Invitation Homes' Q3 FFO In Line, Revenues Beat, Rents Improve Y/Y

Core Insights - Invitation Homes Inc. reported third-quarter 2025 core funds from operations (FFO) per share of 47 cents, meeting the Zacks Consensus Estimate, with no change from the prior year quarter [1][8] - Total revenues reached $688.2 million, exceeding the Zacks Consensus Estimate of $679.3 million and reflecting a 4.2% year-over-year improvement [2][8] Financial Performance - Same-store core revenues increased by 2.3%, while same-store core operating expenses rose by 4.9% year over year, leading to a 1.1% improvement in same-store net operating income (NOI) [3] - Same-store renewal rent grew by 4.5%, but new lease rent decreased by 0.6%, resulting in a blended rent growth of 3.0% [3] - Average occupancy for same-store properties was 96.5%, down 60 basis points year over year [3] Portfolio Activity - In Q3 2025, the company acquired 526 wholly owned homes for approximately $179 million and 223 homes in joint ventures for around $81 million [4] - The company disposed of 292 wholly owned homes for gross proceeds of about $112 million and 24 homes in joint ventures for gross proceeds of $10 million [4] Balance Sheet - As of September 30, 2025, Invitation Homes had total liquidity of $1.91 billion, which includes unrestricted cash and undrawn capacity on its revolving credit facility [5] - Total secured and unsecured debt amounted to $8.31 billion, with a Net Debt/TTM adjusted EBITDAre ratio of 5.2X [5] 2025 Guidance - The company raised its 2025 core FFO per share guidance to a range of $1.90 to $1.94, with a midpoint of $1.92, up from the previous midpoint of $1.91 [6] - The full-year guidance is based on an expected 2% to 3% growth in same-store revenues and a 2% to 3.5% increase in same-store expenses, projecting same-store NOI to rise by 1.75% to 2.75% [6]