other material
confidence high
sentiment positive
materiality 0.65
Invitation Homes reports October blended rent growth 5.4%, acquires 1,870 homes for $645M
Invitation Homes Inc.
- October blended lease rate growth 5.4% (renewal 7.0%, new 2.0%); average occupancy 96.9%.
- Acquired 1,870 Sunbelt homes in 3Q23 for ~$645M; expected Year 1 yield in mid-5%.
- Fitch revised outlook to Positive, affirmed BBB rating; $1.8B liquidity, 99.4% fixed-rate debt.
- New residents average income $142K+, income-to-rent 5.2x; leasing 32% cheaper than buying in markets.
- Build-to-rent pipeline ~2,000 homes >$750M with builders like Pulte, Lennar.