Invitation Homes reports Oct same-store blended lease growth +2.2%, occupancy 96.5%

Invitation Homes Inc.

October same-store: renewal lease rates +3.7%, new lease rates -1.3%, blended +2.2%, occupancy 96.5%.
Preliminary November renewals show >+4% growth based on 77% of renewals executed to date.
96% of Q3 revenue comes from Western U.S., Sunbelt, and Florida markets; 96% of homes in portfolios with 2k+ homes.
Value-add revenues expected $63M in 2024, up from $50M in 2023; expanding bundled Internet and Smart Home offerings.
Builder partnerships with D.R. Horton, Lennar, Pulte; ~2,500 BTR homes under construction targeting ~6% investment yields.

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