Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 16

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 16
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48,039)47,271 98.4 %Gain on sale of property, net of tax118,257 93,765 24,492 26.1 %Losses from investments in unconsolidated joint ventures(10,020)(10,620)600 5.6 %Net income$307,649 $216,217 $91,432 42.3 %

Revenues

For the six months ended June 30, 2025 and 2024, total revenues were $1,355.9 million and $1,299.5 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

For the six months ended June 30, 2025 and 2024, total portfolio rental revenues and other property income totaled $1,312.2 million and $1,269.6 million, respectively, an increase of 3.4%, driven by an increase in average monthly rent per occupied home and a 871 home increase between periods in the average number of homes owned, partially offset by a 120 bps reduction in average occupancy.

Average occupancy for the six months ended June 30, 2025 and 2024 for the total portfolio was 95.4% and 96.6%, respectively. Average monthly rent per occupied home for the total portfolio for the six months ended June 30, 2025 and 2024 was $2,429 and $2,369, respectively, a 2.5% increase. For our Same Store portfolio, average occupancy was 97.3% and 97.7% for the six months ended June 30, 2025 and 2024, respectively, and average monthly rent per occupied home for the six months ended June 30, 2025 and 2024 was $2,438 and $2,370, respectively, a 2.9% increase.

The annualized turnover rate for the Same Store portfolio for the six months ended June 30, 2025 and 2024 was 22.3% and 23.0%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 44 and 36 days between residents for the six months ended June 30, 2025 and 2024, respectively.

To monitor prospective changes in average monthly rent per occupied home, we compare the monthly rent from an expiring lease to the