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Why Is Invitation Home (INVH) Down 1.5% Since Last Earnings Report?
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It has been about a month since the last earnings report for Invitation Home (INVH - Free Report) . Shares have lost about 1.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Invitation Home due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Invitation Homes Q2 FFO Beats on NOI Growth, Revenues Top, '26 View Up
Invitation Homes reported second-quarter 2026 core FFO per share of 51 cents, beating the Zacks Consensus Estimate of 49 cents. The figure increased 5% from a year earlier.
The results benefited from NOI growth, higher lease rates, the ResiBuilt acquisition and $49.46 million of homebuilding revenues. Same-store NOI advanced 1.5%. The company raised its 2026 core FFO per share guidance.
Total revenues improved 9.7% year over year to $747.55 million and surpassed the consensus mark by 4.7%.
Rental revenues increased 1.8% year over year to $602.99 million, while other property income climbed 13.2% to $75.37 million. These gains offset an 11.5% decline in management fee revenues to $19.74 million.
Homebuilding activities added a new source of growth following the ResiBuilt acquisition in January 2026. However, the associated cost of sales totaled $42.22 million, indicating that the business contributed less to profitability than its top-line impact alone suggests.
Invitation Homes Posts Steady Same-Store Gains
The same-store portfolio comprised 77,326 homes, representing 90.4% of the total portfolio. Core revenues grew 1.6%, primarily driven by a 2% increase in the average monthly rent, partly offset by a 20-basis-point decline in average occupancy.
Average occupancy was 97.1%, while bad debt remained stable at 0.6% of gross rental revenues. The turnover rate improved to 5.7% from 6.2%, supporting leasing stability despite slower rent growth compared with the prior-year quarter.
Invitation Homes' New Lease Spreads Return to Positive
Renewal rent growth was 3.3%, down from 4.7% a year ago. New lease rent growth moderated to 1.1% from 2.1%, resulting in blended rent growth of 2.7% compared with 4% in the prior-year period.
Still, the new lease result marked a notable sequential improvement from the 3% decline recorded in the first quarter. Average monthly rent reached $2,480, up from $2,431 a year earlier and $2,471 in the preceding quarter.
Invitation HomesAccelerates Dispositions and Buybacks
The company sold 657 wholly owned homes for gross proceeds of approximately $309 million and acquired 196 homes for about $74 million. It generated roughly $234 million in net disposition proceeds, which supported share repurchases and debt reduction.
Invitation Homes repurchased nearly 3.5 million shares during the quarter for approximately $100 million. Since December 2025, the company has bought back 22.8 million shares for $600 million. It retained $400 million under its current repurchase authorization at quarter-end.
Invitation Homes Maintains Ample Financial Flexibility
Invitation Homes ended June with $1.55 billion of available liquidity. Total indebtedness was $8.59 billion, of which 83.8% was unsecured, and 92.4% was fixed-rate or swapped to fixed-rate debt. Net debt to trailing 12-month adjusted EBITDAre was 5.4X, below the targeted range of 5.5X-6X.
Subsequent to quarter-end, the company completed a $500 million offering of 4.95% senior notes due in 2032. The proceeds were used to reduce a secured debt obligation maturing in June 2027, extending the weighted average debt maturity and reducing secured borrowings.
Invitation Homes Raises Its 2026 Outlook
Invitation Homes raised its full-year 2026 core FFO guidance to $1.92-$1.98 per share, lifting the midpoint by a penny to $1.95.
The company narrowed its same-store core revenue growth outlook to 1.5%-2.3%, and its NOI growth range to 0.4%-1.9%, leaving both midpoints unchanged. It raised its wholly owned disposition target to $750-$950 million from a prior midpoint of $550 million, reflecting favorable private-market valuations.
How Have Estimates Been Moving Since Then?
It turns out, estimates review have trended downward during the past month.
VGM Scores
At this time, Invitation Home has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Invitation Home has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
View the Zacks #1 Rank List
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Why Is Invitation Home (INVH) Down 1.5% Since Last Earnings Report?
It has been about a month since the last earnings report for Invitation Home (INVH - Free Report) . Shares have lost about 1.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Invitation Home due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Invitation Homes Q2 FFO Beats on NOI Growth, Revenues Top, '26 View Up
Invitation Homes reported second-quarter 2026 core FFO per share of 51 cents, beating the Zacks Consensus Estimate of 49 cents. The figure increased 5% from a year earlier.
The results benefited from NOI growth, higher lease rates, the ResiBuilt acquisition and $49.46 million of homebuilding revenues. Same-store NOI advanced 1.5%. The company raised its 2026 core FFO per share guidance.
Total revenues improved 9.7% year over year to $747.55 million and surpassed the consensus mark by 4.7%.
Invitation Homes' Broader Revenue Mix Supports Growth
Rental revenues increased 1.8% year over year to $602.99 million, while other property income climbed 13.2% to $75.37 million. These gains offset an 11.5% decline in management fee revenues to $19.74 million.
Homebuilding activities added a new source of growth following the ResiBuilt acquisition in January 2026. However, the associated cost of sales totaled $42.22 million, indicating that the business contributed less to profitability than its top-line impact alone suggests.
Invitation Homes Posts Steady Same-Store Gains
The same-store portfolio comprised 77,326 homes, representing 90.4% of the total portfolio. Core revenues grew 1.6%, primarily driven by a 2% increase in the average monthly rent, partly offset by a 20-basis-point decline in average occupancy.
Average occupancy was 97.1%, while bad debt remained stable at 0.6% of gross rental revenues. The turnover rate improved to 5.7% from 6.2%, supporting leasing stability despite slower rent growth compared with the prior-year quarter.
Invitation Homes' New Lease Spreads Return to Positive
Renewal rent growth was 3.3%, down from 4.7% a year ago. New lease rent growth moderated to 1.1% from 2.1%, resulting in blended rent growth of 2.7% compared with 4% in the prior-year period.
Still, the new lease result marked a notable sequential improvement from the 3% decline recorded in the first quarter. Average monthly rent reached $2,480, up from $2,431 a year earlier and $2,471 in the preceding quarter.
Invitation Homes Accelerates Dispositions and Buybacks
The company sold 657 wholly owned homes for gross proceeds of approximately $309 million and acquired 196 homes for about $74 million. It generated roughly $234 million in net disposition proceeds, which supported share repurchases and debt reduction.
Invitation Homes repurchased nearly 3.5 million shares during the quarter for approximately $100 million. Since December 2025, the company has bought back 22.8 million shares for $600 million. It retained $400 million under its current repurchase authorization at quarter-end.
Invitation Homes Maintains Ample Financial Flexibility
Invitation Homes ended June with $1.55 billion of available liquidity. Total indebtedness was $8.59 billion, of which 83.8% was unsecured, and 92.4% was fixed-rate or swapped to fixed-rate debt. Net debt to trailing 12-month adjusted EBITDAre was 5.4X, below the targeted range of 5.5X-6X.
Subsequent to quarter-end, the company completed a $500 million offering of 4.95% senior notes due in 2032. The proceeds were used to reduce a secured debt obligation maturing in June 2027, extending the weighted average debt maturity and reducing secured borrowings.
Invitation Homes Raises Its 2026 Outlook
Invitation Homes raised its full-year 2026 core FFO guidance to $1.92-$1.98 per share, lifting the midpoint by a penny to $1.95.
The company narrowed its same-store core revenue growth outlook to 1.5%-2.3%, and its NOI growth range to 0.4%-1.9%, leaving both midpoints unchanged. It raised its wholly owned disposition target to $750-$950 million from a prior midpoint of $550 million, reflecting favorable private-market valuations.
How Have Estimates Been Moving Since Then?
It turns out, estimates review have trended downward during the past month.
VGM Scores
At this time, Invitation Home has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Invitation Home has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.