Invitation Homes Inc

Previous wording

Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of September 30, 2024, we own approximately 85,000 homes for lease which are located primarily in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who prefer the ease of a leasing lifestyle over the burden of owning a home. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and access to good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.

Current wording

Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of March 31, 2025, we wholly own 85,261 homes for lease, jointly own 7,660 homes for lease, and provide professional third-party property and asset management services for an additional 17,336 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who prefer the ease of a leasing lifestyle over the burden of owning a home. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and access to good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.

Previous wording

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 owned 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 both the homes we own and those we manage on behalf of others.

Current wording

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 wholly and jointly owned portfolios 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 both the homes we own and those we manage on behalf of others.

Previous wording

The portfolio of homes we own average approximately 1,880 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.

Current wording

The portfolio of homes we own average approximately 1,880 square feet with three to four 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.

Previous wording

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.

Current wording

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

Previous wording

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 core 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 clean, safe, and functional homes for them and their loved ones. In turn, we focus on ensuring that 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.

Current wording

Our commitment to high-touch customer service 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 core 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 clean, safe, and functional homes for them and their loved ones. In turn, we focus on ensuring that our associates are fairly compensated and that we provide a culture that values respect, opportunity, and belonging. We also place a strong emphasis on the impact we have in our communities and to the environment in general, and we continue to develop programs that demonstrate those commitments. In addition, we ensure that we operate under strong, well-defined governance practices and adhere to the highest ethical standards at all times.

Previous wording

Continuing unfavorable global and United States economic conditions (including inflation), high unemployment levels, uncertainty in financial markets (including as a result of events affecting financial institutions, such as bank failures), ongoing geopolitical tension, and a general decline in business activity and/or consumer confidence could adversely affect (i) our ability to acquire, dispose of, or effectively manage 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. Inflationary pressures, bank failures, and other unfavorable global and regional economic conditions, as well as geopolitical events, may also negatively impact consumer income, credit availability, interest rates, and spending, among other factors, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent. These factors, which include labor shortages and inflationary increases in labor and material costs, have impacted and may continue to impact certain aspects of our business. In addition, consumer confidence and spending can be materially adversely affected in response to changes in fiscal and monetary policy, declines in income or asset values, and other economic factors. For example, we have experienced and continue to expect higher levels of bad debt expense compared to pre-COVID averages, as it continues to take longer to address residents who are not current with their rent.

Current wording

General economic conditions in the United States have fluctuated in recent quarters, and concerns persist regarding adverse macroeconomic conditions, such as inflation, elevated interest rates, political dissension, and labor shortfalls. Such macroeconomic factors coupled with uncertainty in financial markets, and a general decline in business activity and/or consumer confidence could adversely affect (i) our occupancy levels, our rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill. Inflationary pressures, bank failures, and other fluctuating global and regional economic conditions, as well as geopolitical events, may also negatively impact consumer income, credit availability, interest rates, and spending, among other factors, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent. These factors, which include labor shortages and inflationary increases in labor and material costs, have impacted and may continue to impact certain aspects of our business. In addition, consumer confidence and spending can be materially adversely affected in response to changes in fiscal and monetary policy, declines in income or asset values, and other macroeconomic factors.

Previous wording

For further discussion of risks related to general economic conditions, see Part I. Item 1A. “Risk Factors — Risks Related to Our Business Environment and Industry —Our operating results are subject to general economic conditions and risks associated with our real estate assets” of our Annual Report on Form 10-K.

Current wording

While the degree to which we may continue to be affected by these macroeconomic challenges largely depends on the nature and duration of uncertain and unpredictable events, we believe that we are well suited to endure a shifting macroeconomic environment due to our diversification and resiliency. For further discussion of risks related to general economic conditions, see Part I. Item 1A. “Risk Factors — Risks Related to Our Business Environment and Industry —Our operating results are subject to general economic conditions and risks associated with our real estate assets” of our Annual Report on Form 10-K.

Previous wording

Consequences of global climate change range from more frequent extreme weather events to extensive governmental policy developments and shifts in consumer preferences, which have the potential individually or collectively to disrupt our business as well as negatively affect our suppliers, contractors, and residents. Experiencing or addressing the various physical, regulatory, and transition risks from climate change may significantly reduce our revenues and profitability or cause us to generate losses. Government authorities 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. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. Subsequent to issuance, the rules became the subject of litigation, and the SEC has issued a stay to allow the legal process to proceed. The SEC has indicated that it will publish a new effective date for the rules, if ultimately implemented, at the conclusion of the stay. These rules will be applied prospectively. We are currently assessing the effect of new rules on our condensed consolidated financial statements and related disclosures. Additionally, the State of California recently passed the Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act that will impose broad climate-related disclosure obligations on certain companies doing business in California, including us, starting in 2026. Unless legal challenges to the foregoing new rules prevail or they are otherwise modified prior to effective dates or the effective dates are delayed, we will become subject to the rules as adopted, and they could significantly increase compliance burdens and associated regulatory costs and complexity.

Current wording

Potential consequences of global climate change may range from more frequent extreme weather events to governmental policy developments and shifts in consumer preferences, which have the potential individually or collectively to disrupt our business as well as negatively affect our suppliers, contractors, and residents. Experiencing or addressing the various physical, regulatory, and transition risks from climate change may significantly reduce our revenues and profitability or cause us to generate losses. We are subject to evolving laws and regulations relating to climate change, promulgated by governmental and regulatory organizations, including regulations aimed at drastically increasing reporting and governance related to climate change as well as focused on limiting greenhouse gas emissions and the implementation of “green” building codes.

Previous wording

These and future laws and regulations or any changed interpretation of existing laws and regulations may require us to make costly improvements to our existing properties beyond our current plans to decrease the impact of our homes on the environment, resulting in increased operating costs. Incorporating greater resource efficiency into our homes, whether to comply with upgraded building codes or recommended practices given a region’s particular exposure to climate conditions, or undertaken to satisfy demand from increasingly environmentally conscious residents or to meet our own sustainability goals, could raise our costs to maintain our homes. In evaluating whether to implement voluntary improvements, we also consider that choosing not to enhance our homes’ resource efficiency can make them less attractive to municipalities and increase the vulnerability of residents in our communities to rising energy and water expenses and use restrictions. Additionally, choosing not to enhance our homes’ resource efficiency could make our portfolio less attractive to residents and investors. If we fail to manage transition risks effectively, our profitability and cash flow could suffer.

Current wording

Evolving laws and regulations or any changed interpretation of such laws and regulations may require us to make costly improvements to our existing properties beyond our current plans to decrease the impact of our homes on the environment, resulting in increased operating costs and compliance burdens. Incorporating greater resource efficiency into our homes, whether to comply with upgraded building codes or recommended practices given a region’s particular exposure to climate conditions or undertaken to satisfy demand from increasingly environmentally conscious residents and investors or to meet our own sustainability goals, could raise our costs to maintain our homes. In evaluating whether to implement voluntary improvements, we also consider that choosing not to enhance our homes’ resource efficiency can make them less attractive to municipalities and increase the vulnerability of residents in our communities to rising energy and water expenses and use restrictions. Choosing not to enhance our homes’ resource efficiency could make our portfolio less attractive to residents and investors. Additionally, disclosure obligations relating to sustainability matters are complex and not always consistent, making compliance difficult and uncertain. If we fail to manage transition risks effectively, our profitability and cash flow could suffer.

Previous wording

We intend to continue to research, evaluate and utilize new or improved products and business practices consistent with our sustainability commitment, and believe our initiatives in this area can help put us in a better position to comply with evolving regulations directed at addressing climate change and similar environmental concerns, and to meet growing resident demand for resource-efficient homes, as further discussed in Part I. Item 1. “Business — Environmental, Social, and Governance” of our Annual Report on Form 10-K.

Current wording

We intend to continue to research, evaluate, and utilize new or improved products and business practices consistent with our sustainability commitment. We believe our initiatives in this area can help put us in a better position to comply with evolving regulations directed at addressing climate change and similar environmental concerns and to meet growing resident demand for resource-efficient homes, as further discussed in Part I. Item 1. “Business — Sustainability and Corporate Responsibility” of our Annual Report on Form 10-K.

Previous wording

We recognize that climate change could have a significant impact on our portfolio of homes located in a variety of United States markets and that an increase in the number of acute weather events, natural disasters, and other climate-related events could significantly impact our business, operations, and homes. We actively consider physical risks such as the potential for natural disasters such as hurricanes, floods, droughts, and wildfires when assessing our portfolio of homes and our business processes. Such extreme climate related events are driving changes in market dynamics and stakeholder expectations and could result in disruptions to us, our suppliers, vendors, and residents. We 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 prepare for such events and improve the resiliency of our physical properties and our business. Furthermore, climate change may reduce the availability or increase the cost of insurance for these negative impacts of natural disasters and adverse weather conditions by contributing to an increase in the incidence and severity of such natural disasters.

Current wording

We recognize that climate change could have a significant impact on our portfolio of homes located in a variety of markets across the United States and that an increase in the number of acute weather events, natural disasters, and other climate-related events could significantly impact our business, operations, and homes. We actively consider physical risks such as the potential for natural disasters such as hurricanes, floods, droughts, and wildfires when assessing our portfolio of homes and our business processes. Such extreme climate related events are driving changes in market dynamics and stakeholder expectations and could result in disruptions to us, our suppliers, vendors, and residents. We recognize that we must continue to adapt our policies, objectives, and processes to prepare for such events and improve the resiliency of our physical properties and our business.

Previous wording

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 and related environmental issues, 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, wildfires, and severe weather, and —We are subject to increasing scrutiny from investors and others regarding our environmental, social, governance, 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” of our Annual Report on Form 10-K.

Current wording

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 comprehensive enterprise risk management program. Our board of directors, through its Audit Committee and Nominating and Corporate Governance Committee, is responsible for oversight of our management of risks related to environmental issues, climate related risks, and social issues. For more information on risks related to climate change, see Part I. Item 1A. “Risk Factors — Risks Related to Sustainability, Corporate Responsibility, and Governance —Climate change and related environmental issues, 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, wildfires, and severe weather, and —We are subject to increasing scrutiny from investors and others regarding our sustainability responsibilities, which could result in additional costs or risks and adversely impact our reputation, associate attraction and retention, and ability to raise capital” of our Annual Report on Form 10-K.

Previous wording

(5)Represents homes located outside of our 16 core markets as of September 30, 2024, including 106 homes located in Nashville and 13 homes located in other markets that are generally being held for sale.

Current wording

(5)Represents homes located outside of our 16 core markets as of March 31, 2025, including 180 homes located in Nashville and 10 homes located in other markets that are generally being held for sale.

Previous wording

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

Current wording

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

Previous wording

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 72.2% of our rental revenues and other property income during the three months ended September 30, 2024. We actively monitor the impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as market fundamentals shift.

Current wording

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 71.6% of our rental revenues and other property income during the three months ended March 31, 2025. We actively monitor the impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as market fundamentals shift.

Previous wording

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 sustained inflation, bank failures, and high interest rates which could adversely affect demand for our properties.

Current wording

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 elevated interest rates, political dissension, and labor shortfalls which could adversely affect demand for our properties.

Previous wording

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 high interest rates, potentially reducing the number of homes we acquire.

Current wording

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 elevated interest rates, potentially reducing the number of homes we acquire.

Previous wording

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 to renovate a newly acquired property can vary significantly among homes for several reasons, including the property’s acquisition channel, the condition of the property, whether the property was vacant when acquired, and whether there are any state or local restrictions on our ability to complete renovations as an essential business function. Additionally, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business have increased the time required to renovate our homes. As a result of recent inflationary trends, we have experienced, and expect to continue to incur, increased costs for certain materials and services necessary to renovate our homes. We continue to actively manage the impact of inflation on the cost of renovations, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Current wording

The acquisition of homes involves expenditures in addition to payment of the purchase price, including payments for acquisition fees, property inspections, closing costs, title insurance, transfer taxes, recording fees, broker commissions, property taxes, and HOA fees (when applicable). Additionally, we incur costs to renovate a home to prepare it for rental. 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 to renovate a newly acquired property can vary significantly among homes for several reasons, including the property’s acquisition channel, the condition of the property, whether the property was vacant when acquired, and whether there are any state or local restrictions on our ability to complete renovations as an essential business function. Additionally, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business have increased the time required to renovate our homes. As a result of recent inflationary trends, we have experienced, and expect to continue to incur, increased costs for certain materials and services necessary to renovate our homes. We continue to actively manage the impact of inflation on the cost of renovations, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Previous wording

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 II. Item 7A. “Quantitative and Qualitative Disclosures about Market Risk” of our Annual Report on Form 10-K 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.

Current wording

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.

Previous wording

As of September 30, 2024 and 2023, we owned 85,221 and 84,697 single-family rental homes, respectively, in our total portfolio. During the three months ended September 30, 2024 and 2023, we acquired 891 and 2,257 homes, respectively, and sold 310 and 397 homes, respectively. During the three months ended September 30, 2024 and 2023, we owned an average of 84,753 and 84,252 single-family rental homes, respectively. During the nine months ended September 30, 2024 and 2023, we acquired 1,591 and 2,626 homes, respectively, and sold 937 and 1,042 homes, respectively. During the nine months ended September 30, 2024 and 2023, we owned an average of 84,567 and 83,416 single-family rental homes, respectively.

Current wording

As of March 31, 2025 and 2024, we owned 85,261 and 84,445 single-family rental homes, respectively, in our total portfolio. During the three months ended March 31, 2025 and 2024, we acquired 577 and 257 homes, respectively, and sold 454 and 379 homes, respectively. During the three months ended March 31, 2025 and 2024, we owned an average of 85,189 and 84,486 single-family rental homes, respectively. As of March 31, 2025 and 2024, we provided property and asset management services for an average of 25,161 and 18,129 homes, respectively, of which an average of 7,621 and 3,847 homes, respectively, were owned by our unconsolidated joint ventures.

Previous wording

As of September 30, 2024, our Same Store portfolio consisted of 77,186 single-family rental homes.

Current wording

As of March 31, 2025, our Same Store portfolio consisted of 78,078 single-family rental homes.

Previous wording

For the three months ended September 30, 2024 and 2023, total revenues were $660.3 million and $617.7 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

Current wording

For the three months ended March 31, 2025 and 2024, total revenues were $674.5 million and $646.0 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

Previous wording

For the three months ended September 30, 2024 and 2023, total portfolio rental revenues and other property income totaled $641.3 million and $614.3 million, respectively, an increase of 4.4%, driven by an increase in average monthly rent per occupied home and a 501 home increase between periods in the average number of homes owned, partially offset by a 50 bps reduction in average occupancy.

Current wording

For the three months ended March 31, 2025 and 2024, total portfolio rental revenues and other property income totaled $653.1 million and $632.1 million, respectively, an increase of 3.3%, driven by an increase in average monthly rent per occupied home and a 703 home increase between periods in the average number of homes owned, partially offset by a 140 bps reduction in average occupancy.

Previous wording

Average occupancy for the three months ended September 30, 2024 and 2023 for the total portfolio was 95.5% and 96.0%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended September 30, 2024 and 2023 was $2,397 and $2,323, respectively, a 3.2% increase. For our Same Store portfolio, average occupancy was 97.0% and 97.1% for the three months ended September 30, 2024 and 2023, respectively, and average monthly rent per occupied home for the three months ended September 30, 2024 and 2023 was $2,406 and $2,321, respectively, a 3.7% increase.

Current wording

Average occupancy for the three months ended March 31, 2025 and 2024 for the total portfolio was 95.2% and 96.7%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended March 31, 2025 and 2024 was $2,424 and $2,358, respectively, a 2.8% increase. For our Same Store portfolio, average occupancy was 97.2% and 97.8% for the three months ended March 31, 2025 and 2024, respectively, and average monthly rent per occupied home for the three months ended March 31, 2025 and 2024 was $2,431 and $2,359, respectively, a 3.1% increase.

Previous wording

The annualized turnover rate for the Same Store portfolio for the nine months ended September 30, 2024 and 2023 was 23.4% and 25.1%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 37 and 36 days between residents for the nine months ended September 30, 2024 and 2023, respectively.

Current wording

The annualized turnover rate for the Same Store portfolio for the three months ended March 31, 2025 and 2024 was 20.1% and 21.0%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 48 and 38 days between residents for the three months ended March 31, 2025 and 2024, respectively.

Previous wording

Renewal lease net effective rental rate growth for the total portfolio averaged 4.2% and 6.4% for the three months ended September 30, 2024 and 2023, respectively, and new lease net effective rental rate growth for the total portfolio averaged 1.7% and 4.7% for the three months ended September 30, 2024 and 2023, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.2% and 6.5% for the three months ended September 30, 2024 and 2023, respectively, and new lease net effective rental rate growth averaged 1.7% and 4.6% for the three months ended September 30, 2024 and 2023, respectively.

Current wording

Renewal lease net effective rental rate growth for the total portfolio averaged 5.1% and 5.7% for the three months ended March 31, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged (0.2)% and 0.8% for the three months ended March 31, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 5.2% and 5.7% for the three months ended March 31, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged (0.1)% and 0.7% for the three months ended March 31, 2025 and 2024, respectively.

Previous wording

Other property income for the three months ended September 30, 2024 increased compared to September 30, 2023, primarily due to increased utility billbacks as new leases are entered into and enhanced value-add revenue programs, among other things.

Current wording

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

Previous wording

For the three months ended September 30, 2024 and 2023, management fee revenues totaled $19.0 million and $3.4 million, respectively. The increase is due to an increase in the number of homes for which we provide property and asset management services. As of September 30, 2024 and 2023, we provided property and asset management services for 25,535 and 3,656 homes, respectively, of which 7,619 and 3,656 homes, respectively, were owned by our unconsolidated joint ventures.

Current wording

For the three months ended March 31, 2025 and 2024, management fee revenues totaled $21.4 million and $13.9 million, respectively. The 53.6% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 18,129 homes for thethree months ended March 31, 2024 to 25,161 homes for the three months ended March 31, 2025.

Previous wording

For the three months ended September 30, 2024 and 2023, total expenses were $590.7 million and $535.5 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

Current wording

For the three months ended March 31, 2025 and 2024, total expenses were $575.8 million and $554.4 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

Previous wording

For the nine months ended September 30, 2024, property operating and maintenance expense increased to $706.8 million from $651.8 million for the nine months ended September 30, 2023. In addition to a 1,151 home increase between periods in the average number of homes owned, increases in property taxes, utilities, and property maintenance, resulted in the overall 8.4% net increase in property operating and maintenance expense.

Current wording

For the three months ended March 31, 2025, property operating and maintenance expense increased to $237.4 million from $230.4 million for the three months ended March 31, 2024. The 3.1% increase in property operating and maintenance expense is primarily attributableto a 703 home increase in the average number of homes owned between periods, as well as increases in utilities and property taxes.

Previous wording

Property management expense and general and administrative expense increased to $56.1 million from $46.1 million for the three months ended September 30, 2024 and 2023, respectively, primarily due to increased personnel and other costs related to expansion of our property and asset management platform, including costs incurred to manage 25,535 and 3,656 homes as of September 30, 2024 and September 30, 2023, respectively.

Current wording

Property management expense and general and administrative expense increased to$66.3 million from$54.7 million for the three months ended March 31, 2025 and 2024, respectively, primarily due to increased personnel costs related to our property and asset management platform, including costs to manage a 38.8% increase in the average number of managed homes between periods. Additionally, share-based compensation expense increased $2.3 million, and severance costs increased $2.2 million period over period.

Previous wording

Depreciation and amortization expense increased to $180.5 million for the three months ended September 30, 2024 from $170.7 million for thethree months ended September 30, 2023 due to an increase in cumulative capital expenditures and a 501 home increase in the average number of homes owned during the three months ended September 30, 2024 compared to thethree months ended September 30, 2023.

Current wording

Depreciation and amortization expense increased to $183.1 million for the three months ended March 31, 2025 from $175.3 million for the three months ended March 31, 2024 due to an increase in cumulative capital expenditures and a 703 home increase in the average number of homes owned during the three months ended March 31, 2025 compared to thethree months ended March 31, 2024.

Previous wording

Gain on sale of property, net of tax was $141.5 million and $134.4 million for the nine months ended September 30, 2024 and 2023, respectively. An increase in the net proceeds per home sold for the nine months ended September 30, 2023 to the nine months ended September 30, 2024 was the primary driver of the increase.

Current wording

Gain on sale of property, net of tax was $71.7 million and $50.5 million for the three months ended March 31, 2025 and 2024, respectively. Both the number of homes sold and net proceeds per home sold increased from the three months ended March 31, 2024 to the three months ended March 31, 2025.

Previous wording

Our liquidity and capital resources as of September 30, 2024 and December 31, 2023 include unrestricted cash and cash equivalents of $1,027.2 million and $700.6 million, respectively, a 46.6%increase primarily due to proceeds from the issuance of $500.0 million of unsecured bonds during the nine months ended September 30, 2024.

Current wording

Our liquidity and capital resources as of March 31, 2025 and December 31, 2024 include unrestricted cash and cash equivalents of $84.4 million and $174.5 million, respectively, a 51.6%decrease primarily due to a $102.8 million net decrease in outstanding indebtedness between periods.

Previous wording

As of September 30, 2024, $1,000.0 million of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants. We have no debt reaching final maturity until January 2026, provided all extension options are exercised.

Current wording

As of March 31, 2025, $1,280.0 million of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants. We have no debt reaching final maturity until June 2027.

Previous wording

(3)Weighted average years to maturity assumes all extension options are exercised, which are subject to certain conditions being met. On October 2, 2024, we provided the lender a revocable notification of our intention to make a voluntary prepayment of the then-outstanding balance of IH 2018-4 on November 8, 2024, which will result in a release of the loan’s collateral of 4,905 homes with a gross book value of $1,295.0 million as of September 30, 2024.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

(8)As of September 30, 2024, interest rate is based on Term SOFR of 4.85% plus the applicable margin and a 0.10% credit spread adjustment.

Current wording

(6)As of March 31, 2025, interest rate is based on Term SOFR of 4.32% plus the applicable margin and a 0.10% credit spread adjustment.

Previous wording

(7)For secured debt, unsecured debt, and total debt, the weighted average interest rate is calculated based on September 30, 2024, Term SOFR of 4.85% adjusted for either a 0.11% or a 0.10% credit spread adjustment (Adjusted SOFR), as appropriate, and includes the impact of interest rate swap agreements effective as of that date.

Current wording

(8)For unsecured debt and total debt, the weighted average interest rate is calculated based on March 31, 2025 Term SOFR of 4.32% adjusted for a 0.10% credit spread adjustment (Adjusted SOFR), as appropriate, and includes the impact of interest rate swap agreements effective as of that date.

Previous wording

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 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.

Current wording

As part of our long-term debt strategy, our goal is to maintain or improve our credit ratings, and, over time, we generally intend to be a predominantly unsecured borrower with a target net debt of approximately 5.5 to 6.0 times trailing twelve months Adjusted EBITDAre (see “— Non-GAAP Measures — EBITDA, EBITDAre, and Adjusted EBITDAre”). 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 2027 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” of our Annual Report on Form 10-K.