Research · Sep 3, 2026
[INVH] Invitation Homes Thesis 2026: ResiBuilt Acquisition Deepens Single-Family Rental Portfolio
Invitation Homes Inc. FY25 revenue $2.73B (+4%); op income $741M; NI $588M; EPS $0.96 (+30%). FY same-store NOI growth +2.3% (revenue +2.4% / expense +2.6%). Q4 same-store NOI +0.7% YoY (revenue +1.7% / expense +4%). Q4 blended rent growth +1.8% (renewal +4.2% offset 4.1% new lease decline). Q4 same-store occupancy 96.8%; FY turnover 22.8%; average length of stay >3 years. Core FFO Q4 $0.48 (+1.3%) / FY $1.91 (+1.7%). AFFO Q4 $0.41 (flat) / FY $1.63 (+1.8%). Acquired ResiBuilt Homes — accelerates in-house development capabilities (4,000+ homes delivered since 2018; 23 active fee built contracts; 2,000+ home starts planned for 2026 and beyond). 160K+ residents enrolled in free credit building program with average +50 points credit score increase. FY26 guide: same-store NOI +0.3-2%; same-store core revenue +1.3-2.5%; same-store core expense +3-4%; average occupancy 96.3% midpoint; same-store blended rent mid-2% range midpoint; core FFO/share $1.90-$1.98; AFFO/share $1.60-$1.68; ~$550M dispositions (primary buyback funding); ~$250M wholly-owned new home deliveries.