Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 112

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 112
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1% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 17,639 homes for the six months ended June 30, 2024 to 24,958 homes for the six months ended June 30, 2025. 

Expenses

For the six months ended June 30, 2025 and 2024, total expenses were $1,155.4 million and $1,119.7 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.

For the six months ended June 30, 2025, property operating and maintenance expense increased to $481.7 million from $464.6 million for the six months ended June 30, 2024. The 3.7% increase in property operating and maintenance expense is primarily attributable to a 871 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 $125.7 million from $108.8 million for the six months ended June 30, 2025 and 2024, respectively, primarily due to increased personnel costs related to our property and asset management platform, including costs to manage a 41.5% increase in the average number of homes managed between periods. Additionally, share-based compensation expense increased $3.2 million, and severance costs increased $2.2 million period over period.

Interest expense decreased to $171.7 million for the six months ended June 30, 2025 from $179.9 million for the six months ended June 30, 2024. The decrease in interest expense was partially due to a decrease in the balance of gross debt outstanding, partially offset by a 17 bps increase in our weighted average interest rate, in each case, as of June 30, 2025 as compared to June 30, 2024. Additionally, the amendment of certain of our interest rate swap agreements during 2024 reduced related non-cash fair value amortization by $10.8 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Depreciation and amortization expense increased to $368.6 million for the six months ended June 30, 2025 from $351.9 million for the six