Invitation Homes issues FY2024 guidance with >5% Core FFO growth; Feb same-store metrics strong

Invitation Homes Inc.

Preliminary Feb 2024 same-store occupancy 97.6% (pre-pandemic high); blended lease rate growth 4.5%, up from 3.5% in Jan.
FY2024 Core FFO per share guidance $1.82-$1.90 (midpoint $1.86), up from FY2023 actual $1.77; AFFO guide $1.54-$1.62.
Same Store NOI growth guided at 3.5%-5.5% (midpoint 4.5%), vs FY2023 actual 4.8%.
Wholly owned acquisitions planned at $600M-$1B, dispositions $400M-$600M; BTR pipeline ~1,800 homes (~$700M).
Third-party management grows to over 14k homes; company expects favorable SFR demand from millennial demographics.

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