Company: INVH
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001687229-25-000008
Chunk: 12

Company: Invitation Homes Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 12
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17,877)(10,568)(59.1)%Net income$455,365 $521,028 $(65,663)(12.6)%

Portfolio Information

As of December 31, 2024 and 2023, we owned 85,138 and 84,567 single-family rental homes, respectively, in our total portfolio. During the years ended December 31, 2024 and 2023, we acquired 2,072 and 2,877 homes, respectively, and sold 1,501 and 1,423 homes, respectively. During the years ended December 31, 2024 and 2023, we owned an average of 84,718 and 83,722 single-family rental homes, respectively.

We believe presenting information about the portion of our total portfolio that has been fully operational for the entirety of both a given reporting period and its prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our organic business. To do so, we provide information regarding the performance of our Same Store portfolio.

As of December 31, 2024, our Same Store portfolio consisted of 76,601 single-family rental homes.

Revenues

For the years ended December 31, 2024 and 2023, total revenues were $2,618.9 million and $2,432.3 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

For the years ended December 31, 2024 and 2023, total portfolio rental revenues and other property income totaled $2,549.0 million and $2,418.6 million, respectively, an increase of 5.4%, driven by an increase in average monthly rent per occupied home and a 996 home increase between periods in the average number of homes owned, partially offset by a 80 bps reduction in average occupancy.

Average occupancy for the years ended December 31, 2024 and 2023 for the total portfolio was 95.8% and 96.6%, respectively. Average monthly rent per occupied home for the total portfolio for the years ended December 31, 2024 and 2023 was $2,387 and $2,303, respectively, a 3.6% increase. For our Same Store portfolio, average occupancy was 97.3% and 97.4% for the years ended December 31,