A month has gone by since the last earnings report for Invitation Home (INVH). Shares have lost about 1.7% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Invitation Home due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Invitation Home before we dive into how investors and analysts have reacted as of late.
Invitation Homes' Q3 FFO In Line, Revenues Beat, Rents Improve Y/Y
Invitation Homes reported a third-quarter 2025 core FFO per share of 47 cents, meeting the Zacks Consensus Estimate. The reported figure remained unchanged from the prior year quarter.
The results reflected higher same-store NOI and same-store blended rent. However, lower occupancy marred the performance to an extent.
Total revenues of $688.2 million surpassed the Zacks Consensus Estimate of $679.3 million. The figure also improved 4.2% year over year.
Quarter in Detail
During the third quarter, Invitation Homes’ same-store core revenues grew 2.3%, and same-store core operating expenses increased 4.9% year over year. As a result, same-store NOI improved 1.1% year over year.
Invitation Homes witnessed yearly same-store renewal rent growth of 4.5% and a same-store new lease rent decrease of 0.6%, resulting in same-store blended rent growth of 3.0%.
Same-store average occupancy was 96.5%, down 60 basis points year over year.
Portfolio Activity
In the third quarter of 2025, the company acquired 526 wholly owned homes for around $179 million and 223 homes in its joint ventures for around $81 million.
During the same period, the company disposed of 292 wholly owned homes for gross proceeds amounting to around $112 million and 24 homes in its joint venture for gross proceeds of $10 million.
Balance Sheet
Invitation Homes exited the third quarter of 2025 with total liquidity of $1.91 billion, including unrestricted cash and undrawn capacity on its revolving credit facility.
Moreover, secured and unsecured debt aggregated $8.31 billion as of Sept. 30, 2025, and its Net Debt/TTM adjusted EBITDAre was 5.2X.
2025 Guidance
Invitation Homes raised its 2025 outlook.
It now expects core FFO per share between $1.90 and $1.94, with a midpoint of $1.92, up from the prior guided midpoint of $1.91.
The full-year guidance is based on the assumption of 2% to 3% growth in same-store revenues and a 2-3.5% increase in same-store expenses. Same-store NOI is projected to rise by 1.75% to 2.75%.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a upward trend in estimates revision.
VGM Scores
At this time, Invitation Home has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Invitation Home has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Invitation Home (INVH): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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