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.
−Removed: With over 80,000 homes for lease in 16 markets across the country as of December 31, 2022, we are meeting the needs of a growing share of Americans who prefer the ease of a leasing lifestyle over the burden of owning a home.
+Added: As of December 31, 2023, we own approximately 85,000 homes for lease which are located primarily in 16 core markets across the country.
+Added: These homes help meet the needs of a growing share of Americans who prefer the ease of a leasing lifestyle over the burden of owning a home.
We provide our residents access to updated homes with features they value, as well as close proximity to jobs and access to good schools.
−Removed: The continued demand for our product proves that the choice and flexibility we offer is attractive to many prospective residents.
+Added: The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.
We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States.
−Removed: Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our portfolio to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated.
−Removed: 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.
−Removed: 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.
+Added: Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our owned portfolio to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated.
+Added: Since our founding in 2012, we have built a proven, vertically integrated operating platform that enables us to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we own and those we manage on behalf of others.
+Added: The portfolio of homes we own average approximately 1,880 square feet with three bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident.
We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand.
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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.
−Removed: 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.
+Added: 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.
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In addition, we ensure that we operate under strong, well-defined governance practices and adhere to the highest ethical standards at all times.
−Removed: Since the beginning of the COVID-19 pandemic, we have implemented and continue to follow, as appropriate, a host of measures to ensure continuity of our business operations and services while protecting our associates and residents.
−Removed: While our business has not been materially affected by the COVID-19 pandemic, we continue to monitor the situation for any potential impact on various aspects of our business.
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.
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changed its jurisdiction of incorporation to Maryland and completed an initial public offering of its shares of common stock (the “IPO”).
−Removed: On November 16, 2017, we completed the Mergers with SWH, whereby we acquired all outstanding SWH common shares.
As of December 31, 2023, INVH owns a 99.7% partnership interest in INVH LP and has the full, exclusive, and complete responsibility for and discretion over the day-to-day management and control of INVH LP.
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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.
−Removed: 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.
+Added: As a result of our concentrated footprint within our core markets, our regional managers and in-market teams are able to realize local-operator advantages, while still benefiting from significant economies of scale.
• Scalable, centralized infrastructure .
−Removed: We support local market operations with national strategy, infrastructure, and standards to drive efficiency, consistency, and cost savings.
−Removed: We utilize our extensive scale to ensure the consistent quality of our resident experience and maximize cost efficiencies and purchasing power.
+Added: We support local market operations with national strategy, infrastructure, workflows enabled by technology, and standards to drive efficiency, consistency, and cost savings.
+Added: We utilize our extensive scale and investments in technology to ensure the consistent quality of our resident experience and maximize cost efficiencies and purchasing power.
On a national level we are also able to standardize resident leases, employ a consistent approach to resident screening and leasing operations, and utilize dynamic, rules-based pricing tools informed by local market conditions.
Our approach to investment and asset management similarly combines local presence and expertise with national oversight.
−Removed: Our investment and asset management teams are located in-market and apply their local market knowledge within the framework of a proprietary and consistent underwriting methodology, with support from national leadership focused on investment and asset management strategy based in our corporate headquarters.
−Removed: 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 and asset management.
−Removed: We believe the advantages of our integrated acquisition platform and local market expertise have driven the quality of our existing total portfolio of 83,113 homes as of December 31, 2022.
+Added: Our investment and asset management teams are primarily located in-market and apply their local market knowledge within the framework of a proprietary and consistent underwriting methodology, with support from national leadership focused on investment and asset management strategy based in our corporate headquarters.
+Added: Through the integration of investment, property management, and asset management functions, our platform enables our teams to incorporate real-time information regarding leasing activity, property operations, maintenance, and capital spending into asset selection and asset management.
+Added: We believe the advantages of our integrated acquisition platform and local market expertise drive the performance of our existing total portfolio of 84,567 owned homes as of December 31, 2023 as well as the portfolio of homes we manage on behalf of others.
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
−Removed: 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.
−Removed: 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.
+Added: 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 and third parties.
+Added: Our differentiated approach, which combines a resident-centric focus, local market presence and expertise, and national strategy, infrastructure, technology-enabled workflows, and standards, informs all areas of our operations.
Property Operations
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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 associate schedules, dedicated in-market associates, and local offices in each of our markets.
−Removed: 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.
+Added: We have organized our property management associates and operating structure such that Vice Presidents of Operations in each of our core 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.
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Our associates are responsible for establishing rental rates, marketing and leasing properties, and collecting and processing rent.
−Removed: 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 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.
+Added: 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, 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.
We also consider a number of 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 45 days in advance of their becoming vacant to maintain high occupancy rates and reduce vacancy losses.
−Removed: We advertise available properties through multiple channels, including our proprietary website, internet listing services (such as Zillow, Trulia, HotPads, and Realtor.com), Multiple Listing Service (“MLS”), yard signs, search engine marketing, social and other digital media, and local brokers.
−Removed: 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.
−Removed: We own internal brokerages to serve each state in which we operate and utilize in-market leasing experience specialists to drive an end-to-end resident experience that achieves our occupancy, revenue, and retention goals while facilitating enjoyment of a worry-free leasing lifestyle.
−Removed: Prospective residents may submit an application through the application portal on our website.
+Added: We advertise available properties through multiple channels, including our proprietary website, internet listing services (such as Zillow, Trulia, HotPads, and Realtor.com), Multiple Listing Service (“MLS”), yard signs, search engine marketing, digital media, and local brokers.
+Added: We offer flexible showing options for convenience, including virtual tours and floor plans, self-showings that leverage smart home technology, and in-person showings.
+Added: We own internal brokerages to serve the states in which we operate and utilize in-market leasing experience specialists to drive an end-to-end resident experience that achieves our occupancy, revenue, and retention goals while facilitating enjoyment of a worry-free leasing lifestyle.
+Added: Prospective residents may submit an application 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.
−Removed: We evaluate prospective residents in a standardized manner through the use of a third party resident screening partner.
−Removed: Our resident screening process includes obtaining appropriate identification, a thorough evaluation of credit history and household income, a review of the applicant’s rental history, and a background check for criminal activity.
−Removed: Although we require a minimum income to rent ratio, many additional factors are also taken into consideration during the resident evaluation process, including eviction history, criminal history, and rental and other payment history.
−Removed: 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.
+Added: We evaluate prospective residents in a standardized manner through the use of third-party resident screening providers that obtain appropriate identification, evaluate credit history and household income, review the applicant’s rental history, and complete a background check for criminal activity, each in accordance with applicable law.
+Added: Although we require a minimum income to rent ratio, many additional factors are also considered during the resident evaluation process, including eviction history, criminal history, and rental and other payment history.
+Added: 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 strategies targeting potential residents whose online behaviors indicate interest in these neighborhoods.
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
−Removed: 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.
−Removed: 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 Month.
−Removed: 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.
+Added: 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, giveaways, and incentives designed to enrich the lives of our residents and protect our homes.
+Added: For example, we alert our residents to prepare for storms, encourage them to pay their rent online, offer “Lease Friendly” and “Make It Home” design tips and giveaways, and hold an annual Resident Appreciation Month.
+Added: Our resident engagement and social following continue to grow, owing partially to 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
The associates in each of our markets are responsible for property repairs and maintenance and resident relations.
−Removed: 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.
−Removed: 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.
+Added: In coordination with a third-party vendor, we offer a 24/7 emergency telephone line to handle after-hours maintenance issues on
+Added: an expedited basis as needed, and our residents can also contact us through our mobile app, our online resident portal, our call centers, or our local property management offices.
+Added: As part of our property management best practices, 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.
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Following the move-in orientation, each resident is encouraged to keep a record of any non-emergency service items.
−Removed: 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.
+Added: We conduct a post move-in maintenance visit approximately 45 days after move-in, during which 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.
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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.
−Removed: Following the regularly scheduled post move-in maintenance visit described above, our in-house property maintenance associates in each of our markets seek to conduct preventive maintenance visits every six months during the life of a resident’s stay in the home.
−Removed: 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.
−Removed: 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.
−Removed: We also conduct pre-move-out visits 15 to 30 days prior to scheduled resident move-outs.
−Removed: 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.
+Added: We also conduct pre-move-out consultations 15 to 30 days prior to scheduled resident move-outs and any additional pre-move-out consultations required by applicable law.
+Added: These consultations allow us to notify residents of any repairs they may need to undertake prior to moving out of the property, such as removing scuff marks 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 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.
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Acquisition Strategy
−Removed: We have a disciplined acquisition platform that is capable of deploying capital across multiple acquisition channels and markets simultaneously.
+Added: We have a disciplined acquisition platform that is capable of deploying capital from multiple capital sources, including our own balance sheet and joint ventures that we manage, across multiple acquisition channels and markets simultaneously.
+Added: Our strategy targets both existing homes via MLS or through portfolio acquisitions and newly constructed homes via strategic relationships with homebuilders.
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, 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.
−Removed: We have amassed significant scale within our 16 markets.
+Added: We have amassed significant scale within our 16 core markets.
In these markets, our acquisition strategy has been, and will continue to be, focused on buying, renovating, and operating high quality single-family homes for lease that we believe will appeal to and attract a high quality resident base, that will experience robust long-term demand, and that will benefit from capital appreciation.
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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.
−Removed: 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.
+Added: 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 or have agreed to purchase in the future from a homebuilder with whom we have a strategic relationship.
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.
−Removed: We also collaborate with local market real estate brokers and strategic third party technology platforms, which we leverage to source off-market acquisition opportunities.
+Added: To identify investment opportunities, we also collaborate with local market real estate brokers, homebuilders, and strategic third-party technology platforms, which we leverage 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.
Our in-house team of acquisition professionals coordinates with our in-house renovation, maintenance, and property management teams to ensure that feedback from historical acquisitions is shared across functions so that our ongoing investment activities are informed by, and benefit from, insight from prior experience.
+Added: Partnerships with Homebuilders
+Added: We have increasingly leveraged strategic relationships with homebuilders to identify opportunities to purchase newly constructed homes.
+Added: These partnerships allow us to meaningfully scale and expand our portfolio with single-family homes that are specifically designed to be leased by our target customer.
+Added: We commission the construction of homes in high-demand areas that cater to the needs and preferences of our residents, contributing to the overall number of homes available in a supply-constrained environment.
+Added: These contractual arrangements generally provide for periodic deposits from us to the homebuilders and scheduled delivery of homes over a specified period of time.
Property Renovations
−Removed: 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.
+Added: We have an in-house team of dedicated associates located in our markets who oversee the upfront property renovation process and the ongoing maintenance of our homes, with support from centralized construction experts and infrastructure, including technology-enabled workflows.
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.
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and the level of fit and finish required to maintain consistency with our brand standards and maximize rental demand (e.g., selecting cabinet and countertop finishes and appliances designed to improve resident demand).
−Removed: In general, before a home is acquired or when an acquired home first becomes vacant, our in-house teams begin the renovation process by preparing a detailed renovation budget and scope of work based on an assessment of each property’s major systems and structural features.
+Added: In general, before a previously owned home is acquired or first becomes vacant after acquisition, our in-house teams begin the renovation process by preparing a detailed renovation budget and scope of work based on an assessment of each property’s major systems and structural features.
These include HVAC, roofs, pools, and plumbing and electrical systems.
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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.
−Removed: We are able to drive cost efficiencies through local oversight of the entire process of renovating our homes by our associates.
−Removed: Each property’s detailed budget and scope of work prepared by our in-house team of renovation professionals is reviewed and vetted by our operations teams, both locally and nationally, 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.
+Added: We are able to drive cost efficiencies through oversight by our local associates of the entire process of renovating our homes.
+Added: Each property’s detailed budget and scope of work prepared by our in-house team of renovation professionals is reviewed and vetted by our operations teams, both locally and nationally, and in certain cases of work we contract directly, presented for bid to one or more of our pre-approved vendor partners in each of our markets.
In the case of work for which we rely upon general contractors, we set prices based on the scope of work involved.
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Portfolio Optimization
−Removed: We maintain a sophisticated process to identify and efficiently dispose of homes that no longer fit our investment objectives.
−Removed: We believe we have a proven ability to optimize sales prices while reducing both time to sale and selling costs by utilizing multiple distribution channels, including bulk portfolio sales, our “Resident First Look” program (which facilitates home sales to our current residents), direct-to-market sales, and MLS.
−Removed: We believe the significant local density of our portfolio, which averages approximately 5,000 homes per market as of December 31, 2022, allows us to selectively sell properties without sacrificing the operating efficiency of our concentrated scale.
+Added: We maintain a sophisticated process to identify and efficiently dispose of homes that no longer fit our investment objectives and recycle capital into homes that better fit our long-term investment objectives.
+Added: We believe we have a proven ability to optimize sales prices while reducing both time to sell and selling costs by utilizing multiple distribution channels, including bulk portfolio sales, our “Resident First Look” program (which facilitates home sales to our current residents), direct-to-market sales, and MLS.
+Added: We believe the significant local density of our portfolio, which averages approximately 5,000 homes in each of our core markets as of December 31, 2023, allows us to selectively sell properties without sacrificing the operating efficiency of our concentrated scale.
Environmental, Social, and Governance
As one of the nation’s premier home leasing companies, we have an opportunity to make a profound impact through sustainability initiatives as we seek to embody our values of Unshakeable Integrity, Genuine Care, Continuous Excellence, and Standout Citizenship.
−Removed: Our mission statement “Together with you, we make a house a home” reflects our efforts to creating an exceptional leasing experience for our residents, a workplace where our associates can thrive, and ESG practices that contribute to a more inclusive, equitable, and sustainable world.
+Added: Our mission statement “Together with you, we make a house a home” reflects our efforts to create an exceptional leasing experience for our residents, a workplace where our associates can thrive, and ESG practices that contribute to a more inclusive, equitable, and sustainable world.
+Added: As outlined in our 2022 ESG update, Bringing Sustainability Home, we are committed to incorporating sustainability efforts into our strategy, processes, and operations.
We believe that integrating ESG initiatives into our strategic business objectives is part of our long-term success, and we continue to evolve our corporate strategy to meet sustainability and social responsibility commitments.
−Removed: To that end, our in-house ESG professionals and a cross-functional task force of associates ensure consistent attention and focus is placed on ESG matters.
−Removed: In addition, the Nominating and Corporate Governance Committee of the Board of Directors is responsible for monitoring, reviewing, and providing oversight with respect to our ESG strategy, initiatives, and policies via periodic updates from management regarding our ESG activities and progress.
−Removed: We also believe in the value of feedback, and we hold
−Removed: ourselves accountable.
+Added: To that end, our in-house ESG professionals and a cross-functional task force of associates ensure consistent attention and focus on ESG matters.
+Added: In addition, the Nominating and Corporate Governance Committee of the board of directors is responsible for monitoring,
+Added: reviewing, and providing oversight of our ESG strategy, initiatives, and policies via periodic updates from management regarding our ESG activities and progress.
+Added: We also believe in the value of feedback, and we hold ourselves accountable.
We participate in the GRESB Real Estate Assessment for a third-party evaluation of our ESG performance, and we are the first United States REIT to link the pricing of a revolving credit facility to our GRESB score.
−Removed: In 2022, for the second year in a row, we achieved a 13% improvement in our sustainability score with GRESB.
Through our integrated and ongoing approach to sustainability and corporate responsibility, we seek to drive positive change and create value for our stakeholders.
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These policies apply to all activities undertaken by or on behalf of Invitation Homes anywhere we operate.
−Removed: 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.
+Added: Among other things, these policies encompass community and associate engagement, diversity, equity, and inclusion (“DE&I”), human rights, corporate governance and ethics, and environmental initiatives.
Environmental Stewardship
We are committed to sustainability and being a good corporate citizen.
−Removed: We focus on environmental sustainability because we recognize that the operation of our assets, the way our associates manage and conduct our business, and the way our residents use their homes can have a meaningful impact on the environment.
−Removed: While each resident is solely responsible for utility expenses related to energy and water usage, we seek to address environmental impacts within our areas of control and encourage our residents to do the same in their homes.
+Added: We focus on environmental sustainability because we recognize that the operation of our assets, how our associates manage and conduct our business, and how our residents use their homes can have a meaningful impact on the environment.
+Added: While each resident is solely responsible for utility expenses related to energy and water usage, we seek to address environmental impacts within our control and encourage our residents to do the same in their homes.
For information about our perspective on climate change see Part II.
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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.
−Removed: 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 ancillary service offerings, providing 24/7 maintenance combined with our ProCare property management platform, and surveying residents to ask for feedback that can help us make their experience even better.
−Removed: We have been successful at driving consistently high resident satisfaction by promoting a culture of Genuine Care, including through a formal recognition program and by linking all operational associates’ compensation to resident satisfaction.
+Added: 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 value-add service offerings, providing 24/7 maintenance combined with our ProCare property management platform, and surveying residents to ask for feedback that can help us make their experience even better.
+Added: We have successfully driven consistently high resident satisfaction by promoting a culture of Genuine Care, including through a formal recognition program and by linking a portion of all operational associates’ compensation to resident satisfaction.
Maintaining consistent and transparent communication with our residents is a priority.
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• a detailed move-out guide to inform residents of the steps to take when moving out of one of our homes, as well as tips on how to receive their full security deposit back;
−Removed: • a detailed list of lease components, such as rent, utility reimbursements, and ancillary services, to build awareness of the service selections residents have made and the charges they are responsible for when they lease a home.
+Added: • a detailed list of lease components such as rent, utility reimbursements, value-add services, and related fees to build awareness of the residents’ service selections and the charges they are responsible for when they lease a home.
We also believe it is important to listen to our residents, and we take their feedback to heart in our quest to continuously enhance the Genuine Care we provide.
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Our all-time company rating of 4.2 on Google and Yelp combined, our A+ rating with the Better Business Bureau (“BBB”), and our BBB accreditation evidence our commitment to resident satisfaction.
+Added: In late 2023, we entered into a partnership with Esusu, a financial technology platform designed to facilitate the reporting of positive rent payment behavior to all three credit reporting agencies.
+Added: We believe our residents should receive credit for timely rent payments.
+Added: At no cost to them, we have successfully enrolled 180,000 residents in the positive rent reporting program.
+Added: Credit scores for a majority of our residents have improved on average by over 30 points since enrollment.
+Added: Additionally, our residents benefit from convenient access to Esusu’s online portal where they can view their credit scores and trended score data, gaining valuable insights to enhance their financial awareness.
Human Capital
−Removed: As of December 31, 2022, we had 1,511 dedicated full-time associates, which we supplement with temporary and contract resources.
+Added: As of December 31, 2023, we had 1,555 dedicated full-time associates, which we supplement with temporary and contract resources as needed.
None of our associates are covered by a collective bargaining agreement.
−Removed: Associates are the backbone of our company.
−Removed: Nothing is accomplished without the day-to-day dedication of our invaluable teams.
−Removed: Whether they are a front-line market associate who represents us each and every day with our residents, or a centralized team member who supports the front line and strives to ensure quality and consistency of our work, our associates are our greatest asset.
+Added: Associates are the backbone of our company, and we understand that nothing is accomplished without the day-to-day dedication of our invaluable teams.
+Added: Whether they are front-line market associates who represent us each and every day with our residents or centralized team members who support the front line and strive to ensure the quality and consistency of our work, our associates are our greatest asset.
From our focus on associates’ well-being, health, and safety to our support of a DE&I culture, we treat each other fairly and act with honesty, integrity, and respect.
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Our organization celebrates diversity and cultivates a culture of equity and inclusion.
−Removed: As of December 31, 2022, women comprise 43% of all associates and 41% of our manager and above population, and people of color co mprise 47% of all associates and 30% of our manager and above population.
+Added: As of December 31, 2023, women comprise 44% of all associates and 43% of our manager and above population, and people of color comprise 44% of all associates and 30% of our manager and above population.
During the year ended December 31, 2023, 43% of our new hires were women and 45% were people of color.
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In 2023 , we were recognized for our commitment to diversity, equity, and inclusion through several external awards:
−Removed: Best Company for Diversity and Best CEO for Diversity by Comparably;
−Removed: and Top Rated CEO for Gender Diversity and Best Company by Fairygodboss.
+Added: Best Company for Diversity, Best Company for Women, Best CEO for Women and Best CEO for Diversity by Comparably;
+Added: and Best Company by Fairygodboss.
We value feedback from our associates, and we maintain a continuous listening associate survey tool, Our Family.
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We believe meaningful actions based on associate feedback provided by the surveys have resulted, and will continue to result, in ongoing high engagement with our associates as evidenced by our strong associate Net Promoter Score of 65 at the end of 2023, compared to a benchmark of 32.
−Removed: In 2022, our focus on engagement led to recognition by Comparably for Best Company Culture, Best Company — Dallas, and Best Company Happiness.
+Added: In 2023 , our focus on engagement led to recognition by Comparably for Best Company Culture, Best Company for Work-Life Balance, and Best Company for Outlook and by US News and World Report as one of the Best Companies to Work for in Real Estate.
We recognize the value of providing regular development opportunities for our associates that improve their capability to succeed in their current roles and achieve career growth to meet their aspirations.
−Removed: In 2022, we launched Growing People for Success , a fully integrated talent cycle that incorporates our performance and feedback process, career growth and development, and leadership behaviors model.
+Added: Growing People for Success is our fully integrated talent cycle that incorporates our performance and feedback process, career growth and development, and 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.
−Removed: We were recognized by LinkedIn in 2022 with a Top Companies in Real Estate award, ranking #8 in companies offering real estate career growth.
+Added: We were recognized by Comparably in 2023 for Best Company for Career Growth.
We are committed to accelerating the development of our leaders through various programs such as “Leadership Essentials,” a program designed to build capable and confident leaders that can lead and inspire a diverse workforce in an ever-changing environment.
−Removed: In 2022, we launched an immersive six month leadership development program for 25 emerging leaders.
−Removed: Additionally, we designed and piloted a leadership assessment and development program, aimed at creating a science-based approach to identifying, growing, and retaining our top talent.
−Removed: Lastly, we brought 150 of our leaders together in 2022 to focus on leadership development, building trust, and alignment with key Invitation Homes priorities.
+Added: In 2023 , we launched the second cohort of “Peak,” an immersive six-month leadership development program for 25 emerging leaders.
+Added: We also expanded “LeAP,” our leadership assessment program, aimed at creating a science-based approach to identifying, growing, and retaining our top talent.
This commitment to leadership development resulted in Invitation Homes being recognized by Comparably in 2023 as having Best Company Leadership.
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Compensation is one component of our Total Value offering for Invitation Homes associates, and we strive to compensate associates fairly and consistently based on market rates for their roles, experience, and how they perform.
−Removed: As such, in 2022 a pay equity review was conducted by a third party consultant with oversight by our human resources team.
−Removed: Our results show that we have 100% pay equity in salary for women and men, and compensation received by people of color is, on average, 99% of that received by peers who are not people of color in comparable positions.
−Removed: We intend to continue monitoring our pay equity practices on an ongoing basis and consider pay equity dynamics when promoting internally and hiring externally.
−Removed: Achieving and sustaining pay equity is a key focus for us now and in the future.
+Added: We monitor our pay equity practices on an ongoing basis and consider pay equity dynamics when promoting internally and hiring externally.
+Added: Sustaining pay equity is a key focus for us now and in the future.
Another component of our Total Value offering for associates is our holistic wellness program, which is designed to enhance mental, physical, and financial wellbeing.
−Removed: We also offer a myFlexibility program under which many of our office-based associates have shifted to hybrid work schedules.
+Added: We also offer a myFlexibility program under which many of our office-based associates work hybrid schedules.
Health and safety programs and processes are also vitally important to the wellbeing of our associates, and we conduct monthly safety training for our maintenance associates and a regular driving safety training for our fleet drivers.
−Removed: We continue to enhance and improve health and safety processes, and we review and monitor our performance monthly to reduce on-the-job injuries.
−Removed: Our goal is to reduce Occupational Safety and Health Administration recordable incidents each year;
−Removed: however, over the past three years, our annual on-the-job injuries have increased from 40 to 48, or 20%.
−Removed: This increase is primarily attributable to our return to normal business operations after the COVID-19 pandemic and a 42% increase in the headcount of our operations team over the same period.
+Added: We strive to drive continuous improvement in our health and safety performance by maintaining high standards for our health and safety compliance programs and reinforcing expectations with respect to safe behaviors and safety rules.
+Added: We endeavor to ensure that our associates are well-informed about health and safety measures and are provided with the appropriate equipment and tools to protect themselves and those around them.
+Added: We continually monitor the number of work-related injuries per 100 associates in a one-year period.
+Added: New incidents are reported and evaluated for corrective action, and through continuous investment in health and safety, we strive to mitigate the risk of on-the-job injuries.
+Added: Our 2023 incident rate was 3.39, compared to 3.49 in 2022 and 3.26 in 2021.
We believe it is critically important to maintain a corporate culture that demands integrity and reflects ethical values.
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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.
−Removed: We believe that ethical business practices and good governance promote the long-term interests of our stockholders, strengthen Board of Directors and management accountability, and improve our standing as a trusted member of the communities we serve.
+Added: We believe that ethical business practices and good governance promote the long-term interests of our stockholders, strengthen the board of directors and management accountability, and improve our standing as a trusted member of the communities we serve.
We believe it is critically important to maintain a corporate culture that demands integrity and reflects our ethical values.
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Everyone who works at or with Invitation Homes should feel confident about our high ethical standards, our honesty, and our integrity.
−Removed: Our daily decisions are driven by our Code of Conduct, which demonstrates our commitment to be a responsible corporate citizen and a good business partner.
−Removed: Each day, we work hard and are committed to delivering on our company’s mission statement — “Together with you, we make a house a home.” In doing so, our actions are guided by our company’s core values:
+Added: Our Code of Conduct drives our daily decisions, demonstrating our commitment to be a responsible corporate citizen and a good business partner.
+Added: We work hard daily and are committed to delivering on our company’s mission statement — “Together with you, we make a house a home.” In doing so, our actions are guided by our company’s core values:
Unshakeable Integrity, Genuine Care, Continuous Excellence, and Standout Citizenship.
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Our Code of Conduct is supported by associate conduct policies and programs and reinforced through regular associate training.
−Removed: In our daily interactions with residents, fellow associates, vendors, suppliers, and other stakeholders, honesty and integrity are essential.
−Removed: These tenets are articulated in our Code of Conduct, including policies on conflicts of interest, gifts and entertainment, fraud, sanctions, outside activities, political contributions, and bribery and corruption.
+Added: Honesty and integrity are essential in our daily interactions with residents, fellow associates, vendors, suppliers, and other stakeholders.
+Added: Our Code of Conduct articulates these tenets, including policies on conflicts of interest, gifts and entertainment, fraud, sanctions, outside activities, political contributions, and bribery and corruption.
Any associate who violates the requirements of the Code of Conduct, or any of our other policies, is subject to disciplinary action up to and including termination.
Reporting Violations and Whistleblower Protection
−Removed: Our confidential compliance hotline is a critical part of our ethics and compliance program.
+Added: Our confidential compliance hotline is critical to our our ethics and compliance program.
The hotline is available 24 hours a day, 365 days a year and is operated by a third-party compliance management provider, enabling automated and anonymous reporting.
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Vendor Practices
−Removed: We have adopted a Vendor Code of Conduct that extends our values to company vendors and serves to highlight our commitment to ethical business practices, safe labor conditions, respect for human rights, environmental stewardship, and regulatory compliance.
+Added: We have adopted a Vendor Code of Conduct that extends our values to company vendors and highlights our commitment to ethical business practices, safe labor conditions, respect for human rights, environmental stewardship, and regulatory compliance.
Risk Management
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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).
−Removed: See “ — Systems and Technology” for information about cybersecurity.
−Removed: 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.
+Added: See “ — Systems and Technology” for information about cybersecurity risk management.
+Added: We maintain property, casualty, flood, 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.
We believe the policy specifications and insured limits under our insurance program are appropriate and adequate for our business and properties given the relative risk of loss, the
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However, our insurance coverage is subject to deductibles and coverage exclusions, and we are self-insured up to the amount of such deductibles and exclusions.
−Removed: “Risk Factors — Risks Related to Our Business and Industry — We may suffer losses that are not covered by insurance.
+Added: “Risk Factors — Risks Related to Our Business and Operations — We may suffer losses that are not covered by insurance.
Systems and Technology
Effective systems and technology are essential components of our business.
−Removed: 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.
−Removed: 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.
−Removed: Our website is fully integrated into our resident accounting and leasing system.
−Removed: From our website, which is accessible from mobile devices, prospective residents can browse homes available for lease, take virtual tours, request additional information, and apply to lease a specific home.
−Removed: To ensure we remain the first choice when leasing a home, in June 2022, we launched the industry’s first branded mobile application.
−Removed: Prospective residents can seamlessly search for a home and schedule a tour, and existing residents can pay rent and request maintenance service all from the app.
−Removed: Our associates can support and manage resident requests for critical functions such as leasing and maintenance through easy-to-use digital tools.
−Removed: Our system is designed to handle the accounting requirements of residential property accounting, including accounting for security deposits and payment of property-level expenses.
−Removed: The system also interfaces with our third party resident screening vendor partner to expedite evaluations of prospective residents’ rental applications.
−Removed: We have worked with a search engine optimization firm to ensure we place high in search engine results and will continue to monitor our placement on search engines.
−Removed: In addition, sponsored key words are generally purchased in selected markets as needed.
−Removed: We rely on technology systems across our operations that integrate with various third party vendors for services.
−Removed: The failure of these systems or services to execute at subscribed levels could adversely impact our business.
−Removed: 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.
−Removed: For more information on the risks related to our use of technology, see Part I.
−Removed: “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.”
−Removed: Cybersecurity — Using Technology to Enhance Virtual Safety
−Removed: Our operations are highly dependent upon information systems that support our business processes.
−Removed: Cyber intrusions could seriously compromise our networks and the information stored therein could be accessed, publicly disclosed, misused, lost, or stolen.
−Removed: As such, we are committed to maintaining a secure and safe technology environment.
−Removed: We employ a multi-layered security model that leverages risk-based controls with a focus on protecting our residents' and associates’ data.
−Removed: We follow a cloud-first approach to enable efficient scaling, robust business continuity, access to the latest innovations, and a reduction in our carbon footprint.
−Removed: Security features and services are regularly enhanced to address both emerging threats and evolving privacy laws.
−Removed: We also partner with industry leading third parties for regular security audits.
−Removed: These audits ensure we are always view cybersecurity with a holistic perspective.
−Removed: We maintain a cybersecurity and information security training and compliance program that includes annual information security training for all associates, as well as additional role-specific information security training.
−Removed: In addition to annual training, we disseminate security awareness articles periodically throughout the year and conduct regular phishing exercises.
−Removed: As a backstop to our strong information security programs, policies and procedures, we purchase a cybersecurity risk insurance policy that would defray the costs of an information security breach, if we were to experience one.
−Removed: We face competition from different sources in each of our two primary activities:
−Removed: acquiring and leasing our properties.
−Removed: 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.
+Added: To ensure scalability for continued growth of our portfolio of single-family homes for lease, we have made significant investments in various processes and systems including lease and property management, construction management, property and corporate accounting, asset management and data analysis.
+Added: In addition to carefully monitoring our core platform, we consistently advance cloud-based digital technologies to benefit both our residents and our associates.
+Added: We offer choice and control to our prospective and existing residents by providing a mobile-responsive website, an iOS app, and an Android app to engage with us.
+Added: Prospective residents can browse homes available for lease, take virtual tours, request additional information, and apply to lease a specific home.
+Added: Our existing residents have the added convenience of requesting maintenance services, paying rent, and learning about value-add services – all from their digital platform of choice.
+Added: Our associates are able to support and manage requests for critical functions such as leasing and maintenance through easy-to-use digital tools.
+Added: Our system is designed to handle the core requirements of residential property accounting, including accounting for security deposits as well as payment of property-level expenses.
+Added: The system also interfaces with our third-party resident screening vendors to expedite evaluations of prospective residents’ rental applications.
+Added: Throughout our operations, we rely on technology systems that integrate with various third-party vendors and service providers.
+Added: The failure of these systems or services to perform at subscribed levels could adversely impact our business.
+Added: Taking a proactive approach and engaging with our third-party vendors about service delivery and implementing security risk management controls allow us to mitigate any potential negative impact on our business.
+Added: For more information on the risks related to our use of technology and cybersecurity risk management, see Part I.
+Added: “Risk Factors — Risks Related to Information Technology, Cybersecurity, and Data Protection — Security breaches and other disruptions could compromise our information systems and expose us to liability, which would cause our business and reputation to suffer” and Part I.
+Added: “ Cybersecurity .”
+Added: We face competition from different sources in each of our primary activities:
+Added: acquiring and leasing our properties and providing asset and property management services for single-family homes.
+Added: We believe our competitors in acquiring properties for investment purposes are larger investors, including private equity funds and other REITs, that are seeking to capitalize on the same market opportunity that we have identified, individual investors, and small private investment partnerships looking for one-off acquisitions of investment properties that can either be leased or restored and sold.
Our primary competitors in acquiring portfolios include large and small private equity investors, public and private REITs, and other sizable private institutional investors.
−Removed: These same competitors may also compete with us for
+Added: These same competitors may also compete with us for residents and may provide property and asset management services similar to those that we provide.
Competition may increase the prices for properties that we would like to purchase, reduce the amount of rent we may charge for our properties, reduce the occupancy of our portfolio, and adversely impact our ability to achieve attractive total returns.
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Our resident leases typically have a term of one to two years, which generally enables us to compensate for inflationary effects by increasing rents on our homes to current market rates.
−Removed: Although an extreme or sustained escalation in costs could have a negative impact on our residents and their ability to absorb rent increases, we do not believe this had a material impact on our results of operations for the year ended December 31, 2022.
+Added: Although an extreme or sustained escalation in costs could have a negative impact on our residents
+Added: and their ability to absorb rent increases, we do not believe this had a material impact on our results of operations for the year ended December 31, 2023.
Our business and related operating results have been, and we believe will continue to be, impacted by seasonal factors throughout the year.
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Our business operations and properties are subject to various covenants, laws, ordinances, and rules.
−Removed: We believe that we are in material compliance with such covenants, laws, ordinances, and rules, and we also require that our residents agree to comply with such covenants, laws, ordinances, and rules in their leases with us.
+Added: We seek to comply in all material respects with such covenants, laws, ordinances, and rules, and we also require that our residents agree to comply with such covenants, laws, ordinances, and rules in their leases with us.
Fair Housing Act
−Removed: 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.
+Added: 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 and veteran status, among other protected classes.
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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Certain of our properties are subject to the rules of the various HOAs where such properties are located.
−Removed: HOA rules and regulations are commonly referred to as “covenants, conditions and restrictions,” or CC&Rs, and typically consist of various restrictions or guidelines regarding use and maintenance of the property, including, among others, noise restrictions or guidelines as to how many cars may be parked on the property.
+Added: HOA rules and regulations are commonly referred to as “covenants, conditions and restrictions,” or CC&Rs, and typically consist of various restrictions or guidelines regarding use and maintenance of the property, including, among others, landscaping standards, noise restrictions, or guidelines as to how many cars may be parked on the property.
Broker Licensure
−Removed: We own internal brokerages to serve each state in which we operate and utilize in-market leasing experience specialists to drive an end-to-end resident experience that achieves our occupancy, revenue, and retention goals while facilitating enjoyment of a worry-free leasing lifestyle.
−Removed: 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.
−Removed: Such standards and prohibitions include, among others, those relating to fiduciary and agency duties, administration of trust funds, collection of commissions, and advertising and consumer disclosures, as well as
−Removed: compliance with federal, state, and local laws and programs for providing housing to low-income families.
+Added: We own internal brokerages to serve the states in which we operate and utilize in-market leasing experience specialists to drive an end-to-end resident experience that achieves our occupancy, revenue, and retention goals while facilitating enjoyment of a worry-free leasing lifestyle.
+Added: Our internal brokerages are subject to numerous federal, state, and local laws and regulations that govern the licensure of real estate agents and brokers and affiliate brokers and set forth standards for, and prohibitions on, the conduct of real estate brokers.
+Added: Such standards and prohibitions include, among others, those relating to fiduciary and agency duties, administration of trust funds, collection of commissions, and advertising and consumer disclosures, as well as compliance with federal, state, and local laws and programs for providing housing to low-income families.
Under applicable state law, we generally have a duty to supervise and are responsible for the conduct of our internal brokerages.
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We are not aware of any environmental matters that would have a material adverse effect on our financial position.
−Removed: “Risk Factors — Risks Related to Our Business and Industry — Contingent or unknown liabilities could adversely affect our financial condition, cash flows, and operating results.
+Added: “Risk Factors — Legal and Regulatory Related Risks — Contingent or unknown liabilities could adversely affect our financial condition, cash flows, and operating results.
Laws and Regulations Regarding Privacy and Data Protection
1 unchanged sentence
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.
−Removed: “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.
−Removed: ” 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.
+Added: “Risk Factors — Risks Related to Information Technology, Cybersecurity, and Data Protection — Our business is subject to laws and regulations regarding privacy, data protection, consumer protection, and other matters.
+Added: 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.”
Segment Reporting
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For example, financial and other material information regarding our company is routinely posted on and accessible at INVH.com.
−Removed: Accordingly, investors should monitor the website, in addition to following our press releases, SEC filings, and public
−Removed: conference calls and webcasts.
−Removed: 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 INVH.com under the Investor Resources tab.
+Added: Accordingly, investors should monitor the website, in addition to following our press releases, SEC filings, and public conference calls and webcasts.
+Added: 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 INVH.com under the Investor
+Added: 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.