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Sep 30, 2022
Invitation Homes Q3 2022 Earnings Report
Invitation Homes reported solid results in Q3 2022, driven by strong lease rate growth, low turnover, and high resident satisfaction.
Key Takeaways
Invitation Homes reported strong Q3 2022 results, with total revenues increasing 11.6% year-over-year to $569 million and net income available to common stockholders increasing 14.4% to $79 million. Core FFO per share increased 9.5% to $0.42, and AFFO per share increased 8.2% to $0.34. Same Store NOI increased 8.6% year-over-year.
Total revenues increased 11.6% year-over-year to $569 million.
Net income available to common stockholders increased 14.4% year-over-year to $79 million.
Core FFO per share increased 9.5% year-over-year to $0.42.
Same Store NOI increased 8.6% year-over-year.
Invitation Homes
Invitation Homes
Invitation Homes Revenue by Segment
Revenue by Segment
Rental and Other Property Income Revenue
CapyFin.com Forward Guidance
The Company's updated 2022 guidance reflects higher expectations for property taxes and bad debt compared to pre-COVID averages.
Positive Outlook
- Core FFO per share — diluted: $1.63 - $1.67
- AFFO per share — diluted: $1.38 - $1.42
- Same Store Core Revenues growth: 8.75% - 9.25%
- Same Store Core Operating Expenses growth: 8.75% - 9.25%
- Same Store NOI growth: 8.75% - 9.25%
Challenges Ahead
- Property taxes are approximately three percent higher than previous expectations.
- Anticipated increase in tax bills on the Company's homes in Florida and Georgia based on recent assessments that are up nearly 30 percent over prior year in these states.
- Bad debt will remain somewhat elevated compared to pre-COVID averages.
- It continues to take longer to address residents who are not current with their rent.
- The Company has also revised its assumptions for annual 2022 acquisitions of $1.1 billion and dispositions of $250 million.