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Schedule III Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III Real Estate and Accumulated Depreciation
INVITATION HOMES INC.
Schedule III Real Estate and Accumulated Depreciation
As of December 31, 2023
(dollar amounts in thousands)
 
   Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Close of Period 
Market 
Number of
Properties(1)
Number of
Encumbered
Properties(2)
Encumbrances(2)
Land
Depreciable
Properties  
Land
Depreciable
Properties
Land
Depreciable
Properties  
Total(3)
Accumulated
Depreciation  
Date of
Construction
Date
Acquired
Depreciable
Period
Atlanta
12,708 2,566 $289,591 $335,731 $1,718,453 $— $358,899 $335,731 $2,077,352 $2,413,083 $(563,862)
1920-2023
2012-2023
7-32 years
Carolinas
5,490 1,098 153,342 204,200 912,329 — 146,760 204,200 1,059,089 1,263,289 (241,358)
1900-2023
2012-2023
7-32 years
Chicago
2,488 — — 125,730 309,516 — 124,900 125,730 434,416 560,146 (144,910)1877-20152012-20177-32 years
Dallas
2,983 882 102,753 145,215 540,050 — 64,743 145,215 604,793 750,008 (108,034)
1952-2023
2017-2023
7-32 years
Denver
2,581 842 122,585 232,338 636,652 — 93,954 232,338 730,606 962,944 (135,473)1885-20212017-20227-32 years
Houston
2,341 576 45,598 79,242 362,332 — 38,302 79,242 400,634 479,876 (76,290)
1954-2023
2017-2023
7-32 years
Indianapolis
45 — — 2,983 8,880 — 2 2,983 8,882 11,865 (141)
1990-2016
20237-32 years
Jacksonville
1,994 274 43,910 94,649 261,712 — 69,937 94,649 331,649 426,298 (107,299)
1955-2023
2012-2023
7-32 years
Las Vegas
3,418 862 127,722 161,569 702,562 — 85,150 161,569 787,712 949,281 (162,761)1961-2019
2012-2023
7-32 years
Memphis
21 — — 752 4,916 — 3 752 4,919 5,671 (75)
1990-2014
20237-32 years
Minneapolis
1,073 5 619 63,462 131,402 — 62,338 63,462 193,740 257,202 (69,589)1886-20152013-20157-32 years
Nashville
27 — — 2,338 7,718 — 190 2,338 7,908 10,246 (105)
1992-2023
20237-32 years
Northern California
4,298 755 139,584 353,502 797,661 — 165,887 353,502 963,548 1,317,050 (264,083)1900-20192012-20227-32 years
Orlando
6,716 1,165 156,230 249,409 1,033,740 — 198,101 249,409 1,231,841 1,481,250 (307,487)
1947-2023
2012-2023
7-32 years
Phoenix
9,223 1,556 228,451 429,149 1,371,037 — 255,225 429,149 1,626,262 2,055,411 (374,272)
1929-2023
2012-2023
7-32 years
Seattle
4,038 148 32,721 331,366 746,882 — 201,520 331,366 948,402 1,279,768 (235,147)1890-20222012-20227-32 years
South Florida
8,267 579 127,399 714,913 1,518,011 — 271,065 714,913 1,789,076 2,503,989 (526,271)
1937-2023
2012-2023
7-32 years
Southern California
7,505 1,265 279,865 960,066 1,434,776 — 269,348 960,066 1,704,124 2,664,190 (510,300)1900-20142012-20217-32 years
Tampa
9,162 1,327 185,616 395,276 1,503,344 — 261,709 395,276 1,765,053 2,160,329 (435,225)
1923-2023
2012-2023
7-32 years
Total
84,378 13,900 $2,035,986 $4,881,890 $14,001,973 $— $2,668,033 $4,881,890 $16,670,006 $21,551,896 $(4,262,682)
(1)Number of properties represents 84,567 total properties owned less 189 properties classified as held for sale and recorded in other assets, net on the consolidated balance sheet as of December 31, 2023.
(2)Number of encumbered properties and encumbrances include the number of properties secured by first priority mortgages under the mortgage loans and the Secured Term Loan, as well as the aggregate value of outstanding debt attributable to such properties. Excluded from this is original issue discount, deferred financing costs, and 13 held for sale properties with an encumbered balance of $1,960.
(3)The gross aggregate cost of total real estate in the table above for federal income tax purposes was approximately $19.8 billion (unaudited) as of December 31, 2023.
INVITATION HOMES INC.
Schedule III Real Estate and Accumulated Depreciation
(dollar amounts in thousands)
 
For the Years Ended December 31,
 202320222021
Residential Real Estate 
Balance at beginning of period$20,700,935 $20,008,381 $18,801,750 
Additions during the period
Acquisitions995,255 564,706 1,126,826 
Initial renovations29,793 111,243 83,099 
Other capital expenditures216,792 206,517 167,256 
Deductions during the period
Dispositions and other(371,045)(176,768)(197,225)
Reclassifications
Properties held for sale, net of dispositions(19,834)(13,144)26,675 
Balance at close of period$21,551,896 $20,700,935 $20,008,381 
Accumulated Depreciation
Balance at beginning of period$(3,670,561)$(3,073,059)$(2,513,057)
Depreciation expense(663,398)(629,301)(585,101)
Dispositions and other67,804 28,475 27,633 
Reclassifications
Properties held for sale, net of dispositions3,473 3,324 (2,534)
Balance at close of period$(4,262,682)$(3,670,561)$(3,073,059)