Company: INVH
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001687229-25-000008
Chunk: 16

Company: Invitation Homes Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 16
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olidated joint ventures was a net loss of $28.4 million and $17.9 million for the years ended December 31, 2024 and 2023, respectively. The increase in loss is primarily driven by a $8.1 million increase in our share of interest expense and a $2.9 million increase in our share of depreciation expense between the respective periods. These changes are a result of the formation of and commencement of operations in new joint ventures, cumulative capital expenditures, and an increase in the number of homes within our joint venture investments.

Liquidity and Capital Resources

Our liquidity and capital resources as of December 31, 2024 and 2023 include unrestricted cash and cash equivalents of $174.5 million and $700.6 million, respectively, a 75.1% decrease primarily due to a $325.7 million net decrease in outstanding indebtedness between periods and $54.2 million of costs to acquire new financing.

New Credit Facility

On September 9, 2024, we entered into an amended and restated senior unsecured credit facility (the “Credit Facility”). The Credit Facility provides $3,500.0 million of borrowing capacity and consists of a $1,750.0 million revolving facility (the “Revolving Facility”) and a $1,750.0 million term loan facility (the “2024 Term Loan Facility”), both of which mature on September 9, 2028, with two six month extension options available. The Credit Facility replaced a credit facility that consisted of a $1,000.0 million revolving credit facility (the “2020 Revolving Facility”) and a $2,500.0 million term loan facility (the “2020 Term Loan Facility,” and together with the 2020 Revolving Facility, the “2020 Credit Facility”). Proceeds from the 2024 Term Loan Facility, a $750.0 million borrowing on the Revolving Facility on the date of effectiveness of the Credit Facility, and excess cash on hand were used to fully repay the 2020 Term Loan Facility and to pay costs associated with the transaction. For both the Revolving Facility and the 2024 Term Loan Facility, spreads at closing, based on our total leverage ratio, were 5 bps lower than the spreads most recently in effect for the 2020 Credit Facility.

As of December 31, 2024, $1,180.0