INVH provides September 2023 investor update; confirms strong occupancy, rent growth, and $645M portfolio acquisition

Invitation Homes Inc.

Average occupancy 97.0% (Aug QTD); blended NER growth 6.4%, renewal NER growth 6.5%.
Acquired 1,870 homes in July 2023 for ~$645M; over 90% in Sun Belt; expected Year 1 yield mid-5s.
Cumulative SS-NOI growth 2017-2022: 46.6%, outperforming multifamily REIT peers.
Balance sheet: $1.4B liquidity, no debt maturing before 2026, 99.3% fixed-rate, 83.1% homes unencumbered.
New residents average income $138K, rent-to-income 5.1x; owning a home costs ~$1,000/month more than leasing.

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