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Schedule III Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III Real Estate and Accumulated Depreciation
INVITATION HOMES INC.
Schedule III Real Estate and Accumulated Depreciation
As of December 31, 2022
(dollar amounts in thousands)
 
   Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Close of Period 
Market 
Number of
Properties(1)
Number of
Encumbered
Properties(2)
Encumbrances(2)
Land
Depreciable
Properties  
Land
Depreciable
Properties
Land
Depreciable
Properties  
Total(3)
Accumulated
Depreciation  
Date of
Construction
Date
Acquired
Depreciable
Period
Atlanta
12,652 2,599 $285,388 $330,153 $1,661,865 $— $327,492 $330,153 $1,989,357 $2,319,510 $(488,924)1920-20222012-20227-32 years
Carolinas
5,357 1,091 145,309 197,087 863,086 — 134,515 197,087 997,601 1,194,688 (202,369)1900-20222012-20227-32 years
Chicago
2,520 — — 127,277 313,075 — 118,145 127,277 431,220 558,497 (128,396)1877-20152012-20177-32 years
Dallas
2,852 889 106,251 135,419 502,896 — 55,258 135,419 558,154 693,573 (86,708)1952-20222017-20227-32 years
Denver
2,652 860 130,711 237,775 651,701 — 84,731 237,775 736,432 974,207 (108,497)1885-20212017-20227-32 years
Houston
2,100 579 48,594 62,866 305,116 — 28,672 62,866 333,788 396,654 (63,000)1954-20142017-20227-32 years
Jacksonville
1,927 275 45,249 90,473 240,164 — 65,562 90,473 305,726 396,199 (94,417)1955-20212012-20227-32 years
Las Vegas
3,179 868 134,859 146,605 625,592 — 74,416 146,605 700,008 846,613 (134,752)1961-20192012-20227-32 years
Minneapolis
1,103 5 622 65,264 134,969 — 59,093 65,264 194,062 259,326 (63,105)1886-20152013-20157-32 years
Northern California
4,429 766 143,413 366,273 822,634 — 156,291 366,273 978,925 1,345,198 (231,535)1900-20192012-20227-32 years
Orlando
6,449 1,172 154,957 234,174 950,330 — 183,515 234,174 1,133,845 1,368,019 (262,168)1947-20222012-20227-32 years
Phoenix
8,907 1,568 229,127 390,900 1,261,235 — 237,161 390,900 1,498,396 1,889,296 (315,788)1929-20222012-20227-32 years
Seattle
4,082 148 32,858 334,652 752,554 — 194,449 334,652 947,003 1,281,655 (200,788)1890-20222012-20227-32 years
South Florida
8,383 580 124,492 723,401 1,533,492 — 254,045 723,401 1,787,537 2,510,938 (461,672)1922-20222012-20227-32 years
Southern California
7,763 1,293 288,145 997,400 1,487,572 — 256,727 997,400 1,744,299 2,741,699 (456,402)1900-20142012-20217-32 years
Tampa
8,627 1,334 186,298 360,391 1,326,371 — 238,101 360,391 1,564,472 1,924,863 (372,040)1923-20222012-20227-32 years
Total
82,982 14,027 $2,056,273 $4,800,110 $13,432,652 $— $2,468,173 $4,800,110 $15,900,825 $20,700,935 $(3,670,561)
(1)Number of properties represents 83,113 total properties owned less 131 properties classified as held for sale and recorded in other assets, net on the consolidated balance sheet as of December 31, 2022.
(2)Number of encumbered properties and encumbrances include the number of properties secured by first priority mortgages under the mortgage loans and the Secured Term Loan, as well as the aggregate value of outstanding debt attributable to such properties. Excluded from this is original issue discount, deferred financing costs, and 19 held for sale properties with an encumbered balance of $2,398.
(3)The gross aggregate cost of total real estate in the table above for federal income tax purposes was approximately $18.9 billion (unaudited) as of December 31, 2022.
INVITATION HOMES INC.
Schedule III Real Estate and Accumulated Depreciation
(dollar amounts in thousands)
 
For the Years Ended December 31,
 202220212020
Residential Real Estate 
Balance at beginning of period$20,008,381 $18,801,750 $18,247,164 
Additions during the period
Acquisitions564,706 1,126,826 621,697 
Initial renovations111,243 83,099 93,096 
Other capital expenditures206,517 167,256 167,549 
Deductions during the period
Dispositions and other(176,768)(197,225)(407,762)
Reclassifications
Properties held for sale, net of dispositions(13,144)26,675 80,006 
Balance at close of period$20,700,935 $20,008,381 $18,801,750 
Accumulated Depreciation
Balance at beginning of period$(3,073,059)$(2,513,057)$(2,003,972)
Depreciation expense(629,301)(585,101)(546,419)
Dispositions and other28,475 27,633 44,974 
Reclassifications
Properties held for sale, net of dispositions3,324 (2,534)(7,640)
Balance at close of period$(3,670,561)$(3,073,059)$(2,513,057)