Company: INVH
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001687229-25-000008
Chunk: 17

Company: Invitation Homes Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 17
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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.

Public Offering

On September 26, 2024, in a public offering under our existing shelf registration statement, we issued $500.0 million aggregate principal amount of 4.88% Senior Notes which mature on February 1, 2035 (the “2035 Unsecured Notes”).

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Mortgage Loan Repayment

In November 2024, we used unrestricted cash from the 2035 Unsecured Notes and cash on hand to make a voluntary prepayment of the then-outstanding balance of IH 2018-4, which resulted in a release of the loan’s collateral.

Interest Rate Swap Transactions

In September 2024, we amended certain interest rate swap agreements and entered into $1,400.0 million of new interest rate swap agreements which became active on December 31, 2024. As of December 31, 2024, our active swaps have a weighted average strike rate of 2.93%. We also have one forward starting swap which will become active July 9, 2025 and has a strike rate of 2.99%.

Investment in Joint Venture and New Property and Asset Management Agreements

As of December 31, 2024, we provided property and asset management services for 25,300 homes, of which 7,622 homes were owned by our unconsolidated joint ventures. 

In November 2024, we entered into a new joint venture agreement pursuant to which we committed to make a $50.0 million investment to form a joint venture that will acquire newly-constructed homes and communities in high-growth markets.

On April 29, 2024, we entered into a new joint venture agreement pursuant to which we made an initial $37.5 million investment, representing a 7.2% ownership interest, in a portfolio of approximately 3,700 single-family residential properties. During the third quarter of 2024, we also began providing property and asset management services to those homes and approximately 700 additional homes owned by our joint venture partners.

In March 2024, we entered into a third-party agreement to provide property and asset management services to a portfolio of approximately 3,000 single-family homes for lease. Our direct management responsibilities for these homes commenced