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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 30, 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)
Maryland
90-0939055
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1717 Main Street,
Suite 2000
75201
Dallas,
Texas
(Address of principal executive offices)(Zip Code)
(972)
421-3600
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value
INVH
New York Stock Exchange
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
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
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
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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes
No
As of July 25, 2022, there were 610,359,909 shares of common stock, par value $0.01 per share, outstanding.




INVITATION HOMES INC.



FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q 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, including, 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”) and insurance costs, our dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by our residents, performance of our information technology systems, risks related to our indebtedness, risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and interest rates), uncertainty in financial markets, geopolitical tensions, natural disasters, climate change, and public health crises, including the ongoing COVID-19 pandemic, on our financial condition, results of operations, cash flows, business, associates, and residents. 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” in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Annual Report on Form 10-K”) as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at http://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 Quarterly Report on Form 10-Q, in the Annual Report on Form 10-K, and in our other periodic filings. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q, 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.
3


DEFINED TERMS
Invitation Homes Inc. (“INVH”), a REIT, conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). THR Property Management L.P., a wholly owned subsidiary of INVH LP (the “Manager”), provides all management and other administrative services with respect to the properties we own. 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.
Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer to INVH and its consolidated subsidiaries.
In this Quarterly Report on Form 10-Q:
“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, SC;
“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;
“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;
4


“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 the wholly owned homes and excludes homes owned in joint ventures. Additionally, unless the context otherwise requires, all measures in this Quarterly Report on Form 10-Q 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.
5

PART I
ITEM 1. FINANCIAL STATEMENTS
INVITATION HOMES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share data)

June 30,
2022
December 31, 2021
(unaudited)
Assets:
Investments in single-family residential properties:
Land$4,802,144 $4,737,938 
Building and improvements15,692,603 15,270,443 
20,494,747 20,008,381 
Less: accumulated depreciation(3,369,562)(3,073,059)
Investments in single-family residential properties, net17,125,185 16,935,322 
Cash and cash equivalents272,708 610,166 
Restricted cash206,888 208,692 
Goodwill258,207 258,207 
Investments in unconsolidated joint ventures244,730 130,395 
Other assets, net399,266 395,064 
Total assets$18,506,984 $18,537,846 
Liabilities:
Mortgage loans, net$2,211,739 $3,055,853 
Secured term loan, net401,421 401,313 
Unsecured notes, net2,516,359 1,921,974 
Term loan facilities, net2,624,412 2,478,122 
Revolving facility  
Convertible senior notes, net 141,397 
Accounts payable and accrued expenses237,915 193,633 
Resident security deposits171,413 165,167 
Other liabilities61,736 341,583 
Total liabilities8,224,995 8,699,042 
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 June 30, 2022 and December 31, 2021
  
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 610,359,909 and 601,045,438 outstanding as of June 30, 2022 and December 31, 2021, respectively
6,104 6,010 
Additional paid-in capital11,113,146 10,873,539 
Accumulated deficit(860,275)(794,869)
Accumulated other comprehensive loss(20,285)(286,938)
Total stockholders' equity10,238,690 9,797,742 
Non-controlling interests43,299 41,062 
Total equity10,281,989 9,838,804 
Total liabilities and equity$18,506,984 $18,537,846 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share data)
(unaudited)

For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
2022202120222021
Revenues:
Rental revenues and other property income$554,541 $490,618 $1,084,740 $965,072 
Management fee revenues2,759 1,015 4,870 1,786 
Total revenues557,300 491,633 1,089,610 966,858 
Expenses:
Property operating and maintenance190,680 175,422 372,949 343,795 
Property management expense21,814 17,696 42,781 33,538 
General and administrative19,342 19,828 36,981 36,778 
Interest expense74,840 80,764 149,229 164,170 
Depreciation and amortization158,572 145,280 314,368 289,781 
Impairment and other1,355 980 2,870 1,336 
Total expenses 466,603 439,970 919,178 869,398 
Gains (losses) on investments in equity securities, net(172)(7,002)(3,204)(10,142)
Other, net(3,827)(1,903)(3,233)(1,673)
Gain on sale of property, net of tax27,508 17,919 45,534 32,403 
Income (loss) from investments in unconsolidated joint ventures(2,701)11 (5,021)362 
Net income111,505 60,688 204,508 118,410 
Net income attributable to non-controlling interests(542)(350)(930)(705)
Net income attributable to common stockholders110,963 60,338 203,578 117,705 
Net income available to participating securities(148)(96)(368)(191)
Net income available to common stockholders — basic and diluted (Note 12)$110,815 $60,242 $203,210 $117,514 
Weighted average common shares outstanding — basic610,331,643 567,931,472 608,381,768 567,655,034 
Weighted average common shares outstanding — diluted611,620,475 569,283,166 609,775,270 569,056,182 
Net income per common share — basic$0.18 $0.11 $0.33 $0.21 
Net income per common share — diluted$0.18 $0.11 $0.33 $0.21 


The accompanying notes are an integral part of these condensed consolidated financial statements.
7


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
2022202120222021
Net income$111,505 $60,688 $204,508 $118,410 
Other comprehensive income
Unrealized gains (losses) on interest rate swaps37,474 (21,190)213,539 58,869 
Losses from interest rate swaps reclassified into earnings from accumulated other comprehensive loss23,018 38,256 54,246 75,899 
Other comprehensive income60,492 17,066 267,785 134,768 
Comprehensive income171,997 77,754 472,293 253,178 
Comprehensive income attributable to non-controlling interests(785)(593)(2,062)(1,666)
Comprehensive income attributable to common stockholders$171,212 $77,161 $470,231 $251,512 

The accompanying notes are an integral part of these condensed consolidated financial statements.

8


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three and Six Months Ended June 30, 2022
(in thousands, except share and per share data)
(unaudited)
Common Stock
Number of SharesAmountAdditional
Paid-in Capital
Accumulated DeficitAccumulated Other Comprehensive LossTotal Stockholders' EquityNon-Controlling InterestsTotal Equity
Balance as of March 31, 2022609,844,461 $6,098 $11,093,786 $(836,494)$(80,534)$10,182,856 $42,276 $10,225,132 
Capital distributions— — — — — — (915)(915)
Net income— — — 110,963 — 110,963 542 111,505 
Dividends and dividend equivalents declared ($0.22 per share)
— — — (134,744)— (134,744)— (134,744)
Issuance of common stock — settlement of RSUs, net of tax155,294 2 (1,880)— — (1,878)— (1,878)
Issuance of common stock, net360,154 4 14,404 — — 14,408 — 14,408 
Share-based compensation expense— — 6,836 — — 6,836 1,153 7,989 
Total other comprehensive income— — — — 60,249 60,249 243 60,492 
Balance as of June 30, 2022
610,359,909 $6,104 $11,113,146 $(860,275)$(20,285)$10,238,690 $43,299 $10,281,989 

Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of December 31, 2021601,045,438 $6,010 $10,873,539 $(794,869)$(286,938)$9,797,742 $41,062 $9,838,804 
Capital distributions
— — — — — — (1,495)(1,495)
Net income
— — — 203,578 — 203,578 930 204,508 
Dividends and dividend equivalents declared ($0.44 per share)
— — — (268,984)— (268,984)— (268,984)
Issuance of common stock — settlement of RSUs, net of tax
659,283 7 (12,857)— — (12,850)— (12,850)
Issuance of common stock — settlement of 2022 Convertible Notes6,216,261 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
— — 12,965 — — 12,965 1,670 14,635 
Total other comprehensive income— — — — 266,653 266,653 1,132 267,785 
Balance as of June 30, 2022
610,359,909 $6,104 $11,113,146 $(860,275)$(20,285)$10,238,690 $43,299 $10,281,989 
9


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (continued)
For the Three and Six Months Ended June 30, 2021
(in thousands, except share and per share data)
(unaudited)
Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of March 31, 2021567,650,434 $5,677 $9,705,122 $(700,728)$(429,958)$8,580,113 $52,247 $8,632,360 
Capital distributions
— — — — — — (606)(606)
Net income
— — — 60,338 — 60,338 350 60,688 
Dividends and dividend equivalents declared ($0.17 per share)
— — — (97,054)— (97,054)— (97,054)
Issuance of common stock — settlement of RSUs, net of tax
142,850 1 (1,991)— — (1,990)— (1,990)
Issuance of common stock — settlement of 2022 Convertible Notes
260 — 6 — — 6 — 6 
Share-based compensation expense
— — 8,686 — — 8,686 520 9,206 
Total other comprehensive income— — — — 16,823 16,823 243 17,066 
Redemption of OP Units for common stock
925,000 9 13,657 — (549)13,117 (13,117) 
Balance as of June 30, 2021
568,718,544 $5,687 $9,725,480 $(737,444)$(413,684)$8,580,039 $39,637 $8,619,676 

Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of December 31, 2020567,117,666 $5,671 $9,707,258 $(661,162)$(546,942)$8,504,825 $51,248 $8,556,073 
Capital distributions
— — — — — — (1,211)(1,211)
Net income
— — — 117,705 — 117,705 705 118,410 
Dividends and dividend equivalents declared ($0.34 per share)
— — — (193,987)— (193,987)— (193,987)
Issuance of common stock — settlement of RSUs, net of tax
675,618 7 (9,410)— — (9,403)— (9,403)
Issuance of common stock — settlement of 2022 Convertible Notes
260 — 6 — — 6 — 6 
Share-based compensation expense
— — 13,969 — — 13,969 1,051 15,020 
Total other comprehensive income— — — — 133,807 133,807 961 134,768 
Redemption of OP Units for common stock
925,000 9 13,657 — (549)13,117 (13,117) 
Balance as of June 30, 2021
568,718,544 $5,687 $9,725,480 $(737,444)$(413,684)$8,580,039 $39,637 $8,619,676 

The accompanying notes are an integral part of these condensed consolidated financial statements.
10


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the Six Months
Ended June 30,
20222021
Operating Activities:
Net income$204,508 $118,410 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization314,368 289,781 
Share-based compensation expense14,635 15,020 
Amortization of deferred leasing costs4,094 5,546 
Amortization of deferred financing costs7,195 6,567 
Amortization of debt discounts855 2,828 
Provisions for impairment137 524 
(Gains) losses on investments in equity securities, net3,204 10,142 
Gain on sale of property, net of tax(45,534)(32,403)
Change in fair value of derivative instruments4,775 7,179