Invitation Homes Adds $500 Million Buyback After Selling Homes to Fund Repurchases

Invitation Homes authorized another $500 million for share buybacks on Wednesday, extending a strategy of selling houses and using the proceeds to buy back stock it believes trades at a discount to the value of its homes.

The single-family rental landlord said it has repurchased nearly $1 billion of its shares from Dec. 1, 2025, through Oct. 27, 2026, according to its third-quarter earnings release filed with an 8-K on Wednesday. The board approved the additional $500 million program on Oct. 26.

Selling homes to buy stock

The company has bought back 36,923,753 shares at an average price of $26.78. It said that implies a value of about $280,000 per home, compared with a gross average sales price of about $460,000 for homes it sold over the same stretch.

In the third quarter alone, Invitation Homes sold 658 wholly owned homes, most to families buying them to live in, and acquired 216, for net proceeds of about $245 million that it used to fund repurchases.

"We intend to keep funding buybacks with home sale proceeds whenever our stock trades at a meaningful discount to the value of our homes, guided by market conditions and a disciplined approach to the balance sheet," CEO Dallas Tanner said in the release.

Results and guidance

Total revenue rose 6.3% to $731 million. Net income available to common stockholders increased 15.6% to $158 million, or $0.27 a diluted share, from $0.22.

Core funds from operations per share rose 2.4% to $0.48, helped by a lower share count from buybacks as well as same-store growth, while adjusted FFO per share was essentially flat at $0.38.

The company raised its 2026 core FFO midpoint by a penny to $1.96 a share, with a range of $1.94 to $1.98. It lifted its same-store NOI growth midpoint to 1.2% and raised its wholly owned disposition target to $900 million to $1 billion, from a prior midpoint of $850 million. AFFO guidance was unchanged at a $1.65 midpoint.

Rents and occupancy

Same-store net operating income grew 1.1% on 1.6% core revenue growth and 2.5% core operating expense growth. Average occupancy slipped 10 basis points to 96.4%.

Renewal rents rose 4.3%, while new-lease rents fell 0.2%, for blended rent growth of 3.0%. Bad debt was 0.8% of gross rental revenue, up from 0.7% a year earlier.

The company ended the quarter with 85,961 homes in its total portfolio, including 76,687 in its same-store pool.

Debt and dividend

In July, Invitation Homes sold $500 million of 4.950% senior notes due 2032 and used the net proceeds to prepay part of a secured debt obligation maturing in June 2027. It declared a dividend of $0.30 a share for the quarter, up from $0.29 a year earlier.

The company will host a webcast at 11 a.m. ET on Thursday.

Sources

1. Invitation Homes Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 28, 2026 (accession 0001687229-26-000053)

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