Invitation Homes, Inc. (INVH)

In the past six months, Invitation Homes reported strong Q1 2025 results with 3.7% same-store Net Operating Income (NOI) growth and reaffirmed their full-year 2025 guidance. The company partnered with homebuilders to acquire over 300 newly built single-family homes and launched a developer lending program with a $32.7 million loan for a 156-home community in Houston. Invitation Homes declared a quarterly cash dividend of $0.29 per share. Citi upgraded Invitation Homes' stock rating to "Buy" and raised its price target. The company participated in Citi's 30th Annual Global Property CEO Conference and Nareit's REITweek 2025 Investor Conference. Norges Bank disclosed acquiring a significant stake in Invitation Homes. As of June 20, 2025, the share price was $33.73, representing a decline of 5.91% from June 24, 2024, but a 2.03% increase over the past six months.

Invitation Homes experiences seasonal fluctuations in rental demand, with higher demand in the spring and summer and lower demand in the late fall and winter. Rental property searches typically begin in early January and peak from March to July, with the busiest moving season from May through September. The off-season months, especially December and January, often offer cheaper rental prices due to lower demand, and property managers may be more willing to negotiate. Invitation Homes' Q1 2025 earnings call indicated that their peak leasing season begins with new lease rate growth accelerating each month since December.

Invitation Homes Inc. (INVH) is a real estate investment trust (REIT) that specializes in acquiring, renovating, leasing, and managing single-family homes across the United States. Founded in 2012 and headquartered in Dallas, Texas, the company is traded on the New York Stock Exchange as an S&P 500 component. Invitation Homes generates income through leasing single-family homes, focusing on providing high-quality rental homes in desirable neighborhoods. The company utilizes a proprietary technology platform with advanced data analytics and machine learning algorithms to identify and acquire properties in high-demand markets. They offer services such as air filter delivery and utility management, and provide professional property and asset management services to other portfolio owners of single-family homes.

As of December 31, 2024, Invitation Homes wholly owned 85,138 homes for lease and jointly owned 7,622 homes, with an additional 17,678 homes under third-party property and asset management services. The company's portfolio is concentrated in 16 core markets across the United States, primarily in the Western U.S., Florida, and the Southeast. Key markets include Atlanta, Carolinas, Chicago, Dallas, Denver, Houston, Jacksonville, Miami, Orlando, Tampa, Las Vegas, Northern California, Phoenix, and Seattle. Approximately 70% of their portfolio is located in the Western U.S. and Florida, with California accounting for 17% of their rental income.

Invitation Homes' brand reputation has been negatively impacted by a settlement with the Federal Trade Commission (FTC) and a settlement in a California false claims act case. The FTC settlement involved accusations of deceiving renters about rental costs, charging undisclosed fees, failing to inspect homes, and unfairly withholding security deposits. The California lawsuit alleged that Invitation Homes renovated properties without necessary permits and inspections, potentially causing public health and safety risks. These events have raised concerns about transparency, property maintenance, and tenant relations.

Invitation Homes Inc. (INVH) has a significant institutional ownership base, with 1188 institutional owners and shareholders holding a total of 674,400,066 shares. Major institutional owners include Vanguard Group Inc., Cohen & Steers, Inc., BlackRock, Inc., State Street Corp, Norges Bank, Principal Financial Group Inc, Fmr Llc, APG Asset Management US Inc., Geode Capital Management, LLC, and Canada Pension Plan Investment Board. Information on major individual owners is not readily available.