Disagree. The assets do not produce high enough return on “implied equity” to justify valuing the company at the sum of their homes current market value. Investors are not saying what they think the value of the homes are, only the value of the projected future cashflow. And without a path to liquidating assets, the future cashflow is only net income from rental operations. 

If Invitation Homes came out tomorrow and said we are selling all of our homes over the next 3 years, the stock would jump 15% because investors would see a clear path to capitalizing on the trapped equity. 

Because there is no path to selling the assets the stock will trade based on rental cashflow, which with higher rates, is not very attractive…