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Invitation Homes reported stronger third-quarter results as demand for single-family rental homes across the U.S. remained firm. The company posted total revenue of USD 688.2 million, surpassing Wall Street's estimate of USD 675.1 million. Core funds from operations stood at USD 0.47 per share, meeting market expectations. The Dallas-based real estate investment trust also maintained its 2025 core FFO forecast between USD 1.90 and USD 1.94 per share. Renewal rents grew 4.5% for existing tenants, highlighting steady leasing activity across its portfolio of nearly 85,000 homes in 16 markets.
Invitation Homes, one of the largest owners and operators of single-family rental homes in the United States, reported third-quarter results that exceeded analyst expectations. The company recorded total revenue of USD 688.2 million for the quarter ending September 30, higher than Wall Street's forecast of USD 675.1 million. The stronger revenue performance was supported by consistent leasing demand and stable occupancy across its housing portfolio. Advertisement
The Dallas-headquartered real estate investment trust (REIT) leases around 85,000 homes in 16 major U.S. markets. It reported core funds from operations (FFO) of USD 0.47 per share for the quarter, which matched analysts estimates. The firm maintained its outlook for 2025, expecting core FFO in the range of USD 1.90 to USD 1.94 per share, with the midpoint aligning with market projections.
During the quarter, the company recorded same-store renewal rent growth of 4.5%, reflecting an increase in rental income from existing tenants renewing their leases. This trend indicates continued tenant retention and pricing strength despite moderating rent growth in other segments of the housing market.
Invitation Homes operational performance also reflected a focus on balancing rent growth with affordability. Occupancy across its same-store portfolio remained near 96.5%, slightly below last year's 97.1%. Property operating and maintenance expenses rose by around 6.9% to USD 259 million, driven by higher repair and maintenance costs.
The company continued to expand its footprint through selective acquisitions and disposals. During the third quarter, it acquired 749 homes for approximately USD 260 million and sold 316 properties for around USD 122 million. The firm stated that its disciplined capital allocation approach remains focused on markets with strong employment growth and housing demand.
Invitation Homes management noted that demand for single-family rentals remains healthy, supported by limited housing supply and elevated home prices, which keep many potential buyers in the rental market. The company has also been working to improve operational efficiency and resident satisfaction through technology-enabled maintenance and service tools.
In the previous year, the REIT had reported a 7% revenue growth during the same period, indicating that demand for detached rental housing has stayed consistent despite broader housing market adjustments.
Source Reuters
5th Jun, 2025
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