Invitation Homes Q3 2026: revenue up 6.3%, Core FFO $0.48, guidance edges up
Invitation Homes beat on the headline numbers and nudged guidance higher, but the rental engine underneath is barely moving. Revenue rose 6.3% to $731.3 million mostly because a homebuilding line that did not exist a year ago added $35.8 million, while Same Store NOI grew just 1.1%. Read this as a REIT, not a tech stock: Core FFO per share of $0.48 and the buyback tell you more than GAAP EPS does.
1 · Expected vs. Actual
Free preview belowGAAP net income per diluted share was $0.27 versus $0.22 a year earlier, ahead of the $0.18 consensus estimate in our data, but the quarter included a $136.2 million gain on sale of property, so that number is not a clean read on operations. Core FFO per share, which strips those gains out, rose 2.4% to $0.48, and AFFO per share was flat at $0.38. The buyback is doing real work: diluted shares fell to 588.5 million from 613.1 million.
Total revenue of $731.3 million rose 6.3% from $688.2 million, but $35.8 million of the increase is homebuilding revenue with no prior-year comparison, and management fee revenue actually fell to $19.9 million from $22.0 million. Rental revenue, the actual business, went from $593.6 million to only $597.3 million. One flag on our data: the raw file tagged revenue at $35.8 million, which is just the homebuilding line — the four reported segments sum to $731.3 million, and that is the figure we use.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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