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Sep 30, 2025
Invitation Homes Q3 2025 Earnings Report
Invitation Homes reported higher net income and steady Core FFO for Q3 2025.
Key Takeaways
Invitation Homes saw revenue growth in Q3 2025, with net income increasing by over 43% year-over-year. While new lease growth turned negative, renewal rent growth and occupancy remained solid.
Revenue rose to $688,166,000, a 4.2% increase year-over-year
Net income attributable to common stockholders reached $136,474,000
Same Store NOI grew 1.1% on 2.3% revenue growth and 4.9% expense growth
Blended rent growth came in at 3.0%, supported by 4.5% renewal increases
Revenue by Segment
Forward Guidance
Invitation Homes raised its full-year 2025 guidance for Core FFO and AFFO per share by $0.01 each and increased NOI growth outlook by 25 basis points.
Positive Outlook
- Raised Core FFO per share midpoint to $1.92
- Raised AFFO per share midpoint to $1.62
- Increased Same Store NOI growth guidance to 2.25%
- Wholly owned acquisitions guidance increased to $800 million
- Strong liquidity position with $1.9 billion available
Challenges Ahead
- Same Store Core Operating Expenses growth guidance lowered to 2.75%
- New lease rent growth turned negative in Q3
- Blended rent growth declined from prior year
- Turnover rate increased to 6.4%
- Average occupancy dropped 60 basis points YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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