Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 13

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 13
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 rental rate growth averaged 2.2% and 3.5% for the three months ended June 30, 2025 and 2024, respectively.

Other property income for the three months ended June 30, 2025 increased compared to June 30, 2024, primarily due to enhanced value-add revenue programs and increased utility recoveries as new leases are entered into, among other things.

For the three months ended June 30, 2025 and 2024, management fee revenues totaled $22.3 million and $16.0 million, respectively. The 39.5% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 19,488 homes for the three months ended June 30, 2024 to 24,770 homes for the three months ended June 30, 2025.

Expenses

For the three months ended June 30, 2025 and 2024, total expenses were $579.6 million and $565.3 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

For the three months ended June 30, 2025, property operating and maintenance expense increased to $244.3 million from $234.2 million for the three months ended June 30, 2024. The 4.3% increase in property operating and maintenance expense is primarily attributable to a 1,034 home increase in the average number of homes owned between periods, as well as increases in utilities, property taxes, and market-level personnel expenses.

Property management expense and general and administrative expense increased to $59.4 million from $54.1 million for the three months ended June 30, 2025 and 2024, respectively, primarily due to increased personnel and other costs related to expansion of our property and asset management platform, including costs incurred to manage a 27.1% increase in the average number of homes managed between periods.

Interest expense decreased to $87.4 million for the three months ended June 30, 2025 from $90.0 million for the three months ended June 30, 2024. The decrease in interest expense was primarily due to a decrease in gross debt outstanding, partially offset by a 17 bps increase in our weighted average interest rate, in each case, as of June 30, 2025 as compared to June