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Edge20 Feb 2026
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Invitation Homes
Invitation Homes (INVH) investor relations material
Invitation Homes Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Delivered solid performance in 2025, focusing on housing affordability, high-quality single-family home leasing, and expanding supply through homebuilder partnerships and the ResiBuilt acquisition.
Emphasized sustainable long-term growth, disciplined capital allocation, and reaffirmed objectives for 2026.
Value proposition for residents highlighted, including credit-building programs and support for transition to homeownership.
ResiBuilt acquisition enhances supply capabilities, operational control, and future growth flexibility.
Financial highlights
FY 2025 total revenues grew 4.2% to $2,729 million; net income available to common stockholders surged 29.5% to $587 million ($0.96 per diluted share).
Q4 2025 total revenues rose 4.0% year-over-year to $685 million; net income available to common stockholders increased 1.0% to $144 million ($0.24 per diluted share).
Full year 2025 same-store NOI grew 2.3%, above guidance midpoint; Q4 same-store NOI up 0.7% year-over-year.
Core FFO for Q4 increased 1.3% year-over-year to $0.48/share; full year up 1.7% to $1.91/share. AFFO for Q4 flat at $0.41/share; full year up 1.8% to $1.63/share.
Q4 2025 blended rent growth was 1.8%, with renewal rent growth of 4.2% offsetting a 4.1% decline in new lease rates.
Outlook and guidance
FY 2026 Core FFO per share guidance: $1.90–$1.98; AFFO per share: $1.60–$1.68.
Same-store NOI growth expected between 0.3% and 2%; core revenue growth: 1.3%–2.5%; core expense growth: 3%–4%.
Average occupancy expected at 96.3% midpoint; blended rent growth in mid-2% range.
Wholly owned acquisitions projected at $150–$350 million; dispositions at $450–$650 million; $250M of new home deliveries anticipated.
ResiBuilt acquisition expected to be modestly accretive to 2026 AFFO per share.
Explain negative new lease rent growth
ResiBuilt's expected 2026 AFFO accretion?
Capital allocation: repurchases vs. acquisitions?
ResiBuilt: How will its capabilities expand
How will pricing strategy adapt to supply
What drives increased share repurchase activity?
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Next Invitation Homes earnings date
Q1 202630 Apr, 2026
Invitation Homes
Next Invitation Homes earnings date
Q1 202630 Apr, 2026
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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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