Invitation Homes reported higher revenue and net income for the third quarter of 2026, while growth in same-store net operating income was more modest. The single-family rental company also sold more homes than it acquired and used the resulting proceeds to help fund share repurchases.
It continued buying back shares and completed a $500 million bond offering during the quarter, using the proceeds to repay part of its secured debt due in 2027.
Key details
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Revenue and earnings increased: Total revenue rose 6.3% year over year to $731 million. Property operating and maintenance costs increased 2.0% to $264 million. Net income available to common stockholders grew 15.6% to $158 million, or 27 cents per diluted share.
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Per-share funds-from-operations measures were mixed: Core FFO per share increased 2.4% to 48 cents, while adjusted FFO per share was up 0.1% to 38 cents.
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Same-store operating growth was slower than revenue growth: Same-store core revenue rose 1.6%, while core operating expenses increased 2.5%. Same-store net operating income increased 1.1%.
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Occupancy dipped slightly: Average same-store occupancy was 96.4%, down 10 basis points from a year earlier.
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Rent growth came mainly from renewals: Renewal rents increased 4.3% year over year, while rents on new leases declined 0.2%. Together, those changes produced 3.0% blended same-store rent growth.
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The company was a net seller of homes: Invitation Homes sold 658 wholly owned homes and acquired 216, for net dispositions of 442 homes. Most of the homes sold went to families buying for their own use. The net sales generated about $245 million, which the company used to fund share repurchases.
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Share repurchases approached $1 billion: From Dec. 1, 2025, through Oct. 27, 2026, the company bought back nearly $1 billion of its shares. It had repurchased 36,923,753 shares at an average price of $26.78.
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Debt was refinanced in part: In July, Invitation Homes issued $500 million of notes carrying a 4.950% interest rate and maturing Feb. 1, 2032. The notes were priced at 99.291% of principal. Net proceeds went toward prepaying part of a secured debt obligation due in June 2027.
Plain-English implications
Same-store operating income grew more slowly than revenue because operating expenses rose faster. Rent increases were stronger for renewing residents than for new leases, and occupancy was slightly lower than a year ago. The home sales and bond proceeds also show two separate capital moves: sale proceeds supported share repurchases, while the bond offering addressed part of the company’s debt coming due in 2027.