Invitation Homes touts $700M buyback at 36% discount to home values; Jul-Aug blended rent growth +3.2%

Invitation Homes Inc.

$700M of stock repurchased since Dec 2025 at $26.72 avg/sh; $300M remaining on $1B authorization; 4.3% of shares bought back.
Implied value per home ~$294K at $29 stock price, a 36% discount to ~$460K August YTD avg disposition price.
Jul-Aug 2026 blended rental rate growth +3.2%; occupancy 96.4% (down from 97.1% in 2Q26); renewals +4.3%, new leases +0.3%.
FY26 disposition guidance raised to $850M; YTD dispositions $740M, avg price ~$460K/home vs ~$278K avg buyback price.
Same Store NOI growth +64.3% since 2017 IPO vs AMH +57.0%; 5.4x net debt/EBITDA; $1.5B+ liquidity; no maturities before June 2027.

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