Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Q2 2026 Earnings Presentation
39 slides from Invitation Homes's earnings presentation, Jul 30, 2026
Slide 1: Earnings Release and Supplemental Information Second Quarter 2026
Earnings Release AND Supplemental Information SECOND QUARTER 2026 ii ; pee a tr aaa TA) ee | i a a | Nashville, TN
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 Second Quarter 2026 Results Dallas, TX, July 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 Second Quarter (“Q2”) 20
Slide 4: Financial Results
Financial Results Net Income, FFO, Core FFO, and AFFO Per Share — Diluted Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net income $ 0.37 $ 0.23 $ 0.63 $ 0.50 FFO 0.46 0.45 0.90 0.90 Core FFO 0.51 0.48 0.99 0.97 AFFO 0.44 0.41 0.85 0.84 Net Income Net income per common share — diluted for Q2 2026 was $0.37, com
Slide 5: Operating Results
Operating Results Same Store Operating Results Snapshot Number of Homes, period-end Q2 2026 Total Portfolio 85,509 Number of homes in Same Store Portfolio: 77,326 Same Store % of Total 90.4 % Q2 2026 Q2 2025 YTD 2026 YTD 2025 Core Revenues growth (year over year) 1.6 % 1.7 % Core Operating Expenses
Slide 6: Investment, Property Management, and Homebuilding Activity; Balance Sheet and Capital Markets Activity
Investment, Property Management, and Homebuilding Activity During Q2 2026, we sold 657 wholly owned homes, many to families purchasing for their own use, for gross proceeds of approximately $309 million, and we sold 14 homes for gross proceeds of approximately $6 million in our joint ventures. Acqui
Slide 7: FY 2026 Guidance Summary
but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on
Slide 8: Contacts and Forward-Looking Statements
Investor Relations Contact Media Relations Contact Scott McLaughlin Kristi DesJarlais 844.456.INVH (4684) 844.456.INVH (4684) IR@InvitationHomes.com Media@InvitationHomes.com Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Se
Slide 9: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands, except shares and per share data) December 31, June 30, 2026 2025 (unaudited) Assets: Investments in single-family residential properties, net $ 16,884,643 $ 17,274,622 Cash and cash equivalents 75,786 129,971 Restricted cash 251,497 224,894 Goodwill 314,
Slide 10: Consolidated Statements of Operations
Consolidated Statements of Operations ($ in thousands, except shares and per share amounts) (unaudited) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Revenues: Rental revenues $ 602,985 $ 592,509 $ 1,200,682 $ 1,177,703 Other property income 75,367 66,598 148,185 134,475 Management fee revenues 19,738 22,294 39
Slide 11: 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 Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net income available to common stockholders $ 218,172 $ 140,665 $ 377,972 $ 306,182 Net income available to partici
Slide 12: Schedule 2(a): Diluted Shares Outstanding
Supplemental Schedule 2(a) Diluted Shares Outstanding (unaudited) Weighted Average Amounts for Net Income Q2 2026 Q2 2025 YTD 2026 YTD 2025 Common shares — basic 592,411,226 613,048,193 599,166,723 612,913,649 Shares potentially issuable from vesting/conversion of equity-based awards 86,578 213,711
Slide 13: Schedule 2(b): Debt Structure and Leverage Ratios
Supplemental Schedule 2(b) Debt Structure and Leverage Ratios — As of June 30, 2026 ($ in thousands) (unaudited) Wtd Avg Wtd Avg Interest Years to Debt Structure Balance % of Total Rate (1) Maturity (2)(7) Secured: Fixed (3) $ 1,388,238 16.2 % 4.0 % 2.1 Floating — swapped to fixed — —% —% — Floating
Slide 14: Schedule 2(b) (Continued)
Supplemental Schedule 2(b) (Continued) (1) Includes the impact of interest rate swaps in place and effective as of June 30, 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 Fo
Slide 15: Schedule 2(c): Debt Maturity Schedule
Supplemental Schedule 2(c) Debt Maturity Schedule — As of June 30, 2026 ($ in thousands) (unaudited) Unsecured Debt Secured Unsecured Term Loan Revolving % of Debt Maturities, with Extensions (1)(2) Debt Notes Facilities Facility Total Total 2026 $ — $ — $ — $ — $ — —% 2027 987,852 — — — 987,852 11.
Slide 16: Schedule 3(a): Same Store Portfolio Core Operating Detail
Supplemental Schedule 3(a) Same Store Portfolio Core Operating Detail ($ in thousands) (unaudited) Change Change Change Q2 2026 Q2 2025 YoY Q1 2026 Seq YTD 2026 YTD 2025 YoY Revenues: Rental revenues (1) $554,805 $545,420 1.7 % $548,910 1.1 % $1,103,715 $1,086,997 1.5 % Other property income, net (1
Slide 17: Schedule 3(b): Same Store Quarterly Operating Trends
Supplemental Schedule 3(b) Same Store Quarterly Operating Trends (unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Average Occupancy 97.1 % 96.3 % 96.0 % 96.5 % 97.3 % Turnover Rate 5.7 % 5.3 % 5.6 % 6.3 % 6.2 % Trailing four quarters Turnover Rate 22.9 % 23.4 % 23.0 % N/A N/A Average Monthly Rent
Slide 18: Schedule 4: Wholly Owned Portfolio Characteristics
Supplemental Schedule 4 Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended June 30, 2026 (1) (unaudited) Average Number of Average Average Monthly Percent of Homes Occupancy Monthly Rent Rent PSF Revenue Western United States: Southern California 6,834 96.0 % $ 3,276 $ 1.91 10.
Slide 19: Schedule 5(a): Same Store Core Revenues Growth, YoY Quarter
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, Q2 2026 # Homes Q2 2026 Q2 2025 Change Q2 2026 Q2 2025 Change Q2 2026 Q2 2025 Change Western United States: S
Slide 20: Schedule 5(a): Core Revenues Growth, 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, Q2 2026 # Homes Q2 2026 Q1 2026 Change Q2 2026 Q1 2026 Change Q2 2026 Q1 2026 Change Weste
Slide 21: Schedule 5(a): Core Revenues Growth, YTD
Supplemental Schedule 5(a) (Continued) Same Store Core Revenues Growth Summary — YTD ($ in thousands, except avg. monthly rent) (unaudited) Avg. Monthly Rent Average Occupancy Core Revenues YoY, YTD 2026 # Homes YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change Western Unite
Slide 22: Schedule 5(b): Same Store NOI Growth and Margin, YoY Quarter
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, Q2 2026 Q2 2026 Q2 2025 Change Q2 2026 Q2 2025 Change Q2 2026 Q2 2025 Change Q2 2026 Q2 2025 Western United S
Slide 23: Schedule 5(b): NOI Growth and Margin, 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, Q2 2026 Q2 2026 Q1 2026 Change Q2 2026 Q1 2026 Change Q2 2026 Q1 2026 Change Q2 2026 Q1 20
Slide 24: Schedule 5(b): NOI Growth and Margin, YTD
Supplemental Schedule 5(b) (Continued) Same Store NOI Growth and Margin Summary — YTD ($ in thousands) (unaudited) Core Revenues Core Operating Expenses Net Operating Income Core NOI Margin YoY, YTD 2026 YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Change YTD 2026 YTD 2025 Wes
Slide 25: 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 Q2 2026 YTD 2026 Renewal New Blended Renewal New Blended Leases Leases Average Leases Leases Average Western United States: Southern California 5.0 % 3.1 % 4.8 % 5.0 % 2.4 % 4.6 % Northern California 1.
Slide 26: Schedule 6: Same Store Cost to Maintain, net
Supplemental Schedule 6 Same Store Cost to Maintain, net (1) ($ in thousands, except per home amounts) (unaudited) Total Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 R&M OpEx, net $ 26,902 $ 23,087 $ 23,854 $ 30,313 $ 25,822 Turn OpEx, net 10,405 9,427 10,162 11,704 9,682 Total recurring operating expens
Slide 27: 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 Q2 2026 Q2 2025 YTD 2026 YTD 2025 Property management expense (GAAP) $ 37,726 $ 35,833 $ 77,051 $ 72,572 Adjustments: Share-based compensation expense (1,339)
Slide 28: Schedule 8(a): Acquisitions and Dispositions
Supplemental Schedule 8(a) Acquisitions and Dispositions March 31, (unaudited) Q2 2026 Acquisitions (1) Q2 2026 Dispositions (2) June 30, 2026 2026 Homes Homes Avg. Est. Homes Average Homes Owned Acq. Cost Basis Sold Sales Price Owned Wholly Owned Portfolio Western United States: Southern California
Slide 29: Schedule 8(a) (Continued)
Supplemental Schedule 8(a) (Continued) (1) Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.1%. 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 30: Schedule 8(b): Expected Development Pipeline of New Homes
Supplemental Schedule 8(b) Expected Development Pipeline of New Homes — As of June 30, 2026 (unaudited) Pipeline Estimated Estimated Avg. Estimated as of Deliveries Deliveries Cost Basis June 30, 2026 (1)(2) in Q3-Q4 2026 Thereafter Per Home Denver 36 36 — $ 400,000 Tampa 66 37 29 310,000 Orlando 82
Slide 31: 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 32: 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 33: NOI and Same Store 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 34: 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 35: 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 36: Reconciliation of Total Revenues to Same Store Core Revenues
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly (in thousands) (unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Total revenues (Total Portfolio) $ 747,550 $ 734,112 $ 685,250 $ 688,166 $ 681,401 Management fee revenues (19,738) (19,852) (21,662) (21,975) (22,294) Homebuild
Slide 37: Reconciliation of Net Income to Same Store NOI
Reconciliation of Net Income to Same Store NOI, Quarterly (in thousands) (unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Net income available to common stockholders $ 218,172 $ 159,800 $ 144,308 $ 136,474 $ 140,665 Net income available to participating securities 675 708 246 264 222 Non-controll
Slide 38: Reconciliation of Net Income to Adjusted EBITDAre
Reconciliation of Net Income to Adjusted EBITDAre (in thousands, unaudited) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net income available to common stockholders $ 218,172 $ 140,665 $ 377,972 $ 306,182 Net income available to participating securities 675 222 1,383 450 Non-controlling interests 804 480 1,361
Slide 39: 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 June 30, 2026 December 31, 2025 Secured debt, net $ 1,385,098 $ 1,384,114 Unsecured notes, net 4,402,839 4,398,921 Term loan facility, net 2,458,754 2,451,985 Revolvin