Invitation Homes (INVH.N) Model Update

研报英文原文证据摘录

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