Invitation Homes Inc.
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
INVH$27.10-1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001687229-25-000019
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001687229-25-000036
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 189 previous paragraphs and 204 current paragraphs.
128 unchanged; 43 reworded; 22 added; 11 removed; 7 previous and 11 current paragraphs rearranged.
Tables are not compared: 8 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
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.
Current report
Property management expense and general and administrative expense increased to $59.4 million from $54.1 million for the three months ended June 30, 2025 and 2024, respectively, primarily due to increased personnel and other costs related to expansion of our property and asset management platform, including costs incurred to manage a 27.1% increase in the average number of homes managed between periods.
Current report
For the three months ended June 30, 2025, gains (losses) on investments in equity and other securities, net of $0.1 million was comprisedofnet unrealized losses recognized oninvestments held at period end. For the three months ended June 30, 2024, gains on investments in equity and other securities, net of$1.5 million was comprised of a$1.6 million net realized gain from exercised warrants and $0.1 million net unrealized losses recognized on investments held as of June 30, 2024.
Current report
Other, net decreased to $2.1 million of expense for the three months ended June 30, 2025 from $54.0 million of expense for the three months ended June 30, 2024, primarily due to a $22.0 million accrual for a settlement that resolved the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated costs, as well as a $37.5 million accrual for an estimated probable loss with respect to an inquiry from the Federal Trade Commission (“FTC”) that was ongoing as of June 30, 2024 and subsequently settled during the third quarter of 2024.
Current report
Gain on sale of property, net of tax was $46.6 million and $43.3 million for the three months ended June 30, 2025 and 2024, respectively. The primary driver of the increase was an increase in the number of homes sold from 248 for the three months ended June 30, 2024 to 295 for the three months ended June 30, 2025, partially offset by a decrease in the average price her home.
Current report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Current report
For the six months ended June 30, 2025 and 2024, total revenues were $1,355.9 million and $1,299.5 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.
Current report
Average occupancy for the six months ended June 30, 2025 and 2024 for the total portfolio was 95.4% and 96.6%, respectively. Average monthly rent per occupied home for the total portfolio for the six months ended June 30, 2025 and 2024 was $2,429 and $2,369, respectively, a 2.5% increase. For our Same Store portfolio, average occupancy was 97.3% and 97.7% for the six months ended June 30, 2025 and 2024, respectively, and average monthly rent per occupied home for the six months ended June 30, 2025 and 2024 was $2,438 and $2,370, respectively, a 2.9% increase.
Current report
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.
Current report
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.
Current report
Depreciation and amortization expense increased to $368.6 million for the six months ended June 30, 2025 from $351.9 million for the six months ended June 30, 2024 due to an increase in cumulative capital expenditures and a 871 home increase in the average number of homes owned during the six months ended June 30, 2025 compared to thesix months ended June 30, 2024.
Current report
For the six months ended June 30, 2025, gains (losses) on investments in equity and other securities, net of $0.3 million was comprised of net unrealized losses recognized on investments held at period end. For the six months ended June 30, 2024, gains on investments in equity and other securities, net of $1.3 million was comprised of a $1.6 million net realized gain from exercised warrants and $0.3 million net unrealized losses recognized on investment held as of June 30, 2024.
Current report
Other, net decreased to $0.8 million of expense for the six months ended June 30, 2025 from $48.0 million of expense for the six months ended June 30, 2024, primarily due to a $22.0 million accrual for a settlement that resolved the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated costs, as well as a $37.5 million accrual for an estimated probable loss with respect to an inquiry from the FTC that was ongoing as of June 30, 2024 and subsequently settled during the third quarter of 2024.
Current report
Gain on sale of property, net of tax was $118.3 million and $93.8 million for the six months ended June 30, 2025 and 2024, respectively. An increase in the number of homes sold from 627 for the six months ended June 30, 2024 to 749 for the six months ended June 30, 2025 was the primary driver of the increase.
Current report
Amendment of 2022 Term Loan Facility
Current report
Interest Rate Swap Transactions
Current report
During the second quarter of 2025, we entered into two new interest rate swap agreements with a total notional amount of $400.0 million which became active on May 8, 2025 and June 20, 2025. As of June 30, 2025, our active swaps have a weighted average strike rate of 3.08%.
Current report
Other
Current report
(7)If we exercise the two one year extension options, the maturity date for the 2022 Term Loan Facility will be April 28, 2030.
Current report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Current report
(4)The Same Store portfolio totaled 77,721 homes for the three and six months ended June 30, 2025.
Current report
(3)For the three and six months ended June 30, 2024, included a $22,000 accrual for a settlement that resolved the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated costs, as well as a $37,500 accrual for an estimated probable loss with respect to an inquiry from the FTC that was ongoing as of June 30, 2024 and subsequently settled during the third quarter of 2024.
Removed paragraphs (11)
Previous report
Revenues
Previous report
Expenses
Previous report
Other, net
Previous report
Revenues
Previous report
Expenses
Previous report
For the three months ended March 31, 2025 and 2024, losses on investments in equity securities, net remained consistent at $0.2 million and is comprised of net unrealized gains recognized on investments held as of each period end.
Previous report
Other, net
Previous report
Other, net decreased to $1.4 million of income for the three months ended March 31, 2025 from $6.0 million of income for the three months ended March 31, 2024, primarily due to a decrease in interest income on cash balances held between periods.
Previous report
Gain on sale of property, net of tax was $71.7 million and $50.5 million for the three months ended March 31, 2025 and 2024, respectively. Both the number of homes sold and net proceeds per home sold increased from the three months ended March 31, 2024 to the three months ended March 31, 2025.
Previous report
(3)Includes our share from unconsolidated joint ventures.
Previous report
(5)The Same Store portfolio totaled 78,078 homes for the three months ended March 31, 2025 and 2024.
Reworded paragraphs (43)
Previous wording
Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of March 31, 2025, we wholly own 85,261 homes for lease, jointly own 7,660 homes for lease, and provide professional third-party property and asset management services for an additional 17,336 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who prefer the ease of a leasing lifestyle over the burden of owning a home. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and access to good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.
Current wording
Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of June 30, 2025, we wholly own 85,905 homes for lease, jointly own 7,698 homes for lease, and provide professional third-party property and asset management services for an additional 16,785 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who prefer the ease of a leasing lifestyle over the burden of owning a home. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and access to good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.
Previous wording
At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, while at the same time advancing efforts that make our company more innovative and our processes more sustainable. Sustainability is an important part of our strategic business objectives and is critical to our long-term success.
Current wording
At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, which is underscored by our recently updated company purpose to Unlock the Power of Home™. Our Genuine CARE™ values serve as the foundation for our work, and the underlying principles of clear communication, integrity, responsibility, innovation, adaptability, and a welcoming workplace were designed to create an authentic experience for our residents, shareholders, and associates. We also work to advance sustainability, which is an important part of our strategic business objectives and is critical to our long-term success.
Previous wording
Mandated and proposed tariffs to be imposed by the United States on imports from certain countries and potential counter-tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.
Current wording
Imposition or increase of tariffs and trade restrictions by the United States on imports from certain countries and counter-tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.
Previous wording
(5)Represents homes located outside of our 16 core markets as of March 31, 2025, including 180 homes located in Nashville and 10 homes located in other markets that are generally being held for sale.
Current wording
(5)Represents homes located outside of our 16 core markets as of June 30, 2025, primarily in Nashville and San Antonio.
Previous wording
Market Fundamentals: Our results are impacted by housing market fundamentals and supply and demand conditions in our markets, particularly in the Western United States and Florida, which represented 71.6% of our rental revenues and other property income during the three months ended March 31, 2025. We actively monitor the impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as market fundamentals shift.
Current wording
Market Fundamentals: Our results are impacted by housing market fundamentals and supply and demand conditions in our markets, particularly in the Western United States and Florida, which represented 71.3% of our rental revenues and other property income during the three months ended June 30, 2025. We actively monitor the impact of macroeconomic conditions on market fundamentals and quickly implement changes in pricing as market fundamentals shift.
Previous wording
Property Improvements and Maintenance: Property improvements and maintenance impact capital expenditures, property operating and maintenance expense, and rental revenues. We actively manage our homes on a total portfolio basis to determine what capital and maintenance needs may be required and what opportunities we may have to generate additional revenues or expense savings from such expenditures. As a result of recent inflationary trends, we have experienced, and expect to continue to incur, increased costs for certain materials and services necessary to improve and maintain our homes. We continue to actively manage the impact of inflation on these costs, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.
Current wording
Property Improvements and Maintenance: Property improvements and maintenance impact capital expenditures, property operating and maintenance expense, and rental revenues. We actively manage our homes on a total portfolio basis to determine what capital and maintenance needs may be required and what opportunities we may have to generate additional revenues or expense savings from such expenditures. As a result of inflationary trends and/or imposition of or increases in tariffs, we may experience, as we have in the past, increased costs for certain materials and services necessary to improve and maintain our homes. We continue to actively manage the impact of these factors on these costs, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.
Previous wording
The acquisition of homes involves expenditures in addition to payment of the purchase price, including payments for acquisition fees, property inspections, closing costs, title insurance, transfer taxes, recording fees, broker commissions, property taxes, and HOA fees (when applicable). Additionally, we incur costs to renovate a home to prepare it for rental. The scope of renovation work varies, but may include paint, flooring, carpeting, cabinetry, appliances, plumbing hardware, roof replacement, HVAC replacement, and other items required to prepare the home for rental. The time and cost involved in accessing our homes and preparing them for rental can significantly impact our financial performance. The time to renovate a newly acquired property can vary significantly among homes for several reasons, including the property’s acquisition channel, the condition of the property, whether the property was vacant when acquired, and whether there are any state or local restrictions on our ability to complete renovations as an essential business function. Additionally, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business have increased the time required to renovate our homes. As a result of recent inflationary trends, we have experienced, and expect to continue to incur, increased costs for certain materials and services necessary to renovate our homes. We continue to actively manage the impact of inflation on the cost of renovations, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.
Current wording
The acquisition of homes involves expenditures in addition to payment of the purchase price, including payments for acquisition fees, property inspections, closing costs, title insurance, transfer taxes, recording fees, broker commissions, property taxes, and HOA fees (when applicable). Additionally, we incur costs to renovate a home to prepare it for rental. The scope of renovation work varies, but may include paint, flooring, carpeting, cabinetry, appliances, plumbing hardware, roof replacement, HVAC replacement, and other items required to prepare the home for rental. The time and cost involved in accessing our homes and preparing them for rental can significantly impact our financial performance. The time to renovate a newly acquired property can vary significantly among homes for several reasons, including the property’s acquisition channel, the condition of the property, whether the property was vacant when acquired, and whether there are any state or local restrictions on our ability to complete renovations as an essential business function. Additionally, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business have increased the time required to renovate our homes. As a result of inflationary trends and/or imposition of or increases in tariffs, we may experience, as we have in the past, increased costs for certain materials and services necessary to renovate our homes. We continue to actively manage these factors on the cost of renovations, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.
Previous wording
Macroeconomics Conditions: Inflation, elevated interest rates, political dissension, and adverse global economic conditions could negatively affect our business and financial condition. Imposition of, and changing policies around, tariffs by the United States on imports from certain countries and potential counter-tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.
Current wording
Macroeconomics Conditions: Inflation, elevated interest rates, political dissension, and adverse global economic conditions could negatively affect our business and financial condition. Imposition of, increases in, and changing policies around tariffs by the United States on imports from certain countries and potential counter-tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.
Previous wording
As of March 31, 2025 and 2024, we owned 85,261 and 84,445 single-family rental homes, respectively, in our total portfolio. During the three months ended March 31, 2025 and 2024, we acquired 577 and 257 homes, respectively, and sold 454 and 379 homes, respectively. During the three months ended March 31, 2025 and 2024, we owned an average of 85,189 and 84,486 single-family rental homes, respectively. As of March 31, 2025 and 2024, we provided property and asset management services for an average of 25,161 and 18,129 homes, respectively, of which an average of 7,621 and 3,847 homes, respectively, were owned by our unconsolidated joint ventures.
Current wording
As of June 30, 2025 and 2024, we owned 85,905 and 84,640 single-family rental homes, respectively, in our total portfolio. During the three months ended June 30, 2025 and 2024, we acquired 939 and 443 homes, respectively, and sold 295 and 248 homes, respectively. During the three months ended June 30, 2025 and 2024, we owned an average of 85,505 and 84,471 single-family rental homes, respectively. During the six months ended June 30, 2025 and 2024, we acquired 1,516 and 700 homes, respectively, and sold 749 and 627 homes, respectively. During the six months ended June 30, 2025 and 2024, we owned an average of 85,349 and 84,478 single-family rental homes, respectively.
Previous wording
As of March 31, 2025, our Same Store portfolio consisted of 78,078 single-family rental homes.
Current wording
As of June 30, 2025, our Same Store portfolio consisted of 77,721 single-family rental homes.
Previous wording
For the three months ended March 31, 2025 and 2024, total revenues were $674.5 million and $646.0 million, respectively. Set forth below is a discussion of changes in the individual components of total revenues.
Current wording
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.
Previous wording
For the three months ended March 31, 2025 and 2024, total portfolio rental revenues and other property income totaled $653.1 million and $632.1 million, respectively, an increase of 3.3%, driven by an increase in average monthly rent per occupied home and a 703 home increase between periods in the average number of homes owned, partially offset by a 140 bps reduction in average occupancy.
Current wording
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.
Previous wording
Average occupancy for the three months ended March 31, 2025 and 2024 for the total portfolio was 95.2% and 96.7%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended March 31, 2025 and 2024 was $2,424 and $2,358, respectively, a 2.8% increase. For our Same Store portfolio, average occupancy was 97.2% and 97.8% for the three months ended March 31, 2025 and 2024, respectively, and average monthly rent per occupied home for the three months ended March 31, 2025 and 2024 was $2,431 and $2,359, respectively, a 3.1% increase.
Current wording
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.
Previous wording
Renewal lease net effective rental rate growth for the total portfolio averaged 5.1% and 5.7% for the three months ended March 31, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged (0.2)% and 0.8% for the three months ended March 31, 2025 and 2024, respectively. 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.
Current wording
Renewal lease net effective rental rate growth for the total portfolio averaged 4.6% and 5.6% for the three months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged 2.0% and 3.5% for the three months ended June 30, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.7% and 5.5% for the three months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged 2.2% and 3.5% for the three months ended June 30, 2025 and 2024, respectively.
Previous wording
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.
Current wording
Other property income for the three 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.
Previous wording
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 thethree months ended March 31, 2024 to 25,161 homes for the three months ended March 31, 2025.
Current wording
For the three months ended June 30, 2025 and 2024, management fee revenues totaled $22.3 million and $16.0 million, respectively. The 39.5% increase is primarily due to an increase in the average number of homes for which we provide property and asset management services from 19,488 homes for the three months ended June 30, 2024 to 24,770 homes for the three months ended June 30, 2025.
Previous wording
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.
Current wording
For the three months ended June 30, 2025 and 2024, total expenses were $579.6 million and $565.3 million, respectively. Set forth below is a discussion of changes in the individual components of total expenses.
Previous wording
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 attributableto a 703 home increase in the average number of homes owned between periods, as well as increases in utilities and property taxes.
Current wording
For the three months ended June 30, 2025, property operating and maintenance expense increased to $244.3 million from $234.2 million for the three months ended June 30, 2024. The 4.3% increase in property operating and maintenance expense is primarily attributableto a 1,034 home increase in the average number of homes owned between periods, as well as increases in utilities, property taxes, and market-level personnel expenses.
Previous wording
Interest expense decreased to $84.3 million for the three months ended March 31, 2025 from $89.8 million for the three months ended March 31, 2024. The decrease in interest expense was partially due to a decrease in the balance of gross debt outstanding, partially offset by a 16 bps increase in our weighted average interest rate, in each case, as of March 31, 2025 as compared to March 31, 2024. Additionally, the amendment of certain of our interest rate swap agreements during 2024 reduced related non-cash fair value amortization by $6.1 million for the three months ended March 31, 2025 compared to thethree months ended March 31, 2024.
Current wording
Interest expense decreased to $87.4 million for the three months ended June 30, 2025 from $90.0 million for the three months ended June 30, 2024. The decrease in interest expense was primarilydue to a decrease in 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 $4.7 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
Previous wording
Depreciation and amortization expense increased to $183.1 million for the three months ended March 31, 2025 from $175.3 million for the three months ended March 31, 2024 due to an increase in cumulative capital expenditures and a 703 home increase in the average number of homes owned during the three months ended March 31, 2025 compared to thethree months ended March 31, 2024.
Current wording
Depreciation and amortization expense increased to $185.5 million for the three months ended June 30, 2025 from $176.6 million for thethree months ended June 30, 2024 due to an increase in cumulative capital expenditures and a 1,034 home increase in the average number of homes owned during the three months ended June 30, 2025 compared to thethree months ended June 30, 2024.
Previous wording
Casualty losses, impairment, and other expenses were $4.7 million and $4.1 million for the three months ended March 31, 2025 and 2024, respectively. Expense during both periods is primarily comprised of casualty and other insurance losses.
Current wording
Casualty losses, impairment, and other expenses were $3.0 million and $10.4 million for the three months ended June 30, 2025 and 2024, respectively. Expense during both periods is primarily comprised of casualty and other insurance losses.
Previous wording
Our share of losses from unconsolidated joint ventures was $5.2 million and $5.1 million for the three months ended March 31, 2025 and 2024, respectively, with no significant fluctuations between periods.
Current wording
Our share of losses from unconsolidated joint ventures was $4.8 million and $5.5 million for the three months ended June 30, 2025 and 2024, respectively, with no significant fluctuation between periods.
Previous wording
The annualized turnover rate for the Same Store portfolio for the three months ended March 31, 2025 and 2024 was 20.1% and 21.0%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 48 and 38 days between residents for the three months ended March 31, 2025 and 2024, respectively.
Current wording
The annualized turnover rate for the Same Store portfolio for the six months ended June 30, 2025 and 2024 was 22.3% and 23.0%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 44 and 36 days between residents for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
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.
Current wording
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.
Previous wording
As of March 31, 2025, $1,280.0 million of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants. We have no debt reaching final maturity until June 2027.
Current wording
Our liquidity and capital resources as of June 30, 2025 and December 31, 2024 include unrestricted cash and cash equivalents of $65.1 million and $174.5 million, respectively, a 62.7%decrease primarily due to acquisitions of homes. As of June 30, 2025, $1,210.0 million of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants. We have no debt reaching final maturity until June 2027.
Previous wording
(7)On April 28, 2025, we entered into an amendment to the 2022 Term Loan Facility that (1) amends the initial maturity date from June 22, 2029 to April 28, 2028, with two, one year extension options at our election, provided we are in compliance with the loan agreement and pay a 12.5 bps extension fee and (2) adjusts the margin applicable to borrowings.
Current wording
On April 28, 2025, we entered into an amendment to the 2022 Term Loan Facility that (1) amends the initial maturity date from June 22, 2029 to April 28, 2028, with two, one year extension options at our election, provided we are in compliance with the loan agreement and pay a 12.5 bps extension fee and (2) adjusts the margin applicable to borrowings.
Previous wording
(6)As of March 31, 2025, interest rate is based on Term SOFR of 4.32% plus the applicable margin and a 0.10% credit spread adjustment.
Current wording
(6)As of June 30, 2025, interest rate is based on Term SOFR of 4.32% plus the applicable margin and a 0.10% credit spread adjustment for 2024 Term Loan and the Revolving Facility.
Previous wording
(8)For unsecured debt and total debt, the weighted average interest rate is calculated based on March 31, 2025 Term SOFR of 4.32% adjusted for a 0.10% credit spread adjustment (Adjusted SOFR), as appropriate, and includes the impact of interest rate swap agreements effective as of that date.
Current wording
(8)For unsecured debt and total debt, the weighted average interest rate is calculated based on June 30, 2025 Term SOFR of 4.32% adjusted for a 0.10% credit spread adjustment (Adjusted SOFR), where appropriate, and includes the impact of interest rate swap agreements effective as of that date.
Previous wording
Our real estate assets are illiquid in nature. A timely liquidation of assets may not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing sources, such as the Revolving Facility which had an undrawn balance of $1,280.0 million as of March 31, 2025.
Current wording
Our real estate assets are illiquid in nature. A timely liquidation of assets may not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing sources, such as the Revolving Facility which had an undrawn balance of $1,210.0 million as of June 30, 2025.
Previous wording
The following table summarizes our cash flows for the three months ended March 31, 2025 and 2024:
Current wording
The following table summarizes our cash flows for the six months ended June 30, 2025 and 2024:
Previous wording
Our cash flows provided by operating activities depend on numerous factors, including the occupancy level of our homes, the rental rates achieved on our leases, the collection of rent from our residents, and the amount of our operating and other expenses. Net cash provided by operating activities was $300.5 million and $265.6 million for the three months ended March 31, 2025 and 2024, respectively, an increase of 13.2%. The increase in cash provided by operating activities is primarily due to improved operational profitability, including a$28.4 million increase in total revenues and changes in operating assets and liabilities from period to period.
Current wording
Our cash flows provided by operating activities depend on numerous factors, including the occupancy level of our homes, the rental rates achieved on our leases, the collection of rent from our residents, and the amount of our operating and other expenses. Net cash provided by operating activities was $683.0 million and $635.4 million for the six months ended June 30, 2025 and 2024, respectively, an increase of 7.5%. The increase in cash provided by operating activities is primarily due to improved operational profitability, including a$56.4 million increase in total revenues, net of changes in operating assets and liabilities from period to period.
Previous wording
Net cash used in investing activities consists primarily of the acquisition costs of homes, capital improvements, proceeds from property sales, and investments in unconsolidated joint ventures. Net cash used in investing activities was $114.2 million and $24.9 million for the three months ended March 31, 2025 and 2024, respectively, an increase of $89.3 million. The increase in net cash used in investing activities resulted primarily from the combined effect of the following significant changes in cash flows during the three months ended March 31, 2025 compared to the three months ended March 31, 2024:(1) anincrease in cash used for the acquisition of homes;(2) an increase in cash proceeds received from the sale of single-family homes; (3) an increase in cash used for other investing activities; and (4)an increase in cash used for investments in joint ventures. Acquisition spend increased by $80.9 million from period to period due to an increase in the number of homes acquired from 257 during the three months ended March 31, 2024 to 577 homes acquired during the three months ended March 31, 2025. Proceeds from the sale of single-family homes increased $30.7 million due to an increase in the number of homes sold from 379 during the three months ended March 31, 2024 to 454 homes sold during the three months ended March 31, 2025 and an increase in average net proceeds per home. Cash used in other investing activities increased $24.0 million from period to period primarily due to an increase in capital expenditures to repair hurricane damage to homes from 2024 storms. Cash invested in joint ventures increased $9.7 million from period to period as a result of increased contributions to certain of the joint ventures during the three months ended March 31, 2025.
Current wording
Net cash used in investing activities consists primarily of the acquisition costs of homes, capital improvements, proceeds from property sales, and investments in unconsolidated joint ventures. Net cash used in investing activities was $416.9 million and $200.2 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $216.7 million. The net increase in cash used in investing activities resulted primarily from the combined effect of the following significant changes in cash flows during the six months ended June 30, 2025 compared to the six months ended June 30, 2024:(1) anincrease in cash used for the acquisition of homes;(2) an increase in cash proceeds received from the sale of single-family homes; (3) an increase in cash used for other investing activities; and (4) a decrease in cash used for investments in joint ventures. Acquisition spend increased by $266.5 million from period to period due to an increase in the number of homes acquired from 700 during the six months ended June 30, 2024 to 1,516 homes acquired during the six months ended June 30, 2025. Proceeds from the sale of single-family homes increased $48.9 million due to an increase in the number of homes sold from 627 during the six months ended June 30, 2024 to 749 homes sold during the six months ended June 30, 2025, partially offset by a decrease in average net proceeds per home. Cash used in other investing activities increased $28.4 million from period to period primarily due to an increase in capital expenditures to repair hurricane damage to homes from 2024 storms. Cash invested in joint ventures decreased $26.1 million from period to period as a result of a decrease in contributions during the six months ended June 30, 2025.
Previous wording
Net cash used in financing activities was $287.4 million for the three months ended March 31, 2025 compared to net cash used in financing activities of $190.8 million for the three months ended March 31, 2024. The change between periods is primarily due to the following financing transactions. We made$100.0 million of net payments on the Revolving Facility during thethree months ended March 31, 2025, and no such net reductions in outstanding indebtedness occurred during the three months ended March 31, 2024. We also made dividend and distribution payments totaling$178.8 million during the three months ended March 31, 2025 compared to $173.8 million during the three months ended March 31, 2024, which were funded by cash flows from operations.
Current wording
Net cash used in financing activities was $402.0 million for the six months ended June 30, 2025 compared to $369.5 million for the six months ended June 30, 2024. The change between periods is primarily due to the following financing transactions. We made$30.0 million of net payments on the Revolving Facility during thesix months ended June 30, 2025, and no such net reductions in outstanding indebtedness occurred during the six months ended June 30, 2024. We also made dividend and distribution payments totaling$358.1 million during the six months ended June 30, 2025 compared to $346.5 million during the six months ended June 30, 2024, which were funded by cash flows from operations.
Previous wording
(1)Includes estimated payments for the remaining nine months of 2025.
Current wording
(1)Includes estimated payments for the remaining six months of 2025.
Previous wording
(8)Represents commitments, net of previously funded deposits, to acquire 1,899 homes, including commitments totaling $510.0 million to acquire 1,801 homes pursuant to binding purchase agreements with certain homebuilders as of March 31, 2025.
Current wording
(8)Represents commitments, net of previously funded deposits, to acquire 1,397 homes, including commitments totaling $370.0 million to acquire 1,286 homes pursuant to binding purchase agreements with certain homebuilders as of June 30, 2025.
Previous wording
Additionally, we have commitments, which are not reflected in the table above, to make additional capital contributions to our joint ventures. As of March 31, 2025, our remaining equity commitments to our joint ventures total $167.0 million.
Current wording
Additionally, we have commitments, which are not reflected in the table above, to make additional capital contributions to our joint ventures. As of June 30, 2025, our remaining equity commitments to our joint ventures total $164.1 million.
Previous wording
Critical accounting policies are those accounting policies that management believes are important to the portrayal of our financial condition and results and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. We believe that our critical accounting policies pertain to our investments in single-family residential properties, including acquisition of real estate assets, related cost capitalization, provisions for impairment, and single-family residential properties held for sale. These critical policies and estimates are summarized in Part II. Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K. There were no material changes to our critical accounting policies during the three months ended March 31, 2025.
Current wording
Critical accounting policies are those accounting policies that management believes are important to the portrayal of our financial condition and results and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. We believe that our critical accounting policies pertain to our investments in single-family residential properties, including acquisition of real estate assets, related cost capitalization, provisions for impairment, and single-family residential properties held for sale. These critical policies and estimates are summarized in Part II. Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K. There were no material changes to our critical accounting policies during the six months ended June 30, 2025.
Previous wording
(1)For the three months ended March 31, 2025 and 2024, $1,651 and $1,598, was recorded in property management expense, respectively, and $8,506 and $6,302, was recorded in general and administrative expense, respectively.
Current wording
(1)For the three months ended June 30, 2025 and 2024, $1,566 and $1,674 was recorded in property management expense, respectively, and $6,898 and $5,818 was recorded in general and administrative expense, respectively. For the six months ended June 30, 2025 and 2024, $3,217 and $3,272, was recorded in property management expense, respectively, and $15,404 and $12,120, was recorded in general and administrative expense, respectively.
Previous wording
(1)Includes $1,651 and $1,598 of share-based compensation expense for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(1)Includes $1,566 and $1,674 of share-based compensation expense for the three months ended June 30, 2025 and 2024, respectively. Includes $3,217 and $3,272 of share-based compensation expense for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
(2)Includes $8,506 and $6,302 of share-based compensation expense for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(2)Includes $6,898 and $5,818 of share-based compensation expense for the three months ended June 30, 2025 and 2024, respectively. Includes $15,404 and $12,120 of share-based compensation expense for the six months ended June 30, 2025 and 2024, respectively.
Showing the first 40 of 43 pairs. Open the source sections for the rest.
Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
The following table sets forth a comparison of the results of operations for the six months ended June 30, 2025 and 2024:
Current report — wording carried from elsewhere
For the six months ended June 30, 2025 and 2024, total portfolio rental revenues and other property income totaled $1,312.2 million and $1,269.6 million, respectively, an increase of 3.4%, driven by an increase in average monthly rent per occupied home and a 871 home increase between periods in the average number of homes owned, partially offset by a 120 bps reduction in average occupancy.
Current report — wording carried from elsewhere
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. 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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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 attributableto a 871 home increase in the average number of homes owned between periods, as well as increases in utilities and property taxes.
Current report — wording carried from elsewhere
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 thesix months ended June 30, 2024.
Current report — wording carried from elsewhere
Casualty losses, impairment, and other expenses were $7.7 million and $14.5 million for the six months ended June 30, 2025 and 2024, respectively. Expense during both periods is primarily comprised of casualty and other insurance losses.
Current report — wording carried from elsewhere
Losses from Investments in Unconsolidated Joint Ventures
Current report — wording carried from elsewhere
Our share of losses from unconsolidated joint ventures was $10.0 million and $10.6 million for the six months ended June 30, 2025 and 2024, respectively, with no significant fluctuations between periods.
Current report — wording carried from elsewhere
(3)Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
Gains (Losses) on Investments in Equity and Other Securities, net
Previous report — wording carried elsewhere
Gain on Sale of Property, net of tax
Previous report — wording carried elsewhere
Losses on Investments in Equity and Other Securities, net
Previous report — wording carried elsewhere
Gain on Sale of Property, net of tax
Previous report — wording carried elsewhere
Our liquidity and capital resources as of March 31, 2025 and December 31, 2024 include unrestricted cash and cash equivalents of $84.4 million and $174.5 million, respectively, a 51.6%decrease primarily due to a $102.8 million net decrease in outstanding indebtedness between periods.
Previous report — wording carried elsewhere
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
Previous report — wording carried elsewhere
(4)Includes costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.