Invitation Homes Q2 FY2026 Earnings Call
With Dallas Tanner (President and CEO), Tim Lobner (COO), Jon Olsen (CFO) and 1 more.
From the very start, we were different. Our bar was set high: Top-quality homes managed and maintained by top-level professionals. This is how Invitation Homes became the nation's premier home leasing and management company for single families.
More about Invitation Homes
Today, Invitation Homes owns and operates 110,000+ homes in great neighborhoods across 16 top U.S. markets. We continue to innovate with smart home technology, an industry-leading maintenance app, and other lifestyle-enhancing services that make leasing easier than owning. With our unmatched know-how, stability and vision, we enable our residents to live their best life – today. No wonder Invitation Homes has nearly 80% resident retention. Our corporate office is located in Dallas, TX. We also have regional offices in Phoenix, AZ, Sacramento, CA, Los Angeles, CA, Dallas, TX, Houston, TX, Denver, CO, Las Vegas, NV, Seattle, WA, Chicago, IL, Atlanta, GA, Charlotte, NC, Miami, FL, Orlando, FL, Jacksonville, FL, Tampa, FL, and Minneapolis, MN. Recently named by Comparably as Best Places to Work in Dallas, Best Company for Diversity, Best Company for Women, and Best Perks & Benefits as rated by our own associates.
1Prepared remarks4 speakers
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 second quarter 2026 earnings release and supplemental information. We issued this document yesterday…
Thanks, Scott, and good morning, everyone. It's been a busy peak season for us. Before getting into the quarter, I want to thank our residents for the trust they keep placing in us and our field teams for how they've handled the pace. Together, we delivered a strong second quarter. Average occupancy held above 97%. 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%. Tim and Jon will get into the details, but it's a great…
Thanks, Dallas, and good morning, everyone. I'll start with the headline. New lease rate growth accelerated every month, January through June, capping off peak leasing season on a high note. Our second quarter same-store renewal rate was approximately 77%. An average length of stay for our residents remained over 40 months. The data points reflect high level of resident satisfaction with both our homes and our service. Turning now to our second quarter same-store results. NOI grew 1.5% year-over-year, driven by…
Thanks, Tim. Today, I'll cover our second quarter financial results, capital allocation activity, the balance sheet, and our updated guidance. Starting with our results. Second quarter core FFO per share was $0.51, up 5% year-over-year, and AFFO per share was $0.44, up nearly 6% year-over-year. On the capital side, during the second quarter, we sold 657 wholly-owned homes, primarily to end users, for gross proceeds of about $309 million. We bought 196 homes, all from our home builder partners, for about $74…