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Dec 31, 2025
Invitation Homes Q4 2025 Earnings Report
Invitation Homes reported solid performance in Q4 2025 with increases in total revenues, net income, and key operating metrics.
Key Takeaways
Invitation Homes delivered a solid performance in the fourth quarter of 2025, with total revenues increasing 4.0% to $685 million and net income available to common stockholders increasing 1.0% to $144 million. Core FFO per share increased 1.3% to $0.48, and Same Store NOI grew 0.7% year over year.
Total revenues increased 4.0% year over year to $685 million in Q4 2025.
Net income available to common stockholders increased 1.0% to $144 million, or $0.24 per diluted common share.
Core FFO per share increased 1.3% to $0.48, while AFFO per share remained generally flat at $0.41.
Same Store NOI increased 0.7% year over year, driven by 1.7% Same Store Core Revenues growth and 4.0% Same Store Core Operating Expenses growth.
Revenue by Segment
Forward Guidance
Invitation Homes expects FY 2026 Core FFO per share to be between $1.90 and $1.98, with a midpoint of $1.94. AFFO per share is projected to be between $1.60 and $1.68, with a midpoint of $1.64. Same Store NOI growth is anticipated to be between 0.3% and 2.0%.
Positive Outlook
- Core FFO per share guidance midpoint of $1.94, an increase from FY 2025 actual results.
- AFFO per share guidance midpoint of $1.64, an increase from FY 2025 actual results.
- Same Store Core Revenues growth expected between 1.3% and 2.5%.
- Wholly owned acquisitions projected between $150 million and $350 million, indicating continued portfolio expansion.
- ResiBuilt acquisition expected to be modestly accretive to 2026 AFFO per share.
Challenges Ahead
- Same Store Core Operating Expenses growth expected between 3.0% and 4.0%, potentially impacting NOI.
- Property taxes expected to increase by 4% to 5% in FY 2026.
- Insurance expenses expected to increase by 10% to 12% in FY 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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