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•executive actions and proposed federal and state legislation or regulations aimed at limiting institutional institutional ownership and acquisition of single-family homes;
The 10-K against last year's
181 changes: 40 added, 20 removed, 121 reworded
10-K 0001687229-26-000016 (2026-02-19) vs 10-K 0001687229-25-000008 (2025-02-27)
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The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 299 words changed in this paragraph; it is 39% similar to last year's version.
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, 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 GHG 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. In April 2024, the SEC issued an order voluntarily staying the effectiveness of the new rules pending the completion of judicial review of certain legal challenges to their validity. On February 11, 2025, SEC Acting Chairman Mark T. Uyeda released a public statement and notified the United States Court of Appeals for the Eighth Circuit (where the challenges are consolidated) to hold off scheduling the case for argument to provide time for the SEC to further deliberate and determine next steps. Therefore, the timing of the effectiveness of these disclosure requirements is uncertain. We are currently assessing the effect of new rules on our 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, though the Governor of California has directed further consideration of the implementation deadlines for each of the laws. Both laws have been challenged in federal court. 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. Disclosure obligations relating to sustainability matters are complex and not always consistent, making compliance difficult and uncertain. greenhouse gas emissions.
Source: Item 7, 10-K 0001687229-26-000016 vs Item 7, 10-K 0001687229-25-000008
Accounting Policies 254 words changed in this paragraph; it is 50% similar to last year's version.
Source: 10-K text, Note 2 – Significant Accounting Policies, 10-K 0001687229-26-000016 vs 10-K text, Note 2 – Significant Accounting Policies, 10-K 0001687229-25-000008
Risk Factors 224 words changed in this paragraph; it is 72% similar to last year's version.
We are generally subject to risks associated with debt financing. These risks include: (1) our cash flow may not be sufficient to satisfy required payments of principal and interest; (2) we may not be able to refinance existing indebtedness or the terms of any refinancing may be less favorable to us than the terms of existing debt; debt (including as a result of changes in laws, regulations, executive orders, or agency or government guidance that limit approvals, guarantees, insurance, securitizations, purchases, or other facilitation of single‑family rental debt); (3) required debt payments are not reduced if the economic performance of any property declines; (4) debt service obligations could reduce funds available for distribution to our stockholders and funds available for capital investment; (5) any default on our indebtedness could result in acceleration of those obligations and possible loss of property to foreclosure; (6) the risk that necessary capital expenditures cannot be financed on favorable terms; and (7) the value of the collateral securing our indebtedness may fluctuate and fall below the amount of indebtedness it secures. secures; and (8) changes in, or new, laws, regulations, executive orders, or related agency or government policies or programs could reduce the availability of, restrict eligibility for, delay access to, or increase the cost of debt capital (including securitizations, warehouse or term facilities, guarantees, insurance, or purchases) used to finance or refinance our assets. If the income from a property is pledged to secure payment of indebtedness and we cannot make the applicable debt payments, we may have to surrender the property to the lender with a consequent loss of any prospective income and equity value from such property. Any of these risks could place strains on our cash flows, reduce our ability to grow, and adversely affect our results of operations. In particular, restrictions on, or withdrawal of, participation by agency or government-sponsored enterprises in transactions secured by our homes, or in securitizations backed by such assets, could limit our refinancing alternatives at or near maturities, require us to use more expensive or less flexible sources of capital, or necessitate asset sales on unfavorable terms. See “Risks Related to Our Business Environment and Industry — Executive actions and proposed federal and state legislation or regulations aimed at limiting institutional ownership and acquisition of single-family homes could materially adversely affect our business, growth strategy, and results of operations.” Natural disasters, geopolitical turmoil, medical epidemics and pandemics, economic instability, or other causes could have material and adverse effect on our residents’ ability to meet their lease obligations and our ability to collect rent or enforce remedies for failure to pay rent thereby reducing our cash flows, and the resulting impact on rental and other property income could impact our ability to make all required debt service payments and to continue paying dividends to our stockholders at expected levels or at all. See “Risks Related to Our Business Environment and Industry — Our business, results of operations, financial condition, and cash flows may be adversely affected by pandemics and outbreaks of infectious disease.”
Source: Item 1A, 10-K 0001687229-26-000016 vs Item 1A, 10-K 0001687229-25-000008
Legal Proceedings 15 words changed in this paragraph; it is 79% similar to last year's version.
Source: Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001687229-26-000016 vs Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001687229-25-000008
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of INVH's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-27. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, wouldAddedRisk Factors
•our development activities which expose us to execution, integration, cost, regulatory, permitting, and land acquisition risks, as well as potential delays, construction challenges, and lower-than-expected returns;
AddedRisk Factors
•our developer lending program which exposes us to heightened credit, construction, valuation, and execution risks that could result in cost overruns, project delays, insufficient collateral value, or loan losses; and
AddedRisk Factors
costs and capital spending by increasing rental rates, which could have a material adverse effect on our results of operations and cash available for distribution.
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•increases in construction costs, including labor, materials, and supplies or delays in construction timelines.
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and other entities. On a limited basis, when acquiring existing homes through retail channels, we may also compete with individual home buyers and small-scale investors. With respect to our development and construction activities, we also compete with national and regional homebuilders, land developers, and other build-to-rent operators for the acquisition of developable land, finished lots, and lot option contracts, as well as for construction labor, materials, and subcontractor services.
AddedRisk Factors
We are authorized to follow a broad investment policy established by our board of directors and subject to implementation by our management. Our board of directors periodically reviews and updates the investment policy and also reviews our portfolio of residential real estate, but it generally does not review or approve specific property acquisitions or development projects. Our success depends on our ability to acquire properties that can be quickly possessed, renovated, repaired, upgraded, and rented with minimal expense and maintained in quality condition, as well as our ability to successfully manage land acquisition strategies, construction processes, and development timelines for our development
AddedRisk Factors
Our reliance on a limited number of third-party digital marketing and lead-generation platforms, including a single dominant platform, exposes us to significant business, financial, and operational risk.
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AddedRisk Factors
We rely heavily on third-party digital marketing and residential listing platforms to generate leasing leads for our homes. A substantial portion of prospective residents are introduced to our properties through a single, widely used third-party platform that plays a significant role in resident search behavior and lead origination. As a result, our ability to attract residents, maintain occupancy levels, and efficiently lease our homes is materially dependent on the continued effectiveness, availability, and commercial terms of that platform.
AddedRisk Factors
Our reliance on this platform subjects us to risks largely outside of our control, including changes in pricing, algorithms, listing prioritization, data access, advertising formats, contractual terms, or policies governing the display or distribution of our listings. Any adverse changes to these factors could reduce lead volume or quality, increase our marketing and customer acquisition costs, or impair our ability to convert prospects into residents, any of which could materially and adversely affect our operating results and cash flows.
AddedRisk Factors
In addition, the platform may prioritize its own interests or those of competitors, including by favoring certain listings, business models, or service offerings, or by entering into strategic relationships that disadvantage us. We generally do not control how prospective residents interact with or are directed by the platform, and we may have limited ability to influence changes that negatively impact our visibility or performance.
AddedRisk Factors
Our dependence on this platform also exposes us to operational and reputational risks arising from service disruptions, system outages, cybersecurity incidents, data integrity issues, or reputational harm suffered by the platform itself. Any interruption in the platform’s operations or loss of consumer trust could materially reduce leasing activity for our homes.
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Furthermore, new tax legislation, administrative guidance, or court decisions, in each instance potentially with retroactive effect, could make it more difficult or impossible for us to qualify as a REIT. REIT including proposals and potential legislative initiatives targeted at institutional owners of single-family rental housing that could limit, condition, or eliminate tax benefits integral to REIT qualification or operations, such as depreciation or the deductibility of interest, or otherwise alter the tax treatment or requirements applicable to REITs.
RewordedRisk Factors
We may be unaware of or unable to review or comply with HOA rules before purchasing a property, and any such excessively restrictive or arbitrary regulations may cause us to sell such property at a loss, prevent us from leasing such property, or otherwise reduce our cash flow from such property, which would have an adverse effect on our returns on these properties.
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Additionally, we may fail to receive certain government subsidies or assistance that we have received in the past, and federal and state legislative or regulatory initiatives could limit or restrict the availability of such subsidies or assistance for our properties, while some competing housing options may qualify for such government subsidies or other government subsidies, assistance, which may render could make the properties of our competitors as more accessible and therefore more attractive to potential residents than our properties.
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Any such access, disclosure or other loss of information could result in legal claims or proceedings, misstated or unreliable financial data, liability under laws that protect the privacy of personal information, regulatory penalties, disruption to our operations and the services we provide to customers, including our residents, or damage our reputation, any of which could adversely affect our results of operations, reputation, and competitive position.
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If we conclude that certain individual properties purchased in bulk portfolio sales do not fit our target investment criteria, we may decide to sell, rather than renovate and lease, such properties, which could take an extended period of time and may not result in a sale at an attractive price.
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Fluctuating global and United States economic conditions, uncertainty in financial markets (including due to bank failures), markets, and elevated interest rates may materially negatively impact our residents, such as being unable to access their existing cash to fulfill their payment obligations to us due to future bank failures, and our business could be negatively impacted.
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Policy changes and changes in federal, state, and local legislation and regulation based on concerns about climate change, including regulations aimed at limiting GHG greenhouse gas emissions and the implementation of “green” building codes, could result in increased capital expenditures on our existing properties (for example, to improve their energy efficiency and/or resistance to inclement weather) without a corresponding increase in revenue, resulting in adverse impacts to our results of operations.
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In addition, laudable government sponsored programs to promote home ownership or executive, legislative, or regulatory initiatives on the federal and state levels that disproportionately affect large institutional owners may encourage potential renters to purchase residences or lease from smaller investors or partnerships rather than lease them, from us, thereby causing a decline in the number and quality of potential residents available to us.
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These assumptions may prove inaccurate, particularly since the properties that we acquire and the development projects that we undertake vary materially in terms of time to possession, renovation, quality and type of construction, geographic location, and hazards. hazards and since development projects are subject to market conditions and cost fluctuations over extended time horizons.
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Our business and growth strategies may also be materially and adversely affected by our ability to obtain permits, licenses, federal executive actions or proposed legislation or regulations aimed at limiting institutional ownership and approvals. acquisition of single-family homes.
AddedMD&A
On January 14, 2026, we acquired ResiBuilt, a leading fee homebuilder specializing in single-family rental communities with expertise in land development and construction general contracting across high-growth Southeast markets. The acquisition is a natural extension of our business and supports our growth strategy by adding home building capabilities to our platform. By bringing land development and construction expertise in-house, we gain greater operational control over the development process, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets. We believe this internal development capacity will support our long-term growth strategy by providing a reliable pipeline of purpose-built rental homes tailored to our operational and quality standards.
AddedMD&A
The regulatory landscape affecting institutional ownership and acquisition of single-family rental properties continues to evolve. Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homes could limit our ability to acquire additional homes, require us to modify our growth, investment, development, or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect market dynamics, our business, and results of operations.
AddedMD&A
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. 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, including regulations aimed at drastically increasing reporting and governance related to climate change as well as focused on limiting greenhouse gas emissions.
AddedMD&A
(5)As of December 31, 2025, represents homes located in San Antonio, Salt Lake City, Austin, or Nashville, outside of our 16 core markets.
AddedMD&A
Regulatory and Policy Risks: Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homes could limit our ability to acquire additional homes, require us to modify our growth, investment, development, or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect market dynamics, our business, and results of operations. As this policy landscape continues to evolve, we remain committed to working constructively with policymakers at all levels to support housing supply and availability, and we believe that well-managed, professionally operated rental housing serves an important role in expanding access to quality homes for American families.
AddedMD&A
On October 28, 2025, our board of directors authorized the Share Repurchase Program pursuant to which we may acquire shares of our common stock up to an aggregate purchase price of $500.0 million in the open market or negotiated transactions, including through Rule 10b5-1 plans. The Share Repurchase Program does not have an expiration date. During the year ended December 31, 2025, we repurchased 2,232,685 shares of our common stock for a total cost of $61.3 million, including legal fees and commissions. During January 2026, we repurchased an additional 1,402,639 shares of our common stock for a total cost of $38.8 million, including legal fees and commissions, leaving $400.0 million available for future repurchases under the Share Repurchase Program.
AddedMD&A
Repurchases under the Share Repurchase Program will be made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.
AddedMD&A
On January 14, 2026, we acquired ResiBuilt, a leading fee homebuilder specializing in single-family rental communities with expertise in land development and construction general contracting across high-growth Southeast markets.
AddedMD&A
On April 28, 2025, we entered into an amendment to the 2022 Term Loan Facility that (1) amends the initial maturity date from June 22, 2029 to April 28, 2028, with two one year extension options at our election, provided we are in compliance with the loan agreement and pay a 12.5 bps extension fee and (2) adjusts the margin applicable to borrowings.
AddedMD&A
(7)If we exercise the two one year extension options, the maturity date for the 2022 Term Loan Facility will be April 28, 2030.
AddedMD&A
•funding commitments for construction and development loans made to homebuilders;
AddedMD&A
increase in average home count and other increases in costs to maintain our homes. During the year ended December 31, 2025, we began investing in land held for future development and acquired $20.2 million of land.
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For the Years Ended December 31, (in thousands, except shares and per share data) 2025 2024 2023 Net income available to common stockholders $ 586,964 $ 453,164 $ 518,774 Net income available to participating securities 960 753 696 661 Non-controlling interests 1,985 1,448 1,558 1,470 Depreciation and amortization on of real estate assets 728,652 699,474 663,398 629,301 Impairment on depreciated real estate investments 657 506 427 310 Net gain on sale of previously depreciated investments in real estate (218,235) (244,550) (183,540) (90,699) Depreciation and net gain on sale of investments in unconsolidated joint ventures 7,845 14,479 8,704 4,907 FFO 1,108,828 925,274 1,010,017 928,618 Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives(1) 26,808 44,681 36,069 24,326 Share-based compensation expense(2) 27,830 27,918 29,503 28,962 Legal settlements(3) — 77,000 2,000 7,400 Severance expense 2,772 637 977 314 Casualty losses, losses and reserves, net(1)(4) 10,924 82,700 8,200 28,485 (Gains) losses Gains on investments in equity and other securities, net (318) (1,046) (350) 3,939 Core FFO 1,176,844 1,157,164 1,086,416 1,022,044 Recurring capital expenditures(1) (173,472) (170,927) (163,051) (156,147) Adjusted FFO $ 1,003,372 $ 986,237 $ 923,365 $ 865,897 Net income available to common stockholders Weighted average common shares outstanding — diluted(5)(6)(7) diluted(5)(6) 613,177,806 613,631,617 613,288,708 611,112,396 Net income per common share — diluted(5)(6)(7) diluted(5)(6) $ 0.96 $ 0.74 $ 0.85 $ 0.63 FFO, Core FFO, and Adjusted FFO Weighted average common shares and OP Units outstanding — diluted(5)(6)(7) diluted(5)(6) 615,643,476 615,881,670 615,367,734 613,669,133 FFO per common share — diluted(5)(6)(7) diluted(5)(6) $ 1.80 $ 1.50 $ 1.64 $ 1.51 Core FFO per common share — diluted(5)(6)(7) diluted(5)(6) $ 1.91 $ 1.88 $ 1.77 $ 1.67 AFFO per common share — diluted(5)(6)(7) diluted(5)(6) $ 1.63 $ 1.60 $ 1.50 $ 1.41
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For the Years Ended December 31, ($ in thousands) 2025 2024 2023 2022 Net income available to common stockholders $ 586,964 $215,139 $ 453,164 $ 518,774 $ 382,668 Net income available to participating securities 960 753 696 661 Non-controlling interests 1,985 1,448 1,558 1,470 Interest expense 353,327 366,070 333,457 304,092 Interest expense in unconsolidated joint ventures 25,312 26,333 18,255 3,581 Depreciation and amortization 746,933 714,326 674,287 638,114 Depreciation and amortization of investments in unconsolidated joint ventures 16,361 13,377 10,469 5,838 EBITDA 1,731,842 1,575,471 1,557,496 1,336,424 Gain on sale of property, net of tax (218,235) (244,550) (183,540) (90,699) Impairment on depreciated real estate investments 657 506 427 310 Net (gain) loss on sale of investments in unconsolidated joint ventures (8,461) 1,215 (1,668) (865) EBITDAre 1,505,803 1,332,642 1,372,715 1,245,170 Share-based compensation expense(1) 27,830 27,918 29,503 28,962 Severance expense 2,772 637 977 314 Casualty losses, losses and reserves, net(2) 10,924 82,700 8,200 28,485 (Gains) losses on investments in equity and other securities, net (1,046) (350) 3,939 Other, net(3) 54,032 2,435 11,261 4,345 52,986 2,085 Adjusted EBITDAre $ 1,551,674 $ 1,496,883 $ 1,413,480 $ 1,318,131
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Property management expense and general and administrative expense increased to $228.1 $244.4 million from $178.2 $228.1 million for the years ended December 31, 2024 2025 and 2023, 2024, respectively, primarily due to increased personnel and other costs related to expansion of our property and asset management platform, including costs incurred to manage 25,300 and 3,848 a 16.9% increase in the average number of homes as of December 31, 2024 and 2023, respectively. managed between periods.
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Net cash used in financing activities was $618.5 million for the year ended December 31, 2025 compared to $1,093.7 million for the year ended December 31, 2024 compared to net cash provided by financing activities of $110.0 million for the year ended December 31, 2023. 2024.
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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 which is underscored by our company more innovative and our processes more sustainable. purpose to Unlock the Power of Home™.
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Sensitivity to many of these factors has been heightened as a result of current macroeconomic conditions, including elevated inflation, interest rates, rate volatility, political dissension, labor market conditions, evolving regulatory landscape affecting institutional ownership and labor shortfalls. acquisition of single-family rental properties, and adverse global economic conditions.
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The 24.8% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services. services from 20,971 homes for the year ended December 31, 2024 to 24,521 homes for the year ended December 31, 2025.
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We also made dividend and distribution payments totaling $715.4 million during the year ended December 31, 2025 compared to $692.6 million during the year ended December 31, 2024 compared to $640.5 million during the year ended December 31, 2023, 2024, which were funded by cash flows from operations.
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