Company: INVH
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001687229-25-000019
Chunk: 114

Company: Invitation Homes Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 114
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 loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be 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 March 31,($ in thousands)20252024Net income available to common stockholders$165,517 $142,158 Net income available to participating securities228 192 Non-controlling interests537 436 Interest expense84,254 89,845 Depreciation and amortization183,146 175,313 Property management expense(1)36,739 31,237 General and administrative(2)29,518 23,448 Casualty losses, impairment, and other(3)4,683 4,137 Gain on sale of property, net of tax(71,666)(50,498)Losses on investments in equity and other securities, net221 209 Other, net(4)(1,365)(5,973)Management fee revenues(21,408)(13,942)Losses from investments in unconsolidated joint ventures5,218 5,138 NOI (total portfolio)415,622 401,700 Non-Same Store NOI(20,971)(20,954)NOI (Same Store portfolio)(5)$394,651 $380,746 

(1)Includes $1,651 and $1,598 of share-based compensation expense for the three months ended March 31, 2025 and 2024, respectively.

(2)Includes $8,506 and $6,302 of share-based compensation expense for the three months ended March 31, 2025 and 2024, respectively.

(3)Includes our share from un