Company: INVH
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001687229-25-000051
Chunk: 117

Company: Invitation Homes Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 117
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5 was the primary driver of the increase.

Losses from Investments in Unconsolidated Joint Ventures

Our share of losses from unconsolidated joint ventures was $7.9 million and $22.8 million for the nine months ended September 30, 2025 and 2024, respectively. The change was primarily driven by an increase in our share of income and distributions from the FNMA joint venture from 10.0% to 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement and gains on dispositions of homes within that portfolio.

Liquidity and Capital Resources

Our liquidity and capital resources as of September 30, 2025 and December 31, 2024 include unrestricted cash and cash equivalents of $155.4 million and $174.5 million, respectively, an 11.0% decrease primarily due to acquisitions of homes. As of September 30, 2025, $1,750.0 million of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants. We have no debt reaching final maturity until June 2027.

Amendment of 2022 Term Loan Facility

On April 28, 2025, we entered into an amendment to the 2022 Term Loan Facility that (1) amends the initial maturity date from June 22, 2029 to April 28, 2028, with two one year extension options at our election, provided we are in compliance with the loan agreement and pay a 12.5 bps extension fee and (2) adjusts the margin applicable to borrowings.

Public Offering

On August 15, 2025, in a public offering under our shelf registration statement, we issued $600.0 million aggregate principal amount of 4.95% Senior Notes which mature on January 15, 2033.

Interest Rate Swap Transactions

During the second quarter of 2025, we entered into two new interest rate swap agreements with a total notional amount of $400.0 million which became active on May 8, 2025 and June 20, 2025. As of September 30, 2025, our active swaps have a weighted average strike rate of 3.07%. 

Share Repurchase Program

On October 28, 2025, our board of