Invitation Homes Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	2,364	2,549	2,419	2,227	1,992
Property Management Fees	87.34	69.98	13.65	11.48	4.89
Other Revenue	266.55	-28.45	-17.88	-9.61	-1.55
Total Revenue	2,718	2,590	2,414	2,229	1,995
Revenue Growth (YoY	4.91%	7.29%	8.34%	11.70%	9.45%
Property Expenses	1,135	1,073	976.14	874.29	777.76
Selling, General & Administrative	92.48	89.98	81.37	73.71	74.76
Depreciation & Amortization	746.93	714.33	674.29	638.11	592.14
Total Operating Expenses	1,974	1,877	1,732	1,586	1,445
Operating Income	743.56	713.43	682.6	642.4	550.42
Interest Expense	-353.33	-366.07	-333.46	-304.09	-322.66
Other Non-Operating Income	-4.53	-53.75	-2.4	-11.16	-5.84
EBT Excluding Unusual Items	385.71	293.61	346.74	327.15	221.92
Gain (Loss) on Sale of Investments	0.32	1.05	0.35	-3.94	-9.42
Gain (Loss) on Sale of Assets	218.24	244.55	183.54	90.7	60.01
Asset Writedown	-0.66	-0.51	-0.43	-0.31	-0.65
Other Unusual Items	-13.7	-83.34	-9.18	-28.8	-9.08
Pretax Income	589.91	455.37	521.03	384.8	262.78
Earnings From Continuing Operations	589.91	455.37	521.03	384.8	262.78
Minority Interest in Earnings	-1.99	-1.45	-1.56	-1.47	-1.35
Net Income	587.92	453.92	519.47	383.33	261.43
Preferred Dividends & Other Adjustments	0.96	0.75	0.7	0.66	0.33
Net Income to Common	586.96	453.16	518.77	382.67	261.1
Net Income Growth	29.52%	-12.62%	35.52%	46.63%	33.24%
Basic Shares Outstanding	613	613	612	610	578
Diluted Shares Outstanding	613	614	613	611	579
Shares Change (YoY)	-0.07%	0.06%	0.36%	5.51%	4.28%
EPS (Basic)	0.96	0.74	0.85	0.63	0.45
EPS (Diluted)	0.96	0.74	0.85	0.63	0.45
EPS Growth	29.44%	-12.74%	35.10%	39.46%	28.57%
Dividend Per Share	1.170	1.130	1.060	0.920	0.730
Dividend Growth	3.54%	6.60%	15.22%	26.03%	17.74%
Operating Margin	27.36%	27.54%	28.27%	28.83%	27.59%
Profit Margin	21.60%	17.49%	21.49%	17.17%	13.09%
EBITDA	1,486	1,428	1,357	1,281	1,143
EBITDA Margin	54.69%	55.12%	56.20%	57.46%	57.27%
D&A For Ebitda	742.74	714.33	674.29	638.11	592.14
EBIT	743.56	713.43	682.6	642.4	550.42
EBIT Margin	27.36%	27.54%	28.27%	28.83%	27.59%
Funds From Operations (FFO)	1,109	925.27	1,010	928.62	788.77
FFO Per Share	1.80	1.50	1.64	1.51	1.35
Adjusted Funds From Operations (AFFO)	1,003	986.24	923.37	865.9	745.56
AFFO Per Share	1.63	1.60	1.50	1.41	1.28
FFO Payout Ratio	-	74.49%	63.18%	58.05%	49.93%
Revenue as Reported	2,729	2,619	2,432	2,238	1,997

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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