2Q Beat, FFO Guide Raise, Better New Lease & $100mn More Buybacks

Research evidence excerpt

2Q Beat, FFO Guide Raise, Better New Lease & $100mn More Buybacks

Update

July 29, 2026 10:14 PM GMT

Morgan Stanley & Co. LLCMInvitation Homes Inc | North America Adam Kramer

Equity Analyst

2Q Beat, FFO Guide Raise, Adam.Kramer@morganstanley.comDerrick Metzler +1 212 761-4623

Research Associate

Derrick.Metzler@morganstanley.com +1 212 761-3366

Better New Lease & $100mn Caroline Long

Caroline.Long1@morganstanley.com +1 212 761-0102

More Buybacks

Invitation Homes Inc (INVH.N, INVH UN)

Real Estate Investment Trusts | United States of America

AlphaSignals Earnings Reaction

Stock Rating Equal-weight

Unchanged Modest upside Largely unchanged Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target $33.00

consensus EPS Shr price, close (Jul 28, 2026) $30.05

Mkt cap, curr (mm) $18,294

Source: Company data, Morgan Stanley Research 52-Week Range $32.05-24.25

Key Takeaways

2Q core FFO of $0.51 beat Cons $0.49/MSe $0.50; '26 core FFO guidance raised

in line w/ Cons, representing ~2% earnings growth y/y

Same-store revenue and NOI guidance ranges narrowed, midpoints unchanged

2Q new lease growth accelerated +410bps q/q to 1.1%; renewals decelerated -

40bps q/q to 3.3%; occupancy was +80bps vs. 1Q and -20bps y/y

New lease outperformed MS AlphaWise estimate, and peaking later in '26

compared to '25, which we view positively

Our take. Solid 2Q beat and guide raise in line with consensus and above MSe. The

company continued to sell homes and use the proceeds to repay debt and buyback

shares, albeit at a slower pace (~$100mn of buybacks in 2Q vs. ~$439mn in 1Q). 2Q

new lease growth accelerated ~410bps vs. 1Q and showed continued acceleration

during the quarter, notably ahead of our AlphaWise estimate that suggested