Invitation Homes

Invitation Homes is a real estate investment trust that owns and leases single-family homes in the United States. At September 30, 2026, it owned 85,961 homes, mostly in the Sun Belt and the West. It leases homes to families, usually for one to two years, and it maintains them with its own staff. It also manages homes for joint ventures and other owners, builds and buys new homes, and lends to builders of rental communities.

It bought ResiBuilt, a home builder, in January 2026. Most of its revenue is rent. Average occupancy in its same store portfolio was 96.4% in Q3 2026.

The market prices Invitation Homes for slow rent growth and for political and legal risk to large owners of single-family homes. Same store net operating income rose only 1.1% in Q3 2026. New lease rents fell 0.2% in Q3 2026 and 0.8% in the first nine months of 2026, and average same store occupancy fell to 96.4% in Q3 2026. The 21st Century ROAD to Housing Act became federal law on July 11, 2026, and executive actions and state bills aim to limit purchases of single-family homes by institutional owners.

These rules can limit how Invitation Homes grows and can raise its costs. The company says private buyers pay more for its homes than its stock price implies: it sold homes and used the cash to buy back nearly $1 billion of shares from December 2025 to October 27, 2026, and its board added a $500 million buyback program on October 26, 2026. For the gap to close, three things must be true. Rent growth must improve, with new lease rent growth turning positive and occupancy back near 97%.

Core FFO per share must reach the 2026 guidance of about $1.96 and grow in 2027. The rules under the Housing Act and state laws must leave its current homes, leasing and home sales mostly unchanged. The Q4 2026 report and the 2027 guidance, expected in early 2027, are the next tests. If they pass, the gap can close over the next four to eight quarters.

The main reason it may not close is new rules that force sales of homes or limit rents, which would lower the value of the portfolio.

1. Oct 28, 2026Failed

   Q3 2026 results: rent growth and guidancePositive new lease rent growth, occupancy near 97% and 2026 Core FFO guidance near $1.95 pass; lower rents or a guidance cut fails.Outcome: Invitation Homes raised its 2026 Core FFO guidance to $1.96 per share, but new lease rents fell 0.2% and average occupancy fell to 96.4%.
2. Jan 28, 2027 · est.Pending

   Q4 2026 results and the 2027 guidance2027 guidance with Core FFO per share growth and same store NOI growth above the 2026 level passes; flat or lower Core FFO per share fails.

Every passed and failed checkpoint across all picks

• October 28, 2026Invitation Homes reported Q3 2026 results. Total revenues rose 6.3% to $731 million, and Core FFO per share rose 2.4% to $0.48. Same store NOI rose 1.1%, and blended rent growth was 3.0%, with renewal rents up 4.3% and new lease rents down 0.2%. Average same store occupancy was 96.4%. It sold 658 homes, bought 216 and bought back $250 million of shares. It raised its 2026 guidance for Core FFO per share to $1.96 at the midpoint and its planned home sales to $950 million at the midpoint.
• October 26, 2026The board authorized a new $500 million share buyback program. From December 1, 2025 to October 27, 2026, the company bought back nearly $1 billion of its shares.
• September 15, 2026Invitation Homes ended its Pathway joint ventures and took full control of Pathway Homes. Its 894 homes are now wholly owned, and the company recorded a non-cash net loss of $30.4 million.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · invh-20260930
• 8-KEarnings releaseFiled October 28, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled September 9, 2026 · invh-20260909
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · invh-20260630
• 8-KEarnings releaseFiled July 29, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled July 8, 2026 · Read it on sec.gov
• 8-KOther company newsFiled July 6, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled June 1, 2026 · invh-20260601
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 8, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · invh-20260331

Every filing on SEC EDGAR (CIK 1687229)

• Federal law, executive actions and state bills aim to limit institutional ownership and purchases of single-family homes. New rules can limit purchases, force changes to the business, raise compliance costs or lower the value of homes. Rent control and tenant protection laws can also lower revenue.
• New lease rents fell 0.2% in Q3 2026 and 0.8% in the first nine months of 2026, and average occupancy fell to 96.4% in Q3 2026. More homes for rent or for sale in its markets, or a weaker job market, can lower rent growth and occupancy.
• Property taxes and insurance are large costs. Increases in taxes, insurance premiums or repair costs can lower net operating income.
• Net debt was 5.5 times adjusted EBITDAre at September 30, 2026, and 9.8% of debt has floating rates. Higher interest rates raise the cost to refinance debt.

Invitation Homes funds itself mostly with unsecured notes and bank term loans. Total debt was $8,810 million at September 30, 2026: $900 million secured and $7,910 million unsecured. Read more

Yield at the current rate

4.5% (current annual rate, at today’s price)

Dividend yield

4.5% (last 12 months, at today’s price of $26.88)

Paid per share

$1.20 in the last 12 months (4 payments)

Current annual rate

$1.20 ($0.30 × 4 a year)

Payout ratio

122% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 24, 2026, $0.30 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 14.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.