INVH · Invitation Homes Inc.

Invitation Homes reported first quarter 2026 results that were largely in line with expectations, with net income per diluted share declining to $0.26 from $0.27 in the prior year quarter. Total revenues grew 8.8% to $734 million, driven by a 2.2% increase in average monthly rent and a 10.3% rise in other property income, partially offset by a 90 basis point decline in same store occupancy to 96.3%. However, total expenses increased 13.7%, led by a 5.8% rise in property operating and maintenance costs and a 5.4% increase in depreciation and amortization. Same Store NOI decreased 0.3% year over year as 1.6% core revenue growth was more than offset by 5.7% core operating expense growth, with controllable expenses up 12.1% due to timing. Core FFO per share remained flat at $0.48, while AFFO per share fell 2.6% to $0.41, consistent with expectations and primarily timing related. Management noted that occupancy is climbing and new lease rent growth turned positive in April, with preliminary blended rent growth of approximately 2.3%. The company maintained its full year 2026 guidance, including Core FFO per share of $1.90-$1.98 and AFFO per share of $1.60-$1.68. During the quarter, Invitation Homes repurchased 17.1 million shares for $439 million, fully utilizing the prior $500 million authorization, and the board authorized a new $500 million repurchase program on April 27, 2026. The company also completed the acquisition of ResiBuilt Homes, an in-house development general contractor, which delivered over 300 homes to third parties in Q1. Net debt to trailing twelve-month adjusted EBITDAre stood at 5.6x, within the targeted range of 5.5x to 6.0x, and the company had $1.3 billion in available liquidity. CEO Dallas Tanner expressed optimism about the long-term positioning of the business, citing solid execution and confidence in intrinsic value.