Invitation Homes (INVH) investor relations material

Executive summary

• Q1 2026 revenues rose 8.8% year-over-year to $734.1 million, while net income available to common stockholders fell 3.1% to $161.1 million, or $0.26 per diluted share.

• Owns and operates 85,970 wholly owned and 8,016 jointly owned single-family homes, with 15,759 additional homes under management as of March 31, 2026.

• Acquired ResiBuilt Homes in January 2026, delivering over 300 homes to third-party buyers and expanding homebuilding capabilities in the Southeast.

• Completed $500 million share repurchase authorization, with a new $500 million program approved.

• Focused on expanding housing supply through acquisitions, in-house development, and construction lending to third-party builders.

Financial highlights

• Total revenues for Q1 2026 were $734.1 million, up 8.8% year-over-year; rental revenues and other property income rose 2.7% to $670.5 million.

• Net income per diluted share decreased 2.3% year-over-year to $0.26.

• Core FFO per share was flat at $0.48; AFFO per share declined 2.6% to $0.41.

• Same-store NOI declined 0.3% year-over-year; Same Store Core Revenues grew 1.6%, and Core Operating Expenses increased 5.7%.

• Property operating and maintenance costs increased 5.8% to $251 million.

Outlook and guidance

• Full-year 2026 guidance maintained: Core FFO per share midpoint $1.94, AFFO per share midpoint $1.64.

• Same Store Core Revenues growth expected at 1.9%, Core Operating Expenses growth at 3.5%, and NOI growth at 1.15%.

• Wholly owned acquisitions projected at $250 million; dispositions at $550 million.

• Management expects continued demand for single-family rentals, but notes risks from inflation, interest rate volatility, and evolving regulatory landscape.

• Disposition volume and insurance renewals are tracking favorably versus initial expectations.