Invitation Homes Inc.

Listed Company

INVHCIK 0001687229NYSELarge AcceleratedReal Estate Operators (No Developers) & LessorsFY ends Dec 31

Period

FY 2025

Revenue

$2.73B

Net Income

$587.92M

Total Assets

$18.68B

Equity

$9.53B

Shares Out

594.04M

Op. Cash Flow

$1.21B

Business

Invitation Homes Inc. owns, operates, and manages single-family homes for lease, providing professionally managed rental housing to individuals and families. It offers leased single-family residences, upfront renovation and maintenance services, property management under its ProCare platform, marketing and leasing, digital resident services, and third-party property and asset management. The company operates through vertically integrated functions including in-market property operations, acquisition and asset management, renovation and maintenance, and centralized corporate technology and support. Its portfolio and services are concentrated across core U.S. markets, delivered through local market offices, digital channels, brokerages, and partnerships with homebuilders.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenues and other property income	2,642	2,549	2,419	2,227	1,992
Management fee revenues	87	70	14	11	5
Total revenues	2,729	2,619	2,432	2,238	1,997
Property operating and maintenance	986	935	880	786	706
Property management expense	149	137	96	88	72
General and administrative	95	91	82	74	76
Interest expense	353	366	333	304	—
Depreciation and amortization	747	714	674	638	592
Casualty losses, impairment, and other	11	83	9	29	—
Total expenses	2,342	2,327	2,075	1,919	1,777
Gain on sale of property, net of tax	218	245	184	91	60
Losses from investments in unconsolidated joint ventures	−12	−28	−18	−10	−2
Other, net	−4	−53	−2	−11	−6
Net income	590	455	521	385	263
Net income attributable to non-controlling interests	−2	−1	−2	−1	−1
Net income attributable to common stockholders	588	454	519	383	261
Net income available to participating securities	−960,000	−753,000	−696,000	−661,000	−327,000
Net income available to common stockholders basic	587	453	519	383	261
Net income available to common stockholders diluted	587	453	519	383	261
Weighted average common shares outstanding basic (in shares)	613	613	612	610	578
Weighted average common shares outstanding diluted (in shares)	613	614	613	611	579
Net income per common share basic (in dollars per share)	0.96	0.74	0.85	0.63	0.45
Net income per common share diluted (in dollars per share)	0.96	0.74	0.85	0.63	0.45

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	4,986	4,901	4,882	4,800	4,738
Building and improvements	17,790	17,180	16,670	15,901	15,270
Total gross investments in the properties	22,776	22,082	21,552	20,701	20,008
Less: accumulated depreciation	−5,502	−4,869	−4,263	−3,671	−3,073
Investments in single-family residential properties, net	17,275	17,212	17,289	17,030	16,935
Cash and cash equivalents	130	174	701	263	610
Restricted cash	225	245	197	191	209
Goodwill	258	258	258	258	258
Investments in unconsolidated joint ventures	255	242	247	281	130
Other assets, net	538	569	529	514	395
Total assets	18,680	18,701	19,221	18,537	18,538
Secured debt, net	1,384	1,386	1,627	1,646	3,056
Unsecured notes, net	4,399	3,801	3,305	2,518	1,922
Term loan facilities, net	2,452	2,446	3,212	3,204	2,478
Revolving facility	145	570	0	0	0
Accounts payable and accrued expenses	230	248	201	198	194
Resident security deposits	185	181	180	176	165
Other liabilities	317	278	103	70	342
Total liabilities	9,112	8,908	9,031	8,213	8,699
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 610,788,732 and 612,605,478 outstanding as of December 31, 2025 and 2024, respectively	6	6	6	6	6
Additional paid-in capital	11,129	11,171	11,157	11,138	10,874
Accumulated deficit	−1,611	−1,481	−1,071	−951	−795
Accumulated other comprehensive income	6	61	64	98	−287
Total stockholders equity	9,530	9,757	10,156	10,291	9,798
Non-controlling interests	38	36	34	32	41
Total equity	9,568	9,793	10,190	10,324	9,839
Total liabilities and equity	18,680	18,701	19,221	18,537	18,538

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	28	28	30	29	27
Amortization of deferred financing costs	22	19	16	15	13
Amortization of debt discounts	3	3	2	2	6
Provisions for impairment	657,000	506,000	427,000	310,000	650,000
Change in fair value of derivative instruments	−5	12	9	9	15
Losses from investments in unconsolidated joint ventures, net of operating distributions	14	31	21	11	2
Other non-cash amounts included in net income	8	43	5	31	15
Other assets, net	−9	−29	−25	−11	−15
Accounts payable and accrued expenses	20	47	24	−6	33
Resident security deposits	4	411,000	5	10	7
Other liabilities	3	3	7	−4	−267,000
Net cash provided by operating activities	1,206	1,082	1,107	1,024	908
Acquisition of single-family residential properties	−753	−738	−963	−565	−1,127
Initial renovations to single-family residential properties	−28	−31	−30	−122	−77
Other capital expenditures for single-family residential properties	−243	−219	−221	−208	−163
Proceeds from sale of single-family residential properties	498	585	488	240	232
Investments in land held for development	−20	0	0	—	—
Repayment proceeds from retained debt securities	0	32	861,000	71	88
Investments in equity securities	−3	−5	−34	−16	−8
Investments in unconsolidated joint ventures	−46	−44	−442,000	−168	−65
Non-operating distributions from unconsolidated joint ventures	20	19	13	6	2
Other investing activities	−78	−65	−27	−23	−12
Net cash used in investing activities	−653	−466	−774	−814	−1,160
Payment of dividends and dividend equivalents	−713	−689	−638	−539	−394
Distributions to non-controlling interests	−3	−3	−2	−2	−2
Repurchases of common stock	−53	0	0	—	—
Payment of taxes related to net share settlement of RSUs	−6	−11	−8	−13	−9
Payments on secured debt	−4	−646	−21	−1,412	−1,767
Proceeds from unsecured notes	597	494	790	598	1,938
Proceeds from term loan facilities	0	1,750	0	725	0
Payments on term loan facilities	0	−2,500	0	0	0
Proceeds from revolving facility	545	750	150	130	400
Payments on revolving facility	−970	−180	−150	−130	−400
Deferred financing costs paid	−9	−54	−8	−13	−17
Other financing activities	−3	−5	−3	−16	−24
Net cash used in financing activities	−618	−1,094	110	−574	659
Change in cash, cash equivalents, and restricted cash	−65	−478	444	−365	407
Interest paid, net of amounts capitalized	323	321	291	276	286
Interest capitalized as investments in single-family residential properties, net	2	2	3	7	2
Cash paid for income taxes	84,000	158,000	245,000	2	809,000
Operating cash flows from operating leases	5	6	6	6	6
Financing cash flows from finance leases	3	3	3	3	3
Accrued renovation improvements at period end	735,000	1	2	2	13
Accrued residential property capital improvements at period end	9	8	5	10	11
Deferred payment for acquisition of single-family residential properties	0	0	26	0	0
Transfer of residential property, net to other assets, net for held for sale assets	151	174	167	91	82
Change in other comprehensive income (loss) from cash flow hedges	−50	−15	−44	377	248
ROU assets obtained in exchange for operating lease liabilities	16	14	301,000	6	1
ROU assets obtained in exchange for finance lease liabilities	8	9	3	340,000	115,000
Repurchases of common stock accrued but not paid	8	0	0	—	—

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