Invitation Homes Inc. (NYSE: INVH) reported Q1 EPS of $0.10, $0.03 better than the analyst estimate of $0.07. Revenue for the quarter came in at $475 million versus the consensus estimate of $470.1 million.

• Year over year, Core FFO per share increased 4.5% to $0.36, and AFFO per share increased 6.8% to $0.31.
• Same Store NOI grew 4.4% year over year on 2.2% Same Store Core revenue growth and a 2.2% decrease in Same Store Core operating expenses.
• Same Store average occupancy was 98.4%, up 170 basis points year over year.
• Same Store new lease rent growth of 7.9% and Same Store renewal rent growth of 4.4% drove Same Store blended rent growth of 5.4%, up 200 basis points year over year.
• Revenue collections were approximately 98% of the Company\'s historical average collection rate.
• Acquisitions totaled 696 homes for $233 million in Q1 2021. The Company also sold 265 homes for $81 million in Q1 2021.
• Subsequent to quarter end and as previously announced, the Company received investment grade ratings from Fitch Ratings, Inc. ("Fitch"), Standard & Poor's Rating Services ("S&P"), and Moody's Investor Services ("Moody's"). The Company was assigned ratings of 'BBB' with a Stable outlook from Fitch, 'BBB-' with a Stable outlook from S&P, and 'Baa3' with a Stable outlook from Moody's.

President & Chief Executive Officer Dallas Tanner comments:

"We are pleased to report a strong start to 2021 as we continue to see tremendous demand in our markets, evidenced by record high occupancy, retention rate and resident satisfaction scores, as well as accelerating blended rent growth. We believe these results also reflect the extraordinary service of our teams to provide high-quality homes and Genuine Care while prioritizing the health and safety of our residents. In these efforts, we\'re so proud to continue living out our mission statement, 'Together with you, we make a house a home,' and supporting the well-being of all of our stakeholders.

"Looking ahead, we continue to see multiple avenues through which we can drive growth and enhance risk-adjusted returns. We believe we are well-positioned as we start peak leasing season to capture strong market rent growth, while at the same time expanding our suite of value-add ancillary services for residents. We also remain focused on acquiring homes in a disciplined manner with respect to location, quality, and price, and we continue to see a path toward acquiring over $1 billion in homes this year.

"In consideration of our execution to date and the anticipated earn-in benefits of stronger leasing activity during the first quarter, we are increasing the midpoint of our full year 2021 Same Store NOI growth guidance by 75 basis points to 4.25%. In addition, we expect meaningful interest expense savings as a result of our recently-announced investment grade rating. As such, we are increasing the midpoint of our full year 2021 Core FFO and AFFO per share guidance by $0.03 to $1.38 and $1.17, respectively."

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