Reduced Same-Store Expenses Lead to 1Q Beat for Invitation Homes
Invitation Homes' first-quarter results were slightly ahead of our expectations, though we don't see anything from the quarter to cause a material change to our $26.50 fair value estimate for the no-moat company. Same-store occupancy was higher than we anticipated with an 80-basis-point increase to 96.5% compared with our estimate of a 40-basis-point increase. Same-store rent growth was in line with our expectations at 4.1% for the quarter, so revenue growth was slightly ahead of expectations at...Invitation Homes is an owner and operator of single-family homes for lease, providing residents homes in neighborhoods across America. The company operates primarily in the Western United States, Florida, and the Southeast United States. The company has one reportable segment related to acquiring, renovating, leasing, and operating single-family homes as rental properties.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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