Key Highlights

  • Diluted EPS of USD 0.27 rose from USD 0.22 and topped the USD 0.18 consensus estimate.
  • Revenue of USD 731.3 million grew 6.3% year over year but came in below the USD 742.6 million consensus estimate.
  • Core FFO per share increased 2.4% to USD 0.48; Same Store NOI grew 1.1% on 3.0% blended rent growth.
  • The board authorized a new USD 500 million buyback after nearly USD 1 billion of repurchases since December 2025.

Invitation Homes Inc. (NYSE:INVH) reported third-quarter 2026 diluted earnings per share of USD 0.27, up from USD 0.22 a year earlier and above a consensus estimate of USD 0.18. Total revenues rose 6.3% to USD 731.3 million from USD 688.2 million, yet fell short of a consensus estimate of USD 742.6 million. Net income available to common stockholders increased 15.6% to USD 157.8 million.

Core FFO per share reached USD 0.48 against USD 0.47 a year earlier, which the company attributed to a lower share count from repurchases and Same Store NOI growth. AFFO per share was flat at USD 0.38. Property operating and maintenance costs rose 2.0% to USD 264 million. Results included a non-cash net loss of USD 30.4 million tied to the dissolution of the Pathway joint ventures, which is excluded from Core FFO and AFFO.

Same Store Operations and Portfolio Moves

Across 76,687 same store homes, Core Revenues grew 1.6% and Core Operating Expenses grew 2.5%, producing the 1.1% rise in NOI. Average occupancy was 96.4%, down 10 basis points, and bad debt stood at 0.8% of gross rental revenue. Renewal rent growth was 4.3%, new lease rent growth was negative 0.2%, and turnover was 6.2%.

The company sold 658 wholly owned homes for about USD 318 million and acquired 216 for about USD 74 million, a net disposition of 442 homes with net proceeds near USD 245 million that funded buybacks. In September it consolidated 894 homes from Pathway Homes, which are now reported as wholly owned, bringing the wholly owned count to 85,961.

Guidance and Balance Sheet

CEO Dallas Tanner said the company raised the full-year Core FFO per share midpoint by USD 0.01 to USD 1.96, with the range at USD 1.94 to USD 1.98. Same Store NOI growth guidance moved to 1.2% at the midpoint, and wholly owned dispositions rose to a USD 950 million midpoint from USD 850 million. AFFO per share guidance held at USD 1.65 at the midpoint. Same Store operating expense growth guidance fell to 3.2% from 3.5%, assuming property taxes rise 3% to 4%.

Liquidity totaled USD 1,344 million and total debt was USD 8,810 million, 89.8% of it unsecured. Net debt to trailing adjusted EBITDAre was 5.5x, at the low end of a targeted range of 5.5x to 6.0x. A USD 500 million offering of 4.950% senior notes due February 2032 closed on July 8, with proceeds used to prepay part of the secured debt maturing in June 2027.

Data Points Behind the Next Report

Four readings frame the fourth quarter. Rent growth is first, with new lease growth at negative 0.2% against renewals at 4.3%. Occupancy is second, at 96.4% against 96.5% a year earlier. Buyback pace is third: 36,923,753 shares have been repurchased at an average of USD 26.78, and the new authorization adds USD 500 million. Leverage is fourth, at 5.5x against the range floor of that target. The earnings call is scheduled for October 29 at 11:00 a.m. Eastern Time.