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Invitation Homes — REIT card

INVH
ResidentialMarket cap $16.0B4-quarter TTM
Close · Oct 16, 202627.07P/E 24.8 · EV yield 6.6%
P/Cash FFO13.2×Cash FFO/sh 2.05
Yield · spread to 10y4.4%−0.66 pt vs. the bond
−32% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
10×16×21×27×32×2021202220232024202520262021-09-30 · 26.4× (close 38.33 · Cash FFO/sh 1.45)2021-12-31 · 30.8× (close 45.34 · Cash FFO/sh 1.47)2022-03-31 · 26.4× (close 40.18 · Cash FFO/sh 1.52)2022-06-30 · 22.4× (close 35.58 · Cash FFO/sh 1.59)2022-09-30 · 21.0× (close 33.77 · Cash FFO/sh 1.61)2022-12-31 · 17.5× (close 29.64 · Cash FFO/sh 1.69)2023-03-31 · 18.1× (close 31.23 · Cash FFO/sh 1.73)2023-06-30 · 19.8× (close 34.40 · Cash FFO/sh 1.74)2023-09-30 · 17.6× (close 31.69 · Cash FFO/sh 1.80)2023-12-31 · 19.1× (close 34.11 · Cash FFO/sh 1.78)2024-03-31 · 19.7× (close 35.61 · Cash FFO/sh 1.81)2024-06-30 · 20.5× (close 35.89 · Cash FFO/sh 1.75)2024-09-30 · 20.2× (close 35.26 · Cash FFO/sh 1.75)2024-12-31 · 18.5× (close 31.97 · Cash FFO/sh 1.73)2025-03-31 · 20.0× (close 34.85 · Cash FFO/sh 1.74)2025-06-30 · 17.8× (close 32.80 · Cash FFO/sh 1.84)2025-09-30 · 15.5× (close 29.33 · Cash FFO/sh 1.89)2025-12-31 · 14.1× (close 27.79 · Cash FFO/sh 1.97)2026-03-31 · 12.5× (close 24.85 · Cash FFO/sh 1.99)2026-06-30 · 14.7× (close 30.21 · Cash FFO/sh 2.05)p75 21×med 19×p25 18×now 13.2×
Five-year median 19.4×, middle half 17.6–20.6×, range 12.5–30.8×. Now 13.2×: −32% below its own median, higher than 5% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
0123Revenue: 2.9 $B2.9RevenueProperty & operating: −1.2 $B−1.2Property &operatingEBITDA: 1.6 $B1.6EBITDAInterest: −0.4 $B−0.4InterestD&A: −0.8 $B−0.8D&AOther items: 0.2 $B0.2OtheritemsNet income: 0.7 $B0.7NetincomeAdd back D&A: 0.8 $B0.8Add backD&ANon- cash: −0.2 $B−0.2Non-cashCash FFO: 1.2 $B1.2CashFFODividends: −0.7 $B−0.7DividendsRetained: 0.5 $B0.5Retained
Cash FFO 1.22B = net income 0.66B + depreciation 0.77B − 0.21B other non-cash items · dividends 0.71B · retained 0.51B

Against its type

INVH (blue) vs. the other Residential REITs on the board (4), grey
P/Cash FFO13.2× vs. 15.8×
Dividend yield4.4% vs. 4.3%
Cash FFO payout58% vs. 68%
Net debt / EBITDA5.2× vs. 4.6×
Interest cover4.4× vs. 5.8×
EBITDA margin57% vs. 56%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.75
Cash FFO / share, quarter0.52
EBITDA margin51%
Interest cover4.0×