UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 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) (State or other jurisdiction of incorporation or organiza ...

Citi Conference March 7-8, 2022 Together with you, we make a house a home. Key Updates & Guidance We are strategically positioned to pursue multiple growth opportunities and enhance the resident experience Our prudent capital sourcing and our multi-channel acquisition strategy help us to achieve our growth goals, including an expanded pipeline of new homes from our builder relationships and our new, premier-product JV with Rockpoint Our best-in-class resident experience focuses on choice and flexibility, wh ...

Financial Performance - Total revenues for the year ended December 31, 2021, were $1,996.6 million, a 9.5% increase from $1,822.8 million in 2020 [367]. - Rental revenues and other property income increased to $1,991.7 million in 2021, up 9.3% from $1,822.8 million in 2020, driven by higher occupancy and average monthly rent [368]. - Net income for 2021 was $262.8 million, reflecting a 33.1% increase from $197.4 million in 2020 [363]. - Total expenses increased to $1,777.0 million in 2021, a 3.9% rise from $1,709.6 million in 2020 [376]. - Interest expense decreased to $322.7 million in 2021 from $353.9 million in 2020, primarily due to refinancing activities [380]. - The company reported a net income available to common stockholders of $261,098,000 for the year ended December 31, 2021, an increase of 33.3% from $195,764,000 in 2020 [432]. - The company’s EBITDA for 2021 was $1,180,085,000, representing an increase of 6.9% from $1,103,902,000 in 2020 [432]. - Adjusted EBITDAre for 2021 was $1,171,185,000, compared to $1,038,058,000 in 2020, marking a growth of 12.8% [432]. - FFO for 2021 was $788,773, representing a 13.7% increase from $693,852 in 2020 [446]. - Core FFO for 2021 was $868,966, up 20.9% from $718,353 in 2020 [446]. - Adjusted FFO for 2021 reached $745,561, a 23.7% increase compared to $602,402 in 2020 [446]. - Net income per common share — diluted for 2021 was $0.45, compared to $0.35 in 2020, reflecting a 28.6% increase [446]. - FFO per common share — diluted for 2021 was $1.35, up from $1.24 in 2020, indicating an 8.9% growth [446]. - Core FFO per common share — diluted for 2021 was $1.49, an increase of 16.4% from $1.28 in 2020 [446]. - AFFO per common share — diluted for 2021 was $1.28, compared to $1.08 in 2020, marking an 18.5% rise [446]. Property Management and Operations - The company has made significant investments in technology systems to support scalability, including lease management and property accounting systems, enhancing resident experience through digital tools [104]. - Property operating expenses include property taxes, insurance, and maintenance costs, which are capitalized before a property is "rent-ready" and expensed thereafter [350]. - The company actively engages with third-party vendors to mitigate risks associated with technology system failures and security breaches [105]. - The company is subject to various laws and regulations, including the Fair Housing Act, ensuring compliance to avoid discrimination in housing [110]. - The company recognizes depreciation and amortization expenses associated with homes and capital expenditures over their expected useful lives [356]. - The Same Store portfolio consisted of 72,245 single-family rental homes as of December 31, 2021 [366]. - The company owned 82,381 single-family rental homes as of December 31, 2021, compared to 80,177 homes in 2020, with acquisitions of 2,938 homes in 2021 [364]. - The company acquired 80 homes held for sale as of December 31, 2021, which is less than 0.1% of its total portfolio, down from 179 homes in 2020 [428]. - The company’s total property management expense was $71,597,000 in 2021, up from $58,613,000 in 2020, indicating a rise of 22.1% [442]. - The company’s total acquisition costs for homes include legal fees, bidding service, and title fees, which are capitalized as part of the investment in each property [423]. Debt and Financing - The company has historically utilized indebtedness to fund acquisitions and renovations, with current financing arrangements containing financial covenants and variable interest rate terms [121]. - As of December 31, 2021, total debt amounted to $7,998.7 million, with net debt at $7,253.6 million [391]. - The company aims to reduce net debt to approximately 5.5 to 6.0 times trailing twelve months Adjusted EBITDAre and secure debt to less than 20% of gross assets [394]. - The undrawn balance of the Revolving Facility was $1 billion as of December 31, 2021, providing a potential liquidity source [399]. - The company plans to satisfy long-term liquidity needs through cash from operations, long-term borrowings, and the issuance of debt and equity securities [400]. - As of December 31, 2021, the weighted average interest rate on total debt was 3.45% [391]. - The company issued $300 million of unsecured notes in May 2021 and used the proceeds to repay $300 million of high-cost securitizations maturing between December 2024 and January 2026 [390]. - In August 2021, the company raised $650 million through unsecured notes, repaying $635.3 million of high-cost securitizations [390]. - A total of $1 billion in unsecured notes was issued in November 2021, with proceeds used to repay $798.2 million of various securitizations and for general corporate purposes [390]. - The company generated net proceeds of $571.2 million from the sale of 14,375,000 shares of common stock in a public offering, primarily for acquisitions [390]. - The company issued $1,938.0 million in unsecured notes in 2021, which were used to repay $1,766.9 million of mortgage loans [415]. Cash Flow and Investments - Net cash provided by operating activities increased by 30.3% from $696.7 million in 2020 to $907.7 million in 2021, driven by improved operational profitability [412][413]. - Net cash used in investing activities rose significantly by 172.7%, from $425.2 million in 2020 to $1,159.6 million in 2021, primarily due to increased acquisition costs of homes [412][414]. - The number of homes acquired increased from 2,252 in 2020 to 2,938 in 2021, contributing to a $505.1 million rise in acquisition spending [414]. - Net cash provided by financing activities was $659.0 million in 2021, a substantial increase from a net cash used of $(146.0) million in 2020 [415]. - Cash deposited and held by others increased by $59.2 million due to higher deposits made for the acquisition of new-build single-family residential properties [414]. - The company has commitments to acquire 360 single-family rental homes and an additional 1,357 homes over the next six years, totaling approximately $420.0 million [406]. - Remaining equity commitments to joint ventures total $244.4 million as of December 31, 2021 [406]. Market and Competitive Environment - The company faces competition from various sources, including individual investors and private equity funds, which may impact property acquisition prices and rental rates [106]. - Seasonal factors affect the business, with higher resident move-outs during summer months impacting rental revenues and turnover costs [108]. - The transition from LIBOR to a successor rate is expected to require significant management attention, although it is not anticipated to materially affect financing costs [407].

Invitation Homes Inc. (NYSE:INVH) Q4 2021 Earnings Conference Call February 16, 2022 11:00 AM ET Company Participants Scott McLaughlin - IR Dallas Tanner - President, CEO Ernie Freedman - CFO Charles Young - COO Conference Call Participants Anthony Paolone - JP Morgan Jeff Spector - Bank of America Brad Heffern - RBC Capital Markets Keegan Carl - Berenberg Jade Rahmani - KBW John Pawlowski - Green Street Haendel St. Juste - Mizuho Dennis McGill - Zelman & Associates Sam Choe - Credit Suisse Austin Wurschmid ...

Invitation Homes Inc. (NYSE:INVH) Q3 2021 Earnings Conference Call October 28, 2021 11:00 AM ET Company Participants Scott McLaughlin – Vice President-Investor Relations Dallas Tanner – President and Chief Executive Officer Charles Young – Chief Operating Officer Ernie Freedman – Chief Financial Officer Conference Call Participants Richard Hill – Morgan Stanley Sam Choe – Credit Suisse Jeff Spector – Bank of America Nick Joseph – Citi Dennis McGill – Zelman Brad Heffern – RBC Alan Peterson – Green Street Ke ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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 i ...

Invitation Homes Inc. (NYSE:INVH) Q2 2021 Earnings Conference Call July 29, 2021 11:00 AM ET Company Participants Scott McLaughlin - Vice President, Investor Relations Dallas Tanner - President and Chief Executive Officer Ernie Freedman - Chief Financial Officer Charles Young - Chief Operating Officer Conference Call Participants Rich Hill - Morgan Stanley Jeff Spector - Bank of America Sam Choe - Credit Suisse Haendel St. Juste - Mizuho Nick Joseph - Citi Rich Hightower - Evercore Brad Heffern - RBC John P ...

[Part I - Financial Information](index=6&type=section&id=PART%20I) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents Invitation Homes Inc.'s unaudited condensed consolidated financial statements, including Balance Sheets, Statements of Operations, and Cash Flows, with detailed notes [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2021, total assets were **$17.48 billion**, slightly down from **$17.51 billion**, with liabilities decreasing to **$8.86 billion** and equity increasing to **$8.62 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Investments in single-family residential properties, net | $16,333,324 | $16,288,693 | | Cash and cash equivalents | $126,168 | $213,422 | | Total assets | $17,484,611 | $17,506,222 | | **Liabilities & Equity** | | | | Mortgage loans, net | $4,498,289 | $4,820,098 | | Term loan facility, net | $2,474,495 | $2,470,907 | | Total liabilities | $8,864,935 | $8,950,149 | | Total stockholders' equity | $8,580,039 | $8,504,825 | | Total liabilities and equity | $17,484,611 | $17,506,222 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2021 total revenues rose to **$491.6 million** from **$449.8 million**, with net income increasing to **$60.3 million** ($0.11 per diluted share) from **$42.9 million** Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $491,633 | $449,755 | $966,858 | $899,544 | | Total expenses | $439,970 | $419,114 | $869,398 | $837,541 | | Net income | $60,688 | $43,178 | $118,410 | $93,454 | | Net income attributable to common stockholders | $60,338 | $42,903 | $117,705 | $92,859 | | Net income per common share — diluted | $0.11 | $0.08 | $0.21 | $0.17 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$470.1 million** for YTD 2021, while net cash used in investing activities rose to **$282.9 million**, and financing activities shifted to a **$230.9 million** outflow Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $470,101 | $395,935 | | Net cash used in investing activities | ($282,875) | ($89,504) | | Net cash provided by (used in) financing activities | ($230,850) | $202,937 | | **Change in cash, cash equivalents, and restricted cash** | **($43,624)** | **$509,368** | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, financial components, and significant events, covering COVID-19 impacts, joint ventures, debt instruments, derivatives, and share-based compensation - The company is closely monitoring the impact of the COVID-19 pandemic, which has led to resident requests for rent deferrals and has been affected by temporary eviction moratoriums and restrictions on rent increases imposed by various government entities[41](index=41&type=chunk)[42](index=42&type=chunk) - The company has investments in two unconsolidated joint ventures with Rockpoint Group and FNMA, accounted for using the equity method, with a carrying value of **$77.5 million** as of June 30, 2021[39](index=39&type=chunk)[67](index=67&type=chunk) - As of June 30, 2021, the company had various derivative instruments, primarily interest rate swaps designated as cash flow hedges, with a total notional amount of **$6.575 billion** to manage interest rate risk on its variable-rate debt[159](index=159&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=43&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's business, portfolio, and financial results for Q2 and H1 2021, covering performance drivers, COVID-19 impact, liquidity, debt strategy, and non-GAAP reconciliations [Overview and COVID-19](index=43&type=section&id=Overview%20and%20COVID-19) Invitation Homes, a leading single-family rental owner, managed COVID-19 impacts through safety protocols and flexible payments, maintaining **98%** revenue collection for Q2 2021 - The company's mission, "Together with you, we make a house a home," reflects its commitment to high-touch service for residents in its portfolio of over **80,000** homes across **16** markets[228](index=228&type=chunk) - In response to COVID-19, the company implemented safety protocols, leveraged self-show and virtual tour technology, and offered flexible payment solutions to residents facing hardship[232](index=232&type=chunk)[234](index=234&type=chunk) - Revenue collections as a percentage of monthly billings was **98%** for Q2 2021, approximately **99%** of the company's historical average[234](index=234&type=chunk) [Our Portfolio](index=45&type=section&id=Our%20Portfolio) As of June 30, 2021, the portfolio comprised **80,612** homes with **97.6%** average occupancy and **$1,943** average monthly rent, primarily concentrated in the Western US and Florida Portfolio Summary by Region (as of June 30, 2021) | Region | Number of Homes | Average Occupancy (Q2'21) | Average Monthly Rent (Q2'21) | % of Revenue (Q2'21) | | :--- | :--- | :--- | :--- | :--- | | Western United States | 29,724 | 97.8% | $2,128 | 39.7% | | Florida | 24,614 | 97.5% | $1,956 | 31.4% | | Southeast United States | 17,610 | 97.6% | $1,646 | 18.6% | | Texas | 4,952 | 96.1% | $1,768 | 5.6% | | Midwest United States | 3,708 | 98.0% | $2,028 | 4.7% | | **Total / Average** | **80,612** | **97.6%** | **$1,943** | **100.0%** | [Results of Operations](index=49&type=section&id=Results%20of%20Operations) Q2 2021 revenues grew **9.3%** to **$491.6 million** and net income increased **40.6%** to **$60.7 million**, driven by higher occupancy and strong rental rate growth Q2 2021 vs Q2 2020 Performance | Metric | Q2 2021 | Q2 2020 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $491.6M | $449.8M | +9.3% | | Net Income | $60.7M | $43.2M | +40.6% | | Total Portfolio Avg. Occupancy | 97.6% | 96.0% | +160 bps | | Same Store Renewal Lease Growth | 5.8% | 3.5% | +230 bps | | Same Store New Lease Growth | 13.8% | 2.7% | +1110 bps | YTD 2021 vs YTD 2020 Performance | Metric | YTD 2021 | YTD 2020 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $966.9M | $899.5M | +7.5% | | Net Income | $118.4M | $93.5M | +26.7% | | Total Portfolio Avg. Occupancy | 97.5% | 95.2% | +230 bps | | Same Store Renewal Lease Growth | 5.1% | 3.8% | +130 bps | | Same Store New Lease Growth | 11.1% | 2.3% | +880 bps | [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2021, the company had **$126.2 million** cash and a **$1.0 billion** undrawn revolving facility, pursuing a debt strategy to reduce leverage and increase unencumbered assets - As of June 30, 2021, liquidity included **$126.2 million** in unrestricted cash and a fully undrawn **$1.0 billion** revolving facility[319](index=319&type=chunk) - The company's long-term debt strategy targets reducing net debt to **5.5 to 6.0 times** trailing twelve months Adjusted EBITDAre and increasing unencumbered assets to over **70%** of gross assets[327](index=327&type=chunk) - In May 2021, the company issued **$300 million** of senior unsecured notes, using proceeds to prepay higher-cost secured debt[319](index=319&type=chunk)[359](index=359&type=chunk) - The company has a purchase commitment of **$275.9 million** for **833** single-family homes, with completion dates from 2022 to 2025[321](index=321&type=chunk)[403](index=403&type=chunk) [Non-GAAP Measures](index=68&type=section&id=Non-GAAP%20Measures) This section defines and reconciles key non-GAAP measures like EBITDAre, NOI, FFO, and AFFO, showing Q2 2021 Same Store NOI growth to **$285.9 million** and increased FFO/AFFO per share Non-GAAP Performance Metrics (Q2 2021 vs Q2 2020) | Metric (in thousands, except per share) | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Adjusted EBITDAre | $288,431 | $256,159 | | NOI (Same Store portfolio) | $285,868 | $263,710 | | FFO per common share — diluted | $0.32 | $0.30 | | Core FFO per common share — diluted | $0.37 | $0.32 | | AFFO per common share — diluted | $0.32 | $0.27 | [Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate fluctuations, with **95.9%** of **$6.01 billion** variable-rate debt hedged, and operational seasonality impacting costs - The company's main market risks are interest rate fluctuations and operational seasonality[427](index=427&type=chunk) - As of June 30, 2021, the company had **$6.01 billion** in variable-rate debt, with **95.9%** effectively fixed via interest rate swaps; a **100 bps** LIBOR increase would raise annual interest expense by an estimated **$2.4 million**[429](index=429&type=chunk) - The company experiences higher resident move-outs and turnover costs during the summer, along with increased HVAC and landscaping expenses in certain markets[431](index=431&type=chunk) [Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[432](index=432&type=chunk) - No material changes were made to the internal control over financial reporting during the second quarter of 2021[433](index=433&type=chunk) [Part II - Other Information](index=75&type=section&id=PART%20II) [Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) The company is not subject to any material litigation beyond routine proceedings arising in the ordinary course of business - There is no material litigation currently pending or threatened against the company, other than routine matters[435](index=435&type=chunk) [Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - The report refers to the risk factors disclosed in the Annual Report on Form 10-K, indicating no material updates in this filing[436](index=436&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the reporting period - The company reports no unregistered sales of equity securities for the quarter[437](index=437&type=chunk) [Exhibits](index=76&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Note Purchase Agreement, CEO/CFO certifications, and XBRL data files - Key exhibits filed include the Note Purchase Agreement for the May 2021 private placement of senior unsecured notes and certifications by the CEO and CFO as required by the Sarbanes-Oxley Act[443](index=443&type=chunk)

Invitation Homes Inc. (NYSE:INVH) Q1 2021 Earnings Conference Call April 29, 2021 11:00 AM ET Company Participants Scott McLaughlin - Vice President, Investor Relations Dallas Tanner - President & Chief Executive Officer Charles Young - Chief Operating Officer Ernie Freedman - Chief Financial Officer Conference Call Participants Nick Joseph - Citi Jeff Spector - Bank of America Rich Hill - Morgan Stanley Dennis McGill - Zelman Haendel St. Juste - Mizuho Rich Hightower - Evercore John Pawlowski - Green Stree ...

For the quarterly period ended March 31, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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) (State or other jurisdiction of incorporation or organiza ...