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DALLAS - Invitation Homes Inc . (NYSE:INVH), the nation’s premier single-family home leasing company, reported fourth quarter earnings that beat analyst expectations, while revenue also came in above estimates.
The company posted Q4 adjusted earnings per share of $0.23, surpassing the analyst consensus of $0.18. Revenue for the quarter rose 5.6% year-over-year to $659 million, exceeding estimates of $650.49 million.
For the full year 2024, Invitation Homes saw total revenues increase 7.7% to $2.62 billion. The company’s Same Store net operating income (NOI) grew 4.6% year-over-year, driven by 4.3% growth in Same Store Core Revenues and 3.7% growth in Same Store Core Operating Expenses.
"During 2024, Invitation Homes delivered one of the strongest financial results among public residential REITs, with Same Store NOI growth of 4.6% and AFFO per share growth of 6.7% year over year," said CEO Dallas Tanner.
The company’s Q4 Same Store average occupancy was 96.7%, down 60 basis points year-over-year. Same Store blended rent growth was 2.3% for the quarter, composed of 4.2% growth on renewals and a 2.2% decline on new leases.
For 2025, Invitation Homes expects Core FFO per share of $1.88 to $1.94 and Same Store NOI growth of 1.0% to 3.0%.
The company’s stock showed no significant movement in after-hours trading following the earnings release.
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