AFFO was $0.41 per share for the quarter and $0.84 year-to-date, also on track relative to full year guidance of $1.58 to $1.64 per share.
Blended rent growth was 4% in Q2, driven by 4.7% renewal rent growth and 2.2% growth in new leases.
Invitation Homes reported second quarter core FFO of $0.48 per share and year-to-date core FFO of $0.97 per share, tracking well against full year guidance of $1.88 to $1.94 per share.
July preliminary results showed same-store average occupancy at 96.6%, renewal lease rate growth at 5%, and new lease rate growth at 1.3%, with blended lease rate growth of 3.8%.
Liquidity remained robust with approximately $1.3 billion in unrestricted cash and undrawn revolving credit capacity.
Net debt to trailing 12-month adjusted EBITDA ratio was 5.3x, slightly below the target range of 5.5 to 6x.
Over 83% of debt is unsecured and nearly 88% is fixed rate or swapped to fixed rate, with a total swap book over $2 billion at a weighted average strike rate just over 3%.
Same-store core revenue grew 2.4% year-over-year, with core operating expenses rising 2.2%, resulting in 2.5% NOI growth.
Accident year combined ratio as adjusted was 88.4%, calendar year combined ratio improved by 320 basis points to 89.3%, and core operating ROE was 11.7%.
Adjusted pretax income increased 37% to $1.4 billion, with General Insurance gross premiums written up 4% to $10.1 billion.
AIG delivered adjusted after-tax income per diluted share of $1.81, a 56% increase year-over-year, with adjusted after-tax income of $1 billion, up 35%.
Capital returned to shareholders totaled $2 billion in the quarter, $4.5 billion year-to-date, with plans to repurchase $5-6 billion in 2025.
Catastrophe charges were $170 million (2.9 loss ratio points), with favorable prior year development of $128 million.
Financial strength ratings were upgraded by S&P Global to AA- and Moody's to A1, marking significant milestones.
General Insurance expense ratio improved by 50 basis points to 31%, with ongoing investments in cybersecurity and Gen AI absorbed within the business.
General Insurance underwriting income rose 46% year-over-year to $626 million, with net investment income increasing 9% to $955 million on an adjusted pretax basis.
Net premiums written increased 1% to $6.9 billion, driven by growth in Global Commercial and North America Commercial segments, offset by declines in Retail Property and Lexington Property.
Dafinchi