Invitation Homes Inc. INVH reported first-quarter 2025 core funds from operations (FFO) per share of 48 cents, beating the Zacks Consensus Estimate of 47 cents. The reported figure compared favorably with the prior-year quarter’s 47 cents.

Results reflect higher same-store net operating income (NOI) and same-store blended rent. However, lower occupancy marred the performance to an extent.

Total revenues of $674.5 million surpassed the Zacks Consensus Estimate of $669.4 million. The figure also improved 4.4% year over year.

Invitation Homes’ First Quarter in Detail

During the first quarter, Invitation Homes’ same-store core revenues grew 2.5%, and same-store core operating expenses remained flat year over year. As a result, same-store NOI improved 3.7% year over year.

Invitation Homes witnessed yearly same-store renewal rent growth of 5.2% and a same-store new lease rent decline of 0.1%, resulting in same-store blended rent growth of 3.6%.

Same-store average occupancy was 97.2%, down 60 basis points year over year.

Invitation Homes’ Q1 Portfolio Activity

In the first quarter of 2025, the company acquired 577 wholly owned homes for around $194 million and 54 homes in its joint ventures for around $19 million.

During the same period, the company disposed of 454 wholly owned homes for gross proceeds amounting to around $173 million and 16 homes in its joint venture for gross proceeds of $6 million.

Invitation Homes’ Balance Sheet

Invitation Homes exited the first quarter of 2025 with total liquidity of $1.36 billion, including unrestricted cash and undrawn capacity on its revolving credit facility.

Moreover, secured and unsecured debt aggregated $8.18 billion as of March 31, 2025, and its Net Debt/TTM adjusted EBITDAre was 5.3X.

Following the quarter end, S&P Global Ratings reaffirmed issuer and issue-level credit ratings for Invitation Homes at ‘BBB’ and upgraded its outlook to ‘Positive’ from ‘Stable’.

Invitation Homes’ 2025 Guidance

Invitation Homes has maintained its initial 2025 outlook.

It expects core FFO per share between $1.88 and $1.94, with a midpoint of $1.91. The Zacks Consensus Estimate is pegged at $1.91, 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%.

INVH’s Zacks Rank

Invitation Homes currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Invitation Home Price, Consensus and EPS SurpriseInvitation Home Price, Consensus and EPS Surprise

Invitation Home price-consensus-eps-surprise-chart | Invitation Home Quote

Story Continues

Performance of Other Residential REITs

Essex Property Trust Inc. ESS reported a first-quarter 2025 core FFO per share of $3.97, beating the Zacks Consensus Estimate of $3.92. The figure also improved 3.7% from the year-ago quarter.

The quarterly results reflected favorable growth in same-property revenues and NOI. However, the same-property operating expenses partly acted as a dampener. (See the Zacks Earnings Calendar to stay ahead of market-making news.)

Equity Residential EQR reported a first-quarter 2025 normalized FFO per share of 95 cents, which outpaced the Zacks Consensus Estimate of 93 cents. The figure also improved 2.2% from the year-ago quarter.

EQR’s quarterly results reflected a rise in same-store revenues and physical occupancy on a year-over-year basis.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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