Invitation Homes reports Q3 FFO 44c , consensus 45c

Reports Q3 revenue $618M, consensus $611.8M. Same Store NOI increased 4.0% year over year on 6.0% Same Store Core Revenues growth and 10.2% Same Store Core Operating Expenses growth. Revenue collections were approximately 99% of the Company’s historical average collection rate. Same Store Bad Debt was 1.3% of gross rental revenue, indicating a year over year improvement of approximately 20 basis points. Same Store Average Occupancy was 96.9%, down 60 basis points year over year. Same Store renewal rent growth of 6.6% and Same Store new lease rent growth of 5.2% drove Same Store blended rent growth of 6.2%.