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Key Takeaways Invitation Homes is expanding through builder purchases, new properties and construction financing.Invitation Homes' value-added services lifted other property income 9% year over year in Q2 2026.Invitation Homes sold 657 homes, repurchased $100M of stock and held $1.55B in liquidity in Q2 2026. Invitation Homes Inc. (INVH - Free Report) benefits from a scaled single-family rental portfolio in infill markets and multiple capital-light growth channels.

Builder partnerships and construction lending broaden its investment toolkit, while value-added services add incremental revenues. Share repurchases and asset sales support per-share returns, and liquidity remains ample.

INVH shares have rallied 9.3% over the past six months against the industry’s decline of 3.6%. Invitation Homes currently carries a Zacks Rank of 2 (Buy).

Image Source: Zacks Investment Research

Factors That Make Invitation Homes Stock a Solid PickInfill Markets & Capital-Light Growth Channels: Invitation Homes continues to target infill markets with high barriers to new housing supply while pursuing multiple avenues for growth. The company is expanding its growth through multiple channels, including buying homes from builders, developing new properties and providing construction financing. With a strong development pipeline and growing lending commitments, the company is creating additional opportunities for growth and fee-based income.

Technology Is Helping Revenues: Invitation Homes continues to invest in technology and process enhancements to improve the resident experience and support margins. The ProCare application and value-added services such as Smart Home, internet bundle and the HVAC filter program are helping lift other property income. In second-quarter 2026, value-added service income increased about 9% year over year.

Balance Sheet Remains Strong: Invitation Homes continues to recycle capital into accretive opportunities, selling 657 homes for about $309 million and repurchasing $100 million of stock in the second quarter of 2026. Liquidity stood at $1.55 billion, with net debt at 5.4X adjusted EBITDAre. In July, the company issued $500 million of 2032 notes to partially repay debt due in 2027, extending maturities and improving refinancing flexibility.

Dividend Support: Invitation Homes continues to pair dividend payments with per-share earnings growth and repurchases. Core FFO per share increased 5% year over year to 51 cents in second-quarter 2026. Management raised the midpoint of full-year 2026 core FFO guidance to $1.95. The quarterly dividend remains 30 cents per share, supporting coverage, while the company continues capital recycling.

Other Stocks to ConsiderSome other top-ranked stocks from the broader REIT sector are Four Corners Property Trust (FCPT - Free Report) and OUTFRONT Media (OUT - Free Report) , each carrying a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for FCPT’s 2026 FFO per share is pegged at $1.86, which indicates year-over-year growth of 4.5%.

The consensus estimate for OUT’s 2026 FFO per share has moved 3.4% upward over the past month to $2.32.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Jupiter Topco LLC bought a new stake in Invitation Home (NYSE:INVH – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 140,383 shares of the company’s stock, valued at approximately $4,243,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sequoia Financial Advisors LLC grew its position in Invitation Home by 2.4% during the 4th quarter. Sequoia Financial Advisors LLC now owns 20,257 shares of the company’s stock worth $563,000 after acquiring an additional 484 shares during the last quarter. LPL Financial LLC increased its stake in shares of Invitation Home by 0.7% in the fourth quarter. LPL Financial LLC now owns 73,676 shares of the company’s stock valued at $2,047,000 after buying an additional 503 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Invitation Home by 5.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 10,575 shares of the company’s stock valued at $294,000 after buying an additional 516 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Invitation Home by 21.6% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 3,171 shares of the company’s stock valued at $93,000 after buying an additional 564 shares during the last quarter. Finally, SCS Capital Management LLC raised its holdings in Invitation Home by 3.4% in the 4th quarter. SCS Capital Management LLC now owns 17,908 shares of the company’s stock valued at $498,000 after buying an additional 582 shares during the last quarter. Institutional investors own 96.79% of the company’s stock.

Wall Street Analyst Weigh In Several equities research analysts have recently weighed in on INVH shares. Raymond James Financial upgraded shares of Invitation Home from a “market perform” rating to an “outperform” rating and set a $32.00 price objective for the company in a research report on Monday, May 18th. JPMorgan Chase & Co. boosted their target price on shares of Invitation Home from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Tuesday, August 25th. Keefe, Bruyette & Woods upped their price target on shares of Invitation Home from $29.00 to $31.00 and gave the company a “market perform” rating in a research report on Wednesday, August 5th. Citigroup reiterated a “buy” rating on shares of Invitation Home in a report on Thursday, August 6th. Finally, BMO Capital Markets lifted their price objective on Invitation Home from $32.00 to $35.00 and gave the stock a “market perform” rating in a research report on Monday, June 15th. Ten investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $32.53.

View Our Latest Stock Report on Invitation Home Invitation Home Trading Down 0.1% Shares of Invitation Home stock opened at $29.12 on Wednesday. The company has a market capitalization of $17.20 billion, a P/E ratio of 26.72, a price-to-earnings-growth ratio of 4.16 and a beta of 0.83. The stock has a fifty day simple moving average of $29.98 and a 200 day simple moving average of $28.18. Invitation Home has a 12-month low of $24.25 and a 12-month high of $31.16. The company has a current ratio of 0.02, a quick ratio of 0.02 and a debt-to-equity ratio of 0.44.

Invitation Home (NYSE:INVH – Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.34. The company had revenue of $747.55 million for the quarter, compared to analysts’ expectations of $731.13 million. Invitation Home had a return on equity of 7.22% and a net margin of 23.13%.The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.48 EPS. Invitation Home has set its FY 2026 guidance at 1.920-1.980 EPS. On average, sell-side analysts anticipate that Invitation Home will post 1.89 earnings per share for the current fiscal year.

Invitation Home Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Thursday, June 25th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Thursday, June 25th. Invitation Home’s payout ratio is presently 110.09%.

Invitation Home Profile (Free Report)

Invitation Homes (NYSE: INVH) is a real estate investment trust that specializes in the ownership, operation and leasing of single-family rental homes across the United States. The company focuses on acquiring suburban and urban-adjacent single-family residences and managing them as rental properties for households seeking professionally managed, long-term housing alternatives to traditional homeownership or multifamily rentals.

Operationally, Invitation Homes is involved in the full lifecycle of the single-family rental business: sourcing and acquiring homes, performing renovations and ongoing maintenance, marketing and leasing properties, and providing property management and resident services.

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DALLAS--(BUSINESS WIRE)--Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” the “Company,” or “our”), the nation's premier single-family home leasing and management company, today announced the release of its 2025 Impact Report, Bringing Sustainability Home. The report highlights several reporting firsts throughout the Company's operations, including: HERS® ratings and ENERGY STAR® certifications across our new-build portfolio, with 49% of newly built homes acquired through 2025 carrying a.

It has been about a month since the last earnings report for Invitation Home (INVH - Free Report) . Shares have lost about 1.5% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Invitation Home due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

Invitation Homes Q2 FFO Beats on NOI Growth, Revenues Top, '26 View UpInvitation Homes reported second-quarter 2026 core FFO per share of 51 cents, beating the Zacks Consensus Estimate of 49 cents. The figure increased 5% from a year earlier.

The results benefited from NOI growth, higher lease rates, the ResiBuilt acquisition and $49.46 million of homebuilding revenues. Same-store NOI advanced 1.5%. The company raised its 2026 core FFO per share guidance.

Total revenues improved 9.7% year over year to $747.55 million and surpassed the consensus mark by 4.7%.

Invitation Homes' Broader Revenue Mix Supports GrowthRental revenues increased 1.8% year over year to $602.99 million, while other property income climbed 13.2% to $75.37 million. These gains offset an 11.5% decline in management fee revenues to $19.74 million.

Homebuilding activities added a new source of growth following the ResiBuilt acquisition in January 2026. However, the associated cost of sales totaled $42.22 million, indicating that the business contributed less to profitability than its top-line impact alone suggests.

Invitation Homes Posts Steady Same-Store GainsThe same-store portfolio comprised 77,326 homes, representing 90.4% of the total portfolio. Core revenues grew 1.6%, primarily driven by a 2% increase in the average monthly rent, partly offset by a 20-basis-point decline in average occupancy.

Average occupancy was 97.1%, while bad debt remained stable at 0.6% of gross rental revenues. The turnover rate improved to 5.7% from 6.2%, supporting leasing stability despite slower rent growth compared with the prior-year quarter.

Invitation Homes' New Lease Spreads Return to PositiveRenewal rent growth was 3.3%, down from 4.7% a year ago. New lease rent growth moderated to 1.1% from 2.1%, resulting in blended rent growth of 2.7% compared with 4% in the prior-year period.

Still, the new lease result marked a notable sequential improvement from the 3% decline recorded in the first quarter. Average monthly rent reached $2,480, up from $2,431 a year earlier and $2,471 in the preceding quarter.

Invitation Homes Accelerates Dispositions and BuybacksThe company sold 657 wholly owned homes for gross proceeds of approximately $309 million and acquired 196 homes for about $74 million. It generated roughly $234 million in net disposition proceeds, which supported share repurchases and debt reduction.

Invitation Homes repurchased nearly 3.5 million shares during the quarter for approximately $100 million. Since December 2025, the company has bought back 22.8 million shares for $600 million. It retained $400 million under its current repurchase authorization at quarter-end.

Invitation Homes Maintains Ample Financial FlexibilityInvitation Homes ended June with $1.55 billion of available liquidity. Total indebtedness was $8.59 billion, of which 83.8% was unsecured, and 92.4% was fixed-rate or swapped to fixed-rate debt. Net debt to trailing 12-month adjusted EBITDAre was 5.4X, below the targeted range of 5.5X-6X.

Subsequent to quarter-end, the company completed a $500 million offering of 4.95% senior notes due in 2032. The proceeds were used to reduce a secured debt obligation maturing in June 2027, extending the weighted average debt maturity and reducing secured borrowings.

Invitation Homes Raises Its 2026 OutlookInvitation Homes raised its full-year 2026 core FFO guidance to $1.92-$1.98 per share, lifting the midpoint by a penny to $1.95.

The company narrowed its same-store core revenue growth outlook to 1.5%-2.3%, and its NOI growth range to 0.4%-1.9%, leaving both midpoints unchanged. It raised its wholly owned disposition target to $750-$950 million from a prior midpoint of $550 million, reflecting favorable private-market valuations.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month.

VGM ScoresAt this time, Invitation Home has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Invitation Home has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

watch now

The CEO of Invitation Homes, the nation's largest single-family rental landlord, said he believes the recently passed housing bill that bans investors like him from buying existing homes will eventually lower home prices, but not in the short-term.

"I believe in the medium- to long-term, it definitely will," said Invitation Homes chief executive Dallas Tanner. "I think 90% of the bill focuses on deregulation. How do we simplify capital coming into housing? Are there ways that we can spur up the supply side challenges that we have? I think overnight in the immediate term, it's a bit trickier because there's more to the story than just what the bill addresses."

Tanner pointed to mortgage rate volatility, high construction costs, and zoning and regulatory imbalances.

In early January, President Donald Trump called for a ban on large-scale investors buying single-family homes to rent. He posted on social media that, "People live in homes, not corporations." This was part of a larger push to tackle the affordability crisis in housing. Some argued that institutional investors were pushing owner-occupants out of the market and inflating home prices.

The ban became law in July, preventing investors who own more than 350 homes from purchasing any more existing units. They can, however, buy new single-family homes specifically built for rent. That is where Invitation Homes is leaning in.

"Our focus as an industry and as a company has been, how do we create new supply and bring that into the housing system today? We built or acquired, in our partnerships with builders, over 6,000 new homes in the last five years," said Tanner.

In January, just weeks after Trump's post, Invitation Homes purchase a homebuilder, ResiBuilt. It has also purchased homes from large public builders like Pulte Homes and Lennar to use as rentals.

"We found through trial and error ... that this new product, this beta product, the product that we do amongst these master planned developments — it works really, really well for our families. And so we were indexing on that, and that is part of our growth strategy," said Tanner, adding that the company has been selling off hundreds of its older rental properties.

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The largest investors, those owning more than 1,000 homes, represent less than 3% of the single-family rental market, according to various sources. They do, however, have an outsized footprint in certain metropolitan markets, like Atlanta (representing 25% of single-family homes there), Jacksonville (21%) and Charlotte (18%), according to the Urban institute.

Invitation Homes reported better-than-expected earnings at the end of July, even though rents and demand are not as healthy as they were in the first few years of the pandemic.

"We've seen sort of fundamentals reset. We talked about it on our last earnings call. We're starting to see actual pretty positive green shoots in several of our markets," said Tanner. "But we're really focused on — how do we navigate this and what does this mean?"

Invitation Homes remains undervalued, trading at 15.5x forward P/FFO with a 4% dividend yield. INVH benefits from high occupancy (97%), strong tenant retention, and regulatory tailwinds favoring its build-to-rent ResiBuilt platform. Recent legislative changes restrict institutional home purchases but carve out build-to-rent, giving INVH a strategic runway for growth.

Invitation Homes Inc. (INVH) Q2 2026 Earnings Call Transcript

Invitation Homes Inc (INVH) released its 8-K filing on July 29, 2026, announcing its financial and operating results for the second quarter of 2026. The company

For the quarter ended June 2026, Invitation Home (INVH - Free Report) reported revenue of $747.55 million, up 9.7% over the same period last year. EPS came in at $0.51, compared to $0.23 in the year-ago quarter.

The reported revenue represents a surprise of +4.66% over the Zacks Consensus Estimate of $714.3 million. With the consensus EPS estimate being $0.49, the EPS surprise was +4.08%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Invitation Home performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Homes Owned and/or Managed - Wholly owned homes: 85,509 compared to the 85,977 average estimate based on three analysts.Same Store Average Occupancy: 97.1% versus 96.5% estimated by three analysts on average.Same Store Total / Average - Number of Homes: 77,326 compared to the 80,818 average estimate based on three analysts.Revenues- Management fee revenues: $19.74 million versus the four-analyst average estimate of $19.82 million. The reported number represents a year-over-year change of -11.5%.Revenues- Rental revenues: $602.99 million compared to the $669.3 million average estimate based on four analysts. The reported number represents a change of +1.8% year over year.Net Earnings Per Share (Diluted): $0.37 versus $0.19 estimated by four analysts on average.View all Key Company Metrics for Invitation Home here>>>

Shares of Invitation Home have returned -0.5% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Invitation Home (INVH - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.

As such, the Zacks rating upgrade for Invitation Home is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Invitation Home imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Invitation HomeThis real estate investment trust focused on single-family rentals is expected to earn $1.95 per share for the fiscal year ending December 2026, which represents no year-over-year change.

Analysts have been steadily raising their estimates for Invitation Home. Over the past three months, the Zacks Consensus Estimate for the company has increased 0.3%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Invitation Home to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Posted by Defense World Staff on Jul 27th, 2026

Entropy Technologies LP decreased its stake in shares of Invitation Home (NYSE:INVH – Free Report) by 55.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 78,785 shares of the company’s stock after selling 96,372 shares during the period. Entropy Technologies LP’s holdings in Invitation Home were worth $1,958,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Invitation Home during the fourth quarter worth about $1,438,952,000. UBS Group AG grew its holdings in shares of Invitation Home by 101.4% during the third quarter. UBS Group AG now owns 4,976,669 shares of the company’s stock worth $145,966,000 after purchasing an additional 2,505,909 shares in the last quarter. Amundi increased its position in shares of Invitation Home by 169.0% in the third quarter. Amundi now owns 3,296,876 shares of the company’s stock worth $93,038,000 after purchasing an additional 2,071,407 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Invitation Home by 79.6% in the fourth quarter. BNP Paribas Financial Markets now owns 4,524,553 shares of the company’s stock worth $125,737,000 after purchasing an additional 2,004,728 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Invitation Home by 53.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,377,502 shares of the company’s stock valued at $149,441,000 after purchasing an additional 1,884,188 shares in the last quarter. Institutional investors own 96.79% of the company’s stock.

Invitation Home Price Performance Shares of INVH stock opened at $29.77 on Monday. The firm has a market cap of $17.68 billion, a P/E ratio of 31.33, a P/E/G ratio of 3.49 and a beta of 0.84. Invitation Home has a fifty-two week low of $24.25 and a fifty-two week high of $32.27. The business’s 50 day moving average price is $29.55 and its 200-day moving average price is $27.58. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.02 and a current ratio of 0.02.

Invitation Home (NYSE:INVH – Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08. Invitation Home had a return on equity of 6.29% and a net margin of 20.88%.The company had revenue of $579.00 million during the quarter, compared to the consensus estimate of $689.91 million. During the same quarter in the prior year, the company earned $0.48 earnings per share. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. Invitation Home has set its FY 2026 guidance at 1.900-1.980 EPS. On average, equities research analysts anticipate that Invitation Home will post 1.89 earnings per share for the current year.

Invitation Home Announces Dividend The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Thursday, June 25th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Thursday, June 25th. Invitation Home’s dividend payout ratio is presently 126.32%.

Analysts Set New Price Targets Several analysts have recently weighed in on INVH shares. Mizuho raised their price objective on shares of Invitation Home from $26.00 to $31.00 and gave the company a “neutral” rating in a research report on Wednesday, June 17th. Raymond James Financial upgraded shares of Invitation Home from a “market perform” rating to an “outperform” rating and set a $32.00 target price for the company in a research report on Monday, May 18th. Wall Street Zen raised Invitation Home from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Keefe, Bruyette & Woods raised their price target on Invitation Home from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Monday, May 4th. Finally, Royal Bank Of Canada lifted their price target on Invitation Home from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. Ten research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $32.47.

View Our Latest Analysis on INVH

Invitation Home Profile (Free Report)

Invitation Homes (NYSE: INVH) is a real estate investment trust that specializes in the ownership, operation and leasing of single-family rental homes across the United States. The company focuses on acquiring suburban and urban-adjacent single-family residences and managing them as rental properties for households seeking professionally managed, long-term housing alternatives to traditional homeownership or multifamily rentals.

Operationally, Invitation Homes is involved in the full lifecycle of the single-family rental business: sourcing and acquiring homes, performing renovations and ongoing maintenance, marketing and leasing properties, and providing property management and resident services.

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Posted by Defense World Staff on Jul 23rd, 2026

Andra AP fonden lowered its holdings in shares of Invitation Home (NYSE:INVH – Free Report) by 31.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 170,472 shares of the company’s stock after selling 77,228 shares during the period. Andra AP fonden’s holdings in Invitation Home were worth $4,236,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of INVH. AQR Capital Management LLC boosted its position in shares of Invitation Home by 67.4% during the 1st quarter. AQR Capital Management LLC now owns 74,426 shares of the company’s stock valued at $2,589,000 after acquiring an additional 29,962 shares in the last quarter. Empowered Funds LLC raised its position in Invitation Home by 10.7% in the first quarter. Empowered Funds LLC now owns 13,324 shares of the company’s stock worth $464,000 after purchasing an additional 1,290 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Invitation Home in the second quarter worth about $287,000. Cetera Investment Advisers lifted its stake in Invitation Home by 8.5% during the second quarter. Cetera Investment Advisers now owns 19,412 shares of the company’s stock worth $637,000 after purchasing an additional 1,528 shares during the period. Finally, Cresset Asset Management LLC lifted its stake in Invitation Home by 5.5% during the second quarter. Cresset Asset Management LLC now owns 15,646 shares of the company’s stock worth $515,000 after purchasing an additional 809 shares during the period. Institutional investors own 96.79% of the company’s stock.

Invitation Home Price Performance Shares of INVH opened at $29.53 on Thursday. The company has a quick ratio of 0.02, a current ratio of 0.02 and a debt-to-equity ratio of 0.50. Invitation Home has a twelve month low of $24.25 and a twelve month high of $32.67. The stock has a market capitalization of $17.54 billion, a P/E ratio of 31.08, a P/E/G ratio of 3.50 and a beta of 0.84. The company has a 50 day moving average of $29.49 and a 200-day moving average of $27.55.

Invitation Home (NYSE:INVH – Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.18 by $0.08. The company had revenue of $579.00 million during the quarter, compared to the consensus estimate of $689.91 million. Invitation Home had a return on equity of 6.29% and a net margin of 20.88%.The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.48 EPS. Invitation Home has set its FY 2026 guidance at 1.900-1.980 EPS. As a group, equities research analysts forecast that Invitation Home will post 1.89 EPS for the current fiscal year.

Invitation Home Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Thursday, June 25th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Thursday, June 25th. Invitation Home’s dividend payout ratio is presently 126.32%.

Analyst Upgrades and Downgrades Several equities research analysts have recently weighed in on INVH shares. BMO Capital Markets upped their price objective on Invitation Home from $32.00 to $35.00 and gave the company a “market perform” rating in a research note on Monday, June 15th. Royal Bank Of Canada boosted their price target on Invitation Home from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Barclays upped their price target on Invitation Home from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Raymond James Financial raised Invitation Home from a “market perform” rating to an “outperform” rating and set a $32.00 price objective for the company in a report on Monday, May 18th. Finally, Evercore restated an “outperform” rating and issued a $32.00 target price on shares of Invitation Home in a research note on Friday, May 1st. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Invitation Home currently has an average rating of “Hold” and an average price target of $32.47.

Check Out Our Latest Stock Analysis on INVH

Invitation Home Company Profile (Free Report)

Invitation Homes (NYSE: INVH) is a real estate investment trust that specializes in the ownership, operation and leasing of single-family rental homes across the United States. The company focuses on acquiring suburban and urban-adjacent single-family residences and managing them as rental properties for households seeking professionally managed, long-term housing alternatives to traditional homeownership or multifamily rentals.

Operationally, Invitation Homes is involved in the full lifecycle of the single-family rental business: sourcing and acquiring homes, performing renovations and ongoing maintenance, marketing and leasing properties, and providing property management and resident services.

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Posted by Defense World Staff on Jul 22nd, 2026

California Public Employees Retirement System lessened its stake in shares of Invitation Home (NYSE:INVH – Free Report) by 10.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,406,108 shares of the company’s stock after selling 155,586 shares during the period. California Public Employees Retirement System owned 0.24% of Invitation Home worth $34,942,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL increased its stake in shares of Invitation Home by 570.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 130,998 shares of the company’s stock valued at $3,842,000 after purchasing an additional 111,461 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Invitation Home by 3.2% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,413,502 shares of the company’s stock worth $67,071,000 after buying an additional 74,029 shares during the period. SG Americas Securities LLC lifted its holdings in Invitation Home by 535.7% during the 4th quarter. SG Americas Securities LLC now owns 1,204,463 shares of the company’s stock worth $33,472,000 after buying an additional 1,014,984 shares during the period. Oak Thistle LLC grew its position in shares of Invitation Home by 1,538.3% in the 4th quarter. Oak Thistle LLC now owns 130,210 shares of the company’s stock valued at $3,619,000 after buying an additional 122,262 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Invitation Home in the 4th quarter valued at about $1,756,000. 96.79% of the stock is owned by institutional investors and hedge funds.

Invitation Home Price Performance Shares of INVH opened at $29.83 on Wednesday. The firm has a market cap of $17.72 billion, a PE ratio of 31.40, a price-to-earnings-growth ratio of 3.53 and a beta of 0.84. Invitation Home has a 52-week low of $24.25 and a 52-week high of $32.67. The business’s 50 day moving average price is $29.47 and its two-hundred day moving average price is $27.54. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.02 and a current ratio of 0.02.

Invitation Home (NYSE:INVH – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.18 by $0.08. The company had revenue of $579.00 million during the quarter, compared to the consensus estimate of $689.91 million. Invitation Home had a net margin of 20.88% and a return on equity of 6.29%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. Invitation Home has set its FY 2026 guidance at 1.900-1.980 EPS. On average, equities analysts anticipate that Invitation Home will post 1.89 EPS for the current year.

Invitation Home Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Thursday, June 25th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Thursday, June 25th. Invitation Home’s dividend payout ratio (DPR) is 126.32%.

Analyst Upgrades and Downgrades Several research analysts have issued reports on the stock. Jefferies Financial Group upgraded shares of Invitation Home to a “hold” rating in a research report on Friday, June 26th. Scotiabank increased their price objective on shares of Invitation Home from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Thursday, June 18th. Cfra downgraded shares of Invitation Home from a “hold” rating to a “sell” rating and lowered their target price for the stock from $29.00 to $27.00 in a research note on Wednesday, May 27th. Raymond James Financial upgraded shares of Invitation Home from a “market perform” rating to an “outperform” rating and set a $32.00 target price on the stock in a report on Monday, May 18th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Invitation Home from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Invitation Home presently has an average rating of “Hold” and a consensus price target of $32.47.

Check Out Our Latest Stock Report on Invitation Home

Invitation Home Company Profile (Free Report)

Invitation Homes (NYSE: INVH) is a real estate investment trust that specializes in the ownership, operation and leasing of single-family rental homes across the United States. The company focuses on acquiring suburban and urban-adjacent single-family residences and managing them as rental properties for households seeking professionally managed, long-term housing alternatives to traditional homeownership or multifamily rentals.

Operationally, Invitation Homes is involved in the full lifecycle of the single-family rental business: sourcing and acquiring homes, performing renovations and ongoing maintenance, marketing and leasing properties, and providing property management and resident services.

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DALLAS--(BUSINESS WIRE)--Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” the “Company,” or “our”) announced today that its operating partnership, Invitation Homes Operating Partnership LP (the “Operating Partnership”), has priced a public offering of $500 million aggregate principal amount of 4.950% Senior Notes due 2032 (the “Notes”). The Notes were priced at 99.291% of the principal amount and will mature on February 1, 2032. The offering is expected to close on July 8, 2026, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed, jointly and severally, by the Company, Invitation Homes OP GP LLC, and IH Merger Sub, LLC.

The Operating Partnership intends to use the net proceeds from the offering for general corporate purposes, which may include the repayment of indebtedness.

Wells Fargo Securities, KeyBanc Capital Markets, Mizuho, US Bancorp, BofA Securities, Capital One Securities, Deutsche Bank Securities, J.P. Morgan Securities LLC, PNC Capital Markets LLC and Truist Securities are acting as the joint book-running managers of the offering. BMO Capital Markets, M&T Securities, BNP PARIBAS, Goldman Sachs & Co. LLC, Morgan Stanley, RBC Capital Markets, Regions Securities LLC, Ramirez & Co., Inc., BNY Capital Markets, Citigroup, Huntington Capital Markets, Scotiabank and Zelman Partners LLC are acting as the co-managers of the offering.

The offering is being made pursuant to an effective shelf registration statement filed by the Company, the Operating Partnership, Invitation Homes OP GP LLC, and IH Merger Sub, LLC with the Securities and Exchange Commission (the “SEC”). A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. When available, a copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from: Wells Fargo Securities, LLC, toll-free: 1-800-645-3751; KeyBanc Capital Markets Inc., toll-free: 1-866-277-6479; Mizuho Securities USA LLC, toll-free: 1-866-271-7403; and U.S. Bancorp Investments, Inc., toll-free: 1-877-558-2607; or by visiting the EDGAR database on the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Invitation Homes

Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which include, but are not limited to, statements related to the Company’s expectations regarding the performance of the Company’s business, its financial results, its liquidity and capital resources and the use of the net proceeds from the offering, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and the Company’s business model, macroeconomic factors beyond the Company’s control, federal, state, and local laws, regulations, executive actions, and policy initiatives, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association fees and insurance costs, poor resident selection and defaults and non-renewals by the Company’s residents, the Company’s dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company’s information technology systems, development and use of artificial intelligence, risks related to the Company’s indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”), as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at https://www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release, in the Annual Report, and in the Company’s other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

More News From Invitation Homes Inc.

Posted by Defense World Staff on Apr 23rd, 2026

Cwm LLC raised its stake in Invitation Home (NYSE:INVH – Free Report) by 40.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 159,413 shares of the company’s stock after purchasing an additional 45,749 shares during the quarter. Cwm LLC’s holdings in Invitation Home were worth $4,430,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of INVH. Hantz Financial Services Inc. raised its holdings in shares of Invitation Home by 1,695.2% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,131 shares of the company’s stock valued at $33,000 after buying an additional 1,068 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Invitation Home by 59.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock worth $36,000 after acquiring an additional 466 shares during the period. Cromwell Holdings LLC grew its position in Invitation Home by 2,463.5% in the fourth quarter. Cromwell Holdings LLC now owns 1,333 shares of the company’s stock valued at $37,000 after acquiring an additional 1,281 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in Invitation Home by 136,000.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,361 shares of the company’s stock valued at $40,000 after acquiring an additional 1,360 shares in the last quarter. Finally, Mather Group LLC. purchased a new stake in shares of Invitation Home during the third quarter valued at approximately $42,000. Institutional investors and hedge funds own 96.79% of the company’s stock.

Invitation Home Stock Performance Invitation Home stock opened at $26.67 on Thursday. Invitation Home has a 52 week low of $24.25 and a 52 week high of $35.80. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 0.44. The stock has a market cap of $15.98 billion, a P/E ratio of 27.78, a price-to-earnings-growth ratio of 3.87 and a beta of 0.82. The stock has a 50 day moving average of $25.81 and a 200-day moving average of $26.95.

Invitation Home (NYSE:INVH – Get Free Report) last issued its quarterly earnings results on Wednesday, February 18th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.21). The company had revenue of $685.25 million during the quarter, compared to the consensus estimate of $683.00 million. Invitation Home had a return on equity of 6.24% and a net margin of 21.53%.The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 EPS. Invitation Home has set its FY 2026 guidance at 1.900-1.980 EPS. On average, analysts expect that Invitation Home will post 1.88 EPS for the current fiscal year.

Invitation Home Announces Dividend The business also recently announced a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Thursday, March 26th were given a $0.30 dividend. The ex-dividend date of this dividend was Thursday, March 26th. This represents a $1.20 annualized dividend and a dividend yield of 4.5%. Invitation Home’s payout ratio is presently 125.00%.

Analyst Ratings Changes A number of research analysts have recently commented on INVH shares. Mizuho reduced their target price on shares of Invitation Home from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, March 13th. Barclays dropped their price target on shares of Invitation Home from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday, March 6th. Wall Street Zen lowered shares of Invitation Home from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Raymond James Financial reissued a “market perform” rating on shares of Invitation Home in a research report on Friday, February 27th. Finally, Keefe, Bruyette & Woods lowered their target price on Invitation Home from $31.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, February 25th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $32.88.

Check Out Our Latest Report on INVH

Invitation Home Profile (Free Report)

Invitation Homes (NYSE: INVH) is a real estate investment trust that specializes in the ownership, operation and leasing of single-family rental homes across the United States. The company focuses on acquiring suburban and urban-adjacent single-family residences and managing them as rental properties for households seeking professionally managed, long-term housing alternatives to traditional homeownership or multifamily rentals.

Operationally, Invitation Homes is involved in the full lifecycle of the single-family rental business: sourcing and acquiring homes, performing renovations and ongoing maintenance, marketing and leasing properties, and providing property management and resident services.

Further Reading Five stocks we like better than Invitation Home Want to see what other hedge funds are holding INVH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Invitation Home (NYSE:INVH – Free Report).

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DALLAS--(BUSINESS WIRE)--Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our First Quarter (“Q1”) 2026 financial and operating results.

Q1 2026 Highlights

Year over year, total revenues increased 8.8% to $734 million, property operating and maintenance costs increased 5.8% to $251 million, and net income available to common stockholders decreased 3.5% to $160 million, or $0.26 per diluted common share. Core FFO per share remained generally flat at $0.48, while AFFO per share declined 2.6% to $0.41, consistent with expectations and primarily timing related. Same Store NOI decreased 0.3% year over year, reflecting 1.6% Same Store Core Revenues growth and 5.7% Same Store Core Operating Expenses growth; these results were impacted by the expected moderation in Same Store Average Occupancy from 97.2% to 96.3% year over year and timing of expenses. Same Store renewal rent growth of 3.7% and Same Store new lease rent growth of (3.0)% resulted in Same Store blended rent growth of 1.6%; looking ahead, preliminary April Same Store blended rent growth is approximately 2.3%, including a return to positive new lease rent growth for the month. We were a net seller of 222 wholly owned homes — many to families purchasing for their own use — generating net proceeds of approximately $116 million. Wholly owned dispositions are tracking well ahead of expectations, totaling $206 million, with an average sales price of approximately $427,000 per home. We acquired 17,101,046 shares of our common stock for approximately $439 million under our share repurchase program. Together with repurchases completed in the fourth quarter of 2025, we repurchased a total of 19,333,731 shares at an average price of $25.86 per share for an aggregate of approximately $500 million, fully utilizing the authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new $500 million share repurchase program. At quarter end, we had $1,304 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility, with net debt / TTM adjusted EBITDAre of 5.6x, within our targeted range of 5.5x to 6.0x. As previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), an in-house development general contractor for new build-to-rent communities that is expected to be modestly accretive to our 2026 AFFO per share. During Q1 2026, ResiBuilt delivered over 300 newly constructed homes to third party customers. We are maintaining our previously disclosed full year 2026 outlook as detailed further below. Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures

Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.

Comments from Chief Executive Officer Dallas Tanner

“Our teams delivered a solid first quarter in line with our expectations, providing good momentum heading into peak leasing season. Occupancy is climbing, new lease rent growth turned positive in April, and our residents continue to stay longer. In our markets, leasing one of our homes saves a family nearly a thousand dollars a month on average compared to owning. In addition, we put $500 million to work through repurchases of our stock, and our board of directors has just approved a new $500 million stock repurchase authorization — reflecting our continued confidence in the intrinsic value of our business. We are executing on our priorities, maintaining our full-year outlook, and I remain optimistic about the long-term positioning of this business.”

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted

Q1 2026

Q1 2025

Net income

$

0.26

$

0.27

FFO

0.43

0.45

Core FFO

0.48

0.48

AFFO

0.41

0.42

Net Income

Year over year, net income per common share — diluted for Q1 2026 decreased 2.3% to $0.26, primarily due to an increase in total expenses.

Core FFO

Year over year, Core FFO per share for Q1 2026 remained generally flat at $0.48.

AFFO

Year over year, AFFO per share for Q1 2026 declined 2.6% to $0.41, consistent with expectations and primarily timing related.

Operating Results

Same Store Operating Results Snapshot

Number of Homes, period-end

Q1 2026

Total Portfolio

85,970

Number of homes in Same Store Portfolio:

78,141

Same Store % of Total

90.9

%

Q1 2026

Q1 2025

Core Revenues growth (year over year)

1.6

%

Core Operating Expenses growth (year over year)

5.7

%

NOI growth (year over year)

(0.3

)%

Average Occupancy

96.3

%

97.2

%

Bad Debt % of gross rental revenue

0.6

%

0.6

%

Turnover Rate

5.3

%

5.0

%

Rental Rate Growth (lease-over-lease):

Renewals

3.7

%

5.2

%

New leases

(3.0

)%

(0.1

)%

Blended (1)

1.6

%

3.6

%

Other property income growth, net (year over year) (2):

10.3

%

(1) Preliminary April 2026 leasing indicates blended Rental Rate Growth for the month of 2.3%, including positive Rental Rate Growth for new leases.

(2) Represents value add service income and lease fees, net of resident recoveries, that are included within Core Revenues growth, but not included within Rental Rate Growth. Same Store NOI

For the Same Store Portfolio of 78,141 homes, Same Store NOI for Q1 2026 decreased 0.3% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 5.7%.

Same Store Core Revenues

Q1 2026 Same Store Core Revenues growth of 1.6% year over year was primarily driven by a 2.2% increase in Average Monthly Rent and a 10.3% increase in other income, net of resident recoveries, partially offset by an anticipated 90 basis point year over year decline in Average Occupancy.

Same Store Core Operating Expenses

Q1 2026 Same Store Core Operating Expenses increased 5.7% year over year, which was in line with expectations and attributable to a 12.1% increase in controllable expenses and a 2.8% increase in fixed expenses. The year over year increase in controllable expenses was primarily attributable to favorable timing of certain expense items in the prior year.

Investment, Property Management, and Homebuilding Activity

During Q1 2026, we were a net seller of 222 wholly owned homes — many to families purchasing for their own use — generating net proceeds of approximately $116 million. Wholly owned dispositions are tracking well ahead of expectations, totaling $206 million, with an average sales price of approximately $427,000 per home. In addition, during Q1 2026, our joint ventures acquired 20 homes for $7 million and sold 10 homes for $5 million.

A summary of our owned and/or managed homes is included in the following table:

Summary of Homes Owned and/or Managed as of March 31, 2026

Number of
Homes Owned
and/or
Managed as of
12/31/2025

Acquired or
Added In
Q1 2026

Disposed or
Subtracted In
Q1 2026

Number of
Homes Owned
and/or
Managed as of
3/31/2026

Wholly owned homes

86,192

261

(483

)

85,970

Joint venture owned homes

8,006

20

(10

)

8,016

Managed-only homes

15,866

—

(107

)

15,759

Total homes owned and/or managed

110,064

281

(600

)

109,745

As previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), an in-house development general contractor for new build-to-rent communities that is expected to be modestly accretive to our 2026 AFFO per share. During Q1 2026, ResiBuilt delivered over 300 newly constructed homes to third party customers.

Balance Sheet and Capital Markets Activity

As of March 31, 2026, we had $1,304 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,873 million consisted of 84.3% unsecured debt and 15.7% secured debt; 89.5% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.6x, within our targeted range of 5.5x to 6.0x. We have no debt reaching final maturity before June 2027.

We acquired 17,101,046 shares of our common stock for approximately $439 million under our share repurchase program. Together with repurchases completed in the fourth quarter of 2025, we repurchased a total of 19,333,731 shares at an average price of $25.86 per share for an aggregate of approximately $500 million, fully utilizing the authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new $500 million share repurchase program. Repurchases, if any, will be made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.

FY 2026 Guidance

Set forth below are our current expectations, which are generally unchanged from initial guidance provided in February 2026, in addition to our underlying assumptions. In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss) per share, total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.

FY 2026 Guidance Summary

FY 2026

Guidance Range

FY 2026

Guidance Midpoint

Core FFO per share — diluted

$1.90 - $1.98

$1.94

AFFO per share — diluted

$1.60 - $1.68

$1.64

Same Store Core Revenues growth (1)

1.3% - 2.5%

1.9%

Same Store Core Operating Expenses growth (2)

3.0% - 4.0%

3.5%

Same Store NOI growth

0.3% - 2.0%

1.15%

Wholly owned acquisitions (3)

$150 - $350 million

$250 million

JV acquisitions (3)

$50 - $150 million

$100 million

Wholly owned dispositions

$450 - $650 million

$550 million

(1) Same Store Core Revenues growth guidance assumes FY 2026 (i) Average Occupancy in a range of 96.0% to 96.6% and (ii) average Bad Debt in a range of 60 to 80 basis points. (2) Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 (i) property taxes in a range of 4% to 5%; (ii) insurance expenses in a range of 5% to 7%; and (iii) all other expenses in a range of approximately 1% to 2%. (3) Excludes our acquisition of ResiBuilt in January 2026. Earnings Conference Call Information

We have scheduled a conference call at 11:00 a.m. Eastern Time on April 30, 2026, to review Q1 2026 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from our investor relations website at www.invh.com. Following the conclusion of the earnings call, we will post a replay of the webcast to our website for one year.

Supplemental Information

The full text of the Earnings Release and Supplemental Information referenced in this release are available on our Investor Relations website at www.invh.com.

About Invitation Homes

Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, federal, state, and local laws, regulations, executive actions, and policy initiatives, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Consolidated Balance Sheets

($ in thousands, except shares and per share data)

March 31, 2026

December 31, 2025

(unaudited)

Assets:

Investments in single-family residential properties, net

$

17,114,862

$

17,274,622

Cash and cash equivalents

114,129

129,971

Restricted cash

258,850

224,894

Goodwill

314,154

258,207

Investments in unconsolidated joint ventures

250,572

254,561

Other assets, net

648,574

538,035

Total assets

$

18,701,141

$

18,680,290

Liabilities:

Secured debt, net

$

1,384,686

$

1,384,114

Unsecured notes, net

4,400,877

4,398,921

Term loan facilities, net

2,456,807

2,451,985

Revolving facility

560,000

145,000

Accounts payable and accrued expenses

257,455

230,350

Resident security deposits

187,066

184,536

Other liabilities

325,587

317,492

Total liabilities

9,572,478

9,112,398

Equity:

Stockholders’ equity

Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2026 and December 31, 2025

—

—

Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 593,981,591 and 610,788,732 outstanding as of March 31, 2026 and December 31, 2025, respectively

5,940

6,108

Additional paid-in capital

10,696,063

11,128,590

Accumulated deficit

(1,629,420

)

(1,610,981

)

Accumulated other comprehensive income

18,451

6,415

Total stockholders’ equity

9,091,034

9,530,132

Non-controlling interests

37,629

37,760

Total equity

9,128,663

9,567,892

Total liabilities and equity

$

18,701,141

$

18,680,290

Consolidated Statements of Operations

($ in thousands, except shares and per share amounts)

Q1 2026

Q1 2025

Revenues:

(unaudited)

(unaudited)

Rental revenues

$

597,697

$

585,193

Other property income

72,818

67,878

Management fee revenues

19,852

21,408

Homebuilding revenues

43,745

—

Total revenues

734,112

674,479

Expenses:

Property operating and maintenance

251,134

237,449

Property management expense

39,325

36,739

Homebuilding cost of sales

39,134

—

General and administrative

32,319

29,518

Interest expense

95,313

84,254

Depreciation and amortization

193,142

183,146

Casualty losses, impairment, and other

4,345

4,683

Total expenses

654,712

575,789

Gain on sale of property, net of tax

87,094

71,666

Losses from investments in unconsolidated joint ventures

(3,085

)

(5,218

)

Other, net

(2,344

)

1,144

Net income

161,065

166,282

Net income attributable to non-controlling interests

(557

)

(537

)

Net income attributable to common stockholders

160,508

165,745

Net income available to participating securities

(708

)

(228

)

Net income available to common stockholders — basic and diluted

$

159,800

$

165,517

Weighted average common shares outstanding — basic

605,997,344

612,777,606

Weighted average common shares outstanding — diluted

606,233,573

613,361,880

Net income per common share — basic

$

0.26

$

0.27

Net income per common share — diluted

$

0.26

$

0.27

Dividends declared per common share

$

0.30

$

0.29

Glossary and Reconciliations

Average Monthly Rent

Average monthly rent represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period, and reflects the impact of non-service rental concessions and contractual rent increases amortized over the life of the lease.

Average Occupancy

Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period.

Bad Debt

Bad debt represents our reserves for residents’ accounts receivables balances that are aged greater than 30 days, under the rationale that a resident’s security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident’s security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. All rental revenues and other property income, in both Total Portfolio and Same Store Portfolio presentations, are reflected net of bad debt.

Core Operating Expenses

Core operating expenses for an identified population of homes reflect property operating and maintenance expenses, excluding any expenses recovered from residents.

Core Revenues

Core revenues for an identified population of homes reflects total revenues, net of any resident recoveries.

EBITDA, EBITDAre, and Adjusted EBITDAre

EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. We define EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of Net Income to Adjusted EBITDAre” for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)

FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. We define Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and (gains) losses on investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserve the value and maintain the functionality of our homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for our share of investments in unconsolidated joint ventures.

We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss. We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of our performance across reporting periods by removing the impact of certain items that are not comparable from period to period.

The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. FFO, Core FFO, and Adjusted FFO are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our FFO, Core FFO, and Adjusted FFO may not be comparable to the FFO, Core FFO, and Adjusted FFO of other companies due to the fact that not all companies use the same definition of FFO, Core FFO, and Adjusted FFO. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of FFO, Core FFO, and Adjusted FFO” for a reconciliation of GAAP net income to FFO, Core FFO, and Adjusted FFO.

Net Operating Income (NOI)

NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and (income) losses from investments in unconsolidated joint ventures.

The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio. See “Reconciliation of Net Income to Same Store NOI” for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store Portfolio.

Recurring Capital Expenditures or Recurring CapEx

Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and maintain the value and functionality of a home and our systems as a single-family rental.

Rental Rate Growth

Rental rate growth for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease, and, in each case, reflects the impact of any amortized non-service rent concessions and amortized contractual rent increases. Leases are either renewal leases, where our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home.

Same Store / Same Store Portfolio

Same Store or Same Store portfolio includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as our existing Same Store portfolio, and homes in markets that we have announced an intent to exit where we no longer operate a significant number of homes.

Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as our existing Same Store portfolio may be considered stabilized at the time of acquisition.

Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established.

We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and our prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our organic business.

Total Homes / Total Portfolio

Total homes or total portfolio refers to the total number of homes owned, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to the wholly owned homes and excludes homes owned in joint ventures.

Turnover Rate

Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population.

Reconciliation of FFO, Core FFO, and AFFO

($ in thousands, except shares and per share amounts) (unaudited)

FFO Reconciliation

Q1 2026

Q1 2025

Net income available to common stockholders

$

159,800

$

165,517

Net income available to participating securities

708

228

Non-controlling interests

557

537

Depreciation and amortization of real estate assets

184,923

179,063

Impairment on depreciated real estate investments

469

63

Net gain on sale of previously depreciated investments in real estate

(87,094

)

(71,666

)

Depreciation and net gain on sale of investments in unconsolidated joint ventures

3,042

3,498

FFO

$

262,405

$

277,240

Core FFO Reconciliation

Q1 2026

Q1 2025

FFO

$

262,405

$

277,240

Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)

10,629

3,634

Share-based compensation expense

10,700

10,157

Amortization of intangible assets

2,413

—

Business reorganization costs

1,501

2,385

Casualty losses and reserves, net (1)

3,935

4,683

Losses on investments in equity and other securities, net

213

221

Core FFO

$

291,796

$

298,320

AFFO Reconciliation

Q1 2026

Q1 2025

Core FFO

$

291,796

$

298,320

Recurring Capital Expenditures (1)

(40,473

)

(37,347

)

AFFO

$

251,323

$

260,973

Net income available to common stockholders

Weighted average common shares outstanding — diluted

606,233,573

613,361,880

Net income per common share — diluted

$

0.26

$

0.27

FFO, Core FFO, and AFFO

Weighted average common shares and OP Units outstanding — diluted

608,795,153

615,645,848

FFO per share — diluted

$

0.43

$

0.45

Core FFO per share — diluted

$

0.48

$

0.48

AFFO per share — diluted

$

0.41

$

0.42

(1) Includes our share from unconsolidated joint ventures. Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly

(in thousands) (unaudited)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Total revenues (Total Portfolio)

$

734,112

$

685,250

$

688,166

$

681,401

$

674,479

Management fee revenues

(19,852

)

(21,662

)

(21,975

)

(22,294

)

(21,408

)

Homebuilding revenues

(43,745

)

—

—

—

—

Total portfolio resident recoveries

(46,072

)

(45,389

)

(46,885

)

(40,944

)

(44,118

)

Total Core Revenues (Total Portfolio)

624,443

618,199

619,306

618,163

608,953

Non-Same Store Core Revenues

(45,447

)

(44,578

)

(44,429

)

(42,399

)

(38,808

)

Same Store Core Revenues

$

578,996

$

573,621

$

574,877

$

575,764

$

570,145

Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly

(in thousands) (unaudited)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Property operating and maintenance expenses (Total Portfolio)

$

251,134

$

244,823

$

259,037

$

244,278

$

237,449

Total Portfolio resident recoveries

(46,072

)

(45,389

)

(46,885

)

(40,944

)

(44,118

)

Core Operating Expenses (Total Portfolio)

205,062

199,434

212,152

203,334

193,331

Non-Same Store Core Operating Expenses

(19,778

)

(18,592

)

(21,833

)

(19,453

)

(18,096

)

Same Store Core Operating Expenses

$

185,284

$

180,842

$

190,319

$

183,881

$

175,235

Reconciliation of Net Income to Same Store NOI, Quarterly

(in thousands) (unaudited)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Net income available to common stockholders

$

159,800

$

144,308

$

136,474

$

140,665

$

165,517

Net income available to participating securities

708

246

264

222

228

Non-controlling interests

557

496

472

480

537

Management fee revenues

(19,852

)

(21,662

)

(21,975

)

(22,294

)

(21,408

)

Homebuilding revenues

(43,745

)

—

—

—

—

Property management expense

39,325

39,485

37,073

35,833

36,739

Homebuilding cost of sales

39,134

—

—

—

—

General and administrative

32,319

23,697

18,444

23,591

29,518

Interest expense

95,313

90,878

90,781

87,414

84,254

Depreciation and amortization

193,142

189,875

188,457

185,455

183,146

Casualty losses, impairment, and other

4,345

311

3,420

3,029

4,683

Gain on sale of property, net of tax

(87,094

)

(54,463

)

(45,515

)

(46,591

)

(71,666

)

(Income) losses from investments in unconsolidated joint ventures

3,085

3,717

(2,130

)

4,802

5,218

Other, net (1)

2,344

1,877

1,389

2,223

(1,144

)

NOI (Total Portfolio)

419,381

418,765

407,154

414,829

415,622

Non-Same Store NOI

(25,669

)

(25,986

)

(22,596

)

(22,946

)

(20,712

)

Same Store NOI

$

393,712

$

392,779

$

384,558

$

391,883

$

394,910

(1) Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses. Reconciliation of Net Income to Adjusted EBITDAre

(in thousands, unaudited)

Trailing Twelve Months (TTM) Ended

Q1 2026

Q1 2025

March 31, 2026

December 31, 2025

Net income available to common stockholders

$

159,800

$

165,517

$

581,247

$

586,964

Net income available to participating securities

708

228

1,440

960

Non-controlling interests

557

537

2,005

1,985

Interest expense

95,313

84,254

364,386

353,327

Interest expense in unconsolidated joint ventures

6,127

5,626

25,813

25,312

Depreciation and amortization

193,142

183,146

756,929

746,933

Depreciation and amortization of investments in unconsolidated joint ventures

4,468

3,662

17,167

16,361

EBITDA

460,115

442,970

1,748,987

1,731,842

Gain on sale of property, net of tax

(87,094

)

(71,666

)

(233,663

)

(218,235

)

Impairment on depreciated real estate investments

469

63

1,063

657

Net gain on sale of investments in unconsolidated joint ventures

(1,421

)

(145

)

(9,737

)

(8,461

)

EBITDAre

372,069

371,222

1,506,650

1,505,803

Share-based compensation expense

10,700

10,157

28,373

27,830

Business reorganization costs

1,501

2,385

1,888

2,772

Casualty losses and reserves, net (1)

3,935

4,683

10,176

10,924

Other, net (2)

2,344

(1,144

)

7,833

4,345

Adjusted EBITDAre

$

390,549

$

387,303

$

1,554,920

$

1,551,674

(1) Includes our share from unconsolidated joint ventures. (2) Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses. Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre

(in thousands, except for ratio) (unaudited)

As of

As of

March 31, 2026

December 31, 2025

Secured debt, net

$

1,384,686

$

1,384,114

Unsecured notes, net

4,400,877

4,398,921

Term loan facility, net

2,456,807

2,451,985

Revolving facility

560,000

145,000

Total Debt per Balance Sheet

8,802,370

8,380,020

Retained and repurchased certificates

(55,499

)

(55,499

)

Cash, ex-security deposits and letters of credit (1)

(182,985

)

(167,472

)

Deferred financing costs, net

47,758

54,208

Unamortized discounts on notes payable

23,271

24,171

Net Debt (A)

$

8,634,915

$

8,235,428

For the TTM Ended

For the TTM Ended

March 31, 2026

December 31, 2025

Adjusted EBITDAre (B)

$

1,554,920

$

1,551,674

Net Debt / TTM Adjusted EBITDAre (A / B)

5.6x

5.3x

(1) Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit. More News From Invitation Homes Inc.

For the quarter ended March 2026, Invitation Home (INVH - Free Report) reported revenue of $734.11 million, up 8.8% over the same period last year. EPS came in at $0.48, compared to $0.27 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $688.82 million, representing a surprise of +6.58%. The company delivered an EPS surprise of -0.35%, with the consensus EPS estimate being $0.48.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Invitation Home performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Homes Owned and/or Managed - Wholly owned homes: 85,970 versus 86,094 estimated by three analysts on average.Same Store Average Occupancy: 96.3% compared to the 96.4% average estimate based on three analysts.Same Store Total / Average - Number of Homes: 78,141 compared to the 76,819 average estimate based on three analysts.Revenues- Management fee revenues: $19.85 million compared to the $21.35 million average estimate based on four analysts. The reported number represents a change of -7.3% year over year.Revenues- Rental revenues: $597.7 million compared to the $668.17 million average estimate based on four analysts. The reported number represents a change of +2.1% year over year.Net Earnings Per Share (Diluted): $0.26 versus the four-analyst average estimate of $0.20.View all Key Company Metrics for Invitation Home here>>>

Shares of Invitation Home have returned +13.2% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Invitation Homes Inc (INVH) Q1 2026 Earnings Call Highlights: Navigating Market Challenges with Strategic Moves Despite facing revenue growth challenges, Invitation Homes Inc (INVH) maintains strong occupancy and liquidity while executing strategic share repurchases and home sales. Summary

Same-Store Core Revenue Growth: 1.6% year-over-year.Core Operating Expenses Growth: 5.7% year-over-year.Same-Store NOI: Down 0.3% year-over-year.Renewal Rent Growth: 3.7%.New Lease Rent Growth: Negative 3.0%.Blended Rent Growth: 1.6%.Same-Store Occupancy: Averaged 96.3% for the quarter.Core FFO Per Share: Generally flat year-over-year.AFFO Per Share: Down 2.6% year-over-year.Share Repurchases: Approximately 17 million shares for $439 million in Q1.Disposition of Homes: Sold 483 homes for $206 million.Available Liquidity: $1.3 billion through unrestricted cash and undrawn revolver capacity.Total Indebtedness: Approximately $8.9 billion.Net Debt to Adjusted EBITDA Ratio: 5.6 times.

Release Date: April 30, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points Invitation Homes Inc INVH achieved a high average occupancy rate of 96.3% for the first quarter, with occupancy improving to 97.1% in April.The company completed a $500 million share repurchase authorization, buying back 17 million shares, and has approved a new $500 million repurchase authorization.INVH's construction lending business has grown to $279 million in commitments, generating attractive returns.The ResiBuilt acquisition has been successfully integrated, delivering over 300 homes to third-party buyers during the quarter.INVH maintains a strong balance sheet with $1.3 billion in available liquidity and a net debt to adjusted EBITDA ratio of 5.6 times. Negative Points Same-store NOI was down 0.3% year-over-year, reflecting challenges in revenue growth and elevated operating expenses.New lease rent growth was negative 3.0% for the quarter, impacted by elevated supply conditions in several markets.Core FFO per share was flat year-over-year, and AFFO per share decreased by 2.6%, indicating pressure on profitability.The company faces legislative uncertainty, which could impact future growth and operations, particularly in the single-family rental sector.INVH's forward pipeline for third-party homebuilder partnerships has been reduced by roughly two-thirds from a year ago, indicating a slowdown in new housing supply initiatives. Q & A Highlights Q: Congrats on the nice start to the year. Just a question on the renewals, where you're sending them out for kind of spring and summer, and what kind of strategy you're using there during this leasing season?
A: Timothy Lobner, Chief Operating Officer, mentioned that they generally don't provide details on renewal rates but are seeing a strong market. They expect May to look similar to April, with renewal rate growth in the mid-3% to mid-4% range throughout the year. The fundamentals are strong, and they are on track with their expectations.

Q: There's a pretty meaningful spread between your renewal rate growth and your new lease rate growth in some of the heavier construction markets. Can you talk about whether you think that narrows over time?
A: Timothy Lobner explained that spreads generally narrow as they progress through peak season. Renewal rates tend to stay flat, while new lease growth trends upward, closing the gap. They are seeing moderation in supply, particularly in build-to-rent deliveries, and expect continued absorption of product across markets.

Q: Given the activity you've had on the disposition program, is that something you would consider ramping? What are the tax implications around that?
A: Dallas Tanner, CEO, stated that they have been good sellers historically and will continue to use dispositions as a measured lever. Jonathan Olsen, CFO, added that while tax rules impose some limitations, they are not a major constraint. The focus is on selling homes to end-users and using proceeds for share repurchases.

Q: Have you seen any change in demand for your third-party management platform or for development funding opportunities given some uncertainty for SFRs within the ROAD to Housing Act?
A: Dallas Tanner noted that while there are inquiries about management opportunities, they are selective. Legislative discussions could create opportunities, but it's too early to predict. They aim to maintain consistent operations and explore opportunities as they arise.

Q: With turnover ticking slightly higher over the last couple of quarters, are you seeing any changes in reasons for move-out that could be driving this?
A: Dallas Tanner mentioned that move-outs related to home purchases have been consistent at 16%-17%, and about 25% are due to life transitions. These numbers have remained stable over the last four quarters.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Key Takeaways INVH shares rose 11.4% in three months, outperforming an industry decline of 2.2% on firm momentum.Invitation Homes is expanding via builder ties, ResiBuilt and construction lending in infill markets.INVH kept its 2026 core FFO outlook at $1.90-$1.98, backed by liquidity, buybacks and dividend growth. Invitation Homes Inc. (INVH - Free Report) shares have risen 11.4% over the past three months against the industry's fall of 2.2%.

The company should benefit from its scaled single-family rental portfolio in infill markets across the Western United States, the Sunbelt and Florida, supported by steady resident demand and improving leasing trends.INVH’s builder relationships and growing construction lending program broaden its capital-light growth options. Technology and value-added services remain an incremental net operating income (NOI) lever. A disciplined capital allocation strategy supports future growth endeavors.

Last month, Invitation Homes reported first-quarter 2026 core funds from operations (FFO) per share of $0.48, in line with the Zacks Consensus Estimate. The quarter reflected firm operating momentum, with higher blended rentals.

Analysts seem bullish on this Zacks Rank #2 (Buy) company, with the Zacks Consensus Estimate for its 2026 FFO per share revised northward by a cent over the past month to $1.95.

Image Source: Zacks Investment Research

Factors Behind INVH's Stock Price Surge: Will This Trend Last?Invitation Homes targets infill locations in high-growth markets with desirable neighborhoods and limited land for new supply. The company continues to lean on an asset-light approach by partnering with homebuilders for build-to-rent deliveries and by using its ResiBuilt platform as an in-house development general contractor. INVH is also reducing its forward purchase commitments and shifting part of its growth toolkit toward construction lending. As of March 31, 2026, the company has binding purchase agreements with certain homebuilders to acquire around 556 newly constructed single-family homes over the next few years, with remaining commitments of around $370 million.

Invitation Homes continues to invest in technology and process enhancements to improve the resident experience and support margins. In first-quarter 2026, other property income increased 10.3% year over year, helping same-store core revenues rise 1.6% despite lower occupancy.

Management remains focused on an investment-grade balance sheet and returning capital when pricing is attractive. As of March 31, 2026, Invitation Homes had $1.304 billion of available liquidity and net debt/TTM adjusted EBITDAre of 5.6X.  The company repurchased 17.1 million shares for about $439 in the first quarter and received a new $500 million authorization in late April 2026. With long-term credit ratings of BBB (Stable outlook) from Standard & Poor’s Ratings Services, BBB+ (Stable outlook) from Fitch Ratings and Baa2 (Stable outlook) from Moody’s, Invitation Homes enjoys access to debt at favorable rates. The company is well-positioned to bank on growth scopes.

Solid dividend payouts are arguably the biggest enticement for REIT investors, and INVH remains committed to that. The company has increased its dividend five times in the last five years, and its five-year annualized dividend growth rate was 12.76%, which is encouraging. Invitation Homes maintained its full-year 2026 core FFO outlook of $1.90-$1.98. This level of earnings visibility supports dividend coverage as the company balances repurchases, dispositions and selective investment.

Key Risks for INVHElevated supply and housing alternatives limit pricing power for Invitation Homes. Expense growth and leverage can restrain margins and flexibility over time.

Other Stocks to ConsiderSome other top-ranked stocks from the broader REIT sector are American Tower (AMT - Free Report) and Cousins Properties (CUZ - Free Report) , carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for AMT’s 2026 FFO per share is pegged at $10.95, which indicates year-over-year growth of 1.8%.

The consensus estimate for CUZ’s full-year FFO per share is pinned at $2.93, which calls for a 3.2% increase from the year-ago period.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

A month has gone by since the last earnings report for Invitation Home (INVH - Free Report) . Shares have added about 2.1% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Invitation Home due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Invitation Home before we dive into how investors and analysts have reacted as of late.

Invitation Homes’Q1 FFO Meets Estimates as Revenues Top on HomebuildingInvitation Homes reported first-quarter 2026 core FFO per share of $0.48, in line with the Zacks Consensus Estimate. Core FFO was unchanged from the year-ago quarter.

Total revenues climbed 8.8% year over year to $734.11 million and beat the consensus mark by 6.58%. The quarter reflected firm operating momentum, with higher blended rentals and leasing trends improving in April.

Invitation Homes’ Revenue Beat Comes From a Broader MixThe top-line outperformance was aided by growth in core property revenues and incremental contributions from homebuilding activities. Rental revenues increased to $597.70 million from $585.19 million a year ago, while other property income rose to $72.82 million from $67.88 million.

A notable change in the revenue mix was the addition of $43.75 million in homebuilding revenues, which was absent in the prior-year quarter. Management fee revenues declined year over year to $19.85 million from $21.41 million, but the combination of rental, other income and homebuilding supported overall revenue strength.

Invitation Homes Witnesses a Rise in ExpensesOn the cost side, property operating and maintenance expenses increased 5.8% year over year to $251.13 million. The company also reported a higher interest expense of $95.31 million, up 13.1% from the prior-year quarter, reflecting a heavier financing cost backdrop.

Invitation Homes’ Same-Store Results Show Rent ResilienceOperationally, the Same-Store portfolio posted a 1.6% year-over-year increase in core revenues, aided by a 2.2% rise in the average monthly rent and a 10.3% jump in other income, net of resident recoveries. Those gains were partially offset by a moderation in occupancy versus the year-ago period. Same-store occupancy declined to 96.3% from 97.2% in the prior year period.

Leasing spreads remained mixed. Same-Store renewal rent growth was 3.7%, while Same-Store new lease rent growth was (3%), resulting in blended rent growth of 1.6%. Management noted preliminary April Same-Store blended rent growth of about 2.3%, including a return to positive new lease rent growth for the month.

Invitation Homes Accelerates Capital Returns and SalesCapital allocation was active in the quarter. Invitation Homes repurchased 17.1 million shares for approximately $439 million under its share repurchase program.

The company also leaned into home sales. It was a net seller of 222 wholly owned homes, generating net proceeds of about $116 million.

Invitation Homes’ Balance SheetInvitation Homes exited the first quarter of 2026 with total liquidity of $1.3 billion, including unrestricted cash and undrawn capacity on its revolving credit facility.

Secured and unsecured debt aggregated $8.87 billion as of March 31, 2026, and its Net Debt/TTM adjusted EBITDAre was 5.6X.

Invitation Homes Maintains Its 2026 Outlook and Key AssumptionsInvitation Homes maintained its previously disclosed full-year 2026 outlook. It continues to expect core FFO per share of $1.90-$1.98.

Underlying assumptions call for Same-Store core revenues growth of 1.3%-2.5% alongside Same-Store core operating expenses growth of 3%-4%, implying Same-Store NOI growth of 0.3%-2%. The framework also includes planned capital recycling, with wholly owned dispositions projected at $450-$650 million and wholly owned acquisitions at $150-$350 million.

How Have Estimates Been Moving Since Then?Fresh estimates followed a upward path over the past two months.

VGM ScoresCurrently, Invitation Home has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook Invitation Home has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerInvitation Home belongs to the Zacks REIT and Equity Trust - Residential industry. Another stock from the same industry, Equity Residential (EQR - Free Report) , has gained 1.4% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Equity Residential reported revenues of $779.85 million in the last reported quarter, representing a year-over-year change of +2.5%. EPS of $0.24 for the same period compares with $0.95 a year ago.

Equity Residential is expected to post earnings of $1.01 per share for the current quarter, representing a year-over-year change of +2%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.8%.

Equity Residential has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.

Invitation Homes Inc. (INVH) Presents at Nareit REITweek: 2026 Investor Conference Transcript