What changed in this filing

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Item 1. Business

2026-02-19 compared with 2025-02-27 · 102 added, 77 removed, 237 unchanged (43% of the section changed)

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As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country.

These homes help meet the needs of a growing share of Americans who 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.

These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing.

We provide our residents access to updated homes with features they value, as well as close proximity to jobs and good schools.

The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.

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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.

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.

At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, which is underscored by our company purpose to Unlock the Power of Home™.

Our Genuine CARE™ values serve as the foundation for our work, and the underlying principles of clear communication, integrity, responsibility, innovation, adaptability, and a welcoming workplace are designed to create an authentic experience for our residents, shareholders, and associates.

We also work to advance sustainability, which is an important part of our strategic business objectives and is critical to our long-term success.

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

Many of our residents are first responders, healthcare workers, teachers, and other essential members of their communities, people who dedicate themselves to serving others every day.

We are honored to serve them in return, and we work hard to ensure they come home to a place of comfort and security.

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

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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.

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

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

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

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

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

On February 6, 2017, Invitation Homes Inc.

changed its jurisdiction of incorporation to Maryland and completed an initial public offering of its shares of common stock (the “IPO”).

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.

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

In addition, we operate under strong, well-defined governance practices and are dedicated to adhering to the highest ethical standards at all times.

INVH, a REIT organized under the laws of Maryland, conducts its operations through INVH LP.

INVH LP was formed for the purpose of owning, renovating, leasing, and operating single-family residential properties.

Through the Manager, we provide all management and other administrative services with respect to the properties we own.

The Manager also provides professional property and asset management services to portfolio owners of single-family homes for lease, including our investments in unconsolidated joint ventures.

As of December 31, 2025, INVH owns 99.7% of INVH LP directly and through Invitation Homes OP GP LLC, a wholly owned subsidiary of INVH (the “General Partner”), and INVH 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 5420 LBJ Freeway, Suite 600, Dallas, Texas 75240, and our telephone number is (972) 421-3600.

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• Resident-centric focus .

Our high-touch business model enables us to continuously solicit and integrate resident feedback into our operations and tailor our approach to address their preferences, providing a superior living experience and fostering customer loyalty.

Our high-touch business model enables us to solicit and integrate resident feedback into our operations and tailor our approach to address their preferences, providing a superior living experience and fostering customer loyalty.

We believe this, in turn, drives rent growth, occupancy, and low turnover rates and will enable us to develop significant brand equity in the longer term.

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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.

Additionally, our acquisition of ResiBuilt (as defined below), a leading fee homebuilder specializing in single-family rental communities, represents a natural extension of our vertically integrated platform, adding home building capabilities that enable us to develop single-family rental homes and communities internally across high-growth markets.

By bringing land development and construction expertise in-house, we gain greater operational control, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets, leveraging local market knowledge and relationships.

This development capacity complements our integrated approach to investment and asset management.

Consistent with this integrated approach, our investment and asset management functions combine local presence and expertise with national oversight.

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.

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 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.

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

We believe the advantages of our integrated acquisition and development platform and local market expertise drive the performance of our existing portfolio of owned homes, 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 and development teams at the local level gives us a competitive advantage in selectively acquiring and building homes that will maximize risk-adjusted total return.

Our Business Activities

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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 core markets.

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 a resident portal that is available both online and via a mobile app, 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 core 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.

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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.

Multiple channels are utilized to communicate with prospective residents, including automated email and texts, associate correspondence, and 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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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.

The ease of leasing through our technology, the Genuine CARE TM 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 lifestyle and home maintenance content.

For example, we alert our residents to prepare for storms, encourage them to pay their rent online or through our mobile app, offer “Lease Friendly” and “Make It Home” design tips and giveaways, and hold an annual Resident Appreciation Month.

Our resident engagement and social media 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

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

We have established a Resident Advisory Panel to foster open dialogue with and gain meaningful insights directly from our residents.

The panel provides a structured forum for residents to share feedback, voice concerns, and offer suggestions, enabling us to better understand and respond to the needs of the communities we serve.

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

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

We strive to address and resolve maintenance requests primarily through our in-house maintenance technicians.

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

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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.

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

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

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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 through portfolio acquisitions or via MLS and newly constructed homes via strategic relationships with homebuilders.

Our strategy primarily targets newly constructed homes via strategic relationships with homebuilders or built internally by ResiBuilt (as defined below) and, in certain cases, existing homes through portfolio acquisitions or, on a more limited basis, the MLS.

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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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.

In evaluating acquisitions, we analyze numerous factors, including neighborhood desirability, proximity to employment centers, schools, and transportation corridors, community amenities, construction type, and required ongoing capital needs, among others.

We target submarkets and neighborhoods in undersupplied high-growth markets and leverage our in-house acquisition and operations teams’ local market expertise to acquire homes in desirable locations that we believe will experience above average rental rate growth and home price appreciation.

Our in-house acquisition teams are comprised of dedicated professionals located in our markets and at our corporate headquarters who provide strategic direction and broad oversight.

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.

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.

In evaluating acquisition and development opportunities, we analyze numerous factors, including neighborhood desirability, proximity to employment centers, schools, and transportation corridors, community amenities, construction type, and required ongoing capital needs, among others.

We target submarkets and neighborhoods in undersupplied high-growth markets and leverage our in-house acquisition, development, and operations teams’ local market expertise to acquire homes in desirable locations that we believe will experience sustainable rental demand and long-term value and home price appreciation.

Our in-house teams are comprised of dedicated professionals located in our markets and at our corporate headquarters who provide strategic direction and broad oversight.

The teams also have significant local market experience and expertise in single-family investments and sales, which enable us to perform neighborhood-level analysis and identify homes that meet our selection and underwriting criteria.

We thus have access to a substantial volume of historical public market data and operational experience from which we can draw as we evaluate future acquisition and development 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 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.

To identify investment 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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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.

Newly constructed homes offer several distinct advantages over legacy homes.

From a cost perspective, these homes typically require significantly lower maintenance expenditures in the initial years of ownership.

Additionally, new construction allows us to incorporate modern design features and amenities that align with current resident preferences, such as open floor plans, energy-efficient appliances, smart home technology, and updated finishes.

Energy-efficient construction also benefits residents through lower utility costs, which may make our new homes more attractive to residents.

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.

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

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.

Land Development and Construction

On January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), a leading fee homebuilder specializing in single-family rental communities with expertise in land development and construction general contracting across high-growth Southeast markets.

The acquisition is a natural extension of our business and supports our growth strategy by adding home building capabilities to our platform.

By bringing land development and construction expertise in-house, we gain greater operational control over the development process, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets.

We believe this internal development capacity will support our long-term growth strategy by providing a reliable pipeline of purpose-built rental homes tailored to our operational and quality standards.

Developer Lending Program

In May 2025, we launched a developer lending program to selectively provide financing to experienced, successful, and relationship-driven homebuilders for the development of new single-family home communities that may serve as future acquisition opportunities.

This initiative is intended to support the creation of new housing supply in markets with strong demand and to complement our traditional property acquisition strategy.

Property Maintenance and Renovations

We have an in-house team of dedicated associates located in our markets who oversee any required upfront property renovations and the ongoing maintenance of our homes, with support from centralized construction experts and infrastructure, including technology-enabled workflows.

For newly constructed homes, which typically require no upfront renovation, this team is able to focus primarily on ongoing maintenance and resident service.

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

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

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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.

As one of the nation’s premier home leasing and management 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.

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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.

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 TM .

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 also believe our business has a positive economic impact on the communities in which we operate, through improved neighborhoods that benefit from renovations to and ongoing maintenance of our homes, 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.

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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.

We value feedback from our associates, and we maintain a continuous listening associate survey tool, Dot to Dot.

We continue to achieve high participation by our associates, with 74% of our associates sharing feedback at least once in 2025.

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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 47 at the end of 2025, compared to a benchmark of 29.

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.

In 2025 , we were recognized by Comparably for our company culture through several external awards, including Best Companies for Diversity and Best Companies for Women.

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

We 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 Foundations,” “Leading through Change,” and our operations management training.

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In 2025 , we facilitated the third cohort of “Peak,” an immersive six-month leadership development program for 22 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 also host “Spark,” the next level leadership program focused on emerging leaders, on a biennial basis.

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

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

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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.

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

Our 2025 incident rate was 3.07, compared to 3.39 in both 2024 and 2023.

Governance and Ethical Business Practices

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

We believe that ethical business practices and 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 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.

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

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

We exercise and maintain 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.

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Code of Conduct

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

Our Code of Conduct is supported by companywide policies and programs and reinforced through annual associate training and acknowledgement.

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

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

Our Code of Conduct provides that “neither our company, nor any director, officer, employee, contractor, subcontractor, or agent of the company will, directly or indirectly, discharge, demote, suspend, threaten, harass, or in any manner discriminate or retaliate against any person who, in good faith, makes a report or assists in investigating a report.”

Our Code of Conduct provides that “[n]either the Company, the Audit Committee nor any director, officer, employee, contractor, subcontractor or agent of the Company will, directly or indirectly, discharge, demote, suspend, threaten, harass or in any manner discriminate or retaliate against any person who, in good faith, makes a report to or otherwise assists the Audit Committee, management or any other person or group, including any governmental, regulatory or law enforcement body, in investigating a report.”

Vendor Practices

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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 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.

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.

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 processes and systems across leasing 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 and the pragmatic use of AI to benefit both our residents and our associates.

We offer choice, control, and engagement options to our prospective and existing residents by providing a mobile-responsive website, an iOS app, and an Android app.

Prospective residents can browse homes available for lease, take virtual tours, request additional information, and apply to lease a specific home.

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.

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

Our associates are able to support and manage requests for critical functions such as leasing and maintenance through easy-to-use digital tools and AI services.

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.

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

Throughout our operations, we rely on technology systems that integrate with various third-party vendors and service providers.

Throughout our operations, we rely on technology systems that integrate with various third-party vendors, including their AI services.

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

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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.

We believe our competitors in acquiring or building homes 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, and individual investors or small private investment partnerships, that are seeking 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.

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

In addition, federal, state, and local regulatory developments, including executive actions and proposed federal and state legislation aimed at limiting institutional ownership and acquisition of single-family homes, may affect the competitive dynamics in our markets by imposing requirements or restrictions that apply differently to various categories of market participants.

To the extent these developments disproportionately affect institutional owners, including us, or advantage other categories of investors, such as individual investors and smaller partnerships who may fall outside regulatory definitions, our ability to compete for acquisitions, residents, or capital on favorable terms could be adversely affected.

“Risk Factors — Risks Related to Our Business and Operations — Executive actions and proposed federal and state legislation or regulations aimed at limiting institutional ownership and acquisition of single-family homes could materially adversely affect our business, growth strategy, and results of operations .”

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.

Inflation primarily impacts our results of operations in the form of increased repair and maintenance and other costs and wage pressures.

Inflation could also impact our cost of capital as a result of changing interest rates on variable rate debt that is not hedged or if our debt instruments are refinanced in a high-inflation environment.

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, 2024.

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, 2025.

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.

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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.

In light of continuing federal, state, and local attention on housing supply and availability, there is considerable uncertainty regarding how executive actions, policy initiatives, and potential legislation, along with existing laws, judicial orders, and regulatory frameworks, could affect large institutional investors in single-family rental markets.

In addition, legislative and regulatory initiatives addressing residential housing supply and availability have received increased attention at the federal, state, and local levels.

This focus has included heightened public and governmental scrutiny of institutional investment in the single-family rental housing market, as well as discussion of potential measures that could affect the acquisition, ownership, or operation of residential rental properties.

As this policy landscape continues to evolve, we remain committed to working constructively with policymakers at all levels to support housing supply and availability, and we believe that well-managed, professionally operated rental housing serves an important role in expanding access to quality homes for American families.

Fair Housing Act

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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.

In response, some states and local jurisdictions have introduced or enacted regulations that may limit landlords’ ability to acquire, own or operate single-family residential properties, screen applicants, increase rents, recover possession of properties, process evictions, terminate leases, or otherwise manage single-family residential rental portfolios.

In addition, there has been increased public and governmental scrutiny of institutional investment in single-family rental housing.

Certain policymakers, including the President of the United States, have publicly called for congressional action to limit or restrict the ability of large or institutional investors to purchase and own single-family homes.

Proposals under discussion could include limitations on acquisitions, increased taxes or fees, enhanced disclosure or reporting requirements, or other restrictions applicable to institutional owners of residential rental housing.

As noted above, we remain committed to engaging constructively with policymakers at all levels of government to support housing supply and availability, and we believe our operations contribute positively to meeting the housing needs of American families.

We are closely monitoring developments related to these legislative and regulatory initiatives at the federal, state, and local levels.

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

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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.

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.

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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.

“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.

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

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

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

Website and Availability of SEC filings

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

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

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

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

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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.

In addition, you may automatically receive email alerts and other information about Invitation Homes when you enroll your email address in the “receive investor email alerts” section at INVH.com.

The contents of our website and social media channels are not 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