INVH · Earnings call · 2026Q3T · Full report
Balance Sheet and Liquidity
Invitation Homes Inc. · 2026-10-28 · Importance 29 · Surprise 32 · In source text
Invitation Homes ended the third quarter with $1.3 billion of available liquidity and net debt to adjusted EBITDA of 5.5x, within its 5.5x–6.0x target range and up from 5.4x in the prior quarter. Approximately 90% of total debt was unsecured, 90% was fixed-rate or swapped to fixed-rate, and about 90% of wholly owned homes were unencumbered. In July, the company issued $500 million of long five-year bonds at a 4.95% coupon and used the proceeds to prepay about half of its IH 2017-1 securitization. The remaining $500 million of that securitization matures in June 2027, with no other debt maturities before then.
Key facts
- The remaining $500 million of Invitation Homes’ IH 2017-1 securitization matures in June 2027, and the company had no other debt maturing before then.
- In July 2026, Invitation Homes issued $500 million of long five-year bonds with a 4.95% coupon and used the net proceeds to prepay about half of its IH 2017-1 securitization.
- Invitation Homes ended Q3 2026 with $1.3 billion of available liquidity; approximately 90% of total debt was unsecured, 90% was fixed rate or swapped to fixed rate, and about 90% of wholly owned homes were unencumbered.
- Invitation Homes’ net debt to adjusted EBITDA was 5.5x at Q3 2026, within its 5.5–6x target range and up slightly from 5.4x in Q2.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | — | In July 2026, Invitation Homes issued $500 million of long five-year bonds with a 4.95% coupon and used the net proceeds to prepay about… |
| liability | negative | realized | — | In July 2026, Invitation Homes issued $500 million of long five-year bonds with a 4.95% coupon and used the net proceeds to prepay about… |
| cash | negative | realized | — | In July 2026, Invitation Homes issued $500 million of long five-year bonds with a 4.95% coupon and used the net proceeds to prepay about… |
| liability | positive | realized | — | In July 2026, Invitation Homes issued $500 million of long five-year bonds with a 4.95% coupon and used the net proceeds to prepay about… |