Invitation Homes Inc · Q3 2021 earnings

Briefing

Reported strong financial and operating results, driven by supportive fundamentals and accretive growth opportunities.

Invitation Homes reported strong Q3 2021 results, with total revenues increasing 11.0% year-over-year to $510 million. Same Store NOI grew 11.9% year-over-year, driven by Same Store Core Revenues growth of 7.9%. The company raised its full year 2021 guidance for Same Store Core Revenues growth and Core FFO per share.

• Total revenues increased 11.0% year over year to $510 million.
• Net income available to common stockholders totaled $69 million or $0.12 per diluted common share.
• Same Store NOI grew 11.9% year over year on 7.9% Same Store Core Revenues growth and 0.6% Same Store Core Operating Expenses growth.
• The Company accelerated its acquisition pace in 3Q 2021, acquiring 1,684 homes for $722 million while disposing of 161 homes for $57 million.

Headline financials

Revenue & EPS history

The Company is raising its full year 2021 guidance as follows: increasing and narrowing its Same Store Core Revenues growth by 87.5 basis points at the midpoint to 6.375%; decreasing its Same Store Core Operating Expenses growth by 150 basis points at the midpoint to 1.5%; and increasing its Same Store NOI growth by 200 basis points at the midpoint to 9.0%. The Company is also raising its full year 2021 guidance for Core FFO per share by $0.05 at the midpoint to $1.49 and for AFFO per share by $0.04 at the midpoint to $1.28. Additionally, as previously announced, the Company increased its full year 2021 acquisition target from $1.0 billion to between $1.7 billion and $1.8 billion.