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Invitation Homes (INVH) investor relations material
Invitation Homes Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 delivered strong results with net income of $137.2 million, up 43.6% year-over-year, and total revenues of $688.2 million, a 4.2% increase, driven by higher rents and portfolio growth.
Core FFO per share was $0.47 and AFFO per share was $0.38, both up slightly year-over-year.
Average resident tenure increased to 41 months, supporting portfolio stability, with average Same Store Occupancy at 96.5%.
Board authorized a $500 million share repurchase program.
Portfolio included 86,139 wholly owned homes, 7,897 jointly owned homes, and 16,151 managed for third parties as of September 30, 2025.
Financial highlights
Same-store renewal rent growth was 4.5% in Q3, with blended rent growth at 3% and other property income up 7.7% year-over-year.
Q3 average occupancy was 96.5%; average monthly rent per occupied home increased 2.1% to $2,447.
Rental revenues and other property income rose 3.9% to $666.2 million; management fee revenues increased 15.8% to $22.0 million.
Adjusted EBITDAre for Q3 2025 was $383.0 million; NOI (total portfolio) was $407.2 million; Same Store NOI was $379.9 million.
Core FFO per share was $0.47 and AFFO per share was $0.38 for Q3 2025.
Outlook and guidance
Raised full-year 2025 guidance: Core FFO midpoint to $1.92/share, AFFO midpoint to $1.62/share, and Same Store NOI growth to 2.25%.
Wholly owned acquisitions guidance increased to $800 million for 2025.
Core revenue growth guidance narrowed to 2%-3%; core expense growth guidance improved to 2%-3.5%.
Management expects continued demand for single-family rentals but notes sensitivity to macroeconomic factors.
Expect turnover to return closer to long-term average (~25%), but customer retention remains strong.
What drove Q3 Same Store controllable expense growth?
Markets with negative new lease growth & occupancy decline?
Capital allocation: growth vs. shareholder returns?
Which markets face most new lease supply pressure?
Is share repurchase attractive now?
Public vs. private market valuation disconnect?
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Next Invitation Homes earnings date
Q4 202512 Feb, 2026
Next Invitation Homes earnings date
Q4 202512 Feb, 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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