Track market-moving stories before they get noisy

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Consolidated Edison (ED - Free Report) is headquartered in New York, and is in the Utilities sector. The stock has seen a price change of 9.81% since the start of the year. Currently paying a dividend of $0.89 per share, the company has a dividend yield of 3.26%. In comparison, the Utility - Electric Power industry's yield is 2.74%, while the S&P 500's yield is 1.39%.

Looking at dividend growth, the company's current annualized dividend of $3.55 is up 4.4% from last year. Over the last 5 years, Consolidated Edison has increased its dividend 5 times on a year-over-year basis for an average annual increase of 2.28%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Con Ed's current payout ratio is 60%, meaning it paid out 60% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for ED for this fiscal year. The Zacks Consensus Estimate for 2026 is $6.07 per share, which represents a year-over-year growth rate of 6.49%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. It's important to keep in mind that not all companies provide a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that ED is not only an attractive dividend play, but is also a compelling investment opportunity with a Zacks Rank of #2 (Buy).

Wall Street analysts forecast that Consolidated Edison (ED - Free Report) will report quarterly earnings of $2.32 per share in its upcoming release, pointing to a year-over-year increase of 3.1%. It is anticipated that revenues will amount to $4.95 billion, exhibiting an increase of 3.1% compared to the year-ago quarter.

Over the last 30 days, there has been an upward revision of 3.4% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

That said, let's delve into the average estimates of some Con Ed metrics that Wall Street analysts commonly model and monitor.

Analysts' assessment points toward 'Operating revenues- O&R' reaching $368.83 million. The estimate points to a change of +3.6% from the year-ago quarter.

The collective assessment of analysts points to an estimated 'Operating revenues- CECONY' of $4.57 billion. The estimate suggests a change of +2.8% year over year.

Analysts expect 'Operating Income- O&R' to come in at $67.50 million. Compared to the current estimate, the company reported $62.00 million in the same quarter of the previous year.

Analysts forecast 'Operating Income- CECONY' to reach $1.10 billion. Compared to the present estimate, the company reported $1.07 billion in the same quarter last year.

View all Key Company Metrics for Con Ed here>>>

Con Ed shares have witnessed a change of -4.4% in the past month, in contrast to the Zacks S&P 500 composite's +9.5% move. With a Zacks Rank #3 (Hold), ED is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Electrical transmission towers, poles and lines are shown in the early morning of a hot summer day in Commerce, California, U.S, August 7, 2025. REUTERS/Mike Blake Purchase Licensing Rights, opens new tab

May 7 (Reuters) - Consolidated Edison (ED.N), opens new tab reported a rise in first-quarter profit on Thursday, helped by robust demand for its electricity, ​gas and steam services amid freezing temperatures ‌across the U.S.

Electricity demand in the nation is rising at an unprecedented pace, with the U.S. Energy Information Administration forecasting power consumption ​will reach fresh record highs this year.

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Meanwhile, an Arctic ​Blast and a winter storm spread a ⁠paralyzing mix of heavy snow, sleet and freezing ​rain across most of the eastern U.S., raising demand for electricity ​and natural gas, which is used as heating fuel.

Consolidated Edison's service territories are spread across New York, New Jersey ​and Westchester County.

"Electrification of heating and transportation is ​accelerating at an unprecedented pace," CEO Tim Cawley said, adding ‌that ⁠the company was investing proactively to meet this growth while managing costs and supporting affordability.

The company expects to make capital investments of about $6.59 billion in ​2026 and $6.76 ​billion in ⁠2027.

Consolidated Edison's total operating revenue rose to $5.09 billion during the first quarter, up from $4.79 ​billion a year earlier, driven primarily ​by ⁠higher gas and steam revenues.

Electric revenues also rose 4.7% to $3.04 billion during the quarter.

The New York-based utility's ⁠net ​income climbed to $924 million for ​the three months ended March 31, from $791 million a year earlier.

Reporting ​by Vallari Srivastava in Bengaluru; Editing by Sahal Muhammed

Our Standards: The Thomson Reuters Trust Principles., opens new tab

For the quarter ended March 2026, Consolidated Edison (ED - Free Report) reported revenue of $5.1 billion, up 6.2% over the same period last year. EPS came in at $2.17, compared to $2.25 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $4.95 billion, representing a surprise of +2.98%. The company delivered an EPS surprise of -6.63%, with the consensus EPS estimate being $2.32.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Con Ed performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Operating revenues- O&R: $441 million versus the two-analyst average estimate of $368.83 million. The reported number represents a year-over-year change of +23.9%.Operating revenues- CECONY: $4.65 billion versus $4.57 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.8% change.Operating Income- O&R: $76 million versus $67.5 million estimated by two analysts on average.Operating Income- CECONY: $1.11 billion versus $1.1 billion estimated by two analysts on average.View all Key Company Metrics for Con Ed here>>>

Shares of Con Ed have returned -5.9% over the past month versus the Zacks S&P 500 composite's +11.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

, /PRNewswire/ -- Consolidated Edison, Inc. ("Con Edison") (NYSE: ED) today announced a $2 billion ATM equity offering program pursuant to which it may sell its common shares ($.10 par value).  Con Edison has entered into an Equity Distribution Agreement (the "Equity Distribution Agreement") with Barclays Capital Inc., BNY Mellon Capital Markets, LLC, BofA Securities, CIBC Capital Markets, Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC each in its capacity as agent for Con Edison (each, a "Sales Agent" and collectively, the "Sales Agents") and Barclays Bank PLC, The Bank of New York Mellon, Bank of America, N.A., Canadian Imperial Bank of Commerce, Jefferies LLC, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc., Mizuho Markets Americas LLC, The Bank of Nova Scotia, The Toronto-Dominion Bank and Wells Fargo Bank, National Association or their respective affiliates, each in its capacity as forward purchaser (each, a "Forward Purchaser" and collectively, the "Forward Purchasers").

Pursuant to the terms of the Equity Distribution Agreement, sales of Con Edison's common shares, if any, will be made in negotiated transactions, including block trades, or transactions that are deemed to be "at-the-market" offerings, by means of ordinary brokers' transactions at market prices prevailing at the time of sale, including sales made directly on the New York Stock Exchange LLC, sales made to or through a market maker and sales made through other securities exchanges or electronic communications networks or by any other method permitted by applicable law as otherwise agreed between the applicable Sales Agent and Con Edison.

In addition to the offering and sale of its common shares through the Sales Agents, Con Edison may enter into one or more separate forward sale agreements with the Forward Purchasers. In connection with each forward sale agreement, the relevant Forward Purchaser will, and at Con Edison's request, attempt to borrow from third parties and, through its relevant agent, sell a number of shares of common shares equal to the number of shares that underlie the related forward sale agreement (each of Barclays Capital Inc., BNY Mellon Capital Markets, LLC, BofA Securities, CIBC Capital Markets, Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC, in its capacity as agent for the related Forward Purchaser, a "Forward Seller" and collectively, the "Forward Sellers").

Con Edison currently intends to use any proceeds that it receives upon the issuance and sale of its common shares by it to or through the Sales Agents to invest in its subsidiaries for funding of their capital requirements and for its other general corporate purposes.  Con Edison will not initially receive any proceeds from the sale of borrowed shares of its common shares by the Forward Sellers, as agents for Forward Purchasers, in connection with any forward sale agreement as a hedge of such forward sale agreement.  Con Edison currently intends to use any cash proceeds that it receives upon physical settlement of any forward sale agreement, if physical settlement applies, or upon cash settlement of such forward sale agreement, if Con Edison elects cash settlement, to invest in its subsidiaries for funding of their capital requirements and for its other general corporate purposes.

The offering is being made pursuant to Con Edison's effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). The prospectus supplement and the base prospectus relating to the offering will be available on the SEC's website at http://www.sec.gov. Copies of the prospectus supplement and the base prospectus relating to the offering may be obtained from any Sales Agent participating in the offering: Barclays Capital Inc, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Email: [email protected], Phone: (888) 603-5847; BNY Mellon Capital Markets, LLC, 240 Greenwich Street, New York, New York 10286, Third Floor Equity Capital Markets, Fax No.: (212) 815-6403 with a copy to Attention: ATM Group, [email protected]; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, Email: [email protected]; CIBC Capital Markets, 300 Madison Avenue, 8th Floor, New York, New York 10017, Phone: (416) 956-6378, Email: [email protected]; Jefferies LLC, 520 Madison Avenue, New York, New York 10022, Attention: Equity Syndicate Prospectus Department, Phone: (877) 821-7388, Email: [email protected]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Email: [email protected] and [email protected]; KeyBanc Capital Markets Inc., 127 Public Square, 7th Floor, Cleveland, Ohio 44114, Attention: Equity Syndicate, Phone (800) 859-1783; Mizuho Securities USA LLC, 1271 Avenue of the Americas, 3rd Floor, New York, New York 10020, Attention: Equity Capital Markets, Email: [email protected]; Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York, New York 10281, Attention: US ECM, Email: [email protected]; TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Email: [email protected]; Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, Minnesota 55402, Phone: (800) 645-3751 (option #5), Email: [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which the offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities will be made only by means of the prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the "Securities Act").

This press release contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as "forecasts," "expects," "estimates," "anticipates," "intends," "believes," "plans," "will," "target," "guidance," "potential," "goal," "consider" and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the SEC, including, but not limited to: its subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; artificial intelligence is an emerging area of technology that has the potential to impact various aspects of its and its subsidiaries' business operations and customer interactions; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and it also faces other risks that are beyond its control.  This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,300 square-mile area in southeastern New York State and northern New Jersey; and Con Edison Transmission, Inc., which through its subsidiaries, develops and invests in electric transmission projects and owns interests in both electric and gas assets.

SOURCE Consolidated Edison, Inc.

NEW YORK, May 14, 2026 /PRNewswire/ -- Consolidated Edison, Inc. ( "Con Edison ") (NYSE: ED) executives will meet with investors at various conferences in May and June 2026. A copy of Con Edison's investor presentation for these meetings can be found on the  Presentations & Webcasts page of Con Edison's website.

In the dividend world, Dividend Kings are the model example of reliability. Those are the companies that, through thick and thin, have increased their dividend payouts for 50 or more consecutive years.

The energy sector is known for volatility, but there are still companies that can offer the same level of consistency in their payouts. We'll look at three of those energy companies today; one is in fact a Dividend King that has increased its payout consecutively for over 52 years, while the two other companies are on the path to earning that title. Those companies are Consolidated Edison (ED +0.84%), Enbridge (ENB +0.07%), and Enterprise Products Partners (EPD 0.08%).

Image source: Getty Images.

The utility Dividend King Consolidated Edison is a regulated utility operator with a strong anchor in New York that allows it to generate consistent cash flow. Its first of three main business segments, Con Edison of New York, provides gas services to over 1 million customers and electric services to over 3 million customers in New York City and Westchester County. Its Orange & Rockland business serves over 400,000 customers with its electric and gas services, and its Con Edison Transmission business invests in electrical and natural gas transmission projects.

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Consolidated entered the Dividend King club not too long ago, with 52 years of consecutive payout increases. Currently, that payout yields 3.3%, and the company can maintain it thanks to strong income generation.

In 2025, it generated over $2 billion in net income, up from $1.8 billion in 2024. It's off to a strong start this year, reporting net income of $924 million in its 2026 first-quarter earnings report. With regulated utilities, an investing consideration is that companies can't typically rely on price increases for revenue growth, as those increases require approval.

Enbridge uses an "all of the above" strategy As data centers power artificial intelligence (AI) workloads, it puts strain on traditional grids. According to Motley Fool research, to meet those demands, investors should consider how multiple energy sources can be used:

Investors should focus more on total energy demand than on renewables versus fossil fuels in the energy mix. Over the long term, solar, wind, battery energy storage, and nuclear will likely make up a higher proportion of the electricity mix than natural gas and coal. However, natural gas consumption could still be far higher 5 to 10 years from now than today, given AI's outsize energy demands.

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That fits right into Enbridge's approach, which says it believes in an "all-of-the-above energy supply approach that's built for reality." As examples of its range of energy offerings, Meta Platforms signed an agreement to purchase all the renewable energy output from Enbridge's solar project in Texas. It also operates a massive natural gas pipeline, which moves roughly 20% of all the gas consumed in the U.S.

It's building its way up to becoming a Dividend King, with 31 years of consecutive dividend increases, and that dividend currently yields 4.8%. Strong earnings continually support that payout. For 2025 in Canadian dollars, generally accepted accounting principles (GAAP) earnings were CA$7 billion ($5 billion).

The big business of energy transportation and storage Enterprise is a midstream service provider, acting as an intermediary that processes, transports, and stores between extraction and final delivery. It operates over 50,000 miles of pipeline, with over 21,000 miles dedicated to natural gas. The rest is for natural gas liquids, crude oil, refined products, and petrochemicals. That puts Enterprise in a strong position, as the global natural gas market is expected to continue growing from roughly $895 billion in 2025 to more than $1 trillion by 2033, according to Grand View Research.

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Enterprise's dividend yield is high at 5.5%, which is within a range that can often worry investors about sustainability, especially in the energy sector. Even with those concerns typical of other companies, Enterprise continues to produce steady net income, enabling dividend increases for 27 consecutive years. In 2024, it reported $5.9 billion in net income and $5.8 billion in 2025.

Key Takeaways DUK offers 6.3% expected earnings growth, with estimates up 0.1% in the past 60 days.ED combines diversified utility operations with 6.8% expected earnings growth.PCG targets 10% earnings growth, with consensus estimates up 0.6% over 90 days. Consumer price index accelerated further in May, as a surge in oil prices created pressure on the economy, raising concerns of an economic slowdown. Tensions in the Middle East have been contributing to the pain for consumers, with the Federal Reserve struggling to bring down inflation.

Given this scenario, we recommend buying three defensive stocks from the utility sector, namely Duke Energy Corporation (DUK - Free Report) , Consolidated Edison, Inc.(ED - Free Report) and PG&E Corporation (PCG - Free Report) .

These stocks have seen positive earnings estimate revisions in the past 60 days, carry a Zacks Rank #2 (Buy) at present, and are set for solid returns. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Inflation Jump FurtherThe Consumer Price Index, an important gauge for measuring the prices of goods and services across the economy, jumped 0.5% sequentially in May after rising 0.6% in April, and 4.2% from the year-ago levels, the Commerce Department reported on Thursday. The annual jump was the largest since April 2023.

Although both the monthly and annual rises came in line with economists’ expectations, inflation has been rising at a steep pace over the past three months. CPI rose 3.3% year over year in March and 3.8% in April.

Core CPI, which strips out the volatile food and energy, rose 0.2% sequentially in May and 2.9% from the year-ago levels. The monthly gain was below the consensus estimate of a rise of 0.3%, while the annual figures came in line with expectations.

Inflation rose past the 4% mark for the first time in three years as oil prices surged amid the ongoing Middle East crisis. Hours after the CIP report was released, President Donald Trump suggested that a peace deal had been reached with Iran and that the war would stop.

However, concerns remain as an official announcement is yet to be made. Oil prices have surged nearly 40% since the beginning of the war, which has pushed inflation to a three-year high.

The Federal Reserve, which monitors the CPI to track its 2% target, halted rate cuts last year. Investors were earlier hoping that the central bank could resume its rate cuts in the second half of the year.

However, several Federal Reserve officials now believe that a rate hike would be necessary if inflation continues to stay above 2%. A rate hike means higher borrowing costs, which would further weigh on investors.

3 Low-Beta Utility Stocks with Growth PotentialDuke Energy CorporationDuke Energy Corporation is a diversified energy company with a broad portfolio of domestic and international, natural gas and electric and regulated and unregulated businesses that supply, deliver and process energy in North America and selected international markets. DUK primarily operates through three business segments — Electric Utilities and Infrastructure, Gas Utilities and Infrastructure, and Commercial Renewables.

Duke Energy Corporation has an expected earnings growth rate of 6.3% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last 60 days. Duke Energy has a beta of 0.39 and a current dividend yield of 3.41%.

Consolidated EdisonConsolidated Edison, Inc. is a diversified utility holding company with subsidiaries engaged in both regulated and unregulated businesses. ED’s regulated businesses operate through its subsidiaries — Consolidated Edison Company of New York, Orange and Rockland Utilities, Con Edison Clean Energy Businesses, Inc. and Con Edison Transmission, Inc.

Consolidated Edison has an expected earnings growth rate of 6.8% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.3% over the last 60 days. Consolidated Edison has a beta of 0.27 and a current dividend yield of 3.30%.

PG&E CorporationPG&E Corporation is the parent holding company of California’s largest regulated electric and gas utility, Pacific Gas and Electric Company. PCG generates revenues mainly through the sale and delivery of electricity and natural gas to customers.

PG&E Corporation has an expected earnings growth rate of 10% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.6% over the last 90 days. PG&E Corporation has a beta of 0.27 and a current dividend yield of 1.20%.

Posted by Defense World Staff on Apr 23rd, 2026

Cwm LLC raised its stake in Invitation Home (NYSE:INVH – Free Report) by 40.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 159,413 shares of the company’s stock after purchasing an additional 45,749 shares during the quarter. Cwm LLC’s holdings in Invitation Home were worth $4,430,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of INVH. Hantz Financial Services Inc. raised its holdings in shares of Invitation Home by 1,695.2% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,131 shares of the company’s stock valued at $33,000 after buying an additional 1,068 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Invitation Home by 59.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock worth $36,000 after acquiring an additional 466 shares during the period. Cromwell Holdings LLC grew its position in Invitation Home by 2,463.5% in the fourth quarter. Cromwell Holdings LLC now owns 1,333 shares of the company’s stock valued at $37,000 after acquiring an additional 1,281 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in Invitation Home by 136,000.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,361 shares of the company’s stock valued at $40,000 after acquiring an additional 1,360 shares in the last quarter. Finally, Mather Group LLC. purchased a new stake in shares of Invitation Home during the third quarter valued at approximately $42,000. Institutional investors and hedge funds own 96.79% of the company’s stock.

Invitation Home Stock Performance Invitation Home stock opened at $26.67 on Thursday. Invitation Home has a 52 week low of $24.25 and a 52 week high of $35.80. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 0.44. The stock has a market cap of $15.98 billion, a P/E ratio of 27.78, a price-to-earnings-growth ratio of 3.87 and a beta of 0.82. The stock has a 50 day moving average of $25.81 and a 200-day moving average of $26.95.

Invitation Home (NYSE:INVH – Get Free Report) last issued its quarterly earnings results on Wednesday, February 18th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.21). The company had revenue of $685.25 million during the quarter, compared to the consensus estimate of $683.00 million. Invitation Home had a return on equity of 6.24% and a net margin of 21.53%.The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 EPS. Invitation Home has set its FY 2026 guidance at 1.900-1.980 EPS. On average, analysts expect that Invitation Home will post 1.88 EPS for the current fiscal year.

Invitation Home Announces Dividend The business also recently announced a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Thursday, March 26th were given a $0.30 dividend. The ex-dividend date of this dividend was Thursday, March 26th. This represents a $1.20 annualized dividend and a dividend yield of 4.5%. Invitation Home’s payout ratio is presently 125.00%.

Analyst Ratings Changes A number of research analysts have recently commented on INVH shares. Mizuho reduced their target price on shares of Invitation Home from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, March 13th. Barclays dropped their price target on shares of Invitation Home from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday, March 6th. Wall Street Zen lowered shares of Invitation Home from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Raymond James Financial reissued a “market perform” rating on shares of Invitation Home in a research report on Friday, February 27th. Finally, Keefe, Bruyette & Woods lowered their target price on Invitation Home from $31.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, February 25th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $32.88.

Check Out Our Latest Report on INVH

Invitation Home Profile (Free Report)

Invitation Homes (NYSE: INVH) is a real estate investment trust that specializes in the ownership, operation and leasing of single-family rental homes across the United States. The company focuses on acquiring suburban and urban-adjacent single-family residences and managing them as rental properties for households seeking professionally managed, long-term housing alternatives to traditional homeownership or multifamily rentals.

Operationally, Invitation Homes is involved in the full lifecycle of the single-family rental business: sourcing and acquiring homes, performing renovations and ongoing maintenance, marketing and leasing properties, and providing property management and resident services.

Further Reading Five stocks we like better than Invitation Home Want to see what other hedge funds are holding INVH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Invitation Home (NYSE:INVH – Free Report).

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DALLAS--(BUSINESS WIRE)--Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our First Quarter (“Q1”) 2026 financial and operating results.

Q1 2026 Highlights

Year over year, total revenues increased 8.8% to $734 million, property operating and maintenance costs increased 5.8% to $251 million, and net income available to common stockholders decreased 3.5% to $160 million, or $0.26 per diluted common share. Core FFO per share remained generally flat at $0.48, while AFFO per share declined 2.6% to $0.41, consistent with expectations and primarily timing related. Same Store NOI decreased 0.3% year over year, reflecting 1.6% Same Store Core Revenues growth and 5.7% Same Store Core Operating Expenses growth; these results were impacted by the expected moderation in Same Store Average Occupancy from 97.2% to 96.3% year over year and timing of expenses. Same Store renewal rent growth of 3.7% and Same Store new lease rent growth of (3.0)% resulted in Same Store blended rent growth of 1.6%; looking ahead, preliminary April Same Store blended rent growth is approximately 2.3%, including a return to positive new lease rent growth for the month. We were a net seller of 222 wholly owned homes — many to families purchasing for their own use — generating net proceeds of approximately $116 million. Wholly owned dispositions are tracking well ahead of expectations, totaling $206 million, with an average sales price of approximately $427,000 per home. We acquired 17,101,046 shares of our common stock for approximately $439 million under our share repurchase program. Together with repurchases completed in the fourth quarter of 2025, we repurchased a total of 19,333,731 shares at an average price of $25.86 per share for an aggregate of approximately $500 million, fully utilizing the authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new $500 million share repurchase program. At quarter end, we had $1,304 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility, with net debt / TTM adjusted EBITDAre of 5.6x, within our targeted range of 5.5x to 6.0x. As previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), an in-house development general contractor for new build-to-rent communities that is expected to be modestly accretive to our 2026 AFFO per share. During Q1 2026, ResiBuilt delivered over 300 newly constructed homes to third party customers. We are maintaining our previously disclosed full year 2026 outlook as detailed further below. Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures

Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.

Comments from Chief Executive Officer Dallas Tanner

“Our teams delivered a solid first quarter in line with our expectations, providing good momentum heading into peak leasing season. Occupancy is climbing, new lease rent growth turned positive in April, and our residents continue to stay longer. In our markets, leasing one of our homes saves a family nearly a thousand dollars a month on average compared to owning. In addition, we put $500 million to work through repurchases of our stock, and our board of directors has just approved a new $500 million stock repurchase authorization — reflecting our continued confidence in the intrinsic value of our business. We are executing on our priorities, maintaining our full-year outlook, and I remain optimistic about the long-term positioning of this business.”

Financial Results

Net Income, FFO, Core FFO, and AFFO Per Share — Diluted

Q1 2026

Q1 2025

Net income

$

0.26

$

0.27

FFO

0.43

0.45

Core FFO

0.48

0.48

AFFO

0.41

0.42

Net Income

Year over year, net income per common share — diluted for Q1 2026 decreased 2.3% to $0.26, primarily due to an increase in total expenses.

Core FFO

Year over year, Core FFO per share for Q1 2026 remained generally flat at $0.48.

AFFO

Year over year, AFFO per share for Q1 2026 declined 2.6% to $0.41, consistent with expectations and primarily timing related.

Operating Results

Same Store Operating Results Snapshot

Number of Homes, period-end

Q1 2026

Total Portfolio

85,970

Number of homes in Same Store Portfolio:

78,141

Same Store % of Total

90.9

%

Q1 2026

Q1 2025

Core Revenues growth (year over year)

1.6

%

Core Operating Expenses growth (year over year)

5.7

%

NOI growth (year over year)

(0.3

)%

Average Occupancy

96.3

%

97.2

%

Bad Debt % of gross rental revenue

0.6

%

0.6

%

Turnover Rate

5.3

%

5.0

%

Rental Rate Growth (lease-over-lease):

Renewals

3.7

%

5.2

%

New leases

(3.0

)%

(0.1

)%

Blended (1)

1.6

%

3.6

%

Other property income growth, net (year over year) (2):

10.3

%

(1) Preliminary April 2026 leasing indicates blended Rental Rate Growth for the month of 2.3%, including positive Rental Rate Growth for new leases.

(2) Represents value add service income and lease fees, net of resident recoveries, that are included within Core Revenues growth, but not included within Rental Rate Growth. Same Store NOI

For the Same Store Portfolio of 78,141 homes, Same Store NOI for Q1 2026 decreased 0.3% year over year on Same Store Core Revenues growth of 1.6% and Same Store Core Operating Expenses growth of 5.7%.

Same Store Core Revenues

Q1 2026 Same Store Core Revenues growth of 1.6% year over year was primarily driven by a 2.2% increase in Average Monthly Rent and a 10.3% increase in other income, net of resident recoveries, partially offset by an anticipated 90 basis point year over year decline in Average Occupancy.

Same Store Core Operating Expenses

Q1 2026 Same Store Core Operating Expenses increased 5.7% year over year, which was in line with expectations and attributable to a 12.1% increase in controllable expenses and a 2.8% increase in fixed expenses. The year over year increase in controllable expenses was primarily attributable to favorable timing of certain expense items in the prior year.

Investment, Property Management, and Homebuilding Activity

During Q1 2026, we were a net seller of 222 wholly owned homes — many to families purchasing for their own use — generating net proceeds of approximately $116 million. Wholly owned dispositions are tracking well ahead of expectations, totaling $206 million, with an average sales price of approximately $427,000 per home. In addition, during Q1 2026, our joint ventures acquired 20 homes for $7 million and sold 10 homes for $5 million.

A summary of our owned and/or managed homes is included in the following table:

Summary of Homes Owned and/or Managed as of March 31, 2026

Number of
Homes Owned
and/or
Managed as of
12/31/2025

Acquired or
Added In
Q1 2026

Disposed or
Subtracted In
Q1 2026

Number of
Homes Owned
and/or
Managed as of
3/31/2026

Wholly owned homes

86,192

261

(483

)

85,970

Joint venture owned homes

8,006

20

(10

)

8,016

Managed-only homes

15,866

—

(107

)

15,759

Total homes owned and/or managed

110,064

281

(600

)

109,745

As previously announced, on January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), an in-house development general contractor for new build-to-rent communities that is expected to be modestly accretive to our 2026 AFFO per share. During Q1 2026, ResiBuilt delivered over 300 newly constructed homes to third party customers.

Balance Sheet and Capital Markets Activity

As of March 31, 2026, we had $1,304 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,873 million consisted of 84.3% unsecured debt and 15.7% secured debt; 89.5% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.6x, within our targeted range of 5.5x to 6.0x. We have no debt reaching final maturity before June 2027.

We acquired 17,101,046 shares of our common stock for approximately $439 million under our share repurchase program. Together with repurchases completed in the fourth quarter of 2025, we repurchased a total of 19,333,731 shares at an average price of $25.86 per share for an aggregate of approximately $500 million, fully utilizing the authorization approved by our board of directors on October 28, 2025. On April 27, 2026, our board of directors authorized a new $500 million share repurchase program. Repurchases, if any, will be made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.

FY 2026 Guidance

Set forth below are our current expectations, which are generally unchanged from initial guidance provided in February 2026, in addition to our underlying assumptions. In accordance with SEC rules, we do not provide guidance for the most comparable GAAP financial measures of net income (loss) per share, total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, net casualty losses and reserves, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.

FY 2026 Guidance Summary

FY 2026

Guidance Range

FY 2026

Guidance Midpoint

Core FFO per share — diluted

$1.90 - $1.98

$1.94

AFFO per share — diluted

$1.60 - $1.68

$1.64

Same Store Core Revenues growth (1)

1.3% - 2.5%

1.9%

Same Store Core Operating Expenses growth (2)

3.0% - 4.0%

3.5%

Same Store NOI growth

0.3% - 2.0%

1.15%

Wholly owned acquisitions (3)

$150 - $350 million

$250 million

JV acquisitions (3)

$50 - $150 million

$100 million

Wholly owned dispositions

$450 - $650 million

$550 million

(1) Same Store Core Revenues growth guidance assumes FY 2026 (i) Average Occupancy in a range of 96.0% to 96.6% and (ii) average Bad Debt in a range of 60 to 80 basis points. (2) Same Store Core Operating Expenses growth guidance assumes a year over year increase in FY 2026 (i) property taxes in a range of 4% to 5%; (ii) insurance expenses in a range of 5% to 7%; and (iii) all other expenses in a range of approximately 1% to 2%. (3) Excludes our acquisition of ResiBuilt in January 2026. Earnings Conference Call Information

We have scheduled a conference call at 11:00 a.m. Eastern Time on April 30, 2026, to review Q1 2026 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from our investor relations website at www.invh.com. Following the conclusion of the earnings call, we will post a replay of the webcast to our website for one year.

Supplemental Information

The full text of the Earnings Release and Supplemental Information referenced in this release are available on our Investor Relations website at www.invh.com.

About Invitation Homes

Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, federal, state, and local laws, regulations, executive actions, and policy initiatives, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”), as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Consolidated Balance Sheets

($ in thousands, except shares and per share data)

March 31, 2026

December 31, 2025

(unaudited)

Assets:

Investments in single-family residential properties, net

$

17,114,862

$

17,274,622

Cash and cash equivalents

114,129

129,971

Restricted cash

258,850

224,894

Goodwill

314,154

258,207

Investments in unconsolidated joint ventures

250,572

254,561

Other assets, net

648,574

538,035

Total assets

$

18,701,141

$

18,680,290

Liabilities:

Secured debt, net

$

1,384,686

$

1,384,114

Unsecured notes, net

4,400,877

4,398,921

Term loan facilities, net

2,456,807

2,451,985

Revolving facility

560,000

145,000

Accounts payable and accrued expenses

257,455

230,350

Resident security deposits

187,066

184,536

Other liabilities

325,587

317,492

Total liabilities

9,572,478

9,112,398

Equity:

Stockholders’ equity

Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2026 and December 31, 2025

—

—

Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 593,981,591 and 610,788,732 outstanding as of March 31, 2026 and December 31, 2025, respectively

5,940

6,108

Additional paid-in capital

10,696,063

11,128,590

Accumulated deficit

(1,629,420

)

(1,610,981

)

Accumulated other comprehensive income

18,451

6,415

Total stockholders’ equity

9,091,034

9,530,132

Non-controlling interests

37,629

37,760

Total equity

9,128,663

9,567,892

Total liabilities and equity

$

18,701,141

$

18,680,290

Consolidated Statements of Operations

($ in thousands, except shares and per share amounts)

Q1 2026

Q1 2025

Revenues:

(unaudited)

(unaudited)

Rental revenues

$

597,697

$

585,193

Other property income

72,818

67,878

Management fee revenues

19,852

21,408

Homebuilding revenues

43,745

—

Total revenues

734,112

674,479

Expenses:

Property operating and maintenance

251,134

237,449

Property management expense

39,325

36,739

Homebuilding cost of sales

39,134

—

General and administrative

32,319

29,518

Interest expense

95,313

84,254

Depreciation and amortization

193,142

183,146

Casualty losses, impairment, and other

4,345

4,683

Total expenses

654,712

575,789

Gain on sale of property, net of tax

87,094

71,666

Losses from investments in unconsolidated joint ventures

(3,085

)

(5,218

)

Other, net

(2,344

)

1,144

Net income

161,065

166,282

Net income attributable to non-controlling interests

(557

)

(537

)

Net income attributable to common stockholders

160,508

165,745

Net income available to participating securities

(708

)

(228

)

Net income available to common stockholders — basic and diluted

$

159,800

$

165,517

Weighted average common shares outstanding — basic

605,997,344

612,777,606

Weighted average common shares outstanding — diluted

606,233,573

613,361,880

Net income per common share — basic

$

0.26

$

0.27

Net income per common share — diluted

$

0.26

$

0.27

Dividends declared per common share

$

0.30

$

0.29

Glossary and Reconciliations

Average Monthly Rent

Average monthly rent represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period, and reflects the impact of non-service rental concessions and contractual rent increases amortized over the life of the lease.

Average Occupancy

Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period.

Bad Debt

Bad debt represents our reserves for residents’ accounts receivables balances that are aged greater than 30 days, under the rationale that a resident’s security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident’s security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. All rental revenues and other property income, in both Total Portfolio and Same Store Portfolio presentations, are reflected net of bad debt.

Core Operating Expenses

Core operating expenses for an identified population of homes reflect property operating and maintenance expenses, excluding any expenses recovered from residents.

Core Revenues

Core revenues for an identified population of homes reflects total revenues, net of any resident recoveries.

EBITDA, EBITDAre, and Adjusted EBITDAre

EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts (“Nareit”) recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. We define EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of Net Income to Adjusted EBITDAre” for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)

FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. We define Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; business reorganization costs; casualty (gains) losses and reserves, net; amortization of intangible assets; and (gains) losses on investments in equity and other securities, net, as applicable. We define Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserve the value and maintain the functionality of our homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for our share of investments in unconsolidated joint ventures.

We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss. We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of our performance across reporting periods by removing the impact of certain items that are not comparable from period to period.

The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. FFO, Core FFO, and Adjusted FFO are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our FFO, Core FFO, and Adjusted FFO may not be comparable to the FFO, Core FFO, and Adjusted FFO of other companies due to the fact that not all companies use the same definition of FFO, Core FFO, and Adjusted FFO. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See “Reconciliation of FFO, Core FFO, and Adjusted FFO” for a reconciliation of GAAP net income to FFO, Core FFO, and Adjusted FFO.

Net Operating Income (NOI)

NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and (income) losses from investments in unconsolidated joint ventures.

The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio. See “Reconciliation of Net Income to Same Store NOI” for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store Portfolio.

Recurring Capital Expenditures or Recurring CapEx

Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and maintain the value and functionality of a home and our systems as a single-family rental.

Rental Rate Growth

Rental rate growth for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease, and, in each case, reflects the impact of any amortized non-service rent concessions and amortized contractual rent increases. Leases are either renewal leases, where our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home.

Same Store / Same Store Portfolio

Same Store or Same Store portfolio includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as our existing Same Store portfolio, and homes in markets that we have announced an intent to exit where we no longer operate a significant number of homes.

Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as our existing Same Store portfolio may be considered stabilized at the time of acquisition.

Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established.

We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and our prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our organic business.

Total Homes / Total Portfolio

Total homes or total portfolio refers to the total number of homes owned, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to the wholly owned homes and excludes homes owned in joint ventures.

Turnover Rate

Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population.

Reconciliation of FFO, Core FFO, and AFFO

($ in thousands, except shares and per share amounts) (unaudited)

FFO Reconciliation

Q1 2026

Q1 2025

Net income available to common stockholders

$

159,800

$

165,517

Net income available to participating securities

708

228

Non-controlling interests

557

537

Depreciation and amortization of real estate assets

184,923

179,063

Impairment on depreciated real estate investments

469

63

Net gain on sale of previously depreciated investments in real estate

(87,094

)

(71,666

)

Depreciation and net gain on sale of investments in unconsolidated joint ventures

3,042

3,498

FFO

$

262,405

$

277,240

Core FFO Reconciliation

Q1 2026

Q1 2025

FFO

$

262,405

$

277,240

Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)

10,629

3,634

Share-based compensation expense

10,700

10,157

Amortization of intangible assets

2,413

—

Business reorganization costs

1,501

2,385

Casualty losses and reserves, net (1)

3,935

4,683

Losses on investments in equity and other securities, net

213

221

Core FFO

$

291,796

$

298,320

AFFO Reconciliation

Q1 2026

Q1 2025

Core FFO

$

291,796

$

298,320

Recurring Capital Expenditures (1)

(40,473

)

(37,347

)

AFFO

$

251,323

$

260,973

Net income available to common stockholders

Weighted average common shares outstanding — diluted

606,233,573

613,361,880

Net income per common share — diluted

$

0.26

$

0.27

FFO, Core FFO, and AFFO

Weighted average common shares and OP Units outstanding — diluted

608,795,153

615,645,848

FFO per share — diluted

$

0.43

$

0.45

Core FFO per share — diluted

$

0.48

$

0.48

AFFO per share — diluted

$

0.41

$

0.42

(1) Includes our share from unconsolidated joint ventures. Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly

(in thousands) (unaudited)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Total revenues (Total Portfolio)

$

734,112

$

685,250

$

688,166

$

681,401

$

674,479

Management fee revenues

(19,852

)

(21,662

)

(21,975

)

(22,294

)

(21,408

)

Homebuilding revenues

(43,745

)

—

—

—

—

Total portfolio resident recoveries

(46,072

)

(45,389

)

(46,885

)

(40,944

)

(44,118

)

Total Core Revenues (Total Portfolio)

624,443

618,199

619,306

618,163

608,953

Non-Same Store Core Revenues

(45,447

)

(44,578

)

(44,429

)

(42,399

)

(38,808

)

Same Store Core Revenues

$

578,996

$

573,621

$

574,877

$

575,764

$

570,145

Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly

(in thousands) (unaudited)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Property operating and maintenance expenses (Total Portfolio)

$

251,134

$

244,823

$

259,037

$

244,278

$

237,449

Total Portfolio resident recoveries

(46,072

)

(45,389

)

(46,885

)

(40,944

)

(44,118

)

Core Operating Expenses (Total Portfolio)

205,062

199,434

212,152

203,334

193,331

Non-Same Store Core Operating Expenses

(19,778

)

(18,592

)

(21,833

)

(19,453

)

(18,096

)

Same Store Core Operating Expenses

$

185,284

$

180,842

$

190,319

$

183,881

$

175,235

Reconciliation of Net Income to Same Store NOI, Quarterly

(in thousands) (unaudited)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Net income available to common stockholders

$

159,800

$

144,308

$

136,474

$

140,665

$

165,517

Net income available to participating securities

708

246

264

222

228

Non-controlling interests

557

496

472

480

537

Management fee revenues

(19,852

)

(21,662

)

(21,975

)

(22,294

)

(21,408

)

Homebuilding revenues

(43,745

)

—

—

—

—

Property management expense

39,325

39,485

37,073

35,833

36,739

Homebuilding cost of sales

39,134

—

—

—

—

General and administrative

32,319

23,697

18,444

23,591

29,518

Interest expense

95,313

90,878

90,781

87,414

84,254

Depreciation and amortization

193,142

189,875

188,457

185,455

183,146

Casualty losses, impairment, and other

4,345

311

3,420

3,029

4,683

Gain on sale of property, net of tax

(87,094

)

(54,463

)

(45,515

)

(46,591

)

(71,666

)

(Income) losses from investments in unconsolidated joint ventures

3,085

3,717

(2,130

)

4,802

5,218

Other, net (1)

2,344

1,877

1,389

2,223

(1,144

)

NOI (Total Portfolio)

419,381

418,765

407,154

414,829

415,622

Non-Same Store NOI

(25,669

)

(25,986

)

(22,596

)

(22,946

)

(20,712

)

Same Store NOI

$

393,712

$

392,779

$

384,558

$

391,883

$

394,910

(1) Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses. Reconciliation of Net Income to Adjusted EBITDAre

(in thousands, unaudited)

Trailing Twelve Months (TTM) Ended

Q1 2026

Q1 2025

March 31, 2026

December 31, 2025

Net income available to common stockholders

$

159,800

$

165,517

$

581,247

$

586,964

Net income available to participating securities

708

228

1,440

960

Non-controlling interests

557

537

2,005

1,985

Interest expense

95,313

84,254

364,386

353,327

Interest expense in unconsolidated joint ventures

6,127

5,626

25,813

25,312

Depreciation and amortization

193,142

183,146

756,929

746,933

Depreciation and amortization of investments in unconsolidated joint ventures

4,468

3,662

17,167

16,361

EBITDA

460,115

442,970

1,748,987

1,731,842

Gain on sale of property, net of tax

(87,094

)

(71,666

)

(233,663

)

(218,235

)

Impairment on depreciated real estate investments

469

63

1,063

657

Net gain on sale of investments in unconsolidated joint ventures

(1,421

)

(145

)

(9,737

)

(8,461

)

EBITDAre

372,069

371,222

1,506,650

1,505,803

Share-based compensation expense

10,700

10,157

28,373

27,830

Business reorganization costs

1,501

2,385

1,888

2,772

Casualty losses and reserves, net (1)

3,935

4,683

10,176

10,924

Other, net (2)

2,344

(1,144

)

7,833

4,345

Adjusted EBITDAre

$

390,549

$

387,303

$

1,554,920

$

1,551,674

(1) Includes our share from unconsolidated joint ventures. (2) Includes interest income, gains (losses) resulting from investments in equity securities, settlement and other costs related to certain litigation and regulatory matters, and other miscellaneous income and expenses. Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre

(in thousands, except for ratio) (unaudited)

As of

As of

March 31, 2026

December 31, 2025

Secured debt, net

$

1,384,686

$

1,384,114

Unsecured notes, net

4,400,877

4,398,921

Term loan facility, net

2,456,807

2,451,985

Revolving facility

560,000

145,000

Total Debt per Balance Sheet

8,802,370

8,380,020

Retained and repurchased certificates

(55,499

)

(55,499

)

Cash, ex-security deposits and letters of credit (1)

(182,985

)

(167,472

)

Deferred financing costs, net

47,758

54,208

Unamortized discounts on notes payable

23,271

24,171

Net Debt (A)

$

8,634,915

$

8,235,428

For the TTM Ended

For the TTM Ended

March 31, 2026

December 31, 2025

Adjusted EBITDAre (B)

$

1,554,920

$

1,551,674

Net Debt / TTM Adjusted EBITDAre (A / B)

5.6x

5.3x

(1) Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit. More News From Invitation Homes Inc.

For the quarter ended March 2026, Invitation Home (INVH - Free Report) reported revenue of $734.11 million, up 8.8% over the same period last year. EPS came in at $0.48, compared to $0.27 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $688.82 million, representing a surprise of +6.58%. The company delivered an EPS surprise of -0.35%, with the consensus EPS estimate being $0.48.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Invitation Home performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Homes Owned and/or Managed - Wholly owned homes: 85,970 versus 86,094 estimated by three analysts on average.Same Store Average Occupancy: 96.3% compared to the 96.4% average estimate based on three analysts.Same Store Total / Average - Number of Homes: 78,141 compared to the 76,819 average estimate based on three analysts.Revenues- Management fee revenues: $19.85 million compared to the $21.35 million average estimate based on four analysts. The reported number represents a change of -7.3% year over year.Revenues- Rental revenues: $597.7 million compared to the $668.17 million average estimate based on four analysts. The reported number represents a change of +2.1% year over year.Net Earnings Per Share (Diluted): $0.26 versus the four-analyst average estimate of $0.20.View all Key Company Metrics for Invitation Home here>>>

Shares of Invitation Home have returned +13.2% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Invitation Homes Inc (INVH) Q1 2026 Earnings Call Highlights: Navigating Market Challenges with Strategic Moves Despite facing revenue growth challenges, Invitation Homes Inc (INVH) maintains strong occupancy and liquidity while executing strategic share repurchases and home sales. Summary

Same-Store Core Revenue Growth: 1.6% year-over-year.Core Operating Expenses Growth: 5.7% year-over-year.Same-Store NOI: Down 0.3% year-over-year.Renewal Rent Growth: 3.7%.New Lease Rent Growth: Negative 3.0%.Blended Rent Growth: 1.6%.Same-Store Occupancy: Averaged 96.3% for the quarter.Core FFO Per Share: Generally flat year-over-year.AFFO Per Share: Down 2.6% year-over-year.Share Repurchases: Approximately 17 million shares for $439 million in Q1.Disposition of Homes: Sold 483 homes for $206 million.Available Liquidity: $1.3 billion through unrestricted cash and undrawn revolver capacity.Total Indebtedness: Approximately $8.9 billion.Net Debt to Adjusted EBITDA Ratio: 5.6 times.

Release Date: April 30, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points Invitation Homes Inc INVH achieved a high average occupancy rate of 96.3% for the first quarter, with occupancy improving to 97.1% in April.The company completed a $500 million share repurchase authorization, buying back 17 million shares, and has approved a new $500 million repurchase authorization.INVH's construction lending business has grown to $279 million in commitments, generating attractive returns.The ResiBuilt acquisition has been successfully integrated, delivering over 300 homes to third-party buyers during the quarter.INVH maintains a strong balance sheet with $1.3 billion in available liquidity and a net debt to adjusted EBITDA ratio of 5.6 times. Negative Points Same-store NOI was down 0.3% year-over-year, reflecting challenges in revenue growth and elevated operating expenses.New lease rent growth was negative 3.0% for the quarter, impacted by elevated supply conditions in several markets.Core FFO per share was flat year-over-year, and AFFO per share decreased by 2.6%, indicating pressure on profitability.The company faces legislative uncertainty, which could impact future growth and operations, particularly in the single-family rental sector.INVH's forward pipeline for third-party homebuilder partnerships has been reduced by roughly two-thirds from a year ago, indicating a slowdown in new housing supply initiatives. Q & A Highlights Q: Congrats on the nice start to the year. Just a question on the renewals, where you're sending them out for kind of spring and summer, and what kind of strategy you're using there during this leasing season?
A: Timothy Lobner, Chief Operating Officer, mentioned that they generally don't provide details on renewal rates but are seeing a strong market. They expect May to look similar to April, with renewal rate growth in the mid-3% to mid-4% range throughout the year. The fundamentals are strong, and they are on track with their expectations.

Q: There's a pretty meaningful spread between your renewal rate growth and your new lease rate growth in some of the heavier construction markets. Can you talk about whether you think that narrows over time?
A: Timothy Lobner explained that spreads generally narrow as they progress through peak season. Renewal rates tend to stay flat, while new lease growth trends upward, closing the gap. They are seeing moderation in supply, particularly in build-to-rent deliveries, and expect continued absorption of product across markets.

Q: Given the activity you've had on the disposition program, is that something you would consider ramping? What are the tax implications around that?
A: Dallas Tanner, CEO, stated that they have been good sellers historically and will continue to use dispositions as a measured lever. Jonathan Olsen, CFO, added that while tax rules impose some limitations, they are not a major constraint. The focus is on selling homes to end-users and using proceeds for share repurchases.

Q: Have you seen any change in demand for your third-party management platform or for development funding opportunities given some uncertainty for SFRs within the ROAD to Housing Act?
A: Dallas Tanner noted that while there are inquiries about management opportunities, they are selective. Legislative discussions could create opportunities, but it's too early to predict. They aim to maintain consistent operations and explore opportunities as they arise.

Q: With turnover ticking slightly higher over the last couple of quarters, are you seeing any changes in reasons for move-out that could be driving this?
A: Dallas Tanner mentioned that move-outs related to home purchases have been consistent at 16%-17%, and about 25% are due to life transitions. These numbers have remained stable over the last four quarters.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Key Takeaways INVH shares rose 11.4% in three months, outperforming an industry decline of 2.2% on firm momentum.Invitation Homes is expanding via builder ties, ResiBuilt and construction lending in infill markets.INVH kept its 2026 core FFO outlook at $1.90-$1.98, backed by liquidity, buybacks and dividend growth. Invitation Homes Inc. (INVH - Free Report) shares have risen 11.4% over the past three months against the industry's fall of 2.2%.

The company should benefit from its scaled single-family rental portfolio in infill markets across the Western United States, the Sunbelt and Florida, supported by steady resident demand and improving leasing trends.INVH’s builder relationships and growing construction lending program broaden its capital-light growth options. Technology and value-added services remain an incremental net operating income (NOI) lever. A disciplined capital allocation strategy supports future growth endeavors.

Last month, Invitation Homes reported first-quarter 2026 core funds from operations (FFO) per share of $0.48, in line with the Zacks Consensus Estimate. The quarter reflected firm operating momentum, with higher blended rentals.

Analysts seem bullish on this Zacks Rank #2 (Buy) company, with the Zacks Consensus Estimate for its 2026 FFO per share revised northward by a cent over the past month to $1.95.

Image Source: Zacks Investment Research

Factors Behind INVH's Stock Price Surge: Will This Trend Last?Invitation Homes targets infill locations in high-growth markets with desirable neighborhoods and limited land for new supply. The company continues to lean on an asset-light approach by partnering with homebuilders for build-to-rent deliveries and by using its ResiBuilt platform as an in-house development general contractor. INVH is also reducing its forward purchase commitments and shifting part of its growth toolkit toward construction lending. As of March 31, 2026, the company has binding purchase agreements with certain homebuilders to acquire around 556 newly constructed single-family homes over the next few years, with remaining commitments of around $370 million.

Invitation Homes continues to invest in technology and process enhancements to improve the resident experience and support margins. In first-quarter 2026, other property income increased 10.3% year over year, helping same-store core revenues rise 1.6% despite lower occupancy.

Management remains focused on an investment-grade balance sheet and returning capital when pricing is attractive. As of March 31, 2026, Invitation Homes had $1.304 billion of available liquidity and net debt/TTM adjusted EBITDAre of 5.6X.  The company repurchased 17.1 million shares for about $439 in the first quarter and received a new $500 million authorization in late April 2026. With long-term credit ratings of BBB (Stable outlook) from Standard & Poor’s Ratings Services, BBB+ (Stable outlook) from Fitch Ratings and Baa2 (Stable outlook) from Moody’s, Invitation Homes enjoys access to debt at favorable rates. The company is well-positioned to bank on growth scopes.

Solid dividend payouts are arguably the biggest enticement for REIT investors, and INVH remains committed to that. The company has increased its dividend five times in the last five years, and its five-year annualized dividend growth rate was 12.76%, which is encouraging. Invitation Homes maintained its full-year 2026 core FFO outlook of $1.90-$1.98. This level of earnings visibility supports dividend coverage as the company balances repurchases, dispositions and selective investment.

Key Risks for INVHElevated supply and housing alternatives limit pricing power for Invitation Homes. Expense growth and leverage can restrain margins and flexibility over time.

Other Stocks to ConsiderSome other top-ranked stocks from the broader REIT sector are American Tower (AMT - Free Report) and Cousins Properties (CUZ - Free Report) , carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for AMT’s 2026 FFO per share is pegged at $10.95, which indicates year-over-year growth of 1.8%.

The consensus estimate for CUZ’s full-year FFO per share is pinned at $2.93, which calls for a 3.2% increase from the year-ago period.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

A month has gone by since the last earnings report for Invitation Home (INVH - Free Report) . Shares have added about 2.1% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Invitation Home due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Invitation Home before we dive into how investors and analysts have reacted as of late.

Invitation Homes’Q1 FFO Meets Estimates as Revenues Top on HomebuildingInvitation Homes reported first-quarter 2026 core FFO per share of $0.48, in line with the Zacks Consensus Estimate. Core FFO was unchanged from the year-ago quarter.

Total revenues climbed 8.8% year over year to $734.11 million and beat the consensus mark by 6.58%. The quarter reflected firm operating momentum, with higher blended rentals and leasing trends improving in April.

Invitation Homes’ Revenue Beat Comes From a Broader MixThe top-line outperformance was aided by growth in core property revenues and incremental contributions from homebuilding activities. Rental revenues increased to $597.70 million from $585.19 million a year ago, while other property income rose to $72.82 million from $67.88 million.

A notable change in the revenue mix was the addition of $43.75 million in homebuilding revenues, which was absent in the prior-year quarter. Management fee revenues declined year over year to $19.85 million from $21.41 million, but the combination of rental, other income and homebuilding supported overall revenue strength.

Invitation Homes Witnesses a Rise in ExpensesOn the cost side, property operating and maintenance expenses increased 5.8% year over year to $251.13 million. The company also reported a higher interest expense of $95.31 million, up 13.1% from the prior-year quarter, reflecting a heavier financing cost backdrop.

Invitation Homes’ Same-Store Results Show Rent ResilienceOperationally, the Same-Store portfolio posted a 1.6% year-over-year increase in core revenues, aided by a 2.2% rise in the average monthly rent and a 10.3% jump in other income, net of resident recoveries. Those gains were partially offset by a moderation in occupancy versus the year-ago period. Same-store occupancy declined to 96.3% from 97.2% in the prior year period.

Leasing spreads remained mixed. Same-Store renewal rent growth was 3.7%, while Same-Store new lease rent growth was (3%), resulting in blended rent growth of 1.6%. Management noted preliminary April Same-Store blended rent growth of about 2.3%, including a return to positive new lease rent growth for the month.

Invitation Homes Accelerates Capital Returns and SalesCapital allocation was active in the quarter. Invitation Homes repurchased 17.1 million shares for approximately $439 million under its share repurchase program.

The company also leaned into home sales. It was a net seller of 222 wholly owned homes, generating net proceeds of about $116 million.

Invitation Homes’ Balance SheetInvitation Homes exited the first quarter of 2026 with total liquidity of $1.3 billion, including unrestricted cash and undrawn capacity on its revolving credit facility.

Secured and unsecured debt aggregated $8.87 billion as of March 31, 2026, and its Net Debt/TTM adjusted EBITDAre was 5.6X.

Invitation Homes Maintains Its 2026 Outlook and Key AssumptionsInvitation Homes maintained its previously disclosed full-year 2026 outlook. It continues to expect core FFO per share of $1.90-$1.98.

Underlying assumptions call for Same-Store core revenues growth of 1.3%-2.5% alongside Same-Store core operating expenses growth of 3%-4%, implying Same-Store NOI growth of 0.3%-2%. The framework also includes planned capital recycling, with wholly owned dispositions projected at $450-$650 million and wholly owned acquisitions at $150-$350 million.

How Have Estimates Been Moving Since Then?Fresh estimates followed a upward path over the past two months.

VGM ScoresCurrently, Invitation Home has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook Invitation Home has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerInvitation Home belongs to the Zacks REIT and Equity Trust - Residential industry. Another stock from the same industry, Equity Residential (EQR - Free Report) , has gained 1.4% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Equity Residential reported revenues of $779.85 million in the last reported quarter, representing a year-over-year change of +2.5%. EPS of $0.24 for the same period compares with $0.95 a year ago.

Equity Residential is expected to post earnings of $1.01 per share for the current quarter, representing a year-over-year change of +2%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.8%.

Equity Residential has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.

Invitation Homes Inc. (INVH) Presents at Nareit REITweek: 2026 Investor Conference Transcript

SummaryCompaniesDeforestation a concern for investorsEU rules on sustainability are more robust than in the U.S.Unilever's 10% stake, board seats could drive ESG agendaMcCormick says cannot comment on future targets, but sustainability programme analysis is underwayLONDON, May 8 (Reuters) - Some Unilever (ULVR.L), opens new tab investors ​are pressing for the giant food entity created by a $65 billion deal with U.S. peer McCormick (MKC.N), opens new tab to adopt the standards on ‌forestry and sustainabilty more broadly that the UK consumer products company has promoted.

The second largest food transaction to date that was announced in March will combine the Unilever division with McCormick's into one company that includes brands such as Hellmann's mayonnaise and Cholula hot sauce.

Stay up to date on the key companies, data, and decisions in the ESG world with the Reuters Sustainable Finance newsletter. Sign up here.

McCormick will take on oversight of a business nearly twice its current size and with a more complex global ​supply chain that will bring challenges linked to agriculture, commodities and small-scale farming.

Given Unilever's historically leading position on sustainability, some investors are keen ​for reassurance its standards will be maintained.

"We will be seeking assurances about the intention of the combined company to uphold ⁠and build upon best practice with regard to deforestation-free sourcing of commodities," said Vemund Olsen, senior analyst at Norwegian asset manager Storebrand, a top-100 investor in ​Unilever and a McCormick shareholder according to LSEG data.

CAREFUL SOURCING AND COMPLAINT SYSTEMThose practices include not sourcing from deforested or converted land along the supply chain, having ​a public system for complaints, and ensuring full traceability of commodities to plantations, he added.

A spokesperson for Frankfurt-based Union Investment, a top-40 investor in both companies, according to LSEG data, said it would seek transparency "about how it integrates sustainable practices moving forward".

Unilever share priceUnder U.S. rules, Hunt Valley, Maryland-based McCormick is not required to disclose the same detailed sustainability information that UK-based Unilever ​faces in Europe.

Companies with significant European operations are expected to comply with EU‑level sustainability reporting rules. But that compliance may take years, leaving a transition ​period where disclosure standards depend largely on company commitments.

"If Unilever-McCormick decide to turn their backs (on sustainability), this could create significant risk for shareholders and the new entity," said Cailin Dendas, ‌environmental health ⁠program senior coordinator at shareholder group As You Sow.

"We saw this happen when Kellanova separated from Kellogg in 2023 and dropped its pesticide commitments, among other sustainability goals."

Mars, which acquired Kellanova last year, said environmental impact is assessed alongside business performance when making acquisitions.

"As integration progresses, Kellanova will be incorporated into Mars broader sustainability commitments, including our Net Zero Roadmap and sustainability governance frameworks,” a Mars spokesperson said.

Unilever will be the biggest investor in the new company with a near ​10% stake and four board directors. But ​smaller shareholders will have limited ability ⁠to directly influence the board.

Asked whether Unilever would leverage its shareholding in McCormick to push the spice maker into living up to Unilever's standards, a company spokesperson told Reuters: "We are working closely with McCormick ahead of the completion of the ​transaction to support the transition of our Foods‑related sustainability programmes and commitments."

McCormick share priceMCCORMICK CLASSIFIED AS 'MEDIUM RISK'Hannah Schalk, an analyst ​at ESG ratings firm ⁠Sustainalytics, classifies McCormick as "medium-risk" in terms of sustainability. The company's sustainability report does not include an explicit company-wide no-deforestation commitment, and provides less detail on traceability, auditing and certification, she said.

She also noted that McCormick faces the challenge of scaling its sustainability capabilities as its supply chain expands.

McCormick has acknowledged in reporting that meeting its indirect ⁠emissions and sourcing ​targets depends in part on improving data and engagement across its supplier base.

"While we cannot ​comment on future targets at this time, we are already well underway on a comprehensive strategic update process for our sustainability programme, and we'll share more details on our approach as the process ​unfolds," McCormick said in written comments.

Reporting by Simon Jessop, Alexander Marrow and Richa Naidu; editing by David Gaffen and Barbara Lewis

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Simon leads a team tracking how the financial system and companies more broadly are responding to the challenges posed by climate change, nature loss and other environmental, social and governance (ESG) issues including diversity and inclusion.

Alexander covers European consumer goods from London, focusing on the corporate strategies of companies including Nestle, Unilever, Danone and Reckitt, as well as on how their products impact consumers’ daily lives. Alexander previously covered Russia’s economy and companies from Moscow, reporting on the fallout from Russia’s 2022 invasion of Ukraine and the Western corporate exodus that followed.

Richa is a London-based reporter covering consumer goods companies, including their supply chains, advertising strategies, corporate governance structures, sustainability goals, and the political issues that impact them. She previously wrote about U.S. based retailers and consumer firms, major financial institutions and the Tokyo 2020 Olympic Games.

Rep. Rich McCormick, R-Ga., says the UAE's alleged secret attack on Iran is a positive sign for alliances in the region on ‘The Evening Edit.

,  McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, will be participating in Deutsche Bank's annual dbAccess Global Consumer Conference at 4:30 PM CEST/10:30 AM ET, on Tuesday, June 2, 2026. Representing McCormick will be Brendan Foley, Chairman, President & CEO, and Marcos Gabriel, Executive Vice President & CFO. A live audio webcast of the session will be available via the McCormick website ir.mccormick.com. A replay will be available following the event through the same website.

About McCormick

McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.

Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.

To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.

For information contact:
Investor Relations:
Faten Freiha - [email protected]

Global Communications:
Jill Marvin – [email protected]

SOURCE McCormick & Company, Incorporated

McCormick & Company is upgraded to Buy as valuation now offers a solid margin of safety and long-term re-rating potential. Q1 results showed a double-beat, with 16.7% YoY revenue growth driven by the McCormick de Mexico acquisition and positive organic performance. The Unilever food unit deal solidifies MKC's industry leadership, $600M in synergies by year 3, and improved global presence despite near-term leverage.

McCormick brand spices at a grocery store in Medford, Massachusetts, U.S., March 31, 2026. REUTERS/Brian Snyder Purchase Licensing Rights, opens new tab

SummaryCompaniesStake was built after Unilever deal was announcedSize of Toms Capital stake not clearDeal has raised concerns about long closing timeNEW YORK, May 29 (Reuters) - Toms Capital Investment Management, an activist U.S. hedge fund, has built a significant stake in ‌McCormick & Co (MKC.N), opens new tab, according to sources familiar with the matter, at a time the U.S. food company is working on a prominent takeover deal.

Run by Benjamin Pass, Toms Capital invested in McCormick during the second quarter after the spice company announced its planned acquisition of Unilever's (ULVR.L), opens new tab ​food business, said the sources who were not permitted to discuss the matter publicly.

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The size of its ​stake and what Toms Capital intends to push for at McCormick could not immediately be ⁠determined.

Unlike some activist investors, Toms Capital prefers to stay in the background and push for changes out of ​the limelight, rather than launching public and noisy campaigns.

A successful takeover of Unilever's food business would create a $65 billion sauce-and-spice ​giant, home to brands including Hellmann's mayonnaise and French's yellow mustard. It would help Hunt Valley, Maryland-based McCormick tap London-headquartered Unilever's global scale and expertise, company executives told investors after the plans were announced in late March.

A representative for Toms Capital declined to comment, ​while a representative for McCormick could not be reached for comment.

On Friday, McCormick's share price traded mostly unchanged ​early in the session at $46.58 a share.

Both companies' share prices have been under pressure since the deal was announced. McCormick has underperformed ‌the ⁠State Street Consumer Staples Index (XLP.P), opens new tab by 15% and Unilever has underperformed the MSCI Europe Consumer Staples Index by 8%.

In the past five years, however, McCormick has traded at a premium to the index because consumers continue to buy spices and flavors at a time other companies are scrambling to readjust their offerings to fit customers' healthier eating habits. ​This year, though, the deal ​has weighed on McCormick's ⁠stock price as investors expressed some concern about the time it will take to close.

The deal is expected to close by mid-2027, subject to regulatory and McCormick shareholder approval. ​Unilever shareholder approval is not required, the companies said.

McCormick has been engaging with institutional ​investors who ⁠have told the company they see the merits of the deal but are pushing for it to close more quickly, a separate source familiar with the discussions said.

In the past, Toms Capital has owned a stake in Kenvue and pushed ⁠for a ​merger. The Band-Aid and Tylenol maker sold itself to Kimberly-Clark for nearly $48.7 ​billion last year.

More recently, the hedge fund has pressed Voya Financial, which oversees some $1.1 trillion in assets under management, to sell the entire ​company or sell its health insurer unit.

Reporting by Svea Herbst-Bayliss and Abigail Summerville. Editing by Edwina Gibbs and Mark Potter

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Abigail is on the M&A team and writes about consumer and retail deals. She joined Reuters in 2022 from Debtwire where she covered leveraged finance and the primary debt market for three years. Previously, her work has appeared in the Wall Street Journal, CNBC and the Boston Business Journal. She majored in business journalism at Washington and Lee University.

McCormick & Company, Incorporated (MKC) Presents at 23rd annual dbAccess Global Consumer Conference Transcript

, /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today released its 2025 Purpose-led Performance (PLP) Report, demonstrating how sustainability investments are strengthening supply continuity, operational efficiency, and long-term growth. The report marks the completion of its 2025 commitments and highlights measurable progress across responsible sourcing, climate action, operational resilience, and employee wellbeing.

As McCormick completes its 2025 PLP goals, the Company continues to demonstrate leadership in the global flavor industry. Achieving 100% sustainably sourced volumes for its top five branded iconic ingredients enhances supply reliability and quality consistency, while investments in farming communities build resilience and secure long-term access to ingredients. At the same time, reducing environmental impact across its operations and value chain drive efficiency.

"In a year marked by continued change and global complexity, I am proud of the meaningful progress we have made in advancing our Purpose-led Performance commitments," said Brendan M. Foley, Chairman, President & Chief Executive Officer of McCormick & Company. "Our teams have remained focused and resilient, strengthening how we operate while delivering lasting value for our people, communities, and the planet."

Since 1889, McCormick has grown from a small Baltimore spice company into the global leader in flavor, guided by its purpose to make life more flavorful and its vision to be the world's most trusted source of flavor. Sustainability is increasingly embedded into its strategy and operations, reinforcing accountability, protecting brand trust, and supporting long-term growth.

"As I've stepped into the role of Chief Sustainability Officer, I am proud to build on the strong foundation we have established," said Kathy Rostkowski, Chief Sustainability Officer. "We are closing out our 2025 PLP commitments with encouraging progress and a clear view of where to go next. We are demonstrating that trust is earned when sustainability is practiced, not promised."

Key highlights from McCormick's 2025 PLP Report include:

Achieved 100% sustainably sourced volumes for its top five branded iconic ingredients: black pepper, cinnamon, oregano, red pepper, and vanilla.Positively impacted more than 57,000 farmers across 11 countries since 2017, strengthening livelihoods and resilience in key sourcing regions.Reduced Scope 1 and 2 greenhouse gas emissions by 40% and lowered Scope 3 emissions by 9%, reinforcing climate readiness and operational resilience.Diverted 80% of facility waste from landfill across global operations.Advanced its Power of People commitment, with 96% of employees completing Individual Development Plans and 100% of employees having access to high-quality wellness programs globally.Through the progress highlighted in the report, McCormick continues to align sustainability with its business strategy to help secure the future of flavor. Looking ahead, the Company will focus on areas where it can make the greatest impact: advancing climate readiness, strengthening farmer resilience, and delivering healthy and sustainable choices that drive long-term value creation.

To learn more, read McCormick's 2025 Purpose-led Performance Report or visit the Responsibility section of the Company's corporate website.

About McCormick

McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.

Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.

To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.

For information contact:

Global Communications:
Jill Marvin – [email protected]

View original content:https://www.prnewswire.com/news-releases/mccormick-releases-2025-purpose-led-performance-report-strengthening-business-resilience-and-long-term-value-through-measurable-progress-across-its-commitments-302792667.html

SOURCE McCormick & Company, Incorporated

Sen. Dave McCormick, R-Pa., says the Trump administration should prioritize nuclear enrichment and the opening of the Strait of Hormuz in any deal with Iran on ‘Kudlow.

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SAN MATEO, Calif.--(BUSINESS WIRE)--Franklin Resources, Inc. (Franklin Templeton) (NYSE: BEN) today reported preliminary month-end assets under management (AUM) of $1.74 trillion at April 30, 2026, compared to $1.68 trillion at March 31, 2026. This month’s increase in preliminary AUM reflected the positive impact of markets and long-term net inflows of $4 billion, inclusive of $1 billion of long-term net outflows at Western Asset Management1. Excluding Western Asset Management, preliminary long-term net inflows were $5 billion.

By Asset Class:

(In USD billions)

Preliminary

30-Apr-26

31-Mar-26

31-Dec-25

30-Sep-25

30-Apr-25

Equity

$724.0

$669.7

$697.2

$686.2

$596.6

Fixed Income

437.2

434.3

437.7

438.7

440.3

Alternative

286.0

282.8

273.8

263.9

253.6

Multi-Asset

217.4

207.5

198.8

193.9

173.7

Long Term:

1,664.6

1,594.3

1,607.5

1,582.7

1,464.2

Cash Management

79.9

87.8

76.5

78.5

70.8

Total Ending AUM

$1,744.5

$1,682.1

$1,684.0

$1,661.2

$1,535.0

  1 As of April 30, 2026, Western Asset Management had preliminary AUM of $216 billion, compared to $224 billion at March 31, 2026. This month’s preliminary AUM reflected cash management net outflows of $9 billion and the aforementioned preliminary long-term net outflows of $1 billion, partially offset by the positive impact of markets.

About Franklin Templeton

Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.

Forward-Looking Statements

The financial results in this press release are preliminary. Some of the statements herein may include forward-looking statements that reflect our current views with respect to future events, financial performance and market conditions. Such statements are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and generally can be identified by words or phrases written in the future tense and/or preceded by words such as “anticipate,” “believe,” “could,” “depends,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “potential,” “preliminary,” “seek,” “should,” “will,” “would,” or other - similar words or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that may cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements, including market and volatility risks, investment performance and reputational risks, global operational risks, competition and distribution risks, third-party risks, technology and security risks, human capital risks, cash management risks, and legal and regulatory risks. While forward-looking statements are our best prediction at the time that they are made, you should not rely on them and are cautioned against doing so. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other possible future conditions.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. They are neither statements of historical fact nor guarantees or assurances of future performance. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.

These and other risks, uncertainties and other important factors are described in more detail in our recent filings with the U.S. Securities and Exchange Commission, including, without limitation, in Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and our subsequent Quarterly Reports on Form 10-Q. If a circumstance occurs after the date of this press release that causes any of our forward-looking statements to be inaccurate, whether as a result of new information, future developments or otherwise, we undertake no obligation to announce publicly the change to our expectations, or to make any revision to our forward-looking statements, to reflect any change in assumptions, beliefs or expectations, or any change in events, conditions or circumstances upon which any forward-looking statement is based, unless required by law.

To learn more, visit franklintempleton.com and follow us on LinkedIn.

Franklin Resources, Inc. [NYSE: BEN]

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SAN MATEO, Calif.--(BUSINESS WIRE)--Franklin Templeton, a global investment leader, today announced the launch of its Private Markets Model Portfolios, developed in collaboration with Corastone, a digital infrastructure platform and permissioned blockchain network designed to streamline, automate, and scale private market investments. The Private Markets Model Portfolios are designed to help financial advisors more efficiently incorporate private market investments within a professionally managed portfolio framework.

“This launch reflects the evolution of private markets in client portfolios and the need for structures that allow advisors to implement those allocations efficiently,” said George Stephan, Chief Operating Officer, Global Wealth Management Private Markets at Franklin Templeton. “By supporting a single-ticket, SMA-style structure, these model portfolios are designed to help reduce operational complexity and improve scalability, while enabling advisors to implement diversified private market exposure within a professionally managed portfolio framework.”

Franklin Templeton’s Private Markets Model Portfolios are designed to extend the model portfolio framework to private markets, offering diversified, multi-asset exposure within an SMA-style, single-subscription structure that lowers the minimum investment per fund and helps deliver a diversified exposure to private markets.

The model portfolio framework combines Franklin Templeton’s global investment capabilities across public and private markets with technology enabled by Corastone’s infrastructure. The integrated solution is designed to streamline key operational aspects of private market investing — including subscription processing, rebalancing, portfolio administration, and ongoing management — while maintaining transparency and direct ownership of the underlying funds. Through the model portfolios, clients gain direct exposure to underlying private market funds rather than accessing them through pooled fund-of-funds structures, supporting enhanced transparency, more frequent rebalancing cycles, and flexibility within client portfolios, subject to applicable fund terms, liquidity provisions, and suitability considerations.

“Private markets have historically been difficult to scale across advisor-managed model portfolios due to operational complexity and fragmented workflows,” said Rashad Kurbanov, Co-Founder and CEO of Corastone. “This solution combines Franklin Templeton’s investment capabilities with Corastone’s infrastructure, making it easier for advisors to implement and manage diversified private market allocations within client portfolios.”

Franklin Templeton offers a diversified private markets platform that brings together a range of specialized investment managers. This includes Lexington Partners, focused on private equity secondaries and co-investments; Clarion Partners, specializing in private real estate; and Benefit Street Partners, a leader in private credit. The platform is further complemented by Franklin Ventures, hedged strategies, and digital asset capabilities, providing investors with broad access across alternative asset classes.

About Franklin Templeton

Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.

With more than $1.74 trillion in assets under management as of April 30, 2026, Franklin Templeton operates globally in more than 35 countries.

To learn more, visit franklintempleton.com and follow us on LinkedIn.

Franklin Resources, Inc. [NYSE: BEN]

About Corastone

Corastone is the hyperscaler for private market investing, providing the modern infrastructure that enables straight-through processing for GPs, wealth managers and fund administrators. Through a single integration, participants gain access to a vast ecosystem of investment opportunities and counterparties, helping them grow their business with confidence. Solely focused on infrastructure, Corastone enables consistent, repeatable processes throughout the investment lifecycle, fostering visibility, control and seamless operations. Built on a permissioned blockchain, Corastone is purpose-built to support new workflows, innovative products and the rapidly evolving private markets. For more information, visit corastone.us.

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. This material may not be reproduced, distributed or published without prior written permission from Franklin Templeton.

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The underlying assumptions and these views are subject to change based on market and other conditions and may differ from other portfolio managers or of the firm as a whole. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market. There is no assurance that any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets will be realized. The value of investments and the income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is not necessarily indicative nor a guarantee of future performance. All investments involve risks, including possible loss of principal.

Investment strategies involving Private Markets (including investments in private companies and/or securities) are complex and speculative, entail significant risk, should not be considered a complete investment program, and are suitable only for persons who can afford to lose their entire investment. Such strategies may have limited liquidity in both the investment products and their underlying investments. Underlying investments may never list on a securities exchange and lack available information due to their private nature. These factors may negatively impact such investments’ market value and a manager’s ability to dispose of them at a favorable time or price.

Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other Franklin Templeton affiliates and/or their distributors as local laws and regulation permits. Please consult your own financial professional or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.

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