Company: INVH
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001687229-25-000008
Chunk: 191

Company: Invitation Homes Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 15
Chunk 191
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 respectively, were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.

F-35

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

Grant-Date Fair ValuesThe grant-date fair values of the time-vesting RSUs and PRSUs with performance condition vesting criteria are generally based on the closing price of our common stock on the grant date. However, the grant-date fair values for share-based awards with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models for such awards granted or modified during the years ended December 31, 2024, 2023, and 2022:For the Years Ended December 31,202420232022Expected volatility(1)20.7% — 24.6%20.5% — 30.0%28.9% — 33.6%Risk-free rate4.25%4.31% — 4.62%1.72% — 2.59%Expected holding period (years)2.831.00 — 2.842.84 — 3.00(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.Summary of Total Share-Based Compensation ExpenseDuring the years ended December 31, 2024, 2023, and 2022, we recognized share-based compensation expense as follows:For the Years Ended December 31,202420232022General and administrative$22,088 $22,540 $22,469 Property management expense5,830 6,963 6,493 Total$27,918 $29,503 $28,962  As of December 31, 2024, there is $26,702 of unrecognized share-based compensation expense related to non-vested share-based awards which is expected to be recognized over a weighted average period of 1.59 years.

Note 11—Fair Value Measurements

The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued expenses, resident security deposits, and certain components of other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements, interest rate cap agreements, if any, and investments in equity securities with a readily determinable fair value are recorded at fair value on a recurring basis within