Invitation Homes (INVH)
Market Price (11/1/2026): $0 | Market Cap: $-Investor Relations Sector: Real Estate | Industry: Single-Family Residential REITs
Invitation Homes (INVH)
Market Price (11/1/2026): $0Market Cap: $-Sector: Real EstateIndustry: Single-Family Residential REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6%, FCF Yield is 6.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33% Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Real Estate Data Analytics, Show more. | Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -86% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 55% Key risksINVH key risks include [1] significant reputational damage from numerous tenant complaints regarding maintenance, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6%, FCF Yield is 6.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Real Estate Data Analytics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -86% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 55% |
| Key risksINVH key risks include [1] significant reputational damage from numerous tenant complaints regarding maintenance, Show more. |
Qualitative Assessment
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Invitation Homes (INVH) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Softening New Lease Rent Growth Signals Weakening Pricing Power.
Invitation Homes reported a decline in new lease rent growth, turning negative at 0.2% in fiscal Q3 2026, a notable decrease from the positive 1.2% seen in fiscal Q2 2026. This indicates a softening in the demand for new rentals and a reduced ability for the company to increase rents for new tenants, despite renewal rent growth remaining strong at 4.3% in fiscal Q3 2026.
2. Rising Interest Rates Elevated Financing Costs and Reduced Investor Appeal.
Macroeconomic conditions, specifically the Federal Reserve's decision to raise its key interest rate by 0.25% in September 2026 to a range of 3.75% to 4.00%, significantly impacted the broader market. This led to average 30-year fixed mortgage rates climbing above 7% in late September, reaching 7.11-7.19%. Higher interest rates generally make debt financing more expensive for real estate companies like Invitation Homes and can make income-generating alternatives, such as bonds, more attractive to investors, potentially diverting capital from REITs.
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Invitation Homes (INVH) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Softening New Lease Rent Growth Signals Weakening Pricing Power.
Invitation Homes reported a decline in new lease rent growth, turning negative at 0.2% in fiscal Q3 2026, a notable decrease from the positive 1.2% seen in fiscal Q2 2026. This indicates a softening in the demand for new rentals and a reduced ability for the company to increase rents for new tenants, despite renewal rent growth remaining strong at 4.3% in fiscal Q3 2026.
2. Rising Interest Rates Elevated Financing Costs and Reduced Investor Appeal.
Macroeconomic conditions, specifically the Federal Reserve's decision to raise its key interest rate by 0.25% in September 2026 to a range of 3.75% to 4.00%, significantly impacted the broader market. This led to average 30-year fixed mortgage rates climbing above 7% in late September, reaching 7.11-7.19%. Higher interest rates generally make debt financing more expensive for real estate companies like Invitation Homes and can make income-generating alternatives, such as bonds, more attractive to investors, potentially diverting capital from REITs.
3. Increased Rental Vacancy Rates Point to Growing Supply.
The national rental vacancy rate rose to 7.6% in fiscal Q3 2026, up from 7.3% in the prior quarter and 7.1% a year ago, marking its highest level since 2014. Additionally, the number of vacant units on the market for rent spiked by 139,000 units quarter-over-quarter (+3.7%) and 319,000 units year-over-year (+9.0%) to 3.87 million, the most since 2011. This increase in available rental supply suggests a more competitive environment for single-family rental operators.
4. Mixed Fiscal Q3 2026 Earnings Despite Guidance Lift.
While Invitation Homes reported fiscal Q3 2026 Core FFO per share of $0.48, which generally met or slightly exceeded analyst consensus, its total revenue of $731.28 million fell short of the consensus estimate of $742.55 million. Same-store net operating income (NOI) growth was a modest 1.1%, tempered by a 2.5% increase in same-store core operating expenses. Although the company raised the midpoint of its full-year 2026 Core FFO guidance by $0.01 to a range of $1.94–$1.98 per share, the revenue miss and modest NOI growth presented a mixed operational picture to investors.
5. Capital Recycling Strategy Highlights Perceived Undervaluation.
Invitation Homes continued its strategy of capital recycling, selling 658 wholly-owned homes for gross proceeds of approximately $318 million in fiscal Q3 2026 and using approximately $245 million in net proceeds to fund share repurchases. The company repurchased 8.9 million shares for $250 million during the quarter and nearly $1 billion (approximately 37 million shares at an average price of $26.78) since December 2025. Management noted that the market was valuing its homes at an implied $280,000 per share-equivalent, a steep discount to the average gross sales price of roughly $460,000 per home, indicating a perceived undervaluation that the share repurchase program aims to address.
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Stock Movement Drivers
Fundamental Drivers
The -9.6% change in INVH stock from 7/31/2026 to 10/31/2026 was primarily driven by a -13.1% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.39 | 26.56 | -9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,855 | 2,898 | 1.5% |
| Net Income Margin (%) | 23.1% | 23.5% | 1.8% |
| P/E Multiple | 26.4 | 22.9 | -13.1% |
| Shares Outstanding (Mil) | 592 | 588 | 0.7% |
| Cumulative Contribution | -9.6% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| INVH | -9.6% | |
| Market (SPY) | 1.2% | 3.3% |
| Sector (XLRE) | -4.2% | 60.5% |
Fundamental Drivers
The -5.7% change in INVH stock from 4/30/2026 to 10/31/2026 was primarily driven by a -21.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.16 | 26.56 | -5.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,789 | 2,898 | 3.9% |
| Net Income Margin (%) | 20.9% | 23.5% | 12.7% |
| P/E Multiple | 29.3 | 22.9 | -21.8% |
| Shares Outstanding (Mil) | 606 | 588 | 3.0% |
| Cumulative Contribution | -5.7% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| INVH | -5.7% | |
| Market (SPY) | 5.4% | -10.5% |
| Sector (XLRE) | -1.9% | 66.0% |
Fundamental Drivers
The -1.4% change in INVH stock from 10/31/2025 to 10/31/2026 was primarily driven by a -18.6% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.92 | 26.56 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,703 | 2,898 | 7.2% |
| Net Income Margin (%) | 21.7% | 23.5% | 8.5% |
| P/E Multiple | 28.1 | 22.9 | -18.6% |
| Shares Outstanding (Mil) | 613 | 588 | 4.2% |
| Cumulative Contribution | -1.4% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| INVH | -1.4% | |
| Market (SPY) | 11.7% | 4.9% |
| Sector (XLRE) | 8.4% | 64.1% |
Fundamental Drivers
The 1.0% change in INVH stock from 10/31/2023 to 10/31/2026 was primarily driven by a 21.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.30 | 26.56 | 1.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,388 | 2,898 | 21.4% |
| Net Income Margin (%) | 20.5% | 23.5% | 14.6% |
| P/E Multiple | 32.8 | 22.9 | -30.2% |
| Shares Outstanding (Mil) | 612 | 588 | 4.0% |
| Cumulative Contribution | 1.0% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| INVH | 1.0% | |
| Market (SPY) | 86.9% | 30.7% |
| Sector (XLRE) | 43.3% | 68.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INVH Return | 56% | -33% | 20% | -3% | -10% | -1% | 8% |
| Peers Return | 66% | -33% | 6% | 17% | -7% | -2% | 25% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| INVH Win Rate | 67% | 25% | 58% | 50% | 33% | 40% | |
| Peers Win Rate | 83% | 27% | 52% | 55% | 43% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| INVH Max Drawdown | -10% | -34% | -20% | -15% | -25% | -15% | |
| Peers Max Drawdown | -8% | -36% | -25% | -12% | -22% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMH, MAA, ESS, CPT, UDR. See INVH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | INVH | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.4% | -9.5% |
| % Gain to Breakeven | 22.5% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.3% | -6.7% |
| % Gain to Breakeven | 15.3% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.2% | -33.7% |
| % Gain to Breakeven | 97.0% | 50.9% |
| Time to Breakeven | 357 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.2% | -19.2% |
| % Gain to Breakeven | 15.2% | 23.8% |
| Time to Breakeven | 38 days | 105 days |
In The Past
Invitation Homes's stock fell -3.0% during the 2025 US Tariff Shock. Such a loss loss requires a 3.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | INVH | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -49.2% | -33.7% |
| % Gain to Breakeven | 97.0% | 50.9% |
| Time to Breakeven | 357 days | 140 days |
In The Past
Invitation Homes's stock fell -3.0% during the 2025 US Tariff Shock. Such a loss loss requires a 3.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Invitation Homes (INVH)
Invitation Homes (INVH) is the nation's premier single-family home leasing company. The company acquires, renovates, and professionally manages a vast portfolio of single-family homes, which it then offers for rent across various markets in the United States. Its core business model addresses the increasing demand for flexible, high-quality housing solutions that combine the space and privacy of a single-family home with the convenience of a rental.
The main product Invitation Homes provides is access to updated, well-maintained single-family homes available for lease. These properties are strategically selected and enhanced to offer valued features, including close proximity to major job centers and access to reputable school districts. Invitation Homes primarily serves individuals and families seeking a high-quality living experience in a single-family home environment, without the responsibilities of ownership. The company emphasizes a high-touch service approach to continuously enhance residents' living experiences, fulfilling its mission to "make a house a home."
AI Analysis | Feedback
Here are a few brief analogies for Invitation Homes:
- The Marriott of single-family home rentals.
- Enterprise Rent-A-Car, but for houses.
AI Analysis | Feedback
- Single-Family Home Leasing: Invitation Homes provides access to and leases high-quality, updated single-family homes to individuals and families across the nation.
- Property Management & Resident Services: The company offers comprehensive property management, maintenance, and high-touch resident services to enhance the living experience for its tenants.
AI Analysis | Feedback
Invitation Homes (INVH) primarily serves individual residents and families directly, leasing single-family homes for residential use. Their major customers can be categorized as:
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Families prioritizing school access and space: These customers are typically families with children seeking quality single-family homes in desirable neighborhoods with access to good schools, valuing the space and amenities a detached home provides without the commitment of homeownership.
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Professionals and couples seeking convenience and location: This category includes individuals and couples who value updated homes, modern features, and convenient locations, often in close proximity to major employment centers. They may opt for leasing for flexibility, less maintenance responsibility, or while evaluating future homeownership.
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Individuals and families desiring flexibility and managed living: This group includes those who prefer the flexibility of renting over buying, wish to avoid the responsibilities and costs associated with home maintenance, or are relocating and need a stable, high-quality home without immediate purchase commitment.
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Dallas B. Tanner, President, Chief Executive Officer and Director
Dallas B. Tanner is a founding member of Invitation Homes and has served as Chief Executive Officer since January 2019. He was at the forefront of creating the single-family rental industry. Prior to his current role, he served as Executive Vice President and Chief Investment Officer from the company's founding in April 2012 until January 2019, and as Interim President from August 2018 to January 2019. Mr. Tanner has over 20 years of real estate experience, having founded Treehouse Group in 2005, which privately sourced funds for platform investments in various real estate sectors including single-family homes. Treehouse Group was later acquired by Blackstone Inc. in 2012, which led to the formation of Invitation Homes. He also serves as a board member of Roots Management, a manufactured housing platform.
Jonathan S. Olsen, Executive Vice President and Chief Financial Officer
Jonathan S. Olsen has served as Chief Financial Officer of Invitation Homes since June 2023. He joined Invitation Homes in 2012, holding various leadership positions including Executive Vice President, Corporate Strategy and Finance; Senior Vice President, Finance, and Head of Capital Markets; and Managing Director roles in capital markets and asset management. Prior to joining Invitation Homes, Mr. Olsen worked from 2003 to 2012 in the real estate investment banking groups at Banc of America Securities, Goldman Sachs, and Jefferies & Company. He also gained experience in mergers and acquisitions groups at UBS Securities, SG Cowen Securities, and PepsiCo, Inc. from 1996 to 2001.
Charles Young, President and Chief Operating Officer
Charles Young was promoted to President and Chief Operating Officer of Invitation Homes in March 2023, having served as Executive Vice President and Chief Operating Officer since November 2017. Before joining Invitation Homes, he was the Chief Operating Officer of Starwood Waypoint Homes and the Waypoint Real Estate Group. His career also includes serving as Executive Vice President at Mesa Development, a national real estate developer, and working in both the real estate and investment banking divisions of Goldman, Sachs & Co. Mr. Young also co-founded and was a managing director of The Kaleidoscope Group, L.L.C., a strategic diversity and management consulting firm.
Scott G. Eisen, Executive Vice President and Chief Investment Officer
Scott G. Eisen has been the Executive Vice President and Chief Investment Officer of Invitation Homes since August 2023. He brings over 26 years of experience in real estate investment banking, mergers and acquisitions, corporate finance, and business development to his role. Prior to joining Invitation Homes, he served as the Head of North American Real Estate Investment Banking for Citigroup starting in 2016, where he was responsible for business planning, client interaction, and transaction execution across multiple real estate sectors.
Kimberly K. Norrell, Executive Vice President and Chief Accounting Officer
Kimberly K. Norrell has been the Executive Vice President and Chief Accounting Officer (CAO) of Invitation Homes since February 2020. She initially joined the company in January 2015 and served as Senior Vice President and CAO starting in 2016. From 2010 to 2014, Ms. Norrell provided accounting and project management consulting services to various real estate owners and operators.
AI Analysis | Feedback
The key risks to Invitation Homes (INVH) are primarily centered around regulatory challenges, competitive market dynamics, and rising operating costs.
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Regulatory and Political Scrutiny: Invitation Homes faces significant risk from potential federal and state legislation aimed at limiting institutional ownership of single-family homes, along with existing restrictions on evictions and rent control laws. Recent policies restricting large institutional investors from buying existing single-family homes could particularly limit the company's acquisition-driven growth strategy and necessitate a greater emphasis on build-to-rent projects, altering the mix of risks for investors.
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Competition and Market Saturation: The company is exposed to increased competition in various markets due to elevated supply, particularly from the growing build-to-rent segment. This heightened competition can lead to slower rent growth and negatively impact occupancy rates, directly affecting Invitation Homes' revenue and profitability.
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Operating Expense Inflation: Invitation Homes is vulnerable to rising operational costs, including increased property taxes and maintenance expenses. These escalating operating expenses can compress profit margins, especially on new leases, and diminish the company's net operating income.
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The clear emerging threat to Invitation Homes is the rapid growth and increasing market share of **purpose-built single-family rental (BTR) communities**.
Unlike Invitation Homes' model of acquiring and renovating existing homes in established neighborhoods, BTR communities involve developers building entire neighborhoods specifically designed for rent. These communities often feature brand-new homes, consistent design, integrated amenities (such as clubhouses, pools, and parks), and professional on-site management, creating a distinct and often superior value proposition for renters seeking a cohesive community experience with modern conveniences. This alternative model of providing single-family rentals could increasingly divert demand from Invitation Homes' scattered-site, renovated home portfolio, as renters may gravitate towards the consistency, newness, and amenity-rich environment offered by BTR developments.
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The U.S. single-family rental market comprises approximately 15.7 million single-family rental homes. This figure represents roughly 18% of the nation's total single-family housing stock. In 2025, the number of households renting single-family homes in the U.S. was estimated at 14.6 million.
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Expected Drivers of Future Revenue Growth for Invitation Homes (INVH)
Over the next 2-3 years, Invitation Homes (INVH) is expected to drive revenue growth through several key strategies:
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Sustained Rent Growth
Invitation Homes anticipates continued revenue growth through rent increases, particularly in its renewal leases. For instance, the company reported a robust 4.2% renewal rent growth in Q4 2025, significantly contributing to its overall blended rent growth. Management's 2026 guidance projects blended rent growth in the mid-2% range and same-store core revenue growth between 1.3% and 2.5%. This outlook is supported by persistent strong demand for single-family rentals and a potential tightening of new build-to-rent (BTR) supply, which could further enhance pricing power.
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Portfolio Expansion through Acquisitions and New Home Deliveries
The company is actively expanding its portfolio by acquiring new homes, often through partnerships with homebuilders. In Q4 2025, all 368 wholly owned acquisitions were newly constructed homes. Invitation Homes has accelerated its home purchases, acquiring 2,420 homes in the first nine months of 2025, an increase from 1,699 in the same period of 2024. The 2026 outlook includes approximately $250 million in anticipated wholly owned new home deliveries. This strategic focus on adding new, high-quality properties in desirable markets directly contributes to a larger revenue-generating asset base.
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Leveraging In-House Development and Build-to-Rent (BTR) Capabilities
Invitation Homes has significantly bolstered its growth strategy by acquiring ResiBuilt, a build-to-rent developer. This acquisition establishes an in-house homebuilder, strengthening INVH's competitive position in the growing BTR market. ResiBuilt has 23 active fee-built contracts with over 2,000 home starts planned for 2026 and beyond, which are expected to contribute modestly to Adjusted Funds From Operations (AFFO) per share in 2026. Furthermore, the company has launched a developer lending program, providing direct support for housing development with the potential to acquire these new communities upon stabilization.
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Growth in Ancillary Income and Operational Efficiencies
Beyond rental income, Invitation Homes is focused on increasing revenue from ancillary services and enhancing operational efficiencies. The company has seen growth in "other income," reporting an 11.2% increase in Q4 2023 and a 2.2% increase in Q1 2025. These revenue streams include value-add services such as smart home bundles and internet packages. Additionally, a vertically integrated operating platform and improved bad debt management contribute to financial stability and higher net revenues by controlling costs and optimizing property performance.
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Capital Allocation Decisions (Last 3-5 Years) for Invitation Homes (INVH)
Share Repurchases
- Invitation Homes' board of directors authorized a share repurchase program of up to $500 million on October 28, 2025.
- The company repurchased approximately $61 million worth of shares during the fourth quarter of 2025.
- Between October 2025 and January 2026, Invitation Homes repurchased a total of approximately $100 million in shares under the authorized program.
Share Issuance
- Shares outstanding for Invitation Homes were 0.613 billion in 2025, a 0.07% decline from 2024.
- Shares outstanding were 0.614 billion in 2024, a 0.06% increase from 2023.
- Shares outstanding were 0.613 billion in 2023, a 0.36% increase from 2022.
Outbound Investments
- On January 14, 2026, Invitation Homes acquired ResiBuilt Homes, LLC for a contract price of $89 million, plus up to $7.5 million in potential incentive-based earn-out payments, to expand in-house development and acquire approximately 1,500 lots.
- The company formed a joint venture on November 18, 2024, to invest in newly built homes with an expected deployment of $500 million.
- Invitation Homes acquired 2,410 wholly owned homes for $812 million in fiscal year 2025 and 2,072 wholly owned homes for $721 million in fiscal year 2024, primarily through relationships with homebuilders.
Capital Expenditures
- The primary focus of "Recurring Capital Expenditures or Recurring CapEx" is on general replacements and expenditures required to preserve and maintain the value and functionality of a home and its systems as a single-family rental.
Peer Outperformance in Single-Family Residential REITs
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 14.6% | 63.2% | 65.8% | WELL 229% · OHI 137% · CTRE 124% |
| Retail REITs | 22 | 16.5% | 37.4% | 26.3% | SKT 168% · SPG 94% · MAC 68% |
| Hotel & Resort REITs | 16 | 65.3% | 58.7% | 14.4% | HST 92% · RHP 85% · DRH 80% |
| Other Specialized REITs | 11 | -2.3% | 21.9% | 11.2% | IRM 209% · LAMR 79% · OUT 78% |
| Real Estate Development | 6 | -8.0% | 22.1% | 10.0% | JOE 56% |
| Industrial REITs | 11 | 11.8% | 33.0% | -1.9% | EGP 17% · FR 8% · TRNO 4% |
| Diversified REITs | 13 | 2.6% | 23.4% | -20.4% | WPC 13% · EPRT 11% · LXP 8% |
| Single-Family Residential REITs ← | 4 | -1.4% | 3.5% | -21.4% | AMH -10% · ELS -19% · INVH -23% |
| Multi-Family Residential REITs | 12 | -3.4% | 28.3% | -25.6% | ESS -7% · VMRK -12% · UDR -22% |
| Office REITs | 19 | -4.9% | 44.6% | -30.5% | CDP 53% · SLG 0% · HIW -1% |
| Real Estate Services | 27 | -25.3% | -5.1% | -34.4% | JLL 39% · CBRE 24% · NMRK -18% |
| Telecom Tower REITs | 3 | 3.4% | 12.8% | -37.0% | AMT -22% · CCI -37% · SBAC -41% |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 68.12 |
| Mkt Cap | 12.5 |
| Rev LTM | 1,911 |
| Op Inc LTM | 527 |
| FCF LTM | 694 |
| FCF 3Y Avg | 714 |
| CFO LTM | 944 |
| CFO 3Y Avg | 962 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.9% |
| Rev Chg 3Y Avg | 3.9% |
| Rev Chg Q | 1.9% |
| QoQ Delta Rev Chg LTM | 0.5% |
| Op Inc Chg LTM | -2.5% |
| Op Inc Chg 3Y Avg | 3.4% |
| Op Mgn LTM | 25.3% |
| Op Mgn 3Y Avg | 25.7% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 48.8% |
| CFO/Rev 3Y Avg | 49.6% |
| FCF/Rev LTM | 34.7% |
| FCF/Rev 3Y Avg | 34.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 12.5 |
| P/S | 6.3 |
| P/Op Inc | 26.6 |
| P/EBIT | 18.3 |
| P/E | 27.7 |
| P/CFO | 13.3 |
| Total Yield | 8.2% |
| Dividend Yield | 4.5% |
| FCF Yield 3Y Avg | 4.8% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.8% |
| 3M Rtn | -7.3% |
| 6M Rtn | -1.2% |
| 12M Rtn | 4.9% |
| 3Y Rtn | 21.0% |
| 1M Excs Rtn | 1.8% |
| 3M Excs Rtn | -9.6% |
| 6M Excs Rtn | -8.3% |
| 12M Excs Rtn | -6.9% |
| 3Y Excs Rtn | -72.2% |
Comparison Analyses
Price Behavior
| Market Price | $26.56 | |
| Market Cap ($ Bil) | 15.6 | |
| First Trading Date | 02/01/2017 | |
| Distance from 52W High | -12.2% | |
| 50 Days | 200 Days | |
| DMA Price | $27.31 | $27.32 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -2.7% | -2.8% |
| 3M | 1YR | |
| Volatility | 16.2% | 21.0% |
| Downside Capture | 52.10 | 8.21 |
| Upside Capture | -9.76 | 9.17 |
| Correlation (S&P 500) | -8.0% | 3.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.46 | -0.14 | 0.05 | -0.15 | 0.08 | 0.42 |
| Up Beta | -1.04 | -0.06 | 0.47 | -0.21 | -0.02 | 0.52 |
| Down Beta | -0.75 | -0.72 | -0.70 | -0.36 | 0.08 | 0.34 |
| Up Capture | -25% | -25% | -10% | -10% | 6% | 11% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 16 | 24 | 57 | 119 | 362 |
| Down Capture | -37% | 41% | 51% | 0% | 19% | 71% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 27 | 39 | 67 | 129 | 381 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVH | |
|---|---|---|---|---|
| INVH | 1.1% | 21.0% | -0.05 | - |
| Sector ETF (XLRE) | 9.1% | 14.1% | 0.37 | 63.7% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 3.3% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | -4.1% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -16.3% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 63.0% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | -6.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVH | |
|---|---|---|---|---|
| INVH | -5.0% | 23.3% | -0.27 | - |
| Sector ETF (XLRE) | 1.2% | 19.2% | -0.04 | 75.1% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 47.6% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 9.2% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 6.8% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 75.4% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 18.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVH | |
|---|---|---|---|---|
| INVH | 5.6% | 25.3% | 0.23 | - |
| Sector ETF (XLRE) | 6.7% | 20.4% | 0.28 | 77.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 56.0% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 10.5% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 15.5% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 79.0% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -0.4% | ||
| 7/29/2026 | -1.5% | 1.3% | -2.9% |
| 4/29/2026 | 2.5% | 2.4% | 4.2% |
| 2/18/2026 | -4.3% | -4.5% | -6.9% |
| 10/29/2025 | 3.4% | 3.3% | 1.2% |
| 7/30/2025 | -2.3% | -3.6% | -1.4% |
| 4/30/2025 | 2.7% | 2.1% | -1.4% |
| 2/26/2025 | 5.5% | 7.9% | 9.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 11 |
| # Negative | 14 | 11 | 12 |
| Median Positive | 2.4% | 2.3% | 4.0% |
| Median Negative | -2.0% | -3.5% | -2.2% |
| Max Positive | 5.5% | 7.9% | 10.9% |
| Max Negative | -7.7% | -9.5% | -9.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -0.4% | ||
| 7/29/2026 | -1.5% | 1.3% | -2.9% |
| 4/29/2026 | 2.5% | 2.4% | 4.2% |
| 2/18/2026 | -4.3% | -4.5% | -6.9% |
| 10/29/2025 | 3.4% | 3.3% | 1.2% |
| 7/30/2025 | -2.3% | -3.6% | -1.4% |
| 4/30/2025 | 2.7% | 2.1% | -1.4% |
| 2/26/2025 | 5.5% | 7.9% | 9.1% |
| 10/30/2024 | -5.5% | 0.4% | 3.1% |
| 7/24/2024 | -7.7% | -1.9% | -0.1% |
| 4/30/2024 | -0.4% | 2.3% | -0.5% |
| 2/13/2024 | 0.2% | 2.9% | 8.1% |
| 10/25/2023 | -4.2% | -1.9% | 10.9% |
| 7/26/2023 | -1.8% | -0.2% | -4.7% |
| 5/1/2023 | 0.7% | 2.9% | 2.1% |
| 2/15/2023 | -1.0% | -2.2% | -7.4% |
| 10/26/2022 | -7.7% | -6.5% | -5.1% |
| 7/27/2022 | 4.5% | 1.9% | 4.0% |
| 4/27/2022 | -1.2% | -7.1% | -9.9% |
| 2/15/2022 | -2.2% | -9.5% | -1.6% |
| 10/27/2021 | 2.3% | 2.5% | 2.1% |
| 7/28/2021 | 0.2% | -0.3% | -0.2% |
| 4/28/2021 | 1.7% | 0.4% | 5.6% |
| 2/16/2021 | -1.8% | -3.5% | 0.2% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 11 |
| # Negative | 14 | 11 | 12 |
| Median Positive | 2.4% | 2.3% | 4.0% |
| Median Negative | -2.0% | -3.5% | -2.2% |
| Max Positive | 5.5% | 7.9% | 10.9% |
| Max Negative | -7.7% | -9.5% | -9.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
Recent Forward Guidance
Updated 10/29/2026Latest: Q3 2026 Earnings Reported 10/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Expected Development Pipeline Deliveries | Reported | 67 | ||||||
| 2026 Core FFO per share — diluted | Reported | 1.94 | 1.96 | 1.98 | 0.5% | Raised | Guidance: 1.95 for 2026 | |
| 2026 AFFO per share — diluted | Reported | 1.63 | 1.65 | 1.67 | 0.0% | Affirmed | Guidance: 1.65 for 2026 | |
| 2026 Same Store Core Revenues growth | Reported | 1.65% | 1.9% | 2.15% | 0.0% | Affirmed | Guidance: 1.9% for 2026 | |
| 2026 Same Store Core Operating Expenses growth | Reported | 2.7% | 3.2% | 3.7% | -0.3% | Lowered | Guidance: 3.5% for 2026 | |
| 2026 Same Store NOI growth | Reported | 0.7% | 1.2% | 1.7% | 0.0% | Raised | Guidance: 1.15% for 2026 | |
| 2026 Wholly owned acquisitions | Reported | 200.00 Mil | 250.00 Mil | 300.00 Mil | 0.0% | Affirmed | Guidance: 250.00 Mil for 2026 | |
| 2026 JV acquisitions | Reported | 100.00 Mil | 125.00 Mil | 150.00 Mil | 25.0% | Raised | Guidance: 100.00 Mil for 2026 | |
| 2026 Wholly owned dispositions | Reported | 900.00 Mil | 950.00 Mil | 1.00 Bil | 11.8% | Raised | Guidance: 850.00 Mil for 2026 | |
| 2026 Property Taxes Growth | Reported | 3.0% | 3.5% | 4.0% | ||||
Prior: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core FFO per share | Reported | 1.92 | 1.95 | 1.98 | 0.5% | Raised | Guidance: 1.94 for 2026 | |
| 2026 AFFO per share | Reported | 1.62 | 1.65 | 1.68 | 0.6% | Raised | Guidance: 1.64 for 2026 | |
| 2026 Same Store Core Revenues growth | Reported | 1.5% | 1.9% | 2.3% | 0.0% | Affirmed | Guidance: 1.9% for 2026 | |
| 2026 Same Store Core Operating Expenses growth | Reported | 3.0% | 3.5% | 4.0% | 0.0% | Affirmed | Guidance: 3.5% for 2026 | |
| 2026 Same Store NOI growth | Reported | 0.4% | 1.15% | 1.9% | 0.0% | Affirmed | Guidance: 1.15% for 2026 | |
| 2026 Wholly owned acquisitions | Reported | 150.00 Mil | 250.00 Mil | 350.00 Mil | 0.0% | Affirmed | Guidance: 250.00 Mil for 2026 | |
| 2026 JV acquisitions | Reported | 50.00 Mil | 100.00 Mil | 150.00 Mil | 0.0% | Affirmed | Guidance: 100.00 Mil for 2026 | |
| 2026 Wholly owned dispositions | Reported | 750.00 Mil | 850.00 Mil | 950.00 Mil | 54.5% | Raised | Guidance: 550.00 Mil for 2026 | |
Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core FFO per share | Reported | 1.9 | 1.94 | 1.98 | 0 | Affirmed | Guidance: 1.94 for 2026 | |
| 2026 AFFO per share | Reported | 1.6 | 1.64 | 1.68 | 0 | Affirmed | Guidance: 1.64 for 2026 | |
| 2026 Same Store Core Revenues growth | Reported | 1.3% | 1.9% | 2.5% | 0 | Affirmed | Guidance: 1.9% for 2026 | |
| 2026 Same Store Core Operating Expenses growth | Reported | 3.0% | 3.5% | 4.0% | 0 | Affirmed | Guidance: 3.5% for 2026 | |
| 2026 Same Store NOI growth | Reported | 0.3% | 1.15% | 2.0% | 0 | Affirmed | Guidance: 1.15% for 2026 | |
| 2026 Wholly owned acquisitions | Reported | 150.00 Mil | 250.00 Mil | 350.00 Mil | 0 | Affirmed | Guidance: 250.00 Mil for 2026 | |
| 2026 JV acquisitions | Reported | 50.00 Mil | 100.00 Mil | 150.00 Mil | 0 | Affirmed | Guidance: 100.00 Mil for 2026 | |
| 2026 Wholly owned dispositions | Reported | 450.00 Mil | 550.00 Mil | 650.00 Mil | 0 | Affirmed | Guidance: 550.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core FFO per share | Reported | 1.9 | 1.94 | 1.98 | 1.0% | Higher New | Guidance: 1.92 for 2025 | |
| 2026 AFFO per share | Reported | 1.6 | 1.64 | 1.68 | 1.2% | Higher New | Guidance: 1.62 for 2025 | |
| 2026 Same Store Core Revenues growth | Reported | 1.3% | 1.9% | 2.5% | -0.6% | Lower New | Guidance: 2.5% for 2025 | |
| 2026 Same Store Core Operating Expenses growth | Reported | 3.0% | 3.5% | 4.0% | 0.8% | Higher New | Guidance: 2.75% for 2025 | |
| 2026 Same Store NOI growth | Reported | 0.3% | 1.15% | 2.0% | -1.1% | Lower New | Guidance: 2.25% for 2025 | |
| 2026 Wholly owned acquisitions | Reported | 150.00 Mil | 250.00 Mil | 350.00 Mil | -68.8% | Lower New | Guidance: 800.00 Mil for 2025 | |
| 2026 JV acquisitions | Reported | 50.00 Mil | 100.00 Mil | 150.00 Mil | -33.3% | Lower New | Guidance: 150.00 Mil for 2025 | |
| 2026 Wholly owned dispositions | Reported | 450.00 Mil | 550.00 Mil | 650.00 Mil | 10.0% | Higher New | Guidance: 500.00 Mil for 2025 | |
Investor Activity (13F)
Updated Nov 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Land & Buildings Investment Management, LLC | $48.9 Mil | 8.3% | 20 | New | 13F |
| Rush Island Management, LP | $105.3 Mil | 7.1% | 22 | New | 13F |
| Conversant Capital LLC | $31.1 Mil | 4.2% | 16 | New | 13F |
| Sophron Capital Management L.P. | $7.9 Mil | 2.3% | 41 | TRIM -9.7% | 13F |
| Gray Foundation | $8.5 Mil | 2.1% | 11 | Hold | 13F |
| Resolution Capital Ltd | $57.3 Mil | 1.2% | 40 | TRIM -27.1% | 13F |
| Investure, LLC | $23.6 Mil | 1.2% | 17 | ADD +46.1% | 13F |
| Lasalle Investment Management Securities LLC | $16.6 Mil | 0.7% | 48 | ADD +10.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Rush Island Management, LP | $105.3 Mil | 7.1% | 22 | New | 13F |
| Land & Buildings Investment Management, LLC | $48.9 Mil | 8.3% | 20 | New | 13F |
| Conversant Capital LLC | $31.1 Mil | 4.2% | 16 | New | 13F |
| Investure, LLC | $23.6 Mil | 1.2% | 17 | ADD +46.1% | 13F |
| Lasalle Investment Management Securities LLC | $16.6 Mil | 0.7% | 48 | ADD +10.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Rush Island Management, LP | $105.3 Mil | 7.1% | 22 | New | 13F |
| Resolution Capital Ltd | $57.3 Mil | 1.2% | 40 | TRIM -27.1% | 13F |
| Land & Buildings Investment Management, LLC | $48.9 Mil | 8.3% | 20 | New | 13F |
| Conversant Capital LLC | $31.1 Mil | 4.2% | 16 | New | 13F |
| Investure, LLC | $23.6 Mil | 1.2% | 17 | ADD +46.1% | 13F |
| Lasalle Investment Management Securities LLC | $16.6 Mil | 0.7% | 48 | ADD +10.3% | 13F |
| Gray Foundation | $8.5 Mil | 2.1% | 11 | Hold | 13F |
| Sophron Capital Management L.P. | $7.9 Mil | 2.3% | 41 | TRIM -9.7% | 13F |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Single-Family Residential REITs Resources |
| National Rental Home Council |
| HousingWire |
| BiggerPockets |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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