Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 127

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 127
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 comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store portfolio.

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The following table presents a reconciliation of net income (as determined in accordance with GAAP) to NOI for our total portfolio and NOI for our Same Store portfolio for each of the periods indicated:

For the Three MonthsEnded June 30,For the Six Months Ended June 30,($ in thousands)2025202420252024Net income available to common stockholders$140,665 $72,981 $306,182 $215,139 Net income available to participating securities222 207 450 399 Non-controlling interests480 243 1,017 679 Interest expense87,414 90,007 171,668 179,852 Depreciation and amortization185,455 176,622 368,601 351,935 Property management expense(1)35,833 32,633 72,572 63,870 General and administrative(2)23,591 21,498 53,109 44,946 Casualty losses, impairment, and other . . . . . . . . . . . . . . . .3,029 10,353 7,712 14,490 Gain on sale of property, net of tax(46,591)(43,267)(118,257)(93,765)(Gains) losses on investments in equity and other securities, net90 (1,504)311 (1,295)Other, net(3)2,133 54,012 768 48,039 Management fee revenues(22,294)(15,976)(43,702)(29,918)Losses from investments in unconsolidated joint ventures4,802 5,482 10,020 10,620 NOI (total portfolio)414,829 403,291 830,451 804,991 Non-Same Store NOI(25,149)(23,151)(46,818)(45,816)NO