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Dec 31, 2022
Invitation Homes Q4 2022 Earnings Report
Invitation Homes reported an increase in total revenues and property operating and maintenance costs. Net income available to common stockholders totaled $100 million, and Core FFO per share increased by 10.6%.
Key Takeaways
Invitation Homes Inc. reported strong Fourth Quarter and Full Year 2022 financial and operating results, with total revenues increasing 11.5% to $580 million in Q4 2022. Demand for leasing a single-family home remained strong, as evidenced by a 97.3% same store average occupancy and 9.1% same store blended rental rate growth.
Total revenues increased 11.5% to $580 million in Q4 2022.
Net income available to common stockholders totaled $100 million or $0.16 per diluted common share in Q4 2022.
Core FFO per share increased 10.6% to $0.43 in Q4 2022.
Same Store NOI increased 3.7% year over year in Q4 2022.
Invitation Homes
Invitation Homes
Forward Guidance
The Company provided guidance for FY 2023, including Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth.
Positive Outlook
- Core FFO per share - diluted: $1.73 to $1.81
- AFFO per share - diluted: $1.43 to $1.51
- Same Store Core Revenues growth: 5.25% to 6.25%
- Same Store Core Operating Expenses growth: 7.5% to 9.5%
- Same Store NOI growth: 4.0% to 5.5%
Challenges Ahead
- Slightly lower expected average occupancy versus 2022 due to anticipated higher turnover.
- Elevated bad debt of 25 to 75 basis points higher than 2022.
- Expected increase in property tax expense in a range of 6.5% to 7.5%.
- Higher turnover operating and capital expense as a result of higher expected turnover in 2023.
- Continued inflationary pressures.