Company: INVH
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179878
Chunk: 38

Company: Invitation Homes Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 38
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 pro forma calculation. |

If the Debt giving rise to the need to make the calculation described in this covenant or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate (to the extent such Debt has been hedged to bear interest at a fixed rate, only the portion of such Debt, if any, that has not been so hedged), then, for purposes of calculating the Annual Service Charge, the interest rate on such Debt will be computed on a pro forma basis as if the average interest rate that would have been in effect during the entire such period had been the applicable rate for the entire such period. Maintenance of Total Unencumbered Assets The Company and its Subsidiaries may not at any time own Total Unencumbered Assets (as defined below) equal to less than 150% of the aggregate outstanding principal amount of the Unsecured Debt (as defined below) of the Company and its Subsidiaries on a consolidated basis. Secured Debt Test The Company will not, and will not permit any of its Subsidiaries to, incur any Debt secured by any mortgage, lien, charge, pledge, encumbrance or security interest upon any of the Company’s property or the property of any of its Subsidiaries, whether owned at the date hereof or hereafter acquired, if, immediately after giving effect to the incurrence of such additional Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Company’s outstanding Debt and the outstanding Debt of its Subsidiaries on a consolidated basis that is secured by any mortgage, lien, charge, pledge, encumbrance or security interest on the Company’s property or the property of any of its Subsidiaries is greater than 40% of the sum of (without duplication):

| • |     | the Company’s Total Assets as of the end of the latest fiscal quarter covered in the Company’s Annual                                                                   
 Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the SEC (or, if such filing is not permitted under the Exchange Act, 
 furnished to the trustee) prior to the incurrence of such additional Debt; and                                                                                          |

| • |     | the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any debt or                                                                                                                                              
 securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or