$INVH · Invitation Homes Inc.

Invitation Homes filed an 8-K with its September 2026 investor presentation (Exhibit 99.1). The deck highlights $700M in stock repurchases since December 2025 at an average price of $26.72/share, with $300M remaining on a $1B authorization. FY26 disposition guidance was raised to $850M, with $740M completed YTD at an average price of ~$460K per home — implying a 36% discount to the ~$294K per-home value embedded in the stock at $29/share.

Stock up 0.54% since filing at $28.18 in after-hours trading. The presentation's emphasis on aggressive buybacks funded by above-NAV dispositions and a 36% implied home-value discount reinforces the capital-allocation thesis that has supported the shares.

The presentation quantifies a rare REIT arbitrage: buying back shares at a 36% discount to private-market asset value while funding it with above-NAV home sales.

INVH claims sector-leading NOI growth of +64.3% from 2017-2025, outpacing AMH (+57.0%), National Multifamily peers (+37.3%), and Coastal Multifamily peers (+22.3%). The presentation frames SFR as structurally advantaged versus apartments on demographics and affordability.

The ROAD Act, effective January 2027, limits certain MLS purchases of existing homes, though INVH expects its other acquisition channels to remain unaffected. New BTR deliveries are declining but remain a competitive supply factor.