Invitation Homes, the nation's premier single-family home leasing and management company, has released its latest investor presentation for September 2024. The company believes it is well-positioned to deliver outsized growth through its accretive homebuilder relationships, high-margin third-party management business, and focus on providing a best-in-class resident experience.
In terms of financial performance, the company reported its July-August quarter-to-date same-store results. It showed a renewal lease rate growth of 4.4% versus 5.6% in the previous quarter, while new lease rate growth was 1.9% compared to 3.6% in the previous quarter. The blended lease rate growth was 3.7% versus 5.0% in the previous quarter, and the average occupancy was 97.1% compared to 97.5% in the previous quarter.
Invitation Homes' approach to growth is strategically focused on infill locations, with approximately 96% of its wholly owned portfolio located in the western U.S., sunbelt, and Florida. The company has a track record of sector-leading growth and a high-quality resident experience. It also employs a multi-channel approach to acquisitions, including broker/MLS leverage, builder partnerships, third-party management pipeline, and portfolio transactions.
The company has emphasized its relationship approach to build-to-rent (BTR), partnering with some of the nation's best homebuilders to drive meaningful growth and margin expansion. As of June 30, 2024, Invitation Homes' BTR pipeline was nearly 2,700 homes, representing approximately $914 million.
Invitation Homes is committed to providing value-added services to enhance the resident experience. It has introduced bundled internet and digital media packages, smart home packages, and HVAC filter programs. The company also plans to expand its value-add service income with new initiatives such as moving/storage offerings, pet programs, pest control, landscaping, insurance suite, and energy optimization.
In terms of corporate stewardship, Invitation Homes has been recognized for its top-ranked REIT corporate governance and its commitment to sustainability initiatives. The company's corporate stewardship also includes a genuine care commitment to its residents, with associates' goals linked to resident service and sustainability, as well as significant investments in pathway homes and coordinated philanthropy and volunteer efforts.
As a result of these announcements, the company's shares have moved -4.2% on the market, and are now trading at a price of $35.71. For the full picture, make sure to review Invitation Homes's 8-K report.
