Company: INVH
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001687229-25-000019
Chunk: 62

Company: Invitation Homes Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 62
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. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 5.2% and 5.7% for the three months ended March 31, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged (0.1)% and 0.7% for the three months ended March 31, 2025 and 2024, respectively.

Other property income for the three months ended March 31, 2025 increased compared to March 31, 2024, primarily due to enhanced value-add revenue programs and increased utility billbacks as new leases are entered into, among other things.

For the three months ended March 31, 2025 and 2024, management fee revenues totaled $21.4 million and $13.9 million, respectively. The 53.6% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 18,129 homes for the three months ended March 31, 2024 to 25,161 homes for the three months ended March 31, 2025.

Expenses

For the three months ended March 31, 2025 and 2024, total expenses were $575.8 million and $554.4 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

For the three months ended March 31, 2025, property operating and maintenance expense increased to $237.4 million from $230.4 million for the three months ended March 31, 2024. The 3.1% increase in property operating and maintenance expense is primarily attributable to a 703 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 $66.3 million from $54.7 million for the three months ended March 31, 2025 and 2024, respectively, primarily due to increased personnel costs related to our property and asset management platform, including costs to manage a 38.8% increase in the average number of managed homes between periods. Additionally, share-based compensation expense increased $2.3 million, and severance costs increased $2.2 million period over period.

Interest expense decreased to $84.3 million for the three months ended March 31, 2025 from $89