Company: INVH
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001687229-25-000051
Chunk: 18

Company: Invitation Homes Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 18
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 $1,752.6 million and $1,710.4 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

For the nine months ended September 30, 2025, property operating and maintenance expense increased to $740.8 million from $706.8 million for the nine months ended September 30, 2024. The 4.8% increase in property operating and maintenance expense is primarily attributable to a 1,006 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 $181.2 million from $164.9 million for the nine months ended September 30, 2025 and 2024, respectively, primarily due to increased personnel and other costs related to our property and asset management platform, including costs to manage a 26.8% increase in the average number of homes managed between periods.

Interest expense decreased to $262.4 million for the nine months ended September 30, 2025 from $270.9 million for the nine months ended September 30, 2024. The decrease in interest expense was primarily due to a decrease in the balance of gross debt outstanding, partially offset by a 13 bps increase in our weighted average interest rate, in each case, as of September 30, 2025 as compared to September 30, 2024. Additionally, the amendment of certain of our interest rate swap agreements during 2024 reduced related non-cash fair value amortization by $12.7 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Depreciation and amortization expense increased to $557.1 million for the nine months ended September 30, 2025 from $532.4 million for the nine months ended September 30, 2024 due to an increase in cumulative capital expenditures and a 1,006 home increase in the average number of homes owned during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Casualty losses, impairment, and other expenses were $11.1 million and $35.4 million for the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30,