What changed in this filing

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Item 1. Business

2022-02-22 compared with 2021-02-19 · 179 added, 137 removed, 214 unchanged (60% of the section changed)

Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across America.

With over 80,000 homes for lease in 16 markets across the country as of December 31, 2020, Invitation Homes is meeting changing lifestyle demands by providing residents access to updated homes with features they value, such as close proximity to jobs and access to good schools.

Our mission statement, “Together with you, we make a house a home,” reflects our commitment to high-touch service that continuously enhances residents’ living experiences and provides homes where individuals and families can thrive.

With over 80,000 homes for lease in 16 markets across the country as of December 31, 2021, we are meeting the needs of a growing share of Americans who prefer the ease of leasing 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 is attractive to many prospective residents.

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.

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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 our homes.

We invest in markets that we expect will exhibit lower new supply, stronger job and household formation growth, and superior net operating income (“NOI”) growth relative to the broader United States housing and rental markets.

Within our 16 markets, we target attractive neighborhoods in in-fill locations with multiple demand drivers, such as proximity to major employment centers, desirable schools, and transportation corridors.

Our homes average approximately 1,870 square feet with three bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than the typical multifamily resident.

Our homes average approximately 1,870 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.

The in-fill locations and high quality of our homes and service further differentiate our resident experience, which we continue to refine.

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 and our processes more sustainable.

Environmental, social, and governance (“ESG”) initiatives are an important part of our strategic business objectives and are critical to our long-term success.

Our mission statement, “Together with you, we make a house a home,” reflects our commitment to high-touch customer service that continuously enhances residents’ living experiences and provides homes where individuals and families can thrive.

Each aspect of our operations — whether in our corporate headquarters or field offices located in our 16 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 safe and secure homes for them and their loved ones.

In turn, we focus on ensuring our associates are fairly compensated and that we provide a diverse, equitable, and inclusive culture where they are appreciated for who they are and what they bring to the business.

We also place a strong emphasis on the impact we have in our communities and to the environment in general, and we continue to develop programs that will demonstrate that commitment.

In addition, we ensure that we operate under strong, well-defined governance practices and adhere to the highest ethical standards at all times.

During 2021, we continued to adapt our priorities and evolve our strategies to navigate the challenges of the ongoing COVID-19 pandemic.

Since the beginning of the pandemic, we have implemented a host of measures to ensure continuity of our business operations and services while protecting our associates and residents, including modifying the workplace and adopting new business practices to align with health protocols and adapting to changing operational realities.

While our business has not been materially affected by the COVID-19 pandemic, we continue to monitor the situation to ensure we fully understand and define any potential impact.

Through certain of the six holding entities that owned our business prior to our initial public offering (the “IH Holding Entities”), we commenced operations in 2012.

On January 31, 2017, we effected certain reorganization transactions that resulted in INVH LP holding, directly or indirectly, all of the assets, liabilities, and results of operations of the Manager and the full portfolio of homes held by the IH Holding Entities.

As a result of the reorganization transactions, INVH LP became a consolidated subsidiary of INVH.

A wholly owned subsidiary of INVH, Invitation Homes OP GP LLC, serves as INVH LP’s sole general partner.

A wholly owned subsidiary of INVH, Invitation Homes OP GP LLC (the “General Partner”), serves as INVH LP’s sole general partner.

Invitation Homes Inc., a Maryland corporation, was incorporated in Delaware on October 4, 2016.

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• Local presence and expertise .

In-market managers oversee the operations of local leasing management, property management, and maintenance teams, enabling us to provide outstanding resident service, leverage local expertise in managing rental, occupancy, and turnover rates, and improve cost and oversight over renovations and ongoing maintenance.

In-market managers oversee the operations of local leasing, property management, and maintenance teams, enabling us to provide outstanding resident service, leverage local expertise in managing rental, occupancy, and turnover rates, and improve cost and oversight of renovations and ongoing maintenance of our homes.

As a result of our concentrated footprint within our markets, our regional managers and in-market teams are able to realize local-operator advantages, while still benefiting from significant economies of scale.

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Through the integration of investment and asset management and property management functions, our platform enables our teams to incorporate real-time information regarding leasing activity, property operations, maintenance, and capital spending into asset selection.

We believe the advantages of our integrated acquisition platform and local market expertise have driven the quality of our existing portfolio of 80,177 homes as of December 31, 2020.

We believe that employing experienced, in-house acquisitions teams at the local level gives us a competitive advantage in selectively acquiring homes that will maximize risk-adjusted total return.

We believe the advantages of our integrated acquisition platform and local market expertise have driven the quality of our existing total portfolio of 82,381 homes as of December 31, 2021.

We similarly believe that employing experienced, in-house acquisitions teams at the local level gives us a competitive advantage in selectively acquiring homes that will maximize risk-adjusted total return.

Our Business Activities

Since our founding in 2012, we have built a proven, vertically integrated operating platform that allows us to effectively and efficiently acquire, renovate, lease, maintain, and manage our homes.

Since our founding in 2012, we have built a proven, vertically integrated operating platform that allows us to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we own as well as those we manage on behalf of others, including our joint venture partners.

Our differentiated approach, which combines a resident-centric focus, local market presence and expertise, and national strategy, infrastructure, and standards, informs all areas of our operations.

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Property operations encompasses the in-house local market management and execution of marketing, leasing, resident relations, and maintenance functions.

We have developed and employ a highly scalable, vertically integrated, and resident-centric property management service platform, referred to as “ProCare.” All of our property management functions have been internally managed since our founding in 2012, and we have implemented an extensive property management infrastructure, including an online resident portal, Smart Home technology, a technology suite to manage work orders and personnel, dedicated in-market personnel, and local offices in each of our markets.

All of our local market personnel are supported by our centralized national infrastructure, which allows us to deploy best practices and standardization where appropriate.

We have developed and employ a highly scalable, vertically integrated, and resident-centric property management service platform, referred to as “ProCare.” All of our property management functions have been internally managed since our founding in 2012, and we have implemented an extensive property management infrastructure, including an online resident portal, smart home technology, a mobile app for residents to schedule and track maintenance requests, a technology suite to manage work orders and associates, dedicated in-market associates, and local offices in each of our markets.

We have organized our property management associates and operating structure such that Vice Presidents of Operations in each of our markets are responsible for the operations of local leasing, property management, and maintenance teams.

We believe our operating model differentiates our approach to local market operations and enables us to provide superior, high-touch resident service, maximize the effectiveness of our in-market associates in managing rental, occupancy, and turnover rates and improve our cost management and oversight over both upfront renovations and ongoing maintenance.

All of our local market associates are supported by our centralized national infrastructure, which allows us to deploy best practices and standardization where appropriate.

The combination of our local market presence and national infrastructure enables us to exercise greater control over our property management service platform, allowing us to enhance the experience of our residents, better manage operating costs, and share best practices across various functional areas of our business.

We have organized our in-house property management personnel and operating structure whereby Vice Presidents of Operations in each of our markets are responsible for the operations of local leasing management, property management, and maintenance teams.

occupancy, and turnover rates and improve our cost management and oversight over both upfront renovations and ongoing maintenance.

Marketing and Leasing

Our in-house personnel are responsible for establishing rental rates, marketing and leasing properties, and collecting and processing rent.

We establish rental rates based on a dynamic, rules-based pricing tool that is informed by local market conditions, including a competitive analysis of market rents for institutional single-family rental properties, growth in single-family and multifamily market rents since a specific home’s last lease commenced, the size, fit and finish, and location of the home, the number of applications received and/or showings a property has experienced since becoming available, and the number of days a home has been available on the market, as well as qualitative factors, such as neighborhood characteristics, community amenities, and proximity to employment centers, desirable schools, transportation corridors, and local services.

Our associates are responsible for establishing rental rates, marketing and leasing properties, and collecting and processing rent.

We establish and manage rental rates based on a dynamic, rules-based pricing tool that is informed by local market conditions, including a competitive analysis of market rents for institutional single-family rental properties, growth in single-family and multifamily market rents since a specific home’s last lease commenced, the size, fit and finish, and location of the home, the number of applications received, and the number of days a home has been available on the market, as well as qualitative factors, such as neighborhood characteristics, community amenities, and proximity to employment centers, desirable schools, transportation corridors, and local services.

We typically begin pre-marketing properties 30 to 60 days in advance of their becoming vacant to maintain high occupancy rates and reduce vacancy losses.

We advertise available properties through multiple channels, including our proprietary website, internet listing services (such as Zillow, Trulia, HotPads, and Realtor.com), MLS, yard signs, search engine marketing, social and other digital media, and local brokers.

We offer flexible showing options for convenience, including virtual tours and floor plans on our website, self-showings that leverage the home’s smart home technology, and in-person agent showings.

We own internal brokerages to serve each state in which we operate and primarily utilize in-market leasing agents who work with us to lease our homes.

In some markets, we also utilize a network of local real estate agents to show homes to prospective residents and offer those agents limited co-broker fees.

Prospective residents may submit an application through the application portal on our website or in person.

In order to maintain brand consistency and better track compliance with leasing requirements, we utilize standardized online applications, national lease agreements, move-in and move-out documents, resident communications, and other ancillary documents.

We advertise available properties through multiple channels, including an exclusive period on our proprietary website, internet listing services (such as Zillow, Trulia, HotPads, and Realtor.com), MLS, yard signs, search engine marketing, social and other digital media, and local brokers.

We offer flexible showing options for convenience, including virtual tours and floor plans on our website, self-showings that leverage the home’s smart home technology, and in-person showings.

We own internal brokerages to serve each state in which we operate and primarily utilize in-market leasing experience specialists to drive a better end-to-end resident experience that achieves our occupancy, revenue, and retention goals while facilitating enjoyment of our worry-free leasing lifestyle.

Prospective residents may submit an application through the application portal on our website.

To maintain brand consistency and better track compliance with leasing requirements, we utilize standardized online applications, national lease agreements, move-in and move-out documents, resident communications, and other ancillary documents.

We evaluate prospective residents in a standardized manner through the use of a third party resident screening partner.

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Our disciplined investment strategy and local, in-market approach have given us scale and density of homes in desirable neighborhoods, enabling us to execute cost-effective advertising targeting potential residents whose online behaviors indicate interest in these neighborhoods.

We believe this increases our likelihood of capturing and retaining residents, enhancing our opportunity to develop and market other programs and services.

We believe this approach increases our likelihood of capturing and retaining residents and enhances our opportunity to develop and market other programs and services.

Digital Marketing Initiatives and Branding

We encourage meaningful community interaction across our digital platforms by continuously refreshing the content of our website, blog, and social media accounts with articles, home maintenance advice, contests, and incentives designed to enrich the lives of our residents and protect our homes.

For example, we alert our residents to prepare for storms, incentivize them to pay their rent online, offer “Lease Friendly” “Make It Home” design tips and contests, and hold an annual Resident Appreciation Day.

For example, we alert our residents to prepare for storms, incentivize them to pay their rent online, offer “Lease Friendly” and “Make It Home” design tips and contests, and hold an annual Resident Appreciation Day.

Resident engagement and social following continue to grow, and we receive positive feedback from residents, who specifically mention our approachable lifestyle and home maintenance content that helps them make a house a home.

Resident Relations and Property Maintenance

Our in-house personnel in each of our markets are also responsible for property repairs and maintenance and resident relations.

In coordination with a third party vendor, we offer a 24/7 emergency telephone line to handle after hours maintenance issues on an expedited basis as needed, and our residents can also contact us through our online resident portal, our call centers, or our local property management offices.

The associates in each of our markets are responsible for property repairs and maintenance and resident relations.

In coordination with a third party vendor, we offer a 24/7 emergency telephone line to handle after-hours maintenance issues on an expedited basis as needed, and our residents can also contact us through our online mobile app, our resident portal, our call centers, or our local property management offices.

As part of our ongoing property management process, we seek to conduct routine repairs and maintenance in a timely manner, as appropriate, by appointment at the resident’s convenience.

We seek to utilize quality materials to minimize the recurrence of maintenance requests and maximize long-term rental income and cash flows from our portfolio.

We typically utilize our in-house maintenance personnel in each of our markets to provide ordinary course, “handyman” services, and outsource more complex or extensive repairs, such as roofing, heating, ventilation, and air conditioning (“HVAC”) systems, plumbing, and electrical work to vetted, pre-approved third party vendor partners.

We typically utilize our in-house maintenance associates in each of our markets to provide ordinary course, “handyman” services, and outsource more complex or extensive repairs, such as roofing, heating, ventilation, and air conditioning (“HVAC”) systems, plumbing, and electrical work to vetted, pre-approved third party vendor partners.

We strive to maximize the number of maintenance calls that are addressed by our in-house maintenance technicians.

In cases where we outsource more complex or extensive repairs, our in-house maintenance personnel provide oversight to ensure quality control and cost effectiveness.

In addition, our in-house maintenance personnel conduct periodic visits to our properties to help foster positive, long-term relationships with our residents, track and report maintenance needs effectively, conduct preventative maintenance, and ensure compliance with lease terms, local laws, and HOA rules and regulations.

We have temporarily paused a portion of these visits due to the ongoing pandemic.

ProCare service, our property management service platform, includes several touchpoints over the term of a resident’s lease designed to enhance their satisfaction with our service model, improve the efficiency of our service, and ensure that each resident is properly educated regarding the home and their responsibilities.

When a new resident moves into one of our homes, our in-house personnel conduct a resident orientation (sometimes virtual due to the ongoing pandemic), during which we revisit the terms of the lease, outline what aspects of the home’s upkeep are the resident’s responsibility, walk through all of the home’s major systems in order to familiarize the resident with their safe and proper operation, and inform the resident that we will be conducting a post move-in maintenance visit.

Following the move-in orientation, each resident is encouraged to keep a record of any non-emergency service items noted after moving into the home.

At the time of the post move-in maintenance visit approximately 45 days after move-in (sometimes virtual due to the ongoing pandemic), our in-house property maintenance personnel will address any non-emergency service needs the resident has noted.

In cases where we outsource more complex or extensive repairs, our in-house maintenance associates provide oversight to ensure quality control and cost effectiveness.

In addition, our in-house maintenance associates conduct periodic ProCare visits to our properties to help foster positive, long-term relationships with our residents, track and report maintenance needs effectively, conduct preventive maintenance, and ensure compliance with lease terms, local laws, and HOA rules and regulations.

We temporarily paused a portion of these visits as a result of the COVID-19 pandemic but began reinstating ProCare proactive visits during 2021.

ProCare service, our property management service platform, includes several touchpoints over the term of a resident’s lease designed to enhance their satisfaction with our service model, improve the efficiency of our service and our homes’ systems, and ensure that each resident is properly educated regarding the home and their responsibilities.

When a new resident moves into one of our homes, our associates conduct a resident orientation (occasionally virtual due to the ongoing pandemic) during which we revisit the terms of the lease, outline what aspects of the home’s upkeep are the resident’s responsibility, walk through all of the home’s major systems in order to familiarize the resident with their safe and proper operation, and inform the resident that we will be conducting a post move-in maintenance visit.

Following the move-in orientation, each resident is encouraged to keep a record of any non-emergency service items.

At the time of the post move-in maintenance visit approximately 45 days after move-in, our in-house property maintenance associates will address any non-emergency service needs the resident has noted.

We believe this process has a number of benefits.

First, by conducting an in-person move-in orientation, we are able to ensure that residents understand their obligations under the terms of their lease, as well as how to safely and properly operate the home’s systems, reducing both the likelihood of misaligned expectations and unnecessary wear and tear on the property.

Second, by scheduling a post move-in maintenance visit, we are able to address multiple service requests in a single visit, improving the resident experience by avoiding the inconvenience of multiple service appointments and improving the efficiency and productivity of our in-house property maintenance personnel.

Finally, the post move-in maintenance visit allows us to more quickly identify residents who may not be adhering to the terms of their lease or may be subjecting the home to undue wear and tear and/or damages as a result of their treatment of the property.

Following the regularly scheduled post move-in maintenance visit described above, our in-house property maintenance personnel in each of our markets also conduct mid-lease preventive maintenance visits.

During preventive maintenance visits, our in-house property maintenance personnel inspect the home’s systems, paying particular attention to potential safety hazards as well as potential causes of damage that could result in us incurring significant maintenance costs if left unaddressed.

Following the regularly scheduled post move-in maintenance visit described above, our in-house property maintenance associates in each of our markets conduct preventive maintenance visits about every six months during the life of a resident’s stay in the home.

During preventive maintenance visits, our in-house property maintenance associates inspect the home’s systems, paying particular attention to potential safety hazards as well as potential causes of damage that could result in us incurring significant maintenance costs if left unaddressed.

Examples of areas of focus for preventive maintenance visits include smoke and carbon monoxide detectors, air filters, hot water heaters, toilet valves, under-sink plumbing, and garbage disposals, among others.

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These visits allow us to notify residents of any repairs they may need to undertake prior to moving out of the property, such as carpet cleaning or landscaping maintenance, in order to avoid forfeiture of part or all of their security deposit.

In addition, these visits allow our in-house property maintenance personnel to begin preparing a scope of work and budget for the turnover work we undertake between residents to prepare our homes to be re-leased to a new resident.

These visits also increase our ability to pre-market our homes.

Regardless of the purpose or timing of the visit, our in-house property maintenance personnel are required to conduct a general property condition assessment (“GPCA”) every time they visit one of our homes.

The GPCA requires our in-house property maintenance personnel to assess and document interior and exterior conditions, whether the resident is adhering to the terms of their lease, as well as any potential safety hazards or potential causes of damage that could result in us incurring significant maintenance costs if left unaddressed.

If a deficiency is identified by our in-house property maintenance personnel we endeavor to take prompt action to correct it.

In addition, these visits allow our in-house property maintenance associates to begin preparing a scope of work and budget for the turnover work we undertake between residents to prepare our homes to be re-leased to a new resident.

These visits also improve our ability to pre-market our homes.

Regardless of the purpose or timing of the visit, our in-house property maintenance associates are required to conduct a general property condition assessment (“GPCA”) every time they visit one of our homes.

The GPCA requires our in-house property maintenance associates to assess and document interior and exterior conditions and whether the resident is adhering to the terms of their lease, as well as any potential safety hazards or potential causes of damage that could result in us incurring significant maintenance costs if left unaddressed.

If a deficiency is identified by our in-house property maintenance associates we endeavor to take prompt action to correct it.

Investment and Asset Management

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We have a disciplined acquisition platform that is capable of deploying capital across multiple acquisition channels and markets simultaneously.

Our markets were generally selected through a robust process utilizing an analysis of housing and

rental market supply and demand fundamentals, macroeconomic and demographic trends, and risk-adjusted total return potential.

Our markets were generally selected through a robust process utilizing an analysis of housing and rental market supply and demand fundamentals, macroeconomic and demographic trends, and risk-adjusted total return potential.

Specifically, the process we use to select and, on an ongoing basis, evaluate our markets ranks these markets based on relative weightings of factors that include, but are not limited to, forecast population and employment growth, household formation, historical and forecast deliveries of new residential housing supply, discounts to replacement cost for single-family residential housing, size of the addressable market, volume of new and existing home sales, potential yields implied by the relationship between market rental rates and the price of single-family residential housing, forecast home price appreciation, and forecast rental rate growth.

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Our acquisition teams have significant local market experience and expertise in single-family investments and sales, which enables us to target specific submarkets, neighborhoods, individual streets, and homes that meet our selection and underwriting criteria.

To date, we have underwritten more than one million individual homes which gives us a substantial proprietary database on which we can draw as we evaluate future acquisition opportunities in our markets.

The number of homes underwritten represents the total number of acquisition opportunities that we have considered and of which we have conducted preliminary analysis, including acquisition opportunities that were ultimately not pursued or completed.

As a result of our selective and disciplined investment approach, we have analyzed and considered a far greater number of potential acquisitions than the number of homes we have actually acquired.

As part of our selective and disciplined investment approach, we have analyzed and considered a far greater number of potential acquisitions than the number of homes we have actually acquired.

We thus have a substantial proprietary database from which we can draw as we evaluate future acquisition opportunities in our markets.

As a result of our large existing portfolio and volume of acquisitions to date, we believe we have a high degree of visibility into rental rates and fixed and controllable operating expenses, which allows us to more accurately underwrite expected net yields of homes prior to acquisition.

We also collaborate with local market real estate brokers and others, and leverage these relationships to source off-market acquisition opportunities.

We also collaborate with local market real estate brokers and others, and we leverage these relationships to source off-market acquisition opportunities.

Within our markets, our approach allows us to screen broadly and rapidly to identify potential acquisitions in highly targeted submarkets at the neighborhood and street levels.

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Property Renovations

We have an in-house team of dedicated personnel located in our markets who oversee our upfront property renovation process and the ongoing maintenance of our homes, with support from centralized construction experts and infrastructure.

We have an in-house team of dedicated associates located in our markets who oversee our upfront property renovation process and the ongoing maintenance of our homes, with support from centralized construction experts and infrastructure.

This team works in collaboration with our in-house investment and property management teams to maximize the total return of our upfront investment and minimize ongoing maintenance costs.

To this end, our professionals evaluate:

To this end, our professionals ensure the following are evaluated:

the structural needs and major systems of a property (e.g., examining roofs, HVAC systems, and siding);

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These include HVAC, roofs, pools, and plumbing and electrical systems.

In addition, we also evaluate other features of our homes’ fit and finish, including appliances, landscaping, decks and/or patios, and fixtures.

In addition, we also evaluate other features of the home’s fit and finish, including appliances, landscaping, decks and/or patios, and fixtures.

During our initial assessment, we also determine the potential for, and potential return on, any value-additive upgrades that may reduce future operating costs or enhance rental demand and, by extension, our ability to realize more attractive rental, occupancy, or turnover rates.

Through local oversight by in-house personnel of the entire process of renovating our homes, we are able to drive cost efficiencies.

We are able to drive cost efficiencies through local oversight of the entire process of renovating our homes by our associates.

Each property’s detailed budget and scope of work prepared by our in-house team of renovation professionals is reviewed and vetted by our in-house asset management and operations teams, and in the case of work we contract directly, presented for bid to one or more of our pre-approved vendor partners in each of our markets.

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Environmental, Social, and Governance Initiatives

At Invitation Homes, we are committed to creating an exceptional leasing experience for our residents and leading the single-family industry by example.

As the nation’s premier home leasing company, we have an opportunity to make a profound impact by offering quality homes where our residents can feel safe and careers where our associates can thrive.

As one of the nation’s leading home leasing companies, we have an opportunity and responsibility to contribute to a more inclusive, equitable, and sustainable world.

Our mission, vision, and values define our daily actions in delivering on our pledge to be a responsible corporate citizen.

Our mission statement “Together with you, we make a house a home” reflects our commitment to a resident-centric business philosophy.

It is important that each day, we live out our values of Unshakeable Integrity, Genuine Care, Continuous Excellence, and Standout Citizenship as we strive to benefit our residents, our associates, our communities, and our shareholders while at the same time advancing efforts that make us more innovative and our processes more sustainable.

Each day, we live out our values of Unshakeable Integrity, Genuine Care, Continuous Excellence, and Standout Citizenship as we strive to benefit our residents, our associates, our communities, and our shareholders while at the same time advancing initiatives that make us more innovative and our processes more sustainable.

We believe that integrating environmental, social, and governance initiatives into our strategic business objectives is critical to our long-term success.

In the fourth quarter of 2020, we launched a formal Environmental, Social, and Governance (“ESG”) materiality assessment to identify opportunities for us to make the biggest impact in the areas that our stakeholders prioritize.

In order to ensure consistent attention and focus on ESG matters, we have created a dedicated, cross-functional ESG task force of associates led by executive management.

In 2021, we completed a formal ESG materiality assessment to identify opportunities for us to make the biggest impact in the areas that our stakeholders prioritize.

To ensure consistent attention and focus on ESG matters, we have created a dedicated, cross-functional ESG task force of associates led by executive management.

As a part of their role as stewards of our company’s long-term performance, our Board of Directors plays a critical role in understanding how ESG issues affect our business strategy and performance and provides oversight with respect to our ESG initiatives and policies.

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We also believe in the value of feedback, and we hold ourselves accountable.

To that end, we participate in the GRESB Real Estate Assessment for a third-party evaluation of our ESG performance, and have linked this performance to the pricing of our revolving credit facility, whereby improvements in our GRESB score over time can benefit our borrowing costs under the facility.

To that end, we participate in the GRESB Real Estate Assessment for a third-party evaluation of our ESG performance, and we have linked this performance to the pricing of our revolving credit facility, whereby improvements in our GRESB score over time can benefit our borrowing costs under the facility.

In 2021, we achieved a 13% improvement in our sustainability score with GRESB, surpassing the 5% hurdle set forth in our credit facility agreement for achievement of the pricing benefit.

Through our integrated and ongoing approach to sustainability and corporate responsibility, we seek to drive positive change and create value for our stakeholders.

Sustainability and corporate social responsibility are vitally important to who we are as a company.

Our guiding social responsibility, business, and workplace policies apply to our directors, officers, associates, and vendors, and they are posted on our website.

These policies apply to all activities undertaken by or on behalf of Invitation Homes anywhere we operate.

Among other things, these policies encompass areas of community and associate engagement, diversity and inclusion, human rights, corporate governance and ethics, and environmental initiatives that reflect existing and emerging standards of corporate social responsibility.

Among other things, these policies encompass areas of community and associate engagement, diversity, equity, and inclusion (“DE&I”), human rights, corporate governance and ethics, and environmental initiatives that reflect existing and emerging standards of corporate social responsibility.

Environmental Stewardship

Protecting the environment is critically important to us, and our corporate responsibility initiatives help limit the company’s carbon footprint and the environmental impact of our homes.

We take our responsibility around carbon emissions very seriously, and we continue to look for ways to lower the level of emissions from our homes.

We take our responsibility around carbon emissions very seriously, and we continue to look for ways to lower the level of emissions from, and energy use by, our homes.

While our residents are responsible for utilities that control energy and water usage, we take a proactive approach to improving the environmental footprint of our portfolio by, among other things:

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• reducing drive times for our repair technicians by optimizing routes and triaging maintenance issues;

• launching an HVAC air filter home delivery program for our residents, which may prolong the life of our HVAC systems, may reduce expenses associated with repairs, may minimize downtime associated with system failure, and may provide better air quality in the home.

As the climate continues to change, and with a portfolio located in a variety of United States markets that include coastal areas, we recognize the increased likelihood of acute weather events and other climate-related impacts to our business, operations, and homes.

We take a proactive approach to protect our properties against potential risks related to climate change and business interruptions, and we recognize that we must continue to adapt our policies, objectives, and processes to improve the resiliency of our physical properties and our business.

• utilizing an HVAC air filter home delivery program for our residents, which may prolong the life of our HVAC systems, reduce expenses associated with repairs, minimize downtime associated with system failure, and provide better air quality in the home;

• investing in the Fifth Wall Climate Technology Fund to support companies creating climate-friendly technologies for real estate;

• running a Green Spaces community initiative that brings residents, associates, and business partners together to expand conservation efforts in our markets.

Social Responsibility

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Many things contribute to an exceptional experience for our residents – the speed and effectiveness of our service, the quality of our portfolio through our ongoing commitment to maintaining our homes, the Genuine Care we provide in each interaction, and much more.

By offering quality homes in attractive neighborhoods, we believe we give residents the choice to lease a home in a community that may not have otherwise been attainable.

We strive to provide our residents with a worry-free leasing lifestyle through service that includes welcoming them with an in-person home orientation at move-in, making their lives easier with our Smart Home technology offering, and providing 24/7 maintenance combined with our best-in-class ProCare property management service platform.

By offering quality homes in attractive neighborhoods, we believe we give residents the choice to lease a home in a community

that may not have otherwise been attainable.

We strive to provide our residents with a worry-free leasing lifestyle through service that includes welcoming them with an in-person home orientation at move-in, making their lives easier with our smart home technology and other lease offerings that enhance their experience, and providing 24/7 maintenance combined with our best-in-class ProCare property management service platform.

ProCare is an innovative platform designed to provide regular opportunities for us to inspect our assets, proactively address issues, and ensure each home continues to meet our standards.

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In March 2020, to act on our core values of Genuine Care and Standout Citizenship, we began to offer solutions for residents experiencing financial hardship when requested, including the ongoing creation of payment plans, without late fees, for residents requiring flexibility to meet rental obligations over time.

Additionally, we continue to adhere to federal, state, and local restrictions on items such as evictions, collections, rent increases, and late fees as appropriate.

We also believe it is important to listen to our residents, and we take their feedback to heart on our quest to continuously enhance the Genuine Care we provide.

We survey residents at each key step in their journey with Invitation Homes, such as at move-in and move-out, and after every in-person interaction they have with an Invitation Homes associate or vendor.

We use this feedback to hold ourselves accountable, with all of our associates having a portion of their compensation tied directly to resident satisfaction survey scores.

We also provide residents assistance with finding available rental assistance.

As a result of these policies and the dedication of our associates, we have helped thousands of our residents receive more than $50.5 million of rental assistance through December 31, 2021.

We continue these efforts today.

Additionally, we believe that we are in material compliance with federal, state, and local restrictions on items such as evictions, collections, rent increases, and late fees as appropriate.

We also believe it is important to listen to our residents, and we incorporate their feedback to continuously enhance the Genuine Care we provide.

We survey residents at each key step in their journey with Invitation Homes, including at move-in and move-out, and after every in-person interaction they have with an Invitation Homes associate or vendor.

We use this feedback to hold ourselves accountable, with all of our field associates having a portion of their compensation tied directly to resident satisfaction survey scores.

We also use feedback from surveys and focus groups to help inform new service offerings and enhancements we make to the resident experience.

In addition to our website and resident surveys, we engage with our residents through monthly resident newsletters, blog posts, and social media campaigns and contests.

As a result of listening to feedback and making positive changes to improve our homes and our services, in the summer of 2021 we reached and now maintain an all-time company rating of 4.0 on Google and Yelp combined.

In addition, we retain an A+ rating with the Better Business Bureau (“BBB”) and received BBB accreditation in January 2022.

Human Capital

As of December 31, 2020, we had 1,149 dedicated full-time personnel, which we supplement with temporary and contract resources.

None of our personnel are covered by a collective bargaining agreement.

As of December 31, 2021, we had 1,240 dedicated full-time associates, which we supplement with temporary and contract resources.

None of our associates are covered by a collective bargaining agreement.

Associates are the backbone of our company.

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Whether they are a front-line brand ambassador who represents us each and every day with our residents or a back-of-the-house support team member who ensures we continue to move forward, our associates are our greatest asset.

From our focus on associates’ wellbeing, health, and safety to our support for a diverse and inclusive culture, we treat each other fairly and act with honesty, integrity, and respect.

We passionately believe that diverse and inclusive companies make for more innovative, engaged, and happy teams.

Our organization celebrates diversity and cultivates a culture of inclusion.

In 2020, we launched a purposeful diversity and inclusion (“D&I”) journey pursuant to which we hired a D&I leader and executed a campaign in which our associates were educated on our commitment to D&I.

As of December 2020, over 40% of our associates are female and over 42% of our associates are people of color.

We currently have one active Employee Resource Group (“ERG”), Together With Women.

In 2021, we will expand our footprint with the launch of multiple ERGs and a continued focus on ensuring significant and meaningful progress against our key D&I metrics.

Our D&I stance contributes to our overall business strategy and serves as a catalyst for retaining our associates, recruiting diverse talent, and building beneficial business relationships with key stakeholders.

This business imperative will help us increase our diverse workforce, retain and upskill our talent, and enhance our company’s culture.

In turn, this will progress our standing as an employer of choice and the nation’s premier home leasing company.

From our focus on associates’ well-being, health, and safety to our support for a diverse, equitable, and inclusive culture, we treat each other fairly and act with honesty, integrity, and respect.

We believe that diverse, equitable, and inclusive companies make for more innovative, engaged, and happy teams.

Our organization celebrates diversity and cultivates a culture of equity and inclusion.

As of December 31, 2021, women comprise 41% of all associates and 44% of our manager and above population, and people of color comprise 43% of all associates and 24% of our manager and above population.

During the year ended December 31, 2021, 43% of our new hires were female and 45% were people of color.

We currently have six active Employee Resource Groups (“ERGs”):

Together With Women, founded in 2019;

and The Black Collective, Juntos, GenNEXT, Open Invitation, and Asian Alliance, all founded in 2021.

During 2021, 413 associates were members of at least one ERG.

In 2021, we created a DE&I framework, to be used as a roadmap to guide meaningful progress on our DE&I journey through 2023.

We also launched the iBelong, youBelong Commitment, which unified our approach to creating a greater sense of belonging for all associates.

As of December 31, 2021, 1,042 associates had signed the commitment, symbolizing their intent to support our diversity, equity, and inclusion efforts.

Our Chief Executive Officer joined the CEO Action for Diversity & Inclusion initiative in the fall of 2021 and personally pledged to continue to advance DE&I within our workplace.

The scope of this pledge supports equity for all, including ethnically or racially diverse persons, the LGBTQIA community, people with different abilities, veterans, and women.

Our DE&I stance contributes to our overall business strategy and serves as a catalyst for retaining our associates, recruiting diverse talent, and building beneficial business relationships with key stakeholders.

This business imperative will help us increase our workforce diversity, retain and upskill our talent, and enhance our company’s culture.

In turn, this will advance our standing as an employer of choice and one of the nation’s leading home leasing companies.

In 2021, we were recognized for our commitment to diversity, equity, and inclusion as a Best Company for Diversity an Best Company for Women by Comparably and Top-Rated CEO for Gender Diversity by Fairygodboss.

We value continuous dialogue with our associates.

In May 2020, we launched a new monthly associate survey tool, called “Our Family.

Your Voice,” which replaced a previously used annual survey.

In less than eight months’ time, the survey has received more than 94% participation and has provided us with manager-level actionable feedback on several key engagement dimensions.

We believe that high monthly participation rates are a strong indication of high engagement and recognition that responses will lead to meaningful action.

We recognize the value of providing regular development opportunities for our associates and help them advance their skills and knowledge.

In addition to our annual compliance training campaigns, we offer more than 3,000 online learning and development videos designed to help associates build their skills.

We are committed to accelerating the development of our leaders.

In 2020, we created and launched a formal leadership program called “Leadership Essentials” that marks the beginning of our journey to build capable and confident leaders that can lead and inspire a diverse workforce in an ever-changing environment.

As part of Leadership Essentials training and our commitment to D&I, we included both D&I and Awareness of Unconscious Bias training for our leaders.

We take considerable steps to ensure the health, safety, and well-being of our associates.

We continue to evolve our health and safety processes to help significantly reduce on-the-job injuries and review and monitor our performance monthly.

Our goal is to reduce Occupational Safety and Health Administration recordable incidents every year;

We launched our continuous listening associate survey tool, Our Family.

Your Voice., in May 2020 and experienced an initial participation rate of 94%, well above the 87% benchmark.

As expected, our first full year participation rate of 84% in 2021 settled closer to the benchmark.

This participation pro vides managers with actionable feedback on several key engagement dimensions.

We believe meaningful actions based on associate feedback gleaned in the monthly survey will continue to result in ongoing high engagement with our associates as evidenced by our strong associate Net Promoter Score of 61, compared to a benchmark of 26.

We prioritize ensuring our associates are recognized for their efforts and feel valued for the work they do.

In 2021, we launched a new recognition program called Because of You , celebrating the impact our associates make on a day-to-day basis and recognizing milestone work anniversaries.

We recognize the value of providing regular development opportunities for our associates and helping them advance their skills and knowledge.

In 2021, we launched a career growth philosophy, a career growth and development framework, and a leadership behaviors model.

We also conduct an annual mandatory compliance training campaign and offer a robust catalog of online learning and development videos designed to help associates build their skills.

We are committed to accelerating the development of our leaders through various programs such as our “Leadership Essentials” program, which is designed to build capable and confident leaders that can lead and inspire a diverse workforce in an ever-changing environment.

As part of our Leadership Essentials training and our commitment to DE&I, we include both DE&I and Awareness of Unconscious Bias training for our leaders.

This commitment to leadership development resulted in Invitation Homes being recognized in 2021 as Best Company in Leadership by Comparably.

We believe that competitive compensation and benefits are a key pillar to associate attraction, retention, motivation, and engagement.

In early 2021, as part of Total Value , our holistic approach to total rewards, we established and rolled out a compensation structure to provide consistency, clarity, and transparency around compensation and how each associate’s role fits into the broader organization.

We take a wide variety of steps to ensure the health, safety, and well-being of our associates.

We continue to enhance and improve our health and safety processes to reduce on-the-job injuries and review and monitor our performance monthly.

Our goal is to reduce Occupational Safety and Health Administration recordable incidents each year;

and over the past three years, our workplace safety programs have successfully reduced annual on-the-job injuries from 41 to 37, or 9.8%.

One of our significant programs in 2020 was to provide “Driving Safety” training for our fleet drivers covering topics like defensive

driving techniques and vehicle condition and safety features.

Additionally, in response to the COVID-19 pandemic, we established a task force that crafted a “Safe Work Playbook” and “Interim Policy Guide,” outlining a consistent way for each of our offices to return to work safely when it is appropriate to do so.

We also created formal training for both our field-based and office-based associates to educate and train on these new safety practices and protocols.

The majority of our office-based associates continue to work from home and will do so until we determine it is in our and their best interests to fully return to our offices.

We continue to conduct monthly safety training for our maintenance associates and a regular driving safety training for our fleet drivers covering topics like defensive driving techniques and vehicle condition and safety features.

We regularly update our COVID-19 “Safe Work Playbook” which outline protocols for our offices and associates regarding pandemic-related safety behaviors.

While we have officially re-opened all of our offices to associates, many of our office-based associates continue to work from home under our myFlexibility program launched in the spring of 2021.

We believe it is critically important to maintain a corporate culture that demands integrity and reflects ethical values.

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We maintain a Code of Business Conduct and Ethics (the “Code of Conduct”) that is applicable to all of our directors, officers, and associates.

The Code of Conduct helps guide us as we collaborate to accomplish our goals together, while holding ourselves individually responsible for our work and accountable for our actions.

The Code of Conduct helps guide us as we collaborate to accomplish our goals together,

while holding ourselves individually responsible for our work and accountable for our actions.

Our Vendor Code of Conduct is an extension of our values to our vendors and serves to highlight our commitment to ethical business practices and regulatory compliance.

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This includes volunteering in our local communities and contributing dollars to non-profit organizations doing good in our markets.

It also involves the full economic impact of our business on the community, through home renovations completed by local vendors, real estate taxes, HOA fees and dues, and locally purchased goods and services.

It also involves the full economic impact of our business on the community, through home renovations completed by local vendors, payment of real estate taxes and HOA fees and dues, and locally purchased goods and services.

We recognize that the vitality of our business is directly linked to the vitality of the communities in which we operate.

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We believe our values of Genuine Care and Standout Citizenship should extend beyond the walls of our offices and drive our desire to be a good neighbor in each of our communities.

In 2021, we launched two major community initiatives.

Step Up, Stand Out encourages students to pursue high-demand and well-paid jobs in the skilled trades and provides job-readiness training to help close the skills gap and broaden access to career opportunities.

We partnered with SkillsUSA for the educational component of this program, which we launched in fall 2021 in Tampa, Florida, and Charlotte, North Carolina, with plans to expand across all 16 of our markets over the next several years.

We also launched our Green Spaces initiative, which is dedicated to the development and improvement of outdoor community spaces in our markets.

One early result of this initiative is Invitation Homes’ three-year partnership to maintain, enhance, and expand the Hawes Trail System throughout Arizona.

We plan to pursue more partnerships like this to continue our investment in the communities where we operate and expand our conservation efforts.

While we have a company-wide community impact mantra of “Go Do Good,” much of our community engagement is locally driven.

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In addition, each year Invitation Homes associates receive 20 hours of paid time to volunteer in their communities and help their local neighbors.

During 2020, many of our nonprofit partners and local organizations offered virtual volunteer experiences that provided safe social distancing options while still enabling us to make an impact, including card and gift showers for the residents and staff of senior living residences and homebound elderly citizens, mentoring and reading, delivering food to veterans and elderly citizens, contributing food and school supplies, collecting and delivering toys, cleaning beaches, and providing other needed support in their communities.

We also offer an annual “There’s No Place Like Home” scholarship contest, awarding scholarships for higher learning to residents, associates, and community members.

In 2021, our associates volunteered 13,196 work hours in their local communities.

While we began re-engaging through in-person volunteerism in 2021, a portion of our volunteerism continues to be conducted virtually, as many of our nonprofit partners and local organizations offer virtual opportunities that provide safe social distancing options while still enabling us to make an impact.

The COVID-19 pandemic has changed the lives of our associates, our residents, and our communities.

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Governance and Ethical Business Practices

We take very seriously the responsibility that individuals and organizations have chosen to invest in our company, and we strive every day to ensure that our actions result in value for these investors.

We strive every day to ensure that our actions result in value for the individuals and organizations that have chosen to invest in our company, and we take that responsibility very seriously.

We believe that ethical business practices and sound governance promote the long-term interests of our shareholders, strengthen Board of Directors and management accountability, and improve our standing as a trusted member of the communities we serve.

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We believe it is critically important to maintain a corporate culture that demands integrity and reflects our ethical values.

We are committed to operating at the highest ethical level and serving as a responsible fiduciary for our shareholders.

We are committed to operating at the highest level of ethical standards and serving as a responsible fiduciary for our shareholders.

Everyone who works at or with Invitation Homes should feel confident about our high ethical standards, our honesty, and our integrity.

Our daily decisions are driven by our Code of Conduct posted on our website, which demonstrates our commitment to be a responsible corporate citizen and a good business partner.

The Code of Conduct is supported by associate conduct policies and programs and reinforced through regular associate training.

The Code of Conduct is supported by

associate conduct policies and programs and reinforced through regular associate training.

We have zero tolerance in relation to illegal or unethical conduct, and this is articulated in our relevant policies, including policies on conflicts of interest, gifts and entertainment, fraud, sanctions, outside activities, political contributions, and bribery and corruption.

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Our Board of Directors and management believe that effective risk management involves our entire corporate governance framework.

Both the board and management have key responsibilities in managing risk throughout the Company.

Our board of directors provides overall risk oversight, both directly and through its committees, to identify and assess the major risks our Company faces, and the policies and procedures for monitoring and controlling such risks.

Both the Board of Directors and management have key responsibilities in managing risk throughout the Company.

Our Board of Directors provides overall risk oversight, both directly and through its committees, to help management identify and assess the major risks our Company faces and to develop policies and procedures for monitoring and controlling such risks.

Management is responsible for the day-to-day management of risk, including implementation of appropriate risk management strategies and integration of risk management into our decision-making process.

Members of the Board of Directors regularly meet with members of management and other key associates who advise the directors on areas of enterprise risk, risk mitigation, response strategies, and any incidents that have arisen.

We face various forms of risk in our business ranging from broad economic, including those relating to the ongoing impact of the COVID-19 pandemic, housing market, and interest rate risks, to more specific factors, such as credit risk related to our residents, re-leasing of properties, and competition for properties.

One of the most significant risks and uncertainties to our financial condition and results of operations is the potential adverse effect of the ongoing COVID-19 pandemic.

We believe that the systems and processes developed by our experienced executive team, with the strategic counsel and stewardship of our Board of Directors, allow us to effectively monitor, manage, and ultimately mitigate these risks.

We have created an internal task force to closely monitor the progression of COVID-19 and related developments.

This team, led by our senior management, follows the guidance of local, state, and national officials, as well as the Centers for Disease Control and Prevention and the World Health Organization as the COVID-19 pandemic continues to evolve, and the task force provides regular updates to our board of directors.

We have implemented a host of measures in response to the pandemic, including modifying the workplace and adopting new business practices to align with health protocols and changing operational realities.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations — COVID-19.” As the COVID-19 pandemic continues to disrupt business activity, our board of directors plays a critical role by guiding and supporting management as they adapt our operations in response to the pandemic and ensuring that the Company positions itself to emerge from the crisis stronger and more resilient.

Further, we seek to maximize revenue collections through our robust, standardized resident screening process (which includes credit checks, evaluations of household income, and criminal background checks), as well as by utilizing Automated Clearing House, which includes an auto-pay feature, to facilitate the collection of a majority of our rental payments.

We seek to maximize revenue collections through our robust, standardized resident screening process (which includes credit checks, evaluations of household income, and criminal background checks), as well as by utilizing an online resident payment portal, which includes an auto-pay feature, to facilitate the electronic collection of a majority of our rental payments.

In addition, we track resident delinquency on a daily basis and assess any late fees promptly in accordance with the terms of our lease (typically between the third and fifth calendar day of the month).

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In the face of ever-changing and increasing cyber threats, our Board of Directors is well-positioned to guide management in the development of an effective cybersecurity risk program for our Company.

The board or its Audit Committee typically meets no less often than semi-annually with senior information technology personnel to discuss recent trends in cyber risks and reviews our strategy to defend our business systems and information against cyber attacks.

The Board of Directors or its Audit Committee typically meets no less often than semi-annually with senior information technology associates to discuss recent trends in cyber risks and reviews our strategy to defend our business systems and information against cyber attacks.

The ongoing COVID-19 pandemic continues to present material uncertainty and risk with respect to our business and results of operations.

As such, we are closely monitoring the impact of the pandemic on all aspects of our business, including operating, investment management, and capital markets activities, and will continue to actively manage our response in collaboration with our residents and business partners.

The extent to which the COVID-19 pandemic ultimately impacts our operations depends on ongoing developments, which remain highly uncertain, including the scope, duration, and severity of COVID-19 and its variants, the availability, distribution, and efficacy of vaccines and therapeutic drugs, and the direct and indirect economic effects of the pandemic, containment measures, monetary and/or fiscal policies implemented to provide support or relief to businesses and/or residents, and other government, regulatory, and/or legislative measures.

For more information on risks related to COVID-19, see Part I.

“Risk Factors — Risks Related to Our Business and Industry — Our business, results of operations, financial condition, and cash flows may be adversely affected by pandemics and outbreaks of infectious disease, particularly the ongoing COVID-19 pandemic .”

Climate change continues to attract considerable public, political, and scientific attention.

Experiencing or addressing the various physical, regulatory, and adaptation/transition risks of climate change may affect our profitability.

For additional information about our risks related to climate change, see Part II.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview.”

We maintain property, casualty, and corporate-level insurance coverage related to our business, including general liability, business auto, umbrella, commercial crime, directors’ and officers’ liability, fiduciary liability, cyber liability, employment practices liability, and workers’ compensation insurance.

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Effective systems and technology are essential components of our business.

We have made significant investments in our lease management, construction management, property and corporate accounting, and asset management systems.

These systems have been designed to be scalable to accommodate continued growth in our portfolio of single-family homes for lease.

To ensure scalability to accommodate continued growth in our portfolio of single-family homes for lease, we have made significant investments in the lease management, construction management, property and corporate accounting, and asset management systems used to operate our business.

In addition to vigilant oversight over our core platform, we are now focused on advancing cloud-based digital technologies for both our residents and our associates.

Our website is fully integrated into our resident accounting and leasing system.

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Through online resident portals and native mobile applications, existing residents can set up automatic payments and request maintenance service.

Our system is designed to handle the accounting requirements of residential property accounting, including accounting for security deposits and paying property-level expenses.

Our associates can support and manage resident requests for critical functions such as leasing and maintenance through easy-to-use digital tools.

Our system is designed to handle the accounting requirements of residential property accounting, including accounting for security deposits and payment of property-level expenses.

The system also interfaces with our third party resident screening vendor partner to expedite evaluations of prospective residents’ rental applications.

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In addition, sponsored key words are generally purchased in selected markets as needed.

We rely on technology systems across our operations that integrate with various third party vendors for services.

The failure of these systems or services to execute at subscribed levels could adversely impact our business.

We proactively engage with our third party vendor about service delivery and actively use security risk management controls to mitigate any negative impact on our business.

For more information on the risks related to our use of technology, see Part I.

“Risk Factors — Risks Related to our Business and Industry — Security breaches and other disruptions could compromise our information systems and expose us to liability, which would cause our business and reputation to suffer.”

We face competition from different sources in each of our two primary activities:

acquiring properties and leasing our properties.

acquiring and leasing our properties.

We believe our competitors in acquiring properties for investment purposes are individual investors, small private investment partnerships looking for one-off acquisitions of investment properties that can either be leased or restored and sold, and larger investors, including private equity funds and other REITs, that are seeking to capitalize on the same market opportunity that we have identified.

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However, we believe that our acquisition platform, our extensive in-market property operations infrastructure, and local expertise in our markets provide us with competitive advantages.

Our business and related operating results have been, and we believe that they will continue to be, impacted by seasonal factors throughout the year.

Our business and related operating results have been, and we believe will continue to be, impacted by seasonal factors throughout the year.

In particular, we have experienced higher levels of resident move-outs during the summer months, which impacts both our rental revenues and related turnover costs.

Further, our property operating costs are seasonally impacted in certain markets by increases in expenses such as HVAC repairs and landscaping expenses during the summer season.

Further, our property operating costs are seasonally impacted in certain markets by increases in expenses such as HVAC repairs and costs to re-resident during the summer season.

Our business operations and properties are subject to various covenants, laws, ordinances, and rules.

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Fair Housing Act

race or color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people in the process of adopting a child or securing custody of children under the age of 18), disability or, in some states, financial capability.

The Fair Housing Act (“FHA”) and its state law counterparts, and the regulations promulgated by the United States Department of Housing and Urban Development and various state agencies, prohibit discrimination in housing on the basis of race or color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people in the process of adopting a child or securing custody of children under the age of 18), disability or, in some states, financial capability.

We train our associates on a regular basis regarding such laws and regulations and we believe that our properties are in compliance with the FHA and other such regulations.

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Broker Licensure

We own internal brokerages to serve each state in which we operate, and primarily utilize in-market leasing agents who work with us to lease our homes.

Our internal brokerages are subject to numerous federal, state, and local laws and regulations that govern the licensure of real estate brokers and affiliate brokers and set forth standards for, and prohibitions on, the conduct of real estate brokers.

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For example, the California Consumer Privacy Act and the Nevada Privacy Law, which took effect in January 2020, establish certain transparency rules and create new data privacy rights for users, including more ability to control how their data is shared with third parties.

“Risk Factors — Risks Related to Our Business and Industry — Our business is subject to laws and regulations regarding privacy, data protection, consumer protection, and other matters.” Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, or otherwise harm our business.

“Risk Factors — Risks Related to Our Business and Industry — Our business is subject to laws and regulations regarding privacy, data protection, consumer protection, and other matters.

” Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, or other harm to our business and results of operations.

Segment Reporting

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The CODM evaluates operating performance and allocates resources on a total portfolio basis.

The CODM utilizes NOI as the primary measure to evaluate performance of the total portfolio.

The CODM utilizes net operating income (“NOI”) as the primary measure to evaluate performance of the total portfolio.

The aggregation of individual homes constitutes the total portfolio.

Decisions regarding acquisitions and dispositions of homes are made at the individual home level with a focus on growing accretively in high-growth locations where we have greater scale and density.

Decisions regarding acquisitions and dispositions of homes are made at the individual home level with a focus on accretive growth in high-growth locations where we have greater scale and density.

REIT Qualification

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So long as we qualify as a REIT, we generally will not be subject to United States federal income tax on net taxable income that we distribute annually to our stockholders.

In order to qualify as a REIT for United States federal income tax purposes, we must continually satisfy tests concerning, among other things, the real estate qualification of sources of our income, the composition and values of our assets, the amounts we distribute to our stockholders, and the diversity of ownership of our stock.

In order to comply with REIT requirements, we may need to forego otherwise attractive opportunities and limit our expansion opportunities and the manner in which we conduct our operations.

To qualify as a REIT for United States federal income tax purposes, we must continually satisfy tests concerning, among other things, the real estate qualification of sources of our income, the composition and values of our assets, the amounts we distribute to our stockholders, and the diversity of ownership of our stock.

To comply with REIT requirements, we may need to forego otherwise attractive opportunities and limit our expansion opportunities and the manner in which we conduct our operations.

Website and Availability of SEC filings

We file annual, quarterly, and current reports, proxy statements, and other information with the SEC.

Our SEC filings are available to the public over the Internet at the SEC’s website at http://www.sec.gov.

We maintain an internet site at IR.InvitationHomes.com, where we make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act available free of charge as soon as reasonably practicable after they are filed with or furnished to the SEC.

Our SEC filings are available to the public over the Internet at the SEC’s website at https://www.sec.gov.

We maintain an internet site at INVH.com, where we make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act available free of charge as soon as reasonably practicable after they are filed with or furnished to the SEC.

Our website and the information contained on or through that site are not incorporated into this Annual Report on Form 10-K.

We use our website IR.InvitationHomes.com as a channel of distribution of material company information.

For example, financial and other material information regarding our company is routinely posted on and accessible at IR.InvitationHomes.com.

We use our website INVH.com as a channel of distribution of material company information.

For example, financial and other material information regarding our company is routinely posted on and accessible at INVH.com.

Accordingly, investors should monitor the website, in addition to following our press releases, SEC filings, and public conference calls and webcasts.

In addition, you may automatically receive email alerts and other information about Invitation Homes when you enroll your email address by visiting the Email Notification section at IR.InvitationHomes.com under the Investor Resources tab.

The contents of our website and social media channels are not, however, a part of this Annual Report on Form 10-K and are not incorporated by reference herein.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business