Company: INVH
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001687229-25-000008
Chunk: 14

Company: Invitation Homes Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 14
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 2023, we provided property and asset management services for 25,300 and 3,848 homes, respectively, of which 7,622 and 3,848 homes, respectively, were owned by our unconsolidated joint ventures.

Expenses

For the years ended December 31, 2024 and 2023, total expenses were $2,326.7 million and $2,074.8 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

For the year ended December 31, 2024, property operating and maintenance expense increased to $935.3 million from $880.3 million for the year ended December 31, 2023. In addition to a 996 home increase between periods in the average number of homes owned, increases in property taxes, utilities, and property maintenance, resulted in the overall 6.2% net increase in property operating and maintenance expense.

Property management expense and general and administrative expense increased to $228.1 million from $178.2 million for the years ended December 31, 2024 and 2023, respectively, primarily due to increased personnel and other costs related to expansion of our property and asset management platform, including costs incurred to manage 25,300 and 3,848 homes as of December 31, 2024 and 2023, respectively.

Interest expense increased to $366.1 million for the year ended December 31, 2024 from $333.5 million for the year ended December 31, 2023. The increase in interest expense was primarily due to an 11 bps increase in our weighted average interest rate and an approximate $500.0 million increase in the average debt balance outstanding during the year ended December 31, 2024 as compared to the year ended December 31, 2023.

Depreciation and amortization expense increased to $714.3 million for the year ended December 31, 2024 from $674.3 million for the year ended December 31, 2023 due to a $529.6 million year over year increase in building and improvements related to an increase of 571 homes in the number of homes owned as of December 31, 2024 and 2023.

Casualty losses, impairment, and other expenses were $82.9 million and $8.6 million for the years ended December