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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 endedMarch 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)
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 April 25, 2022, there were 610,320,850 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 the ongoing COVID-19 pandemic, and geopolitical events 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)

March 31, 2022December 31, 2021
Assets:
Investments in single-family residential properties:
Land
$4,769,620 $4,737,938 
Building and improvements
15,477,060 15,270,443 
20,246,680 20,008,381 
Less: accumulated depreciation
(3,221,040)(3,073,059)
Investments in single-family residential properties, net
17,025,640 16,935,322 
Cash and cash equivalents
467,457 610,166 
Restricted cash
215,692 208,692 
Goodwill
258,207 258,207 
Investments in unconsolidated joint ventures162,433 130,395 
Other assets, net
414,793 395,064 
Total assets$18,544,222 $18,537,846 
Liabilities:
Mortgage loans, net
$3,051,590 $3,055,853 
Secured term loan, net
401,367 401,313 
Unsecured notes, net1,922,716 1,921,974 
Term loan facility, net
2,479,935 2,478,122 
Revolving facility
  
Convertible senior notes, net
 141,397 
Accounts payable and accrued expenses
175,553 193,633 
Resident security deposits
168,008 165,167 
Other liabilities
119,921 341,583 
Total liabilities8,319,090 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 March 31, 2022 and December 31, 2021
  
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 609,844,461 and 601,045,438 outstanding as of March 31, 2022 and December 31, 2021, respectively
6,098 6,010 
Additional paid-in capital
11,093,786 10,873,539 
Accumulated deficit
(836,494)(794,869)
Accumulated other comprehensive loss
(80,534)(286,938)
Total stockholders' equity
10,182,856 9,797,742 
Non-controlling interests
42,276 41,062 
Total equity10,225,132 9,838,804 
Total liabilities and equity$18,544,222 $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 March 31,
20222021
Revenues:
Rental revenues and other property income$530,199 $474,454 
Joint venture management fees2,111 771 
Total revenues532,310 475,225 
Expenses:
Property operating and maintenance182,269 168,373 
Property management expense20,967 15,842 
General and administrative17,639 16,950 
Interest expense74,389 83,406 
Depreciation and amortization155,796 144,501 
Impairment and other1,515 356 
Total expenses 452,575 429,428 
Gains (losses) on investments in equity securities, net(3,032)(3,140)
Other, net594 230 
Gain on sale of property, net of tax18,026 14,484 
Income (loss) from investments in unconsolidated joint ventures(2,320)351 
Net income93,003 57,722 
Net income attributable to non-controlling interests(388)(355)
Net income attributable to common stockholders92,615 57,367 
Net income available to participating securities
(220)(95)
Net income available to common stockholders — basic and diluted (Note 12)
$92,395 $57,272 
Weighted average common shares outstanding — basic
606,410,225 567,375,502 
Weighted average common shares outstanding — diluted
607,908,398 568,826,104 
Net income per common share — basic$0.15 $0.10 
Net income per common share — diluted$0.15 $0.10 

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 March 31,
20222021
Net income$93,003 $57,722 
Other comprehensive income
Unrealized gains on interest rate swaps176,065 80,059 
Losses from interest rate swaps reclassified into earnings from accumulated other comprehensive loss31,228 37,643 
Other comprehensive income207,293 117,702 
Comprehensive income300,296 175,424 
Comprehensive income attributable to non-controlling interests(1,277)(1,073)
Comprehensive income attributable to common stockholders$299,019 $174,351 

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 Months Ended March 31, 2022 and 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 December 31, 2021601,045,438 $6,010 $10,873,539 $(794,869)$(286,938)$9,797,742 $41,062 $9,838,804 
Capital distributions
— — — — — — (580)(580)
Net income
— — — 92,615 — 92,615 388 93,003 
Dividends and dividend equivalents declared ($0.22 per share)
— — — (134,240)— (134,240)— (134,240)
Issuance of common stock — settlement of RSUs, net of tax
503,989 5 (10,977)— — (10,972)— (10,972)
Issuance of common stock — settlement of 2022 Convertible Notes6,216,261 62 141,157 — — 141,219 — 141,219 
Issuance of common stock, net
2,078,773 21 83,938 — — 83,959 — 83,959 
Share-based compensation expense
— — 6,129 — — 6,129 517 6,646 
Total other comprehensive income— — — — 206,404 206,404 889 207,293 
Balance as of March 31, 2022
609,844,461 $6,098 $11,093,786 $(836,494)$(80,534)$10,182,856 $42,276 $10,225,132 
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
— — — — — — (605)(605)
Net income
— — — 57,367 — 57,367 355 57,722 
Dividends and dividend equivalents declared ($0.17 per share)
— — — (96,933)— (96,933)— (96,933)
Issuance of common stock — settlement of RSUs, net of tax
532,768 6 (7,419)— — (7,413)— (7,413)
Share-based compensation expense
— — 5,283 — — 5,283 531 5,814 
Total other comprehensive income— — — — 116,984 116,984 718 117,702 
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 

The accompanying notes are an integral part of these condensed consolidated financial statements.
9


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the Three Months
Ended March 31,
20222021
Operating Activities:
Net income$93,003 $57,722 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization155,796 144,501 
Share-based compensation expense6,646 5,814 
Amortization of deferred leasing costs2,198 2,735 
Amortization of deferred financing costs3,538 3,510 
Amortization of debt discounts462 1,414 
Provisions for impairment101 431 
(Gains) losses on investments in equity securities, net3,032 3,140 
Gain on sale of property, net of tax(18,026)(14,484)
Change in fair value of derivative instruments2,400 3,622 
Loss (income) from investments in unconsolidated joint ventures, net of operating distributions2,432 (253)
Other non-cash amounts included in net income458 1,103 
Changes in operating assets and liabilities:
Other assets, net(1,059)(2,803)
Accounts payable and accrued expenses(15,291)34,297 
Resident security deposits2,841 2,269 
Other liabilities(3,497)(2,430)
Net cash provided by operating activities235,034 240,588 
Investing Activities:
Amounts deposited and held by others(16,822)(3,330)
Acquisition of single-family residential properties(202,534)(127,467)
Initial renovations to single-family residential properties(36,319)(22,489)
Other capital expenditures for single-family residential properties(40,850)(34,855)
Proceeds from sale of single-family residential properties48,364 69,329 
Repayment proceeds from retained debt securities202 728 
Proceeds from sale of investments in equity securities5,762  
Investments in unconsolidated joint ventures(34,700)(5,000)
Non-operating distributions from unconsolidated joint ventures230 671 
Other investing activities(12,559)(143)
Net cash used in investing activities(289,226)(122,556)
Financing Activities:
Payment of dividends and dividend equivalents(134,825)(97,230)
Distributions to non-controlling interests(580)(605)
Payment of taxes related to net share settlement of RSUs(10,972)(7,413)
Payments on mortgage loans(4,835)(13,022)
Proceeds from issuance of common stock, net83,959  
Other financing activities(14,264)(709)
Net cash used in financing activities(81,517)(118,979)

Change in cash, cash equivalents, and restricted cash(135,709)(947)
Cash, cash equivalents, and restricted cash, beginning of period (Note 4)
818,858 411,768 
Cash, cash equivalents, and restricted cash, end of period (Note 4)
$683,149 $410,821 
10


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the Three Months
Ended March 31,
20222021
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized$66,229 $78,171 
Cash paid for income taxes400 331 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases1,557 1,515 
Financing cash flows from finance leases672 678 
Non-cash investing and financing activities:
Accrued renovation improvements at period end$11,307 $4,540 
Accrued residential property capital improvements at period end11,097 7,077 
Transfer of residential property, net to other assets, net for held for sale assets18,723 24,666 
Change in other comprehensive loss from cash flow hedges204,873 114,111 
ROU assets obtained in exchange for operating lease liabilities485 557 
ROU assets obtained in exchange for finance lease liabilities190  
Net settlement of 2022 Convertible Notes in shares of common stock141,219  

The accompanying notes are an integral part of these condensed consolidated financial statements.
11


INVITATION HOMES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(unaudited)

Note 1—Organization and Formation
Invitation Homes Inc. (“INVH”) is a real estate investment trust (“REIT”) that conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). INVH LP was formed for the purpose of owning, renovating, leasing, and operating single-family residential properties. Through THR Property Management L.P., a wholly owned subsidiary of INVH LP (the “Manager”), we provide all management and other administrative services with respect to the properties we own.
On February 6, 2017, INVH completed an initial public offering (“IPO”), changed its jurisdiction of incorporation to Maryland, and amended its charter to provide for the issuance of up to 9,000,000,000 shares of common stock and 900,000,000 shares of preferred stock, in each case $0.01 par value per share. In connection with certain pre-IPO reorganization transactions, INVH LP became (1) owned by INVH directly and through Invitation Homes OP GP LLC, a wholly owned subsidiary of INVH (the “General Partner”), and (2) the owner of all of the assets, liabilities, and operations of certain pre-IPO ownership entities. These transactions were accounted for as a reorganization of entities under common control utilizing historical cost basis.
On November 16, 2017 (the “Merger Date”), 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. These transactions were accounted for as a business combination in accordance with ASC 805, Business Combinations, and INVH was designated as the accounting acquirer.
The limited partnership interests of INVH LP consist of common units and other classes of limited partnership interests that may be issued (the “OP Units”). As of March 31, 2022, INVH owns 99.6% of the common OP Units and has the full, exclusive, and complete responsibility for and discretion over the day-to-day management and control of INVH LP.
Our organizational structure includes several wholly owned subsidiaries of INVH LP that were formed to facilitate certain of our financing arrangements (the “Borrower Entities”). These Borrower Entities are used to align the ownership of our single-family residential properties with certain of our debt instruments. Collateral for certain of our individual debt instruments may be in the form of equity interests in the Borrower Entities or in pools of single-family residential properties owned either directly by the Borrower Entities or indirectly by their wholly owned subsidiaries (see Note 7).
References to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer, collectively, to INVH, INVH LP, and the consolidated subsidiaries of INVH LP.
Note 2—Significant Accounting Policies
Basis of Presentation
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.
These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022.
12


INVITATION HOMES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(unaudited)

We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with GAAP. We evaluate each investment entity that is not wholly owned to determine whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, we then evaluate whether the entity should be consolidated. Under the VIE model, we consolidate an investment if we have control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, we consolidate an investment if (1) we control the investment through ownership of a majority voting interest if the investment is not a limited partnership or (2) we control the investment through our ability to remove the other partners in the investment, at our discretion, when the investment is a limited partnership.
Based on these evaluations, we account for each of the investments in joint ventures described in Note 5 using the equity method. Our initial investments in the joint ventures are recorded at cost, except for any such interest initially recorded at fair value in connection with a business combination. The investments in these joint ventures are subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint ventures are reported as part of operating activities while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities on our condensed consolidated statements of cash flows.
Non-controlling interests represent the OP Units not owned by INVH, including any vested OP Units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, and the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 include an allocation of the net income attributable to the non-controlling interest holders. OP Units and vested OP Units granted in connection with share-based compensation awards are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed.
Significant Risks and Uncertainties
One of the most significant risks and uncertainties to our financial condition and results of operations continues to be the adverse effect of the ongoing pandemic resulting from the coronavirus, or COVID-19, and its variants on our residents, associates, and suppliers. As such, we continue to closely monitor the impact of the pandemic on all aspects of our business and actively manage our response thereto in collaboration with our residents and business partners.
The ongoing COVID-19 outbreak in the United States has led entities directed by, or notionally affiliated with, the federal government as well as certain states, counties, and cities, including those in which we own properties and where our principal places of business are located, to impose ongoing measures in response to the COVID-19 pandemic, including temporary eviction moratoriums if certain criteria are met by residents, deferral of missed rent payments without incurring late fees, and restrictions on rent increases. Most of these restrictions have generally been lifted or expired; however, we cannot predict if states, municipalities, local, and/or national authorities will renew, extend, or expand such restrictions, or impose additional similar restrictions. We endeavor to comply in all material respects with applicable federal, state, and local laws, regulations, ordinances, and restrictions regarding evictions, collections, rent increases, and late fees as appropriate. While none of the current and previous restrictions have materially impacted our ability to provide services to our residents or homes, additional or modified measures may negatively impact our ability to access our homes, complete service requests, or make our homes ready for new residents. Such measures may have material adverse effects on our financial condition, results of operations, and cash flows.
Since the outbreak commenced, a number of our residents have requested rent deferral and/or late fee relief, and components of our rental revenues and other property income have been impacted by the pandemic. We continue to work with residents experiencing financial hardship to find solutions that keep them in their homes. This includes continuing to provide residents with information about rental assistance programs for which they may be eligible, application instructions, necessary documentation, and owner requirements. We cannot predict if the federal government, states, or local authorities will continue to offer assistance programs or if such programs will be available to our residents (and if they are available, if our residents will take advantage of them).

13


INVITATION HOMES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(unaudited)

Our financial condition, results of operations, and cash flows depend on our ability to collect rent. To the extent our current or prospective residents continue to experience unemployment, deteriorating financial conditions, and declines in household income, they may be unwilling or unable to fully meet their obligations to us or enter into new leases for our homes, resulting in increases in uncollectible revenues and thus reductions in rental revenues and other property income. Our associates continue to face COVID-19 health risks. If a significant number of our associates, or key personnel, are unable to work as a result of COVID-19, this would adversely impact our business and operating results. In addition, workforce turnover, and remote work arrangements could adversely impact our business and operating results.
Additionally, COVID-19 and related containment measures may also continue to interfere with the ability of our suppliers and other business partners to carry out their assigned tasks or supply materials or services at ordinary levels of performance relative to the conduct of our business.
The extent to which the ongoing COVID-19 pandemic ultimately impacts our operations depends on ongoing developments, which remain highly uncertain and cannot be predicted with confidence, including the scope, duration, and severity of COVID-19 including resurgences, new variants or, strains, the extent and duration of actions taken to contain the pandemic or mitigate its impact, the availability, distribution, acceptance, and efficacy of vaccines and therapeutic drugs (including against any future variants or strains), and the direct and indirect economic effects of the pandemic, and government, regulatory, and/or legislative changes precipitated by the ongoing COVID-19 pandemic, among others. While we have taken steps to mitigate the impact of the pandemic on our results of operations, there can be no assurance that these efforts will be successful.
Overall weaker economic conditions, ongoing geopolitical tensions, uncertainty in financial markets, including the impact of inflation and rising interest rates, and a general decline in business activity could adversely affect (i) our ability to acquire or dispose of single-family homes and (ii) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates.
Accounting Policies
We periodically evaluate the appropriateness of our accounting policies in accordance with authoritative guidance. Based on a review of the useful lives of the components of our buildings and improvements, we extended the weighted average useful lives range for depreciation thereof from 7 to 28.5 years to 7 to 32 years. This change was implemented for additions to our single-family residential properties placed in service after January 1, 2022.
There have been no additional changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021.
Recently Adopted Accounting Standards
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments and contracts in its own equity. The guidance reduces the number of accounting models for convertible instruments, requires entities to use the “if-converted” method in diluted earnings (loss) per share (“EPS”), and requires that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares. We adopted ASU 2020-06 as of January 1, 2022, and it did not have a material impact on our condensed consolidated financial statements.
14


INVITATION HOMES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(unaudited)

Recent Accounting Pronouncements
In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”), which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offer Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. ASU 2021-01 became effective upon issuance, and optional expedient elections can be made through December 31, 2022. We are currently evaluating existing contracts and hedging relationships and the impact of adopting ASU 2021-01 on our consolidated financial statements.
Note 3—Investments in Single-Family Residential Properties
The following table sets forth the net carrying amount associated with our properties by component:
March 31, 2022December 31, 2021
Land$4,769,620 $4,737,938 
Single-family residential property14,810,026 14,610,188 
Capital improvements545,983 540,252 
Equipment121,051 120,003 
Total gross investments in the properties20,246,680 20,008,381 
Less: accumulated depreciation(3,221,040)(3,073,059)
Investments in single-family residential properties, net$17,025,640 $16,935,322 
As of March 31, 2022 and December 31, 2021, the carrying amount of the residential properties above includes $126,717 and $125,236, respectively, of capitalized acquisition costs (excluding purchase price), along with $71,094 and $70,145, respectively, of capitalized interest, $28,777 and $28,211, respectively, of capitalized property taxes, $4,821 and $4,762, respectively, of capitalized insurance, and $3,361 and $3,280, respectively, of capitalized homeowners’ association (“HOA”) fees.
During the three months ended March 31, 2022 and 2021, we recognized $153,640 and $142,784, respectively, of depreciation expense related to the components of the properties, and $2,156 and $1,717, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the three months ended March 31, 2022 and 2021, impairments totaling $101 and $431, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.
Note 4—Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows:
March 31, 2022December 31, 2021
Cash and cash equivalents
$467,457 $610,166 
Restricted cash
215,692 208,692 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows
$683,149 $818,858 
15


INVITATION HOMES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(unaudited)

Pursuant to the terms of the mortgage loans and the Secured Term Loan (as defined in Note 7), we are required to establish, maintain, and fund from time to time (generally, either monthly or at the time borrowings are funded) certain specified reserve accounts. These reserve accounts include, but are not limited to, the following types of accounts: (i) property tax reserves; (ii) insurance reserves; (iii) capital expenditure reserves; and (iv) HOA reserves. The reserve accounts associated with our mortgage loans and Secured Term Loan are under the sole control of the loan servicer. Additionally, we hold security deposits pursuant to resident lease agreements that we are required to segregate. We are also required to hold letters of credit by certain of our insurance policies. Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted accounts have been classified on our condensed consolidated balance sheets as restricted cash.
The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the mortgage loan and Secured Term Loan agreements and are to be released to us subject to certain conditions specified in the loan agreements being met. To the extent that an event of default were to occur, the loan servicer has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or reduce the allocated loan amount associated with a residential property of ours.
The balances of our restricted cash accounts, as of March 31, 2022 and December 31, 2021, are set forth in the table below. As of March 31, 2022 and December 31, 2021, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan and Secured Term Loan agreements that require such funding did not exist.
March 31, 2022December 31, 2021
Resident security deposits$167,976 $165,454 
Collections20,326 21,402 
Property taxes18,519 12,615 
Capital expenditures4,017 4,368 
Letters of credit3,683 3,682 
Special and other reserves1,171 1,171 
Total$215,692 $208,692 
Note 5—Investments In Unconsolidated Joint Ventures
The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method model of accounting, as of March 31, 2022 and December 31, 2021:
Number of Properties OwnedCarrying Value
Ownership PercentageMarch 31, 2022December 31, 2021March 31, 2022December 31, 2021
2020 Rockpoint JV(1)
20.0%2,2622,004$59,190 $54,579 
2022 Rockpoint JV(2)
16.7%N/A  
FNMA(3)
10.0%51652252,682 52,791
Pathway Property Company(4)
100.0%46N/A28,056 
Pathway Operating Company(5)
15.0%N/AN/A22,50523,025 
Total$162,433 $130,395 
(1)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.
(2)Represents a commitment made in March 2022 to invest in an entity that will own homes in premium locations (see further information below).
(3)Owns homes primarily located in Arizona, California, and Nevada.
16


INVITATION HOMES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(unaudited)

(4)Owns homes within the Western United States and Southeast United States.
(5)Represents an investment in an operating company that provides a technology platform and asset management services.

In October 2020, we entered into an agreement with Rockpoint Group, L.L.C. (“Rockpoint”) to form a joint venture that will acquire homes in markets where we already own homes (the “2020 Rockpoint JV”). As of February 2021, the joint venture is funded with a combination of debt and equity, and we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the joint venture’s financing. As of March 31, 2022, our remaining equity commitment to the 2020 Rockpoint JV is $14,400. The administrative member of the 2020 Rockpoint JV is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. We earn property and asset management fees for the 2020 Rockpoint JV.
In March 2022, we entered into a second agreement with Rockpoint to form a joint venture that will acquire homes in premium locations and at higher price points relative to our other investments in single-family residential properties (the “2022 Rockpoint JV”). As of March 31, 2022, we have not made any investment in the 2022 Rockpoint JV, and our remaining equity commitment is $50,000. The administrative member of the 2022 Rockpoint JV is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. Upon the acquisition of homes, we will earn property and asset management fees for the 2022 Rockpoint JV.
We acquired our interest in the joint venture with the Federal National Mortgage Association (“FNMA”) via the SWH merger. The managing member of the FNMA joint venture is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to FNMA’s approval of major decisions. We earn property and asset management fees for the FNMA joint venture.
In November 2021, we entered into agreements with Pathway Homes and its affiliates, among others, to form a joint venture that will provide unique opportunities for customers to identify a home whereby they are able to first lease and then, if they choose, purchase the home in the future. We have fully funded our capital commitment to the operating company (“Pathway Operating Company”) which provides the technology platform and asset management services for the entity that owns and leases the homes (“Pathway Property Company”). Pathway Homes and its affiliates are responsible for the operations and management of Pathway Operating Company, and we do not have a controlling interest in Pathway Operating Company. As of March 31, 2022, we have funded $29,700 to Pathway Property Company, and our remaining equity commitment is $195,300. A wholly owned subsidiary of INVH LP provides property management and renovation oversight services for and earns fees from the homes owned by Pathway Property Company. As the asset manager, Pathway Operating Company is responsible for the operations and management of Pathway Property Company, and we do not have a controlling interest in Pathway Property Company.
For the three months ended March 31, 2022 and 2021, we recorded $(2,320) and $351, respectively, of income (loss) from these investments which is included in income (loss) from investments in unconsolidated joint venture in the condensed consolidated statements of operations.
The fees earned from our joint ventures (as described above) are related party transactions. For the three months ended March 31, 2022 and 2021, we earned $2,111 and $771 of management fees which are included in joint venture management fees in the condensed consolidated statements of operations.
17


INVITATION HOMES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(unaudited)

Note 6—Other Assets
As of March 31, 2022 and December 31, 2021, the balances in other assets, net are as follows:
March 31, 2022December 31, 2021
Investments in debt securities, net$157,059 $157,173 
Amounts deposited and held by others80,380 62,241 
Prepaid expenses38,840 41,490 
Rent and other receivables, net37,397 37,473 
Held for sale assets(1)
21,929 20,022 
Investments in equity securities18,429 16,337 
Corporate fixed assets, net16,785 16,595 
ROU lease assets — operating and finance, net15,992 16,975 
Deferred financing costs, net8,026 8,751 
Deferred leasing costs, net4,695 5,837 
Derivative instruments (Note 8)56 6 
Other15,205 12,164 
Total$414,793 $395,064 
(1)As of March 31, 2022 and December 31, 2021, 86 and 80 properties, respectively, are classified as held for sale.
Investments in Debt Securities, net
In connection with certain of our Securitizations (as defined in Note 7), we have retained and purchased certificates totaling $157,059, net of unamortized discounts of $1,849 as of March 31, 2022. These investments in debt securities are classified as held to maturity investments. As of March 31, 2022, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature over the next three months to five years.
Amounts Deposited and Held by Others
Amounts deposited and held by others consists of earnest money deposits for the acquisition of single-family residential properties, including deposits made to homebuilders, and amounts owed to us for sold homes. See Note 14 for additional information about commitments related to these deposits made to homebuilders.
Rent and Other Receivables, net
We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements. Rental revenues and other property income and the corresponding rent and other receivables are recorded net of any concessions and bad debt (including actual write-offs, credit reserves, and uncollectible amounts) for all periods presented.
Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For the three months ended March 31, 2022 and 2021, rental revenues and other property income includes $33,048 and $24,394 of variable lease payments, respectively.
18


INVITATION HOMES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollar amounts in thousands)
(unaudited)

Future minimum rental revenues and other property income under leases existing on our single-family residential properties as of March 31, 2022 are as follows:
YearLease Payments
to be Received
Remainder of 2022$999,487 
2023306,885 
202414,169 
2025 
2026 
Thereafter 
Total$1,320,541 
Investments in Equity Securities
We hold investments in equity securities both with and without a readily determinable fair value. Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuer. As of March 31, 2022 and December 31, 2021, the values of our investments in equity securities are as follows:
March 31, 2022December 31, 2021
Investments with a readily determinable fair value$1,760 $10,499 
Investments without a readily determinable fair value16,669 5,838 
Total$18,429 $16,337 
The components of gains (losses) on investments in equity securities, net as of three months ended March 31, 2022 and 2021 are as follows:
For the Three Months
Ended March 31,
20222021
Net losses recognized on investments sold during the reporting period — with a readily determinable value$(1,452)$ 
Net unrealized losses on investments still held at the reporting date — with a readily determinable fair value(1,580)(3,140)