Q1 2026 Invitation Homes Inc Earnings Call Transcript
Key Points
- Invitation Homes Inc (INVH) achieved a high average occupancy rate of 96.3% for the first quarter, with occupancy improving to 97.1% in April.
- The company completed a $500 million share repurchase authorization, buying back 17 million shares, and has approved a new $500 million repurchase authorization.
- INVH's construction lending business has grown to $279 million in commitments, generating attractive returns.
- The ResiBuilt acquisition has been successfully integrated, delivering over 300 homes to third-party buyers during the quarter.
- INVH maintains a strong balance sheet with $1.3 billion in available liquidity and a net debt to adjusted EBITDA ratio of 5.6 times.
- Same-store NOI was down 0.3% year-over-year, reflecting challenges in revenue growth and elevated operating expenses.
- New lease rent growth was negative 3.0% for the quarter, impacted by elevated supply conditions in several markets.
- Core FFO per share was flat year-over-year, and AFFO per share decreased by 2.6%, indicating pressure on profitability.
- The company faces legislative uncertainty, which could impact future growth and operations, particularly in the single-family rental sector.
- INVH's forward pipeline for third-party homebuilder partnerships has been reduced by roughly two-thirds from a year ago, indicating a slowdown in new housing supply initiatives.
Welcome to the Invitation Homes first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. At this time, I would like to turn the conference over to Scott McLaughlin, Senior Vice President of Investor Relations. Please go ahead.
Thank you, operator, and good morning. Joining me today from Invitation Homes are Dallas Tanner, our President and Chief Executive Officer; Tim Lobner, our Chief Operating Officer; Jon Olsen, our Chief Financial Officer; and Scott Eisen, our Chief Investment Officer.
Following our prepared remarks, we'll open the line for questions from our covering sell-side analysts. During today's call, we may reference our first quarter 2026 earnings release and supplemental information. We issued this document yesterday afternoon after the market closed, and it is available on the Investor Relations section of our website at www.invh
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