Invitation Homes Reports Second Quarter 2026 Results

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DALLAS--(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 Second Quarter (“Q2”) 2026 financial and operating results.

Q2 2026 Highlights

• Year over year, total revenues increased 9.7% to $748 million, property operating and maintenance costs increased 4.7% to $256 million, and net income available to common stockholders increased 55.1% to $218 million, or $0.37 per diluted common share.
• Year over year, Core FFO per share increased 5.0% to $0.51, while AFFO per share increased 5.9% to $0.44.
• Same Store NOI increased 1.5% year over year on 1.6% Same Store Core Revenues growth and 1.9% Same Store Core Operating Expenses growth.
• Same Store Average Occupancy was 97.1%, an expected reduction of 20 basis points year over year.
• Same Store renewal rent growth of 3.3% and Same Store new lease rent growth of 1.1% resulted in Same Store blended rent growth of 2.7%.
• We disposed of 657 wholly owned homes, many to families purchasing for their own use, and acquired 196 wholly owned homes, for net dispositions of 461 homes and net proceeds of approximately $234 million that were used for second quarter share repurchases and paying down debt that partially funded our first quarter share repurchases.
• During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30.
• At quarter end, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. As of June 30, 2026, our net debt / TTM adjusted EBITDAre was 5.4x, below our targeted range of 5.5x to 6.0x.
• As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027.
• Reflecting our year to date performance, we have raised our full year 2026 guidance by one cent at the midpoint for both Core FFO per share and AFFO per share to $1.95 and $1.65, respectively. We have also narrowed our Same Store Core Revenue growth and Same Store NOI growth guidance ranges, while holding both midpoints unchanged, and increased our wholly owned disposition guidance midpoint by $300 million to $850 million, driven by continued favorable private market valuations relative to public market pricing.

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

“We delivered another quarter of strong operational execution thanks to our caring associates and loyal residents. New lease rent growth accelerated every month through June this year, and demand for high-quality rental homes remains healthy across our markets, particularly as leasing a home now costs an average of over $1,000 less per month than owning, according to data from John Burns. We continue to sell homes at prices well above what is implied by our current stock price, and since December, we have repurchased $600 million of our own shares. Given this performance, we have raised our full-year guidance by a penny at the midpoint for both Core FFO per share and AFFO per share, to $1.95 and $1.65, respectively.”

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
		Q2 2026			Q2 2025			YTD 2026			YTD 2025
Net income		$	0.37		$	0.23		$	0.63		$	0.50
FFO			0.46			0.45			0.90			0.90
Core FFO			0.51			0.48			0.99			0.97
AFFO			0.44			0.41			0.85			0.84

Net Income

Net income per common share — diluted for Q2 2026 was $0.37, compared to net income per common share — diluted of $0.23 for Q2 2025. Total revenues and total property operating and maintenance expenses for Q2 2026 were $748 million and $256 million, respectively, compared to $681 million and $244 million, respectively, for Q2 2025.

Net income per common share — diluted for YTD 2026 was $0.63, compared to net income per share — diluted of $0.50 for YTD 2025. Total revenues and total property operating and maintenance expenses for YTD 2026 were $1,482 million and $507 million, respectively, compared to $1,356 million and $482 million, respectively, for YTD 2025.

Core FFO

Year over year, Core FFO per share for Q2 2026 increased 5.0% to $0.51, while Core FFO per share for YTD 2026 increased 1.9% to $0.99, primarily due to NOI growth, stock repurchases, and our acquisition of ResiBuilt in January 2026.

AFFO

Year over year, AFFO per share for Q2 2026 increased 5.9% to $0.44, while AFFO per share for YTD 2026 increased 1.6% to $0.85, primarily due to the increase in Core FFO per share described above.

Operating Results

Same Store Operating Results Snapshot
Number of Homes, period-end		Q2 2026
Total Portfolio		85,509
Number of homes in Same Store Portfolio:		77,326
Same Store % of Total		90.4	%
		Q2 2026			Q2 2025			YTD 2026			YTD 2025
Core Revenues growth (year over year)		1.6	%					1.7	%
Core Operating Expenses growth (year over year)		1.9	%					3.7	%
NOI growth (year over year)		1.5	%					0.7	%
Average Occupancy		97.1	%		97.3	%		96.7	%		97.3	%
Bad Debt % of gross rental revenue		0.6	%		0.6	%		0.6	%		0.6	%
Turnover Rate		5.7	%		6.2	%		11.0	%		11.2	%
Rental Rate Growth (lease-over-lease):
Renewals		3.3	%		4.7	%		3.5	%		4.9	%
New leases		1.1	%		2.1	%		(1.1	)%		1.0	%
Blended		2.7	%		4.0	%		2.2	%		3.8	%

Same Store NOI

For the Same Store Portfolio of 77,326 homes, Same Store NOI for Q2 2026 increased 1.5% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 1.9%.

YTD 2026 Same Store NOI increased 0.7% year over year on Same Store Core Revenues growth of 1.7% and Same Store Core Operating Expenses growth of 3.7%.

Same Store Core Revenues

Q2 2026 year over year Same Store Core Revenues growth of 1.6% was primarily driven by a 2.0% increase in Average Monthly Rent, partially offset by a 20 basis point year over year decrease in Average Occupancy.

YTD 2026 year over year Same Store Core Revenues growth of 1.7% was primarily driven by a 2.1% increase in Average Monthly Rent and a 4.7% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decrease in Average Occupancy.

Same Store Core Operating Expenses

Q2 2026 year over year Same Store Core Operating Expenses increased 1.9%, primarily attributable to a 3.5% increase in fixed expenses, partially offset by a 1.0% decrease in controllable expenses.

YTD 2026 year over year Same Store Core Operating Expenses increased 3.7%, primarily driven by a 3.1% increase in fixed expenses and a 4.8% increase in controllable expenses.

Investment, Property Management, and Homebuilding Activity

During Q2 2026, we sold 657 wholly owned homes, many to families purchasing for their own use, for gross proceeds of approximately $309 million, and we sold 14 homes for gross proceeds of approximately $6 million in our joint ventures. Acquisitions for Q2 2026 included 196 wholly owned homes for approximately $74 million and 67 homes for approximately $23 million in our joint ventures.

YTD 2026, we sold 1,140 wholly owned homes for gross proceeds of approximately $515 million and 24 homes for gross proceeds of approximately $11 million in our joint ventures. We also acquired 457 wholly owned homes for approximately $165 million and 87 homes for approximately $31 million in our joint ventures.

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

Summary of Homes Owned and/or Managed as of June 30, 2026
		Number of Homes Owned and/or Managed as of 3/31/2026		Acquired or Added In Q2 2026		Disposed or Subtracted In Q2 2026			Number of Homes Owned and/or Managed as of 6/30/2026
Wholly owned homes		85,970		196		(657	)		85,509
Joint venture owned homes		8,016		67		(14	)		8,069
Managed-only homes		15,759		—		(120	)		15,639
Total homes owned and/or managed		109,745		263		(791	)		109,217

Balance Sheet and Capital Markets Activity

As of June 30, 2026, we had $1,546 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,593 million consisted of 83.8% unsecured debt and 16.2% secured debt; 92.4% 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 5.4x, below our targeted range of 5.5x to 6.0x.

During Q2 2026, we acquired 3,478,690 shares of our common stock for approximately $100 million under our second $500 million share repurchase program that was authorized by our board of directors on April 27, 2026. Combined with our prior $500 million program, since December 2025 we have repurchased a total of 22,812,421 shares for approximately $600 million at an average price per share of $26.30.

As previously announced, on June 30, 2026, we priced a public offering of $500 million aggregate principal amount of 4.950% senior notes (the “Notes”). The Notes were priced at 99.291% of the principal amount and mature on February 1, 2032. The offering closed subsequent to quarter end on July 8, 2026, with net proceeds used to prepay a portion of our $988 million secured debt obligation maturing in June 2027.

FY 2026 Guidance

We have raised our full year 2026 guidance, increasing Core FFO per share and AFFO per share midpoints by one cent each to $1.95 and $1.65, respectively, as set forth below, in addition to our other 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
	Current Guidance Range		Current Guidance Midpoint		Prior Guidance Midpoint		Change in Guidance Midpoint
Core FFO per share — diluted	$1.92 - $1.98		$1.95		$1.94		$0.01
AFFO per share — diluted	$1.62 - $1.68		$1.65		$1.64		$0.01
Same Store Core Revenues growth (1)	1.5% - 2.3%		1.9%		1.9%		—%
Same Store Core Operating Expenses growth (2)	3.0% - 4.0%		3.5%		3.5%		—%
Same Store NOI growth	0.4% - 1.9%		1.15%		1.15%		—%
Wholly owned acquisitions (3)	$150 - $350 million		$250 million		$250 million		$— million
JV acquisitions (3)	$50 - $150 million		$100 million		$100 million		$— million
Wholly owned dispositions	$750 - $950 million		$850 million		$550 million		$300 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 July 30, 2026, to review Q2 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)
		June 30, 2026				December 31, 2025
		(unaudited)
Assets:
Investments in single-family residential properties, net		$	16,884,643			$	17,274,622
Cash and cash equivalents			75,786				129,971
Restricted cash			251,497				224,894
Goodwill			314,154				258,207
Investments in unconsolidated joint ventures			252,049				254,561
Other assets, net			670,181				538,035
Total assets		$	18,448,310			$	18,680,290
Liabilities:
Secured debt, net		$	1,385,098			$	1,384,114
Unsecured notes, net			4,402,839				4,398,921
Term loan facilities, net			2,458,754				2,451,985
Revolving facility			280,000				145,000
Accounts payable and accrued expenses			325,118				230,350
Resident security deposits			186,916				184,536
Other liabilities			316,974				317,492
Total liabilities			9,355,699				9,112,398
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025			—				—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 590,613,522 and 610,788,732 outstanding as of June 30, 2026 and December 31, 2025, respectively			5,906				6,108
Additional paid-in capital			10,604,456				11,128,590
Accumulated deficit			(1,588,885	)			(1,610,981	)
Accumulated other comprehensive income			32,940				6,415
Total stockholders’ equity			9,054,417				9,530,132
Non-controlling interests			38,194				37,760
Total equity			9,092,611				9,567,892
Total liabilities and equity		$	18,448,310			$	18,680,290

Consolidated Statements of Operations
($ in thousands, except shares and per share amounts) (unaudited)
		Q2 2026				Q2 2025				YTD 2026				YTD 2025
Revenues:
Rental revenues		$	602,985			$	592,509			$	1,200,682			$	1,177,703
Other property income			75,367				66,598				148,185				134,475
Management fee revenues			19,738				22,294				39,590				43,702
Homebuilding revenues			49,460				—				93,205				—
Total revenues			747,550				681,401				1,481,662				1,355,880
Expenses:
Property operating and maintenance			255,712				244,278				506,846				481,727
Property management expense			37,726				35,833				77,051				72,572
Homebuilding cost of sales			42,215				—				81,349		0		—
General and administrative			29,332				23,591				61,651				53,109
Interest expense			93,987				87,414				189,300				171,668
Depreciation and amortization			194,299				185,455				387,441				368,601
Casualty losses, impairment, and other			4,236				3,029				8,581				7,712
Total expenses			657,507				579,600				1,312,219				1,155,389
Gain on sale of property, net of tax			132,308				46,591				219,402				118,257
Losses from investments in unconsolidated joint ventures			(2,402	)			(4,802	)			(5,487	)			(10,020	)
Other, net			(298	)			(2,223	)			(2,642	)			(1,079	)
Net income			219,651				141,367				380,716				307,649
Net income attributable to non-controlling interests			(804	)			(480	)			(1,361	)			(1,017	)
Net income attributable to common stockholders			218,847				140,887				379,355				306,632
Net income available to participating securities			(675	)			(222	)			(1,383	)			(450	)
Net income available to common stockholders — basic and diluted		$	218,172			$	140,665			$	377,972			$	306,182
Weighted average common shares outstanding — basic			592,411,226				613,048,193				599,166,723				612,913,649
Weighted average common shares outstanding — diluted			592,497,804				613,261,904				599,328,126				613,312,641
Net income per common share — basic		$	0.37			$	0.23			$	0.63			$	0.50
Net income per common share — diluted		$	0.37			$	0.23			$	0.63			$	0.50
Dividends declared per common share		$	0.30			$	0.29			$	0.60			$	0.58

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 1^st 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		Q2 2026				Q2 2025				YTD 2026				YTD 2025
Net income available to common stockholders		$	218,172			$	140,665			$	377,972			$	306,182
Net income available to participating securities			675				222				1,383				450
Non-controlling interests			804				480				1,361				1,017
Depreciation and amortization of real estate assets			185,400				181,059				370,323				360,122
Impairment on depreciated real estate investments			961				36				1,430				99
Net gain on sale of previously depreciated investments in real estate			(132,308	)			(46,591	)			(219,402	)			(118,257	)
Depreciation and net gain on sale of investments in unconsolidated joint ventures			2,877				3,510				5,919				7,008
FFO		$	276,581			$	279,381			$	538,986			$	556,621
Core FFO Reconciliation		Q2 2026				Q2 2025				YTD 2026				YTD 2025
FFO		$	276,581			$	279,381			$	538,986			$	556,621
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)			7,847				5,724				18,476				9,358
Share-based compensation expense			9,346				8,464				20,046				18,621
Amortization of intangible assets			2,697				—				5,110				—
Business reorganization costs (2)			1,279				35				2,780				2,420
Casualty losses and reserves, net (1)			3,358				3,000				7,293				7,683
Losses on investments in equity and other securities, net			126				90				339				311
Core FFO		$	301,234			$	296,694			$	593,030			$	595,014
AFFO Reconciliation		Q2 2026				Q2 2025				YTD 2026				YTD 2025
Core FFO		$	301,234			$	296,694			$	593,030			$	595,014
Recurring Capital Expenditures (1)			(41,800	)			(43,272	)			(82,273	)			(80,619	)
AFFO		$	259,434			$	253,422			$	510,757			$	514,395
Net income available to common stockholders
Weighted average common shares outstanding — diluted			592,497,804				613,261,904				599,328,126				613,312,641
Net income per common share — diluted		$	0.37			$	0.23			$	0.63			$	0.50
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted			595,159,443				615,771,167				601,939,999				615,703,901
FFO per share — diluted		$	0.46			$	0.45			$	0.90			$	0.90
Core FFO per share — diluted		$	0.51			$	0.48			$	0.99			$	0.97
AFFO per share — diluted		$	0.44			$	0.41			$	0.85			$	0.84
(1) Includes our share from unconsolidated joint ventures.
(2) Includes severance, restructuring, acquisition, and integration costs.

Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
		Q2 2026				Q1 2026				Q4 2025				Q3 2025				Q2 2025
Total revenues (Total Portfolio)		$	747,550			$	734,112			$	685,250			$	688,166			$	681,401
Management fee revenues			(19,738	)			(19,852	)			(21,662	)			(21,975	)			(22,294	)
Homebuilding revenues			(49,460	)			(43,745	)			—				—				—
Total portfolio resident recoveries			(49,503	)			(46,072	)			(45,389	)			(46,885	)			(40,944	)
Total Core Revenues (Total Portfolio)			628,849				624,443				618,199				619,306				618,163
Non-Same Store Core Revenues			(50,679	)			(51,378	)			(51,276	)			(51,422	)			(49,259	)
Same Store Core Revenues		$	578,170			$	573,065			$	566,923			$	567,884			$	568,904
Reconciliation of Total Revenues to Same Store Core Revenues, YTD
(in thousands) (unaudited)
		YTD 2026				YTD 2025
Total revenues (Total Portfolio)		$	1,481,662			$	1,355,880
Management fee revenues			(39,590	)			(43,702	)
Homebuilding revenues			(93,205	)			—
Total portfolio resident recoveries			(95,575	)			(85,062	)
Total Core Revenues (Total Portfolio)			1,253,292				1,227,116
Non-Same Store Core Revenues			(102,057	)			(94,741	)
Same Store Core Revenues		$	1,151,235			$	1,132,375

Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
		Q2 2026				Q1 2026				Q4 2025				Q3 2025				Q2 2025
Property operating and maintenance expenses (Total Portfolio)		$	255,712			$	251,134			$	244,823			$	259,037			$	244,278
Total Portfolio resident recoveries			(49,503	)			(46,072	)			(45,389	)			(46,885	)			(40,944	)
Core Operating Expenses (Total Portfolio)			206,209				205,062				199,434				212,152				203,334
Non-Same Store Core Operating Expenses			(21,169	)			(22,354	)			(20,788	)			(24,045	)			(21,748	)
Same Store Core Operating Expenses		$	185,040			$	182,708			$	178,646			$	188,107			$	181,586
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD
(in thousands) (unaudited)
		YTD 2026				YTD 2025
Property operating and maintenance expenses (Total Portfolio)		$	506,846			$	481,727
Total Portfolio resident recoveries			(95,575	)			(85,062	)
Core Operating Expenses (Total Portfolio)			411,271				396,665
Non-Same Store Core Operating Expenses			(43,523	)			(42,033	)
Same Store Core Operating Expenses		$	367,748			$	354,632

Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
		Q2 2026				Q1 2026				Q4 2025				Q3 2025				Q2 2025
Net income available to common stockholders		$	218,172			$	159,800			$	144,308			$	136,474			$	140,665
Net income available to participating securities			675				708				246				264				222
Non-controlling interests			804				557				496				472				480
Management fee revenues			(19,738	)			(19,852	)			(21,662	)			(21,975	)			(22,294	)
Homebuilding revenues			(49,460	)			(43,745	)			—				—				—
Property management expense			37,726				39,325				39,485				37,073				35,833
Homebuilding cost of sales			42,215				39,134				—				—				—
General and administrative			29,332				32,319				23,697				18,444				23,591
Interest expense			93,987				95,313				90,878				90,781				87,414
Depreciation and amortization			194,299				193,142				189,875				188,457				185,455
Casualty losses, impairment, and other			4,236				4,345				311				3,420				3,029
Gain on sale of property, net of tax			(132,308	)			(87,094	)			(54,463	)			(45,515	)			(46,591	)
(Income) losses from investments in unconsolidated joint ventures			2,402				3,085				3,717				(2,130	)			4,802
Other, net (1)			298				2,344				1,877				1,389				2,223
NOI (Total Portfolio)			422,640				419,381				418,765				407,154				414,829
Non-Same Store NOI			(29,510	)			(29,024	)			(30,488	)			(27,377	)			(27,511	)
Same Store NOI		$	393,130			$	390,357			$	388,277			$	379,777			$	387,318
Reconciliation of Net Income to Same Store NOI, YTD
(in thousands) (unaudited)
		YTD 2026				YTD 2025
Net income available to common stockholders		$	377,972			$	306,182
Net income available to participating securities			1,383				450
Non-controlling interests			1,361				1,017
Management fee revenues			(39,590	)			(43,702	)
Homebuilding revenues			(93,205	)			—
Property management expense			77,051				72,572
Homebuilding cost of sales			81,349				—
General and administrative			61,651				53,109
Interest expense			189,300				171,668
Depreciation and amortization			387,441				368,601
Casualty losses, impairment, and other			8,581				7,712
Gain on sale of property, net of tax			(219,402	)			(118,257	)
Losses from investments in unconsolidated joint ventures			5,487				10,020
Other, net (1)			2,642				1,079
NOI (Total Portfolio)			842,021				830,451
Non-Same Store NOI			(58,534	)			(52,708	)
Same Store NOI		$	783,487			$	777,743
(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)
		Q2 2026				Q2 2025				YTD 2026				YTD 2025
Net income available to common stockholders		$	218,172			$	140,665			$	377,972			$	306,182
Net income available to participating securities			675				222				1,383				450
Non-controlling interests			804				480				1,361				1,017
Interest expense			93,987				87,414				189,300				171,668
Interest expense in unconsolidated joint ventures			6,265				5,943				12,392				11,569
Depreciation and amortization			194,299				185,455				387,441				368,601
Depreciation and amortization of investments in unconsolidated joint ventures			4,508				3,791				8,976				7,453
EBITDA			518,710				423,970				978,825				866,940
Gain on sale of property, net of tax			(132,308	)			(46,591	)			(219,402	)			(118,257	)
Impairment on depreciated real estate investments			961				36				1,430				99
Net gain on sale of investments in unconsolidated joint ventures			(1,627	)			(261	)			(3,048	)			(406	)
EBITDAre			385,736				377,154				757,805				748,376
Share-based compensation expense			9,346				8,464				20,046				18,621
Business reorganization costs (1)			1,279				35				2,780				2,420
Casualty losses and reserves, net (2)			3,358				3,000				7,293				7,683
Other, net (3)			298				2,223				2,642				1,079
Adjusted EBITDAre		$	400,017			$	390,876			$	790,566			$	778,179
		Trailing Twelve Months (TTM) Ended
		June 30, 2026				December 31, 2025
Net income available to common stockholders		$	658,754			$	586,964
Net income available to participating securities			1,893				960
Non-controlling interests			2,329				1,985
Interest expense			370,959				353,327
Interest expense in unconsolidated joint ventures			26,135				25,312
Depreciation and amortization			765,773				746,933
Depreciation and amortization of investments in unconsolidated joint ventures			17,884				16,361
EBITDA			1,843,727				1,731,842
Gain on sale of property, net of tax			(319,380	)			(218,235	)
Impairment on depreciated real estate investments			1,988				657
Net gain on sale of investments in unconsolidated joint ventures			(11,103	)			(8,461	)
EBITDAre			1,515,232				1,505,803
Share-based compensation expense			29,255				27,830
Business reorganization costs (1)			3,132				2,772
Casualty losses and reserves, net (2)			10,534				10,924
Other, net (3)			5,908				4,345
Adjusted EBITDAre		$	1,564,061			$	1,551,674
(1) Includes severance, restructuring, acquisition, and integration costs.
(2) Includes our share from unconsolidated joint ventures.
(3) 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
		June 30, 2026				December 31, 2025
Secured debt, net		$	1,385,098			$	1,384,114
Unsecured notes, net			4,402,839				4,398,921
Term loan facility, net			2,458,754				2,451,985
Revolving facility			280,000				145,000
Total Debt per Balance Sheet			8,526,691				8,380,020
Retained and repurchased certificates			(55,499	)			(55,499	)
Cash, ex-security deposits and letters of credit (1)			(137,316	)			(167,472	)
Deferred financing costs, net			44,182				54,208
Unamortized discounts on notes payable			22,365				24,171
Net Debt (A)		$	8,400,423			$	8,235,428
		For the TTM Ended				For the TTM Ended
		June 30, 2026				December 31, 2025
Adjusted EBITDAre (B)		$	1,564,061			$	1,551,674
Net Debt / TTM Adjusted EBITDAre (A / B)		5.4x				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/20260729081547/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

Source: Invitation Homes Inc.