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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Invitation Homes
Invitation Homes (INVH) investor relations material
Invitation Homes Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue rose 6.3% YoY to $731.3M; net income available to common stockholders increased 15.6% to $157.8M, or $0.27 per diluted share.
Same Store NOI grew 1.1% on 1.6% Core Revenue growth, partly offset by 2.5% Core Operating Expense growth; Core FFO per share rose 2.4% to $0.48.
Renewal strength supported results as new-lease pricing softened; demand remained healthy amid mixed supply conditions.
Priorities include resident service, operating efficiency, and disciplined capital allocation; Investor Day initiatives were on track or ahead of schedule.
Financial highlights
Q3 rental revenues and other property income rose 1.4% YoY to $675.5M; total expenses increased 11.2% to $664.2M.
Q3 gain on property sales was $136.2M vs. $45.5M; a $30.4M Pathway dissolution loss and $8.7M debt-extinguishment loss weighed on reported results.
Q3 Same Store NOI was $380.6M vs. $376.6M; total portfolio NOI was $411.3M vs. $407.2M.
Q3 FFO per share was $0.36 vs. $0.44; Core FFO was $0.48 vs. $0.47 and AFFO was $0.38 vs. $0.38.
9M revenue rose 8.3% to $2.21B; net income available to common stockholders was $535.8M vs. $442.7M.
Outlook and guidance
FY 2026 Core FFO guidance increased $0.01 at the midpoint to $1.94-$1.98 per share; AFFO midpoint remained $1.65.
Same Store NOI guidance midpoint rose to 1.20%; Core Revenue midpoint remained 1.9%, while Core Operating Expense midpoint fell to 3.2% from 3.5%.
Wholly owned disposition guidance rose to $900M-$1B, with a $950M midpoint; $833M had been sold through September. Acquisition midpoint remained $250M.
FY blended rent growth expected in the mid-2% range, supported by renewal strength, improving YoY trends, occupancy, and an easier Q4 comparison; 2027 guidance is expected with the next earnings call.
Expense guidance assumes FY property tax growth of 3%-4%; expense growth guidance fell 30 bps, mainly on lower expected property taxes.
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Latest events from Invitation Homes
- Scale, capital discipline, and market trends drive strong growth and long-term demand.INVH
Investor presentation - Q2 2026 saw 9.7% revenue growth, 55% net income jump, and raised full-year guidance.INVHQ2 2026
- Strong leasing, scale, and tech-driven growth support robust performance and future gains.INVHNareit REITweek: 2026 Investor Conference
- All proposals passed, board re-elected, and strategic initiatives advanced with no stockholder questions.INVHAGM 2026
- Targeting $0.14–$0.20 per share incremental AFFO growth by 2028 through innovation and efficiency.INVHInvestor Day 2025
- Q2 2025 net income up 92.7%, revenue up 4.3%, with stable guidance and improved credit outlook.INVHQ2 2025
- Q3 2024 revenue up 6.9%, net income down 27.8%, guidance raised, credit rating upgraded.INVHQ3 2024
- Q2 2024 revenue up 8.8%, net income down 47% on legal accrual; Core FFO/share up 7.3%.INVHQ2 2024
- Q1 2025 delivered strong income, rent, and NOI growth with a positive credit outlook upgrade.INVHQ1 2025
Next Invitation Homes earnings date
Q4 202617 Feb, 2027
Invitation Homes
Next Invitation Homes earnings date
Q4 202617 Feb, 2027
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Frequently asked questions
An Invitation Home
Invitation Homes is an American real estate investment trust that owns a large number of single-family homes available for rent throughout the US. The company owns over 80,000 different properties across various domestic markets, with a focus on the high-end rental market for families. The company operates as a Real Estate Investment Trust (REIT) and is headquartered in Dallas, Texas and its shares are listed on the NYSE.
History and Blackstone Involvement
The roots of invitation homes can be traced back to 2005 when Dallas Tanner formed the real estate investment company Treehouse Group. During 2010 and 2011 it bought up a large number of houses in Phoenix following the aftermath of the 2008 financial crisis. Treehouse Group merged with another similar company in 2011 and was acquired by Blackstone in 2012, beginning a period of rapid expansion. In 2017 the company went public in an initial offering that was one of the largest ever for an American REIT.
The Company’s Homes
Invitation Homes specializes in the ownership and management of single-family homes. Their portfolio mainly consists of single-family homes situated in suburban areas, and the properties vary in size, design, and layout, appealing to different family needs and preferences. The homes are typically located in neighborhoods with convenient access to things such as schools, parks, and recreational facilities. Invitation Homes provides services such as maintenance and online payment options, aiming to combine the features of single-family living with the convenience of professional property management.
What is a REIT?
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate. REITs allow individual investors to earn dividends from real estate investments without buying, managing, or financing properties themselves. To qualify as a REIT, a company must meet certain regulatory guidelines. Notably, it must invest at least 75% of its total assets in real estate, derive at least 75% of its gross income from rents or mortgage interest, and pay a minimum of 90% of its taxable income in dividends to shareholders annually. Similar companies to Invitation Homes that also operate as REITs include names such as American Homes 4 Rent, Tricon Residential, and Camden Property Trust.