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Dec 31, 2024
Invitation Homes Q4 2024 Earnings Report
Invitation Homes reported solid revenue growth and strong operational performance in Q4 2024, with increased rental income and stable occupancy rates.
Key Takeaways
Invitation Homes delivered a 5.6% year-over-year revenue increase in Q4 2024, reaching $659 million. Net income totaled $143 million, or $0.23 per share, while Core FFO per share grew by 5.9% to $0.47. Average monthly rent increased by 3.1%, and occupancy remained strong at 96.7%. The company continued expanding its portfolio, acquiring 501 homes during the quarter.
Q4 2024 revenue increased 5.6% year-over-year to $659 million.
Net income for Q4 2024 was $143 million ($0.23 per share), up from $129 million in Q4 2023.
Core FFO per share rose 5.9% year-over-year to $0.47.
Average monthly rent increased by 3.1% while occupancy remained strong at 96.7%.
Revenue by Segment
Forward Guidance
Invitation Homes anticipates moderate revenue growth in 2025, with continued strong demand for rental properties and disciplined expense management.
Positive Outlook
- FY25 Core FFO per share guidance set at $1.88 to $1.94, reflecting continued profitability.
- Revenue expected to grow by 1.75% to 3.25% year-over-year.
- Same Store NOI projected to increase by 1.00% to 3.00%.
- Plans to acquire $500M to $700M worth of wholly owned properties.
- Significant portion of debt remains fixed-rate, mitigating interest rate risk.
Challenges Ahead
- Operating expenses expected to increase by 2.75% to 4.25%.
- Average occupancy forecasted to slightly decline to 96.2%-96.8%.
- Higher property tax rates anticipated to impact operating costs.
- Market conditions may slow new lease rent growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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