Invitation Homes ( (INVH) ) has released its Q3 earnings. Here is a breakdown of the information Invitation Homes presented to its investors.
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Invitation Homes Inc., a leading company in the single-family home leasing and management sector, provides high-quality rental homes with a focus on enhancing resident experiences. In its third-quarter earnings release for 2024, Invitation Homes reported a 6.9% increase in total revenues, reaching $660 million, while net income available to common stockholders decreased by 27.8% to $95 million. Noteworthy financial metrics include a 6.8% year-over-year increase in Core FFO per share and a 7.2% increase in AFFO per share. The company experienced a 3.9% growth in Same Store Net Operating Income, driven by a 3.6% increase in Same Store Core Revenues and a 3.1% increase in Same Store Core Operating Expenses. Invitation Homes continues to strengthen its investment-grade balance sheet, receiving an upgrade to ‘BBB+’ from Fitch Ratings and securing a new $3.5 billion senior unsecured credit facility. The company also managed to acquire 926 homes while disposing of 331 homes during the quarter, maintaining strong occupancy rates despite limited damages from recent hurricanes. Looking ahead, Invitation Homes remains optimistic about its growth prospects, raising its full-year 2024 guidance for Core FFO and AFFO per share slightly higher, reflecting confidence in its strategic direction despite challenges.
