Loading...
•
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.
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 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
- Larger than anticipated property tax bills received or expected during the fourth quarter
- Tightened Same Store NOI growth expectations for FY 2023 in a range of 4.5% to 5.0%
- Core FFO per share - diluted $1.75 to $1.79