$INVH

Invitation Homes Inc.

CIK:0001687229|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Rental revenues and other property income	$ 678,352	$ 659,107	$ 1,348,867	$ 1,312,178
Management fee revenues	19,738	22,294	39,590	43,702
Homebuilding revenues	49,460	0	93,205	0
Total revenues	747,550	681,401	1,481,662	1,355,880
Expenses:
Property operating and maintenance	255,712	244,278	506,846	481,727
Property management expense	37,726	35,833	77,051	72,572
Homebuilding cost of sales	42,215	0	81,349	0
General and administrative	29,332	23,591	61,651	53,109
Interest expense	93,987	87,414	189,300	171,668
Depreciation and amortization	194,299	185,455	387,441	368,601
Casualty losses, impairment, and other	4,236	3,029	8,581	7,712
Total expenses	657,507	579,600	1,312,219	1,155,389
Gain on sale of property, net of tax	132,308	46,591	219,402	118,257
Losses from investments in unconsolidated joint ventures	(2,402)	(4,802)	(5,487)	(10,020)
Other, net	(298)	(2,223)	(2,642)	(1,079)
Net income	219,651	141,367	380,716	307,649
Net income attributable to non-controlling interests	(804)	(480)	(1,361)	(1,017)
Net income attributable to common stockholders	218,847	140,887	379,355	306,632
Net income available to participating securities	(675)	(222)	(1,383)	(450)
Net income available to common stockholders — basic	218,172	140,665	377,972	306,182
Net income available to common stockholders — diluted	$ 218,172	$ 140,665	$ 377,972	$ 306,182
Weighted average common shares outstanding — basic (in shares)	592,411,226	613,048,193	599,166,723	612,913,649
Weighted average common shares outstanding — diluted (in shares)	592,497,804	613,261,904	599,328,126	613,312,641
Net income per common share — basic (in dollars per share)	$ 0.37	$ 0.23	$ 0.63	$ 0.50
Net income per common share — diluted (in dollars per share)	$ 0.37	$ 0.23	$ 0.63	$ 0.50

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income	$ 380,716	$ 307,649
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	387,441	368,601
Share-based compensation expense	20,046	18,621
Amortization of deferred financing costs	13,231	10,705
Amortization of debt discounts	1,806	1,570
Provisions for impairment	1,430	99
Gain on sale of property, net of tax	(219,402)	(118,257)
Change in fair value of derivative instruments	1,087	(6,152)
Losses from investments in unconsolidated joint ventures, net of operating distributions	8,160	11,314
Other non-cash amounts included in net income	8,968	2,479
Changes in operating assets and liabilities:
Other assets, net	(893)	(17,586)
Accounts payable and accrued expenses	85,145	97,288
Resident security deposits	2,380	3,790
Other liabilities	(13,452)	2,857
Net cash provided by operating activities	676,663	682,978
Investing Activities:
Acquisition and initial renovations of single-family residential properties	(133,943)	(517,213)
Other capital expenditures for single-family residential properties	(111,304)	(110,863)
Proceeds from sale of single-family residential properties	469,114	267,692
Acquisition of homebuilding platform (Note 16)	(91,076)	0
Investments in land and construction in progress	(15,235)	0
Investments in unconsolidated joint ventures	(11,152)	(12,873)
Non-operating distributions from unconsolidated joint ventures	5,504	11,360
Fundings of construction loans	(24,252)	0
Other investing activities	(6,580)	(55,018)
Net cash provided by (used in) investing activities	81,076	(416,915)
Financing Activities:
Payment of dividends and dividend equivalents	(363,840)	(356,806)
Distributions to non-controlling interests	(1,697)	(1,330)
Repurchases of common stock	(547,279)	0
Payment of taxes related to net share settlement of RSUs	(4,498)	(5,529)
Payments on secured debt	(161)	(3,799)
Proceeds from revolving facility	535,000	270,000
Payments on revolving facility	(400,000)	(300,000)
Deferred financing costs paid	0	(3,128)
Other financing activities	(2,846)	(1,440)
Net cash used in financing activities	(785,321)	(402,032)
Change in cash, cash equivalents, and restricted cash	(27,582)	(135,969)
Cash, cash equivalents, and restricted cash, beginning of period (Note 4)	354,865	419,693
Cash, cash equivalents, and restricted cash, end of period (Note 4)	327,283	283,724
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	171,306	163,289
Interest capitalized as investments in single-family residential properties, net	747	1,064
Cash paid for income taxes	221	67
Operating cash flows from operating leases	2,097	1,991
Financing cash flows from finance leases	2,846	1,443
Non-cash investing and financing activities:
Transfer of residential property, net to other assets, net for held for sale assets	188,730	56,792
Accrued residential property capital improvements at period end	8,055	10,799
Accrued renovation improvements at period end	699	1,121
Reclassification of construction in progress to residential property	8,340	0
Contingent consideration recognized for acquisition of homebuilding platform (Note 16)	8,500	0
Dividends declared but not paid at period end	177,858	178,020
Change in other comprehensive income (loss) from cash flow hedges	25,538	(43,418)
ROU assets obtained in exchange for operating lease liabilities	6,202	4,881
ROU assets obtained in exchange for finance lease liabilities	$ 7,987	$ 2,907

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments in single-family residential properties:
Land	$ 4,919,362	$ 4,986,353
Building and improvements	17,730,129	17,789,827
Total gross investments in the properties	22,649,491	22,776,180
Less: accumulated depreciation	(5,764,848)	(5,501,558)
Investments in single-family residential properties, net	16,884,643	17,274,622
Cash and cash equivalents	75,786	129,971
Restricted cash	251,497	224,894
Goodwill	314,154	258,207
Investments in unconsolidated joint ventures	252,049	254,561
Other assets, net	670,181	538,035
Total assets	18,448,310	18,680,290
Liabilities:
Secured debt, net	1,385,098	1,384,114
Unsecured notes, net	4,402,839	4,398,921
Term loan facilities, net	2,458,754	2,451,985
Revolving facility	280,000	145,000
Accounts payable and accrued expenses	325,118	230,350
Resident security deposits	186,916	184,536
Other liabilities	316,974	317,492
Total liabilities	9,355,699	9,112,398
Commitments and contingencies (Note 14)
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 590,613,522 and 610,788,732 outstanding as of June 30, 2026 and December 31, 2025, respectively	5,906	6,108
Additional paid-in capital	10,604,456	11,128,590
Accumulated deficit	(1,588,885)	(1,610,981)
Accumulated other comprehensive income	32,940	6,415
Total stockholders’ equity	9,054,417	9,530,132
Non-controlling interests	38,194	37,760
Total equity	9,092,611	9,567,892
Total liabilities and equity	$ 18,448,310	$ 18,680,290