Invitation Homes reported stronger financial performance in the third quarter of 2026, with total revenue increasing 6.3% year over year to $731 million and net income rising 15.6% to $158 million. Core Funds From Operations (FFO) per share also increased 2.4% to $0.48, supported by same-store NOI growth and ongoing share repurchases.
Despite the financial gains, rental growth remained mixed. The company's average same-store occupancy reached 96.4%, down 10 basis points from the previous year, while blended rent growth stood at 3.0%. Renewal rents increased 4.3%, but new lease rents declined 0.2%, reflecting continued pricing pressure in the single-family rental (SFR) market. Same-store net operating income (NOI) grew 1.1%, as revenue growth was partially offset by a 2.5% increase in operating expenses.
Invitation Homes also continued to adjust its portfolio through property sales and acquisitions. During the quarter, the company sold 658 wholly owned homes, primarily to families purchasing for their own use, while acquiring 216 homes. The resulting net disposition of 442 properties generated approximately $245 million in proceeds, which helped fund share repurchases. The company also consolidated 894 homes previously held through its Pathway joint ventures.
Capital allocation remained a priority, with Invitation Homes repurchasing nearly $1 billion in shares between December 2025 and October 2026. Its board also authorized an additional $500 million share repurchase program. Meanwhile, the company maintained $1.34 billion in available liquidity and a net debt-to-adjusted EBITDAre ratio of 5.5x.
Looking ahead, Invitation Homes raised its full-year 2026 Core FFO per share guidance midpoint to $1.96 and increased its same-store NOI growth forecast to 1.2%. The company also raised its expected wholly owned home sales to $950 million, reinforcing its focus on portfolio optimization and shareholder value.
The latest results highlight the continued resilience of the institutional SFR sector, while moderating new lease rents and rising operating expenses underscore the importance of disciplined property management and strategic capital allocation across the broader rental housing market.
