-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
INVH reported challenging Q1 2026 results, with Core FFO per share flat at $0.48 and AFFO declining 2.6% to $0.41. Same Store NOI declined 0.3% Y/Ythe first quarterly decline in recent periodsas expenses surged 5.7% while revenues grew only 1.6%. The results highlight persistent operational headwinds facing the single-family residential rental sector. Occupancy declined 90 bps to 96.3%, and new lease spreads remained negative at -3.0%. Management maintained its 2026 guidance, with Core FFO expected at $1.90-$1.98 and AFFO at $1.60-$1.68, though the underlying assumptions suggest continued margin pressure. The company completed its $500M share repurchase program and authorized a new $500M program, reflecting management confidence. We believe the challenging operating environment with limited pricing power and rising expenses will continue pressuring margins. INVH maintains strong liquidity of $1.3B and a net debt/TTM adjusted EBITDAre of 5.6x, which is within its targeted range.