Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice of Warren Buffett and Charlie Munger, from the Q2 2026 10-Q (period ended June 30, 2026), the Q2 2026 earnings release and call, and current market data. We'll say this for Invitation Homes: a child could understand it, and that's a compliment. The company owns 85,509 single-family houses across 16 core markets — concentrated in the Sun Belt and the West (Atlanta, the Carolinas, Florida, Phoenix, Texas, and coastal California) — and rents them to families at an average lease term of about a year. It jointly owns another 8,069 homes through ventures, and manages 15,639 more for third parties for a fee. Rental revenue and other property income ran $678 million in the second quarter of 2026; total revenue was $748 million. There are two newer appendages. First, a third-party management business (about $20 million of quarterly fee revenue).
Recent filings analysed: 10-Q (2026-07-30), 8-K (2026-07-29), 8-K (2026-07-08), 8-K (2026-07-06).
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