Invitation Homes (INVH) Nareit REITweek: 2026 Investor Conference summary

Business Fundamentals, Market Trends, and Demand Drivers

• Spring leasing season showed strong performance, with occupancy at 97.2% and blended lease rate growth accelerating to 2.5% by May, indicating robust demand and positive new lease rate growth.

• Millennials and Gen Z are fueling household formation, supporting long-term demand for single-family rentals, with leasing nearly $1,000 per month cheaper than owning in target markets.

• The average resident stays nearly four years, with high renewal rates (75%-80%) and strong credit profiles, spending about 20% of income on rent, making the offering distinct from multifamily housing.

• Demand remains strong, especially in Sun Belt and high-growth markets, supported by demographic trends, net migration, and a stable homeownership rate of around 67%.

• Supply pressures from build-to-rent deliveries have eased, with inventory growth slowing, especially among mom-and-pop owners, supporting pricing power.

Platform Strengths, Operational Performance, and Customer Metrics

• Operates at unmatched scale and density, leveraging proprietary technology for optimization and centralization.

• Delivers a premier customer experience with high resident satisfaction, averaging 4.82/5.0 on post-maintenance surveys.

• Same store average occupancy reached 97.2% in April-May 2026, with blended rent growth accelerating nearly 100bps from 1Q 2026.

• Focuses on infill locations in high-growth markets such as South Florida, Southern California, Atlanta, and Tampa, driving cost efficiency and margin expansion.

• 93% of SFR homes are owned by small operators, creating opportunity for professional platforms.

Capital Allocation, Financial Strategy, and Balance Sheet

• Nearly $500 million in share repurchases were completed in Q1, with a robust disposition program expected to continue in Q2, focusing on prudent capital use.

• Maintains a strong balance sheet with 5.6x net debt/EBITDA, $1.3B liquidity, and no debt maturities before June 2027.

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

• A significant disconnect exists between public and private market valuations, prompting asset sales and capital recycling into higher-performing assets.

• Capital deployment remains flexible, with a focus on maximizing shareholder value through opportunistic investments and buybacks.