REAL-TIME GLOBAL RESEARCH
Invitation Homes (INVH.N) Model Update
Research evidence excerpt
Flash |
05 Aug 2026 12:31:09 ET │ 13 pages
Invitation Homes (INVH.N)
Model Update
CITI'S TAKE
We are updating our model for 2Q earnings, as a result, we are increasing
our 2026 core FFO/share estimate to $1.96 from $1.94 and our 2027 core
FFO/share estimate to $2.02 from $2.01. Our new estimates reflect 2026
SSREV, SSEXP, and SSNOI of 1.9%, 3.5%, and 1.1%, respectively. We are
also increasing our target price to $35 from $31. Our new TP reflects a
5.4% implied cap rate (vs 5.8% previously), which we view as fair given
asset dispositions routinely below this yield. The $35 TP represents a ~17x
multiple on 2027E core FFO (vs 16x 2026E previously).
Buy
Price (04 Aug 26 16:00)
US$30.47
Target price
US$35.00↑
from US$31.00
Expected share price return
14.9%
Expected dividend yield
3.9%
Expected total return
18.8%
Market Cap
US$17,996M
Nick JosephAC
FFOPS
Q1
Q2
Q3
Q4
FY
FC Cons
VA Cons
2025A
0.48A
0.47A
0.48A
1.91A
2026E
0.48A
0.51A
0.48E
0.49E
1.96E
1.94E
1.96E
Previous
0.48A
0.49E
0.47E
0.50E
1.94E
na
2027E
0.50E
0.51E
0.50E
0.52E
2.02E
2.01E
2.04E
Previous
0.49E
0.51E
0.49E
0.52E
2.01E
na
2028E
0.52E
0.53E
0.52E
0.54E
2.11E
2.10E
2.13E
Previous
0.51E
0.52E
0.51E
0.54E
2.08E
na
Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.
Click here for Visible Alpha consensus data
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