Invitation Homes Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Invitation Homes Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Invitation Homes Inc. (INVH) filed a Annual Report (10-K) with the SEC on February 21, 2024. Invitation Homes Inc. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Real Estate Operators (No Developers) & Lessors. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Invitation Homes Inc. is headquartered in Dallas, TX.

Why It Matters

For investors and stakeholders tracking Invitation Homes Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Invitation Homes' financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and future outlook. As a leading owner and operator of single-family rental homes, the details within this filing are important for understanding trends in the rental housing market and Invitation Homes' position within it.

Risk Assessment

Risk Level: — Invitation Homes Inc. shows moderate risk based on this filing. The company operates in the real estate sector, which is subject to economic downturns, interest rate fluctuations, and regulatory changes that could impact its financial performance and ability to generate revenue.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Invitation Homes' performance drivers and potential challenges in the single-family rental market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-21 — Filing Date (Date of submission)
• 109 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• Invitation Homes Inc. (company) — Filer of the 10-K
• 2023 (date) — Fiscal year end
• 2024-02-21 (date) — Filing date
• Dallas, TX (location) — Company headquarters
• 6510 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Market and Economic Conditions [high — market]: The company's financial results are significantly impacted by general economic conditions, including interest rates, inflation, and consumer spending, which affect demand for rental housing and operating costs.
• Government Regulations and Compliance [medium — regulatory]: Changes in laws and regulations related to housing, landlord-tenant relationships, and environmental standards could increase compliance costs and affect operations.
• Property Management and Maintenance [medium — operational]: Effective property management, including timely maintenance and repairs, is critical to resident satisfaction and property value, and operational failures can lead to increased costs and decreased revenue.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date Invitation Homes Inc. submitted its 10-K filing.

Key Financial Figures

• $0.01 — nge on which registered Common stock, $0.01 par value INVH New York Stock Exchang

Filing Documents

• invh-20231231.htm (10-K) — 2857KB
• exhibit1020invhindemnityag.htm (EX-10.20) — 82KB
• ye-23ex211subsidiariesofre.htm (EX-21.1) — 92KB
• ye-23ex231consentofregiste.htm (EX-23.1) — 2KB
• a12-23ceocert311.htm (EX-31.1) — 11KB
• a12-23cfocert312.htm (EX-31.2) — 11KB
• a12-23exhibit321.htm (EX-32.1) — 7KB
• a12-23exhibit322.htm (EX-32.2) — 7KB
• exhibit971invhincentivecom.htm (EX-97.1) — 34KB
• image_0a.jpg (GRAPHIC) — 14KB
• invh-20231231_g1.jpg (GRAPHIC) — 106KB
• 0001687229-24-000013.txt (&nbsp;) — 13619KB
• invh-20231231.xsd (EX-101.SCH) — 83KB
• invh-20231231_cal.xml (EX-101.CAL) — 115KB
• invh-20231231_def.xml (EX-101.DEF) — 425KB
• invh-20231231_lab.xml (EX-101.LAB) — 977KB
• invh-20231231_pre.xml (EX-101.PRE) — 693KB
• invh-20231231_htm.xml (XML) — 2094KB

Risk Factors 21

Item 1A. Risk Factors 21

Unresolved Staff Comments 51

Item 1B. Unresolved Staff Comments 51 Item 1C. Cybersecurity 51

Properties 53

Item 2. Properties 53

Legal Proceedings 53

Item 3. Legal Proceedings 53

Mine Safety Disclosures 53

Item 4. Mine Safety Disclosures 53 PART II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 54

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 54

Management's Discussion and Analysis of Financial Condition and Results of Operations 56

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 56

Quantitative and Qualitative Disclosures About Market Risk 79

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 79

Financial Statements and Supplementary Data 80

Item 8. Financial Statements and Supplementary Data 80

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 80

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 80

Controls and Procedures 80

Item 9A. Controls and Procedures 80

Other Information 83

Item 9B. Other Information 83

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 83

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 83 PART III

Directors, Executive Officers, and Corporate Governance 84

Item 10. Directors, Executive Officers, and Corporate Governance 84

Executive Compensation 84

Item 11. Executive Compensation 84

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84

Certain Relationships and Related Transactions, and Director Independence 84

Item 13. Certain Relationships and Related Transactions, and Director Independence 84

Principal Accountant Fees and Services 84

Item 14. Principal Accountant Fees and Services 84 PART IV

Exhibits and Financial Statement Schedules 85

Item 15. Exhibits and Financial Statement Schedules 85

Form 10-K Summary 90

Item 16. Form 10-K Summary 90 Exhibit Index

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K 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 as summarized below in "Summary Risk Factors." These risks and uncertainties include 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") fees, and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, 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 (including due to bank failures), geopolitical tensions, natural disasters, climate change, and public health crises, on our financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be impor

BUSINESS

ITEM 1. BUSINESS Overview Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of December 31, 2023, we own approximately 85,000 homes for lease which are located primarily in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who prefer the ease of a leasing lifestyle over the burden of owning a home. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and access to good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people. We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States. Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our owned portfolio to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated. Since our founding in 2012, we have built a proven, vertically integrated operating platform that enables us to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we own and those we manage on behalf of others. The portfolio of homes we own average approximately 1,880 square feet with three bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident. We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand. At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, while at the same time advancing efforts that make our company more innovative a

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