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. The company owns 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. The company provides 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 the company's product proves that the choice and flexibility it offers are attractive to many people.

The company operates 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, the company has designed its owned portfolio to capture the operating benefits of local density as well as economies of scale that it believes cannot be readily replicated. Since its founding in 2012, it has built a proven, vertically integrated operating platform that enables it to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes it owns and those it manages on behalf of others.

• Employees: 1,555 (as of December 31, 2023)
• Geographic Footprint: 16 core markets across the United States
• Headquarters: Dallas, Texas
• Founded: 2012
• Number of locations/facilities: Approximately 85,000 homes
• Revenue: $2.43 billion (FY2023)
• Key Subsidiaries/Brands: THR Property Management L.P.

• CEO: Dallas B. Tanner
• CFO: Jonathan S. Olsen
• Other Key Executives: Kimberly K. Norrell (Executive Vice President and Chief Accounting Officer)
• Board Chair: Michael D. Fascitelli

• Annual Revenue: $2.43 billion (FY2023)
• Net Income: $518.8 million (FY2023)
• Total Assets: $19.2 billion (as of December 31, 2023)
• Key Financial Highlights: 8.7% increase in total revenues and 35.4% increase in net income from FY2022 to FY2023
• Number of Employees: 1,555 (as of December 31, 2023)

The company 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.

• Single-Family Homes for Lease: Provides residents access to updated homes with features they value, as well as close proximity to jobs and access to good schools.
• Property and Asset Management Services: Provides professional property and asset management services to portfolio owners of single-family homes for lease, including investments in unconsolidated joint ventures.

The company has one reportable segment related to acquiring, renovating, leasing, and operating single-family homes as rental properties. The CODM evaluates operating performance and allocates resources on a total portfolio basis. The CODM utilizes net operating income as the primary measure to evaluate performance of the total portfolio.

The company is 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 the company more innovative and its processes more sustainable. Environmental, social, and governance (ESG) initiatives are an important part of the company's strategic business objectives and are critical to its long-term success. The company's mission statement, "Together with you, we make a house a home," reflects its commitment to high-touch customer service that continuously enhances residents' living experiences and provides homes where individuals and families can thrive. The company focuses on ensuring that its associates are fairly compensated and that it provides a diverse, equitable, and inclusive culture where they are appreciated for who they are and what they bring to the business. The company also places a strong emphasis on the impact it has in its communities and to the environment in general, and it continues to develop programs that demonstrate that commitment. In addition, it ensures that it operates under strong, well-defined governance practices and adheres to the highest ethical standards at all times.

• Key strategic initiatives include a resident-centric focus, local presence and expertise, and scalable, centralized infrastructure.
• Growth drivers include disciplined market and asset selection, strategic mergers and acquisitions, and partnerships with homebuilders.
• Investment priorities include upfront renovation of homes to address capital needs, reduce ongoing maintenance costs, and drive resident demand.

The company operates in the single-family rental industry, which is characterized by a mix of large institutional investors, individual investors, and small private investment partnerships. The company believes that its vertically integrated operating platform, local market expertise, and national strategy provide it with a competitive advantage in this market.

• Market Position: Leading owner and operator of single-family homes for lease in the United States.
• Key Competitors: Competitors include other REITs, private equity funds, individual investors, and small private investment partnerships.
• Industry Trends: The single-family rental market is influenced by macroeconomic factors, demographics, and housing market conditions.

• Market Risks: Unfavorable economic conditions, changes in housing market conditions, competition for quality residents and suitable rental homes, and fluctuations in rent rates.
• Operational Risks: Supply chain disruptions, labor shortages, challenges in managing growth, and reliance on third-party service providers.
• Financial Risks: Fluctuations in interest rates, difficulty securing financing, and risks associated with indebtedness.
• Regulatory Risks: Compliance with fair housing laws, municipal regulations, HOA rules, and potential changes in rent control laws.