Invitation Homes Inc.
INVHFinancial Snapshot
ticker: INVH step: 04 generated: 2026-05-12 source: quick-research
Invitation Homes Inc. (INVH) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Total Revenue | $2.24B | $2.43B | $2.62B | +7.7% |
| Core FFO/share | $1.67 | ~$1.80 | ~$1.88 | +4.4% |
| AFFO/share | $1.41 | ~$1.52 | $1.60 | +5.3% |
| Same-Store NOI Growth | +9.1% | ~+6.5% | +4.6% | — |
REIT structure: AFFO/share is the primary performance metric rather than GAAP EPS. FY2022 was a strong year driven by post-COVID rent normalization and housing supply tightness. FY2023–FY2024 saw deceleration in same-store growth as rent growth moderated. FY2025: Core FFO/share $1.91, AFFO/share $1.63, Same-Store NOI +2.3% (further deceleration).
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Total Revenue (FY2024) | $2.62B |
| Total Revenue (FY2025) | $2.73B |
| Portfolio Size | 85,138 homes |
| Portfolio Value | ~$17B |
| Same-Store Occupancy | ~96.7% |
| Net Debt | ~$8.5B |
| Dividend Yield | ~3.5% |
INVH maintains high occupancy (96.7%) with long average tenancies (~38 months). Leverage is moderate for a REIT (~5.5x net debt/EBITDA). Dividend payout is from AFFO — payout ratio is ~90% of AFFO.
Key Ratios (approximate)
- P/AFFO: ~20x | Dividend Yield: ~3.5%
- Same-Store Core Revenue Growth (FY2025): +2.4% (deceleration from +9% in 2022)
- Occupancy: ~96.7%
- Average Monthly Rent: ~$2,300–2,400
Growth Profile
INVH delivered exceptional same-store growth in 2021–2022 (+9%) as post-COVID housing demand surge met tight single-family inventory. Since 2023, same-store revenue growth has decelerated toward the 2–3% range as the acute supply shortage eased and rent affordability constraints emerged. Long-term growth is driven by: (1) organic rent increases, (2) portfolio expansion via acquisitions, and (3) operating leverage as the platform scales.
Forward Estimates
- FY2026 Core FFO/share: ~$1.95–2.00 (consensus; modest growth from FY2025's $1.91)
- Same-store NOI growth (FY2026): ~2–4% (stabilizing from deceleration)
- Portfolio expansion: ongoing acquisitions in Sun Belt markets
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $INVH.