Invitation Homes

Invitation Homes is a real estate investment trust that owns and leases single-family homes in the United States. At June 30, 2026, it owned 85,509 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 97.1% in Q2 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 1.5% in Q2 2026. New lease rents rose 1.1% in Q2 2026, but they fell 1.1% for the first half of 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 $600 million of shares from December 2025 to June 2026. For the gap to close, three things must be true. Rent growth must improve, with new lease rent growth rising and occupancy near 97%.

Core FFO per share must reach the 2026 guidance of about $1.95 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 Q3 2026 report on October 28, 2026, and the 2027 guidance in February 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, 2026Pending

   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.
2. Feb 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

Invitation Homes funds itself mostly with unsecured notes and bank term loans. Debt is total debt of $8,593 million at June 30, 2026: $1,388 million secured and $7,205 million unsecured, with 92.4% at fixed rates or swapped to fixed rates and a weighted average rate of 3.9%. Read more

• 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 rent growth was 1.1% in Q2 2026 and negative 1.1% in the first half of 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 5.4 times adjusted EBITDAre at June 30, 2026, and some debt has floating rates. Higher interest rates raise the cost to refinance debt.

• July 29, 2026Invitation Homes reported Q2 2026 results. Total revenues rose 9.7% to $748 million, and Core FFO per share rose 5.0% to $0.51. Same store NOI rose 1.5%, and blended rent growth was 2.7%. It sold 657 homes and bought 196, and it bought back $100 million of shares. It raised its 2026 guidance for Core FFO per share to $1.95 at the midpoint and for AFFO per share to $1.65, and it raised its planned home sales to $850 million at the midpoint.
• July 11, 2026The 21st Century ROAD to Housing Act became federal law. Invitation Homes said that this law, executive actions and possible state laws that aim to limit institutional ownership of single-family homes can limit its growth and change its plans.
• July 8, 2026Invitation Homes issued $500 million of 4.950% senior notes due February 2032. On July 9, 2026, it used the money to prepay $488 million of a secured loan due in June 2027.