Redeemable OP Units outstanding (in units)

  
INVITATION HOMES INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(dollar amounts in thousands)  
Effect of Derivative Instruments on the Consolidated Statements of Comprehensive Income (Loss) and the Consolidated Statements of OperationsThe tables below present the effect of our derivative financial instruments in the consolidated statements of comprehensive income (loss) and the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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|  |  | Amount of Gain (Loss) Recognized in OCI on Derivative |  | Location of Gain (Loss) Reclassified from Accumulated OCI into Net Income |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income |  | Total Amount of Interest Expense Presented in the Consolidated Statements of Operations |
|  |  | For the Years Ended December 31, |  |  | For the Years Ended December 31, |  | For the Years Ended December 31, |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 2021 |  | 2020 |  | 2019 |  |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |
| Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest rate swaps |  | $ | 113,394  |  |  | $ | (388,466) |  |  | $ | (244,126) |  |  | Interest expense |  | $ | (148,742) |  |  | $ | (116,549) |  |  | $ | 20,763  |  |  | $ | 322,661  |  |  | $ | 353,923  |  |  | $ | 367,173  |  |

  


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|  |  | Location ofLossRecognized inNet Income on Derivative |  | Amount of Loss Recognized in Net Income on Derivative |
|  |  |  | For the Years Ended December 31, |
|  |  |  |  |
|  |  |  | 2021 |  | 2020 |  | 2019 |
| Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |
| Interest rate caps |  | Interest expense |  | $ | 129  |  |  | $ | 273  |  |  | $ | 126  |  |
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Credit-Risk-Related Contingent FeaturesThe agreements with our derivative counterparties which govern our interest rate swap agreements contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness.As of December 31, 2021, the fair value of certain derivatives in a net liability position was $271,156. If we had breached any of these provisions at December 31, 2021, we could have been required to settle the obligations under the agreements at their termination value, which includes accrued interest and excludes the nonperformance risk related to these agreements, of $279,451.Note 9—Stockholders' EquityAs of December 31, 2021, we have issued 601,045,438 shares of common stock. In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our consolidated balance sheets and statements of equity. As of December 31, 2021, 2,538,285 outstanding OP Units are redeemable.During the years ended December 31, 2021, 2020, and 2019, we issued 33,927,772, 25,474,941 and 20,994,748 shares of common stock, respectively.2021 Public OfferingDuring the year ended December 31, 2021, we completed an underwritten public offering of 14,375,000 shares of our common stock, including 1,875,000 shares sold pursuant to the underwriters’ full exercise of the option to purchase additional shares. This offering generated net proceeds of $571,201, after giving effect to commissions and other costs totaling $3,799.F-34
