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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.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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