Here are 1-3 brief analogies for Invitation Homes (INVH):

• Marriott for houses
• Enterprise Rent-A-Car for houses

• Rental of Single-Family Homes: Offering single-family detached and attached homes for lease to residents across various U.S. markets.
• Property Management: Providing comprehensive management, maintenance, and repair services for its portfolio of rental homes.
• Resident Services: Delivering support services to tenants, including online payment portals, communication channels, and customer care.

Invitation Homes (INVH) Major Customers

Invitation Homes (INVH) is a real estate investment trust (REIT) focused on owning and operating single-family rental homes across the United States. As such, the company sells primarily to individuals rather than other businesses.

Categories of Individual Customers Served:

• Families: This category includes families with children who often seek the space, private yards, and access to desirable school districts that single-family homes provide, without the burdens of homeownership.
• Young Professionals/Couples: Individuals or couples who desire more space, privacy, and amenities than typical apartments offer, often in suburban locations, but who prefer the flexibility of renting over buying a home.
• Relocating Individuals or Transitional Housing: Customers who are moving for work, undergoing a temporary assignment, or are in a transitional phase (e.g., selling a previous home, building a new one) and require flexible, move-in ready housing solutions.

Dallas B. Tanner, President, Chief Executive Officer and Director

Dallas B. Tanner is a co-founder of Invitation Homes and has served as President and Chief Executive Officer since January 2019, playing a pivotal role in establishing the single-family rental industry. He initially served as Executive Vice President and Chief Investment Officer from the company's founding in April 2012 until January 2019. Prior to Invitation Homes' initial public offering in February 2017, he served on the boards of its predecessor entities. In 2005, Mr. Tanner founded Treehouse Group, which privately sourced funds for various real estate platform investments including single-family homes, multifamily properties, and property management. He was also a partner in a successful acquisition of First Scottsdale Bank of Arizona. He currently serves on the board of Roots Management, a manufactured housing platform.

Jonathan S. Olsen, Executive Vice President, Chief Financial Officer

Jonathan S. Olsen has served as Chief Financial Officer of Invitation Homes since June 2023. He joined Invitation Homes in 2012, holding various positions including Executive Vice President, Corporate Strategy and Finance, and Head of Capital Markets. From 2003 to 2012, Mr. Olsen worked in real estate investment banking groups at Banc of America Securities, Goldman Sachs, and Jefferies & Company. Earlier in his career, from 1996 to 2001, he worked in mergers and acquisitions groups at UBS Securities, SG Cowen Securities, and PepsiCo, Inc.

Charles D. Young, President, Chief Operating Officer

Charles D. Young has been President and Chief Operating Officer of Invitation Homes, having served as Executive Vice President and Chief Operating Officer since November 2017. Before joining Invitation Homes, he was the Chief Operating Officer of Starwood Waypoint Homes, which merged with Invitation Homes in 2017. Prior to that, Mr. Young served as Executive Vice President at Mesa Development, a national real estate developer, from 2003 to 2012, and worked in the Real Estate Principal Investment Area and Investment Banking Division (M&A) at Goldman, Sachs & Co. He cofounded and was a managing director of The Kaleidoscope Group, L.L.C., a strategic diversity and management consulting firm, and also managed K.G. Holdings, LLC, a real estate holding and management firm. Mr. Young also had a career as a professional football player in the National Football League and the World Football League.

Scott G. Eisen, Executive Vice President, Chief Investment Officer

Scott G. Eisen has served as Executive Vice President and Chief Investment Officer of Invitation Homes since August 2023. He brings over 26 years of experience in real estate investment banking, mergers and acquisitions, corporate finance, and business development. Before joining Invitation Homes, Mr. Eisen was Head of North American Real Estate Investment Banking for Citigroup starting in 2016, and prior to that, he was Director of Real Estate Banking at Merrill Lynch & Co.

Kimberly K. Norrell, Executive Vice President, Chief Accounting Officer

Kimberly K. Norrell has been Executive Vice President and Chief Accounting Officer (CAO) of Invitation Homes since February 2020. She joined the company in January 2015 and previously served as Senior Vice President and CAO since 2016. From 2010 to 2014, Ms. Norrell provided accounting and project management consulting services to various real estate owners and operators.

The key risks to Invitation Homes' (INVH) business model are primarily associated with rising operational costs, market competition, macroeconomic headwinds, and regulatory and reputational challenges.

1. Rising Operational Costs

   Invitation Homes faces significant challenges from escalating operational costs, including increased property taxes, maintenance expenses, and insurance costs. These rising expenses directly impact the company's profitability and net operating income (NOI). For instance, in Q3 2025, Same-Store Core Operating Expenses increased by 4.9% year-over-year, driven by these factors, and property operating and maintenance costs were up 6.9% year-over-year. This cost inflation has led to a decrease in the Same Store Core Net Operating Income (NOI) Margin.

2. Market Competition and Macroeconomic Headwinds

   The company is susceptible to intensified competition within the single-family rental market and broader macroeconomic pressures. Elevated housing supply in certain markets has led to negative new lease growth, recorded at (0.6)% in Q3 2025, indicating softening pricing power for new rentals. Additionally, high interest rates and ongoing concerns about housing affordability can dampen future rental demand. Economic downturns pose a threat by potentially reducing demand for rental properties and increasing vacancy rates.

3. Regulatory and Reputational Risks

   Invitation Homes operates in a highly regulated environment, with various local and federal regulations impacting its operations and compliance costs. The company also faces significant reputational risks due to numerous tenant complaints regarding maintenance issues, undisclosed fees, and aggressive eviction practices. In September 2024, the Federal Trade Commission (FTC) issued a consumer alert, accusing Invitation Homes of misleading renters and requiring the company to refund an estimated $48 million to affected tenants. Such regulatory scrutiny and negative public perception can lead to legal settlements, early lease terminations, and increased operational challenges.

An emerging threat to Invitation Homes (INVH) is the increasing regulatory and political scrutiny targeting large institutional ownership of single-family homes.

This threat is characterized by:

• Legislative Proposals: A growing number of proposals at federal, state, and local levels aim to restrict institutional investors' ability to acquire single-family homes. These include "first-look" programs giving owner-occupants priority, limitations on the number of homes institutional investors can own, or increased taxation on such properties.

• Public Backlash: There is rising public and political concern that large corporate landlords are exacerbating housing affordability issues, reducing opportunities for first-time homebuyers, and impacting community character.

• Operational Impact: Should such regulations be enacted or expanded, they could directly impede INVH's acquisition strategy, which is critical for its growth. Furthermore, increased scrutiny could lead to more stringent tenant protection laws, rent control measures, or higher operational costs related to compliance and property management, directly impacting profitability and business model viability.

• Approximately 14.2 to 14.3 million U.S. households live in single-family rental homes.
• The overall valuation of the U.S. single-family rental market is estimated to be over $4 trillion.

Expected Drivers of Future Revenue Growth for Invitation Homes (INVH)

Invitation Homes (INVH) is positioned for future revenue growth over the next 2-3 years, primarily driven by a combination of rental rate increases, high occupancy, strategic property acquisitions, and operational efficiencies. These drivers are supported by strong demand fundamentals in the single-family rental market.

Here are 3-5 expected drivers of future revenue growth:

• Renewal Rent Growth: Invitation Homes has consistently demonstrated strong renewal rent growth, with a notable same-store renewal rate growth of 4.5% in the third quarter of 2025. This ability to retain tenants at increased rental rates is a significant contributor to revenue stability and growth. The company's focus on resident satisfaction and longer stays helps reduce turnover costs and supports long-term asset performance, further bolstering renewal growth.
• High Occupancy Rates: The company has maintained solid average occupancy rates, reaching 96.5% in Q3 2025. High occupancy underscores the strong demand for Invitation Homes' properties and its effective property management strategies, ensuring consistent rental income.
• Strategic Acquisitions and Market Expansion: Invitation Homes continues to expand its portfolio through strategic acquisitions, having acquired 749 homes totaling approximately $260 million in Q3 2025. The company's concentrated investments and expansion in high-growth Sun Belt and suburban markets align with population migration trends, creating opportunities for above-average rental rate increases and boosted property appreciation.
• Operational Excellence and Efficiency: Management emphasizes its commitment to resident experience and operational excellence as key drivers for long-term growth. Improvements in operational efficiency and productivity are reflected in metrics such as the increased revenue per employee. While new lease rent growth might face some near-term pressure from increased supply in certain markets, Invitation Homes' overall operational strategies aim to sustain its growth trajectory through disciplined capital allocation and efficiency.

Share Repurchases

• Invitation Homes' Board of Directors authorized a share repurchase program of up to $500 million in late October 2025. This program is part of the company's disciplined capital allocation plan to enhance shareholder value.

Share Issuance

• On August 15, 2025, Invitation Homes closed a public offering of $600 million aggregate principal amount of 4.950% Senior Notes due 2033. This was highlighted as a successful capital markets activity.

Outbound Investments

• In the third quarter of 2025, Invitation Homes and its joint ventures acquired 749 homes for approximately $260 million.
• During the same period, the company disposed of 316 homes for approximately $122 million.
• Invitation Homes acquired 577 wholly-owned homes for approximately $194 million in Q1 2025, with nearly all being newly built.
• The company's wholly-owned acquisitions guidance for 2025 has been increased to $800 million.

Capital Expenditures

• Property, leasehold improvements, and equipment purchases, categorized as controlled capital expenditures, were $58.1 million in Q1 2025.
• Recurring Capital Expenditures (Recurring CapEx) represent general replacements and expenditures required to preserve and maintain the value and functionality of a home and systems as a single-family rental.
• Analysts project Invitation Homes' capital expenditures to be $1,247 million in 2025, $1,376 million in 2026, and $1,494 million in 2027.