-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：INVH公布了2026年第一季度业绩，表现不佳。核心FFO每股收益持平于0.48美元，而AFFO下降2.6%至0.41美元。同店净营业收入同比下降0.3%，这是近期以来的首次季度下滑，原因是支出飙升5.7%，而收入仅增长1.6%。这些业绩凸显了单户住宅租赁行业持续面临的运营逆风。入住率下降90个基点至96.3%，新租约利差仍为负值，为-3.0%。管理层维持了2026年的业绩指引，预计核心FFO为1.90-1.98美元，AFFO为1.60-1.68美元，但其基本假设表明利润率将持续承压。 公司已完成5亿美元的股票回购计划，并批准了一项新的5亿美元回购计划，这体现了管理层的信心。我们认为，在定价能力有限且成本不断上升的严峻经营环境下，利润率将继续承压。INVH目前拥有13亿美元的强劲流动资金，净债务/TTM调整后EBITDA比率为5.6倍，符合其目标范围。
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