INVH Invitation Homes (INVH) Q2 FY26 earnings call
Invitation Homes delivered a strong Q2 FY26, marked by robust operational performance, disciplined capital allocation, and positive legislative clarity from the ROAD to Housing Act. The company saw accelerated new lease rate growth and maintained high occupancy, leading to a raise in full-year FFO and AFFO per share guidance. Management continues to prioritize share repurchases while also seeing early signs of acquisition opportunities and expanding its construction lending business.
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INVH operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call 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.