Company: INVH
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0000950170-25-049911
Chunk: 67

Company: Invitation Homes Inc.
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 67
---
. |
| Adjusted EBITDA Margin         | The Compensation and Management Development Committee set the target for Adjusted EBITDA Margin for 2024 at 60.8%, representing a slight decrease from the 2023 target of 62.1%. The Committee believes the 2024 target was appropriately rigorous in consideration of the continued post-pandemic normalization and moderation of its leasing business, continued inflationary pressures, and increased property taxes expense. For 2024, the Company achieved its target objective, at 60.8% Adjusted EBITDA Margin.                                                                                                                                                                                                   |

2024 Strategic Priorities The strategic priorities under the 2024 annual cash incentive program consisted of: (1) continued expansion of growth channels including adding new business lines, exploration of alternate sources of capital, and expansion of our market footprint; (2) continued growth in our value-add service offerings; (3) expansion of relationships with new homebuilders; (4) targeted external stakeholder engagement to build awareness and understanding of our business and the industry; and (5) further technology enablement and digital technology improvement for residents and associates. 2024 Performance The Compensation and Management Development Committee established specific performance goals for our NEOs within each of the above corporate metrics that contained a defined threshold (50%), target (100%), and maximum (200%) opportunity. Our target level generally aligned with our budget, with a bandwidth from target in which the maximum opportunity requires a high degree of performance. Annual cash incentive scores were interpolated on a straight-line basis based on actual achievement between the threshold, target, and maximum levels with no payout for any performance measure that did not achieve the threshold. The diagrams below illustrate the specific goals across each corporate metric, which were established at the beginning of 2024, as well as our actual results.

#### 58
Executive Compensation—Compensation Discussion and Analysis

#### 2025 Proxy Statement59
Executive Compensation—Compensation Discussion and Analysis

Mr. Tanner’s individual performance, inclusive of his individual goals, made up 10% of his 2024 annual cash incentive. His goals focused on the following key corporate strategy areas: improving operational and financial performance; driving accretive growth; and enhancing Company culture and reputation. To improve operations and financial performance, he prioritized consolidating the operating structure under the Chief Operating Officer's organization, aligning leasing and property management with turns and maintenance, and working with executive leadership to improve cross-department collaboration and resource availability. He also engaged key leadership to manage third-party property