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Mar 31, 2021
Invitation Homes Q1 2021 Earnings Report
Invitation Homes reported a strong start to 2021 with increased revenues, occupancy, and rental growth.
Key Takeaways
Invitation Homes reported strong Q1 2021 results, with total revenues increasing 5.7% year-over-year to $475 million and net income available to common stockholders increasing 14.9% to $57 million. Same Store NOI grew 4.4% year-over-year, driven by strong occupancy and rental rate growth. The company is increasing its full-year 2021 Same Store NOI growth guidance.
Total revenues increased 5.7% year-over-year to $475 million.
Net income available to common stockholders increased 14.9% year-over-year to $57 million.
Same Store NOI grew 4.4% year-over-year, driven by 2.2% Same Store Core revenue growth and a 2.2% decrease in Same Store Core operating expenses.
Same Store average occupancy was 98.4%, up 170 basis points year-over-year.
Revenue by Segment
Forward Guidance
Invitation Homes increased the midpoint of its full year 2021 Same Store NOI growth guidance by 75 basis points to 4.25% and is increasing the midpoint of its full year 2021 Core FFO and AFFO per share guidance by $0.03 to $1.38 and $1.17, respectively.
Positive Outlook
- Same Store Core revenue growth 3.75% - 4.75%
- Same Store Core operating expense growth 3.75% - 4.75%
- Same Store NOI growth 3.75% - 4.75%
- Core FFO per share — diluted $1.34 - $1.42
- AFFO per share — diluted $1.13 - $1.21
Historical Earnings Impact
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Avg. Return Before/After Earnings
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