Invitation Homes Inc. (NYSE: INVH)

Invitation Homes is a leading owner and operator of single family homes for lease, providing residents with high quality homes in sought after neighborhoods across the United States. The company wholly owns 85,970 homes, jointly owns 8,016 homes, and offers professional third party property and asset management services for an additional 15,759 homes. Its portfolio is concentrated in 16 core markets, primarily in the Western United States, Florida, and the Southeast United States. Invitation Homes focuses on delivering updated homes with desirable features, proximity to jobs and good schools, and a resident centric service model.

Invitation Homes generates revenue primarily from rental income collected under lease agreements for its owned and jointly owned homes. The company also earns management fee revenues for providing property and asset management services to third party owners of single family homes. Additionally, after acquiring ResiBuilt in January 2026, it recognizes homebuilding revenues from progress on construction contracts for single family residential properties built for fee paying customers.

The company operates through the following segments.

• single family residential properties: This segment involves acquiring, renovating, leasing, operating, developing, and managing single family residential properties.

Invitation Homes holds a significant position in the single family rental industry due to its scale, with over 85,000 owned homes and a geographically concentrated portfolio in high demand markets. The company benefits from a vertically integrated platform that enables it to acquire, renovate, lease, maintain, and manage homes efficiently, creating barriers to entry for competitors. Its focus on markets with strong demand drivers, high barriers to entry, and rent growth potential supports its competitive advantage.

The company’s customers are primarily renters of single family homes, including many first responders, healthcare workers, teachers, and other essential workers who value the flexibility and stability of leasing. In addition, Invitation Homes serves third party property owners who contract its management services for their single home portfolios.