Derrick Metzler's questions to Invitation Homes Inc (INVH) leadership •
Question
Derrick Metzler, on for Adam Kramer, asked for more detail on same-store revenue growth assumptions, specifically the new and renewal lease expectations within the mid-3% blend, and questioned the confidence in bad debt improving to 60-90 basis points.
Answer
Chief Financial Officer Jonathan Olsen addressed both points. On bad debt, he said the guidance reflects expected improvement but remains cautious due to elongated eviction timelines in markets like Atlanta and the Carolinas. On rent growth, he declined to give a specific new vs. renewal guide but reiterated comfort with the mid-3% blend, which assumes sticky renewal growth of 4-5% and a typical seasonal curve for new leases. He also noted that H2 2025 growth should be higher than H1 due to comps.