Abating headwinds should benefit these REITs in the coming years.Dividend stocks can be fantastic investments. The best ones supply a growing stream of passive income and steady stock price appreciation as they increase their earnings. Those two drivers often enable dividend stocks to deliver above-average total returns. There are many great dividend stocks. Mid-America Apartment Communities (MAA -1.43%) and Invitation Homes (INVH -0.03%) stand out as excellent ones to buy right now for those seeking income ...

Financial Data and Key Metrics Changes - Core FFO and AFFO per share for Q3 2024 increased by 6.8% and 7.2% year-over-year to $0.47 and $0.38 respectively, driven primarily by higher same-store NOI [28][30] - Same-store core revenues grew 3.6% year-over-year, primarily due to a 3.7% increase in average monthly rent [18] - Same-store core expenses increased only 3.1% year-over-year, resulting in a 3.9% increase in same-store NOI [19] Business Line Data and Key Metrics Changes - Renewal rent growth was 4.2%, while new lease rent growth was 1.7%, leading to a blended rent growth of 3.6% [18] - Average occupancy during Q3 was 97%, consistent with the prior year [18] - Preliminary October results showed average occupancy at 96.5%, with renewal rent growth at 3.7% and new lease rents contracting by 1.4% [20] Market Data and Key Metrics Changes - Supply pressures were noted in markets such as Phoenix, Tampa, Orlando, and Dallas, affecting new lease pricing [10][34] - The company expects new BTR deliveries to fall by 60% to 65% next year, indicating temporary supply pressures [11][50] - The number of renter households is projected to grow by nearly 0.5 million people per year for the next four years, supporting long-term demand [12] Company Strategy and Development Direction - The company aims to make leasing a home as easy as leasing a car, focusing on technology investments and third-party management expansion [9] - Strategic relationships with homebuilders are being deepened, with a target of over $60 million in gross revenues from value-add services this year [9] - The company remains bullish on long-term growth prospects, supported by strong demographics and job growth [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged some softness in certain markets but remains optimistic about long-term demand and absorption [10][12] - The company is focused on managing supply pressures and believes current challenges are temporary [11][34] - Management expressed confidence in achieving solid growth, remaining among the strongest in the residential REIT sector [13] Other Important Information - The company has over $2 billion in available liquidity and a strong balance sheet with a net debt to trailing 12-month adjusted EBITDA of 5.4x [23][24] - Fitch Ratings upgraded the company's credit ratings to BBB+ with a stable outlook [25] - The company has a well-established playbook for managing risks associated with storms and has a favorable loss history [65] Q&A Session All Questions and Answers Question: Sequential occupancy decline and pricing power - Management noted supply pressure in specific markets affecting new lease pricing, but overall occupancy remains healthy with low turnover rates [34] Question: Capital deployment and yield landscape - The company is pleased with the deal flow from builders, closing nearly 900 homes for $320 million at around a 6% cap rate [37] Question: Growth potential and loss to lease - Management refrained from discussing next year's specifics but indicated a potential earn-in of around 2% [40] Question: Strategic growth in markets - Management acknowledged the need to balance growth in various markets and is actively evaluating opportunities beyond current high-volume areas [42][45] Question: Impact of new supply on performance - Management indicated that while new lease growth is affected in certain markets, renewal rates remain strong and are expected to improve [49] Question: Revenue growth guidance adjustments - Management explained that recent adjustments reflect better visibility into supply pressures and market conditions [53] Question: Renewal growth rates and pricing sensitivity - Management confirmed that renewal rates are expected to accelerate, with adjustments made to compete on price in certain markets [56] Question: Storm costs and insurance coverage - Management detailed the insurance policy structure and the impact of multiple named windstorms on costs [72] Question: Traffic trends and demand - Management reported healthy web traffic and showings, indicating strong demand despite some supply challenges [75] Question: NOI margins and future expectations - Management expressed confidence in maintaining strong NOI margins, with expectations for property tax growth to moderate [77]

Revenue and Income - Rental revenues for Q3 2024 reached $641.3 million, an increase of 4.2% from $614.3 million in Q3 2023[11] - Total revenues for the nine months ended September 30, 2024, were $1.96 billion, compared to $1.81 billion for the same period in 2023, reflecting a growth of 8.4%[11] - Net income attributable to common stockholders for Q3 2024 was $95.3 million, down from $131.8 million in Q3 2023, representing a decrease of 27.6%[11] - Net income for the three months ended September 30, 2024, was $95,578,000, a decrease of 27.8% compared to $132,221,000 for the same period in 2023[14] - Comprehensive income attributable to common stockholders for the three months ended September 30, 2024, was $52,598,000, down from $138,562,000 in the prior year, representing a decline of 62%[14] - Net income for the nine months ended September 30, 2024, was $311,795,000, a decrease from $391,087,000 for the same period in 2023, reflecting a decline of approximately 20.3%[14] Expenses and Liabilities - Property operating and maintenance expenses for Q3 2024 were $242.2 million, an increase of 5.8% from $229.5 million in Q3 2023[11] - Interest expense for the nine months ended September 30, 2024, was $270.9 million, compared to $243.4 million for the same period in 2023, indicating a rise of 11.3%[11] - Total liabilities and equity as of September 30, 2024, amounted to $19.63 billion, up from $19.22 billion at the end of 2023[10] - The accumulated deficit increased to $(1,275,601,000) as of September 30, 2024, compared to $(1,198,481,000) as of June 30, 2024[16] - Total stockholders' equity as of September 30, 2024, was $9,951,662,000, a decrease from $10,066,709,000 as of June 30, 2024[16] Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2024, was $948,997,000, down from $1,019,544,000 in 2023, indicating a decrease of about 6.9%[22] - Total cash, cash equivalents, and restricted cash at the end of the period was $1,245,472,000, compared to $979,891,000 at the end of September 2023, reflecting an increase of approximately 27.1%[23] - The acquisition of single-family residential properties amounted to $543,039,000 for the nine months ended September 30, 2024, down from $906,845,000 in 2023, a decrease of approximately 40.1%[22] - Proceeds from the sale of single-family residential properties were $305,849,000 for the nine months ended September 30, 2024, compared to $354,409,000 in 2023, indicating a decline of about 13.7%[22] - The company reported a change in cash flow from operating leases of $4,814,000 for the nine months ended September 30, 2024, compared to $4,597,000 in 2023, an increase of approximately 4.7%[23] Shareholder Information - The company declared dividends of $0.28 per share for the three months ended September 30, 2024, totaling $172,389,000[16] - The number of common shares outstanding as of September 30, 2024, was 612,605,478, an increase from 611,958,239 as of December 31, 2023[16] - The company intends to pay quarterly dividends that approximately equal or exceed its net taxable income for the relevant year[104] - The company issued 612,605,478 shares of common stock as of September 30, 2024, with 1,979,009 outstanding OP Units redeemable[102] Risks and Challenges - The company continues to face risks related to the single-family rental industry, including macroeconomic factors and competition, which may impact future performance[4] - The company faces significant risks including inflation, high unemployment, and geopolitical tensions, which could adversely affect its financial condition and operations[29] - The company continues to face risks related to unfavorable economic conditions, including inflation and high unemployment, which could impact financial performance and asset values[29] Accounting and Compliance - The company is currently evaluating the impact of new accounting standards issued by FASB, including ASU 2023-05, ASU 2023-07, and ASU 2023-09, which may affect future financial disclosures[32][33] - The company is required to maintain a minimum fixed charge coverage ratio and a minimum unsecured interest coverage ratio under its loan covenants[82] Property Management and Operations - The company provided property and asset management services for 25,535 homes as of September 30, 2024, a significant increase from 3,656 homes in the same period of 2023[48] - Future minimum rental revenues and other property income under leases are projected to total $1,775,962 as of September 30, 2024[48] - Average monthly rent for occupied properties increased, contributing to the overall rental revenue growth, although specific figures were not disclosed[6] Derivatives and Hedging - The company has entered into various interest rate swap agreements to hedge variable cash flows, with a notional amount of $400,000,000 indexed to one month Term SOFR and a strike rate of 2.80%[89] - The company reported unrealized losses on interest rate swaps of $21,587,000 for the three months ended September 30, 2024, compared to unrealized gains of $27,845,000 in the same period of 2023[14] - The total liabilities related to derivatives as of September 30, 2024, are $118,000, reflecting a decrease from previous periods[92] Impairments and Losses - The company recognized impairments totaling $270 during the three months ended September 30, 2024, compared to $83 in the same period of 2023, reflecting a significant increase in impairment losses[36] - The company recorded net unrealized losses on investments still held at the reporting date totaling $(269) for the three months ended September 30, 2024[52] Debt and Financing - As of September 30, 2024, the total outstanding principal balance of mortgage loans is $1,614,220, a decrease from $1,627,256 as of December 31, 2023, representing a reduction of approximately 0.9%[57] - The company has entered into binding purchase agreements for the acquisition of 2,243 homes over the next four years, with remaining commitments totaling approximately $670,000 as of September 30, 2024[128] - The company issued $500,000 of 4.88% Senior Notes maturing on February 1, 2035, on September 26, 2024[70]

Invitation Home (INVH) reported $660.32 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 6.9%. EPS of $0.47 for the same period compares to $0.21 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $659.53 million, representing a surprise of +0.12%. The company delivered an EPS surprise of +2.17%, with the consensus EPS estimate being $0.46. While investors closely watch year-over-year changes in headline numbers -- revenue and earni ...

Invitation Home (INVH) came out with quarterly funds from operations (FFO) of $0.47 per share, beating the Zacks Consensus Estimate of $0.46 per share. This compares to FFO of $0.44 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.17%. A quarter ago, it was expected that this real estate investment trust focused on single-family rentals would post FFO of $0.47 per share when it actually produced FFO of $0.47, delivering no surpris ...

� Atlanta invitation homes EARNINGS RELEASE & SUPPLEMENTAL INFORMATION THIRD QUARTER 2024 Table of Contents Earnings Press Release | --- | |------------------------------------------------------------------| | | | Consolidated Financial Statements | | Schedule 1: Reconciliation of FFO, Core FFO, and AFFO | | Schedule 2: Capital Structure Information | | Schedule 3: Summary of Operating Information by Home Portfolio | | Schedule 4: Home Characteristics by Market | | Schedule 5: Same Store Operating Informati ...

Wall Street analysts forecast that Invitation Home (INVH) will report quarterly earnings of $0.46 per share in its upcoming release, pointing to a year-over-year increase of 4.6%. It is anticipated that revenues will amount to $659.53 million, exhibiting an increase of 6.8% compared to the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.B ...

Invitation Homes (INVH) is slated to report third-quarter 2024 results on Oct. 30, after the market close. In anticipation of the announcement, industry analysts and investors are eager to assess the company's performance and prospects in the current economic climate.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, this residential real estate investment trust (REIT) posted a core FFO per share of 47 cents, meeting the Zacks Consensus Estimate. Results r ...

REITs tend to be excellent passive income producers. Generating durable passive income can give you a lot of financial freedom. You'll have income you can rely on year after year. Dividend-paying stocks can be a great way to make reliable passive income. There are many great options, including W. P. Carey (WPC 0.84%), Rexford Industrial Realty (REXR 1.70%), and Invitation Homes (INVH 0.63%). The trio of real estate investment trusts (REITs) should be able to deliver decades of passive income for their inves ...

Introduction to the Transaction On September 30, 2024, Norges Bank made a significant addition to its investment portfolio by acquiring 13,255,017 shares of Invitation Homes Inc. (INVH, Financial), a prominent player in the single-family rental sector. This transaction increased Norges Bank's total holdings in the company to 52,861,723 shares, reflecting a substantial commitment to INVH. The shares were purchased at a price of $35.26, marking a notable investment move by the firm. Profile of Norges Bank Nor ...