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The results reflected higher same-store net operating income (NOI) and same-store blended rent. However, lower occupancy marred the performance to an extent.
Total revenues of $688.2 million surpassed the Zacks Consensus Estimate of $679.3 million. The figure also improved 4.2% year over year.
Invitation Homes’ Third Quarter in Detail
During the third quarter, Invitation Homes’ same-store core revenues grew 2.3%, and same-store core operating expenses increased 4.9% year over year. As a result, same-store NOI improved 1.1% year over year.
Invitation Homes witnessed yearly same-store renewal rent growth of 4.5% and a same-store new lease rent decrease of 0.6%, resulting in same-store blended rent growth of 3.0%.
Same-store average occupancy was 96.5%, down 60 basis points year over year.
Invitation Homes’ Q3 Portfolio Activity
In the third quarter of 2025, the company acquired 526 wholly owned homes for around $179 million and 223 homes in its joint ventures for around $81 million.
During the same period, the company disposed of 292 wholly owned homes for gross proceeds amounting to around $112 million and 24 homes in its joint venture for gross proceeds of $10 million.
Invitation Homes’ Balance Sheet
Invitation Homes exited the third quarter of 2025 with total liquidity of $1.91 billion, including unrestricted cash and undrawn capacity on its revolving credit facility.
Moreover, secured and unsecured debt aggregated $8.31 billion as of Sept. 30, 2025, and its Net Debt/TTM adjusted EBITDAre was 5.2X.
Invitation Homes’ 2025 Guidance
Invitation Homes raised its 2025 outlook.
It now expects core FFO per share between $1.90 and $1.94, with a midpoint of $1.92, up from the prior guided midpoint of $1.91. The Zacks Consensus Estimate for FFO is pegged at $1.92.
The full-year guidance is based on the assumption of 2% to 3% growth in same-store revenues and a 2-3.5% increase in same-store expenses. Same-store NOI is projected to rise by 1.75% to 2.75%.
Mid-America Apartment Communities (MAA - Free Report) reported third-quarter 2025 FFO per share of $2.16, which missed the Zacks Consensus Estimate of $2.17. Moreover, the reported figure fell 2.3% year over year.
MAA experienced a fall in same-store revenues, with average effective rent per unit declining year over year. However, the REIT witnessed low levels of resident turnover.
UDR Inc. (UDR - Free Report) reported third-quarter 2025 FFO as adjusted (FFOA) per share of 65 cents, which outpaced the Zacks Consensus Estimate of 63 cents. The figure also compared favorably with the prior-year quarter’s reported figure of 62 cents.
The results reflected year-over-year growth in same-store NOI, led by a higher effective blended lease rate. The company raised the midpoint of its 2025 FFOA per share guidance.
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' Q3 FFO In Line, Revenues Beat, Rents Improve Y/Y
Key Takeaways
Invitation Homes Inc. (INVH - Free Report) reported third-quarter 2025 core funds from operations (FFO) per share of 47 cents, meeting the Zacks Consensus Estimate. The reported figure remained unchanged from the prior year quarter.
The results reflected higher same-store net operating income (NOI) and same-store blended rent. However, lower occupancy marred the performance to an extent.
Total revenues of $688.2 million surpassed the Zacks Consensus Estimate of $679.3 million. The figure also improved 4.2% year over year.
Invitation Homes’ Third Quarter in Detail
During the third quarter, Invitation Homes’ same-store core revenues grew 2.3%, and same-store core operating expenses increased 4.9% year over year. As a result, same-store NOI improved 1.1% year over year.
Invitation Homes witnessed yearly same-store renewal rent growth of 4.5% and a same-store new lease rent decrease of 0.6%, resulting in same-store blended rent growth of 3.0%.
Same-store average occupancy was 96.5%, down 60 basis points year over year.
Invitation Homes’ Q3 Portfolio Activity
In the third quarter of 2025, the company acquired 526 wholly owned homes for around $179 million and 223 homes in its joint ventures for around $81 million.
During the same period, the company disposed of 292 wholly owned homes for gross proceeds amounting to around $112 million and 24 homes in its joint venture for gross proceeds of $10 million.
Invitation Homes’ Balance Sheet
Invitation Homes exited the third quarter of 2025 with total liquidity of $1.91 billion, including unrestricted cash and undrawn capacity on its revolving credit facility.
Moreover, secured and unsecured debt aggregated $8.31 billion as of Sept. 30, 2025, and its Net Debt/TTM adjusted EBITDAre was 5.2X.
Invitation Homes’ 2025 Guidance
Invitation Homes raised its 2025 outlook.
It now expects core FFO per share between $1.90 and $1.94, with a midpoint of $1.92, up from the prior guided midpoint of $1.91. The Zacks Consensus Estimate for FFO is pegged at $1.92.
The full-year guidance is based on the assumption of 2% to 3% growth in same-store revenues and a 2-3.5% increase in same-store expenses. Same-store NOI is projected to rise by 1.75% to 2.75%.
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
Mid-America Apartment Communities (MAA - Free Report) reported third-quarter 2025 FFO per share of $2.16, which missed the Zacks Consensus Estimate of $2.17. Moreover, the reported figure fell 2.3% year over year.
MAA experienced a fall in same-store revenues, with average effective rent per unit declining year over year. However, the REIT witnessed low levels of resident turnover.
UDR Inc. (UDR - Free Report) reported third-quarter 2025 FFO as adjusted (FFOA) per share of 65 cents, which outpaced the Zacks Consensus Estimate of 63 cents. The figure also compared favorably with the prior-year quarter’s reported figure of 62 cents.
The results reflected year-over-year growth in same-store NOI, led by a higher effective blended lease rate. The company raised the midpoint of its 2025 FFOA per share guidance.
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.