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Jun 30
Invitation Homes Q2 2025 Earnings Report
Invitation Homes reported its second quarter 2025 financial and operating results, showing increases in total revenues, net income, and key per share metrics.
Key Takeaways
Invitation Homes reported a strong second quarter in 2025, with total revenues increasing by 4.3% to $681 million and net income available to common stockholders surging by 92.7% to $141 million. Core FFO per share grew by 1.7% to $0.48, and AFFO per share increased by 3.4% to $0.41, reflecting robust resident demand and disciplined cost control.
Total revenues increased 4.3% year over year to $681 million.
Net income available to common stockholders increased 92.7% to $141 million, or $0.23 per diluted common share.
Same Store NOI increased 2.5% year over year, driven by 2.4% Same Store Core Revenues growth and 2.2% Same Store Core Operating Expenses growth.
Acquisitions totaled 1,040 homes for approximately $350 million, while dispositions totaled 358 homes for approximately $141 million.
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
Invitation Homes' full year 2025 guidance remains unchanged from initial guidance provided in February 2025, indicating continued confidence in their operational performance and growth strategy.
Positive Outlook
- Core FFO per share is projected to be between $1.88 and $1.94, with a midpoint of $1.91.
- AFFO per share is projected to be between $1.58 and $1.64, with a midpoint of $1.61.
- Same Store Core Revenues growth is expected to be between 1.75% and 3.25%, with a midpoint of 2.5%.
- Same Store NOI growth is expected to be between 1.00% and 3.00%, with a midpoint of 2.0%.
- Wholly owned acquisitions are projected to be between $500 million and $700 million, with a midpoint of $600 million.
Challenges Ahead
- Same Store Core Revenues growth guidance assumes an expected reduction of 40 basis points year over year in Average Occupancy.
- Same Store Core Operating Expenses growth guidance assumes an increase in FY 2025 property taxes in a range of 5.0% to 6.0% year over year.
- The company does not provide guidance for GAAP financial measures such as net income (loss), total revenues, and property operating and maintenance expense due to the unpredictability of certain items.
- Potential impacts from non-recurring and infrequent items, such as impairment on depreciated real estate assets and net (gain)/loss on sale of previously depreciated real estate assets, are not included in guidance.
- The guidance does not account for potential impacts from share-based compensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses.