Invitation Homes raises 2026 Core FFO forecast as Q3 revenue rises 6.3%

Invitation Homes Inc. (INVH) reported third-quarter 2026 total revenues of $731.3 million, up 6.3% from a year earlier, and raised the midpoint of its full-year Core FFO per share forecast by one cent to $1.96. The results were furnished to the SEC in an 8-K filed on Oct. 28.

The single-family home leasing and management company owned or managed 108,760 homes as of Sept. 30, 2026, according to its earnings release. Of those, 85,961 were wholly owned.

Net income available to common stockholders rose 15.6% to $158 million, or 27 cents per diluted share, the company said in the release.

Here's how the company did:

• Total revenue: $731.3 million vs. $688.2 million a year earlier
• Net income per diluted share: 27 cents vs. 22 cents a year earlier
• Core FFO per share: 48 cents vs. 47 cents a year earlier
• AFFO per share: 38 cents vs. 38 cents a year earlier

2026 guidance

The company raised its 2026 Core FFO per share guidance midpoint to $1.96, from $1.95, with a range of $1.94 to $1.98. The AFFO per share guidance midpoint was unchanged at $1.65.

The Same Store NOI growth midpoint rose to 1.20%, from 1.15%. The Same Store Core Operating Expenses growth midpoint fell to 3.2%, from 3.5%. The wholly owned dispositions midpoint rose to $950 million, from $850 million.

CEO Dallas Tanner said that the raised forecast supports "our continued focus on closing the gap between public and private market values."

Same Store results

Same Store NOI rose 1.1% from a year earlier on Core Revenues growth of 1.6% and a 2.5% increase in Core Operating Expenses. Average occupancy was 96.4%, down 10 basis points from a year earlier.

Blended rent growth was 3.0%. Renewal rent growth was 4.3%, while new lease rents fell 0.2%.

The company sold 658 wholly owned homes and acquired 216 in the quarter, for net dispositions of 442 homes. Net proceeds of about $245 million were used to fund share repurchases.

On Sept. 15, the company acquired the general partner and other interests in Pathway Homes, consolidating 894 homes previously held in a joint venture. It recognized a non-cash net loss of $30.4 million from the dissolution, which it excluded from Core FFO, AFFO and Adjusted EBITDAre.

Capital returns and balance sheet

The board authorized an additional $500 million share repurchase program on Oct. 26, with no expiration date. From Dec. 1, 2025 through Oct. 27, 2026, the company bought back nearly $1 billion of its shares.

In the third quarter, the company acquired 8,874,903 shares for about $250 million. Dividends declared were 30 cents per share, compared with 29 cents a year earlier.

CEO Dallas Tanner said, "With the new $500 million share repurchase program our board just authorized, we intend to keep funding buybacks with home sale proceeds whenever our stock trades at a meaningful discount to the value of our homes."

As of Sept. 30, the company had $1,344 million in available liquidity and total indebtedness of $8,810 million. Its net debt to trailing twelve-month adjusted EBITDAre was 5.5x, within its targeted range of 5.5x to 6.0x.

Net income has risen in each of the last three quarters, from $136.7 million in the third quarter of 2025 to $218.8 million in the second quarter of 2026, according to its SEC filings.

The company will host a webcast on Thursday, Oct. 29, at 11 a.m. Eastern Time to discuss the results.