INVH Invitation Homes (INVH) Q1 FY26 earnings call
Invitation Homes delivered Q1 FY26 results in line with expectations, demonstrating resilience in a dynamic environment. The company saw improving leasing momentum with occupancy climbing and new lease rent growth turning positive in April, positioning it well for the peak leasing season. Management remains focused on disciplined operations and capital allocation, completing a $500 million share repurchase and authorizing a new one, while navigating legislative discussions and leveraging strategic partnerships for new housing supply.
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INVH operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Resident renewals Same-store | 78%+In the first quarter, our same-store average resident tenure was over 40 months with resident renewals remaining very high at over 78%.Source: earnings call transcript | ~77%Capping off peak leasing season on a high note, our second quarter same-store renewal rate was approximately 77%, and average length of stay for our residents remained over 40 months.Source: earnings call transcript | — |
| Properties sold Wholly owned | 483In Q1, we sold 483 wholly owned homes for $206 million, well ahead of our expectations.Source: earnings call transcript | 657On the capital side, during the second quarter, we sold 657 wholly owned homes primarily to end users for gross proceeds of about $309 million.Source: earnings call transcript | +36% |
| Forward backlog | 556Just as a reminder, we disclosed in the quarter that our current forward backlog is 556 which is around $200 million.Source: earnings call transcript | ~300And that's down now to about 300 for what's in the backlog.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.