INVH Stock: Invitation Homes Dividend vs AFFO, Occupancy and Debt (2026)

Is INVH still Invitation Homes, and where do the filings stand?

Yes. INVH is the ticker of Invitation Homes Inc., a Maryland corporation based in Dallas, SEC CIK 1687229, which calls itself an S&P 500 company. Its common stock has also been dual listed on NYSE Texas under the same INVH symbol since August 15, 2025, with the primary listing on the New York Stock Exchange. Nothing about the name or ticker has changed. Searches for “invh stock”, “invitation homes stock” and “invh dividend” are the same company. We do not publish live prices or price targets; the share price in the filings is whatever the company says it paid for its own shares, and we label it as such.

The latest 10-Q on EDGAR is for the quarter ended June 30, 2026, filed July 30, 2026, the day after the Q2 release (an 8-K dated July 29). As of October 18, 2026 the 10-Q for the quarter ended September 30, 2026 is not filed. On October 7 the company announced that it will release third-quarter results on Wednesday, October 28, 2026 after the market closes, with a webcast on Thursday, October 29 at 11:00 a.m. Eastern. Last year the pattern was the release on October 29, 2025 and the 10-Q the next day, October 30; if the pattern holds the 10-Q lands on October 29 or 30 (our reading, not a company statement). Everything below is as of June 30, 2026 unless it says otherwise. For the same two companies side by side and the FTC refund matter, see our Invitation Homes and American Homes 4 Rent page.

The dividend against Core FFO and AFFO, quarter by quarter

Invitation Homes reports three per-share measures. FFO is net income plus real estate depreciation, excluding gains on sales. Core FFO also adds back non-cash interest, stock compensation and unusual items such as casualty losses and reorganization costs. AFFO is Core FFO less recurring capital expenditures. These are the company's non-GAAP definitions. In the filings we read the company does not print a payout ratio, so the ratios here are ours: the dividend paid in dollars (from the 10-Q dividend table) over AFFO in dollars (from Schedule 1 of each release). The table runs from Q4 2024 to Q2 2026.

Four readings the quote pages do not make.

The cushion is steady at 68% to 76%, and the seasonal high is the third quarter. The lowest ratio was 68.2% (Q1 2025) and the highest 75.7% (Q3 2025). The high is a capital-spending effect, not a dividend effect: AFFO deducts recurring capital expenditures, which were $52.4 million in Q3 2025 against $35.7 million to $43.3 million in the other six quarters. On the printed per-share figures the Q2 2026 dividend was 68.2% of AFFO (our arithmetic). The last four quarters left $280.7 million of AFFO after the dividend (our arithmetic); the company's November 2025 investor day slide said annual free cash flow after the dividend was more than $250 million, as of September 30, 2025.

Against Core FFO the dividend is about 60%, and against net income it is more than 100%. The Q2 2026 dividend was 59.0% of Core FFO in dollars (our arithmetic). The 2025 dividends declared were $1.17 a share against $0.96 of net income per diluted share, 122%, and 2024's $1.13 against $0.74, 153% (our arithmetic). A quote page that divides the dividend by earnings per share will show a payout above 100%; real estate depreciation ($185.4 million of the $194.3 million Q2 expense, from the supplemental) and the timing of gains on sale are the reason. What pays the dividend is cash: operating cash flow was $1,206.2 million in 2025 against $718.0 million of dividends declared, 1.68 times, and $676.7 million in the first half of 2026 against $363.2 million paid, 1.86 times (our arithmetic). Operating cash flow is lumpy through the year: the first nine months of 2025 produced $1,077.6 million and the full year $1,206.2 million, so the fourth quarter contributed $128.7 million (our arithmetic).

What AFFO leaves out. AFFO deducts recurring capital expenditures only. In Q2 2026 the wholly owned portfolio spent $60.1 million in total capital expenditures, of which $41.4 million was recurring, and the rest was value-enhancing ($14.2 million), initial renovation ($3.2 million) and disposition capex ($1.3 million) (supplemental, Schedule 6). Those items are not in AFFO.

The dividend is a board decision. The 10-Q says: “The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors.” The company intends to pay dividends “approximately equal to or exceed our net taxable income”. The raise from $0.28 to $0.29 first paid in January 2025 (record date December 26, 2024) and from $0.29 to $0.30 first paid in January 2026 (declared December 4, 2025) were each about 3.5%. The dividend declared for the third quarter, announced September 11, 2026, is $0.30, with a record date of September 24 and payment on or before October 16, 2026. We found no statement of when the next raise is considered.

Where AFFO per share growth comes from

The company's headline for Q2 is that “Core FFO per share increased 5.0% to $0.51, while AFFO per share increased 5.9% to $0.44”. The dollars tell a different story.

Dollar changes and the share-count change are our arithmetic from Schedule 1. On unrounded figures Q2 AFFO per share is $0.4359 against $0.4116, up 5.9% (our arithmetic), so the rounding does not flatter the printed number. The reading: the share count fell by 20.6 million diluted shares and units in a year, and that supplies more than half of the per-share growth in Q2 and all of it in the half. Net income per share rose from $0.23 to $0.37 in Q2 mostly because gains on sale were $132.3 million against $46.6 million, which is why we show the FFO family and not net income.

The company's CEO ties the two together in the Q2 release: “We continue to sell homes at prices well above what is implied by our current stock price, and since December, we have repurchased $600 million of our own shares.” The section on acquisitions and sales below has the prices.

Guidance: 2026 AFFO midpoint up one cent, and what it implies

The July update moved the Core FFO and AFFO midpoints by one cent each, kept the Same Store NOI midpoint at 1.15%, and raised the disposition midpoint by $300 million to $850 million. The revenue guidance assumes average occupancy of 96.0% to 96.6% and average bad debt of 60 to 80 basis points. The insurance assumption was cut between February and April from an increase of 10% to 12% to an increase of 5% to 7%; Same Store insurance expense fell 6.6% in the first half ($18.5 million against $19.8 million), so the full-year assumption implies increases later in the year.

Our arithmetic on the midpoints: second-half AFFO implied by guidance is $1.65 less $0.85 reported, about $0.80 a share (range $0.77 to $0.83), against $0.79 in the second half of 2025 ($0.38 in Q3 and $0.41 in Q4). The same sum for Core FFO is about $0.96 against $0.94 ($1.91 for 2025 less $0.97 in its first half). At $0.30 a quarter the $1.20 annual dividend is 72.7% of the AFFO midpoint and 61.5% of the Core FFO midpoint. At the November 17, 2025 investor day the company showed a roadmap to “$0.14 to $0.20 of incremental AFFO per share growth by 2028, on top of baseline growth”, from value-add services, process changes, centralization, customer solutions, construction lending and third-party management. That is a company target, not guidance.

Occupancy, bad debt and rent growth: seven quarters

Each row is as first reported in that quarter's own release. The company redefines the Same Store pool every year, so later releases restate earlier quarters slightly (the Q2 2026 release shows Q2 2025 occupancy at 97.3% and Q4 2025 new-lease growth at (4.2)%). Compare the direction, not the last decimal.

Occupancy. The Q4 2025 low of 95.9% was followed by 97.1% in Q2 2026, which the release called “an expected reduction of 20 basis points year over year”. The 10-Q gives the cause of the year-over-year decline: a Same Store home stood empty for 46 days on average between residents in Q2 2026 against 40 days a year earlier, and “The increase in days to re-resident resulted in an overall decrease in average Same Store occupancy on a year over year basis.” Turnover itself fell: the annualized Same Store turnover rate was 22.8% against 24.6%. Total portfolio occupancy, which covers all 85,509 wholly owned homes and not only the Same Store pool, was 95.9%. The company's September 2026 presentation gave July and August 2026 Same Store occupancy of 96.4% against 96.6% a year earlier.

Bad debt. The company defines bad debt as “reserves for residents’ accounts receivables balances that are aged greater than 30 days”, with the amount reserved equal to 100% of the resident's balance less the security deposit held. It was 1.0% in Q4 2024, 0.6% to 0.8% in the next six quarters and 0.6% in the last two. The 2026 guidance assumes 60 to 80 basis points. Rent receivables, net, were $29.6 million at June 30, 2026 against $31.8 million at December 31, 2025, and resident security deposits held were $186.9 million.

Evictions: what the filings do not say. The word “eviction” does not appear in the Q3 2025, Q1 2026 or Q2 2026 10-Qs or in any of the seven earnings supplementals. The 10-K's risk factors say “we are involved from time to time in evicting residents who are not paying their rent or who are otherwise in material violation of the terms of their lease” and that increases in fraudulent applications “lead to a higher rate of delinquency”. The Q2 2026 10-Q adds that “expanded tenant-protection and rent regulation requirements and other legal restrictions affecting notices, fees, or enforcement remedies could adversely affect collections and increase related operating costs.” No filing gives the number of eviction filings or completed evictions, so the only credit measure in the record is the bad debt percentage and the receivables balance. A holder who wants an eviction number has to ask the company.

Rent growth. Renewals, which are most of the leasing volume, have slowed each quarter since Q1 2025, from 5.2% to 3.3%. New-lease growth went negative in Q4 2025 and Q1 2026 and turned positive in Q2 2026 (1.1%). The September presentation gave July-August 2026 renewals of 4.3% (4.6% a year earlier), new leases of 0.3% (negative 0.1%) and blended growth of 3.2% (3.2%), and August year-to-date blended growth of 2.4%. Average monthly rent grew 2.0% year over year in Q2 to $2,480 on the Same Store pool.

Regions: Texas is the drag, the Midwest and West are the lift

The Q2 2026 supplemental gives Same Store results by market. Regions, Q2 2026 against Q2 2025:

Markets inside the regions: Southern California NOI rose 7.2% on 99.3% occupancy and expenses down 6.2%; Chicago rose 4.2%; Atlanta 2.0%; South Florida 1.8%; Tampa 0.2%. Orlando fell 2.0% (expenses up 5.9%), Phoenix 1.5% (flat revenue, expenses up 6.3%) and Dallas 3.7% (revenue down 0.5%, expenses up 5.4%). Florida, the largest exposure after the West, was flat at 0.2%. Texas and the Southeast are where the company's average rents are lowest ($2,111 and $2,131 a month), and the Midwest is where rents grew most.

What costs are doing

Same Store Core Operating Expenses grew 1.9% in Q2 and 3.7% in the half, inside the 3.0% to 4.0% guidance. The pieces, Q2 2026 and the half against the same periods of 2025:

Property taxes are the largest line and are growing at 3.6% against a guidance assumption of 4% to 5%; insurance is down, and HOA fees and repairs are the lines growing fastest. Q1 2026 Same Store NOI fell 0.3% on expenses up 5.7%, and Q2 recovered on expenses up 1.9%, so the first-half NOI growth of 0.7% rests on timing as well as trend (the company called Q1 expenses timing-related). Interest expense is not in NOI: it was $94.0 million in Q2 against $87.4 million, up 7.5% (our arithmetic).

Acquisitions, sales and the buyback

The acquisition cap rate is the company's forecast of net operating income for the 12 months after stabilization over estimated cost basis; the sales cap rate is actual NOI in the 12 months before the sale over the sales price. They are not the same kind of number, and a 2.0% sales cap rate says the homes sold earned little relative to price: the company says many sold “to families purchasing for their own use” and the filings do not say what share was sold vacant (our reading). What the table does show is the shift: average sales price up from $375,120 to $469,569 in a year while average acquisition cost basis stayed between $334,000 and $380,000, and the net sellers' side moving from 295 homes sold in Q2 2025 to 657 in Q2 2026. The wholly owned count fell from 86,192 at December 31, 2025 to 85,509 at June 30, 2026 (down 683, our arithmetic).

The buybacks, from the share repurchase table:

Shares outstanding went from 610,788,732 at December 31, 2025 to 593,981,591 at March 31 and 590,613,522 at June 30, 2026, down 3.3% in six months (our arithmetic). The September slide says 4.3% of shares outstanding have been repurchased since December 2025, with $300 million left of a $1 billion authorization. The same slide says: “At a $29 stock price, our implied value per home is ~$294K, a 36% discount to our ~$460K August YTD avg. sales price”; the slide gives no method for the $294,000, so treat it as the company's illustration and not as a valuation. The yearly dividend of $1.20 at the company's own average repurchase price of $26.72 is 4.49% (our arithmetic); that is not a market quote and not today's yield. Funding: dispositions are the source. The slide says “We will keep funding buybacks with disposition proceeds for as long as the discount persists”, and total debt moved from $8,458.4 million at December 31, 2025 to $8,873.4 million at March 31 and $8,593.2 million at June 30.

Debt: what is due, and what July changed

Debt is up $306 million from the end of 2024 (our arithmetic) and, per the 10-Q, $339.8 million from June 30, 2025, while the weighted rate stayed at 3.9%. The company's stated long-term target is net debt of 5.5 to 6.0 times; at 5.4 times it is below the range, with $1,546 million of liquidity, ratings of BBB+ at Fitch, Baa2 at Moody's and BBB at S&P, all stable, and covenant ratios far from their limits (fixed charge coverage 4.4 times against a 1.5 minimum; total leverage ratio 30.1% against a 60% maximum). 92.4% of debt is fixed or swapped to fixed, and $655.0 million floats at a 4.5% weighted rate.

The 10-Q says the company expects to “refinance a significant portion of our secured debt maturing in 2027 with unsecured debt”, and it started in July: on July 8 it issued $500 million of 4.950% senior notes due February 1, 2032 (priced at 99.291% of principal) and on July 9 prepaid $488.0 million of IH 2017-1, paying a prepayment premium of $4.9 million. Pro forma, secured debt falls from $1,388.2 million to $900.2 million and the amount maturing in 2027 from $987.9 million to $499.9 million. The cost, as a sensitivity and not a forecast: replacing $488.0 million of 4.23% money with 4.95% money adds about $3.5 million a year of interest, and refinancing the remaining $499.9 million at the same coupon would add about $3.6 million (our arithmetic). Together about $7.1 million, $0.012 a share on 595.2 million diluted shares and units, against $259.4 million of AFFO in the quarter.

Joint ventures, third-party management and the homebuilder

Invitation Homes owns 85,509 homes outright and has 8,069 more in joint ventures and 15,639 managed for others. The joint ventures are on its balance sheet as equity investments:

The ventures lost money in the equity-method accounting: $2.4 million in Q2 2026 against $4.8 million, $5.5 million in the half against $10.0 million, and $11.6 million in 2025 against $28.4 million in 2024. The 10-Q attributes the improvement to the FNMA venture, where the company's share of income rose from 10.0% to 50.0% after a promote threshold was reached. Remaining equity commitments to the ventures are $93.7 million. The company earns fees: $6.0 million from the ventures in Q2 against $6.3 million, $12.3 million in the half. Total management fee revenues fell 11.5% to $19.7 million in Q2 because fewer homes were disposed (the 10-Q: “lower disposition management fee revenue”, with 431 fewer homes disposed than a year earlier), and managed-only homes were 15,639 against 17,678 at December 31, 2024, down 11.5% (our arithmetic).

The homebuilder bought on January 14, 2026, ResiBuilt, is in the numbers: the company invested $91.1 million in the acquisition, and homebuilding revenues were $93.2 million in the half against $81.3 million of homebuilding cost of sales, a gross margin of $11.9 million or 12.7% (our arithmetic). Construction and development loan receivables were $29.3 million at June 30 against $6.0 million at December 31. Neither is large next to $259.4 million of quarterly AFFO, which is the point: the growth businesses that the investor day roadmap counts on are small today.

Rules and risks the filings flag

The 10-Q's risk language names the 21st Century ROAD to Housing Act, which “became federal law on July 11, 2026”, and says the legislative uncertainty “has also caused prospective institutional purchasers to defer or curtail acquisition activity”, which reduces demand for the build-to-rent homes the company's fee-build business sells to others. The September presentation says that from January 2027 the Act “limits certain MLS purchases of existing homes”, with exceptions the company expects to leave its other acquisition channels unaffected. Our census of single-family rental landlords has the statute's text and what it covers. The 2024 FTC matter is on our Invitation Homes page; the 10-K says “Both matters were resolved without any admission of liability”.

What to check in the October 28 release

The third-quarter comparison base is the quarter with the seasonal high in capital spending. As first reported in the Q3 2025 release:

Because shares are about 3.7% lower than a year ago and Q3 2025 carried the highest recurring capital spending of the seven quarters, the Q3 comparison is an easy one for AFFO per share (our reading). The things that would change the reading of this page: AFFO in dollars turning positive for the year, occupancy holding near 96.4%, new-lease growth staying above zero, bad debt staying at or under 0.8%, and the pace of buybacks against the pace of home sales.

INVH next to a non-traded single-family rental vehicle

Readers of our pages on VineBrook Homes and its review often want the listed benchmark. Invitation Homes publishes, every quarter, the items a private sponsor often does not. For how listed and non-traded REITs differ in exit and pricing, see our comparison.

The comparison does not say listed is better. A listed REIT's price moves every day while a private vehicle's appraised value moves less because it is appraised; what it shows is the checklist. Our property management fees page shows what INVH reports as the cost of managing its own homes, and the REIT ETF holdings page shows which funds hold the stock.

The other large listed single-family landlord reports on a different metric and a different mix of development and joint ventures: see American Homes 4 Rent (AMH): dividend vs Core FFO and the development pipeline.

What a holder or reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. What the filings let you check yourself:

• Read the payout in dollars and per share. The Q2 2026 dividend was 68.2% of AFFO per share and 68.6% in dollars; over four quarters it was 71.9%. A reading above about 76% would be above anything in the last seven quarters (our arithmetic).
• Separate dollars from per-share growth. AFFO per share is up because shares are down. Watch AFFO dollars for the year, and the share count at September 30.
• Watch five dated items. The October 28 release and the 10-Q (likely October 29 or 30); the fourth-quarter dividend declaration (the last two raises were first paid in January 2025 and January 2026); the $499.9 million of secured debt due June 9, 2027; occupancy and new-lease growth in Q3; and the $300 million left on the buyback authorization.
• Size the position. INVH is one REIT with one dividend: 70.4% of revenue is in the West and Florida (our sum of 37.9% and 32.5%), and the company's own risk language names federal and state limits on institutional ownership. The dividend is at the board's discretion.

If a large part of your income depends on this one payer, or you are choosing between a listed single-family rental REIT and a private one for the same money, a conversation with a qualified adviser about how it fits with the rest of your holdings may be worth having.

FAQ

All figures are from Invitation Homes Inc. (SEC CIK 1687229) filings and company releases read on EDGAR on October 18, 2026: Form 10-K for 2025 (accession 0001687229-26-000016); Forms 10-Q for the quarters ended September 30, 2025 (0001687229-25-000051), March 31, 2026 (0001687229-26-000032) and June 30, 2026 (0001687229-26-000045, filed July 30, 2026); earnings releases and supplementals attached to Forms 8-K for Q4 2024 (0001687229-25-000005), Q1 2025 (0001687229-25-000016), Q2 2025 (0001687229-25-000032), Q3 2025 (0001687229-25-000047), Q4 2025 (0001687229-26-000013), Q1 2026 (0001687229-26-000030) and Q2 2026 (0001687229-26-000041); the investor day presentation of November 17, 2025 (0001687229-25-000055) and the investor presentation of September 9, 2026 (0001687229-26-000048); Form 8-K of July 8, 2026 on the 4.950% senior notes (0001193125-26-298582); and two Business Wire releases of September 11, 2026 (third-quarter dividend) and October 7, 2026 (third-quarter release date), saved as text. Payout ratios, sums, growth rates, regional totals and the refinancing sensitivity are our arithmetic from those rows. FFO, Core FFO, AFFO, Same Store NOI and adjusted EBITDAre are the company's non-GAAP definitions; Same Store figures are as first reported in each quarter's own release. Share prices quoted are the averages the company reports paying for its own shares or its own slide and are not market quotes. This is analysis of public documents, not investment, legal or tax advice.