INVH
Updated: 22/09/2026, 20:25:33
Invitation Homes Inc., an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Their purpose, Unlock the Power of Home, reflects their commitment to address America’s housing needs by delivering high-quality living solutions and genuine care to those who choose the flexibility and value of leasing. Invitation Homes Inc. was incorporated in 6th June 2012 and is based in Dallas, United States.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$0.6B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.1B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Residents
Residents leasing single-family homes under typically one- to two-year lease terms
“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.”
Third-party digital marketing and listing platform dependency
Heavy reliance on third-party listing platforms, including a single dominant platform, for resident lead generation
“A substantial portion of prospective residents are introduced to our properties through a single, widely used third-party platform that plays a significant role in resident search behavior and lead origination.”
Build-to-rent development and construction
Build-to-rent development, home construction, and third-party fee-building arrangements (post-ResiBuilt acquisition)
“we completed the acquisition of ResiBuilt and expanded our platform to engage in the development and construction of single-family rental homes and communities, including through build-to-rent development and third-party fee-building arrangements”
Third-party property and asset management
Property and asset management services for third-party owners of single-family homes
“We may encounter challenges providing property and asset management services to portfolio owners of single-family homes leading to management distractions or operational inconsistencies”
Developer lending program
Developer lending program providing construction and development loans to homebuilders
“our developer lending program which exposes us to heightened credit, construction, valuation, and execution risks that could result in cost overruns, project delays, insufficient collateral value, or loan losses”
ResiBuilt acquisition
Acquired ResiBuilt to expand into land development and home construction of single-family rental homes
“we completed the acquisition of ResiBuilt and expanded our platform to engage in the development and construction of single-family rental homes and communities”
Stated competitive advantages
Acquisition/development platform, in-market operations infrastructure, and local expertise cited as competitive advantages
“we believe that our acquisition and development platform, our extensive in-market property operations infrastructure, and local expertise in our markets currently provide us with competitive advantages”
Acquisition competitors
Competes for acquisitions with private equity funds, REITs, institutional investors, and individual investors/small partnerships
“we believe our competitors in acquiring or building homes for investment purposes are larger investors, including private equity funds and other REITs”
Systems and technology investment
Significant investments in systems including cloud-based digital technologies and pragmatic AI use; mobile-responsive website, iOS and Android apps
“we consistently advance cloud-based digital technologies and the pragmatic use of AI to benefit both our residents and our associates.”
Long-term debt strategy
Become predominantly unsecured borrower; target net debt ~5.5-6.0x TTM Adjusted EBITDAre; refinance 2027 secured maturities
“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”
Property taxes, insurance, and HOA fees
Rising property taxes, insurance costs (climate-driven premium increases), and HOA fees are significant fixed expense components
“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”
Inflation
Inflation increases repair/maintenance costs, associate compensation, and financing costs
“Inflation primarily impacts our results of operations in the form of increased repair and maintenance and other costs and wage pressures.”
Debt instruments as of Dec 31, 2025
Secured $1,388.4M (IH 2017-1, IH 2019-1); unsecured $7,070.0M incl. $1.75B 2024 Term Loan, $725M 2022 Term Loan, $145M revolver draw, and unsecured notes 2028-2036; total $8,458.4M
“Total debt(8) 8,458,399 3.93%4.9$2,620,000”
Public offering of senior notes
Issued $600.0 million 4.95% Senior Notes due January 15, 2033 on August 15, 2025
“On August 15, 2025, in a public offering under our shelf registration statement, we issued $600.0 million aggregate principal amount of 4.95% Senior Notes which mature on January 15, 2033.”
Revolving Facility capacity
Revolving Facility had an undrawn balance of $1,605.0 million as of December 31, 2025
“such as the Revolving Facility which had an undrawn balance of $1,605.0 million as of December 31, 2025.”
Interest rate swaps
Two new $400.0 million notional interest rate swaps active in Q2 2025; active swaps WA strike rate 3.07%
“we entered into two new interest rate swap agreements with a total notional amount of $400.0 million which became active on May 8, 2025 and June 20, 2025. As of December 31, 2025, our active swaps have a weighted average strike rate of 3.07%.”
Macroeconomic liquidity uncertainty
Capital access and liquidity highly uncertain, affected by inflation and interest rates
“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”
Rent control and tenant protection laws
Subject to eviction restrictions, expanding tenant rights, and rent control laws including the California Tenant Protection Act of 2019
“the California Tenant Protection Act of 2019, a rent control law, limits our ability to increase rental rates for existing residents and puts into place protections for the terminations of tenancies.”
Regulatory exposure - institutional ownership limits
Executive actions and proposed legislation limiting institutional ownership of single-family homes could harm business and growth strategy
“executive actions and proposed federal and state legislation or regulations aimed at limiting institutional institutional ownership and acquisition of single-family homes”
Tariffs and trade restrictions
Mandated/proposed US tariffs and counter-tariffs could raise costs and cause supply chain disruptions
“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.”
Supplier concentration for services
Dependent on third-party service providers, including a large-volume contract with only a limited number of capable vendors
“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.”
Technology, cybersecurity, and AI risks
Highly dependent on information systems; AI use and system failures/breaches present operational, legal, and compliance risks
“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”
Climate change and natural disasters
Physical and transitional climate change risks, extreme weather, and potential uninsured losses
“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”
Leasing fraud
Leasing fraud risk including revenue loss and increased costs to combat
“Leasing fraud may negatively impact our operations, including the loss of revenue and/or an increase in costs to combat these activities”
Revenue depends on residents paying rent and renewing short (1-2 year) leases; defaults and non-renewals are key risks.
“poor resident selection and defaults and non-renewals by our residents”
A single dominant third-party platform drives a substantial portion of leasing leads; adverse pricing/algorithm/policy changes could reduce lead volume and occupancy.
“A substantial portion of prospective residents are introduced to our properties through a single, widely used third-party platform that plays a significant role in resident search behavior and lead origination.”
Federal executive actions and proposed federal/state legislation targeting institutional ownership of single-family homes could constrain acquisitions, impose operating requirements, and alter competitive dynamics.
“federal, state, and local regulatory developments, including executive actions and proposed federal and state legislation aimed at limiting institutional ownership and acquisition of single-family homes, may affect the competitive dynamics in our markets”
Rent control, eviction restrictions, and tenant rights laws limit rent increases and remedies, reducing rental income and profitability.
“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.”
Homeownership rates, macroeconomic shifts in rental demand, and rental market softening in core areas affect rental rates, occupancy, and profitability.
“Multiple economic and demographic factors may contribute to increases or decreases in homeownership rates resulting in fluctuating rental rates and average occupancy levels.”
Elevated interest rates and market volatility affect capital markets access, refinancing costs, and variable-rate debt exposure; debt includes SOFR-indexed term loans and revolver.
“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 which could have an impact on our flexibility to pursue additional growth opportunities”
Inflation raises repair/maintenance, procurement, labor, and interest costs; one- to two-year lease terms allow rent increases to offset partially.
“Inflation primarily impacts our results of operations in the form of increased repair and maintenance and other costs and wage pressures.”
Dependence on third parties for key services, including a large-volume contract with limited capable vendors; failure to perform would harm operations and reputation.
“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.”
Climate change and extreme weather have caused significant increases in property insurance premiums and may affect coverage availability and terms.
“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”
Company advances pragmatic AI use in operations and relies on third-party vendors' AI services; AI failure or misuse presents business, legal, and compliance risks.
“we consistently advance cloud-based digital technologies and the pragmatic use of AI to benefit both our residents and our associates.”
US tariffs on imports and potential counter-tariffs could raise costs and cause supply chain disruptions for the business.
“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.”
Geopolitical tensions are cited among macro factors affecting operating results, financing access, and residents' ability to meet lease obligations.
“fluctuating global and United States economic conditions, uncertainty in financial markets, and geopolitical tensions”
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