Invitation Homes Inc (INVH) Q3 2023 Earnings: Revenue and Net Income Surge
Year over year, total revenues increased 8.6% to $618 million
Net income available to common stockholders increased 66.6% to $132 million
Core FFO per share increased 4.7% to $0.44
Same Store NOI increased 4.0% year over year
Invitation Homes Inc (NYSE:INVH), the nation's premier single-family home leasing company, announced its Q3 2023 financial and operating results on October 25, 2023. The company reported a year-over-year increase in total revenues by 8.6% to $618 million. Net income available to common stockholders increased significantly by 66.6% to $132 million. Core FFO per share also saw a rise of 4.7% to $0.44.
Financial Highlights
Invitation Homes Inc (NYSE:INVH) reported an increase in property operating and maintenance costs by 12.6% to $229 million. The net income per diluted common share increased by 66.3% to $0.21. The AFFO per share also saw an increase of 3.7% to $0.36. The company's Same Store NOI increased by 4.0% year over year on 6.0% Same Store Core Revenues growth and 10.2% Same Store Core Operating Expenses growth.
Operating Performance
Invitation Homes Inc (NYSE:INVH) reported that revenue collections were approximately 99% of the company's historical average collection rate. Same Store Bad Debt was 1.3% of gross rental revenue, indicating a year over year improvement of approximately 20 basis points. Same Store Average Occupancy was 96.9%, down 60 basis points year over year. Same Store renewal rent growth of 6.6% and Same Store new lease rent growth of 5.2% drove Same Store blended rent growth of 6.2%.
Acquisitions and Dispositions
The company and its joint ventures acquired a total of 2,291 homes for $854 million, including 1,870 homes from the company's previously announced portfolio acquisition in July 2023. Dispositions by the company and the company's joint ventures totaled 416 homes for $160 million.
Balance Sheet and Capital Markets Activity
As of September 30, 2023, the company had $1,763 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The company's total indebtedness as of September 30, 2023 was $8,618 million. Net debt / TTM adjusted EBITDAre was 5.5x at September 30, 2023, down from 5.7x as of December 31, 2022.
Dividend and FY 2023 Guidance Update
The company's Board of Directors declared a quarterly cash dividend of $0.26 per share of common stock. The dividend will be paid on or before November 22, 2023, to stockholders of record as of the close of business on November 7, 2023. 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%.
Explore the complete 8-K earnings release (here) from Invitation Homes Inc for further details.
This article first appeared on GuruFocus.
