Company: INVH
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001687229-25-000051
Chunk: 112

Company: Invitation Homes Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 112
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 from $9.3 million of expense for the three months ended September 30, 2024, primarily due to settlement and other costs incurred in connection with the resolution of an inquiry from the Federal Trade Commission (the “FTC”) and the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc. that was settled during the third quarter of 2024. This reduction in expense is partially offset by a decrease in interest earnings on cash balances.

Gain on Sale of Property, net of tax

Gain on sale of property, net of tax was $45.5 million and $47.8 million for the three months ended September 30, 2025 and 2024, respectively. A decrease in the number of homes sold from 310 for the three months ended September 30, 2024 to 292 for the three months ended September 30, 2025 was the primary driver of the decrease.

Income (Losses) from Investments in Unconsolidated Joint Ventures

Our share of equity in income (losses) from unconsolidated joint ventures was a gain of $2.1 million for the three months ended September 30, 2025, compared to a loss of $12.2 million for the three months ended September 30, 2024. The change was primarily driven by an increase in our share of income and distributions from the FNMA joint venture from 10.0% to 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement and gains on dispositions of homes within that portfolio.

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Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

The following table sets forth a comparison of the results of operations for the nine months ended September 30, 2025 and 2024:For the Nine MonthsEnded September 30,($ in thousands)20252024$ Change% ChangeRevenues:Rental revenues and other property income$1,978,369 $1,910,914 $67,455 3.5 %Management fee revenues65,677 48,898 16,779 34.3 %Total revenues2,044,046 1,959,812 84,234 4.3 %Expenses:Property operating and maintenance740,764 706,809 33,955 4.8 %Property