On July 24, 2024, Invitation Homes Inc (INVH, Financial) released its 8-K filing detailing the financial performance for the second quarter of 2024. Invitation Homes Inc, the nation's premier single-family home leasing and management company, owns a portfolio of over 84,000 single-family rental homes, primarily in the Western U.S. and Florida.
Performance Overview
Invitation Homes Inc (INVH, Financial) reported total revenues of $653 million for Q2 2024, an 8.8% increase year over year, surpassing the analyst estimate of $642.59 million. However, net income available to common stockholders decreased by 47.0% to $73 million, resulting in an EPS of $0.12, which fell short of the estimated $0.18.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Revenues | $653 million | $600 million |
| Net Income per Share | $0.12 | $0.22 |
| Core FFO per Share | $0.47 | $0.44 |
| AFFO per Share | $0.40 | $0.38 |
Operational Highlights
Same Store NOI increased by 3.8% year over year, driven by a 4.8% growth in Same Store Core Revenues and a 7.1% increase in Same Store Core Operating Expenses. The Same Store Average Occupancy was 97.5%, slightly down by 10 basis points year over year. The company also reported a Same Store blended rent growth of 5.0%, with renewal rent growth at 5.6% and new lease rent growth at 3.6%.
Investment and Property Management Activity
During Q2 2024, Invitation Homes Inc (INVH, Financial) acquired 502 homes for approximately $166 million and disposed of 266 homes for approximately $117 million. The company also entered into contracts to construct over 1,000 newly built homes at a total investment of approximately $274 million in Dallas, Houston, and the Carolinas.
Balance Sheet and Liquidity
As of June 30, 2024, the company had $1,749 million in available liquidity, with total indebtedness amounting to $8,602 million. The net debt to TTM adjusted EBITDAre ratio was 5.3x, down from 5.5x at the end of 2023. Notably, 99.5% of the total debt was fixed rate or swapped to fixed rate, and 83.6% of the wholly owned homes were unencumbered.
CEO Commentary
“We’re pleased to announce our second quarter 2024 financial and operating results, which demonstrate the solid performance of our teams and the satisfaction and loyalty of our residents. Millions of families across America rely on the convenience and flexibility of leasing a single-family home, and we’re proud to be the premier choice among many available options. Through our best-in-class operating platform, Genuine Care for our residents, and our strategic approach to growth — including our burgeoning third-party management business and our valuable homebuilder relationships that are developing needed new housing communities — we believe we remain well positioned to continue our industry-leading occupancy, strong growth, and unwavering commitment to further elevating the resident experience.”
Conclusion
Invitation Homes Inc (INVH, Financial) delivered a mixed performance in Q2 2024, with revenue exceeding expectations but EPS falling short. The company continues to show strong operational metrics and strategic growth initiatives, positioning itself well in the single-family rental market. For more detailed insights, visit the full 8-K filing.
Explore the complete 8-K earnings release (here) from Invitation Homes Inc for further details.
