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Results reflect higher same-store net operating income (NOI) and same-store blended rent. However, lower occupancy marred the performance to an extent.
Total revenues of $681.4 million surpassed the Zacks Consensus Estimate of $676.9 million. The figure also improved 4.3% year over year.
Invitation Homes’ Second Quarter in Detail
During the second quarter, Invitation Homes’ same-store core revenues grew 2.4%, and same-store core operating expenses increased 2.2% year over year. As a result, same-store NOI improved 2.5% year over year.
Invitation Homes witnessed yearly same-store renewal rent growth of 4.7% and a same-store new lease rent increase of 2.2%, resulting in same-store blended rent growth of 4.0%.
Same-store average occupancy was 97.2%, down 40 basis points year over year.
Invitation Homes’ Q2 Portfolio Activity
In the second quarter of 2025, the company acquired 939 wholly owned homes for around $316 million and 101 homes in its joint ventures for around $34 million.
During the same period, the company disposed of 295 wholly owned homes for gross proceeds amounting to around $111 million and 63 homes in its joint venture for gross proceeds of $30 million.
In the second quarter, Invitation Homes launched its developer lending program by providing a $32.7 million loan to a homebuilder for developing a community consisting of 156 homes in Houston.
Invitation Homes’ Balance Sheet
Invitation Homes exited the second quarter of 2025 with total liquidity of $1.28 billion, including unrestricted cash and undrawn capacity on its revolving credit facility.
Moreover, secured and unsecured debt aggregated $8.25 billion as of June 30, 2025, and its Net Debt/TTM adjusted EBITDAre was 5.3X.
In April, S&P Global Ratings reaffirmed issuer and issue-level credit ratings for Invitation Homes at ‘BBB’ and upgraded its outlook to ‘Positive’ from ‘Stable’.
Invitation Homes’ 2025 Guidance
Invitation Homes has maintained its initial 2025 outlook.
It expects core FFO per share between $1.88 and $1.94, with a midpoint of $1.91. The Zacks Consensus Estimate is pegged at $1.93, which lies within the guided range.
The full-year guidance is based on the assumption of 1.75% to 3.25% growth in same-store revenues and a 2.75-4.25% increase in same-store expenses. Same-store NOI is projected to rise by 1.00% to 3.00%.
Essex Property Trust Inc. (ESS - Free Report) reported a second-quarter 2025 core FFO per share of $4.03, beating the Zacks Consensus Estimate of $3.99. The figure also improved 2.3% from the year-ago quarter.
The quarterly results reflected favorable growth in same-property revenues and NOI. However, same-property operating expenses partly acted as a dampener.
UDR Inc. (UDR - Free Report) reported a second-quarter 2025 normalized FFO per share of 64 cents, which outpaced the Zacks Consensus Estimate of 62 cents. The figure also increased 3.2% from the year-ago quarter.
UDR’s quarterly results reflected year-over-year growth in same-store NOI, led by a higher effective blended lease rate.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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Invitation Homes' Q2 FFO and Revenues Beat, Rents Improve Y/Y
Key Takeaways
Invitation Homes Inc. (INVH - Free Report) reported second-quarter 2025 core funds from operations (FFO) per share of 48 cents, topping the Zacks Consensus Estimate of 47 cents. The reported figure compared favorably with the prior-year quarter’s 47 cents.
Results reflect higher same-store net operating income (NOI) and same-store blended rent. However, lower occupancy marred the performance to an extent.
Total revenues of $681.4 million surpassed the Zacks Consensus Estimate of $676.9 million. The figure also improved 4.3% year over year.
Invitation Homes’ Second Quarter in Detail
During the second quarter, Invitation Homes’ same-store core revenues grew 2.4%, and same-store core operating expenses increased 2.2% year over year. As a result, same-store NOI improved 2.5% year over year.
Invitation Homes witnessed yearly same-store renewal rent growth of 4.7% and a same-store new lease rent increase of 2.2%, resulting in same-store blended rent growth of 4.0%.
Same-store average occupancy was 97.2%, down 40 basis points year over year.
Invitation Homes’ Q2 Portfolio Activity
In the second quarter of 2025, the company acquired 939 wholly owned homes for around $316 million and 101 homes in its joint ventures for around $34 million.
During the same period, the company disposed of 295 wholly owned homes for gross proceeds amounting to around $111 million and 63 homes in its joint venture for gross proceeds of $30 million.
In the second quarter, Invitation Homes launched its developer lending program by providing a $32.7 million loan to a homebuilder for developing a community consisting of 156 homes in Houston.
Invitation Homes’ Balance Sheet
Invitation Homes exited the second quarter of 2025 with total liquidity of $1.28 billion, including unrestricted cash and undrawn capacity on its revolving credit facility.
Moreover, secured and unsecured debt aggregated $8.25 billion as of June 30, 2025, and its Net Debt/TTM adjusted EBITDAre was 5.3X.
In April, S&P Global Ratings reaffirmed issuer and issue-level credit ratings for Invitation Homes at ‘BBB’ and upgraded its outlook to ‘Positive’ from ‘Stable’.
Invitation Homes’ 2025 Guidance
Invitation Homes has maintained its initial 2025 outlook.
It expects core FFO per share between $1.88 and $1.94, with a midpoint of $1.91. The Zacks Consensus Estimate is pegged at $1.93, which lies within the guided range.
The full-year guidance is based on the assumption of 1.75% to 3.25% growth in same-store revenues and a 2.75-4.25% increase in same-store expenses. Same-store NOI is projected to rise by 1.00% to 3.00%.
INVH’s Zacks Rank
Invitation Homes currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Invitation Home Price, Consensus and EPS Surprise
Invitation Home price-consensus-eps-surprise-chart | Invitation Home Quote
Performance of Other Residential REITs
Essex Property Trust Inc. (ESS - Free Report) reported a second-quarter 2025 core FFO per share of $4.03, beating the Zacks Consensus Estimate of $3.99. The figure also improved 2.3% from the year-ago quarter.
The quarterly results reflected favorable growth in same-property revenues and NOI. However, same-property operating expenses partly acted as a dampener.
UDR Inc. (UDR - Free Report) reported a second-quarter 2025 normalized FFO per share of 64 cents, which outpaced the Zacks Consensus Estimate of 62 cents. The figure also increased 3.2% from the year-ago quarter.
UDR’s quarterly results reflected year-over-year growth in same-store NOI, led by a higher effective blended lease rate.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.