Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock is listed on the New York Stock Exchange under the symbol “INVH.”
Holders
As of February 20, 2024, there were 42 holders of record of 611,958,239 shares of common stock outstanding. This does not include the number of stockholders who hold shares of our common stock through banks, brokers, and other financial institutions.
Dividends
We have elected to qualify as a REIT for United States federal income tax purposes. The Code generally requires that a REIT annually distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain, and imposes tax on any REIT taxable income retained by a REIT, including capital gains. We intend to pay quarterly dividends to our stockholders that in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors.
For the years ended December 31, 2023 and 2022, dividends per share held for the entire year were estimated to be taxable as follows:
2023 2022
Amount (1)
Percentage Amount (1)
Percentage
Ordinary income (2)
$ 0.97 73.5 % $ 0.69 78.7 %
Capital gains (3)(4)(5)
0.28 21.2 % 0.16 18.1 %
Unrecaptured Section 1250 gain (3)(4)(5)
0.07 5.3 % 0.03 3.2 %
Total $ 1.32 100.0 % $ 0.88 100.0 %
(1) Amounts are displayed in actual dollars per share; all section references are to the Code unless otherwise specified. Pursuant to Section 857(b)(9), cash dividends paid in January 2024 with a record date in December 2023 are treated as received by stockholders in 2023 to the extent of the Company’s 2023 earnings and profits.
(2) Ordinary income dividends are treated as “qualified REIT dividends” for purposes of Section 199A.
(3) None of the aggregate amounts allocated in 2023 as capital gains and unrecaptured Section 1250 gain represents One Year Disclosure Amounts and Three Year Disclosure Amounts for purposes of Section 1061.
(4) All of the aggregate amounts allocated in 2023 as capital gain and unrecaptured Section 1250 gain represents a disposition of a United States real property interest pursuant to Section 897.
(5) Capital gains and unrecaptured Section 1250 gain are designated as a capital gain dividend in accordance with Section 857(b)(3)(B), as redesignated by the Tax Cuts and Jobs Act, Pub. L. No. 115-97, §13001(b).
54
Stock Performance Graph
The following graph shows the total stockholder return of an investment of $100 cash on December 31, 2018 for (1) our common stock, (2) the S&P 500 Total Return Index, and (3) the MSCI US REIT (RMS) Total Return Index. All values assume reinvestment of the full amount of all dividends. Stockholder returns over the indicated period are based on historical data and are not necessarily indicative of future stockholder returns.
Cumulative Total Returns as of
December 31,
2018 December 31,
2019 December 31,
2020 December 31,
2021 December 31,
2022 December 31,
2023
Invitation Homes Inc. 100.00 152.27 154.08 239.72 160.51 192.16
S&P 500 Index 100.00 131.49 155.68 200.37 164.08 207.21
MSCI US REIT Index 100.00 125.84 116.31 166.39 125.61 142.87
Repurchases of Equity Securities
We made no repurchases of our common stock during the three months ended December 31, 2023.
ITEM 6. RESERVED
55