Invitation Homes' Q4 FFO Meets Estimates, Revenues Top, Rents Rise Y/Y

Invitation Homes Inc. INVH reported fourth-quarter 2025 core funds from operations (FFO) per share of 48 cents, meeting the Zacks Consensus Estimate. This compared favorably with the FFO per share of 47 cents a year ago.

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

Total revenues of $685.3 million surpassed the Zacks Consensus Estimate of $677.1 million. The figure also improved 4% year over year.

For full-year 2025, core FFO per share was $1.91, which fell short of the Zacks Consensus Estimate of $1.92 but exceeded the prior-year figure by 1.6%. Total revenues grew 4.2% to $2.73 billion.

Invitation Homes’ Fourth Quarter in Detail

During the fourth quarter, Invitation Homes’ same-store core revenues grew 1.7%, and same-store core operating expenses increased 4% year over year. As a result, same-store NOI improved 0.7% year over year.

Invitation Homes witnessed yearly same-store renewal rent growth of 4.2% and a same-store new lease rent decrease of 4.1%, resulting in same-store blended rent growth of 1.8%.

Same-store average occupancy was 95.9%, down 90 basis points year over year.

Invitation Homes’ Q4 Portfolio Activity

In the fourth quarter of 2025, the company acquired 368 wholly owned homes for around $123 million and 122 homes in its joint ventures for around $41 million.

During the same period, the company disposed of 315 wholly owned homes for gross proceeds amounting to around $138 million and 13 homes in its joint venture for gross proceeds of $6 million.

In January 2026, Invitation Homes acquired Resibuilt Homes, a leading build-to-rent developer in the high-growth Southeastern markets. The company acquired Resibuilt for a contract price of $89 million and up to $7.5 million in potential incentive-based earn-out payments linked to third-party fee-build performance.

INVH’s Balance Sheet

Invitation Homes exited the fourth quarter of 2025 with total liquidity of $1.74 billion, including unrestricted cash and undrawn capacity on its revolving credit facility.

Secured and unsecured debt aggregated $8.46 billion as of Dec. 31, 2025, and its Net Debt/TTM adjusted EBITDAre was 5.3X.

Invitation Homes’ 2026 Guidance

Invitation Homes provided its initial 2026 outlook.

It expects core FFO per share between $1.90 and $1.98, with a midpoint of $1.94. The Zacks Consensus Estimate for the same is pegged at $1.99, which lies above the guided range.

The full-year guidance is based on the assumption of 1.30% to 2.50% growth in same-store revenues and a 3-4% increase in same-store expenses. Same-store NOI is projected to rise 0.30% to 2%.

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 Surprise

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

Performance of Other Residential REITs

Mid-America Apartment Communities MAA reported fourth-quarter 2025 FFO per share of $2.23, which surpassed the Zacks Consensus Estimate of $2.22. The figure remained unchanged from the prior-year period.

Results reflected higher occupancy and same-store effective blended lease rate growth year over year. The same-store portfolio’s NOI and average effective rent per unit fell, undermining the performance.

UDR Inc. UDR reported fourth-quarter 2025 FFO as adjusted per share of 64 cents, meeting the Zacks Consensus Estimate. This also compared favorably with the prior-year quarter’s reported figure of 63 cents.

Results reflected year-over-year growth in same-store NOI, led by higher occupancy.

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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