Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 126

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 126
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420 179 Casualty losses and reserves, net(2)3,000 10,363 7,683 14,445 (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 Adjusted EBITDAre$390,876 $376,319 $778,179 $747,914 

(1)For the three months ended June 30, 2025 and 2024, $1,566 and $1,674 was recorded in property management expense, respectively, and $6,898 and $5,818 was recorded in general and administrative expense, respectively. For the six months ended June 30, 2025 and 2024, $3,217 and $3,272, was recorded in property management expense, respectively, and $15,404 and $12,120, was recorded in general and administrative expense, respectively.

(2)Includes our share from unconsolidated joint ventures.

(3)Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

Net Operating Income 

NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, utility expenses, repairs and maintenance, and property administration). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; casualty losses, impairment, and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and income (losses) from investments in unconsolidated joint ventures.

We consider NOI to be a meaningful supplemental financial measure of our performance when considered with the financial statements determined in accordance with GAAP. We believe NOI is helpful to investors in understanding the core performance of our real estate operations. The GAAP measure most directly comparable to NOI is net income or 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