$INVH · Invitation Homes Inc.
Invitation Homes reported Q3 2026 results with total revenues of $731.3 million (+6.3% YoY), net income per diluted share of $0.27, and Core FFO per share of $0.48 (+2.4% YoY). The company raised full-year Core FFO guidance midpoint by $0.01 to $1.96 and Same Store NOI growth guidance to 1.2%. The board authorized an additional $500 million share repurchase program, bringing total buybacks to nearly $1 billion since December 2025.
- Total revenues rose 6.3% YoY to $731.3 million, with net income available to common stockholders up 15.6% to $158 million ($0.27/share).
- Core FFO per share increased 2.4% YoY to $0.48; AFFO per share was flat at $0.38.
- Same Store NOI grew 1.1% YoY on 1.6% revenue growth and 2.5% expense growth; blended rent growth was 3.0%.
- Nearly $1 billion in shares repurchased from December 2025 through October 27, 2026 at an average price of $26.78.
- Board authorized an additional $500 million share repurchase program on October 26, 2026.
Extended-hours trading shows INVH at $26.75, essentially flat versus the regular-session close of $26.75. The modest 1.6% regular-session decline today may reflect broader market conditions rather than a reaction to the after-hours earnings release, which includes a guidance raise and expanded buyback authorization.
INVH is executing one of the most aggressive buyback programs among residential REITs, using home sale proceeds to repurchase shares at a steep discount to private market home values while simultaneously raising guidance.
INVH continues to use home sale proceeds to fund buybacks at a discount to private market values — CEO Dallas Tanner noted an implied value per home of ~$280,000 via repurchases versus ~$460,000 gross sales price per home sold. This NAV arbitrage strategy is aggressive relative to other residential REITs.
Same Store new lease rent growth turned negative at (0.2)%, and bad debt as a percentage of gross rental revenue ticked up to 0.8% from 0.7% YoY. The $30.4 million non-cash loss from the Pathway joint venture dissolution signals integration risk.