Short answer
Invitation Homes (INVH) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $2.6B (+7.7% year over year) and net income of $454M.
- Top risk flagged: Legal risk from $77M FTC inquiry settlement and City of San Diego et al v. Invitation Homes, Inc. dispute impacting 2024 net income
FY2024 key financial metrics · XBRL
- Revenue
- $2.6B
- +7.7% YoY
- Net income
- $454M
- −12.6% YoY
- EPS (diluted)
- $0.74
- −12.9% YoY
- ROE
- 4.7%
- −0.5 pp YoY
- Operating cash flow
- $1.1B
- −2.3% YoY
Source: XBRL data from the Invitation Homes (INVH) FY2024 10-K on SEC EDGAR. USD.
Invitation Homes FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Single-family home rentals across diverse U.S. markets
- Emphasis on integrating climate change risk into enterprise risk management and business resiliency planning
- Strategic governance shift: Board committees actively oversee environmental, climate, and social risk management
- Focus on adapting policies and operations to address increased natural disasters impacting homes and stakeholders
- Proactive climate risk oversight part of commitment to transparency and long-term operational stability
Management Discussion & Analysis
- Revenue details not explicitly specified; NOI total portfolio $1,613.7M in 2024 vs $1,538.3M in 2023, up approximately 5% YoY
- Net income $453.2M in 2024 vs $518.8M in 2023, operating margin approximately 28.1% in 2024 vs 33.7% in 2023 (Net income/NOI)
- No segment breakdown; operates single reportable segment: single-family residential properties with NOI $1,613.7M in 2024
- Adjusted FFO $986.2M in 2024 up from $923.4M in 2023; recurring capital expenditures $170.9M in 2024; $77M legal settlements and $82.7M casualty losses recorded in 2024
- Management notes risks from hurricane damages ($55.1M losses in 2024); legal settlements $77M related to FTC inquiry; ongoing capital commitments $177M to joint ventures as of Dec 31, 2024
Risk Factors
- Legal risk from $77M FTC inquiry settlement and City of San Diego et al v. Invitation Homes, Inc. dispute impacting 2024 net income
- Macroeconomic threat: elevated US interest rates and inflation may reduce operating cash flow and increase default risk on mortgage loans
- Operational risk: decreased home acquisitions from 2,877 in 2023 to 2,072 in 2024, lowering investment pipeline and growth potential
- Competitive risk from increased home sales volume (1,423 to 1,501) and higher net proceeds per home possibly pressured by market rivals
- Financial risk: high dividend payments $692.6M in 2024 versus $640.5M in 2023 limit cash retention due to REIT 90% taxable income distribution requirement
Generated from the filing text; verify against the original. How to read a 10-K
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