Invitation Homes Q2 2025 Earnings: EPS of $0.23 Beats Estimate, Revenue Hits $681 Million

Invitation Homes Inc (INVH) reported Q2 2025 earnings with EPS of $0.23, beating estimates, and revenue reaching $681 million, a 4.3% YoY increase. Net income available to common stockholders rose 92.7% YoY to $141 million, or $0.23 per diluted common share. Core FFO and AFFO per share increased 1.7% and 3.4% YoY, respectively. Same Store Net Operating Income grew 2.5% YoY, driven by a 2.4% increase in Same Store Core Revenues.

Invitation Homes Inc. (INVH) reported its second-quarter (Q2) 2025 earnings, which exceeded market expectations. The company's earnings per share (EPS) of $0.23 beat the Zacks Consensus Estimate of $0.23. Additionally, the company's total revenue reached $681 million, representing a 4.3% year-over-year (YoY) increase [1].

The company's net income available to common stockholders rose by 92.7% YoY to $141 million, or $0.23 per diluted common share. Core funds from operations (FFO) and adjusted funds from operations (AFFO) per share increased by 1.7% and 3.4% YoY, respectively. Same-store net operating income (NOI) grew by 2.5% YoY, driven by a 2.4% increase in same-store core revenues [1].

Invitation Homes' Q2 2025 in detail:
- The company's same-store core revenues grew by 2.4% YoY, while same-store core operating expenses increased by 2.2% YoY, resulting in a 2.5% YoY improvement in same-store NOI.
- The company witnessed yearly same-store renewal rent growth of 4.7% and a same-store new lease rent increase of 2.2%, resulting in a 4.0% YoY increase in same-store blended rent.
- Same-store average occupancy was 97.2%, down 40 basis points YoY.
- Invitation Homes' portfolio activity included the acquisition of 939 wholly owned homes for around $316 million and 101 homes in its joint ventures for around $34 million. The company also disposed of 295 wholly owned homes for gross proceeds amounting to around $111 million and 63 homes in its joint venture for gross proceeds of $30 million. Additionally, Invitation Homes launched its developer lending program by providing a $32.7 million loan to a homebuilder for developing a community consisting of 156 homes in Houston [1].

Invitation Homes' balance sheet as of June 30, 2025, showed total liquidity of $1.28 billion, including unrestricted cash and undrawn capacity on its revolving credit facility. Secured and unsecured debt aggregated $8.25 billion, with a net debt/TTM adjusted EBITDA ratio of 5.3X. S&P Global Ratings reaffirmed issuer and issue-level credit ratings for Invitation Homes at 'BBB' and upgraded its outlook to 'Positive' from 'Stable' [1].

Invitation Homes maintained its initial 2025 outlook, expecting core FFO per share between $1.88 and $1.94, with a midpoint of $1.91. The Zacks Consensus Estimate is pegged at $1.93, which lies within the guided range. The full-year guidance is based on the assumption of 1.75% to 3.25% growth in same-store revenues and a 2.75-4.25% increase in same-store expenses. Same-store NOI is projected to rise by 1.00% to 3.00% [1].

References:
[1] https://www.nasdaq.com/articles/invitation-homes-q2-ffo-and-revenues-beat-rents-improve-y-y