Rental income growth - Same store core revenues rose 1.6% year over year, primarily due to a 2.0% increase in average monthly rent, partially offset by a 20 basis point decrease in average occupancy
Expense increases - Same store core operating expenses rose 1.9% year over year, mainly due to a 3.5% increase in fixed expenses, partially offset by a 1.0% decrease in controllable expenses
Home dispositions - Company disposed of 657 wholly owned homes, many to families purchasing for their own use, generating proceeds used for share repurchases and debt reduction
Updated full-year outlook
Invitation Homes raises FY 2026 Core FFO per share midpoint to $1.95
Company lifts FY 2026 AFFO per share midpoint to $1.65
Invitation Homes increases FY 2026 wholly owned disposition guidance midpoint by $300 mln to $850 mln
Analyst coverage and valuation
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 12 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the residential REITs peer group is "buy"
Wall Street's median 12-month price target for Invitation Homes Inc is $32.00, about 6.5% above its July 28 closing price of $30.05
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