Invitation Homes Inc Stock Research

Market Summary

USD31.10-0.36

Delayed

-1.14%

INVH Alerts

Big jump in Earnings (Y/Y)

INVH Stock Price

INVH RSI Chart

INVH Valuation

Market Cap

19.0B

Price/Earnings (Trailing)

49.6

Price/Sales (Trailing)

8.5

Price/Free Cashflow

18.58

INVH Price/Sales (Trailing)

INVH Profitability

Return on Equity

3.72%

Return on Assets

2.07%

Free Cashflow Yield

5.38%

INVH Fundamentals

INVH Revenue

Revenue (TTM)

2.2B

Revenue Y/Y

11.46%

Revenue Q/Q

1.96%

INVH Earnings

Earnings (TTM)

383.3M

Earnings Y/Y

34.92%

Earnings Q/Q

27.02%

Price Action

52 Week Range

28.5243.54

(Low)(High)

Last 7 days

-0.5%

Last 30 days

-4.9%

Last 90 days

0.8%

Trailing 12 Months

-18.8%

INVH Financial Health

Debt/Equity

0.75

Debt/Cashflow

0.13

INVH Investor Care

Dividend Yield

2.83%

Dividend/Share (TTM)

0.88

Shares Dilution (1Y)

1.72%

Diluted EPS (TTM)

0.63

Peers (Alternatives to Invitation Homes)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	51.7B	4.2B	-4.61%	-14.88%	11.88	12.36	22.43%	122.66%
DLR	30.0B	4.7B	-6.82%	-21.36%	79.47	6.4	5.96%	-77.90%
INVH	19.0B	2.2B	-4.87%	-18.85%	49.6	8.5	12.10%	46.63%
WPC	16.6B	1.5B	-6.93%	3.27%	27.63	11.19	11.08%	46.14%
MID-CAP
SRC	5.5B	709.6M	-11.61%	-12.07%	19.96	7.74	16.64%	70.54%
TRNO	4.7B	276.2M	-2.61%	-10.96%	23.61	16.92	24.46%	126.94%
IIPR	2.3B	276.4M	-7.84%	-53.31%	14.85	8.29	35.11%	35.44%
SMALL-CAP
SAFE	1.9B	270.3M	-11.23%	-47.55%	13.83	6.93	44.54%	85.20%
GTY	1.7B	165.6M	2.05%	31.96%	18.34	9.97	6.55%	43.24%
ALEX	1.3B	354.3M	-7.19%	-20.96%	-25.65	3.66	3.54%	-242.94%
PDM	920.9M	563.8M	-26.54%	-50.43%	6.27	1.63	6.63%	12834.61%
AHH	805.0M	454.2M	-5.38%	-15.87%	10.77	1.77	59.87%	241.44%
OPI	609.0M	554.3M	-20.57%	-40.70%	-99.69	1.1	-3.85%	25.32%
GOOD	479.3M	149.0M	-24.95%	-39.30%	51.57	3.22	8.20%	-4.89%

Financials for Invitation Homes

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	2.7%	2,238	2,179	2,119	2,054	1,997
S&GA Expenses	-3.6%	74.00	77.00	76.00	77.00	76.00
Interest Expenses	-0.2%	304	305	308	314	323
Net Income	7.3%	383	357	347	297	261
Net Income Margin	4.4%	0.17*	0.16*	0.16*	0.14*	-
Free Cahsflow	-0.6%	1,024	1,029	990	902	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-0.8%	18,537	18,678	18,507	18,544	18,538
Cash Equivalents	-12.5%	263	300	273	467	610
Net PPE	16.4%	20.00	18.00	17.00	17.00	-
Goodwill	0%	258	258	258	258	258
Liabilities	-1.4%	8,213	8,332	8,225	8,319	8,699
Long Term Debt	0.0%	7,753	7,754	7,856	7,999	-
Shareholder's Equity	-0.2%	10,291	10,315	10,282	10,225	9,798
Retained Earnings	-3.8%	-951	-916	-860	-836	-794
Additional Paid-In Capital	0.0%	11,138	11,133	11,113	11,094	10,874
Shares Outstanding	0.0%	611	611	610	610	601
Minority Interest	3.4%	32.00	31.00	43.00	42.00	41.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-0.6%	1,024	1,029	990	902	908
Share Based Compensation	1.0%	29.00	29.00	27.00	28.00	27.00
Cashflow From Investing	31.4%	-814	-1,187	-1,457	-1,326	-1,159
Cashflow From Financing	-290.0%	-574	-147	579	696	659
Dividend Payments	6.5%	539	506	470	431	394

Risks for INVH

What is the probability of a big loss on INVH?

35%

Probability that Invitation Homes stock will be more than 20% underwater in next one year

23.5%

Probability that Invitation Homes stock will be more than 30% underwater in next one year.

19.2%

Probability that Invitation Homes stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does INVH drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Invitation Homes was unfortunately bought at previous high price.

Drawdowns

Returns for INVH

Cumulative Returns on INVH

8.8%

5-Year Cumulative Returns

7.2%

3-Year Cumulative Returns

What are the long-term rolling returns for INVH?

FIve years rolling returns for Invitation Homes.

Annualized Returns

Which funds bought or sold INVH recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-20.52	-16,344,500	37,701,500	0.04%
2023-03-07	Investure, LLC	unchanged	-	-2,167,840	15,558,000	3.04%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-13.89	-90,000	279,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-4.17	-1,170,630	6,193,370	0.01%
2023-02-27	Parallax Volatility Advisers, L.P.	added	2.01	-92,826	794,174	-%
2023-02-24	NATIXIS	sold off	-100	-7,481,000	-	-%
2023-02-24	National Pension Service	added	10.83	-789,192	25,176,500	0.05%
2023-02-22	CVA Family Office, LLC	added	100	593	593	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	-186,000	1,344,000	0.01%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-7.89	-186,045	785,955	-%

Latest Funds Activity

Are funds buying INVH calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own INVH

No. of Funds

INVH Alerts

Big jump in Earnings (Y/Y)

Invitation Homes News

Schedule 13G FIlings of Invitation Homes

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	norges bank	6.22%	38,026,599	SC 13G/A
Feb 14, 2023	cohen & steers, inc.	12.83%	78,466,392	SC 13G/A
Feb 09, 2023	vanguard group inc	16.07%	98,242,458	SC 13G/A
Feb 03, 2023	state street corp	6.33%	38,681,639	SC 13G
Jan 24, 2023	blackrock inc.	9.7%	59,299,124	SC 13G/A
Mar 10, 2022	cohen & steers, inc.	10.41%	63,248,162	SC 13G/A
Feb 14, 2022	cohen & steers, inc.	7.58%	45,257,582	SC 13G/A
Feb 09, 2022	norges bank	5.12%	30,537,451	SC 13G/A
Feb 03, 2022	blackrock inc.	8.5%	50,992,689	SC 13G/A
Jul 16, 2021	norges bank	5.05%	28,656,991	SC 13G

INVH Fair Value

Invitation Homes fair value in different scenarios

The table shows the Fair Value estimates for Invitation Homes for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	12.10 -61.09%	14.28 -54.08%	19.13 -38.49%	31.66 1.80%	44.37 42.67%
Current Inflation	11.36 -63.47%	13.20 -57.56%	17.26 -44.50%	27.81 -10.58%	38.50 23.79%
Very High Inflation	10.44 -66.43%	11.90 -61.74%	15.07 -51.54%	23.40 -24.76%	31.80 2.25%

Historical Invitation Homes Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Invitation Homes

View All Filings

Date Filed	Form Type	Document
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	8-K	Current Report
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 01, 2023	8-K	Current Report
Feb 27, 2023	4	Insider Trading
Feb 27, 2023	4	Insider Trading
Feb 27, 2023	4	Insider Trading

Latest Insider Trading transactions for INVH

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-01	Tanner Dallas B	acquired	-	-	61,759	chief executive officer
2023-03-01	Young Charles D.	sold (taxes)	-172,839	30.36	-5,693	president & coo
2023-03-01	SOLLS MARK A	sold (taxes)	-78,693	30.36	-2,592	evp & clo
2023-03-01	Norrell Kimberly K	acquired	-	-	3,294	evp & cao
2023-03-01	FREEDMAN ERNEST MICHAEL	sold (taxes)	-182,342	30.36	-6,006	evp & cfo
2023-03-01	Norrell Kimberly K	sold (taxes)	-21,737	30.36	-716	evp & cao
2023-03-01	Tanner Dallas B	sold (taxes)	-531,391	30.36	-17,503	chief executive officer
2023-03-01	Young Charles D.	acquired	-	-	22,645	president & coo
2023-03-01	SOLLS MARK A	acquired	-	-	7,823	evp & clo
2023-02-23	SOLLS MARK A	acquired	-	-	30,453	evp & clo

About Invitation Homes

Dallas B. Tanner

1240

Invitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.

INVH Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Rental revenues and other property income	$ 2,226,641	$ 1,991,722	$ 1,822,828
Management fee revenues	11,480	4,893	0
Total revenues	2,238,121	1,996,615	1,822,828
Expenses:
Property operating and maintenance	786,351	706,162	680,543
Property management expense	87,936	71,597	58,613
General and administrative	74,025	75,815	63,305
Interest expense	304,092	322,661	353,923
Depreciation and amortization	638,114	592,135	552,530
Impairment and other	28,697	8,676	696
Total expenses	1,919,215	1,777,046	1,709,610
Gains (losses) on investments in equity securities, net	(3,939)	(9,420)	29,723
Other, net	(11,261)	(5,835)	(86)
Gain on sale of property, net of tax	90,699	60,008	54,594
Losses from investments in unconsolidated joint ventures	(9,606)	(1,546)	0
Net income	384,799	262,776	197,449
Net income attributable to non-controlling interests	(1,470)	(1,351)	(1,237)
Net income attributable to common stockholders	383,329	261,425	196,212
Net income available to participating securities	(661)	(327)	(448)
Net income available to common stockholders — basic	382,668	261,098	195,764
Net income available to common stockholders — diluted	$ 382,668	$ 261,098	$ 195,764
Weighted average common shares outstanding — basic (in shares)	609,770,610	577,681,070	553,993,321
Weighted average common shares outstanding — diluted (in shares)	611,112,396	579,209,523	555,458,607
Net income per common share — basic (in dollars per share)	$ 0.63	$ 0.45	$ 0.35
Net income per common share — diluted (in dollars per share)	$ 0.63	$ 0.45	$ 0.35

INVH Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments in single-family residential properties:
Land	$ 4,800,110	$ 4,737,938
Building and improvements	15,900,825	15,270,443
Total gross investments in the properties	20,700,935	20,008,381
Less: accumulated depreciation	(3,670,561)	(3,073,059)
Investments in single-family residential properties, net	17,030,374	16,935,322
Cash and cash equivalents	262,870	610,166
Restricted cash	191,057	208,692
Goodwill	258,207	258,207
Investments in unconsolidated joint ventures	280,571	130,395
Other assets, net	513,629	395,064
Total assets	18,536,708	18,537,846
Liabilities:
Mortgage loans, net	1,645,795	3,055,853
Secured term loan, net	401,530	401,313
Unsecured notes, net	2,518,185	1,921,974
Term loan facilities, net	3,203,567	2,478,122
Revolving facility	0	0
Convertible senior notes, net	0	141,397
Accounts payable and accrued expenses	198,423	193,633
Resident security deposits	175,552	165,167
Other liabilities	70,025	341,583
Total liabilities	8,213,077	8,699,042
Commitments and contingencies (Note 14)
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2022 and 2021	0	0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 611,411,382 and 601,045,438 outstanding as of December 31, 2022 and 2021, respectively	6,114	6,010
Additional paid-in capital	11,138,463	10,873,539
Accumulated deficit	(951,220)	(794,869)
Accumulated other comprehensive income (loss)	97,985	(286,938)
Total stockholders' equity	10,291,342	9,797,742
Non-controlling interests	32,289	41,062
Total equity	10,323,631	9,838,804
Total liabilities and equity	$ 18,536,708	$ 18,537,846