Invitation Homes (INVH) Citi’s Miami Global Property CEO Conference 2026 summary

Business performance and market dynamics

• Business remains healthy with strong resident retention, solid leasing traffic, and robust demand for single-family rentals, supported by healthy customer profiles and high application approval rates.

• Supply has increased in certain markets, leading to longer leasing timelines, especially in builder-focused regions like North Florida, Texas, and Phoenix.

• Renewal rates are strong, expected to remain between 75%-80%, with renewal growth rates in the 3.5%-4.5% range.

• Occupancy typically trends higher through mid-year, then softens in the fall, following historical patterns.

• Leasing is on average ~$1,000/month cheaper than owning in target markets, supporting demand.

Political and regulatory environment

• Political uncertainty and recent executive actions have temporarily stymied capital flow and pressured valuations.

• Ongoing discussions with policymakers are fostering better understanding of the industry and its role in housing affordability.

• Industry leaders are advocating for reasonable policy outcomes that address affordability without stifling investment.

• There is optimism that policy will land in a reasonable place, supporting both industry and administration goals.

• Industry supports protecting homebuyers and pathways to ownership, aligning with current policy discussions.

Capital allocation and financial strategy

• Share repurchases are expected to be a larger part of capital allocation this year, with $100 million already repurchased between late Q4 and early Q1.

• Current share valuation is compelling, with implied cap rates above 7% and disposition prices significantly higher than implied valuations.

• The company anticipates being a net seller this year, particularly in markets like California where spreads are efficient.

• Maintains a strong balance sheet with 5.3x net debt/EBITDA, $1.7B liquidity, and no debt maturities before June 2027.

• 90% of real estate is unencumbered and 94% of debt is fixed or swapped to fixed rate.