Invitation Homes (INVH) Q2 2025 earnings summary

Executive summary

• Q2 2025 net income rose 92.7% year-over-year to $141.4 million, with total revenues up 4.3% to $681.4 million, driven by higher average monthly rent and increased management fee revenues.

• 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.

• Average occupancy for the total portfolio was 95.6% in Q2 2025, with average monthly rent per occupied home increasing 2.3% year-over-year to $2,434.

• Leadership transition announced as Charles Young departs; COO Tim Lobner continues in his role, and Dallas Tanner reassumes President title.

• Management fee revenues increased 39.5% year-over-year, reflecting growth in third-party managed homes.

Financial highlights

• Q2 2025 Same Store Core Revenues grew 2.4% year-over-year; Core Operating Expenses rose 2.2%.

• Q2 2025 Core FFO per share was $0.48 (up 1.7% year-over-year); AFFO per share was $0.41 (up 3.4%).

• Adjusted EBITDAre for Q2 2025 was $390.9 million, up from $376.3 million in Q2 2024.

• Maintained robust liquidity of $1.3 billion in unrestricted cash and undrawn revolver capacity as of June 30, 2025.

• Net income per diluted share for Q2 2025 was $0.23, up from $0.12 in Q2 2024.

Outlook and guidance

• FY 2025 guidance unchanged: Core FFO per share $1.88–$1.94, AFFO per share $1.58–$1.64.

• Wholly owned acquisitions projected at $500–$700 million; dispositions at $400–$600 million.

• Full-year blended rent growth guidance remains in the mid-3% range.

• Expense guidance unchanged; awaiting further clarity on property taxes in Florida and Georgia.

• FY 2025 average occupancy expected between 96.2% and 96.8%.