Company: INVH
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001687229-25-000019
Chunk: 42

Company: Invitation Homes Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 42
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 each award’s vesting date. The estimated aggregate fair value of share-based awards that fully vested during the three months ended March 31, 2025 was $13,383. During the three months ended March 31, 2025, 11,106 awards were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.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 three months ended March 31, 2025:For the Three Months Ended March 31, 2025Expected volatility(1)20.1% — 24.5%Risk-free rate3.91%Expected holding period (years)2.83(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.

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

Summary of Total Share-Based Compensation ExpenseDuring the three months ended March 31, 2025 and 2024, we recognized share-based compensation expense as follows:For the Three Months Ended March 31,20252024General and administrative$8,506 $6,302 Property management expense1,651 1,598 Total$10,157 $7,900  As of March 31, 2025, there is $60,473 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 2.26 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 our condensed consolidated financial statements. The fair values of interest rate swaps, which are classified as Level