Company: INVH
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001687229-25-000051
Chunk: 113

Company: Invitation Homes Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 113
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 management expense109,645 98,252 11,393 11.6 %General and administrative71,553 66,673 4,880 7.3 %Interest expense262,449 270,912 (8,463)(3.1)%Depreciation and amortization557,058 532,414 24,644 4.6 %Casualty losses, impairment, and other11,132 35,362 (24,230)(68.5)%Total expenses1,752,601 1,710,422 42,179 2.5 %Gains (losses) on investments in equity and other securities, net69 1,038 (969)(93.4)%Other, net(2,537)(57,384)54,847 95.6 %Gain on sale of property, net of tax163,772 141,531 22,241 15.7 %Losses from investments in unconsolidated joint ventures(7,890)(22,780)14,890 65.4 %Net income$444,859 $311,795 $133,064 42.7 %

Revenues

For the nine months ended September 30, 2025 and 2024, total revenues were $2,044.0 million and $1,959.8 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

For the nine months ended September 30, 2025 and 2024, total portfolio rental revenues and other property income totaled $1,978.4 million and $1,910.9 million, respectively, an increase of 3.5%, driven by an increase in average monthly rent per occupied home and a 1,006 home increase between periods in the average number of homes owned, partially offset by a 100 bps reduction in average occupancy.

Average occupancy for the nine months ended September 30, 2025 and 2024 for the total portfolio was 95.2% and 96.2%, respectively. Average monthly rent per occupied home for the total portfolio for the nine months ended September 30, 2025 and 2024 was $2,435 and $2,379, respectively, a 2.4% increase. For our Same Store portfolio, average occupancy was 97.0% and 97.