Invitation Homes raised FY26 disposition guidance by $300M to $850M and lifted 2Q YTD dispositions by $225M to $740M. The company said it will use disposition proceeds to fund stock Buybacks for as long as the discount persists, linking home sales with its shareholder-return program.

Key Highlights

  • Invitation Homes has repurchased $700M of stock since December 2025 at an average $26.72 per share.
  • The company’s $1B stock repurchase authorization has $300M remaining.
  • Average disposition price per home was approximately $460K versus approximately $278K at the average buyback price.

Invitation Homes Inc. (NYSE: INVH) raised FY26 disposition guidance to $850M ($850 million), an increase of $300M. 2Q YTD dispositions reached $740M, up $225M. The figures were presented as of 9/4/2026. The company said it will continue using disposition proceeds to fund stock buybacks for as long as the discount persists.

Buybacks Remain the Stated Use

Invitation Homes has completed $700M of stock repurchases since December 2025, with an average purchase price of $26.72 per share. The company’s stock repurchase authorization totals $1B, of which $300M remains. The company said its year-to-date sales were heavily concentrated in Southern California, South Florida and Northern California.

Discount Shapes Capital Allocation

At a $29 stock price, Invitation Homes said its implied value per home was approximately $294K, representing a 36% discount to its approximately $460K August YTD average sales price. The presentation also showed an average disposition price per home of approximately $460K compared with approximately $278K at the average buyback price. The stated capital allocation approach is to keep directing disposition proceeds to stock repurchases while that discount remains.

Leasing Metrics Provide Operating Context

Invitation Homes reported an average Occupancy Rate of 96.4% for July-August 2026, compared with 96.6% for July-August 2025. Renewal rental-rate growth was 4.3%, while new-lease rental-rate growth was 0.3% during the same period. Blended rental-rate growth was 3.2% for July-August 2026, and August YTD blended rental-rate growth was 2.4%. The company’s 2Q 2026 average occupancy rate was 97.1%.