INVH · 8-K · 20261028PR000053

Liquidity and Debt Position

Invitation Homes Inc. · 2026-10-28 · Importance 36 · Surprise 6 · No source text

As of September 30, 2026, available liquidity was $1,344 million, and total indebtedness was $8,810 million, comprising 89.8% unsecured debt and 10.2% secured debt. 90.2% of total debt was fixed rate or swapped to fixed rate, 89.7% of wholly owned homes were unencumbered, and net debt to trailing-twelve-month adjusted EBITDA was 5.5x. The balance sheet reported $78.9 million in cash and cash equivalents and $8,740 million of debt net of discounts and deferred financing costs. In July 2026, the company issued $500 million of 4.950% senior notes due February 1, 2032, using net proceeds to prepay part of secured debt maturing in June 2027; Fitch rated the company BBB+, Moody’s Baa2, and S&P BBB, all with stable outlooks.

Key facts

• Invitation Homes’ revolving facility balance was $485 million as of September 30, 2026, compared with $145 million as of December 31, 2025. source
• Invitation Homes closed a $500 million offering of 4.950% senior notes on July 8, 2026, priced at 99.291% of principal and maturing February 1, 2032; proceeds prepaid part of secured debt due June 2027. source
• At September 30, 2026, Invitation Homes’ total debt per balance sheet was $8,740,203 thousand, compared with $8,380,020 thousand at December 31, 2025. source
• At September 30, 2026, Invitation Homes’ net debt was $8,607,585 thousand, compared with $8,235,428 thousand at December 31, 2025. source
• At September 30, 2026, Invitation Homes had $1,344 million of available liquidity, $8,810 million of total indebtedness, 89.8% unsecured debt, 10.2% secured debt, 90.2% fixed-rate or swapped-to-fixed debt, 89.7% unencumbered wholly owned homes, and net debt/TTM adjusted EBITDA of 5.5x within its 5.5x–6.0x target range. source
• A breach of covenants under Invitation Homes’ unsecured credit agreements could cause revolving facility and term loan obligations to become due and payable; if indebtedness is accelerated, Invitation Homes may not be able to repay it. source
• A breach of covenants under Invitation Homes’ senior note indenture could cause senior note obligations to become due and payable; if indebtedness is accelerated, Invitation Homes may not be able to repay it. source
• Invitation Homes’ net debt to trailing-twelve-month Adjusted EBITDAre was 5.5x as of September 30, 2026, compared with 5.3x as of December 31, 2025. source

Impact estimates