Invitation Homes(US:INVH) ZACKS·2026-02-19 15:36Core Insights - Invitation Homes Inc. (INVH) reported fourth-quarter 2025 core funds from operations (FFO) per share of 48 cents, meeting the Zacks Consensus Estimate and showing an increase from 47 cents a year ago [1][8] - Total revenues for the fourth quarter reached $685.3 million, exceeding the Zacks Consensus Estimate of $677.1 million and reflecting a 4% year-over-year improvement [2] - For the full year 2025, core FFO per share was $1.91, slightly below the Zacks Consensus Estimate of $1.92 but up 1.6% from the previous year, with total revenues growing 4.2% to $2.73 billion [2] Financial Performance - Same-store core revenues increased by 1.7% in the fourth quarter, while same-store core operating expenses rose by 4%, leading to a 0.7% improvement in same-store net operating income (NOI) [3] - Same-store renewal rent growth was 4.2%, but new lease rent decreased by 4.1%, resulting in a blended rent growth of 1.8% [3] - Average occupancy for same-store properties was 95.9%, down 90 basis points year-over-year [3] Portfolio Activity - In Q4 2025, the company acquired 368 wholly owned homes for approximately $123 million and 122 homes in joint ventures for around $41 million [4] - The company disposed of 315 wholly owned homes for gross proceeds of about $138 million and 13 homes in joint ventures for gross proceeds of $6 million during the same period [4] Strategic Acquisitions - In January 2026, Invitation Homes acquired Resibuilt Homes, a prominent build-to-rent developer in the Southeastern markets, for a contract price of $89 million, with potential additional payments of up to $7.5 million based on performance [5] Balance Sheet Overview - As of the end of Q4 2025, Invitation Homes had total liquidity of $1.74 billion, which includes unrestricted cash and undrawn capacity on its revolving credit facility [6] - The company's total secured and unsecured debt was $8.46 billion, with a Net Debt/TTM adjusted EBITDA ratio of 5.3X [6] 2026 Guidance - Invitation Homes provided initial guidance for 2026, expecting core FFO per share to be between $1.90 and $1.98, with a midpoint of $1.94, while the Zacks Consensus Estimate is at $1.99 [7][8] - The full-year guidance is based on an anticipated growth of 1.30% to 2.50% in same-store revenues and a 3-4% increase in same-store expenses, projecting same-store NOI to rise by 0.30% to 2% [9]