earnings
confidence high
sentiment positive
materiality 0.75
Invitation Homes reports May QTD blended lease rate growth of 5.3%, up from 4.4% in 1Q24
Invitation Homes Inc.
2024-Q1 EPS reported
$0.23
revenue$646,039,000
- New lease rate growth accelerated to 3.5% in May QTD vs 0.8% in 1Q24.
- Renewal lease rate growth of 5.9% vs 5.8% in 1Q24; occupancy 97.5%.
- BTR pipeline of ~2,000 homes (~$729M) with homebuilders like D.R. Horton and Lennar.
- Value-add revenues expected to reach $63M in 2024E, up from $50M in 2023.
- Company manages 105,535 total homes, including 17,268 third-party managed homes.