Company: INVH
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001687229-25-000008
Chunk: 35

Company: Invitation Homes Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 35
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 as FFO adjusted for the following (including adjustments for unconsolidated joint ventures, as applicable): non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; severance expense; casualty (gains) losses, net; and (gains) losses on investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less recurring capital expenditures, including adjustments for unconsolidated joint ventures, that are necessary to help preserve the value, and maintain the functionality, of our homes. The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. Core FFO and Adjusted FFO are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our Core FFO and Adjusted FFO may not be comparable to the Core FFO and Adjusted FFO of other companies due to the fact that not all companies use the same definition of Core FFO and Adjusted FFO. Accordingly, there can be no assurance that our basis for computing this 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 FFO, Core FFO, and Adjusted FFO for each of the periods indicated:

For the Years Ended December 31,(in thousands, except shares and per share data)202420232022Net income available to common stockholders$453,164 $518,774 $382,668 Add (deduct) adjustments from net income to derive FFO:Net income available to participating securities753 696 661 Non-controlling interests1,448 1,558 1,470 Depreciation and amortization on real estate assets699,474 663,398 629,301 Impairment on depreciated real estate investments506 427 310 Net gain on sale of previously depreciated investments in real estate(244,550)(183,540)(90,699)Depreciation and net gain on sale of investments in unconsolidated joint ventures14,479 8,704 4,907 FFO925,274 1,010,017 928,618 Non-cash interest expense related to amortization of deferred financing costs