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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 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 incorporat ...

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved same-store NOI growth of 2.3%, driven by 2.4% core revenue growth and 2.6% core expense growth [14] - In the fourth quarter, same-store NOI grew 0.7% year-over-year, supported by 1.7% growth in core revenues and a 4% increase in core expenses [14] - Core FFO for the fourth quarter increased 1.3% year-over-year to $0.48 per share, while Core FFO for the full year was up 1.7% to $1.91 per share [19] - AFFO for the fourth quarter was generally flat year-over-year at $0.41 per share, while AFFO for the full year grew by 1.8% to $1.63 per share [20] Business Line Data and Key Metrics Changes - Same-store average occupancy for the year was 96.8%, landing at the high end of the 2025 guidance [14] - Fourth quarter blended rent growth was 1.8%, reflecting strong renewal rent growth of 4.2%, which more than offset a 4.1% decline in new lease rates [15] - The company expects to achieve $0.14-$0.20 of incremental AFFO per share growth over the next three years, with operational enhancements expected to provide roughly half of the projected AFFO growth [16] Market Data and Key Metrics Changes - The company noted that supply levels in core markets, particularly Florida, Texas, and Arizona, have been slightly elevated but are beginning to come down [26] - The company is seeing healthy demand, with lead volume remaining strong compared to last year [25] Company Strategy and Development Direction - The company is focused on delivering attractive same-store NOI growth, allocating capital thoughtfully across growth opportunities and share repurchases, and using scale and technology to drive efficiencies [10] - The acquisition of ResiBuilt Homes enhances in-house development capabilities and aims to add more homes to the markets served, addressing housing affordability [12][13] - The company plans to maintain a strong balance sheet while expanding housing choice and flexibility in communities [11] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of housing affordability and the commitment to providing well-maintained, high-quality homes for residents [7][8] - The company is optimistic about the upcoming peak leasing season, noting healthy demand and a strong lead volume [25][26] - Management acknowledged the challenges posed by elevated supply levels in certain markets but expressed confidence in the fundamentals of supply and demand [26] Other Important Information - The company ended the year with $1.7 billion in total liquidity and maintained a conservative leverage profile [18] - The Board of Directors authorized a $500 million share repurchase program, with 3.6 million shares repurchased totaling approximately $100 million [19] Q&A Session Summary Question: Expectations for same-store blended rent growth - Management indicated that it is premature to draw conclusions about the peak leasing season, but lead volume feels healthy compared to last year [24] Question: Comments on institutional investor ban - Management is engaged with policymakers and is hopeful for clarity on regulations affecting affordability and homeownership pathways [29] Question: Commentary on expense growth assumptions - Management noted that property tax growth was favorable in 2025, but they expect some challenges in 2026 due to tougher comps and rising insurance costs [41][42] Question: Supply-demand balance in key markets - Management acknowledged that while supply is elevated, they expect demand to catch up as peak deliveries are in the past [90]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved same-store NOI growth of 2.3%, exceeding the midpoint of guidance, driven by 2.4% core revenue growth and 2.6% core expense growth [14] - In Q4, same-store NOI grew 0.7% year-over-year, supported by 1.7% growth in core revenues and a 4% increase in core expenses [14] - Core FFO for Q4 increased 1.3% year-over-year to $0.48 per share, while full-year Core FFO rose 1.7% to $1.91 per share [20] Business Line Data and Key Metrics Changes - The company reported a blended rent growth of 1.8% in Q4, with renewal rent growth at 4.2%, offsetting a 4.1% decline in new lease rates [15] - Same-store average occupancy for the year was 96.8%, at the high end of guidance [14] Market Data and Key Metrics Changes - The company noted that supply levels in core markets, particularly Florida, Texas, and Arizona, have been slightly elevated but are beginning to decrease [26] - The company is seeing healthy demand for single-family housing, with lead volume remaining strong [26] Company Strategy and Development Direction - The acquisition of ResiBuilt Homes enhances the company's in-house development capabilities, allowing for better control over cost, product quality, and delivery pace [12] - The company aims to deliver attractive same-store NOI growth, allocate capital thoughtfully, and maintain a strong balance sheet while expanding housing options [10][11] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of housing affordability and the company's commitment to providing well-maintained homes for families [7] - The company expects to achieve $0.14-$0.20 of incremental AFFO per share growth over the next three years, with operational enhancements contributing to this growth [16] Other Important Information - The company ended the year with $1.7 billion in total liquidity and a net debt to adjusted EBITDA ratio of 5.3 times [18] - The Board of Directors authorized a $500 million share repurchase program, with $100 million already executed [19] Q&A Session Questions and Answers Question: What are the expectations for same-store blended rent growth? - Management indicated that the mid-2% blended rent growth aligns with guidance, noting that it is premature to draw conclusions based on early-year performance [24][25] Question: Can you comment on the Institutional Investor Ban and its implications? - Management expressed optimism about discussions with policymakers and emphasized the importance of clarity in regulations affecting the industry [29][30] Question: What factors are leading to a slower pipeline with homebuilders? - Management noted strong relationships with homebuilders but indicated a cautious approach to future transactions due to cost of capital considerations [73][75] Question: Can you provide more details on expense growth assumptions? - Management explained that property tax growth is expected to be consistent year-over-year, while insurance costs may see increases due to market conditions [41][44] Question: How will the ResiBuilt platform assist in growing the build-to-rent platform? - Management highlighted that ResiBuilt will serve as a general contractor and will continue to work with third parties while exploring opportunities for internal projects [78][79]

Invitation Homes (NYSE:INVH) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Speaker13Welcome to the Invitation Homes fourth quarter 2025 earnings conference call. All participants are in listen-only mode at this time. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. As a reminder, this conference is being recorded. At this time, I would like to turn the conference over to Scott McLaughlin, Senior Vice President of Investor Relations. Please go ...

Core Insights - Invitation Homes Inc. (INVH) reported fourth-quarter 2025 core funds from operations (FFO) per share of 48 cents, meeting the Zacks Consensus Estimate and showing an increase from 47 cents a year ago [1][8] - Total revenues for the fourth quarter reached $685.3 million, exceeding the Zacks Consensus Estimate of $677.1 million and reflecting a 4% year-over-year improvement [2] - For the full year 2025, core FFO per share was $1.91, slightly below the Zacks Consensus Estimate of $1.92 but up 1.6% from the previous year, with total revenues growing 4.2% to $2.73 billion [2] Financial Performance - Same-store core revenues increased by 1.7% in the fourth quarter, while same-store core operating expenses rose by 4%, leading to a 0.7% improvement in same-store net operating income (NOI) [3] - Same-store renewal rent growth was 4.2%, but new lease rent decreased by 4.1%, resulting in a blended rent growth of 1.8% [3] - Average occupancy for same-store properties was 95.9%, down 90 basis points year-over-year [3] Portfolio Activity - In Q4 2025, the company acquired 368 wholly owned homes for approximately $123 million and 122 homes in joint ventures for around $41 million [4] - The company disposed of 315 wholly owned homes for gross proceeds of about $138 million and 13 homes in joint ventures for gross proceeds of $6 million during the same period [4] Strategic Acquisitions - In January 2026, Invitation Homes acquired Resibuilt Homes, a prominent build-to-rent developer in the Southeastern markets, for a contract price of $89 million, with potential additional payments of up to $7.5 million based on performance [5] Balance Sheet Overview - As of the end of Q4 2025, Invitation Homes had total liquidity of $1.74 billion, which includes unrestricted cash and undrawn capacity on its revolving credit facility [6] - The company's total secured and unsecured debt was $8.46 billion, with a Net Debt/TTM adjusted EBITDA ratio of 5.3X [6] 2026 Guidance - Invitation Homes provided initial guidance for 2026, expecting core FFO per share to be between $1.90 and $1.98, with a midpoint of $1.94, while the Zacks Consensus Estimate is at $1.99 [7][8] - The full-year guidance is based on an anticipated growth of 1.30% to 2.50% in same-store revenues and a 3-4% increase in same-store expenses, projecting same-store NOI to rise by 0.30% to 2% [9]

Invitation Home (INVH) came out with quarterly funds from operations (FFO) of $0.48 per share, in line with the Zacks Consensus Estimate . This compares to FFO of $0.47 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -0.35%. A quarter ago, it was expected that this real estate investment trust focused on single-family rentals would post FFO of $0.47 per share when it actually produced FFO of $0.47, delivering no surprise.Over the l ...

Table of Contents | Earnings Press Release | 3 | | --- | --- | | Consolidated Financial Statements | 9 | | Schedule 1: Reconciliation of FFO, Core FFO, and AFFO | 11 | | Schedule 2: Capital Structure Information | 12 | | Schedule 3: Same Store Portfolio Core Operating Detail | 16 | | Schedule 4: Home Characteristics by Market | 18 | | Schedule 5: Same Store Operating Information by Market | 19 | | Schedule 6: Cost to Maintain and Capital Expenditure Detail | 26 | | Schedule 7: Adjusted Property Management a ...

Key Takeaways INVH is set to report Q4 2025 results, with revenues and FFO per share expected to rise year over year.Invitation Homes is projected to post $659.2M in rental revenues and $677.1M in total revenues for Q4.INVH faces supply-heavy markets and an unchanged 48-cent FFO estimate despite a 2.13% YoY growth outlook.Invitation Homes (INVH) is slated to report fourth-quarter 2025 results on Feb. 18, after market close. The company’s quarterly results are likely to report a year-over-year increase in re ...

Group 1 - Invitation Home (INVH) is expected to report quarterly earnings of $0.48 per share, reflecting a year-over-year increase of 2.1% [1] - Revenues are anticipated to reach $677.12 million, which is a 2.7% increase from the same quarter last year [1] - There has been a downward revision of 0.4% in the consensus EPS estimate over the past 30 days, indicating a reappraisal by analysts [1] Group 2 - The consensus estimate for 'Revenues- Management fee revenues' is $21.64 million, showing a change of +2.6% from the prior-year quarter [4] - 'Revenues- Rental revenues' are expected to be $659.22 million, indicating a significant change of +14.3% from the prior-year quarter [4] - Analysts project 'Depreciation and amortization' to be $189.32 million [4] Group 3 - Over the past month, shares of Invitation Home have returned +1.7%, contrasting with the Zacks S&P 500 composite's -0.3% change [4] - Currently, INVH holds a Zacks Rank 4 (Sell), suggesting potential underperformance compared to the overall market in the near future [4]