Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Q3 2026 Earnings Presentation
16 slides from Invitation Homes's earnings presentation, Oct 29, 2026
Slide 1: Investor Presentation
September 2026 Investor Presentation Cimarron Ridge, Southern California
Slide 2: Why invest in INVH
Why invest in INVH POWER OF OUR ACCRETIVE CAPITAL PREMIER CUSTOMER PLATFORM ALLOCATION EXPERIENCE Unmatched scale & density Stock repurchases Resident satisfaction Proprietary technology Strategic acquisitions Customer centricity Optimization Construction lending Value-add services Centralization In
Slide 3: Why now: The case for single-family rental
Why now: The case for single-family rental DEMOGRAPHICS LEASING IS MORE ACCESS TO IMPROVING DRIVE LONG- AFFORDABLE & QUALITY HOUSING SUPPLY TERM DEMAND OFTEN PREFERRED AND SERVICES TRENDS Millennials and Gen Z fueling Average monthly savings of ~93% of SFR homes owned Nationwide housing shortage, ho
Slide 4: July-August 2026 Same Store Leasing Stats
July-August 2026 Same Store Leasing Stats INVH INVH INVH Same Store 2Q 2026 Jul-Aug 2025 Jul-Aug 2026 Average Occupancy 97.1% 96.6% 96.4% Renewals Rental Rate Growth 3.3% +4.6% +4.3% New Leases Rental Rate Growth 1.1% -0.1% +0.3% Blended Rental Rate Growth 2.7% +3.2% +3.2% 3 August YTD blended renta
Slide 5: Capital allocation led by $700M of stock buybacks since December 2025
Capital allocation led by $700M of stock buybacks since December 2025 Capital Allocation Update Metric Value Detail 4.3% of shares outstanding have been repurchased since December 2025, making $26.72 us a leader among Residential REITs Stock repurchases since Dec. ’25 $700M avg/sh Dispositions a
Slide 6: High-growth locations
Seattle 5% Minn. 1% Northern California High-growth Chicago 5% 3% Denver 4% Las Vegas locations Southern 4% Carolinas California 6% 11% Phoenix 9% Atlanta Jax. Dallas 13% 2% 4% Orlando Hou. 8% Tampa 2% 11% South Percent of 2Q26 revenue Florida 12% 5 Primarily infill locations in high-growth markets
Slide 7: Sector-leading scale & density
ATLANTA Owned and managed home counts as of 6/30/2026 Pod 4 4,777 Homes Sector-leading scale & density Pod 1 Pod 3 4,579 Homes 4,808 Homes Pod 2 4,219 Homes 66 Scale and density drive cost efficiency, pricing power, and margin expansion
Slide 8: Superior NOI growth since our 2017 IPO
Superior NOI growth since our 2017 IPO Superior NOI growth since our 2017 IPO Indexed Same Store NOI Growth (2017-2025) Invitation +64.3% Homes AMH +57.0% National +37.3% Multifamily Coastal +22.3% Multifamily National Multifamily represents simple average of CPT, MAA, and UDR; Coastal Multifamily r
Slide 9: Resident satisfaction drives renewals, lowers turnover, and strengthens returns
Resident satisfaction drives renewals, lowers turnover, and strengthens returns >40 MONTHS 97.1% 76.7% Same Store avg Same Store avg Same Store avg resident tenure occupancy rate renewal rate 4.78 / 5.0 4.10 / 5.0 Average stars on post- Cumulative all-time maintenance surveys Google / Yelp rating As
Slide 10: Disciplined Acquisition Approach
Disciplined Acquisition Approach New Home Price Premium vs. Resale (12-month average) 45% 40% New home pricing more attractive 35% 30% Auction purchases Homebuilder 25% Homebuilder MLS purchases † forward Inventory 20% purchasing 15% Historical average: 16.0%* JV & 3PM 10% Resale home pricing more a
Slide 11: Our balance sheet gives us flexibility to prioritize shareholder returns
Our balance sheet gives us flexibility to prioritize shareholder returns Our balance sheet gives us flexibility to prioritize shareholder returns Current Versus Long-Term Targets Fortress Balance Sheet Long- Metrics 6/30/2026 term 5.4x Net Debt / TTM Adj. EBITDA Targets Net Debt / TTM Adj. EBITDAr
Slide 12: Millennials & Gen Z fuel long-term demand for single-family rentals
Millennials & Gen Z fuel long-term demand for single-family rentals U.S. 10-Year Net Population Change by Age Group (2025-2035) 4M 3M 2M 1M 0M -1M INVH SWEET SPOT -2M Average age of new resident: ~39 years -3M Age 0–4 Age 5–9 Age 10–14 Age 15–19 Age 20–24 Age 25–29 Age 30–34 Age 35–39 Age 40–44 Age
Slide 13: Leasing is more affordable and increasingly preferred
Leasing is more affordable and increasingly preferred Leasing is more affordable and increasingly preferred RENTING IS Nationwide Cost of INCREASINGLY Home Ownership vs. Home Rental (1) PREFERRED, WITH (1) This $1k+ nationwide monthly gap matches what we see within 39% our own markets of BTR residen
Slide 14: “Mom & Pop” owners dominate SFR; professionals own just a sliver
“Mom & Pop” owners dominate SFR; professionals own just a sliver 149 MILLION 135 MILLION 47 MILLION 14 MILLION HOUSING UNITS HOUSEHOLDS RENTAL HOUSEHOLDS SFR HOMES 100.0% 80.0% Households: 91% Rented: 35% Apartments: 66% Single- 60.0% (135M units) Owned: 65% Family: 30% “Mom & Pop (47M units) (31M u
Slide 15: New BTR deliveries peaked in FY24 and expected to further decline
New BTR deliveries peaked in FY24 and expected to further decline New BTR deliveries peaked in FY24 and expected to further decline JBREC Nationwide Build-to-Rent Delivery Schedule 20,000 Today 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Single-Level Rowhomes Townhomes Horizontal Ap
Slide 16: This presentation contains forward-looking statements
This presentation contains forward-looking statements This presentation contains forward-looking statements within the systems, development and use of artificial intelligence, risks related to meaning of Section 27A of the Securities Act of 1933, as amended, and our indebtedness, risks related to th