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Sep 30, 2023
Invitation Homes Q3 2023 Earnings Report
Invitation Homes reported strong Q3 2023 results, exceeding pre-pandemic leasing performance and updating full-year guidance.
Key Takeaways
Invitation Homes reported an 8.6% increase in total revenues to $618 million, a 66.6% increase in net income available to common stockholders to $132 million, and a 4.0% increase in Same Store NOI. The company acquired 2,291 homes for $854 million and disposed of 416 homes for $160 million.
Total revenues increased 8.6% year-over-year to $618 million.
Net income available to common stockholders increased 66.6% year-over-year to $132 million.
Same Store NOI increased 4.0% year-over-year.
Acquired 2,291 homes for $854 million and disposed of 416 homes for $160 million.
Revenue by Segment
Forward Guidance
The Company's revised FY 2023 guidance includes tightened expectations for Same Store Core Revenues growth in a range of 6.25% to 6.75% based on the Company's strong performance to date and expectations for the remainder of the year. Revised FY 2023 guidance also anticipates higher Same Store Core Operating Expenses growth in a range of 10.25% to 10.75%, primarily attributable to higher Same Store property tax expense expectations in Florida and Georgia as a result of larger than anticipated property tax bills received or expected during the fourth quarter. These revised assumptions result in tightened Same Store NOI growth expectations for FY 2023 in a range of 4.5% to 5.0%.
Positive Outlook
- Tightened expectations for Same Store Core Revenues growth in a range of 6.25% to 6.75%
- Strong performance to date
- Positive expectations for the remainder of the year
- Wholly owned acquisitions of $1.0 billion to $1.1 billion
- Wholly owned dispositions of $475 million to $525 million
Challenges Ahead
- Higher Same Store Core Operating Expenses growth in a range of 10.25% to 10.75%
- Higher Same Store property tax expense expectations in Florida and Georgia
Historical Earnings Impact
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Avg. Return Before/After Earnings
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