Invitation Homes(INVH) - 2024 Q4 - Annual Results

Financial Performance - Q4 2024 total revenues increased 5.6% year over year to $659 million, while FY 2024 total revenues rose 7.7% to $2,619 million[9]. - Q4 2024 net income available to common stockholders was $143 million, or $0.23 per diluted share, compared to $0.21 per diluted share in Q4 2023; FY 2024 net income was $453 million, or $0.74 per diluted share, down from $0.85 per diluted share in FY 2023[9][12]. - Core FFO per share for FY 2024 reported at $1.88, with FY 2025 guidance midpoint at $1.91, reflecting a $0.03 increase[31]. - Net income for Q4 2024 was $143.6 million, compared to $129.9 million in Q4 2023, marking an increase of 10.4%[45]. - Net income available to common stockholders for Q4 2024 was $142,941,000, an increase from $129,368,000 in Q4 2023, representing a growth of 4.1%[48]. - Core FFO for FY 2024 reached $1,157,164,000, up from $1,086,416,000 in FY 2023, indicating a year-over-year increase of 6.5%[48]. - Adjusted EBITDAre for FY 2024 was $1,496,883,000, compared to $1,413,480,000 in FY 2023, showing an increase of 5.9%[164]. Revenue and Occupancy - Q4 2024 Same Store NOI grew 4.7% year over year, driven by 2.7% Same Store Core Revenues growth and a 1.5% reduction in Same Store Core Operating Expenses; FY 2024 Same Store NOI increased 4.6%[9][15]. - Q4 2024 Same Store Average Occupancy was 96.7%, a decrease of 60 basis points year over year; FY 2024 Same Store Average Occupancy was 97.3%, down 10 basis points[9][15]. - Rental revenues for FY 2024 totaled $2.3 billion, compared to $2.2 billion in FY 2023, indicating a growth of 4.2%[45]. - Same Store Core Revenues for Q4 2024 increased by 0.6% sequentially, totaling $553,233,000 compared to $551,738,000 in Q3 2024[79]. - Average Monthly Rent for Same Store properties in Q4 2024 was $2,419, up from $2,405 in Q3 2024, reflecting a 0.6% increase[79]. - Average Monthly Rent for Same Store properties in FY 2024 was $2,392, a 3.9% increase from $2,303 in FY 2023[81]. Expenses and Debt - Interest expense for FY 2024 was $366.1 million, compared to $333.5 million in FY 2023, reflecting an increase of 9.8%[45]. - Total debt as of December 31, 2024, was $8,287,197,000, with a weighted average interest rate of 3.9%[54]. - The company's net debt stood at $7,996,049,000, resulting in a leverage ratio of 5.3x based on TTM Adjusted EBITDAre[54]. - Total recurring operating expenses, net for Q4 2024 were $31,947, down from $40,375 in Q3 2024[91]. - Total Cost to Maintain, net for Q4 2024 was $64,637, a decrease from $86,641 in Q3 2024[91]. Acquisitions and Dispositions - The Company acquired 501 homes for approximately $171 million in Q4 2024 and 2,200 homes for $764 million in FY 2024, while dispositions totaled 581 homes for $245 million in Q4 2024 and 1,575 homes for $646 million in FY 2024[9][22][23]. - The company disposed of 564 homes in Q4 2024, achieving an average sales price of $423,101 per home[96]. - As of December 31, 2024, the expected acquisition pipeline includes 2,031 new homes, with estimated deliveries of 1,449 homes in 2025[101]. Guidance and Future Projections - FY 2025 guidance for Core FFO per share is projected to be between $1.88 and $1.94, with Same Store Core Revenues growth expected between 1.75% and 3.25%[29]. - Same Store Core Operating Expenses growth guidance for FY 2025 is projected to decrease by 2.0% to 3.0% year-over-year[30]. - The company anticipates a reduction in FY 2025 property taxes by 5.0% to 6.0% year-over-year[30]. Legal and Compliance - Legal settlements in FY 2024 included $77,000,000 related to a Federal Trade Commission inquiry and a legal dispute, impacting net income[49]. - Breach of covenants in the Unsecured Credit Agreements could lead to default on indebtedness, impacting the Company's financial stability[147]. Operational Metrics - The total number of homes in the portfolio as of Q4 2024 was 85,138, with the same store portfolio comprising 90.0% of the total[65]. - The turnover rate for Q4 2024 was 5.1%, a decrease from 6.1% in Q3 2024[71]. - The average cap rate for wholly owned acquisitions during Q4 2024 was 5.9%, while the cap rate for dispositions averaged 2.6%[100].