Invitation Homes Inc (INVH)

Invitation Homes Announces Cash DividendJune 12, 2026 6:45 AM
Business Wire Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” the “Company,” or “our”), the nation’s premier single-family home leasing and management company, announced today that it has declared a quarterly cash dividend of $0.30 per share payable on shares of its common stock. The dividend will be paid on or before July 17, 2026, to stockholders of record of the Company’s common stock as of the close of business on June 25, 2026. About Invitation Homes Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing. View source version on businesswire.com: https://www.businesswire.com/news/home/20260612444757/en/ Investor Relations Contact:
Scott McLaughlin
844.456.INVH (4684)
IR@InvitationHomes.com Media Relations Contact:
Kristi DesJarlais
844.456.INVH (4684)
Media@InvitationHomes.com Original: Invitation Homes Announces Cash Dividend

Invitation Homes to Participate in Nareit’s REITweek 2026 Investor ConferenceJune 1, 2026 6:45 AM
Business Wire Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”) today announced that members of the Company’s management team will participate in a roundtable discussion during Nareit’s REITweek 2026 Investor Conference on Tuesday, June 2, at 3:15 p.m. Eastern Time. A live audio webcast of the presentation will be available on the Investor Relations section of the Company's website at www.invh.com. A replay of the webcast will be available through August 2, 2026. About Invitation Homes Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing. View source version on businesswire.com: https://www.businesswire.com/news/home/20260601978628/en/ Investor Relations Contact:
Scott McLaughlin
844.456.INVH (4684)
IR@InvitationHomes.com Media Relations Contact:
Kristi DesJarlais
844.456.INVH (4684)
Media@InvitationHomes.com Original: Invitation Homes to Participate in Nareit’s REITweek 2026 Investor Conference

Invitation Homes Reports First Quarter 2026 ResultsApril 29, 2026 4:15 PM
Business Wire
Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our First Quarter (“Q1”) 2026 financial and operating results.


Q1 2026 Highlights



Year over year, total revenues increased 8.8% to $734 million, property operating and maintenance costs increased 5.8% to $251 million, and net income available to common stockholders decreased 3.5% to $160 million, or $0.26 per diluted common share.



Core FFO per share remained generally flat at $0.48, while AFFO per share declined 2.6% to $0.41, consistent with expectations and primarily timing related.



Same Store NOI decreased 0.3% year over year, reflecting 1.6% Same Store Core Revenues growth and 5.7% Same Store Core Operating Expenses growth; these results were impacted by the expected moderation in Same Store Average Occupancy from 97.2% to 96.3% year over year and timing of expenses.



Same Store renewal rent growth of 3.7% and Same Store new lease rent growth of (3.0)% resulted in Same Store blended rent growth of 1.6%; looking ahead, preliminary April Same Store blended rent growth is approximately 2.3%, including a return to positive new lease rent growth for the month.



We were a net seller of 222 wholly owned homes — many to families purchasing for their own use — generating net proceeds of approximately $116 million. Wholly owned dispositions are tracking well ahead of expectations, totaling $206 million, with an average sales price of approximately $427,000 per home.



We acquired 17,101,046 shares of our common stock for approximately $439 million under our share repurchase program. Together with repurchases completed in the fourth quarter of 2025, we repurchased a total of 19,333,731 shares at an average price of $25.86 per share for an aggregate of approximately $500 million, fully utilizing the authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new $500 million share repurchase program.



At quarter end, we had $1,304 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility, with net debt / TTM adjusted EBITDAre of 5.6x, within our targeted range of 5.5x to 6.0x.



As previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), an in-house development general contractor for new build-to-rent communities that is expected to be modestly accretive to our 2026 AFFO per share. During Q1 2026, ResiBuilt delivered over 300 newly constructed homes to third party customers.



We are maintaining our previously disclosed full year 2026 outlook as detailed further below.



Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures


Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.


Comments from Chief Executive Officer Dallas Tanner


“Our teams delivered a solid first quarter in line with our expectations, providing good momentum heading into peak leasing season. Occupancy is climbing, new lease rent growth turned positive in April, and our residents continue to stay longer. In our markets, leasing one of our homes saves a family nearly a thousand dollars a month on average compared to owning. In addition, we put $500 million to work through repurchases of our stock, and our board of directors has just approved a new $500 million stock repurchase authorization — reflecting our continued confidence in the intrinsic value of our business. We are executing on our priorities, maintaining our full-year outlook, and I remain optimistic about the long-term positioning of this business.”


Financial Results




Net Income, FFO, Core FFO, and AFFO Per Share — Diluted








 








 






Q1 2026






 






Q1 2025






 








Net income






$






0.26






 






$






0.27






 








FFO






 






0.43






 






 






0.45






 








Core FFO






 






0.48






 






 






0.48






 








AFFO






 






0.41






 






 






0.42






 








 







Net Income


Year over year, net income per common share — diluted for Q1 2026 decreased 2.3% to $0.26, primarily due to an increase in total expenses.


Core FFO


Year over year, Core FFO per share for Q1 2026 remained generally flat at $0.48.


AFFO


Year over year, AFFO per share for Q1 2026 declined 2.6% to $0.41, consistent with expectations and primarily timing related.


Operating Results




Same Store Operating Results Snapshot








 








Number of Homes, period-end







Q1 2026






 








Total Portfolio







85,970






 






 








Number of homes in Same Store Portfolio:







78,141






 






 








Same Store % of Total







90.9






%






 








 







 






 






 








 







Q1 2026






 






Q1 2025






 








Core Revenues growth (year over year)







1.6






%






 






 






 






 








Core Operating Expenses growth (year over year)







5.7






%






 






 






 






 








NOI growth (year over year)







(0.3






)%






 






 






 






 








 







 






 






 






 






 






 








Average Occupancy







96.3






%






 






97.2






%






 








Bad Debt % of gross rental revenue







0.6






%






 






0.6






%






 








Turnover Rate







5.3






%






 






5.0






%






 








 







 






 






 






 






 






 








Rental Rate Growth (lease-over-lease):







 






 






 






 






 






 








Renewals







3.7






%






 






5.2






%






 








New leases







(3.0






)%






 






(0.1






)%






 








Blended (1)







1.6






%






 






3.6






%






 








 







 






 






 






 






 






 








Other property income growth, net (year over year) (2):







10.3






%






 






 






 






 











(1) Preliminary April 2026 leasing indicates blended Rental Rate Growth for the month of 2.3%, including positive Rental Rate Growth for new leases.







(2) Represents value add service income and lease fees, net of resident recoveries, that are included within Core Revenues growth, but not included within Rental Rate Growth.


Same Store NOI


For the Same Store Portfolio of 78,141 homes, Same Store NOI for Q1 2026 decreased 0.3% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 5.7%.


Same Store Core Revenues


Q1 2026 Same Store Core Revenues growth of 1.6% year over year was primarily driven by a 2.2% increase in Average Monthly Rent and a 10.3% increase in other income, net of resident recoveries, partially offset by an anticipated 90 basis point year over year decline in Average Occupancy.


Same Store Core Operating Expenses


Q1 2026 Same Store Core Operating Expenses increased 5.7% year over year, which was in line with expectations and attributable to a 12.1% increase in controllable expenses and a 2.8% increase in fixed expenses. The year over year increase in controllable expenses was primarily attributable to favorable timing of certain expense items in the prior year.


Investment, Property Management, and Homebuilding Activity


During Q1 2026, we were a net seller of 222 wholly owned homes — many to families purchasing for their own use — generating net proceeds of approximately $116 million. Wholly owned dispositions are tracking well ahead of expectations, totaling $206 million, with an average sales price of approximately $427,000 per home. In addition, during Q1 2026, our joint ventures acquired 20 homes for $7 million and sold 10 homes for $5 million.


A summary of our owned and/or managed homes is included in the following table:




Summary of Homes Owned and/or Managed as of March 31, 2026








 








 






 






Number of

Homes Owned

and/or

Managed as of

12/31/2025






 






Acquired or

Added In

Q1 2026






 






Disposed or

Subtracted In

Q1 2026






 






Number of

Homes Owned

and/or

Managed as of

3/31/2026






 








Wholly owned homes






 






86,192







 






261







 






(483






)






 






85,970







 








Joint venture owned homes






 






8,006






 






 






20






 






 






(10






)






 






8,016






 






 








Managed-only homes






 






15,866






 






 






—






 






 






(107






)






 






15,759






 






 








Total homes owned and/or managed






 






110,064






 






 






281






 






 






(600






)






 






109,745






 






 








 







As previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), an in-house development general contractor for new build-to-rent communities that is expected to be modestly accretive to our 2026 AFFO per share. During Q1 2026, ResiBuilt delivered over 300 newly constructed homes to third party customers.


Balance Sheet and Capital Markets Activity


As of March 31, 2026, we had $1,304 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,873 million consisted of 84.3% unsecured debt and 15.7% secured debt; 89.5% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.6x, within our targeted range of 5.5x to 6.0x. We have no debt reaching final maturity before June 2027.


We acquired 17,101,046 shares of our common stock for approximately $439 million under our share repurchase program. Together with repurchases completed in the fourth quarter of 2025, we repurchased a total of 19,333,731 shares at an average price of $25.86 per share for an aggregate of approximately $500 million, fully utilizing the authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new $500 million share repurchase program. Repurchases, if any, will be made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.


FY 2026 Guidance


Set forth below are our current expectations, which are generally unchanged from initial guidance provided in February 2026, in addition to our underlying assumptions. In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss) per share, total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.




FY 2026 Guidance Summary








 








 






FY 2026




Guidance Range






 






FY 2026




Guidance Midpoint






 








Core FFO per share — diluted






$1.90 - $1.98






 






$1.94






 








AFFO per share — diluted






$1.60 - $1.68






 






$1.64






 








 






 






 






 






 








Same Store Core Revenues growth (1)






1.3% - 2.5%






 






1.9%






 








Same Store Core Operating Expenses growth (2)






3.0% - 4.0%






 






3.5%






 








Same Store NOI growth






0.3% - 2.0%






 






1.15%






 








 






 






 






 






 








Wholly owned acquisitions (3)






$150 - $350 million






 






$250 million






 








JV acquisitions (3)






$50 - $150 million






 






$100 million






 








Wholly owned dispositions






$450 - $650 million






 






$550 million






 








 







(1) Same Store Core Revenues growth guidance assumes FY 2026 (i) Average Occupancy in a range of 96.0% to 96.6% and (ii) average Bad Debt in a range of 60 to 80 basis points.


(2) Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 (i) property taxes in a range of 4% to 5%; (ii) insurance expenses in a range of 5% to 7%; and (iii) all other expenses in a range of approximately 1% to 2%.


(3) Excludes our acquisition of ResiBuilt in January 2026.


Earnings Conference Call Information


We have scheduled a conference call at 11:00 a.m. Eastern Time on April 30, 2026, to review Q1 2026 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.


Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from our investor relations website at www.invh.com. Following the conclusion of the earnings call, we will post a replay of the webcast to our website for one year.


Supplemental Information


The full text of the Earnings Release and Supplemental Information referenced in this release are available on our Investor Relations website at www.invh.com.


About Invitation Homes


Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, federal, state, and local laws, regulations, executive actions, and policy initiatives, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.




Consolidated Balance Sheets








($ in thousands, except shares and per share data)






 






 






 






 








 






 






 






 






 








 






March 31, 2026






 






December 31, 2025






 








 






(unaudited)






 






 






 








Assets:






 






 






 






 








Investments in single-family residential properties, net






$






17,114,862






 






 






$






17,274,622






 






 








Cash and cash equivalents






 






114,129






 






 






 






129,971






 






 








Restricted cash






 






258,850






 






 






 






224,894






 






 








Goodwill






 






314,154






 






 






 






258,207






 






 








Investments in unconsolidated joint ventures






 






250,572






 






 






 






254,561






 






 








Other assets, net






 






648,574






 






 






 






538,035






 






 








Total assets






$






18,701,141






 






 






$






18,680,290






 






 








 






 






 






 






 








Liabilities:






 






 






 






 








Secured debt, net






$






1,384,686






 






 






$






1,384,114






 






 








Unsecured notes, net






 






4,400,877






 






 






 






4,398,921






 






 








Term loan facilities, net






 






2,456,807






 






 






 






2,451,985






 






 








Revolving facility






 






560,000






 






 






 






145,000






 






 








Accounts payable and accrued expenses






 






257,455






 






 






 






230,350






 






 








Resident security deposits






 






187,066






 






 






 






184,536






 






 








Other liabilities






 






325,587






 






 






 






317,492






 






 








Total liabilities






 






9,572,478






 






 






 






9,112,398






 






 








 






 






 






 






 








Equity:






 






 






 






 








Stockholders’ equity






 






 






 






 








Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2026 and December 31, 2025






 






—






 






 






 






—






 






 








Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 593,981,591 and 610,788,732 outstanding as of March 31, 2026 and December 31, 2025, respectively






 






5,940






 






 






 






6,108






 






 








Additional paid-in capital






 






10,696,063






 






 






 






11,128,590






 






 








Accumulated deficit






 






(1,629,420






)






 






 






(1,610,981






)






 








Accumulated other comprehensive income






 






18,451






 






 






 






6,415






 






 








Total stockholders’ equity






 






9,091,034






 






 






 






9,530,132






 






 








Non-controlling interests






 






37,629






 






 






 






37,760






 






 








Total equity






 






9,128,663






 






 






 






9,567,892






 






 








Total liabilities and equity






$






18,701,141






 






 






$






18,680,290






 






 








 






 






 






 






 









Consolidated Statements of Operations








($ in thousands, except shares and per share amounts)








 






 






 






 






 








 






Q1 2026






 






Q1 2025






 








Revenues:






(unaudited)






 






(unaudited)






 








Rental revenues






$






597,697






 






 






$






585,193






 






 








Other property income






 






72,818






 






 






 






67,878






 






 








Management fee revenues






 






19,852






 






 






 






21,408






 






 








Homebuilding revenues






 






43,745






 






 






 






—






 






 








Total revenues






 






734,112






 






 






 






674,479






 






 








 






 






 






 






 








Expenses:






 






 






 






 








Property operating and maintenance






 






251,134






 






 






 






237,449






 






 








Property management expense






 






39,325






 






 






 






36,739






 






 








Homebuilding cost of sales






 






39,134






 






 






 






—






 






 








General and administrative






 






32,319






 






 






 






29,518






 






 








Interest expense






 






95,313






 






 






 






84,254






 






 








Depreciation and amortization






 






193,142






 






 






 






183,146






 






 








Casualty losses, impairment, and other






 






4,345






 






 






 






4,683






 






 








Total expenses






 






654,712






 






 






 






575,789






 






 








 






 






 






 






 








Gain on sale of property, net of tax






 






87,094






 






 






 






71,666






 






 








Losses from investments in unconsolidated joint ventures






 






(3,085






)






 






 






(5,218






)






 








Other, net






 






(2,344






)






 






 






1,144






 






 








 






 






 






 






 








Net income






 






161,065






 






 






 






166,282






 






 








Net income attributable to non-controlling interests






 






(557






)






 






 






(537






)






 








 






 






 






 






 








Net income attributable to common stockholders






 






160,508






 






 






 






165,745






 






 








Net income available to participating securities






 






(708






)






 






 






(228






)






 








 






 






 






 






 








Net income available to common stockholders — basic and diluted






$






159,800






 






 






$






165,517






 






 








 






 






 






 






 








Weighted average common shares outstanding — basic






 






605,997,344






 






 






 






612,777,606






 






 








Weighted average common shares outstanding — diluted






 






606,233,573






 






 






 






613,361,880






 






 








 






 






 






 






 








Net income per common share — basic






$






0.26






 






 






$






0.27






 






 








Net income per common share — diluted






$






0.26






 






 






$






0.27






 






 








 






 






 






 






 








Dividends declared per common share






$






0.30






 






 






$






0.29






 






 








 






 






 






 






 







Glossary and Reconciliations


Average Monthly Rent


Average monthly rent represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period, and reflects the impact of non-service rental concessions and contractual rent increases amortized over the life of the lease.


Average Occupancy


Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period.


Bad Debt


Bad debt represents our reserves for residents’ accounts receivables balances that are aged greater than 30 days, under the rationale that a resident’s security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident’s security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. All rental revenues and other property income, in both Total Portfolio and Same Store Portfolio presentations, are reflected net of bad debt.


Core Operating Expenses


Core operating expenses for an identified population of homes reflect property operating and maintenance expenses, excluding any expenses recovered from residents.


Core Revenues


Core revenues for an identified population of homes reflects total revenues, net of any resident recoveries.


EBITDA, EBITDAre, and Adjusted EBITDAre


EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. We define EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.


The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of Net Income to Adjusted EBITDAre” for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.


Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)


FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. We define Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and (gains) losses on investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserve the value and maintain the functionality of our homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for our share of investments in unconsolidated joint ventures.


We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss. We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of our performance across reporting periods by removing the impact of certain items that are not comparable from period to period.


The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. FFO, Core FFO, and Adjusted FFO are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our FFO, Core FFO, and Adjusted FFO may not be comparable to the FFO, Core FFO, and Adjusted FFO of other companies due to the fact that not all companies use the same definition of FFO, Core FFO, and Adjusted FFO. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of FFO, Core FFO, and Adjusted FFO” for a reconciliation of GAAP net income to FFO, Core FFO, and Adjusted FFO.


Net Operating Income (NOI)


NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and (income) losses from investments in unconsolidated joint ventures.


The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.


We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio. See “Reconciliation of Net Income to Same Store NOI” for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store Portfolio.


Recurring Capital Expenditures or Recurring CapEx


Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and maintain the value and functionality of a home and our systems as a single-family rental.


Rental Rate Growth


Rental rate growth for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease, and, in each case, reflects the impact of any amortized non-service rent concessions and amortized contractual rent increases. Leases are either renewal leases, where our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home.


Same Store / Same Store Portfolio


Same Store or Same Store portfolio includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as our existing Same Store portfolio, and homes in markets that we have announced an intent to exit where we no longer operate a significant number of homes.


Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as our existing Same Store portfolio may be considered stabilized at the time of acquisition.


Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established.


We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and our prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our organic business.


Total Homes / Total Portfolio


Total homes or total portfolio refers to the total number of homes owned, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to the wholly owned homes and excludes homes owned in joint ventures.


Turnover Rate


Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population.




Reconciliation of FFO, Core FFO, and AFFO








($ in thousands, except shares and per share amounts) (unaudited)








 






 






 






 






 






 








FFO Reconciliation






 






Q1 2026






 






Q1 2025






 








Net income available to common stockholders






 






$






159,800






 






 






$






165,517






 






 








Net income available to participating securities






 






 






708






 






 






 






228






 






 








Non-controlling interests






 






 






557






 






 






 






537






 






 








Depreciation and amortization of real estate assets






 






 






184,923






 






 






 






179,063






 






 








Impairment on depreciated real estate investments






 






 






469






 






 






 






63






 






 








Net gain on sale of previously depreciated investments in real estate






 






 






(87,094






)






 






 






(71,666






)






 








Depreciation and net gain on sale of investments in unconsolidated joint ventures






 






 






3,042






 






 






 






3,498






 






 








FFO






 






$






262,405






 






 






$






277,240






 






 








 






 






 






 






 






 








Core FFO Reconciliation






 






Q1 2026






 






Q1 2025






 








FFO






 






$






262,405






 






 






$






277,240






 






 








Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)






 






 






10,629






 






 






 






3,634






 






 








Share-based compensation expense






 






 






10,700






 






 






 






10,157






 






 








Amortization of intangible assets






 






 






2,413






 






 






 






—






 






 








Business reorganization costs






 






 






1,501






 






 






 






2,385






 






 








Casualty losses and reserves, net (1)






 






 






3,935






 






 






 






4,683






 






 








Losses on investments in equity and other securities, net






 






 






213






 






 






 






221






 






 








Core FFO






 






$






291,796






 






 






$






298,320






 






 








 






 






 






 






 






 








AFFO Reconciliation






 






Q1 2026






 






Q1 2025






 








Core FFO






 






$






291,796






 






 






$






298,320






 






 








Recurring Capital Expenditures (1)






 






 






(40,473






)






 






 






(37,347






)






 








AFFO






 






$






251,323






 






 






$






260,973






 






 








 






 






 






 






 






 








Net income available to common stockholders






 






 






 






 






 








Weighted average common shares outstanding — diluted






 






 






606,233,573






 






 






 






613,361,880






 






 








 






 






 






 






 






 








Net income per common share — diluted






 






$






0.26






 






 






$






0.27






 






 








 






 






 






 






 






 








FFO, Core FFO, and AFFO






 






 






 






 






 








Weighted average common shares and OP Units outstanding — diluted






 






 






608,795,153






 






 






 






615,645,848






 






 








 






 






 






 






 






 








FFO per share — diluted






 






$






0.43






 






 






$






0.45






 






 








 






 






 






 






 






 








Core FFO per share — diluted






 






$






0.48






 






 






$






0.48






 






 








 






 






 






 






 






 








AFFO per share — diluted






 






$






0.41






 






 






$






0.42






 






 








 






 






 






 






 






 







(1) Includes our share from unconsolidated joint ventures.




Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly








(in thousands) (unaudited)








 






 






 






 






 






 






 






 






 






 






 








 






Q1 2026






 






Q4 2025






 






Q3 2025






 






Q2 2025






 






Q1 2025






 








Total revenues (Total Portfolio)






$






734,112






 






 






$






685,250






 






 






$






688,166






 






 






$






681,401






 






 






$






674,479






 






 








Management fee revenues






 






(19,852






)






 






 






(21,662






)






 






 






(21,975






)






 






 






(22,294






)






 






 






(21,408






)






 








Homebuilding revenues






 






(43,745






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 








Total portfolio resident recoveries






 






(46,072






)






 






 






(45,389






)






 






 






(46,885






)






 






 






(40,944






)






 






 






(44,118






)






 








Total Core Revenues (Total Portfolio)






 






624,443






 






 






 






618,199






 






 






 






619,306






 






 






 






618,163






 






 






 






608,953






 






 








Non-Same Store Core Revenues






 






(45,447






)






 






 






(44,578






)






 






 






(44,429






)






 






 






(42,399






)






 






 






(38,808






)






 








Same Store Core Revenues






$






578,996






 






 






$






573,621






 






 






$






574,877






 






 






$






575,764






 






 






$






570,145






 






 








 






 






 






 






 






 






 






 






 






 






 









Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly








(in thousands) (unaudited)








 






 






 






 






 






 






 






 






 






 






 








 






Q1 2026






 






Q4 2025






 






Q3 2025






 






Q2 2025






 






Q1 2025






 








Property operating and maintenance expenses (Total Portfolio)






$






251,134






 






 






$






244,823






 






 






$






259,037






 






 






$






244,278






 






 






$






237,449






 






 








Total Portfolio resident recoveries






 






(46,072






)






 






 






(45,389






)






 






 






(46,885






)






 






 






(40,944






)






 






 






(44,118






)






 








Core Operating Expenses (Total Portfolio)






 






205,062






 






 






 






199,434






 






 






 






212,152






 






 






 






203,334






 






 






 






193,331






 






 








Non-Same Store Core Operating Expenses






 






(19,778






)






 






 






(18,592






)






 






 






(21,833






)






 






 






(19,453






)






 






 






(18,096






)






 








Same Store Core Operating Expenses






$






185,284






 






 






$






180,842






 






 






$






190,319






 






 






$






183,881






 






 






$






175,235






 






 








 






 






 






 






 






 






 






 






 






 






 









Reconciliation of Net Income to Same Store NOI, Quarterly








(in thousands) (unaudited)








 






 






 






 






 






 






 






 






 






 






 








 






Q1 2026






 






Q4 2025






 






Q3 2025






 






Q2 2025






 






Q1 2025






 








Net income available to common stockholders






$






159,800






 






 






$






144,308






 






 






$






136,474






 






 






$






140,665






 






 






$






165,517






 






 








Net income available to participating securities






 






708






 






 






 






246






 






 






 






264






 






 






 






222






 






 






 






228






 






 








Non-controlling interests






 






557






 






 






 






496






 






 






 






472






 






 






 






480






 






 






 






537






 






 








Management fee revenues






 






(19,852






)






 






 






(21,662






)






 






 






(21,975






)






 






 






(22,294






)






 






 






(21,408






)






 








Homebuilding revenues






 






(43,745






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 








Property management expense






 






39,325






 






 






 






39,485






 






 






 






37,073






 






 






 






35,833






 






 






 






36,739






 






 








Homebuilding cost of sales






 






39,134






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 








General and administrative






 






32,319






 






 






 






23,697






 






 






 






18,444






 






 






 






23,591






 






 






 






29,518






 






 








Interest expense






 






95,313






 






 






 






90,878






 






 






 






90,781






 






 






 






87,414






 






 






 






84,254






 






 








Depreciation and amortization






 






193,142






 






 






 






189,875






 






 






 






188,457






 






 






 






185,455






 






 






 






183,146






 






 








Casualty losses, impairment, and other






 






4,345






 






 






 






311






 






 






 






3,420






 






 






 






3,029






 






 






 






4,683






 






 








Gain on sale of property, net of tax






 






(87,094






)






 






 






(54,463






)






 






 






(45,515






)






 






 






(46,591






)






 






 






(71,666






)






 








(Income) losses from investments in unconsolidated joint ventures






 






3,085






 






 






 






3,717






 






 






 






(2,130






)






 






 






4,802






 






 






 






5,218






 






 








Other, net (1)






 






2,344






 






 






 






1,877






 






 






 






1,389






 






 






 






2,223






 






 






 






(1,144






)






 








NOI (Total Portfolio)






 






419,381






 






 






 






418,765






 






 






 






407,154






 






 






 






414,829






 






 






 






415,622






 






 








Non-Same Store NOI






 






(25,669






)






 






 






(25,986






)






 






 






(22,596






)






 






 






(22,946






)






 






 






(20,712






)






 








Same Store NOI






$






393,712






 






 






$






392,779






 






 






$






384,558






 






 






$






391,883






 






 






$






394,910






 






 








 






 






 






 






 






 






 






 






 






 






 







(1) Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.




Reconciliation of Net Income to Adjusted EBITDAre








(in thousands, unaudited)








 






 






 






 






 






Trailing Twelve Months (TTM) Ended






 








 






Q1 2026






 






Q1 2025






 






March 31, 2026






December 31, 2025






 








Net income available to common stockholders






$






159,800






 






 






$






165,517






 






 






$






581,247






 






$






586,964






 






 








Net income available to participating securities






 






708






 






 






 






228






 






 






 






1,440






 






 






960






 






 








Non-controlling interests






 






557






 






 






 






537






 






 






 






2,005






 






 






1,985






 






 








Interest expense






 






95,313






 






 






 






84,254






 






 






 






364,386






 






 






353,327






 






 








Interest expense in unconsolidated joint ventures






 






6,127






 






 






 






5,626






 






 






 






25,813






 






 






25,312






 






 








Depreciation and amortization






 






193,142






 






 






 






183,146






 






 






 






756,929






 






 






746,933






 






 








Depreciation and amortization of investments in unconsolidated joint ventures






 






4,468






 






 






 






3,662






 






 






 






17,167






 






 






16,361






 






 








EBITDA






 






460,115






 






 






 






442,970






 






 






 






1,748,987






 






 






1,731,842






 






 








Gain on sale of property, net of tax






 






(87,094






)






 






 






(71,666






)






 






 






(233,663






)






 






(218,235






)






 








Impairment on depreciated real estate investments






 






469






 






 






 






63






 






 






 






1,063






 






 






657






 






 








Net gain on sale of investments in unconsolidated joint ventures






 






(1,421






)






 






 






(145






)






 






 






(9,737






)






 






(8,461






)






 








EBITDAre






 






372,069






 






 






 






371,222






 






 






 






1,506,650






 






 






1,505,803






 






 








Share-based compensation expense






 






10,700






 






 






 






10,157






 






 






 






28,373






 






 






27,830






 






 








Business reorganization costs






 






1,501






 






 






 






2,385






 






 






 






1,888






 






 






2,772






 






 








Casualty losses and reserves, net (1)






 






3,935






 






 






 






4,683






 






 






 






10,176






 






 






10,924






 






 








Other, net (2)






 






2,344






 






 






 






(1,144






)






 






 






7,833






 






 






4,345






 






 








Adjusted EBITDAre






$






390,549






 






 






$






387,303






 






 






$






1,554,920






 






$






1,551,674






 






 








 






 






 






 






 






 






 






 







(1) Includes our share from unconsolidated joint ventures.


(2) Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses.




Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre








(in thousands, except for ratio) (unaudited)








 






 






 






 






 








 






As of






 






As of






 








 






March 31, 2026






 






December 31, 2025






 








Secured debt, net






$






1,384,686






 






 






$






1,384,114






 






 








Unsecured notes, net






 






4,400,877






 






 






 






4,398,921






 






 








Term loan facility, net






 






2,456,807






 






 






 






2,451,985






 






 








Revolving facility






 






560,000






 






 






 






145,000






 






 








Total Debt per Balance Sheet






 






8,802,370






 






 






 






8,380,020






 






 








Retained and repurchased certificates






 






(55,499






)






 






 






(55,499






)






 








Cash, ex-security deposits and letters of credit (1)






 






(182,985






)






 






 






(167,472






)






 








Deferred financing costs, net






 






47,758






 






 






 






54,208






 






 








Unamortized discounts on notes payable






 






23,271






 






 






 






24,171






 






 








Net Debt (A)






$






8,634,915






 






 






$






8,235,428






 






 








 






 






 






 






 








 






For the TTM Ended






 






For the TTM Ended






 








 






March 31, 2026






 






December 31, 2025






 








Adjusted EBITDAre (B)






$






1,554,920






 






 






$






1,551,674






 






 








 






 






 






 






 








Net Debt / TTM Adjusted EBITDAre (A / B)






5.6x






 






5.3x






 








 






 






 






 






 







(1) Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429447405/en/
Investor Relations Contact

Scott McLaughlin

844.456.INVH (4684)

IR@InvitationHomes.com


Media Relations Contact

Kristi DesJarlais

844.456.INVH (4684)

Media@InvitationHomes.com


Original: Invitation Homes Reports First Quarter 2026 Results