10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM

10-Q

☑

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2022

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

to

Commission File Number

001-38004

Invitation Homes Inc.

(Exact name of registrant as specified in its charter)

Maryland

90-0939055

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1717 Main Street,

Suite 2000

75201

Dallas,

Texas

(Address of principal executive offices)

(Zip Code)

(972)

421-3600

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.01 par value

INVH

New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☑

No

☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes

☑

No

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☑

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

No

☑

As of October 25, 2022, there were 611,409,909 shares of common stock, par value $0.01 per share, outstanding.

INVITATION HOMES INC.

			Page
PART I
Item	1.	Financial Statements	6
Item	2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
Item	3.	Quantitative and Qualitative Disclosures About Market Risk	67
Item	4.	Controls and Procedures	68
PART II
Item	1.	Legal Proceedings	69
Item	1A.	Risk Factors	69
Item	2.	Unregistered Sales of Equity Securities and Use of Proceeds	69
Item	3.	Defaults Upon Senior Securities	69
Item	4.	Mine Safety Disclosures	69
Item	5.	Other Information	69
Item	6.	Exhibits	70
Signatures			71

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) and insurance costs, our dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by our residents, performance of our information technology systems, risks related to our indebtedness, risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and interest rates), uncertainty in financial markets, geopolitical tensions, natural disasters, climate change, and public health crises, including the ongoing COVID-19 pandemic, on our financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to, those described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Annual Report on Form 10-K”) as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at http://www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Quarterly Report on Form 10-Q, in the Annual Report on Form 10-K, and in our other periodic filings. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

3

DEFINED TERMS

Invitation Homes Inc. (“INVH”), a REIT, conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). THR Property Management L.P., a wholly owned subsidiary of INVH LP, provides all management and other administrative services with respect to the properties we own. On November 16, 2017, INVH and certain of its affiliates entered into a series of transactions with Starwood Waypoint Homes (“SWH”) and certain SWH affiliates which resulted in SWH and its operating partnership being merged into INVH and INVH LP, respectively, with INVH and INVH LP being the surviving entities.

Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer to INVH and its consolidated subsidiaries.

In this Quarterly Report on Form 10-Q:

•“average monthly rent” represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period and reflects the impact of non-service rent concessions and contractual rent increases amortized over the life of the related lease. We believe average monthly rent reflects pricing trends that significantly impact rental revenues over time, making average monthly rent useful to management and external stakeholders as a means of evaluating changes in rental revenues across periods;

•“average occupancy” for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period. We believe average occupancy significantly impacts rental revenues in a given period, making comparisons of average occupancy across different periods helpful to management and external stakeholders in evaluating changes in rental revenues across periods;

•“Carolinas” includes Charlotte-Concord-Gastonia, NC-SC, Greensboro-High Point, NC, Raleigh-Cary, NC, Durham-Chapel Hill, NC, and Winston-Salem, SC;

•“days to re-resident” for an individual home represents the number of days between (i) the date the prior resident moves out of a home and (ii) the date the next resident is granted access to the same home, which is deemed to be the earlier of the next resident’s contractual lease start date and the next resident’s move-in date. Days to re-resident impacts our average occupancy and thus our rental revenues, making comparisons of days to re-resident helpful to management and external stakeholders in evaluating changes in rental revenues across periods;

•“in-fill” refers to markets, MSAs, submarkets, neighborhoods, or other geographic areas that are typified by significant population densities and low availability of land suitable for development into competitive properties, resulting in limited opportunities for new construction;

•“Metropolitan Statistical Area” or “MSA” is defined by the United States Office of Management and Budget as a region associated with at least one urbanized area that has a population of at least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and economic integration with the central county or counties as measured through commuting;

•“net effective rental rate growth” for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease and, in each case, reflects the impact of non-service rent concessions and contractual rent increases amortized over the life of the related lease. Leases are either renewal leases, where our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home. Net effective rental rate growth drives changes in our average monthly rent, making net effective rental rate growth useful to management and external stakeholders as a means of evaluating changes in rental revenues across periods;

•“Northern California” includes Sacramento-Roseville-Folsom, CA, San Francisco-Oakland-Berkeley, CA, Stockton, CA, Vallejo, CA, and Yuba City, CA;

•“PSF” means per square foot. When comparing homes or cohorts of homes, we believe PSF calculations help management and external stakeholders normalize metrics for differences in property size, enabling more meaningful comparisons based on characteristics other than property size;

4

•“Same Store” or “Same Store portfolio” includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio, and homes in markets that we have announced an intent to exit where we no longer operate a significant number of homes for the primary purpose of income generation. Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio may be considered stabilized at the time of acquisition. Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established. We believe information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and its prior year comparison period provides management and external stakeholders with meaningful information about the performance of our comparable homes across periods and about trends in our organic business;

•“Southeast United States” includes our Atlanta and Carolinas markets;

•“South Florida” includes Miami-Fort Lauderdale-Pompano Beach, FL, and Port St. Lucie, FL;

•“Southern California” includes Los Angeles-Long Beach-Anaheim, CA, Oxnard-Thousand Oaks-Ventura, CA, Riverside-San Bernardino-Ontario, CA, and San Diego-Chula Vista-Carlsbad, CA;

•“total homes” or “total portfolio” refers to the total number of homes we own, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to wholly owned homes and excludes homes owned in joint ventures. Additionally, unless the context otherwise requires, all measures in this Quarterly Report on Form 10-Q are presented on a total portfolio basis;

•“turnover rate” represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population. To the extent the measurement period shown is less than 12 months, the turnover rate may be reflected on an annualized basis. We believe turnover rate impacts average occupancy and thus our rental revenues, making comparisons of turnover rate helpful to management and external stakeholders in evaluating changes in rental revenues across periods. In addition, turnover can impact our cost to maintain homes, making changes in turnover rate useful to management and external stakeholders in evaluating changes in our property operating and maintenance expenses across periods; and

•“Western United States” includes our Southern California, Northern California, Seattle, Phoenix, Las Vegas, and Denver markets.

5

PART I

ITEM 1. FINANCIAL STATEMENTS

INVITATION HOMES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share data)

	September 30, 2022		December 31, 2021
	(unaudited)
Assets:
Investments in single-family residential properties:
Land	$	4,810,449	$	4,737,938
Building and improvements	15,817,725		15,270,443
	20,628,174		20,008,381
Less: accumulated depreciation	(3,519,211)		(3,073,059)
Investments in single-family residential properties, net	17,108,963		16,935,322
Cash and cash equivalents	300,312		610,166
Restricted cash	215,584		208,692
Goodwill	258,207		258,207
Investments in unconsolidated joint ventures	286,897		130,395
Other assets, net	508,451		395,064
Total assets	$	18,678,414	$	18,537,846
Liabilities:
Mortgage loans, net	$	2,207,792	$	3,055,853
Secured term loan, net	401,476		401,313
Unsecured notes, net	2,517,272		1,921,974
Term loan facilities, net	2,626,491		2,478,122
Revolving facility	—		—
Convertible senior notes, net	—		141,397
Accounts payable and accrued expenses	325,967		193,633
Resident security deposits	173,280		165,167
Other liabilities	79,787		341,583
Total liabilities	8,332,065		8,699,042
Commitments and contingencies (Note 14)
Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2022 and December 31, 2021	—		—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 611,409,909 and 601,045,438 outstanding as of September 30, 2022 and December 31, 2021, respectively	6,114		6,010
Additional paid-in capital	11,133,258		10,873,539
Accumulated deficit	(916,138)		(794,869)
Accumulated other comprehensive income (loss)	91,892		(286,938)
Total stockholders' equity	10,315,126		9,797,742
Non-controlling interests	31,223		41,062
Total equity	10,346,349		9,838,804
Total liabilities and equity	$	18,678,414	$	18,537,846

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share data)

(unaudited)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues:
Rental revenues and other property income	$	565,391	$	508,178	$	1,650,131	$	1,473,250
Management fee revenues	3,284		1,354		8,154		3,140
Total revenues	568,675		509,532		1,658,285		1,476,390
Expenses:
Property operating and maintenance	203,787		184,484		576,736		528,279
Property management expense	22,385		17,886		65,166		51,424
General and administrative	20,123		19,369		57,104		56,147
Interest expense	76,454		79,370		225,683		243,540
Depreciation and amortization	160,428		150,694		474,796		440,475
Impairment and other	20,004		4,294		22,874		5,630
Total expenses	503,181		456,097		1,422,359		1,325,495
Gains (losses) on investments in equity securities, net	(796)		4,319		(4,000)		(5,823)
Other, net	(8,372)		(1,508)		(11,605)		(3,181)
Gain on sale of property, net of tax	23,952		13,047		69,486		45,450
Income (loss) from investments in unconsolidated joint ventures	(849)		202		(5,870)		564
Net income	79,429		69,495		283,937		187,905
Net income attributable to non-controlling interests	(250)		(318)		(1,180)		(1,023)
Net income attributable to common stockholders	79,179		69,177		282,757		186,882
Net income available to participating securities	(147)		(69)		(515)		(260)
Net income available to common stockholders — basic and diluted (Note 12)	$	79,032	$	69,108	$	282,242	$	186,622
Weighted average common shares outstanding — basic	610,845,820		577,011,178		609,212,132		570,808,028
Weighted average common shares outstanding — diluted	612,647,588		578,571,392		610,741,723		572,262,198
Net income per common share — basic	$	0.13	$	0.12	$	0.46	$	0.33
Net income per common share — diluted	$	0.13	$	0.12	$	0.46	$	0.33

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	79,429	$	69,495	$	283,937	$	187,905
Other comprehensive income
Unrealized gains (losses) on interest rate swaps	102,940		(1,586)		316,479		57,283
Losses from interest rate swaps reclassified into earnings from accumulated other comprehensive loss	9,591		37,074		63,837		112,973
Other comprehensive income	112,531		35,488		380,316		170,256
Comprehensive income	191,960		104,983		664,253		358,161
Comprehensive income attributable to non-controlling interests	(677)		(550)		(2,739)		(2,216)
Comprehensive income attributable to common stockholders	$	191,283	$	104,433	$	661,514	$	355,945

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three and Nine Months Ended September 30, 2022

(in thousands, except share and per share data)

(unaudited)

	Common Stock
	Number of Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity		Non-Controlling Interests		Total Equity
Balance as of June 30, 2022	610,359,909	$	6,104	$	11,113,146	$	(860,275)	$	(20,285)	$	10,238,690	$	43,299	$	10,281,989
Capital distributions	—	—		—		—		—		—		(488)		(488)
Net income	—	—		—		79,179		—		79,179		250		79,429
Dividends and dividend equivalents declared ($0.22 per share)	—	—		—		(135,042)		—		(135,042)		—		(135,042)
Share-based compensation expense	—	—		6,761		—		—		6,761		1,169		7,930
Total other comprehensive income	—	—		—		—		112,104		112,104		427		112,531
Redemption of OP Units for common stock	1,050,000	10		13,351		—		73		13,434		(13,434)		—
Balance as of September 30, 2022	611,409,909	$	6,114	$	11,133,258	$	(916,138)	$	91,892	$	10,315,126	$	31,223	$	10,346,349

	Common Stock
	Number of Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity		Non-Controlling Interests		Total Equity
Balance as of December 31, 2021	601,045,438	$	6,010	$	10,873,539	$	(794,869)	$	(286,938)	$	9,797,742	$	41,062	$	9,838,804
Capital distributions	—	—		—		—		—		—		(1,983)		(1,983)
Net income	—	—		—		282,757		—		282,757		1,180		283,937
Dividends and dividend equivalents declared ($0.66 per share)	—	—		—		(404,026)		—		(404,026)		—		(404,026)
Issuance of common stock — settlement of RSUs, net of tax	659,283	7		(12,857)		—		—		(12,850)		—		(12,850)
Issuance of common stock — settlement of 2022 Convertible Notes	6,216,261	62		141,157		—		—		141,219		—		141,219
Issuance of common stock, net	2,438,927	25		98,342		—		—		98,367		—		98,367
Share-based compensation expense	—	—		19,726		—		—		19,726		2,839		22,565
Total other comprehensive income	—	—		—		—		378,757		378,757		1,559		380,316
Redemption of OP Units for common stock	1,050,000	10		13,351		—		73		13,434		(13,434)		—
Balance as of September 30, 2022	611,409,909	$	6,114	$	11,133,258	$	(916,138)	$	91,892	$	10,315,126	$	31,223	$	10,346,349

9

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (continued)

For the Three and Nine Months Ended September 30, 2021

(in thousands, except share and per share data)

(unaudited)

	Common Stock
	Number of Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Equity		Non-Controlling Interests		Total Equity
Balance as of June 30, 2021	568,718,544	$	5,687	$	9,725,480	$	(737,444)	$	(413,684)	$	8,580,039	$	39,637	8,619,676
Capital distributions	—	—		—		—		—		—		(448)		(448)
Net income	—	—		—		69,177		—		69,177		318		69,495
Dividends and dividend equivalents declared ($0.17 per share)	—	—		—		(98,965)		—		(98,965)		—		(98,965)
Issuance of common stock — settlement of 2022 Convertible Notes	8,723,161	87		198,415		—		—		198,502		—		198,502
Issuance of common stock, net	17,451,969	175		693,270		—		—		693,445		—		693,445
Share-based compensation expense	—	—		5,526		—		—		5,526		526		6,052
Total other comprehensive income	—	—		—		—		35,256		35,256		232		35,488
Balance as of September 30, 2021	594,893,674	$	5,949	$	10,622,691	$	(767,232)	$	(378,428)	$	9,482,980	$	40,265	$	9,523,245

	Common Stock
	Number of Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Equity		Non-Controlling Interests		Total Equity
Balance as of December 31, 2020	567,117,666	$	5,671	$	9,707,258	$	(661,162)	$	(546,942)	$	8,504,825	$	51,248	8,556,073
Capital distributions	—	—		—		—		—		—		(1,659)		(1,659)
Net income	—	—		—		186,882		—		186,882		1,023		187,905
Dividends and dividend equivalents declared ($0.51 per share)	—	—		—		(292,952)		—		(292,952)		—		(292,952)
Issuance of common stock — settlement of RSUs, net of tax	675,618	7		(9,410)		—		—		(9,403)		—		(9,403)
Issuance of common stock — settlement of 2022 Convertible Notes	8,723,421	87		198,421		—		—		198,508		—		198,508
Issuance of common stock, net	17,451,969	175		693,270		—		—		693,445		—		693,445
Share-based compensation expense	—	—		19,495		—		—		19,495		1,577		21,072
Total other comprehensive income	—	—		—		—		169,063		169,063		1,193		170,256
Redemption of OP Units for common stock	925,000	9		13,657		—		(549)		13,117		(13,117)		—
Balance as of September 30, 2021	594,893,674	$	5,949	$	10,622,691	$	(767,232)	$	(378,428)	$	9,482,980	$	40,265	$	9,523,245

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

`

	For the Nine Months Ended September 30,
	2022		2021
Operating Activities:
Net income	$	283,937	$	187,905
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	474,796		440,475
Share-based compensation expense	22,565		21,072
Amortization of deferred leasing costs	5,534		8,227
Amortization of deferred financing costs	11,105		9,739
Amortization of debt discounts	1,254		5,309
Provisions for impairment	238		650
(Gains) losses on investments in equity securities, net	4,000		5,823
Gain on sale of property, net of tax	(69,486)		(45,450)
Change in fair value of derivative instruments	7,135		10,391
Loss (income) from investments in unconsolidated joint ventures, net of operating distributions	7,152		(214)
Other non-cash amounts included in net income	515		3,136
Changes in operating assets and liabilities:
Other assets, net	(1,953)		(9,950)
Accounts payable and accrued expenses	139,884		136,989
Resident security deposits	8,113		5,727
Other liabilities	9,157		2,485
Net cash provided by operating activities	903,946		782,314
Investing Activities:
Amounts deposited and held by others	(33,471)		(33,658)
Acquisition of single-family residential properties	(509,163)		(743,797)
Initial renovations to single-family residential properties	(104,943)		(52,576)
Other capital expenditures for single-family residential properties	(151,962)		(117,324)
Proceeds from sale of single-family residential properties	181,569		187,230
Repayment proceeds from retained debt securities	42,404		48,246
Proceeds from sale of investments in equity securities	5,762		22,267
Investments in unconsolidated joint ventures	(166,588)		(25,000)
Non-operating distributions from unconsolidated joint ventures	2,934		1,385
Other investing activities	(22,631)		(15,083)
Net cash used in investing activities	(756,089)		(728,310)
Financing Activities:
Payment of dividends and dividend equivalents	(404,377)		(292,110)
Distributions to non-controlling interests	(1,983)		(1,659)
Payment of taxes related to net share settlement of RSUs	(12,850)		(9,403)
Payments on mortgage loans	(849,712)		(964,318)
Proceeds from unsecured notes	598,434		939,574
Proceeds from term loan facilities	150,000		—
Proceeds from revolving facility	130,000		400,000
Payments on revolving facility	(130,000)		(400,000)
Proceeds from issuance of common stock, net	98,367		693,445
Deferred financing costs paid	(13,043)		(8,002)
Other financing activities	(15,655)		(2,149)
Net cash provided by (used in) financing activities	(450,819)		355,378

11

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(in thousands)

(unaudited)

	For the Nine Months Ended September 30,
	2022		2021
Change in cash, cash equivalents, and restricted cash	(302,962)		409,382
Cash, cash equivalents, and restricted cash, beginning of period (Note 4)	818,858		411,768
Cash, cash equivalents, and restricted cash, end of period (Note 4)	$	515,896	$	821,150
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	$	196,542	$	221,284
Cash paid for income taxes	1,497		607
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	4,561		4,524
Financing cash flows from finance leases	2,032		2,043
Non-cash investing and financing activities:
Accrued renovation improvements at period end	$	5,847	$	11,342
Accrued residential property capital improvements at period end	11,562		13,096
Transfer of residential property, net to other assets, net for held for sale assets	65,074		67,337
Change in other comprehensive income from cash flow hedges	373,244		159,971
ROU assets obtained in exchange for operating lease liabilities	1,940		1,452
ROU assets obtained in exchange for finance lease liabilities	295		115
Net settlement of 2022 Convertible Notes in shares of common stock	141,219		198,508

The accompanying notes are an integral part of these condensed consolidated financial statements.

12

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Note 1—Organization and Formation

Invitation Homes Inc. (“INVH”) is a real estate investment trust (“REIT”) that conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). INVH LP was formed for the purpose of owning, renovating, leasing, and operating single-family residential properties. Through THR Property Management L.P., a wholly owned subsidiary of INVH LP (the “Manager”), we provide all management and other administrative services with respect to the properties we own.

On February 6, 2017, INVH completed an initial public offering (“IPO”), changed its jurisdiction of incorporation to Maryland, and amended its charter to provide for the issuance of up to 9,000,000,000 shares of common stock and 900,000,000 shares of preferred stock, in each case $0.01 par value per share. In connection with certain pre-IPO reorganization transactions, INVH LP became (1) owned by INVH directly and through Invitation Homes OP GP LLC, a wholly owned subsidiary of INVH (the “General Partner”), and (2) the owner of all of the assets, liabilities, and operations of certain pre-IPO ownership entities. These transactions were accounted for as a reorganization of entities under common control utilizing historical cost basis.

On November 16, 2017 (the “Merger Date”), INVH and certain of its affiliates entered into a series of transactions with Starwood Waypoint Homes (“SWH”) and certain SWH affiliates which resulted in SWH and its operating partnership being merged into INVH and INVH LP, respectively, with INVH and INVH LP being the surviving entities. These transactions were accounted for as a business combination in accordance with ASC 805, Business Combinations, and INVH was designated as the accounting acquirer.

The limited partnership interests of INVH LP consist of common units and other classes of limited partnership interests that may be issued (the “OP Units”). As of September 30, 2022, INVH owns 99.7% of the common OP Units and has the full, exclusive, and complete responsibility for and discretion over the day-to-day management and control of INVH LP.

Our organizational structure includes several wholly owned subsidiaries of INVH LP that were formed to facilitate certain of our financing arrangements (the “Borrower Entities”). These Borrower Entities are used to align the ownership of our single-family residential properties with certain of our debt instruments. Collateral for certain of our individual debt instruments may be in the form of equity interests in the Borrower Entities or in pools of single-family residential properties owned either directly by the Borrower Entities or indirectly by their wholly owned subsidiaries (see Note 7).

References to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer, collectively, to INVH, INVH LP, and the consolidated subsidiaries of INVH LP.

Note 2—Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.

These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022.

13

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with GAAP. We evaluate each investment entity that is not wholly owned to determine whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, we then evaluate whether the entity should be consolidated. Under the VIE model, we consolidate an investment if we have control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, we consolidate an investment if (1) we control the investment through ownership of a majority voting interest if the investment is not a limited partnership or (2) we control the investment through our ability to remove the other partners in the investment, at our discretion, when the investment is a limited partnership.

Based on these evaluations, we account for each of the investments in joint ventures described in Note 5 using the equity method. Our initial investments in the joint ventures are recorded at cost, except for any such interest initially recorded at fair value in connection with a business combination. The investments in these joint ventures are subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint ventures are reported as part of operating activities while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities on our condensed consolidated statements of cash flows.

Non-controlling interests represent the OP Units not owned by INVH, including any OP Units resulting from vesting and conversion of units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, and the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 include an allocation of the net income attributable to the non-controlling interest holders. OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed.

Significant Risks and Uncertainties

Our financial condition and results of operations are subject to risks related to overall weaker economic conditions, ongoing geopolitical tensions, uncertainty in financial markets, including the impact of inflation and rising interest rates, and a general decline in business activity and/or consumer confidence. These factors could adversely affect (i) our ability to acquire or dispose of single-family homes, (ii) our access to financial markets on attractive terms, or at all, and (iii) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill. High levels of inflation and interest rates may also negatively impact consumer income, credit availability, 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 supply chain disruptions, labor shortages, and inflationary increases in labor and material costs, have impacted and may continue to impact certain aspects of our business.

We may continue to be subject to risks related to the ongoing COVID-19 pandemic and its accompanying variants, including the adverse health impact on the general population, our residents, associates, and suppliers, direct and indirect economic effects of the pandemic and containment measures, the overall reopening progress in the states and municipalities in which we operate, financial hardship experienced by our residents, and the potential long-term changes in consumer spending and preferences. As such, we continue to closely monitor the impact of the pandemic on all aspects of our business and actively manage our response thereto in collaboration with our residents and business partners. While we have taken steps to mitigate the impact of the pandemic on our results of operations, there can be no assurance that these efforts will be successful.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates.

14

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Accounting Policies

We periodically evaluate the appropriateness of our accounting policies in accordance with authoritative guidance. Based on a review of the useful lives of the components of our buildings and improvements, we extended the weighted average useful lives range for depreciation thereof from 7 to 28.5 years to 7 to 32 years. This change was implemented for additions to our single-family residential properties placed in service after January 1, 2022.

There have been no additional changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021.

Recently Adopted Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments and contracts in its own equity. The guidance reduces the number of accounting models for convertible instruments, requires entities to use the “if-converted” method in diluted earnings (loss) per share (“EPS”), and requires that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares. We adopted ASU 2020-06 as of January 1, 2022, and it did not have a material impact on our condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions that reference the London Interbank Offer Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2022 (the FASB has proposed an extension through December 31, 2024). We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. We have and will continue to elect to apply practical expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s) as qualifying changes are made to applicable debt and derivative instruments. To date, specific changes include the June 2022 issuance of a secured term loan facility that is indexed to the Secured Overnight Financing Rate (“SOFR”). Application of these expedients preserves the presentation of derivatives contracts consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other applicable elections as additional changes in the market and with respect to our debt and derivative instruments occur.

15

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Note 3—Investments in Single-Family Residential Properties

The following table sets forth the net carrying amount associated with our properties by component:

	September 30, 2022		December 31, 2021
Land	$	4,810,449	$	4,737,938
Single-family residential property	15,140,964		14,610,188
Capital improvements	554,199		540,252
Equipment	122,562		120,003
Total gross investments in the properties	20,628,174		20,008,381
Less: accumulated depreciation	(3,519,211)		(3,073,059)
Investments in single-family residential properties, net	$	17,108,963	$	16,935,322

As of September 30, 2022 and December 31, 2021, the carrying amount of the residential properties above includes $128,721 and $125,236, respectively, of capitalized acquisition costs (excluding purchase price), along with $75,481 and $70,145, respectively, of capitalized interest, $30,744 and $28,211, respectively, of capitalized property taxes, $5,002 and $4,762, respectively, of capitalized insurance, and $3,595 and $3,280, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended September 30, 2022 and 2021, we recognized $158,199 and $148,957, respectively, of depreciation expense related to the components of the properties, and $2,229 and $1,737, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the three months ended September 30, 2022 and 2021, impairments totaling $101 and $126, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.

During the nine months ended September 30, 2022 and 2021, we recognized $468,272 and $435,348, respectively, of depreciation expense related to the components of the properties, and $6,524 and $5,127, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the nine months ended September 30, 2022 and 2021, impairments totaling $238 and $650, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.

Note 4—Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows:

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	300,312	$	610,166
Restricted cash	215,584		208,692
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	515,896	$	818,858

Pursuant to the terms of the mortgage loans and the Secured Term Loan (as defined in Note 7), we are required to establish, maintain, and fund from time to time (generally, either monthly or at the time borrowings are funded) certain specified reserve accounts. These reserve accounts include, but are not limited to, the following types of accounts: (i) property tax reserves; (ii) insurance reserves; (iii) capital expenditure reserves; and (iv) HOA reserves. The reserve accounts associated with our mortgage loans and Secured Term Loan are under the sole control of the loan servicer. Additionally, we hold security deposits pursuant to resident lease agreements that we are required to segregate. We are also

16

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

required to hold letters of credit by certain of our insurance policies. Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted accounts have been classified on our condensed consolidated balance sheets as restricted cash.

The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the mortgage loan and Secured Term Loan agreements and are to be released to us subject to certain conditions specified in the loan agreements being met. To the extent that an event of default were to occur, the loan servicer has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or reduce the allocated loan amount associated with a residential property of ours.

The balances of our restricted cash accounts, as of September 30, 2022 and December 31, 2021, are set forth in the table below. As of September 30, 2022 and December 31, 2021, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan and Secured Term Loan agreements that require such funding did not exist.

	September 30, 2022		December 31, 2021
Resident security deposits	$	173,488	$	165,454
Property taxes	20,960		12,615
Collections	15,270		21,402
Capital expenditures	2,833		4,368
Letters of credit	2,107		3,682
Special and other reserves	926		1,171
Total	$	215,584	$	208,692

Note 5—Investments In Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method model of accounting, as of September 30, 2022 and December 31, 2021:

		Number of Properties Owned		Carrying Value
	Ownership Percentage	September 30, 2022	December 31, 2021	September 30, 2022		December 31, 2021
Pathway Property Company(1)	100.0%	328	N/A	$	133,189	$	—
2020 Rockpoint JV(2)	20.0%	2,607	2,004	72,122		54,579
FNMA(3)	10.0%	502	522	49,449		52,791
Pathway Operating Company(4)	15.0%	N/A	N/A	21,331		23,025
2022 Rockpoint JV(5)	16.7%	131	N/A	10,806		—
Total				$	286,897	$	130,395

(1)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.

(2)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.

(3)Owns homes primarily located in Arizona, California, and Nevada.

(4)Represents an investment in an operating company that provides a technology platform and asset management services.

(5)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.

In November 2021, we entered into agreements with Pathway Homes and its affiliates, among others, to form a joint venture that will provide unique opportunities for customers to identify a home whereby they are able to first lease and then, if they choose, purchase the home in the future. We have fully funded our capital commitment to the operating company (“Pathway Operating Company”) which provides the technology platform and asset management services for the entity that owns and leases the homes (“Pathway Property Company”). Pathway Homes and its affiliates are responsible for the operations and management of Pathway Operating Company, and we do not have a controlling interest in Pathway Operating

17

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Company. As of September 30, 2022, we have funded $136,700 to Pathway Property Company, and our remaining equity commitment is $88,300. A wholly owned subsidiary of INVH LP provides property management and renovation oversight services for and earns fees from the homes owned by Pathway Property Company. As the asset manager, Pathway Operating Company is responsible for the operations and management of Pathway Property Company, and we do not have a controlling interest in Pathway Property Company.

In October 2020, we entered into an agreement with Rockpoint Group, L.L.C. (“Rockpoint”) to form a joint venture that will acquire homes in markets where we already own homes (the “2020 Rockpoint JV”). As of February 2021, the joint venture is funded with a combination of debt and equity, and we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the joint venture’s financing. As of September 30, 2022, we have fully funded our capital commitment to the 2020 Rockpoint JV. The administrative member of the 2020 Rockpoint JV is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. We earn property and asset management fees for the 2020 Rockpoint JV.

We acquired our interest in the joint venture with the Federal National Mortgage Association (“FNMA”) via the SWH merger. The managing member of the FNMA joint venture is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to FNMA’s approval of major decisions. We earn property and asset management fees for the FNMA joint venture.

In March 2022, we entered into a second agreement with Rockpoint to form a joint venture that will acquire homes in premium locations and at higher price points relative to our other investments in single-family residential properties (the “2022 Rockpoint JV”). As of September 30, 2022, we have funded $10,000 to the 2022 Rockpoint JV, and our remaining equity commitment is $40,000. The joint venture is funded with a combination of debt and equity, and we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the joint venture’s financing. The administrative member of the 2022 Rockpoint JV is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. We earn property and asset management fees for the 2022 Rockpoint JV.

We recorded income (loss) from these investments for the three months ended September 30, 2022 and 2021, totaling $(849) and $202, respectively, and for the nine months ended September 30, 2022 and 2021, totaling $(5,870) and $564, respectively, which is included in income (loss) from investments in unconsolidated joint ventures in the condensed consolidated statements of operations.

The fees earned from our joint ventures (as described above) are related party transactions. For the three months ended September 30, 2022 and 2021, we earned $3,284 and $1,354, respectively, and for the nine months ended September 30, 2022 and 2021, we earned $8,154 and $3,140, respectively, of management fees which are included in management fee revenues in the condensed consolidated statements of operations.

18

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Note 6—Other Assets

As of September 30, 2022 and December 31, 2021, the balances in other assets, net are as follows:

	September 30, 2022		December 31, 2021
Derivative instruments (Note 8)	$	115,383	$	6
Investments in debt securities, net	115,034		157,173
Amounts deposited and held by others	95,720		62,241
Rent and other receivables, net	40,768		37,473
Prepaid expenses	38,685		41,490
Held for sale assets(1)	25,475		20,022
Investments in equity securities	21,015		16,337
Corporate fixed assets, net	20,437		16,595
ROU lease assets — operating and finance, net	14,192		16,975
Deferred financing costs, net	6,575		8,751
Deferred leasing costs, net	1,648		5,837
Other	13,519		12,164
Total	$	508,451	$	395,064

(1)As of September 30, 2022 and December 31, 2021, 122 and 80 properties, respectively, are classified as held for sale.

Investments in Debt Securities, net

In connection with certain of our Securitizations (as defined in Note 7), we have retained and purchased certificates totaling $115,034, net of unamortized discounts of $1,672 as of September 30, 2022. These investments in debt securities are classified as held to maturity investments. As of September 30, 2022, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature over the next three months to five years.

Amounts Deposited and Held by Others

Amounts deposited and held by others consists of earnest money deposits for the acquisition of single-family residential properties, including deposits made to homebuilders, and amounts owed to us for sold homes. See Note 14 for additional information about commitments related to these deposits made to homebuilders.

Rent and Other Receivables, net

We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements. Rental revenues and other property income and the corresponding rent and other receivables are recorded net of any concessions and bad debt (including actual write-offs, credit reserves, and uncollectible amounts) for all periods presented.

Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For the three months ended September 30, 2022 and 2021, rental revenues and other property income includes $35,834 and $30,243 of variable lease payments, respectively. For the nine months ended September 30, 2022 and 2021, rental revenues and other property income includes $102,960 and $82,890 of variable lease payments, respectively.

19

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Future minimum rental revenues and other property income under leases existing on our single-family residential properties as of September 30, 2022 are as follows:

Year	Lease Payments to be Received
Remainder of 2022	$	470,469
2023	888,990
2024	116,918
2025	—
2026	—
Thereafter	—
Total	$	1,476,377

Investments in Equity Securities

We hold investments in equity securities both with and without a readily determinable fair value. Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuer. As of September 30, 2022 and December 31, 2021, the values of our investments in equity securities are as follows:

	September 30, 2022		December 31, 2021
Investments with a readily determinable fair value	$	837	$	10,499
Investments without a readily determinable fair value	20,178		5,838
Total	$	21,015	$	16,337

The components of gains (losses) on investments in equity securities, net as of three and nine months ended September 30, 2022 and 2021 are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Net gains (losses) recognized on investments sold during the reporting period — with a readily determinable value	$	—	$	161	$	(1,452)	$	(6,008)
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value	(796)		4,158		(2,548)		185
Total	$	(796)	$	4,319	$	(4,000)	$	(5,823)

20

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Right-of-Use (“ROU”) Lease Assets — Operating and Finance, net

The following table presents supplemental information related to leases into which we have entered as a lessee as of September 30, 2022 and December 31, 2021:

	September 30, 2022						December 31, 2021
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Other assets	$	9,955		$	4,237		$	10,959		$	6,016
Other liabilities (Note 14)	12,060			4,047			13,256			5,784
Weighted average remaining lease term	3.3 years			1.7 years			3.7 years			2.2 years
Weighted average discount rate	3.3		%	4.0		%	3.2		%	4.0		%

Deferred Financing Costs, net

In connection with the amended and restated Revolving Facility (see Note 7), we incurred $11,846 of financing costs, which have been deferred as other assets, net on our condensed consolidated balance sheets. We amortize deferred financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate amortization if debt is retired before the maturity date. As of September 30, 2022 and December 31, 2021, the unamortized balances of these deferred financing costs are $6,575 and $8,751, respectively.

Note 7—Debt

Mortgage Loans

Our securitization transactions (the “Securitizations” or the “mortgage loans”) are collateralized by certain homes owned by the respective Borrower Entities. We utilize the proceeds from our Securitizations to fund: (i) repayments of then-outstanding indebtedness; (ii) initial deposits into Securitization reserve accounts; (iii) closing costs in connection with the mortgage loans; and (iv) general costs associated with our operations.

The following table sets forth a summary of our mortgage loan indebtedness as of September 30, 2022 and December 31, 2021:

						Outstanding Principal Balance(5)
	Origination Date	Maturity Date(1)	Maturity Date if Fully Extended(2)	Interest Rate(3)	Range of Spreads(4)	September 30, 2022		December 31, 2021
IH 2017-1(6)	April 28, 2017	June 9, 2027	June 9, 2027	4.23%	N/A	$	992,866	$	993,703
IH 2018-1(7)	February 8, 2018	March 9, 2023	March 9, 2025	4.02%	76-131 bps	560,459		568,495
IH 2018-2	May 8, 2018	June 9, 2022	N/A	N/A	N/A	—		629,237
IH 2018-3	June 28, 2018	April 8, 2022	N/A	N/A	N/A	—		204,637
IH 2018-4(7)	November 7, 2018	January 9, 2023	January 9, 2026	4.37%	115-145 bps	662,848		669,548
Total Securitizations						2,216,173		3,065,620
Less: deferred financing costs, net						(8,381)		(9,767)
Total						$	2,207,792	$	3,055,853

(1)Maturity date represents repayment date for mortgage loans which have been repaid in full prior to September 30, 2022. For all other mortgage loans, the maturity dates above reflect all extension options that have been exercised.

21

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

(2)Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met.

(3)Except for IH 2017-1, interest rates are based on a weighted average spread over LIBOR (or a comparable or successor rate as provided for in our loan agreements), plus applicable servicing fees; as of September 30, 2022, LIBOR was 3.14%. 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.

(4)Range of spreads is based on outstanding principal balances as of September 30, 2022.

(5)Outstanding principal balance is net of discounts and does not include deferred financing costs, net.

(6)Net of unamortized discount of $1,672 and $1,937 as of September 30, 2022 and December 31, 2021, respectively.

(7)The initial maturity term of each of these mortgage loans is two years, individually subject to five, one year extension options at the Borrower Entity’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe). Our IH 2018-4 mortgage loan has exercised the second extension option, and our IH 2018-1 mortgage loan has exercised the third extension option. The maturity dates above reflect all extensions that have been exercised.

Securitization Transactions

For each Securitization transaction, the Borrower Entity executed a loan agreement with a third party lender. Except for IH 2017-1, each outstanding mortgage loan originally consisted of six floating rate components. The two year initial terms are individually subject to three to five, one year extension options at the Borrower Entity’s discretion. Such extensions are available provided there is no continuing event of default under the respective mortgage loan agreement and the Borrower Entity obtains and delivers a replacement interest rate cap agreement from an approved counterparty within the required timeframe to the lender. IH 2017-1 is a 10 year, fixed rate mortgage loan comprised of two components. Certificates issued by the trust in connection with Component A of IH 2017-1 benefit from FNMA’s guaranty of timely payment of principal and interest.

Each mortgage loan is secured by a pledge of the equity in the assets of the respective Borrower Entities, as well as first-priority mortgages on the underlying properties and a grant of security interests in all of the related personal property. As of September 30, 2022 and December 31, 2021, a total of 14,673 and 26,950 homes, respectively, with a gross book value of $3,547,876 and $6,043,652, respectively, and a net book value of $2,914,824 and $4,922,037, respectively, are pledged pursuant to the mortgage loans. Each Borrower Entity has the right, subject to certain requirements and limitations outlined in the respective loan agreements, to substitute properties. We are obligated to make monthly payments of interest for each mortgage loan.

Transactions with Trusts

Concurrent with the execution of each mortgage loan agreement, the respective third party lender sold each loan it originated to individual depositor entities (the “Depositor Entities”) who subsequently transferred each loan to Securitization-specific trust entities (the “Trusts”). The Depositor Entities for our currently outstanding Securitizations are wholly owned subsidiaries. We accounted for the transfers of the individual Securitizations from the wholly owned Depositor Entities to the respective Trusts as sales under ASC 860, Transfers and Servicing, with no resulting gain or loss as the Securitizations were both originated by the lender and immediately transferred at the same fair market value.

As consideration for the transfer of each loan to the Trusts, the Trusts issued classes of certificates which mirror the components of the individual loans (collectively, the “Certificates”) to the Depositor Entities, except that Class R certificates do not have related loan components as they represent residual interests in the Trusts. The Certificates represent the entire beneficial interest in the Trusts. Following receipt of the Certificates, the Depositor Entities sold the Certificates to investors and used the proceeds as consideration for the loans sold to the Depositor Entities by the lenders. These transactions had no effect on our condensed consolidated financial statements other than with respect to Certificates we retained in connection with Securitizations or purchased at a later date.

The Trusts are structured as pass-through entities that receive interest payments from the Securitizations and distribute those payments to the holders of the Certificates. The assets held by the Trusts are restricted and can only be used to fulfill the obligations of those entities. The obligations of the Trusts do not have any recourse to the general credit of any entities in these condensed consolidated financial statements. We have evaluated our interests in certain certificates of the Trusts held

22

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

by us (discussed below) and determined that they do not create a more than insignificant variable interest in the Trusts. Additionally, the retained certificates do not provide us with any ability to direct activities that could impact the Trusts’ economic performance. Therefore, we do not consolidate the Trusts.

Retained Certificates

As the Trusts made Certificates available for sale to both domestic and foreign investors, sponsors of the mortgage loans are required to retain a portion of the risk that represents a material net economic interest in each loan pursuant to Regulation RR (the “Risk Retention Rules”) under the Securities Exchange Act of 1934, as amended. As such, loan sponsors are required to retain a portion of the credit risk that represents not less than 5% of the aggregate fair value of the loan as of the closing date.

IH 2017-1 issued Class B certificates, which are restricted certificates that were made available exclusively to INVH LP in order to comply with the Risk Retention Rules. The Class B certificates bear a stated annual interest rate of 4.23%, including applicable servicing fees.

For IH 2018-1 and IH 2018-4, we retain 5% of each class of certificates to meet the Risk Retention Rules. These retained certificates accrue interest at a floating rate of LIBOR plus a spread ranging from 0.76% to 1.45%.

The retained certificates, net of discount, total $115,034 and $157,173 as of September 30, 2022 and December 31, 2021, respectively, and are classified as held to maturity investments and recorded in other assets, net on the condensed consolidated balance sheets (see Note 6).

Loan Covenants

The general terms that apply to all of the mortgage loans require each Borrower Entity to maintain compliance with certain affirmative and negative covenants. Affirmative covenants include each Borrower Entity’s, and certain of their respective affiliates’, compliance with (i) licensing, permitting, and legal requirements specified in the mortgage loan agreements, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the respective mortgage loan agreements. Negative covenants include each Borrower Entity’s, and certain of their affiliates’, compliance with limitations surrounding (i) the amount of each Borrower Entity’s indebtedness and the nature of their investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of each Borrower Entity’s business activities, and (v) the required maintenance of specified cash reserves. As of September 30, 2022, and through the date our condensed consolidated financial statements were issued, we believe each Borrower Entity is in compliance with all affirmative and negative covenants for the mortgage loans.

Prepayments

For the mortgage loans, prepayments of amounts owed by us are generally not permitted under the terms of the respective mortgage loan agreements unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in such agreements. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a spread maintenance premium if prepayment occurs before the month following the one or two year anniversary of the closing dates of each of the mortgage loans except for IH 2017-1. For IH 2017-1, prepayments on or before December 2026 will require a yield maintenance premium. For the nine months ended September 30, 2022 and 2021, we made voluntary and mandatory prepayments of $849,712 and $964,318, respectively, under the terms of the mortgage loan agreements. For the nine months ended September 30, 2022, prepayments included the full repayment of the IH 2018-2 and IH 2018-3 mortgage loans.

Secured Term Loan

On June 7, 2019, 2019-1 IH Borrower LP, a consolidated subsidiary (“2019-1 IH Borrower” and one of our Borrower Entities), entered into a 12 year loan agreement with a life insurance company (the “Secured Term Loan”). The Secured Term Loan bears interest at a fixed rate of 3.59%, including applicable servicing fees, for the first 11 years and bears interest at a floating rate based on a spread of 147 bps, including applicable servicing fees, over one month LIBOR (subject to certain

23

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

adjustments as outlined in the loan agreement) for the twelfth year. The Secured Term Loan is secured by first priority mortgages on a portfolio of single-family rental properties as well as a first priority pledge of the equity interests of 2019-1 IH Borrower. We utilized the proceeds from the Secured Term Loan to fund: (i) repayments of then-outstanding indebtedness; (ii) initial deposits into the Secured Term Loan’s reserve accounts; (iii) transaction costs related to the closing of the Secured Term Loan; and (iv) general corporate purposes.

The following table sets forth a summary of our Secured Term Loan indebtedness as of September 30, 2022 and December 31, 2021:

	Maturity Date	Interest Rate(1)	September 30, 2022		December 31, 2021
Secured Term Loan	June 9, 2031	3.59%	$	403,363	$	403,363
Deferred financing costs, net			(1,887)		(2,050)
Secured Term Loan, net			$	401,476	$	401,313

(1)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 one month LIBOR (or a comparable or successor rate as provided for in our loan agreement), including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly.

Collateral

The Secured Term Loan’s collateral pool contains 3,334 homes as of September 30, 2022 and December 31, 2021 with a gross book value of $810,354 and $801,318, respectively, and a net book value of $692,392 and $703,492, respectively. 2019-1 IH Borrower has the right, subject to certain requirements and limitations outlined in the loan agreement, to substitute properties representing up to 20% of the collateral pool annually, and to substitute properties representing up to 100% of the collateral pool over the life of the Secured Term Loan. In addition, four times after the first anniversary of the closing date, 2019-1 IH Borrower has the right, subject to certain requirements and limitations outlined in the loan agreement, to execute a special release of collateral representing up to 15% of the then-outstanding principal balance of the Secured Term Loan in order to bring the loan-to-value ratio back in line with the Secured Term Loan’s loan-to-value ratio as of the closing date. Any such special release of collateral would not change the then-outstanding principal balance of the Secured Term Loan, but rather would reduce the number of single-family rental homes included in the collateral pool.

Loan Covenants

The Secured Term Loan requires 2019-1 IH Borrower to maintain compliance with certain affirmative and negative covenants. Affirmative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’, compliance with (i) licensing, permitting and legal requirements specified in the loan agreement, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the loan agreement. Negative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’, compliance with limitations surrounding (i) the amount of 2019-1 IH Borrower’s indebtedness and the nature of its investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of 2019-1 IH Borrower’s business activities, and (v) the required maintenance of specified cash reserves. As of September 30, 2022, and through the date our condensed consolidated financial statements were issued, we believe 2019-1 IH Borrower is in compliance with all affirmative and negative covenants for the Secured Term Loan.

Prepayments

Prepayments of the Secured Term Loan are generally not permitted unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in the loan agreement. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a yield maintenance premium if prepayment occurs before June 9, 2030. No such prepayments were made during the nine months ended September 30, 2022 and 2021.

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INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Unsecured Notes

Our unsecured notes are issued in connection with either an underwritten public offering pursuant to our existing shelf registration statement that automatically became effective upon filing with the SEC in July 2021 and expires in July 2024 or in connection with a private placement transaction with certain institutional investors (collectively, the “Unsecured Notes”). We utilize proceeds from the Unsecured Notes to fund: (i) repayments of then-outstanding indebtedness, including the Securitizations; (ii) closing costs in connection with the Unsecured Notes; and (iii) general costs associated with our operations and other corporate purposes, including acquisitions. Interest on the Unsecured Notes is payable semi-annually in arrears.

The following table sets forth a summary of our Unsecured Notes as of September 30, 2022 and December 31, 2021:

	Interest Rate(1)	September 30, 2022		December 31, 2021
Total Unsecured Notes, net(2)	2.00% — 4.15%	$	2,537,755	$	1,938,425
Deferred financing costs, net		(20,483)		(16,451)
Total		$	2,517,272	$	1,921,974

(1)Represents the range of contractual rates in place as of September 30, 2022.

(2)Net of unamortized discount of $12,245 and $11,575 as of September 30, 2022 and December 31, 2021. See “Debt Maturities Schedule” for information about maturity dates for the Unsecured Notes.

Current Year Activity

On March 25, 2022, we priced a public offering of $600,000 aggregate principal amount of 4.15% Senior Notes which mature in April 2032; and on April 5, 2022, we closed the offering and issued the related notes.

Prepayments

The Unsecured Notes are redeemable in whole at any time or in part from time to time, at our option, at a redemption price equal to (i) 100% of the principal amount to be redeemed plus accrued and unpaid interest and (ii) a make-whole premium calculated in accordance with the respective loan agreements if the redemption occurs more than one month prior to the maturity date. The privately placed Unsecured Notes require any prepayment to be an amount not less than 5% of the aggregate principal amount then outstanding. If any of the Unsecured Notes issued publicly under our registration statement are redeemed on or after a specified date that is either two or three months prior to the maturity date, the redemption price will not include a make-whole premium.

Guarantees

The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, by INVH and two of its wholly owned subsidiaries, the General Partner and IH Merger Sub, LLC (“IH Merger Sub”). Prior to the September 17, 2021 execution of a parent guaranty agreement, the privately placed Unsecured Notes were not guaranteed.

Loan Covenants

The Unsecured Notes issued publicly under our registration statement contain customary covenants, including, among others, limitations on the incurrence of debt; and they include the following financial covenants related to the incurrence of debt: (i) an aggregate debt test; (ii) a debt service test; (iii) a maintenance of total unencumbered assets; and (iv) a secured debt test.

The privately placed Unsecured Notes contain customary covenants, including, among others, limitations on distributions, fundamental changes, and transactions with affiliates; and they include the following financial covenants, subject to certain qualifications: (i) a maximum total leverage ratio; (ii) a maximum secured leverage ratio; (iii) a maximum unencumbered leverage ratio; (iv) a minimum fixed charge coverage ratio; and (v) a minimum unsecured interest coverage ratio.

25

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

The Unsecured Notes contain customary events of default (subject in certain cases to specified cure periods), the occurrence of which would allow the holders of notes to take various actions, including the acceleration of amounts due under the Unsecured Notes. As of September 30, 2022, and through the date our condensed consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants for the Unsecured Notes.

Term Loan Facilities and Revolving Facility

On December 8, 2020, we entered into an Amended and Restated Revolving Credit and Term Loan Agreement with a syndicate of banks, financial institutions, and institutional lenders for a new credit facility (the “Credit Facility”). The Credit Facility provides $3,500,000 of borrowing capacity and consists of a $1,000,000 revolving facility (the “Revolving Facility”) and a $2,500,000 term loan facility (the “2020 Term Loan Facility”), both of which mature on January 31, 2025, with two six month extension options available. The Revolving Facility also includes borrowing capacity for letters of credit. The Credit Facility provides us with the option to enter into additional incremental credit facilities (including an uncommitted incremental facility that provides us with the option to increase the size of the Revolving Facility and/or the 2020 Term Loan Facility such that the aggregate amount does not exceed $4,000,000 at any time), subject to certain limitations.

On June 22, 2022, we entered into a Term Loan Agreement with a syndicate of banks for new senior unsecured term loans (the “2022 Term Loan Facility”; and together with the 2020 Term Loan Facility, the “Term Loan Facilities”). The 2022 Term Loan Facility provides $725,000 of borrowing capacity, consisting of a $150,000 initial term loan (the “Initial Term Loan”) and up to three delayed draw term loans (the “Delayed Draw Term Loans”) totaling $575,000 which may be drawn during the six month period following the effective date of the 2022 Term Loan Facility. The Initial Term Loan and any Delayed Draw Term Loans (together, the “2022 Term Loans”) mature on June 22, 2029. The 2022 Term Loan Facility also includes an accordion feature providing the option to increase the size of the 2022 Term Loans or enter into additional incremental 2022 Term Loans, such that the aggregate amount of all 2022 Term Loans does not exceed $950,000 at any time, subject to certain limitations.

The following table sets forth a summary of the outstanding principal amounts under the Term Loan Facilities and the Revolving Facilities as of September 30, 2022 and December 31, 2021:

	Maturity Date	Interest Rate	September 30, 2022		December 31, 2021
2020 Term Loan Facility(1)(2)	January 31, 2025	4.14%	$	2,500,000	$	2,500,000
2022 Term Loan Facility(3)	June 22, 2029	4.38%	150,000		—
Total Term Loan Facilities			2,650,000		2,500,000
Less: deferred financing costs, net			(23,509)		(21,878)
Term Loan Facilities, net			$	2,626,491	$	2,478,122
Revolving Facility(1)(2)	January 31, 2025	4.03%	$	—	$	—

(1)Interest rates for the 2020 Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of September 30, 2022, the applicable margins were 1.00% and 0.89%, respectively, and LIBOR was 3.14%.

(2)If we exercise the two six month extension options, the maturity date will be January 31, 2026.

(3)Interest rate for the 2022 Term Loan Facility is based on SOFR adjusted for a 0.10% credit spread adjustment (“Adjusted SOFR”), plus the applicable margin. As of September 30, 2022, the applicable margin was 1.24%, and Adjusted SOFR was 3.14%.

26

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Interest Rate and Fees

Borrowings under the Credit Facility bear interest, at our option, at a rate equal to a margin over either (a) a LIBOR rate determined by reference to the Bloomberg LIBOR rate (or a comparable or successor rate as provided for in our loan agreement) for the interest period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, and (3) the LIBOR rate that would be payable on such day for a LIBOR rate loan with a one month interest period plus 1.00%. After obtaining the requisite rating on our non-credit enhanced, senior unsecured long term debt as defined in the Credit Facility agreement (the “Investment Grade Rating”), we elected to convert to a credit rating based pricing grid (the “Pricing Grid Conversion”) effective April 22, 2021.

Borrowings under the 2022 Term Loan Facility bear interest, at our option, at a rate equal to a margin over either (a) Adjusted SOFR for the interest period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, and (3) SOFR for a one-month interest period plus 1.00%.

The current margins for the Term Loan Facilities and the Revolving Facility are as follows:

	Base Rate Loans			LIBOR Rate Loans			SOFR Rate Loans
2020 Term Loan Facility	0.00%	—	0.65%	0.80%	—	1.65%	N/A
2022 Term Loan Facility	0.15%	—	1.20%	N/A			1.15%	—	2.20%
Revolving Facility	0.00%	—	0.45%	0.75%	—	1.45%	N/A

The Revolving Facility and the 2022 Term Loan Facility include a sustainability component whereby pricing can improve upon our achievement of certain sustainability ratings, determined via an independent third party evaluation.

Prior to the Pricing Grid Conversion, the margins for the Credit Facility were based on a total leverage based grid. The margins for the 2020 Term Loan Facility and Revolving Facility under the total leverage based grid were as follows:

	Base Rate Loans			LIBOR Rate Loans
2020 Term Loan Facility	0.45%	—	1.15%	1.45%	—	2.15%
Revolving Facility	0.50%	—	1.15%	1.50%	—	2.15%

In addition to paying interest on outstanding principal, we are required to pay certain facility and unused commitment fees. Under the Credit Facility, we are required to pay a facility fee ranging from 0.10% to 0.30%. We are also required to pay customary letter of credit fees. Prior to the Pricing Grid Conversion, instead of a facility fee, we were required to pay an unused facility fee to the lenders under the Revolving Facility in respect of the unused commitments thereunder. The unused facility fee rate was either 0.30% or 0.20% per annum for the Revolving Facility. Under the 2022 Term Loan Facility, we are required to pay an unused commitment fee to the lenders equal to the daily unused balance of the Delayed Draw Term Loan commitments at a rate of 0.20% per annum.

Prepayments and Amortization

No principal reductions are required under the Credit Facility or the 2022 Term Loan Facility. We are permitted to voluntarily repay amounts outstanding under the 2020 Term Loan Facility at any time without premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs with respect to LIBOR loans. We are also permitted to voluntarily repay amounts outstanding under the 2022 Term Loan Facility (a) on or prior to the first anniversary of the closing subject to a 2.0% prepayment fee, (b) on or prior to the second anniversary of the closing subject to a 1.0% prepayment fee, and (c) at any time thereafter without premium or penalty. Once repaid, no further borrowings will be permitted under the Term Loan Facilities.

27

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Loan Covenants

The Credit Facility and the 2022 Term Loan Facility contain certain customary affirmative and negative covenants and events of default. Such covenants will, among other things, restrict, subject to certain exceptions, our ability and that of our subsidiaries to (i) engage in certain mergers, consolidations, or liquidations, (ii) sell, lease, or transfer all or substantially all of their respective assets, (iii) engage in certain transactions with affiliates, (iv) make changes to our fiscal year, (v) make changes in the nature of our business and our subsidiaries, and (vi) enter into certain burdensome agreements.

The Credit Facility and the 2022 Term Loan Facility also require us, on a consolidated basis with our subsidiaries, to maintain a (i) maximum total leverage ratio, (ii) maximum secured leverage ratio, (iii) maximum unencumbered leverage ratio, (iv) minimum fixed charge coverage ratio, (v) minimum unsecured interest coverage ratio, and (vi) maximum secured recourse. If at any time we do not have an Investment Grade Rating, we will also be required to maintain a maximum secured recourse leverage ratio. If an event of default occurs, the lenders under the Credit Facility and the 2022 Term Loan Facility are entitled to take various actions, including the acceleration of amounts due thereunder. As of September 30, 2022, and through the date our condensed consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants for the Credit Facility and the 2022 Term Loan Facility.

Guarantees

After we obtained the requisite Investment Grade Rating, our direct and indirect wholly owned subsidiaries that directly own unencumbered assets (the “Subsidiary Guarantors”) were released from their previous guarantee requirements under the Credit Facility (the “Investment Grade Release”) effective May 5, 2021. Prior to the Investment Grade Release, the obligations under the Credit Facility were guaranteed on a joint and several basis by each Subsidiary Guarantor, subject to certain exceptions.

On September 17, 2021, as a result of the execution of a parent guaranty agreement, the obligations under the Credit Facility became guaranteed on a joint and several basis by INVH and two of its wholly owned subsidiaries, the General Partner and IH Merger Sub. In connection with the 2022 Term Loan Facility, we entered into a similar parent guaranty agreement with INVH, the General Partner, and IH Merger Sub.

Convertible Senior Notes

In connection with the 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”). Interest on the 2022 Convertible Notes was payable semiannually in arrears on January 15th and July 15th of each year, and the 2022 Convertible Notes had an effective interest rate of 5.12% which included the effect of an adjustment to the fair value of the debt as of the Merger Date. 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 and a cash payment of $271.

28

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Debt Maturities Schedule

The following table summarizes the contractual maturities of our debt as of September 30, 2022:

Year	Mortgage Loans(1)		Secured Term Loan		Unsecured Notes		Term Loan Facilities(2)		Revolving Facility(2)		Total
2022	$	—	$	—	$	—	$	—	$	—	$	—
2023	1,223,307		—		—		—		—		1,223,307
2024	—		—		—		—		—		—
2025	—		—		—		2,500,000		—		2,500,000
2026	—		—		—		—		—		—
Thereafter	994,538		403,363		2,550,000		150,000		—		4,097,901
Total	2,217,845		403,363		2,550,000		2,650,000		—		7,821,208
Less: deferred financing costs, net	(8,381)		(1,887)		(20,483)		(23,509)		—		(54,260)
Less: unamortized debt discount	(1,672)		—		(12,245)		—		—		(13,917)
Total	$	2,207,792	$	401,476	$	2,517,272	$	2,626,491	$	—	$	7,753,031

(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of September 30, 2022. If fully extended, we would have no mortgage loans maturing before 2025. Such extensions are available provided there is no continuing event of default under the respective mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe.

(2)If we exercise the two six month extension options, the maturity date for the 2022 Term Loan Facility and the Revolving Facility will be January 31, 2026.

Note 8—Derivative Instruments

From time to time, we enter into derivative instruments to manage the economic risk of changes in interest rates. We do not enter into derivative transactions for speculative or trading purposes. Designated hedges are derivatives that meet the criteria for hedge accounting and that we have elected to designate as hedges. Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or that we did not elect to designate as hedges.

Designated Hedges

We have entered into various interest rate swap agreements, which are used to hedge the variable cash flows associated with variable-rate interest payments. Currently, each of our swap agreements is indexed to one month LIBOR and is designated for hedge accounting purposes. One month LIBOR is set to expire after June 30, 2023, and we will work with the counterparties to our swap agreements to adjust each floating rate to a comparable or successor rate (see Note 2 for additional information about reference rate reform and our transition from LIBOR). Changes in the fair value of these swaps are recorded in other comprehensive income and are subsequently reclassified into earnings in the period in which the hedged forecasted transactions affect earnings.

29

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

The table below summarizes our interest rate swap instruments as of September 30, 2022:

Agreement Date	Forward Effective Date	Maturity Date	Strike Rate	Index	Notional Amount
April 19, 2018	January 31, 2019	January 31, 2025	2.86%	One month LIBOR	$	400,000
April 19, 2018	March 15, 2019	November 30, 2024	2.85%	One month LIBOR	400,000
April 19, 2018	March 15, 2019	February 28, 2025	2.86%	One month LIBOR	400,000
May 8, 2018	March 9, 2020	June 9, 2025	2.99%	One month LIBOR	325,000
May 8, 2018	June 9, 2020	June 9, 2025	2.99%	One month LIBOR	595,000
June 28, 2018	August 7, 2020	July 9, 2025	2.90%	One month LIBOR	1,100,000
December 9, 2019	July 15, 2021	November 30, 2024	2.90%	One month LIBOR	400,000
November 7, 2018	March 15, 2022	July 31, 2025	3.14%	One month LIBOR	200,000

During the nine months ended September 30, 2022, we terminated interest rate swaps or portions thereof and paid the counterparties $13,292 in connection with these terminations.

During the three and nine months ended September 30, 2022 and 2021, the derivatives in the table above were used to hedge the variable cash flows associated with existing variable-rate interest payments. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next 12 months, we estimate that $44,013 will be reclassified to earnings as a decrease in interest expense.

Non-Designated Hedges

Concurrent with entering into certain of the mortgage loan agreements and in connection with previous mergers, we entered into or acquired and maintain interest rate cap agreements with terms and notional amounts equivalent to the terms and amounts of the mortgage loans made by the third party lenders. Currently, each of our cap agreements is indexed to one month LIBOR, which is set to expire on June 30, 2023. We will work with the counterparties to our cap agreements to adjust each floating rate to a comparable or successor rate. To the extent that the maturity date of one or more of the mortgage loans is extended through an exercise of one or more extension options, replacement or extension interest rate cap agreements must be executed with terms similar to those associated with the initial interest rate cap agreements and strike prices equal to the greater of the interest rate cap strike price and the interest rate at which the debt service coverage ratio (as defined) is not less than 1.2 to 1.0. The interest rate cap agreements, including all of our rights to payments owed by the counterparties and all other rights, have been pledged as additional collateral for the mortgage loans. Additionally, in certain instances, in order to minimize the cash impact of purchasing required interest rate caps, we simultaneously sell interest rate caps (which have identical terms and notional amounts) such that the purchase price and sales proceeds of the related interest rate caps are intended to offset each other. The purchased and sold interest rate caps have strike prices ranging from approximately 7.56% to 9.00%.

30

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets

The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021:

	Asset Derivatives					Liability Derivatives
		Fair Value as of					Fair Value as of
	Balance Sheet Location	September 30, 2022		December 31, 2021		Balance Sheet Location	September 30, 2022		December 31, 2021
Derivatives designated as hedging instruments:
Interest rate swaps	Other assets	$	115,378	$	—	Other liabilities	$	—	$	271,156
Derivatives not designated as hedging instruments:
Interest rate caps	Other assets	5		6		Other liabilities	—		—
Total		$	115,383	$	6		$	—	$	271,156

Offsetting Derivatives

We enter into master netting arrangements, which reduce risk by permitting net settlement of transactions with the same counterparty. The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of September 30, 2022 and December 31, 2021:

	September 30, 2022
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	115,383	$	—	$	115,383	$	—	$	—	$	115,383
Offsetting liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—

	December 31, 2021
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	6	$	—	$	6	$	—	$	—	$	6
Offsetting liabilities:
Derivatives	$	271,156	$	—	$	271,156	$	—	$	—	$	271,156

31

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income (Loss) and the Condensed Consolidated Statements of Operations

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended September 30, 2022 and 2021:

	Amount of Gain (Loss) Recognized in OCI on Derivative				Location of Loss Reclassified from Accumulated OCI into Net Income	Amount of Loss Reclassified from Accumulated OCI into Net Income				Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	For the Three Months Ended September 30,					For the Three Months Ended September 30,				For the Three Months Ended September 30,
	2022		2021			2022		2021		2022		2021
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	102,940	$	(1,586)	Interest expense	$	(9,591)	$	(37,074)	$	76,454	$	79,370

	Location of Loss Recognized in Net Income on Derivative	Amount of Loss Recognized in Net Income on Derivative
		For the Three Months Ended September 30,
		2022		2021
Derivatives not designated as hedging instruments:
Interest rate caps	Interest expense	$	28	$	1

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the nine months ended September 30, 2022 and 2021:

	Amount of Gain Recognized in OCI on Derivative				Location of Loss Reclassified from Accumulated OCI into Net Income	Amount of Loss Reclassified from Accumulated OCI into Net Income				Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	For the Nine Months Ended September 30,					For the Nine Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021			2022		2021		2022		2021
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	316,479	$	57,283	Interest expense	$	(63,837)	$	(112,973)	$	225,683	$	243,540

	Location of Loss Recognized in Net Income on Derivative	Amount of Loss Recognized in Net Income on Derivative
		For the Nine Months Ended September 30,
		2022		2021
Derivatives not designated as hedging instruments:
Interest rate caps	Interest expense	$	63	$	106

32

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Credit-Risk-Related Contingent Features

The agreements with our derivative counterparties which govern our interest rate swap agreements contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness.

As of September 30, 2022, there were no derivative counterparties with whom we were in a net liability position.

Note 9—Stockholders' Equity

As of September 30, 2022, we have issued 611,409,909 shares of common stock. In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our condensed consolidated balance sheets and statements of equity. As of September 30, 2022, 1,737,395 outstanding OP Units are redeemable.

During the three and nine months ended September 30, 2022, we issued 1,050,000 and 10,364,471 shares of common stock, respectively. During the three and nine months ended September 30, 2021, we issued 26,175,130 and 27,776,008 shares of common stock, respectively.

2021 Public Offering

On September 28, 2021, we completed an underwritten public offering of 12,500,000 shares of our common stock. During the three and nine months ended September 30, 2021, this offering generated net proceeds of $496,667, after giving effect to commissions and other costs totaling $3,333. On October 21, 2021, we sold 1,875,000 shares of our common stock pursuant to the underwriters’ full exercise of the option to purchase additional shares, generating net proceeds of $74,534, after giving effect to commissions and other costs totaling $466.

At the Market Equity Program

On December 20, 2021, we entered into distribution agreements with a syndicate of banks (the “Agents” and the “Forward Sellers”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $1,250,000 of our common stock through the Agents and the Forward Sellers (the “2021 ATM Equity Program”). In addition to the issuance of shares of our common stock, the distribution agreements permit us to enter into separate forward sale transactions with certain forward purchasers who may borrow shares from third parties and, through affiliated Forward Sellers, offer a number of shares of our common stock equal to the number of shares of our common stock underlying the particular forward transaction. During the nine months ended September 30, 2022, we sold 2,438,927 shares of our common stock under our 2021 ATM Equity Program, generating net proceeds of $98,367, after giving effect to Agent commissions and other costs totaling $1,633. We did not sell any shares of our common stock under the 2021 ATM Equity Program during the three months ended September 30, 2022. As of September 30, 2022, $1,150,000 remains available for future offerings under the 2021 ATM Equity Program.

On August 22, 2019, we entered into distribution agreements with a syndicate of banks, pursuant to which we sold, from time to time, up to an aggregate sales price of $800,000 of our common stock (the “2019 ATM Equity Program”). During the three and nine months ended September 30, 2021, we sold 4,951,969 shares of our common stock under our 2019 ATM Equity Program, generating net proceeds of $196,778 after giving effect to agent commissions and other costs totaling $3,167. We terminated the 2019 ATM Equity Program immediately after entering into the 2021 ATM Equity Program.

Dividends

To qualify as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our stockholders that in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors.

33

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

The following table summarizes our dividends declared from January 1, 2021 through September 30, 2022:

	Record Date	Amount per Share		Pay Date	Total Amount Declared
Q3-2022	August 9, 2022	$	0.22	August 26, 2022	$	135,042
Q2-2022	May 10, 2022	0.22		May 27, 2022	134,744
Q1-2022	February 14, 2022	0.22		February 28, 2022	134,240
Q4-2021	November 9, 2021	0.17		November 24, 2021	102,180
Q3-2021	August 10, 2021	0.17		August 27, 2021	98,965
Q2-2021	May 11, 2021	0.17		May 28, 2021	97,054
Q1-2021	February 10, 2021	0.17		February 26, 2021	96,933

On October 20, 2022, our board of directors declared a dividend of $0.22 per share to stockholders of record on November 8, 2022, which is payable on November 23, 2022 (see Note 15).

Note 10—Share-Based Compensation

Our board of directors adopted, and our stockholders approved, the Invitation Homes Inc. 2017 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) to provide a means through which to attract and retain key associates and to provide a means whereby our directors, officers, associates, consultants, and advisors can acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive compensation measured by reference to the value of our common stock, and to align their interests with those of our stockholders. Under the Omnibus Incentive Plan, we may issue up to 16,000,000 shares of common stock.

Our share-based awards consist of restricted stock units (“RSUs”), which may be time vesting, performance based vesting, or market based vesting, and Outperformance Awards (defined below). Time-vesting RSUs are participating securities for EPS purposes, and performance and market based RSUs (“PRSUs”) and Outperformance Awards are not. For detailed discussion of RSUs and PRSUs issued prior to January 1, 2022, refer to our Annual Report on Form 10-K for the year ended December 31, 2021.

Share-Based Awards

The following summarizes our share-based award activity during the nine months ended September 30, 2022.

Annual Long Term Incentive Plan (“LTIP”):

•Annual LTIP Awards Granted: During the nine months ended September 30, 2022, we granted 640,107 RSUs, pursuant to LTIP awards. Each award includes components which vest based on time-vesting conditions, market based vesting conditions, and performance based vesting conditions, each of which is subject to continued employment through the applicable vesting date.

LTIP time-vesting RSUs vest in three equal annual installments based on an anniversary date of March 1st. LTIP PRSUs may be earned based on the achievement of certain measures over a three year performance period. The number of PRSUs earned will be determined based on performance achieved during the performance period for each measure at certain threshold, target, or maximum levels and corresponding payout ranges. In general, the LTIP PRSUs are earned after the end of the performance period on the date on which the performance results are certified by our compensation and management development committee (the “Compensation Committee”).

All of the LTIP Awards are subject to certain change in control and retirement eligibility provisions that may impact these vesting schedules.

•PRSU Results: During the nine months ended September 30, 2022, certain LTIP PRSUs vested and achieved performance in excess of the target level, resulting in the issuance of an additional 285,601 shares of common stock. Such awards are reflected as an increase in the number of awards granted and vested in the table below.

34

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Other Awards

During the nine months ended September 30, 2022, we granted 106,975 time-vesting RSUs in the form of retention awards to certain associates which will fully vest on March 1, 2025, subject to continued employment through the vesting date.

Director Awards

During the nine months ended September 30, 2022, we granted 36,912 time-vesting RSUs to members of our board of directors, which will fully vest on the date of INVH’s 2023 annual stockholders meeting, subject to continued service on the board of directors through such date.

Outperformance Awards

On May 1, 2019, the Compensation Committee approved equity based awards in the form of PRSUs and OP Units (the “2019 Outperformance Awards”). The 2019 Outperformance Awards included rigorous market based vesting conditions related to absolute and relative total shareholder returns (“TSRs”) over a three year performance period that ended on March 31, 2022. In April 2022, the absolute TSR and the relative TSR were separately calculated, and the Compensation Committee certified achievement of each at maximum achievement. The number of earned 2019 Outperformance Awards was then determined based on the earned dollar value of the awards (at maximum) and the stock price at the performance certification date, resulting in 311,425 earned PRSUs and 498,224 earned OP Units. Earned awards vested 50% on the certification date in April 2022, and 25% will vest on each of the first and second anniversaries of March 31, 2022, subject to continued employment. The estimated fair value of 2019 Outperformance Awards that fully vested during the nine months ended September 30, 2022 was $6,134. The aggregate $12,160 grant-date fair value of the 2019 Outperformance Awards that were earned was determined based on Monte-Carlo option pricing models which estimated the probability of achievement of the TSR thresholds. The grant-date fair value is amortized ratably over each vesting period.

On April 1, 2022, the Compensation Committee granted equity based awards with market based vesting conditions in the form of PRSUs and OP Units (the “2022 Outperformance Awards” and together with the 2019 Outperformance Awards, the “Outperformance Awards”). The 2022 Outperformance Awards may be earned based on the achievement of rigorous absolute TSR and relative TSR return thresholds over a three year performance period ending March 31, 2025. The 2022 Outperformance Awards provide that upon completion of 75% of the performance period, or June 30, 2024 (the “Interim Measurement Date”), performance achieved as of the Interim Measurement Date will be calculated consistent with the award terms. To the extent performance through the Interim Measurement Date would result in a payout if the performance period had ended on that date, a minimum of 50% of such hypothetical payout amounts will be guaranteed as a minimum level payout for the full performance period, so long as certain minimum levels of relative TSR are achieved for the full performance period. The final award achievement will be equal to the greater of the payouts determined based on the Interim Measurement Date and performance through March 31, 2025. Upon completion of the performance period, the dollar value of the awards earned under the absolute and relative TSR components will be separately calculated, and the number of earned 2022 Outperformance Awards will be determined based on the earned dollar value of the awards and the stock price at the performance certification date. Earned awards will vest 50% on the certification date and 50% on March 31, 2026, subject to continued employment. 2022 Outperformance Awards with an approximate aggregate $20,800 grant-date fair value have been issued and remain outstanding. The grant-date fair value was determined based on Monte-Carlo option pricing models which estimate the probability of achievement of the TSR thresholds, and it is amortized ratably over each vesting period.

35

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Summary of Total Share-Based Awards

The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the nine months ended September 30, 2022:

	Time-Vesting Awards			PRSUs			Total Share-Based Awards(1)
	Number	Weighted Average Grant Date Fair Value (Actual $)		Number	Weighted Average Grant Date Fair Value (Actual $)		Number	Weighted Average Grant Date Fair Value (Actual $)
Balance, December 31, 2021	397,085	$	29.05	1,097,537	$	28.38	1,494,622	$	28.56
Granted	339,517	37.39		730,078	31.46		1,069,595	33.34
Vested(2)	(211,815)	(28.79)		(602,994)	(24.67)		(814,809)	(25.74)
Forfeited / canceled	(8,723)	(34.43)		(11,745)	(28.99)		(20,468)	(31.31)
Balance, September 30, 2022	516,064	$	34.56	1,212,876	$	32.08	1,728,940	$	32.82

(1)Total share-based awards excludes Outperformance Awards.

(2)All vested share-based awards are included in basic EPS for the periods after each award’s vesting date. The estimated fair value of share-based awards that fully vested during the nine months ended September 30, 2022 was $21,036. During the nine months ended September 30, 2022, 1,349 RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.

Grant-Date Fair Values

The grant-date fair values of the time-vesting RSUs and PRSUs with performance condition vesting criteria are generally based on the closing price of our common stock on the grant date. However, the grant-date fair values for share-based awards with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models for such awards granted during the nine months ended September 30, 2022:

	For the Nine Months Ended September 30,
Expected volatility(1)	28.9% — 33.6%
Risk-free rate	1.72% — 2.59%
Expected holding period (years)	2.84 — 3.00

(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.

Summary of Total Share-Based Compensation Expense

During the three and nine months ended September 30, 2022 and 2021, we recognized share-based compensation expense as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
General and administrative	$	6,169	$	4,775	$	17,584	$	16,918
Property management expense	1,761		1,277		4,981		4,154
Total	$	7,930	$	6,052	$	22,565	$	21,072

As of September 30, 2022, there is $49,346 of unrecognized share-based compensation expense related to non-vested share-based awards which is expected to be recognized over a weighted average period of 2.19 years.

36

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Note 11—Fair Value Measurements

The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued expenses, resident security deposits, and certain components of other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements, interest rate cap agreements, and investments in equity securities with a readily determinable fair value are recorded at fair value on a recurring basis within our condensed consolidated financial statements. The fair values of our interest rate caps and swaps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities. See Note 8 for the details of the condensed consolidated balance sheet classification and the fair values for the interest rate caps and swaps. The fair values of our investments in equity securities with a readily determinable fair value are classified as Level 1 in the fair value hierarchy. For additional information related to our investments in equity securities as of September 30, 2022 and December 31, 2021, refer to Note 6.

Recurring Fair Value Measurements

The following table displays the carrying values and fair values of financial instruments as of September 30, 2022 and December 31, 2021:

		September 30, 2022				December 31, 2021
		Carrying Value		Fair Value		Carrying Value		Fair Value
Assets carried at historical cost on the condensed consolidated balance sheets:
Investments in debt securities(1)	Level 2	$	115,034	$	111,754	$	157,173	$	161,356
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Unsecured Notes — public offering(2)	Level 1	$	2,237,755	$	1,736,081	$	1,638,425	$	1,599,001
Mortgage loans(3)	Level 2	2,216,173		2,123,721		3,065,620		3,110,862
Unsecured Notes — private placement(4)	Level 2	300,000		223,023		300,000		298,822
Secured Term Loan(5)	Level 3	403,363		353,335		403,363		422,519
Term Loan Facilities(6)	Level 3	2,650,000		2,652,496		2,500,000		2,506,159
Convertible Senior Notes(7)	Level 3	—		—		141,397		141,631

(1)The carrying values of investments in debt securities are shown net of discount.

(2)The carrying value of the Unsecured Notes — public offering includes $12,245 and $11,575 of unamortized discount and excludes $19,093 and $14,934 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(3)The carrying values of the mortgage loans are shown net of discount and exclude $8,381 and $9,767 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(4)The carrying value of the Unsecured Notes — private placement excludes $1,390 and $1,517 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(5)The carrying value of the Secured Term Loan excludes $1,887 and $2,050 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(6)The carrying values of the Term Loan Facilities exclude $23,509 and $21,878 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(7)On January 18, 2022, we settled the outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock and a cash payment of $271. The carrying value of the Convertible Senior Notes includes unamortized discounts of $93 as of December 31, 2021.

37

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

We value our Unsecured Notes — public offering using quoted market prices for each underlying issuance, a Level 1 price within the fair value hierarchy. The fair values of our investments in debt securities, Unsecured Notes — private placement, and mortgage loans, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at period end.

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3.

The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of September 30, 2022:

	Quantitative Information about Level 3 Fair Value Measurement(1)
	Fair Value		Valuation Technique	Unobservable Input	Rate
Secured Term Loan	$	353,335	Discounted Cash Flow	Effective Rate	5.38%
Term Loan Facilities	2,652,496		Discounted Cash Flow	Effective Rate	4.14%	—	5.72%

(1)Our Level 3 fair value instruments require interest only payments.

Nonrecurring Fair Value Measurements

Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments.

Single-Family Residential Properties

The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount	$	125	$	629	$	861	$	3,582
Total impairments	(101)		(126)		(238)		(650)
Fair value	$	24	$	503	$	623	$	2,932

We did not record any impairments for our investments in single-family residential properties, net held for use during the three and nine months ended September 30, 2022 and 2021. For additional information related to our single-family residential properties as of September 30, 2022 and December 31, 2021, refer to Note 3.

38

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Note 12—Earnings per Share

Basic and diluted EPS are calculated as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted	$	79,032	$	69,108	$	282,242	$	186,622
Denominator:
Weighted average common shares outstanding — basic	610,845,820		577,011,178		609,212,132		570,808,028
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards	1,801,768		1,560,214		1,529,591		1,454,170
Weighted average common shares outstanding — diluted	612,647,588		578,571,392		610,741,723		572,262,198
Net income per common share — basic	$	0.13	$	0.12	$	0.46	$	0.33
Net income per common share — diluted	$	0.13	$	0.12	$	0.46	$	0.33

Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. Because their inclusion would have been anti-dilutive, 21,254 and 22,585 incremental shares attributed to non-vested share-based awards are excluded from the denominator for the nine months ended September 30, 2022 and 2021, respectively. There were no anti-dilutive incremental shares attributed to non-vested share-based awards for the three months ended September 30, 2022 and 2021.

For the three and nine months ended September 30, 2022 and 2021, vested OP Units have been excluded from the computation of EPS because all income attributable to such vested OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders.

For the nine months ended September 30, 2022, using the “if-converted” method, 387,834 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes are excluded from the computation of diluted EPS as they are anti-dilutive. The outstanding balance of the 2022 Convertible Notes was settled in January 2022. As such, they had no effect on potential dilution for the three months ended September 30, 2022. For the three and nine months ended September 30, 2021, using the “if-converted” method, 8,632,132 and 12,964,322 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes, respectively, are excluded from the computation of diluted EPS as they are anti-dilutive. Additionally, no adjustment to the numerator is required for interest expense related to the 2022 Convertible Notes for the three and nine months ended September 30, 2022 and 2021. See Note 7 for further discussion about the 2022 Convertible Notes.

Note 13—Income Tax

We account for income taxes under the asset and liability method. For our taxable REIT subsidiaries (“TRSs”), deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We provide a valuation allowance, from time to time, for deferred tax assets for which we do not consider realization of such assets to be more likely than not. As of September 30, 2022 and December 31, 2021, we have not recorded any deferred tax assets and liabilities or unrecognized tax benefits. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months.

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INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

We have sold assets that were either subject to state and local income taxes or Section 337(d) of the Internal Revenue Code of 1986, as amended, or were held by TRSs. These transactions resulted in $73 and $81 of current income tax expense for the three months ended September 30, 2022 and 2021, respectively, and resulted in $235 and $464 of current income tax expense for the nine months ended September 30, 2022 and 2021, respectively, which has been recorded in gain on sale of property, net of tax in the condensed consolidated statements of operations.

Note 14—Commitments and Contingencies

Lease Commitments

The following table sets forth our fixed lease payment commitments as a lessee as of September 30, 2022, for the periods below:

Year	Operating Leases		Finance Leases
Remainder of 2022	$	1,188	$	671
2023	3,952		2,563
2024	3,675		857
2025	2,227		93
2026	1,117		6
Thereafter	500		—
Total lease payments	12,659		4,190
Less: imputed interest	(599)		(143)
Total lease liability	$	12,060	$	4,047

The components of lease expense for the three and nine months ended September 30, 2022 and 2021 are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost:
Fixed lease cost	$	800	$	991	$	2,466	$	3,105
Variable lease cost	384		364		1,133		968
Total operating lease cost	$	1,184	$	1,355	$	3,599	$	4,073
Finance lease cost:
Amortization of ROU assets	$	675	$	699	$	2,055	$	2,115
Interest on lease liabilities	51		64		178		220
Total finance lease cost	$	726	$	763	$	2,233	$	2,335

New-Build Commitments

We have entered into binding purchase agreements with certain homebuilders for the purchase of 2,212 homes over the next five years. Estimated remaining commitments under these agreements total approximately $700,000 as of September 30, 2022.

Insurance Policies

Pursuant to the terms of certain of our loan agreements (see Note 7), laws and regulations of the jurisdictions in which our properties are located, and general business practices, we are required to procure insurance on our properties. As of September 30, 2022, there are no material contingent liabilities related to uninsured losses with respect to our properties.

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INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Hurricane-Related Losses

During the third quarter of 2022, Hurricane Ian damaged certain of our properties in Florida and the Carolinas. We estimate that our homes incurred approximately $19,000 of hurricane damage which has been expensed as impairment and other on our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and is reflected in other liabilities on our condensed consolidated balance sheet as of September 30, 2022. Based on previous experience, we anticipate that additional damage, and thus costs, may be identified and incurred over the coming months. As such, our estimates will be adjusted as new information becomes available. Additionally, a portion of our losses may be recoverable through insurance policies that provide coverage for wind, flood, and business interruption, subject to deductibles and limits.

Legal Matters

We are subject to various legal proceedings and claims that arise in the ordinary course of our business as well as congressional and regulatory inquiries and engagements. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our condensed consolidated financial statements.

Note 15—Subsequent Events

In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after September 30, 2022, for potential recognition or disclosure.

Dividend Declaration

On October 20, 2022, our board of directors declared a dividend of $0.22 per share to stockholders of record on November 8, 2022, which is payable on November 23, 2022.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information appearing elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements based upon our current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part I. Item 1A. “Risk Factors” of our Annual Report on Form 10-K.

Capitalized terms used without definition have the meaning provided elsewhere in this Quarterly Report on Form 10-Q.

Overview

Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across America. With over 80,000 homes for lease in 16 markets across the country as of September 30, 2022, we are meeting the needs of a growing share of Americans who prefer the ease of leasing 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. The continued demand for our product proves that the choice and flexibility we offer is attractive to many prospective residents.

We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States. Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our portfolio to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated. Since our founding in 2012, we have built a proven, vertically integrated operating platform that enables us to effectively and efficiently acquire, renovate, lease, maintain, and manage our homes.

Our homes average approximately 1,870 square feet with three bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident. We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand.

At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, while at the same time advancing efforts that make our company more innovative and our processes more sustainable. Environmental, social, and governance initiatives are an important part of our strategic business objectives and are critical to our long-term success.

Our mission statement, “Together with you, we make a house a home,” reflects our commitment to high-touch customer service that continuously enhances residents’ living experiences and provides homes where individuals and families can thrive. Each aspect of our operations — whether in our corporate headquarters or field offices located in our 16 markets — is driven by a resident-centric model. Our associates take our values seriously and work hard every day to honor the trust our residents have placed in us to provide safe and secure homes for them and their loved ones. In turn, we focus on ensuring our associates are fairly compensated and that we provide a diverse, equitable, and inclusive culture where they are appreciated for who they are and what they bring to the business. We also place a strong emphasis on the impact we have in our communities and to the environment in general, and we continue to develop programs that demonstrate that commitment. In addition, we ensure that we operate under strong, well-defined governance practices and adhere to the highest ethical standards at all times.

Impact of Macroeconomic Trends and COVID-19

In March 2020, interest rates reached historically low levels, in large part driven by the impacts of COVID-19 on the United States economy. More recently, high consumer demand, low interest rates, global supply chain disruptions, and other factors have contributed to rapidly accelerating economic inflation to an annual inflation rate of 8.2% for the twelve months ended September 30, 2022. To offset the impacts of inflation, since March 2022, the Federal Open Market Committee has raised short-term interest rates a total of 300 bps to a target range of 3.00% to 3.25% as of September 30, 2022, and the committee may continue to raise rates for some period of time.

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Overall weaker economic conditions, ongoing geopolitical tensions, uncertainty in financial markets, including the impact of inflation and rising interest rates, and a general decline in business activity and/or consumer confidence could adversely affect (i) our ability to acquire or dispose of single-family homes, (ii) our access to financial markets on attractive terms, or at all, and (iii) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill. High levels of inflation and interest rates may also negatively impact consumer income, credit availability, 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 supply chain disruptions, labor shortages, and inflationary increases in labor and material costs, have impacted and may continue to impact certain aspects of our business.

The ongoing COVID-19 pandemic continues to create many unknowns that may impact our residents, associates, and suppliers. The ultimate impacts remain unknown, but the overall impact of the pandemic has not created significant disruptions to our business model during the nine months ended September 30, 2022 and 2021. We continue to closely monitor the impact of the pandemic on all aspects of our business and manage our response thereto in collaboration with our residents and business partners.

For further discussion of risks related to the pandemic, see Part I. Item 1A. “Risk Factors — Risks Related to Our Business and Industry — Our business, results of operations, financial condition, and cash flows may be adversely affected by pandemics and outbreaks of infectious disease, particularly the ongoing COVID-19 pandemic” in our Annual Report on Form 10-K.

Climate Change

Climate change continues to attract considerable public, political, and scientific attention. Experiencing or addressing the various physical, regulatory, and adaptation/transition risks of climate change may affect our profitability. Government authorities, including the SEC, and various interest groups are promoting 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 and the implementation of “green” building codes. These 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. Implementation of any voluntary improvements requires consideration of multiple factors, including whether such elections would raise our costs to maintain our homes. Alternatively, choosing not to enhance our homes’ resource efficiency could make our portfolio less attractive to residents and investors and/or increase the vulnerability of our residents to rising energy and water expenses and use restrictions.

As the climate continues to change, and with a portfolio located in a variety of United States markets that include coastal areas, we recognize the increased potential for acute weather events and other climate-related impacts to our business, operations, and homes. We take a proactive approach to protect our properties against potential risks related to climate change and business interruptions, and we recognize that we must continue to adapt our policies, objectives, and processes to improve the resiliency of our physical properties and our business.

Our management and the Board of Directors are focused on managing our business risks, including climate change-related risks. The process to identify, manage, and integrate climate-change risk is part of our enterprise risk management program. For more information on risks related to climate change, see Part I. Item 1A. “Risk Factors — Risks Related to Environmental, Social, and Governance Issues — Climate change, related legislative and regulatory responses to climate change, and the transition to a lower-carbon economy may adversely affect our business, — We are subject to risks from natural disasters such as earthquakes and severe weather, and — We are subject to increasing scrutiny from investors and others regarding our environmental, social, or sustainability, responsibilities, which could result in additional costs or risks and adversely impact our reputation, associate retention, and ability to raise capital from such investors” in our Annual Report on Form 10-K.

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Other Matters

In July 2021, we received congressional inquiries requesting information and documentation about our eviction practices during the COVID-19 pandemic, including information relating to compliance with federal eviction moratorium requirements and cooperation with impacted residents to use federal assistance funds as an alternative to eviction. In October 2021 and January 2022, we received additional congressional inquiries requesting information about our activities in the housing market. We have responded to and have cooperated with these inquiries and information requests.

In August 2021, we received a letter from the staff of the Federal Trade Commission requesting information as to how we conduct our business generally and during the COVID-19 pandemic specifically. We are in the process of responding to and cooperating with this request.

We cannot currently predict the timing, outcome, or scope of the ongoing inquiries.

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Our Portfolio

The following table provides summary information regarding our total and Same Store portfolios as of and for the three months ended September 30, 2022 as noted below:

Market	Number of Homes(1)	Average Occupancy(2)	Average Monthly Rent(3)	Average Monthly Rent PSF(3)	% of Revenue(4)
Western United States:
Southern California	7,789	97.5%	$2,838	$1.67	11.8	%
Northern California	4,454	95.4%	2,552	1.63	6.2	%
Seattle	4,087	92.6%	2,655	1.38	5.8	%
Phoenix	8,906	95.2%	1,869	1.12	9.3	%
Las Vegas	3,179	95.9%	2,078	1.05	3.7	%
Denver	2,678	90.1%	2,401	1.31	3.4	%
Western United States Subtotal	31,093	95.1%	2,382	1.37	40.2	%
Florida:
South Florida	8,380	96.8%	2,653	1.42	12.2	%
Tampa	8,610	96.3%	2,070	1.11	10.0	%
Orlando	6,458	96.4%	2,030	1.09	7.4	%
Jacksonville	1,928	96.9%	2,022	1.02	2.2	%
Florida Subtotal	25,376	96.5%	2,249	1.20	31.8	%
Southeast United States:
Atlanta	12,676	96.8%	1,836	0.89	12.8	%
Carolinas	5,368	96.1%	1,880	0.88	5.5	%
Southeast United States Subtotal	18,044	96.6%	1,849	0.89	18.3	%
Texas:
Houston	2,112	96.2%	1,757	0.91	2.1	%
Dallas	2,869	95.9%	2,069	1.01	3.3	%
Texas Subtotal	4,981	96.0%	1,936	0.97	5.4	%
Midwest United States:
Chicago	2,541	96.8%	2,198	1.36	3.0	%
Minneapolis	1,113	95.2%	2,168	1.11	1.3	%
Midwest United States Subtotal	3,654	96.3%	2,189	1.28	4.3	%
Total / Average	83,148	96.0%	$2,189	$1.17	100.0	%
Same Store Total / Average	74,881	97.5%	$2,181	$1.17	91.0	%

(1)As of September 30, 2022.

(2)Represents average occupancy for the three months ended September 30, 2022.

(3)Represents average monthly rent for the three months ended September 30, 2022.

(4)Represents the percentage of rental revenues and other property income generated in each market for the three months ended September 30, 2022.

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Factors That Affect Our Results of Operations and Financial Condition

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. See Part I. Item 1A. “Risk Factors” of our Annual Report on Form 10-K for more information regarding factors that could materially adversely affect our results of operations and financial condition. 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 rapidly accelerating economic inflation, and the ongoing and numerous adverse impacts of COVID-19.

Market Fundamentals: Our results are impacted by housing market fundamentals and supply and demand conditions in our markets, particularly in the Western United States and Florida, which represented 72.0% of our rental revenues and other property income during the three months ended September 30, 2022. We actively monitor the impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as market fundamentals shift.

Rental Rates and Occupancy Levels: Rental rates and occupancy levels are primary drivers of rental revenues and other property income. Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality, resident defaults, and the amount of time it takes to prepare a home for its next resident and re-lease homes when residents vacate. An important driver of rental rate growth is our ability to increase monthly rents from expiring leases, which typically have a term of one to two years.

Collection Rates: Our rental revenues and other property income are impacted by the rate at which we collect such revenues from our residents. Despite our efforts to assist residents facing financial hardships who need flexibility to fulfill their lease obligations, a portion of amounts receivable may not ultimately be collected. Any amounts billed to residents that have been deemed uncollectible along with our estimate of amounts that may ultimately be uncollectible decrease our rental revenues and other property income.

Turnover Rates and Days to Re-Resident: Other drivers of rental revenues and property operating and maintenance expense include the length of stay of our residents, resident turnover rates, and the number of days a home is unoccupied between residents. 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 rising inflation and interest rates which could adversely affect demand for our properties.

Property Improvements and Maintenance: Property improvements and maintenance impact capital expenditures, property operating and maintenance expense, and rental revenues. 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 current 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. All of these factors may be negatively impacted by current inflationary trends and rising interest rates, potentially reducing the number of homes we acquire.

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 typically incur costs to renovate a home to prepare it for rental. The 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

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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 current 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.

Financing Arrangements: Financing arrangements directly impact our interest expense, our various debt instruments, and our ability to acquire and renovate homes. We have historically utilized indebtedness to fund the acquisition and renovation of new homes. Our current financing arrangements contain financial covenants and other terms and conditions, including variable interest rates in some cases, that are impacted by market conditions. Current macroeconomic conditions may continue to negatively affect volatility, availability of funds, and transaction costs (including interest rates) within financial markets. These factors may also negatively affect our ability to access financial markets as well as our business, results of operations, and financial condition. See Part I. Item 3. “Quantitative and Qualitative Disclosures about Market Risk” for further discussion regarding interest rate risk. Our future financing arrangements may not have similar terms with respect to amounts, interest rates, financial covenants, and durations.

Components of Revenues and Expenses

The following is a description of the components of our revenues and expenses.

Revenues

Rental Revenues and Other Property Income

Rental revenues, net of any concessions and bad debt (including write-offs, credit reserves, and uncollectible amounts), consist of rents collected under lease agreements related to our single-family homes for lease. We enter into leases directly with our residents, and the leases typically have a term of one to two years.

Other property income is comprised of: (i) resident reimbursements for utilities, HOA fines, and other charge-backs; (ii) rent and non-refundable deposits associated with pets; (iii) revenues from ancillary services such as smart homes and HVAC replacement filters; and (iv) various other fees, including late fees and lease termination fees, among others.

Management Fee Revenues

Management fee revenues consist of asset and property management fees from our unconsolidated joint ventures.

Expenses

Property Operating and Maintenance

Once a property is available for its initial lease, which we refer to as “rent-ready,” we incur ongoing property-related expenses, which consist primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, utility expenses, repairs and maintenance, and property administration. 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.

Property Management Expense

Property management expense represents personnel and other costs associated with the oversight and management of our portfolio of homes, including those within our unconsolidated joint ventures. All of our homes are managed through our internal property manager.

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General and Administrative

General and administrative expense represents personnel costs, professional fees, and other costs associated with our day-to-day activities. General and administrative expense may also include expenses that are of a non-recurring nature, such as severance.

Share-Based Compensation Expense

All share-based compensation expense is recognized in our condensed consolidated statements of operations as components of general and administrative expense and property management expense. We issue share-based awards to align the interests of our associates with those of our investors.

Interest Expense

Interest expense includes interest payable on our debt instruments, payments and receipts related to our interest rate swap agreements, amortization of discounts and deferred financing costs, unrealized gains (losses) on non-designated hedging instruments, and non-cash interest expense related to our interest rate swap agreements.

Depreciation and Amortization

We recognize depreciation and amortization expense associated with our homes and other capital expenditures over the expected useful lives of the assets.

Impairment and Other

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 Securities, net

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

Other, net

Other, net includes interest income and other miscellaneous income and expenses.

Gain on Sale of Property, net of tax

Gain on sale of property, net of tax consists of net gains and losses resulting from sales of our homes.

Income (Loss) from Investments in Unconsolidated Joint Ventures

Income (loss) 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.

Results of Operations

Portfolio Information

As of September 30, 2022 and 2021, we owned 83,148 and 81,549 single-family rental homes, respectively, in our total portfolio. During the three months ended September 30, 2022 and 2021, we acquired 244 and 1,082 homes, respectively, and sold 189 and 145 homes, respectively. During the three months ended September 30, 2022 and 2021, we owned an average of 83,123 and 81,007 single-family rental homes, respectively. During the nine months ended September 30, 2022 and 2021, we acquired 1,273 and 1,977 homes, respectively, and sold 506 and 605 homes, respectively. During the nine months ended September 30, 2022 and 2021, we owned an average of 82,859 and 80,547 single-family rental homes, respectively.

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We believe presenting information about the portion of our total portfolio that has been fully operational for the entirety of both a given reporting period and its prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods, and about trends in our organic business. To do so, we provide information regarding the performance of our Same Store portfolio.

As of September 30, 2022, our Same Store portfolio consisted of 74,881 single-family rental homes.

Three Months Ended September 30, 2022 Compared to Three Months Ended September 30, 2021

The following table sets forth a comparison of the results of operations for the three months ended September 30, 2022 and 2021:

	For the Three Months Ended September 30,
($ in thousands)	2022		2021		$ Change		% Change
Revenues:
Rental revenues and other property income	$	565,391	$	508,178	$	57,213	11.3	%
Management fee revenues	3,284		1,354		1,930		142.5	%
Total revenues	568,675		509,532		59,143		11.6	%
Expenses:
Property operating and maintenance	203,787		184,484		19,303		10.5	%
Property management expense	22,385		17,886		4,499		25.2	%
General and administrative	20,123		19,369		754		3.9	%
Interest expense	76,454		79,370		(2,916)		(3.7)	%
Depreciation and amortization	160,428		150,694		9,734		6.5	%
Impairment and other	20,004		4,294		15,710		365.9	%
Total expenses	503,181		456,097		47,084		10.3	%
Gains (losses) on investments in equity securities, net	(796)		4,319		(5,115)		(118.4)	%
Other, net	(8,372)		(1,508)		(6,864)		(455.2)	%
Gain on sale of property, net of tax	23,952		13,047		10,905		83.6	%
Income (loss) from investments in unconsolidated joint ventures	(849)		202		(1,051)		(520.3)	%
Net income	$	79,429	$	69,495	$	9,934	14.3	%

Revenues

For the three months ended September 30, 2022 and 2021, total revenues were $568.7 million and $509.5 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

For the three months ended September 30, 2022 and 2021, total portfolio rental revenues and other property income totaled $565.4 million and $508.2 million, respectively, an increase of 11.3%, driven by an increase in average monthly rent per occupied home and a 2,116 home increase between periods in the average number of homes owned, partially offset by a 100 bps reduction in occupancy and a 70 bps increase in bad debt as a percentage of rental revenue between periods. The increase in bad debt is related to protracted time periods to address residents who are not current on their rent. We may continue to experience volatility in our bad debt rate due to the impact of macroeconomic factors and changes in rental assistance programs.

Average occupancy for the three months ended September 30, 2022 and 2021 for the total portfolio was 96.0% and 97.0%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended September 30, 2022 and 2021 was $2,189 and $1,991, respectively, a 9.9% increase. For our Same Store portfolio, average occupancy was 97.5% and 98.1% for the three months ended September 30, 2022 and 2021, respectively, and average

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monthly rent per occupied home for the three months ended September 30, 2022 and 2021 was $2,181 and $1,989, respectively, a 9.7% increase.

The annualized turnover rate for the Same Store portfolio for the three months ended September 30, 2022 and 2021 was 24.8% and 25.2%, respectively. For the Same Store portfolio, an average home remained unoccupied for 35 and 25 days between residents for the three months ended September 30, 2022 and 2021, respectively. The decrease in annualized turnover rate only partially offset the increase in days to re-resident resulting in an overall decrease in average occupancy on a year over year basis.

To monitor prospective changes in average monthly rent per occupied home, we compare the monthly rent from an expiring lease to the monthly rent from the next lease for the same home, in each case, net of any amortized non-service concessions, to calculate net effective rental rate growth. Leases are either renewal leases, where our current resident stays for a subsequent lease term, or new leases, where our previous resident moves out and a new resident signs a lease to occupy the same home.

Renewal lease net effective rental rate growth for the total portfolio averaged 10.2% and 7.7% for the three months ended September 30, 2022 and 2021, respectively, and new lease net effective rental rate growth for the total portfolio averaged 15.2% and 18.3% for the three months ended September 30, 2022 and 2021, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 10.2% and 7.7% for the three months ended September 30, 2022 and 2021, respectively, and new lease net effective rental rate growth averaged 15.6% and 18.3% for the three months ended September 30, 2022 and 2021, respectively.

Other property income for the three months ended September 30, 2022 increased compared to September 30, 2021, primarily due to increased utility billbacks as new leases are entered into, increased collections of late fees, and enhanced ancillary revenue programs, among other things.

For the three months ended September 30, 2022 and 2021, management fee revenues totaled $3.3 million and $1.4 million, respectively. These fees increased as a result of the formation of new joint ventures and an increase in the number of homes generating revenues within our joint venture investments.

Expenses

For the three months ended September 30, 2022 and 2021, total expenses were $503.2 million and $456.1 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

For the three months ended September 30, 2022, property operating and maintenance expense increased to $203.8 million from $184.5 million for the three months ended September 30, 2021. In addition to a 2,116 home increase in the average number of homes owned between periods, increases in property taxes, repairs and maintenance expense, utilities, and property administrative costs contributed to the overall 10.5% net increase in property operating and maintenance expense.

Property management expense and general and administrative expense increased to $42.5 million from $37.3 million for the three months ended September 30, 2022 and 2021, respectively. The increase is primarily due to increased property management expense, including personnel and technology costs related to expansion of our platform that provides services to both our wholly owned portfolio and our joint venture investments.

Interest expense decreased from $79.4 million for the three months ended September 30, 2021 to $76.5 million for the three months ended September 30, 2022. The decrease in interest expense was primarily due to refinancing activities since September 30, 2021. The decrease in gross debt outstanding of $48.8 million from September 30, 2021 to September 30, 2022 was partially offset by a 9 bps increase in our weighted average interest rate at each period end.

Depreciation and amortization expense increased to $160.4 million for the three months ended September 30, 2022 from $150.7 million for the three months ended September 30, 2021 due to an increase in cumulative capital expenditures and an increase in the average number of homes owned during the three months ended September 30, 2022 compared to the three months ended September 30, 2021.

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Impairment and other expenses were $20.0 million and $4.3 million for the three months ended September 30, 2022 and 2021, respectively. During the three months ended September 30, 2022, impairment and other expenses were comprised of impairment losses of $0.1 million on our single-family residential properties and net casualty losses of $19.9 million which include an accrual of $19.0 million for estimated losses and damages related to Hurricane Ian. During the three months ended September 30, 2021, impairment and other expenses were comprised of impairment losses of $0.1 million on our single-family residential properties and net casualty losses of $4.2 million.

Gains (Losses) on Investments in Equity Securities, net

For the three months ended September 30, 2022, gains (losses) on investments in equity securities, net was comprised of net unrealized losses from marking investments still held at period end to market. For the three months ended September 30, 2021, $4.3 million of gains (losses) on investments in equity securities, net was comprised of $14.2 million of realized gains from the sale of equity securities, net of $9.9 million of unrealized losses from reversals of previously recorded unrealized gains on the sold equity securities and marking investments that have a readily determinable fair value to market as of September 30, 2021.

Other, net

Other, net was $8.4 million for the three months ended September 30, 2022 compared to $1.5 million for the three months ended September 30, 2021, primarily due to a global settlement of a multistate putative class action regarding resident late fees in 2022 and other increases in administrative costs between those periods. The global settlement remains subject to court approval.

Gain on Sale of Property, net of tax

Gain on sale of property, net of tax was $24.0 million and $13.0 million for the three months ended September 30, 2022 and 2021, respectively. The primary driver of the increase was an increase in disposition proceeds received per home between periods and an increase in the number of homes sold from 145 for the three months ended September 30, 2021 to 189 for the three months ended September 30, 2022.

Income (Loss) from Investments in Unconsolidated Joint Ventures

Our share of equity in earnings and/or (losses) from unconsolidated joint ventures was a loss of $0.8 million for the three months ended September 30, 2022 compared to a gain of $0.2 million for the three months ended September 30, 2021. This change is a result of the formation of and commencement of operations in new joint ventures, an increase in the number of homes within our joint venture investments, and the incurrence of interest expense on new financing arrangements within the joint venture investments. These increased costs, including a $1.3 million increase in our share of depreciation expense year over year, were partially offset by a non-cash increase in the fair value of underlying derivative instruments for certain of the joint ventures. Our share of this fair value change was $2.4 million for the three months ended September 30, 2022.

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Nine Months Ended September 30, 2022 Compared to Nine Months Ended September 30, 2021

The following table sets forth a comparison of the results of operations for the nine months ended September 30, 2022 and 2021:

	For the Nine Months Ended September 30,
($ in thousands)	2022		2021		$ Change		% Change
Revenues:
Rental revenues and other property income	$	1,650,131	$	1,473,250	$	176,881	12.0	%
Management fee revenues	8,154		3,140		5,014		159.7	%
Total revenues	1,658,285		1,476,390		181,895		12.3	%
Expenses:
Property operating and maintenance	576,736		528,279		48,457		9.2	%
Property management expense	65,166		51,424		13,742		26.7	%
General and administrative	57,104		56,147		957		1.7	%
Interest expense	225,683		243,540		(17,857)		(7.3)	%
Depreciation and amortization	474,796		440,475		34,321		7.8	%
Impairment and other	22,874		5,630		17,244		306.3	%
Total expenses	1,422,359		1,325,495		96,864		7.3	%
Gains (losses) on investments in equity securities, net	(4,000)		(5,823)		1,823		31.3	%
Other, net	(11,605)		(3,181)		(8,424)		(264.8)	%
Gain on sale of property, net of tax	69,486		45,450		24,036		52.9	%
Income (loss) from investments in unconsolidated joint ventures	(5,870)		564		(6,434)		N/M
Net income	$	283,937	$	187,905	$	96,032	51.1	%

Revenues

For the nine months ended September 30, 2022 and 2021, total revenues were $1,658.3 million and $1,476.4 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

For the nine months ended September 30, 2022 and 2021, total portfolio rental revenues and other property income totaled $1,650.1 million and $1,473.3 million, respectively, an increase of 12.0%, driven by an increase in average monthly rent per occupied home and a 2,312 home increase between periods in the average number of homes owned, partially offset by a 130 bps reduction in occupancy.

Average occupancy for the nine months ended September 30, 2022 and 2021 for the total portfolio was 96.0% and 97.3%, respectively. Average monthly rent per occupied home for the total portfolio for the nine months ended September 30, 2022 and 2021 was $2,133 and $1,950, respectively, a 9.4% increase. For our Same Store portfolio, average occupancy was 97.9% and 98.3% for the nine months ended September 30, 2022 and 2021, respectively, and average monthly rent per occupied home for the nine months ended September 30, 2022 and 2021 was $2,126 and $1,948, respectively, a 9.1% increase.

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The annualized turnover rate for the Same Store portfolio for the nine months ended September 30, 2022 and 2021 was 22.1% and 24.6%, respectively. For the Same Store portfolio, an average home remained unoccupied for 35 and 25 days between residents for the nine months ended September 30, 2022 and 2021, respectively. The decrease in annualized turnover only partially offset the increase in days to re-resident resulting in an overall decrease in average occupancy on a year over year basis. During the nine months ended September 30, 2021, our turnover rate may have been impacted by the effects of the COVID-19 pandemic (e.g., eviction moratoriums and residents who were not inclined to relocate during a pandemic). These moratoriums have now generally been lifted in the vast majority of our markets.

To monitor prospective changes in average monthly rent per occupied home, we compare the monthly rent from an expiring lease to the monthly rent from the next lease for the same home, in each case, net of any amortized non-service concessions, to calculate net effective rental rate growth. Leases are either renewal leases, where our current resident stays for a subsequent lease term, or new leases, where our previous resident moves out and a new resident signs a lease to occupy the same home.

Renewal lease net effective rental rate growth for the total portfolio averaged 10.0% and 6.0% for the nine months ended September 30, 2022 and 2021, respectively, and new lease net effective rental rate growth for the total portfolio averaged 15.4% and 13.6% for the nine months ended September 30, 2022 and 2021, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 10.0% and 6.1% for the nine months ended September 30, 2022 and 2021, respectively, and new lease net effective rental rate growth averaged 15.7% and 13.7% for the nine months ended September 30, 2022 and 2021, respectively.

Other property income for the nine months ended September 30, 2022 increased compared to September 30, 2021, primarily due to increased utility billbacks as new leases are entered into, increased collections of late fees, and enhanced ancillary revenue programs, among other things.

For the nine months ended September 30, 2022 and 2021, management fee revenues totaled $8.2 million and $3.1 million, respectively. These fees increased as a result of the formation of new joint ventures and an increase in the number of homes generating revenues within our joint venture investments.

Expenses

For the nine months ended September 30, 2022 and 2021, total expenses were $1,422.4 million and $1,325.5 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

For the nine months ended September 30, 2022, property operating and maintenance expense increased to $576.7 million from $528.3 million for the nine months ended September 30, 2021. In addition to a 2,312 home increase between periods in the average number of homes owned, increases in property taxes, repairs and maintenance, utilities, and property administrative costs resulted in the overall 9.2% net increase in property operating and maintenance expense.

Property management expense and general and administrative expense increased to $122.3 million from $107.6 million for the nine months ended September 30, 2022 and 2021, respectively. The increase is primarily due to increased property management expense, including personnel and technology costs related to expansion of our platform that provides services to both our wholly owned portfolio and our joint venture investments.

Interest expense decreased from $243.5 million for the nine months ended September 30, 2021 to $225.7 million for the nine months ended September 30, 2022. The decrease in interest expense was primarily due to refinancing activities since September 30, 2021. The decrease in gross debt outstanding of $48.8 million from September 30, 2021 to September 30, 2022 was partially offset by a 9 bps increase in our weighted average interest rate at each period end.

Depreciation and amortization expense increased to $474.8 million for the nine months ended September 30, 2022 from $440.5 million for the nine months ended September 30, 2021 due to an increase in cumulative capital expenditures and an increase in the average number of homes owned during the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021.

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Impairment and other expenses were $22.9 million and $5.6 million for the nine months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022, impairment and other expenses were comprised of net casualty losses of $22.6 million, which include an accrual of $19.0 million for estimated losses and damages related to Hurricane Ian, and impairment losses of $0.2 million on our single-family residential properties. During the nine months ended September 30, 2021, impairment and other expenses were comprised of impairment losses of $0.6 million on our single-family residential properties and net casualty losses of $5.0 million.

Gains (Losses) on Investments in Equity Securities, net

For the nine months ended September 30, 2022, losses on investments in equity securities, net of $4.0 million was comprised of $7.3 million of unrealized losses from reversals of previously recorded unrealized gains on equity securities sold during the period and marking investments still held at period end to market, partially offset by a $3.3 million gain from the sale of equity securities compared to the actual amount originally invested. For the nine months ended September 30, 2021, $5.8 million of losses on investments in equity securities, net was comprised of $21.9 million of unrealized losses from reversals of previously recorded unrealized gains on sold equity securities and marking investments that have a readily determinable fair value to market as of September 30, 2021, partially offset by $16.1 million of realized gains from the sale of equity securities.

Other, net

Other, net increased to $11.6 million for the nine months ended September 30, 2022 from $3.2 million for the nine months ended September 30, 2021, primarily due to a global settlement of a multistate putative class action regarding resident late fees in 2022 and other increases in administrative costs between those periods. The global settlement remains subject to court approval.

Gain on Sale of Property, net of tax

Gain on sale of property, net of tax was $69.5 million and $45.5 million for the nine months ended September 30, 2022 and 2021, respectively. The primary driver of the increase was an increase in disposition proceeds received per home between periods, partially offset by a decrease in the number of homes sold from 605 for the nine months ended September 30, 2021 to 506 for the nine months ended September 30, 2022.

Income (Loss) from Investments in Unconsolidated Joint Ventures

Our share of equity in earnings and/or (losses) from unconsolidated joint ventures was a loss of $5.9 million for the nine months ended September 30, 2022 compared to income of $0.6 million for the nine months ended September 30, 2021. This change is a result of the formation of and commencement of operations in new joint ventures, an increase in the number of homes within our joint venture investments, and the incurrence of interest expense on new financing arrangements within the joint venture investments. These increased costs, including a $2.7 million increase in our share of depreciation expense year over year, were partially offset by a non-cash increase in the fair value of underlying derivative instruments for certain of the joint ventures. Our share of this fair value change was $2.5 million for the nine months ended September 30, 2022 and 2021.

Liquidity and Capital Resources

Our liquidity and capital resources as of September 30, 2022 and December 31, 2021 include unrestricted cash and cash equivalents of $300.3 million and $610.2 million, respectively, a 50.8% decrease primarily due to the funding of acquisitions of single-family residential properties and investments in our joint ventures and net repayments of indebtedness, partially offset by issuance of common stock as further described below.

In addition to our day-to-day business operations, including ongoing acquisitions of and investments in single-family residential properties, funding of commitments, and quarterly dividend and distribution payments, the following activity has occurred since December 31, 2021:

•Through September 30, 2022, we sold 2,438,927 shares of our common stock under our 2021 ATM Equity Program, generating net proceeds of $98.4 million.

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•In March 2022, we entered into an agreement with Rockpoint Group, L.L.C. to form a joint venture that will acquire homes in premium locations and at higher price points relative to our other investments in single-family residential properties (the “2022 Rockpoint JV”). As of September 30, 2022, we have funded $10.0 million to the 2022 Rockpoint JV, and our remaining equity commitment is $40.0 million.

•In January 2022, we settled $141.5 million of the 2022 Convertible Notes through the issuance of 6,216,261 shares of our common stock and a cash payment of $0.3 million.

•On March 25, 2022, we priced a public offering of $600.0 million aggregate principal amount of 4.15% Senior Notes which mature in April 2032; and on April 5, 2022, we closed the offering and issued the related notes (the “2032 Unsecured Notes”).

•On June 22, 2022, we entered into the 2022 Term Loan Facility that provides $725.0 million of borrowing capacity, consisting of a $150.0 million initial term loan and up to three delayed draw term loans totaling $575.0 million which may be drawn during the six month period following the effective date of the 2022 Term Loan Agreement. The loans mature on June 22, 2029.

•During the first half of 2022, we used the proceeds from the 2032 Unsecured Notes and the 2022 Term Loan Facility to make voluntary prepayments of the then-outstanding balances of IH 2018-2 and IH 2018-3, which resulted in a release of each loan’s collateral.

•As a result of Hurricane Ian's impact to some of our homes in Florida and the Carolinas, we recorded an estimated $19.0 million casualty loss expense for hurricane-related losses and damages during the three months ended September 30, 2022. A portion of our losses may be recoverable through insurance policies that provide coverage for wind, flood, and business interruption, subject to deductibles and limits.

As of September 30, 2022, our $1,000.0 million revolving facility (the “Revolving Facility”) remains undrawn, and there are no restrictions on our ability to draw additional funds thereunder provided we remain in compliance with all covenants. As of September 30, 2022, we also have $575.0 million of undrawn capacity on the 2022 Term Loan Facility. We have no debt reaching final maturity until March 2025, provided all extension options are exercised.

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 rising inflation and interest rates, as detailed in Part I. Item 1A. “Risk Factors” of our Annual Report on Form 10-K.

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Long-Term Debt Strategy

The following table summarizes certain information about our debt obligations as of September 30, 2022 ($ in thousands):

Debt Instruments(1)	Balance (Gross of Retained Certificates and Unamortized Discounts)		Balance (Net of Retained Certificates)		Weighted Average Interest Rate	Weighted Average Years to Maturity(2)	Amount Freely Prepayable (Gross)
Secured:
IH 2017-1(3)	$	994,538	$	939,038	4.23%	4.7	$	—
IH 2018-1(4)	560,459		532,419		L + 88 bps	2.4	560,459
IH 2018-4(4)	662,848		629,680		L + 123 bps	3.3	662,848
Secured Term Loan(5)	403,363		403,363		3.59%	8.7	—
Total secured(6)	2,621,208		$	2,504,500	4.02%	4.5	1,223,307
Unsecured:
2020 Term Loan Facility(7)	$	2,500,000			L + 100 bps	3.3	$	2,500,000
2022 Term Loan Facility(8)	150,000				S + 124 bps	6.7	—
Revolving Facility(7)	—				L + 89 bps	3.3	—
Unsecured Notes — May 2028	150,000				2.46%	5.7	—
Unsecured Notes — November 2028	600,000				2.30%	6.1	—
Unsecured Notes — August 2031	650,000				2.00%	8.9	—
Unsecured Notes — April 2032	600,000				4.15%	9.5	—
Unsecured Notes — January 2034	400,000				2.70%	11.3	—
Unsecured Notes — May 2036	150,000				3.18%	13.7	—
Total unsecured(6)	5,200,000				3.37%	6.1	2,500,000
Total debt(6)	7,821,208				3.59%	5.6	$	3,723,307
Unamortized discounts	(13,917)
Deferred financing costs, net	(54,260)
Total debt per balance sheet	7,753,031
Retained certificates	(116,706)
Cash and restricted cash, excluding security deposits and letters of credit	(340,301)
Deferred financing costs, net	54,260
Unamortized discounts	13,917
Net debt	$	7,364,201

(1)For detailed information about and definition of each of our financing arrangements see Part I. Item 1. “Financial Statements —Note 7 of Notes to Condensed Consolidated Financial Statements.” For information about our derivative instruments that hedge floating rate debt, see Part I. Item 1. “Financial Statements — Note 8 of Notes to Condensed Consolidated Financial Statements.”

(2)Weighted average years to maturity assumes all extension options are exercised, which are subject to certain conditions being met.

(3)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.

(4)Interest rates are based on a weighted average spread over the London Interbank Offer Rate (“LIBOR”), or a comparable or successor rate as provided for in our loan agreements, plus applicable servicing fees; as of September 30, 2022, LIBOR was 3.14%.

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(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 one month LIBOR (or a comparable or successor rate as provided for in our loan agreement), including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly.

(6)For secured debt, unsecured debt, and total debt, the weighted average interest rate is calculated based on September 30, 2022, LIBOR of 3.14% or the Secured Overnight Financing Rate (“SOFR”) adjusted for a 0.10% credit spread adjustment (“Adjusted SOFR”) of 3.14%, as appropriate, and includes the impact of interest rate swap agreements effective as of that date.

(7)Interest rate is based on LIBOR plus an applicable margin. As of September 30, 2022, LIBOR was 3.14%.

(8)Interest rate is based on Adjusted SOFR plus the applicable margin. As of September 30, 2022, Adjusted SOFR was 3.14%.

As part of our long-term debt strategy, our goal is to improve our credit ratings, and, over time, we generally intend to target net debt that is approximately 5.5 to 6.0 times trailing twelve months Adjusted EBITDAre (see “— Non-GAAP Measures — EBITDA, EBITDAre, and Adjusted EBITDAre”), secured debt that is less than 20% of gross assets, and unencumbered assets that are greater than 70% of gross assets. To facilitate our long-term debt strategy we expect to seek to, among other things, (a) refinance a significant portion of our secured debt maturing in 2025 and 2026 (assuming all extension options are exercised) with unsecured debt, including potential unsecured bond issuances and/or (b) repay a portion of such debt. There can be no assurance that we will be successful in implementing our long-term debt strategy, improving our credit ratings, or adhering to our targets in the short or medium term or at all, or that we will not change our strategy or targets in the future. We may from time to time fall outside of our target ranges. In addition, we cannot assure you that we will be able to access the capital and credit markets to obtain additional unsecured debt financing or that we will be able to obtain financing on terms favorable to us. For further discussion of risks related to our indebtedness, see Part I. Item 1A. “Risk Factors — Risks Related to Our Indebtedness,” including “Risk Factors — Risks Related to Our Indebtedness — We may be unable to obtain financing through the debt and equity markets, which would have a material adverse effect on our growth strategy and our financial condition and results of operations” in our Annual Report on Form 10-K.

Short-Term and Long-Term Liquidity Needs

Liquidity is a measure of our ability to meet potential cash requirements, maintain our assets, fund our operations, make dividend payments to our stockholders, and meet other general requirements of our business. 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;

•renovation of newly-acquired homes;

•repairs of homes damaged by Hurricane Ian;

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

•property management and general and administrative expenses;

•interest expense;

•dividend payments to our equity investors; and

•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. Additionally, we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the financing of certain of our joint ventures. We do not expect this guarantee to have a material current or future effect on our liquidity. See Part I. Item 1. “Financial Statements — Note 5 of Notes to Consolidated Financial Statements” for additional information about our investments in unconsolidated joint ventures.

Overall macroeconomic conditions, including rising inflation and interest rates, and the ongoing COVID-19 pandemic 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,

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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 a specific mortgage loan or for our secured term loan, 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.

Our real estate assets are illiquid in nature. A timely liquidation of assets may not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing sources, such as the Revolving Facility or the 2022 Term Loan Facility, which had undrawn balances of $1,000.0 million and $575.0 million, respectively, as of September 30, 2022.

Our long-term liquidity requirements consist primarily of funds necessary to pay for the acquisition of, and non-recurring capital expenditures for, our homes, and principal and interest payments of our indebtedness. We intend to satisfy our long-term liquidity needs through cash provided by operations, long-term secured and unsecured borrowings, the issuance of debt and equity securities, and property dispositions. As a REIT, we are required to distribute to our stockholders at least 90% of our taxable income, excluding net capital gain, on an annual basis. Therefore, as a general matter, it is unlikely that we will be able to retain substantial cash balances from our annual taxable income that could be used to meet our liquidity needs. Instead, we will need to meet these needs from external sources of capital and amounts, if any, by which our cash flow generated from operations exceeds taxable income.

Cash Flows

Nine Months Ended September 30, 2022 Compared to Nine Months Ended September 30, 2021

The following table summarizes our cash flows for the nine months ended September 30, 2022 and 2021:

	For the Nine Months Ended September 30,
($ in thousands)	2022		2021		$ Change		% Change
Net cash provided by operating activities	$	903,946	$	782,314	$	121,632	15.5	%
Net cash used in investing activities	(756,089)		(728,310)		(27,779)		(3.8)	%
Net cash provided by (used in) financing activities	(450,819)		355,378		(806,197)		(226.9)	%
Change in cash, cash equivalents, and restricted cash	$	(302,962)	$	409,382	$	(712,344)	(174.0)	%

Operating Activities

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 $903.9 million and $782.3 million for the nine months ended September 30, 2022 and 2021, respectively, an increase of 15.5%. The increase in cash provided by operating activities is primarily due to (1) improved operational profitability, including a $133.4 million increase in total revenues net of property operating and maintenance expense from period to period, partially offset by (2) a net $20.0 million use of cash between periods from changes in operating assets and liabilities.

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 our joint ventures. Net cash used in investing activities was $756.1 million and $728.3 million for the nine months ended September 30, 2022 and 2021, respectively, an increase of $27.8 million. The increase in net cash used in investing activities resulted primarily from the combined effect of the following significant changes in cash flows during the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021: (1) an increase in cash used for investments in joint ventures; (2) a decrease in cash used for the acquisition of homes (3) an increase in initial renovations of homes; and (4) an increase in capital expenditures. More specifically, investments in joint ventures increased $141.6 million as a result of the formation of new joint ventures and increased acquisition activity in our existing joint ventures during the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021. Acquisition spend decreased $234.6 million due to a decrease in the number of homes acquired from

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1,977 during the nine months ended September 30, 2021 to 1,273 homes acquired during the nine months ended September 30, 2022. Renovation spend increased by $52.4 million due to more renovations being completed in during the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021, and capital expenditures increased by $34.6 million year over year due to increased average home count and other increases in costs to maintain per home, including the impact of inflation.

Financing Activities

Net cash provided by (used in) financing activities was $(450.8) million and $355.4 million for the nine months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022, issuances and sales of stock under our 2021 ATM Equity Program generated $98.4 million of net proceeds which were used primarily for acquisitions. During that period, we also issued $598.4 million of unsecured notes and borrowed $150.0 million on a new term loan facility. The proceeds from this financing activity along with cash from operations were used to repay $849.7 million of mortgage loans. During that period, we also made $406.4 million of dividend and distribution payments funded by cash flows from operations and proceeds from home sales. During the nine months ended September 30, 2021, we received $939.6 million of proceeds from the issuance and sale of unsecured notes which along with available cash and proceeds from sales of homes were used to repay $964.3 million of principal on our mortgage loans, including partial repayments of IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, and IH 2018-4. Issuances and sales of stock under our 2019 ATM Equity Program and the 2021 Public Offering generated $693.4 million of net proceeds during the nine months ended September 30, 2021. During that period, we also made $293.8 million of dividend and distribution payments.

Contractual Obligations

Our contractual obligations as of September 30, 2022, consist of the following:

($ in thousands)	Total		2022(1)		2023-2024		2025-2026		Thereafter
Mortgage loans(2)(3)(4)	$	2,567,104	$	23,677	$	188,701	$	1,341,753	$	1,012,973
Secured Term Loan(2)(3)	529,099		3,618		28,944		28,944		467,593
Unsecured Notes(2)(3)	3,195,343		17,740		141,920		141,920		2,893,763
Term Loan Facilities(2)(3)(4)(5)	3,053,403		28,441		225,983		2,629,586		169,393
Revolving Facility(2)(3)(4)(5)	6,772		511		4,061		2,200		—
Derivative instruments(6)	(21,543)		(2,169)		(17,053)		(2,321)		—
Purchase commitments(7)	52,941		44,433		8,508		—		—
Operating leases	12,659		1,188		7,627		3,344		500
Finance leases	4,190		671		3,420		99		—
Total	$	9,399,968	$	118,110	$	592,111	$	4,145,525	$	4,544,222

(1)Includes estimated payments for the remaining three months of 2022.

(2)Includes estimated interest payments through the extended maturity date, as applicable, based on the principal amount outstanding as of September 30, 2022.

(3)Interest is calculated at rates in effect as of September 30, 2022, including the indexed rate and any applicable margin, and that rate is held constant until the maturity date. As of September 30, 2022, LIBOR was 3.14%, and Adjusted SOFR was 3.14%.

(4)Calculated based on the maturity date if we exercise each of the remaining extension options available, which are subject to certain conditions being met. See Part I. Item 1. “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.

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(6)Includes payments (receipts) related to interest rate swap and interest rate cap obligations, calculated using LIBOR as of September 30, 2022, or 3.14%.

(7)Represents commitments to acquire 125 single-family rental homes. The amounts above do not include commitments pursuant to binding purchase agreements with certain homebuilders for the purchase of 2,212 homes over the next five years. Estimated remaining commitments under these agreements total approximately $700.0 million as of September 30, 2022.

Additionally, we have commitments, which are not reflected in the table above, to make additional capital contributions to our joint ventures. As of September 30, 2022, our remaining equity commitments to the joint ventures total $128.3 million.

LIBOR Transition

Certain securitizations, the Secured Term Loan, the 2020 Term Loan Facility, and the Revolving Facility (collectively, the “LIBOR-Based Loans”) use one month LIBOR as a benchmark for establishing interest rates. Our derivative instruments are also indexed to one month LIBOR. On March 5, 2021, the Financial Conduct Authority of the United Kingdom, which has statutory powers to require panel banks to contribute to LIBOR, announced that it would cease publication of the one week and two month USD LIBOR immediately after December 31, 2021 and cease publication of the remaining tenors immediately after June 30, 2023. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for financial contracts that mature after June 30, 2023 which do not contain clearly defined or practicable fallback provisions. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve.

Once one month LIBOR is phased out on June 30, 2023, the interest rates for our LIBOR-Based Loans will be indexed to a comparable or successor rate as provided for in our loan agreements. That said, we anticipate the need to work with our lenders to document and effectuate the necessary index changes via the terms of the underlying debt instruments. We will also work with the counterparties to our LIBOR-based swap and cap agreements to adjust each to a comparable or successor rate. Furthermore, we will continue to make the appropriate elections available within ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting to ease the impact of transition from LIBOR to comparable or successor rates on hedge accounting. As more fully described in Part I. Item 1. “Financial Statements —Note 2 of Notes to Condensed Consolidated Financial Statements,” we have and will continue to elect to apply practical expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s) as qualifying changes are made to applicable debt and derivative instruments. While we do not expect that the transition from LIBOR and risks related thereto will have a material adverse effect on our financing costs, the ultimate outcome of this change is uncertain at this time, and significant management time and attention may be required to transition to using the new benchmark rates and to implement necessary changes to our financial models.

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

Furthermore, as permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, we have excluded the summarized financial information for the INVH LP, the General Partner, and IH Merger Sub, because the combined assets, liabilities, and results of operations of INVH, INVH LP, the General Partner, and IH Merger Sub are not materially different than the corresponding

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amounts in our condensed consolidated financial statements, and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

Purchase of Outstanding Debt Securities or Loans

As market conditions warrant, we may from time to time seek to purchase our outstanding debt or debt securities that we may issue in the future, in privately negotiated or open market transactions, by tender offer or otherwise. Subject to any applicable limitations contained in the agreements governing our indebtedness, any purchases made by us may be funded by the use of cash on our condensed consolidated balance sheet or the incurrence of new secured or unsecured debt, including borrowings under our Credit Facility. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material. Any such purchases may be with respect to a substantial amount of a particular class or series of debt, with the attendant reduction in the trading liquidity of such class or series. In addition, any such purchases made at prices below the “adjusted issue price” (as defined for United States federal income tax purposes) may result in taxable cancellation of indebtedness income to us, which amounts may be material, and in related adverse tax consequences to us.

Critical Accounting Policies and Estimates

Critical accounting policies are those accounting policies that management believes are important to the portrayal of our financial condition and results and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. We believe that our critical accounting policies pertain to our investments in single-family residential properties, including acquisition of real estate assets, related cost capitalization, provisions for impairment, and single-family residential properties held for sale. These critical policies and estimates are summarized in Part II. Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K. We periodically evaluate the appropriateness of our accounting policies in accordance with authoritative guidance. Based on a review of the useful lives of the components of our buildings and improvements, we extended the weighted average useful lives range for depreciation thereof from 7 to 28.5 years to 7 to 32 years. This change was implemented for additions to our single-family residential properties placed in service after January 1, 2022. There were no additional material changes to our critical accounting policies during the nine months ended September 30, 2022.

For a discussion of recently adopted accounting standards, if any, see Part I. Item 1. “Financial Statements — Note 2 of Notes to Condensed Consolidated Financial Statements.”

Segment Reporting

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

Under the provisions of ASC 280, Segment Reporting, we have determined that we have one reportable segment related to acquiring, renovating, leasing, and operating single-family homes as rental properties. The CODM evaluates operating performance and allocates resources on a total portfolio basis. The CODM utilizes NOI as the primary measure to evaluate performance of the total portfolio. The aggregation of individual homes constitutes the total portfolio. Decisions regarding acquisitions and dispositions of homes are made at the individual home level with a focus on accretive growth in high-growth locations where we have greater scale and density.

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Non-GAAP Measures

EBITDA, EBITDAre, and Adjusted EBITDAre

EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in accordance with GAAP before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. The National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. Consistent with the Nareit definition, we define EBITDAre as EBITDA, further adjusted for the following: gain on sale of property, net of tax; impairment on depreciated real estate investments; and adjustments for unconsolidated joint ventures.

Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; severance; casualty (gains) losses, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

Our management uses EBITDA, EBITDAre, and Adjusted EBITDAre in a number of ways to assess our condensed consolidated financial and operating performance, and we believe these measures are helpful to management and external users in identifying trends in our performance. EBITDA, EBITDAre, and Adjusted EBITDAre help management identify controllable expenses and make decisions designed to help us meet our current financial goals and optimize our financial performance, while neutralizing the impact of capital structure on results. Accordingly, we believe these metrics measure our financial performance based on operational factors that management can impact in the short-term, namely our cost structure and expenses.

We believe that the presentation of EBITDA, EBITDAre, and Adjusted EBITDAre provides information useful to investors in assessing our financial condition and results of operations. The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies.

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021
Net income available to common stockholders	$	79,032	$	69,108	$	282,242	$	186,622
Net income available to participating securities	147		69		515		260
Non-controlling interests	250		318		1,180		1,023
Interest expense	76,454		79,370		225,683		243,540
Interest expense in unconsolidated joint ventures	(613)		370		838		669
Depreciation and amortization	160,428		150,694		474,796		440,475
Depreciation and amortization of investments in unconsolidated joint ventures	1,714		389		3,466		739
EBITDA	317,412		300,318		988,720		873,328
Gain on sale of property, net of tax	(23,952)		(13,047)		(69,486)		(45,450)
Impairment on depreciated real estate investments	101		126		238		650
Net gain on sale of investments in unconsolidated joint ventures	(251)		(360)		(567)		(800)
EBITDAre	293,310		287,037		918,905		827,728
Share-based compensation expense(1)	7,930		6,052		22,565		21,072
Severance	46		226		253		500
Casualty losses, net(2)	19,903		4,168		22,636		4,980
(Gains) losses on investments in equity securities, net	796		(4,319)		4,000		5,823
Other, net(3)	8,372		1,508		11,605		3,181
Adjusted EBITDAre	$	330,357	$	294,672	$	979,964	$	863,284

(1)For the three months ended September 30, 2022 and 2021, $1,761 and $1,277 was recorded in property management expense, respectively, and $6,169 and $4,775 was recorded in general and administrative expense, respectively. For the nine months ended September 30, 2022 and 2021, $4,981 and $4,154 was recorded in property management expense, respectively, and $17,584 and $16,918 was recorded in general and administrative expense, respectively.

(2)Includes accrual of $19,000 for estimated losses and damages related to Hurricane Ian for the three and nine months ended September 30, 2022.

(3)Includes interest income and other miscellaneous income and expenses.

Net Operating Income

NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, utility expenses, repairs and maintenance, and property administration). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and income (loss) from investments in unconsolidated joint ventures.

We consider NOI to be a meaningful supplemental financial measure of our performance when considered with the financial statements determined in accordance with GAAP. We believe NOI is helpful to investors in understanding the core performance of our real estate operations. The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

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We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store portfolio.

The following table presents a reconciliation of net income (as determined in accordance with GAAP) to NOI for our total portfolio and NOI for our Same Store portfolio for each of the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021
Net income available to common stockholders	$	79,032	$	69,108	$	282,242	$	186,622
Net income available to participating securities	147		69		515		260
Non-controlling interests	250		318		1,180		1,023
Interest expense	76,454		79,370		225,683		243,540
Depreciation and amortization	160,428		150,694		474,796		440,475
Property management expense(1)	22,385		17,886		65,166		51,424
General and administrative(2)	20,123		19,369		57,104		56,147
Impairment and other(3)	20,004		4,294		22,874		5,630
Gain on sale of property, net of tax	(23,952)		(13,047)		(69,486)		(45,450)
(Gains) losses on investments in equity securities, net	796		(4,319)		4,000		5,823
Other, net(4)	8,372		1,508		11,605		3,181
Management fee revenues	(3,284)		(1,354)		(8,154)		(3,140)
(Income) loss from investments in unconsolidated joint ventures	849		(202)		5,870		(564)
NOI (total portfolio)	361,604		323,694		1,073,395		944,971
Non-Same Store NOI	(33,229)		(21,315)		(87,818)		(56,935)
NOI (Same Store portfolio)(5)	$	328,375	$	302,379	$	985,577	$	888,036

(1)Includes $1,761 and $1,277 of share-based compensation expense for the three months ended September 30, 2022 and 2021, respectively. Includes $4,981 and $4,154 of share-based compensation expense for the nine months ended September 30, 2022 and 2021, respectively.

(2)Includes $6,169 and $4,775 of share-based compensation expense for the three months ended September 30, 2022 and 2021, respectively. Includes $17,584 and $16,918 of share-based compensation expense for the nine months ended September 30, 2022 and 2021, respectively.

(3)Includes accrual of $19,000 for estimated losses and damages related to Hurricane Ian for the three and nine months ended September 30, 2022.

(4)Includes interest income and other miscellaneous income and expenses.

(5)The Same Store portfolio totaled 74,881 homes for the nine months ended September 30, 2022 and 2021.

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Funds from Operations, Core Funds from Operations, and Adjusted Funds from Operations

Funds From Operations (“FFO”), Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures.

We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from net income or loss (computed in accordance with GAAP). By excluding depreciation and amortization and gains or losses on sales of real estate, management uses FFO to measure returns on its investments in homes. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the homes that result from use or market conditions nor the level of capital expenditures to maintain the operating performance of the homes, all of which have real economic effect and could materially affect our results from operations, the utility of FFO as a measure of our performance is limited.

Management also believes that FFO, combined with the required GAAP presentations, is useful to investors in providing more meaningful comparisons of the operating performance of a company’s real estate between periods or as compared to other companies. The GAAP measure most directly comparable to FFO is net income or loss. FFO is not used as a measure of our liquidity and should not be considered an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. 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.

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. We define Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; severance expense; casualty (gains) losses, net; and (gains) losses on investments in equity securities, net, as applicable. We define Adjusted FFO as Core FFO less recurring capital expenditures, including adjustments for unconsolidated joint ventures, that are necessary to help preserve the value, and maintain the functionality, of our homes. The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. Core FFO and Adjusted FFO are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. 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. No adjustments were made to the Core FFO and Adjusted FFO per common share — diluted computations for potential shares of common stock related to the Convertible Senior Notes. Accordingly, there can be no assurance that our basis for computing this non-GAAP measures is comparable with that of other companies.

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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:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands, except shares and per share data)	2022		2021		2022		2021
Net income available to common stockholders	$	79,032	$	69,108	$	282,242	$	186,622
Add (deduct) adjustments from net income to derive FFO:
Net income available to participating securities	147		69		515		260
Non-controlling interests	250		318		1,180		1,023
Depreciation and amortization on real estate assets	158,199		148,957		468,272		435,348
Impairment on depreciated real estate investments	101		126		238		650
Net gain on sale of previously depreciated investments in real estate	(23,952)		(13,047)		(69,486)		(45,450)
Depreciation and net gain on sale of investments in unconsolidated joint ventures	1,440		29		2,856		(61)
FFO	215,217		205,560		685,817		578,392
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives, including our share from unconsolidated joint ventures	4,539		9,004		17,507		25,791
Share-based compensation expense(1)	7,930		6,052		22,565		21,072
Legal settlements(2)	7,400		—		7,400		—
Severance expense	46		226		253		500
Casualty losses, net(3)	19,903		4,168		22,636		4,980
(Gains) losses on investments in equity securities, net	796		(4,319)		4,000		5,823
Core FFO	255,831		220,691		760,178		636,558
Recurring capital expenditures, including our share from unconsolidated joint ventures	(44,683)		(36,248)		(115,057)		(89,437)
Adjusted FFO	$	211,148	$	184,443	$	645,121	$	547,121
Net income available to common stockholders
Weighted average common shares outstanding — diluted(4)(5)(6)	612,647,588		578,571,392		610,741,723		572,262,198
Net income per common share — diluted(4)(5)(6)	$	0.13	$	0.12	$	0.46	$	0.33
FFO
Numerator for FFO per common share — diluted(4)	$	215,217	$	205,560	$	685,817	$	590,923
Weighted average common shares and OP Units outstanding — diluted(4)(5)(6)	615,172,460		581,333,229		613,497,425		588,603,771
FFO per common share — diluted(4)(5)(6)	$	0.35	$	0.35	$	1.12	$	1.00
Core FFO and Adjusted FFO
Weighted average common shares and OP Units outstanding — diluted(4)(5)(6)	615,172,460		581,333,229		613,497,425		575,639,449
Core FFO per common share — diluted(4)(5)(6)	$	0.42	$	0.38	$	1.24	$	1.11
AFFO per common share — diluted(4)(5)(6)	$	0.34	$	0.32	$	1.05	$	0.95

(1)For the three months ended September 30, 2022 and 2021, $1,761 and $1,277 was recorded in property management expense, respectively, and $6,169 and $4,775 was recorded in general and administrative expense, respectively. For the nine months ended September 30, 2022 and 2021, $4,981 and $4,154 was recorded in property management expense, respectively, and $17,584 and $16,918 was recorded in general and administrative expense, respectively.

(2)Represents the estimated cost of a global settlement of a multistate putative class action regarding resident late fees. The settlement remains subject to court approval.

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(3)Includes accrual of $19,000 for estimated losses and damages related to Hurricane Ian for the three and nine months ended September 30, 2022.

(4)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 three and nine months ended September 30, 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.

For the nine months ended September 30, 2021, the numerator for FFO per common share — diluted was adjusted for interest expense on the 2022 Convertible Notes, including non-cash amortization of discounts, totaling $12,531, and the denominator was adjusted for 12,964,322 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes. For the three months ended September 30, 2021, 8,632,132 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes, are excluded from the computation of FFO per common share — diluted as they are anti-dilutive and are excluded from Core FFO and AFFO per common share — diluted. For the three and nine months ended September 30, 2021, no such adjustments were made to Core FFO and AFFO per common share —diluted.

(5)Incremental shares attributed to non-vested share-based awards totaling 1,801,768 and 1,560,214 for the three months ended September 30, 2022 and 2021, respectively, and 1,529,591 and 1,454,170 for the nine months ended September 30, 2022 and 2021, respectively, are included in weighted average common shares outstanding in the calculation of net income per common share — diluted. For the computations of FFO, Core FFO, and AFFO per common share — diluted, common share equivalents of 2,008,267 and 1,783,766 for the three months ended September 30, 2022 and 2021, respectively, and 1,743,556 and 1,756,872 for the nine months ended September 30, 2022 and 2021, respectively, related to incremental shares attributed to non-vested share-based awards are included in the denominator.

(6)Vested units of partnership interests in INVH LP (“OP Units”) have been excluded from the computation of net income per common share — diluted for the periods above because all net income attributable to the vested OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders. Weighted average vested OP Units of 2,318,373 and 2,538,285 for the three months ended September 30, 2022 and 2021, respectively, and 2,541,737 and 3,074,549 for the nine months ended September 30, 2022 and 2021, respectively, are included in the denominator for the computations of FFO, Core FFO, and AFFO per common share — diluted.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our future income, cash flows, and fair values relevant to financial instruments are dependent upon prevalent market interest rates. Market risk refers to the risk of loss from adverse changes in interest rates, seasonality, market prices, commodity prices, and inflation. The primary market risks to which we are exposed are interest rate risk and seasonality. We may in the future use derivative financial instruments to manage, or hedge, interest rate risks related to any borrowings we may have. We may enter into such contracts only with major financial institutions based on their credit ratings and other factors.

Interest Rate Risk

A primary market risk to which we believe we are exposed is interest rate risk, which may result from many factors, including government monetary and tax policies, domestic and international economic and political considerations, and other factors that are beyond our control. We may incur additional variable rate debt in the future, including additional amounts that we may borrow under the Credit Facility or the 2022 Term Loan Facility. In addition, decreases in interest rates may lead to additional competition for the acquisition of single-family homes, which may lead to future acquisitions being more costly and resulting in lower yields on single-family homes targeted for acquisition. Significant increases in interest rates may also have an adverse impact on our earnings if we are unable to increase rents on expired leases or acquire single-family homes with rental rates high enough to offset the increase in interest rates on our borrowings.

67

As of September 30, 2022, our $3,873.3 million of outstanding variable-rate debt was comprised of borrowings on our mortgage loans of $1,223.3 million and Term Loan Facilities of $2,650.0 million. As of September 30, 2022, we had effectively converted 98.6% of these borrowings to a fixed rate through interest rate swap agreements. Our variable-rate borrowings bear interest at one month LIBOR or Adjusted SOFR plus the applicable spread. Assuming no change in the outstanding balance of our existing debt, the projected effect of a 100 bps increase or decrease in LIBOR and Adjusted SOFR, collectively, on our annual interest expense would be an estimated increase or decrease of $0.5 million. This estimate considers the impact of our interest rate swap agreements, interest rate cap agreements, and any LIBOR or SOFR floors or minimum interest rates stated in the agreements of the respective borrowings.

This analysis does not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Further, in the event of a change of such magnitude, we may consider taking actions to further mitigate our exposure to the change. However, because of the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure.

Seasonality

Our business and related operating results have been, and we believe will continue to be, impacted by seasonal factors throughout the year. In particular, we have experienced higher levels of resident move-outs during the summer months, which impacts both our rental revenues and related turnover costs. Further, our property operating costs are seasonally impacted in certain markets by increases in expenses such as HVAC repairs and costs to re-resident during the summer season.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We maintain a set of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) designed to ensure that information required to be disclosed in reports we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. The design of any disclosure controls and procedures is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2022. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2022, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control

There has been no change in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

68

PART II

ITEM 1. LEGAL PROCEEDINGS

We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us other than routine litigation and administrative proceedings arising in the ordinary course of business.

ITEM 1A. RISK FACTORS

For a discussion of our potential risks or uncertainties, you should carefully read and consider risk factors previously disclosed under Part I. Item 1A. “Risk Factors” of our Annual Report on Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

69

EXHIBIT INDEX

Exhibit number	Description
3.1	Charter of Invitation Homes Inc., dated as of February 6, 2017 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 1-38004) filed on February 6, 2017).
3.2	Amended and Restated Bylaws of Invitation Homes Inc., dated as of February 2, 2022 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 1-38004) filed on February 2, 2022).
31.1	Certificate of Dallas B. Tanner, President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certificate of Ernest M. Freedman, Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certificate of Dallas B. Tanner, President and Chief Executive Officer, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
32.2	Certificate of Ernest M. Freedman, Executive Vice President and Chief Financial Officer, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Certain agreements and other documents filed as exhibits to this Quarterly Report on Form 10-Q contain representations and warranties that the parties thereto made to each other. These representations and warranties have been made solely for the benefit of the other parties to such agreements and may have been qualified by certain information that has been disclosed to the other parties to such agreements and other documents and that may not be reflected in such agreements and other documents. In addition, these representations and warranties may be intended as a way of allocating risks among parties if the statements contained therein prove to be incorrect, rather than as actual statements of fact. Accordingly, there can be no reliance on any such representations and warranties as characterizations of the actual state of facts. Moreover, information concerning the subject matter of any such representations and warranties may have changed since the date of such agreements or other documents.

70

SIGNATURES

Pursuant to the requirements of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Invitation Homes Inc.
By:	/s/ Ernest M. Freedman
	Name: Ernest M. Freedman
	Title: Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)
	Date: October 27, 2022
By:	/s/ Kimberly K. Norrell
	Name: Kimberly K. Norrell
	Title: Executive Vice President and Chief Accounting Officer
	(Principal Accounting Officer)
	Date: October 27, 2022

71

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Dallas B. Tanner, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Invitation Homes Inc. for the quarterly period ended September 30, 2022;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Dallas B. Tanner
	Dallas B. Tanner
	President and Chief Executive Officer
	(Principal Executive Officer)
	October 27, 2022

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Ernest M. Freedman, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Invitation Homes Inc. for the quarterly period ended September 30, 2022;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Ernest M. Freedman
	Ernest M. Freedman
	Chief Financial Officer
	(Principal Financial Officer)
	October 27, 2022

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Invitation Homes Inc. (the “Company”) for the quarterly period ended September 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dallas B. Tanner, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Dallas B. Tanner
	Dallas B. Tanner
	President and Chief Executive Officer
	(Principal Executive Officer)
	October 27, 2022

A signed original of this certification required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Invitation Homes Inc. (the “Company”) for the quarterly period ended September 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ernest M. Freedman, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Ernest M. Freedman
	Ernest M. Freedman
	Chief Financial Officer
	(Principal Financial Officer)
	October 27, 2022

A signed original of this certification required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38004
Entity Registrant Name	Invitation Homes Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	90-0939055
Entity Address, Address Line One	1717 Main Street,
Entity Address, Address Line Two	Suite 2000
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(972)
Local Phone Number	421-3600
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	INVH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Stock Outstanding (in shares)		611,409,909
Entity Central Index Key	0001687229
Document Fiscal Year Focus	2022
Document Fiscal Period focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments in single-family residential properties:
Land	$ 4,810,449	$ 4,737,938
Building and improvements	15,817,725	15,270,443
Total gross investments in the properties	20,628,174	20,008,381
Less: accumulated depreciation	(3,519,211)	(3,073,059)
Investments in single-family residential properties, net	17,108,963	16,935,322
Cash and cash equivalents	300,312	610,166
Restricted cash	215,584	208,692
Goodwill	258,207	258,207
Investments in unconsolidated joint ventures	286,897	130,395
Other assets, net	508,451	395,064
Total assets	18,678,414	18,537,846
Liabilities:
Mortgage loans, net	2,207,792	3,055,853
Secured term loan, net	401,476	401,313
Unsecured notes, net	2,517,272	1,921,974
Term loan facilities, net	2,626,491	2,478,122
Revolving facility	0	0
Convertible senior notes, net	0	141,397
Accounts payable and accrued expenses	325,967	193,633
Resident security deposits	173,280	165,167
Other liabilities	79,787	341,583
Total liabilities	8,332,065	8,699,042
Commitments and contingencies (Note 14)
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2022 and December 31, 2021	0	0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 611,409,909 and 601,045,438 outstanding as of September 30, 2022 and December 31, 2021, respectively	6,114	6,010
Additional paid-in capital	11,133,258	10,873,539
Accumulated deficit	(916,138)	(794,869)
Accumulated other comprehensive income (loss)	91,892	(286,938)
Total stockholders' equity	10,315,126	9,797,742
Non-controlling interests	31,223	41,062
Total equity	10,346,349	9,838,804
Total liabilities and equity	$ 18,678,414	$ 18,537,846

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	900,000,000	900,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	9,000,000,000	9,000,000,000
Common stock, shares outstanding (in shares)	611,409,909	601,045,438

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Rental revenues and other property income	$ 565,391	$ 508,178	$ 1,650,131	$ 1,473,250
Management fee revenues	3,284	1,354	8,154	3,140
Total revenues	568,675	509,532	1,658,285	1,476,390
Expenses:
Property operating and maintenance	203,787	184,484	576,736	528,279
Property management expense	22,385	17,886	65,166	51,424
General and administrative	20,123	19,369	57,104	56,147
Interest expense	76,454	79,370	225,683	243,540
Depreciation and amortization	160,428	150,694	474,796	440,475
Impairment and other	20,004	4,294	22,874	5,630
Total expenses	503,181	456,097	1,422,359	1,325,495
Gains (losses) on investments in equity securities, net	(796)	4,319	(4,000)	(5,823)
Other, net	(8,372)	(1,508)	(11,605)	(3,181)
Gain on sale of property, net of tax	23,952	13,047	69,486	45,450
Income (loss) from investments in unconsolidated joint ventures	(849)	202	(5,870)	564
Net income	79,429	69,495	283,937	187,905
Net income attributable to non-controlling interests	(250)	(318)	(1,180)	(1,023)
Net income attributable to common stockholders	79,179	69,177	282,757	186,882
Net income available to participating securities	(147)	(69)	(515)	(260)
Net income available to common stockholders — basic (Note 12)	79,032	69,108	282,242	186,622
Net income available to common stockholders — diluted (Note 12)	$ 79,032	$ 69,108	$ 282,242	$ 186,622
Weighted average common shares outstanding — basic (in shares)	610,845,820	577,011,178	609,212,132	570,808,028
Weighted average common shares outstanding — diluted (in shares)	612,647,588	578,571,392	610,741,723	572,262,198
Net income per common share — basic (in usd per share)	$ 0.13	$ 0.12	$ 0.46	$ 0.33
Net income per common share — diluted (in usd per share)	$ 0.13	$ 0.12	$ 0.46	$ 0.33

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 79,429	$ 69,495	$ 283,937	$ 187,905
Other comprehensive income
Unrealized gains (losses) on interest rate swaps	102,940	(1,586)	316,479	57,283
Losses from interest rate swaps reclassified into earnings from accumulated other comprehensive loss	9,591	37,074	63,837	112,973
Other comprehensive income	112,531	35,488	380,316	170,256
Comprehensive income	191,960	104,983	664,253	358,161
Comprehensive income attributable to non-controlling interests	(677)	(550)	(2,739)	(2,216)
Comprehensive income attributable to common stockholders	$ 191,283	$ 104,433	$ 661,514	$ 355,945

XML

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2020			567,117,666
Beginning Balance at Dec. 31, 2020	$ 8,556,073	$ 8,504,825	$ 5,671	$ 9,707,258	$ (661,162)	$ (546,942)	$ 51,248
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital distributions	(1,659)						(1,659)
Net income	187,905	186,882			186,882		1,023
Dividends and dividend equivalents declared	(292,952)	(292,952)			(292,952)
Issuance of common stock — settlement of RSUs, net of tax (in shares)			675,618
Issuance of common stock — settlement of RSUs, net of tax	(9,403)	(9,403)	$ 7	(9,410)
Issuance of common stock — settlement of 2022 Convertible Notes (in shares)			8,723,421
Issuance of common stock — settlement of 2022 Convertible Notes	$ 198,508	198,508	$ 87	198,421
Issuance of common stock, net (in shares)	27,776,008		17,451,969
Issuance of common stock, net	$ 693,445	693,445	$ 175	693,270
Share-based compensation expense	21,072	19,495		19,495			1,577
Total other comprehensive income	170,256	169,063				169,063	1,193
Redemption of OP Units for common stock (in shares)			925,000
Redemption of OP Units for common stock	0	13,117	$ 9	13,657		(549)	(13,117)
Ending Balance, common stock, shares outstanding (in shares) at Sep. 30, 2021			594,893,674
Ending Balance at Sep. 30, 2021	9,523,245	9,482,980	$ 5,949	10,622,691	(767,232)	(378,428)	40,265
Beginning Balance, common stock, shares outstanding (in shares) at Jun. 30, 2021			568,718,544
Beginning Balance at Jun. 30, 2021	8,619,676	8,580,039	$ 5,687	9,725,480	(737,444)	(413,684)	39,637
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital distributions	(448)						(448)
Net income	69,495	69,177			69,177		318
Dividends and dividend equivalents declared	(98,965)	(98,965)			(98,965)
Issuance of common stock — settlement of 2022 Convertible Notes (in shares)			8,723,161
Issuance of common stock — settlement of 2022 Convertible Notes	$ 198,502	198,502	$ 87	198,415
Issuance of common stock, net (in shares)	26,175,130		17,451,969
Issuance of common stock, net	$ 693,445	693,445	$ 175	693,270
Share-based compensation expense	6,052	5,526		5,526			526
Total other comprehensive income	35,488	35,256				35,256	232
Ending Balance, common stock, shares outstanding (in shares) at Sep. 30, 2021			594,893,674
Ending Balance at Sep. 30, 2021	$ 9,523,245	9,482,980	$ 5,949	10,622,691	(767,232)	(378,428)	40,265
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2021	601,045,438		601,045,438
Beginning Balance at Dec. 31, 2021	$ 9,838,804	9,797,742	$ 6,010	10,873,539	(794,869)	(286,938)	41,062
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital distributions	(1,983)						(1,983)
Net income	283,937	282,757			282,757		1,180
Dividends and dividend equivalents declared	(404,026)	(404,026)			(404,026)
Issuance of common stock — settlement of RSUs, net of tax (in shares)			659,283
Issuance of common stock — settlement of RSUs, net of tax	(12,850)	(12,850)	$ 7	(12,857)
Issuance of common stock — settlement of 2022 Convertible Notes (in shares)			6,216,261
Issuance of common stock — settlement of 2022 Convertible Notes	$ 141,219	141,219	$ 62	141,157
Issuance of common stock, net (in shares)	10,364,471		2,438,927
Issuance of common stock, net	$ 98,367	98,367	$ 25	98,342
Share-based compensation expense	22,565	19,726		19,726			2,839
Total other comprehensive income	380,316	378,757				378,757	1,559
Redemption of OP Units for common stock (in shares)			1,050,000
Redemption of OP Units for common stock	$ 0	13,434	$ 10	13,351		73	(13,434)
Ending Balance, common stock, shares outstanding (in shares) at Sep. 30, 2022	611,409,909		611,409,909
Ending Balance at Sep. 30, 2022	$ 10,346,349	10,315,126	$ 6,114	11,133,258	(916,138)	91,892	31,223
Beginning Balance, common stock, shares outstanding (in shares) at Jun. 30, 2022			610,359,909
Beginning Balance at Jun. 30, 2022	10,281,989	10,238,690	$ 6,104	11,113,146	(860,275)	(20,285)	43,299
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital distributions	(488)						(488)
Net income	79,429	79,179			79,179		250
Dividends and dividend equivalents declared	$ (135,042)	(135,042)			(135,042)
Issuance of common stock, net (in shares)	1,050,000
Share-based compensation expense	$ 7,930	6,761		6,761			1,169
Total other comprehensive income	112,531	112,104				112,104	427
Redemption of OP Units for common stock (in shares)			1,050,000
Redemption of OP Units for common stock	$ 0	13,434	$ 10	13,351		73	(13,434)
Ending Balance, common stock, shares outstanding (in shares) at Sep. 30, 2022	611,409,909		611,409,909
Ending Balance at Sep. 30, 2022	$ 10,346,349	$ 10,315,126	$ 6,114	$ 11,133,258	$ (916,138)	$ 91,892	$ 31,223

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares								3 Months Ended		9 Months Ended
	Aug. 09, 2022	May 10, 2022	Feb. 14, 2022	Nov. 09, 2021	Aug. 10, 2021	May 11, 2021	Feb. 10, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in usd per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.22	$ 0.17	$ 0.66	$ 0.51

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities:
Net income	$ 283,937	$ 187,905
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	474,796	440,475
Share-based compensation expense	22,565	21,072
Amortization of deferred leasing costs	5,534	8,227
Amortization of deferred financing costs	11,105	9,739
Amortization of debt discounts	1,254	5,309
Provisions for impairment	238	650
(Gains) losses on investments in equity securities, net	4,000	5,823
Gain on sale of property, net of tax	(69,486)	(45,450)
Change in fair value of derivative instruments	7,135	10,391
Loss (income) from investments in unconsolidated joint ventures, net of operating distributions	7,152	(214)
Other non-cash amounts included in net income	515	3,136
Changes in operating assets and liabilities:
Other assets, net	(1,953)	(9,950)
Accounts payable and accrued expenses	139,884	136,989
Resident security deposits	8,113	5,727
Other liabilities	9,157	2,485
Net cash provided by operating activities	903,946	782,314
Investing Activities:
Amounts deposited and held by others	(33,471)	(33,658)
Acquisition of single-family residential properties	(509,163)	(743,797)
Initial renovations to single-family residential properties	(104,943)	(52,576)
Other capital expenditures for single-family residential properties	(151,962)	(117,324)
Proceeds from sale of single-family residential properties	181,569	187,230
Repayment proceeds from retained debt securities	42,404	48,246
Proceeds from sale of investments in equity securities	5,762	22,267
Investments in unconsolidated joint ventures	(166,588)	(25,000)
Non-operating distributions from unconsolidated joint ventures	2,934	1,385
Other investing activities	(22,631)	(15,083)
Net cash (used in) provided by investing activities	(756,089)	(728,310)
Financing Activities:
Payment of dividends and dividend equivalents	(404,377)	(292,110)
Distributions to non-controlling interests	(1,983)	(1,659)
Payment of taxes related to net share settlement of RSUs	(12,850)	(9,403)
Payments on mortgage loans	(849,712)	(964,318)
Proceeds from unsecured notes	598,434	939,574
Proceeds from term loan facilities	150,000	0
Proceeds from revolving facility	130,000	400,000
Payments on revolving facility	(130,000)	(400,000)
Proceeds from issuance of common stock, net	98,367	693,445
Deferred financing costs paid	(13,043)	(8,002)
Other financing activities	(15,655)	(2,149)
Net cash provided by (used in) financing activities	(450,819)	355,378
Change in cash, cash equivalents, and restricted cash	(302,962)	409,382
Cash, cash equivalents, and restricted cash, beginning of period (Note 4)	818,858	411,768
Cash, cash equivalents, and restricted cash, end of period (Note 4)	515,896	821,150
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	196,542	221,284
Cash paid for income taxes	1,497	607
Operating cash flows from operating leases	4,561	4,524
Financing cash flows from finance leases	2,032	2,043
Non-cash investing and financing activities:
Accrued renovation improvements at period end	5,847	11,342
Accrued residential property capital improvements at period end	11,562	13,096
Transfer of residential property, net to other assets, net for held for sale assets	65,074	67,337
Change in other comprehensive loss from cash flow hedges	373,244	159,971
ROU assets obtained in exchange for operating lease liabilities	1,940	1,452
ROU assets obtained in exchange for finance lease liabilities	295	115
Net settlement of 2022 Convertible Notes in shares of common stock	$ 141,219	$ 198,508

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Organization and Formation

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Formation

Organization and Formation

Invitation Homes Inc. (“INVH”) is a real estate investment trust (“REIT”) that conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). INVH LP was formed for the purpose of owning, renovating, leasing, and operating single-family residential properties. Through THR Property Management L.P., a wholly owned subsidiary of INVH LP (the “Manager”), we provide all management and other administrative services with respect to the properties we own.

On February 6, 2017, INVH completed an initial public offering (“IPO”), changed its jurisdiction of incorporation to Maryland, and amended its charter to provide for the issuance of up to 9,000,000,000 shares of common stock and 900,000,000 shares of preferred stock, in each case $0.01 par value per share. In connection with certain pre-IPO reorganization transactions, INVH LP became (1) owned by INVH directly and through Invitation Homes OP GP LLC, a wholly owned subsidiary of INVH (the “General Partner”), and (2) the owner of all of the assets, liabilities, and operations of certain pre-IPO ownership entities. These transactions were accounted for as a reorganization of entities under common control utilizing historical cost basis.

On November 16, 2017 (the “Merger Date”), INVH and certain of its affiliates entered into a series of transactions with Starwood Waypoint Homes (“SWH”) and certain SWH affiliates which resulted in SWH and its operating partnership being merged into INVH and INVH LP, respectively, with INVH and INVH LP being the surviving entities. These transactions were accounted for as a business combination in accordance with ASC 805, Business Combinations, and INVH was designated as the accounting acquirer.

The limited partnership interests of INVH LP consist of common units and other classes of limited partnership interests that may be issued (the “OP Units”). As of September 30, 2022, INVH owns 99.7% of the common OP Units and has the full, exclusive, and complete responsibility for and discretion over the day-to-day management and control of INVH LP.

Our organizational structure includes several wholly owned subsidiaries of INVH LP that were formed to facilitate certain of our financing arrangements (the “Borrower Entities”). These Borrower Entities are used to align the ownership of our single-family residential properties with certain of our debt instruments. Collateral for certain of our individual debt instruments may be in the form of equity interests in the Borrower Entities or in pools of single-family residential properties owned either directly by the Borrower Entities or indirectly by their wholly owned subsidiaries (see Note 7).

References to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer, collectively, to INVH, INVH LP, and the consolidated subsidiaries of INVH LP.

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.

These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022.

We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with GAAP. We evaluate each investment entity that is not wholly owned to determine whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, we then evaluate whether the entity should be consolidated. Under the VIE model, we consolidate an investment if we have control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, we consolidate an investment if (1) we control the investment through ownership of a majority voting interest if the investment is not a limited partnership or (2) we control the investment through our ability to remove the other partners in the investment, at our discretion, when the investment is a limited partnership.

Based on these evaluations, we account for each of the investments in joint ventures described in Note 5 using the equity method. Our initial investments in the joint ventures are recorded at cost, except for any such interest initially recorded at fair value in connection with a business combination. The investments in these joint ventures are subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint ventures are reported as part of operating activities while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities on our condensed consolidated statements of cash flows.

Non-controlling interests represent the OP Units not owned by INVH, including any OP Units resulting from vesting and conversion of units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, and the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 include an allocation of the net income attributable to the non-controlling interest holders. OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed.

Significant Risks and Uncertainties

Our financial condition and results of operations are subject to risks related to overall weaker economic conditions, ongoing geopolitical tensions, uncertainty in financial markets, including the impact of inflation and rising interest rates, and a general decline in business activity and/or consumer confidence. These factors could adversely affect (i) our ability to acquire or dispose of single-family homes, (ii) our access to financial markets on attractive terms, or at all, and (iii) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill. High levels of inflation and interest rates may also negatively impact consumer income, credit availability, 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 supply chain disruptions, labor shortages, and inflationary increases in labor and material costs, have impacted and may continue to impact certain aspects of our business.

We may continue to be subject to risks related to the ongoing COVID-19 pandemic and its accompanying variants, including the adverse health impact on the general population, our residents, associates, and suppliers, direct and indirect economic effects of the pandemic and containment measures, the overall reopening progress in the states and municipalities in which we operate, financial hardship experienced by our residents, and the potential long-term changes in consumer spending and preferences. As such, we continue to closely monitor the impact of the pandemic on all aspects of our business and actively manage our response thereto in collaboration with our residents and business partners. While we have taken steps to mitigate the impact of the pandemic on our results of operations, there can be no assurance that these efforts will be successful.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates.

Accounting Policies

We periodically evaluate the appropriateness of our accounting policies in accordance with authoritative guidance. Based on a review of the useful lives of the components of our buildings and improvements, we extended the weighted average useful lives range for depreciation thereof from 7 to 28.5 years to 7 to 32 years. This change was implemented for additions to our single-family residential properties placed in service after January 1, 2022.

There have been no additional changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021.

Recently Adopted Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments and contracts in its own equity. The guidance reduces the number of accounting models for convertible instruments, requires entities to use the “if-converted” method in diluted earnings (loss) per share (“EPS”), and requires that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares. We adopted ASU 2020-06 as of January 1, 2022, and it did not have a material impact on our condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions that reference the London Interbank Offer Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2022 (the FASB has proposed an extension through December 31, 2024). We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. We have and will continue to elect to apply practical expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s) as qualifying changes are made to applicable debt and derivative instruments. To date, specific changes include the June 2022 issuance of a secured term loan facility that is indexed to the Secured Overnight Financing Rate (“SOFR”). Application of these expedients preserves the presentation of derivatives contracts consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other applicable elections as additional changes in the market and with respect to our debt and derivative instruments occur.

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Investments in Single-Family Residential Properties

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Investments in Single-Family Residential Properties

Investments in Single-Family Residential Properties

The following table sets forth the net carrying amount associated with our properties by component:

	September 30, 2022		December 31, 2021
Land	$	4,810,449	$	4,737,938
Single-family residential property	15,140,964		14,610,188
Capital improvements	554,199		540,252
Equipment	122,562		120,003
Total gross investments in the properties	20,628,174		20,008,381
Less: accumulated depreciation	(3,519,211)		(3,073,059)
Investments in single-family residential properties, net	$	17,108,963	$	16,935,322

As of September 30, 2022 and December 31, 2021, the carrying amount of the residential properties above includes $128,721 and $125,236, respectively, of capitalized acquisition costs (excluding purchase price), along with $75,481 and $70,145, respectively, of capitalized interest, $30,744 and $28,211, respectively, of capitalized property taxes, $5,002 and $4,762, respectively, of capitalized insurance, and $3,595 and $3,280, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended September 30, 2022 and 2021, we recognized $158,199 and $148,957, respectively, of depreciation expense related to the components of the properties, and $2,229 and $1,737, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the three months ended September 30, 2022 and 2021, impairments totaling $101 and $126, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.

During the nine months ended September 30, 2022 and 2021, we recognized $468,272 and $435,348, respectively, of depreciation expense related to the components of the properties, and $6,524 and $5,127, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the nine months ended September 30, 2022 and 2021, impairments totaling $238 and $650, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.

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Cash, Cash Equivalents, and Restricted Cash

9 Months Ended

Sep. 30, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows:

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	300,312	$	610,166
Restricted cash	215,584		208,692
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	515,896	$	818,858

Pursuant to the terms of the mortgage loans and the Secured Term Loan (as defined in Note 7), we are required to establish, maintain, and fund from time to time (generally, either monthly or at the time borrowings are funded) certain specified reserve accounts. These reserve accounts include, but are not limited to, the following types of accounts: (i) property tax reserves; (ii) insurance reserves; (iii) capital expenditure reserves; and (iv) HOA reserves. The reserve accounts associated with our mortgage loans and Secured Term Loan are under the sole control of the loan servicer. Additionally, we hold security deposits pursuant to resident lease agreements that we are required to segregate. We are also

required to hold letters of credit by certain of our insurance policies. Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted accounts have been classified on our condensed consolidated balance sheets as restricted cash.

The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the mortgage loan and Secured Term Loan agreements and are to be released to us subject to certain conditions specified in the loan agreements being met. To the extent that an event of default were to occur, the loan servicer has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or reduce the allocated loan amount associated with a residential property of ours.

The balances of our restricted cash accounts, as of September 30, 2022 and December 31, 2021, are set forth in the table below. As of September 30, 2022 and December 31, 2021, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan and Secured Term Loan agreements that require such funding did not exist.

	September 30, 2022		December 31, 2021
Resident security deposits	$	173,488	$	165,454
Property taxes	20,960		12,615
Collections	15,270		21,402
Capital expenditures	2,833		4,368
Letters of credit	2,107		3,682
Special and other reserves	926		1,171
Total	$	215,584	$	208,692

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Investments In Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments In Unconsolidated Joint Ventures

Investments In Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method model of accounting, as of September 30, 2022 and December 31, 2021:

		Number of Properties Owned		Carrying Value
	Ownership Percentage	September 30, 2022	December 31, 2021	September 30, 2022		December 31, 2021
Pathway Property Company(1)	100.0%	328	N/A	$	133,189	$	—
2020 Rockpoint JV(2)	20.0%	2,607	2,004	72,122		54,579
FNMA(3)	10.0%	502	522	49,449		52,791
Pathway Operating Company(4)	15.0%	N/A	N/A	21,331		23,025
2022 Rockpoint JV(5)	16.7%	131	N/A	10,806		—
Total				$	286,897	$	130,395

(1)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.

(2)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.

(3)Owns homes primarily located in Arizona, California, and Nevada.

(4)Represents an investment in an operating company that provides a technology platform and asset management services.

(5)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.

In November 2021, we entered into agreements with Pathway Homes and its affiliates, among others, to form a joint venture that will provide unique opportunities for customers to identify a home whereby they are able to first lease and then, if they choose, purchase the home in the future. We have fully funded our capital commitment to the operating company (“Pathway Operating Company”) which provides the technology platform and asset management services for the entity that owns and leases the homes (“Pathway Property Company”). Pathway Homes and its affiliates are responsible for the operations and management of Pathway Operating Company, and we do not have a controlling interest in Pathway Operating

Company. As of September 30, 2022, we have funded $136,700 to Pathway Property Company, and our remaining equity commitment is $88,300. A wholly owned subsidiary of INVH LP provides property management and renovation oversight services for and earns fees from the homes owned by Pathway Property Company. As the asset manager, Pathway Operating Company is responsible for the operations and management of Pathway Property Company, and we do not have a controlling interest in Pathway Property Company.

In October 2020, we entered into an agreement with Rockpoint Group, L.L.C. (“Rockpoint”) to form a joint venture that will acquire homes in markets where we already own homes (the “2020 Rockpoint JV”). As of February 2021, the joint venture is funded with a combination of debt and equity, and we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the joint venture’s financing. As of September 30, 2022, we have fully funded our capital commitment to the 2020 Rockpoint JV. The administrative member of the 2020 Rockpoint JV is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. We earn property and asset management fees for the 2020 Rockpoint JV.

We acquired our interest in the joint venture with the Federal National Mortgage Association (“FNMA”) via the SWH merger. The managing member of the FNMA joint venture is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to FNMA’s approval of major decisions. We earn property and asset management fees for the FNMA joint venture.

In March 2022, we entered into a second agreement with Rockpoint to form a joint venture that will acquire homes in premium locations and at higher price points relative to our other investments in single-family residential properties (the “2022 Rockpoint JV”). As of September 30, 2022, we have funded $10,000 to the 2022 Rockpoint JV, and our remaining equity commitment is $40,000. The joint venture is funded with a combination of debt and equity, and we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the joint venture’s financing. The administrative member of the 2022 Rockpoint JV is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. We earn property and asset management fees for the 2022 Rockpoint JV.

We recorded income (loss) from these investments for the three months ended September 30, 2022 and 2021, totaling $(849) and $202, respectively, and for the nine months ended September 30, 2022 and 2021, totaling $(5,870) and $564, respectively, which is included in income (loss) from investments in unconsolidated joint ventures in the condensed consolidated statements of operations.

The fees earned from our joint ventures (as described above) are related party transactions. For the three months ended September 30, 2022 and 2021, we earned $3,284 and $1,354, respectively, and for the nine months ended September 30, 2022 and 2021, we earned $8,154 and $3,140, respectively, of management fees which are included in management fee revenues in the condensed consolidated statements of operations.

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Other Assets

9 Months Ended

Sep. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other Assets

As of September 30, 2022 and December 31, 2021, the balances in other assets, net are as follows:

	September 30, 2022		December 31, 2021
Derivative instruments (Note 8)	$	115,383	$	6
Investments in debt securities, net	115,034		157,173
Amounts deposited and held by others	95,720		62,241
Rent and other receivables, net	40,768		37,473
Prepaid expenses	38,685		41,490
Held for sale assets(1)	25,475		20,022
Investments in equity securities	21,015		16,337
Corporate fixed assets, net	20,437		16,595
ROU lease assets — operating and finance, net	14,192		16,975
Deferred financing costs, net	6,575		8,751
Deferred leasing costs, net	1,648		5,837
Other	13,519		12,164
Total	$	508,451	$	395,064

(1)As of September 30, 2022 and December 31, 2021, 122 and 80 properties, respectively, are classified as held for sale.

Investments in Debt Securities, net

In connection with certain of our Securitizations (as defined in Note 7), we have retained and purchased certificates totaling $115,034, net of unamortized discounts of $1,672 as of September 30, 2022. These investments in debt securities are classified as held to maturity investments. As of September 30, 2022, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature over the next three months to five years.

Amounts Deposited and Held by Others

Amounts deposited and held by others consists of earnest money deposits for the acquisition of single-family residential properties, including deposits made to homebuilders, and amounts owed to us for sold homes. See Note 14 for additional information about commitments related to these deposits made to homebuilders.

Rent and Other Receivables, net

We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements. Rental revenues and other property income and the corresponding rent and other receivables are recorded net of any concessions and bad debt (including actual write-offs, credit reserves, and uncollectible amounts) for all periods presented.

Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For the three months ended September 30, 2022 and 2021, rental revenues and other property income includes $35,834 and $30,243 of variable lease payments, respectively. For the nine months ended September 30, 2022 and 2021, rental revenues and other property income includes $102,960 and $82,890 of variable lease payments, respectively.

Future minimum rental revenues and other property income under leases existing on our single-family residential properties as of September 30, 2022 are as follows:

Year	Lease Payments to be Received
Remainder of 2022	$	470,469
2023	888,990
2024	116,918
2025	—
2026	—
Thereafter	—
Total	$	1,476,377

Investments in Equity Securities

We hold investments in equity securities both with and without a readily determinable fair value. Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuer. As of September 30, 2022 and December 31, 2021, the values of our investments in equity securities are as follows:

	September 30, 2022		December 31, 2021
Investments with a readily determinable fair value	$	837	$	10,499
Investments without a readily determinable fair value	20,178		5,838
Total	$	21,015	$	16,337

The components of gains (losses) on investments in equity securities, net as of three and nine months ended September 30, 2022 and 2021 are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Net gains (losses) recognized on investments sold during the reporting period — with a readily determinable value	$	—	$	161	$	(1,452)	$	(6,008)
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value	(796)		4,158		(2,548)		185
Total	$	(796)	$	4,319	$	(4,000)	$	(5,823)

Right-of-Use (“ROU”) Lease Assets — Operating and Finance, net

The following table presents supplemental information related to leases into which we have entered as a lessee as of September 30, 2022 and December 31, 2021:

	September 30, 2022						December 31, 2021
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Other assets	$	9,955		$	4,237		$	10,959		$	6,016
Other liabilities (Note 14)	12,060			4,047			13,256			5,784
Weighted average remaining lease term	3.3 years			1.7 years			3.7 years			2.2 years
Weighted average discount rate	3.3		%	4.0		%	3.2		%	4.0		%

Deferred Financing Costs, net

In connection with the amended and restated Revolving Facility (see Note 7), we incurred $11,846 of financing costs, which have been deferred as other assets, net on our condensed consolidated balance sheets. We amortize deferred financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate amortization if debt is retired before the maturity date. As of September 30, 2022 and December 31, 2021, the unamortized balances of these deferred financing costs are $6,575 and $8,751, respectively.

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Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

Mortgage Loans

Our securitization transactions (the “Securitizations” or the “mortgage loans”) are collateralized by certain homes owned by the respective Borrower Entities. We utilize the proceeds from our Securitizations to fund: (i) repayments of then-outstanding indebtedness; (ii) initial deposits into Securitization reserve accounts; (iii) closing costs in connection with the mortgage loans; and (iv) general costs associated with our operations.

The following table sets forth a summary of our mortgage loan indebtedness as of September 30, 2022 and December 31, 2021:

						Outstanding Principal Balance(5)
	Origination Date	Maturity Date(1)	Maturity Date if Fully Extended(2)	Interest Rate(3)	Range of Spreads(4)	September 30, 2022		December 31, 2021
IH 2017-1(6)	April 28, 2017	June 9, 2027	June 9, 2027	4.23%	N/A	$	992,866	$	993,703
IH 2018-1(7)	February 8, 2018	March 9, 2023	March 9, 2025	4.02%	76-131 bps	560,459		568,495
IH 2018-2	May 8, 2018	June 9, 2022	N/A	N/A	N/A	—		629,237
IH 2018-3	June 28, 2018	April 8, 2022	N/A	N/A	N/A	—		204,637
IH 2018-4(7)	November 7, 2018	January 9, 2023	January 9, 2026	4.37%	115-145 bps	662,848		669,548
Total Securitizations						2,216,173		3,065,620
Less: deferred financing costs, net						(8,381)		(9,767)
Total						$	2,207,792	$	3,055,853

(1)Maturity date represents repayment date for mortgage loans which have been repaid in full prior to September 30, 2022. For all other mortgage loans, the maturity dates above reflect all extension options that have been exercised.

(2)Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met.

(3)Except for IH 2017-1, interest rates are based on a weighted average spread over LIBOR (or a comparable or successor rate as provided for in our loan agreements), plus applicable servicing fees; as of September 30, 2022, LIBOR was 3.14%. 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.

(4)Range of spreads is based on outstanding principal balances as of September 30, 2022.

(5)Outstanding principal balance is net of discounts and does not include deferred financing costs, net.

(6)Net of unamortized discount of $1,672 and $1,937 as of September 30, 2022 and December 31, 2021, respectively.

(7)The initial maturity term of each of these mortgage loans is two years, individually subject to five, one year extension options at the Borrower Entity’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe). Our IH 2018-4 mortgage loan has exercised the second extension option, and our IH 2018-1 mortgage loan has exercised the third extension option. The maturity dates above reflect all extensions that have been exercised.

Securitization Transactions

For each Securitization transaction, the Borrower Entity executed a loan agreement with a third party lender. Except for IH 2017-1, each outstanding mortgage loan originally consisted of six floating rate components. The two year initial terms are individually subject to three to five, one year extension options at the Borrower Entity’s discretion. Such extensions are available provided there is no continuing event of default under the respective mortgage loan agreement and the Borrower Entity obtains and delivers a replacement interest rate cap agreement from an approved counterparty within the required timeframe to the lender. IH 2017-1 is a 10 year, fixed rate mortgage loan comprised of two components. Certificates issued by the trust in connection with Component A of IH 2017-1 benefit from FNMA’s guaranty of timely payment of principal and interest.

Each mortgage loan is secured by a pledge of the equity in the assets of the respective Borrower Entities, as well as first-priority mortgages on the underlying properties and a grant of security interests in all of the related personal property. As of September 30, 2022 and December 31, 2021, a total of 14,673 and 26,950 homes, respectively, with a gross book value of $3,547,876 and $6,043,652, respectively, and a net book value of $2,914,824 and $4,922,037, respectively, are pledged pursuant to the mortgage loans. Each Borrower Entity has the right, subject to certain requirements and limitations outlined in the respective loan agreements, to substitute properties. We are obligated to make monthly payments of interest for each mortgage loan.

Transactions with Trusts

Concurrent with the execution of each mortgage loan agreement, the respective third party lender sold each loan it originated to individual depositor entities (the “Depositor Entities”) who subsequently transferred each loan to Securitization-specific trust entities (the “Trusts”). The Depositor Entities for our currently outstanding Securitizations are wholly owned subsidiaries. We accounted for the transfers of the individual Securitizations from the wholly owned Depositor Entities to the respective Trusts as sales under ASC 860, Transfers and Servicing, with no resulting gain or loss as the Securitizations were both originated by the lender and immediately transferred at the same fair market value.

As consideration for the transfer of each loan to the Trusts, the Trusts issued classes of certificates which mirror the components of the individual loans (collectively, the “Certificates”) to the Depositor Entities, except that Class R certificates do not have related loan components as they represent residual interests in the Trusts. The Certificates represent the entire beneficial interest in the Trusts. Following receipt of the Certificates, the Depositor Entities sold the Certificates to investors and used the proceeds as consideration for the loans sold to the Depositor Entities by the lenders. These transactions had no effect on our condensed consolidated financial statements other than with respect to Certificates we retained in connection with Securitizations or purchased at a later date.

The Trusts are structured as pass-through entities that receive interest payments from the Securitizations and distribute those payments to the holders of the Certificates. The assets held by the Trusts are restricted and can only be used to fulfill the obligations of those entities. The obligations of the Trusts do not have any recourse to the general credit of any entities in these condensed consolidated financial statements. We have evaluated our interests in certain certificates of the Trusts held

by us (discussed below) and determined that they do not create a more than insignificant variable interest in the Trusts. Additionally, the retained certificates do not provide us with any ability to direct activities that could impact the Trusts’ economic performance. Therefore, we do not consolidate the Trusts.

Retained Certificates

As the Trusts made Certificates available for sale to both domestic and foreign investors, sponsors of the mortgage loans are required to retain a portion of the risk that represents a material net economic interest in each loan pursuant to Regulation RR (the “Risk Retention Rules”) under the Securities Exchange Act of 1934, as amended. As such, loan sponsors are required to retain a portion of the credit risk that represents not less than 5% of the aggregate fair value of the loan as of the closing date.

IH 2017-1 issued Class B certificates, which are restricted certificates that were made available exclusively to INVH LP in order to comply with the Risk Retention Rules. The Class B certificates bear a stated annual interest rate of 4.23%, including applicable servicing fees.

For IH 2018-1 and IH 2018-4, we retain 5% of each class of certificates to meet the Risk Retention Rules. These retained certificates accrue interest at a floating rate of LIBOR plus a spread ranging from 0.76% to 1.45%.

The retained certificates, net of discount, total $115,034 and $157,173 as of September 30, 2022 and December 31, 2021, respectively, and are classified as held to maturity investments and recorded in other assets, net on the condensed consolidated balance sheets (see Note 6).

Loan Covenants

The general terms that apply to all of the mortgage loans require each Borrower Entity to maintain compliance with certain affirmative and negative covenants. Affirmative covenants include each Borrower Entity’s, and certain of their respective affiliates’, compliance with (i) licensing, permitting, and legal requirements specified in the mortgage loan agreements, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the respective mortgage loan agreements. Negative covenants include each Borrower Entity’s, and certain of their affiliates’, compliance with limitations surrounding (i) the amount of each Borrower Entity’s indebtedness and the nature of their investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of each Borrower Entity’s business activities, and (v) the required maintenance of specified cash reserves. As of September 30, 2022, and through the date our condensed consolidated financial statements were issued, we believe each Borrower Entity is in compliance with all affirmative and negative covenants for the mortgage loans.

Prepayments

For the mortgage loans, prepayments of amounts owed by us are generally not permitted under the terms of the respective mortgage loan agreements unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in such agreements. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a spread maintenance premium if prepayment occurs before the month following the one or two year anniversary of the closing dates of each of the mortgage loans except for IH 2017-1. For IH 2017-1, prepayments on or before December 2026 will require a yield maintenance premium. For the nine months ended September 30, 2022 and 2021, we made voluntary and mandatory prepayments of $849,712 and $964,318, respectively, under the terms of the mortgage loan agreements. For the nine months ended September 30, 2022, prepayments included the full repayment of the IH 2018-2 and IH 2018-3 mortgage loans.

Secured Term Loan

On June 7, 2019, 2019-1 IH Borrower LP, a consolidated subsidiary (“2019-1 IH Borrower” and one of our Borrower Entities), entered into a 12 year loan agreement with a life insurance company (the “Secured Term Loan”). The Secured Term Loan bears interest at a fixed rate of 3.59%, including applicable servicing fees, for the first 11 years and bears interest at a floating rate based on a spread of 147 bps, including applicable servicing fees, over one month LIBOR (subject to certain

adjustments as outlined in the loan agreement) for the twelfth year. The Secured Term Loan is secured by first priority mortgages on a portfolio of single-family rental properties as well as a first priority pledge of the equity interests of 2019-1 IH Borrower. We utilized the proceeds from the Secured Term Loan to fund: (i) repayments of then-outstanding indebtedness; (ii) initial deposits into the Secured Term Loan’s reserve accounts; (iii) transaction costs related to the closing of the Secured Term Loan; and (iv) general corporate purposes.

The following table sets forth a summary of our Secured Term Loan indebtedness as of September 30, 2022 and December 31, 2021:

	Maturity Date	Interest Rate(1)	September 30, 2022		December 31, 2021
Secured Term Loan	June 9, 2031	3.59%	$	403,363	$	403,363
Deferred financing costs, net			(1,887)		(2,050)
Secured Term Loan, net			$	401,476	$	401,313

(1)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 one month LIBOR (or a comparable or successor rate as provided for in our loan agreement), including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly.

Collateral

The Secured Term Loan’s collateral pool contains 3,334 homes as of September 30, 2022 and December 31, 2021 with a gross book value of $810,354 and $801,318, respectively, and a net book value of $692,392 and $703,492, respectively. 2019-1 IH Borrower has the right, subject to certain requirements and limitations outlined in the loan agreement, to substitute properties representing up to 20% of the collateral pool annually, and to substitute properties representing up to 100% of the collateral pool over the life of the Secured Term Loan. In addition, four times after the first anniversary of the closing date, 2019-1 IH Borrower has the right, subject to certain requirements and limitations outlined in the loan agreement, to execute a special release of collateral representing up to 15% of the then-outstanding principal balance of the Secured Term Loan in order to bring the loan-to-value ratio back in line with the Secured Term Loan’s loan-to-value ratio as of the closing date. Any such special release of collateral would not change the then-outstanding principal balance of the Secured Term Loan, but rather would reduce the number of single-family rental homes included in the collateral pool.

Loan Covenants

The Secured Term Loan requires 2019-1 IH Borrower to maintain compliance with certain affirmative and negative covenants. Affirmative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’, compliance with (i) licensing, permitting and legal requirements specified in the loan agreement, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the loan agreement. Negative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’, compliance with limitations surrounding (i) the amount of 2019-1 IH Borrower’s indebtedness and the nature of its investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of 2019-1 IH Borrower’s business activities, and (v) the required maintenance of specified cash reserves. As of September 30, 2022, and through the date our condensed consolidated financial statements were issued, we believe 2019-1 IH Borrower is in compliance with all affirmative and negative covenants for the Secured Term Loan.

Prepayments

Prepayments of the Secured Term Loan are generally not permitted unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in the loan agreement. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a yield maintenance premium if prepayment occurs before June 9, 2030. No such prepayments were made during the nine months ended September 30, 2022 and 2021.

Unsecured Notes

Our unsecured notes are issued in connection with either an underwritten public offering pursuant to our existing shelf registration statement that automatically became effective upon filing with the SEC in July 2021 and expires in July 2024 or in connection with a private placement transaction with certain institutional investors (collectively, the “Unsecured Notes”). We utilize proceeds from the Unsecured Notes to fund: (i) repayments of then-outstanding indebtedness, including the Securitizations; (ii) closing costs in connection with the Unsecured Notes; and (iii) general costs associated with our operations and other corporate purposes, including acquisitions. Interest on the Unsecured Notes is payable semi-annually in arrears.

The following table sets forth a summary of our Unsecured Notes as of September 30, 2022 and December 31, 2021:

	Interest Rate(1)	September 30, 2022		December 31, 2021
Total Unsecured Notes, net(2)	2.00% — 4.15%	$	2,537,755	$	1,938,425
Deferred financing costs, net		(20,483)		(16,451)
Total		$	2,517,272	$	1,921,974

(1)Represents the range of contractual rates in place as of September 30, 2022.

(2)Net of unamortized discount of $12,245 and $11,575 as of September 30, 2022 and December 31, 2021. See “Debt Maturities Schedule” for information about maturity dates for the Unsecured Notes.

Current Year Activity

On March 25, 2022, we priced a public offering of $600,000 aggregate principal amount of 4.15% Senior Notes which mature in April 2032; and on April 5, 2022, we closed the offering and issued the related notes.

Prepayments

The Unsecured Notes are redeemable in whole at any time or in part from time to time, at our option, at a redemption price equal to (i) 100% of the principal amount to be redeemed plus accrued and unpaid interest and (ii) a make-whole premium calculated in accordance with the respective loan agreements if the redemption occurs more than one month prior to the maturity date. The privately placed Unsecured Notes require any prepayment to be an amount not less than 5% of the aggregate principal amount then outstanding. If any of the Unsecured Notes issued publicly under our registration statement are redeemed on or after a specified date that is either two or three months prior to the maturity date, the redemption price will not include a make-whole premium.

Guarantees

The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, by INVH and two of its wholly owned subsidiaries, the General Partner and IH Merger Sub, LLC (“IH Merger Sub”). Prior to the September 17, 2021 execution of a parent guaranty agreement, the privately placed Unsecured Notes were not guaranteed.

Loan Covenants

The Unsecured Notes issued publicly under our registration statement contain customary covenants, including, among others, limitations on the incurrence of debt; and they include the following financial covenants related to the incurrence of debt: (i) an aggregate debt test; (ii) a debt service test; (iii) a maintenance of total unencumbered assets; and (iv) a secured debt test.

The privately placed Unsecured Notes contain customary covenants, including, among others, limitations on distributions, fundamental changes, and transactions with affiliates; and they include the following financial covenants, subject to certain qualifications: (i) a maximum total leverage ratio; (ii) a maximum secured leverage ratio; (iii) a maximum unencumbered leverage ratio; (iv) a minimum fixed charge coverage ratio; and (v) a minimum unsecured interest coverage ratio.

The Unsecured Notes contain customary events of default (subject in certain cases to specified cure periods), the occurrence of which would allow the holders of notes to take various actions, including the acceleration of amounts due under the Unsecured Notes. As of September 30, 2022, and through the date our condensed consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants for the Unsecured Notes.

Term Loan Facilities and Revolving Facility

On December 8, 2020, we entered into an Amended and Restated Revolving Credit and Term Loan Agreement with a syndicate of banks, financial institutions, and institutional lenders for a new credit facility (the “Credit Facility”). The Credit Facility provides $3,500,000 of borrowing capacity and consists of a $1,000,000 revolving facility (the “Revolving Facility”) and a $2,500,000 term loan facility (the “2020 Term Loan Facility”), both of which mature on January 31, 2025, with two six month extension options available. The Revolving Facility also includes borrowing capacity for letters of credit. The Credit Facility provides us with the option to enter into additional incremental credit facilities (including an uncommitted incremental facility that provides us with the option to increase the size of the Revolving Facility and/or the 2020 Term Loan Facility such that the aggregate amount does not exceed $4,000,000 at any time), subject to certain limitations.

On June 22, 2022, we entered into a Term Loan Agreement with a syndicate of banks for new senior unsecured term loans (the “2022 Term Loan Facility”; and together with the 2020 Term Loan Facility, the “Term Loan Facilities”). The 2022 Term Loan Facility provides $725,000 of borrowing capacity, consisting of a $150,000 initial term loan (the “Initial Term Loan”) and up to three delayed draw term loans (the “Delayed Draw Term Loans”) totaling $575,000 which may be drawn during the six month period following the effective date of the 2022 Term Loan Facility. The Initial Term Loan and any Delayed Draw Term Loans (together, the “2022 Term Loans”) mature on June 22, 2029. The 2022 Term Loan Facility also includes an accordion feature providing the option to increase the size of the 2022 Term Loans or enter into additional incremental 2022 Term Loans, such that the aggregate amount of all 2022 Term Loans does not exceed $950,000 at any time, subject to certain limitations.

The following table sets forth a summary of the outstanding principal amounts under the Term Loan Facilities and the Revolving Facilities as of September 30, 2022 and December 31, 2021:

	Maturity Date	Interest Rate	September 30, 2022		December 31, 2021
2020 Term Loan Facility(1)(2)	January 31, 2025	4.14%	$	2,500,000	$	2,500,000
2022 Term Loan Facility(3)	June 22, 2029	4.38%	150,000		—
Total Term Loan Facilities			2,650,000		2,500,000
Less: deferred financing costs, net			(23,509)		(21,878)
Term Loan Facilities, net			$	2,626,491	$	2,478,122
Revolving Facility(1)(2)	January 31, 2025	4.03%	$	—	$	—

(1)Interest rates for the 2020 Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of September 30, 2022, the applicable margins were 1.00% and 0.89%, respectively, and LIBOR was 3.14%.

(2)If we exercise the two six month extension options, the maturity date will be January 31, 2026.

(3)Interest rate for the 2022 Term Loan Facility is based on SOFR adjusted for a 0.10% credit spread adjustment (“Adjusted SOFR”), plus the applicable margin. As of September 30, 2022, the applicable margin was 1.24%, and Adjusted SOFR was 3.14%.

Interest Rate and Fees

Borrowings under the Credit Facility bear interest, at our option, at a rate equal to a margin over either (a) a LIBOR rate determined by reference to the Bloomberg LIBOR rate (or a comparable or successor rate as provided for in our loan agreement) for the interest period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, and (3) the LIBOR rate that would be payable on such day for a LIBOR rate loan with a one month interest period plus 1.00%. After obtaining the requisite rating on our non-credit enhanced, senior unsecured long term debt as defined in the Credit Facility agreement (the “Investment Grade Rating”), we elected to convert to a credit rating based pricing grid (the “Pricing Grid Conversion”) effective April 22, 2021.

Borrowings under the 2022 Term Loan Facility bear interest, at our option, at a rate equal to a margin over either (a) Adjusted SOFR for the interest period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, and (3) SOFR for a one-month interest period plus 1.00%.

The current margins for the Term Loan Facilities and the Revolving Facility are as follows:

	Base Rate Loans			LIBOR Rate Loans			SOFR Rate Loans
2020 Term Loan Facility	0.00%	—	0.65%	0.80%	—	1.65%	N/A
2022 Term Loan Facility	0.15%	—	1.20%	N/A			1.15%	—	2.20%
Revolving Facility	0.00%	—	0.45%	0.75%	—	1.45%	N/A

The Revolving Facility and the 2022 Term Loan Facility include a sustainability component whereby pricing can improve upon our achievement of certain sustainability ratings, determined via an independent third party evaluation.

Prior to the Pricing Grid Conversion, the margins for the Credit Facility were based on a total leverage based grid. The margins for the 2020 Term Loan Facility and Revolving Facility under the total leverage based grid were as follows:

	Base Rate Loans			LIBOR Rate Loans
2020 Term Loan Facility	0.45%	—	1.15%	1.45%	—	2.15%
Revolving Facility	0.50%	—	1.15%	1.50%	—	2.15%

In addition to paying interest on outstanding principal, we are required to pay certain facility and unused commitment fees. Under the Credit Facility, we are required to pay a facility fee ranging from 0.10% to 0.30%. We are also required to pay customary letter of credit fees. Prior to the Pricing Grid Conversion, instead of a facility fee, we were required to pay an unused facility fee to the lenders under the Revolving Facility in respect of the unused commitments thereunder. The unused facility fee rate was either 0.30% or 0.20% per annum for the Revolving Facility. Under the 2022 Term Loan Facility, we are required to pay an unused commitment fee to the lenders equal to the daily unused balance of the Delayed Draw Term Loan commitments at a rate of 0.20% per annum.

Prepayments and Amortization

No principal reductions are required under the Credit Facility or the 2022 Term Loan Facility. We are permitted to voluntarily repay amounts outstanding under the 2020 Term Loan Facility at any time without premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs with respect to LIBOR loans. We are also permitted to voluntarily repay amounts outstanding under the 2022 Term Loan Facility (a) on or prior to the first anniversary of the closing subject to a 2.0% prepayment fee, (b) on or prior to the second anniversary of the closing subject to a 1.0% prepayment fee, and (c) at any time thereafter without premium or penalty. Once repaid, no further borrowings will be permitted under the Term Loan Facilities.

Loan Covenants

The Credit Facility and the 2022 Term Loan Facility contain certain customary affirmative and negative covenants and events of default. Such covenants will, among other things, restrict, subject to certain exceptions, our ability and that of our subsidiaries to (i) engage in certain mergers, consolidations, or liquidations, (ii) sell, lease, or transfer all or substantially all of their respective assets, (iii) engage in certain transactions with affiliates, (iv) make changes to our fiscal year, (v) make changes in the nature of our business and our subsidiaries, and (vi) enter into certain burdensome agreements.

The Credit Facility and the 2022 Term Loan Facility also require us, on a consolidated basis with our subsidiaries, to maintain a (i) maximum total leverage ratio, (ii) maximum secured leverage ratio, (iii) maximum unencumbered leverage ratio, (iv) minimum fixed charge coverage ratio, (v) minimum unsecured interest coverage ratio, and (vi) maximum secured recourse. If at any time we do not have an Investment Grade Rating, we will also be required to maintain a maximum secured recourse leverage ratio. If an event of default occurs, the lenders under the Credit Facility and the 2022 Term Loan Facility are entitled to take various actions, including the acceleration of amounts due thereunder. As of September 30, 2022, and through the date our condensed consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants for the Credit Facility and the 2022 Term Loan Facility.

Guarantees

After we obtained the requisite Investment Grade Rating, our direct and indirect wholly owned subsidiaries that directly own unencumbered assets (the “Subsidiary Guarantors”) were released from their previous guarantee requirements under the Credit Facility (the “Investment Grade Release”) effective May 5, 2021. Prior to the Investment Grade Release, the obligations under the Credit Facility were guaranteed on a joint and several basis by each Subsidiary Guarantor, subject to certain exceptions.

On September 17, 2021, as a result of the execution of a parent guaranty agreement, the obligations under the Credit Facility became guaranteed on a joint and several basis by INVH and two of its wholly owned subsidiaries, the General Partner and IH Merger Sub. In connection with the 2022 Term Loan Facility, we entered into a similar parent guaranty agreement with INVH, the General Partner, and IH Merger Sub.

Convertible Senior Notes

In connection with the 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”). Interest on the 2022 Convertible Notes was payable semiannually in arrears on January 15th and July 15th of each year, and the 2022 Convertible Notes had an effective interest rate of 5.12% which included the effect of an adjustment to the fair value of the debt as of the Merger Date. 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 and a cash payment of $271.

Debt Maturities Schedule

The following table summarizes the contractual maturities of our debt as of September 30, 2022:

Year	Mortgage Loans(1)		Secured Term Loan		Unsecured Notes		Term Loan Facilities(2)		Revolving Facility(2)		Total
2022	$	—	$	—	$	—	$	—	$	—	$	—
2023	1,223,307		—		—		—		—		1,223,307
2024	—		—		—		—		—		—
2025	—		—		—		2,500,000		—		2,500,000
2026	—		—		—		—		—		—
Thereafter	994,538		403,363		2,550,000		150,000		—		4,097,901
Total	2,217,845		403,363		2,550,000		2,650,000		—		7,821,208
Less: deferred financing costs, net	(8,381)		(1,887)		(20,483)		(23,509)		—		(54,260)
Less: unamortized debt discount	(1,672)		—		(12,245)		—		—		(13,917)
Total	$	2,207,792	$	401,476	$	2,517,272	$	2,626,491	$	—	$	7,753,031

(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of September 30, 2022. If fully extended, we would have no mortgage loans maturing before 2025. Such extensions are available provided there is no continuing event of default under the respective mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe.

(2)If we exercise the two six month extension options, the maturity date for the 2022 Term Loan Facility and the Revolving Facility will be January 31, 2026.

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Derivative Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

From time to time, we enter into derivative instruments to manage the economic risk of changes in interest rates. We do not enter into derivative transactions for speculative or trading purposes. Designated hedges are derivatives that meet the criteria for hedge accounting and that we have elected to designate as hedges. Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or that we did not elect to designate as hedges.

Designated Hedges

We have entered into various interest rate swap agreements, which are used to hedge the variable cash flows associated with variable-rate interest payments. Currently, each of our swap agreements is indexed to one month LIBOR and is designated for hedge accounting purposes. One month LIBOR is set to expire after June 30, 2023, and we will work with the counterparties to our swap agreements to adjust each floating rate to a comparable or successor rate (see Note 2 for additional information about reference rate reform and our transition from LIBOR). Changes in the fair value of these swaps are recorded in other comprehensive income and are subsequently reclassified into earnings in the period in which the hedged forecasted transactions affect earnings.

The table below summarizes our interest rate swap instruments as of September 30, 2022:

Agreement Date	Forward Effective Date	Maturity Date	Strike Rate	Index	Notional Amount
April 19, 2018	January 31, 2019	January 31, 2025	2.86%	One month LIBOR	$	400,000
April 19, 2018	March 15, 2019	November 30, 2024	2.85%	One month LIBOR	400,000
April 19, 2018	March 15, 2019	February 28, 2025	2.86%	One month LIBOR	400,000
May 8, 2018	March 9, 2020	June 9, 2025	2.99%	One month LIBOR	325,000
May 8, 2018	June 9, 2020	June 9, 2025	2.99%	One month LIBOR	595,000
June 28, 2018	August 7, 2020	July 9, 2025	2.90%	One month LIBOR	1,100,000
December 9, 2019	July 15, 2021	November 30, 2024	2.90%	One month LIBOR	400,000
November 7, 2018	March 15, 2022	July 31, 2025	3.14%	One month LIBOR	200,000

During the nine months ended September 30, 2022, we terminated interest rate swaps or portions thereof and paid the counterparties $13,292 in connection with these terminations.

During the three and nine months ended September 30, 2022 and 2021, the derivatives in the table above were used to hedge the variable cash flows associated with existing variable-rate interest payments. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next 12 months, we estimate that $44,013 will be reclassified to earnings as a decrease in interest expense.

Non-Designated Hedges

Concurrent with entering into certain of the mortgage loan agreements and in connection with previous mergers, we entered into or acquired and maintain interest rate cap agreements with terms and notional amounts equivalent to the terms and amounts of the mortgage loans made by the third party lenders. Currently, each of our cap agreements is indexed to one month LIBOR, which is set to expire on June 30, 2023. We will work with the counterparties to our cap agreements to adjust each floating rate to a comparable or successor rate. To the extent that the maturity date of one or more of the mortgage loans is extended through an exercise of one or more extension options, replacement or extension interest rate cap agreements must be executed with terms similar to those associated with the initial interest rate cap agreements and strike prices equal to the greater of the interest rate cap strike price and the interest rate at which the debt service coverage ratio (as defined) is not less than 1.2 to 1.0. The interest rate cap agreements, including all of our rights to payments owed by the counterparties and all other rights, have been pledged as additional collateral for the mortgage loans. Additionally, in certain instances, in order to minimize the cash impact of purchasing required interest rate caps, we simultaneously sell interest rate caps (which have identical terms and notional amounts) such that the purchase price and sales proceeds of the related interest rate caps are intended to offset each other. The purchased and sold interest rate caps have strike prices ranging from approximately 7.56% to 9.00%.

Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets

The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021:

	Asset Derivatives					Liability Derivatives
		Fair Value as of					Fair Value as of
	Balance Sheet Location	September 30, 2022		December 31, 2021		Balance Sheet Location	September 30, 2022		December 31, 2021
Derivatives designated as hedging instruments:
Interest rate swaps	Other assets	$	115,378	$	—	Other liabilities	$	—	$	271,156
Derivatives not designated as hedging instruments:
Interest rate caps	Other assets	5		6		Other liabilities	—		—
Total		$	115,383	$	6		$	—	$	271,156

Offsetting Derivatives

We enter into master netting arrangements, which reduce risk by permitting net settlement of transactions with the same counterparty. The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of September 30, 2022 and December 31, 2021:

	September 30, 2022
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	115,383	$	—	$	115,383	$	—	$	—	$	115,383
Offsetting liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—

	December 31, 2021
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	6	$	—	$	6	$	—	$	—	$	6
Offsetting liabilities:
Derivatives	$	271,156	$	—	$	271,156	$	—	$	—	$	271,156

Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income (Loss) and the Condensed Consolidated Statements of Operations

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended September 30, 2022 and 2021:

	Amount of Gain (Loss) Recognized in OCI on Derivative				Location of Loss Reclassified from Accumulated OCI into Net Income	Amount of Loss Reclassified from Accumulated OCI into Net Income				Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	For the Three Months Ended September 30,					For the Three Months Ended September 30,				For the Three Months Ended September 30,
	2022		2021			2022		2021		2022		2021
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	102,940	$	(1,586)	Interest expense	$	(9,591)	$	(37,074)	$	76,454	$	79,370

	Location of Loss Recognized in Net Income on Derivative	Amount of Loss Recognized in Net Income on Derivative
		For the Three Months Ended September 30,
		2022		2021
Derivatives not designated as hedging instruments:
Interest rate caps	Interest expense	$	28	$	1

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the nine months ended September 30, 2022 and 2021:

	Amount of Gain Recognized in OCI on Derivative				Location of Loss Reclassified from Accumulated OCI into Net Income	Amount of Loss Reclassified from Accumulated OCI into Net Income				Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	For the Nine Months Ended September 30,					For the Nine Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021			2022		2021		2022		2021
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	316,479	$	57,283	Interest expense	$	(63,837)	$	(112,973)	$	225,683	$	243,540

	Location of Loss Recognized in Net Income on Derivative	Amount of Loss Recognized in Net Income on Derivative
		For the Nine Months Ended September 30,
		2022		2021
Derivatives not designated as hedging instruments:
Interest rate caps	Interest expense	$	63	$	106

Credit-Risk-Related Contingent Features

The agreements with our derivative counterparties which govern our interest rate swap agreements contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness.

As of September 30, 2022, there were no derivative counterparties with whom we were in a net liability position.

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Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

As of September 30, 2022, we have issued 611,409,909 shares of common stock. In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our condensed consolidated balance sheets and statements of equity. As of September 30, 2022, 1,737,395 outstanding OP Units are redeemable.

During the three and nine months ended September 30, 2022, we issued 1,050,000 and 10,364,471 shares of common stock, respectively. During the three and nine months ended September 30, 2021, we issued 26,175,130 and 27,776,008 shares of common stock, respectively.

2021 Public Offering

On September 28, 2021, we completed an underwritten public offering of 12,500,000 shares of our common stock. During the three and nine months ended September 30, 2021, this offering generated net proceeds of $496,667, after giving effect to commissions and other costs totaling $3,333. On October 21, 2021, we sold 1,875,000 shares of our common stock pursuant to the underwriters’ full exercise of the option to purchase additional shares, generating net proceeds of $74,534, after giving effect to commissions and other costs totaling $466.

At the Market Equity Program

On December 20, 2021, we entered into distribution agreements with a syndicate of banks (the “Agents” and the “Forward Sellers”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $1,250,000 of our common stock through the Agents and the Forward Sellers (the “2021 ATM Equity Program”). In addition to the issuance of shares of our common stock, the distribution agreements permit us to enter into separate forward sale transactions with certain forward purchasers who may borrow shares from third parties and, through affiliated Forward Sellers, offer a number of shares of our common stock equal to the number of shares of our common stock underlying the particular forward transaction. During the nine months ended September 30, 2022, we sold 2,438,927 shares of our common stock under our 2021 ATM Equity Program, generating net proceeds of $98,367, after giving effect to Agent commissions and other costs totaling $1,633. We did not sell any shares of our common stock under the 2021 ATM Equity Program during the three months ended September 30, 2022. As of September 30, 2022, $1,150,000 remains available for future offerings under the 2021 ATM Equity Program.

On August 22, 2019, we entered into distribution agreements with a syndicate of banks, pursuant to which we sold, from time to time, up to an aggregate sales price of $800,000 of our common stock (the “2019 ATM Equity Program”). During the three and nine months ended September 30, 2021, we sold 4,951,969 shares of our common stock under our 2019 ATM Equity Program, generating net proceeds of $196,778 after giving effect to agent commissions and other costs totaling $3,167. We terminated the 2019 ATM Equity Program immediately after entering into the 2021 ATM Equity Program.

Dividends

To qualify as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our stockholders that in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors.

The following table summarizes our dividends declared from January 1, 2021 through September 30, 2022:

	Record Date	Amount per Share		Pay Date	Total Amount Declared
Q3-2022	August 9, 2022	$	0.22	August 26, 2022	$	135,042
Q2-2022	May 10, 2022	0.22		May 27, 2022	134,744
Q1-2022	February 14, 2022	0.22		February 28, 2022	134,240
Q4-2021	November 9, 2021	0.17		November 24, 2021	102,180
Q3-2021	August 10, 2021	0.17		August 27, 2021	98,965
Q2-2021	May 11, 2021	0.17		May 28, 2021	97,054
Q1-2021	February 10, 2021	0.17		February 26, 2021	96,933

On October 20, 2022, our board of directors declared a dividend of $0.22 per share to stockholders of record on November 8, 2022, which is payable on November 23, 2022 (see Note 15).

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Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

Our board of directors adopted, and our stockholders approved, the Invitation Homes Inc. 2017 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) to provide a means through which to attract and retain key associates and to provide a means whereby our directors, officers, associates, consultants, and advisors can acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive compensation measured by reference to the value of our common stock, and to align their interests with those of our stockholders. Under the Omnibus Incentive Plan, we may issue up to 16,000,000 shares of common stock.

Our share-based awards consist of restricted stock units (“RSUs”), which may be time vesting, performance based vesting, or market based vesting, and Outperformance Awards (defined below). Time-vesting RSUs are participating securities for EPS purposes, and performance and market based RSUs (“PRSUs”) and Outperformance Awards are not. For detailed discussion of RSUs and PRSUs issued prior to January 1, 2022, refer to our Annual Report on Form 10-K for the year ended December 31, 2021.

Share-Based Awards

The following summarizes our share-based award activity during the nine months ended September 30, 2022.

Annual Long Term Incentive Plan (“LTIP”):

•Annual LTIP Awards Granted: During the nine months ended September 30, 2022, we granted 640,107 RSUs, pursuant to LTIP awards. Each award includes components which vest based on time-vesting conditions, market based vesting conditions, and performance based vesting conditions, each of which is subject to continued employment through the applicable vesting date.

LTIP time-vesting RSUs vest in three equal annual installments based on an anniversary date of March 1st. LTIP PRSUs may be earned based on the achievement of certain measures over a three year performance period. The number of PRSUs earned will be determined based on performance achieved during the performance period for each measure at certain threshold, target, or maximum levels and corresponding payout ranges. In general, the LTIP PRSUs are earned after the end of the performance period on the date on which the performance results are certified by our compensation and management development committee (the “Compensation Committee”).

All of the LTIP Awards are subject to certain change in control and retirement eligibility provisions that may impact these vesting schedules.

•PRSU Results: During the nine months ended September 30, 2022, certain LTIP PRSUs vested and achieved performance in excess of the target level, resulting in the issuance of an additional 285,601 shares of common stock. Such awards are reflected as an increase in the number of awards granted and vested in the table below.

Other Awards

During the nine months ended September 30, 2022, we granted 106,975 time-vesting RSUs in the form of retention awards to certain associates which will fully vest on March 1, 2025, subject to continued employment through the vesting date.

Director Awards

During the nine months ended September 30, 2022, we granted 36,912 time-vesting RSUs to members of our board of directors, which will fully vest on the date of INVH’s 2023 annual stockholders meeting, subject to continued service on the board of directors through such date.

Outperformance Awards

On May 1, 2019, the Compensation Committee approved equity based awards in the form of PRSUs and OP Units (the “2019 Outperformance Awards”). The 2019 Outperformance Awards included rigorous market based vesting conditions related to absolute and relative total shareholder returns (“TSRs”) over a three year performance period that ended on March 31, 2022. In April 2022, the absolute TSR and the relative TSR were separately calculated, and the Compensation Committee certified achievement of each at maximum achievement. The number of earned 2019 Outperformance Awards was then determined based on the earned dollar value of the awards (at maximum) and the stock price at the performance certification date, resulting in 311,425 earned PRSUs and 498,224 earned OP Units. Earned awards vested 50% on the certification date in April 2022, and 25% will vest on each of the first and second anniversaries of March 31, 2022, subject to continued employment. The estimated fair value of 2019 Outperformance Awards that fully vested during the nine months ended September 30, 2022 was $6,134. The aggregate $12,160 grant-date fair value of the 2019 Outperformance Awards that were earned was determined based on Monte-Carlo option pricing models which estimated the probability of achievement of the TSR thresholds. The grant-date fair value is amortized ratably over each vesting period.

On April 1, 2022, the Compensation Committee granted equity based awards with market based vesting conditions in the form of PRSUs and OP Units (the “2022 Outperformance Awards” and together with the 2019 Outperformance Awards, the “Outperformance Awards”). The 2022 Outperformance Awards may be earned based on the achievement of rigorous absolute TSR and relative TSR return thresholds over a three year performance period ending March 31, 2025. The 2022 Outperformance Awards provide that upon completion of 75% of the performance period, or June 30, 2024 (the “Interim Measurement Date”), performance achieved as of the Interim Measurement Date will be calculated consistent with the award terms. To the extent performance through the Interim Measurement Date would result in a payout if the performance period had ended on that date, a minimum of 50% of such hypothetical payout amounts will be guaranteed as a minimum level payout for the full performance period, so long as certain minimum levels of relative TSR are achieved for the full performance period. The final award achievement will be equal to the greater of the payouts determined based on the Interim Measurement Date and performance through March 31, 2025. Upon completion of the performance period, the dollar value of the awards earned under the absolute and relative TSR components will be separately calculated, and the number of earned 2022 Outperformance Awards will be determined based on the earned dollar value of the awards and the stock price at the performance certification date. Earned awards will vest 50% on the certification date and 50% on March 31, 2026, subject to continued employment. 2022 Outperformance Awards with an approximate aggregate $20,800 grant-date fair value have been issued and remain outstanding. The grant-date fair value was determined based on Monte-Carlo option pricing models which estimate the probability of achievement of the TSR thresholds, and it is amortized ratably over each vesting period.

Summary of Total Share-Based Awards

The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the nine months ended September 30, 2022:

	Time-Vesting Awards			PRSUs			Total Share-Based Awards(1)
	Number	Weighted Average Grant Date Fair Value (Actual $)		Number	Weighted Average Grant Date Fair Value (Actual $)		Number	Weighted Average Grant Date Fair Value (Actual $)
Balance, December 31, 2021	397,085	$	29.05	1,097,537	$	28.38	1,494,622	$	28.56
Granted	339,517	37.39		730,078	31.46		1,069,595	33.34
Vested(2)	(211,815)	(28.79)		(602,994)	(24.67)		(814,809)	(25.74)
Forfeited / canceled	(8,723)	(34.43)		(11,745)	(28.99)		(20,468)	(31.31)
Balance, September 30, 2022	516,064	$	34.56	1,212,876	$	32.08	1,728,940	$	32.82

(1)Total share-based awards excludes Outperformance Awards.

(2)All vested share-based awards are included in basic EPS for the periods after each award’s vesting date. The estimated fair value of share-based awards that fully vested during the nine months ended September 30, 2022 was $21,036. During the nine months ended September 30, 2022, 1,349 RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.

Grant-Date Fair Values

The grant-date fair values of the time-vesting RSUs and PRSUs with performance condition vesting criteria are generally based on the closing price of our common stock on the grant date. However, the grant-date fair values for share-based awards with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models for such awards granted during the nine months ended September 30, 2022:

	For the Nine Months Ended September 30,
Expected volatility(1)	28.9% — 33.6%
Risk-free rate	1.72% — 2.59%
Expected holding period (years)	2.84 — 3.00

(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.

Summary of Total Share-Based Compensation Expense

During the three and nine months ended September 30, 2022 and 2021, we recognized share-based compensation expense as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
General and administrative	$	6,169	$	4,775	$	17,584	$	16,918
Property management expense	1,761		1,277		4,981		4,154
Total	$	7,930	$	6,052	$	22,565	$	21,072

As of September 30, 2022, there is $49,346 of unrecognized share-based compensation expense related to non-vested share-based awards which is expected to be recognized over a weighted average period of 2.19 years.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 11—Fair Value Measurements

The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued expenses, resident security deposits, and certain components of other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements, interest rate cap agreements, and investments in equity securities with a readily determinable fair value are recorded at fair value on a recurring basis within our condensed consolidated financial statements. The fair values of our interest rate caps and swaps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities. See Note 8 for the details of the condensed consolidated balance sheet classification and the fair values for the interest rate caps and swaps. The fair values of our investments in equity securities with a readily determinable fair value are classified as Level 1 in the fair value hierarchy. For additional information related to our investments in equity securities as of September 30, 2022 and December 31, 2021, refer to Note 6.

Recurring Fair Value Measurements

The following table displays the carrying values and fair values of financial instruments as of September 30, 2022 and December 31, 2021:

		September 30, 2022				December 31, 2021
		Carrying Value		Fair Value		Carrying Value		Fair Value
Assets carried at historical cost on the condensed consolidated balance sheets:
Investments in debt securities(1)	Level 2	$	115,034	$	111,754	$	157,173	$	161,356
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Unsecured Notes — public offering(2)	Level 1	$	2,237,755	$	1,736,081	$	1,638,425	$	1,599,001
Mortgage loans(3)	Level 2	2,216,173		2,123,721		3,065,620		3,110,862
Unsecured Notes — private placement(4)	Level 2	300,000		223,023		300,000		298,822
Secured Term Loan(5)	Level 3	403,363		353,335		403,363		422,519
Term Loan Facilities(6)	Level 3	2,650,000		2,652,496		2,500,000		2,506,159
Convertible Senior Notes(7)	Level 3	—		—		141,397		141,631

(1)The carrying values of investments in debt securities are shown net of discount.

(2)The carrying value of the Unsecured Notes — public offering includes $12,245 and $11,575 of unamortized discount and excludes $19,093 and $14,934 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(3)The carrying values of the mortgage loans are shown net of discount and exclude $8,381 and $9,767 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(4)The carrying value of the Unsecured Notes — private placement excludes $1,390 and $1,517 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(5)The carrying value of the Secured Term Loan excludes $1,887 and $2,050 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(6)The carrying values of the Term Loan Facilities exclude $23,509 and $21,878 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(7)On January 18, 2022, we settled the outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock and a cash payment of $271. The carrying value of the Convertible Senior Notes includes unamortized discounts of $93 as of December 31, 2021.

We value our Unsecured Notes — public offering using quoted market prices for each underlying issuance, a Level 1 price within the fair value hierarchy. The fair values of our investments in debt securities, Unsecured Notes — private placement, and mortgage loans, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at period end.

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3.

The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of September 30, 2022:

	Quantitative Information about Level 3 Fair Value Measurement(1)
	Fair Value		Valuation Technique	Unobservable Input	Rate
Secured Term Loan	$	353,335	Discounted Cash Flow	Effective Rate	5.38%
Term Loan Facilities	2,652,496		Discounted Cash Flow	Effective Rate	4.14%	—	5.72%

(1)Our Level 3 fair value instruments require interest only payments.

Nonrecurring Fair Value Measurements

Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments.

Single-Family Residential Properties

The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount	$	125	$	629	$	861	$	3,582
Total impairments	(101)		(126)		(238)		(650)
Fair value	$	24	$	503	$	623	$	2,932

We did not record any impairments for our investments in single-family residential properties, net held for use during the three and nine months ended September 30, 2022 and 2021. For additional information related to our single-family residential properties as of September 30, 2022 and December 31, 2021, refer to Note 3.

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Earnings per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

Basic and diluted EPS are calculated as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted	$	79,032	$	69,108	$	282,242	$	186,622
Denominator:
Weighted average common shares outstanding — basic	610,845,820		577,011,178		609,212,132		570,808,028
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards	1,801,768		1,560,214		1,529,591		1,454,170
Weighted average common shares outstanding — diluted	612,647,588		578,571,392		610,741,723		572,262,198
Net income per common share — basic	$	0.13	$	0.12	$	0.46	$	0.33
Net income per common share — diluted	$	0.13	$	0.12	$	0.46	$	0.33

Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. Because their inclusion would have been anti-dilutive, 21,254 and 22,585 incremental shares attributed to non-vested share-based awards are excluded from the denominator for the nine months ended September 30, 2022 and 2021, respectively. There were no anti-dilutive incremental shares attributed to non-vested share-based awards for the three months ended September 30, 2022 and 2021.

For the three and nine months ended September 30, 2022 and 2021, vested OP Units have been excluded from the computation of EPS because all income attributable to such vested OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders.

For the nine months ended September 30, 2022, using the “if-converted” method, 387,834 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes are excluded from the computation of diluted EPS as they are anti-dilutive. The outstanding balance of the 2022 Convertible Notes was settled in January 2022. As such, they had no effect on potential dilution for the three months ended September 30, 2022. For the three and nine months ended September 30, 2021, using the “if-converted” method, 8,632,132 and 12,964,322 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes, respectively, are excluded from the computation of diluted EPS as they are anti-dilutive. Additionally, no adjustment to the numerator is required for interest expense related to the 2022 Convertible Notes for the three and nine months ended September 30, 2022 and 2021. See Note 7 for further discussion about the 2022 Convertible Notes.

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Income Tax	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax	Income TaxWe account for income taxes under the asset and liability method. For our taxable REIT subsidiaries (“TRSs”), deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We provide a valuation allowance, from time to time, for deferred tax assets for which we do not consider realization of such assets to be more likely than not. As of September 30, 2022 and December 31, 2021, we have not recorded any deferred tax assets and liabilities or unrecognized tax benefits. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. We have sold assets that were either subject to state and local income taxes or Section 337(d) of the Internal Revenue Code of 1986, as amended, or were held by TRSs. These transactions resulted in $73 and $81 of current income tax expense for the three months ended September 30, 2022 and 2021, respectively, and resulted in $235 and $464 of current income tax expense for the nine months ended September 30, 2022 and 2021, respectively, which has been recorded in gain on sale of property, net of tax in the condensed consolidated statements of operations.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Lease Commitments

The following table sets forth our fixed lease payment commitments as a lessee as of September 30, 2022, for the periods below:

Year	Operating Leases		Finance Leases
Remainder of 2022	$	1,188	$	671
2023	3,952		2,563
2024	3,675		857
2025	2,227		93
2026	1,117		6
Thereafter	500		—
Total lease payments	12,659		4,190
Less: imputed interest	(599)		(143)
Total lease liability	$	12,060	$	4,047

The components of lease expense for the three and nine months ended September 30, 2022 and 2021 are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost:
Fixed lease cost	$	800	$	991	$	2,466	$	3,105
Variable lease cost	384		364		1,133		968
Total operating lease cost	$	1,184	$	1,355	$	3,599	$	4,073
Finance lease cost:
Amortization of ROU assets	$	675	$	699	$	2,055	$	2,115
Interest on lease liabilities	51		64		178		220
Total finance lease cost	$	726	$	763	$	2,233	$	2,335

New-Build Commitments

We have entered into binding purchase agreements with certain homebuilders for the purchase of 2,212 homes over the next five years. Estimated remaining commitments under these agreements total approximately $700,000 as of September 30, 2022.

Insurance Policies

Pursuant to the terms of certain of our loan agreements (see Note 7), laws and regulations of the jurisdictions in which our properties are located, and general business practices, we are required to procure insurance on our properties. As of September 30, 2022, there are no material contingent liabilities related to uninsured losses with respect to our properties.

Hurricane-Related Losses

During the third quarter of 2022, Hurricane Ian damaged certain of our properties in Florida and the Carolinas. We estimate that our homes incurred approximately $19,000 of hurricane damage which has been expensed as impairment and other on our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and is reflected in other liabilities on our condensed consolidated balance sheet as of September 30, 2022. Based on previous experience, we anticipate that additional damage, and thus costs, may be identified and incurred over the coming months. As such, our estimates will be adjusted as new information becomes available. Additionally, a portion of our losses may be recoverable through insurance policies that provide coverage for wind, flood, and business interruption, subject to deductibles and limits.

Legal Matters

We are subject to various legal proceedings and claims that arise in the ordinary course of our business as well as congressional and regulatory inquiries and engagements. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our condensed consolidated financial statements.

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Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after September 30, 2022, for potential recognition or disclosure.

Dividend Declaration

On October 20, 2022, our board of directors declared a dividend of $0.22 per share to stockholders of record on November 8, 2022, which is payable on November 23, 2022.

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.

These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022.

We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with GAAP. We evaluate each investment entity that is not wholly owned to determine whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, we then evaluate whether the entity should be consolidated. Under the VIE model, we consolidate an investment if we have control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, we consolidate an investment if (1) we control the investment through ownership of a majority voting interest if the investment is not a limited partnership or (2) we control the investment through our ability to remove the other partners in the investment, at our discretion, when the investment is a limited partnership.

Based on these evaluations, we account for each of the investments in joint ventures described in Note 5 using the equity method. Our initial investments in the joint ventures are recorded at cost, except for any such interest initially recorded at fair value in connection with a business combination. The investments in these joint ventures are subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint ventures are reported as part of operating activities while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities on our condensed consolidated statements of cash flows.

Non-controlling interests represent the OP Units not owned by INVH, including any OP Units resulting from vesting and conversion of units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, and the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 include an allocation of the net income attributable to the non-controlling interest holders. OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed.

Use of Estimates

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates.

Depreciation

We periodically evaluate the appropriateness of our accounting policies in accordance with authoritative guidance. Based on a review of the useful lives of the components of our buildings and improvements, we extended the weighted average useful lives range for depreciation thereof from 7 to 28.5 years to 7 to 32 years. This change was implemented for additions to our single-family residential properties placed in service after January 1, 2022.

Recently Adopted Accounting Standards and Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments and contracts in its own equity. The guidance reduces the number of accounting models for convertible instruments, requires entities to use the “if-converted” method in diluted earnings (loss) per share (“EPS”), and requires that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares. We adopted ASU 2020-06 as of January 1, 2022, and it did not have a material impact on our condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions that reference the London Interbank Offer Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2022 (the FASB has proposed an extension through December 31, 2024). We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. We have and will continue to elect to apply practical expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s) as qualifying changes are made to applicable debt and derivative instruments. To date, specific changes include the June 2022 issuance of a secured term loan facility that is indexed to the Secured Overnight Financing Rate (“SOFR”). Application of these expedients preserves the presentation of derivatives contracts consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other applicable elections as additional changes in the market and with respect to our debt and derivative instruments occur.

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Investments in Single-Family Residential Properties (Tables)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Schedule of Property Carrying Amount

The following table sets forth the net carrying amount associated with our properties by component:

	September 30, 2022		December 31, 2021
Land	$	4,810,449	$	4,737,938
Single-family residential property	15,140,964		14,610,188
Capital improvements	554,199		540,252
Equipment	122,562		120,003
Total gross investments in the properties	20,628,174		20,008,381
Less: accumulated depreciation	(3,519,211)		(3,073,059)
Investments in single-family residential properties, net	$	17,108,963	$	16,935,322

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Cash, Cash Equivalents, and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2022

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows:

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	300,312	$	610,166
Restricted cash	215,584		208,692
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	515,896	$	818,858

Schedule of Restricted Cash

The balances of our restricted cash accounts, as of September 30, 2022 and December 31, 2021, are set forth in the table below. As of September 30, 2022 and December 31, 2021, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan and Secured Term Loan agreements that require such funding did not exist.

	September 30, 2022		December 31, 2021
Resident security deposits	$	173,488	$	165,454
Property taxes	20,960		12,615
Collections	15,270		21,402
Capital expenditures	2,833		4,368
Letters of credit	2,107		3,682
Special and other reserves	926		1,171
Total	$	215,584	$	208,692

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Investments In Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method model of accounting, as of September 30, 2022 and December 31, 2021:

		Number of Properties Owned		Carrying Value
	Ownership Percentage	September 30, 2022	December 31, 2021	September 30, 2022		December 31, 2021
Pathway Property Company(1)	100.0%	328	N/A	$	133,189	$	—
2020 Rockpoint JV(2)	20.0%	2,607	2,004	72,122		54,579
FNMA(3)	10.0%	502	522	49,449		52,791
Pathway Operating Company(4)	15.0%	N/A	N/A	21,331		23,025
2022 Rockpoint JV(5)	16.7%	131	N/A	10,806		—
Total				$	286,897	$	130,395

(1)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.

(2)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.

(3)Owns homes primarily located in Arizona, California, and Nevada.

(4)Represents an investment in an operating company that provides a technology platform and asset management services.

(5)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.

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Other Assets (Tables)

9 Months Ended

Sep. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

As of September 30, 2022 and December 31, 2021, the balances in other assets, net are as follows:

	September 30, 2022		December 31, 2021
Derivative instruments (Note 8)	$	115,383	$	6
Investments in debt securities, net	115,034		157,173
Amounts deposited and held by others	95,720		62,241
Rent and other receivables, net	40,768		37,473
Prepaid expenses	38,685		41,490
Held for sale assets(1)	25,475		20,022
Investments in equity securities	21,015		16,337
Corporate fixed assets, net	20,437		16,595
ROU lease assets — operating and finance, net	14,192		16,975
Deferred financing costs, net	6,575		8,751
Deferred leasing costs, net	1,648		5,837
Other	13,519		12,164
Total	$	508,451	$	395,064

(1)As of September 30, 2022 and December 31, 2021, 122 and 80 properties, respectively, are classified as held for sale.

Future Minimum Lease Payments

Future minimum rental revenues and other property income under leases existing on our single-family residential properties as of September 30, 2022 are as follows:

Year	Lease Payments to be Received
Remainder of 2022	$	470,469
2023	888,990
2024	116,918
2025	—
2026	—
Thereafter	—
Total	$	1,476,377

Investments in Equity Securities

As of September 30, 2022 and December 31, 2021, the values of our investments in equity securities are as follows:

	September 30, 2022		December 31, 2021
Investments with a readily determinable fair value	$	837	$	10,499
Investments without a readily determinable fair value	20,178		5,838
Total	$	21,015	$	16,337

Schedule of Gain (Loss) Equity Securities

The components of gains (losses) on investments in equity securities, net as of three and nine months ended September 30, 2022 and 2021 are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Net gains (losses) recognized on investments sold during the reporting period — with a readily determinable value	$	—	$	161	$	(1,452)	$	(6,008)
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value	(796)		4,158		(2,548)		185
Total	$	(796)	$	4,319	$	(4,000)	$	(5,823)

Schedule of Supplemental Information Related to Leases

The following table presents supplemental information related to leases into which we have entered as a lessee as of September 30, 2022 and December 31, 2021:

	September 30, 2022						December 31, 2021
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Other assets	$	9,955		$	4,237		$	10,959		$	6,016
Other liabilities (Note 14)	12,060			4,047			13,256			5,784
Weighted average remaining lease term	3.3 years			1.7 years			3.7 years			2.2 years
Weighted average discount rate	3.3		%	4.0		%	3.2		%	4.0		%

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Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Instrument [Line Items]

Schedule of Unsecured Notes

The following table sets forth a summary of our Unsecured Notes as of September 30, 2022 and December 31, 2021:

	Interest Rate(1)	September 30, 2022		December 31, 2021
Total Unsecured Notes, net(2)	2.00% — 4.15%	$	2,537,755	$	1,938,425
Deferred financing costs, net		(20,483)		(16,451)
Total		$	2,517,272	$	1,921,974

(1)Represents the range of contractual rates in place as of September 30, 2022.

(2)Net of unamortized discount of $12,245 and $11,575 as of September 30, 2022 and December 31, 2021. See “Debt Maturities Schedule” for information about maturity dates for the Unsecured Notes.

Schedule of Credit Facility

The following table sets forth a summary of the outstanding principal amounts under the Term Loan Facilities and the Revolving Facilities as of September 30, 2022 and December 31, 2021:

	Maturity Date	Interest Rate	September 30, 2022		December 31, 2021
2020 Term Loan Facility(1)(2)	January 31, 2025	4.14%	$	2,500,000	$	2,500,000
2022 Term Loan Facility(3)	June 22, 2029	4.38%	150,000		—
Total Term Loan Facilities			2,650,000		2,500,000
Less: deferred financing costs, net			(23,509)		(21,878)
Term Loan Facilities, net			$	2,626,491	$	2,478,122
Revolving Facility(1)(2)	January 31, 2025	4.03%	$	—	$	—

(1)Interest rates for the 2020 Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of September 30, 2022, the applicable margins were 1.00% and 0.89%, respectively, and LIBOR was 3.14%.

(2)If we exercise the two six month extension options, the maturity date will be January 31, 2026.

(3)Interest rate for the 2022 Term Loan Facility is based on SOFR adjusted for a 0.10% credit spread adjustment (“Adjusted SOFR”), plus the applicable margin. As of September 30, 2022, the applicable margin was 1.24%, and Adjusted SOFR was 3.14%.

Schedule of Credit Facility Margins - Credit Rating Based Pricing Grid

The current margins for the Term Loan Facilities and the Revolving Facility are as follows:

	Base Rate Loans			LIBOR Rate Loans			SOFR Rate Loans
2020 Term Loan Facility	0.00%	—	0.65%	0.80%	—	1.65%	N/A
2022 Term Loan Facility	0.15%	—	1.20%	N/A			1.15%	—	2.20%
Revolving Facility	0.00%	—	0.45%	0.75%	—	1.45%	N/A

Schedule of Credit Facility Margins

The margins for the 2020 Term Loan Facility and Revolving Facility under the total leverage based grid were as follows:

	Base Rate Loans			LIBOR Rate Loans
2020 Term Loan Facility	0.45%	—	1.15%	1.45%	—	2.15%
Revolving Facility	0.50%	—	1.15%	1.50%	—	2.15%

Schedule of Maturities of Long-term Debt

The following table summarizes the contractual maturities of our debt as of September 30, 2022:

Year	Mortgage Loans(1)		Secured Term Loan		Unsecured Notes		Term Loan Facilities(2)		Revolving Facility(2)		Total
2022	$	—	$	—	$	—	$	—	$	—	$	—
2023	1,223,307		—		—		—		—		1,223,307
2024	—		—		—		—		—		—
2025	—		—		—		2,500,000		—		2,500,000
2026	—		—		—		—		—		—
Thereafter	994,538		403,363		2,550,000		150,000		—		4,097,901
Total	2,217,845		403,363		2,550,000		2,650,000		—		7,821,208
Less: deferred financing costs, net	(8,381)		(1,887)		(20,483)		(23,509)		—		(54,260)
Less: unamortized debt discount	(1,672)		—		(12,245)		—		—		(13,917)
Total	$	2,207,792	$	401,476	$	2,517,272	$	2,626,491	$	—	$	7,753,031

(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of September 30, 2022. If fully extended, we would have no mortgage loans maturing before 2025. Such extensions are available provided there is no continuing event of default under the respective mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe.

(2)If we exercise the two six month extension options, the maturity date for the 2022 Term Loan Facility and the Revolving Facility will be January 31, 2026.

Mortgage Loans

Debt Instrument [Line Items]

Schedule of Unsecured Notes

The following table sets forth a summary of our mortgage loan indebtedness as of September 30, 2022 and December 31, 2021:

						Outstanding Principal Balance(5)
	Origination Date	Maturity Date(1)	Maturity Date if Fully Extended(2)	Interest Rate(3)	Range of Spreads(4)	September 30, 2022		December 31, 2021
IH 2017-1(6)	April 28, 2017	June 9, 2027	June 9, 2027	4.23%	N/A	$	992,866	$	993,703
IH 2018-1(7)	February 8, 2018	March 9, 2023	March 9, 2025	4.02%	76-131 bps	560,459		568,495
IH 2018-2	May 8, 2018	June 9, 2022	N/A	N/A	N/A	—		629,237
IH 2018-3	June 28, 2018	April 8, 2022	N/A	N/A	N/A	—		204,637
IH 2018-4(7)	November 7, 2018	January 9, 2023	January 9, 2026	4.37%	115-145 bps	662,848		669,548
Total Securitizations						2,216,173		3,065,620
Less: deferred financing costs, net						(8,381)		(9,767)
Total						$	2,207,792	$	3,055,853

(1)Maturity date represents repayment date for mortgage loans which have been repaid in full prior to September 30, 2022. For all other mortgage loans, the maturity dates above reflect all extension options that have been exercised.

(2)Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met.

(3)Except for IH 2017-1, interest rates are based on a weighted average spread over LIBOR (or a comparable or successor rate as provided for in our loan agreements), plus applicable servicing fees; as of September 30, 2022, LIBOR was 3.14%. 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.

(4)Range of spreads is based on outstanding principal balances as of September 30, 2022.

(5)Outstanding principal balance is net of discounts and does not include deferred financing costs, net.

(6)Net of unamortized discount of $1,672 and $1,937 as of September 30, 2022 and December 31, 2021, respectively.

(7)The initial maturity term of each of these mortgage loans is two years, individually subject to five, one year extension options at the Borrower Entity’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe). Our IH 2018-4 mortgage loan has exercised the second extension option, and our IH 2018-1 mortgage loan has exercised the third extension option. The maturity dates above reflect all extensions that have been exercised.

Secured Term Loan

Debt Instrument [Line Items]

Schedule of Unsecured Notes

The following table sets forth a summary of our Secured Term Loan indebtedness as of September 30, 2022 and December 31, 2021:

	Maturity Date	Interest Rate(1)	September 30, 2022		December 31, 2021
Secured Term Loan	June 9, 2031	3.59%	$	403,363	$	403,363
Deferred financing costs, net			(1,887)		(2,050)
Secured Term Loan, net			$	401,476	$	401,313

(1)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 one month LIBOR (or a comparable or successor rate as provided for in our loan agreement), including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly.

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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Instruments

The table below summarizes our interest rate swap instruments as of September 30, 2022:

Agreement Date	Forward Effective Date	Maturity Date	Strike Rate	Index	Notional Amount
April 19, 2018	January 31, 2019	January 31, 2025	2.86%	One month LIBOR	$	400,000
April 19, 2018	March 15, 2019	November 30, 2024	2.85%	One month LIBOR	400,000
April 19, 2018	March 15, 2019	February 28, 2025	2.86%	One month LIBOR	400,000
May 8, 2018	March 9, 2020	June 9, 2025	2.99%	One month LIBOR	325,000
May 8, 2018	June 9, 2020	June 9, 2025	2.99%	One month LIBOR	595,000
June 28, 2018	August 7, 2020	July 9, 2025	2.90%	One month LIBOR	1,100,000
December 9, 2019	July 15, 2021	November 30, 2024	2.90%	One month LIBOR	400,000
November 7, 2018	March 15, 2022	July 31, 2025	3.14%	One month LIBOR	200,000

Summary of Derivative Financial Instruments, Fair Value and Location in Consolidated Balance Sheets

The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021:

	Asset Derivatives					Liability Derivatives
		Fair Value as of					Fair Value as of
	Balance Sheet Location	September 30, 2022		December 31, 2021		Balance Sheet Location	September 30, 2022		December 31, 2021
Derivatives designated as hedging instruments:
Interest rate swaps	Other assets	$	115,378	$	—	Other liabilities	$	—	$	271,156
Derivatives not designated as hedging instruments:
Interest rate caps	Other assets	5		6		Other liabilities	—		—
Total		$	115,383	$	6		$	—	$	271,156

Summary of Offsetting Derivative Assets

The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of September 30, 2022 and December 31, 2021:

	September 30, 2022
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	115,383	$	—	$	115,383	$	—	$	—	$	115,383
Offsetting liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—

	December 31, 2021
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	6	$	—	$	6	$	—	$	—	$	6
Offsetting liabilities:
Derivatives	$	271,156	$	—	$	271,156	$	—	$	—	$	271,156

Summary of Offsetting Derivative Liabilities

The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of September 30, 2022 and December 31, 2021:

	September 30, 2022
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	115,383	$	—	$	115,383	$	—	$	—	$	115,383
Offsetting liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—

	December 31, 2021
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	6	$	—	$	6	$	—	$	—	$	6
Offsetting liabilities:
Derivatives	$	271,156	$	—	$	271,156	$	—	$	—	$	271,156

Derivative Instruments, Gain (Loss)

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended September 30, 2022 and 2021:

	Amount of Gain (Loss) Recognized in OCI on Derivative				Location of Loss Reclassified from Accumulated OCI into Net Income	Amount of Loss Reclassified from Accumulated OCI into Net Income				Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	For the Three Months Ended September 30,					For the Three Months Ended September 30,				For the Three Months Ended September 30,
	2022		2021			2022		2021		2022		2021
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	102,940	$	(1,586)	Interest expense	$	(9,591)	$	(37,074)	$	76,454	$	79,370

	Location of Loss Recognized in Net Income on Derivative	Amount of Loss Recognized in Net Income on Derivative
		For the Three Months Ended September 30,
		2022		2021
Derivatives not designated as hedging instruments:
Interest rate caps	Interest expense	$	28	$	1

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the nine months ended September 30, 2022 and 2021:

	Amount of Gain Recognized in OCI on Derivative				Location of Loss Reclassified from Accumulated OCI into Net Income	Amount of Loss Reclassified from Accumulated OCI into Net Income				Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	For the Nine Months Ended September 30,					For the Nine Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021			2022		2021		2022		2021
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	316,479	$	57,283	Interest expense	$	(63,837)	$	(112,973)	$	225,683	$	243,540

	Location of Loss Recognized in Net Income on Derivative	Amount of Loss Recognized in Net Income on Derivative
		For the Nine Months Ended September 30,
		2022		2021
Derivatives not designated as hedging instruments:
Interest rate caps	Interest expense	$	63	$	106

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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Summary of Dividends Declared

The following table summarizes our dividends declared from January 1, 2021 through September 30, 2022:

	Record Date	Amount per Share		Pay Date	Total Amount Declared
Q3-2022	August 9, 2022	$	0.22	August 26, 2022	$	135,042
Q2-2022	May 10, 2022	0.22		May 27, 2022	134,744
Q1-2022	February 14, 2022	0.22		February 28, 2022	134,240
Q4-2021	November 9, 2021	0.17		November 24, 2021	102,180
Q3-2021	August 10, 2021	0.17		August 27, 2021	98,965
Q2-2021	May 11, 2021	0.17		May 28, 2021	97,054
Q1-2021	February 10, 2021	0.17		February 26, 2021	96,933

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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, RSU and PRSU Activity

The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the nine months ended September 30, 2022:

	Time-Vesting Awards			PRSUs			Total Share-Based Awards(1)
	Number	Weighted Average Grant Date Fair Value (Actual $)		Number	Weighted Average Grant Date Fair Value (Actual $)		Number	Weighted Average Grant Date Fair Value (Actual $)
Balance, December 31, 2021	397,085	$	29.05	1,097,537	$	28.38	1,494,622	$	28.56
Granted	339,517	37.39		730,078	31.46		1,069,595	33.34
Vested(2)	(211,815)	(28.79)		(602,994)	(24.67)		(814,809)	(25.74)
Forfeited / canceled	(8,723)	(34.43)		(11,745)	(28.99)		(20,468)	(31.31)
Balance, September 30, 2022	516,064	$	34.56	1,212,876	$	32.08	1,728,940	$	32.82

(1)Total share-based awards excludes Outperformance Awards.

(2)All vested share-based awards are included in basic EPS for the periods after each award’s vesting date. The estimated fair value of share-based awards that fully vested during the nine months ended September 30, 2022 was $21,036. During the nine months ended September 30, 2022, 1,349 RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.

Schedule of Share-based Payment Awards Valuation Assumptions

The grant-date fair values of the time-vesting RSUs and PRSUs with performance condition vesting criteria are generally based on the closing price of our common stock on the grant date. However, the grant-date fair values for share-based awards with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models for such awards granted during the nine months ended September 30, 2022:

	For the Nine Months Ended September 30,
Expected volatility(1)	28.9% — 33.6%
Risk-free rate	1.72% — 2.59%
Expected holding period (years)	2.84 — 3.00

(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Type

During the three and nine months ended September 30, 2022 and 2021, we recognized share-based compensation expense as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
General and administrative	$	6,169	$	4,775	$	17,584	$	16,918
Property management expense	1,761		1,277		4,981		4,154
Total	$	7,930	$	6,052	$	22,565	$	21,072

As of September 30, 2022, there is $49,346 of unrecognized share-based compensation expense related to non-vested share-based awards which is expected to be recognized over a weighted average period of 2.19 years.

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Financial Instruments

The following table displays the carrying values and fair values of financial instruments as of September 30, 2022 and December 31, 2021:

		September 30, 2022				December 31, 2021
		Carrying Value		Fair Value		Carrying Value		Fair Value
Assets carried at historical cost on the condensed consolidated balance sheets:
Investments in debt securities(1)	Level 2	$	115,034	$	111,754	$	157,173	$	161,356
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Unsecured Notes — public offering(2)	Level 1	$	2,237,755	$	1,736,081	$	1,638,425	$	1,599,001
Mortgage loans(3)	Level 2	2,216,173		2,123,721		3,065,620		3,110,862
Unsecured Notes — private placement(4)	Level 2	300,000		223,023		300,000		298,822
Secured Term Loan(5)	Level 3	403,363		353,335		403,363		422,519
Term Loan Facilities(6)	Level 3	2,650,000		2,652,496		2,500,000		2,506,159
Convertible Senior Notes(7)	Level 3	—		—		141,397		141,631

(1)The carrying values of investments in debt securities are shown net of discount.

(2)The carrying value of the Unsecured Notes — public offering includes $12,245 and $11,575 of unamortized discount and excludes $19,093 and $14,934 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(3)The carrying values of the mortgage loans are shown net of discount and exclude $8,381 and $9,767 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(4)The carrying value of the Unsecured Notes — private placement excludes $1,390 and $1,517 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(5)The carrying value of the Secured Term Loan excludes $1,887 and $2,050 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(6)The carrying values of the Term Loan Facilities exclude $23,509 and $21,878 of deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.

(7)On January 18, 2022, we settled the outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock and a cash payment of $271. The carrying value of the Convertible Senior Notes includes unamortized discounts of $93 as of December 31, 2021.

Fair Value Measurement Inputs and Valuation Techniques

The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of September 30, 2022:

	Quantitative Information about Level 3 Fair Value Measurement(1)
	Fair Value		Valuation Technique	Unobservable Input	Rate
Secured Term Loan	$	353,335	Discounted Cash Flow	Effective Rate	5.38%
Term Loan Facilities	2,652,496		Discounted Cash Flow	Effective Rate	4.14%	—	5.72%

(1)Our Level 3 fair value instruments require interest only payments.

Schedule of Impaired Assets, Measured at Fair Value on a Nonrecurring Basis

The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount	$	125	$	629	$	861	$	3,582
Total impairments	(101)		(126)		(238)		(650)
Fair value	$	24	$	503	$	623	$	2,932

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Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share Calculation

Basic and diluted EPS are calculated as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted	$	79,032	$	69,108	$	282,242	$	186,622
Denominator:
Weighted average common shares outstanding — basic	610,845,820		577,011,178		609,212,132		570,808,028
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards	1,801,768		1,560,214		1,529,591		1,454,170
Weighted average common shares outstanding — diluted	612,647,588		578,571,392		610,741,723		572,262,198
Net income per common share — basic	$	0.13	$	0.12	$	0.46	$	0.33
Net income per common share — diluted	$	0.13	$	0.12	$	0.46	$	0.33

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Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturities of Operating and Finance Leases Liabilities

The following table sets forth our fixed lease payment commitments as a lessee as of September 30, 2022, for the periods below:

Year	Operating Leases		Finance Leases
Remainder of 2022	$	1,188	$	671
2023	3,952		2,563
2024	3,675		857
2025	2,227		93
2026	1,117		6
Thereafter	500		—
Total lease payments	12,659		4,190
Less: imputed interest	(599)		(143)
Total lease liability	$	12,060	$	4,047

Schedule of Lease Costs

The components of lease expense for the three and nine months ended September 30, 2022 and 2021 are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost:
Fixed lease cost	$	800	$	991	$	2,466	$	3,105
Variable lease cost	384		364		1,133		968
Total operating lease cost	$	1,184	$	1,355	$	3,599	$	4,073
Finance lease cost:
Amortization of ROU assets	$	675	$	699	$	2,055	$	2,115
Interest on lease liabilities	51		64		178		220
Total finance lease cost	$	726	$	763	$	2,233	$	2,335

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Organization and Formation (Details) - $ / shares	Sep. 30, 2022	Dec. 31, 2021	Feb. 06, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, shares authorized (in shares)	9,000,000,000	9,000,000,000	9,000,000,000
Preferred stock, shares authorized (in shares)	900,000,000	900,000,000	900,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Percentage ownership of the combined entity after the transaction	99.70%

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Significant Accounting Policies (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Conversion ratio from units to shares	1
Minimum | Single Family
Summary Of Significant Accounting Policies [Line Items]
Weighted-average useful lives	7 years	7 years
Maximum | Single Family
Summary Of Significant Accounting Policies [Line Items]
Weighted-average useful lives	32 years	28 years 6 months

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Investments in Single-Family Residential Properties - Net Carrying Amount of Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 4,810,449	$ 4,737,938
Single-family residential property	15,140,964	14,610,188
Capital improvements	554,199	540,252
Equipment	122,562	120,003
Total gross investments in the properties	20,628,174	20,008,381
Less: accumulated depreciation	(3,519,211)	(3,073,059)
Investments in single-family residential properties, net	$ 17,108,963	$ 16,935,322

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Investments in Single-Family Residential Properties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Capitalized acquisition costs, net	$ 128,721		$ 128,721		$ 125,236
Capitalized interest costs	75,481		75,481		70,145
Capitalized property taxes, net	30,744		30,744		28,211
Capitalized insurance, net	5,002		5,002		4,762
Capitalized HOA fees, net	3,595		3,595		$ 3,280
Depreciation and amortization	160,428	$ 150,694	474,796	$ 440,475
Provisions for impairment	101	126	238	650
Components of properties
Property, Plant and Equipment [Line Items]
Depreciation and amortization	158,199	148,957	468,272	435,348
Furniture and equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 2,229	$ 1,737	$ 6,524	$ 5,127

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Cash, Cash Equivalents, and Restricted Cash - Reconciliation to Statements of Cash Flows (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 300,312	$ 610,166
Restricted cash	215,584	208,692
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 515,896	$ 818,858	$ 821,150	$ 411,768

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Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash Accounts (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 215,584	$ 208,692
Resident security deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	173,488	165,454
Property taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	20,960	12,615
Collections
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	15,270	21,402
Capital expenditures
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	2,833	4,368
Letters of credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	2,107	3,682
Special and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 926	$ 1,171

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Investments In Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended		7 Months Ended	9 Months Ended		11 Months Ended
	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 286,897		$ 286,897	$ 286,897		$ 286,897	$ 130,395
Income (loss) from investments in unconsolidated joint ventures	(849)	$ 202		(5,870)	$ 564
Management fee revenues	$ 3,284	$ 1,354		$ 8,154	$ 3,140
Pathway Property Company
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	100.00%		100.00%	100.00%		100.00%
Number of real estate properties owned by joint venture | property	328		328	328		328
Investments in unconsolidated joint ventures	$ 133,189		$ 133,189	$ 133,189		$ 133,189	$ 0
Joint venture funded						136,700
Remaining equity commitment	$ 88,300		$ 88,300	$ 88,300		$ 88,300
2020 Rockpoint JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	20.00%		20.00%	20.00%		20.00%
Number of real estate properties owned by joint venture | property	2,607		2,607	2,607		2,607	2,004
Investments in unconsolidated joint ventures	$ 72,122		$ 72,122	$ 72,122		$ 72,122	$ 54,579
FNMA
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	10.00%		10.00%	10.00%		10.00%
Number of real estate properties owned by joint venture | property	502		502	502		502	522
Investments in unconsolidated joint ventures	$ 49,449		$ 49,449	$ 49,449		$ 49,449	$ 52,791
Pathway Operating Company
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	15.00%		15.00%	15.00%		15.00%
Investments in unconsolidated joint ventures	$ 21,331		$ 21,331	$ 21,331		$ 21,331	23,025
2022 Rockpoint JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	16.70%		16.70%	16.70%		16.70%
Number of real estate properties owned by joint venture | property	131		131	131		131
Investments in unconsolidated joint ventures	$ 10,806		$ 10,806	$ 10,806		$ 10,806	$ 0
Joint venture funded			10,000
Remaining equity commitment	$ 40,000		$ 40,000	$ 40,000		$ 40,000

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Other Assets - Schedule of Other Assets (Details) $ in Thousands	Sep. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative instruments (Note 8)	$ 115,383	$ 6
Investments in debt securities, net	115,034	157,173
Amounts deposited and held by others	95,720	62,241
Rent and other receivables, net	40,768	37,473
Prepaid expenses	38,685	41,490
Held for sale assets	25,475	20,022
Investments in equity securities	21,015	16,337
Corporate fixed assets, net	20,437	16,595
ROU lease assets — operating and finance, net	14,192	16,975
Deferred financing costs, net	6,575	8,751
Deferred leasing costs, net	1,648	5,837
Other	13,519	12,164
Total	$ 508,451	$ 395,064
Number properties held-for-sale | property	122	80

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Other Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Investments [Line Items]
Investments in debt securities, net	$ 115,034		$ 115,034		$ 157,173
Unamortized discount	$ 13,917		$ 13,917
Initial contractual term	12 months		12 months
Variable lease income	$ 35,834	$ 30,243	$ 102,960	$ 82,890
Financing costs	11,846		11,846
Debt issuance costs, unamortized balance	6,575		6,575		8,751
Residential Mortgage Backed Securities
Schedule of Investments [Line Items]
Investments in debt securities, net	115,034		$ 115,034
Residential Mortgage Backed Securities | Minimum
Schedule of Investments [Line Items]
Retained certificates, expected maturity term			3 months
Residential Mortgage Backed Securities | Maximum
Schedule of Investments [Line Items]
Retained certificates, expected maturity term			5 years
Mortgage Loans
Schedule of Investments [Line Items]
Unamortized discount	1,672		$ 1,672
IH1 2017-1 | Mortgage Loans
Schedule of Investments [Line Items]
Unamortized discount	$ 1,672		$ 1,672		$ 1,937

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Other Assets - Schedule of Rent Revenues (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Remainder of 2022	$ 470,469
2023	888,990
2024	116,918
2025	0
2026	0
Thereafter	0
Total	$ 1,476,377

XML

Other Assets - Schedule of Investments in Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investments with a readily determinable fair value	$ 837	$ 10,499
Investments without a readily determinable fair value	20,178	5,838
Total	$ 21,015	$ 16,337

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Other Assets - Gains (Losses) on Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Net gains (losses) recognized on investments sold during the reporting period — with a readily determinable value	$ 0	$ 161	$ (1,452)	$ (6,008)
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value	(796)	4,158	(2,548)	185
Total	$ (796)	$ 4,319	$ (4,000)	$ (5,823)

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Other Assets - Schedule of Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating Lease, Right-of-Use Asset	$ 9,955	$ 10,959
Operating Lease, Liability	$ 12,060	$ 13,256
Operating Lease, Weighted Average Remaining Lease Term	3 years 3 months 18 days	3 years 8 months 12 days
Lessee, Operating Lease, Weighted Avg Discount Rate	3.30%	3.20%
Finance Lease, Right-of-Use Asset	$ 4,237	$ 6,016
Finance Lease, Liability	$ 4,047	$ 5,784
Finance Lease, Weighted Average Remaining Lease Term	1 year 8 months 12 days	2 years 2 months 12 days
Lessee, Finance Lease, Weighted Average Discount Rate	4.00%	4.00%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

XML

Debt - Schedule of Mortgage Loans (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) extension	Sep. 30, 2022 USD ($) extension	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Less: deferred financing costs, net	$ (54,260)	$ (54,260)
Total	7,753,031	7,753,031
Unamortized discount	13,917	13,917
Mortgage Loans
Debt Instrument [Line Items]
Outstanding Principal Balance	2,216,173	2,216,173	$ 3,065,620
Less: deferred financing costs, net	(8,381)	(8,381)	(9,767)
Total	2,207,792	$ 2,207,792	3,055,853
Extension term		1 year
Unamortized discount	$ 1,672	$ 1,672
IH1 2017-1 | Mortgage Loans
Debt Instrument [Line Items]
Interest Rate	4.23%	4.23%
Outstanding Principal Balance	$ 992,866	$ 992,866	993,703
Unamortized discount	$ 1,672	$ 1,672	1,937
Debt instrument term		10 years
IH 2018-1 | Mortgage Loans
Debt Instrument [Line Items]
Interest Rate	4.02%	4.02%
Outstanding Principal Balance	$ 560,459	$ 560,459	568,495
IH 2018-1 | Mortgage Loans | Minimum
Debt Instrument [Line Items]
Basis spread		0.76%
IH 2018-1 | Mortgage Loans | Maximum
Debt Instrument [Line Items]
Basis spread		1.31%
IH 2018-2 | Mortgage Loans
Debt Instrument [Line Items]
Outstanding Principal Balance	0	$ 0	629,237
IH 2018-3 | Mortgage Loans
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 0	$ 0	204,637
IH 2018-4 | Mortgage Loans
Debt Instrument [Line Items]
Interest Rate	4.37%	4.37%
Outstanding Principal Balance	$ 662,848	$ 662,848	$ 669,548
IH 2018-4 | Mortgage Loans | Minimum
Debt Instrument [Line Items]
Basis spread		1.15%
IH 2018-4 | Mortgage Loans | Maximum
Debt Instrument [Line Items]
Basis spread		1.45%
IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 | Mortgage Loans
Debt Instrument [Line Items]
Extension term		1 year
Debt instrument term		2 years
IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 | Mortgage Loans | Minimum
Debt Instrument [Line Items]
Basis spread	0.76%
Debt instrument term		2 years
Number of extensions | extension	3	3
IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 | Mortgage Loans | Maximum
Debt Instrument [Line Items]
Basis spread	1.45%
Number of extensions | extension	5	5

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Debt - Mortgage Loans Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) loan property extension	Sep. 30, 2022 USD ($) loan property extension	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) property
Debt Instrument [Line Items]
Gross book value	$ 20,628,174	$ 20,628,174		$ 20,008,381
Investments in single-family residential properties, net	17,108,963	17,108,963		16,935,322
Investments in debt securities, net	$ 115,034	115,034		$ 157,173
Payments on mortgage loans		$ (849,712)	$ (964,318)
Mortgage Loans
Debt Instrument [Line Items]
Extension term		1 year
Debt instrument, loan principal as a percentage of mortgage pool	5.00%	5.00%
Mortgage Loans | IH 2018-1 and IH 2018-4
Debt Instrument [Line Items]
Debt instrument, loan principal as a percentage of mortgage pool	5.00%	5.00%
Mortgage Loans | IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4
Debt Instrument [Line Items]
Number of components | loan	6	6
Debt instrument term		2 years
Extension term		1 year
Mortgage Loans | IH1 2017-1
Debt Instrument [Line Items]
Number of components | loan	2	2
Debt instrument term		10 years
Fixed interest rate	4.23%	4.23%
Mortgage Loans | IH1 2017-1 | Class B Certificates
Debt Instrument [Line Items]
Fixed interest rate	4.23%	4.23%
Mortgage Loans | Residential Real Estate
Debt Instrument [Line Items]
Number of real estate properties | property	14,673	14,673		26,950
Gross book value	$ 3,547,876	$ 3,547,876		$ 6,043,652
Investments in single-family residential properties, net	$ 2,914,824	$ 2,914,824		$ 4,922,037
Mortgage Loans | Minimum | IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4
Debt Instrument [Line Items]
Debt instrument term		2 years
Number of extensions | extension	3	3
Basis spread	0.76%
Mortgage Loans | Maximum | IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4
Debt Instrument [Line Items]
Number of extensions | extension	5	5
Basis spread	1.45%

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Debt - Secured Term Loan Narrative (Details) $ in Thousands		9 Months Ended
	Jun. 07, 2019	Sep. 30, 2022 USD ($) property	Sep. 30, 2020 USD ($)	Dec. 31, 2021 USD ($) property
Debt Instrument [Line Items]
Gross book value		$ 20,628,174		$ 20,008,381
Investments in single-family residential properties, net		17,108,963		$ 16,935,322
Payments on secured term loan		$ 0	$ 0
Secured Term Loan
Debt Instrument [Line Items]
Debt instrument term	12 years
Fixed interest rate		3.59%
Secured Term Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread	1.47%
Secured Term Loan | Maximum
Debt Instrument [Line Items]
Annual limitation on collateral substitution		20.00%
Limitation on collateral substitution		100.00%
Number of special releases allowed after first anniversary		4
Special release of collateral		15.00%
Residential Real Estate | Secured Term Loan
Debt Instrument [Line Items]
Number of real estate properties | property		3,334		3,334
Gross book value		$ 810,354		$ 801,318
Investments in single-family residential properties, net		$ 692,392		$ 703,492
Fixed Rate | Secured Term Loan
Debt Instrument [Line Items]
Debt instrument term	11 years

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Debt - Schedule of Secured Term Loan (Details) - USD ($) $ in Thousands	Jun. 07, 2019	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross		$ 7,821,208
Less: deferred financing costs, net		(54,260)
Total		$ 7,753,031
Secured Term Loan
Debt Instrument [Line Items]
Fixed interest rate		3.59%
Long-term debt, gross		$ 403,363	$ 403,363
Less: deferred financing costs, net		(1,887)	(2,050)
Total		$ 401,476	$ 401,313
Debt instrument term	12 years
London Interbank Offered Rate (LIBOR) | Secured Term Loan
Debt Instrument [Line Items]
Basis spread	1.47%
Fixed Rate | Secured Term Loan
Debt Instrument [Line Items]
Debt instrument term	11 years

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Debt - Unsecured Notes Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Mar. 25, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 7,821,208
Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,550,000
Unsecured Notes | Minimum
Debt Instrument [Line Items]
Fixed interest rate	2.00%
Unsecured Notes | Maximum
Debt Instrument [Line Items]
Fixed interest rate	4.15%
Unsecured Notes | Unsecured Notes - April 2032
Debt Instrument [Line Items]
Long-term debt, gross		$ 600,000
Fixed interest rate		4.15%
Debt redemption percentage	100.00%
Prepayment requirements of principal outstanding	5.00%
Unsecured Notes | Unsecured Notes - April 2032 | Minimum
Debt Instrument [Line Items]
Period where make-whole premium not included in redemption	2 months
Unsecured Notes | Unsecured Notes - April 2032 | Maximum
Debt Instrument [Line Items]
Period where make-whole premium not included in redemption	3 months

XML

Debt - Schedule of Unsecured Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: deferred financing costs, net	$ (54,260)
Total	7,753,031
Unamortized discount	13,917
Unsecured Notes
Debt Instrument [Line Items]
Outstanding Principal Balance	2,537,755	$ 1,938,425
Less: deferred financing costs, net	(20,483)	(16,451)
Total	2,517,272	1,921,974
Unamortized discount	$ 12,245	$ 11,575
Unsecured Notes | Minimum
Debt Instrument [Line Items]
Interest Rate	2.00%
Unsecured Notes | Maximum
Debt Instrument [Line Items]
Interest Rate	4.15%

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Debt - Term Loan Facility and Revolving Facility Narrative (Details) - Line of Credit	Jun. 22, 2022 USD ($) loan	Dec. 08, 2020 USD ($) extension
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity		$ 3,500,000,000
Number of extensions | extension		2
Extension term		6 months
Aggregate borrowing capacity		$ 4,000,000,000
Revolving Facility
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity		1,000,000,000
Term Loan Facility
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity		$ 2,500,000,000
2022 Term Loan Facility
Line of Credit Facility [Line Items]
Aggregate borrowing capacity	$ 725,000,000
Line of Credit Facility, Accordion Feature, Increased Borrowing Capacity	950,000,000
Initial Term Loan
Line of Credit Facility [Line Items]
Aggregate borrowing capacity	$ 150,000,000
Delayed Draw Term Loans
Line of Credit Facility [Line Items]
Extension term	6 months
Aggregate borrowing capacity	$ 575,000
Number of components | loan	3

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Debt - Schedule of Term Loan Facility and Revolving Facility (Details) $ in Thousands			9 Months Ended
	Jun. 22, 2022	Dec. 08, 2020 extension	Sep. 30, 2022 USD ($) extension	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Long-term debt, gross			$ 7,821,208
Less: deferred financing costs, net			(54,260)
Total			7,753,031
Line of Credit
Line of Credit Facility [Line Items]
Number of extensions | extension		2
Extension term		6 months
Line of Credit | Term Loan Facility
Line of Credit Facility [Line Items]
Long-term debt, gross			2,650,000	$ 2,500,000
Less: deferred financing costs, net			(23,509)	(21,878)
Total			$ 2,626,491	2,478,122
Line of Credit | 2020 Term Loan Facility
Line of Credit Facility [Line Items]
Interest Rate			4.14%
Long-term debt, gross			$ 2,500,000	2,500,000
Number of extensions | extension			2
Extension term			6 months
Line of Credit | 2022 Term Loan Facility
Line of Credit Facility [Line Items]
Interest Rate			4.38%
Long-term debt, gross			$ 150,000	0
Applicable floor			1.24%
Line of Credit | Revolving Facility
Line of Credit Facility [Line Items]
Interest Rate			4.03%
Long-term debt, gross			$ 0	$ 0
Line of Credit | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread			1.00%
Line of Credit | London Interbank Offered Rate (LIBOR) | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread			1.00%
Line of Credit | London Interbank Offered Rate (LIBOR) | 2020 Term Loan Facility
Line of Credit Facility [Line Items]
Debt instrument, variable rate			3.14%
Line of Credit | London Interbank Offered Rate (LIBOR) | Revolving Facility
Line of Credit Facility [Line Items]
Basis spread			0.89%
Line of Credit | Adjusted Term SOFR | 2022 Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread	1.00%		0.10%
Debt instrument, variable rate			3.14%

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Debt - Margins on Facilities (Details) - Line of Credit		9 Months Ended
	Jun. 22, 2022	Sep. 30, 2022
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.00%
Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Basis spread		0.50%
2022 Term Loan Facility
Line of Credit Facility [Line Items]
Prepayment fee for the first period	2.00%
Prepayment fee for the second period	1.00%
2022 Term Loan Facility | Adjusted Term SOFR
Line of Credit Facility [Line Items]
Basis spread	1.00%	0.10%
2022 Term Loan Facility | Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Basis spread	0.50%
Revolving Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		0.89%
Delayed Draw Term Loans
Line of Credit Facility [Line Items]
Unused facility fee		0.20%
Minimum | Revolving Facility
Line of Credit Facility [Line Items]
Line of credit facility, facility fee percentage		0.10%
Unused facility fee		0.20%
Maximum | Revolving Facility
Line of Credit Facility [Line Items]
Line of credit facility, facility fee percentage		0.30%
Unused facility fee		0.30%
Credit grade rating pricing grid | Minimum | 2020 Term Loan Facility | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.00%
Credit grade rating pricing grid | Minimum | 2020 Term Loan Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		0.80%
Credit grade rating pricing grid | Minimum | 2022 Term Loan Facility | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.15%
Credit grade rating pricing grid | Minimum | 2022 Term Loan Facility | Adjusted Term SOFR
Line of Credit Facility [Line Items]
Basis spread		1.15%
Credit grade rating pricing grid | Minimum | Revolving Facility | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.00%
Credit grade rating pricing grid | Minimum | Revolving Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		0.75%
Credit grade rating pricing grid | Maximum | 2020 Term Loan Facility | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.65%
Credit grade rating pricing grid | Maximum | 2020 Term Loan Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.65%
Credit grade rating pricing grid | Maximum | 2022 Term Loan Facility | Base Rate
Line of Credit Facility [Line Items]
Basis spread		1.20%
Credit grade rating pricing grid | Maximum | 2022 Term Loan Facility | Adjusted Term SOFR
Line of Credit Facility [Line Items]
Basis spread		2.20%
Credit grade rating pricing grid | Maximum | Revolving Facility | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.45%
Credit grade rating pricing grid | Maximum | Revolving Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.45%
Leverage based pricing grid | Minimum | 2020 Term Loan Facility | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.45%
Leverage based pricing grid | Minimum | 2020 Term Loan Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.45%
Leverage based pricing grid | Minimum | Revolving Facility | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.50%
Leverage based pricing grid | Minimum | Revolving Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.50%
Leverage based pricing grid | Maximum | 2020 Term Loan Facility | Base Rate
Line of Credit Facility [Line Items]
Basis spread		1.15%
Leverage based pricing grid | Maximum | 2020 Term Loan Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		2.15%
Leverage based pricing grid | Maximum | Revolving Facility | Base Rate
Line of Credit Facility [Line Items]
Basis spread		1.15%
Leverage based pricing grid | Maximum | Revolving Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		2.15%

XML

Debt - Convertible Senior Notes Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jan. 18, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 31, 2017
Debt Instrument [Line Items]
Issuance of common stock — settlement of 2022 Convertible Notes		$ 198,502	$ 141,219	$ 198,508
2022 Convertible Notes
Debt Instrument [Line Items]
Convertible senior notes amount					$ 345,000
Interest Rate					3.50%
Effective Rate			5.12%
Issuance of common stock — settlement of 2022 Convertible Notes	$ 141,490
Number of converted shares issued	6,216,261
Equity component settled with cash	$ 271

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Debt - Debt Maturities Schedule (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) extension	Dec. 31, 2021 USD ($)
Year
2022	$ 0
2023	1,223,307
2024	0
2025	2,500,000
2026	0
Thereafter	4,097,901
Total	7,821,208
Less: deferred financing costs, net	(54,260)
Less: unamortized debt discount	(13,917)
Total	7,753,031
Mortgage Loans
Year
2022	0
2023	1,223,307
2024	0
2025	0
2026	0
Thereafter	994,538
Total	2,217,845
Less: deferred financing costs, net	(8,381)	$ (9,767)
Less: unamortized debt discount	(1,672)
Total	$ 2,207,792	3,055,853
Extension term	1 year
Secured Term Loan
Year
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	403,363
Total	403,363	403,363
Less: deferred financing costs, net	(1,887)	(2,050)
Less: unamortized debt discount	0
Total	401,476	401,313
Unsecured Notes
Year
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	2,550,000
Total	2,550,000
Less: deferred financing costs, net	(20,483)	(16,451)
Less: unamortized debt discount	(12,245)	(11,575)
Total	2,517,272	1,921,974
Term Loan Facility
Year
2022	0
2023	0
2024	0
2025	2,500,000
2026	0
Thereafter	150,000
Total	2,650,000
Less: deferred financing costs, net	(23,509)	$ (21,878)
Less: unamortized debt discount	0
Total	$ 2,626,491
Number of extensions | extension	2
Extension term	6 months
Revolving Facility
Year
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Total	0
Less: deferred financing costs, net	0
Less: unamortized debt discount	0
Total	$ 0

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Derivative Instruments - Interest Rate Swap Instruments (Details) - Designated as Hedging Instrument - London Interbank Offered Rate (LIBOR) $ in Thousands	Sep. 30, 2022 USD ($)
Interest Rate Swap 1
Derivative [Line Items]
Strike Rate	2.86%
Notional Amount	$ 400,000
Interest Rate Swap 2
Derivative [Line Items]
Strike Rate	2.85%
Notional Amount	$ 400,000
Interest Rate Swap 3
Derivative [Line Items]
Strike Rate	2.86%
Notional Amount	$ 400,000
Interest Rate Swap 4
Derivative [Line Items]
Strike Rate	2.99%
Notional Amount	$ 325,000
Interest Rate Swap 5
Derivative [Line Items]
Strike Rate	2.99%
Notional Amount	$ 595,000
Interest Rate Swap 6
Derivative [Line Items]
Strike Rate	2.90%
Notional Amount	$ 1,100,000
Interest Rate Swap 7
Derivative [Line Items]
Strike Rate	2.90%
Notional Amount	$ 400,000
Interest Rate Swap 8
Derivative [Line Items]
Strike Rate	3.14%
Notional Amount	$ 200,000

XML

Derivative Instruments - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Cost to terminate swap	$ 13,292
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	(44,013)
Derivative liability amount offset against collateral	$ 0	$ 271,156
Not Designated as Hedging Instrument | Minimum
Derivative [Line Items]
Interest rate cap	7.56%
Not Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Interest rate cap	9.00%
Interest rate caps | Not Designated as Hedging Instrument
Derivative [Line Items]
Debt service coverage ratio	1.2

XML

Derivative Instruments - Fair Values of Derivative Instruments on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 115,383	$ 6
Liability Derivatives	0	271,156
Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	115,383	6
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	0	271,156
Interest rate swaps | Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	115,378	0
Interest rate swaps | Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	0	271,156
Interest rate caps | Not Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	5	6
Interest rate caps | Not Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 0	$ 0

XML

Derivative Instruments - Offsetting of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Offsetting assets:
Gross Amounts of Recognized Assets	$ 115,383	$ 6
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	115,383	6
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received	0	0
Net Amount	115,383	6
Offsetting liabilities:
Gross Amounts of Recognized Liabilities	0	271,156
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	0	271,156
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received	0	0
Net Amount	$ 0	$ 271,156

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Derivative Instruments - Effect of Derivative Instruments on the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	$ 102,940	$ (1,586)	$ 316,479	$ 57,283
Interest Expense	76,454	79,370	225,683	243,540
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Recognized in Net Income on Derivative	28	1	63	106
AOCI into Net Loss | Reclassified from AOCI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative				57,283
Interest Expense	(9,591)	(37,074)	(63,837)	$ (112,973)
Cash Flow Hedging | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	$ 102,940	$ (1,586)	$ 316,479

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Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands										3 Months Ended		9 Months Ended
	Oct. 20, 2022 $ / shares	Aug. 09, 2022 $ / shares	May 10, 2022 $ / shares	Feb. 14, 2022 $ / shares	Nov. 09, 2021 $ / shares	Oct. 21, 2021 USD ($) shares	Aug. 10, 2021 $ / shares	May 11, 2021 $ / shares	Feb. 10, 2021 $ / shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 shares	Dec. 20, 2021 USD ($)	Sep. 28, 2021 shares	Aug. 22, 2019 USD ($)
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares										611,409,909		611,409,909		601,045,438
Conversion ratio from units to shares												1
Redeemable OP Units outstanding (in units) | shares										1,737,395		1,737,395
Issuance of common stock (in shares) | shares										1,050,000	26,175,130	10,364,471	27,776,008
Issuance of common stock, net											$ 693,445	$ 98,367	$ 693,445
Common stock dividends declared (in usd per share) | $ / shares		$ 0.22	$ 0.22	$ 0.22	$ 0.17		$ 0.17	$ 0.17	$ 0.17	$ 0.22	$ 0.17	$ 0.66	$ 0.51
Subsequent Event
Class of Stock [Line Items]
Common stock dividends declared (in usd per share) | $ / shares	$ 0.22
Merger with Starwood Waypoint Homes
Class of Stock [Line Items]
Conversion ratio from units to shares												1
2021 ATM Program
Class of Stock [Line Items]
Number of common stock shares issued | shares																12,500,000
Issuance of common stock (in shares) | shares						1,875,000,000						2,438,927
Issuance of common stock, net						$ 74,534					$ 496,667		$ 496,667
Commissions and other costs						$ 466					$ 3,333	$ 1,633	$ 3,333
Aggregate sales price															$ 1,250,000
Available for future offerings										$ 1,150,000		1,150,000
2019 ATM Program
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares											4,951,969		4,951,969
Issuance of common stock, net											$ 196,778	$ 98,367	$ 196,778
Commissions and other costs											$ 3,167		$ 3,167
Aggregate sales price																	$ 800,000

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Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands															3 Months Ended		9 Months Ended
	Aug. 26, 2022	Aug. 09, 2022	May 27, 2022	May 10, 2022	Feb. 28, 2022	Feb. 14, 2022	Nov. 24, 2021	Nov. 09, 2021	Aug. 27, 2021	Aug. 10, 2021	May 28, 2021	May 11, 2021	Feb. 26, 2021	Feb. 10, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Amount per Share (in usd per share)		$ 0.22		$ 0.22		$ 0.22		$ 0.17		$ 0.17		$ 0.17		$ 0.17	$ 0.22	$ 0.17	$ 0.66	$ 0.51
Total Amount Declared	$ 135,042		$ 134,744		$ 134,240		$ 102,180		$ 98,965		$ 97,054		$ 96,933

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Share-Based Compensation - Narrative (Details) $ in Thousands			1 Months Ended	9 Months Ended
	Apr. 01, 2022 USD ($)	May 01, 2019	Apr. 30, 2022 USD ($) shares	Sep. 30, 2022 USD ($) installment shares
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement, performance units granted and vested in period (in shares)				285,601
LTIP Agreement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				640,107
Number of annual installments | installment				3
Award vesting period				3 years
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, number of shares authorized (in shares)				16,000,000
Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Award vesting rights			50.00%
Vested, fair value | $				$ 6,134
Aggregate grant-date fair value before forfeiture | $			$ 12,160
Omnibus Incentive Plan | PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			311,425
Omnibus Incentive Plan | OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			498,224
2022 Outperformance Awards | Restricted Stock Units (RSUs) - Performance-Based and OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of performance period	75.00%
Percentage of hypothetical payout amounts	50.00%
Aggregate fair value granted during period | $	$ 20,800
Certain Associates | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				106,975
Director | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				36,912
Share-based Compensation Award, Tranche One | Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights			25.00%
Share-based Compensation Award, Tranche Two | Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights			25.00%

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Share-Based Compensation - Summary of Total Share-Based Awards (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Omnibus Incentive Plan
Restricted Stock and Restricted Stock Units Outstanding
Vested (in shares)	(1,349)
Total Share-Based Awards
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares)	1,494,622
Granted (in shares)	1,069,595
Vested (in shares)	(814,809)
Forfeited/cancelled (in shares)	(20,468)
Balance, Ending of period (in shares)	1,728,940
Vested, fair value | $	$ 21,036
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share) | $ / shares	$ 28.56
Granted (in dollars per share) | $ / shares	33.34
Vested (in dollars per share) | $ / shares	(25.74)
Forfeited (in dollars per share) | $ / shares	(31.31)
Balance, Ending of period (in dollars per share) | $ / shares	$ 32.82
Time-Vesting Awards
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares)	397,085
Granted (in shares)	339,517
Vested (in shares)	(211,815)
Forfeited/cancelled (in shares)	(8,723)
Balance, Ending of period (in shares)	516,064
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share) | $ / shares	$ 29.05
Granted (in dollars per share) | $ / shares	37.39
Vested (in dollars per share) | $ / shares	(28.79)
Forfeited (in dollars per share) | $ / shares	(34.43)
Balance, Ending of period (in dollars per share) | $ / shares	$ 34.56
PRSUs
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares)	1,097,537
Granted (in shares)	730,078
Vested (in shares)	(602,994)
Forfeited/cancelled (in shares)	(11,745)
Balance, Ending of period (in shares)	1,212,876
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share) | $ / shares	$ 28.38
Granted (in dollars per share) | $ / shares	31.46
Vested (in dollars per share) | $ / shares	(24.67)
Forfeited (in dollars per share) | $ / shares	(28.99)
Balance, Ending of period (in dollars per share) | $ / shares	$ 32.08

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Share-Based Compensation - Fair Value Inputs (Details)	9 Months Ended
	Sep. 30, 2022
Minimum
Fair Value Assumptions
Expected volatility	28.90%
Risk-free rate	1.72%
Expected holding period (years)	2 years 10 months 2 days
Maximum
Fair Value Assumptions
Expected volatility	33.60%
Risk-free rate	2.59%
Expected holding period (years)	3 years

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Share-Based Compensation - Summary of Total Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	$ 7,930	$ 6,052	$ 22,565	$ 21,072
Employee service share-based compensation not yet recognized	49,346		$ 49,346
Share-based compensation arrangement, weighted average remaining contractual terms			2 years 2 months 8 days
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	6,169	4,775	$ 17,584	16,918
Property management expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	$ 1,761	$ 1,277	$ 4,981	$ 4,154

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Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jan. 18, 2022	Sep. 30, 2022	Dec. 31, 2021
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities, net		$ 115,034	$ 157,173
Liabilities carried at historical cost on the consolidated balance sheets
Unamortized discount		13,917
Deferred financing costs, net		54,260
2022 Convertible Notes
Liabilities carried at historical cost on the consolidated balance sheets
Number of converted shares issued	6,216,261
Equity component settled with cash	$ 271
Level 2
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities, net		115,034	157,173
Unsecured Notes
Liabilities carried at historical cost on the consolidated balance sheets
Unamortized discount		12,245	11,575
Deferred financing costs, net		20,483	16,451
Unsecured Notes | Public Notes
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net		19,093	14,934
Unsecured Notes | Private Placement Unsecured Notes
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net		1,390	1,517
Mortgage Loans
Liabilities carried at historical cost on the consolidated balance sheets
Unamortized discount		1,672
Deferred financing costs, net		8,381	9,767
Secured Term Loan
Liabilities carried at historical cost on the consolidated balance sheets
Unamortized discount		0
Deferred financing costs, net		1,887	2,050
Term Loan Facility
Liabilities carried at historical cost on the consolidated balance sheets
Unamortized discount		0
Deferred financing costs, net		23,509	21,878
Convertible Senior Notes
Liabilities carried at historical cost on the consolidated balance sheets
Unamortized fair value adjustment			93
Carrying Value | Unsecured Notes | Level 2 | Private Placement Unsecured Notes
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		300,000	300,000
Carrying Value | Unsecured Notes | Level 1 | Public Notes
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		2,237,755	1,638,425
Carrying Value | Mortgage Loans | Level 2
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		2,216,173	3,065,620
Carrying Value | Secured Term Loan | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		403,363	403,363
Carrying Value | Term Loan Facility | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		2,650,000	2,500,000
Carrying Value | Convertible Senior Notes | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		0	141,397
Fair Value | Level 2
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities		111,754	161,356
Fair Value | Unsecured Notes | Level 2 | Private Placement Unsecured Notes
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		223,023	298,822
Fair Value | Unsecured Notes | Level 1 | Public Notes
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		1,736,081	1,599,001
Fair Value | Mortgage Loans | Level 2
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		2,123,721	3,110,862
Fair Value | Secured Term Loan | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		353,335	422,519
Fair Value | Term Loan Facility | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		2,652,496	2,506,159
Fair Value | Convertible Senior Notes | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost		$ 0	$ 141,631

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Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurement (Details) - Valuation Technique, Discounted Cash Flow - Level 3	9 Months Ended
	Sep. 30, 2022
Secured Term Loan
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Effective Rate	5.38%
Term Loan Facility | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Effective Rate	4.14%
Term Loan Facility | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Effective Rate	5.72%

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Fair Value Measurements - Impaired Assets, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments in single-family residential properties, net held for use and held for sale impairment adjustments
Provisions for impairment	$ (101)	$ (126)	$ (238)	$ (650)
Fair Value, Measurements, Nonrecurring | Level 3 | Rental Properties
Investments in single-family residential properties, net held for use and held for sale impairment adjustments
Pre-impairment amount	125	629	861	3,582
Provisions for impairment	(101)	(126)	(238)	(650)
Fair value	$ 24	$ 503	$ 623	$ 2,932

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Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income available to common stockholders — basic	$ 79,032	$ 69,108	$ 282,242	$ 186,622
Net income available to common stockholders — diluted	$ 79,032	$ 69,108	$ 282,242	$ 186,622
Denominator:
Weighted average common shares outstanding — basic (in shares)	610,845,820	577,011,178	609,212,132	570,808,028
Incremental shares attributed to non-vested share-based awards (in shares)	1,801,768	1,560,214	1,529,591	1,454,170
Weighted average common shares outstanding — diluted (in shares)	612,647,588	578,571,392	610,741,723	572,262,198
Net income per common share — basic (in usd per share)	$ 0.13	$ 0.12	$ 0.46	$ 0.33
Net income per common share — diluted (in usd per share)	$ 0.13	$ 0.12	$ 0.46	$ 0.33
Non-vested share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted EPS	0	0	21,254	22,585
Convertible debt securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted EPS	0	8,632,132	387,834	12,964,322

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Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 0		$ 0		$ 0
Deferred tax liabilities	0		0		$ 0
Income tax expense	$ 73	$ 81	$ 235	$ 464

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Commitments and Contingencies - Schedule of Fixed Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases
Remainder of 2022	$ 1,188
2023	3,952
2024	3,675
2025	2,227
2026	1,117
Thereafter	500
Total lease payments	12,659
Less: imputed interest	(599)
Total lease liability	12,060	$ 13,256
Finance Leases
Remainder of 2022	671
2023	2,563
2024	857
2025	93
2026	6
Thereafter	0
Total lease payments	4,190
Less: imputed interest	(143)
Total lease liability	$ 4,047	$ 5,784

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Commitments and Contingencies - Schedule of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating lease cost:
Operating lease fixed cost	$ 800	$ 991	$ 2,466	$ 3,105
Operating lease variable cost	384	364	1,133	968
Total operating lease cost	1,184	1,355	3,599	4,073
Finance lease cost:
Amortization of ROU assets	675	699	2,055	2,115
Interest on lease liabilities	51	64	178	220
Total finance lease cost	$ 726	$ 763	$ 2,233	$ 2,335

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Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)
Long-term Purchase Commitment [Line Items]
Impairment and other	$ 20,004	$ 4,294	$ 22,874	$ 5,630
Hurricane
Long-term Purchase Commitment [Line Items]
Impairment and other	$ 19,000		$ 19,000
Inventories
Long-term Purchase Commitment [Line Items]
Number of homes committed to be purchased | property	2,212		2,212
Purchase period			5 years
Remaining commitments			$ 700,000

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Subsequent Events - Narrative (Details) - $ / shares									3 Months Ended		9 Months Ended
	Oct. 20, 2022	Aug. 09, 2022	May 10, 2022	Feb. 14, 2022	Nov. 09, 2021	Aug. 10, 2021	May 11, 2021	Feb. 10, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsequent Event [Line Items]
Common stock dividends declared (in usd per share)		$ 0.22	$ 0.22	$ 0.22	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.22	$ 0.17	$ 0.66	$ 0.51
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in usd per share)	$ 0.22