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Jun 30, 2023
Invitation Homes Q2 2023 Earnings Report
Invitation Homes reported strong progress in the second quarter of 2023, driven by robust demand and high occupancy.
Key Takeaways
Invitation Homes reported a 7.7% increase in total revenues to $600 million, a 24.3% increase in net income available to common stockholders to $138 million, and a Same Store NOI increase of 3.6% year over year. The company also announced an increase to its 2023 full-year guidance and the acquisition of nearly 1,900 homes for approximately $650 million.
Total revenues increased 7.7% year over year to $600 million.
Net income available to common stockholders increased 24.3% year over year to $138 million.
Core FFO per share increased 5.3% year over year to $0.44.
Same Store NOI increased 3.6% year over year.
Revenue by Segment
Forward Guidance
The Company raised its full year 2023 guidance.
Positive Outlook
- Core FFO per share - diluted: $1.75 to $1.81
- AFFO per share - diluted: $1.45 to $1.51
- Same Store Core Revenues growth: 5.75% to 6.75%
- Same Store Core Operating Expenses growth: 8.5% to 9.5%
- Same Store NOI growth: 4.5% to 5.5%
Challenges Ahead
- Wholly owned acquisitions: $800 million to $900 million
- JV acquisitions: $100 million to $300 million
- Wholly owned dispositions: $425 million to $475 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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