Q3 2024 Invitation Homes Inc Earnings Call Transcript
Key Points
- Invitation Homes Inc (INVH) reported a penny raise at the midpoint for both core FFO and AFFO per share, indicating strong financial performance.
- The company has maintained a high occupancy rate of 97% during the third quarter, showcasing effective property management.
- INVH's strategic expansion into third-party management and joint ventures has reached over 25,000 homes, enhancing growth potential.
- The company has successfully controlled costs, with same-store core expenses increasing only 3.1% year over year.
- INVH has a strong investment-grade balance sheet with over $2 billion in available liquidity and a favorable debt structure.
- There is some moderation in same-store revenue growth due to supply and absorption pressures in key markets like Phoenix, Tampa, Orlando, and Dallas.
- New lease rent growth was only 1.7%, indicating challenges in achieving higher rental rates in certain markets.
- The company is experiencing supply pressures from new build-to-rent (BTR) listings, impacting pricing power.
- INVH has revised its expectations for more moderate same-store revenue growth in the second half of the year.
- The company faces ongoing challenges from natural disasters, such as hurricanes, which have impacted operations and incurred costs.
Greetings, and welcome to the Invitation Homes third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
At this time, I would like to turn the conference over to Scott McLaughlin, Senior Vice President of Investor Relations. Please go ahead.
Good afternoon, and welcome. I'm here today from Invitation Homes with Dallas Tanner, Chief Executive Officer; Charles Young, President and Chief Operating Officer; Jon Olsen, Chief Financial Officer; and Scott Eisen, Chief Investment Officer. Following our prepared remarks, we'll conduct a question-and-answer session with our covering sell-side analysts. (Event Instructions)
During today's call, we may reference our third-quarter 2024 earnings release and supplemental information. This document was issued yesterday after the market closed, and is available on the Investor Relations section of our website at
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