Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 128

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 128
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I (Same Store portfolio)(4)$389,680 $380,140 $783,633 $759,175 

(1)Includes $1,566 and $1,674 of share-based compensation expense for the three months ended June 30, 2025 and 2024, respectively. Includes $3,217 and $3,272 of share-based compensation expense for the six months ended June 30, 2025 and 2024, respectively.

(2)Includes $6,898 and $5,818 of share-based compensation expense for the three months ended June 30, 2025 and 2024, respectively. Includes $15,404 and $12,120 of share-based compensation expense for the six months ended June 30, 2025 and 2024, respectively.

(3)Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

(4)The Same Store portfolio totaled 77,721 homes for the three and six months ended June 30, 2025.

60

Funds from Operations, Core Funds from Operations, and Adjusted Funds from Operations 

Funds From Operations (“FFO”), Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures.

We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from net income or loss (computed in accordance with GAAP). By excluding depreciation and amortization and gains or losses on sales of real estate, management uses FFO to measure returns on its investments in homes. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the homes that result from use or