Company: INVH
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001687229-25-000019
Chunk: 113

Company: Invitation Homes Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 113
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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 (when applicable), market-level personnel expenses, utility expenses, repairs and maintenance, and property administration). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; casualty losses, impairment, and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and income (losses) from investments in unconsolidated joint ventures.

We consider NOI to be a meaningful supplemental financial measure of our performance when considered with the financial statements determined in accordance with GAAP. We believe NOI is helpful to investors in understanding the core performance of our real estate operations. The GAAP measure most directly comparable to NOI is net income or