Company: INVH
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001687229-25-000008
Chunk: 22

Company: Invitation Homes Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 22
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 to distribute to our stockholders at least 90% of our taxable income, excluding net capital gain, on an annual basis. Therefore, as a general matter, it is unlikely that we will be able to retain substantial cash balances from our annual taxable income that could be used to meet our liquidity needs. Instead, we will need to meet these needs from external sources of capital and amounts, if any, by which our cash flow generated from operations exceeds taxable income.

Cash Flows

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

The following table summarizes our cash flows for the years ended December 31, 2024 and 2023: 

For the YearsEnded December 31,($ in thousands)20242023$ Change% ChangeNet cash provided by operating activities$1,081,805 $1,107,088 $(25,283)(2.3)%Net cash used in investing activities(465,870)(773,552)307,682 39.8 %Net cash provided by (used in) financing activities(1,093,726)110,021 (1,203,747)N/MChange in cash, cash equivalents, and restricted cash$(477,791)$443,557 $(921,348)(207.7)%

Operating Activities

Our cash flows provided by operating activities depend on numerous factors, including the occupancy level of our homes, the rental rates achieved on our leases, the collection of rent from our residents, and the amount of our operating and other expenses. Net cash provided by operating activities was $1,081.8 million and $1,107.1 million for the years ended December 31, 2024 and 2023, respectively, a decrease of 2.3%. The decrease in cash provided by operating activities is primarily due to settlement costs of $77.0 million included in net income that resolved an inquiry from the FTC and the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated costs. This decrease is partially offset by $36.4 million of unpaid estimated costs for hurricane related damages that are reflected in accounts payable and accrued expenses on our consolidated balance sheet as of December 31, 2024.

Investing Activities

Net cash used in investing activities consists primarily of the acquisition costs of homes, capital improvements, proceeds from property sales, and investments in unconsolidated joint ventures. Net cash used