What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-02-19 compared with 2025-02-27 · 162 added, 196 removed, 535 unchanged (40% 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.

On January 14, 2026, we acquired 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.

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.

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.

Impact of Macroeconomic Trends

General economic conditions in the United States have fluctuated in recent quarters, and concerns persist regarding adverse macroeconomic conditions, such as inflation, elevated interest rates, political dissension, and labor shortfalls.

Such macroeconomic factors coupled with uncertainty in financial markets, and a general decline in business activity and/or consumer confidence could adversely affect (i) our occupancy levels, our rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill.

Inflationary pressures, bank failures, and other unfavorable global and regional economic conditions, as well as geopolitical events, may also negatively impact consumer income, credit availability, interest rates, and spending, among other factors, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent.

These factors, which include labor shortages and inflationary increases in labor and material costs, have impacted and may continue to impact certain aspects of our business.

In addition, consumer confidence and spending can be materially adversely affected in response to changes in fiscal and monetary policy, declines in income or asset values, and other macroeconomic factors.

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.

General economic conditions in the United States have continued to fluctuate in recent quarters.

While inflationary pressures have moderated from prior peaks, they remain elevated, and interest rates remain subject to volatility and uncertainty.

These factors, together with ongoing uncertainty in financial and capital markets, geopolitical tensions, evolving trade and tariff policies, labor market conditions, and a general decline in consumer confidence could adversely affect (i) our occupancy levels, rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to recognize impairments in the value of our tangible assets or goodwill.

Such macroeconomic conditions, and geopolitical events, may also negatively impact consumer income, credit availability, and spending, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent.

In addition, consumer confidence and spending may decline in response to changes in fiscal and monetary policy, reductions in income or asset values, and other macroeconomic factors.

Labor shortages and inflationary increases in labor and material costs have impacted and may continue to impact certain aspects of our business.

Imposition or increase of tariffs and trade restrictions by the United States on imports from certain countries and counter-tariffs in response could lead to increased costs and supply chain disruptions.

Any of these factors could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.

The regulatory landscape affecting institutional ownership and acquisition of single-family rental properties continues to evolve.

Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homes could limit our ability to acquire additional homes, require us to modify our growth, investment, development, or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect market dynamics, our business, and results of operations.

While the degree to which we may continue to be affected by these macroeconomic challenges largely depends on the nature and duration of uncertain and unpredictable events, we believe that we are well suited to endure a shifting macroeconomic environment due to our diversification and resiliency.

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Potential consequences of global climate change may range from more frequent extreme weather events to governmental policy developments and shifts in consumer preferences, which have the potential individually or collectively to disrupt our business as well as negatively affect our suppliers, contractors, and residents.

Experiencing or addressing the various physical, regulatory, and transition risks from climate change may significantly reduce our revenues and profitability or cause us to generate losses.

We are subject to evolving laws and regulations relating to climate change, promulgated by governmental and regulatory organizations, including regulations aimed at drastically increasing reporting and governance related to climate change as well as focused on limiting GHG emissions and the implementation of “green” building codes.

In March 2024, the SEC adopted the final rule under SEC Release No.

33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors .

This rule will require registrants to disclose certain climate-related information in registration statements and annual reports.

In April 2024, the SEC issued an order voluntarily staying the effectiveness of the new rules pending the completion of judicial review of certain legal challenges to their validity.

On February 11, 2025, SEC Acting Chairman Mark T.

Uyeda released a public statement and notified the United States Court of Appeals for the Eighth Circuit (where the challenges are consolidated) to hold off scheduling the case for argument to provide time for the SEC to further deliberate and determine next steps.

Therefore, the timing of the effectiveness of these disclosure requirements is uncertain.

We are currently assessing the effect of new rules on our consolidated financial statements and related disclosures.

Additionally, t he State of California recently passed the Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act that will impose broad climate-related disclosure obligations on certain companies doing business in California, including us, starting in 2026, though the Governor of California has directed further consideration of the implementation deadlines for each of the laws.

Both laws have been challenged in federal court.

Unless legal challenges to the foregoing new rules prevail or they are otherwise modified prior to effective dates or the effective dates are delayed, we will become subject to the rules as adopted, and they could significantly increase compliance burdens and associated regulatory costs and complexity.

Disclosure obligations relating to sustainability matters are complex and not always consistent, making compliance difficult and uncertain.

Evolving laws and regulations or any changed interpretation of such laws and regulations may require us to make costly improvements to our existing properties beyond our current plans to decrease the impact of our homes on the environment, resulting in increased operating costs.

Incorporating greater resource efficiency into our homes, whether to comply with upgraded building codes or recommended practices given a region’s particular exposure to climate conditions or undertaken

to satisfy demand from increasingly environmentally conscious residents or to meet our own sustainability goals, could raise our costs to maintain our homes.

In evaluating whether to implement voluntary improvements, we also consider that choosing not to enhance our homes’ resource efficiency can make them less attractive to municipalities and increase the vulnerability of residents in our communities to rising energy and water expenses and use restrictions.

Additionally, choosing not to enhance our homes’ resource efficiency could make our portfolio less attractive to residents and investors.

Physical, regulatory, and transition risks from climate change may significantly reduce our revenues and profitability or cause us to generate losses.

We are subject to evolving laws and regulations relating to climate change, including regulations aimed at drastically increasing reporting and governance related to climate change as well as focused on limiting greenhouse gas emissions.

Evolving laws and regulations or any changed interpretation of such laws and regulations may require us to make costly improvements to our properties resulting in increased operating costs and compliance burdens.

Choosing not to enhance our homes’ resource efficiency could make our portfolio less attractive to residents and investors.

If we fail to manage transition risks effectively, our profitability and cash flow could suffer.

We intend to continue to research, evaluate, and utilize new or improved products and business practices consistent with our sustainability commitment.

We believe our initiatives in this area can help put us in a better position to comply with evolving regulations directed at addressing climate change and similar environmental concerns and to meet growing resident demand for resource-efficient homes, as further discussed in Part I.

“Business — Sustainability and Corporate Responsibility.”

We recognize that climate change could have a significant impact on our portfolio of homes located in a variety of markets across the United States and that an increase in the number of acute weather events, natural disasters, and other climate-related events could significantly impact our business, operations, and homes.

We actively consider physical risks such as the potential for natural disasters such as hurricanes, floods, droughts, and wildfires when assessing our portfolio of homes and our business processes.

Such extreme climate related events are driving changes in market dynamics and stakeholder expectations and could result in disruptions to us, our suppliers, vendors, and residents.

We recognize that we must continue to adapt our policies, objectives, and processes to prepare for such events and improve the resiliency of our physical properties and our business.

We recognize that climate change could have a significant impact on our portfolio of homes and that an increase in the number of acute weather events, natural disasters, and other climate-related events could significantly impact our business, operations, and homes.

We consider physical risks, including the potential for natural disasters such as hurricanes, floods, and wildfires, when assessing our portfolio of homes and our business processes.

Our management and the board of directors are focused on managing our business risks, including climate change-related risks.

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Our board of directors, through its Audit Committee and Nominating and Corporate Governance Committee, is responsible for oversight of our management of risks related to environmental issues, climate related risks, and social issues.

Our executive leadership regularly reports to the board of directors and the relevant committees on these risk areas and our initiatives for managing and mitigating these risks.

By taking a proactive approach to climate-related risk, we aim to remain well-prepared for various climate scenarios, supporting our commitment to transparency and effective risk management.

For more information on risks related to climate change, see Part I.

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In January 2023, we received an inquiry from the staff of the SEC requesting information relating to our compliance with building codes and permitting requirements, related policies and procedures, and other matters.

We are in the process of responding to, and cooperating with, this request.

We cannot currently predict the timing, outcome, or scope of this inquiry.

In December 2025, the SEC notified us that it had concluded this inquiry and did not intend to recommend any enforcement action.

Our Portfolio

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(4) Represents the percentage of rental revenues and other property income generated in each market for the year ended December 31, 2025.

(5) Represents homes located outside of our 16 core markets as of December 31, 2024, including 161 homes located in Nashville and 4 homes located in other markets that are generally being held for sale.

(5) As of December 31, 2025, represents homes located in San Antonio, Salt Lake City, Austin, or Nashville, outside of our 16 core markets.

Factors That Affect Our Results of Operations and Financial Condition

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Key factors that impact our results of operations and financial condition include market fundamentals, rental rates and occupancy levels, collection rates, turnover rates and days to re-resident homes, property improvements and maintenance, property acquisitions and renovations, and financing arrangements.

Sensitivity to many of these factors has been heightened as a result of current macroeconomic conditions, including elevated interest rates, political dissension, and labor shortfalls.

Additionally, each of these factors may also impact the results of operations and financial condition of our joint venture investments and those of third parties for whom we perform property and asset management services, which would impact the amount of management fee revenues and income (loss) from investments in unconsolidated joint ventures that we earn.

Sensitivity to many of these factors has been heightened as a result of current macroeconomic conditions, including inflation, interest rate volatility, political dissension, labor market conditions, evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties, and adverse global economic conditions.

Additionally, each of these factors may also impact the results of operations and financial condition of our joint venture investments and those of third parties for whom we perform property and asset management services, which would impact the amount of management fee revenues and income (losses) from investments in unconsolidated joint ventures that we earn.

Market Fundamentals:

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Our operating results are also impacted by the amount of time it takes to market and lease a property, which is a component of the number of days a home is unoccupied between residents.

The period of time to market and lease a property can vary greatly and is impacted by local demand, our marketing techniques, the size of our available inventory, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business, and both current economic conditions and future economic outlook, including the impact of elevated interest rates, political dissension, and labor shortfalls which could adversely affect demand for our properties.

The period of time to market and lease a property can vary greatly and is impacted by local demand, our marketing techniques, the size of our available inventory, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business, and both current economic conditions and future economic outlook, including the impact of inflation, elevated interest rates, political dissension, and labor shortfalls which could adversely affect demand for our properties.

Property Improvements and Maintenance:

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We actively manage our homes on a total portfolio basis to determine what capital and maintenance needs may be required and what opportunities we may have to generate additional revenues or expense savings from such expenditures.

As a result of recent inflationary trends, we have experienced, and expect to continue to incur, increased costs for certain materials and services necessary to improve and maintain our homes.

We continue to actively manage the impact of inflation on these costs, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Property Acquisitions and Renovations:

Future growth in rental revenues and other property income may be impacted by our ability to identify and acquire homes, our pace of property acquisitions, and the time and cost required to renovate and lease a newly acquired home.

Our ability to identify and acquire single-family homes that meet our investment criteria is impacted by home prices in targeted acquisition locations, the inventory of homes available for sale through our acquisition channels, and competition for our target assets.

As a result of inflationary trends and/or imposition of or increases in tariffs, we may experience, as we have in the past, increased costs for certain materials and services necessary to improve and maintain our homes.

We continue to actively manage the impact of these factors on these costs, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Property Development, Acquisitions, and Renovations:

Future growth in rental revenues and other property income may be impacted by our ability to and the pace at which we identify and build or acquire homes and the time and cost required to renovate and lease those homes.

We are also developing build-to-rent homes through third-party homebuilders and our ResiBuilt business, acquired in January 2026.

Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets, and inventory of homes currently under construction or newly developed.

competition for our target assets.

All of these factors may be negatively impacted by current inflationary trends and elevated interest rates, potentially reducing the number of homes we acquire.

The evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties could also limit our ability to acquire additional homes.

The acquisition of homes involves expenditures in addition to payment of the purchase price, including payments for acquisition fees, property inspections, closing costs, title insurance, transfer taxes, recording fees, broker commissions, property taxes, and HOA fees (when applicable).

Additionally, we incur costs to renovate a home to prepare it for rental.

scope of renovation work varies, but may include paint, flooring, carpeting, cabinetry, appliances, plumbing hardware, roof replacement, HVAC replacement, and other items required to prepare the home for rental.

The time and cost involved in accessing our homes and preparing them for rental can significantly impact our financial performance.

The time to renovate a newly acquired property can vary significantly among homes for several reasons, including the property’s acquisition channel, the condition of the property, whether the property was vacant when acquired, and whether there are any state or local restrictions on our ability to complete renovations as an essential business function.

Additionally, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business have increased the time required to renovate our homes.

As a result of recent inflationary trends, we have experienced, and expect to continue to incur, increased costs for certain materials and services necessary to renovate our homes.

We continue to actively manage the impact of inflation on the cost of renovations, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Additionally, we incur costs to renovate acquired homes to prepare them for rent.

The time and cost involved in preparing acquired homes for rent can significantly impact our financial performance.

We continue to actively manage the cost of renovations, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Financing Arrangements:

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Macroeconomics Conditions:

Inflation, elevated interest rates, political dissension, and adverse global economic conditions could negatively affect our business and financial condition.

Inflation, interest rate volatility, political dissension, labor market conditions, the evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties, and adverse global economic conditions could negatively affect our business and financial condition.

Imposition of, increases in, and changing policies around tariffs by the United States on imports from certain countries and potential counter-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.

Regulatory and Policy Risks :

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.

Components of Revenues and Expenses

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(i) resident reimbursements for utilities, HOA fines, and other charge-backs;

(ii) rent and non-refundable deposits associated with pets;

(iii) revenues from value-add services such as smart homes, internet and media packages, home liability insurance, and HVAC replacement filters;

and (iv) various other fees, including late fees and lease termination fees, among others.

(ii) revenues from value-add services such as smart homes, internet and media packages, home liability insurance, and HVAC replacement filters;

(iii) various other fees, including late fees and lease termination fees, among others;

and (iv) rent and non-refundable deposits associated with pets.

Management Fee Revenues

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Prior to a property being “rent-ready,” certain of these expenses are capitalized as building and improvements.

Once a property is “rent-ready,” expenditures for

ordinary repairs and maintenance thereafter are expensed as incurred, and we capitalize expenditures that improve or extend the life of a home.

Once a property is “rent-ready,” expenditures for ordinary repairs and maintenance thereafter are expensed as incurred, and we capitalize expenditures that improve or extend the life of a home.

Property Management Expense

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Casualty Losses, Impairment, and Other

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

Gains (Losses) on Investments in Equity and Other Securities, net

Gains (losses) on investments in equity and other securities, net includes unrealized gains and losses resulting from mark to market adjustments and realized gains and losses recognized upon the sale or settlement of certain investments in equity securities and warrants.

Other, net includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

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

Gain on Sale of Property, net of tax

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Income (losses) from investments in unconsolidated joint ventures consists of our share of net earnings and losses from investments in unconsolidated joint ventures accounted for using the equity method.

Other, net includes settlement and other costs related to certain litigation and regulatory matters, interest income, gains (losses) resulting from investments in equity securities, and other miscellaneous income and expenses.

Results of Operations

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Total expenses 2,341,670 2,326,696 14,974 0.6 %

Gains on investments in equity and other securities, net

1,046 350 696 198.9 %

Other, net (54,032) (2,435) (51,597) N/M

Gain on sale of property, net of tax 218,235 244,550 (26,315) (10.8) %

Losses from investments in unconsolidated joint ventures (11,607) (28,445) 16,838 59.2 %

Other, net (4,345) (52,986) 48,641 91.8 %

Net income $ 589,909 $ 455,365 $ 134,544 29.5 %

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Set forth below is a discussion of changes in the individual components of total revenues.

For the years ended December 31, 2024 and 2023, total portfolio rental revenues and other property income totaled $2,549.0 million and $2,418.6 million, respectively, an increase of 5.4%, driven by an increase in average monthly rent per occupied home and a 996 home increase between periods in the average number of homes owned, partially offset by a 80 bps reduction in average occupancy.

For the years ended December 31, 2025 and 2024, total portfolio rental revenues and other property income totaled $2,642.0 million and $2,549.0 million, respectively, an increase of 3.6%, driven by an increase in average monthly rent per occupied home and a 999 home increase between periods in the average number of homes owned, partially offset by an 80 bps reduction in average occupancy.

Average occupancy for the years ended December 31, 2025 and 2024 for the total portfolio was 95.0% and 95.8%, respectively.

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For our Same Store portfolio, average occupancy was 96.8% and 97.3% for the years ended December 31, 2025 and 2024, respectively, and average monthly rent per occupied home for the years ended December 31, 2025 and 2024 was $2,450 and $2,386, respectively, a 2.7% increase.

The annual turnover rate for the Same Store portfolio for the years ended December 31, 2024 and 2023 was 22.6% and 24.3%, respectively.

The annual turnover rate for the Same Store portfolio was 22.8% for each of the years ended December 31, 2025 and 2024.

For the Same Store portfolio, a home remained unoccupied on average for 47 and 40 days between residents for the years ended December 31, 2025 and 2024, respectively.

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For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.6% and 4.9% for the years ended December 31, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged (0.6)% and 0.9% for the years ended December 31, 2025 and 2024, respectively.

Other property income for the year ended December 31, 2024 increased compared to December 31, 2023, primarily due to enhanced value-add revenue programs and increased utility billbacks as new leases are entered into, among other things.

Other property income for the year ended December 31, 2025 increased compared to December 31, 2024, primarily due to enhanced value-add revenue programs and increased utility recoveries as new leases are entered into, among other things.

For the years ended December 31, 2025 and 2024, management fee revenues totaled $87.3 million and $70.0 million, respectively.

The increase is due to an increase in the number of homes for which we provide property and asset management services.

As of December 31, 2024 and 2023, we provided property and asset management services for 25,300 and 3,848 homes, respectively, of which 7,622 and 3,848 homes, respectively, were owned by our unconsolidated joint ventures.

The 24.8% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 20,971 homes for the year ended December 31, 2024 to 24,521 homes for the year ended December 31, 2025.

For the years ended December 31, 2025 and 2024, total expenses were $2,341.7 million and $2,326.7 million, respectively.

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For the year ended December 31, 2025, property operating and maintenance expense increased to $985.6 million from $935.3 million for the year ended December 31, 2024.

In addition to a 996 home increase between periods in the average number of homes owned, increases in property taxes, utilities, and property maintenance, resulted in the overall 6.2% net increase in property operating and maintenance expense.

Property management expense and general and administrative expense increased to $228.1 million from $178.2 million for the years ended December 31, 2024 and 2023, respectively, primarily due to increased personnel and other costs related to expansion of our property and asset management platform, including costs incurred to manage 25,300 and 3,848 homes as of December 31, 2024 and 2023, respectively.

Interest expense increased to $366.1 million for the year ended December 31, 2024 from $333.5 million for the year ended December 31, 2023.

The increase in interest expense was primarily due to an 11 bps increase in our weighted average interest rate and an approximate $500.0 million increase in the average debt balance outstanding during the year ended December 31, 2024 as compared to the year ended December 31, 2023.

Depreciation and amortization expense increased to $714.3 million for the year ended December 31, 2024 from $674.3 million for the year ended December 31, 2023 due to a $529.6 million year over year increase in building and improvements related to an increase of 571 homes in the number of homes owned as of December 31, 2024 and 2023 .

The 5.4% increase in property operating and maintenance expense is primarily attributable to a 999 home increase in the average number of homes owned between periods, as well as increases in utilities and property taxes.

Property management expense and general and administrative expense increased to $244.4 million from $228.1 million for the years ended December 31, 2025 and 2024, respectively, primarily due to increased personnel and other costs related to our property and asset management platform, including costs to manage a 16.9% increase in the average number of homes managed between periods.

Interest expense decreased to $353.3 million for the year ended December 31, 2025 from $366.1 million for the year ended December 31, 2024.

The decrease was primarily due to the amendment of certain of our interest rate swap agreements during 2024, which reduced related non-cash fair value amortization by $17.4 million for the year ended December 31, 2025 compared to the year ended December 31, 2024, partially offset by an increase in the debt balance outstanding between periods.

Depreciation and amortization expense increased to $746.9 million for the year ended December 31, 2025 from $714.3 million for the year ended December 31, 2024 due to an increase in cumulative capital expenditures and a 999 home increase in the average number of homes owned during the year ended December 31, 2025 compared to the year ended December 31, 2024.

Casualty losses, impairment, and other expenses were $11.4 million and $82.9 million for the years ended December 31, 2025 and 2024, respectively.

During the year ended December 31, 2024, casualty losses, impairment, and other expenses were comprised of net casualty losses of $82.4 million, including the recognition of $55.1 million for estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene , net of estimated insurance proceeds, additional storm activity unrelated to hurricanes during the year, and impairment losses of $0.5 million on our single-family residential properties.

During the year ended December 31, 2023, impairment and other expenses were comprised of $8.2 million of net casualty losses and $0.4 million of impairment losses on our single-family residential properties.

Gains (Losses) on Investments in Equity and Other Securities, net

For the year ended December 31, 2024, $1.0 million of gains on investments in equity and other securities, net was comprised of a $1.6 million net realized gain from exercised warrants, partially offset by $0.6 million of net unrealized losses recognized since December 31, 2023 on investments held as of December 31, 2024.

For the year ended December 31, 2023, $0.4 million gains on investments in equity and other securities, net was comprised of net unrealized gains recognized on investments held as of December 31, 2023.

Other, net increased to $54.0 million of expense for the year ended December 31, 2024 from $2.4 million of expense for the year ended December 31, 2023, primarily due to settlement and other costs incurred in connection with the resolution of an inquiry from the FTC and the legal dispute entitled City of San Diego et al v.

Invitation Homes, Inc.

During the year ended December 31, 2025, we incurred $10.8 million of net casualty losses and $0.6 million of impairment losses on our single-family residential properties.

D uring the year ended December 31, 2024 , casualty losses, impairment, and other expenses were comprised of net casualty losses of $82.4 million, including the recognition of $55.1 million for estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene, net of estimated insurance proceeds, additional storm activity unrelated to hurricanes during the year, and impairment losses of $0.5 million on our single-family residential properties.

Gain on Sale of Property, net of tax

Gain on sale of property, net of tax was $218.2 million and $244.6 million for the years ended December 31, 2025 and 2024, respectively.

An increase of 78 sold homes and an increase in the net proceeds per home sold for the year ended December 31, 2023 compared to the year ended December 31, 2024 were the drivers of the increase.

A decrease in the number of homes sold from 1,501 for the year ended December 31, 2024 to 1,356 for the year ended December 31, 2025 was the primary driver of the decrease.

Losses from Investments in Unconsolidated Joint Ventures

Our share of equity in earnings and/or losses from unconsolidated joint ventures was a net loss of $28.4 million and $17.9 million for the years ended December 31, 2024 and 2023, respectively.

The increase in loss is primarily driven by a $8.1 million increase in our share of interest expense and a $2.9 million increase in our share of depreciation expense between the respective periods.

These changes are a result of the formation of and commencement of operations in new joint ventures, cumulative capital expenditures, and an increase in the number of homes within our joint venture investments.

Our share of losses from unconsolidated joint ventures was $11.6 million and $28.4 million for the years ended December 31, 2025 and 2024, respectively.

The change was primarily driven by an increase in our share of income and distributions from the FNMA joint venture from 10.0% to 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement and gains on dispositions of homes within that portfolio.

Other, net decreased to $4.3 million of expense for the year ended December 31, 2025 from $53.0 million of expense for the year ended December 31, 2024, primarily due to settlement and other costs incurred in connection with the resolution of an inquiry from the FTC and the legal dispute entitled City of San Diego et al v.

Invitation Homes, Inc.

that was settled during the third quarter of 2024.

This reduction in expense is partially offset by a decrease in interest earnings on cash balances.

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

For similar operating and financial data and discussion of our results for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 202 4 10-K .

Liquidity and Capital Resources

Our liquidity and capital resources as of December 31, 2024 and 2023 include unrestricted cash and cash equivalents of $174.5 million and $700.6 million, respectively, a 75.1% decrease primarily due to a $325.7 million net decrease in outstanding indebtedness between periods and $54.2 million of costs to acquire new financing.

New Credit Facility

On September 9, 2024, we entered into an amended and restated senior unsecured credit facility (the “Credit Facility”).

The Credit Facility provides $3,500.0 million of borrowing capacity and consists of a $1,750.0 million revolving facility (the “Revolving Facility”) and a $1,750.0 million term loan facility (the “2024 Term Loan Facility”), both of which mature on September 9, 2028, with two six month extension options available.

The Credit Facility replaced a credit facility that consisted of a $1,000.0 million revolving credit facility (the “2020 Revolving Facility”) and a $2,500.0 million term loan facility (the “2020 Term Loan Facility,” and together with the 2020 Revolving Facility, the “2020 Credit Facility”).

Proceeds from the 2024 Term Loan Facility, a $750.0 million borrowing on the Revolving Facility on the date of effectiveness of the Credit Facility, and excess cash on hand were used to fully repay the 2020 Term Loan Facility and to pay costs associated with the transaction.

For both the Revolving Facility and the 2024 Term Loan Facility, spreads at closing, based on our total leverage ratio, were 5 bps lower than the spreads most recently in effect for the 2020 Credit Facility.

As of December 31, 2024, $1,180.0 million of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants.

Our liquidity and capital resources as of December 31, 2025 and 2024 include unrestricted cash and cash equivalents of $130.0 million and $174.5 million, respectively, a 25.5% decrease primarily due to acquisitions of homes .

As of December 31, 2025, $1,605.0 million of our revolving facility (the “Revolving Facility”) is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants.

We have no debt reaching final maturity until June 2027.

Share Repurchase Program

On October 28, 2025, our board of directors authorized the Share Repurchase Program pursuant to which we may acquire shares of our common stock up to an aggregate purchase price of $500.0 million in the open market or negotiated transactions, including through Rule 10b5-1 plans.

The Share Repurchase Program does not have an expiration date.

During the year ended December 31, 2025, we repurchased 2,232,685 shares of our common stock for a total cost of $61.3 million, including legal fees and commissions.

During January 2026, we repurchased an additional 1,402,639 shares of our common stock for a total cost of $38.8 million, including legal fees and commissions, leaving $400.0 million available for future repurchases under the Share Repurchase Program.

Repurchases under the Share Repurchase Program will be made at our discretion and are not required or guaranteed.

The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.

Acquisition of ResiBuilt

Amendment of 2022 Term Loan Facility

On April 28, 2025, we entered into an amendment to the 2022 Term Loan Facility that (1) amends the initial maturity date from June 22, 2029 to April 28, 2028, with two one year extension options at our election, provided we are in compliance with the loan agreement and pay a 12.5 bps extension fee and (2) adjusts the margin applicable to borrowings.

Public Offering

On September 26, 2024, in a public offering under our existing shelf registration statement, we issued $500.0 million aggregate principal amount of 4.88% Senior Notes which mature on February 1, 2035 (the “2035 Unsecured Notes”).

Mortgage Loan Repayment

In November 2024, we used unrestricted cash from the 2035 Unsecured Notes and cash on hand to make a voluntary prepayment of the then-outstanding balance of IH 2018-4, which resulted in a release of the loan’s collateral.

On August 15, 2025, in a public offering under our shelf registration statement, we issued $600.0 million aggregate principal amount of 4.95% Senior Notes which mature on January 15, 2033.

Interest Rate Swap Transactions

In September 2024, we amended certain interest rate swap agreements and entered into $1,400.0 million of new interest rate swap agreements which became active on December 31, 2024.

During the second quarter of 2025, we entered into two new interest rate swap agreements with a total notional amount of $400.0 million which became active on May 8, 2025 and June 20, 2025.

As of December 31, 2025, our active swaps have a weighted average strike rate of 3.07%.

We also have one forward starting swap which will become active July 9, 2025 and has a strike rate of 2.99%.

Investment in Joint Venture and New Property and Asset Management Agreements

As of December 31, 2024, we provided property and asset management services for 25,300 homes, of which 7,622 homes were owned by our unconsolidated joint ventures.

In November 2024, we entered into a new joint venture agreement pursuant to which we committed to make a $50.0 million investment to form a joint venture that will acquire newly-constructed homes and communities in high-growth markets.

On April 29, 2024, we entered into a new joint venture agreement pursuant to which we made an initial $37.5 million investment, representing a 7.2% ownership interest, in a portfolio of approximately 3,700 single-family residential properties.

During the third quarter of 2024, we also began providing property and asset management services to those homes and approximately 700 additional homes owned by our joint venture partners.

In March 2024, we entered into a third-party agreement to provide property and asset management services to a portfolio of approximately 3,000 single-family homes for lease.

Our direct management responsibilities for these homes commenced on May 15, 2024.

Our ability to access capital as well as to use cash from operations to continue to meet our liquidity needs, all of which are highly uncertain and cannot be predicted, could be affected by various risks and uncertainties, including, but not limited to, the effects of general economic conditions, including inflation and interest rates, as detailed in Part I.

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$ 988,013 $ 932,514 4.23% 1.4 $ —

Secured Term Loan (5)

IH 2019-1 (5)

400,386 400,386 3.59% 5.4 —

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$ 1,750,000 S + 85 bps 3.7 $ 1,750,000

4.7 $ 1,750,000

2022 Term Loan Facility (6)(7)

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Unsecured Notes — April 2032 600,000 4.15% 6.3 —

Unsecured Notes — January 2033 600,000 4.95% 7.0 —

Unsecured Notes — August 2033 350,000 5.50% 7.6 —

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(4) IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees.

(5) The Secured Term Loan bears interest at a fixed rate of 3.59% per annum including applicable servicing fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of 147 bps over a comparable or successor rate to one month LIBOR as provided for in our loan agreement, including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement.

(6) As of December 31, 2024, interest rate is based on Term SOFR of 4.33% plus the applicable margin and a 0.10% credit spread adjustment.

(7) For unsecured debt and total debt, the weighted average interest rate is calculated based on December 31, 2024, Term SOFR of 4.33% adjusted for a 0.10% credit spread adjustment (Adjusted SOFR), as appropriate, and includes the impact of interest rate swap agreements effective as of that date.

(5) IH 2019-1 bears interest at a fixed rate of 3.59% per annum including applicable servicing fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of 147 bps over a comparable or successor rate to the one month London Interbank Offer Rate as provided for in the loan agreement, including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement.

(6) As of December 31, 2025, interest rate is based on Term SOFR of 3.69% plus the applicable margin as well as a 0.10% credit spread adjustment for the 2024 Term Loan and the Revolving Facility.

(7) If we exercise the two one year extension options, the maturity date for the 2022 Term Loan Facility will be April 28, 2030.

(8) For unsecured debt and total debt, the weighted average interest rate is calculated based on December 31, 2025 Term SOFR of 3.69% adjusted for a 0.10% credit spread adjustment (Adjusted SOFR), where appropriate, and includes the impact of interest rate swap agreements effective as of that date.

As part of our long-term debt strategy, our goal is to maintain or improve our credit ratings, and, over time, we generally intend to be a predominantly unsecured borrower with a target net debt of approximately 5.5 to 6.0 times trailing twelve months Adjusted EBITDA re (see “— Non-GAAP Measures — EBITDA, EBITDA re , and Adjusted EBITDA re ”).

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Our liquidity, to a certain extent, is subject to general economic, financial, competitive, and other factors beyond our control.

Our near-term liquidity requirements consist primarily of:

• acquisition of homes currently under contract, including commitments to homebuilders;

Our short-term liquidity requirements consist primarily of:

• commitments for the development or acquisition of homes;

• renovation of newly-acquired homes;

• funding commitments for construction and development loans made to homebuilders;

• HOA fees (as applicable), property taxes, insurance premiums, and the ongoing maintenance of our homes;

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• required contributions to our joint ventures.

We believe our rental income, net of total expenses, will generally provide cash flow sufficient to fund operations and dividend payments on a near-term basis.

We believe our rental income, net of total expenses, will generally provide cash flow sufficient to fund operations and dividend payments on a short-term basis.

Additionally, we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the financing of one of our joint ventures.

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“Exhibits and Financial Statements of — Note 5 of Notes to Consolidated Financial Statements” for additional information about our investments in unconsolidated joint ventures.

General economic conditions in the United States have continued to fluctuate in recent quarters, and concerns persist regarding adverse macroeconomic conditions, such as inflation, interest rate volatility, political dissension, and labor market conditions.

Fluctuating economic conditions and uncertainty in financial markets may negatively impact our operating cash flow such that we are unable to make required debt service payments, which would result in an event of default for any debt instrument under whose loan agreement such payments were not made.

Specifically, the collateral within individual borrower entities may underperform, resulting in cash flow shortfalls for debt service while consolidated cash flows are sufficient to fund our operations.

If an event of default occurs for our mortgage loan or for our secured term loan, our loan agreements provide

certain remedies, including our ability to fund shortfalls from consolidated cash flow;

Specifically, the collateral within individual borrower

entities may underperform, resulting in cash flow shortfalls for debt service while consolidated cash flows are sufficient to fund our operations.

If an event of default occurs for our secured debt, our loan agreements provide certain remedies, including our ability to fund shortfalls from consolidated cash flow;

and such an event of default would not result in an immediate acceleration of the loan.

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Net cash used in investing activities (652,567) (465,870) (186,697) (40.1) %

Net cash provided by (used in) financing activities (1,093,726) 110,021 (1,203,747) N/M

Net cash used in financing activities

(618,491) (1,093,726) 475,235 43.5 %

Change in cash, cash equivalents, and restricted cash $ (64,828) $ (477,791) $ 412,963 86.4 %

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Our cash flows provided by operating activities depend on numerous factors, including the occupancy level of our homes, the rental rates achieved on our leases, the collection of rent from our residents, and the amount of our operating and other expenses.

Net cash provided by operating activities was $1,081.8 million and $1,107.1 million for the years ended December 31, 2024 and 2023, respectively , a decrease of 2.3%.

The decrease in cash provided by operating activities is primarily due to settlement costs of $77.0 million included in net income that resolved an inquiry from the FTC and the legal dispute entitled City of San Diego et al v.

Invitation Homes, Inc., inclusive of associated costs.

This decrease is partially offset by $36.4 million of unpaid estimated costs for hurricane related damages that are reflected in accounts payable and accrued expenses on our consolidated balance sheet as of December 31, 2024.

Net cash provided by operating activities was $1,206.2 million and $1,081.8 million for the years ended December 31, 2025 and 2024, respectively , an increase of 11.5%.

The increase in cash provided by operating activities is primarily due to improved operational profitability, including a $110.4 million increase in total revenues and a reduction of cash used for settlement of litigation and regulatory matters, partially offset by changes in operating assets and liabilities between periods.

Investing Activities

Net cash used in investing activities consists primarily of the acquisition costs of homes, capital improvements, proceeds from property sales, and investments in unconsolidated joint ventures.

Net cash used in investing activities was $465.9 million and $773.6 million for the years ended December 31, 2024 and 2023, respectively, a decrease of $307.7 million.

The decrease in net cash used in investing activities resulted primarily from the combined effect of the following significant changes in cash flows during the year ended December 31, 2024 compared to the year ended December 31, 2023:

(1) a decrease in cash used for the acquisition of homes;

(2) an increase in cash proceeds received from the sale of single-family homes;

(3) an increase in cash used for investments in joint ventures ;

and (4) an increase in cash provided from repayment proceeds from retained debt securities .

Acquisition spend decreased by $234.0 million from period to period due to a decrease in the number of homes acquired from 2,877 during the year ended December 31, 2023 to 2,072 homes acquired during the year ended December 31, 2024.

Proceeds from the sale of single-family homes increased $97.1 million due to an increase in the number of homes sold from 1,423 during the year ended December 31, 2023 to 1,501 homes sold during the year ended December 31, 2024 and an increase in average net proceeds per home.

Cash invested in joint ventures increased $43.7 million from period to period as a result of the formation of new joint ventures during 2024.

Proceeds from repayment of retained debt securities increased $31.3 million from the year ended December 31, 2023 to the year ended December 31, 2024 due to the full repayment of IH 2018-4 during the year ended December 31, 2024.

Net cash used in investing activities consists primarily of the acquisition costs in and capital improvements to homes, proceeds from property sales, and investments in unconsolidated joint ventures and land held for development.

Net cash used in investing activities was $652.6 million and $465.9 million for the years ended December 31, 2025 and 2024, respectively, an increase of $186.7 million.

The net increase in cash used in investing activities resulted primarily from the combined effect of the following significant changes in cash flows during the year ended December 31, 2025 compared to the year ended December 31, 2024:

(1) a decrease in cash proceeds received from the sale of single-family homes;

(2) a decrease in cash from repayment proceeds from retained debt securities;

(3) an increase in cash used for other capital expenditures for our homes;

and (4) an increase in cash used for investments in land held for development.

More specifically, proceeds from the sale of single-family homes decreased $87.1 million due to a decrease in the number of homes sold from 1,501 during the year ended December 31, 2024 to 1,356 homes sold during the year ended December 31, 2025, as well as a decrease in average net proceeds per home.

Repayment proceeds from retained debt securities totaled $32.2 million during year ended December 31, 2024 d ue to the full repayment of IH 2018-4, and there were no such repayments during the year ended December 31, 2025.

O ther capital expenditures for our homes increased by $23.4 million year over year due to a 999 home

increase in average home count and other increases in costs to maintain our homes.

During the year ended December 31, 2025, we began investing in land held for future development and acquired $20.2 million of land.

Financing Activities

Net cash used in financing activities was $1,093.7 million for the year ended December 31, 2024 compared to net cash provided by financing activities of $110.0 million for the year ended December 31, 2023.

Net cash used in financing activities was $618.5 million for the year ended December 31, 2025 compared to $1,093.7 million for the year ended December 31, 2024.

The change between periods is primarily due to the following financing transactions.

During the year ended December 31, 2024, we issued $494.3 million of unsecured notes, net of discount, and refinanced the 2020 Credit Facility.

The proceeds were used to repay the existing credit facility and $645.7 million of mortgage loans, including the voluntary prepayment of the IH 2018-4 mortgage loan, and to fund $54.2 million of financing costs.

During the year ended December 31, 2023, we issued $790.1 million of unsecured notes, net of discount, and used the proceeds to fund $7.8 million of financing costs and increase cash reserves for general corporate purposes .

W e also made dividend and distribution payments totaling $692.6 million during the year ended December 31, 2024 compared to $640.5 million during the year ended December 31, 2023, which were funded by cash flows from operations.

During the year ended December 31, 2025, w e issued $596.9 million of unsecured notes, net of discount, and used the proceeds to repay the then-outstanding balance on our revolving credit facility.

We subsequently drew $145.0 million on the revolving credit facility.

During the year ended December 31, 2024, we issued $494.3 million of unsecured notes, net of discount, and entered into a replacement credit facility.

The proceeds from this refinancing were used to repay the existing credit facility and $645.7 million of secured debt, including the voluntary prepayment of the IH 2018-4 debt, and to fund $54.2 million of financing costs.

W e made dividend and distribution payments totaling $715.4 million during the year ended December 31, 2025 compared to $692.6 million during the year ended December 31, 2024, which were funded by cash flows from operations.

Additionally, during the year ended December 31, 2025, we completed the repurchase of $53.2 million of shares of our common stock under the Share Repurchase Program.

No such repurchases occurred during the year ended December 31, 2024.

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

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Our contractual obligations as of December 31, 2025, consist of the following:

($ in thousands) Total 2025

Mortgage loans (1)(2)(3)

$ 1,091,138 $ 41,826 $ 1,049,312 $ — $ —

Secured Term Loan (1)(2)(3)

($ in thousands) Total 2026 2027-2028 2029-2030 Thereafter

Secured Debt (1)(2)(3)

$ 1,526,653 $ 56,143 $ 1,035,097 $ 28,730 $ 406,683

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“Exhibits and Financial Statements — Note 7 of Notes to Consolidated Financial Statements” for a description of maturity dates without consideration of extension options.

(5) Includes the related unused commitment fee, as applicable.

(5) Includes the related facility fee, as applicable.

(6) Includes payments (receipts) related to interest rate swap obligations calculated using Term SOFR.

As of December 31, 2025, Term SOFR was 3.69%.

(7) Represents commitments, net of previously funded deposits, to acquire 2,172 homes, including commitments totaling $590.0 million to acquire 2,031 homes pursuant to binding purchase agreements with certain homebuilders as of December 31, 2024.

(7) Represents commitments, net of previously funded deposits, to acquire 841 homes, including commitments totaling $220.0 million to acquire 809 homes pursuant to binding development and purchase agreements with certain homebuilders as of December 31, 2025.

Additionally, we have commitments, which are not reflected in the table above, to make additional capital contributions to our joint ventures.

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Supplemental Guarantor Information

In March 2020, the SEC adopted amendments to Rule 3-10 of Regulation S-X and created Rule 13-01 to simplify disclosure requirements related to certain registered securities.

The amendments became effective on January 4, 2021.

INVH, INVH LP, the General Partner, and IH Merger Sub, LLC (“IH Merger Sub”) have filed a registration statement on Form S-3 with the SEC registering, among other securities, debt securities of INVH LP, fully and unconditionally guaranteed, on a joint and several basis, by INVH, the General Partner, and/or IH Merger Sub.

As a result of the amendments to Rule 3-10 of Regulation S-X, subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company’s consolidated financial statements, the parent guarantee is “full and unconditional” and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information.

Pursuant to Rule 3-10 of Regulation S-X, subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company’s consolidated financial statements, the parent guarantee is “full and unconditional” and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information.

Accordingly, separate consolidated financial statements of INVH LP, the General Partner, and IH Merger Sub have not been presented.

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Our discussion and analysis of our historical financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP and in conjunction with the rules and regulations of the SEC.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about the effect of matters that are inherently uncertain and that affect the amounts reported in the consolidated financial statements and accompanying notes.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about the effect of matters that are inherently uncertain and that affect the amounts reported on the consolidated financial statements and accompanying notes.

Actual results could ultimately differ from those estimates.

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Investments in Single-Family Residential Properties

The following significant accounting policies affect the acquisition, disposition, recognition, classification, and fair value measurements (on a nonrecurring basis) related to our owned portfolio of approximately 85,000 single-family residentia l properties located primarily in 16 core markets across the United States as of December 31, 2024 .

The following significant accounting policies affect the acquisition, disposition, recognition, classification, and fair value measurements (on a nonrecurring basis) related to our owned portfolio of 86,192 single-family residentia l properties located primarily in 16 core markets across the United States as of December 31, 2025.

For a complete discussion of our accounting policy and other factors related to each category below, see Part IV.

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The capitalization period associated with our stabilization activities begins at the time that such activities commence and concludes at the time that a single-family residential property is available to be leased.

Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend the life of a home and for certain furniture and fixtures additions.

Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred.

We capitalize expenditures that improve or extend the life of a home and for certain furniture and fixtures additions.

The capitalized costs are depreciated on a straight-line basis over their estimated useful lives, which are reviewed on an annual basis.

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To the extent an impairment has occurred, the carrying amount of our investment in a property is adjusted to its estimated fair value.

The process whereby we assess our single-family residential properties for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty.

We evaluate multiple information sources and perform a number of internal analyses, each of which are important components of our process with no one information source or analysis being necessarily determinative.

The process to assess our single-family residential properties for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty.

We evaluate multiple information sources and perform a number of internal analyses, each of which are important components of our process with no single information source or analysis being necessarily determinative.

There have not been any significant process changes in our review for impairment during the current reporting period.

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Once we identify a property to be sold, pursuant to GAAP requirements, we cease depreciating the property, measure the property at the lower of its carrying amount or its fair value less estimated costs to sell, and present the property separately within other assets, net on our consolidated balance sheets.

As of December 31, 2024, 237 homes, approximately 0.3% of our portfolio, were held for sale, compared to 189 homes as of December 31, 2023.

If market values less disposal costs for our properties that were classified as held for sale as of December 31, 2024 were 10% lower or higher, our impairment expense related to those properties would have changed by approximately $0.4 million.

As of December 31, 2025, 278 homes, approximately 0.3% of our portfolio, were held for sale.

If market values less disposal costs for our properties that were classified as held for sale as of December 31, 2025 were 10% lower or higher, our impairment expense related to those properties would not have been material.

Segment Reporting

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share-based compensation expense;

casualty (gains) losses, net;

(gains) losses on investments in equity securities, net;

casualty (gains) losses and reserves, net;

and other income and expenses.

Where appropriate, EBITDA, EBITDA re , and Adjusted EBITDA are adjusted for our share of investments in unconsolidated subsidiaries.

EBITDA, EBITDA re , and Adjusted EBITDA re are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks.

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1,505,803 1,332,642 1,372,715

1,332,642 1,372,715 1,245,170

Share-based compensation expense (1)

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Severance expense

Casualty losses, net (2)

2,772 637 977

(Gains) losses on investments in equity and other securities, net

Casualty losses and reserves, net (2)

10,924 82,700 8,200

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(1) For the years ended December 31, 2025, 2024, and 2023, $6,419, $5,830, and $6,963, was recorded in property management expense, respectively, and $21,411, $22,088, and $22,540, was recorded in general and administrative expense, respectively.

(2) Includes our share from unconsolidated joint ventures.

The year ended December 31, 2024 includes $55,100 of estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene.

The year ended December 31, 2022 includes $24,000 of net estimated losses and damages related to Hurricanes Ian and Nicole .

(3) Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

(2) The year ended December 31, 2024 included $55,100 of estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene.

(3) Includes settlement and other costs related to certain litigation and regulatory matters, interest income, gains and losses resulting from investments in equity securities, and other miscellaneous income and expenses.

Net Operating Income

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gain on sale of property, net of tax;

(gains) losses on investments in equity securities, net;

other income and expenses;

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Gain on sale of property, net of tax (218,235) (244,550) (183,540)

(Gains) losses on investments in equity and other securities, net

(1,046) (350) 3,939

Other, net (4)

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(2) Includes $21,411, $22,088, and $22,540 of share-based compensation expense for the years ended December 31, 2025, 2024, and 2023, respectively.

(3) Includes our share from unconsolidated joint ventures.

The year ended December 31, 2024 includes $55,100 of estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene.

The year ended December 31, 2022 includes $24,000 of net estimated losses and damages related to Hurricanes Ian and Nicole .

(4) Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

(3) The year ended December 31, 2024 included $55,100 of estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene.

(4) Includes settlement and other costs related to certain litigation and regulatory matters, interest income, gains and losses resulting from investments in equity securities, and other miscellaneous income and expenses.

(5) The Same Store portfolio totaled 76,819 homes for the years ended December 31, 2025 and 2024.

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Our FFO may not be comparable to the FFO of other companies due to the fact that not all companies use the same definition of FFO.

Accordingly, there can be no assurance that our basis for computing this non-GAAP measures is comparable with that of other companies.

Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of our performance across reporting periods by removing the impact of certain items that are not comparable from period to period.

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severance expense;

casualty (gains) losses, net;

casualty (gains) losses and reserves, net;

and (gains) losses on investments in equity and other securities, net, as applicable.

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Our Core FFO and Adjusted FFO may not be comparable to the Core FFO and Adjusted FFO of other companies due to the fact that not all companies use the same definition of Core FFO and Adjusted FFO.

Accordingly, there can be no assurance that our basis for computing this non-GAAP measures is comparable with that of other companies.

Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies.

The following table presents a reconciliation of net income (as determined in accordance with GAAP) to FFO, Core FFO, and Adjusted FFO for each of the periods indicated:

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Net income available to common stockholders $ 586,964 $ 453,164 $ 518,774

Add (deduct) adjustments from net income to derive FFO:

Net income available to participating securities 960 753 696

Non-controlling interests 1,985 1,448 1,558

1,448 1,558 1,470

Depreciation and amortization on real estate assets

Depreciation and amortization of real estate assets

728,652 699,474 663,398

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Severance expense 2,772 637 977

Casualty losses, net (1)(4)

Casualty losses and reserves, net (1)(4)

10,924 82,700 8,200

(Gains) losses on investments in equity and other securities, net

Gains on investments in equity and other securities, net

(318) (1,046) (350)

19 unchanged sentences

(2) For the years ended December 31, 2025, 2024, and 2023, $6,419, $5,830, and $6,963, was recorded in property management expense, respectively, and $21,411, $22,088, and $22,540, was recorded in general and administrative expense, respectively.

(3) The year ended December 31, 2024, includes $77,000 of settlement costs that resolved an inquiry from the FTC and the legal dispute entitled City of San Diego et al v.

(3) The year ended December 31, 2024 included $77,000 of settlement costs that resolved an inquiry from the FTC and the legal dispute entitled City of San Diego et al v.

Invitation Homes, Inc., inclusive of associated costs.

The year ended December 31, 2022, includes the estimated cost of a global settlement of a multistate putative class action regarding resident late fees.

(4) The year ended December 31, 2024 includes $55,100 of estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene.

The year ended December 31, 2022 includes $24,000 of net estimated losses and damages related to Hurricanes Ian and Nicole .

(5) In connection with the Starwood Waypoint Homes (“SWH”) merger, we assumed certain convertible senior notes including $345,000 in aggregate principal amount of 3.50% convertible senior notes due 2022 issued by SWH in January 2017 (the “2022 Convertible Notes”).

On January 18, 2022, we settled the $141,490 outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock.

For the year ended December 31, 2022, the shares of common stock issued with respect to this settlement are included within all net income, FFO, Core FFO, and AFFO per common share calculations subsequent to the conversion date.

(4) The year ended December 31, 2024 included $55,100 of estimated losses and damages related to Hurricanes Milton, Beryl, Debby, and Helene.

(5) Incremental shares attributed to non-vested share-based awards totaling 229,485, 1,080,300 and 1,394,924 for the years ended December 31, 2025, 2024, and 2023, respectively, are included in weighted average common shares outstanding in the calculation of net income per common share — diluted.

3 unchanged sentences

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 7. Management’s Discussion and Analysis