Invitation Homes (INVH) · Q2 2026 results and valuation

At 6.8% growth a year (3-year revenue growth), the model's fair value is $23.10 a share — the stock trades 16% above it. Today's price assumes 8.1% growth a year.

1. Key theme

   New lease rate growth accelerated for the sixth month in a row and Invitation Homes grew core FFO per share by 5%…

   Source quote

   “New lease rate growth accelerated for the sixth month in a row and we grew core FFO per share by 5%... Average occupancy held above 97%. Timothy and John will get into the details.”

2. Key theme

   Oxford Economics and John Burns data project "really nice numbers" for the Tampa and Orlando markets in 2026 as build-to-rent deliveries decline.

   Source quote

   “You take a look at Tampa, another market with really nice numbers there projected for 2026. I think if you look at some of the migration data, we use Oxford Economics as our source, but you look at some of their projections from 2026, and you know, you take it for example, like a market like Orlando, really nice numbers there. You look at, John Burns data that we reference frequently most recently, the June numbers show that, you know, continue to show that build-to-rent deliveries are in the rearview...”

3. Guidance ↑

   The company raised its full-year guidance because first-half performance provided confidence to adjust the outlook.

   Source quote

   “Combined with what Timothy and John are about to cover, our first half performance gave us confidence to raise our full-year guidance.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“New lease rate growth accelerated for the sixth month in a row and we grew core FFO per share by 5%, and AFFO per share by just under 6%.”

“So the decrease this quarter was driven primarily by lower lease fees, including lower late fees and other administrative charges.”

“The good news is despite kind of striking those trade-offs, we continue to see really strong renewal rent growth, which is obviously the primary driver of revenue growth for us.”