The following is a summary of the Invitation Homes Inc. (INVH) Q1 2024 Earnings Call Transcript:
Financial Performance:
Invitation Homes witnessed high same-store average occupancy, same-store rent growth, and strong same-store core revenue and NOI growth in Q1 2024.
Same-store NOI saw a 4.7% increase due to 4.6% growth in average monthly rental rates.
Core Funds From Operations per share grew by 5.7% to $0.47 over the year due to enhanced NOI.
The net debt-to-adjusted EBITDA ratio stood at 5.4x at the end of Q1 2024.
The company maintains over $1.7 billion in available liquidity, primarily from unrestricted cash and capacity on its revolving credit line.
Business Progress:
Added over 7000 homes to its management platform in Q1 2024, fostering partnerships with several homebuilders.
Expansion plans include building around 500 new homes in Charlotte, Jacksonville, and Nashville.
Future plans include adding more national and mid-sized builder relationships, and accelerating investment in third-party property management services.
The company maintains a focus on the regulatory dialogues at the state and local levels.
The company expects to bring new housing supply to the market, which is seen as the key industry narrative in the next few years.
More details: Invitation Homes Inc IR
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