REIT Signal Desk

SatelliteCSP onlyordinary

Single-family rentaloccupancy / supply snapshot 2/5 · Adjacent housing. Same rates tape, different ops.SFR operator · satellite

AMH American Homes 4 Rent

Yahoo Finance chart · often 15-min delayed

30.91

+1.36%

Volume / 20d

1050136 / 3434651.8

52w

27.22 – 35.07

RSI

45.4

20-DMA

30.80

ATR

0.51

20d vol

14.1%

β VNQ

0.87

β TLT

0.55

In book

watch/other

12-month thesis

Satellitestub, not a thesis

A hold memo is not a 20-DMA blurb. Recs quote the falsifier. Invalidation is occupancy, trade-outs, refinancing wall, or private-market cap rates — not a close below the average. Two-sentence default is a stub until you write it.

REIT operating & capital structure

CSP-only defaultno public print

Research and recs use the figure the company actually printed. AFFO stays n/a unless the release says AFFO. Core FFO, Nareit FFO, and FFOA are labeled as such. Your cap, your NAV, and your refi spread stay blank — those are not filings. REIT dividends are mostly ordinary income in a taxable account. Basis and holding period still matter. Not tax advice.

FFO / sh

n/a

Not printed as AFFO

FFO yield

n/a

FFO payout

n/a

Occupancy

n/a

SSNOI growth

n/a

Trade-out

n/a

blended lags

Implied cap

n/a

Cap ex-dev

n/a

NAV premium

n/a

Your NAV is not set. Peer-cap NAV and the +50bp NAV are in the cap path. Neither one is written here.

Net debt

$5.07B

Net debt / EBITDA

n/a

% floating

n/a

Div yield (Yahoo)

4.33%

Leverage quintile vs MF peers

n/a

Implied cap vs peers

n/a

n/a — NOI dollars were not printed, so there is no cap.

Duration gap

n/a — need % floating or weighted-average maturity

Cap rates +50bp

n/a

n/a — need implied cap (printed NOI, filing net debt, and a matching equity value).

Occupancy −200bp

n/a

n/a — need occupancy snapshot.

Rates +100bp on floating debt

n/a

n/a — need % floating, net debt, and market cap.

Per door

NOI / door

n/a

units n/a

Net debt / door

n/a

Equity / door

n/a

n/a — per-door comps stay inside one apartment layer.

NAV bridge

Equity value

n/a

NAV / sh

n/a

Premium

n/a

n/a — Your cap is not set. Do not default a cap. Same-store NOI is not set. Do not substitute total NOI — that would cap development income and also add dev at cost.

12-month bridge

Trade-out

New lease

n/a

Renewal

n/a

Blended

n/a

Refi

Interest / yr

n/a

Cents / sh

n/a

AFFO/sh − interest

n/a

n/a — The filing did not print a 24-month maturity wall. Interest only, no principal, no fees.

Fundamentals

Sector

Real Estate

Mkt cap

$12.67B

$16.71B

Total debt

$5.15B

Cash

$83.67M

D/E

68.8

Div yield

4.33%

Div / sh

1.32

Yahoo β

0.79

P/B

1.63

PE (often n/a for REITs)

24.5

FCF

$822.33M

Crowd (labeled sentiment)

neutral · mention velocity 1.00× (last 8h vs prior) · authors 1 · positioning

@housingtape: $AMH vs $MAA is adjacent housing vs garden apartments. Don't rotate them without a one-liner why.

Liquidity at this size

10-lot okordinaryborrow n/a

Bid/ask unquoted on the delayed strip — spread unknown, not a block

Treated as a US listed ordinary.

ATM spread/mid unquoted · OI 378 · 10-lot $30,000. Thresholds: spread/mid > 10% → shares-only; ATM OI < 50 or 10-lot notional > $250,000 → not a 10-lot. Missing bid/ask is unknown, not a block.

PM memo

DECISION: HOLD AMH.

Facts vs price vs crowd
· Last 30.91 (+1.36%) on Yahoo Finance chart · often 15-min delayed. Volume 1050136 vs 20d avg 3434651.8.
· Tape: 20-DMA 30.80, 20d vol 14.1%, β(VNQ) 0.87, β(TLT) 0.55. DMA is context, not invalidation.
· Yahoo snapshot: mcap 12669566976, debt 5149175808, div yield 0.0433. FFO/AFFO/occupancy/NAV are n/a until entered — never invented. REIT dividends are mostly ordinary income. Not tax advice.
· Crowd (not fact): neutral · velocity 1.00× · authors 1 · positioning. Live X scan snapshot (crowd sentiment, not fact).

What matters
· No engine card yet — treat as research only.

Invalidation
· A 3% shock or a broken fundamental print.

This is a research note, not financial advice. Data may be delayed or wrong.

Prints · AMH

REIT prints are SSNOI, occupancy, guidance, and cap-rate commentary — not a reason to dump a 12-month name. Dates are a cached research snapshot, not a live IR feed. Yahoo earnings stay on Research. The 1–5 chips are an occupancy/supply debate snapshot, not a live occupancy print.

2026-11-05INVHprintsfr
INVH Q3 SFR occupancy / turnover
SFR is adjacent, not apartments. Occupancy/turnover vs the CSP-only satellite rule.
Cached research snapshot — typical print window, not a live IR calendar

Add a dated print

Manual snapshot only. Occupancy / SSNOI / cap-rate commentary — not a live IR feed.