Invitation Homes Inc. (NYSE: INVH) reported Q4 EPS of $0.10, $0.04 better than the analyst estimate of $0.06. Revenue for the quarter came in at $444 million versus the consensus estimate of $448.13 million.

Fourth Quarter 2019 Highlights and Full Year 2019 Highlights

• Year over year, in Q4 2019, total revenues increased 2.7% to $444 million, total property operating and maintenance expenses increased 5.3% to $168 million, and net income attributable to common stockholders increased 107.0% to $52 million, or $0.10 per share. In FY 2019, total revenues increased 2.4% to $1,765 million, total property operating and maintenance expenses increased 2.2% to $670 million, and net income attributable to common stockholders increased by $151 million to $145 million, or $0.27 per share.
• Year over year, in Q4 2019, Core FFO per share increased 6.1% to $0.32, and AFFO per share increased 10.8% to $0.28. In FY 2019, Core FFO per share increased 6.2% to $1.25, and AFFO per share increased 8.9% to $1.03.
• In Q4 2019, Same Store NOI grew 3.8% year over year on 4.3% Same Store Core revenue growth and 5.3% Same Store Core operating expense growth. In FY 2019, Same Store NOI grew 5.6% year over year on 4.5% Same Store Core revenue growth and 2.5% Same Store Core operating expense growth.
• In Q4 2019, Same Store average occupancy was 96.0%, flat year over year. In FY 2019, Same Store average occupancy was 96.3%, up 50 basis points year over year.
• In Q4 2019, Same Store renewal rent growth of 4.5% and Same Store new lease rent growth of 1.6% drove Same Store blended rent growth of 3.4%. In FY 2019, Same Store renewal rent growth of 5.0% and Same Store new lease rent growth of 3.8% drove Same Store blended rent growth of 4.6%.
• As previously announced, in December 2019, the Company closed a bulk sale of 708 homes in Nashville, its smallest market by home count, for gross proceeds of $210 million. With this transaction, Invitation Homes leveraged strong investor demand for single-family rental homes in Nashville to sell 89% of its portfolio in the market, as part of a strategic decision to exit Nashville and focus on other high-growth markets where Invitation Homes has greater scale and density.
• Net debt / annualized adjusted EBITDAre decreased from 9.0x at December 31, 2018 to 8.0x at December 31, 2019.
• As previously announced, Blackstone completed the exit of its position in Invitation Homes. After a secondary offering of 57.6 million shares of Invitation Homes common stock in November 2019, and distribution of 0.3 million shares to its partners, Blackstone no longer beneficially owns shares in Invitation Homes.

President & Chief Executive Officer Dallas Tanner comments: "2019 was an excellent year for Invitation Homes, marked by Same Store NOI growth near the top of the REIT sector, further refinement of the best-in-class resident experience we provide through ProCare, significant portfolio enhancement through capital recycling, completion of merger integration activities with greater synergies than anticipated, and meaningful reduction in balance sheet leverage. Furthermore, we ended 2019 with strong occupancy, positioning us well operationally for 2020.

"We are encouraged by the momentum we are carrying into 2020, and see further opportunities for both organic and external growth. Fundamentally, supply and demand trends remain favorable across our high-growth markets, and we believe our refined operating platform, high-quality portfolio, and scale efficiencies position us to execute better than ever before. As we continue to raise our already-high bar for resident service, we'll also seek to grow our home count in 2020 if today\'s accretive acquisition opportunity persists as expected. In addition, we'll continue to build on growth initiatives related to ancillary services, leasing efficiency, and value enhancing capex in 2020.

"With these growth drivers at our back, we expect FY 2020 Same Store NOI growth of 4.25% at the midpoint of our guidance."

For earnings history and earnings-related data on Invitation Homes Inc. (INVH) click here.