Invitation Homes Reports 6.9% Revenue Growth, Net Income Decline in Q3 2024

As of September 30, 2024, Invitation Homes Inc. reported total assets of $23,037.9 million, an increase from $22,252.9 million at the end of 2023. The company’s investments in single-family residential properties included land valued at $4,888.8 million and buildings and improvements valued at $17,121.8 million. Cash and cash equivalents rose significantly to $1,027.2 million, up from $700.6 million at the end of 2023. However, total liabilities increased to $3,799.0 million from $3,305.5 million, and the accumulated deficit worsened to $(1,275.6) million from $(1,070.6) million.

For the third quarter of 2024, Invitation Homes reported total revenues of $660.3 million, a 6.9% increase from $617.7 million in Q3 2023. Rental revenues and other property income rose to $641.3 million, up 4.4% year-over-year. Management fee revenues surged to $19.0 million, a remarkable increase of 457.6% compared to $3.4 million in the same period last year. Total expenses for Q3 2024 were $590.7 million, reflecting a 10.3% increase from $535.5 million in Q3 2023. Consequently, net income for the quarter decreased by 27.7% to $95.6 million from $132.2 million in the prior year.

For the nine months ended September 30, 2024, total revenues increased by 8.4% to $1,959.8 million, with rental revenues rising 6.3% to $1,910.9 million. Management fee revenues also saw a significant increase, totaling $48.9 million, up from $10.2 million in the same period of 2023. However, net income for the nine-month period fell by 20.3% to $311.8 million from $391.1 million in 2023.

The company’s operational metrics showed a slight decline in average occupancy, which decreased to 96.2% from 96.7% year-over-year. Average monthly rent per occupied home increased to $2,379, reflecting a 3.9% rise from $2,290 in the previous year. The annualized turnover rate for the Same Store portfolio decreased to 23.4% from 25.1%.

In terms of strategic developments, Invitation Homes acquired 891 homes during Q3 2024, a decrease from 2,257 homes acquired in the same period of 2023. The company also reported a significant increase in cash invested in joint ventures, attributed to the formation of a new joint venture in 2024. The company’s total debt as of September 30, 2024, was reported at $9,098.1 million, with a weighted average interest rate of 3.81%.

Overall, Invitation Homes continues to navigate a challenging economic environment while focusing on growth through strategic acquisitions and management services.