What changed in this filing

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Item 1. Business

2025-02-27 compared with 2024-02-21 · 98 added, 140 removed, 216 unchanged (52% 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 the United States.

As of December 31, 2023, we own approximately 85,000 homes for lease which are located primarily in 16 core markets across the country.

As of December 31, 2024, we wholly own 85,138 homes for lease, jointly own 7,622 homes for lease, and provide professional third-party property and asset management services for an additional 17,678 homes, all of which are primarily located in 16 core markets across the country.

These homes help meet the needs of a growing share of Americans who prefer the ease of a leasing lifestyle over the burden of owning a home.

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We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States.

Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our owned portfolio to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated.

Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our wholly and jointly owned portfolios to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated.

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

The portfolio of homes we own average approximately 1,880 square feet with three bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident.

The portfolio of homes we own average approximately 1,880 square feet with three to four bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident.

We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand.

At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, while at the same time advancing efforts that make our company more innovative 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.

Sustainability is an important part of our strategic business objectives and is critical to our long-term success.

Our commitment to high-touch customer service continuously enhances residents’ living experiences and provides homes where individuals and families can thrive.

Each aspect of our operations — whether in our corporate headquarters or field offices located in our 16 core markets — is driven by a resident-centric model.

Our associates take our values seriously and work hard every day to honor the trust our residents have placed in us to provide clean, safe, and functional homes for them and their loved ones.

In turn, we focus on ensuring that our associates are fairly compensated and that we provide a 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 demonstrate that commitment.

In turn, we focus on ensuring that our associates are fairly compensated and that we provide a culture that values respect, opportunity, and belonging.

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

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

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As of December 31, 2024, 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.

Our principal executive offices are located at 1717 Main Street, Suite 2000, Dallas, Texas 75201, and our telephone number is (972) 421-3600.

Our principal executive offices are located at 5420 LBJ Freeway, Suite 600, Dallas, Texas 75240, and our telephone number is (972) 421-3600.

Our vertically integrated, scalable platform allows greater influence over the experience of our residents while enabling us to better control operating costs and continuously share best practices across functional areas of the business.

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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.

On a national level we are also able to standardize resident leases, employ a consistent approach to resident screening and leasing operations, and utilize a tailored pricing tool that analyzes publicly available data to reflect local market conditions.

Our approach to investment and asset management similarly combines local presence and expertise with national oversight.

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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.

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 believe the advantages of our integrated acquisition platform and local market expertise drive the performance of our existing total portfolio of 85,138 owned homes as of December 31, 2024, as well as the portfolio of homes we jointly own with or 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.

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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 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.

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.

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

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

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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, 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 establish and manage rental rates based on a tailored pricing tool that analyzes publicly available data to reflect local market conditions, including a competitive analysis of market rents for institutional single-family rental properties, as well as 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.

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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.

Prospective residents may submit an application on our website.

Prospective residents may submit an application through our proprietary mobile app or 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.

Multiple channels are utilized to communicate with prospective residents, including automated email and texts, associate correspondence, and the new addition of an AI leasing assistant.

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.

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Digital Marketing Initiatives and Branding

Our brand is differentiated through our commitment to providing high-quality living solutions and a professional property management team to support our residents, reflective of the needs of the rising generation of millennial renters.

The ease of leasing through our technology, the Genuine Care from our teams, and our exceptional value-add services help our residents live the worry-free leasing lifestyle.

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.

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.

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.

Our resident engagement and social following

continue to grow, owing partially to positive feedback from residents, who specifically mention our lifestyle and home maintenance content.

Resident Relations and Property Maintenance

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 mobile app, 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, as well as 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 mobile app, our online resident portal, our call centers, or our local property management offices.

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.

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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.

In addition, our in-house market-based associates conduct ProCare visits with residents at move-in, 45 days after move-in, and prior to move-out to help foster positive, long-term relationships with our residents, track and report maintenance needs effectively, and support compliance with lease terms, local laws, and HOA rules and regulations.

ProCare service, our proactive 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.

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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.

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.

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 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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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.

Our strategy targets both existing homes via MLS or through portfolio acquisitions and newly constructed homes via strategic relationships with homebuilders.

Our strategy targets both existing homes through portfolio acquisitions or via MLS 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.

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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.

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.

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

To identify investment and acquisition opportunities, we engage with local market real estate brokers, homebuilders, and strategic third-party technology platforms.

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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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.

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.

We believe our approach helps streamline the disposition process and minimize costs.

By leveraging 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 — we can facilitate efficient and well-targeted transactions.

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, 2024, 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.

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.

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.

To that end, our in-house ESG professionals and a cross-functional task force of associates ensure consistent attention and focus on ESG matters.

In addition, the Nominating and Corporate Governance Committee of the board of directors is responsible for monitoring,

reviewing, and providing oversight of our ESG strategy, initiatives, and policies via periodic updates from management regarding our ESG activities and progress.

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.

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

Our guiding social responsibility, business, and workplace policies apply to our directors, officers, associates, and vendors.

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

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.

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.

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.

Sustainability and Corporate Responsibility

As one of the nation’s premier home leasing companies, we have an opportunity to make a profound impact through sustainability and corporate responsibility initiatives.

We are committed to engaging with our communities to make meaningful and long-lasting impacts on those around us.

We are dedicated to fostering a better way of living for our residents and empowering our associates to advance efforts that make our company more innovative and our processes more sustainable.

We are committed to implementing programs that align with our values and reflect our dedication to providing a high-quality resident experience.

We are equally dedicated to upholding the ethical standards and responsible business practices that are integral to our culture.

We focus on ensuring that our residents live in high-quality homes and enjoy a worry-free leasing lifestyle, with access to professional services and Genuine Care.

Our scale enables us to offer enhanced services and exclusive offers that further improve the leasing experience.

We are equally committed to remaining true to the values, ethics, and responsible business practices that we embed in our culture.

We value being part of the communities where we do business, and we recognize that the vitality of our business is directly linked to the vitality of the communities in which we operate.

We also believe our business has a positive economic impact on the communities in which we operate, through improved neighborhoods that benefit from our home renovations, the value of our local teams living in and contributing to the local economy, the payment of real estate taxes, and the purchase of local goods and services.

We are committed to incorporating sustainability and corporate responsibility considerations into our strategy, processes, and operations.

Our board of directors maintains ultimate oversight of our sustainability strategy.

The Nominating and Corporate Governance Committee of the board monitors and oversees our sustainability efforts, initiatives, and policies.

Our executive leadership takes a hands-on role in furthering strategy and in ensuring that we are accurately following and reporting on corporate responsibility activities and outcomes.

For information about our perspective on climate change see Part II.

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

Social Responsibility

We strive to provide a work environment that attracts, develops, and retains top talent by creating an engaging work experience with opportunities for development.

Further, our engagement with residents, community members, vendors, and others helps build strong connections that benefit our communities.

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 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.

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.

In the last few years, we have updated resources on our external website to promote transparency, including:

• a step-by-step guide to our application process, including detailed qualification requirements, for potential residents;

• 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;

• 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.

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

We use this feedback and other information to hold ourselves accountable, with 100% of our operational 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.

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.

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.

We believe our residents should receive credit for timely rent payments.

At no cost to them, we have successfully enrolled 180,000 residents in the positive rent reporting program.

Credit scores for a majority of our residents have improved on average by over 30 points since enrollment.

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

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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.

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, 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.

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

Together With Women;

The Black Collective;

Open Invitation;

and Asian Alliance.

As of December 31, 2023, 460 associates were members of at least one ERG.

Our DE&I philosophy 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 approach is expected to help increase our workforce diversity, retain and upskill our talent, and enhance our company’s culture.

We expect this to position us as an employer of choice and one of the nation’s leading home leasing companies.

In 2023 , we were recognized for our commitment to diversity, equity, and inclusion through several external awards:

Best Company for Diversity, Best Company for Women, Best CEO for Women and Best CEO for Diversity by Comparably;

and Best Company by Fairygodboss.

From our focus on associates’ well-being, health, and safety to our support of a supportive and collaborative culture, we act with honesty, integrity, and respect.

Our efforts aim to foster a workplace culture that values respect, opportunity, and belonging.

We support fair access to opportunities through our hiring practices and are committed to fair practices that ensure a level playing field for all associates.

The investment in our people is directly linked to our strategic business initiatives and measured by those outcomes.

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 60 at the end of 2024, compared to a benchmark of 33.

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.

In 2024 , we were recognized for our company culture through several external awards, including U.S.

News Best Companies to Work for in Real Estate, and Best Companies to Work for in the South.

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.

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We were recognized by Comparably in 2024 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.

In 2023 , we launched the second cohort of “Peak,” an immersive six-month leadership development program for 25 emerging leaders.

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.

We are committed to accelerating the development of our leaders through various programs such as “Leadership Foundations,” “Leading through Change,” and our operations management training.

These programs are designed to build capable and confident leaders that can lead and inspire in an ever-changing environment.

In 2024 , we facilitated the third cohort of “Peak,” an immersive six-month leadership development program for 25 high potential leaders.

We also launched “Spark,” the next level leadership program focused on emerging leaders.

In addition, we offered customized talent management solutions, including Stand Out assessments, leadership assimilations, team building activities, and more.

This commitment to leadership development resulted in Invitation Homes being recognized by Comparably in 2024 as having the Best Company for Leadership.

We believe that competitive compensation and benefits are key drivers of associate attraction, retention, motivation, and engagement.

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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.

We also offer a myFlexibility program under which many of our office-based associates work hybrid schedules.

Another component of our Total Value offering for associates is our holistic wellness program, which is designed to enhance mental, physical, and financial well-being.

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.

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Our 2024 incident rate was 3.39, compared to 3.39 in 2023 and 3.49 in 2022.

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

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

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.

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.

We value being part of the communities where we do business, and we recognize that the vitality of our business is directly linked to the vitality of the communities in which we operate.

We also believe our business has a positive economic impact on the communities in which we operate, through improved neighborhoods that benefit from our home renovations, the value of our local teams living in and contributing to the local economy, and the payment of real estate taxes and purchase of local goods and services.

We encourage our associates to be good neighbors in their respective communities by partnering with local organizations to provide support to those in need.

We are actively engaged in a broad range of community and philanthropic activities in our markets, contributing funds nationwide and encouraging our associates to be active in their communities by providing each of them 20 hours of paid volunteer time each year.

In 2023 , associates volunteered 19,733 hours in their local communities.

Governance and Ethical Business Practices

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

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

Our Code of Conduct drives our daily decisions, demonstrating our commitment to be a responsible corporate citizen and a good business partner.

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.

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.

We are committed to exercising and maintaining strong corporate governance practices, while integrating corporate responsibility and sustainability considerations into our decision-making processes.

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

Our Code of Conduct drives our daily decisions, demonstrating our commitment to be a responsible corporate citizen and a good business partner, and our actions are guided by our company’s core values.

The Code of Conduct articulates these tenets and sets forth our principles, expectations, and guidelines for appropriate business behavior.

Code of Conduct

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

Our Code of Conduct is supported by company wide policies and programs and reinforced through regular associate training.

Honesty and integrity are essential in our daily interactions with residents, fellow associates, vendors, suppliers, and other stakeholders.

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.

Our Code of Conduct outlines these key principles, 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

Our confidential compliance hotline is critical to our our ethics and compliance program.

Our confidential compliance hotline is critical to 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.

We have implemented a “whistleblower” policy that allows our associates to file reports regarding any impropriety on a confidential and anonymous basis and establishes comprehensive procedures for the receipt, retention, investigation, and treatment of reports.

We have established a whistleblower policy, enabling associates to report concerns confidentially and anonymously.

This policy includes comprehensive procedures for the receipt, retention, investigation, and treatment of reports.

The reports are reviewed with our audit committee at meetings throughout the year.

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Vendor Practices

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

We face various forms of risk in our business ranging from broad economic, 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.

Our board of directors believes that effective risk management involves our entire corporate governance framework.

Both management and the board of directors have key responsibilities in managing risk throughout our 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 identification and assessment of material risks, 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 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 seek to maximize revenue collections through our robust, standardized resident screening process (which includes, among other things, 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).

See “ — Systems and Technology” for information about cybersecurity risk management.

We have adopted a Vendor Code of Conduct that extends our values to company vendors and highlights our commitment to ethical business practices, fair and safe labor conditions, the protection of human rights, sustainability, and regulatory compliance.

This code defines the expectations we hold for our vendors to align with the standards we strive to uphold in every aspect of our operations.

Risk and Insurance

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

cost of the coverage, and industry practice.

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 cost of the coverage, and industry practice.

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.

“Risk Factors — Risks Related to Our Business and Operations — We may suffer losses that are not covered by insurance.

“Risk Factors — Risks Related to Our Business and Operations — Increasing property taxes, insurance costs, and HOA fees may negatively affect our financial results” and We may suffer losses that are not covered by insurance.

Systems and Technology

Effective systems and technology are essential components of our business.

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.

To ensure scalability for continued growth of our portfolio of single-family homes for lease and our third-party management platform, 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.

In addition to carefully monitoring our core platform, we consistently advance cloud-based digital technologies to benefit both our residents and our associates.

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

acquiring and leasing our properties and providing asset and property management services for single-family homes.

acquiring and leasing our properties and providing property and asset management services for single-family homes.

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.

These same competitors may also compete with us for residents and may provide property and asset management services similar to those that we provide.

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.

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.

Inflation and Macroeconomic Conditions

Inflation primarily impacts our results of operations as a result of increased repair and maintenance and other costs and wage pressures.

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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.

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, 2023.

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, 2024.

Additionally, increased interest rates, political dissension, and fluctuating global and United States economic conditions, geopolitical tensions, and other factors that are beyond our control could negatively affect our business and financial condition.

Mandated and proposed tariffs to be imposed by the United States on imports from certain countries and potential counter-tariffs in response could lead to increased costs and supply chain disruptions.

If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.

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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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.

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.

Our business operations and properties are subject to various federal, state, and local laws, regulations, ordinances, and rules, as well as covenants, some of which may conflict with one another or have limited judicial or regulatory interpretations.

We seek to comply in all material respects with such laws, regulations, ordinances, rules, and covenants, and we also require that our residents agree to do the same under their leases with us.

In light of the recent change in administration in the United States, there is considerable uncertainty and potential conflict regarding and among existing laws, judicial orders and bans, new presidential executive orders, regulatory frameworks, leadership changes, and enforcement priorities and strategies, further complicating compliance with such laws, orders and regulations.

Fair Housing Act

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.

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

Municipal Regulations and Homeowners’ Associations

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“Risk Factors — Legal and Regulatory Related Risks — Contingent or unknown liabilities could adversely affect our financial condition, cash flows, and operating results.

Residential Housing Legislation and Regulations

Legislative and regulatory efforts across the United States have increasingly focused on addressing the shortage of residential housing and the rising cost of living.

In response, some states and local jurisdictions have introduced or enacted regulations that limit landlords’ ability to screen applicants, raise rents, process evictions, or terminate leases.

We are closely monitoring developments related to such regulations.

However, the timing and outcome of specific proposals or policies remain uncertain, as do their potential impacts on our operations.

Laws and Regulations Regarding Privacy and Data Protection

We are subject to a variety of laws and regulations that involve matters such as privacy, data protection, content, consumer protection, and other matters.

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 Information Technology, Cybersecurity, and Data Protection — Our business is subject to laws and regulations regarding privacy, data protection, consumer protection, and other matters.

These regulations include laws requiring holders of personal data to maintain safeguards and to take certain actions in response to a data breach.

Data privacy and security at the state level remains an evolving landscape.

We endeavor to comply with privacy laws and regulations applicable to us.

For example, the California Consumer Privacy Act of 2018 (“CCPA”), which came into effect on January 1, 2020, as amended by the California Privacy Rights Act (“CPRA”), which became effective on January 1, 2023, governs the collection, use, disclosure, and security of information about California residents.

It also requires us to, among other things, provide certain disclosures to California residents, promptly respond to certain consumer requests related to their data, and contractually impose certain obligations on vendors.

Other states in the United States have either passed, proposed, or are considering similar laws and regulations to the CCPA and CPRA (such as the Nevada Privacy of Information Collected on the Internet from Consumers Act, which became effective on October 1, 2021, the Colorado Privacy Act and the Utah Consumer Privacy Act, which both became effective in 2023, and the Texas Data Privacy and Security Act, which became effective on July 1, 2024) which could impose similarly significant operational and legal obligations, potential liabilities and costs.

Such laws and regulations are expected to vary from jurisdiction to jurisdiction, thus further increasing costs, operational and legal burdens, and the potential for liability on regulated entities.

“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.

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

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance.

Our CODM is the Chief Executive Officer.

Under the provisions of ASC 280, Segment Reporting , we have determined that we have one reportable segment related to acquiring, renovating, leasing, and operating single-family homes as rental properties.

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

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

REIT Qualification

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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 INVH.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