Company: INVH
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001687229-25-000051
Chunk: 67

Company: Invitation Homes Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 67
---
 presented.Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For the three months ended September 30, 2025 and 2024, rental revenues and other property income includes $45,638 and $43,347 of variable lease payments, respectively. For the nine months ended September 30, 2025 and 2024, rental revenues and other property income includes $130,159 and $125,269 of variable lease payments, respectively.Future minimum rental revenues and other property income under leases on our single-family residential properties in place as of September 30, 2025 are as follows:YearLease Payments to be ReceivedRemainder of 2025$557,534 2026997,647 202798,229 2028— 2029— Thereafter— Total$1,653,410 

20

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

Management fee revenues and the corresponding receivables are related to property and asset management services provided to portfolio owners of single-family homes for lease, including investments in our unconsolidated joint ventures (see Note 5). Our services include resident support, maintenance, marketing, and administrative functions. As of September 30, 2025 and 2024, we provided property and asset management services for 24,048 and 25,535 homes, respectively, of which 7,897 and 7,619 homes, respectively, were owned by our unconsolidated joint ventures. For the three months ended September 30, 2025 and 2024, we earned management fees totaling $21,975 and $18,980, respectively. For the nine months ended September 30, 2025 and 2024, we earned management fees totaling $65,677 and $48,898, respectively. These revenues are included in management fee revenues in the condensed consolidated statements of operations.Investments in Equity and Other Securities We hold investments in equity and other securities both with and without a readily determinable fair value. Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical