Invitation Homes — Q3 2026 Earnings Summary

Financial Performance:

• Total revenues increased 6.3% year-over-year to $731 million for Q3 2026, compared to $688 million in Q3 2025.
• Net income available to common stockholders increased 15.6% year-over-year to $158 million, or $0.27 per diluted share, compared to $137 million, or $0.22 per diluted share, in Q3 2025.
• Core FFO per share increased 2.4% year-over-year to $0.48, while AFFO per share increased 0.1% to $0.38.
• Same Store NOI increased 1.1% year-over-year, driven by 1.6% growth in Same Store Core Revenues and 2.5% growth in Same Store Core Operating Expenses.
• Same Store Average Occupancy was 96.4%, a decrease of 10 basis points year-over-year.
• Same Store blended rent growth was 3.0%, comprised of 4.3% renewal rent growth and (0.2)% new lease rent growth.
• YTD 2026 total revenues were $2,213 million and net income available to common stockholders was $538 million ($0.90 per diluted share).
• YTD 2026 Same Store NOI increased 0.9% year-over-year.

Guidance and Future Outlook:

• Raised full-year 2026 Core FFO per share midpoint by $0.01 to $1.96.
• Raised full-year 2026 Same Store NOI growth guidance midpoint to 1.2%.
• Raised full-year 2026 wholly owned home sales guidance midpoint to $950 million.
• Guidance assumes a year-over-year increase in FY 2026 property taxes in a range of 3% to 4%.

Business Segments and Product Lines:

• Sold 658 wholly owned homes for gross proceeds of approximately $318 million and 18 joint venture homes for $7 million in Q3 2026.
• Acquired 216 wholly owned homes for approximately $74 million and 288 joint venture homes for $92 million in Q3 2026.
• Net dispositions totaled 442 homes with net proceeds of approximately $245 million used to fund share repurchases.
• Executed agreements on September 15, 2026, to dissolve Pathway joint ventures, consolidating 894 homes previously owned by Pathway Homes into wholly owned inventory.
• Recognized a non-cash net loss of $30.4 million related to the dissolution of Pathway joint ventures and consolidation of assets.
• Total portfolio size as of September 30, 2026, was 85,961 wholly owned homes.
• Same Store portfolio consisted of 76,687 homes.

Market and Competitive Landscape:

• Management stated they believe their stock repurchases represent a valuation discount greater than any other residential REIT.
• The company aims to close the gap between public and private market values through home sales and share repurchases.
• Same Store Core Revenues growth was driven by a 1.8% increase in Average Monthly Rent and a 2.6% increase in other property income, net, partially offset by occupancy and bad debt headwinds.

Risks and Challenges:

• Same Store Average Occupancy decreased 10 basis points year-over-year.
• Bad debt as a percentage of gross rental revenue increased to 0.8% in Q3 2026 from 0.7% in Q3 2025.
• Same Store Core Operating Expenses increased 2.5% year-over-year, primarily due to a 4.9% increase in controllable expenses.
• Forward-looking statements note risks including macroeconomic factors, property taxes, HOA fees, insurance costs, and potential regulatory impacts from the 21st Century ROAD to Housing Act.

Management Commentary and Tone:

• CEO Dallas Tanner described the quarter as reflecting "steady execution across the platform."
• Management highlighted the benefit of share repurchases on Core FFO per share growth.
• The company intends to continue funding buybacks with home sale proceeds when the stock trades at a meaningful discount to the value of homes.

Other Key Points:

• From December 1, 2025, through October 27, 2026, the company repurchased nearly $1 billion of shares (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 in 4.950% senior notes maturing February 1, 2032, with proceeds 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, with 89.8% unsecured and 90.2% fixed or swapped to fixed rate.
• Net debt / TTM adjusted EBITDAre was 5.5x.
• 89.7% of wholly owned homes were unencumbered.
• Dividends declared per common share were $0.30 for Q3 2026.