INVH · 8-K · 20261028PR000053

Same-Property NOI Growth

Invitation Homes Inc. · 2026-10-28 · Importance 13 · Surprise 32

The Same Store Portfolio included 76,687 homes, or 89.2% of the 85,961 wholly owned homes at quarter end; Q3 Same Store NOI increased 1.1% year over year to $380.6 million. Same Store Core Revenues increased 1.6% to $571.7 million, while Core Operating Expenses rose 2.5% to $191.0 million, reducing the Core NOI margin to 66.6% from 66.9%. Revenue growth reflected a 1.8% increase in average monthly rent and 2.6% growth in other property income, partly offset by occupancy down 10 basis points to 96.4% and bad debt up 10 basis points. YTD Same Store NOI grew 0.9% on 1.7% revenue growth and 3.3% expense growth.

Key facts

• YTD 2026 Same Store NOI was $1,158,919 thousand, up 0.9% from $1,148,162 thousand in YTD 2025. source
• Q3 2026 Same Store NOI increased 1.1% year over year, on Same Store Core Revenues growth of 1.6% and Core Operating Expenses growth of 2.5%. source
• YTD 2026 Same Store NOI increased 0.9% year over year, with Core Revenues growth of 1.7% and Core Operating Expenses growth of 3.3%. source
• YTD 2026 Same Store NOI margin was 67.6%, compared with 68.1% in YTD 2025. source