Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 18

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 18
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 operating and maintenance expense is primarily attributable to a 871 home increase in the average number of homes owned between periods, as well as increases in utilities and property taxes.

Property management expense and general and administrative expense increased to $125.7 million from $108.8 million for the six months ended June 30, 2025 and 2024, respectively, primarily due to increased personnel costs related to our property and asset management platform, including costs to manage a 41.5% increase in the average number of homes managed between periods. Additionally, share-based compensation expense increased $3.2 million, and severance costs increased $2.2 million period over period.

Interest expense decreased to $171.7 million for the six months ended June 30, 2025 from $179.9 million for the six months ended June 30, 2024. The decrease in interest expense was partially due to a decrease in the balance of 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 30, 2024. Additionally, the amendment of certain of our interest rate swap agreements during 2024 reduced related non-cash fair value amortization by $10.8 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Depreciation and amortization expense increased to $368.6 million for the six months ended June 30, 2025 from $351.9 million for the six months ended June 30, 2024 due to an increase in cumulative capital expenditures and a 871 home increase in the average number of homes owned during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Casualty losses, impairment, and other expenses were $7.7 million and $14.5 million for the six months ended June 30, 2025 and 2024, respectively. Expense during both periods is primarily comprised of casualty and other insurance losses.

Gains (Losses) on Investments in Equity and Other Securities, net

For the six months ended June 30, 2025, gains (losses) on investments in equity and other securities, net of $0.3 million was comprised of net unrealized losses recognized on investments held at period end