Invitation Homes Files Q2 2024 10-Q

TL;DR

INVH 10-Q filed for Q2 2024. Check financials.

AI Summary

Invitation Homes Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial updates for the company, which operates as a real estate owner and lessor. Specific financial figures and operational details for the quarter are detailed within the report.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Invitation Homes, a major player in the single-family rental market.

Risk Assessment

Risk Level: medium — As a real estate company, Invitation Homes is subject to market fluctuations, interest rate changes, and regulatory risks inherent in the housing sector.

Key Players & Entities

• Invitation Homes Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240725 (date) — Filing date
• 5420 LBJ FREEWAY, SUITE 600 (address) — Company's business and mailing address
• DALLAS (location) — City of company headquarters
• TX (location) — State of company headquarters
• 75240 (zip_code) — Zip code of company headquarters
• (972) 421-3600 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

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

Filing Documents

• invh-20240630.htm (10-Q) — 2203KB
• a06-24ceocert311.htm (EX-31.1) — 11KB
• a06-24cfocert312.htm (EX-31.2) — 11KB
• a06-24exhibit321.htm (EX-32.1) — 7KB
• a06-24exhibit322.htm (EX-32.2) — 7KB
• 0001687229-24-000046.txt ( ) — 10608KB
• invh-20240630.xsd (EX-101.SCH) — 70KB
• invh-20240630_cal.xml (EX-101.CAL) — 106KB
• invh-20240630_def.xml (EX-101.DEF) — 371KB
• invh-20240630_lab.xml (EX-101.LAB) — 730KB
• invh-20240630_pre.xml (EX-101.PRE) — 599KB
• invh-20240630_htm.xml (XML) — 1708KB

Financial Statements

Item 1. Financial Statements 6

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 41

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 64

Controls and Procedures

Item 4. Controls and Procedures 65 PART II

Legal Proceedings

Item 1. Legal Proceedings 66

Risk Factors

Item 1A. Risk Factors 66

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 66

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 66

Other Information

Item 5. Other Information 66

Exhibits

Item 6. Exhibits 67

FORWARD-LOOKING STATEMENTS

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 that may impact our financial condition, results of operations, cash flows, business, associates, and residents, 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") 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, development and use of artificial intelligence, 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. Accordingly, there are or will be important facto

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INVITATION HOMES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share data) June 30, 2024 December 31, 2023 (unaudited) Assets: Investments in single-family residential properties: Land $ 4,867,893 $ 4,881,890 Building and improvements 16,874,787 16,670,006 21,742,680 21,551,896 Less: accumulated depreciation ( 4,577,872 ) ( 4,262,682 ) Investments in single-family residential properties, net 17,164,808 17,289,214 Cash and cash equivalents 749,398 700,618 Restricted cash 213,780 196,866 Goodwill 258,207 258,207 Investments in unconsolidated joint ventures 268,808 247,166 Other assets, net 584,442 528,896 Total assets $ 19,239,443 $ 19,220,967 Liabilities: Mortgage loans, net $ 1,617,967 $ 1,627,256 Secured term loan, net 401,540 401,515 Unsecured notes, net 3,308,276 3,305,467 Term loan facilities, net 3,215,993 3,211,814 Revolving facility — — Accounts payable and accrued expenses 354,307 200,590 Resident security deposits 179,833 180,455 Other liabilities 94,818 103,435 Total liabilities 9,172,734 9,030,532 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, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value per share, 9,000,000,000 shares authorized, 612,594,044 and 611,958,239 outstanding as of June 30, 2024 and December 31, 2023, respectively 6,126 6,120 Additional paid-in capital 11,159,835 11,156,736 Accumulated deficit ( 1,198,481 ) ( 1,070,586 ) Accumulated other comprehensive income 63,981 63,701 Total stockholders' equity 10,031,461 10,155,971 Non-controlling interests 35,248 34,464 Total equity 10,066,709 10,190,435 Total liabilities and equity $ 19,239,443 $ 19,220,967 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 INVITATION HOMES INC. CONDENSED CONSOLI

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View this 10-Q filing on SEC EDGAR