Invitation Homes (INVH) Q4 2024 earnings summary

Executive summary

• Delivered strong operational and financial results in Q4 and full-year 2024, with Core FFO per share up 6.4% and AFFO per share up 6.7% year-over-year.

• Q4 2024 total revenues rose 5.6% year-over-year to $659 million; FY 2024 revenues up 7.7% to $2,619 million.

• Achieved high resident retention, with average length of stay at 38 months and renewal rate at 80%.

• Expanded JV and third-party managed home count to over 25,000, a more than sixfold increase year-over-year.

• Continued to optimize the wholly-owned portfolio by recycling capital from older assets into new, growth-enhancing investments.

Financial highlights

• Q4 2024 total revenues grew 5.6% to $659 million; property operating costs slightly lower year-over-year at $228 million.

• Q4 Core FFO per share up 5.9% to $0.47; AFFO per share up 8.9% to $0.41. FY 2024 Core FFO per share rose 6.4% to $1.88; AFFO per share up 6.7% to $1.60.

• Full-year 2024 same-store NOI margin returned to over 68%.

• Full-year same-store NOI growth of 4.6%, driven by 4.3% core revenue growth and 3.7% core operating expense growth.

• Property tax expense growth normalized at 5.8% year-over-year.

Outlook and guidance

• 2025 guidance: Core FFO of $1.88–$1.94 per share, AFFO of $1.58–$1.64 per share, and same-store NOI growth of 1%–3%.

• FY 2025 guidance assumes average occupancy of 96.2% to 96.8% and property tax increases of 5.0% to 6.0%.

• Anticipates $600 million in wholly-owned acquisitions and $500 million in dispositions at the midpoint.

• Expects full-year same-store blended rent growth in the mid-3% range and average occupancy of 96.5%.

• Guidance reflects a measured approach due to ongoing supply pressures and market uncertainties.