Company: INVH
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179878
Chunk: 45

Company: Invitation Homes Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 45
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 Non-Recourse Guarantees of the Company or any of its Subsidiaries until                  
 they become primary obligations of, and payments are due and required to be made thereunder by, the Company or any of its Subsidiaries; or (2) any Debt or other obligations evidenced pursuant to security certificates issued in connection with       
 securitization transactions and retained for risk retention purposes to the extent that (a) such security certificates are issued by Persons other than the Company and all of the Subsidiaries of the Company, (b) such security certificates           
 are held by the Company or a Subsidiary of the Company and (c) such Debt and other obligations are included as “Liabilities” on the Company’s balance sheets.                                                                                            |

“Earnings from Operations” means, for any period, net income excluding gains and losses on sales of assets and investments (including investments in unconsolidated joint ventures), net, as reflected in the financial statements of the Company and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. “Encumbrance” means any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by the Company or any of its Subsidiaries securing Debt, other than a Permitted Encumbrance. “GAAP” means generally accepted accounting principles as used in the United States applied on a consistent basis as in effect from time to time. “Guarantors” means collectively the Subsidiary Guarantors, if any, and the Parent Guarantors. “Non-RecourseDebt” means Debt of a joint venture or Subsidiary of the operating partnership (or an entity in which the operating partnership is the general partner or managing member) that is directly or indirectly secured by real estate assets or other real estate-related assets (including Capital Stock) of the joint venture or S-29

Subsidiary of the operating partnership (or entity in which the operating partnership is the general partner or managing member) that is the borrower and is
non-recourse to the Company or any Subsidiary of the Company (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the joint venture
or Subsidiary of the operating partnership (or entity in which the operating partnership is the general partner or managing member) that is the borrower); provided further that, if any such Debt is partially recourse to the Company