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 ...

Core Insights - The focus is on providing insightful rating analysis of leading financial firms to identify investment opportunities and potential risks [1] Group 1 - The preferred investment picks are those that exhibit both growth and quality factors, characterized by strong growth narratives supported by robust financial statements [1] - The analyst has a background of seven years in investment, having passed all CFA Program exams, indicating a level of expertise in financial analysis [1]

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 ...

Core Viewpoint - Invitation Homes is experiencing signs of softening in its performance metrics, leading to a decline in share prices despite the company's optimistic long-term outlook for growth in annual funds from operations (AFFO) [1][2][4]. Company Performance - Invitation Homes reported a quarter-to-date renewal lease rate growth of 4.4%, down from 5.6% in the previous quarter, and new lease rate growth of 1.9%, compared to 3.6% in the prior three months [3][4]. - The company emphasized the strength of its third-party management business and strong relationships with homebuilders, positioning itself well for future growth [2][5]. Market Context - The current trends indicate a potential slowdown, which has raised concerns among investors, particularly in light of broader economic conditions affecting consumer health [4]. - Despite recent stock performance, which has seen a 20% decline since the start of 2022, the company maintains that leasing remains more affordable than buying in all 16 of its core markets, suggesting long-term growth opportunities [5][6].

Market Overview - The average home price in the United States has increased to over $360,000, a 77% rise from $203,000 in April 2016 [1] - As of July 31, 2024, the median sale price is $361,500, with a median list price of $405,933 [2] - The current 30-year fixed mortgage rate is approximately 6.5%, up from below 4.0% in 2016 [2][4] Affordability Crisis - The housing affordability index is at its worst since the mid-1990s, even worse than before the Great Financial Crisis [3] - The average monthly payment for a 6.5% mortgage is about 43% of the average salary of a full-time employee in the U.S. [4] - Proposed solutions to the affordability crisis include building 3 million homes and providing down payment assistance of $25,000 for middle-class Americans [4] Invitation Homes Inc. (INVH) - Invitation Homes owns approximately 85,000 homes in 16 core markets, focusing on high-growth areas [6][7] - The company benefits from a housing shortage of 2 to 4 million homes, which supports pricing power [6] - INVH expects to grow its same-store NOI by at least 3.75% this year, with a dividend yield of 3.1% and a payout ratio of 61% [13][14] Sun Communities, Inc. (SUI) - Sun Communities operates manufactured housing communities that are 97% occupied, providing affordable living options [16] - The company has a strong investment-grade balance sheet with no significant maturities until 2026 [18] - SUI offers a dividend yield of 2.8% with a healthy payout ratio of 53% and a five-year CAGR of 5.1% [19] Investment Outlook - Both Invitation Homes and Sun Communities are well-positioned to benefit from the ongoing affordability challenges in the housing market [22] - These companies provide solid growth opportunities and attractive dividends, making them compelling options for investors seeking capital appreciation and income [22]