-Real estate investment trust Invitation Homes reported second-quarter revenue above Wall Street expectations on Wednesday, helped by high occupancy and renewal rates.
The largest U.S. landlord for single-family homes has long benefited from a persistent national housing shortage, which has helped keep occupancy rates high and gradually raise rents over time.
The company, which leases about 85,000 homes across 16 U.S. markets, reported revenue of $681 million for the quarter ended June 30, up about 4.3% from the prior year.
Analysts on average had expected the company to report revenue of $667.9 million, according to data compiled by LSEG.
The Dallas, Texas-based REIT reported second-quarter FFO per share of $0.48, in line with estimates.
Also, the company expects its core FFO for 2025 to be in the range of $1.88 to $1.94 per share, the midpoint of which is slightly below analysts’ expectations of $1.92 per share.
It reported same-store new lease rent growth of 2.2%, reflecting rental increases for new tenants.
Same-store renewal rents increased 4.7%, contributing to a blended rental growth rate of 4%, which combines new lease and renewal figures.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Mohammed Safi Shamsi)
Comments