Group 1: Mid-America Apartment Communities (MAA) - Mid-America Apartment Communities has increased its dividend for 14 consecutive years, with a 5% increase last December [3] - The REIT's funds from operations (FFO) have decreased from $6.85 to $6.65 per share due to increased apartment supply affecting occupancy and rent growth [4] - The company anticipates a decline in new apartment supply, which is expected to lead to higher occupancy and rent growth in the coming years [5] - Mid-America is actively developing eight new apartment communities and acquiring recently built apartments, which will contribute to future earnings growth [6] - The stock price is currently 33% below its peak, resulting in a dividend yield near 4%, making it an attractive investment opportunity [7] Group 2: Invitation Homes (INVH) - Invitation Homes has increased its dividend every year since going public in 2017, with a 7.7% increase last December [8] - The REIT has maintained a high occupancy level of 97% and achieved a 4.2% growth in same-store rents in the third quarter [8] - The company has expanded its portfolio by purchasing 1,591 homes for $557 million and investing $37 million in joint venture homes [9] - Demand for single-family rental homes remains strong, with renting being 33% more affordable than buying in key markets [10] - Invitation Homes has a strong balance sheet and plans to acquire about 2,700 homes from builders, enhancing its growth potential [11] - Despite a 30% decline in stock value from its peak, the REIT's dividend yield is around 3.5%, indicating an attractive investment opportunity [12] Group 3: Investment Outlook - Both Mid-America Apartment Communities and Invitation Homes offer attractive dividend yields and have significant growth potential ahead [13] - The decline in stock prices for both REITs has created opportunities for investors seeking income and growth [13]

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 ...

Core Viewpoint - Wall Street analysts expect Invitation Home (INVH) to report quarterly earnings of $0.46 per share, reflecting a year-over-year increase of 4.6%, with revenues projected at $659.53 million, a 6.8% increase compared to the previous year [1]. Group 1: Earnings and Revenue Estimates - The consensus EPS estimate for the quarter has remained unchanged over the past 30 days, indicating analysts' reassessment of their initial projections [1]. - Analysts project 'Revenues- Management Fee Revenues' to be $16.74 million, representing a significant increase of 391.7% year-over-year [4]. - The average estimate for 'Revenues- Rental revenues' is $643.98 million, suggesting a year-over-year change of 16% [4]. Group 2: Depreciation and Stock Performance - Analysts estimate 'Depreciation and amortization' to be $176.49 million, compared to $170.70 million reported in the same quarter last year [5]. - Over the past month, shares of Invitation Home have decreased by 4.8%, while the Zacks S&P 500 composite has increased by 1.7% [5]. - Currently, INVH holds a Zacks Rank 3 (Hold), indicating its performance may align with the overall market in the near future [5].

Core Insights - Invitation Homes (INVH) is set to report its third-quarter 2024 results on October 30, with analysts and investors keen to evaluate its performance in the current economic environment [1] Financial Performance - In the last reported quarter, INVH achieved a core FFO per share of 47 cents, aligning with the Zacks Consensus Estimate, driven by increased total revenues and same-store blended rent, although rising interest expenses slightly impacted results [2] - Over the past four quarters, INVH's core FFO per share met the Zacks Consensus Estimate twice, exceeded it once, and fell short once, with an average miss of 0.01% [3] U.S. Apartment Market Overview - The U.S. apartment market absorbed 192,649 market-rate units from July to September 2024, while 162,595 new units were delivered, resulting in an annual supply of 557,842 units, the highest since 1974, with demand at 488,773 units [4] - Occupancy rates in market-rate apartments stood at 94.4%, a slight decline of 10 basis points year-over-year, with rents increasing by 0.2% year-over-year in September, and the average effective rent at $1,838 [5] Company Growth Factors - INVH is expected to benefit from its diverse portfolio located in high-growth markets across the Western U.S., Sunbelt locations, and Florida [6] - The company's third-party management business has been a significant growth driver, with a homebuilder-relationship approach to build-to-rent yielding high investment returns with minimal capital investment [6] Lease Rate Trends - For the period of July to August, INVH reported same-store renewal lease rate growth of 4.4%, down from 5.6% in Q2 2024, while new lease rate growth decreased to 1.9% from 3.6% in Q2 2024 [7] - The blended lease rate growth was 3.7%, down from 5.0% in Q2 2024, with an average occupancy of 97.1%, slightly lower than 97.5% in Q2 2024 [7] Projections and Estimates - The Zacks Consensus Estimate for INVH's rental revenues in Q3 is $644 million, reflecting a 16% increase from the previous year, while total revenues are estimated at $659.5 million, indicating a 6.8% rise [8] - The consensus estimate for quarterly FFO per share remains at 46 cents, suggesting a 4.6% year-over-year increase, but the model does not predict a surprise in FFO this season [9][10]

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 ...

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A deal with a regulator shone a light on some ugly allegations in the company's conduct with tenants. Invitation Homes (INVH -2.60%) is getting ready to raid its coffers in order to satisfy the terms of a new settlement with a regulator, and it's clear investors aren't all that happy with it. On news of the agreement with the U.S. Federal Trade Commission (FTC) over alleged wrongdoing by the company, Invitation Homes's share price fell to close the day 2.6% lower. Meanwhile, the trading session saw the bask ...