The latest financial statement is for the year ending 2025-12-31.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 589,909 | 455,365 | 521,028 | 384,799 |
| Depreciation and amortization | 746,933 | 714,326 | 674,287 | 638,114 |
| Share-based compensation expense | 27,830 | 27,918 | 29,503 | 28,962 |
| Amortization of deferred financing costs | 21,503 | 18,598 | 16,203 | 15,014 |
| Amortization of debt discounts | 3,303 | 2,765 | 1,998 | 1,653 |
| Provisions for impairment | 657 | 506 | 427 | 310 |
| Gains on investments in equity and other securities, net | - | 1,046 | 350 | -3,939 |
| Gain on sale of property, net of tax | 218,235 | 244,550 | 183,540 | 90,699 |
| Change in fair value of derivative instruments | 4,988 | -12,419 | -9,375 | -9,486 |
| Losses from investments in unconsolidated joint ventures, net of operating distributions | -13,958 | -31,063 | -20,620 | -11,433 |
| Other non-cash amounts included in net income | -7,769 | -43,549 | -5,572 | -30,963 |
| Other assets, net | 8,785 | 29,234 | 24,524 | 10,887 |
| Accounts payable and accrued expenses | 19,608 | 46,502 | 24,375 | -5,989 |
| Resident security deposits | 3,670 | 411 | 4,903 | 10,385 |
| Other liabilities | 3,098 | 3,213 | 7,211 | -3,896 |
| Net cash provided by operating activities | 1,206,230 | 1,081,805 | 1,107,088 | 1,023,587 |
| Deposits for acquisition of single-family residential properties | - | 2,292 | -6,365 | 35,460 |
| Acquisition of single-family residential properties | 752,893 | 735,647 | 969,670 | 564,706 |
| Initial renovations to single-family residential properties | 28,332 | 30,605 | 30,207 | 122,371 |
| Other capital expenditures for single-family residential properties | 242,752 | 219,394 | 221,102 | 208,070 |
| Proceeds from sale of single-family residential properties | 498,106 | 585,176 | 488,055 | 240,034 |
| Investments in land held for development | 20,197 | - | - | - |
| Repayment proceeds from retained debt securities | 0 | 32,204 | 861 | 70,546 |
| Investments in equity securities | 2,892 | 4,718 | 33,577 | - |
| Proceeds from sale of investments in equity securities | - | 0 | 0 | 5,762 |
| Investments in unconsolidated joint ventures | 45,682 | 44,186 | 442 | 167,728 |
| Non-operating distributions from unconsolidated joint ventures | 19,578 | 18,684 | 13,227 | 6,119 |
| Other investing activities | 77,503 | 65,092 | 27,062 | 38,539 |
| Net cash used in investing activities | -652,567 | -465,870 | -773,552 | -814,413 |
| Payment of dividends and dividend equivalents | 712,842 | 689,244 | 638,129 | 539,033 |
| Distributions to non-controlling interests | 2,591 | 3,326 | 2,374 | 2,397 |
| Repurchases of common stock | 53,207 | - | - | - |
| Payment of taxes related to net share settlement of rsus | 5,761 | 10,894 | 8,149 | 12,869 |
| Payments on secured debt | 3,798 | 645,666 | 20,491 | 1,412,249 |
| Payments on secured term loan | - | 83 | 234 | 0 |
| Proceeds from unsecured notes | 596,862 | 494,275 | 790,144 | 598,434 |
| Proceeds from term loan facilities | 0 | 1,750,000 | 0 | 725,000 |
| Payments on term loan facilities | 0 | 2,500,000 | - | 0 |
| Proceeds from revolving facility | 545,000 | 750,000 | 150,000 | 130,000 |
| Payments on revolving facility | 970,000 | 180,000 | 150,000 | 130,000 |
| Proceeds from issuance of common stock, net | - | 0 | 0 | 98,367 |
| Deferred financing costs paid | 8,803 | 54,246 | 7,767 | 13,043 |
| Other financing activities | -3,351 | -4,542 | -2,979 | -16,315 |
| Net cash used in financing activities | -618,491 | -1,093,726 | 110,021 | -574,105 |
| Change in cash, cash equivalents, and restricted cash | -64,828 | -477,791 | 443,557 | -364,931 |
| Cash, cash equivalents, and restricted cash, beginning of period (note4) | 419,693 | 897,484 | 453,927 | 818,858 |
| Cash, cash equivalents, and restricted cash, end of period (note4) | 354,865 | 419,693 | 897,484 | 453,927 |
Invitation Homes Inc. (INVH)
Invitation Homes Inc. (INVH)