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View Annual Report Welcoming spaces. A more inviting life. ANNUAL REPORT 2017 Our Mission Our Vision Be the premier choice in home leasing by continuously enhancing our residents’ living experience. Our Values • Unshakeable Integrity • Genuine Care • Continuous Excellence • Standout Citizenship Seattle 5% Minn. 1% Northern California Chicago 7% 5% Denver 3% Las Vegas 3% Southern Nashville Carolinas California Phoenix 1% 5% 13% 8.2% Atlanta 12% Jacksonville Dallas 2% 3% Orlando Houston 3% 6% Tampa 10% South Florida 14% Percent of 4Q17 revenue, pro forma the Starwood Waypoint Homes merger Dear Fellow Stockholders: 2017 was a transformational year for Invitation Homes, bookended by our February initial public offering that raised$ 1.8 billion in gross proceeds, the second most ever by a REIT, and our November merger with Starwood Waypoint Homes, creating a combined company with current enterprise value of over $21 billion. We also executed well operationally in 2017, achieving high resident satisfaction and Same Store NOI growth of approximately 7%. Same Store revenue growth was almost 5%, while turnover remained low, a testament to the positive fundamentals supporting our industry and the value that we believe residents continue to find in our services and high quality homes in desirable locations. Our vision is to be the premier choice in home leasing by continuously enhancing our residents’ living experience, and we made great strides in 2017. Collectively with Starwood Waypoint Homes, we acquired 5,722 homes and sold 2,781 homes, further improving the quality and location of homes we offer our residents. We also continued revitalizing communities and supporting local vendors by renovating over 3,500 homes and investing over $200 million in home maintenance. Additionally, our merger combined the best of two innovative platforms, including cutting-edge technology and our proprietary ProCare Property Management model, further enhancing resident service. Looking forward, we see favorable supply and demand fundamentals for the single family rental business, particularly across our unique market footprint, which we believe positions us to achieve strong Same Store NOI growth again in 2018. We also expect demographics to be a long-term driver of household formations, with the leading edge of the millennial generation beginning to reach the stage where their lifestyle needs align with single family homes. We expect the quality of living experience we provide to make leasing with Invitation Homes an attractive choice for many of these newly formed households. We also believe that the quality of our portfolio will remain a differentiator. We are invested in in-fill suburban neighborhoods of high-growth markets, with over 70% of our revenue currently generated in the Western U.S. and Florida. We believe that our locations offer residents the opportunity to live the lifestyle they prefer in desirable neighborhoods close to their jobs and schools. In addition, we have unmatched portfolio scale and density, with over 4,800 homes per market on average, allowing us to provide better service to residents more efficiently. In addition, we are excited for our residents and stockholders to enjoy the benefits of our merger as we further integrate the two companies. We continue to think there could be upside as we discover and implement best practices. We also believe our combined resources will enable us to continue making a significant contribution to economic growth, job creation, and the vitality of the local communities we serve. As we focus on 2018, our operational priorities are centered on execution: 1. Continue to deliver strong operating results; 2. Further enhance the quality of service we provide, resulting in continued resident loyalty; 3. Execute our integration plan to deliver the value we indicated to all stakeholders; 4. Recycle capital to enhance the quality and location of our already best-in-class portfolio; and 5. Continue to make meaningful progress on the path to an investment grade balance sheet. I would like to specifically recognize our valued associates and personally thank them for everything they do for our residents and for helping make Invitation Homes a place to call “home.” I am tremendously proud of what we accomplished in 2017, and we at Invitation Homes are excited for the future of the company. I thank each of you for supporting us in this journey. Frederick C. Tuomi President and Chief Executive Officer UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2017 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38004 Invitation Homes Inc. (Exact name of registrant as specified in governing instruments) Maryland 90-0939055 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1717 Main Street, Suite 2000 Dallas, Texas 75201 (Address of principal executive offices) (Zip Code) (972) 421-3600 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Common stock, $0.01 par value New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes È No ‘ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ‘ No È Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes È No ‘ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes È No ‘ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405) is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. È Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ‘ Accelerated filer ‘ Non-accelerated filer È (Do not check if a smaller reporting company) Smaller reporting company ‘ Emerging growth company È If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. È Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No È As of June 30, 2017, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately $1.9 billion (based upon the closing sale price of the common stock on that date on the New York Stock Exchange). The number of shares of common stock outstanding on March 22, 2018 was 520,364,636. DOCUMENTS INCORPORATED BY REFERENCE Items 10, 11, 12, 13 and 14 of Part III incorporate information by reference from the registrant’s definitive proxy statement relating to its 2018 annual meeting of stockholders (the “2018 Proxy Statement”) to be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year to which this report relates. INVITATION HOMES INC. Page PART I Item 1. Business .................................................................... 4 Item 1A. Risk Factors ................................................................. 13 Item 1B. Unresolved Staff Comments .................................................... 48 Item 2. Properties ................................................................... 48 Item 3. Legal Proceedings ............................................................. 49 Item 4. Mine Safety Disclosures ........................................................ 49 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ........................................................... 50 Item 6. Selected Financial Data ........................................................ 52 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . 54 Item 7A. Quantitative and Qualitative Disclosures About Market Risk ........................... 85 Item 8. Financial Statements and Supplementary Data ...................................... 85 Item 9. Changes
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