Earnings

Invitation Homes Raises 2026 Core FFO Midpoint

The Tip Desk · November 2, 2026 · 4 min read

Core FFO per share was $0.48 in the third quarter as the company lifted the full-year midpoint to $1.96 and authorized another $500 million of buybacks.

Invitation Homes Inc. (INVH), the single-family home leasing and management company, reported Core FFO of $0.48 a share for the third quarter of 2026, up 2.4% from a year earlier, and raised the midpoint of its full-year Core FFO guidance by $0.01 to $1.96.

Net income available to common stockholders was $158 million, or $0.27 a share, up 15.6% from a year earlier. Total revenues increased 6.3% to $731 million. Property operating and maintenance costs rose 2.0% to $264 million.

Same Store net operating income increased 1.1% year over year on 1.6% Same Store Core Revenues growth and 2.5% Same Store Core Operating Expenses growth. That NOI pace slowed from 1.5% in the second quarter after a 0.3% decline in the first quarter.

Same Store blended rent growth rose to 3.0% from 2.7% in the second quarter and 1.6% in the first quarter. Renewal rent growth was 4.3%; new-lease rent growth was (0.2)%. Same Store Average Occupancy was 96.4%, a 10 basis point year-over-year reduction.

The company said Same Store Core Revenues growth of 1.6% was primarily driven by a 1.8% increase in Average Monthly Rent and a 2.6% increase in other property income, net, partially offset by a 10 basis point year-over-year decrease in Average Occupancy and a 10 basis point year-over-year increase in bad debt. Same Store Core Operating Expenses increased 2.5%, primarily attributable to a 4.9% increase in controllable expenses and a 1.1% increase in fixed expenses.

Core FFO per share growth slowed from 5.0% in the second quarter. AFFO per share was $0.38, up 0.1% from a year earlier. The company attributed the Core FFO increase primarily to a lower share count from stock repurchases and Same Store NOI growth.

Invitation Homes sold 658 wholly owned homes, most to families purchasing for their own use, for gross proceeds of approximately $318 million, and acquired 216 wholly owned homes for approximately $74 million, for net dispositions of 442 homes and net proceeds of approximately $245 million that it used to fund share repurchases.

On September 15, 2026, the company executed agreements to dissolve the Pathway joint ventures. It acquired the general partner and all other interests in Pathway Homes, consolidating 894 homes as wholly owned. It recognized a non-cash net loss of $30.4 million related to the dissolution and consolidation, which is excluded from Core FFO, AFFO, and Adjusted EBITDAre.

During the quarter the company acquired 8,874,903 shares for approximately $250 million. From December 1, 2025 through October 27, 2026, it bought back nearly $1 billion of shares, including 36,923,753 shares at an average price of $26.78. On October 26, 2026, the board authorized an additional $500 million share repurchase program with no expiration date.

On July 8, 2026, the company closed a public offering of $500 million of 4.950% senior notes maturing in February 2032. Net proceeds were used to prepay a portion of secured debt maturing in June 2027. As of September 30, 2026, available liquidity was $1,344 million. Total indebtedness was $8,810 million, of which 89.8% was unsecured. Net debt to trailing-twelve-month adjusted EBITDAre was 5.5x, within the company’s targeted range of 5.5x to 6.0x.

The company raised full-year 2026 Same Store NOI growth guidance to a 1.20% midpoint from 1.15% and wholly owned dispositions to a $950 million midpoint from $850 million. It cut the Same Store Core Operating Expenses growth midpoint to 3.2% from 3.5%. AFFO per share, Same Store Core Revenues growth, and wholly owned acquisition midpoints were unchanged.

Chief Executive Officer Dallas Tanner said the company intends to keep funding buybacks with home sale proceeds whenever the stock trades at a meaningful discount to the value of its homes, guided by market conditions and a disciplined approach to the balance sheet.

More on INVH

September 28, 2026 QBook Stronger demand supports expansion as pricing diverges

Invitation Homes Inc. — all coverage and financials