Invitation Homes (INVH) Q3 2026 earnings summary

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.