Invitation Homes (INVH) Q2 2026 earnings summary

Executive summary

• Q2 2026 total revenues rose 9.7% year-over-year to $748 million, with net income up 55.1% to $218 million ($0.37 per diluted share).

• Core FFO per share increased 5.0% to $0.51, and AFFO per share rose 5.9% to $0.44 year-over-year.

• Average occupancy exceeded 97% and new lease rate growth accelerated for six consecutive months.

• The company expanded into homebuilding via the ResiBuilt acquisition and is addressing U.S. housing shortages through acquisitions, development, and construction lending.

• Macroeconomic and regulatory headwinds, including inflation, interest rate volatility, and new federal housing legislation, are impacting operations and strategy.

Financial highlights

• Q2 2026 total revenues were $748 million, up from $681 million in Q2 2025.

• Net income for Q2 2026 was $218 million, up 55.1% year-over-year; net income per diluted share was $0.37, up from $0.23.

• Core FFO per share for Q2 2026 was $0.51 (up 5.0%), and AFFO per share was $0.44 (up 5.9%) year-over-year.

• Gain on sale of property in Q2 2026 was $132 million, significantly higher than $47 million in Q2 2025.

• Repurchased $100 million in stock during Q2, totaling $600 million since December at an average price of $26.30 per share.

Outlook and guidance

• Full-year 2026 guidance raised: Core FFO per share midpoint to $1.95 and AFFO per share midpoint to $1.65.

• Wholly owned disposition guidance midpoint increased by $300 million to $850 million.

• Same Store Core Revenue growth guidance midpoint held at 1.9%; Same Store NOI growth midpoint at 1.15%.

• Average occupancy for FY 2026 expected between 96.0% and 96.6%.

• Management expects continued demand for single-family rentals but notes uncertainty due to inflation, interest rates, and regulatory changes.