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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