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Mar 31
Invitation Homes Q1 2025 Earnings Report
Invitation Homes posted stable Q1 2025 results with higher earnings and modest revenue growth.
Key Takeaways
Invitation Homes reported solid Q1 2025 financials, driven by stable occupancy, positive renewal rent growth, and flat operating expenses across its same-store portfolio.
Revenue grew to $674,479,000 driven by rental and property income.
Net income rose to $165,517,000, reflecting increased revenues and gains on property sales.
Same-store NOI grew 3.7% year over year, with no increase in operating expenses.
Average occupancy remained strong at 97.2% despite a slight dip from last year.
Invitation Homes
Invitation Homes
Invitation Homes Revenue by Segment
Revenue by Segment
Rental and Other Property Income Revenue
CapyFin.comManagement Fee Revenues Revenue
CapyFin.com Forward Guidance
The company reaffirmed its FY 2025 guidance, reflecting confidence in its stable business model and market demand.
Positive Outlook
- FY 2025 Core FFO per share midpoint maintained at $1.91
- Same-store revenue growth forecast midpoint at 2.5%
- AFFO per share midpoint held at $1.61
- Wholly owned acquisitions expected to reach $600 million
- Outlook upgraded to ‘Positive’ by S&P Global Ratings
Challenges Ahead
- No updated insurance cost reductions reflected in guidance yet
- Same-store operating expenses expected to grow up to 4.25%
- Potential economic headwinds mentioned in CEO commentary
- Bad debt guidance up to 0.9%
- New lease rent growth in Q1 was negative at (0.1)%