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Invitation Homes (INVH) investor relations material
Invitation Homes Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Q2 2025 net income rose 92.5% year-over-year to $141.4 million, with total revenues up 4.3% to $681.4 million, driven by higher rents and management fee growth.
Portfolio expanded to 85,905 wholly owned homes and 7,698 jointly owned homes, with 16,785 under third-party management across 16 core markets.
Resident tenure averaged 40 months, renewal rates approached 80%, and average occupancy for the total portfolio was 95.6% in Q2 2025.
Launched a developer lending program, including a $33 million commitment for a Houston community, enhancing acquisition strategies.
Leadership transition announced as President Charles Young departs, with COO Tim Lobner continuing.
Financial highlights
Core FFO per share was $0.48 and AFFO per share was $0.41 for Q2 2025, both up year-over-year and tracking full-year guidance.
Same Store Core Revenues grew 2.4% year-over-year, with Core Operating Expenses up 2.2%, resulting in 2.5% Same Store NOI growth.
Blended rent growth for Q2 was 4%, with renewal rent growth at 4.7% and new lease growth at 2.2%.
Net income per diluted share was $0.23, up from $0.12 in Q2 2024.
Management fee revenues increased 39.5% year-over-year, reflecting growth in third-party managed homes.
Outlook and guidance
FY 2025 guidance reaffirmed: Core FFO per share $1.88–$1.94, AFFO per share $1.58–$1.64, with no revisions planned.
Wholly owned acquisitions projected at $500–$700 million for the year, supported by a robust pipeline.
Same Store Core Revenues growth expected at 1.75%–3.25%, Same Store NOI growth at 1.0%–3.0%.
FY 2025 average occupancy expected between 96.2% and 96.8%; average bad debt between 60 and 90 basis points.
Property tax expense growth expected to normalize to 4–5% annually over the long term.
Detail Houston developer lending program.
Explain decline in Same Store Occupancy.
Why no GAAP guidance reconciliation?
Assess impact of rate cuts on rent growth.
Discuss developer lending program goals.
How will occupancy trend in 2H 2025?
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Next Invitation Homes earnings date
Q3 202530 Oct, 2025
Next Invitation Homes earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
An Invitation Home
Invitation Homes is an American real estate investment trust that owns a large number of single-family homes available for rent throughout the US. The company owns over 80,000 different properties across various domestic markets, with a focus on the high-end rental market for families. The company operates as a Real Estate Investment Trust (REIT) and is headquartered in Dallas, Texas and its shares are listed on the NYSE.
History and Blackstone Involvement
The roots of invitation homes can be traced back to 2005 when Dallas Tanner formed the real estate investment company Treehouse Group. During 2010 and 2011 it bought up a large number of houses in Phoenix following the aftermath of the 2008 financial crisis. Treehouse Group merged with another similar company in 2011 and was acquired by Blackstone in 2012, beginning a period of rapid expansion. In 2017 the company went public in an initial offering that was one of the largest ever for an American REIT.
The Company’s Homes
Invitation Homes specializes in the ownership and management of single-family homes. Their portfolio mainly consists of single-family homes situated in suburban areas, and the properties vary in size, design, and layout, appealing to different family needs and preferences. The homes are typically located in neighborhoods with convenient access to things such as schools, parks, and recreational facilities. Invitation Homes provides services such as maintenance and online payment options, aiming to combine the features of single-family living with the convenience of professional property management.
What is a REIT?
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate. REITs allow individual investors to earn dividends from real estate investments without buying, managing, or financing properties themselves. To qualify as a REIT, a company must meet certain regulatory guidelines. Notably, it must invest at least 75% of its total assets in real estate, derive at least 75% of its gross income from rents or mortgage interest, and pay a minimum of 90% of its taxable income in dividends to shareholders annually. Similar companies to Invitation Homes that also operate as REITs include names such as American Homes 4 Rent, Tricon Residential, and Camden Property Trust.
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