Company: INVH
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001687229-25-000051
Chunk: 88

Company: Invitation Homes Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 88
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 the Interim Measurement Date resulted in a 50% payout of the 2022 Outperformance Awards, or a guaranteed minimum payout of 25%, provided that certain minimum levels of relative TSR were achieved for the full performance period. The final award 

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INVITATION HOMES INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(dollar amounts in thousands)(unaudited)

achievement is equal to the greater of the payouts determined based on the Interim Measurement Date and actual performance through March 31, 2025. In April 2025, upon completion of the performance period, the absolute and relative TSR components were separately calculated, and the Compensation Committee certified achievement of the absolute TSR at 0% and the relative TSR at 50% based on achievement as of the Interim Measurement Date, as compared to actual achievement of 42%. The number of earned 2022 Outperformance Awards was then determined based on the earned dollar value of the awards (overall 25% achievement) and the closing stock price on the performance certification date, resulting in 177,336 earned RSUs and 256,858 earned LTIP OP Units. Earned awards vested 50% on the certification date in April 2025, and the remaining 50% will vest on March 31, 2026, subject to continued employment. During the nine months ended September 30, 2025, 6,327 earned RSUs and 25,446 earned LTIP OP Units were forfeited. The estimated fair value of 2022 Outperformance Awards that fully vested at the certification date was an aggregate $8,500. The aggregate $17,100 grant-date fair value of the 2022 Outperformance Awards that were earned was determined based on a Monte-Carlo option pricing model which estimated the probability of achievement of the TSR thresholds, and it is amortized ratably over each vesting period.Summary of Total Share-Based AwardsThe following table summarizes activity related to share-based awards, other than Outperformance Awards, during the nine months ended September 30, 2025:Time-Vesting AwardsPerformance and/or Market Vesting AwardsTotal Share-Based Awards(1)NumberWeightedAverage GrantDate Fair Value(Actual $)NumberWeightedAverage GrantDate Fair Value(Actual $)NumberWeightedAverage GrantDate Fair Value(Actual $)Balance, December 31, 2024631,388 $34.32 1,446,701 $34.01