Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 25

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 25
---
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 $683.0 million and $635.4 million for the six months ended June 30, 2025 and 2024, respectively, an increase of 7.5%. The increase in cash provided by operating activities is primarily due to improved operational profitability, including a $56.4 million increase in total revenues, net 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 $416.9 million and $200.2 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $216.7 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 six months ended June 30, 2025 compared to the six months ended June 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; (3) an increase in cash used for other investing activities; and (4) a decrease in cash used for investments in joint ventures. Acquisition spend increased by $266.5 million from period to period due to an increase in the number of homes acquired from 700 during the six months ended June 30, 2024 to 1,516 homes acquired during the six months ended June 30, 2025. Proceeds from the sale of single-family homes increased $48.9 million due to an increase in the number of homes sold from 627 during the six months ended June 30, 2024 to 749 homes sold during the six months ended June 30, 2025, partially offset by a decrease in average net proceeds per home. Cash used in other investing activities increased $28.4 million from period to period primarily due to an increase in capital expenditures to repair hurricane damage to homes from 2024 storms. Cash invested in joint ventures decreased $26.1