Invitation Homes(US:INVH)2025-11-17 18:00Strategic Themes & Growth - The company is committed to innovation, disciplined external growth, and exploring long-term opportunities to unlock value[14] - The company has experienced three distinct phases of growth since its founding and is in the early days of its third phase[16, 18] - The company has delivered superior NOI growth since its 2017 IPO, with cumulative same-store NOI growth of +60.7% compared to +36.7% for AMH, +19.4% for National Multifamily, and +50.0% for Invitation Homes[23] Customer Experience & Satisfaction - The company has a cumulative all-time Google/Yelp rating of 4.09/5.0 and an average of 4.74/5.0 stars on post-maintenance surveys[31] - The company's YTD same-store average resident tenure is ~40 months, with a 97.0% average occupancy rate and >78% average renewal rate[31] Financial Performance & Outlook - The company anticipates FY 2025 same-store property tax expense growth of ≤5.0%, the lowest rate since 2021[233] - The company expects centralization to achieve $0.01 to $0.02 in incremental AFFO growth by 2028[128] - The company projects $0.14 to $0.20 of incremental AFFO per share growth by 2028, on top of baseline growth[236] Portfolio & External Growth - The company expects to sell ~1,400 homes for $500 million at mid-4% caps in FY 2025[174] - The company's JV & 3PM platform is expected to generate ~$85 million in FY 2025E revenue[209]