Company: INVH
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001687229-25-000019
Chunk: 75

Company: Invitation Homes Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 75
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re, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies.

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The following table presents a reconciliation of net income (as determined in accordance with GAAP) to EBITDA, EBITDAre, and Adjusted EBITDAre for each of the periods indicated:

For the Three Months Ended March 31,($ in thousands)20252024Net income available to common stockholders$165,517 $142,158 Net income available to participating securities228 192 Non-controlling interests537 436 Interest expense84,254 89,845 Interest expense in unconsolidated joint ventures5,626 5,235 Depreciation and amortization183,146 175,313 Depreciation and amortization of investments in unconsolidated joint ventures3,662 2,927 EBITDA442,970 416,106 Gain on sale of property, net of tax(71,666)(50,498)Impairment on depreciated real estate investments63 60 Net gain on sale of investments in unconsolidated joint ventures(145)(381)EBITDAre371,222 365,287 Share-based compensation expense(1)10,157 7,900 Severance expense2,385 90 Casualty losses and reserves, net(2)4,683 4,082 Losses on investments in equity and other securities, net221 209 Other, net(3)(1,365)(5,973)Adjusted EBITDAre$387,303 $371,595 

(1)For the three months ended March 31, 2025 and 2024, $1,651 and $1,598, was recorded in property management expense, respectively, and $8,506 and $6,302, 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