Invitation Homes Inc. Q4 FY2024 earnings call

• Delivered strong operational and financial results in Q4 2024, with core FFO and AFFO per share growth. - Average length of stay was approximately 38 months in Q4, and renewal rate was 80% with same-store rental rate growth on renewals of 4.2% YOY. - Grew JV and third-party managed home count by over six and a half times in 2024 to over 25,000 homes. - Optimized wholly-owned portfolio by recycling capital from older assets into newly constructed, growth-enhancing investments. - Same-store NOI margin returned to over 68% in 2024, with expectation of further margin expansion. - Current market conditions: moderating impact of new home deliveries in some markets, early signs of improvement, but monitoring factors like new supply, potential tariffs, prolonged higher mortgage rates, and builder spec inventory. - Charles Young promoted Tim Loadner to COO, allowing Charles to focus on strategic growth plans.

In the fourth quarter, total revenues grew 5.6% to $659 million. For the full year 2024, core FFO per share grew 6.4% and AFFO per share grew 6.7%. The same-store NOI margin returned to over 68% in 2024. The JV and third-party managed home count grew by more than six and a half times in 2024 to over 25,000 homes. Core revenue contribution from these segments is not explicitly stated as a percentage, but the growth in managed homes and financial metrics are key performance indicators.

• 2025 core FFO range: $1.88 to $1.94 per share. - 2025 AFFO range: $1.58 to $1.64 per share. - 2025 same-store NOI growth range: 1% to 3%. - Anticipates $600 million in wholly-owned acquisitions at the midpoint, primarily funded through dispositions of $500 million at the midpoint.

• Moderating impact of new home deliveries in some markets. - Potential tariffs, prolonged higher mortgage rates, builder spec inventory, and buyer incentives affecting the market.

Q: Jamie Feldman asked about appetite for funds and balance sheet vs third-party structures.

A: Dallas Tanner discussed joint ventures, added flexibility, and focus on maximizing returns for shareholders and partners.