans as a financing source or could render it an inefficient source of financing,
making us more dependent on alternative sourcing of financing that might not be as favorable as mortgage loans
in otherwise favorable markets. In addition, in the United States and elsewhere, there is now increased political
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and regulatory scrutiny of the asset-backed securities industry. This has resulted in a raft of measures for
increased regulation which are currently at various stages of implementation and which may have an adverse
impact on the regulatory capital charge to certain investors in securitization exposures or the incentives for
certain investors to hold asset-backed securities, and may thereby affect the liquidity of such securities. Any of
these factors could limit our access to mortgage loans as a source of financing. The inability to consummate
mortgage loans to finance our investments on a long-term basis could require us to seek other forms of
potentially less attractive financing or to liquidate assets at an inopportune time or price, which could adversely
affect our performance and our ability to grow our business.
Offerings of additional debt securities or equity securities that rank senior to our common stock may adversely
affect the market price of our common stock.
If we decide to issue additional debt securities or equity securities that rank senior to our common stock in
the future, it is likely that they will be governed by an indenture or other instrument containing covenants
restricting our operating flexibility. Any additional debt or equity securities that we issue in the future may have
rights, preferences, and privileges more favorable than those of our common stock and, if such securities are
convertible or exchangeable, the issuance of such securities may result in dilution to owners of our common
stock. We and, indirectly, our stockholders, will bear the cost of issuing and servicing such securities. Because
our decision to issue debt or equity securities in any future offering will depend on market conditions and other
factors beyond our control, we cannot predict or estimate the amount, timing, or nature of our future offerings.
Thus, holders of our common stock will bear the risk of our future offerings reducing the market price of our
common stock and diluting the value of their stock holdings in us.
Failure to hedge effectively against interest rate increases may adversely affect our results of operations and
our ability to make distributions to our stockholders.
Borrowings under our debt instruments totaling $3,045.0 million as of December 31, 2024, bear interest at
variable rates and expose us to interest rate risk. Following a series of increases to combat inflation beginning in
March 2022, the United States Federal Reserve began reducing short-term interest rates in September 2024.
However, despite these reductions, long-term interest rates have remained elevated, driven by broader market
factors. Elevated interest rates could lead to the 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. After giving effect to our interest rate swap agreements (see Part II. Item 7.
“Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and
Capital Resources” for more information), each 100 bps increase or decrease on our floating rate indebtedness
would result in an estimated increase or decrease of $7.2 million in annual interest expense.
In connection with our debt instruments, we have obtained interest rate caps and swaps, and subject to
complying with the requirements for REIT qualification, we may obtain in the future one or more additional
forms of interest rate protection (in the form of swap agreements, interest rate cap contracts, or similar
agreements) to hedge against the possible negative effects of interest rate fluctuations. However, we cannot
assure you that any hedging will adequately relieve the adverse effects of interest rate increases or that
counterparties under these agreements will honor their obligations thereunder. In addition, we may be subject to
risks of default by hedging counterparties. Adverse economic conditions could also cause the terms on which we
borrow to be unfavorable. We could be required to liquidate one or more of our investments at times which may
not permit us to receive an attractive return on our investments in order to meet our debt service obligations.
The REIT provisions of the Code may also limit our ability to hedge effectively. See “Risks Related to our
REIT Status and Certain Other Tax Items — Complying with REIT requirements may limit our ability to hedge
effectively and may cause us to incur tax liabilities.”
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Risks Related to Our Organization, Structure, and Ownership of Our Common Stock
Provisions of Maryland law may limit the ability of a third party to acquire control of us by requiring our
board of directors or stockholders to approve proposals to acquire our company or effect a change in control.
Certain provisions of the Maryland General Corporation Law (the “MGCL”) may have the effect of
inhibiting a third party from making a proposal to acquire us or of impeding a change in control under
circumstances that otherwise could provide our stockholders with the opportunity to realize a premium over the
then-prevailing market price of their shares of common stock, including:
•
“business combination” provisions that, subject to certain exceptions and limitations, prohibit certain
business combinations between a Maryland corporation and an “interested stockholder” (defined
generally as any person who beneficially owns 10% or more of the voting power of our outstanding
voting stock or an affiliate or associate of ours who, at any time within the two-year period
immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power
of our then outstanding shares of stock) or an affiliate of any interested stockholder for five years after
the most recent date on which the stockholder becomes an interested stockholder, and thereafter
imposes two super-majority stockholder voting requirements on these combinations, unless, among
other conditions, our common stockholders receive a minimum price, as defined in the MGCL, for
their shares of stock and the consideration is received in cash or in the same form as previously paid by
the interested stockholder for its shares of stock; and
•
“control share” provisions that provide that, subject to certain exceptions, holders of “control shares”
(defined as voting shares that, when aggregated with all other shares controlled by the stockholder,
entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors)
acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or
control of issued and outstanding “control shares”) have no voting rights except to the extent approved
by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on
the matter, excluding shares owned by the acquirer, by our officers, or by our employees who are also
directors of our company.
We have opted out of the business combination provisions of the MGCL and any business combination
between us and any other person is exempt from the business combination provisions of the MGCL. In addition,
pursuant to a provision in our bylaws, we opted out of the control share provisions of the MGCL. Provisions of
our bylaws will prohibit our board of directors from revoking, altering, or amending its resolution exempting any
business combination from the business combination provisions of the MGCL or amending our bylaws to opt in
to the control share provisions of the MGCL, in each case, without the affirmative vote of a majority of the votes
cast on the matter by our stockholders entitled to vote generally in the election of directors.
In addition, the “unsolicited takeover” provisions of Title 3, Subtitle 8 of the MGCL permit our board of
directors, without stockholder approval and regardless of what is provided in our charter or bylaws, to implement
certain takeover defenses, including adopting a classified board or increasing the vote required to remove a
director. Such takeover defenses may have the effect of inhibiting a third party from making an acquisition
proposal for us or of delaying, deferring, or preventing a change in control of us under the circumstances that
otherwise could provide our common stockholders with the opportunity to realize a premium over the then-
current market price. Our charter provides that, without the affirmative vote of a majority of the votes cast on the
matter by our stockholders entitled to vote generally in the election of directors, we may not elect to be subject to
certain provisions of Subtitle 8, including the provisions relating to adopting a classified board or increasing the
vote required to remove a director.
Our board of directors may approve the issuance of stock, including preferred stock, with terms that may
discourage a third party from acquiring us.
Our charter permits our board of directors, without any action by our stockholders, to authorize the issuance
of stock in one or more classes or series. Our board of directors may also classify or reclassify any unissued stock
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and set or change the preferences, conversion and other rights, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications, and terms and conditions of redemption of any such stock,
which rights may be superior to those of our common stock. Thus, our board of directors could authorize the
issuance of shares of a class or series of stock with terms and conditions which could have the effect of
discouraging a takeover or other transaction in which holders of some or a majority of our outstanding common
stock might receive a premium for their shares of stock over the then current market price of our common stock.
Our rights and the rights of our stockholders to take action against our directors and officers are limited.
Our charter eliminates the liability of our directors and officers to us and our stockholders for money damages to
the maximum extent permitted under Maryland law. Under current Maryland law and our charter, our directors and
officers do not have any liability to us or our stockholders for money damages other than liability resulting from:
•
actual receipt of an improper benefit or profit in money, property, or services; or
•
active and deliberate dishonesty by the director or officer that was established by a final judgment and
is material to the cause of action adjudicated.
Our charter authorizes us and our bylaws obligate us to indemnify each of our directors or officers who is or
is threatened to be made a party to or witness in a proceeding by reason of his or her service in those or certain
other capacities, to the maximum extent permitted by Maryland law, from and against any claim or liability to
which such person may become subject or which such person may incur by reason of his or her status as a
present or former director or officer of us or serving in such other capacities. In addition, we may be obligated to
pay or reimburse the expenses incurred by our present and former directors and officers without requiring a
preliminary determination of their ultimate entitlement to indemnification. As a result, we and our stockholders
may have more limited rights to recover money damages from our directors and officers than might otherwise
exist absent these provisions in our charter and bylaws or that might exist with other companies, which could
limit your recourse in the event of actions that are not in our best interests.
Our charter contains a provision that expressly permits our non-employee directors, certain of our pre-IPO
owners, and their affiliates to compete with us.
Our charter provides that, to the maximum extent permitted from time to time by Maryland law, we
renounce any interest or expectancy that we have in, or any right to be offered an opportunity to participate in,
any business opportunities that are from time to time presented to or developed by our directors or their affiliates,
other than to those directors who are employed by us or our subsidiaries, unless the business opportunity is
expressly offered or made known to such person in his or her capacity as our director, and none of our pre-IPO
owners, or any of their respective affiliates, or any director who is not employed by us or any of his or her
affiliates, will have any duty to refrain from engaging, directly or indirectly, in the same business activities or
similar business activities or lines of business in which we or our affiliates engage or propose to engage or to
refrain from otherwise competing with us or our affiliates.
Our charter provides that, to the maximum extent permitted from time to time by Maryland law, each of our
non-employee directors, and any of their affiliates, may:
•
acquire, hold, and dispose of interests in us and/or our subsidiaries, including shares of our stock or
common units of partnership interest in INVH LP for his, her or its own account or for the account of
others, and exercise all of the rights of a stockholder of Invitation Homes Inc., or a limited partner of
INVH LP, to the same extent and in the same manner as if he, she, or it were not our director or
stockholder; and
•
in his, her, or its personal capacity or in his, her, or its capacity, as applicable, as a director, officer,
trustee, stockholder, partner, member, equity owner, manager, advisor, or employee of any other
person, have business interests and engage, directly or indirectly, in business activities that are similar
49

to ours or compete with us, that involve a business opportunity that we could seize and develop or that
include the acquisition, syndication, holding, management, development, operation, or disposition of
interests in mortgages, real property or persons engaged in the real estate business.
Our charter also provides that, to the maximum extent permitted from time to time by Maryland law, in the
event that any of our non-employee directors, or any of their respective affiliates, acquires knowledge of a
potential transaction or other business opportunity, such person will have no duty to communicate or offer such
transaction or business opportunity to us or any of our affiliates and may take any such opportunity for itself,
himself, or herself or offer it to another person or entity unless the business opportunity is expressly offered to
such person in his or her capacity as our director. These provisions may limit our ability to pursue business or
investment opportunities that we might otherwise have had the opportunity to pursue, which could have an
adverse effect on our financial condition, our results of operations, our cash flow, the per share trading price of
our common stock, and our ability to satisfy our debt service obligations and to pay dividends to our
stockholders.
Risks Related to our REIT Status and Certain Other Tax Items
If we do not maintain our qualification as a REIT, we will be subject to tax as a regular domestic corporation
and could face a substantial tax liability.
We believe that we have been organized and have operated in conformity with the requirements for
qualification and taxation as a REIT and that our current organization and proposed method of operation enable us
to continue to qualify as a REIT. However, qualification as a REIT involves the application of highly technical and
complex Code provisions for which only a limited number of judicial or administrative interpretations exist, and we
cannot assure you that we qualify or that we will remain qualified as a REIT. Our qualification as a REIT depends
upon our satisfaction of certain asset, income, organizational, distribution, stockholder ownership, and other
requirements on a continuing basis, and even a technical or inadvertent violation of these requirements could
jeopardize our REIT qualification. In addition, our qualification as a REIT may depend upon the qualification as a
REIT of certain subsidiary entities of our investments in unconsolidated joint ventures that have also elected to be
treated as a REIT. Furthermore, new tax legislation, administrative guidance, or court decisions, in each instance
potentially with retroactive effect, could make it more difficult or impossible for us to qualify as a REIT.
If we fail to qualify as a REIT in any tax year, and we do not qualify for relief under applicable statutory
provisions, then:
•
we would be taxed as a regular domestic corporation (a “C corporation”), which under current laws
means, among other things, being unable to deduct distributions to stockholders in computing taxable
income and being subject to United States federal income tax on our taxable income at regular
corporate income tax rates;
•
any resulting tax liability could be substantial and could have a material adverse effect on our book
value;
•
we would be required to pay taxes, and thus, our cash available for distribution to stockholders would
be reduced for each of the years during which we did not qualify as a REIT and for which we had
taxable income;
•
we could be subject to increased state and local taxes; and
•
we generally would not be eligible to requalify as a REIT for the subsequent four full taxable years.
REITs, in certain circumstances, may incur tax liabilities that would reduce our cash flows.
Even if we qualify and maintain our status as a REIT, we may be subject to certain United States federal,
state, and local taxes on our income and assets, including taxes on any undistributed income, tax on income from
some activities conducted as a result of a foreclosure, and state or local income, property, and transfer taxes. In
50

addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we distribute to our
stockholders in a calendar year is less than a minimum amount specified under the Code, and we could, in certain
circumstances, be required to pay an excise or penalty tax (which could be significant in amount) in order to
utilize one or more relief provisions under the Code to maintain our qualification as a REIT. Furthermore, in
order to meet the REIT qualification requirements, or to avert the imposition of a 100% tax that applies to certain
gains derived by a REIT from dealer property or inventory, we conduct some of our operations and hold some of
our assets through a TRS or other subsidiary corporations that are subject to United States federal, state, and local
corporate taxes. Any of the aforementioned taxes we pay directly or indirectly will reduce our cash available for
distribution to our stockholders.
Complying with REIT requirements may cause us to forgo otherwise attractive opportunities, limit our
expansion opportunities, and/or force us to liquidate or restructure otherwise attractive investments.
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. The remainder of our investments in
securities (other than qualified real estate assets and government securities) generally cannot include more than
10% of the outstanding voting securities of any one issuer or 10% of the total value of the outstanding securities
of any one issuer unless we and such issuer jointly elect for such issuer to be treated as a TRS under the Code.
The total value of all of our investments in TRSs cannot exceed 20% of the value of our total assets. In addition,
no more than 5% of the value of our assets (other than qualified real estate assets and government securities) can
consist of the securities of any one issuer other than a TRS. If we fail to comply with these requirements, we
must dispose of a portion of our assets within 30 days after the end of the calendar quarter in order to avoid
losing our REIT status and suffering adverse tax consequences. In addition to the quarterly asset test
requirements, we must annually satisfy two income test requirements (the “75% and 95% gross income tests”).
As a result of complying with these REIT requirements, we may be required to take or forgo taking actions
that we would otherwise consider advantageous. For instance, in order to satisfy the gross income or asset tests
applicable to REITs under the Code, we may be required to forgo investments that we otherwise would make.
Furthermore, we may be required to liquidate from our portfolio, or contribute to a TRS, otherwise attractive
investments. These actions could reduce our income and amounts available for distribution to our stockholders.
In addition, we may also be required to make distributions to stockholders at disadvantageous times or when we
do not have funds readily available for distribution.
Thus, compliance with REIT requirements may hinder our ability to operate solely on the basis of
maximizing profits.
The 100% prohibited transactions tax may limit our ability to engage in sale transactions.
“Prohibited transactions” are sales or other dispositions of property other than foreclosure property, held
primarily for sale to customers in the ordinary course of a trade or business. Dispositions of real property that are
deemed to be prohibited transactions may be subject to the prohibited transactions tax equal to 100% of net gain
upon a disposition of real property that we hold. Although a safe harbor is available, for which certain sales of
property by a REIT are not subject to the 100% prohibited transaction tax, we cannot assure you that we can
comply with the safe harbor or that we will avoid owning property that may be characterized as held primarily
for sale to customers in the ordinary course of a trade or business. Consequently, we may choose not to engage in
certain sales of our properties, or we may conduct such sales through our TRS, which would be subject to United
States federal and state income taxation. In addition, we may have to sell numerous properties to a single or a few
51

purchasers, which could cause us to be less profitable than would be the case if we sold properties on a
property-by-property basis. For example, if we decide to acquire properties opportunistically to renovate in
anticipation of immediate resale, we will need to conduct that activity through a TRS to avoid the 100%
prohibited transactions tax.
The 100% prohibited transactions tax may limit our ability to enter into transactions that would otherwise be
beneficial to us. For example, if circumstances make it not profitable or otherwise uneconomical for us to remain
in certain states or geographical markets, the 100% prohibited transactions tax could delay our ability to exit
those states or markets by selling our assets in those states or markets other than through a TRS, which could
harm our operating profits and the trading price of our stock. In addition, in order to avoid the 100% prohibited
transactions tax, we may be required to limit the structures we utilize for our securitization transactions, even
though the sales or structures might otherwise be beneficial to us.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax
liabilities.
The REIT provisions of the Code may limit our ability to hedge liabilities. Income from hedging
transactions that do not meet the specific requirements of these provisions will generally constitute nonqualifying
income for purposes of the 75% and 95% gross income tests. As a result of these rules, we may have to limit our
use of advantageous hedging techniques or, subject to the limitations on the value of and income from our TRSs,
implement those hedges through a domestic TRS. This could increase the cost of our hedging activities because
our TRS would be subject to tax on gains, for which losses may not be available or allowed to offset, or expose
us to greater risks associated with changes in interest rates than we would otherwise want to bear.
Even if we qualify to be subject to United States federal income tax as a REIT, we could be subject to tax on
any unrealized net built-in gains in certain assets.
As part of our pre-IPO reorganization transactions, we acquired certain appreciated assets that were held
(directly or indirectly) in part by one or more C corporations in transactions in which the adjusted tax basis of the
assets in our hands is determined by reference to the adjusted basis of such assets in the hands of such
C corporations. If we dispose of any such appreciated assets during the five-year period following the date we
acquired those assets, we will be subject to United States federal income tax on the portion of such gain
attributable to such C corporations at the highest corporate tax rates to the extent of the excess of the fair market
value of such assets on the date that we acquired those assets over the adjusted tax basis of such assets on such
date, which are referred to as built-in gains. Further, such built-in gains may also be subject to certain state
income taxes, for a length of time equal to or exceeding the federal five-year period. We would be subject to this
tax liability even if we qualify and maintain our status as a REIT. Any recognized built-in gain will retain its
character as ordinary income or capital gain and will be taken into account in determining REIT taxable income
and our distribution requirement. Any tax on the recognized built-in gain will reduce REIT taxable income. We
may choose not to sell in a taxable transaction appreciated assets we might otherwise sell during the period in
which the built-in gain tax applies to avoid the built-in gain tax. However, there can be no assurances that such a
taxable transaction will not occur. If we sell such assets in a taxable transaction, the amount of corporate tax that
we will pay will vary depending on the actual amount of net built-in gain or loss present in those assets as of the
time we acquired those assets and the portion of such assets which were held by C corporations prior to their
contribution to us.
Our charter does not permit any person to own more than 9.8% of our outstanding common stock or of our
outstanding stock of all classes or series, and attempts to acquire our common stock or our stock of all other
classes or series in excess of these 9.8% limits would not be effective without an exemption from these limits
by our board of directors.
For us to qualify as a REIT under the Code, not more than 50% of the value of our outstanding stock may be
owned directly or indirectly by five or fewer individuals (including certain entities treated as individuals for this
52

purpose) during the last half of a taxable year. For the purpose of assisting our qualification as a REIT for United
States federal income tax purposes, among other purposes, our charter prohibits beneficial or constructive
ownership by any person of more than a certain percentage, currently 9.8%, in value or by number of shares of
stock, whichever is more restrictive, of the outstanding shares of our common stock or 9.8% in value of the
outstanding shares of our stock, which we refer to as the “ownership limit.” The constructive ownership rules
under the Code and our charter are complex and may cause shares of the outstanding common stock owned by a
group of related persons to be deemed to be constructively owned by one person. As a result, the acquisition of
less than 9.8% of our outstanding common stock or our stock by a person could cause a person to own
constructively in excess of 9.8% of our outstanding common stock or our stock, respectively, and thus violate the
ownership limit. There can be no assurance that our board of directors, as permitted in the charter, will not
decrease this ownership limit in the future, and any decision to grant a waiver from the ownership limit in any
particular instance is at the sole discretion of our board of directors. Any attempt to own or transfer shares of our
common stock in excess of the ownership limit without the consent of our board of directors will result either in
the shares of stock in excess of the limit being transferred by operation of the charter to a charitable trust, and the
person who attempted to acquire such excess shares of stock will not have any rights in such excess shares of
stock, or in the transfer being void. The ownership limit may have the effect of precluding a change in control of
us by a third party, even if such change in control would be in the best interests of our stockholders or would
result in receipt of a premium to the price of our common stock (and even if such change in control would not
reasonably jeopardize our REIT status).
The cash available for distribution to stockholders may not be sufficient to pay dividends at expected levels,
nor can we assure you of our ability to make distributions in the future. We may use borrowed funds or our
own funds to make distributions.
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. We anticipate making quarterly
distributions to our stockholders. We expect that the cash required to fund our dividends will be covered by cash
generated by operations. However, our ability to make distributions to our stockholders will depend upon the
performance of our asset portfolio. If our operations do not generate sufficient cash flow to allow us to satisfy the
REIT distribution requirements, we may be required to fund distributions from working capital, borrow funds,
raise additional equity capital, sell assets, issue distributions in our own stock, or reduce our distributions.
Furthermore, if such cash available for distribution decreases in future periods from expected levels, our
inability to make the expected distributions could result in a decrease in the market price of our common stock.
In addition, our charter allows us to issue preferred stock that could have a preference over our common stock as
to distributions. All distributions will be made at the sole discretion of our board of directors and will depend
upon a number of factors, including our actual and projected results of operations, financial condition, cash flows
and liquidity, maintenance of our REIT qualification and other tax considerations, capital expenditure and other
obligations, debt covenants, contractual prohibitions or other limitations, and applicable law and such other
matters as our board of directors may deem relevant from time to time.
We may not be able to make distributions in the future. In addition, some of our distributions may include a
return of capital. To the extent that we decide to make distributions in excess of our current and accumulated
earnings and profits, such distributions would generally be considered a return of capital for United States federal
income tax purposes to the extent of the holder’s adjusted tax basis in their stock. A return of capital is not
taxable, but it has the effect of reducing the holder’s adjusted tax basis in its investment. To the extent that
distributions exceed the adjusted tax basis of a holder’s stock, they will be treated as gain from the sale or
exchange of such stock. If we borrow to fund distributions, our future interest costs would increase, thereby
reducing our earnings and cash available for distribution from what they otherwise would have been.
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We may choose to make distributions in our own stock that require you to pay income taxes in excess of any
cash distributions.
We may make distributions to our stockholders that are payable in cash and/or shares of our common stock.
As a result, stockholders may be required to pay income taxes with respect to such distributions in excess of any
cash portion of the distribution received, and it may be necessary to sell stocks received in such distribution at a
time that may be disadvantageous, in order to satisfy any tax imposed on such distribution. Furthermore, with
respect to certain non-United States holders, we may be required to withhold United States tax with respect to
such distribution, including in respect of all or a portion of such distribution that is payable in stock, by
withholding or disposing of part of the stock included in such distribution and using the proceeds of such
disposition to satisfy the withholding tax imposed. In addition, if a significant number of our stockholders
determine to sell shares of our common stock in order to pay taxes owed on dividend income, such sale may put
downward pressure on the market price of our common stock.
We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce
our operating flexibility, and reduce the price of our common stock.
The Internal Revenue Service, the United States Treasury Department, and Congress frequently review
United States federal income tax legislation, regulations, and other guidance. We cannot predict whether, when
or to what extent new United States federal tax laws, regulations, interpretations, or rulings will be adopted. Any
legislative action may prospectively or retroactively modify our tax treatment and, therefore, may adversely
affect our taxation or our stockholders. Any such changes could have an adverse effect on an investment in our
stock or on the market value or the resale potential of our assets. You are urged to consult with your tax advisor
with respect to the status of legislative, regulatory, or administrative developments and proposals and their
potential effect on an investment in our stock. Although REITs generally receive certain tax advantages
compared to entities taxed as C corporations, it is possible that future legislation would result in a REIT having
fewer tax advantages, and it could become more advantageous for a company that invests in real estate to elect to
be treated for United States federal income tax purposes as a C corporation. As a result, our charter provides our
board of directors with the power, under certain circumstances, to revoke or otherwise terminate our REIT
election and cause us to be taxed as a C corporation, without the approval of our stockholders.
Our ownership of TRSs is subject to limitations, and our transactions with our TRSs will cause us to be
subject to a 100% excise tax on certain income or deductions if those transactions are not conducted on
arm’s-length terms.
The Code provides that no more than 20% of the value of a REIT’s assets may consist of stock or securities
of one or more TRSs. Our TRSs earn income that would not be qualifying income if earned directly by the parent
REIT and may also be used to hold certain properties the sale of which may not qualify for the safe harbor for
prohibited transactions. These limitations on ownership of TRS stock could limit the extent to which we can
conduct these activities and other activities through our TRSs. In addition, the tax rules may limit the
deductibility of interest paid or accrued by a TRS to its parent REIT. The rules also impose a 100% excise tax on
certain transactions between a TRS and its parent REIT that are not conducted on an arm’s-length basis. There
can be no assurance that we will be able to comply with the TRS limitations or avoid application of the 100%
excise tax.
We may face risks in connection with Section 1031 exchanges.
We may dispose of real property in a transaction intended to qualify as a like-kind exchange under
Section 1031 of the Code (“Section 1031 Exchange”). As a result, we may not have immediate access to the cash
proceeds that are required to be held by an intermediary. In addition, if a transaction intended to qualify as a
Section 1031 Exchange is later determined to be taxable, we may face adverse consequences, and if the laws
applicable to such transactions are amended or repealed, we may not be able to dispose of real property on a
tax-deferred basis.
54

ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 1C. CYBERSECURITY
Risk Management and Strategy
Our operations are highly dependent upon information systems that support our business processes. In the
ordinary course of our business, we collect and store certain confidential information such as personal
information of our residents and associates and information about our business partners, contractors, vendors,
and suppliers. Cyber intrusions could seriously compromise our networks and the information stored therein
could be accessed, publicly disclosed, misused, lost, or stolen. As such, we have established information security
processes and policies using principles from industry recognized cybersecurity frameworks focused on:
(i) developing organizational understanding to manage cybersecurity risks; (ii) applying safeguards to protect our
systems; (iii) detecting the occurrence of a cybersecurity incident; (iv) responding to a cybersecurity incident;
and (v) recovering from a cybersecurity incident. Where appropriate, these processes and policies are integrated
into our overall risk management systems and processes.
Information technology and data security, particularly cybersecurity, are areas of focus for our board of
directors and its audit committee. We employ a multi-layered security model that leverages risk-based controls
with a focus on protecting our residents’ and associates’ data. We follow a cloud-first approach to enable
efficient scaling, robust business continuity, and access to the latest technology innovations.
Our cybersecurity risk management program aims to protect and preserve the confidentiality, integrity, and
continued availability of our residents’ and associates’ data and includes controls and procedures for the
identification, containment, and remediation of cyber threats.
Our cybersecurity risk management program includes, among other key features:
•
regular cybersecurity risk assessments;
•
detection and reporting of any cybersecurity events;
•
independent strategy consultation on enhancement items and processes for cybersecurity tabletop
exercises;
•
robust information security training program that includes annual information security training for all
associates, as well as additional role-specific information security training; and
•
cyber incident response plan that provides controls and procedures for timely and accurate reporting of
any material cybersecurity incident to executive leadership and our board of directors.
We assess our cybersecurity risk management program at least annually and regularly review our cyber
incident response plan. Our processes and policies also include the identification of those third-party
relationships which have the greatest potential to expose us to cybersecurity threats. We also partner with
industry leading third parties for regular security audits to ensure we view cybersecurity with a holistic
perspective.
Our cybersecurity risk management processes are a key element of our Enterprise Risk Management
(“ERM”) process, which is designed to identify and evaluate the full range of significant risks to our business
and operations. As part of our ERM program, our functional and operations departments identify and manage
enterprise risks on an annual cycle. The process consists of structured reviews, discussions, and mitigation
planning and includes risks identified by our Cybersecurity Governance Committee and information technology
and cybersecurity functions as part of the overall review of significant enterprise risks. The top ERM risks are
55

compiled annually and shared with the audit committee of the board of directors as well as the full board of
directors. In addition, internal audit incorporates these risks into its continuous risk assessment process.
Where appropriate, we seek to include in contractual arrangements with certain of our third-party vendors
provisions addressing best practices with respect to data and cybersecurity, as well as the right to assess, monitor,
audit, and test such vendors’ cybersecurity programs and practices. We also utilize a number of digital controls to
monitor and manage third-party access to internal systems and data.
We expect that our cybersecurity risk management processes and strategy will continue to evolve as the
cybersecurity threat landscape evolves. As a backstop to our strong information security programs, policies, and
procedures, we purchase a cybersecurity risk insurance policy that would defray the costs of an information
security breach, if we were to experience one.
Like other businesses, we have been, and expect to continue to be, subject to attempts at unauthorized
access, mishandling or misuse, computer viruses or malware, cyber-attacks and intrusions, and other events of
varying degrees. To date, we have not experienced a material security breach, nor are we aware of any third-party
outside service providers that have experienced a cybersecurity breach. As a result, we have not incurred any
significant expenses from information security breaches or any penalties or settlements related to the same. As of
December 31, 2024, we do not believe that any risks from any cybersecurity threats, including as a result of any
previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us,
including our business strategy, our results of operations, or our financial condition. For a discussion of risks
from cybersecurity threats that could materially affect us, please see Part I. Item 1A. “Risk Factors — Risks
Related to Information Technology, Cybersecurity, and Data Protection.”
Governance
Since August 2020, our Vice President, Chief Information Security Officer (“CISO”) has led a team of
information security professionals who have the first line responsibility for our cybersecurity risk management
processes and activities. Our CISO has more than 20 years of experience as an information security leader
responsible for assessing and managing cybersecurity programs. He reports directly to our Executive Vice
President, Chief Information and Digital Officer, who reports to our Chief Executive Officer, has over 25 years
of experience managing global information technology operations, including strategy, application, infrastructure,
information security, support, and execution.
In performing his role, our CISO regularly performs the following: review of enterprise cybersecurity risks,
controls, program policy, processes, and training; oversight of policy and program development, implementation,
and updates; and information to senior leadership about cybersecurity-related issues and activities affecting the
organization. Our CISO is regularly apprised of enterprise cybersecurity events, threats, and activities, including
with respect to incidents, protection vulnerabilities, software update needs, and lifecycle status. He possesses a
deep understanding of evolving cybersecurity threats, technologies, and industry best practices to identify
cybersecurity risks and threats and assess and guide mitigation strategies effectively. Relevant cyber
certifications include Certified Information Systems Security Professional and Certified Information Security
Manager.
Certifications of our cybersecurity professionals include, but are not limited to: Certified Information
Systems Security Professionals from the International Information System Security Certification Consortium;
Certified Information Security Manager from Information Systems Audit and Control Association; and focused
training/certifications from security vendors on the applications utilized in the management of our cybersecurity
program. The certifications mentioned above are accompanied by multiple years of direct experience in
cybersecurity which provide the framework for the team’s continuous learning of new technologies, processes,
trends, and concepts, with additional training obtained through relevant cybersecurity focused conferences.
56

We have implemented a robust cybersecurity risk governance model, including the formation of the
Cybersecurity Governance Committee chaired by our CISO and composed of key leaders from stakeholder
groups throughout our company including our President and Chief Operating Officer, Chief Legal Officer, Chief
Compliance Officer, and the head of internal audit, along with other senior members of management. Experience
of key members of the committee includes:
•
Our President and Chief Operating Officer, who joined the Company as Chief Operating Officer in
November 2017 and has served in his current role since March 2023, has over 25 years of commercial
and strategic leadership experience. He excels at identifying and mitigating operational risks, including
cybersecurity threats that could disrupt critical business processes. His contributions to the
Cybersecurity Governance Committee include aligning cybersecurity initiatives with broader business
strategies and ensuring cybersecurity considerations are integrated into information technology
infrastructure and operations.
•
Our Chief Legal Officer, serving since August 2015, brings extensive experience as the top legal
executive across various organizations. At Invitation Homes, he oversees all legal and regulatory
affairs, including direct supervision of the risk management department. His expertise includes
advising on governance frameworks, supporting board oversight of cybersecurity risk management,
and addressing litigation trends and risks associated with cybersecurity breaches.
•
Our Chief Compliance Officer, who joined the Company in July 2016 and has served in her current
role since July 2024, is an experienced public company counsel with over 20 years of combined private
practice and in-house experience. She provides expertise in SEC regulations and disclosure
requirements, including cybersecurity-related guidance, and ensures compliance with legal standards
for disclosing material cybersecurity risks and incidents. In collaboration with internal audit, she helps
oversee our ERM program to align cybersecurity initiatives with broader business strategies. She also
brings a thorough understanding of breach notification requirements and regulatory responses to
cybersecurity incidents.
•
Our Vice President of Internal Audit, serving since November 2017, brings specialized expertise in
identifying internal threats and potential fraud related to cybersecurity through advanced audit
techniques. She is skilled in aligning cybersecurity risk assessments with our ERM framework and
monitoring the implementation of cybersecurity audit recommendations to ensure their effectiveness
over time.
The Cybersecurity Governance Committee meets quarterly to review the processes and performance
indicators related to prevention, detection, mitigation, and remediation of cybersecurity incidents that could
adversely impact business operations.
We maintain a cross-functional cyber incident response plan with defined roles, responsibilities, and
reporting protocols, which focuses on responding to and recovering from any significant breach as well as
mitigating any impact to our business. Generally, when a breach or suspected breach is identified, the
information security team would escalate the issue to the Cybersecurity Governance Committee for initial
analysis and guidance. The Cybersecurity Governance Committee, in consultation with appropriate subject
matter experts, would be responsible for determining whether a particular incident alone or in combination with
other factors, triggers any reporting and/or further notification responsibilities. The Cybersecurity Governance
Committee would designate the primary manager of a cybersecurity incident, identify the parties who should be
informed about the incident, and oversee the processes for containment, eradication, recovery, and resolution of
the incident. Depending on the severity and impact of a cybersecurity threat, the audit committee and the board
of directors would be notified of an incident and kept informed of the mitigation and remediation efforts.
Our CISO and other senior members of information technology personnel regularly report to the audit
committee and the board of directors on recent trends in cyber risks and review our strategy to defend our
business systems and information against cyber-attacks. From time to time, outside advisors may be invited to
brief the audit committee on the current cybersecurity threat landscape and other related topics.
57

Our board of directors has an advanced understanding of its role and that of management in cyber-risk
oversight and is well-positioned to guide management in the development and implementation of an effective
cybersecurity risk program. Two members of our audit committee hold cybersecurity certifications: Ms. Sears
holds a Cyber Risk and Strategy Certification from Diligent Institute; and Ms. Barbe holds a CERT Certificate in
Cybersecurity Oversight from the National Association of Corporate Directors.
As part of its overall risk oversight activities, with respect to cybersecurity risk management, the audit
committee:
•
oversees the quality and effectiveness of our policies and procedures with respect to our information
technology and network systems;
•
provides oversight on our policies and procedures in preparation for responding to any material data
security incidents; and
•
oversees management of internal and external risks related to our information technology systems and
processes.
ITEM 2. PROPERTIES
Our headquarters are located in Dallas, Texas at 5420 LBJ Freeway, Suite 600.
The information required by this Item is included in a separate section in this Annual Report on Form 10-K.
See Part II. Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Our Portfolio,” which is incorporated herein by reference.
ITEM 3. LEGAL PROCEEDINGS
We are not subject to any material litigation nor, to management’s knowledge, is any material litigation
currently threatened against us other than routine litigation and administrative proceedings arising in the ordinary
course of business.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
58

PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock is listed on the New York Stock Exchange under the symbol “INVH.”
Holders
As of February 26, 2025, there were 41 holders of record of 612,689,592 shares of common stock
outstanding. This does not include the number of stockholders who hold shares of our common stock through
banks, brokers, and other financial institutions.
Dividends
We have elected to qualify as a REIT for United States federal income tax purposes. 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. We intend to pay quarterly dividends to our stockholders that
in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing,
form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of
directors.
For the years ended December 31, 2024 and 2023, dividends per share held for the entire year were
estimated to be taxable as follows:
2024
2023
Amount(1)
Percentage
Amount(1)
Percentage
Ordinary income . . . . . . . . . . . . . . . . . .
$
0.80
70.8%
$
0.97
73.5%
Capital gains(2) . . . . . . . . . . . . . . . . . . .
0.26
23.0%
0.28
21.2%
Unrecaptured Section 1250(2) . . . . . . . .
0.07
6.2%
0.07
5.3%
Total . . . . . . . . . . . . . . . . . . . . . . .
$
1.13
100.0%
$
1.32
100.0%
(1)
Amounts are displayed in actual dollars per share; all section references are to the Code unless otherwise
specified. Pursuant to Section 857(b)(9), cash dividends paid in January with a record date in December of
the prior year are treated as received by stockholders in the prior year to the extent of the Company’s
earnings and profits. For a complete understanding of dividend taxability, stockholders must consult their
Form 1099-DIV or speak with their tax advisor.
(2)
Capital gains and unrecaptured Section 1250 gain are designated as a capital gain dividend in accordance
with Section 857(b)(3)(B), as redesignated by the Tax Cuts and Jobs Act, Pub. L. No. 115-97, §13001(b).
59

Stock Performance Graph
The following graph shows the total stockholder return of an investment of $100 cash on December 31,
2019 for (1) our common stock, (2) the S&P 500 Total Return Index, and (3) the MSCI US REIT (RMS) Total
Return Index. All values assume reinvestment of the full amount of all dividends. Stockholder returns over the
indicated period are based on historical data and are not necessarily indicative of future stockholder returns.
50
100
200
150
250
12/31/19
12/31/20
12/31/21
12/31/22
12/31/24
12/31/23
S&P 500 Index
MSCI US REIT Index
Invitation Homes Inc.
Index Value
Comparison of Cumulative Total Returns
Cumulative Total Returns as of
December 31,
2019
December 31,
2020
December 31,
2021
December 31,
2022
December 31,
2023
December 31,
2024
Invitation Homes Inc. . . . . .
100.00
101.19
157.43
105.41
126.19
122.25
S&P 500 Index . . . . . . . . . .
100.00
118.40
152.39
124.79
157.59
197.02
MSCI US REIT Index . . . . .
100.00
92.43
132.23
99.82
113.54
123.47
Repurchases of Equity Securities
We made no repurchases of our common stock during the three months ended December 31, 2024.
ITEM 6. RESERVED
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read
together with Part I. Item 1. “Business” and the consolidated financial statements, including the notes thereto,
that are included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-
looking statements based upon our current expectations that involve risks and uncertainties. Our actual results
may differ materially from those anticipated in these forward-looking statements as a result of various factors,
including those set forth under Part I. Item 1A. “Risk Factors,” “Forward-Looking Statements,” or in other
parts of this report.
60

For similar operating and financial data and discussion of our results for the year ended December 31,
2023 compared to the year ended December 31, 2022, refer to Part II. Item 7. “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K which was filed
with the SEC on February 21, 2024 (the “2023 10-K”). The sections entitled “Result of Operations — Year
Ended December 31, 2023 Compared to Year Ended December 31, 2022” and “Cash Flows — Year Ended
December 31, 2023 Compared to Year Ended December 31, 2022” in Part II. Item 7. “Management’s
Discussion and Analysis of Financial Condition and Result of Operations” of our 2023 10-K are incorporated
herein by reference.
Capitalized terms used without definition have the meaning provided elsewhere in this Annual Report on
Form 10-K.
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, 2024, we wholly own
85,138 homes for lease, jointly own 7,622 homes for lease, and provide professional third-party property and
asset management services for an additional 17,678 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 prefer the ease of a
leasing lifestyle over the burden of owning a home. We provide our residents access to updated homes with
features they value, as well as close proximity to jobs and access to good schools. The continued demand for our
product proves that the choice and flexibility we offer are attractive to many people.
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. Since our founding in 2012, we have built a proven, vertically integrated operating platform
that enables us to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we
own and those we manage on behalf of others.
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.
At Invitation Homes, we are committed to creating a better way to live and to being a force for positive
change, while at the same time advancing efforts that make our company more innovative and our processes
more sustainable. Sustainability is an important part of our strategic business objectives and is critical to our
long-term success.
Our commitment to high-touch customer service continuously enhances residents’ living experiences and
provides homes where individuals and families can thrive. Each aspect of our operations — whether in our
corporate headquarters or field offices located in our 16 core markets — is driven by a resident-centric model.
Our associates take our values seriously and work hard every day to honor the trust our residents have placed in
us to provide clean, safe, and functional homes for them and their loved ones. In turn, we focus on ensuring that
our associates are fairly compensated and that we provide a culture that values respect, opportunity, and
belonging. We also place a strong emphasis on the impact we have in our communities and to the environment in
general, and we continue to develop programs that demonstrate those commitments. In addition, we ensure that
we operate under strong, well-defined governance practices and adhere to the highest ethical standards at all
times.
61

Impact of Macroeconomic Trends
General economic conditions in the United States have fluctuated in recent quarters, and concerns persist
regarding adverse macroeconomic conditions, such as inflation, elevated interest rates, political dissension, and
labor shortfalls. Such macroeconomic factors coupled with uncertainty in financial markets, and a general decline
in business activity and/or consumer confidence could adversely affect (i) our occupancy levels, our rental rates,
and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our
access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that
could cause us to recognize impairments in value of our tangible assets or goodwill. Inflationary pressures, bank
failures, and other unfavorable global and regional economic conditions, as well as geopolitical events, may also
negatively impact consumer income, credit availability, interest rates, and spending, among other factors, which
may adversely impact our business, financial condition, cash flows, and results of operations, including the
ability of our residents to pay rent. These factors, which include labor shortages and inflationary increases in
labor and material costs, have impacted and may continue to impact certain aspects of our business. In addition,
consumer confidence and spending can be materially adversely affected in response to changes in fiscal and
monetary policy, declines in income or asset values, and other macroeconomic factors.
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.
While the degree to which we may continue to be affected by these macroeconomic challenges largely
depends on the nature and duration of uncertain and unpredictable events, we believe that we are well suited to
endure a shifting macroeconomic environment due to our diversification and resiliency. For further discussion of
risks related to general economic conditions, see Part I. Item 1A. “Risk Factors — 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.”
Climate Change
Potential consequences of global climate change may range from more frequent extreme weather events to
governmental policy developments and shifts in consumer preferences, which have the potential individually or
collectively to disrupt our business as well as negatively affect our suppliers, contractors, and residents.
Experiencing or addressing the various physical, regulatory, and transition risks from climate change may
significantly reduce our revenues and profitability or cause us to generate losses. We are subject to evolving laws
and regulations relating to climate change, promulgated by governmental and regulatory organizations, including
regulations aimed at drastically increasing reporting and governance related to climate change as well as focused
on limiting GHG emissions and the implementation of “green” building codes. In March 2024, the SEC adopted
the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related
Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in
registration statements and annual reports. In April 2024, the SEC issued an order voluntarily staying the
effectiveness of the new rules pending the completion of judicial review of certain legal challenges to their
validity. On February 11, 2025, SEC Acting Chairman Mark T. Uyeda released a public statement and notified
the United States Court of Appeals for the Eighth Circuit (where the challenges are consolidated) to hold off
scheduling the case for argument to provide time for the SEC to further deliberate and determine next steps.
Therefore, the timing of the effectiveness of these disclosure requirements is uncertain. We are currently
assessing the effect of new rules on our consolidated financial statements and related disclosures. Additionally,
the State of California recently passed the Climate Corporate Data Accountability Act and the Climate-Related
Financial Risk Act that will impose broad climate-related disclosure obligations on certain companies doing
business in California, including us, starting in 2026, though the Governor of California has directed further
consideration of the implementation deadlines for each of the laws. Both laws have been challenged in federal
court. Unless legal challenges to the foregoing new rules prevail or they are otherwise modified prior to effective
62

dates or the effective dates are delayed, we will become subject to the rules as adopted, and they could
significantly increase compliance burdens and associated regulatory costs and complexity. Disclosure obligations
relating to sustainability matters are complex and not always consistent, making compliance difficult and
uncertain.
Evolving laws and regulations or any changed interpretation of such laws and regulations may require us to
make costly improvements to our existing properties beyond our current plans to decrease the impact of our
homes on the environment, resulting in increased operating costs. Incorporating greater resource efficiency into
our homes, whether to comply with upgraded building codes or recommended practices given a region’s
particular exposure to climate conditions or undertaken to satisfy demand from increasingly environmentally
conscious residents or to meet our own sustainability goals, could raise our costs to maintain our homes. In
evaluating whether to implement voluntary improvements, we also consider that choosing not to enhance our
homes’ resource efficiency can make them less attractive to municipalities and increase the vulnerability of
residents in our communities to rising energy and water expenses and use restrictions. Additionally, choosing not
to enhance our homes’ resource efficiency could make our portfolio less attractive to residents and investors. If
we fail to manage transition risks effectively, our profitability and cash flow could suffer.
We intend to continue to research, evaluate, and utilize new or improved products and business practices
consistent with our sustainability commitment. We believe our initiatives in this area can help put us in a better
position to comply with evolving regulations directed at addressing climate change and similar environmental
concerns and to meet growing resident demand for resource-efficient homes, as further discussed in Part I.
Item 1. “Business — Sustainability and Corporate Responsibility.”
We recognize that climate change could have a significant impact on our portfolio of homes located in a
variety of markets across the United States and that an increase in the number of acute weather events, natural
disasters, and other climate-related events could significantly impact our business, operations, and homes. We
actively consider physical risks such as the potential for natural disasters such as hurricanes, floods, droughts,
and wildfires when assessing our portfolio of homes and our business processes. Such extreme climate related
events are driving changes in market dynamics and stakeholder expectations and could result in disruptions to us,
our suppliers, vendors, and residents. We recognize that we must continue to adapt our policies, objectives, and
processes to prepare for such events and improve the resiliency of our physical properties and our business.
Our management and the board of directors are focused on managing our business risks, including climate
change-related risks. The process to identify, manage, and integrate climate-change risk is part of our
comprehensive enterprise risk management program. Our board of directors, through its Audit Committee and
Nominating and Corporate Governance Committee, is responsible for oversight of our management of risks
related to environmental issues, climate related risks, and social issues. Our executive leadership regularly
reports to the board of directors and the relevant committees on these risk areas and our initiatives for managing
and mitigating these risks. By taking a proactive approach to climate-related risk, we aim to remain well-
prepared for various climate scenarios, supporting our commitment to transparency and effective risk
management. For more information on risks related to climate change, see Part I. Item 1A. “Risk Factors —
Risks Related to Sustainability, Corporate Responsibility, and Governance — Climate change and related
environmental issues, related legislative and regulatory responses to climate change, and the transition to a
lower-carbon economy may adversely affect our business, — We are subject to risks from natural disasters
such as earthquakes, wildfires, and severe weather, and — We are subject to increasing scrutiny from
investors and others regarding our sustainability responsibilities, which could result in additional costs or
risks and adversely impact our reputation, associate attraction and retention, and ability to raise capital.”
Other Matters
In January 2023, we received an inquiry from the staff of the SEC requesting information relating to our
compliance with building codes and permitting requirements, related policies and procedures, and other matters.
We are in the process of responding to, and cooperating with, this request. We cannot currently predict the
timing, outcome, or scope of this inquiry.
63

Our Portfolio
The following table provides summary information regarding our total and Same Store portfolios as of and
for the year ended December 31, 2024 as noted below:
Market
Number of
Homes(1)
Average
Occupancy(2)
Average
Monthly
Rent(3)
Average
Monthly
Rent PSF(3)
% of
Revenue(4)
Western United States:
Southern California . . . . . . . . . . . . . . . . . .
7,326
96.5% $
3,085
$
1.81
11.1%
Northern California . . . . . . . . . . . . . . . . . .
4,127
97.5%
2,720
1.72
5.8%
Seattle . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,957
97.3%
2,863
1.49
5.8%
Phoenix . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,246
97.0%
2,049
1.21
9.7%
Las Vegas . . . . . . . . . . . . . . . . . . . . . . . . . .
3,405
96.7%
2,192
1.12
3.8%
Denver . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,728
96.8%
2,547
1.39
3.4%
Western United States Subtotal . . . . .
30,789
96.9%
2,553
1.46
39.6%
Florida:
South Florida . . . . . . . . . . . . . . . . . . . . . . .
8,180
96.4%
3,015
1.61
12.1%
Tampa . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,543
94.0%
2,286
1.21
10.6%
Orlando . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,794
96.2%
2,232
1.19
7.6%
Jacksonville . . . . . . . . . . . . . . . . . . . . . . . .
2,005
96.8%
2,171
1.09
2.2%
Florida Subtotal . . . . . . . . . . . . . . . . .
26,522
95.4%
2,494
1.32
32.5%
Southeast United States:
Atlanta . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,623
95.3%
2,030
0.98
12.6%
Carolinas . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,005
94.6%
2,047
0.96
5.5%
Southeast United States Subtotal . . . .
18,628
95.1%
2,036
0.98
18.1%
Texas:
Houston . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,347
95.0%
1,915
0.96
2.2%
Dallas . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,158
93.6%
2,248
1.09
3.4%
Texas Subtotal . . . . . . . . . . . . . . . . . .
5,505
94.0%
2,103
1.04
5.6%
Midwest United States:
Chicago . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,468
96.9%
2,381
1.48
2.8%
Minneapolis . . . . . . . . . . . . . . . . . . . . . . . .
1,061
95.9%
2,308
1.18
1.2%
Midwest United States Subtotal . . . . .
3,529
96.6%
2,359
1.38
4.0%
Other(5):
165
46.9%
2,068
1.04
0.2%
Total / Average . . . . . . . . . . . . . . . . . . . . . . . . .
85,138
95.8% $
2,387
$
1.27
100.0%
Same Store Total / Average . . . . . . . . . . . . . . .
76,601
97.3% $
2,392
$
1.28
92.0%
(1)
As of December 31, 2024.
(2)
Represents average occupancy for the year ended December 31, 2024.
(3)
Represents average monthly rent for the year ended December 31, 2024.
(4)
Represents the percentage of rental revenues and other property income generated in each market for the
year ended December 31, 2024.
(5)
Represents homes located outside of our 16 core markets as of December 31, 2024, including 161 homes
located in Nashville and 4 homes located in other markets that are generally being held for sale.
64

Factors That Affect Our Results of Operations and Financial Condition
Our results of operations and financial condition are affected by numerous factors, many of which are
beyond our control. See Part I. Item 1A. “Risk Factors” for more information regarding factors that could
materially adversely affect our results of operations and financial condition. Key factors that impact our results of
operations and financial condition include market fundamentals, rental rates and occupancy levels, collection
rates, turnover rates and days to re-resident homes, property improvements and maintenance, property
acquisitions and renovations, and financing arrangements. Sensitivity to many of these factors has been
heightened as a result of current macroeconomic conditions, including elevated interest rates, political dissension,
and labor shortfalls. Additionally, each of these factors may also impact the results of operations and financial
condition of our joint venture investments and those of third parties for whom we perform property and asset
management services, which would impact the amount of management fee revenues and income (loss) from
investments in unconsolidated joint ventures that we earn.
Market Fundamentals: Our results are impacted by housing market fundamentals and supply and demand
conditions in our markets, particularly in the Western United States and Florida, which represented 72.1% of our
rental revenues and other property income during the year ended December 31, 2024. We actively monitor the
impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as
market fundamentals shift.
Rental Rates and Occupancy Levels: Rental rates and occupancy levels are primary drivers of rental
revenues and other property income. Our rental rates and occupancy levels are affected by macroeconomic
factors and local and property-level factors, including market conditions, seasonality, resident defaults, and the
amount of time it takes to prepare a home for its next resident and re-lease homes when residents vacate. An
important driver of rental rate growth is our ability to increase monthly rents from expiring leases, which
typically have a term of one to two years.
Collection Rates: Our rental revenues and other property income are impacted by the rate at which we
collect such revenues from our residents. Despite our efforts to assist residents facing financial hardships who
need flexibility to fulfill their lease obligations, a portion of amounts receivable may not ultimately be collected.
We may also be constrained in our ability to collect resident receivables due to local ordinances restricting
residential lease compliance options. Any amounts billed to residents that have been deemed uncollectible along
with our estimate of amounts that may ultimately be uncollectible decrease our rental revenues and other
property income.
Turnover Rates and Days to Re-Resident: Other drivers of rental revenues and property operating and
maintenance expense include the length of stay of our residents, resident turnover rates, and the number of days a
home is unoccupied between residents. Our operating results are also impacted by the amount of time it takes to
market and lease a property, which is a component of the number of days a home is unoccupied between
residents. The period of time to market and lease a property can vary greatly and is impacted by local demand,
our marketing techniques, the size of our available inventory, the ability of our suppliers and other business
partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of
performance relative to the conduct of our business, and both current economic conditions and future economic
outlook, including the impact of elevated interest rates, political dissension, and labor shortfalls which could
adversely affect demand for our properties.
Property Improvements and Maintenance: Property improvements and maintenance impact capital
expenditures, property operating and maintenance expense, and rental revenues. We actively manage our homes
on a total portfolio basis to determine what capital and maintenance needs may be required and what
opportunities we may have to generate additional revenues or expense savings from such expenditures. As a
result of recent inflationary trends, we have experienced, and expect to continue to incur, increased costs for
certain materials and services necessary to improve and maintain our homes. We continue to actively manage the
impact of inflation on these costs, and we believe we are able to purchase goods and services at favorable prices
compared to other purchasers due to our size and scale both nationally and locally.
65

Property Acquisitions and Renovations: Future growth in rental revenues and other property income may
be impacted by our ability to identify and acquire homes, our pace of property acquisitions, and the time and cost
required to renovate and lease a newly acquired home. Our ability to identify and acquire single-family homes
that meet our investment criteria is impacted by home prices in targeted acquisition locations, the inventory of
homes available for sale through our acquisition channels, and competition for our target assets. All of these
factors may be negatively impacted by current inflationary trends and elevated interest rates, potentially reducing
the number of homes we acquire.
The acquisition of homes involves expenditures in addition to payment of the purchase price, including
payments for acquisition fees, property inspections, closing costs, title insurance, transfer taxes, recording fees,
broker commissions, property taxes, and HOA fees (when applicable). Additionally, we incur costs to renovate a
home to prepare it for rental. The scope of renovation work varies, but may include paint, flooring, carpeting,
cabinetry, appliances, plumbing hardware, roof replacement, HVAC replacement, and other items required to
prepare the home for rental. The time and cost involved in accessing our homes and preparing them for rental can
significantly impact our financial performance. The time to renovate a newly acquired property can vary
significantly among homes for several reasons, including the property’s acquisition channel, the condition of the
property, whether the property was vacant when acquired, and whether there are any state or local restrictions on
our ability to complete renovations as an essential business function. Additionally, the ability of our suppliers and
other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels
of performance relative to the conduct of our business have increased the time required to renovate our homes.
As a result of recent inflationary trends, we have experienced, and expect to continue to incur, increased costs for
certain materials and services necessary to renovate our homes. We continue to actively manage the impact of
inflation on the cost of renovations, and we believe we are able to purchase goods and services at favorable
prices compared to other purchasers due to our size and scale both nationally and locally.
Financing Arrangements: Financing arrangements directly impact our interest expense, our various debt
instruments, and our ability to acquire and renovate homes. We have historically utilized indebtedness to fund the
acquisition and renovation of new homes. Our current financing arrangements contain financial covenants and
other terms and conditions, including variable interest rates in some cases, that are impacted by market
conditions. Current macroeconomic conditions may continue to negatively affect volatility, availability of funds,
and transaction costs (including interest rates) within financial markets. These factors may also negatively affect
our ability to access financial markets as well as our business, results of operations, and financial condition. See
Part II. Item 7A. “Quantitative and Qualitative Disclosures about Market Risk” for further discussion regarding
interest rate risk. Our future financing arrangements may not have similar terms with respect to amounts, interest
rates, financial covenants, and durations.
Macroeconomics Conditions: Inflation, elevated interest rates, political dissension, and adverse global
economic conditions could negatively affect our business and financial condition. 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.
Components of Revenues and Expenses
The following is a description of the components of our revenues and expenses.
Revenues
Rental Revenues and Other Property Income
Rental revenues, net of any concessions and bad debt (including write-offs, credit reserves, and uncollectible
amounts), consist of rents collected under lease agreements related to our single-family homes for lease. We
enter into leases directly with our residents, and the leases typically have a term of one to two years.
66

Other property income is comprised of: (i) resident reimbursements for utilities, HOA fines, and other
charge-backs; (ii) rent and non-refundable deposits associated with pets; (iii) revenues from value-add services
such as smart homes, internet and media packages, home liability insurance, and HVAC replacement filters; and
(iv) various other fees, including late fees and lease termination fees, among others.
Management Fee Revenues
Management fee revenues consist of fees from property and asset management services provided to
portfolio owners of single-family homes for lease, including investments in our unconsolidated joint ventures.
Expenses
Property Operating and Maintenance
Once a property is available for its initial lease, which we refer to as “rent-ready,” we incur ongoing
property-related expenses, which consist primarily of property taxes, insurance, HOA fees (when applicable),
market-level personnel expenses, utility expenses, repairs and maintenance, and property administration. Prior to
a property being “rent-ready,” certain of these expenses are capitalized as building and improvements. Once a
property is “rent-ready,” expenditures for ordinary repairs and maintenance thereafter are expensed as incurred,
and we capitalize expenditures that improve or extend the life of a home.
Property Management Expense
Property management expense represents personnel and other costs associated with the oversight and
management of our portfolio of homes, including those for which we provide property and asset management
services on behalf of others through our internal property manager.
General and Administrative
General and administrative expense represents personnel costs, professional fees, and other costs associated
with our day-to-day activities. General and administrative expense may also include expenses that are of a
non-recurring nature, such as severance.
Share-Based Compensation Expense
We issue share-based awards to align the interests of our associates with those of our investors, and all
share-based compensation expense is recognized in our consolidated statements of operations as components of
general and administrative expense and property management expense.
Interest Expense
Interest expense includes interest payable on our debt instruments, payments and receipts related to our
interest rate swap agreements, amortization of discounts and deferred financing costs, unrealized gains (losses)
on non-designated hedging instruments, and non-cash interest expense related to our interest rate swap
agreements.
Depreciation and Amortization
We recognize depreciation and amortization expense associated with our homes and other capital
expenditures over the expected useful lives of the assets.
67

Casualty Losses, Impairment, and Other
Casualty losses, impairment, and other represents provisions for impairment when the carrying amount of
our single-family residential properties is not recoverable and casualty (gains) losses, net of any insurance
recoveries.
Gains (Losses) on Investments in Equity and Other Securities, net
Gains (losses) on investments in equity and other securities, net includes unrealized gains and losses
resulting from mark to market adjustments and realized gains and losses recognized upon the sale or settlement
of certain investments in equity securities and warrants.
Other, net
Other, net includes settlement and other costs related to certain litigation and regulatory matters, interest
income, and other miscellaneous income and expenses.
Gain on Sale of Property, net of tax
Gain on sale of property, net of tax consists of net gains and losses resulting from sales of our homes.
Income (Losses) from Investments in Unconsolidated Joint Ventures
Income (losses) from investments in unconsolidated joint ventures consists of our share of net earnings and
losses from investments in unconsolidated joint ventures accounted for using the equity method.
68

Results of Operations
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
The following table sets forth a comparison of the results of operations for the years ended December 31,
2024 and 2023:
For the Years
Ended December 31,
($ in thousands)
2024
2023
$ Change
% Change
Revenues:
Rental revenues and other property income . . . . . . . . . . . .
$2,548,964
$2,418,631
$ 130,333
5.4%
Management fee revenues . . . . . . . . . . . . . . . . . . . . . . . . .
69,978
13,647
56,331
412.8%
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,618,942
2,432,278
186,664
7.7%
Expenses:
Property operating and maintenance . . . . . . . . . . . . . . . . .
935,273
880,335
54,938
6.2%
Property management expense . . . . . . . . . . . . . . . . . . . . .
137,490
95,809
41,681
43.5%
General and administrative . . . . . . . . . . . . . . . . . . . . . . . .
90,612
82,344
8,268
10.0%
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
366,070
333,457
32,613
9.8%
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . .
714,326
674,287
40,039
5.9%
Casualty losses, impairment, and other . . . . . . . . . . . . . . .
82,925
8,596
74,329
864.7%
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,326,696
2,074,828
251,868
12.1%
Gains on investments in equity and other securities,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,046
350
696
198.9%
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(54,032)
(2,435)
(51,597)
N/M
Gain on sale of property, net of tax . . . . . . . . . . . . . . . . . .
244,550
183,540
61,010
33.2%
Losses from investments in unconsolidated joint
ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(28,445)
(17,877)
(10,568)
(59.1)%
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 455,365
$ 521,028
$
(65,663)
(12.6)%
Portfolio Information
As of December 31, 2024 and 2023, we owned 85,138 and 84,567 single-family rental homes, respectively,
in our total portfolio. During the years ended December 31, 2024 and 2023, we acquired 2,072 and 2,877 homes,
respectively, and sold 1,501 and 1,423 homes, respectively. During the years ended December 31, 2024 and
2023, we owned an average of 84,718 and 83,722 single-family rental homes, respectively.
We believe presenting information about the portion of our total portfolio that has been fully operational for
the entirety of both a given reporting period and its prior year comparison period provides investors with
meaningful information about the performance of our comparable homes across periods and about trends in our
organic business. To do so, we provide information regarding the performance of our Same Store portfolio.
As of December 31, 2024, our Same Store portfolio consisted of 76,601 single-family rental homes.
Revenues
For the years ended December 31, 2024 and 2023, total revenues were $2,618.9 million and
$2,432.3 million, respectively. Set forth below is a discussion of changes in the individual components of total
revenues.
For the years ended December 31, 2024 and 2023, total portfolio rental revenues and other property income
totaled $2,549.0 million and $2,418.6 million, respectively, an increase of 5.4%, driven by an increase in average
monthly rent per occupied home and a 996 home increase between periods in the average number of homes
owned, partially offset by a 80 bps reduction in average occupancy.
69

Average occupancy for the years ended December 31, 2024 and 2023 for the total portfolio was 95.8% and
96.6%, respectively. Average monthly rent per occupied home for the total portfolio for the years ended
December 31, 2024 and 2023 was $2,387 and $2,303, respectively, a 3.6% increase. For our Same Store
portfolio, average occupancy was 97.3% and 97.4% for the years ended December 31, 2024 and 2023,
respectively, and average monthly rent per occupied home for the years ended December 31, 2024 and 2023 was
$2,392 and $2,303, respectively, a 3.9% increase.
The annual turnover rate for the Same Store portfolio for the years ended December 31, 2024 and 2023 was
22.6% and 24.3%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 40
and 38 days between residents for the years ended December 31, 2024 and 2023, respectively.
To monitor prospective changes in average monthly rent per occupied home, we compare the monthly rent
from an expiring lease to the monthly rent from the next lease for the same home, in each case, net of any
amortized non-service concessions, to calculate net effective rental rate growth. Leases are either renewal leases,
where our current resident stays for a subsequent lease term, or new leases, where our previous resident moves
out and a new resident signs a lease to occupy the same home.
Renewal lease net effective rental rate growth for the total portfolio averaged 4.9% and 6.9% for the years
ended December 31, 2024 and 2023, respectively, and new lease net effective rental rate growth for the total
portfolio averaged 1.0% and 4.0% for the years ended December 31, 2024 and 2023, respectively. For our Same
Store portfolio, renewal lease net effective rental rate growth averaged 4.9% and 6.9% for the years ended
December 31, 2024 and 2023, respectively, and new lease net effective rental rate growth averaged 1.0% and
4.0% for the years ended December 31, 2024 and 2023, respectively.
Other property income for the year ended December 31, 2024 increased compared to December 31, 2023,
primarily due to enhanced value-add revenue programs and increased utility billbacks as new leases are entered
into, among other things.
For the years ended December 31, 2024 and 2023, management fee revenues totaled $70.0 million and
$13.6 million, respectively. The increase is due to an increase in the number of homes for which we provide
property and asset management services. As of December 31, 2024 and 2023, we provided property and asset
management services for 25,300 and 3,848 homes, respectively, of which 7,622 and 3,848 homes, respectively,
were owned by our unconsolidated joint ventures.
Expenses
For the years ended December 31, 2024 and 2023, total expenses were $2,326.7 million and
$2,074.8 million, respectively. Set forth below is a discussion of changes in the individual components of total
expenses.
For the year ended December 31, 2024, property operating and maintenance expense increased to
$935.3 million from $880.3 million for the year ended December 31, 2023. In addition to a 996 home increase
between periods in the average number of homes owned, increases in property taxes, utilities, and property
maintenance, resulted in the overall 6.2% net increase in property operating and maintenance expense.
Property management expense and general and administrative expense increased to $228.1 million from
$178.2 million for the years ended December 31, 2024 and 2023, respectively, primarily due to increased
personnel and other costs related to expansion of our property and asset management platform, including costs
incurred to manage 25,300 and 3,848 homes as of December 31, 2024 and 2023, respectively.
Interest expense increased to $366.1 million for the year ended December 31, 2024 from $333.5 million for
the year ended December 31, 2023. The increase in interest expense was primarily due to an 11 bps increase in
our weighted average interest rate and an approximate $500.0 million increase in the average debt balance
outstanding during the year ended December 31, 2024 as compared to the year ended December 31, 2023.
70

Depreciation and amortization expense increased to $714.3 million for the year ended December 31, 2024
from $674.3 million for the year ended December 31, 2023 due to a $529.6 million year over year increase in
building and improvements related to an increase of 571 homes in the number of homes owned as of
December 31, 2024 and 2023.
Casualty losses, impairment, and other expenses were $82.9 million and $8.6 million for the years ended
December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, casualty losses,
impairment, and other expenses were comprised of net casualty losses of $82.4 million, including the recognition
of $55.1 million for estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene, net of
estimated insurance proceeds, additional storm activity unrelated to hurricanes during the year, and impairment
losses of $0.5 million on our single-family residential properties. During the year ended December 31, 2023,
impairment and other expenses were comprised of $8.2 million of net casualty losses and $0.4 million of
impairment losses on our single-family residential properties.
Gains (Losses) on Investments in Equity and Other Securities, net
For the year ended December 31, 2024, $1.0 million of gains on investments in equity and other securities,
net was comprised of a $1.6 million net realized gain from exercised warrants, partially offset by $0.6 million of
net unrealized losses recognized since December 31, 2023 on investments held as of December 31, 2024. For the
year ended December 31, 2023, $0.4 million gains on investments in equity and other securities, net was
comprised of net unrealized gains recognized on investments held as of December 31, 2023.
Other, net
Other, net increased to $54.0 million of expense for the year ended December 31, 2024 from $2.4 million of
expense for the year ended December 31, 2023, primarily due to settlement and other costs incurred in
connection with the resolution of an inquiry from the FTC and the legal dispute entitled City of San Diego et al v.
Invitation Homes, Inc.
Gain on Sale of Property, net of tax
Gain on sale of property, net of tax was $244.6 million and $183.5 million for the years ended December 31,
2024 and 2023, respectively. An increase of 78 sold homes and an increase in the net proceeds per home sold for
the year ended December 31, 2023 compared to the year ended December 31, 2024 were the drivers of the
increase.
Losses from Investments in Unconsolidated Joint Ventures
Our share of equity in earnings and/or losses from unconsolidated joint ventures was a net loss of
$28.4 million and $17.9 million for the years ended December 31, 2024 and 2023, respectively. The increase in
loss is primarily driven by a $8.1 million increase in our share of interest expense and a $2.9 million increase in
our share of depreciation expense between the respective periods. These changes are a result of the formation of
and commencement of operations in new joint ventures, cumulative capital expenditures, and an increase in the
number of homes within our joint venture investments.
Liquidity and Capital Resources
Our liquidity and capital resources as of December 31, 2024 and 2023 include unrestricted cash and cash
equivalents of $174.5 million and $700.6 million, respectively, a 75.1% decrease primarily due to a
$325.7 million net decrease in outstanding indebtedness between periods and $54.2 million of costs to acquire
new financing.
71

New Credit Facility
On September 9, 2024, we entered into an amended and restated senior unsecured credit facility (the “Credit
Facility”). The Credit Facility provides $3,500.0 million of borrowing capacity and consists of a $1,750.0 million
revolving facility (the “Revolving Facility”) and a $1,750.0 million term loan facility (the “2024 Term Loan
Facility”), both of which mature on September 9, 2028, with two six month extension options available. The
Credit Facility replaced a credit facility that consisted of a $1,000.0 million revolving credit facility (the “2020
Revolving Facility”) and a $2,500.0 million term loan facility (the “2020 Term Loan Facility,” and together with
the 2020 Revolving Facility, the “2020 Credit Facility”). Proceeds from the 2024 Term Loan Facility, a
$750.0 million borrowing on the Revolving Facility on the date of effectiveness of the Credit Facility, and excess
cash on hand were used to fully repay the 2020 Term Loan Facility and to pay costs associated with the
transaction. For both the Revolving Facility and the 2024 Term Loan Facility, spreads at closing, based on our
total leverage ratio, were 5 bps lower than the spreads most recently in effect for the 2020 Credit Facility.
As of December 31, 2024, $1,180.0 million of our Revolving Facility is undrawn, and there are no
restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants. We
have no debt reaching final maturity until June 2027.
Public Offering
On September 26, 2024, in a public offering under our existing shelf registration statement, we issued
$500.0 million aggregate principal amount of 4.88% Senior Notes which mature on February 1, 2035 (the “2035
Unsecured Notes”).
Mortgage Loan Repayment
In November 2024, we used unrestricted cash from the 2035 Unsecured Notes and cash on hand to make a
voluntary prepayment of the then-outstanding balance of IH 2018-4, which resulted in a release of the loan’s
collateral.
Interest Rate Swap Transactions
In September 2024, we amended certain interest rate swap agreements and entered into $1,400.0 million of
new interest rate swap agreements which became active on December 31, 2024. As of December 31, 2024, our
active swaps have a weighted average strike rate of 2.93%. We also have one forward starting swap which will
become active July 9, 2025 and has a strike rate of 2.99%.
Investment in Joint Venture and New Property and Asset Management Agreements
As of December 31, 2024, we provided property and asset management services for 25,300 homes, of which
7,622 homes were owned by our unconsolidated joint ventures.
In November 2024, we entered into a new joint venture agreement pursuant to which we committed to make
a $50.0 million investment to form a joint venture that will acquire newly-constructed homes and communities in
high-growth markets.
On April 29, 2024, we entered into a new joint venture agreement pursuant to which we made an initial
$37.5 million investment, representing a 7.2% ownership interest, in a portfolio of approximately 3,700 single-
family residential properties. During the third quarter of 2024, we also began providing property and asset
management services to those homes and approximately 700 additional homes owned by our joint venture
partners.
72

In March 2024, we entered into a third-party agreement to provide property and asset management services
to a portfolio of approximately 3,000 single-family homes for lease. Our direct management responsibilities for
these homes commenced on May 15, 2024.
Other
Our ability to access capital as well as to use cash from operations to continue to meet our liquidity needs,
all of which are highly uncertain and cannot be predicted, could be affected by various risks and uncertainties,
including, but not limited to, the effects of general economic conditions, including inflation and interest rates, as
detailed in Part I. Item 1A. “Risk Factors.”
Long-Term Debt Strategy
The following table summarizes certain information about our debt obligations as of December 31, 2024 ($
in thousands):
Debt Instruments(1)
Balance
(Gross of
Retained
Certificates
and
Unamortized
Discounts)
Balance
(Net of
Retained
Certificates)
Weighted
Average
Interest Rate(2)
Weighted
Average
Years to
Maturity(3)
Amount
Freely
Prepayable
(Gross)
Secured:
IH 2017-1(4) . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 989,151
$ 933,652
4.23%
2.4
$
—
Secured Term Loan(5) . . . . . . . . . . . . . . . . . . .
403,046
403,046
3.59%
6.4
—
Total secured . . . . . . . . . . . . . . . . . . . . .
1,392,197
$1,336,698
4.04%
3.6
—
Unsecured:
2024 Term Loan Facility(6) . . . . . . . . . . . . . . .
$1,750,000
S + 85 bps
4.7
$1,750,000
2022 Term Loan Facility(6) . . . . . . . . . . . . . . .
725,000
S + 115 bps
4.5
725,000
Revolving Facility(6) . . . . . . . . . . . . . . . . . . . .
570,000
S + 78 bps
4.7
570,000
Unsecured Notes — May 2028 . . . . . . . . . . .
150,000
2.46%
3.4
—
Unsecured Notes — November 2028 . . . . . . .
600,000
2.30%
3.9
—
Unsecured Notes — August 2030 . . . . . . . . .
450,000
5.45%
5.6
—
Unsecured Notes — August 2031 . . . . . . . . .
650,000
2.00%
6.6
—
Unsecured Notes — April 2032 . . . . . . . . . . .
600,000
4.15%
7.3
—
Unsecured Notes — August 2033 . . . . . . . . .
350,000
5.50%
8.6
—
Unsecured Notes — January 2034 . . . . . . . . .
400,000
2.70%
9.0
—
Unsecured Notes — February 2035 . . . . . . . .
500,000
4.88%
10.1
—
Unsecured Notes — May 2036 . . . . . . . . . . .
150,000
3.18%
11.4
—
Total unsecured(7) . . . . . . . . . . . . . . . . .
6,895,000
3.90%
6.0
3,045,000
Total debt(7) . . . . . . . . . . . . . . . . . . . . . . . . . .
8,287,197
3.93%
5.6
$3,045,000
Unamortized discounts . . . . . . . . . . . . . . . . . .
(24,336)
Deferred financing costs, net . . . . . . . . . . . . .
(60,559)
Total debt per balance sheet . . . . . . . .
8,202,302
73

Debt Instruments(1)
Balance
(Gross of
Retained
Certificates
and
Unamortized
Discounts)
Balance
(Net of
Retained
Certificates)
Weighted
Average
Interest Rate(2)
Weighted
Average
Years to
Maturity(3)
Amount
Freely
Prepayable
(Gross)
Retained certificates . . . . . . . . . . . . . . . . . . . . . .
$
(55,499)
Cash and restricted cash, excluding security
deposits and letters of credit . . . . . . . . . . . . . .
(235,649)
Deferred financing costs, net . . . . . . . . . . . . . . .
60,559
Unamortized discounts . . . . . . . . . . . . . . . . . . . .
24,336
Net debt . . . . . . . . . . . . . . . . . . . . . . . . . . .
$7,996,049
(1)
For detailed information about and definition of each of our financing arrangements see Part IV. Item 15.
“Financial Statements — Note 7 of Notes to Consolidated Financial Statements.” For information about our
derivative instruments that hedge floating rate debt, see Part IV. Item 15. “Financial Statements — Note 8 of
Notes to Consolidated Financial Statements.”
(2)
Variable interest rate loans are indexed to a Secured Overnight Financing Rate (“SOFR”) index rate
determined by reference to a published forward-looking SOFR rate for the interest period relevant to such
borrowing (“Term SOFR”), including any credit spread adjustments provided for in the terms of the
underlying agreement (“Adjusted SOFR”), reflected as “S” in the table above.
(3)
Weighted average years to maturity assumes all extension options are exercised, which are subject to certain
conditions being met.
(4)
IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through
rate payable on the certificates including applicable servicing fees.
(5)
The Secured Term Loan bears interest at a fixed rate of 3.59% per annum including applicable servicing
fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of
147 bps over a comparable or successor rate to one month LIBOR as provided for in our loan agreement,
including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement.
(6)
As of December 31, 2024, interest rate is based on Term SOFR of 4.33% plus the applicable margin and a
0.10% credit spread adjustment.
(7)
For unsecured debt and total debt, the weighted average interest rate is calculated based on December 31,
2024, Term SOFR of 4.33% adjusted for a 0.10% credit spread adjustment (Adjusted SOFR), as
appropriate, and includes the impact of interest rate swap agreements effective as of that date.
As part of our long-term debt strategy, our goal is to maintain or improve our credit ratings, and, over time,
we generally intend to be a predominantly unsecured borrower with a target net debt of approximately 5.5 to 6.0
times trailing twelve months Adjusted EBITDAre (see “— Non-GAAP Measures — EBITDA, EBITDAre, and
Adjusted EBITDAre”). To facilitate our long-term debt strategy we expect to seek to, among other things,
(a) refinance a significant portion of our secured debt maturing in 2027 with unsecured debt, including potential
unsecured bond issuances and/or (b) repay a portion of such debt. There can be no assurance that we will be
successful in implementing our long-term debt strategy, improving our credit ratings, or adhering to our targets in
the short or medium term or at all, or that we will not change our strategy or targets in the future. We may from
time to time fall outside of our target ranges. In addition, we cannot assure you that we will be able to access the
capital and credit markets to obtain additional unsecured debt financing or that we will be able to obtain
financing on terms favorable to us. For further discussion of risks related to our indebtedness, see Part I. Item 1A.
“Risk Factors — Risks Related to Our Indebtedness,” including “Risk Factors — Risks Related to Our
Indebtedness — We may be unable to obtain financing through the debt and equity markets, which would
have a material adverse effect on our growth strategy and our financial condition and results of
operations.”
74

Short-Term and Long-Term Liquidity Needs
Liquidity is a measure of our ability to meet potential cash requirements, maintain our assets, fund our
operations, make dividend payments to our stockholders, and meet other general requirements of our business.
Our liquidity, to a certain extent, is subject to general economic, financial, competitive, and other factors beyond
our control. Our near-term liquidity requirements consist primarily of:
•
acquisition of homes currently under contract, including commitments to homebuilders;
•
renovation of newly-acquired homes;
•
HOA fees (as applicable), property taxes, insurance premiums, and the ongoing maintenance of our
homes;
•
property management, general and administrative, and other entity-level commitments and expenses;
•
interest expense;
•
dividend payments to our stockholders; and
•
required contributions to our joint ventures.
We believe our rental income, net of total expenses, will generally provide cash flow sufficient to fund
operations and dividend payments on a near-term basis. Additionally, we have guaranteed the funding of certain
tax, insurance, and non-conforming property reserves related to the financing of one of our joint ventures. We do
not expect these guarantees to have a material current or future effect on our liquidity. See Part IV. Item 15.
“Exhibits and Financial Statements of — Note 5 of Notes to Consolidated Financial Statements” for additional
information about our investments in unconsolidated joint ventures.
General economic conditions in the United States have fluctuated in recent quarters, and concerns persist
regarding adverse macroeconomic conditions, such as inflation, elevated interest rates, political dissension, and
labor shortfalls. Fluctuating economic conditions and uncertainty in financial markets may negatively impact our
operating cash flow such that we are unable to make required debt service payments, which would result in an
event of default for any debt instrument under whose loan agreement such payments were not made. Specifically,
the collateral within individual borrower entities may underperform, resulting in cash flow shortfalls for debt
service while consolidated cash flows are sufficient to fund our operations. If an event of default occurs for our
mortgage loan or for our secured term loan, our loan agreements provide certain remedies, including our ability
to fund shortfalls from consolidated cash flow; and such an event of default would not result in an immediate
acceleration of the loan.
Our real estate assets are illiquid in nature. A timely liquidation of assets may not be a viable source of
short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing
sources, such as the Revolving Facility which had an undrawn balance of $1,180.0 million as of December 31,
2024.
Our long-term liquidity requirements consist primarily of funds necessary to pay for the acquisition of, and
non-recurring capital expenditures for, our homes, and principal and interest payments of our indebtedness. We
intend to satisfy our long-term liquidity needs through cash provided by operations, long-term secured and
unsecured borrowings, the issuance of debt and equity securities, and property dispositions. As a REIT, we are
required to distribute to our stockholders at least 90% of our taxable income, excluding net capital gain, on an
annual basis. Therefore, as a general matter, it is unlikely that we will be able to retain substantial cash balances
from our annual taxable income that could be used to meet our liquidity needs. Instead, we will need to meet
these needs from external sources of capital and amounts, if any, by which our cash flow generated from
operations exceeds taxable income.
75

Cash Flows
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
The following table summarizes our cash flows for the years ended December 31, 2024 and 2023:
For the Years
Ended December 31,
($ in thousands)
2024
2023
$ Change
% Change
Net cash provided by operating
activities . . . . . . . . . . . . . . . . . . . . . .
$ 1,081,805
$1,107,088
$
(25,283)
(2.3)%
Net cash used in investing activities . .
(465,870)
(773,552)
307,682
39.8%
Net cash provided by (used in)
financing activities . . . . . . . . . . . . . .
(1,093,726)
110,021
(1,203,747)
N/M
Change in cash, cash equivalents, and
restricted cash . . . . . . . . . . . . . . . . . . . . . .
$ (477,791)
$ 443,557
$ (921,348)
(207.7)%
Operating Activities
Our cash flows provided by operating activities depend on numerous factors, including the occupancy level
of our homes, the rental rates achieved on our leases, the collection of rent from our residents, and the amount of
our operating and other expenses. Net cash provided by operating activities was $1,081.8 million and
$1,107.1 million for the years ended December 31, 2024 and 2023, respectively, a decrease of 2.3%. The
decrease in cash provided by operating activities is primarily due to settlement costs of $77.0 million included in
net income that resolved an inquiry from the FTC and the legal dispute entitled City of San Diego et al v.
Invitation Homes, Inc., inclusive of associated costs. This decrease is partially offset by $36.4 million of unpaid
estimated costs for hurricane related damages that are reflected in accounts payable and accrued expenses on our
consolidated balance sheet as of December 31, 2024.
Investing Activities
Net cash used in investing activities consists primarily of the acquisition costs of homes, capital
improvements, proceeds from property sales, and investments in unconsolidated joint ventures. Net cash used in
investing activities was $465.9 million and $773.6 million for the years ended December 31, 2024 and 2023,
respectively, a decrease of $307.7 million. The decrease in net cash used in investing activities resulted primarily
from the combined effect of the following significant changes in cash flows during the year ended December 31,
2024 compared to the year ended December 31, 2023: (1) a decrease in cash used for the acquisition of homes;
(2) an increase in cash proceeds received from the sale of single-family homes; (3) an increase in cash used for
investments in joint ventures; and (4) an increase in cash provided from repayment proceeds from retained debt
securities. Acquisition spend decreased by $234.0 million from period to period due to a decrease in the number
of homes acquired from 2,877 during the year ended December 31, 2023 to 2,072 homes acquired during the year
ended December 31, 2024. Proceeds from the sale of single-family homes increased $97.1 million due to an
increase in the number of homes sold from 1,423 during the year ended December 31, 2023 to 1,501 homes sold
during the year ended December 31, 2024 and an increase in average net proceeds per home. Cash invested in
joint ventures increased $43.7 million from period to period as a result of the formation of new joint ventures
during 2024. Proceeds from repayment of retained debt securities increased $31.3 million from the year ended
December 31, 2023 to the year ended December 31, 2024 due to the full repayment of IH 2018-4 during the year
ended December 31, 2024.
Financing Activities
Net cash used in financing activities was $1,093.7 million for the year ended December 31, 2024 compared
to net cash provided by financing activities of $110.0 million for the year ended December 31, 2023. The change
76

between periods is primarily due to the following financing transactions. During the year ended December 31,
2024, we issued $494.3 million of unsecured notes, net of discount, and refinanced the 2020 Credit Facility. The
proceeds were used to repay the existing credit facility and $645.7 million of mortgage loans, including the
voluntary prepayment of the IH 2018-4 mortgage loan, and to fund $54.2 million of financing costs. During the
year ended December 31, 2023, we issued $790.1 million of unsecured notes, net of discount, and used the
proceeds to fund $7.8 million of financing costs and increase cash reserves for general corporate purposes. We
also made dividend and distribution payments totaling $692.6 million during the year ended December 31, 2024
compared to $640.5 million during the year ended December 31, 2023, which were funded by cash flows from
operations.
Year Ended December 31, 2023 Compared to Year Ended December 31, 2022
For similar operating and financial data and discussion of our results for the year ended December 31, 2023
compared to the year ended December 31, 2022, refer to Part II. Item 7. “Management’s Discussion and Analysis
of Financial Condition and Results of Operation — Cash Flows” of our 2023 10-K.
Contractual Obligations
Our contractual obligations as of December 31, 2024, consist of the following:
($ in thousands)
Total
2025
2026-2027
2028-2029
Thereafter
Mortgage loans(1)(2)(3) . . . . . . . . . . . . .
$ 1,091,138
$
41,826
$ 1,049,312
$
—
$
—
Secured Term Loan(1)(2)(3) . . . . . . . . . .
496,188
14,460
28,921
28,961
423,846
Unsecured Notes(1)(2)(3) . . . . . . . . . . . .
4,884,356
139,110
278,220
1,007,148
3,459,878
Term Loan Facilities(1)(2)(3)(4) . . . . . . .
3,098,580
134,763
269,525
2,694,292
—
Revolving Facility(1)(2)(3)(4)(5) . . . . . . . .
723,731
32,756
65,513
625,462
—
Derivative instruments(1)(6) . . . . . . . . .
(89,684)
(25,660)
(47,570)
(16,454)
—
Purchase commitments(7) . . . . . . . . . .
634,742
443,879
190,863
—
—
Operating leases . . . . . . . . . . . . . . . . .
28,142
4,402
7,761
5,281
10,698
Finance leases . . . . . . . . . . . . . . . . . . .
9,488
3,147
5,634
707
—
Total . . . . . . . . . . . . . . . . . . . . . .
$10,876,681
$
788,683
$ 1,848,179
$ 4,345,397
$ 3,894,422
(1)
For detailed information about each of our financing arrangements and derivative instruments see Part IV.
Item 15. “Exhibits and Financial Statements — Note 7 of Notes to Consolidated Financial Statements”
and “— Note 8 of Notes to Consolidated Financial Statements.”
(2)
Includes estimated interest payments through the extended maturity date, as applicable, based on the
principal amount outstanding as of December 31, 2024.
(3)
Interest is calculated at rates in effect as of December 31, 2024, including the indexed rate, any credit spread
adjustment, and any applicable margin, and that rate is held constant until the maturity date. As of
December 31, 2024, Term SOFR was 4.33%.
(4)
Calculated based on the maturity date if we exercise each of the remaining extension options available,
which are subject to certain conditions being met. See Part IV. Item 15. “Exhibits and Financial
Statements — Note 7 of Notes to Consolidated Financial Statements” for a description of maturity dates
without consideration of extension options.
(5)
Includes the related unused commitment fee, as applicable.
(6)
Includes payments (receipts) related to interest rate swap obligations calculated using Term SOFR. As of
December 31, 2024, Term SOFR was 4.33%.
(7)
Represents commitments, net of previously funded deposits, to acquire 2,172 homes, including
commitments totaling $590.0 million to acquire 2,031 homes pursuant to binding purchase agreements with
certain homebuilders as of December 31, 2024.
77

Additionally, we have commitments, which are not reflected in the table above, to make additional capital
contributions to our joint ventures. As of December 31, 2024, our remaining equity commitments to our joint
ventures total $177.0 million.
Supplemental Guarantor Information
In March 2020, the SEC adopted amendments to Rule 3-10 of Regulation S-X and created Rule 13-01 to
simplify disclosure requirements related to certain registered securities. The amendments became effective on
January 4, 2021. INVH, INVH LP, the General Partner, and IH Merger Sub, LLC (“IH Merger Sub”) have filed a
registration statement on Form S-3 with the SEC registering, among other securities, debt securities of INVH LP,
fully and unconditionally guaranteed, on a joint and several basis, by INVH, the General Partner, and/or
IH Merger Sub. As a result of the amendments to Rule 3-10 of Regulation S-X, subsidiary issuers of obligations
guaranteed by the parent are not required to provide separate financial statements, provided that the subsidiary
obligor is consolidated into the parent company’s consolidated financial statements, the parent guarantee is “full
and unconditional” and, subject to certain exceptions as set forth below, the alternative disclosure required by
Rule 13-01 is provided, which includes narrative disclosure and summarized financial information. Accordingly,
separate consolidated financial statements of INVH LP, the General Partner, and IH Merger Sub have not been
presented.
Furthermore, as permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, we have excluded the summarized
financial information for the INVH LP, the General Partner, and IH Merger Sub, because the combined assets,
liabilities, and results of operations of INVH, INVH LP, the General Partner, and IH Merger Sub are not
materially different than the corresponding amounts in our consolidated financial statements, and management
believes such summarized financial information would be repetitive and would not provide incremental value to
investors.
Purchase of Outstanding Debt Securities or Loans
As market conditions warrant, we may from time to time seek to purchase our outstanding debt or debt
securities that we may issue in the future, in privately negotiated or open market transactions, by tender offer or
otherwise. Subject to any applicable limitations contained in the agreements governing our indebtedness, any
purchases made by us may be funded by the use of cash on our consolidated balance sheet or the incurrence of
new secured or unsecured debt, including borrowings under our Credit Facility. The amounts involved in any
such purchase transactions, individually or in the aggregate, may be material. Any such purchases may be with
respect to a substantial amount of a particular class or series of debt, with the attendant reduction in the trading
liquidity of such class or series. In addition, any such purchases made at prices below the “adjusted issue price”
(as defined for United States federal income tax purposes) may result in taxable cancellation of indebtedness
income to us, which amounts may be material, and in related adverse tax consequences to us.
Critical Accounting Policies and Estimates
Our discussion and analysis of our historical financial condition and results of operations is based upon our
consolidated financial statements, which have been prepared in accordance with GAAP and in conjunction with
the rules and regulations of the SEC. The preparation of consolidated financial statements in conformity with
GAAP requires management to make estimates and assumptions about the effect of matters that are inherently
uncertain and that affect the amounts reported in the consolidated financial statements and accompanying notes.
Actual results could ultimately differ from those estimates. For a discussion of recently-issued and adopted
accounting standards, see Part IV. Item 15. “Exhibits and Financial Statement Schedules — Note 2 of Notes to
Consolidated Financial Statements.”
Critical accounting policies are those accounting estimates that management believes are important to the
portrayal of our financial condition and results of operations and require management’s most difficult, subjective,
or complex judgments, often as a result of the need to make estimates about the effect of matters that are
inherently uncertain.
78

Investments in Single-Family Residential Properties
The following significant accounting policies affect the acquisition, disposition, recognition, classification,
and fair value measurements (on a nonrecurring basis) related to our owned portfolio of approximately 85,000
single-family residential properties located primarily in 16 core markets across the United States as of
December 31, 2024 . For a complete discussion of our accounting policy and other factors related to each
category below, see Part IV. Item 15. “Exhibits and Financial Statement Schedules — Note 2 of Notes to
Consolidated Financial Statements.”
•
Acquisition of Real Estate Assets: Our purchases of homes are generally treated as asset acquisitions
unless acquired in connection with a business combination. For asset acquisitions, homes are recorded
at their purchase price, which is allocated between land, building and improvements, and in-place lease
intangibles (when a resident is in place at the acquisition date) based upon their relative fair values at
the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition
costs which typically include legal fees, bidding service and title fees, payments made to cure tax,
utility, HOA, and other mechanic’s and miscellaneous liens, as well as other closing costs. The
attributes and location of each home acquired are considered at the individual home level when
determining the percentage of purchase price allocated to building and improvements versus land. As
such, these allocation percentages vary based on the homes acquired during each reporting period. If
the percentage allocated to buildings and improvements versus land for the homes acquired during the
year ended December 31, 2024 was increased or decreased by 500 bps, our annualized depreciation
expense would have changed by approximately $1.1 million.
•
Cost Capitalization: We incur costs to acquire, stabilize, and prepare our single-family residential
properties to be leased. We capitalize these costs as a component of our investment in each single-
family residential property, using specific identification and relative allocation methodologies. The
capitalization period associated with our stabilization activities begins at the time that such activities
commence and concludes at the time that a single-family residential property is available to be leased.
Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs
thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend
the life of a home and for certain furniture and fixtures additions.
The capitalized costs are depreciated on a straight-line basis over their estimated useful lives, which are
reviewed on an annual basis. The weighted average useful lives range from 7 to 32 years. If the useful
lives for costs capitalized during the year ended December 31, 2024 were increased or decreased by
10%, our annualized depreciation expense would have changed by approximately $5.0 million.
•
Provisions for Impairment: We continuously evaluate, by property, whether there are any events or
changes in circumstances indicating that the carrying amount of our single-family residential properties
may not be recoverable. To the extent an event or change in circumstance is identified, a residential
property is considered to be impaired only if its carrying value cannot be recovered through estimated
future undiscounted cash flows from the use and eventual disposition of the property. To the extent an
impairment has occurred, the carrying amount of our investment in a property is adjusted to its
estimated fair value. The process whereby we assess our single-family residential properties for
impairment requires significant judgment and assessment of factors that are, at times, subject to
significant uncertainty. We evaluate multiple information sources and perform a number of internal
analyses, each of which are important components of our process with no one information source or
analysis being necessarily determinative. There have not been any significant process changes in our
review for impairment during the current reporting period. For those homes for which a change in an
event or circumstance was identified in the most recent impairment analysis, a 10% decrease in the
estimated fair value of those homes may have resulted in an increase in impairment expense of
$0.4 million.
79

•
Single-Family Residential Properties Held for Sale: From time to time, we may identify single-family
residential properties to be sold. Once we identify a property to be sold pursuant to GAAP
requirements, we cease depreciating the property, measure the property at the lower of its carrying
amount or its fair value less estimated costs to sell, and present the property separately within other
assets, net on our consolidated balance sheets. As of December 31, 2024, 237 homes, approximately
0.3% of our portfolio, were held for sale, compared to 189 homes as of December 31, 2023. If market
values less disposal costs for our properties that were classified as held for sale as of December 31,
2024 were 10% lower or higher, our impairment expense related to those properties would have
changed by approximately $0.4 million.
Segment Reporting
Our principal business is acquiring, renovating, leasing, operating, and managing single-family residential
properties. Under the provisions of ASC 280, Segment Reporting, we have determined that we currently operate
in one reportable segment.
Our Chief Executive Officer is our chief operating decision maker (“CODM”). We concluded that we have
one reportable segment based on the way our CODM regularly reviews internally reported financial information
to evaluate performance, make operating decisions, and allocate resources at a consolidated level. Net income as
reported on our consolidated statements of operations is a primary metric utilized by the CODM to analyze the
performance of the segment, including budget versus actual performance, and to allocate resources.
Non-GAAP Measures
EBITDA, EBITDAre, and Adjusted EBITDAre
EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to
evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in
accordance with GAAP before the following items: interest expense; income tax expense; depreciation and
amortization; and adjustments for unconsolidated joint ventures. The National Association of Real Estate
Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance
measure also report EBITDAre. Consistent with the Nareit definition, we define EBITDAre as EBITDA, further
adjusted for the following: gain on sale of property, net of tax; and impairment on depreciated real estate
investments. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation
expense; severance; casualty (gains) losses, net; (gains) losses on investments in equity securities, net; and other
income and expenses. Where appropriate, EBITDA, EBITDAre, and Adjusted EBITDA are adjusted for our
share of investments in unconsolidated subsidiaries.
EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures
by management and by external users of our financial statements, such as investors and commercial banks. Set
forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as
measures of performance.
Our management uses EBITDA, EBITDAre, and Adjusted EBITDAre in a number of ways to assess our
consolidated financial and operating performance, and we believe these measures are helpful to management and
external users in identifying trends in our performance. EBITDA, EBITDAre, and Adjusted EBITDAre help
management identify controllable expenses and make decisions designed to help us meet our current financial
goals and optimize our financial performance, while neutralizing the impact of capital structure on results.
Accordingly, we believe these metrics measure our financial performance based on operational factors that
management can impact in the short-term, namely our cost structure and expenses.
We believe that the presentation of EBITDA, EBITDAre, and Adjusted EBITDAre provides information
useful to investors in assessing our financial condition and results of operations. The GAAP measure most
80

directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA,
EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered
alternatives to net income or loss or any other measure of financial performance presented in accordance with
GAAP. Our EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre,
and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of
EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for
computing these non-GAAP measures is comparable with that of other companies.
The following table presents a reconciliation of net income (as determined in accordance with GAAP) to
EBITDA, EBITDAre, and Adjusted EBITDAre for each of the periods indicated:
For the Years Ended December 31,
($ in thousands)
2024
2023
2022
Net income available to common stockholders . . . . . . . .
$ 453,164
$ 518,774
$ 382,668
Net income available to participating securities . . . . .
753
696
661
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . .
1,448
1,558
1,470
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
366,070
333,457
304,092
Interest expense in unconsolidated joint ventures . . . .
26,333
18,255
3,581
Depreciation and amortization . . . . . . . . . . . . . . . . . .
714,326
674,287
638,114
Depreciation and amortization of investments in
unconsolidated joint ventures . . . . . . . . . . . . . . . . .
13,377
10,469
5,838
EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,575,471
1,557,496
1,336,424
Gain on sale of property, net of tax . . . . . . . . . . . . . . .
(244,550)
(183,540)
(90,699)
Impairment on depreciated real estate investments . .
506
427
310
Net (gain) loss on sale of investments in
unconsolidated joint ventures . . . . . . . . . . . . . . . . .
1,215
(1,668)
(865)
EBITDAre . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,332,642
1,372,715
1,245,170
Share-based compensation expense(1) . . . . . . . . . . . . .
27,918
29,503
28,962
Severance expense . . . . . . . . . . . . . . . . . . . . . . . . . . . .
637
977
314
Casualty losses, net(2) . . . . . . . . . . . . . . . . . . . . . . . . .
82,700
8,200
28,485
(Gains) losses on investments in equity and other
securities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,046)
(350)
3,939
Other, net(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54,032
2,435
11,261
Adjusted EBITDAre . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,496,883
$1,413,480
$1,318,131
(1)
For the years ended December 31, 2024, 2023, and 2022, $5,830, $6,963, and $6,493, was recorded in
property management expense, respectively, and $22,088, $22,540, and $22,469, was recorded in general
and administrative expense, respectively.
(2)
Includes our share from unconsolidated joint ventures. The year ended December 31, 2024 includes $55,100
of estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene. The year ended
December 31, 2022 includes $24,000 of net estimated losses and damages related to Hurricanes Ian and
Nicole.
(3)
Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and
other miscellaneous income and expenses.
Net Operating Income
NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define
NOI for an identified population of homes as rental revenues and other property income less property operating
and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable),
market-level personnel expenses, utility expenses, repairs and maintenance, and property administration). NOI
81

excludes: interest expense; depreciation and amortization; property management expense; general and
administrative expense; casualty losses, impairment, and other; gain on sale of property, net of tax; (gains) losses
on investments in equity securities, net; other income and expenses; management fee revenues; and income
(losses) from investments in unconsolidated joint ventures.
We consider NOI to be a meaningful supplemental financial measure of our performance when considered
with the financial statements determined in accordance with GAAP. We believe NOI is helpful to investors in
understanding the core performance of our real estate operations. The GAAP measure most directly comparable
to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an
alternative to net income or loss or any other measure of financial performance presented in accordance with
GAAP. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use
the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP
measure is comparable with that of other companies.
We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance
for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of
our performance across reporting periods by reflecting NOI for homes in our Same Store portfolio.
The following table presents a reconciliation of net income (as determined in accordance with GAAP) to
NOI for our total portfolio and NOI for our Same Store portfolio for each of the periods indicated:
For the Years Ended December 31,
($ in thousands)
2024
2023
2022
Net income available to common stockholders . . . . . . . .
$ 453,164
$ 518,774
$ 382,668
Net income available to participating securities . . . . .
753
696
661
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . .
1,448
1,558
1,470
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
366,070
333,457
304,092
Depreciation and amortization . . . . . . . . . . . . . . . . . .
714,326
674,287
638,114
Property management expense(1) . . . . . . . . . . . . . . . . .
137,490
95,809
87,936
General and administrative(2) . . . . . . . . . . . . . . . . . . .
90,612
82,344
74,025
Casualty losses, impairment, and other(3) . . . . . . . . . .
82,925
8,596
28,697
Gain on sale of property, net of tax . . . . . . . . . . . . . . .
(244,550)
(183,540)
(90,699)
(Gains) losses on investments in equity and other
securities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,046)
(350)
3,939
Other, net(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54,032
2,435
11,261
Management fee revenues . . . . . . . . . . . . . . . . . . . . . .
(69,978)
(13,647)
(11,480)
Losses from investments in unconsolidated joint
ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28,445
17,877
9,606
NOI (total portfolio) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,613,691
1,538,296
$1,440,290
Non-Same Store NOI . . . . . . . . . . . . . . . . . . . . . . . . .
(113,290)
(104,116)
NOI (Same Store portfolio)(5) . . . . . . . . . . . . . . . . . . . . . .
$1,500,401
$1,434,180
(1)
Includes $5,830, $6,963, and $6,493 of share-based compensation expense for the years ended
December 31, 2024, 2023, and 2022, respectively.
(2)
Includes $22,088, $22,540, and $22,469 of share-based compensation expense for the years ended
December 31, 2024, 2023, and 2022, respectively.
(3)
Includes our share from unconsolidated joint ventures. The year ended December 31, 2024 includes $55,100
of estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene. The year ended
December 31, 2022 includes $24,000 of net estimated losses and damages related to Hurricanes Ian and
Nicole.
(4)
Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and
other miscellaneous income and expenses.
(5)
The Same Store portfolio totaled 76,601 homes for the years ended December 31, 2024 and 2023.
82

Funds from Operations, Core Funds from Operations, and Adjusted Funds from Operations
Funds From Operations (“FFO”), Core FFO, and Adjusted FFO are supplemental, non-GAAP measures
often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or
loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real
estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for
unconsolidated joint ventures.
We believe that FFO is a meaningful supplemental measure of the operating performance of our business
because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real
estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real
estate values have historically risen or fallen with market conditions, management considers FFO an appropriate
supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on
depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well
non-controlling interests, from net income or loss (computed in accordance with GAAP). By excluding
depreciation and amortization and gains or losses on sales of real estate, management uses FFO to measure
returns on its investments in homes. However, because FFO excludes depreciation and amortization and captures
neither the changes in the value of the homes that result from use or market conditions nor the level of capital
expenditures to maintain the operating performance of the homes, all of which have real economic effect and
could materially affect our results from operations, the utility of FFO as a measure of our performance is limited.
Management also believes that FFO, combined with the required GAAP presentations, is useful to investors
in providing more meaningful comparisons of the operating performance of a company’s real estate between
periods or as compared to other companies. The GAAP measure most directly comparable to FFO is net income
or loss. FFO is not used as a measure of our liquidity and should not be considered an alternative to net income or
loss or any other measure of financial performance presented in accordance with GAAP. Our FFO may not be
comparable to the FFO of other companies due to the fact that not all companies use the same definition of FFO.
Accordingly, there can be no assurance that our basis for computing this non-GAAP measures is comparable
with that of other companies.
We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating
performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent
measurement of our performance across reporting periods by removing the impact of certain items that are not
comparable from period to period. We define Core FFO as FFO adjusted for the following (including
adjustments for unconsolidated joint ventures, as applicable): non-cash interest expense related to amortization of
deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based
compensation expense; legal settlements; severance expense; casualty (gains) losses, net; and (gains) losses on
investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less
recurring capital expenditures, including adjustments for unconsolidated joint ventures, that are necessary to help
preserve the value, and maintain the functionality, of our homes. The GAAP measure most directly comparable
to Core FFO and Adjusted FFO is net income or loss. Core FFO and Adjusted FFO are not used as measures of
our liquidity and should not be considered alternatives to net income or loss or any other measure of financial
performance presented in accordance with GAAP. Our Core FFO and Adjusted FFO may not be comparable to
the Core FFO and Adjusted FFO of other companies due to the fact that not all companies use the same
definition of Core FFO and Adjusted FFO. Accordingly, there can be no assurance that our basis for computing
this non-GAAP measures is comparable with that of other companies.
83

The following table presents a reconciliation of net income (as determined in accordance with GAAP) to
FFO, Core FFO, and Adjusted FFO for each of the periods indicated:
For the Years Ended December 31,
(in thousands, except shares and per share data)
2024
2023
2022
Net income available to common stockholders . . . . . . . . . . . . .
$
453,164
$
518,774
$
382,668
Add (deduct) adjustments from net income to derive FFO:
Net income available to participating securities . . . . . .
753
696
661
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . .
1,448
1,558
1,470
Depreciation and amortization on real estate assets . . .
699,474
663,398
629,301
Impairment on depreciated real estate investments . . .
506
427
310
Net gain on sale of previously depreciated investments
in real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(244,550)
(183,540)
(90,699)
Depreciation and net gain on sale of investments in
unconsolidated joint ventures . . . . . . . . . . . . . . . . . .
14,479
8,704
4,907
FFO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
925,274
1,010,017
928,618
Non-cash interest expense related to amortization of
deferred financing costs, loan discounts, and non-cash
interest expense from derivatives(1) . . . . . . . . . . . . . . . . . .
44,681
36,069
24,326
Share-based compensation expense(2) . . . . . . . . . . . . . . . . . .
27,918
29,503
28,962
Legal settlements(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77,000
2,000
7,400
Severance expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
637
977
314
Casualty losses, net(1)(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82,700
8,200
28,485
(Gains) losses on investments in equity and other securities,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,046)
(350)
3,939
Core FFO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,157,164
1,086,416
1,022,044
Recurring capital expenditures(1) . . . . . . . . . . . . . . . . . . . . . .
(170,927)
(163,051)
(156,147)
Adjusted FFO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
986,237
$
923,365
$
865,897
Net income available to common stockholders
Weighted average common shares outstanding —
diluted(5)(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
613,631,617
613,288,708
611,112,396
Net income per common share — diluted(5)(6)(7) . . . . . . . . . . . . . .
$
0.74
$
0.85
$
0.63
FFO, Core FFO, and Adjusted FFO
Weighted average common shares and OP Units outstanding —
diluted(5)(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
615,881,670
615,367,734
613,669,133
FFO per common share — diluted(5)(6)(7) . . . . . . . . . . . . . . . . . . . .
$
1.50
$
1.64
$
1.51
Core FFO per common share — diluted(5)(6)(7) . . . . . . . . . . . . . . .
$
1.88
$
1.77
$
1.67
AFFO per common share — diluted(5)(6)(7) . . . . . . . . . . . . . . . . . .
$
1.60
$
1.50
$
1.41
(1)
Includes our share from unconsolidated joint ventures.
(2)
For the years ended December 31, 2024, 2023, and 2022, $5,830, $6,963, and $6,493, was recorded in
property management expense, respectively, and $22,088, $22,540, and $22,469, was recorded in general
and administrative expense, respectively.
(3)
The year ended December 31, 2024, includes $77,000 of settlement costs that resolved an inquiry from the
FTC and the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated
costs. The year ended December 31, 2022, includes the estimated cost of a global settlement of a multistate
putative class action regarding resident late fees.
84

(4)
The year ended December 31, 2024 includes $55,100 of estimated losses and damages related to Hurricanes
Milton, Beryl, Debby, and Helene. The year ended December 31, 2022 includes $24,000 of net estimated
losses and damages related to Hurricanes Ian and Nicole.
(5)
In connection with the Starwood Waypoint Homes (“SWH”) merger, we assumed certain convertible senior
notes including $345,000 in aggregate principal amount of 3.50% convertible senior notes due 2022 issued
by SWH in January 2017 (the “2022 Convertible Notes”). On January 18, 2022, we settled the $141,490
outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our
common stock. For the year ended December 31, 2022, the shares of common stock issued with respect to
this settlement are included within all net income, FFO, Core FFO, and AFFO per common share
calculations subsequent to the conversion date.
(6)
Incremental shares attributed to non-vested share-based awards totaling 1,080,300, 1,394,924, and
1,341,786 for the years ended December 31, 2024, 2023, and 2022, respectively, are included in weighted
average common shares outstanding in the calculation of net income per common share — diluted. For the
computations of FFO, Core FFO, and AFFO per common share — diluted, common share equivalents of
1,376,141, 1,638,264, and 1,559,524 for the years ended December 31, 2024, 2023, and 2022, respectively,
related to incremental shares attributed to non-vested share-based awards are included in the denominator.
(7)
Vested units of partnership interests in INVH LP (“OP Units”) have been excluded from the computation of
net income per common share — diluted for the periods above because all net income attributable to the
vested OP Units has been recorded as non-controlling interest and thus excluded from net income available
to common stockholders. Weighted average vested OP Units of 1,954,212, 1,835,686, and 2,338,999 for the
years ended December 31, 2024, 2023, and 2022, respectively, are included in the denominator for the
computations of FFO, Core FFO, and AFFO per common share — diluted.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our future income, cash flows, and fair values relevant to financial instruments are dependent upon
prevalent market interest rates. Market risk refers to the risk of loss from adverse changes in interest rates,
seasonality, market prices, commodity prices, and inflation. The primary market risks to which we are exposed
are interest rate risk and seasonality. We may in the future use derivative financial instruments to manage, or
hedge, interest rate risks related to any borrowings we may have. We may enter into such contracts only with
major financial institutions based on their credit ratings and other factors.
Interest Rate Risk
A primary market risk to which we believe we are exposed is interest rate risk, which may result from many
factors, including government monetary and tax policies, fluctuating global and United States economic
conditions (including inflation, elevated interest rates, and bank failures), geopolitical tensions, and other factors
that are beyond our control. We may incur additional variable rate debt in the future, including additional
amounts that we may borrow under the Credit Facility. 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. Significant increases in
interest rates may also have an adverse impact on our earnings if we are unable to increase rents on expired
leases or acquire single-family homes with rental rates high enough to offset the increase in interest rates on our
borrowings.
As of December 31, 2024, our $3,045.0 million of outstanding variable-rate debt was comprised of
Revolving Facility of $570.0 million, and Term Loan Facilities of $2,475.0 million. As of December 31, 2024,
we had effectively converted 76.4% of these borrowings to a fixed rate through interest rate swap agreements.
Our variable-rate borrowings bear interest at SOFR, as adjusted if appropriate, plus the applicable spread.
Assuming no change in the outstanding balance of our existing debt, the projected effect of a 100 bps increase or
decrease in SOFR, collectively, on our annual interest expense would be an estimated increase or decrease of
$7.2 million. This estimate considers the impact of our interest rate swap agreements, interest rate cap agreement,
and any Term SOFR floors or minimum interest rates stated in the agreements of the respective borrowings.
85

This analysis does not consider the effects of the reduced level of overall economic activity that could exist
in such an environment. Further, in the event of a change of such magnitude, we may consider taking actions to
further mitigate our exposure to the change. However, because of the uncertainty of the specific actions that
would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure.
Inflation
Inflation primarily impacts our results of operations as a result of increased repair and maintenance and
other costs and wage pressures. 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. 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. 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, 2024.
Seasonality
Our business and related operating results have been, and we believe will continue to be, impacted by
seasonal factors throughout the year. In particular, we have experienced higher levels of resident move-outs
during the summer months, which impacts both our rental revenues and related turnover costs. Further, our
property operating costs are seasonally impacted in certain markets by increases in expenses such as HVAC
repairs and costs to re-resident during the summer season.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The information required by this Item is included as a separate section in this Annual Report on Form 10-K.
See Part IV. Item 15. “Exhibits and Financial Statement Schedules,” which is incorporated herein by reference.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We maintain a set of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under
the Exchange Act) designed to ensure that information required to be disclosed in reports we file or submit under
the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC
rules and forms and that such information is accumulated and communicated to our management, including our
Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required
disclosures. The design of any disclosure controls and procedures is based in part upon certain assumptions about
the likelihood of future events, and there can be no assurance that any design will succeed in achieving its goals
under all potential future conditions. Any controls and procedures, no matter how well designed and operated,
can provide only reasonable, not absolute, assurance of achieving the desired control objectives. Our
management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the
effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2024.
Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of
December 31, 2024, the design and operation of our disclosure controls and procedures were effective to
accomplish their objectives at the reasonable assurance level.
86

Changes in Internal Control
There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act) during our most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, our internal control over financial reporting.
Management’s Annual Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Our internal control over
financial reporting is designed to provide reasonable assurance regarding the reliability of our financial reporting
and the preparation of our consolidated financial statements for external purposes in accordance with United
States generally accepted accounting principles. Our internal control over financial reporting includes those
policies and procedures that (1) pertain to maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the Company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of consolidated financial statements in accordance with United States
generally accepted accounting principles and that receipts and expenditures of the Company are being made only
in accordance with authorizations of the Company’s management and directors; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets of the
Company that could have a material effect on the consolidated financial statements. Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies and procedures may
deteriorate.
Our management with the participation of our Chief Executive Officer and Chief Financial Officer
conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31,
2024. This evaluation was based on the framework established in Internal Control — Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our
assessment under the framework in Internal Control — Integrated Framework (2013), our management
concluded that our internal control over financial reporting was effective as of December 31, 2024 to accomplish
their objectives at the reasonable assurance level.
Deloitte & Touche LLP, the independent registered public accounting firm that has audited the consolidated
financial statements included in this Annual Report on Form 10-K, has issued an attestation report on the
Company’s internal control over financial reporting as of December 31, 2024. The report is included herein.
87

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the stockholders and the Board of Directors of Invitation Homes Inc.
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Invitation Homes Inc. and subsidiaries (the
“Company”) as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion,
the Company maintained, in all material respects, effective internal control over financial reporting as of December 31,
2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the
Company and our report dated February 27, 2025, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and
for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying
Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an
opinion on the Company’s internal control over financial reporting based on our audit. We are a public
accounting firm registered with the PCAOB and are required to be independent with respect to the Company in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting
was maintained in all material respects. Our audit included obtaining an understanding of internal control over
financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
/s/ Deloitte & Touche LLP
Dallas, TX
February 27, 2025
88

ITEM 9B. OTHER INFORMATION
None.
ITEM 9C. DISCLOSURES REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS
Not applicable.
89

PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
As described above, our Code of Conduct is applicable to all of our directors, officers, and associates,
including our principal executive officer, principal financial officer, principal accounting officer and controller,
or persons performing similar functions. Our Code of Conduct is posted on our investor website at:
www.invh.com under “Corporate Overview” — “Governance Documents.” Our Code of Conduct is a “code of
ethics,” as defined by Item 406 of Regulation S-K of the Exchange Act promulgated by the SEC. We intend to
make any legally required disclosures regarding amendments to, or waivers of, provisions of our Code of
Conduct on our website rather than by filing a Current Report on Form 8-K and within the time period required
under applicable rules and regulations.
The remaining information required by this Item is incorporated by reference from the Company’s 2025
Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
ITEM 11. EXECUTIVE COMPENSATION
The information required by this Item is incorporated by reference from the Company’s 2025 Proxy
Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS
The information required by this Item is incorporated from reference to the Company’s 2025 Proxy
Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE
The information required by this Item is incorporated by reference from the Company’s 2025 Proxy
Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by this Item is incorporated by reference from the Company’s 2025 Proxy
Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
90

PART IV
Item 15. Exhibits and Financial Statement Schedules.
The following documents are filed as part of this report:
(a) Financial Statements
Invitation Homes Inc. Consolidated Financial Statements as of December 31, 2024 and 2023 and
for the three years in the period ended December 31, 2024
Report of Deloitte & Touche LLP, Independent Registered Public Accounting Firm (PCAOB ID
No. 34) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-1
Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-3
Consolidated Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-4
Consolidated Statements of Comprehensive Income (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-5
Consolidated Statements of Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-6
Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-7
Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-9
(b) Financial Statement Schedule
Invitation Homes Inc. as of December 31, 2024 and for the three years in the period ended
December 31, 2024
Schedule III Real Estate and Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-47
(c) Exhibits
91

EXHIBIT INDEX
Exhibit
number
Description
2.1
Agreement and Plan of Merger, dated August 9, 2017, by and among Invitation Homes Inc.,
Invitation Homes Operating Partnership LP, IH Merger Sub, LLC, Starwood Waypoint Homes and
Starwood Waypoint Homes Partnership, L.P. (incorporated by reference to Exhibit 2.1 to the
Company’s Current Report on Form 8-K (File No. 1-38004) filed on August 14, 2017).
3.1
Charter of Invitation Homes Inc., dated as of February 6, 2017 (incorporated by reference to
Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 1-38004) filed on
February 6, 2017).
3.2
Amended and Restated Bylaws of Invitation Homes Inc., dated as of May 17, 2023 (incorporated
by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 18, 2023).
4.1
Description of Securities (incorporated by reference to Exhibit 4.4 to the Company’s Annual
Report on Form 10-K (File No. 1-38004) filed on February 19, 2020).
4.2
Indenture, dated as of January 10, 2017, between Starwood Waypoint Homes and Wilmington
Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 of SWH’s Current
Report on Form 8-K (File No. 1-36163) filed January 10, 2017).
4.3
Form of 3.50% Convertible Senior Notes due 2022 (incorporated by reference to Exhibit 4.1 of
SWH’s Current Report on Form 8-K (File No. 1-36163) filed January 10, 2017).
4.4
First Supplemental Indenture between Invitation Homes Inc., IH Merger Sub LLC and Wilmington
Trust, National Association, as trustee dated as of November 16, 2017 (incorporated by reference
to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No.1-38004) filed on
November 20, 2017).
4.5
Indenture, dated as of August 6, 2021, among Invitation Homes Operating Partnership LP, the
Guarantors (as defined therein) party hereto and U.S. Bank National Association, a national
banking association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current
Report on Form 8-K (File No.1-38004) filed on August 6, 2021).
4.6
First Supplemental Indenture, dated as of August 6, 2021 among Invitation Homes Operating
Partnership LP, Invitation Homes Inc., Invitation Homes OP GP LLC, IH Merger Sub, LLC, and
U.S. Bank National Association, as trustee including the form of 2.000% Senior Notes due 2031
(incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K (File
No.1-38004) filed on August 6, 2021).
4.7
Second Supplemental Indenture, dated as of November 5, 2021, among Invitation Homes
Operating Partnership LP, the Guarantors and the Trustee, including the form of 2.300% Senior
Notes due 2028 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on
Form 8-K (File No.1-38004) filed on November 5, 2021).
4.8
Third Supplemental Indenture, dated as of November 5, 2021, among Invitation Homes Operating
Partnership LP, the Guarantors and the Trustee, including the form of 2.700% Senior Notes due
2034 (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K
(File No.1-38004) filed on November 5, 2021).
4.9
Fourth Supplemental Indenture, dated as of April 5, 2022, among Invitation Homes Operating
Partnership LP, Invitation Homes Inc., Invitation Homes OP GP LLC, IH Merger Sub, LLC, and
U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association),
as trustee, including the form of 4.150% Senior Notes due 2032 (incorporated by reference to
Exhibit 4.2 of the Company’s Current Report on Form 8-K (File No.1-38004) filed on April 5,
2022).
92

Exhibit
number
Description
4.10
Fifth Supplemental Indenture, dated as of August 2, 2023, among Invitation Homes Operating
Partnership LP, Invitation Homes Inc., Invitation Homes OP GP LLC, IH Merger Sub, LLC, and
U.S. Bank Trust Company, National Association, as trustee, including the form of the 5.450%
Senior Notes due 2030 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report
on Form 8-K filed on August 2, 2023).
4.11
Sixth Supplemental Indenture, dated as of August 2, 2023, among Invitation Homes Operating
Partnership LP, Invitation Homes Inc., Invitation Homes OP GP LLC, IH Merger Sub, LLC, and
U.S. Bank Trust Company, National Association, as trustee, including the form of the 5.500%
Senior Notes due 2033 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report
on Form 8-K filed on August 2, 2023).
4.12
Seventh Supplemental Indenture, dated as of September 26, 2024, among Invitation Homes
Operating Partnership LP, Invitation Homes Inc., Invitation Homes OP GP LLC, IH Merger Sub,
LLC, and U.S. Bank Trust Company, National Association, as trustee, including the form of the
4.875% Senior Notes due 2035 (incorporated by reference to Exhibit 4.2 to the Current Report on
Form 8-K of the Company filed on September 26, 2024).
10.1
Note Purchase Agreement, dated May 25, 2021, among Invitation Homes Operating Partnership
LP and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company’s
Current Report on Form 8-K (File No. 1-38004) filed on May 26, 2021).
10.2
Form of Invitation Homes Operating Partnership LP 2.46% Senior Note, Series A, due May 25,
2028 (included as a part of Exhibit 10.1 (incorporated by reference to Exhibit 10.1 to the
Company’s Current Report on Form 8-K (File No. 1-38004) filed on May 26, 2021)).
10.3
Form of Invitation Homes Operating Partnership LP 3.18% Senior Note, Series B, due May 25,
2036 (included as a part of Exhibit 10.1 (incorporated by reference to Exhibit 10.1 to the
Company’s Current Report on Form 8-K (File No. 1-38004) filed on May 26, 2021)).
10.4
Parent Guaranty Agreement dated as of September 17, 2021 re: 2.46% Senior Notes, Series A, due
May 25, 2028 and 3.18% Senior Notes, Series B, due May 25, 2036 of Invitation Homes Inc.,
Invitation Homes GP LLC and IH Merger Sub, LLC (incorporated by reference to Exhibit 10.2 to
the Company’s Quarterly Report on Form 10-Q (File No. 1-38004) filed on October 28, 2021).
10.5
Parent Guaranty dated as of September 17, 2021 by Invitation Homes Inc., Invitation Homes GP
LLC and IH Merger Sub, LLC for the benefit of Bank of America, N.A., in its capacity as the
administrative agent for the Lenders under that certain Amended and Restated Revolving Credit
and Term Loan Agreement, dated as of December 8, 2020, for the benefit of itself and such
Lenders (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form
10-Q (File No. 1-38004) filed on October 28, 2021).
10.6
Amended and Restated Agreement of Limited Partnership of Invitation Homes Operating
Partnership LP, dated as of August 9, 2017, by and among Invitation Homes OP GP LLC and
Invitation Homes Inc. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report
on Form 8-K (File No. 1-38004) filed on August 14, 2017).
10.7
Amended and Restated Registration Rights Agreement, dated as of October 4, 2016, among SWH
and the other parties named therein (incorporated by reference to Exhibit 10.1 of SWH’s Current
Report on Form 8-K (File No. 1- 36163) filed with the SEC on October 11, 2016).
10.8
Assignment and Assumption Agreement, dated as of November 16, 2017, between Invitation
Homes Inc. and IH Merger Sub, LLC (incorporated by reference to Exhibit 10.2 to the Company’s
Current Report on Form 8-K (File No.1-38004) filed on November 20, 2017).
93

Exhibit
number
Description
10.9
Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 8,
2020, by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party
thereto, Bank of America, N.A., as administrative agent and the other parties party thereto
(incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File
No. 1-38004) filed on December 9, 2020).
10.10
First Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as
of April 18, 2023, by and among Invitation Homes Operating Partnership LP, as borrower, the
lenders party thereto, Bank of America, N.A., as administrative agent and solely for purposes of
Sections 3, 4, 5 and 7 thereof, each of the guarantors party thereto (incorporated by reference to
Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 24, 2023).
10.11
Term Loan Agreement, dated as of June 22, 2022, by and among Invitation Homes Operating
Partnership LP, as borrower, the lenders party thereto, Capital One, National Association, as
administrative agent and the other parties party thereto (incorporated by reference to Exhibit 10.1
to the Company’s Current Report on Form 8-K (File No. 1-38004) filed on June 22, 2022).
10.12
Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of
September 9, 2024, by and among Invitation Homes Operating Partnership LP, as borrower, the
lenders party thereto, Bank of America, N.A., as administrative agent and the other parties party
thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the
Company filed on September 10, 2024).
10.13
First Amendment to Term Loan Agreement, dated as of September 9, 2024, by and among
Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, Capital One,
National Association, as administrative agent and the other parties party thereto (incorporated by
reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed on
September 10, 2024).
10.14
Loan Agreement, dated as of April 28, 2017, between IH 2017-1 Borrower, LP, as Borrower, and
Wells Fargo Bank, National Association, as Lender (incorporated by reference to Exhibit 10.1 to
the Company’s Current Report on Form 8-K (File No. 1-38004) filed May 1, 2017).
10.15
Loan Agreement, dated as of February 8, 2018, between IH 2018-1 Borrower, LP, as Borrower,
and JPMorgan Chase Bank, National Association, as Lender (incorporated by reference to Exhibit
10.1 to the Company’s Current Report on Form 8-K (File No. 1-38004) filed on February 12,
2018).
10.16
Loan Agreement, dated as of May 8, 2018, between IH 2018-2 Borrower, LP, as Borrower, and
JPMorgan Chase Bank, National Association, as Lender (incorporated by reference to Exhibit 10.1
of the Company’s Current Report on Form 8-K (File No. 1-38004) filed on May 9, 2018).
10.17
Loan Agreement, dated as of June 28, 2018, between IH 2018-3 Borrower, LP, as Borrower, and
German American Capital Corporation, as Lender (incorporated by reference to Exhibit 10.1 of the
Company’s Current Report on Form 8-K (File No. 1-38004) filed on July 2, 2018).
10.18
Loan Agreement, dated as of November 7, 2018, between IH 2018-4 Borrower LP, as Borrower,
and German American Capital Corporation, as Lender (incorporated by reference to Exhibit 10.1
to the Company’s Current Report on Form 8-K (File No. 1-38004) filed on November 8, 2018).
10.19
Loan Agreement, dated as of June 7, 2019, between 2019-1 IH Borrower LP, as Borrower, and
Rothesay Life PLC, as Lender (incorporated by reference to Exhibit 10.1 to the Company’s
Current Report on Form 8-K (File No. 1-38004) filed on June 10, 2019).
10.20
Amendment to Loan Agreement, dated as of June 23, 2023, among Wilmington Trust National
Association, as Trustee for the Registered Holders of Invitation Homes 2018-SFR4 Single Family
Rental Pass-Through Certificates, 2018-4 IH Borrower LP, and 2018-4 Equity Owner LLC, and
2018-4 IH Borrower GP. LLC (incorporated by reference to Exhibit 10.1 to the Company’s
Quarterly Report on Form 10-Q (File No. 1-38004) filed on July 27, 2023).
94

Exhibit
number
Description
10.21
Securities Purchase Agreement, dated as of June 5, 2017, between Waypoint/GI Venture, LLC and
CSH Property Three, LLC (incorporated by reference to Exhibit 10.1 of the SWH’s Current Report
on Form 8-K (File No. 1-36163) filed June 5, 2017).
10.22
Form of Director and Officer Indemnification Agreement (incorporated by reference to
Exhibit 10.20 to the Company’s Annual Report on Form 10-K (File No. 1-38004) filed on
February 21, 2024). †
10.23
Invitation Homes Inc. 2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4 to
the Company’s Current Report on Form 8-K (File No. 1-38004) filed on February 6, 2017). †
10.24
Employment Agreement with Dallas B. Tanner, dated November 9, 2015 (incorporated by
reference to Exhibit 10.12 to the Company’s Registration Statement on Form S-11 (No.
333-215452) filed on January 6, 2017). †
10.25
Form of Award Notice and Restricted Stock Unit Agreement for Non-Employee Directors
(General Form) (incorporated by reference to Exhibit 10.21 to the Company’s Registration
Statement on Form S-11 (No. 333-215452) filed on January 23, 2017). †
10.26
2019 Outperformance Award Agreement (LTIP Units) (incorporated by reference to Exhibit 10.2
to the Company’s Quarterly Report on Form 10-Q (File No. 1-38004) filed on July 31, 2019). †
10.27
Invitation Homes Inc. Executive Severance Plan (incorporated by reference to Exhibit 10.2 to the
Company’s Quarterly Report on Form 10-Q (File No. 1-38004) filed on May 7, 2020.) †
10.28
Form of Outperformance Award Agreement (LTIP Units) (incorporated by reference to Exhibit
10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 1-38004) filed on April 28,
2022). †
10.29
Form of Award Notice and Restricted Stock Unit Agreement (LTIP Equity Award) (incorporated
by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 1,
2023). †
10.30
Executive Transition Services Agreement dated February 1, 2023, between Ernest M. Freedman
and Invitation Homes Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Current
Report on Form 8-K (File No. 1-38004) filed on February 1, 2023). †
10.31
Form of Award Notice and Restricted Stock Unit Agreement (LTIP RSU Award Agreement) under
the Invitation Homes Inc. 2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1
to the Company’s Current Report on Form 8-K (File No. 1-38004) filed on February 25, 2025). †
10.32
Form of Award Notice and LTIP Unit Agreement (LTIP Unit Award Agreement) under the
Invitation Homes Inc. 2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to
the Company’s Current Report on Form 8-K (File No. 1-38004) filed on February 25, 2025). †
19.1
Policies and Procedures for Trading in Securities of Invitation Homes Inc.
21.1
Subsidiaries of the Registrant.
22.1
Subsidiary Issuer and Guarantors of Guaranteed Securities.
23.1
Consent of Deloitte & Touche LLP.
31.1
Certification of Dallas B. Tanner, Chief Executive Officer, pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
31.2
Certification of Jonathan S. Olsen, Executive Vice President and Chief Financial Officer, pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002.
95

Exhibit
number
Description
32.1
Certification of Dallas B. Tanner, Chief Executive Officer, pursuant to Section 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished
herewith).
32.2
Certification of Jonathan S. Olsen, Executive Vice President and Chief Financial Officer, pursuant
to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 (furnished herewith).
97.1
Incentive Compensation Clawback Policy (incorporated by reference to Exhibit 4.4 to the
Company’s Annual Report on Form 10-K (File No. 1-38004) filed on February 21, 2024).
101.INS
Inline XBRL Instance Document—the instance document does not appear in the Interactive Data
File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
† Management contract or compensatory plan.
Certain agreements and other documents filed as exhibits to this Annual Report on Form 10-K contain
representations and warranties that the parties thereto made to each other. These representations and warranties
have been made solely for the benefit of the other parties to such agreements and may have been qualified by
certain information that has been disclosed to the other parties to such agreements and other documents and that
may not be reflected in such agreements and other documents. In addition, these representations and warranties
may be intended as a way of allocating risks among parties if the statements contained therein prove to be
incorrect, rather than as actual statements of fact. Accordingly, there can be no reliance on any such
representations and warranties as characterizations of the actual state of facts. Moreover, information concerning
the subject matter of any such representations and warranties may have changed since the date of such
agreements or other documents.
ITEM 16. FORM 10-K SUMMARY
None.
96

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in Dallas,
Texas, on the 27th day of February 2025.
Invitation Homes Inc.
By: /s/ Dallas B. Tanner
Name: Dallas B. Tanner
Title: Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1934, this report has been signed by the following
persons in the capacities indicated on the 27th day of February 2025.
Signature
Title
/s/ Dallas B. Tanner
Dallas B. Tanner
Chief Executive Officer, and Director
(Principal Executive Officer)
/s/ Jonathan S. Olsen
Jonathan S. Olsen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
/s/ Kimberly K. Norrell
Kimberly K. Norrell
Executive Vice President and Chief Accounting Officer
(Principal Accounting Officer)
/s/ Michael D. Fascitelli
Michael D. Fascitelli
Chairman and Director
/s/ Jana C. Barbe
Jana C. Barbe
Director
/s/ Richard D. Bronson
Richard D. Bronson
Director
/s/ Adm. H. Wyman Howard III
Adm. H. Wyman Howard III
Director
/s/ Jeffrey E. Kelter
Jeffrey E. Kelter
Director
/s/ Joseph D. Margolis
Joseph D. Margolis
Director
/s/ John B. Rhea
John B. Rhea
Director
/s/ Janice L. Sears
Janice L. Sears
Director
/s/ Frances Aldrich Sevilla-Sacasa
Frances Aldrich Sevilla-Sacasa
Director
/s/ Keith D. Taylor
Keith D. Taylor
Director
97

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the stockholders and the Board of Directors of Invitation Homes Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Invitation Homes Inc. and subsidiaries (the
“Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations,
comprehensive income (loss), equity, and cash flows, for each of the three years in the period ended
December 31, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to
as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the
financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting
principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024,
based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission and our report dated February 27, 2025, expressed an
unqualified opinion on the Company’s internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express
an opinion on the Company’s financial statements based on our audits. We are a public accounting firm
registered with the PCAOB and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial
statements that was communicated or required to be communicated to the audit committee and that (1) relates to
accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. The communication of critical audit matters does not alter in any way our
opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter
below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it
relates.
Investments in Single-Family Residential Properties—Refer to Notes 2 and 3 to the financial statements
Critical Audit Matter Description
The Company owned approximately 85,000 single-family residential properties with a carrying value of
$17.2 billion of investments in single-family residential properties, net on the balance sheet as of December 31,
2024. The Company capitalizes costs to acquire, stabilize, and prepare single-family residential properties to be
F-1

leased. They also capitalize costs that improve or extend the life of the home, a portion of the salaries and
benefits of the employees who are directly responsible for such improvements, and for certain furniture and
fixtures additions. The determination of which costs to capitalize requires significant management judgment.
Given the number of homes and the volume and nature of the costs capitalized, performing audit procedures to
evaluate the accounting for costs capitalized was challenging and required an increased extent of audit effort.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to whether the investments in single-family residential properties were accounted
for appropriately included the following, among others:
•
We tested the effectiveness of relevant controls over investments in single-family residential properties,
including management’s controls over the acquisition and cost capitalization of its properties.
•
We selected a sample of properties acquired and evaluated the accuracy of the amounts recorded and
appropriate transfer of title.
•
We selected a sample of costs capitalized during the year and evaluated the accuracy and classification of
recorded amounts.
•
We developed an expectation of capitalized recurring expenditures that improve or extend the life of the
home based on the historical amounts recorded, taking into account changes in the portfolio of single-family
residential properties and market conditions, and compared our expectation to the recorded balance.
/s/ Deloitte & Touche LLP
Dallas, TX
February 27, 2025
We have served as the Company’s auditor since 2013.
F-2

INVITATION HOMES INC.
CONSOLIDATED BALANCE SHEETS
As of December 31, 2024 and 2023
(in thousands, except shares and per share data)
2024
2023
Assets:
Investments in single-family residential properties:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 4,901,192
$ 4,881,890
Building and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,180,308
16,670,006
22,081,500
21,551,896
Less: accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,869,374)
(4,262,682)
Investments in single-family residential properties, net . . . . . . . . . . . . . . . . . . .
17,212,126
17,289,214
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
174,491
700,618
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
245,202
196,866
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
258,207
258,207
Investments in unconsolidated joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . .
241,605
247,166
Other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
569,320
528,896
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$18,700,951
$19,220,967
Liabilities:
Mortgage loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
983,924
$ 1,627,256
Secured term loan, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
401,649
401,515
Unsecured notes, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,800,688
3,305,467
Term loan facilities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,446,041
3,211,814
Revolving facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
570,000
—
Accounts payable and accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
247,709
200,590
Resident security deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
180,866
180,455
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
277,565
103,435
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,908,442
9,030,532
Commitments and contingencies (Note 14)
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares
authorized, none outstanding as of December 31, 2024 and 2023 . . . . .
—
—
Common stock, $0.01 par value per share, 9,000,000,000 shares
authorized, 612,605,478 and 611,958,239 outstanding as of
December 31, 2024 and 2023, respectively . . . . . . . . . . . . . . . . . . . . . .
6,126
6,120
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,170,597
11,156,736
Accumulated deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,480,928)
(1,070,586)
Accumulated other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . .
60,969
63,701
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,756,764
10,155,971
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35,745
34,464
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,792,509
10,190,435
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$18,700,951
$19,220,967
The accompanying notes are an integral part of these consolidated financial statements.
F-3

INVITATION HOMES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share data)
For the Years Ended December 31,
2024
2023
2022
Revenues:
Rental revenues and other property income . . . . . . . . . . . . .
$
2,548,964
$
2,418,631
$
2,226,641
Management fee revenues . . . . . . . . . . . . . . . . . . . . . . . . . . .
69,978
13,647
11,480
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,618,942
2,432,278
2,238,121
Expenses:
Property operating and maintenance . . . . . . . . . . . . . . . . . . .
935,273
880,335
786,351
Property management expense . . . . . . . . . . . . . . . . . . . . . . .
137,490
95,809
87,936
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . .
90,612
82,344
74,025
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
366,070
333,457
304,092
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . .
714,326
674,287
638,114
Casualty losses, impairment, and other . . . . . . . . . . . . . . . . .
82,925
8,596
28,697
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,326,696
2,074,828
1,919,215
Gains (losses) on investments in equity and other securities,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,046
350
(3,939)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(54,032)
(2,435)
(11,261)
Gain on sale of property, net of tax . . . . . . . . . . . . . . . . . . . .
244,550
183,540
90,699
Losses from investments in unconsolidated joint
ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(28,445)
(17,877)
(9,606)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
455,365
521,028
384,799
Net income attributable to non-controlling interests . . . . . . .
(1,448)
(1,558)
(1,470)
Net income attributable to common stockholders . . . . . . . . . .
453,917
519,470
383,329
Net income available to participating securities . . . . . . . . . .
(753)
(696)
(661)
Net income available to common stockholders — basic and
diluted (Note 12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
453,164
$
518,774
$
382,668
Weighted average common shares outstanding — basic . . . . . . .
612,551,317
611,893,784
609,770,610
Weighted average common shares outstanding — diluted . . . . . .
613,631,617
613,288,708
611,112,396
Net income per common share — basic . . . . . . . . . . . . . . . . . . . .
$
0.74
$
0.85
$
0.63
Net income per common share — diluted . . . . . . . . . . . . . . . . . . .
$
0.74
$
0.85
$
0.63
The accompanying notes are an integral part of these consolidated financial statements.
F-4

INVITATION HOMES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
For the Years Ended December 31,
2024
2023
2022
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$455,365
$521,028
$384,799
Other comprehensive income (loss)
Unrealized gains on interest rate swaps . . . . . . . . . . . . . . . . . . . . . . . . . . .
73,042
39,488
327,323
(Gains) losses from interest rate swaps reclassified into earnings from
accumulated other comprehensive income (loss) . . . . . . . . . . . . . . . . .
(75,772)
(73,856)
59,103
Other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,730)
(34,368)
386,426
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
452,635
486,660
771,225
Comprehensive income attributable to non-controlling interests . . . . . . .
(1,451)
(1,474)
(3,046)
Comprehensive income attributable to common stockholders . . . . . . . . . .
$451,184
$485,186
$768,179
The accompanying notes are an integral part of these consolidated financial statements.
F-5

INVITATION HOMES INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Years Ended December 31, 2024, 2023, and 2022
(in thousands, except share and per share data)
Common Stock
Number of
Shares
Amount
Additional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
Non-
Controlling
Interests
Total Equity
Balance as of December 31, 2021 . . . . . . . . . . . . . .
601,045,438
$6,010
$10,873,539
$ (794,869)
$(286,938)
$ 9,797,742
$ 41,062
$ 9,838,804
Capital distributions . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
(2,397)
(2,397)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
383,329
—
383,329
1,470
384,799
Dividends and dividend equivalents paid ($0.88
per share) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
(539,680)
—
(539,680)
—
(539,680)
Issuance of common stock — settlement of
RSUs, net of tax . . . . . . . . . . . . . . . . . . . . . . .
660,756
7
(12,876)
—
—
(12,869)
—
(12,869)
Issuance of common stock — settlement of
2022 Convertible Notes . . . . . . . . . . . . . . . . .
6,216,261
62
141,157
—
—
141,219
—
141,219
Issuance of common stock, net . . . . . . . . . . . . . .
2,438,927
25
98,342
—
—
98,367
—
98,367
Share-based compensation expense . . . . . . . . . .
—
—
24,950
—
—
24,950
4,012
28,962
Total other comprehensive income . . . . . . . . . .
—
—
—
—
384,850
384,850
1,576
386,426
Redemption of OP Units for common stock . . .
1,050,000
10
13,351
—
73
13,434
(13,434)
—
Balance as of December 31, 2022 . . . . . . . . . . . . . .
611,411,382
6,114
11,138,463
(951,220)
97,985
10,291,342
32,289
10,323,631
Capital distributions . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
(2,374)
(2,374)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
519,470
—
519,470
1,558
521,028
Dividends and dividend equivalents paid ($1.04
per share) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
(638,836)
—
(638,836)
—
(638,836)
Issuance of common stock — settlement of
RSUs, net of tax . . . . . . . . . . . . . . . . . . . . . . .
546,857
6
(8,155)
—
—
(8,149)
—
(8,149)
Share-based compensation expense . . . . . . . . . .
—
—
26,428
—
—
26,428
3,075
29,503
Total other comprehensive loss . . . . . . . . . . . . .
—
—
—
—
(34,284)
(34,284)
(84)
(34,368)
Balance as of December 31, 2023 . . . . . . . . . . . . . .
611,958,239
6,120
11,156,736
(1,070,586)
63,701
10,155,971
34,464
10,190,435
Capital distributions . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
(3,326)
(3,326)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
453,917
—
453,917
1,448
455,365
Dividends and dividend equivalents declared
($1.41 per share) . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
(864,259)
—
(864,259)
—
(864,259)
Issuance of common stock — settlement of
RSUs, net of tax . . . . . . . . . . . . . . . . . . . . . . .
639,739
6
(10,900)
—
—
(10,894)
—
(10,894)
Share-based compensation expense . . . . . . . . . .
—
—
24,681
—
—
24,681
3,237
27,918
Total other comprehensive loss . . . . . . . . . . . . .
—
—
—
—
(2,733)
(2,733)
3
(2,730)
Redemption of OP Units for common stock . . .
7,500
—
80
—
1
81
(81)
—
Balance as of December 31, 2024 . . . . . . . . . . . . . .
612,605,478
$6,126
$11,170,597
$(1,480,928)
$
60,969
$ 9,756,764
$ 35,745
$ 9,792,509
The accompanying notes are an integral part of these consolidated financial statements.
F-6

INVITATION HOMES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Years Ended December 31,
2024
2023
2022
Operating Activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
455,365 $ 521,028 $
384,799
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . .
714,326
674,287
638,114
Share-based compensation expense . . . . . . . . . . . . . . . . . . . . . .
27,918
29,503
28,962
Amortization of deferred financing costs . . . . . . . . . . . . . . . . .
18,598
16,203
15,014
Amortization of debt discounts . . . . . . . . . . . . . . . . . . . . . . . . .
2,765
1,998
1,653
Provisions for impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
506
427
310
(Gains) losses on investments in equity and other securities,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,046)
(350)
3,939
Gains on sale of property, net of tax . . . . . . . . . . . . . . . . . . . . .
(244,550)
(183,540)
(90,699)
Change in fair value of derivative instruments . . . . . . . . . . . . .
12,419
9,375
9,486
Losses from investments in unconsolidated joint ventures, net
of operating distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31,063
20,620
11,433
Other non-cash amounts included in net income . . . . . . . . . . . .
43,549
5,572
30,963
Changes in operating assets and liabilities:
Other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(29,234)
(24,524)
(10,887)
Accounts payable and accrued expenses . . . . . . . . . . . . . .
46,502
24,375
(5,989)
Resident security deposits . . . . . . . . . . . . . . . . . . . . . . . . .
411
4,903
10,385
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,213
7,211
(3,896)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . .
1,081,805
1,107,088
1,023,587
Investing Activities:
Deposits for acquisition of single-family residential properties . . . .
(2,292)
6,365
(35,460)
Acquisition of single-family residential properties . . . . . . . . . . . . . .
(735,647)
(969,670)
(564,706)
Initial renovations to single-family residential properties . . . . . . . . .
(30,605)
(30,207)
(122,371)
Other capital expenditures for single-family residential
properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(219,394)
(221,102)
(208,070)
Proceeds from sale of single-family residential properties . . . . . . . .
585,176
488,055
240,034
Repayment proceeds from retained debt securities . . . . . . . . . . . . . .
32,204
861
70,546
Investments in equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,718)
(33,577)
(15,832)
Proceeds from sale of investments in equity securities . . . . . . . . . . .
—
—
5,762
Investments in unconsolidated joint ventures . . . . . . . . . . . . . . . . . .
(44,186)
(442)
(167,728)
Non-operating distributions from unconsolidated joint ventures . . .
18,684
13,227
6,119
Other investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(65,092)
(27,062)
(22,707)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(465,870)
(773,552)
(814,413)
Financing Activities:
Payment of dividends and dividend equivalents . . . . . . . . . . . . . . . .
(689,244)
(638,129)
(539,033)
Distributions to non-controlling interests . . . . . . . . . . . . . . . . . . . . .
(3,326)
(2,374)
(2,397)
Payment of taxes related to net share settlement of RSUs . . . . . . . . .
(10,894)
(8,149)
(12,869)
Payments on mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(645,666)
(20,491)
(1,412,249)
Payments on secured term loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(83)
(234)
—
Proceeds from unsecured notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
494,275
790,144
598,434
Proceeds from term loan facility . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,750,000
—
725,000
F-7

INVITATION HOMES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(in thousands)
For the Years Ended December 31,
2024
2023
2022
Payments on term loan facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(2,500,000) $
—
$
—
Proceeds from revolving facility . . . . . . . . . . . . . . . . . . . . . . . . . . . .
750,000
150,000
130,000
Payments on revolving facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(180,000)
(150,000)
(130,000)
Proceeds from issuance of common stock, net . . . . . . . . . . . . . . . . .
—
—
98,367
Deferred financing costs paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(54,246)
(7,767)
(13,043)
Other financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,542)
(2,979)
(16,315)
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . .
(1,093,726)
110,021
(574,105)
Change in cash, cash equivalents, and restricted cash . . . . . . . . . . . . . . . .
(477,791)
443,557
(364,931)
Cash, cash equivalents, and restricted cash, beginning of period
(Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
897,484
453,927
818,858
Cash, cash equivalents, and restricted cash, end of period
(Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
419,693 $ 897,484 $
453,927
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized . . . . . . . . . . . . . . . . . . . . . . $
321,328 $ 290,649 $
275,730
Interest capitalized as investments in single-family residential
properties, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,128
2,804
6,899
Cash paid for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
158
245
1,534
Cash paid for amounts included in the measurement of lease
liabilities:
Operating cash flows from operating leases . . . . . . . . . . . . . . .
6,367
6,026
6,025
Financing cash flows from finance leases . . . . . . . . . . . . . . . . .
3,402
2,942
2,642
Non-cash investing and financing activities:
Accrued renovation improvements at period end . . . . . . . . . . . . . . . $
1,294 $
1,858 $
2,272
Accrued residential property capital improvements at period end . .
8,463
5,346
9,656
Deferred payment for acquisition of single-family residential
properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
25,587
—
Transfer of residential property, net to other assets, net for held for
sale assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
174,460
167,013
90,695
Change in other comprehensive income (loss) from cash flow
hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(15,148)
(43,670)
377,022
ROU assets obtained in exchange for operating lease liabilities . . . .
14,438
301
5,798
ROU assets obtained in exchange for finance lease liabilities . . . . .
8,739
3,255
340
Dividends declared but not paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
176,952
—
—
Net settlement of 2022 Convertible Notes in shares of common
stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
141,219
The accompanying notes are an integral part of these consolidated financial statements.
F-8

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Note 1—Organization and Formation
Invitation Homes Inc. (“INVH”) is a real estate investment trust (“REIT”) that conducts its operations
through Invitation Homes Operating Partnership LP (“INVH LP”). INVH LP was formed for the purpose of
owning, renovating, leasing, and operating single-family residential properties. Through THR Property
Management L.P., a wholly owned subsidiary of INVH LP, and its wholly owned subsidiaries (collectively, the
“Manager”), we provide all management and other administrative services with respect to the properties we own.
The Manager also provides professional property and asset management services to portfolio owners of single-
family homes for lease, including our investments in unconsolidated joint ventures.
On February 6, 2017, INVH completed an initial public offering (“IPO”), changed its jurisdiction of
incorporation to Maryland, and amended its charter to provide for the issuance of up to 9,000,000,000 shares of
common stock and 900,000,000 shares of preferred stock, in each case $0.01 par value per share. In connection
with certain pre-IPO reorganization transactions, INVH LP became (1) owned by INVH directly and through
Invitation Homes OP GP LLC, a wholly owned subsidiary of INVH (the “General Partner”), and (2) the owner of
all of the assets, liabilities, and operations of certain pre-IPO ownership entities. These transactions were
accounted for as a reorganization of entities under common control utilizing historical cost basis.
On November 16, 2017, INVH and certain of its affiliates entered into a series of transactions with
Starwood Waypoint Homes (“SWH”) and certain SWH affiliates which resulted in SWH and its operating
partnership being merged into INVH and INVH LP, respectively, with INVH and INVH LP being the surviving
entities. These transactions were accounted for as a business combination in accordance with ASC 805, Business
Combinations, and INVH was designated as the accounting acquirer.
The limited partnership interests of INVH LP consist of common units and other classes of limited
partnership interests that may be issued (the “OP Units”). As of December 31, 2024, INVH owns 99.7% of the
common OP Units and has the full, exclusive, and complete responsibility for and discretion over the day-to-day
management and control of INVH LP.
Our organizational structure includes several wholly owned subsidiaries of INVH LP that were formed to
facilitate certain of our financing arrangements (the “Borrower Entities”). These Borrower Entities are used to
align the ownership of our single-family residential properties with certain of our debt instruments. Collateral for
certain of our individual debt instruments may be in the form of equity interests in the Borrower Entities or in
pools of single-family residential properties owned either directly by the Borrower Entities or indirectly by their
wholly owned subsidiaries (see Note 7).
References to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer, collectively, to INVH,
INVH LP, and the consolidated subsidiaries of INVH LP.
Note 2—Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting
principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities
and Exchange Commission (“SEC”). These consolidated financial statements include the accounts of INVH and
its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the
consolidated financial statements.
F-9

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with
GAAP. We evaluate each investment entity that is not wholly owned to determine whether to follow the variable
interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is
identified, we then evaluate whether the entity should be consolidated. Under the VIE model, we consolidate an
investment if we have control to direct the activities of the entity and the obligation to absorb losses or the right
to receive benefits that could potentially be significant to the VIE. Under the VOE model, we consolidate an
investment if (1) we control the investment through ownership of a majority voting interest if the investment is
not a limited partnership or (2) we control the investment through our ability to remove the other partners in the
investment, at our discretion, when the investment is a limited partnership.
Based on these evaluations, we account for each of the investments in joint ventures described in Note 5
using the equity method. Our initial investments in the joint ventures are recorded at cost, except for any such
interest initially recorded at fair value in connection with a business combination. The investments in these joint
ventures are subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive
income or loss, cash contributions made and distributions received, and other adjustments, as appropriate.
Distributions of operating profit from the joint ventures are reported as part of operating activities while
distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing
activities on our consolidated statements of cash flows. When events or circumstances indicate that our
investments in unconsolidated joint ventures may not be recoverable, we assess the investments for and
recognize other-than-temporary impairment.
Non-controlling interests represent the OP Units not owned by INVH, including any OP Units resulting
from vesting and conversion of units granted in connection with certain share-based compensation awards.
Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets as
of December 31, 2024 and 2023, and the consolidated statements of operations for the years ended December 31,
2024, 2023, and 2022 include an allocation of the net income attributable to the non-controlling interest holders.
OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash,
and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to
stockholders’ equity based on the pro rata number of OP Units redeemed.
Significant Risks and Uncertainties
Our financial condition and results of operations are subject to risks related to overall fluctuating global and
United States economic conditions (including inflation, elevated interest rates, political dissension, and labor
shortfalls), uncertainty in financial markets (including as a result of events affecting financial institutions, such as
bank failures), ongoing geopolitical tensions, and a general decline in business activity and/or consumer
confidence. These factors could adversely affect (i) our occupancy levels, our rental rates, and collections,
(ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial
markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to
recognize impairments in value of our tangible assets or goodwill. Inflationary pressures, bank failures, and other
unfavorable global and regional economic conditions, as well as geopolitical events, may also negatively impact
consumer income, credit availability, interest rates, and spending, among other factors, which may adversely
impact our business, financial condition, cash flows, and results of operations, including the ability of our
residents to pay rent. These factors, which include labor shortages and inflationary increases in labor and material
costs, have impacted and may continue to impact certain aspects of our business. In addition, consumer
confidence and spending can be materially adversely affected in response to changes in fiscal and monetary
policy, declines in income or asset values, and other macroeconomic factors.
F-10

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires us to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of
revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and
actual results could differ materially from those estimates.
Investments in Single-Family Residential Properties
The following significant accounting policies affect the acquisition, disposition, recognition, classification,
and fair value measurements (on a nonrecurring basis) related to our owned portfolio of approximately 85,000
single-family residential properties located primarily in 16 core markets across the United States as of
December 31, 2024:
•
Acquisition of Real Estate Assets: Upon acquisition, we evaluate our acquired single-family residential
properties for purposes of determining whether a transaction should be accounted for as an asset
acquisition or business combination. Our purchases of homes are treated as asset acquisitions and are
recorded at their purchase price, which is allocated between land, building and improvements, and
in-place lease intangibles (when a resident is in place at the acquisition date) based upon their relative
fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of
acquisition costs which typically include legal fees, bidding service and title fees, payments made to
cure tax, utility, homeowners’ association (“HOA”), and other mechanic’s and miscellaneous liens, as
well as other closing costs. Properties acquired in a business combination are recorded at fair value.
The fair values of acquired in-place lease intangibles, if any, are based on the costs to execute similar
leases, including commissions and other related costs. The origination value of in-place lease
intangibles also includes an estimate of lost rent revenue at in-place rental rates during the estimated
time required to lease the property. In-place lease intangibles are amortized over the life of the leases
and are recorded in other assets, net in our consolidated balance sheets.
•
Cost Capitalization: We incur costs to acquire, stabilize, and prepare our single-family residential
properties to be leased. We capitalize these costs as a component of our investment in each single-
family residential property, using specific identification and relative allocation methodologies,
including renovation costs and other costs associated with activities that are directly related to
preparing our properties for use as rental real estate. Other costs include interest costs, property taxes,
property insurance, utilities, HOA fees, and a portion of the salaries and benefits of the Manager’s
employees who are directly responsible for the execution of our stabilization activities. The
capitalization period associated with our stabilization activities begins at the time that such activities
commence and concludes at the time that a single-family residential property is available to be leased.
Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs
thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend
the life of a home, a portion of the salaries and benefits of the Manager’s employees who are directly
responsible for such improvements, and for certain furniture and fixtures additions. The determination
of which costs to capitalize requires significant judgment. Accordingly, many factors are considered as
part of our evaluation processes with no one factor necessarily determinative.
•
Depreciation: Costs capitalized in connection with single-family residential property acquisitions,
stabilization activities, and on an ongoing basis are depreciated over their estimated useful lives on a
straight-line basis. The depreciation period commences upon the completion of stabilization-related
F-11

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
activities or upon the completion of improvements made on an ongoing basis. For those costs
capitalized in connection with residential property acquisitions and stabilization activities and those
capitalized on an ongoing basis, the weighted average useful lives range from 7 to 32 years.
•
Provisions for Impairment: We continuously evaluate, by property, whether there are any events or
changes in circumstances indicating that the carrying amount of our single-family residential properties
may not be recoverable. Examples of such events and changes in circumstances that we consider
include significant and persistent declines in an individual property’s net operating income, regional
changes in home price appreciation as measured by certain independently developed indices, change in
expected use of the property, significant adverse legal factors, substantive damage to the individual
property as a result of natural disasters and other risks inherent in our business not covered by
insurance proceeds, or a current expectation that a property will be disposed of prior to the end of its
estimated useful life.
To the extent an event or change in circumstance is identified, a residential property is considered to be
impaired only if its carrying value cannot be recovered through estimated future undiscounted cash
flows from the use and eventual disposition of the property. Cash flow projections are prepared using
internal analyses based on current rental, renewal, and occupancy rates, operating expenses, and inputs
from our annual planning process that give consideration to each property’s historical results, current
operating trends, and current market conditions. To the extent an impairment has occurred, the carrying
amount of our investment in a property is adjusted to its estimated fair value. To determine the
estimated fair value, we utilize home price appreciation (“HPA”) indices, local broker price opinions
(“BPOs”), and automated valuation model (“AVM”) data, each of which are important components of
our process with no one information source being necessarily determinative. To validate the HPA
indices, BPOs, and AVM data received and used in our assessment of fair value of real estate, we
perform an internal review to determine if an acceptable valuation approach was used to estimate fair
value in compliance with guidance provided by ASC 820, Fair Value Measurements. Additionally, we
undertake an internal review to assess the relevance and appropriateness of comparable transactions
that have been used, and any adjustments to comparable transactions made, in reaching the value
opinions.
The process whereby we assess our single-family residential properties for impairment requires
significant judgment and assessment of factors that are, at times, subject to significant uncertainty. We
evaluate multiple information sources and perform a number of internal analyses, each of which are
important components of our process with no one information source or analysis being necessarily
determinative.
•
Single-Family Residential Properties Held for Sale: From time to time, we may identify single-family
residential properties to be sold. At the time that any such properties are identified, we perform an
evaluation to determine whether or not such properties should be classified as held for sale in
accordance with GAAP. Factors considered as part of our held for sale evaluation process include
whether the following conditions have been met: (i) we have committed to a plan to sell a property;
(ii) the property is immediately available for sale in its present condition; (iii) an active program to
locate a buyer and other actions required to complete the plan to sell a property have been initiated;
(iv) the sale of a property is probable within one year (generally determined based upon listing for
sale); (v) the property is being actively marketed for sale at a price that is reasonable in relation to its
current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that
significant changes to the plan will be made or that the plan will be withdrawn. To the extent that these
factors are all present, we cease depreciating the property, measure the property at the lower of its
carrying amount or its fair value less estimated costs to sell, and present the property separately within
F-12

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
other assets, net on our consolidated balance sheets. As of December 31, 2024 and 2023, we classified
$49,434 and $46,203, respectively, as held for sale assets in our consolidated balance sheets (see
Note 6).
Cash and Cash Equivalents
For purposes of presentation on both the consolidated balance sheets and statements of cash flows, we
consider financial instruments with an original maturity of three months or less to be cash and cash equivalents.
We maintain our cash and cash equivalents in multiple financial institutions and, at times, these balances exceed
federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We
believe any risks are mitigated through the size and the number of financial institutions at which our cash
balances are held.
Restricted Cash
Restricted cash represents cash deposited in accounts related to certain rent deposits and collections, tax
deferred property exchange deposits, security deposits, property taxes, insurance premiums and deductibles, and
capital expenditures (see Note 4). Amounts deposited in the reserve accounts associated with the mortgage loans
and the secured term loan can only be used as provided for in the respective loan agreements (see Note 7), and
security deposits held pursuant to lease agreements are required to be segregated. Accordingly, these items are
separately presented within our consolidated balance sheets.
Investments in Debt Securities, net
Investments in debt securities that we have a positive intent and ability to hold to maturity are classified as
held to maturity and are presented within other assets, net on our consolidated balance sheets (see Note 6). These
investments are recorded at amortized cost net of the amount expected not to be collected. Interest income,
including amortization of any premium or discount, is classified as other, net in the consolidated statements of
operations. For purposes of classification within the consolidated statements of cash flows, purchases of and
repayments from these securities are classified as investing activities.
Investments in Equity Securities
Investments in equity securities consist of investments both with and without a readily determinable fair
value. These are presented within other assets, net on our consolidated balance sheets (see Note 6). Investments
with a readily determinable fair value are measured at fair value. Investments without a readily determinable fair
value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes
for identical or similar investment in the same issuer. Any such unrealized gains and losses and impairments are
included in gains (losses) on investments in equity securities, net in the consolidated statements of operations.
Amounts Deposited and Held by Others
Amounts deposited and held by others consist of earnest money deposits for the acquisition of single-family
residential properties, including deposits made to homebuilders, and amounts owed to us from title companies in
connection with the disposition of homes. These are presented within other assets, net on our consolidated
balance sheets (see Note 6).
F-13

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Deferred Financing Costs
Costs incurred that are directly attributable to procuring external financing are deferred and amortized over
the term of the related financing agreement as interest expense in the consolidated statements of operations, and
we accelerate amortization if the debt is retired before the maturity date, as appropriate. Costs that are deferred
for the procurement of such financing are presented either as an asset in other assets, net when associated with a
revolving debt instrument and prior to funding of a loan or as a component of the liability for the related
financing agreement.
Convertible Senior Notes
Accounting Standards Codification (“ASC”) 470-20, Debt with Conversion and Other Options, requires that
the liability and equity components of convertible debt instruments that may be settled in cash upon conversion,
including partial cash settlement, be separately accounted for in a manner that reflects the issuer’s nonconvertible
debt borrowing rate. The initial proceeds from the issuance of convertible notes are allocated between a liability
component and an equity component in a manner that reflects interest expense at the rate of similar
nonconvertible debt that could have been issued at such time. The equity component represents the excess initial
proceeds received over the fair value of the liability component of the notes as of the date of issuance. We
measure the fair value of the debt component of our convertible senior notes as of the issuance date based on our
nonconvertible debt borrowing rate. In connection with the SWH merger, we assumed convertible senior notes
that were recorded at their estimated fair value based on our nonconvertible debt borrowing rate, and all
remaining amounts outstanding pursuant to these debt instruments were fully converted into shares of our
common stock in January 2022. The resulting discount from the outstanding principal balance of the convertible
senior notes was amortized using the effective interest rate method over the periods to maturity. Amortization of
this discount was recorded as interest expense in the consolidated statement of operations for the year ended
December 31, 2022.
Revenue Recognition and Resident Receivables
Rental revenues and other property income, net of any concessions and uncollectible amounts, consists
primarily of rents collected under lease agreements related to our single-family residential properties. We enter
into leases directly with our residents, and our leases typically have a term of one to two years. As a lessor, our
leases with residents are classified as operating leases under ASC 842, Leases, (“ASC 842”). We elected the
practical expedient in ASC 842 not to separate the lease and nonlease components of these operating leases with
our residents. Our lease components consist primarily of rental income, pet rent, and value-add services such as
smart home system fees. Nonlease components include resident reimbursements for utilities and various other
fees, including late fees and lease termination fees, among others. The lease component is the predominant
component in these arrangements, and as such, we recognize rental revenues and other property income in
accordance with ASC 842.
Variable lease payments consist of resident reimbursements for utilities and various other fees, including
late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and
conditions included in the resident leases. Sales taxes and other similar taxes assessed by governmental
authorities that we collect from residents are excluded from our rental revenues and other property income.
Management fee revenues consist of fees from property and asset management services provided to
portfolio owners of single-family homes for lease, including investments in our unconsolidated joint ventures.
Our services include resident support, maintenance, marketing, administrative, and asset management functions.
F-14

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Management fee revenues are recognized as performance obligations are satisfied in accordance with the
underlying agreements, and the performance obligation is the management of the homes, entities, or other
defined tasks. While the performance obligations associated with base management fees can vary from day to
day, the nature of the overall performance obligation to provide management services is the same and considered
by us to be a series of services that have the same pattern of transfer to the customer and the same method to
measure progress toward satisfaction of the performance obligation.
Leases Entered Into as a Lessee
We lease our corporate and regional offices, related office equipment, and a fleet of vehicles for use by our
field associates and account for each as either an operating or finance lease pursuant to ASC 842 (see Note 6 and
Note 14). Specifically, we account for leases for our corporate and regional offices as operating leases. In
addition to monthly rent payments, we reimburse the lessors of our office spaces for our share of operating
expenses as defined in the leases. Such amounts are not included in the measurement of the lease liability but are
recognized as a variable lease expense when incurred. At this time, it is not reasonably certain that we will
exercise any of the future renewal or termination options on these leases, and the measurement of the right-of-use
(“ROU”) asset and lease liability is calculated assuming we will not exercise any of the remaining renewal or
termination options.
We have elected the practical expedient under which the lease components of our office and vehicle fleet
leases are not separated from the nonlease components. ROU assets and lease liabilities are recognized based on
the present value of lease payments over the lease term at commencement date. We use our incremental
borrowing rate to calculate the present value of our lease payments.
We have elected the short-term lease recognition exemption for our office equipment leases and therefore
do not record these leases on our consolidated balance sheets. These office equipment leases are not material to
our consolidated financial statements.
Goodwill
Goodwill incurred in connection with a business combination is not amortized as it has an indefinite life.
We test goodwill for impairment annually, on October 31st, or more frequently if circumstances indicate that the
goodwill carrying value may exceed its fair value. As of December 31, 2024, no impairment of goodwill has
been recorded.
Fair Value Measurements
The fair value of a financial instrument is the amount at which the instrument could be exchanged in an
orderly transaction between two willing parties. This amount is determined based on an exit price approach,
which contemplates the price that would be received to sell an asset (or paid to transfer a liability) in an orderly
transaction between market participants at the measurement date. GAAP has established a valuation hierarchy
based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A
financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is
significant to the fair value measurement. The three levels are defined as follows:
Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or
liabilities in active markets;
F-15

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Level 2—Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active
markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially
the full term of the financial instrument; and
Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value
measurement.
See Note 11 for further information related to our fair value measurements.
Earnings Per Share
We present both basic and diluted earnings (loss) per common share (“EPS”) in our consolidated financial
statements. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common
stockholders for the period by the weighted average number of shares of common stock outstanding for the
period, excluding non-vested share-based awards. Our share-based awards consist of restricted stock units
(“RSUs”), including certain RSUs that contain performance and market based vesting conditions (“PRSUs”), and
Outperformance Awards (as defined in Note 10) (see Share-Based Compensation Expense below). Diluted EPS
reflects the maximum potential dilution that could occur from non-vested share-based awards. For diluted EPS,
the numerator is adjusted for any changes in net income (loss) that would result from the assumed conversion of
these potential shares of common stock. Potential dilutive shares are excluded from the calculation if they have
an anti-dilutive effect in the period.
All outstanding non-vested share-based awards with nonforfeitable rights to dividends or dividend
equivalents that participate in undistributed earnings with common stock are considered participating securities,
as identified in Note 10. As such, the two-class method of computing EPS is required, unless another method is
determined to be more dilutive. The two-class method is an earnings allocation formula that determines EPS for
each class of common stock and participating securities according to dividends or dividend equivalents and
participation rights in undistributed earnings in periods when we have net income.
Derivatives
We enter into interest rate swap and interest rate cap agreements (collectively, “Hedging Derivatives”) for
interest rate risk management purposes. We do not enter into Hedging Derivatives for trading or other
speculative purposes, and all of our Hedging Derivatives are carried at fair value in our consolidated balance
sheets. Designated hedges are derivatives that meet the criteria for hedge accounting and that we have elected to
designate as hedges. Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or
that we have not elected to designate as hedges.
Pursuant to the terms of certain of our mortgage loans, we were required to maintain interest rate caps.
Additionally, in certain instances, in order to minimize the cash impact of purchasing required interest rate caps, we
simultaneously sell interest rate caps (which have identical terms and notional amounts) such that the purchase price
and sale proceeds of the related interest rate caps are intended to offset each other. We elected not to designate these
interest cap agreements for hedge accounting (collectively, the “Non-Designated Hedges”). We enter into interest
rate swap agreements to hedge the risk arising from changes in our interest payments on variable-rate debt due to
changes in the one month Secured Overnight Financing Rate (“SOFR”), which replaced the London Interbank Offer
Rate (“LIBOR”) beginning in July 2023. All of our debt instruments and swap agreements are currently indexed to
one month SOFR. We have elected to account for our interest rate swap agreements as effective cash flow hedges
(collectively, the “Designated Hedges”). We assess the effectiveness of these interest rate swap cash flow hedging
relationships on an ongoing basis. The effect of these interest rate cap agreements and interest rate swap agreements
is to reduce the variability of interest payments due to changes in SOFR.
F-16

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
The fair value of Hedging Derivatives that are in an asset position are included in other assets, net and those
in a liability position are included in other liabilities in our consolidated balance sheets. For Non-Designated
Hedges, changes in fair value are reflected within interest expense in the consolidated statements of operations.
For Designated Hedges, changes in fair value are reported as a component of other comprehensive income (loss)
in our consolidated balance sheets and reclassified into earnings as interest expense in our consolidated
statements of operations when the hedged transactions affect earnings. See Note 8 for further discussion of
derivative financial instruments.
Share-Based Compensation Expense
We recognize share-based compensation expense for share-based awards based on their grant-date fair
value, net of expected forfeitures, over the service period from the grant date to vest date for each tranche. The
grant-date fair value of RSUs and PRSUs with performance condition vesting criteria are generally based on the
closing price of our common stock on the grant date. However, the grant-date fair values for PRSUs and
Outperformance Awards with market condition vesting criteria are based on Monte-Carlo option pricing models.
Compensation expense for share-based awards with performance conditions is adjusted based on the probable
outcome of the performance conditions as of each reporting period.
Additional compensation expense is recognized if modifications to existing share-based award agreements
result in an increase in the post-modification fair value of the units that exceeds their pre-modification fair value.
Share-based compensation expense is presented as components of general and administrative expense and
property management expense in our consolidated statements of operations. See Note 10 for further discussion of
share-based compensation expense.
Income Taxes
We have elected to be treated as a REIT pursuant to Section 856(c) of the Internal Revenue Code of 1986,
as amended (the “Code”). Our qualification as a REIT depends on our ability to meet the various requirements
imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock
ownership, and certain restrictions with regard to owned assets and categories of income. As a REIT, we are
generally not subject to United States federal corporate income tax on our taxable income that is currently
distributed to stockholders. However, if we fail to qualify as a REIT in any taxable year, our taxable income
could be subject to United States federal and state and local income taxes at regular corporate rates.
Even if we qualify as a REIT, we may be subject to certain state and local income taxes as well as United
States federal income and excise taxes in various situations, such as on our undistributed income. In addition,
taxable income from non-REIT activities managed through taxable REIT subsidiaries (“TRSs”) is subject to
federal, state, and local income taxes. A TRS is a subsidiary C corporation that has not elected REIT status and as
such is subject to United States federal and state corporate income tax. We use TRS entities to facilitate our
ability to perform non-real estate related activities and/or perform non-customary services for residents that
cannot be offered directly by a REIT.
For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax
purposes and are measured using the enacted tax rates and laws that are expected to be in effect when the
differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on
available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax
consequences associated with intercompany transfers between the REIT and TRS entities when the related assets
affect our net income or loss, generally through depreciation, impairment losses, or sales to third-party entities.
F-17

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Tax benefits associated with uncertain tax positions are recognized only if it is more likely than not that the
tax position will be sustained on examination by the taxing authorities based on the technical merits of the
position.
Our federal and various state and local jurisdiction tax filings are subject to normal reviews by regulatory
agencies until the related statute of limitations expires. The years open to examination generally range from 2021
to present.
Segment Reporting
Our principal business is acquiring, renovating, leasing, operating, and managing single-family residential
properties. Under the provisions of ASC 280, Segment Reporting, we have determined that we currently operate
in one reportable segment. For more information about our single reportable segment, see Note 15.
Recently Adopted Accounting Standards
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards
Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,
which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced
disclosures about significant segment expenses. The updated standard is effective for annual reporting periods
beginning after December 15, 2023 and interim periods beginning after December 15, 2024. We have applied
this updated standard within our consolidated financial statements and have updated our segment disclosures
accordingly (see Note 15).
Recent Accounting Pronouncements
In August 2023, the FASB issued Accounting Standards Update ASU 2023-05, Business Combinations
(Subtopic 805-60): Joint Venture Formations, which clarifies the business combination accounting for joint
venture formations. The ASU is intended to reduce diversity in practice that has resulted from a lack of
authoritative guidance regarding the accounting for the formation of joint ventures in separate financial
statements. The ASU also seeks to clarify the initial measurement of joint venture net assets, including
businesses contributed to a joint venture. The updated standard is effective for all joint venture formations with a
formation date on or after January 1, 2025. Retrospective application of the amendments is permitted. We will
apply the guidance in this ASU to any joint ventures formed after January 1, 2025.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income
Tax Disclosures, which enhances the transparency and effectiveness of income tax disclosures. The updated
standard is effective for annual reporting periods beginning after December 15, 2024, and interim periods
beginning after December 15, 2025, with early adoption permitted. We are currently evaluating the impact of this
ASU on our consolidated financial statements and disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income
(Subtopic 220-40): Expense Disaggregation Disclosures, which requires public business entities to provide
detailed disclosures in the notes to the consolidated financial statements disaggregating specific expense
categories, including employee compensation, depreciation, and intangible asset amortization, as well as certain
other disclosures to provide enhanced transparency into the nature and function of expenses. This new guidance
is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods
beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of this
ASU on our consolidated financial statements and disclosures.
F-18

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Recent SEC Rules
In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and
Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain
climate-related information in registration statements and annual reports. In April 2024, the SEC issued an order
voluntarily staying the effectiveness of the new rules pending the completion of judicial review of certain legal
challenges to their validity. On February 11, 2025, SEC Acting Chairman Mark T. Uyeda released a public
statement and notified the United States Court of Appeals for the Eighth Circuit (where the challenges are
consolidated) to hold off scheduling the case for argument to provide time for the SEC to further deliberate and
determine next steps. Therefore, the timing of the effectiveness of these disclosure requirements is uncertain. We
are currently assessing the effect of new rules on our consolidated financial statements and related disclosures.
Note 3—Investments in Single-Family Residential Properties
The following table sets forth the net carrying amount associated with our properties by component:
December 31,
2024
December 31,
2023
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 4,901,192
$ 4,881,890
Single-family residential property . . . . . . . . . . . . . .
16,470,468
15,977,256
Capital improvements . . . . . . . . . . . . . . . . . . . . . . .
575,982
565,214
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
133,858
127,536
Total gross investments in the properties . . . .
22,081,500
21,551,896
Less: accumulated depreciation . . . . . . . . . . . . . . .
(4,869,374)
(4,262,682)
Investments in single-family residential
properties, net . . . . . . . . . . . . . . . . . . . . . . .
$17,212,126
$17,289,214
As of December 31, 2024 and 2023, the carrying amount of the residential properties above includes
$140,202 and $135,004, respectively, of capitalized acquisition costs (excluding purchase price), along with
$78,776 and $78,073, respectively, of capitalized interest, $31,718 and $30,531, respectively, of capitalized
property taxes, $5,202 and $5,037, respectively, of capitalized insurance, and $3,745 and $3,691, respectively, of
capitalized HOA fees.
During the years ended December 31, 2024, 2023, and 2022, we recognized $699,474, $663,398, and
$629,301, respectively, of depreciation expense related to the components of the properties, and $14,852,
$10,889, and $8,813, respectively, of depreciation and amortization related to corporate furniture and equipment.
These amounts are included in depreciation and amortization in the consolidated statements of operations.
Further, during the years ended December 31, 2024, 2023, and 2022, impairments totaling $506, $427, and $310,
respectively, have been recognized and are included in casualty losses, impairment, and other in the consolidated
statements of operations. See Note 11 for additional information regarding these impairments.
F-19

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Note 4—Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the
consolidated balance sheets that sum to the total of such amounts shown in the consolidated statements of cash
flows:
December 31,
2024
December 31,
2023
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . .
$
174,491
$
700,618
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
245,202
196,866
Total cash, cash equivalents, and restricted
cash shown in the consolidated statements of
cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
419,693
$
897,484
Pursuant to the terms of the mortgage loans and the Secured Term Loan (as defined in Note 7), we are
required to establish, maintain, and fund from time to time (generally, either monthly or at the time borrowings
are funded) certain specified reserve accounts. These reserve accounts include, but are not limited to, the
following types of accounts: (i) property tax reserves; (ii) insurance reserves; (iii) capital expenditure reserves;
and (iv) HOA reserves. The reserve accounts associated with our mortgage loans and Secured Term Loan are
under the sole control of the loan servicer. Additionally, we hold security deposits pursuant to resident lease
agreements that we are required to segregate. We also hold deposits for certain tax deferred property exchange
transactions and letters of credit required by certain of our insurance policies, for which the use of each are
restricted. Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted
accounts have been classified on our consolidated balance sheets as restricted cash.
The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the
mortgage loan and Secured Term Loan agreements and are to be released to us subject to certain conditions
specified in the loan agreements being met. To the extent that an event of default were to occur, the loan servicer
has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or
reduce the allocated loan amount associated with a residential property of ours.
The balances of our restricted cash accounts are set forth in the table below. As of December 31, 2024 and
2023, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan and
Secured Term Loan agreements that require such funding did not exist.
December 31,
2024
December 31,
2023
Resident security deposits . . . . . . . . . . . . . . . . . . . . .
$
181,549
$
181,097
Tax deferred property exchange deposits . . . . . . . . .
47,551
—
Property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,343
2,014
Collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,365
8,278
Letters of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,495
2,489
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . .
1,623
2,297
Special and other reserves . . . . . . . . . . . . . . . . . . . . .
276
691
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
245,202
$
196,866
F-20

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Note 5—Investments In Unconsolidated Joint Ventures
The following table summarizes our investments in unconsolidated joint ventures, which are accounted for
using the equity method model of accounting, as of December 31, 2024 and 2023:
Number of Properties Owned
Carrying Value
Ownership
Percentage
December 31,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Pathway Property Company(1) . . . . . .
100.0%
590
504
$
102,520
$
120,639
2020 Rockpoint JV(1) . . . . . . . . . . . . .
20.0%
2,606
2,609
44,846
62,578
Upward America JV(2) . . . . . . . . . . . .
7.2%
3,720
N/A
37,809
—
FNMA(3) . . . . . . . . . . . . . . . . . . . . . . .
10.0%
387
426
22,072
32,303
Pathway Operating Company(4) . . . . .
15.0%
N/A
N/A
20,706
21,008
2022 Rockpoint JV(1) . . . . . . . . . . . . .
16.7%
319
309
10,426
10,638
2024 Peregrine JV(5) . . . . . . . . . . . . .
30.0%
N/A
N/A
3,226
—
Total . . . . . . . . . . . . . . . . . . . . . .
$
241,605
$
247,166
(1)
Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.
(2)
Owns homes in markets within the Southeast United States, Florida, Minnesota, Tennessee, and Texas.
(3)
Owns homes within the Western United States.
(4)
Represents an investment in an operating company that provides a technology platform and asset
management services.
(5)
Represents an investment in a joint venture that will invest in newly-constructed homes and communities.
Each joint venture was initially capitalized with equity investments. Certain of the joint ventures
subsequently entered into financing arrangements, and we have guaranteed the funding of certain, tax, insurance,
and non-conforming property reserves related to the financing of one of the joint ventures. Total remaining
equity commitments for our investments in unconsolidated joint ventures are $176,950 as of December 31, 2024.
In some cases, responsibility for management and operations of the individual joint venture is vested with
our joint venture partner or their affiliates. For other joint ventures, a wholly owned subsidiary of INVH LP
functions as an administrative member responsible for management and operations of the individual joint
venture, subject to the joint venture partner’s approval of major decisions. Accordingly, we do not have a
controlling interest in any of our joint ventures, and they are accounted for using the equity method of
accounting.
We recorded net losses from these investments for the years ended December 31, 2024, 2023, and 2022,
totaling $28,445, $17,877, and $9,606, respectively, which are included in losses from investments in
unconsolidated joint ventures in the consolidated statements of operations.
We earn property and/or asset management fees from each of the joint ventures (except the Pathway
Operating Company investment), and these fees are related party transactions. For the years ended December 31,
2024, 2023, and 2022, we earned $18,222, $13,647, and $11,480, respectively, of management fees from these
related parties which are included in management fee revenues in the consolidated statements of operations. As
of December 31, 2024 and 2023, management fee receivables from our related parties totaled $1,952 and $1,159,
respectively. (See Note 6 for additional information regarding total management fee revenues.)
F-21

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Note 6—Other Assets
As of December 31, 2024 and 2023, the balances in other assets, net are as follows:
December 31,
2024
December 31,
2023
Amounts deposited and held by others . . . . . . . . . . .
$
93,965
$
92,151
Derivative instruments (Note 8) . . . . . . . . . . . . . . . .
61,479
75,488
Rent and other receivables, net . . . . . . . . . . . . . . . . .
61,235
60,810
Investments in equity and other securities . . . . . . . .
60,120
55,991
Investments in debt securities, net . . . . . . . . . . . . . .
54,619
86,471
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49,877
47,770
Held for sale assets(1) . . . . . . . . . . . . . . . . . . . . . . . . .
49,434
46,203
Corporate fixed assets, net . . . . . . . . . . . . . . . . . . . .
42,704
31,474
ROU lease assets — operating and finance, net . . . .
28,830
13,532
Deferred financing costs, net . . . . . . . . . . . . . . . . . . .
23,579
2,972
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43,478
16,034
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
569,320
$
528,896
(1)
As of December 31, 2024 and 2023, 237 and 189 properties, respectively, are classified as held for sale.
Rent and Other Receivables, net
We lease our properties to residents pursuant to leases that generally have an initial contractual term of at
least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain
conditions specified in the related lease agreements. Rental revenues and other property income and the
corresponding rent and other receivables are recorded net of any concessions and bad debt (including actual
write-offs, credit reserves, and uncollectible amounts) for all periods presented.
Variable lease payments consist of resident reimbursements for utilities, and various other fees, including
late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and
conditions included in the resident leases. For the years ended December 31, 2024, 2023, and 2022, rental
revenues and other property income includes $163,700, $153,016, and $139,829 of variable lease payments,
respectively.
Future minimum rental revenues and other property income under leases on our single-family residential
properties in place as of December 31, 2024 are as follows:
Year
Lease Payments to be
Received
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,487,130
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
249,553
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,736,683
F-22

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Management fee revenues and the corresponding receivables are related to property and asset management
services provided to portfolio owners of single-family homes for lease, including investments in our
unconsolidated joint ventures (see Note 5). As of December 31, 2024, 2023, and 2022, we provided property and
asset management services for 25,300, 3,848, and 3,570 homes, respectively, of which 7,622, 3,848, and 3,570
homes, respectively, were owned by our unconsolidated joint ventures. For the years ended December 31, 2024,
2023, and 2022, we earned management fees totaling $69,978, $13,647, and $11,480, respectively. These
revenues are included in management fee revenues in the consolidated statements of operations.
Investments in Equity and Other Securities
We hold investments in equity and other securities both with and without a readily determinable fair value.
Investments with a readily determinable fair value are measured at fair value, and those without a readily
determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from
observable price changes for identical or similar investments in the same issuer. As of December 31, 2024 and
2023, the values of our investments in equity and other securities are as follows:
December 31,
2024
December 31,
2023
Investments without a readily determinable fair
value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$59,405
$54,686
Investments with a readily determinable fair
value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
715
1,305
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$60,120
$55,991
The components of gains (losses) on investments in equity and other securities, net for the years ended
December 31, 2024, 2023, and 2022 are as follows:
For the Years Ended
December 31,
2024
2023
2022
Net gains (losses) recognized on investments sold during the
reporting period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,635
$
—
$(1,452)
Net unrealized gains (losses) on investments still held at the
reporting date — with a readily determinable fair value . . . . .
(589)
350
(2,487)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,046
$
350
$(3,939)
Investments in Debt Securities, net
In connection with certain of our Securitizations (as defined in Note 7), we have retained and purchased
certificates totaling $54,619, net of unamortized discounts of $880 as of December 31, 2024. These investments
in debt securities are classified as held to maturity investments. As of December 31, 2024, we have not
recognized any credit losses with respect to these investments in debt securities, and our retained certificates are
scheduled to mature in two years.
F-23

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
ROU Lease Assets — Operating and Finance, net
The following table presents supplemental information related to leases into which we have entered as a
lessee as of December 31, 2024 and 2023:
December 31, 2024
December 31, 2023
Operating
Leases
Finance
Leases
Operating
Leases
Finance
Leases
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
19,772
$
9,058
$
9,236
$
4,296
Other liabilities (Note 14) . . . . . . . . . . . . . . . . .
21,904
8,636
11,097
3,796
Weighted average remaining lease term . . . . . .
7.6 years
3.1 years
3.3 years
2.9 years
Weighted average discount rate . . . . . . . . . . . .
5.6%
6.0%
3.6%
5.2%
Deferred Financing Costs, net
In connection with the new Revolving Facility (as defined in Note 7), we incurred $25,567 of financing
costs, which have been deferred as other assets, net on our consolidated balance sheets. We amortize deferred
financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate
amortization if debt is retired before the maturity date, as appropriate. The deferred financing costs as of
December 31, 2023 were incurred in connection with a previous revolving facility that was replaced by the new
Revolving Facility during the third quarter of 2024 (see Note 7). As of December 31, 2024 and 2023, the
unamortized balances of these deferred financing costs are $23,579 and $2,972, respectively.
Other
Other is primarily comprised of deferred costs related to property and asset management contracts that are
being amortized over the estimated lives of the underlying contracts and other deferred costs, including those that
will be capitalized as corporate fixed assets upon deployment of the software.
Note 7—Debt
Mortgage Loans
Our securitization transactions (the “Securitizations” or the “mortgage loans”) are collateralized by certain
homes owned by the respective Borrower Entities. We utilize the proceeds from our Securitizations to fund:
(i) repayments of then-outstanding indebtedness; (ii) initial deposits into Securitization reserve accounts;
(iii) closing costs in connection with the mortgage loans; and (iv) general costs associated with our operations.
F-24

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
The following table sets forth a summary of our mortgage loan indebtedness as of December 31, 2024 and
2023:
Outstanding Principal
Balance(1)
Origination
Date
Maturity
Date
Interest
Rate(2)
December 31,
2024
December 31,
2023
IH 2017-1(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
April 28,
2017
June 9,
2027
4.23% $988,271
$ 990,555
IH 2018-4(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . November 7,
2018
November 8,
2024
N/A
—
643,030
Total Securitizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
988,271
1,633,585
Less: deferred financing costs, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,347)
(6,329)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$983,924
$1,627,256
(1)
Outstanding principal balance is net of discounts and does not include deferred financing costs, net.
(2)
IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through
rate payable on the certificates including applicable servicing fees. The interest rate for IH 2018-4 was
based on a weighted average spread over a published forward-looking SOFR for the interest period relevant
to such borrowing (“Term SOFR”) adjusted for an 0.11% credit spread adjustment.
(3)
Net of unamortized discount of $880 and $1,232 as of December 31, 2024 and 2023, respectively.
(4)
Maturity date represents repayment date.
Securitization Transactions
IH 2017-1 is a 10 year, fixed rate mortgage loan comprised of two components, and Component A of
IH 2017-1 benefits from the Federal National Mortgage Association’s guaranty of timely payment of principal
and interest.
Each mortgage loan is secured by a pledge of the equity in the assets of the respective Borrower Entities, as
well as first-priority mortgages on the underlying properties and a grant of security interests in all of the related
personal property. As of December 31, 2024 and 2023, a total of 5,592 and 10,581 homes, respectively, with a
gross book value of $1,054,239 and $2,348,044, respectively, and a net book value of $687,487 and $1,779,169,
respectively, are pledged pursuant to the mortgage loans. Each Borrower Entity has the right, subject to certain
requirements and limitations outlined in the respective loan agreements, to substitute properties. We are obligated
to make monthly payments of interest for each mortgage loan.
Transactions with Trusts
Concurrent with the execution of each mortgage loan agreement, the respective third-party lender sold each
loan it originated to individual depositor entities, which are wholly owned subsidiaries, who subsequently
transferred each loan to Securitization-specific trust entities (the “Trusts”). We accounted for the transfers of the
individual Securitizations as sales under ASC 860, Transfers and Servicing, with no resulting gain or loss as the
Securitizations were both originated by the lender and immediately transferred at the same fair market value.
These transactions had no effect on our consolidated financial statements other than with respect to
certificates issued by the Trusts (collectively, the “Certificates”) that we retained in connection with
Securitizations or purchased at a later date.
F-25

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
The Trusts are structured as pass-through entities that receive interest payments from the Securitizations and
distribute those payments to the holders of the Certificates. The assets held by the Trusts are restricted and can
only be used to fulfill the obligations of those entities. The obligations of the Trusts do not have any recourse to
the general credit of any entities in these consolidated financial statements. We have evaluated our interests in
certain certificates of the Trusts held by us and determined that they do not create a more than insignificant
variable interest in the Trusts.
As the Trusts made Certificates available for sale to both domestic and foreign investors, sponsors of the
mortgage loans are required to retain a portion of the risk that represents a material net economic interest in each
loan pursuant to Regulation RR (the “Risk Retention Rules”) under the Securities Exchange Act of 1934, as
amended. As loan sponsors, we are thus required to retain a portion of the credit risk that represents not less than
5% of the aggregate fair value of the loan as of the closing date. Accordingly, we have retained the restricted
Class B Certificates issued by IH 2017-1, which bear a stated annual interest rate of 4.23% (including applicable
servicing fees), that were made available exclusively to INVH LP to comply with the Risk Retention Rules.
For IH 2018-4, we retained 5% of each class of certificates to meet the Risk Retention Rules. These retained
certificates accrued interest at a floating rate of Term SOFR plus a spread ranging from 1.15% to 1.45%.
The retained certificates, net of discount, total $54,619 and $86,471 as of December 31, 2024 and 2023,
respectively, and are classified as held to maturity investments and recorded in other assets, net on the
consolidated balance sheets (see Note 6).
Loan Covenants
The general terms that apply to all of the mortgage loans require each Borrower Entity to maintain
compliance with certain affirmative and negative covenants. Affirmative covenants include each Borrower
Entity’s, and certain of their respective affiliates’, compliance with (i) licensing, permitting, and legal
requirements specified in the mortgage loan agreements, (ii) organizational requirements of the jurisdictions in
which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the
respective mortgage loan agreements. Negative covenants include each Borrower Entity’s, and certain of their
affiliates’, compliance with limitations surrounding (i) the amount of each Borrower Entity’s indebtedness and
the nature of their investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature
of each Borrower Entity’s business activities, and (v) the required maintenance of specified cash reserves.
Prepayments
For the mortgage loans, prepayments of amounts owed by us are generally not permitted under the terms of
the respective mortgage loan agreements unless such prepayments are made pursuant to the voluntary election or
mandatory provisions specified in such agreements. The specified mandatory provisions become effective to the
extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the
occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary
election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we
must also pay certain breakage costs as determined by the loan servicer and a spread maintenance premium if
prepayment occurs before the month following the one or two year anniversary of the closing dates of each of the
mortgage loans except for IH 2017-1. For IH 2017-1, prepayments on or before December 2026 will require a
yield maintenance premium. For the years ended December 31, 2024, 2023, and 2022, we made voluntary and
mandatory prepayments of $645,666, $20,491, and $1,412,249, respectively, under the terms of the mortgage
loan agreements. For the year ended December 31, 2024, prepayments included the full repayment of the
IH 2018-4 mortgage loan. For the year ended December 31, 2022, prepayments included the full repayment of
the IH 2018-1, IH 2018-2, and IH 2018-3 mortgage loans.
F-26

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Secured Term Loan
On June 7, 2019, 2019-1 IH Borrower LP, a consolidated subsidiary (“2019-1 IH Borrower” and one of our
Borrower Entities), entered into a 12 year loan agreement with a life insurance company (the “Secured Term
Loan”). The Secured Term Loan bears interest at a fixed rate of 3.59%, including applicable servicing fees, for
the first 11 years and bears interest at a floating rate based on a spread of 147 bps, including applicable servicing
fees, over a comparable or successor rate to one month LIBOR for the twelfth year as provided for in our loan
agreement (subject to certain adjustments as outlined in the loan agreement). The Secured Term Loan is secured
by first priority mortgages on a portfolio of single-family rental properties as well as a first priority pledge of the
equity interests of 2019-1 IH Borrower. We utilized the proceeds from the Secured Term Loan to fund:
(i) repayments of then-outstanding indebtedness; (ii) initial deposits into the Secured Term Loan’s reserve
accounts; (iii) transaction costs related to the closing of the Secured Term Loan; and (iv) general corporate
purposes.
The following table sets forth a summary of our Secured Term Loan indebtedness as of December 31, 2024
and 2023:
Maturity
Date
Interest
Rate(1)
December 31,
2024
December 31,
2023
Secured Term Loan . . . . . . . . . . . . . . . . . . . . .
June 9, 2031
3.59%
$403,046
$403,129
Deferred financing costs, net . . . . . . . . . . . . .
(1,397)
(1,614)
Secured Term Loan, net . . . . . . . . . . . . .
$401,649
$401,515
(1)
The Secured Term Loan bears interest at a fixed rate of 3.59% per annum including applicable servicing
fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of
147 bps over a comparable or successor rate to one month LIBOR as provided for in our loan agreement,
including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest
payments are made monthly.
Collateral
As of December 31, 2024 and 2023, the Secured Term Loan’s collateral pool contains 3,331 and 3,332
homes, respectively, with a gross book value of $846,579 and $828,570, respectively, and a net book value of
$663,154 and $675,075, respectively. 2019-1 IH Borrower has the right, subject to certain requirements and
limitations outlined in the loan agreement, to substitute properties representing up to 20% of the collateral pool
annually, and to substitute properties representing up to 100% of the collateral pool over the life of the Secured
Term Loan. In addition, four times after the first anniversary of the closing date, 2019-1 IH Borrower has the
right, subject to certain requirements and limitations outlined in the loan agreement, to execute a special release of
collateral representing up to 15% of the then-outstanding principal balance of the Secured Term Loan in order to
bring the loan-to-value ratio back in line with the Secured Term Loan’s loan-to-value ratio as of the closing date.
Any such special release of collateral would not change the then-outstanding principal balance of the Secured
Term Loan, but rather would reduce the number of single-family rental homes included in the collateral pool.
Loan Covenants
The Secured Term Loan requires 2019-1 IH Borrower to maintain compliance with certain affirmative and
negative covenants. Affirmative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’,
compliance with (i) licensing, permitting and legal requirements specified in the loan agreement,
F-27

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws,
and (iv) books and records requirements specified in the loan agreement. Negative covenants include 2019-1 IH
Borrower’s, and certain of its affiliates’, compliance with limitations surrounding (i) the amount of 2019-1 IH
Borrower’s indebtedness and the nature of its investments, (ii) the execution of transactions with affiliates,
(iii) the Manager, (iv) the nature of 2019-1 IH Borrower’s business activities, and (v) the required maintenance
of specified cash reserves.
Prepayments
Prepayments of the Secured Term Loan are generally not permitted unless such prepayments are made
pursuant to the voluntary election or mandatory provisions specified in the loan agreement. The specified
mandatory provisions become effective to the extent that a property becomes characterized as a disqualified
property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a
property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in
addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan
servicer and a yield maintenance premium if prepayment occurs before June 9, 2030. For the years ended
December 31, 2024 and 2023, we made mandatory prepayments of $83 and $234, respectively, under the terms
of the Secured Term Loan agreement. No such prepayments were made during the year ended December 31,
2022.
Unsecured Notes
Our unsecured notes are issued in connection with either an underwritten public offering pursuant to our
shelf registration statement or in connection with a private placement transaction with certain institutional
investors (collectively, the “Unsecured Notes”). Our current shelf registration statement automatically became
effective upon filing with the SEC in June 2024 and expires in June 2027. We utilize proceeds from the
Unsecured Notes to fund: (i) repayments of then-outstanding indebtedness, including the Securitizations;
(ii) closing costs in connection with the Unsecured Notes; and (iii) general costs associated with our operations
and other corporate purposes, including acquisitions. Interest on the Unsecured Notes is payable semi-annually in
arrears.
The following table sets forth a summary of our Unsecured Notes as of December 31, 2024 and 2023:
Interest
Rate(1)
December 31,
2024
December 31,
2023
Total Unsecured Notes, net(2) . . 2.00% — 5.50% $
3,826,544
$
3,329,856
Deferred financing costs, net . . .
(25,856)
(24,389)
Total . . . . . . . . . . . . . . . . . . .
$
3,800,688
$
3,305,467
(1)
Represents the range of contractual rates in place as of December 31, 2024.
(2)
Net of unamortized discount of $23,456 and $20,144 as of December 31, 2024 and 2023, respectively.
Maturity dates for the Unsecured Notes range from May 2028 through May 2036 (see “Debt Maturities
Schedule” for additional information).
F-28

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Debt Issuances
The following activity occurred during the years ended December 31, 2024, 2023, and 2022 with respect to
the Unsecured Notes:
•
On September 26, 2024, in a public offering under our shelf registration statement, we issued $500,000
aggregate principal amount of 4.88% Senior Notes which mature on February 1, 2035.
•
On August 2, 2023, in a public offering under our existing shelf registration statement, we issued
(1) $450,000 aggregate principal amount of 5.45% Senior Notes which mature on August 15, 2030 and
(2) $350,000 aggregate principal amount of 5.50% Senior Notes which mature on August 15, 2033.
•
On April 5, 2022, in a public offering under our existing shelf registration statement, we issued
$600,000 aggregate principal amount of 4.15% Senior Notes which mature on April 15, 2032.
Prepayments
The Unsecured Notes are redeemable in whole at any time or in part from time to time, at our option, at a
redemption price equal to (i) 100% of the principal amount to be redeemed plus accrued and unpaid interest and
(ii) a make-whole premium calculated in accordance with the respective loan agreements if the redemption
occurs in certain amounts or in certain periods that range from one to three months prior to the maturity date. The
privately placed Unsecured Notes require any prepayment to be an amount not less than 5% of the aggregate
principal amount then outstanding.
Guarantees
The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, by INVH and two of
its wholly owned subsidiaries, the General Partner, and IH Merger Sub, LLC (“IH Merger Sub”).
Loan Covenants
The Unsecured Notes issued publicly under our registration statement contain customary covenants,
including, among others, limitations on the incurrence of debt; and they include the following financial covenants
related to the incurrence of debt: (i) an aggregate debt test; (ii) a debt service test; (iii) a maintenance of total
unencumbered assets; and (iv) a secured debt test.
The privately placed Unsecured Notes contain customary covenants, including, among others, limitations on
distributions, fundamental changes, and transactions with affiliates; and they include the following financial
covenants, subject to certain qualifications: (i) a maximum total leverage ratio; (ii) a maximum secured leverage
ratio; (iii) a maximum unencumbered leverage ratio; (iv) a minimum fixed charge coverage ratio; and (v) a
minimum unsecured interest coverage ratio.
The Unsecured Notes contain customary events of default (subject in certain cases to specified cure
periods), the occurrence of which would allow the holders of notes to take various actions, including the
acceleration of amounts due under the Unsecured Notes.
Term Loan Facilities and Revolving Facility
On September 9, 2024, we entered into the Second Amended and Restated Revolving Credit and Term Loan
Agreement with a syndicate of banks, financial institutions, and institutional lenders for a new credit facility (the
“Credit Facility”). The Credit Facility provides $3,500,000 of borrowing capacity and consists of a $1,750,000
F-29

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
revolving facility (the “Revolving Facility”) and a $1,750,000 term loan facility (the “2024 Term Loan Facility”),
both of which mature on September 9, 2028, with two six month extension options available. The Revolving
Facility also includes borrowing capacity for letters of credit. The Credit Facility provides us with the option to
enter into additional incremental credit facilities (including an uncommitted incremental facility that provides us
with the option to increase the size of the Revolving Facility and/or the 2024 Term Loan Facility such that the
aggregate amount does not exceed $4,000,000 at any time), subject to certain limitations.
The Credit Facility replaced a credit facility that consisted of a $1,000,000 revolving credit facility (the
“2020 Revolving Facility”) and a $2,500,000 term loan facility (the “2020 Term Loan Facility,” and together
with the 2020 Revolving Facility, the “2020 Credit Facility”). The terms and conditions of the Credit Facility are
consistent with those of the 2020 Credit Facility except as otherwise noted below.
Proceeds from the 2024 Term Loan Facility, a $750,000 borrowing on the Revolving Facility on the date of
effectiveness of the Credit Facility, and excess cash on hand were used to fully repay the 2020 Term Loan
Facility and to pay costs associated with the transaction. Future proceeds from the Revolving Facility are
expected to be used for general corporate purposes.
On June 22, 2022, we entered into a Term Loan Agreement with a syndicate of banks for new senior
unsecured term loans (as amended on September 9, 2024, the “2022 Term Loan Facility,” and together with the
2024 Term Loan Facility and the 2020 Term Loan Facility, the “Term Loan Facilities”). The 2022 Term Loan
Facility provided $725,000 of borrowing capacity, consisting of a $150,000 initial term loan (the “Initial Term
Loan”) and delayed draw term loans totaling $575,000 (the “Delayed Draw Term Loans”) which were fully
drawn on December 8, 2022. The Initial Term Loan and the Delayed Draw Term Loans (together, the “2022
Term Loans”) mature on June 22, 2029. The 2022 Term Loan Facility also includes an accordion feature
providing the option to increase the size of the 2022 Term Loans or enter into additional incremental 2022 Term
Loans, such that the aggregate amount of all 2022 Term Loans does not exceed $950,000 at any time, subject to
certain limitations.
The following table sets forth a summary of the outstanding principal amounts under the Term Loan
Facilities and the Revolving Facility, as of December 31, 2024 and 2023:
Maturity
Date
Interest
Rate
December 31,
2024
December 31,
2023
2020 Term Loan Facility(1) . . . . . . . . . .
September 9, 2024
N/A
$
—
$2,500,000
2024 Term Loan Facility(2)(3) . . . . . . . . .
September 9, 2028
5.28%
1,750,000
—
2022 Term Loan Facility(4) . . . . . . . . . .
June 22, 2029
5.58%
725,000
725,000
Total Term Loan Facilities . . . . . .
2,475,000
3,225,000
Less: deferred financing costs, net . . . .
(28,959)
(13,186)
Term Loan Facilities, net . . . . . . .
$2,446,041
$3,211,814
Revolving Facility(2)(3) . . . . . . . . . . . . . .
September 9, 2028
5.21%
$ 570,000
$
—
(1)
Maturity date represents repayment date.
(2)
Interest rates for the 2024 Term Loan Facility and the Revolving Facility are based on Term SOFR adjusted
for a 0.10% credit spread adjustment, plus an applicable margin. As of December 31, 2024, the applicable
margins were 0.85% and 0.78% for the 2024 Term Loan Facility and the Revolving Facility, respectively,
and Term SOFR was 4.33%.
F-30

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(3)
If we exercise the two six month extension options, the maturity date will be September 9, 2029.
(4)
Interest rate for the 2022 Term Loan Facility is based on Term SOFR adjusted for a 0.10% credit spread
adjustment, plus the applicable margin. As of December 31, 2024, the applicable margin was 1.15%, and
Term SOFR was 4.33%.
Interest Rate and Fees
Borrowings under the Credit Facility bear interest, at our option, at a rate equal to a margin over either
(a) Term SOFR for the interest period relevant to such borrowing, (b) a daily SOFR rate calculated without
considering accrued interest, or (c) a base rate determined by reference to the highest of (1) the administrative
agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, (3) the Term SOFR rate that would be
payable on such day for a Term SOFR loan with a one-month interest period plus 1.00%, and (4) 1.00%.
As a result of an April 18, 2023 amendment to the 2020 Credit Facility, borrowings thereunder bore interest,
at our option, at a rate equal to (a) a Term SOFR rate determined by reference to the forward-looking SOFR rate
published by Reuters (or a comparable or successor rate as provided for in our loan agreement) for the interest
period relevant to such borrowing plus 0.10% credit spread adjustment or (b) a base rate determined by reference
to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%,
(3) the Term SOFR rate that would be payable on such day for a Term SOFR rate loan with a one month interest
period plus 1.00%, and (4) 1.00%.
Prior to the April 18, 2023 amendment to the 2020 Credit Facility, borrowings thereunder bore interest, at
our option, at a rate equal to a margin over either (a) a LIBOR rate determined by reference to the Bloomberg
LIBOR rate (or a comparable or successor rate as provided for in our loan agreement) for the interest period
relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative
agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, and (3) the LIBOR rate that would be
payable on such day for a LIBOR rate loan with a one month interest period plus 1.00%.
Borrowings under the 2022 Term Loan Facility bear interest, at our option, at a rate equal to a margin over
either (a) Term SOFR adjusted for an applicable credit spread adjustment (“Adjusted SOFR”) for the interest
period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the
administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, and (3) Adjusted SOFR
for a one month interest period plus 1.00%.
The margins for the Term Loan Facilities, the Revolving Facility, and the 2020 Revolving Facility are as
follows:
Base Rate Loans
Adjusted SOFR
Rate Loans
2024 Term Loan Facility . . . . . . . . . . . . . . . . . . . . . .
0.00% — 0.60%
0.75% — 1.60%
2020 Term Loan Facility . . . . . . . . . . . . . . . . . . . . . .
0.00% — 0.65%
0.80% — 1.65%
2022 Term Loan Facility . . . . . . . . . . . . . . . . . . . . . .
0.15% — 1.20%
1.15% — 2.20%
Revolving Facility . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.00% — 0.40%
0.70% — 1.40%
2020 Revolving Facility . . . . . . . . . . . . . . . . . . . . . . .
0.00% — 0.45%
0.75% — 1.45%
The 2022 Term Loan Facility includes a sustainability component whereby pricing can improve upon our
achievement of certain sustainability ratings, determined via an independent third-party evaluation.
F-31

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
In addition to paying interest on outstanding principal, we are required to pay certain facility and unused
commitment fees. Under the Credit Facility, we are required to pay a facility fee ranging from 0.10% to 0.30%.
We are also required to pay customary letter of credit fees.
Prepayments and Amortization
No principal reductions are required under the Credit Facility or the 2022 Term Loan Facility. We are
permitted to voluntarily repay amounts outstanding under the 2024 Term Loan Facility at any time without
premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs with
respect to Term SOFR loans. After June 22, 2024, we are also permitted to voluntarily repay amounts
outstanding under the 2022 Term Loan Facility without premium or penalty. Once repaid, no further borrowings
will be permitted under the Term Loan Facilities.
Loan Covenants
The Credit Facility and the 2022 Term Loan Facility contain certain customary affirmative and negative
covenants and events of default. Such covenants will, among other things, restrict, subject to certain exceptions,
our ability and that of our subsidiaries to (i) engage in certain mergers, consolidations, or liquidations, (ii) sell,
lease, or transfer all or substantially all of our respective assets, (iii) engage in certain transactions with affiliates,
(iv) make changes to our fiscal year, (v) make changes in the nature of our business and our subsidiaries, and
(vi) enter into certain burdensome agreements.
The Credit Facility and the 2022 Term Loan Facility also require us, on a consolidated basis with our
subsidiaries, to maintain a (i) maximum total leverage ratio, (ii) maximum secured leverage ratio, (iii) maximum
unencumbered leverage ratio, (iv) minimum fixed charge coverage ratio, and (v) minimum unsecured interest
coverage ratio. If an event of default occurs, the lenders under the Credit Facility and the 2022 Term Loan
Facility are entitled to take various actions, including the acceleration of amounts due thereunder. On
September 9, 2024, we amended the 2022 Term Loan Facility to change the definition of “Total Asset Value” to
conform with the new Credit Facility and to remove the “Maximum Secured Leverage Ratio” financial covenant.
Guarantees
The obligations under the Credit Facility and the 2022 Term Loan Facility are guaranteed on a joint and
several basis by INVH and two of its wholly owned subsidiaries, the General Partner, and IH Merger Sub. On
September 17, 2021, the obligations under the 2020 Credit Facility became guaranteed pursuant to a similar
parent guaranty agreement with INVH, the General Partner, and IH Merger Sub.
Debt Maturities Schedule
The following table summarizes the contractual maturities of our debt as of December 31, 2024:
Year
Mortgage
Loans
Secured
Term Loan
Unsecured
Notes
Term Loan
Facilities(1)
Revolving
Facility(1)(2)
Total
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . $
—
$
—
$
—
$
—
$
—
$
—
2026 . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
2027 . . . . . . . . . . . . . . . . . . . . . . . . . .
989,151
—
—
—
—
989,151
2028 . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
750,000
1,750,000
570,000
3,070,000
2029 . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
725,000
—
725,000
Thereafter . . . . . . . . . . . . . . . . . . . . . .
—
403,046
3,100,000
—
—
3,503,046
F-32

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Year
Mortgage
Loans
Secured
Term Loan
Unsecured
Notes
Term Loan
Facilities(1)
Revolving
Facility(1)(2)
Total
Total . . . . . . . . . . . . . . . . . . . . . .
989,151
403,046
3,850,000
2,475,000
570,000
8,287,197
Less: deferred financing costs, net . .
(4,347)
(1,397)
(25,856)
(28,959)
—
(60,559)
Less: unamortized debt discount . . . .
(880)
—
(23,456)
—
—
(24,336)
Total . . . . . . . . . . . . . . . . . . . . . . $983,924 $ 401,649 $3,800,688 $2,446,041 $
570,000 $8,202,302
(1)
If we exercise the two six month extension options, the maturity date for the 2024 Term Loan Facility and
the Revolving Facility will be September 9, 2029.
(2)
Deferred financing costs related to the Revolving Facility are classified in other assets, net (see Note 6).
Note 8—Derivative Instruments
From time to time, we enter into derivative instruments to manage the economic risk of changes in interest
rates. We do not enter into derivative transactions for speculative or trading purposes. Designated Hedges are
derivatives that meet the criteria for hedge accounting and that we have elected to designate as hedges.
Non-Designated Hedges are derivatives that do not meet the criteria for hedge accounting or that we did not elect
to designate as hedges.
Designated Hedges
We have entered into various interest rate swap agreements, which are used to hedge the variable cash flows
associated with variable-rate interest payments. Each of our swap agreements is designated for hedge accounting
purposes and is currently indexed to one month Term SOFR. Changes in the fair value of these swaps are
recorded in other comprehensive income and are subsequently reclassified into earnings in the period in which
the hedged forecasted transactions affect earnings.
The table below summarizes our interest rate swap instruments as of December 31, 2024:
Agreement Date
Forward
Effective Date
Maturity
Date
Strike
Rate
Index
Notional
Amount
April 18, 2023 . . . . . . . . .
March 31, 2023
January 31, 2025
2.80% One month Term SOFR
$400,000
April 18, 2023 . . . . . . . . .
April 15, 2023
June 9, 2025
2.94% One month Term SOFR
325,000
April 18, 2023 . . . . . . . . .
April 15, 2023
July 31, 2025
3.08% One month Term SOFR
200,000
September 20, 2024 . . . .
December 31, 2024
May 31, 2028
3.13% One month Term SOFR
200,000
September 20, 2024 . . . .
December 31, 2024
May 31, 2028
3.14% One month Term SOFR
200,000
September 23, 2024 . . . .
December 31, 2024
May 31, 2028
3.13% One month Term SOFR
200,000
September 24, 2024 . . . .
December 31, 2024
May 31, 2028
3.08% One month Term SOFR
200,000
September 24, 2024 . . . .
December 31, 2024
May 31, 2028
3.08% One month Term SOFR
200,000
September 25, 2024 . . . .
December 31, 2024
May 31, 2028
1.93% One month Term SOFR
200,000
September 25, 2024 . . . .
December 31, 2024
May 31, 2029
3.12% One month Term SOFR
200,000
March 22, 2023 . . . . . . . .
July 9, 2025
May 31, 2029
2.99% One month Term SOFR
300,000
During the year ended December 31, 2024, we entered into certain new interest rate swap agreements and
terminated others resulting in a net payment to the counterparties of $1,140. There were no such terminations
during the year ended December 31, 2023, and during the year ended December 31, 2022, we terminated interest
rate swaps or portions thereof and paid counterparties $13,292 in connection with those terminations.
F-33

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
During the years ended December 31, 2024, 2023, and 2022, interest rate swap instruments were used to
hedge the variable cash flows associated with existing variable-rate interest payments. Amounts reported in
accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest
payments are made on our variable-rate debt. During the next 12 months, we estimate that $25,976 will be
reclassified to earnings as a decrease in interest expense.
Non-Designated Hedges
Concurrent with entering into certain of the mortgage loan agreements, we entered into or acquired and
maintained interest rate cap agreements with terms and notional amounts equivalent to the terms and amounts of
the mortgage loans made by the third-party lenders. Any such interest rate cap agreement, including all of our
rights to payments owed by the counterparties and all other rights, was pledged as additional collateral for the
mortgage loan. Additionally, in certain instances, in order to minimize the cash impact of purchasing required
interest rate caps, we simultaneously sold interest rate caps (which have identical terms and notional amounts)
such that the purchase price and sales proceeds of the related interest rate caps were intended to offset each other.
As of December 31, 2024, we did not have any interest rate caps.
Fair Values of Derivative Instruments on the Consolidated Balance Sheets
The table below presents the fair value of our derivative financial instruments as well as their classification
on the consolidated balance sheets as of December 31, 2024 and 2023:
Asset Derivatives
Liability Derivatives
Fair Value as of
Fair Value as of
Balance
Sheet
Location
December 31,
2024
December 31,
2023
Balance
Sheet Location
December 31,
2024
December 31,
2023
Derivatives designated as hedging
instruments:
Interest rate swaps . . . . . . . . . . . . . .
Other assets
$
61,479 $
75,487 Other liabilities $
—
$
—
Derivatives not designated as hedging
instruments:
Interest rate caps . . . . . . . . . . . . . . .
Other assets
—
1 Other liabilities
—
—
Total . . . . . . . . . . . . . . . . . . . . .
$
61,479 $
75,488
$
—
$
—
Offsetting Derivatives
We enter into master netting arrangements, which reduce risk by permitting net settlement of transactions
with the same counterparty. The tables below present a gross presentation, the effects of offsetting, and a net
presentation of our derivatives as of December 31, 2024 and 2023:
December 31, 2024
Gross Amounts
of Recognized
Assets/
Liabilities
Gross
Amounts
Offset in the
Statement of
Financial
Position
Net Amounts
of Assets/
Liabilities
Presented in
the Statement
of Financial
Position
Gross Amounts Not Offset in the
Statement of Financial Position
Financial
Instruments
Cash
Collateral
Received
Net
Amount
Offsetting assets:
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 61,479
$
—
$
61,479
$
—
$
—
$
61,479
Offsetting liabilities:
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—
$
—
$
—
$
—
$
—
$
—
F-34

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
December 31, 2023
Gross Amounts
of Recognized
Assets/
Liabilities
Gross
Amounts
Offset in the
Statement of
Financial
Position
Net Amounts
of Assets/
Liabilities
Presented in
the Statement
of Financial
Position
Gross Amounts Not Offset in the
Statement of Financial Position
Financial
Instruments
Cash
Collateral
Received
Net
Amount
Offsetting assets:
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$75,488
$
—
$75,488
$
—
$
—
$75,488
Offsetting liabilities:
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—
$
—
$
—
$
—
$
—
$
—
Effect of Derivative Instruments on the Consolidated Statements of Comprehensive Income (Loss) and the
Consolidated Statements of Operations
The tables below present the effect of our derivative financial instruments in the consolidated statements of
comprehensive income (loss) and the consolidated statements of operations for the years ended December 31,
2024, 2023, and 2022:
Amount of Gain
Recognized in OCI on Derivative
Location of
Gain (Loss)
Reclassified
from
Accumulated
OCI into Net
Income
Amount of Gain (Loss)
Reclassified from
Accumulated OCI into Net
Income
Total Amount of Interest
Expense Presented in the
Consolidated Statements of
Operations
For the Years Ended
December 31,
For the Years Ended
December 31,
For the Years Ended
December 31,
2024
2023
2022
2024
2023
2022
2024
2023
2022
Derivatives in cash flow hedging
relationships:
Interest rate swaps . . . . . . . . .
$73,042
$39,488
$327,323 Interest expense $75,772
$73,856 $(59,103) $366,070 $333,457 $304,092
Location of
Loss
Recognized in
Net Income on
Derivative
Amount of Loss Recognized
in Net Income on
Derivative
For the Years Ended
December 31,
2024
2023
2022
Derivatives not designated as hedging instruments:
Interest rate caps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense
$
1
$
73
$81
Credit-Risk-Related Contingent Features
The agreements with our derivative counterparties which govern our interest rate swap agreements contain a
provision where we could be declared in default on our derivative obligations if repayment of the underlying
indebtedness is accelerated by the lender due to our default on the indebtedness.
As of December 31, 2024, we were not in a net liability position with any of our derivative counterparties.
Note 9—Stockholders’ Equity
As of December 31, 2024 we have issued 612,605,478 shares of common stock. In addition, we issue
OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a
one-for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our consolidated
balance sheets and statements of equity. As of December 31, 2024, 1,979,009 outstanding OP Units are
redeemable.
During the years ended December 31, 2024, 2023, and 2022, we issued 647,239, 546,857, and 10,365,944,
shares of common stock, respectively.
F-35

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
At the Market Equity Program
On December 20, 2021, we entered into distribution agreements with a syndicate of banks (the “Agents”
and the “Forward Sellers”), and on June 14, 2024, we entered into distribution agreements with additional Agents
and Forward Sellers. Pursuant to these agreements, we may sell, from time to time, up to an aggregate sales price
of $1,250,000 of our common stock through the Agents and the Forward Sellers (the “ATM Equity Program”). In
addition to the issuance of shares of our common stock, the distribution agreements permit us to enter into
separate forward sale transactions with certain forward purchasers who may borrow shares from third parties and,
through affiliated Forward Sellers, offer a number of shares of our common stock equal to the number of shares
of our common stock underlying the particular forward transaction. During the years ended December 31, 2024
and 2023, we did not sell any shares of common stock under the ATM Equity Program. During the year ended
December 31, 2022, we sold 2,438,927 shares of our common stock under our ATM Equity Program, generating
net proceeds of $98,367, after giving effect to Agent commissions and other costs totaling $1,633. As of
December 31, 2024, $1,150,000 remains available for future offerings under the ATM Equity Program.
Dividends
To qualify as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT
taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax
at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We
intend to pay quarterly dividends to our stockholders that in the aggregate are approximately equal to or exceed
our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our
stockholders, will be at the sole discretion of our board of directors.
The following table summarizes our dividends paid from January 1, 2023 through December 31, 2024:
Record Date
Amount
per Share
Pay Date
Total
Amount
Paid
Q4-2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 26, 2024
$0.28
October 18, 2024
$171,485
Q3-2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 27, 2024
0.28
July 19, 2024
172,389
Q2-2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 28, 2024
0.28
April 19, 2024
171,712
Q1-2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 27, 2023
0.28
January 19, 2024
171,721
Q4-2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
November 7, 2023
0.26
November 22, 2023
160,350
Q3-2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
August 8, 2023
0.26
August 25, 2023
160,540
Q2-2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 10, 2023
0.26
May 26, 2023
159,493
Q1-2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
February 14, 2023
0.26
February 28, 2023
158,453
On December 11, 2024, our board of directors declared a dividend of $0.29 (actual $) per share to
stockholders of record on December 26, 2024, resulting in a $176,952 dividend payment on January 17, 2025
(see Note 16). This dividend payment is accrued in other liabilities on our December 31, 2024 consolidated
balance sheet.
Note 10—Share-Based Compensation
Our board of directors adopted, and our stockholders approved, the Invitation Homes Inc. 2017 Omnibus
Incentive Plan (the “Omnibus Incentive Plan”) to provide a means through which to attract and retain key
associates and to provide a means whereby our directors, officers, associates, consultants, and advisors can
acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive
compensation measured by reference to the value of our common stock, and to align their interests with those of
our stockholders. Under the Omnibus Incentive Plan, we may issue up to 16,000,000 shares of common stock.
F-36

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Our share-based awards consist of RSUs, which may be time vesting, performance based vesting, or market
based vesting, and Outperformance Awards (defined below). Time-vesting RSUs are participating securities for
EPS purposes, and PRSUs and Outperformance Awards are not.
Share-Based Awards
The following summarizes our share-based award activity during the years ended December 31, 2024, 2023,
and 2022.
Annual Long Term Incentive Plan (“LTIP”):
•
Annual LTIP Awards Granted: During the years ended December 31, 2024, 2023, and 2022, we
granted 810,615, 776,492, and 640,107, RSUs, respectively, pursuant to LTIP awards. Each award
includes components which vest based on time-vesting conditions, market based vesting conditions,
and performance based vesting conditions, each of which is subject to continued employment through
the applicable vesting date.
•
LTIP time-vesting RSUs vest in three equal annual installments based on an anniversary date of
March 1st. LTIP PRSUs may be earned based on the achievement of certain measures over a three year
performance period. The number of PRSUs earned will be determined based on performance achieved
during the performance period for each measure at certain threshold, target, or maximum levels and
corresponding payout ranges. In general, the LTIP PRSUs are earned after the end of the performance
period on the date on which the performance results are certified by our compensation and management
development committee (the “Compensation Committee”).
All of the LTIP Awards are subject to certain change in control and retirement eligibility provisions
that may impact these vesting schedules.
•
PRSU Results: During the years ended December 31, 2024, 2023, and 2022, certain LTIP PRSUs
vested and achieved performance in excess of the target level, resulting in the issuance of an additional
193,615, 188,001, and 285,601 shares of common stock, respectively. Such awards are reflected as an
increase in the number of awards granted and vested in the table below.
Other Award Activity
•
Other Awards: During the year ended December 31, 2024, we granted 51,372 time-vesting RSUs to
members of our board of directors, which will fully vest on the date of INVH’s 2025 annual
stockholders meeting, subject to continued service on the board of directors through such date. During
the years ended December 31, 2023 and 2022, INVH issued 50,895 and 36,912 time-vesting RSUs,
which fully vested on the dates of INVH’s 2024 and 2023 annual stockholders meetings, respectively.
During the year ended December 31, 2023, we granted 56,562 employment awards, respectively, in the
form of time-vesting RSUs that vest in three equal annual installments based on an anniversary date of
the grant date.
•
Modifications: On February 1, 2023, the vesting conditions of certain outstanding equity awards with a
pre-modification aggregate fair value of $3,741 were modified, resulting in an incremental $309 of
share-based compensation expense over the remaining service period. During the year ended
December 31, 2023, $1,941 of previously recognized share-based compensation expense with respect
to these awards was reversed, and we began amortizing the modified fair value over the remaining
service period.
F-37

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Outperformance Awards
On May 1, 2019, the Compensation Committee approved equity based awards in the form of PRSUs and
OP Units (the “2019 Outperformance Awards”). The 2019 Outperformance Awards included market based
vesting conditions related to absolute and relative total shareholder returns (“TSRs”) over a three year
performance period that ended on March 31, 2022. In April 2022, the absolute TSR and the relative TSR were
separately calculated, and the Compensation Committee certified achievement of each at maximum achievement.
The number of earned 2019 Outperformance Awards was then determined based on the earned dollar value of the
awards (at maximum) and the stock price at the performance certification date, resulting in 311,425 earned
PRSUs and 498,224 earned OP Units. Earned awards vested 50% on the certification date in April 2022, 25%
vested on March 31, 2023, and the remaining 25% vested on March 31, 2024. The estimated fair values of 2019
Outperformance Awards that fully vested during the years ended December 31, 2024, 2023, and 2022 were an
aggregate $2,808, $3,164, and $6,134, respectively. The aggregate $12,160 grant-date fair value of the 2019
Outperformance Awards that were earned was determined based on Monte-Carlo option pricing models which
estimated the probability of achievement of the TSR thresholds. The grant-date fair value was amortized ratably
over each vesting period.
On April 1, 2022, the Compensation Committee granted equity based awards with market based vesting
conditions in the form of PRSUs and OP Units (the “2022 Outperformance Awards” and together with the 2019
Outperformance Awards, the “Outperformance Awards”). The 2022 Outperformance Awards may be earned
based on the achievement of rigorous absolute TSR and relative TSR return thresholds over a three year
performance period ending March 31, 2025. The 2022 Outperformance Awards provide that upon completion of
75% of the performance period, or June 30, 2024 (the “Interim Measurement Date”), performance achieved as of
the Interim Measurement Date was calculated consistent with the award terms. To the extent performance
through the Interim Measurement Date resulted in a payout if the performance period had ended on that date, a
minimum of 50% of such hypothetical payout amount is guaranteed as a minimum level payout for the full
performance period, so long as certain minimum levels of relative TSR are achieved for the full performance
period. As of the Interim Measurement Date, the relative TSR component of the 2022 Outperformance Awards
was calculated at maximum achievement, while the absolute TSR component was below threshold. As such,
overall performance as of the Interim Measurement Date results in a 50% payout of the 2022 Outperformance
Awards, or a guaranteed minimum payout of 25%, provided that certain minimum levels of relative TSR are
achieved for the full performance period.
The final award achievement will be equal to the greater of the payouts determined based on the Interim
Measurement Date and performance through March 31, 2025. Upon completion of the performance period, the
dollar value of the awards earned under the absolute and relative TSR components will be separately calculated,
and the number of earned 2022 Outperformance Awards will be determined based on the earned dollar value of
the awards and the stock price at the performance certification date. Earned awards will vest 50% on the
certification date and 50% on March 31, 2026, subject to continued employment. As of December 31, 2024, 2022
Outperformance Awards with an approximate aggregate $17,100 grant-date fair value have been issued and
remain outstanding. The grant-date fair value was determined based on Monte-Carlo option pricing models
which estimate the probability of achievement of the TSR thresholds, and it is amortized ratably over each
vesting period.
F-38

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Summary of Total Share-Based Awards
The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than
Outperformance Awards, during the years ended December 31, 2024, 2023, and 2022:
Time-Vesting Awards
PRSUs
Total Share-Based Awards(1)
Number
Weighted
Average Grant
Date Fair Value
(Actual $)
Number
Weighted
Average Grant
Date Fair Value
(Actual $)
Number
Weighted
Average Grant
Date Fair Value
(Actual $)
Balance, December 31, 2021 . . .
397,085
$
29.05
1,097,537
$
28.38
1,494,622
$
28.56
Granted . . . . . . . . . . . . . . . .
339,517
37.39
730,078
31.46
1,069,595
33.34
Vested(2) . . . . . . . . . . . . . . . .
(213,884)
(28.84)
(602,994)
(24.67)
(816,878)
(25.76)
Forfeited / canceled . . . . . . .
(12,846)
(35.22)
(13,050)
(29.16)
(25,896)
(32.16)
Balance, December 31, 2022 . . .
509,872
34.54
1,211,571
32.08
1,721,443
32.81
Granted . . . . . . . . . . . . . . . .
350,949
31.67
721,001
30.51
1,071,950
30.89
Vested(2) . . . . . . . . . . . . . . . .
(220,208)
(33.06)
(505,933)
(31.54)
(726,141)
(32.00)
Forfeited / canceled . . . . . . .
(29,894)
(34.14)
(61,697)
(31.22)
(91,591)
(32.17)
Balance, December 31, 2023 . . .
610,719
33.44
1,364,942
31.48
1,975,661
32.09
Granted . . . . . . . . . . . . . . . .
316,540
34.71
739,062
34.24
1,055,602
34.38
Vested(2) . . . . . . . . . . . . . . . .
(268,193)
(32.69)
(625,315)
(28.84)
(893,508)
(30.00)
Forfeited / canceled . . . . . . .
(27,678)
(35.29)
(31,988)
(32.68)
(59,666)
(33.89)
Balance, December 31, 2024 . . .
631,388
$
34.32
1,446,701
$
34.01
2,078,089
$
34.10
(1)
Total share-based awards excludes Outperformance Awards.
(2)
All vested share-based awards are included in basic EPS for the periods after each award’s vesting date. The
estimated aggregate fair value of share-based awards that fully vested during the years ended December 31, 2024,
2023, and 2022 was $28,207, $23,265, and $21,154, respectively. During the years ended December 31, 2024,
2023, and 2022, 112, 5,306, and 3,084 RSUs, respectively, were accelerated pursuant to the terms and conditions
of the Omnibus Incentive Plan and related award agreements.
Grant-Date Fair Values
The grant-date fair values of the time-vesting RSUs and PRSUs with performance condition vesting criteria
are generally based on the closing price of our common stock on the grant date. However, the grant-date fair
values for share-based awards with market condition vesting criteria are based on Monte-Carlo option pricing
models. The following table summarizes the significant inputs utilized in these models for such awards granted
or modified during the years ended December 31, 2024, 2023, and 2022:
For the Years Ended December 31,
2024
2023
2022
Expected volatility(1) . . . . . . . . . . . .
20.7% – 24.6%
20.5% – 30.0%
28.9% – 33.6%
Risk-free rate . . . . . . . . . . . . . . . . . .
4.25%
4.31% – 4.62%
1.72% – 2.59%
Expected holding period (years) . . .
2.83
1.00 – 2.84
2.84 – 3.00
(1)
Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the
applicable index.
F-39

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Summary of Total Share-Based Compensation Expense
During the years ended December 31, 2024, 2023, and 2022, we recognized share-based compensation
expense as follows:
For the Years Ended December 31,
2024
2023
2022
General and administrative . . . . . . . . . . . . . . . . . . . . . . . .
$22,088
$22,540
$22,469
Property management expense . . . . . . . . . . . . . . . . . . . . . .
5,830
6,963
6,493
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$27,918
$29,503
$28,962
As of December 31, 2024, there is $26,702 of unrecognized share-based compensation expense related to
non-vested share-based awards which is expected to be recognized over a weighted average period of 1.59 years.
Note 11—Fair Value Measurements
The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued
expenses, resident security deposits, and certain components of other liabilities approximate fair value due to the
short maturity of these amounts. Our interest rate swap agreements, interest rate cap agreements, if any, and
investments in equity securities with a readily determinable fair value are recorded at fair value on a recurring
basis within our consolidated financial statements. The fair values of interest rate swaps and caps, which are
classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar
attributes and maturities. See Note 8 for the details of the consolidated balance sheet classification and the fair
values for the interest rate swaps and caps. The fair values of our investments in equity securities with a readily
determinable fair value are classified as Level 1 in the fair value hierarchy. For additional information related to
our investments in equity and other securities as of December 31, 2024 and 2023, refer to Note 6.
Financial Instrument Fair Value Disclosures
The following table displays the carrying values and fair values of financial instruments as of December 31,
2024 and 2023:
December 31, 2024
December 31, 2023
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Assets carried at historical cost on the
consolidated balance sheets:
Investments in debt securities(1) . . . . . . Level 2 $
54,619 $
52,768 $
86,471 $
84,591
Liabilities carried at historical cost on
the consolidated balance sheets:
Unsecured Notes — public
offering(2) . . . . . . . . . . . . . . . . . . . . . Level 1 $3,526,544 $3,218,156 $3,029,856 $2,725,884
Mortgage loans(3) . . . . . . . . . . . . . . . . . Level 2
988,271
945,386
1,633,585
1,576,813
Unsecured Notes — private
placement(4) . . . . . . . . . . . . . . . . . . . Level 2
300,000
251,855
300,000
245,766
Secured Term Loan(5) . . . . . . . . . . . . . Level 3
403,046
358,222
403,129
369,402
Term Loan Facilities(6) . . . . . . . . . . . . . Level 3
2,475,000
2,478,006
3,225,000
3,230,747
Revolving Facility(7) . . . . . . . . . . . . . . Level 3
570,000
570,702
—
—
(1)
The carrying values of investments in debt securities are shown net of discount.
F-40

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(2)
The carrying value of the Unsecured Notes — public offering includes $23,456 and $20,144 of unamortized
discount and excludes $24,847 and $23,211 of deferred financing costs as of December 31, 2024 and 2023,
respectively.
(3)
The carrying values of the mortgage loans include $880 and $1,232 of unamortized discount and exclude
$4,347 and $6,329 of deferred financing costs as of December 31, 2024 and 2023, respectively.
(4)
The carrying value of the Unsecured Notes — private placement excludes $1,009 and $1,178 of deferred
financing costs as of December 31, 2024 and 2023, respectively.
(5)
The carrying value of the Secured Term Loan excludes $1,397 and $1,614 of deferred financing costs as of
December 31, 2024 and 2023, respectively.
(6)
The carrying values of the Term Loan Facilities exclude $28,959 and $13,186 of deferred financing costs as
of December 31, 2024 and 2023, respectively.
(7)
The carrying value of the Revolving Facility excludes deferred financing costs which are classified in other
assets, net (see Note 6).
We value our Unsecured Notes — public offering using quoted market prices for each underlying issuance,
a Level 1 price within the fair value hierarchy. The fair values of our investments in debt securities, Unsecured
Notes — private placement, and mortgage loans, which are classified as Level 2 in the fair value hierarchy, are
estimated based on market bid prices of comparable instruments at period end.
We review the fair value hierarchy classifications each reporting period. Changes in the observability of the
valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications
are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the
changes occur. Availability of secondary market activity and consistency of pricing from third-party sources
impacts our ability to classify securities as Level 2 or Level 3.
The following table displays the significant unobservable inputs used to develop our Level 3 fair value
measurements as of December 31, 2024:
Quantitative Information about Level 3 Fair Value Measurement(1)
Fair Value
Valuation Technique
Unobservable
Input
Rate
Secured Term Loan . . . . . . . . . . . . . . . .
$ 358,222
Discounted Cash Flow
Effective Rate
5.65%
Term Loan Facilities . . . . . . . . . . . . . . .
2,478,006
Discounted Cash Flow
Effective Rate
4.90% – 5.56%
Revolving Facility . . . . . . . . . . . . . . . . .
570,702
Discounted Cash Flow
Effective Rate
4.82% – 5.18%
(1)
Our Level 3 fair value instruments require interest only payments.
Nonrecurring Fair Value Measurements
Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded
impairments.
F-41

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Single-Family Residential Properties
The single-family residential properties for which we have recorded impairments, measured at fair value on
a nonrecurring basis, are summarized below:
For the Years Ended December 31,
2024
2023
2022
Investments in single-family residential properties, net held for
sale (Level 3):
Pre-impairment amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2,936
$
2,208
$
1,208
Total impairments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(506)
(427)
(310)
Fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2,430
$
1,781
$
898
We did not record any impairments for our investments in single-family residential properties, net held for
use during the years ended December 31, 2024, 2023, and 2022. For additional information related to our single-
family residential properties as of December 31, 2024 and 2023, refer to Note 3.
Note 12—Earnings per Share
Basic and diluted EPS are calculated as follows:
For the Years Ended December 31,
2024
2023
2022
(in thousands, except share and per share data)
Numerator:
Net income available to common
stockholders — basic and
diluted . . . . . . . . . . . . . . . . . . . . .
$
453,164
$
518,774
$
382,668
Denominator:
Weighted average common shares
outstanding — basic . . . . . . . . . .
612,551,317
611,893,784
609,770,610
Effect of dilutive securities:
Incremental shares attributed
to non-vested share-based
awards . . . . . . . . . . . . . . . . .
1,080,300
1,394,924
1,341,786
Weighted average common shares
outstanding — diluted . . . . . . . . .
613,631,617
613,288,708
611,112,396
Net income per common share —
basic . . . . . . . . . . . . . . . . . . . . . . .
$
0.74
$
0.85
$
0.63
Net income per common share —
diluted . . . . . . . . . . . . . . . . . . . . .
$
0.74
$
0.85
$
0.63
Incremental shares attributed to non-vested share-based awards are excluded from the computation of
diluted EPS when they are anti-dilutive. Because their inclusion would have been anti-dilutive, incremental
shares attributed to non-vested share-based awards are excluded from the denominator. Anti-dilutive shares total
133,464, 3,125, and 57,278 for the years ended December 31, 2024, 2023, and 2022, respectively.
F-42

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
For the years ended December 31, 2024, 2023, and 2022, vested OP Units have been excluded from the
computation of EPS because all income attributable to such vested OP Units has been recorded as
non-controlling interest and thus excluded from net income available to common stockholders.
In connection with the SWH merger, we assumed certain convertible senior notes including $345,000 in
aggregate principal amount of 3.50% convertible senior notes due 2022 issued by SWH in January 2017 (the
“2022 Convertible Notes”). The outstanding balance of the 2022 Convertible Notes was settled in January 2022.
As such, they had no effect on potential dilution for the years ended December 31, 2024 and 2023. For the year
ended December 31, 2022, using the “if-converted” method, 290,079 potential shares of common stock issuable
upon the conversion of the 2022 Convertible Notes are excluded from the computation of diluted EPS as they are
anti-dilutive. Additionally, no adjustment to the numerator was required for interest expense related to the 2022
Convertible Notes for the year ended December 31, 2022 or any period subsequent thereto.
Note 13—Income Tax
We account for income taxes under the asset and liability method. For our taxable REIT subsidiaries,
deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to
differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using
the enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or
settled. We provide a valuation allowance, from time to time, for deferred tax assets for which we do not
consider realization of such assets to be more likely than not. As of December 31, 2024 and 2023, we have not
recorded any deferred tax assets and liabilities or unrecognized tax benefits. We do not anticipate a significant
change in unrecognized tax benefits within the next 12 months.
Note 14—Commitments and Contingencies
Lease Commitments
The following table sets forth our fixed lease payment commitments as a lessee as of December 31, 2024,
for the periods below:
Year
Operating
Leases
Finance
Leases
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,402
$
3,147
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,106
3,058
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,655
2,576
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,909
707
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,372
—
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,698
—
Total lease payments . . . . . . . . . . . . . . . . . . . . . . . . .
28,142
9,488
Less: imputed interest . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6,238)
(852)
Total lease liability . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 21,904
$
8,636
F-43

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
The components of lease expense for the years ended December 31, 2024, 2023, and 2022 are as follows:
For the Years Ended
December 31,
2024
2023
2022
Operating lease cost:
Fixed lease cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$4,225
$3,317
$3,284
Variable lease cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,574
1,515
1,498
Total operating lease cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$5,799
$4,832
$4,782
Finance lease cost:
Amortization of ROU assets . . . . . . . . . . . . . . . . . . . . . .
$4,006
$2,790
$2,676
Interest on lease liabilities . . . . . . . . . . . . . . . . . . . . . . . .
581
375
234
Total finance lease cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$4,587
$3,165
$2,910
New-Build Commitments
We have entered into binding purchase agreements with certain homebuilders for the purchase of 2,031
homes over the next three years. Remaining commitments under these agreements total approximately $590,000
as of December 31, 2024.
Insurance Policies
Pursuant to the terms of certain of our loan agreements (see Note 7), laws and regulations of the
jurisdictions in which our properties are located, and general business practices, we are required to procure
insurance on our properties. As of December 31, 2024, there are no material contingent liabilities related to
uninsured losses with respect to our properties, except as noted below.
Hurricane-Related Losses
During the year ended December 31, 2024, Hurricanes Milton, Beryl, Debby, and Helene damaged certain
of our properties in Texas, Florida, Atlanta, and the Carolinas. We estimate that our homes incurred
approximately $55,100 of hurricane damage, net of estimated insurance recoveries, which has been expensed as
casualty losses, impairment, and other on our consolidated statement of operations for the year ended
December 31, 2024. Remaining unpaid estimated costs totaling $36,400 are reflected in accounts payable and
accrued expenses on our consolidated balance sheet as of December 31, 2024. As of December 31, 2024, we
have recorded $6,400 of receivables for the portion of the related damages we believe will be recoverable
through our property and casualty insurance policies which provide coverage for wind and flood damage, as well
as business interruption costs during the period of remediation and repairs, subject to specified deductibles and
limits.
Legal and Other Matters
We are subject to various legal proceedings and claims that arise in the ordinary course of our business as
well as congressional and regulatory inquiries and engagements. We accrue a liability when we believe that it is
both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We
do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our
consolidated financial statements, except as noted below.
F-44

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
In August 2021, the Federal Trade Commission (“FTC”) began investigating certain of our business
practices. The inquiry related primarily to how we conduct our business generally and how business was
conducted during the COVID-19 pandemic specifically. After fully cooperating with the inquiry and extensive
negotiations with the FTC, we entered into a stipulated proposed order with the FTC, resolving all aspects of the
inquiry without any admission of liability, which became final on September 27, 2024. Pursuant to the stipulated
order, we paid $48,000 of monetary relief, with no civil penalties, to the FTC during the year ended
December 31, 2024. The full amount of the monetary relief and other costs associated therewith are included in
other, net on our consolidated statements of operations.
In July 2024, we entered into an agreement which completely resolved the legal dispute entitled City of San
Diego et al v. Invitation Homes, Inc., fully releasing INVH without any admission of liability. Pursuant to the
settlement agreement, we paid $19,993 during the year ended December 31, 2024. The full settlement amount
and other costs associated therewith are included in other, net on our consolidated statements of operations.
Note 15—Segment Reporting
Our principal business is investment in and management of single-family residential properties for lease. As
of December 31, 2024, we wholly own 85,138 homes for lease, jointly own 7,622 homes for lease, and provide
professional third-party property and asset management services for an additional 17,678 homes, all of which are
primarily located in 16 core markets across the country. We have determined that these properties are managed
on a consolidated basis and represent one reportable segment.
Our Chief Executive Officer is our chief operating decision maker (“CODM”). We concluded that we have
one reportable segment based on the way our CODM regularly reviews internally reported financial information
to evaluate performance, make operating decisions, and allocate resources at a consolidated level. Net income as
reported on our consolidated statements of operations is a primary metric utilized by the CODM to analyze the
performance of the segment, including budget versus actual performance, and to allocate resources. The assets of
our single reportable segment are reported as total assets on our consolidated balance sheets as our CODM does
not use this measure to assess segment performance or to make resource allocation decisions. The accounting
policies for the reportable segment are the same as those described in Note 2.
Significant Segment Expenses
Our operating expenses are regularly reviewed by our CODM. All expenses are reviewed, but our CODM is
regularly provided additional detail regarding the direct costs of operating our properties included in property
operating and maintenance expense on our consolidated statements of operations. Other expense categories such
as property management expense, general and administrative, depreciation and amortization, and interest expense
are included on our consolidated statements of operations. The following table sets forth the significant expenses
that comprise property operating and maintenance expense on our consolidated statements of operations for the
years ended December 31, 2024, 2023, and 2022:
For the Years Ended December 31,
2024
2023
2022
Fixed expenses(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$504,025
$474,182
$421,256
Controllable expenses(2) . . . . . . . . . . . . . . . . . . . . . .
431,248
406,153
365,095
Total property operating and maintenance . . . . . . . . . . . .
$935,273
$880,335
$786,351
(1)
Fixed expenses include the following: property taxes; insurance expense; and HOA expenses.
(2)
Controllable expenses include the following: repairs and maintenance; personnel, leasing, and marketing;
turnover; and utilities and property administrative.
F-45

INVITATION HOMES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
Note 16—Subsequent Events
In connection with the preparation of the accompanying consolidated financial statements, we have
evaluated events and transactions occurring after December 31, 2024, for potential recognition or disclosure.
Dividend Payment
On December 11, 2024, our board of directors declared a dividend of $0.29 (actual $) per share to
stockholders of record on December 26, 2024, resulting in a $176,952 dividend payment on January 17, 2025
(see Note 9).
F-46

INVITATION HOMES INC.
Schedule III Real Estate and Accumulated Depreciation
As of December 31, 2024
(dollar amounts in thousands)
Initial Cost to Company
Cost Capitalized
Subsequent to
Acquisition
Gross Amount at Close of Period
Market
Number of
Properties(1)
Number of
Encumbered
Properties(2) Encumbrances(2)
Land
Depreciable
Properties
Land
Depreciable
Properties
Land
Depreciable
Properties
Total(3)
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Depreciable
Period
Atlanta . . . . . . . . . . . .
12,594
1,349
$ 171,944
$ 332,477
$ 1,721,098 $—
$ 389,307 $ 332,477
$ 2,110,405
$ 2,442,882 $ (642,563) 1920-2024 2012-2024 7—32 years
Carolinas . . . . . . . . . .
5,995
529
80,714
225,700
1,061,005
—
160,943
225,700
1,221,948
1,447,648
(284,141) 1900-2024 2012-2024 7—32 years
Chicago . . . . . . . . . . .
2,464
—
—
124,418
306,790
—
132,614
124,418
439,404
563,822
(162,480) 1877-2015 2012-2017 7—32 years
Dallas . . . . . . . . . . . . .
3,148
518
58,749
152,771
582,850
—
76,067
152,771
658,917
811,688
(132,158) 1952-2024 2017-2024 7—32 years
Denver . . . . . . . . . . . .
2,722
449
65,582
266,597
676,860
—
102,432
266,597
779,292
1,045,889
(165,266) 1885-2023 2017-2024 7—32 years
Houston . . . . . . . . . . .
2,334
285
24,097
79,981
364,316
—
48,246
79,981
412,562
492,543
(91,994) 1954-2024 2017-2024 7—32 years
Indianapolis . . . . . . . .
1
—
—
74
164
—
—
74
164
238
(10)
1996
2023
7—32 years
Jacksonville . . . . . . . .
2,003
274
41,295
95,267
264,840
—
74,697
95,267
339,537
434,804
(121,133) 1955-2024 2012-2024 7—32 years
Las Vegas . . . . . . . . .
3,404
209
38,110
161,019
700,095
—
96,599
161,019
796,694
957,713
(193,915) 1961-2019 2012-2023 7—32 years
Memphis . . . . . . . . . .
1
—
—
34
211
—
—
34
211
245
(10)
1998
2023
7—32 years
Minneapolis . . . . . . . .
1,055
5
599
62,324
129,219
—
66,783
62,324
196,002
258,326
(77,201) 1886-2015 2013-2015 7—32 years
Nashville . . . . . . . . . .
161
—
—
11,183
42,233
—
1,240
11,183
43,473
54,656
(799) 1990-2024 2023-2024 7—32 years
Northern California . .
4,110
615
118,295
336,151
762,326
—
171,692
336,151
934,018
1,270,169
(291,547) 1900-2019 2012-2022 7—32 years
Orlando . . . . . . . . . . .
6,790
901
125,528
255,317
1,062,867
—
216,635
255,317
1,279,502
1,534,819
(356,096) 1947-2024 2012-2024 7—32 years
Phoenix . . . . . . . . . . .
9,229
1,214
187,080
433,700
1,380,859
—
276,461
433,700
1,657,320
2,091,020
(437,211) 1929-2024 2012-2024 7—32 years
Seattle . . . . . . . . . . . .
3,950
148
33,347
323,763
733,865
—
205,239
323,763
939,104
1,262,867
(266,562) 1890-2022 2012-2022 7—32 years
South Florida . . . . . . .
8,135
544
118,886
702,701
1,495,378
—
283,119
702,701
1,778,497
2,481,198
(585,839) 1937-2024 2012-2024 7—32 years
Southern California . .
7,269
739
171,759
923,363
1,405,033
—
278,588
923,363
1,683,621
2,606,984
(558,439) 1900-2024 2012-2024 7—32 years
Tampa . . . . . . . . . . . .
9,536
1,144
156,212
414,352
1,623,533
—
286,104
414,352
1,909,637
2,323,989
(502,010) 1923-2024 2012-2024 7—32 years
Total . . . . . . . . .
84,901
8,923
$1,392,197
$4,901,192
$14,313,542 $—
$2,866,766 $4,901,192
$17,180,308
$22,081,500 $(4,869,374)
(1)
Number of properties represents 85,138 total properties owned less 237 properties classified as held for sale and recorded in other assets, net on the consolidated balance sheet as of
December 31, 2024.
(2)
Number of encumbered properties and encumbrances include the number of properties secured by first priority mortgages under the mortgage loan and the Secured Term Loan, as well as the
aggregate value of outstanding debt attributable to such properties. Excluded from this is original issue discount and deferred financing costs.
(3)
The gross aggregate cost of total real estate in the table above for federal income tax purposes was approximately $20.3 billion (unaudited) as of December 31, 2024.
F-47

INVITATION HOMES INC.
Schedule III Real Estate and Accumulated Depreciation
(dollar amounts in thousands)
For the Years Ended December 31,
2024
2023
2022
Residential Real Estate
Balance at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$21,551,896
$20,700,935
$20,008,381
Additions during the period
Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
709,978
995,255
564,706
Initial renovations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,041
29,793
111,243
Other capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . .
222,511
216,792
206,517
Deductions during the period
Dispositions and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(423,842)
(371,045)
(176,768)
Reclassifications
Properties held for sale, net of dispositions . . . . . . . . . . . .
(9,084)
(19,834)
(13,144)
Balance at close of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$22,081,500
$21,551,896
$20,700,935
Accumulated Depreciation
Balance at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (4,262,682) $ (3,670,561) $ (3,073,059)
Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(699,474)
(663,398)
(629,301)
Dispositions and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
86,929
67,804
28,475
Reclassifications
Properties held for sale, net of dispositions . . . . . . . . . . . .
5,853
3,473
3,324
Balance at close of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (4,869,374) $ (4,262,682) $ (3,670,561)
F-48

[THIS PAGE INTENTIONALLY LEFT BLANK]

Dallas B. Tanner
Chief Executive Officer and
Director
Charles D. Young
President

Jonathan S. Olsen
Executive Vice President and
Chief Financial Officer and Treasurer
Timothy J. Lobner
Executive Vice President and
Chief Operating Officer
Scott G. Eisen
Executive Vice President and
Chief Investment Officer
Allison H. Mullis
Executive Vice President and
Chief Human Resources Officer
Kimberly K. Norrell
Executive Vice President and
Chief Accounting Officer
Mark A. Solls
Executive Vice President and
Chief Legal Officer and Secretary
Virginia L. Suliman
Executive Vice President and
Chief Information and Digital Officer
Michael D. Fascitelli
Director and Chairperson of the
Board of Directors
Dallas B. Tanner
Chief Executive Officer and Director

Jana Cohen Barbe
Director
Richard D. Bronson
Director and Chairperson of the
Nominating and Corporate
Governance Committee
H. Wyman Howard III
Director
Jeffrey E. Kelter
Director and Chairperson of the
Investment and Finance Committee
Joseph D. Margolis
Director
John B. Rhea
Director
Janice L. Sears
Director
Frances Aldrich Sevilla-Sacasa
Director and Chairperson of the
Audit Committee
Keith D. Taylor
Director and Chairperson of the
Compensation and Management
Development Committee

Executive Management
Corporate Information
Board of Directors
Transfer Agent, Registrar
Computershare Investor Services
P.O. Box 43006
Providence, RI 02940
Courier Delivery:
150 Royall St, Suite 101
Canton, MA 02021
Phone: (866) 637-9460
www.computershare.com
Independent Registered Public
Accounting Firm
Deloitte & Touche LLP
2200 Ross Avenue, Suite 1600
Dallas, TX 75201
Investor Relations
Invitation Homes Inc.
5420 LBJ Freeway, Suite 600
Dallas, TX 75240
Phone: (844) 456-INVH (4684)
Email: ir@invitationhomes.com
Stock Information
New York Stock Exchange
“INVH”