Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Q1 2026 Earnings Presentation
35 slides from Invitation Homes's earnings presentation, Apr 30, 2026
Slide 1: Earnings Release and Supplemental Information First Quarter 2026
Earnings Release AND Supplemental Information FIRST QUARTER 2026 Landing at,Creekside | Daflas, TX
Slide 2: Table of Contents
Table of Contents Earnings Press Release .............................................................................................................................................................. 3 Consolidated Financial Statements.................................................................
Slide 3: Earnings Press Release
Earnings Press Release Invitation Homes Reports First Quarter 2026 Results Dallas, TX, April 29, 2026 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our First Quarter (“Q1”) 202
Slide 4: Financial Results and Operating Results
Financial Results Net Income, FFO, Core FFO, and AFFO Per Share — Diluted Q1 2026 Q1 2025 Net income $ 0.26 $ 0.27 FFO 0.43 0.45 Core FFO 0.48 0.48 AFFO 0.41 0.42 Net Income Year over year, net income per common share — diluted for Q1 2026 decreased 2.3% to $0.26, primarily due to an increase in tot
Slide 5: Same Store NOI, Investment Activity and Balance Sheet Activity
Same Store NOI For the Same Store Portfolio of 78,141 homes, Same Store NOI for Q1 2026 decreased 0.3% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 5.7%. Same Store Core Revenues Q1 2026 Same Store Core Revenues growth of 1.6% year over y
Slide 6: FY 2026 Guidance
actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities. FY 2026 Guidance Set forth below are our current expectations, which are generally unchanged from initial guid
Slide 7: About Invitation Homes and Forward-Looking Statements
About Invitation Homes Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s h
Slide 8: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands, except shares and per share data) March 31, December 31, 2026 2025 (unaudited) Assets: Investments in single-family residential properties, net $ 17,114,862 $ 17,274,622 Cash and cash equivalents 114,129 129,971 Restricted cash 258,850 224,894 Goodwill 31
Slide 9: Consolidated Statements of Operations
Consolidated Statements of Operations ($ in thousands, except shares and per share amounts) Q1 2026 Q1 2025 Revenues: (unaudited) (unaudited) Rental revenues $ 597,697 $ 585,193 Other property income 72,818 67,878 Management fee revenues 19,852 21,408 Homebuilding revenues 43,745 — Total revenues 73
Slide 10: Schedule 1: Reconciliation of FFO, Core FFO, and AFFO
Supplemental Schedule 1 Reconciliation of FFO, Core FFO, and AFFO ($ in thousands, except shares and per share amounts) (unaudited) FFO Reconciliation Q1 2026 Q1 2025 Net income available to common stockholders $ 159,800 $ 165,517 Net income available to participating securities 708 228 Non-controll
Slide 11: Schedule 2(a): Diluted Shares Outstanding
Supplemental Schedule 2(a) Diluted Shares Outstanding (unaudited) Weighted Average Amounts for Net Income Q1 2026 Q1 2025 Common shares — basic 605,997,344 612,777,606 Shares potentially issuable from vesting/conversion of equity-based awards 236,229 584,274 Total common shares — diluted 606,233,573
Slide 12: Schedule 2(b): Debt Structure and Leverage Ratios
Supplemental Schedule 2(b) Debt Structure and Leverage Ratios — As of March 31, 2026 ($ in thousands) (unaudited) Wtd Avg Wtd Avg Interest Years to Debt Structure Balance % of Total Rate (1) Maturity (2) Secured: Fixed (3) $ 1,388,399 15.7 % 4.0 % 2.3 Floating — swapped to fixed — —% —% — Floating —
Slide 13: Schedule 2(b) (Continued)
Supplemental Schedule 2(b) (Continued) (1) Includes the impact of interest rate swaps in place and effective as of March 31, 2026. For additional information regarding the Company’s interest rate swaps, please refer to Note 8—Derivative Instruments in the Company’s most recently filed Form 10-Q or F
Slide 14: Schedule 2(c): Debt Maturity Schedule
Supplemental Schedule 2(c) Debt Maturity Schedule — As of March 31, 2026 ($ in thousands) (unaudited) Unsecured Debt Secured Unsecured Term Loan Revolving % of Debt Maturities, with Extensions (1) Debt Notes Facilities Facility Total Total 2026 $ — $ — $ — $ — $ — —% 2027 988,013 — — — 988,013 11.2
Slide 15: Schedule 3(a): Same Store Portfolio Core Operating Detail
Supplemental Schedule 3(a) Same Store Portfolio Core Operating Detail ($ in thousands) (unaudited) Change Change Q1 2026 Q1 2025 YoY Q4 2025 Seq Revenues: Rental revenues (1) $ 554,619 $ 548,043 1.2 % $ 550,030 0.8 % Other property income, net (1)(2) 24,377 22,102 10.3 % 23,591 3.3 % Core Revenues 5
Slide 16: Schedule 3(b): Same Store Quarterly Operating Trends
Supplemental Schedule 3(b) Same Store Quarterly Operating Trends (unaudited) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Average Occupancy 96.3 % 96.0 % 96.6 % 97.3 % 97.2 % Turnover Rate 5.3 % 5.6 % 6.3 % 6.1 % 5.0 % Trailing four quarters Turnover Rate 23.3 % 23.0 % N/A N/A N/A Average Monthly Rent $
Slide 17: Schedule 4: Wholly Owned Portfolio Characteristics
Supplemental Schedule 4 Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2026 (1) (unaudited) Average Number of Average Average Monthly Percent of Homes Occupancy Monthly Rent Rent PSF Revenue Western United States: Southern California 7,012 95.1 % $ 3,254 $ 1.90 10
Slide 18: Schedule 5(a): Same Store Core Revenues Growth, YoY
Supplemental Schedule 5(a) Same Store Core Revenues Growth Summary — YoY Quarter ($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent Average Occupancy Core Revenues YoY, Q1 2026 # Homes Q1 2026 Q1 2025 Change Q1 2026 Q1 2025 Change Q1 2026 Q1 2025 Change Western United States: S
Slide 19: Schedule 5(a) (Continued): Sequential Quarter
Supplemental Schedule 5(a) (Continued) Same Store Core Revenues Growth Summary — Sequential Quarter ($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent Average Occupancy Core Revenues Seq, Q1 2026 # Homes Q1 2026 Q4 2025 Change Q1 2026 Q4 2025 Change Q1 2026 Q4 2025 Change Weste
Slide 20: Schedule 5(b): Same Store NOI Growth and Margin, YoY
Supplemental Schedule 5(b) Same Store NOI Growth and Margin Summary — YoY Quarter ($ in thousands) (unaudited) Core Revenues Core Operating Expenses Net Operating Income Core NOI Margin YoY, Q1 2026 Q1 2026 Q1 2025 Change Q1 2026 Q1 2025 Change Q1 2026 Q1 2025 Change Q1 2026 Q1 2025 Western United S
Slide 21: Schedule 5(b) (Continued): Sequential Quarter
Supplemental Schedule 5(b) (Continued) Same Store NOI Growth and Margin Summary — Sequential Quarter ($ in thousands) (unaudited) Core Revenues Core Operating Expenses Net Operating Income Core NOI Margin Seq, Q1 2026 Q1 2026 Q4 2025 Change Q1 2026 Q4 2025 Change Q1 2026 Q4 2025 Change Q1 2026 Q4 20
Slide 22: Schedule 5(c): Same Store Lease-Over-Lease Rent Growth
Supplemental Schedule 5(c) Same Store Lease-Over-Lease Rent Growth (unaudited) Rental Rate Growth Q1 2026 Renewal New Blended Leases Leases Average Western United States: Southern California 5.0 % 2.1 % 4.4 % Northern California 2.7 % 0.2 % 2.1 % Seattle 4.8 % 0.1 % 3.5 % Phoenix 2.9 % (5.8) % — % L
Slide 23: Schedule 6: Same Store Cost to Maintain
Supplemental Schedule 6 Same Store Cost to Maintain, net (1) ($ in thousands, except per home amounts) (unaudited) Total Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 R&M OpEx, net $ 23,419 $ 24,139 $ 30,664 $ 26,208 $ 20,309 Turn OpEx, net 9,642 10,246 11,755 9,762 8,226 Total recurring operating expense
Slide 24: Schedule 7: Adjusted Property Management and G&A Reconciliation
Supplemental Schedule 7 Adjusted Property Management and G&A Reconciliation ($ in thousands) (unaudited) Adjusted Property Management Expense Q1 2026 Q1 2025 Property management expense (GAAP) $ 39,325 $ 36,739 Adjustments: Share-based compensation expense (2,926) (1,651) Adjusted property managemen
Slide 25: Schedule 8(a): Acquisitions and Dispositions
Supplemental Schedule 8(a) Acquisitions and Dispositions December 31, March 31, (unaudited) Q1 2026 Acquisitions (1) Q1 2026 Dispositions (2) 2025 2026 Homes Homes Avg. Est. Homes Average Homes Owned Acq. Cost Basis Sold Sales Price Owned Wholly Owned Portfolio Western United States: Southern Califo
Slide 26: Schedule 8(a) (Continued)
Supplemental Schedule 8(a) (Continued) (1) Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.0%. Stabilized cap rate represents forecasted nominal NOI for the 12 months following stabilization, divided by estimated cost basis. (2) Cap rates on wholly owned dis
Slide 27: Schedule 8(b): Expected Development Pipeline of New Homes
Supplemental Schedule 8(b) Expected Development Pipeline of New Homes — As of March 31, 2026 (unaudited) Pipeline Estimated Estimated Avg. Estimated as of Deliveries Deliveries Cost Basis March 31, 2026 (1)(2) in Q2-Q4 2026 Thereafter Per Home Denver 81 81 — $ 410,000 Tampa 91 70 21 310,000 Orlando
Slide 28: Glossary and Reconciliations
Glossary and Reconciliations Average Estimated Cost Basis Average estimated cost basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated initial renovation expenditure for an acquired home or population of homes. Average Monthly Rent Average monthly rent rep
Slide 29: EBITDA, EBITDAre and Adjusted EBITDAre definitions
compensation expense; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our
Slide 30: NOI definitions
The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be comparable to the
Slide 31: Turnover Rate and Unsecured Facility Covenants
Turnover Rate Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population. Unsecured Facility Covenants Unsecured facility covenants refer to financial and operating requirements that w
Slide 32: Covenant Breach and Unsecured Public Bond Covenants
The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of our indebtedness related to our Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be a
Slide 33: Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly (in thousands) (unaudited) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Total revenues (Total Portfolio) $ 734,112 $ 685,250 $ 688,166 $ 681,401 $ 674,479 Management fee revenues (19,852) (21,662) (21,975) (22,294) (21,408) Homebuild
Slide 34: Reconciliation of Net Income to Adjusted EBITDAre
Reconciliation of Net Income to Adjusted EBITDAre (in thousands, unaudited) Trailing Twelve Months (TTM) Ended March 31, December 31, Q1 2026 Q1 2025 2026 2025 Net income available to common stockholders $ 159,800 $ 165,517 $ 581,247 $ 586,964 Net income available to participating securities 708 228
Slide 35: Reconciliation of Net Debt / TTM Adjusted EBITDAre
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre (in thousands, except for ratio) (unaudited) As of As of March 31, 2026 December 31, 2025 Secured debt, net $ 1,384,686 $ 1,384,114 Unsecured notes, net 4,400,877 4,398,921 Term loan facility, net 2,456,807 2,451,985 Revolvi