other material
confidence high
sentiment positive
materiality 0.75
Invitation Homes provides FY2023 guidance and January/February operating metrics
Invitation Homes Inc.
- New lease rate growth 4.9% Jan, 5.7% Feb; renewal rate growth 8.7% Jan, 7.8% Feb; blended rate growth 7.4% Jan, 7.2% Feb.
- FY2023 Core FFO per share guidance $1.73-$1.81 (6% YoY growth at midpoint); AFFO per share $1.43-$1.51.
- Same Store NOI growth guidance 4.0%-5.5%; Same Store revenue growth 5.25%-6.25%; Same Store OpEx growth 7.5%-9.5%.
- Average occupancy 97.7% Jan, 97.8% Feb; loss to lease ~4% as of end Feb, up from 1-2% year-end.
- Expects on-balance sheet acquisitions $250M-$300M from builder partners; JV acquisitions $100M-$300M.