INVH · Earnings call · 2026Q3T · Full report
Guidance / Outlook
Invitation Homes Inc. · 2026-10-28 · Importance 56 · Surprise 68 · In source text
The company raised its full-year 2026 Core FFO per-share guidance midpoint by $0.01, to a range of $1.94–$1.98. It narrowed its same-store revenue growth guidance range and lowered its same-store expense growth guidance range by 30 basis points, mostly due to lower anticipated property tax expense. Same-store NOI growth guidance increased slightly to a 1.2% midpoint. The midpoint of wholly owned home disposition guidance rose by $100 million to a range of $900 million–$1 billion; management said it would provide its 2027 outlook with guidance in February.
Key facts
- Invitation Homes raised the midpoint of its wholly owned disposition guidance by $100 million to a range of $900 million–$1 billion for full-year 2026.
- Invitation Homes raised its full-year 2026 Core FFO per-share guidance by one cent at the midpoint to a range of $1.94–$1.98.
- Invitation Homes narrowed its full-year same-store revenue growth guidance range, lowered its same-store expense growth guidance range by 30 basis points mostly due to lower anticipated property tax expense, and raised its same-store NOI growth guidance midpoint to 1.2%.
- Invitation Homes said it aimed to finish 2026 with a mid-2% blended rent growth rate and was comfortable with that full-year blend.
- The property tax bills received thus far gave Invitation Homes comfort adjusting its expense growth guidance, and the company hoped to come in closer to the bottom end of the range.
- Invitation Homes said its fourth-quarter 2026 same-store revenue outlook was supported by an easier year-over-year comparison, occupancy moving in a better direction than a year earlier, and somewhat better blended rent growth.
- Invitation Homes said it remained comfortable with its established same-store revenue guidance midpoint, while noting it was not able to forecast with 10-basis-point precision.
- Invitation Homes' CFO felt pretty good about the midpoint of the full-year outlook for expenses and hoped for moderation in some expense line items.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | committed | — | Invitation Homes raised the midpoint of its wholly owned disposition guidance by $100 million to a range of $900 million–$1 billion for… |
| operating_income | positive | committed | — | Invitation Homes narrowed its full-year same-store revenue growth guidance range, lowered its same-store expense growth guidance range by… |
| revenue | positive | probable | — | Invitation Homes said it aimed to finish 2026 with a mid-2% blended rent growth rate and was comfortable with that full-year blend. |