INVH 10-K & 10-Q changes, risk factors and insider trading

•bank failures or other liquidity constraints affecting financial institutions;

•fraud by borrowers, originators, and/or sellers of mortgagesecured loansdebt;

•the cost, quality, and condition of the properties we are able to acquire; and

The success of our business model depends, in part, on conditions in the single-family rental market in which we operate. One of the possible impacts on our results of operations and key operating metrics due to limitations on our ability to increase rental rates could be a decrease in gross rental revenues and other property income. In addition, executive actions and federal and state legislative, regulatory, or policy initiatives, particularly those focused on institutional ownership and acquisition of single-family homes, could limit our ability to acquire properties, impose additional compliance or operating requirements, or constrain pricing flexibility in certain markets. Our investment strategy is based on assumptions about occupancy levels, rental rates, interest rates, and other factors; and if those assumptions prove to be inaccurate, our cash flows may be reduced. Multiple economic and demographic factors may contribute to increases or decreases in homeownership rates resulting in fluctuating rental rates and average occupancy levels. Revenues earned from our property and asset management services are sensitive to macroeconomic conditions that negatively impact rent collections and the performance of the properties we manage. In addition, we expect that if investors like us increasingly seek to capitalize on opportunities to purchase housing assets and convert them to productive uses, competition in the market for the supply of single-family rental properties may increase and could result in a higher cost to acquire those properties. A softening of the rental market in our core areas would reduce our rental revenue and profitability.

General economic conditions in the United States have fluctuatedcontinued to fluctuate in recent quarters, and concerns persist regarding adverse macroeconomic conditions, such as fluctuating global and United States economic conditions (including elevated interest rates,rate volatility, political dissension, and labor shortfallsmarket conditions). PersistentWhile inflationinflationary haspressures have moderated from prior peaks, they remain above historical norms and have adversely affected us by increasing the costs of products, materials, and labor needed to operate our business and could continue to adversely affect us in future periods. The effects of inflation on our financial condition and results of operations over the past few years are primarily related to increased operating costs for the procurement of goods and service,services, compensation of our associates, including benefits, and financing costs in the form of interest expense. Continued inflationary pressures could have a material impact on our results of operations in the future. In an inflationary environment, we may not be able to raise rents sufficiently to keep up with the rate of inflation. High levels of inflation may also negatively impact consumer income and spending, among other factors, which may adversely impact our business, financial condition, cash flows, and results of operations. Actions by the government to stimulate the economy may increase the risk of significant inflation, which may also have an adverse impact on our business or financial results.

A general decline in business activity and demand for real estate transactions resulting from a pandemic could adversely affect (1) our ability to acquirebuild, acquire, or dispose of single-family homes on terms that are attractive or at all and (2) the value of our homes and our business such that we may recognize impairment on the carrying value of our investments in single-family residential properties and other assets subject to impairment review, including, but not limited to, goodwill.

An economic downturn resulting from a pandemic, and a disruption of, and/or instability in, the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations, including construction and acquisitions, or address maturing liabilities on a timely basis.

Since commencing operations in 2012, weWe have grown rapidly, assembling a portfolio of 85,13886,192 owned homes as of December 31, 2024 and2025, providing property and asset management services to portfolio owners of single-family residential properties.properties, and beginning to construct homes for ourselves and third parties. Our future operating results may depend on our ability to effectively manage our growth, which is dependent, in part, upon our ability to:

Many of the expenses associated with our business, such as property taxes, insurance, HOA fees, utilities, construction, acquisition, renovation and maintenance costs, and other general corporate expenses are relatively inflexible and will not necessarily decrease with a reduction in revenue from our business. Some components of our fixed assets depreciate more rapidly and require ongoing capital expenditures. Our expenses and ongoing capital expenditures are also affected by continued inflationary pressures, and certain of our cost increases may exceed the rate of inflation in any given period or market. Our rental income is affected by many factors beyond our control, such as the availability of alternative rental housing and economic conditions in our markets. In addition, state and local regulations may require us to maintain properties that we own, even if the cost of maintenance is greater than the value of the property or any potential benefit from renting the property, or pass regulations that limit our ability to increase rental rates. As a result, we may not be able to fully offset rising costs and capital spending by increasing rental rates, which could have a material adverse effect on our results of operations and cash available for distribution.

We depend on rental income from residents for substantially all of our revenues. As a result, our success depends in large part upon our ability to attract and retain qualified residents for our owned and managed properties. We face competition for residents from other lessors of single-family properties, apartment buildings, and condominium units. Competing properties may be newer, better located, and more attractive to residents. Potential competitors may have lower rates of occupancy than we do or may have superior access to capital and other resources, which may result in competing owners more easily locating residents and leasing available housing at lower rental rates than we might offer at our homes. Many of these competitors may successfully attract residents with better incentives and amenities, which could adversely affect our ability to obtain quality residents and lease our single-family properties on favorable terms. Additionally, we may fail to receive certain government subsidies or assistance that we have received in the past, and federal and state legislative or regulatory initiatives could limit or restrict the availability of such subsidies or assistance for our properties, while some competing housing options may qualify for such government subsidies or other government subsidies,assistance, which maycould rendermake the properties of our competitors as more accessible and thereforeattractive moreto attractivepotential residents than our properties. This competition may affect our ability to attract and retain residents and may reduce the rental rates we are able to charge.

In addition, increases in unemployment levels and other adverse changes in economic conditions in our markets may adversely affect the creditworthiness of potential residents, which may decrease the overall number of qualified residents for our properties within such markets. Fluctuating global and United States economic conditions, uncertainty in financial marketsmarkets, (includingand dueelevated tointerest bank failures),rates may materially negatively impact our residents, such as being unable to access their existing cash to fulfill their payment obligations to us due to future bank failures, and our business could be negatively impacted.

We could also be adversely affected by overbuilding or high vacancy rates of homes in our markets, which could result in an excess supply of homes and reduce occupancy and rental rates. Continuing development of apartment buildingsbuildings, condominium units, and condominiumsingle-family unitsrental communities in many of our markets will increase the supply of housing and exacerbate competition for residents.

In addition, laudable government sponsored programs to promote home ownership or executive, legislative, or regulatory initiatives on the federal and state levels that disproportionately affect large institutional owners may encourage potential renters to purchase residences or lease from smaller investors or partnerships rather than leasefrom them,us, thereby causing a decline in the number and quality of potential residents available to us.

We intend to continueacquire properties and to acquireengage propertiesin development and construction activities from time to time consistent with our investment strategy even if the rental and housing markets are not as favorable as they have been in the recent past, which could adversely impact anticipated yields.yields and returns on our development investments.

We intend to continue to acquire properties and pursue development opportunities, including build-to-rent development and third-party fee-building arrangements from time to time consistent with our investment strategy, even if the rental and housing markets are not as favorable as they have been in the recent past. Future acquisitions of properties and development projects may be more costly than those weand have acquiredlower previously.yield characteristics than recent past and present opportunities. The following factors, among others, may make acquisitions or development activities more expensive:

•the emergence of increased competition for single-family properties and developable land from private investors and entities with similar investment objectives to ours; and

•tax or other government incentives that encourage homeownership.homeownership; and

A general decline in business activity and demand for real estate transactions could adversely affect our ability to acquire or dispose of single-family homes or to successfully complete and lease development projects on terms that are attractive or at all, which may be impacted in periods of elevated interest rates.

We plan to continue acquiring properties and pursuing development opportunities as long as we believe such properties offer an attractive total return opportunity. Accordingly, future acquisitions and development projects may have lower yield characteristics than recent past and present opportunities and, if such future acquisitions or development activities are funded through equity issuances, the yield and distributable cash per share may be reduced, and the value of our common stock may decline. For additional information regarding risks related to our development and construction activities, see — “Our expansion into land development and home construction activities exposes us to additional operational and real estate risks, which may adversely affect our financial condition, cash flows, and operating results.”

Competition in identifying and acquiring our properties and in pursuing development opportunities could adversely affect our ability to implement our business and growth strategies, which could materially and adversely affect us.

In acquiring our properties,properties and pursuing development opportunities, we compete with a variety of institutional investors, including other REITs, specialty finance companies, public and private funds, savings and loan associations, banks, mortgage bankers, insurance companies, institutional investors, investment banking firms, financial institutions, governmental bodies, and other entities. WeOn a limited basis, when acquiring existing homes through retail channels, we may also compete with individual private home buyers and small-scale investors. With respect to our development and construction activities, we also compete with national and regional homebuilders, land developers, and other build-to-rent operators for the acquisition of developable land, finished lots, and lot option contracts, as well as for construction labor, materials, and subcontractor services.

Certain of our competitors may be larger in certain of our markets and may have greater financial or other resources than we do. Some competitors may have a lower cost of funds and access to funding sources that may not be available to us. In addition, any potential competitor may have higher risk tolerances or different risk assessments and may not be subject to the operating constraints associated with qualification for taxation as a REIT, which could allow them to consider a wider variety of investments.investments or development opportunities. Competition may result in fewer investments, higher prices,prices for both existing homes and developable land, a broadly dispersed portfolio of properties that does not lend itself to efficiencies of concentration, acceptance of greater risk, lower yields and a narrower spread of yields over our financing costs. In addition, competition for desirable investments and development sites could delay the investment of our capital, which could adversely affect our results of operations and cash flows. As a result, there can be no assurance that we will be able to identify and finance investments or development opportunities that are consistent with our investment objectives or to achieve positive investment results, and our failure to accomplish any of the foregoing could have a material adverse effect on us and cause the value of our common stock to decline.

We depend on rental income from residents for substantially all of our revenues. As a result, our success depends in large part upon our ability to attract and retain qualified residents for our owned and managed properties. Our reputation, financial performance, and ability to make distributions to our stockholders would be adversely affected if a significant number of our residents fail to meet their lease obligations or fail to renew their leases. For example, residents may default on rent payments, make unreasonable and repeated demands for service or improvements, make unsupported or unjustified complaints to regulatory or political authorities, use our properties for illegal purposes, damage or make unauthorized structural changes to our properties that are not covered by security deposits, refuse to leave the property upon termination of the lease, engage in domestic violence or similar disturbances, disturb nearby residents with noise, trash, odors, or eyesores, fail to comply with HOA regulations, sublet to less desirable individuals in violation of our lease, or permit unauthorized persons to live with them. We have been experiencing lowerAlthough collections from residents withhave accountsimproved receivableover balancesthe thatpast areyear agedcompared greaterto thanrecent 30periods, days,they orhave badnot debt,returned to historical levels and wemay never fully do so. We may also experience higher resident turnover.

Our evaluation of properties and development projects involves a number of assumptions that may prove inaccurate, which could result in us paying too much for properties we acquire or development projects we undertake and/or overvaluing our properties or development projects, or our properties or development projects failing to perform as we expect.

We are authorized to follow a broad investment policy established by our board of directors and subject to implementation by our management. Our board of directors periodically reviews and updates the investment policy and also reviews our portfolio of residential real estate, but it generally does not review or approve specific property acquisitions.acquisitions or development projects. Our success depends on our ability to acquire properties that can be quickly possessed, renovated, repaired, upgraded, and rented with minimal expense and maintained in quality condition.condition, as well as our ability to successfully manage land acquisition strategies, construction processes, and development timelines for our development activities. In determining whether a particular property or development project meets our investment criteria, we also make a number of assumptions, including, among other things, assumptions related to estimated time of possession and estimated renovation costs and time frames, annual operating costs, market rental rates and potential rent amounts, time from purchase to leasing, and resident default rates. With respect to our development and construction activities, we make additional assumptions, including assumptions related to land acquisition and lot costs, construction cost estimates, availability and cost of labor, materials, and subcontractor services, permitting and entitlement timelines, construction schedules, and projected rental rates and lease-up timing at the time of project completion. These assumptions may prove inaccurate, particularly since the properties that we acquire and the development projects that we undertake vary materially in terms of time to possession, renovation, quality and type of construction, geographic location, and hazards.hazards and since development projects are subject to market conditions and cost fluctuations over extended time horizons. As a result, we may pay too much for properties we acquire or land and lots for development and/or overvalue our properties,properties or development projects, or our properties or development projects may fail to perform as anticipated. Adjustments to the assumptions we make in evaluating potential purchases may result in fewer properties or development opportunities qualifying under our investment criteria, including assumptions related to our ability to lease properties we have purchased.purchased or developed.

Though we are internally managed, we use local and national third-party vendors and service providers to provide certain services for our properties.properties and development projects. For example, we typically engage third-party home improvement professionals with respect to certain maintenance and specialty services, such as HVAC, roofing, painting, and floor installations. With respect to our development and construction activities, we rely on general contractors, subcontractors, and other third-party service providers to perform land development, site work, and home construction. Selecting, managing, and supervising these third-party service providers requires significant resources and expertise, and because our portfolio consists of geographically dispersed properties,properties and our development activities occur across multiple markets, our ability to adequately select, manage, and supervise such third parties may be more limited or subject to greater inefficiencies than if our properties and development projects were more geographically concentrated.

An overall labor shortage experienced by our vendors, general contractors, subcontractors, and other third-party service providers, lack of skilled labor, increased turnover, or labor inflation, caused by a pandemic orincluding as a result of general macroeconomic factors, could have a material adverse impact on our business, financial condition, or operating results. We have entered into a multi-year contract with a third-party vendor to provide certain services for our properties. Because of the large volume of services under this contract, only a limited number of companies are capable of servicing our needs on this scale. Accordingly, the inability or unwillingness of this vendor to continue to provide these services on acceptable terms or at all could have a material adverse effect on our business.

We are subject to certain risks associated with bulk portfolio acquisitions and dispositions and acquisitions through an auction process.dispositions.

We have acquired and disposed of, and may continue to acquire and dispose of, properties we acquire or sell in bulk from or to other owners of single-family homes, banks, and loan servicers. When we purchase properties in bulkbulk, or if we were to acquire properties through an auction process, we often do not have the opportunity to conduct interior inspections or conduct more than cursory exterior inspections on a portion of the properties, if at all. Such inspection processes may fail to reveal major defects associated with such properties, which may cause the amount of time and cost required to renovate and/or maintain such properties to substantially exceed our estimates. The costs involved in locating and performing due diligence (when feasible) on portfolios of homes as well as negotiating and entering into transactions with potential portfolio sellers could be significant, and there is a risk that either the seller may withdraw from the entire transaction for failure to come to an agreement or the seller may not be willing to sell us the bulk portfolio on terms that we view as favorable. In addition, a seller may require that a group of homes be purchased as a package even though we may not want to purchase certain individual assets in the bulk portfolio.

Bulk portfolio acquisitions are also more complex than single-family home acquisitions, and we may not be able to implement this strategy successfully. With respect to auction process acquisitions, allegations of deficiencies in auction practices could result in claims challenging the validity of some auctions, potentially placing our claim of ownership to the properties at risk. Upon acquiring a new home, we may have to evict residents who are in unlawful possession before we can secure possession and control of the home.

This strategy depends on the performance of our counterparties and the ability of homebuilders to develop new homes specifically for our purchase. We rely on builder counterparties to acquire land suitable for residential building in our markets and to deliver quality homes at reasonable prices in a timely manner, in accordance with agreed to specifications. A failure of builder counterparties to perform in accordance with the terms of our agreements, could have a material adverse effect on our business. Additionally, homebuilder counterparties may experience financial distress, insolvency, or bankruptcy, which could result in failure to deliver contracted homes, delays in construction, loss of deposits, or our inability to realize anticipated returns on committed capital. Further, poor performance by homebuilder counterparties may reflect poorly on us and could damage our reputation. Governmental laws, regulations, and zoning requirements may be imposed that restrict our ability to purchase homes from third-party homebuilders that are intended for rental purposes in areas where we would like to invest.

TheNewly propertiesconstructed homes acquired through our homebuilder partnerships or built through our ResiBuilt platform are typically delivered without residents in place. These properties, as well as existing unoccupied homes we acquireacquire, may often beremain vacant atlonger thethan time of closing,anticipated, and we may acquireown multiple unoccupied homes in close geographic proximity to one another. We may not be successful in locating residents to lease the individual properties that we acquire or build as quickly as we had expected, or at all. Even if we are able to place residents as quickly as we had expected, we may incur vacancies in the future and may not be able to re-lease those properties without longer than assumed delays, which may result in increased renovation and maintenance costs and opportunity costs from lost revenues.

•making repairs, maintenancemaintenance, or other capital improvements or expenditures to our remaining properties.

•our ability to effectively manage construction, renovation, maintenance, marketing, and other operating costs for our propertiesproperties, or delays in construction timelines;

•the availability of, and our ability to identify, attractive acquisition or land development opportunities consistent with our investment strategy;

•our ability to compete with other investors entering the single-family rental industry and other developers of single-family rental homes and communities;

•costs that are beyond our control, including title litigation, litigation with residents or tenant organizations, legal compliance, property taxes, insurance, HOA fees, and HOAconstruction feesand renovation costs, including labor, materials, and supplies;

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, 2024,2025, we wholly own 85,13886,192 homes for lease, jointly own 7,6228,006 homes for lease, and provide professional third-party property and asset management services for an additional 17,67815,866 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who prefercount on the easeease, flexibility, and savings of a leasing lifestyle over the burden of owning a home.leasing. 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.

At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, whilewhich atis theunderscored same time advancing efforts that makeby our company morepurpose innovativeto Unlock the Power of Home™. Our Genuine CARE™ values serve as the foundation for our work, and the underlying principles of clear communication, integrity, responsibility, innovation, adaptability, and a welcoming workplace are designed to create an authentic experience for our processesresidents, moreshareholders, sustainable.and Sustainabilityassociates. We also work to advance sustainability, which is an important part of our strategic business objectives and is critical to our long-term success.

Our commitment to high-touch customer service continuously enhances residents’ living experiences and provides homesan environment where individuals and families can thrive. Many of our residents are first responders, healthcare workers, teachers, and other essential members of their communities, people who dedicate themselves to serving others every day. We are honored to serve them in return, and we work hard to ensure they come home to a place of comfort and security. Each aspect of our operations — whether in our corporate headquarters or field offices located in our 16 core markets — is driven by a resident-centric model. Our associates take our values seriously and work hard every day to honor the trust our residents have placed in us to provide clean, safe, and functional homes for them and their loved ones. In turn, we focus on ensuring that our associates are fairly compensated and that we provide a culture that values respect, opportunity, and belonging. We also place a strong emphasis on the impact we have in our communities and toon the environment in general, and we continue to developsupport programs that demonstrate those commitments. In addition, we ensure that we operate under strong, well-defined governance practices and adhereare dedicated to adhering to the highest ethical standards at all times.

General economic conditions in the United States have fluctuatedcontinued to fluctuate in recent quarters,quarters. While inflationary pressures have moderated from prior peaks, they remain elevated, and concerns persist regarding adverse macroeconomic conditions, such as inflation, elevated interest rates,rates politicalremain dissension,subject to volatility and laboruncertainty. shortfalls.These Suchfactors, macroeconomic factors coupledtogether with ongoing uncertainty in financial and capital markets, geopolitical tensions, evolving trade and tariff policies, labor market conditions, and a general decline in business activity and/or consumer confidence could adversely affect (i) our occupancy levels, our rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to recognize impairments in the value of our tangible assets or goodwill. InflationarySuch pressures, bank failures, and other unfavorable global and regional economicmacroeconomic conditions, as well asand geopolitical events, may also negatively impact consumer income, credit availability, interest rates, and spending, among other factors, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent. TheseIn factors,addition, whichconsumer includeconfidence laborand spending may decline in response to changes in fiscal and monetary policy, reductions in income or asset values, and other macroeconomic factors. Labor shortages and inflationary increases in labor and material costs,costs have impacted and may continue to impact certain aspects of our business. InImposition addition,or consumerincrease confidenceof tariffs and spendingtrade canrestrictions beby materiallythe adverselyUnited affectedStates on imports from certain countries and counter-tariffs in response could lead to changesincreased in fiscalcosts and monetarysupply policy,chain declinesdisruptions. inAny incomeof orthese assetfactors values,could have a material adverse effect on our business and otherresults macroeconomicof factors.operations, as well as on the price of our common stock.

Evolving laws and regulations or any changed interpretation of such laws and regulations may require us to make costly improvements to our existing properties beyond our current plans to decrease the impact of our homes on the environment, resulting in increased operating costs. Incorporating greater resource efficiency into our homes, whether to comply with upgraded building codes or recommended practices given a region’s particular exposure to climate conditions or undertaken to satisfy demand from increasingly environmentally conscious residents or to meet our own sustainability goals, could raise our costs to maintain our homes. In evaluating whether to implement voluntary improvements, we also consider that choosing not to enhance our homes’ resource efficiency can make them less attractive to municipalities and increasecompliance theburdens. vulnerability of residents in our communities to rising energy and water expenses and use restrictions. Additionally, choosingChoosing not to enhance our homes’ resource efficiency could make our portfolio less attractive to residents and investors. If we fail to manage transition risks effectively, our profitability and cash flow could suffer.

We recognize that climate change could have a significant impact on our portfolio of homes located in a variety of markets across the United States and that an increase in the number of acute weather events, natural disasters, and other climate-related events could significantly impact our business, operations, and homes. We actively consider physical risksrisks, such asincluding the potential for natural disasters such as hurricanes, floods, droughts, and wildfireswildfires, when assessing our portfolio of homes and our business processes. Such extreme climate related events are driving changes in market dynamics and stakeholder expectations and could result in disruptions to us, our suppliers, vendors, and residents. We recognize that we must continue to adapt our policies, objectives, and processes to prepare for such events and improve the resiliency of our physical properties and our business.

Our management and the board of directors are focused on managing our business risks, including climate change-related risks. The process to identify, manage, and integrate climate-change risk is part of our comprehensive enterprise risk management program. Our board of directors, through its Audit Committee and Nominating and Corporate Governance Committee, is responsible for oversight of our management of risks related to environmental issues, climate related risks, and social issues. Our executive leadership regularly reports to the board of directors and the relevant committees on these risk areas and our initiatives for managing and mitigating these risks. By taking a proactive approach to climate-related risk, we aim to remain well-prepared for various climate scenarios, supporting our commitment to transparency and effective risk management. For more information on risks related to climate change, see Part I. Item 1A. “Risk Factors — Risks Related to Sustainability, Corporate Responsibility, and Governance — Climate change and related environmental issues, related legislative and regulatory responses to climate change, and the transition to a lower-carbon economy may adversely affect our business, — We are subject to risks from natural disasters such as earthquakes, wildfires, and severe weather, and — We are subject to increasing scrutiny from investors and others regarding our sustainability responsibilities, which could result in additional costs or risks and adversely impact our reputation, associate attraction and retention, and ability to raise capital.”

In January 2023, we received an inquiry from the staff of the SEC requesting information relating to our compliance with building codes and permitting requirements, related policies and procedures, and other matters. WeIn areDecember in2025, the processSEC ofnotified respondingus to,that it had concluded this inquiry and cooperatingdid with,not thisintend request.to Werecommend cannotany currentlyenforcement predict the timing, outcome, or scope of this inquiry.action.

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. See Part I. Item 1A. “Risk Factors” for more information regarding factors that could materially adversely affect our results of operations and financial condition. Key factors that impact our results of operations and financial condition include market fundamentals, rental rates and occupancy levels, collection rates, turnover rates and days to re-resident homes, property improvements and maintenance, property acquisitions and renovations, and financing arrangements. Sensitivity to many of these factors has been heightened as a result of current macroeconomic conditions, including elevatedinflation, interest rates,rate volatility, political dissension, labor market conditions, evolving regulatory landscape affecting institutional ownership and laboracquisition shortfalls.of single-family rental properties, and adverse global economic conditions. Additionally, each of these factors may also impact the results of operations and financial condition of our joint venture investments and those of third parties for whom we perform property and asset management services, which would impact the amount of management fee revenues and income (losslosses) from investments in unconsolidated joint ventures that we earn.

Turnover Rates and Days to Re-Resident: Other drivers of rental revenues and property operating and maintenance expense include the length of stay of our residents, resident turnover rates, and the number of days a home is unoccupied between residents. Our operating results are also impacted by the amount of time it takes to market and lease a property, which is a component of the number of days a home is unoccupied between residents. The period of time to market and lease a property can vary greatly and is impacted by local demand, our marketing techniques, the size of our available inventory, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business, and both current economic conditions and future economic outlook, including the impact of inflation, elevated interest rates, political dissension, and labor shortfalls which could adversely affect demand for our properties.

Property Improvements and Maintenance: Property improvements and maintenance impact capital expenditures, property operating and maintenance expense, and rental revenues. We actively manage our homes on a total portfolio basis to determine what capital and maintenance needs may be required and what opportunities we may have to generate additional revenues or expense savings from such expenditures. As a result of recent inflationary trends,trends and/or imposition of or increases in tariffs, we may experience, as we have experienced,in andthe expect to continue to incur,past, increased costs for certain materials and services necessary to improve and maintain our homes. We continue to actively manage the impact of inflationthese factors on these costs, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Property AcquisitionsDevelopment, Acquisitions, and Renovations: Future growth in rental revenues and other property income may be impacted by our ability to and the pace at which we identify and build or acquire homes, our pace of property acquisitions,homes and the time and cost required to renovate and lease athose homes. We are also developing build-to-rent homes through third-party homebuilders and our ResiBuilt business, acquired in January 2026. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets, and inventory of homes currently under construction or newly acquired home.developed. Our ability to identify and acquire single-family homes that meet our investment criteria is impacted by home prices in targeted acquisition locations, the inventory of homes available for sale through our acquisition channels, and competition for our target assets. All of these factors may be negatively impacted by current inflationary trends and elevated interest rates, potentially reducing the number of homes we acquire. The evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties could also limit our ability to acquire additional homes.

The acquisition of homes involves expenditures in addition to payment of the purchase price, including payments for acquisition fees, property inspections, closing costs, title insurance, transfer taxes, recording fees, broker commissions, property taxes, and HOA fees (when applicable). Additionally, we incur costs to renovate aacquired homehomes to prepare itthem for rental. The scope of renovation work varies, but may include paint, flooring, carpeting, cabinetry, appliances, plumbing hardware, roof replacement, HVAC replacement, and other items required to prepare the home for rental.rent. The time and cost involved in accessingpreparing ouracquired homes and preparing them for rentalrent can significantly impact our financial performance. The time to renovate a newly acquired property can vary significantly among homes for several reasons, including the property’s acquisition channel, the condition of the property, whether the property was vacant when acquired, and whether there are any state or local restrictions on our ability to complete renovations as an essential business function. Additionally, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business have increased the time required to renovate our homes. As a result of recent inflationary trends,trends and/or imposition of or increases in tariffs, we may experience, as we have experienced,in andthe expect to continue to incur,past, increased costs for certain materials and services necessary to renovate our homes. We continue to actively manage the impact of inflation on the cost of renovations, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Macroeconomics Conditions: Inflation, elevated interest rates,rate volatility, political dissension, labor market conditions, the evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties, and adverse global economic conditions could negatively affect our business and financial condition. MandatedImposition of, increases in, and proposedchanging policies around tariffs to be imposed by the United States on imports from certain countries and potential counter-tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.

Other property income is comprised of: (i) resident reimbursements for utilities, HOA fines, and other charge-backs; (ii) rent and non-refundable deposits associated with pets; (iii) revenues from value-add services such as smart homes, internet and media packages, home liability insurance, and HVAC replacement filters; and (iviii) various other fees, including late fees and lease termination fees, among others.others; and (iv) rent and non-refundable deposits associated with pets.

Casualty losses, impairment, and other represents casualty (gains) losses, net of any insurance recoveries, and provisions for impairment when the carrying amount of our single-family residential properties is not recoverable and casualty (gains) losses, net of any insurance recoveries.recoverable.

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 MarchJune 31,30, 2026, we wholly own 85,97085,509 homes for lease, jointly own 8,0168,069 homes for lease, and provide professional third-party property and asset management services for an additional 15,75915,639 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.

General economic conditions in the United States have continued to fluctuate in recent quarters. While inflationary pressures have moderated from prior peaks, they remain elevated, and interest rates remain subject to volatility and uncertainty. These factors, together with ongoing uncertainty in financial and capital markets, geopolitical tensions, evolving trade and tariff policies, labor market conditions, and a general decline in consumer confidence could adversely affect (i) our occupancy levels, rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to recognize impairments in the value of our tangible assets or goodwill.goodwill, and (v) demand for our land development, fee-building, and build-to-rent operations along with our construction and development lending activities. Broader inflationary pressures and market conditions may contribute to increases in operating costs that are outside of our control, including property taxes, utilities, and insurance costs (including higher premiums and deductibles, more restrictive terms, or reduced availability of coverage), which could adversely affect our results of operations. In addition, consumer confidence and spending may decline in response to changes in fiscal and monetary policy, reductions in income or asset values, and other macroeconomic factors. Labor shortages and inflationary increases in labor and material costs have impacted and may continue to impact certain aspects of our business. Imposition or increase of tariffs and trade restrictions by the United States on imports from certain countries and counter-tariffscounter tariffs in response could lead to increased costs and supply chain disruptions. Any of these factors could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.

The regulatory landscape affecting institutional ownership and acquisition of single-family rental properties continues to evolve. Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homeshomes, including but not limited to the 21st Century ROAD to Housing Act that became federal law on July 11, 2026 (the “Housing Act”), could limit our ability to acquire additional homes, require us to modify our growth, investment, development, or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect market dynamics, our business, and results of operations.Inoperations, financial condition, or cash flows. In addition, expanded tenant-protection and rent regulation requirements (whether enacted or proposed) could increase our operating costs, reduce revenue, limit operational flexibility, and increase litigation and regulatory enforcement risk. The legislative uncertainty stemming from the various iterations of the Housing Act has also caused prospective institutional purchasers to defer or curtail acquisition activity, reducing demand for build-to-rent communities and fee-build operations, as well as the need for construction and development lending. To the extent institutional demand remains constrained, our revenues, margins, and returns on invested capital in these business activities could be materially adversely affected, and if institutional capital is redirected away from single-family housing, our ability to maintain a pipeline of controlled lots on favorable terms through joint ventures, land banking arrangements, or similar structures could be impaired. Even where final legislation preserves exemptions for build-to-rent development, the implementing regulatory framework may impose compliance costs or operational constraints that diminish the attractiveness of these programs to us, institutional investors, or our partners, and there can be no assurance that current exemptions will be maintained or that future legislative or regulatory action will not further restrict institutional participation in the single-family housing market.

The following table provides summary information regarding our total and Same Store portfolios as of and for the three months ended MarchJune 31,30, 2026 as noted below:

(1)As of MarchJune 31,30, 2026.

(2)Represents average occupancy for the three months ended MarchJune 31,30, 2026.

(3)Represents average monthly rent for the three months ended MarchJune 31,30, 2026.

(4)Represents the percentage of rental revenues and other property income generated in each market for the three months ended MarchJune 31,30, 2026.

(5)As of MarchJune 31,30, 2026, represents homes located in San Antonio, Salt Lake City, Austin, and Nashville, outside of our 16 core markets.

Market Fundamentals: Our results are impacted by housing market fundamentals and supply and demand conditions in our markets, particularly in the Western United States and Florida, which represented 70.5%70.4% of our rental revenues and other property income during the three months ended MarchJune 31,30, 2026. We actively monitor the impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as market fundamentals shift.

Property Development, Acquisitions, and Renovations: Future growth in rental revenues and other property income may be impacted by our ability to and the pace at which we identify and build or acquire homes and the time and cost required to renovate and lease those homes. We are also developing build-to-rent homes through third-party homebuilders and our ResiBuilt business, acquired in January 2026. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets, and inventory of homes currently under construction or newly developed. Our ability to identify and acquire single-family homes that meet our investment criteria is impacted by home prices in targeted acquisition locations, the inventory of homes available for sale through our acquisition channels, and competition for our target assets. All of these factors may be negatively impacted by current inflationary trends and elevated interest rates, potentially reducing the number of homes we acquire. The evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties could also limit our ability to acquire additional homes.

Macroeconomic Conditions: Inflation, interest rate volatility, political dissension, labor market conditions, the evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties, and adverse global economic conditions could negatively affect our business and financial condition. Imposition of, increases in, and changing policies around tariffs by the United States on imports from certain countries and potential counter-tariffscounter tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock. In addition, increases in property taxes and insurance costs could adversely affect our results of operations.

Regulatory and Policy Risks: Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homeshomes, including but not limited to the Housing Act, could limit our ability to acquire additional homes, require us to modify our growth, investment, development, or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect market dynamics, our business, and results of operations.operations, financial condition, or cash flows. In addition, expanded tenant-protection and rent regulation requirements (whether enacted or proposed) could increase our operating costs, reduce revenue, limit our operational flexibility, and increase our litigation and regulatory enforcement risk. As this policy landscape continues to evolve, we remain committed to working constructively with policymakers at all levels to support housing supply and availability, and we believe that well-managed, professionally operated rental housing serves an important role in expanding access to quality homes for American families.

As of MarchJune 31,30, 2026 and 2025, we owned 85,97085,509 and 85,26185,905 single-family rental homes, respectively, in our total portfolio. During the three months ended MarchJune 31,30, 2026 and 2025, we acquired 261196 and 577939 homes, respectively, and sold 483657 and 454295 homes, respectively. During the three months ended MarchJune 31,30, 2026 and 2025, we owned an average of 86,12885,798 and 85,18985,505 single-family rental homes, respectively. During the six months ended June 30, 2026 and 2025, we acquired 457 and 1,516 homes, respectively, and sold 1,140 and 749 homes, respectively. During the six months ended June 30, 2026 and 2025, we owned an average of 85,962 and 85,349 single-family rental homes, respectively.

As of MarchJune 31,30, 2026, our Same Store portfolio consisted of 78,14177,326 single-family rental homes.

Three Months Ended MarchJune 31,30, 2026 Compared to Three Months Ended MarchJune 31,30, 2025

The following table sets forth a comparison of the results of operations for the three months ended MarchJune 31,30, 2026 and 2025:

For the three months ended MarchJune 31,30, 2026 and 2025, total revenues were $734.1$747.6 million and $674.5$681.4 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

For the three months ended MarchJune 31,30, 2026 and 2025, total portfolio rental revenues and other property income totaled $670.5$678.4 million and $653.1$659.1 million, respectively, an increase of 2.7%,2.9%, driven by an increase in average monthly rent per occupied home andhome, a 939293 home increase between periods in the average number of homes owned, partially offset byand a 4030 bps reductionincrease in average occupancy.

Average occupancy for the three months ended MarchJune 31,30, 2026 and 2025 for the total portfolio was 94.8%95.9% and 95.2%,95.6%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended MarchJune 31,30, 2026 and 2025 was $2,458$2,460 and $2,424,$2,434, respectively, a 1.4%1.1% increase. For our Same Store portfolio, average occupancy was 96.3%97.1% and 97.2%97.3% for the three months ended MarchJune 31,30, 2026 and 2025, respectively, and average monthly rent per occupied home for the three months ended MarchJune 31,30, 2026 and 2025 was $2,474$2,480 and $2,421,$2,431, respectively, a 2.2%2.0% increase.

The annualized turnover rate for the Same Store portfolio for the three months ended MarchJune 31,30, 2026 and 2025 was 21.4%22.8% and 20.0%,24.6%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 6146 and 4840 days between residents for the three months ended MarchJune 31,30, 2026 and 2025, respectively. The increase in days to re-resident resulted in an overall decrease in average Same Store occupancy on a year over year basis.

Renewal lease net effective rental rate growth for the total portfolio averaged 3.6%3.2% and 5.1%4.6% for the three months ended MarchJune 31,30, 2026 and 2025, respectively, and new lease net effective rental rate growth for the total portfolio averaged (3.1)%1.1% and (0.2)%2.0% for the three months ended MarchJune 31,30, 2026 and 2025, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 3.7%3.3% and 5.2%4.7% for the three months ended MarchJune 31,30, 2026 and 2025, respectively, and new lease net effective rental rate growth averaged (3.0)%1.1% and (0.1)%2.1% for the three months ended MarchJune 31,30, 2026 and 2025, respectively.

Other property income for the three months ended MarchJune 31,30, 2026 increased compared to MarchJune 31,30, 2025, primarily due to enhanced value-add revenue programs and increased utility recoveries as new leases are entered into, among other things.

For the three months ended MarchJune 31,30, 2026 and 2025, management fee revenues totaled $19.9$19.7 million and $21.4$22.3 million, respectively. The 7.3%11.5% decrease iswas primarily duedriven by lower disposition management fee revenue, with the number of homes disposed decreasing by 431 homes during the three months ended June 30, 2026 compared to athe decreasethree inmonths ended June 30, 2025. Additionally, the average number of homes for which we provide property and asset management services,services which declineddecreased from 25,16124,770 homes forduring the three months ended MarchJune 31,30, 2025 to 23,73323,744 homes forduring the three months ended MarchJune 31,30, 2026.

For the three months ended MarchJune 31,30, 2026, homebuilding revenues totaled $43.7$49.5 million afterrelated to our acquisition of ResiBuilt on January 14, 2026.

For the three months ended MarchJune 31,30, 2026 and 2025, total expenses were $654.7$657.5 million and $575.8$579.6 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

For the three months ended MarchJune 31,30, 2026, property operating and maintenance expense increased to $251.1$255.7 million from $237.4$244.3 million for the three months ended MarchJune 31,30, 2025. The 5.8%4.7% increase in property operating and maintenance expense is primarily attributable to increases in utilities, property taxestaxes, and utilities,HOA as well as a 939 home increase in the average number of homes owned between periods.expense.

Property management expense and general and administrative expense increased to $71.6$67.1 million from $66.3$59.4 million for the three months ended MarchJune 31,30, 2026 and 2025, respectively, primarily due to increased personnel and other costs related to our homebuilding platform and overall increases in salary and burden.

For the three months ended MarchJune 31,30, 2026, homebuilding cost of sales totaled $39.1$42.2 million afterrelated to our acquisition of ResiBuilt on January 14, 2026.

Interest expense increased to $95.3$94.0 million for the three months ended MarchJune 31,30, 2026 from $84.3$87.4 million for the three months ended MarchJune 31,30, 2025. The increase in interest expense was primarily due to $689.0$339.8 million increase in gross debt outstanding, partially offset by a 56 bps decrease in our weighted average interest rate, in each case, as of MarchJune 31,30, 2026 compared to MarchJune 31,30, 2025.

Depreciation and amortization expense increased to $193.1$194.3 million for the three months ended MarchJune 31,30, 2026 from $183.1$185.5 million for the three months ended MarchJune 31,30, 2025 due to higher real estate depreciation resulting from cumulative capital expenditures, increased corporate depreciation related to technology improvements and new automobiles for our field personnel,operations, and increased amortization of intangible assets related to our newly acquired homebuilding platform.

Casualty losses, impairment, and other expenses were $4.3$4.2 million and $4.7$3.0 million for the three months ended MarchJune 31,30, 2026 and 2025, respectively. Expense during both periods is primarily comprised of casualty and other insurance losses and reserves.

Gain on sale of property, net of tax was $87.1$132.3 million and $71.7$46.6 million for the three months ended MarchJune 31,30, 2026 and 2025, respectively. The increase resulted from an increase in the number of homes sold from 295 for the three months ended June 30, 2025 to 657 for the three months ended June 30, 2026 and an increase in the disposition proceeds received per home between periods and an increase in the number of homes sold from 454 for the three months ended March 31, 2025 to 483 for the three months ended March 31, 2026.periods.

Our share of equity in losses from unconsolidated joint ventures was $3.1 million and $5.2$2.4 million for the three months ended MarchJune 31,30, 20262026, andcompared 2025,to respectively.a loss of $4.8 million for the three months ended June 30, 2025. The change was primarily driven by an increase in our share of income and distributions from the FNMA joint venture from 10.0% to 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement and gains on dispositions of homes within that portfolio.

Other, net decreased to $2.3$0.3 million of expense for the three months ended MarchJune 31,30, 2026 from $1.1$2.2 million of incomeexpense for the three months ended MarchJune 31,30, 2025, primarily due to increasedreduced transaction costs and expendituresincreased formiscellaneous certain litigation and regulatory matters.income.