Core Viewpoint - Invitation Homes Inc. (INVH) is positioned to benefit from a high-quality portfolio of single-family rental units in desirable locations, although it faces challenges from elevated supply and high-interest expenses [1][2][6]. Group 1: Business Model and Strategy - The company operates an asset-light model by partnering with top homebuilders for built-to-rent units, which allows for healthy yields with limited risk [1][3]. - Invitation Homes targets high-growth markets with desirable neighborhoods and a young population, focusing on infill locations [3]. - The company is leveraging technological initiatives, such as the ProCare application, to enhance customer experience and drive long-term profitability [4]. Group 2: Financial Position - As of September 30, 2024, Invitation Homes had $2.03 billion in liquidity, consisting of unrestricted cash and undrawn capacity on its revolving credit facility [5]. - The total debt outstanding was $9.1 billion, with a Net debt/TTM adjusted EBITDAre ratio of 5.4x [5][7]. Group 3: Market Challenges - The company is experiencing supply pressures in several markets, including Tampa, Orlando, Dallas, and Phoenix, leading to lower rental rates due to slower absorption of new leases [6]. - High-interest expenses remain a concern, particularly as the company carries a substantial debt burden [2][7].

Core Viewpoint - Wall Street analysts anticipate Invitation Home (INVH) will report quarterly earnings of $0.47 per share, reflecting a year-over-year increase of 4.4%, with revenues expected to reach $663.21 million, up 6.2% from the previous year [1] Group 1: Earnings and Revenue Estimates - The consensus EPS estimate has been revised downward by 1.1% over the past 30 days, indicating a collective reassessment by analysts [1] - Analysts project 'Revenues- Management Fee Revenues' to be $19.02 million, representing a significant year-over-year increase of 456.2% [4] - 'Revenues- Rental revenues' are expected to be $643.98 million, indicating a 14.2% increase from the year-ago quarter [4] - Depreciation and amortization is predicted to reach $179.67 million, compared to $173.16 million from the previous year [4] Group 2: Market Performance - Invitation Home shares have increased by 5.6% over the past month, outperforming the Zacks S&P 500 composite, which rose by 2.2% [5] - With a Zacks Rank of 3 (Hold), INVH is expected to closely follow overall market performance in the near term [5]

Many individual investors look to real estate investment trusts as a means to invest in hard assets like real estate with built-in diversification. To invest in an actual property, one might be concentrating an unreasonable amountCompounding Chef combines a business education background with professional experience in a variety of industries to find opportunities across the investing universe including… Media, Marketing, and Public Relations Travel, Tourism, Hospitality, Corporate Events, and Software as a ...

Dividend stocks can be no-brainer investments. Over the last 50 years, the average dividend stock in the S&P 500 has outperformed non-dividend payers by more than 2 to 1, with the best performance coming from dividend growers. Dividend growth stocks have delivered a 10.2% average annual return, compared to 4.3% for non-payers, according to data from Ned Davis Research and Hartford Funds. The return of dividend growth stocks has really added up over the years. For example, a $100 investment in the average di ...

Group 1 - Invitation Homes (NYSE: INVH) has underperformed the broader market and REIT index in 2024, with a total return of just 3% [1] - The shares of Invitation Homes have declined approximately 10% over the past period [1]

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 ...