Invitation Homes (INVH) Company Report

Invitation Homes has delivered 60.7% cumulative Same Store NOI growth (2017-2024), outpacing peers.
The company projects $0.14–$0.20 incremental AFFO per share by 2028, anchored by its multi-channel strategy.
It maintains a fortress balance sheet with 5.2x Net Debt/TTM Adj. EBITDA, $1.9 billion liquidity, and no debt maturities until June 2027.
Growth channels include accretive acquisitions, homebuilder partnerships, a $1 billion construction lending book, and a 24,000-home JV/3PM platform (~$85 million FY 2025 revenue).

3 days ago

Presentation

Invitation Homes outlines growth strategy and capital returns at 2025 Investor Day

INVH

Share Buyback

New Projects/Investments

Invitation Homes outlined its strategic pillars—innovation, growth, and possibility—and expects to drive an additional $0.14–$0.20 of AFFO per share over its baseline run-rate through new operational and technology initiatives.
The board approved a $500 million stock repurchase program to demonstrate confidence in the company’s undervalued share price.
Leveraging its 110,000-unit platform, Invitation Homes will unlock $0.07–$0.10 of incremental AFFO per share via proprietary pricing algorithms, streamlined maintenance operations, and centralized services over the next three years.
The company’s technology transformation includes a proprietary online leasing platform and AI-enabled chatbots, resulting in a 35% reduction in time to decision, with 46% of inquiries handled after hours and 79% of applications completed without human intervention.
Invitation Homes is expanding its growth channels—acquiring 3,000 build-to-rent homes, launching a $1 billion BTR program, and growing its 24,000-home third-party management business with a new construction lending vertical.

3 days ago

Transcript

Invitation Homes outlines 2025 Investor Day strategic priorities

INVH

Share Buyback

New Projects/Investments

Invitation Homes targets 14–20¢ of incremental AFFO per share by 2028, driven by value-add services (4–5¢), process improvements (2–3¢), centralization (1–2¢), enhanced digital customer experience (2¢), growth in third-party management (2–4¢), and construction lending (3–4¢).
Expansion of growth channels: 525 scattered-site new-construction homes acquired in 2025 for $180 M at ~6% cap, a $1 B construction-lending platform targeting 8–10% yields, and a third-party management platform running 24 K homes with $85 M of run-rate revenue.
Operational efficiencies include call center consolidation that cut costs by ~$1 M, reduced call volumes by 22% despite 4% portfolio growth, and improved answer rates by 11% year-over-year.
Board authorized a $500 M stock repurchase program, leveraging reduced leverage and unencumbered balance sheet flexibility to enhance shareholder value.

3 days ago

Transcript

Invitation Homes outlines growth and efficiency targets at Investor Day 2025

INVH

Guidance Update

Share Buyback

New Projects/Investments

Invitation Homes plans to drive $0.14–$0.20 per share of incremental AFFO over baseline growth through automation, AI, centralized processes, third-party management, and lending initiatives by 2028.
The board authorized a $500 million share repurchase program to demonstrate confidence in long-term value and alignment with shareholders.
Focus on innovation: deploying AI-powered chatbots, smart home devices, lease automation, and a unified mobile app to enhance the resident experience and reduce costs.
Expanding external growth via third-party property management (targeting $0.02–$0.04 of AFFO) and a new construction lending business ($0.03–$0.04 of AFFO) over the next 18–36 months.
Disciplined portfolio optimization with a $7,500 average REVEX investment yielding 10–15% returns, and capital allocations across core (Dallas, Phoenix) and new markets (Nashville, Salt Lake).

3 days ago

Transcript

Invitation Homes outlines Investor Day 2025 strategy

INVH

Share Buyback

New Projects/Investments

Invitation Homes plans to drive an additional $0.14–$0.20 of AFFO by 2028 through innovation, disciplined growth, and “possibility” initiatives beyond baseline portfolio performance.
The company is centralizing operations and embedding AI-powered tools across the leasing, resident-services, and maintenance workflows to boost efficiency and satisfaction.
External growth will be fueled by diversified channels—new-home acquisitions, the ReVex renovation program (generating 10–15% ROI per home), third-party property management, and a construction-lending platform—expected to add $0.05–$0.08 of AFFO by 2028.
The board authorized a $500 million share repurchase program to underscore confidence in long-term value creation.

3 days ago

Transcript

Invitation Homes hosts Investor Day and outlines strategic growth plan

INVH

New Projects/Investments

Invitation Homes announced an Investor Day in New York City and via webcast on November 17, 2025, furnishing its presentation under Regulation FD.
Management detailed three strategic themes—Innovation, Growth, and Possibility—to drive long-term performance.
The company targets $0.14–$0.20 of incremental AFFO per share growth by 2028 through initiatives including value-add services, process optimization, field centralization, customer solutions, construction lending, and third-party management.
Invitation Homes highlighted a strong balance sheet, with 5.2x Net Debt/TTM Adjusted EBITDA, $1.9 billion of liquidity, and no debt maturities before June 2027.
External growth strategies include scaling the construction lending portfolio to $1 billion (driving $0.03–$0.04 AFFO per share) and expanding third-party management to deliver $0.02–$0.04 AFFO per share by 2028.

4 days ago

8-K

Invitation Homes reports Q3 2025 results

INVH

Earnings

Guidance Update

Share Buyback

Q3 same-store performance: renewal rent growth of 4.5%, blended lease growth of 3%, and average occupancy of 96.5%.
Q3 financials: Core FFO per share of $0.47, AFFO per share of $0.38; raised FY 2025 guidance to $1.92 Core FFO and $1.62 AFFO, with same-store NOI growth guidance now 2.25%.
Strong balance sheet: $1.9 billion available liquidity, net debt/EBITDA of 5.2x, over 83% of debt unsecured and 95% fixed or swapped to fixed rate.
Capital allocation: completed a $600 million unsecured bond at 4.95% due January 2033 and Board authorized a $500 million share repurchase program.
Expense drivers: property taxes increased 6.3% year-over-year; insurance expense declined 21.1% on a favorable premium adjustment.

Oct 30, 2025, 3:00 PM

Transcript

Invitation Homes reports Q3 2025 results

INVH

Earnings

Guidance Update

Share Buyback

Q3 same-store operations delivered 96.5% occupancy, 4.5% renewal rent growth, 3% blended rent growth, and 1.1% NOI growth.
Generated Core FFO of $0.47 per share and AFFO of $0.38 per share; raised full-year 2025 guidance to $1.92 Core FFO and $1.62 AFFO, and lifted same-store NOI growth midpoint to 2.25%.
Maintained a strong liquidity and capital structure with $1.9 billion available, 83% unsecured debt, and a 5.2x net debt/EBITDA ratio; issued $600 million of 4.95% notes due 2033 and authorized a $500 million share repurchase program.

Oct 30, 2025, 3:00 PM

Transcript

Invitation Homes reports Q3 2025 results

INVH

Earnings

Guidance Update

Share Buyback

Q3 same-store renewal rent growth 4.5% YoY; average occupancy 96.5%; blended rent growth 3%; same-store NOI growth 1.1%.
Q3 Core FFO/share $0.47; AFFO/share $0.38; property tax expense +6.3%; insurance expense -21.1% YoY.
Available liquidity $1.9 bn; ~83% unsecured debt; ~95% fixed-rate; net debt/EBITDA 5.2×; completed $600 mn bond issuance at 4.95%.
Board authorized $500 mn share repurchase program; capital deployment remains balanced across growth, debt reduction, and buybacks.
Raised full-year 2025 guidance: Core FFO midpoint to $1.92/share; AFFO to $1.62/share; same-store NOI growth to 2.25% midpoint.

Oct 30, 2025, 3:00 PM

Transcript

Invitation Homes reports strong Q3 2025 results

INVH

Earnings

Guidance Update

Share Buyback

Delivered $688.2 million in revenue and $137.2 million in net income for Q3 2025
Achieved 4.5% same-store renewal rent growth, 96.5% occupancy and extended average resident tenure to 41 months
Maintained $1.9 billion of liquidity and authorized a $500 million share repurchase program
Completed a $600 million unsecured notes offering at 4.95% coupon maturing January 2033

Oct 30, 2025, 3:01 AM

Morningstar

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