Invitation Homes (INVH) Q4 2025 earnings summary

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.