Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 17

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 17
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 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. Leases are either renewal leases, where our current resident stays for a subsequent lease term, or new leases, where our previous resident moves out and a new resident signs a lease to occupy the same home.

Renewal lease net effective rental rate growth for the total portfolio averaged 4.9% and 5.6% for the six months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged 0.9% and 2.2% for the six months ended June 30, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.9% and 5.6% for the six months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged 1.0% and 2.1% for the six months ended June 30, 2025 and 2024, respectively.

50

Other property income for the six months ended June 30, 2025 increased compared to June 30, 2024, primarily due to enhanced value-add revenue programs and increased utility recoveries as new leases are entered into, among other things.

For the six months ended June 30, 2025 and 2024, management fee revenues totaled $43.7 million and $29.9 million, respectively. The 46.1% 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