Invitation Homes Inc. (NYSE: INVH) reported Q2 EPS of $0.08, $0.02 better than the analyst estimate of $0.06. Revenue for the quarter came in at $450 million versus the consensus estimate of $445.63 million.

Second Quarter 2020 Highlights

• Year over year, total revenues increased 1.9% to $450 million, total property operating and maintenance expenses increased 0.3% to $167 million, net income attributable to common stockholders increased 10.2% to $43 million, and net income per diluted common share increased 5.4% to $0.08.
• Year over year, Core FFO per share increased 4.4% to $0.32, and AFFO per share increased 9.4% to $0.27.
• Same Store NOI grew 2.3% year over year on 2.0% Same Store Core revenue growth and 1.3% Same Store Core operating expense growth.
• Same Store average occupancy was 97.5%, up 100 basis points year over year.
• Same Store renewal rent growth of 3.5% and Same Store new lease rent growth of 2.7% drove Same Store blended rent growth of 3.3%.
• The Company resumed sourcing acquisitions in June after pausing activity from mid-March through May.
• The Company issued and sold 16,690,400 shares of common stock during the quarter for net proceeds of $448 million. $150 million of the proceeds were used to fully repay the balance outstanding on the Company's revolving line of credit, and remaining proceeds are expected to be used primarily for acquisitions.

President & Chief Executive Officer Dallas Tanner comments: "The resilience of our business and the agility of our team and platform continue to serve us well as the COVID-19 pandemic evolves. I could not be prouder of the genuine care our associates in each market continue to provide, which has been reflected in rising resident satisfaction scores. Simply put, the pandemic has not slowed us down in living up to our mission statement, 'Together with you, we make a house a home.'

"Demand for our homes is as strong as it has ever been, with summer occupancy at record highs. We have successfully adapted to meet this demand and deliver exceptional service in a way that continues to prioritize health and safety above all else. We have also continued to achieve strong rent collection from our mature, stable resident base, with collections in June and July near historical average levels. This combination of strong demand and outstanding execution helped drive a year-over-year increase in AFFO per share of over 9% in the second quarter.

"This result would not have been possible without the differentiated locations of our homes, the scale of our portfolio in each market, and our local approach to asset management and resident service that enhances control over the resident experience. We believe these differentiators also position us optimally to capitalize on long-term growth fundamentals. We see a significant pipeline of demand in the millennial generation moving toward single-family rental over the next decade, and the ripple-effects of COVID-19 may further intensify preferences for single-family space over denser housing options. On top of organic growth, we see a compelling opportunity for long-term external growth, and we resumed placing acquisitions under contract in June.

"As disciplined investors and operators, we will continue to grow toward a bright future at the same time we stay nimble in the present to safely provide high-quality homes and genuine care to our residents and communities in this time of need."

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