Company: INVH
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001687229-25-000051
Chunk: 123

Company: Invitation Homes Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 123
---
 by operating activities was $1,077.6 million and $949.0 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of 13.5%. The increase in cash provided by operating activities is primarily due to improved operational profitability, including an $84.2 million increase in total revenues, and the impact of changes in operating assets and liabilities from period to period.

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 in investing activities was $571.0 million and $492.7 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $78.3 million. The net increase in cash used in investing activities resulted primarily from the combined effect of the following significant changes in cash flows during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024: (1) an increase in cash used for the acquisition of homes; (2) an increase in cash proceeds received from the sale of single-family homes; and (3) an increase in cash used for other investing activities. Acquisition spend increased by $137.8 million from period to period due to an increase in the number of homes acquired from 1,591 during the nine months ended September 30, 2024 to 2,042 homes acquired during the nine months ended September 30, 2025. Proceeds from the sale of single-family homes increased $68.0 million due to an increase in the number of homes sold from 937 during the nine months ended September 30, 2024 to 1,041 homes sold during the nine months ended September 30, 2025, partially offset by a decrease in average net proceeds per home. Cash used in other investing activities increased $22.3 million from period to period primarily due to an increase in capital expenditures to repair hurricane damage to homes from late 2024 storms. 

57

Financing Activities

Net cash used in financing activities was $530.6 million for the nine months ended September 30, 2025 compared to $108.3 million for the nine months ended September 30, 2024. The change between periods is primarily due to the following financing transactions.