Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 106

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 106
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802)(5,482)680 12.4 %Net income$141,367 $73,431 $67,936 92.5 %

Revenues

For the three months ended June 30, 2025 and 2024, total revenues were $681.4 million and $653.5 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.

47

For the three months ended June 30, 2025 and 2024, total portfolio rental revenues and other property income totaled $659.1 million and $637.5 million, respectively, an increase of 3.4%, driven by an increase in average monthly rent per occupied home and a 1,034 home increase between periods in the average number of homes owned, partially offset by a 100 bps reduction in average occupancy.

Average occupancy for the three months ended June 30, 2025 and 2024 for the total portfolio was 95.6% and 96.6%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended June 30, 2025 and 2024 was $2,434 and $2,379, respectively, a 2.3% increase. For our Same Store portfolio, average occupancy was 97.2% and 97.6% for the three months ended June 30, 2025 and 2024, respectively, and average monthly rent per occupied home for the three months ended June 30, 2025 and 2024 was $2,445 and $2,382, respectively, a 2.6% increase.

The annualized turnover rate for the Same Store portfolio for the three months ended June 30, 2025 and 2024 was 24.8% and 24.9%, respectively. For the Same Store portfolio, an average home remained unoccupied for 40 and 34 days between residents for the three months ended June 30, 2025 and 2024, respectively. The increase in days to re-resident resulted in an overall decrease in average Same Store occupancy on a year over year basis.

To monitor prospective changes in average monthly rent per occupied home, we compare the monthly rent from an expiring lease to the monthly rent from the next lease for the same home, in each case, net of any amortized non-service concessions, to calculate net effective rental rate growth. Le