Invitation Homes Inc.

INVH 10-K · FY 2025

INVH FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Operating Lease Lease Income 2,641,957 2,548,964 +3.6%
Property Management Fee Revenue 87,339 69,978 +24.8%
Show Related Party Transactions By Related Party breakouts
Related Party 24,930 18,222 +36.8%
Revenue 2,729,296 2,618,942 +4.2%
Direct Costs Of Leased And Rented Property Or Equipment 985,587 935,273 +5.4%
Show Business Segments breakouts
Reportable Segment 985,587 935,273 +5.4%
Cost Of Other Property Operating Expense 149,130 137,490 +8.5%
General & Administrative 95,250 90,612 +5.1%
Interest Expense Operating 353,327 366,070 -3.5%
Show Equity Components breakouts
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · Reclassification Out Of Accumulated Other Comprehensive Income 30,439 75,772 -59.8%
Depreciation 746,933 714,326 +4.6%
Show Property Plant And Equipment By Type breakouts
Components of Properties 728,652 699,474 +4.2%
Fixed Assets 18,281 14,852 +23.1%
Asset Impairment Charges And Casualty Losses 11,443 82,925 -86.2%
Total Costs & Expenses 2,341,670 2,326,696 +0.6%
Gain Loss On Sale Of Properties 218,235 244,550 -10.8%
Income Loss From Equity Method Investments -11,607 -28,445 +59.2%
Other Non-Operating Income (Expense) -4,345 -52,986 +91.8%
Net Income 589,909 455,365 +29.5%
Show Equity Components breakouts
Noncontrolling Interest 1,985 1,448 +37.1%
Parent 587,924 453,917 +29.5%
Retained Earnings 587,924 453,917 +29.5%
Net Income Loss Attributable To Noncontrolling Interest -1,985 -1,448 -37.1%
Net Income 587,924 453,917 +29.5%
Undistributed Earnings Loss Allocated To Participating Securities Basic -960 -753 -27.5%
Net Income Loss Available To Common Stockholders Basic 586,964 453,164 +29.5%
Net Income Loss Available To Common Stockholders Diluted 586,964 453,164 +29.5%
Wtd Avg Shares (Basic) 612,948,321 612,551,317 +0.1%
Wtd Avg Shares (Diluted) 613,177,806 613,631,617 -0.1%
EPS (Basic) 0.96 0.74 +29.7%
EPS (Diluted) 0.96 0.74 +29.7%
Comprehensive Income 533,370 451,184 +18.2%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 129,971 174,491 -25.5%
Non-Current Assets
Goodwill 258,207 258,207 0.0%
Total Assets 18,680,290 18,700,951 -0.1%
Property, Plant & Equipment 56,613 42,704 +32.6%
Operating Lease Right-of-Use Assets 32,133 19,772 +62.5%
Other Assets
Investment Building And Building Improvements 17,789,827 17,180,308 +3.5%
Real Estate Investment Property At Cost 22,776,180 22,081,500 +3.1%
Show Collateral breakouts
Residential Real Estate · Secured Debt 1,929,649 1,900,818 +1.5%
Real Estate Investment Property Accumulated Depreciation -5,501,558 -4,869,374 -13.0%
Real Estate Investment Property Net 17,274,622 17,212,126 +0.4%
Show Collateral breakouts
Residential Real Estate · Secured Debt 1,311,955 1,350,641 -2.9%
Restricted Cash And Cash Equivalents 224,894 245,202 -8.3%
Show Restricted Cash And Cash Equivalents Cash And Cash Equivalents breakouts
Capital expenditures 1,623 1,623 0.0%
Collections 8,177 7,365 +11.0%
Letters of credit 2,510 2,495 +0.6%
Property taxes 4,079 4,343 -6.1%
Resident security deposits 184,883 181,549 +1.8%
Special and other reserves 276 276 0.0%
Tax deferred property exchange deposits 23,346 47,551 -50.9%
Equity Method Investments 254,561 241,605 +5.4%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
2020 Rockpoint JV 36,885 44,846 -17.8%
2022 Rockpoint JV 13,272 10,426 +27.3%
2024 Peregrine JV 16,073 3,226 +398.2%
FNMA 17,280 22,072 -21.7%
Pathway Operating Company 26,948 20,706 +30.1%
Pathway Property Company 111,811 102,520 +9.1%
Upward America JV 32,292 37,809 -14.6%
Other Assets 538,035 569,320 -5.5%
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent 230,350 247,709 -7.0%
Total Liabilities 9,112,398 8,908,442 +2.3%
Long-Term Debt 8,380,020
Show Credit Facility breakouts
Unsecured Debt · Line Of Credit 2,451,985 2,446,041 +0.2%
Show Long-Term Debt Type breakouts
Revolving Credit Facility 145,000
Secured Debt 1,384,114 1,385,573 -0.1%
Senior Notes 4,398,921 3,800,688 +15.7%
Unsecured Debt 2,451,985
Other Liabilities
Secured Debt 1,384,114 1,385,573 -0.1%
Senior Notes 4,398,921 3,800,688 +15.7%
Unsecured Debt 2,451,985 2,446,041 +0.2%
Line Of Credit 145,000 570,000 -74.6%
Security Deposit Liability 184,536 180,866 +2.0%
Other Liabilities 317,492 277,565 +14.4%
Stockholders' Equity
Common Stock Value Outstanding 6,108 6,126 -0.3%
Additional Paid-In Capital 11,128,590 11,170,597 -0.4%
Retained Earnings -1,610,981 -1,480,928 -8.8%
Accumulated Other Comprehensive Income 6,415 60,969 -89.5%
Total Stockholders' Equity 9,530,132 9,756,764 -2.3%
Minority Interest 37,760 35,745 +5.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 9,567,892 9,792,509 -2.3%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 6,415 60,969 -89.5%
Additional Paid In Capital 11,128,590 11,170,597 -0.4%
Common Stock 6,108 6,126 -0.3%
Noncontrolling Interest 37,760 35,745 +5.6%
Parent 9,530,132 9,756,764 -2.3%
Retained Earnings -1,610,981 -1,480,928 -8.8%
Total Liabilities & Equity 18,680,290 18,700,951 -0.1%
Land 4,986,353 4,901,192 +1.7%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Stock-Based Compensation 27,830 27,918 -0.3%
Amortization of Financing Costs 21,503 18,598 +15.6%
Amortization Of Debt Discount Premium 3,303 2,765 +19.5%
Impairment Of Real Estate 657 506 +29.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Nonrecurring 657 506 +29.8%
Unrealized Gain Loss On Derivatives -4,988 12,419 -140.2%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 13,958 31,063 -55.1%
Other Non-Cash Items 7,769 42,503 -81.7%
Increase Decrease In Other Operating Assets -8,785 -29,234 +69.9%
Increase Decrease In Accounts Payable And Accrued Liabilities 19,608 46,502 -57.8%
Increase Decrease In Security Deposits 3,670 411 +792.9%
Increase Decrease In Other Operating Liabilities 3,098 3,213 -3.6%
Net Cash from Operations 1,206,230 1,081,805 +11.5%
Investing Activities
Payments To Acquire Residential Real Estate -752,893 -737,939 -2.0%
Payments For Capital Improvements -28,332 -30,605 +7.4%
Payments To Acquire Other Productive Assets -242,752 -219,394 -10.6%
Proceeds From Sale Of Real Estate Heldforinvestment 498,106 585,176 -14.9%
Payments To Acquire Land -20,197
Payments To Acquire Equity Securities Fv Ni -2,892 -4,718 +38.7%
Payments To Acquire Equity Method Investments -45,682 -44,186 -3.4%
Proceeds From Real Estate And Real Estate Joint Ventures 19,578 18,684 +4.8%
Other Investing Activities -77,503 -65,092 -19.1%
Net Cash from Investing -652,567 -465,870 -40.1%
Capital Expenditures Incurred But Not Yet Paid Renovation Improvements 735 1,294 -43.2%
Capital Expenditures Incurred But Not Yet Paid Residential Property Capital Improvements 8,781 8,463 +3.8%
Reclassification Of Inventory Real Estate Held For Sale 150,687 174,460 -13.6%
Increase Decrease In Fair Value Of Cash Flow Hedges -49,741 -15,148 -228.4%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 16,426 14,438 +13.8%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 8,260 8,739 -5.5%
Dividends Payable Current And Noncurrent 183,962 176,952 +4.0%
Repurchases Of Common Stock Accrued But Not Paid 8,091
Financing Activities
Payments Of Dividends -712,842 -689,244 -3.4%
Payments To Minority Shareholders -2,591 -3,326 +22.1%
Share Repurchases -53,207
Tax Withholding for Share Compensation -5,761 -10,894 +47.1%
Repayments Of Secured Debt -3,798 -645,749 +99.4%
Show Long-Term Debt Type breakouts
Secured Debt -3,798 -645,666 +99.4%
Proceeds From Issuance Of Senior Long Term Debt 596,862 494,275 +20.8%
Proceeds From Lines Of Credit 545,000 750,000 -27.3%
Repayments Of Lines Of Credit -970,000 -180,000 -438.9%
Debt Issuance Costs -8,803 -54,246 +83.8%
Proceeds From Payments For Other Financing Activities -3,351 -4,542 +26.2%
Net Cash from Financing -618,491 -1,093,726 +43.5%
Supplemental
Interest Paid 322,944 321,328 +0.5%
Interest Costs Capitalized 1,528 2,128 -28.2%
Income Taxes Paid 84 158 -46.8%
Operating Lease Payments 4,509 6,367 -29.2%
Finance Lease Principal Payments 3,351 3,402 -1.5%
Other Cash Flow
Net Change in Cash -64,828 -477,791 +86.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 354,865 419,693 -15.4%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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