{"schemaVersion":1,"research":true,"symbol":"invh","name":"Invitation Homes","topic":"moat","path":"/stock/invh/moat","status":"published","version":6,"updatedAt":"2026-10-19T12:09:10.653Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Invitation Homes has a narrow cost advantage from local operating density, centralized infrastructure and procurement scale. Negotiated discounts and reported margin improvements for third-party owners joining its platform provide concrete support beyond management's differentiation claims. Historical comparative NOI growth supports persistence, although comparability and attribution remain uncertain. Pricing power is mixed: renewals support increases, but new-lease pricing is weaker and occupancy has softened. Customer dependency and durable pricing premiums are not established.","advantages":[{"mechanism":"cost_advantage","claim":"Dense local portfolios combined with centralized operations and purchasing create a demonstrated operating advantage, particularly versus smaller operators. The issuer reports approximately 300 basis points of average margin improvement for third-party owners added to its platform, alongside actual procurement discounts and reduced contractor fees.","durability":"The established infrastructure and thousands of homes within individual Atlanta operating pods support persistence. Reported 2017–2025 Same Store NOI growth exceeded AMH's, providing supporting operating evidence rather than proof of causation. The passages support a narrow advantage, without establishing exceptional durability or superiority over every large operator.","risks":"Large operators can replicate purchasing and operating capabilities. Property taxes, insurance, labor costs and regulation can offset controllable savings. Softer occupancy and modest recent NOI growth show that scale does not eliminate market exposure. Construction and lending expansion introduce execution risks; their prospective benefits are not part of the demonstrated moat.","invalidation":"The thesis would fail if comparable third-party portfolios consistently ceased achieving operating improvements after joining the platform, procurement savings disappeared after overhead and service quality were considered, or matched-market operating costs converged with smaller operators over several years. Persistent rent concessions and falling occupancy that absorb the savings would also undermine its economic value.","competitors":["AMH"],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10"]}],"evidence":[{"id":"e1","sourceId":"filing-9","location":"June 2026 investor presentation, slide 11: third-party management platform operating improvements","excerpt":"11 ~300 bps Average margin expansion for 3PM owners after being added to INVH platform 35+ Sub-scale institutional operators of SFR (<10,000 homes each) 125,000+ Homes managed by sub-scale operators ~$0.01 Accretion for every 3K homes added  ~24,000 JV & 3PM homes managed today  Enhances INVH efficiencies  Creates a pipeline of future acquisition opportunities  $87M FY 2025 revenue Our JV & 3PM platform is the best-in-class engine for capital-light earnings growth"},{"id":"e2","sourceId":"filing-1","location":"Business: negotiated renovation product discounts and extended warranties","excerpt":"For example, we have negotiated discounts and extended warranties for products that we regularly use during the renovation process, including appliances, HVAC systems and components, carpet and flooring, and paint, among others."},{"id":"e3","sourceId":"filing-1","location":"Business: direct vendor relationships and general contractor fees","excerpt":"We are also able to reduce general contractor fees by working directly with vendors."},{"id":"e4","sourceId":"filing-7","location":"September 2026 investor presentation, slide 6: Atlanta operating pod home counts and scale claims","excerpt":"6 Sector-leading scale & density Pod 1 4,579 Homes Pod 2 4,219 Homes Pod 3 4,808 Homes Pod 4 4,777 Homes Owned and managed home counts as of 6/30/2026A T L A N T A Scale and density drive cost efficiency, pricing power, and margin expansion 6"},{"id":"e5","sourceId":"filing-7","location":"September 2026 investor presentation, slide 7: indexed Same Store NOI growth, 2017–2025","excerpt":"Our continued outperformance validates our strategy and disciplined execution +64.3% +57.0% +37.3% +22.3% Invitation Homes AMH National Multifamily Coastal Multifamily Indexed Same Store NOI Growth (2017-2025)"},{"id":"e6","sourceId":"filing-7","location":"September 2026 investor presentation: qualification of comparative non-GAAP measures","excerpt":"Data, including non-GAAP measures, is from public filings; there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies, including those mentioned above."},{"id":"e7","sourceId":"filing-1","location":"Business, Competition: institutional and individual acquisition competitors","excerpt":"We believe our competitors in acquiring or building homes for investment purposes are larger investors, including private equity funds and other REITs, that are seeking to capitalize on the same market opportunity that we have identified, and individual investors or small private investment partnerships, that are seeking investment properties that can either be leased or restored and sold."},{"id":"e8","sourceId":"filing-8","location":"Q2 2026 highlights: matched Same Store revenue, expense and NOI growth","excerpt":"•Same Store NOI increased 1.5% year over year on 1.6% Same Store Core Revenues growth and 1.9% Same Store Core Operating Expenses growth."},{"id":"e9","sourceId":"filing-7","location":"September 2026 investor presentation, slide 3: Q2 and July–August leasing results","excerpt":"July-August 2026 Same Store Leasing Stats Same Store INVH 2Q 2026 INVH Jul-Aug 2025 INVH Jul-Aug 2026 Average Occupancy 97.1% 96.6% 96.4% Renewals Rental Rate Growth 3.3% +4.6% +4.3% New Leases Rental Rate Growth 1.1% -0.1% +0.3% Blended Rental Rate Growth 2.7% +3.2% +3.2% August YTD blended rental rate growth of 2.4% in line with expectations 3"},{"id":"e10","sourceId":"filing-1","location":"Risk factors: possible acquisition, operating and pricing restrictions","excerpt":"In addition, executive actions and federal and state legislative, regulatory, or policy initiatives, particularly those focused on institutional ownership and acquisition of single-family homes, could limit our ability to acquire properties, impose additional compliance or operating requirements, or constrain pricing flexibility in certain markets."},{"id":"e11","sourceId":"filing-7","location":"September 2026 investor presentation, slide 8: Q2 renewal rate, tenure, occupancy and satisfaction","excerpt":"Resident satisfaction drives renewals, lowers turnover, and strengthens returns 8 4.10 / 5.0 Cumulative all-time Google / Yelp rating 4.78 / 5.0 Average stars on post- maintenance surveys >40 MONTHS Same Store avg resident tenure 97.1% Same Store avg occupancy rate 76.7% Same Store avg renewal rate As of or for the quarter ended 6/30/2026"},{"id":"e12","sourceId":"filing-9","location":"June 2026 investor presentation, slide 7: Q1 renewal rate, tenure and occupancy","excerpt":"Resident satisfaction drives renewals, lowers turnover, and strengthens returns 7 4.10 / 5.0 Cumulative all-time Google / Yelp rating 4.82 / 5.0 Average stars on post- maintenance surveys >40 MONTHS Same Store avg resident tenure 96.3% Same Store avg occupancy rate 78.4% Same Store avg renewal rate As of or for the quarter ended 3/31/2026"},{"id":"e13","sourceId":"filing-2","location":"MD&A, Rental Revenues: direct resident leases and typical contractual duration","excerpt":"We enter into leases directly with our residents, and the leases typically have a term of one to two years."},{"id":"e14","sourceId":"filing-1","location":"Business, Marketing and Leasing: rental rate setting and market inputs","excerpt":"We establish and manage rental rates based on a tailored pricing tool that analyzes publicly available data to reflect local market conditions, including a competitive analysis of market rents for institutional single-family rental properties, as well as the size, fit and finish, and location of the home, the number of applications received, and the number of days a home has been available on the market."},{"id":"e15","sourceId":"filing-2","location":"Note 6, Rent Receivables: contractual terms governing variable lease payments","excerpt":"Variable lease payments are charged based on the terms and conditions included in the resident leases."},{"id":"e16","sourceId":"filing-8","location":"Supplemental Schedule 7: property management and G&A expense reconciliation","excerpt":"Q2 2026 Earnings Release and Supplemental Information — page 12\nSupplemental Schedule 2(b)\n Debt Structure and Leverage Ratios — As of June 30, 2026\n($ in thousands) (unaudited)\nWtd Avg\nWtd Avg\nInterest\nYears to\nDebt Structure\nBalance\nSupplemental Schedule 7\nAdjusted Property Management and G&A Reconciliation\n($ in thousands) (unaudited)\nAdjusted Property Management Expense\nQ2 2026\nQ2 2025\nYTD 2026\nYTD 2025\nProperty management expense (GAAP)\n$\n37,726 \n$\n35,833 \n$\n77,051 \n$\n72,572 \nAdjustments:\nShare-based compensation expense\n(1,339)\n(1,566)\n(4,265)\n(3,217)\nAdjusted property management expense\n$\n36,387 \n$\n34,267 \n$\n72,786 \n$\n69,355 \nAdjusted G&A Expense\nQ2 2026\nQ2 2025\nYTD 2026\nYTD 2025\nG&A expense (GAAP)\n$\n29,332 \n$\n23,591 \n$\n61,651 \n$\n53,109 \nAdjustments:\nShare-based compensation expense\n(8,007)\n(6,898)\n(15,781)\n(15,404)\nBusiness reorganization costs (1)\n(1,279)\n(35)\n(2,780)\n(2,420)\nAdjusted G&A expense\n$\n20,046 \n$\n16,658 \n$\n43,090 \n$\n35,285 \n(1)Includes severance, restructuring, acquisition, and integration costs."},{"id":"e17","sourceId":"filing-1","location":"MD&A, Operating Activities: 2025 and 2024 operating cash generation","excerpt":"Net cash provided by operating activities was $1,206.2 million and $1,081.8 million for the years ended December 31, 2025 and 2024, respectively, an increase of 11.5%."},{"id":"e18","sourceId":"filing-8","location":"Q2 2026 highlights: actual dispositions and use of proceeds","excerpt":"•We disposed of 657 wholly owned homes, many to families purchasing for their own use, and acquired 196 wholly owned homes, for net dispositions of 461 homes and net proceeds of approximately $234 million that were used for second quarter share repurchases and paying down debt that partially funded our first quarter share repurchases."},{"id":"e19","sourceId":"filing-7","location":"September 2026 investor presentation, slide 4: cumulative buybacks and disposition funding","excerpt":"Capital allocation led by $700M of stock buybacks since December 2025  4.3% of shares outstanding have been repurchased since December 2025, making us a leader among Residential REITs  Dispositions are our primary funding source  Homes have been sold primarily to end users, including through our Resident First Look program  Our YTD sales have been heavily weighted within our Southern California, South Florida, and Northern California markets Metric Value Detail Stock repurchases since Dec."},{"id":"e20","sourceId":"filing-8","location":"Q2 2026 supplemental: Core FFO and AFFO per share results","excerpt":"Weighted average common shares outstanding — diluted\n592,497,804 \n613,261,904 \n599,328,126 \n613,312,641 \nNet income per common share — diluted\n$\n0.37 \n$\n0.23 \n$\n0.63 \n$\n0.50 \nFFO, Core FFO, and AFFO\nWeighted average common shares and OP Units outstanding — diluted\n595,159,443 \n615,771,167 \n601,939,999 \n615,703,901 \nFFO per share — diluted\n$\n0.46 \n$\n0.45 \n$\n0.90 \n$\n0.90 \nCore FFO per share — diluted\n$\n0.51 \n$\n0.48 \n$\n0.99 \n$\n0.97 \nAFFO per share — diluted \n$\n0.44 \n$\n0.41 \n$\n0.85 \n$\n0.84 \n(1)Includes our share from unconsolidated joint ventures."},{"id":"e21","sourceId":"filing-3","location":"Compensation discussion, strategic priorities: joint venture deployment shortfall","excerpt":"Joint venture capital deployment reached $175 million against a $200 million goal, reflecting partner yield expectation challenges."},{"id":"e22","sourceId":"filing-2","location":"Liquidity and Capital Resources: remaining joint venture and construction lending commitments","excerpt":"As of June 30, 2026, our remaining equity commitments to our joint ventures total $93.7 million, and our remaining funding commitments for construction and development loans total $247.9 million."},{"id":"e23","sourceId":"filing-2","location":"Note 10, Share-Based Awards: actual 2026 LTIP grants","excerpt":"Annual LTIP Awards: •Annual LTIP Awards Granted: During the six months ended June 30, 2026, we granted 1,519,420 RSUs pursuant to LTIP awards."},{"id":"e24","sourceId":"filing-2","location":"Note 10, Share-Based Awards: vesting conditions and continued employment","excerpt":"Each award includes components which vest based on time-vesting conditions, market-based vesting conditions, and/or performance-based vesting conditions, each of which is subject to continued employment through the applicable vesting date."},{"id":"e25","sourceId":"filing-2","location":"Note 10, Share-Based Awards: three-year PRSU performance period","excerpt":"LTIP PRSUs may be earned based on the achievement of certain measures over a three year performance period."},{"id":"e26","sourceId":"filing-5","location":"Note 10: historical cancellation of PRSUs for unmet performance criteria","excerpt":"Certain other LTIP PRSUs did not achieve performance criteria, resulting in the cancellation of 47,145 awards during the year ended December 31, 2021."},{"id":"e27","sourceId":"filing-3","location":"Compensation discussion: actual anti-hedging policy","excerpt":"Anti-Hedging and Anti-Pledging Policy The Company’s directors, officers, and associates are prohibited from hedging the economic risk of their stock ownership and may not engage in hedging transactions with respect to the Company’s securities, including engaging in transactions in forward contracts, equity swaps, collars, exchange funds, puts, calls, options, and other derivative securities or any instruments designed to increase in value as a result of, or hedge or offset any decrease in, the market value of the Company’s securities."},{"id":"e28","sourceId":"filing-2","location":"Note 10: effectiveness of 2026 incentive plan following stockholder approval","excerpt":"2026 Incentive Omnibus Plan (the “2026 Omnibus Incentive Plan”) became effective upon approval of our stockholders, subsequent to adoption by our board of directors."},{"id":"e29","sourceId":"filing-3","location":"Strategic priorities performance assessment: application-to-move-in conversion result","excerpt":"Customer experience metrics remained strong, with an approved-application-to-move-in conversion rate of 71.1%, surpassing the 70.0% target."},{"id":"e30","sourceId":"filing-3","location":"Strategic priorities performance assessment: operational goals achieved","excerpt":"Of ten operational goals, nine were achieved."},{"id":"e31","sourceId":"filing-3","location":"Strategic priorities performance assessment: purpose and values target shortfall","excerpt":"Purpose and values alignment scores remained below the 60% target level, though the Compensation and Management Development Committee recognized successful mid-year rollout of new purpose and values in its overall assessment."},{"id":"e32","sourceId":"filing-3","location":"Corporate Governance Snapshot: board structure, shareholder rights and compensation safeguards","excerpt":"Corporate Governance Snapshot Director Nominees 9 Independent Director Nominees 8 Average Tenure of Directors Standing for Election (years) 5.3 Chairperson Position Separate from CEO ✓ Annual Election of All Directors ✓ Proxy Access (3%/3 years) ✓ No Stockholder Rights Plan ✓ Limits on the Number of Directorships Held by Directors ✓ Regular Executive Sessions of Independent Directors ✓ Commitment to Board Refreshment and Focus on Director Succession Planning ✓ Annual Board and Committee Self-Evaluations ✓ Risk Oversight by the Board and Committees ✓ Sustainability and Corporate Responsibility Oversight by Board and Committees ✓ Proactive, Ongoing Engagement with Stockholders ✓ Stock Ownership Requirements for Directors and Executive Officers ✓ Hedging and Pledging Prohibition ✓ Incentive Compensation Clawback Policy ✓ Stockholder Rights and Accountability • Our Board is not classified, and each of our directors is subject to annual reelection (we will not classify our Board in the future without the approval of our stockholders)."},{"id":"e33","sourceId":"filing-3","location":"Transactions with Related Persons: independent approval or ratification policy","excerpt":"Each related person transaction shall either be approved or ratified by the Audit Committee or another independent body of the Board consisting of independent directors who are disinterested, as applicable, taking into consideration such relevant facts and circumstances as it shall deem appropriate, which may include: • the relationship of the related person to the Company; • the nature and extent of the related person’s interest in the transaction; • the material terms of the transaction; • the importance and fairness of the transaction both to the Company and to the related person; • the business rationale for engaging in the transaction; • whether the transaction would likely impair the judgment of a director or executive officer to act in the best interest of the Company; • whether the value and the terms of the transaction are substantially similar as compared to those of similar transactions previously entered into by the Company with non-related persons, if any; and • any other matters that disinterested members of the Audit Committee or another independent body of the Board consisting of independent directors who are disinterested, as applicable, deem appropriate."},{"id":"e34","sourceId":"filing-4","location":"Legal and Other Matters: FTC order finalized September 27, 2024, without admission of liability","excerpt":"After fully cooperating with the inquiry and extensive negotiations with the FTC, we entered into a stipulated proposed order with the FTC, resolving all aspects of the inquiry without any admission of liability, which became final on September 27, 2024."},{"id":"e35","sourceId":"filing-4","location":"Legal and Other Matters: actual 2024 FTC monetary relief payment","excerpt":"Pursuant to the stipulated order, we paid $48,000 of monetary relief, with no civil penalties, to the FTC during the year ended December 31, 2024."},{"id":"e36","sourceId":"filing-7","location":"September 2026 investor presentation, slide 9: disclosed January 2027 acquisition restrictions and expected channel exceptions","excerpt":"Resale (12-month average) Homebuilder forward purchasing Disciplined Acquisition Approach Auction purchases New home pricing more attractive MLS purchases † Historical average: 16.0%* Homebuilder Inventory ResiBuilt Construction lending Resale home pricing more attractive * Historical average: Jan-68 through Jun-26 † Beginning January 2027, the ROAD Act limits certain MLS purchases of existing homes, with exceptions including renovate-to-rent and homeownership assistance programs; we expect our other acquisition channels to remain unaffected."}],"changes":["Changed uncertain to narrow: the current catalog supplies reported operating improvements for third-party owners joining the platform, detailed local density and historical comparative NOI growth. Together with procurement disclosures, these establish a limited cost advantage.","Raised pricing retention from 2 to 3 because current passages disclose actual renewal rates and tenure exceeding 40 months; retention no longer rests solely on indirect tenure evidence.","Retained mixed realized pricing and margin resilience assessments. July–August renewal growth coexists with weak new-lease growth and lower occupancy.","Retained management grades after re-examining current citations. Updated capital deployment evidence includes disposition-funded repurchases and per-share operating results; investment returns remain unproven."],"limitations":["All supplied sources are issuer filings or issuer presentations. The approximately 300-basis-point platform improvement lacks disclosed sample size, detailed methodology, timing and controls for property mix.","AMH is a named comparative operating peer. Direct matched-market competitive coverage is not established; acquisition and leasing disclosures otherwise identify generic competitor categories. Compensation peers are not treated as established operating competitors.","Historical comparative NOI growth is subject to the issuer's explicit non-GAAP comparability qualification and does not isolate density, pricing, market selection or capital spending effects.","Renewal and tenure results demonstrate repeat demand, without establishing customer lock-in or a sustained rent premium over comparable alternatives.","Actual executive ownership amounts, complete incentive payout economics and realized acquisition or buyback investment returns are absent.","Source dates are filing dates, retaining dateKind filed. Historical results, future guidance and the disclosed January 2027 acquisition restrictions are distinguished; expected regulatory exceptions and development synergies are issuer expectations."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Local operating density, negotiated procurement benefits and reported improvements for third-party portfolios support a demonstrated cost advantage. The platform improvement disclosure is issuer-reported and lacks controlled comparisons.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":2,"rationale":"Established local infrastructure and superior reported 2017–2025 comparative NOI growth support persistence. Replicability by institutional rivals and uncertain metric comparability prevent a strong durability conclusion.","evidenceIds":["e4","e5","e6","e7"]},{"criterion":"customer_dependency","grade":1,"rationale":"Renewals and tenure demonstrate repeat demand, but one-to-two-year leases and weaker new-lease pricing indicate limited demonstrated dependency. These results do not establish material switching barriers.","evidenceIds":["e11","e13","e9"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Positive Same Store NOI growth and renewals demonstrate some resilience. Expenses grew faster than matched revenues, occupancy softened, and disclosed future acquisition restrictions constrain flexibility. Potential regulatory effects are not treated as realized operating losses.","evidenceIds":["e8","e9","e36"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Q2 renewal, new-lease and blended growth were 3.3%, 1.1% and 2.7%; July–August results were 4.3%, 0.3% and 3.2%. Positive realized increases coexist with weak new-lease pricing and lower occupancy, supporting mixed pricing power.","evidenceIds":["e9"]},{"criterion":"retention","grade":3,"rationale":"Direct operating disclosures show renewal rates of 78.4% in Q1 and 76.7% in Q2, with average Same Store resident tenure exceeding 40 months. These strongly support repeat demand, although the renewal rate declined and resilience to premium pricing is unproven.","evidenceIds":["e11","e12","e9"]},{"criterion":"margin_resilience","grade":2,"rationale":"Q2 Same Store NOI grew 1.5%, but matched operating expenses rose 1.9% against revenue growth of 1.6%, indicating slight property-level margin compression. Higher property management and G&A expenses further limit evidence of consolidated margin protection.","evidenceIds":["e8","e16"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Direct leases lasting typically one to two years and market-informed rate setting permit periodic repricing. Existing lease terms govern variable payments, while regulation can constrain flexibility. Pricing discretion is meaningful but bounded.","evidenceIds":["e13","e14","e15","e10"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual cash generation, disposition-funded repurchases and increased Core FFO and AFFO per share support disciplined deployment. The joint venture deployment miss and substantial remaining commitments temper the result; increased per-share figures do not establish attractive long-term investment returns.","evidenceIds":["e17","e18","e19","e20","e21","e22"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual grants include employment and performance or market vesting conditions, with three-year PRSU measurement. Historical cancellations demonstrate that performance conditions have operated, and hedging is prohibited. July's filing confirms plan effectiveness following May approval; the March proposal alone would not. Actual ownership amounts and full payout economics remain missing.","evidenceIds":["e23","e24","e25","e26","e27","e28"]},{"criterion":"execution","grade":3,"rationale":"Nine of ten operational goals were achieved and application-to-move-in conversion exceeded its target. Cash generation and per-share results provide additional operating support. These are specific issuer-reported achievements; missed joint venture deployment and values targets limit the assessment, and prospective construction synergies are excluded.","evidenceIds":["e29","e30","e17","e20","e21","e31"]},{"criterion":"governance","grade":2,"rationale":"Annual director elections, separation of chair and CEO, shareholder safeguards and independent related-party review provide substantive protections. The finalized FTC order and actual $48 million payment in 2024 provide contrary compliance evidence, without admission of liability or civil penalties. Recurrence is not established.","evidenceIds":["e32","e33","e34","e35"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-6","basisHash":"7b2b45163c9d428b62c7bcca1b8e2fde7dd460ac8e69fc713e8b32a58a52e7df","updatedAt":"2026-10-19T12:09:10.653Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm","publishedAt":"2026-02-19","sha256":"a225c8b2be0aea604341b07e225f43d7cb527a689a12c98570469c070a35a87f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000045/invh-20260630.htm","publishedAt":"2026-07-30","sha256":"d7680e9b5afeb23b09b01215552869c825cfe9718bdef2cf79dedc7c3d277846","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1687229/000119312526126310/d96989ddef14a.htm","publishedAt":"2026-03-26","sha256":"8021d42900de709db1755c3fbe3a47af051238ee5aedab81c6d0a6f45a3cbb2d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722925000008/invh-20241231.htm","publishedAt":"2025-02-27","sha256":"f5a7a74e269350777d31dd2c77b88639214c3f6a42cd97218cac7feaf8ab01d1","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/invh-20231231.htm","publishedAt":"2024-02-21","sha256":"44eed7a493f87240f6dd8c22ad89d94528dc8f9f33065eec5ca4f2148a8b5c6c","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000032/invh-20260331.htm","publishedAt":"2026-04-30","sha256":"661ebeef2cdd1cb789267406020df0ea257b93a7be6fe5dfa4d6829415bfa754","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000048/investorpresentation_sep.htm","publishedAt":"2026-09-09","sha256":"8fab4106414369278beef3d292ba715484d2e8b136226f634a824305d3822b4c","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000041/q22026supplemental.htm","publishedAt":"2026-07-29","sha256":"7f197cf4496d8cb8220aead2abb66cab3c5f63b58ba3adb9e8ca2e6dfc2e97c2","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000037/investorpresentation_jun.htm","publishedAt":"2026-06-01","sha256":"2066c5394fe0fdc7fcb72d614ec8242a2eb31cb15eb14ff78b7fc51629fecff2","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:dc39b50b0eb464b1337f63478e87c4dc3cc29c82dec6391e790b40bc19553846","usage":{"input_tokens":143795,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4152,"reasoning_output_tokens":113}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.3608031593471952},"issues":{"pfcf":"The 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extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this 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