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Mar 31, 2024
Invitation Homes Q1 2024 Earnings Report
Invitation Homes reported strong operating results and executed its growth strategy.
Key Takeaways
Invitation Homes reported a solid first quarter in 2024, marked by a 9.5% increase in total revenues to $646 million and an 18.4% increase in net income available to common stockholders to $142 million. The company also saw growth in Core FFO per share and AFFO per share, along with a substantial improvement in bad debt year over year.
Total revenues increased 9.5% year over year to $646 million.
Net income available to common stockholders increased 18.4% year over year to $142 million.
Core FFO per share increased 5.7% year over year to $0.47.
Same Store NOI increased 4.7% year over year.
Invitation Homes
Invitation Homes
Invitation Homes Revenue by Segment
Revenue by Segment
Rental and Other Property Income Revenue
CapyFin.comManagement Fee Revenues Revenue
CapyFin.com Forward Guidance
Full year 2024 guidance remains unchanged from initial guidance provided in February 2024.
Positive Outlook
- Core FFO per share — diluted $1.82 to $1.90
- AFFO per share — diluted $1.54 to $1.62
- Same Store Core Revenues growth 4.5% to 5.5%
- Wholly owned acquisitions $600 million to $1,000 million
- JV acquisitions $100 million to $300 million
Challenges Ahead
- Same Store Core Operating Expenses growth 5.5% to 7.0%
- Same Store NOI growth 3.5% to 5.5%
- Wholly owned dispositions $400 million to $600 million
- Guidance assumes FY 2024 Average Occupancy is a similar result to FY 2023.
- Guidance assumes average Bad Debt for FY 2024 in a range of 65 to 95 basis points.
Revenue & Expenses
Visualization of income flow from segment revenue to net income