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Jun 30, 2024
Invitation Homes Q2 2024 Earnings Report
Invitation Homes reported solid performance in Q2 2024, driven by revenue growth and resident satisfaction.
Key Takeaways
Invitation Homes reported an 8.8% increase in total revenues to $653 million. Same Store NOI increased by 3.8% year over year. The company raised the midpoint of its full year 2024 Core FFO per share guidance by $0.01 to $1.87.
Total revenues increased 8.8% year over year to $653 million.
Core FFO per share increased 7.3% year over year to $0.47.
Same Store NOI increased 3.8% year over year.
The company raised the midpoint of its full year 2024 Core FFO per share guidance by $0.01 to $1.87.
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
The Company has revised its full year 2024 guidance expectations that were originally provided in February 2024 and reaffirmed in April 2024.
Positive Outlook
- Core FFO per share - diluted: $1.84 to $1.90
- Same Store Core Revenues growth: 4.50% to 5.25%
- Wholly owned acquisitions: $600 million to $1,000 million
- JV acquisitions: $100 million to $300 million
- Wholly owned dispositions: $400 million to $600 million
Challenges Ahead
- Same Store Core Operating Expenses growth: 5.25% to 6.25%
- Same Store NOI growth: 3.75% to 5.25%
- Guidance assumes FY 2024 Average Occupancy is similar to FY 2023 Average Occupancy.
- Guidance assumes average Bad Debt for FY 2024 in a range of 65 to 95 basis points.
- Guidance assumes FY 2024 property taxes expense growth in a range of 8.0% to 9.5% year over year and FY 2024 insurance expense growth of approximately 7.5% year over year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income