Invitation Homes' second quarter results beat on revenue and FFO, leading to a raised full-year outlook.

Invitation Homes reported second quarter 2026 total revenue of $748 million, up 9.7% year-over-year, and Core Funds From Operations (FFO) of $0.51 per share, a 5.0% increase. The results surpassed analyst expectations, driven by steady operational performance.

Key Highlights

• Same-Store Net Operating Income (NOI) grew 1.5% year-over-year, exceeding the 1.15% consensus estimate, on Same-Store Core Revenue growth of 1.6%.
• Same-Store blended rent growth was 2.7% for the quarter, composed of 3.3% on renewals and 1.1% on new leases, while average occupancy remained high at 97.1%.
• Full-year 2026 guidance was increased, with the midpoint for Core FFO per share raised by $0.01 to $1.95 and AFFO per share raised by $0.01 to $1.65.
• The company increased its full-year 2026 wholly owned disposition guidance midpoint by $300 million to $850 million, citing favorable private market valuations.