Invitation Homes is a leading owner and operator of single-family homes for lease, with a portfolio of approximately 85,000 homes across 16 core markets in the United States . The company focuses on providing high-quality homes in desirable neighborhoods, catering to Americans who prefer leasing over homeownership due to the flexibility and convenience it offers . Invitation Homes operates in markets with strong demand drivers and high barriers to entry, such as the Western United States, Florida, and the Southeast United States, characterized by high rent growth potential . The company employs a vertically integrated operating platform to efficiently acquire, renovate, lease, maintain, and manage homes, including those managed on behalf of joint ventures and third parties . Their business model heavily relies on leasing activities and property management services, integral to their revenue generation strategy, while also emphasizing their commitment to environmental, social, and governance (ESG) initiatives .
- Leasing Activities - Provides single-family homes for lease, focusing on high-quality residences in desirable neighborhoods to cater to individuals and families preferring rental flexibility .
- Property Management Services - Offers comprehensive asset and property management services, including resident support, maintenance, marketing, and administrative functions for owned homes and those managed on behalf of joint ventures and third parties .
- Joint Ventures Management - Manages a significant number of homes owned by unconsolidated joint ventures, providing full property management services to optimize asset performance .
- ESG Initiatives - Emphasizes environmental, social, and governance initiatives as part of strategic business objectives, critical to long-term success .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Dallas B. Tanner ExecutiveBoard | CEO and Board Member | Board Member of Roots Management; Member of HOPE Global Board of Advisors, Harvard Joint Center for Housing Studies Policy Advisory Board, Arizona State University Real Estate Advisory Board, and Real Estate Roundtable. | Founding member of INVH with over 20 years of real estate experience. Previously EVP and Chief Investment Officer. Key leader in the single-family rental industry. | View Report → |
Charles D. Young Executive | President and COO | Board Member of Floor and Décor (nominating and corporate governance committee); Stanford Board of Trustees (various committees). | Joined INVH in 2017 as EVP and COO. Promoted to President and COO in March 2023. Previously COO of Starwood Waypoint Homes. | |
Jonathan S. Olsen Executive | EVP, CFO, and Treasurer | None. | Joined INVH in 2012. Held various leadership roles, including EVP of Corporate Strategy & Finance. Appointed CFO in June 2023. | |
Kimberly K. Norrell Executive | EVP and Chief Accounting Officer | None. | Current EVP and Chief Accounting Officer. No additional details provided in the documents. | |
Mark A. Solls Executive | EVP, Chief Legal Officer, and Secretary | None. | Joined INVH in August 2015. Previously held senior legal roles at DentalOne Partners, Concentra Inc., and Wyndham International. | |
Frances Aldrich Sevilla-Sacasa Board | Director | Director at Callon Petroleum, Camden Property Trust, and Delaware Funds by Macquarie. | Director since May 2023. Former CEO of Banco Itaú International. Extensive experience in financial services, banking, and wealth management. | |
H. Wyman Howard III Board | Director | Board Member at Bridger Aerospace. | Director since October 2024. Retired Rear Admiral in the U.S. Navy with over 32 years of service. | |
Jana Cohen Barbe Board | Director | Director at The Boler Company; Senior Advisor to April Housing; Board Member of The Association; Life Director of Thresholds; Board Member of Kentucky Equine Adoption Center. | Director since November 2018. Former Senior Partner at Dentons. Recognized for leadership in real estate, diversity, and corporate social responsibility. | |
Janice L. Sears Board | Director | Director, Lead Independent Director, and Audit Chair at Sonder Holdings; Board Member at IQHQ. | Director since January 2017. Former Managing Director at Banc of America Securities. Extensive experience in commercial real estate and REITs. | |
Jeffrey E. Kelter Board | Director | Founding Partner at KSH Capital; Chairman of Bridger Aerospace. | Director since 2017. Founding Partner of KSH Capital with significant real estate investment experience. | |
John B. Rhea Board | Director | Partner at Centerview Partners; Director at State Street Corporation; Managing Partner of RHEAL Capital Management; Non-profit leadership roles at Wesleyan University, Red Cross Greater New York, and others. | Director since October 2015. Extensive experience in real estate development, capital markets, and public-private partnerships. | |
Joseph D. Margolis Board | Director | CEO of Extra Space Storage; Former Board Member of Extra Space Storage. | Director since May 2020. CEO of Extra Space Storage since 2017. | |
Keith D. Taylor Board | Director | CFO of Equinix, Inc.; Board Member at Yumpingo Ltd. and Frozen Logistics, LLC. | Director since May 2023. CFO of Equinix with extensive finance and leadership experience. | |
Michael D. Fascitelli Board | Chairperson of the Board | Owner and Principal of MDF Capital LLC; Co-founder and Managing Partner of Imperial Companies; Board Member of Vornado Realty Trust, Radius Global Infrastructure, Quadro Partners Inc., Rockefeller University, and ULI. | Chairperson of INVH since May 2021. Extensive real estate experience, including as CEO of Vornado Realty Trust. | |
Richard D. Bronson Board | Director | CEO of The Bronson Companies; Lead Director and Chair of Compensation Committee at Starwood Property Trust; Director at Starwood Real Estate Income Trust; Advisory Board Member at UCLA Neurosurgery Department. | Director since November 2017. Extensive real estate and governance expertise. Former President of New City Development and VP of International Council of Shopping Centers. |
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Given that you've slightly reduced the midpoint of your same-store revenue growth guidance and acknowledged a potential overreaction to this adjustment, can you elaborate on the factors causing this moderation and how you plan to mitigate potential weakness in specific markets?
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With property tax expense expected to grow 8% to 9.5% year-over-year, and significant exposure in Florida and Georgia, how confident are you in managing these costs, and what strategies are you implementing to address potential risks from higher assessments?
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You mentioned achieving a 6% or better yield on cost for your build-to-rent projects; considering rising construction costs and market dynamics, how sustainable is this yield, and what measures are you taking to ensure these returns are maintained over the next year?
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As your average resident stay exceeds 3 years and approaches 4 to 5 years in some markets, how do you balance the benefits of high occupancy and retention with the potential impact on rent growth due to reduced turnover?
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While the expansion of your third-party management business has contributed to earnings, leading to an increase in core FFO guidance, can you discuss the profitability of this segment relative to your core operations and how you plan to scale it without affecting overall margins?
Research analysts who have asked questions during Invitation Homes earnings calls.
Eric Wolfe
Citi
5 questions for INVH
Haendel St. Juste
Mizuho Financial Group
5 questions for INVH
Jesse Lederman
Zelman & Associates
5 questions for INVH
John Pawlowski
Green Street
5 questions for INVH
Juan Sanabria
BMO Capital Markets
5 questions for INVH
Julien Blouin
The Goldman Sachs Group, Inc.
5 questions for INVH
Michael Goldsmith
UBS
5 questions for INVH
Adam Kramer
Morgan Stanley
4 questions for INVH
Brad Heffern
RBC Capital Markets
4 questions for INVH
Jana Galan
Bank of America
4 questions for INVH
Steve Sakwa
Evercore ISI
4 questions for INVH
Austin Wurschmidt
KeyBanc Capital Markets Inc.
3 questions for INVH
Jason Sabshon
Keefe, Bruyette & Woods (KBW)
3 questions for INVH
Ami Probandt
UBS
2 questions for INVH
Anthony Paolone
JPMorgan Chase & Co.
2 questions for INVH
Daniel Tricarico
Scotiabank
2 questions for INVH
Jade Rahmani
Keefe, Bruyette & Woods
2 questions for INVH
James Feldman
Wells Fargo
2 questions for INVH
Jamie Feldman
Wells Fargo & Company
2 questions for INVH
Linda Tsai
Jefferies
2 questions for INVH
Nicholas Yulico
Scotiabank
2 questions for INVH
Richard Hightower
Barclays
2 questions for INVH
Cooper Clark
Wells Fargo
1 question for INVH
Derrick Metzler
Morgan Stanley
1 question for INVH
James Feldman
Wells Fargo & Company
1 question for INVH
Joshua Dennerlein
BofA Securities
1 question for INVH
Michael Gorman
BTG Pactual
1 question for INVH
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Invitation Homes Residential Portfolio | 2023 | Invitation Homes acquired nearly 1,900 single-family homes for approximately $650 million on July 18, 2023, with funding primarily from cash on hand and a $150 million draw on its credit facility. The homes, purchased at an average of $346,000 each (a discount to market value), are expected to generate a mid-5% yield in year one, enhancing scale and operational efficiencies across key Sun Belt markets. |
Starwood Waypoint Homes | 2017 | Invitation Homes executed a 100% stock-for-stock merger-of-equals with Starwood Waypoint Homes, where each SWH share converted into 1.614 Invitation Homes shares. This strategic merger combined their portfolios (totaling about 82,000 single-family homes) to become the largest in the U.S., with anticipated cost synergies of $45–50 million annually and an equity market cap around $11 billion. |
Recent press releases and 8-K filings for INVH.
- 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.
- Total assets of $18.78 billion and total liabilities of $9.12 billion as of September 30, 2025, resulting in stockholders’ equity of $9.66 billion.
- Investments in single-family residential properties, net were $17.36 billion at quarter-end.
- Q3 2025 total revenues of $688.17 million and total expenses of $597.21 million yielded net income of $137.21 million.
- Diluted net income per common share was $0.22, and dividends declared were $0.29 per share.
- Total revenues of $688 million (+4.2% YoY); net income available to common stockholders of $136 million (+43.5%) or $0.22 per diluted share; Core FFO per share of $0.47 (+0.4%) and AFFO per share of $0.38 (+0.1%)
- Same Store NOI up 1.1% YoY on 2.3% Core Revenues growth and 4.9% Core Operating Expenses growth; average occupancy of 96.5% and blended rent growth of 3.0% (renewals +4.5%, new leases −0.6%)
- Q3 acquisitions of 749 homes (
$260 million) and dispositions of 316 homes ($122 million) - Raised FY 2025 guidance midpoints: Core FFO to $1.92, AFFO to $1.62, Same Store NOI growth to 2.25%; authorized $500 million share repurchase program; closed $600 million 4.950% Senior Notes and dual listed on NYSE Texas
- Invitation Homes Operating Partnership LP priced $600 million aggregate principal of 4.950% Senior Notes due January 15, 2033, at 99.477% of par, yielding 5.036% to maturity.
- The notes are issued under the August 6, 2021 Indenture, as amended by the Eighth Supplemental Indenture dated August 15, 2025, and are fully and unconditionally guaranteed by Invitation Homes Inc., its GP and IH Merger Sub.
- The offering was led by BofA Securities, BMO Capital Markets and J.P. Morgan Securities as joint book-running managers and settled on August 15, 2025.
- The issuer may redeem the notes, in whole or in part, prior to November 15, 2032 at the greater of present value of remaining payments plus accrued interest or 100% of principal (plus accrued interest), and at 100% thereafter.
- CEO transition: Charles Young will step down after Q2 2025, with Tim Loebner remaining COO and Dallas Tanner reassuming President duties.
- Strong resident metrics: Average resident tenure reached 40 months and renewal rate approached 80% in Q2 2025, underscoring high resident satisfaction.
- Operational performance: Same-store core revenue grew 2.4% YoY, core operating expenses rose 2.2%, blended rent growth was 4% (renewals +4.7%, new leases +2.2%), and July occupancy was 96.6%.
- Financial & liquidity position: Q2 core FFO was $0.48/share (YTD $0.97), AFFO was $0.41/share (YTD $0.84), tracking to full-year guidance; liquidity stood at $1.3 billion, net debt/TTM EBITDA was 5.3×, with 83% unsecured and 88% fixed-rate or hedged debt.
- Portfolio growth: Acquired nearly 1,000 new homes in Q2 2025—primarily newly built—through builder partnerships, while pursuing capital recycling in select markets.
- Operational strength: Management reported robust performance through the first five months with occupancy in the low 97s and renewal rates in the mid to high 4% range, indicating a healthy business position.
- Market dynamics: Discussions included challenges in markets like Dallas, Tampa, and Phoenix and highlighted that rental affordability remains a significant competitive advantage.
- Growth strategies: The company emphasized strategic initiatives such as a developer lending program, aiming for a normalized run rate of 2,000+ new homes per year along with a focus on third-party management and targeted acquisitions.
- Data-driven pricing: Leveraging AI and extensive data from over 110,000 homes, the team is fine-tuning rental pricing and occupancy strategies to maximize market opportunities.
- The presentation highlights preliminary QTD 2025 same-store performance, with blended lease rate growth at 4.1%, renewal lease rate growth at 4.7%, new lease rate growth at 2.5%, and an average occupancy of 97.3%.
- The update emphasizes the company’s strategic approach, including value-add initiatives through homebuilder partnerships and a strong third-party management platform to support operational efficiency.
- Strong operating performance with an average occupancy of 97.2%, 3.6% blended rent growth, and 3.7% same-store NOI increase, underscoring resilient demand.
- Per share metrics improved with core FFO growing 3.5% YoY and AFFO rising 4% YoY, reflecting solid financial execution.
- Active asset management was evident as the company acquired 577 homes for approximately $194M while disposing of 454 homes and expanding its development pipeline.
- Robust balance sheet noted liquidity of nearly $1.4B, a net debt to EBITDA ratio of 5.3x, and a successful debt amendment on a $725M term loan that reduced borrowing cost by 40bps.
- Invitation Homes Inc.’s subsidiary, Invitation Homes Operating Partnership LP, executed a Second Amendment to its Term Loan Agreement, revising key terms effective April 28, 2025.
- The amendment terminates the lender status of First Financial Bank, Raymond James Bank, and Land Bank of Taiwan, New York Branch, with all related obligations repaid in full as of the effective date.
- Significant changes include a new maturity date for the loans, moving from June 22, 2029 to April 28, 2028, and adjustments to the applicable interest margins.