Company: INVH
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001687229-25-000051
Chunk: 110

Company: Invitation Homes Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 110
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.5% and 4.2% for the three months ended September 30, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged (0.9)% and 1.7% for the three months ended September 30, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.5% and 4.2% for the three months ended September 30, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged (0.6)% and 1.6% for the three months ended September 30, 2025 and 2024, respectively.

Other property income for the three months ended September 30, 2025 increased compared to September 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 September 30, 2025 and 2024, management fee revenues totaled $22.0 million and $19.0 million, respectively. The 15.8% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 23,182 homes for the three months ended September 30, 2024 to 24,251 homes for the three months ended September 30, 2025.

Expenses

For the three months ended September 30, 2025 and 2024, total expenses were $597.2 million and $590.7 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

For the three months ended September 30, 2025, property operating and maintenance expense increased to $259.0 million from $242.2 million for the three months ended September 30, 2024. The 6.9% increase in property operating and maintenance expense is primarily attributable to a 1,263 home increase in the average number of homes owned between periods, as well as increases in property taxes and utilities.

Property management expense and general and administrative expense decreased to $55.5 million from $56.1 million for the three months ended September 30, 2025 and 2024, respectively, primarily due to a $3.5 million decrease in share-based compensation expense driven by