Key Highlights:

  • Total Revenues came in at USD 748 million, representing a 9.7% increase year over year driven by higher rental income.
  • Core FFO Guidance totaled USD 1.92 to USD 1.98 per share, raised by USD 0.01 at the midpoint to USD.
  • Core FFO per Share stood at USD 0.51, a 5% increase year over year reflecting net operating income growth.
  • Same Store NOI was reported at 1.5% growth year over year, resulting from 1.6% core revenue growth and 1.9% core.

Invitation Homes Inc. (NYSE:INVH) is scheduled to report third quarter results on Wednesday, Oct. 28, after the market close. Consensus estimates call for adjusted earnings per share of USD 0.18 on revenue of USD 742.55 million, against a market capitalization of USD 16.25 billion.

In the most recently reported quarter, Total Revenues came in at USD 748 million, representing a 9.7% increase year over year driven by higher rental income and the addition of the ResiBuilt business.

Average Occupancy and Other Business Trends

Average Occupancy came in at 97.1% for the same-store portfolio, which decreased 20 basis points year over year due to seasonal move-outs. Blended Rental Rate Growth totaled 2.7% during the second quarter, comprising 3.3% renewal growth and 1.1% new lease growth. July Operational Metrics stood at 3.4% preliminary blended rent growth and 96.5% occupancy, with renewal growth accelerating to 4.3% during the month. Wholly Owned Dispositions was reported at 657 homes sold for USD 309 million in gross proceeds, primarily to end-users at an average price of USD 450,000 per home.

What Management Guided

AFFO Guidance came in at USD 1.62 to USD 1.68 per share, with the midpoint increased to USD 1.65 for the full year. Disposition Guidance totaled USD 750 million to USD 950 million, increased by USD 300 million at the midpoint to USD 850 million to capitalize on private market home values.

Wholly Owned Acquisitions and Capital Position

Wholly Owned Acquisitions came in at 196 homes purchased for USD 74 million, all sourced from homebuilder partners. Share Repurchase Program totaled USD 100 million in stock bought back during the quarter, contributing to USD 600 million in total repurchases at an average price of USD 26.30 per share since December 2025. Bad Debt stood at 0.6% of gross rental revenue, which remained consistent with prior-year levels for the same-store portfolio. Turnover Rate was reported at 5.7%, improving 50 basis points year over year as average resident tenure stayed above 40 months. Controllable Operating Expenses came in at 1% decrease year over year for the same-store portfolio, reflecting effective cost management by field teams.

Construction Lending Commitments and Additional Detail

Construction Lending Commitments came in at USD 350 million, providing high-single-digit yields and the option to purchase communities upon completion. Total Available Liquidity totaled Over USD 1.5 billion, consisting of unrestricted cash and undrawn capacity on the revolving credit facility as of June 30, 2026. Senior Notes Issuance stood at USD 500 million at a 4.95% coupon issued in July 2026, with net proceeds used to prepay a portion of a USD 988 million secured debt obligation. Net Debt to Adjusted EBITDAre was reported at 5.4x at quarter end, positioned below the company's long-term target range of 5.5x to 6.0x. Fixed Expense Growth came in at 3.5% year over year for the same-store portfolio, driven by increases in property taxes and insurance.

Figures to Follow in the Release

Investors can watch third quarter results against the figures management has already put on record, including the following: Core FFO Guidance came in at USD 1.92 to USD 1.98 per share, raised by USD 0.01 at the midpoint to USD 1.95 to reflect year-to-date performance.