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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation, RSU and PRSU Activity | The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the nine months ended September 30, 2023:
|  | Time-Vesting Awards |  | PRSUs |  | Total Share-Based Awards(1)
|  | Number |  | Weighted Average Grant Date Fair Value (Actual $) |  | Number |  | Weighted Average Grant Date Fair Value (Actual $) |  | Number |  | Weighted Average Grant Date Fair Value (Actual $)
Balance, December 31, 2022 |  | 509,872 |  |  | $ | 34.54 |  |  | 1,211,571 |  |  | $ | 32.08 |  |  | 1,721,443 |  |  | $ | 32.81 |
Granted |  | 350,949 |  |  | 31.67 |  |  | 721,001 |  |  | 30.51 |  |  | 1,071,950 |  |  | 30.89 |
Vested(2) |  | (220,208) |  |  | (33.06) |  |  | (505,933) |  |  | (31.54) |  |  | (726,141) |  |  | (32.00) |
Forfeited / canceled |  | (23,376) |  |  | (33.82) |  |  | (57,933) |  |  | (31.39) |  |  | (81,309) |  |  | (32.09) |
Balance, September 30, 2023 |  | 617,237 |  |  | $ | 33.46 |  |  | 1,368,706 |  |  | $ | 31.48 |  |  | 1,985,943 |  |  | $ | 32.09 |
(1)Total share-based awards excludes Outperformance Awards. (2)All vested share-based awards are included in basic EPS for the periods after each award’s vesting date. The estimated aggregate fair value of share-based awards that fully vested during the nine months ended September 30, 2023 was $23,265. During the nine months ended September 30, 2023, 5,306 RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.
Schedule of Grant-Date Fair Values | The following table summarizes the significant inputs utilized in these models for such awards granted or modified during the nine months ended September 30, 2023:
|  | For the Nine Months Ended September 30, 2023 |  |  |  |  |
Expected volatility(1) |  | 20.5% — 30.0% |  |  |  |  |  |  |
Risk-free rate |  | 4.31% — 4.62% |  |  |
Expected holding period (years) |  | 1.00 — 2.84 |  |  |  |  |  |  |
(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.
Schedule of Share-Based Compensation Expense | During the three and nine months ended September 30, 2023 and 2022, we recognized share-based compensation expense as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
General and administrative |  | $ | 7,099 |  |  | $ | 6,169 |  |  | $ | 16,261 |  |  | $ | 17,584 |
Property management expense |  | 1,830 |  |  | 1,761 |  |  | 5,232 |  |  | 4,981 |
Total |  | $ | 8,929 |  |  | $ | 7,930 |  |  | $ | 21,493 |  |  | $ | 22,565 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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