Invitation Homes management check

INVH · Real Estate · Single-Family Residential REITs · CEO Dallas B. Tanner

Filings as of

63
Management score, ranked 281st of 487Strongest: clean books. Weakest: CEO cost. See the best and worst run in Real Estate →

4 good · 1 to watch · 1 flagged, across the seven questions below.

  • Flag

    Have owners done well?

    Trailed its chosen peers

    $100 invested at the start of fiscal 2021 grew to $109, against $138 for the peer group the company picked itself.

  • Good

    Does pay follow performance?

    Pay rose and fell with returns

    Over 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.96 with shareholder return. 1 means pay moved in step; below 0, the opposite way.

  • Watch

    What does the CEO cost owners?

    2.4% of net income

    $14.1m of reported pay in fiscal 2025, against $589.9m of net income.

  • n/a

    Do they own the stock?

    No recent CEO filing

    No open-market insider buying or selling in the last six months.

  • Good

    Are owners being diluted?

    Share count shrinking

    Diluted shares changed -0.0% a year over the last three fiscal years. Stock-based pay was 1.0% of revenue in the latest year.

  • Good

    Is leadership stable?

    8 leadership filings in 3 years

    CEO in the pay table: Dallas B. Tanner. 8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.

  • Good

    Are the books clean?

    No red flags on file

    No restatements, auditor changes or late filings since 2021.

Against the S&P 500

Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.

CheckScoreAt or aboveSector median
Owner returns2432%45
Pay for performance9893%86
CEO cost1923%23
Skin in the game——32
Dilution5035%23
Stable leadership8561%85
Clean books100100%100

Closest peers

Nearest in rank in Real Estate, by management score. Invitation Homes is 14th of 29 in its sector.

  1. 238BXPBXP, Inc.65
  2. 247EXRExtra Space Storage64
  3. 276ORealty Income63
  4. 281INVHInvitation Homes63
  5. 289VTRVentas62
  6. 312FRTFederal Realty Investment Trust60

Pay versus performance

From the proxy statement filed March 26, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.

CEO pay by fiscal yearAs reported Actually paid
−$4.0m$14.0m$31.9m20212022202320242025
What $100 becameCompany Peer group
$10020212022202320242025$109
Fiscal yearCEOCEO payActually paidOther executives (avg)$100 becamePeersNet income
2025Dallas B. Tanner$14.1m−$578k$4.4m$109$138$589.9m
2024—$11.0m$4.9m$3.4m$121$134$455.4m
2023—$10.4m$18.5m$2.6m$125$123$521.0m
2022—$14.2m−$4.0m$4.8m$104$108$384.8m
2021—$9.7m$31.9m$3.3m$156$143$262.8m

The board says pay is tied most to Adjusted Funds from Operations. Its other key measures: AFFO, Net income, Three-year TSR.

Insiders and the CEO's stake

No open-market insider buying or selling in the last six months.

Leadership and governance on file

Latest shareholder vote results: May 8, 2026, including the say-on-pay vote.

Where the money went

Over 2021–2025: $3.0bn returned to owners in buybacks and dividends, 137% of net income, and $141.4m of pay in stock.

Fiscal year20212022202320242025
Revenue$2.0bn$2.2bn$2.4bn$2.6bn$2.7bn
Net income$261.4m$383.3m$519.5m$453.9m$587.9m
Stock-based pay$27.2m$29.0m$29.5m$27.9m$27.8m
Buybacks——$0$0$53.2m
Dividends$393.8m$539.0m$638.1m$689.2m$712.8m
Diluted shares579m611m613m614m613m

Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.