NYSE : INVH
Invitation Homes Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 26.56 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 15.36B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 2.69B | 2.64B | 2.55B | 2.42B | 2.23B | 1.99B |
| Property Management Fees | 81.14M | 87.34M | 69.98M | 13.65M | 11.48M | 4.89M |
| Other Revenue | 87.67M | -11.61M | -28.45M | -17.88M | -9.61M | -1.55M |
| Total Revenue | 2.86B | 2.72B | 2.59B | 2.41B | 2.23B | 2.00B |
| Property Expenses | 1.28B | 1.13B | 1.07B | 976.14M | 874.29M | 777.76M |
| Selling, General & Administrative | 84.10M | 92.48M | 89.97M | 81.37M | 73.71M | 74.76M |
| Depreciation & Amortization | 773.07M | 746.93M | 714.33M | 674.29M | 638.11M | 592.13M |
| Total Operating Expenses | 2.14B | 1.97B | 1.88B | 1.73B | 1.59B | 1.44B |
| Operating Income | 714.76M | 743.56M | 713.43M | 682.60M | 642.40M | 550.42M |
| Interest Expense | -372.22M | -353.33M | -366.07M | -333.46M | -304.09M | -322.66M |
| Other Non-Operating Income | -7.59M | -4.53M | -53.75M | -2.40M | -11.16M | -5.83M |
| EBT Excluding Unusual Items | 334.95M | 385.71M | 293.61M | 346.74M | 327.15M | 221.92M |
| Merger & Restructuring Charges | -340.00K | |||||
| Gain (Loss) on Sale of Investments | -95.00K | 318.00K | 1.05M | 350.00K | -3.94M | -9.42M |
| Gain (Loss) on Sale of Assets | 410.04M | 218.24M | 244.55M | 183.54M | 90.70M | 60.01M |
| Asset Writedown | -2.45M | -657.00K | -506.00K | -427.00K | -310.00K | -650.00K |
| Other Unusual Items | -24.89M | -13.70M | -83.34M | -9.18M | -28.80M | -9.08M |
| Pretax Income | 684.86M | 589.91M | 455.37M | 521.03M | 384.80M | 262.78M |
| Earnings From Continuing Operations | 684.86M | 589.91M | 455.37M | 521.03M | 384.80M | 262.78M |
| Minority Interest in Earnings | -2.46M | -1.99M | -1.45M | -1.56M | -1.47M | -1.35M |
| Net Income | 682.40M | 587.92M | 453.92M | 519.47M | 383.33M | 261.43M |
| Preferred Dividends & Other Adjustments | 2.31M | 960.00K | 753.00K | 696.00K | 661.00K | 327.00K |
| Net Income to Common | 680.09M | 586.96M | 453.16M | 518.77M | 382.67M | 261.10M |
| Basic Shares Outstanding | 599.88M | 612.95M | 612.55M | 611.89M | 609.77M | 577.68M |
| Diluted Shares Outstanding | 600.02M | 613.18M | 613.63M | 613.29M | 611.11M | 579.21M |
| EPS (Basic) | 1.13 | 0.96 | 0.74 | 0.85 | 0.63 | 0.45 |
| EPS (Diluted) | 1.13 | 0.96 | 0.74 | 0.85 | 0.63 | 0.45 |
| Dividend Per Share | 1.20 | 1.17 | 1.13 | 1.06 | 0.92 | 0.73 |
| Operating Margin | 25.02% | 27.36% | 27.54% | 28.27% | 28.83% | 27.59% |
| Profit Margin | 23.81% | 21.60% | 17.49% | 21.49% | 17.17% | 13.09% |
| EBITDA | 1.49B | 1.49B | 1.43B | 1.36B | 1.28B | 1.14B |
| EBITDA Margin | 52.01% | 54.84% | 55.12% | 56.20% | 57.46% | 57.27% |
| D&A For Ebitda | 771.06M | 746.93M | 714.33M | 674.29M | 638.11M | 592.13M |
| EBIT | 714.76M | 743.56M | 713.43M | 682.60M | 642.40M | 550.42M |
| EBIT Margin | 25.02% | 27.36% | 27.54% | 28.27% | 28.83% | 27.59% |
| Funds From Operations (FFO) | 1.03B | 1.11B | 925.27M | 1.01B | 928.62M | 788.77M |
| FFO Per Share | 1.71 | 1.80 | 1.50 | 1.64 | 1.51 | 1.35 |
| Adjusted Funds From Operations (AFFO) | 990.64M | 1.00B | 986.24M | 923.37M | 865.90M | 745.56M |
| AFFO Per Share | 1.64 | 1.63 | 1.60 | 1.50 | 1.41 | 1.28 |
| FFO Payout Ratio | 69.94% | 64.29% | 74.49% | 63.18% | 58.05% | 49.93% |
| Revenue as Reported | 2.90B | 2.73B | 2.62B | 2.43B | 2.24B | 2.00B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 17.24B | 17.38B | 17.28B | 17.33B | 17.07B | 16.97B |
| Cash & Equivalents | 78.93M | 129.97M | 174.49M | 700.62M | 262.87M | 610.17M |
| Accounts Receivable | 107.57M | 59.95M | 61.23M | 60.81M | 54.09M | 37.47M |
| Investment In Debt and Equity Securities | 123.90M | 118.09M | 114.74M | 142.46M | 109.39M | 173.51M |
| Goodwill | 314.15M | 258.21M | 258.21M | 258.21M | 258.21M | 258.21M |
| Other Intangible Assets | 50.13M | |||||
| Restricted Cash | 258.91M | 224.89M | 245.20M | 196.87M | 191.06M | 208.69M |
| Other Current Assets | 137.69M | 154.26M | 193.28M | 186.12M | 169.52M | 123.75M |
| Trading Asset Securities | 59.86M | 14.35M | 61.48M | 75.49M | 119.19M | 6.00K |
| Deferred Long-Term Charges | 17.23M | 23.58M | 2.97M | 5.85M | 8.75M | |
| Other Long-Term Assets | 143.42M | 326.15M | 285.08M | 263.20M | 295.13M | 148.40M |
| Total Assets | 18.53B | 18.68B | 18.70B | 19.22B | 18.54B | 18.54B |
| Current Portion of Long-Term Debt | 499.52M | 412.55M | ||||
| Current Portion of Leases | 3.90M | 10.42M | ||||
| Long-Term Debt | 8.24B | 8.38B | 8.20B | 8.55B | 7.77B | 7.86B |
| Long-Term Leases | 62.30M | 38.59M | 30.54M | 14.89M | 18.41M | 19.04M |
| Accounts Payable | 406.65M | 230.35M | 247.71M | 200.59M | 198.42M | 193.63M |
| Other Current Liabilities | 175.55M | |||||
| Other Long-Term Liabilities | 282.98M | 450.41M | 427.89M | 269.00M | 227.17M | 216.55M |
| Total Liabilities | 9.67B | 9.11B | 8.91B | 9.03B | 8.21B | 8.70B |
| Common Stock | 5.82M | 6.11M | 6.13M | 6.12M | 6.11M | 6.01M |
| Additional Paid-In Capital | 10.36B | 11.13B | 11.17B | 11.16B | 11.14B | 10.87B |
| Retained Earnings | -1.61B | -1.61B | -1.48B | -1.07B | -951.22M | -794.87M |
| Comprehensive Income & Other | 55.99M | 6.42M | 60.97M | 63.70M | 97.98M | -286.94M |
| Total Common Equity | 8.82B | 9.53B | 9.76B | 10.16B | 10.29B | 9.80B |
| Minority Interest | 38.80M | 37.76M | 35.74M | 34.46M | 32.29M | 41.06M |
| Shareholders' Equity | 8.86B | 9.57B | 9.79B | 10.19B | 10.32B | 9.84B |
| Total Liabilities & Equity | 18.53B | 18.68B | 18.70B | 19.22B | 18.54B | 18.54B |
| Total Debt | 8.81B | 8.43B | 8.23B | 8.56B | 7.79B | 8.29B |
| Net Cash (Debt) | -8.67B | -8.29B | -8.00B | -7.78B | -7.41B | -7.68B |
| Net Cash Per Share | -14.45 | -13.52 | -13.03 | -12.69 | -12.12 | -13.26 |
| Filing Date Shares Outstanding | 576.15M | 609.39M | 612.69M | 611.96M | 611.41M | 607.65M |
| Total Common Shares Outstanding | 581.76M | 610.79M | 612.61M | 611.96M | 611.41M | 601.05M |
| Book Value Per Share | 15.16 | 15.60 | 15.93 | 16.60 | 16.83 | 16.30 |
| Tangible Book Value | 8.46B | 9.27B | 9.50B | 9.90B | 10.03B | 9.54B |
| Tangible Book Value Per Share | 14.53 | 15.18 | 15.51 | 16.17 | 16.41 | 15.87 |
| Land | 5.03B | 4.99B | 4.90B | 4.88B | 4.80B | 4.74B |
| Buildings | 17.24B | 17.05B | 16.47B | 16.67B | 15.23B | 14.61B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 682.40M | 587.92M | 453.92M | 519.47M | 383.33M | 261.43M |
| Depreciation & Amortization | 771.06M | 746.93M | 714.33M | 674.29M | 638.11M | 592.13M |
| Other Amortization | 24.89M | 24.81M | 21.36M | 18.20M | 16.67M | 19.37M |
| Gain (Loss) on Sale of Assets | -410.04M | -218.24M | -244.55M | -183.54M | -90.70M | -60.01M |
| Gain (Loss) on Sale of Investments | 3.94M | 9.42M | ||||
| Asset Writedown | 2.45M | 657.00K | 506.00K | 427.00K | 310.00K | 650.00K |
| Stock-Based Compensation | 38.80M | 27.83M | 27.92M | 29.50M | 28.96M | 27.17M |
| Income (Loss) on Equity Investments | 44.77M | 13.96M | 31.06M | 20.62M | 11.43M | 1.98M |
| Change in Accounts Payable | -11.97M | 19.61M | 46.50M | 24.38M | -5.99M | 32.89M |
| Change in Other Net Operating Assets | 14.83M | -2.02M | -25.61M | -12.41M | -4.40M | -8.13M |
| Other Operating Activities | 32.05M | 4.77M | 56.37M | 16.16M | 41.92M | 30.75M |
| Operating Cash Flow | 1.19B | 1.21B | 1.08B | 1.11B | 1.02B | 907.66M |
| Acquisition of Real Estate Assets | -644.91M | -1.04B | -987.94M | -1.21B | -930.61M | -1.43B |
| Sale of Real Estate Assets | 882.71M | 498.11M | 585.18M | 488.06M | 240.03M | 231.68M |
| Net Sale / Acq. of Real Estate Assets | 237.80M | -546.07M | -402.76M | -726.56M | -690.57M | -1.20B |
| Cash Acquisition | -91.08M | |||||
| Investment in Marketable & Equity Securities | -218.45M | -29.00M | 1.98M | -19.93M | -101.13M | 48.33M |
| Other Investing Activities | -74.19M | -77.50M | -65.09M | -27.06M | -22.71M | -12.37M |
| Investing Cash Flow | -145.92M | -652.57M | -465.87M | -773.55M | -814.41M | -1.16B |
| Short-Term Debt Issued | 400.00M | |||||
| Long-Term Debt Issued | 1.14B | 2.99B | 940.14M | 1.45B | 1.94B | |
| Total Debt Issued | 1.63B | 1.14B | 2.99B | 940.14M | 1.45B | 2.34B |
| Short-Term Debt Repaid | -400.00M | |||||
| Long-Term Debt Repaid | -973.80M | -3.33B | -170.72M | -1.54B | -1.77B | |
| Total Debt Repaid | -1.13B | -973.80M | -3.33B | -170.72M | -1.54B | -2.17B |
| Net Debt Issued (Repaid) | 493.22M | 168.06M | -331.47M | 769.42M | -88.81M | 171.17M |
| Issuance of Common Stock | 98.37M | 933.79M | ||||
| Repurchase of Common Stock | -855.70M | -58.97M | -10.89M | -8.15M | -12.87M | -9.41M |
| Common Dividends Paid | -719.71M | -712.84M | -689.24M | -638.13M | -539.03M | -393.81M |
| Total Dividends Paid | -719.71M | -712.84M | -689.24M | -638.13M | -539.03M | -393.81M |
| Other Financing Activities | -18.95M | -14.74M | -62.11M | -13.12M | -31.75M | -42.75M |
| Net Cash Flow | -57.83M | -64.83M | -477.79M | 443.56M | -364.93M | 407.09M |
| Levered Free Cash Flow | 1.16B | 1.09B | 971.91M | 913.25M | 855.22M | 777.40M |
| Unlevered Free Cash Flow | 1.37B | 1.28B | 1.18B | 1.10B | 1.03B | 959.70M |
| Cash Interest Paid | 338.50M | 322.94M | 321.33M | 290.65M | 275.73M | 285.50M |
| Cash Income Tax Paid | 235.00K | 84.00K | 158.00K | 245.00K | 1.53M | 809.00K |
| Change in Working Capital | 2.85M | 17.59M | 20.89M | 11.96M | -10.39M | 24.76M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 15.57B | 17.04B | 19.58B | 20.87B | 18.12B | 27.06B |
| Enterprise Value | 24.24B | 25.18B | 27.61B | 28.57B | 25.51B | 34.74B |
| Last Close Price | 26.56 | 26.87 | 29.75 | 30.71 | 25.66 | 38.32 |
| Price/FFO Ratio | 15.42 | 14.93 | 19.84 | 18.73 | 16.99 | 28.38 |
| Price/AFFO Ratio | 16.02 | 16.49 | 18.60 | 20.48 | 18.20 | 29.93 |
| PE Ratio | 23.74 | 29.02 | 43.22 | 40.24 | 47.36 | 103.63 |
| PS Ratio | 5.38 | 6.27 | 7.56 | 8.65 | 8.13 | 13.56 |
| PB Ratio | 1.75 | 1.78 | 2.00 | 2.05 | 1.75 | 2.75 |
| P/OCF Ratio | 12.92 | 14.12 | 18.10 | 18.86 | 17.70 | 29.81 |
| EV/Sales Ratio | 8.41 | 9.27 | 10.66 | 11.84 | 11.45 | 17.41 |
| EV/EBITDA Ratio | 16.17 | 16.89 | 19.34 | 21.06 | 19.92 | 30.41 |
| EV/EBIT Ratio | 33.62 | 33.87 | 38.70 | 41.86 | 39.71 | 63.12 |
| Debt / Equity Ratio | 0.99 | 0.88 | 0.84 | 0.84 | 0.75 | 0.84 |
| Debt / EBITDA Ratio | 5.89 | 5.63 | 5.74 | 6.29 | 6.06 | 7.22 |
| Net Debt / Equity Ratio | 0.98 | 0.87 | 0.82 | 0.76 | 0.72 | 0.78 |
| Net Debt / EBITDA Ratio | 5.83 | 5.56 | 5.60 | 5.74 | 5.78 | 6.72 |
| Asset Turnover | 0.15 | 0.14 | 0.14 | 0.13 | 0.12 | 0.11 |
| Quick Ratio | 0.24 | 0.85 | 1.20 | 4.17 | 2.20 | 1.07 |
| Current Ratio | 0.61 | 2.42 | 2.97 | 6.08 | 4.01 | 1.62 |
| Return on Equity (ROE) | 7.40% | 6.09% | 4.56% | 5.08% | 3.82% | 2.86% |
| Return on Assets (ROA) | 2.39% | 2.49% | 2.35% | 2.26% | 2.17% | 1.91% |
| Earnings Yield | 4.21% | 3.45% | 2.32% | 2.49% | 2.11% | 0.97% |
| Dividend Yield | 4.46% | 4.20% | 3.54% | 3.11% | 3.10% | 1.62% |
| Payout Ratio | 105.85% | 121.25% | 151.84% | 122.84% | 140.62% | 150.64% |
| Buyback Yield / Dilution | 2.16% | 0.07% | -0.06% | -0.36% | -5.51% | -4.28% |
| Total Shareholder Return | 6.67% | 4.27% | 3.48% | 2.75% | -2.40% | -2.65% |