Form | |||
(Amendment No. 1) |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description |
Press Release of Invitation Homes Inc. dated August 3, 2020, announcing results for the quarter ended June 30, 2020 (corrected). | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
INVITATION HOMES INC. | |||
By: | /s/ Mark A. Solls | ||
Name: | Mark A. Solls | ||
Title: | Executive Vice President, Secretary and Chief Legal Officer | ||
Date: | August 4, 2020 |
• | 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. |
• | The Company created and implemented a safety training program for all associates, and is maintaining a three-month supply of masks, gloves, shoe covers, and hand sanitizer for field teams. |
• | Self-show and virtual-tour technology continue to be leveraged as both safety measures and competitive advantages. |
• | Following strict safety protocols, the Company resumed providing non-emergency maintenance service to residents as appropriate on a case-by-case basis beginning in June. "ProCare" proactive resident care visits remain on pause. |
• | The Company has adapted to offer virtual options for resident move-in orientations and pre-move-out visits. |
• | Resident satisfactions survey scores continue to climb as the Company further refines its COVID-19 response. |
• | Same Store average occupancy has continued to climb through the summer, reaching a record-high 97.8% in July, up 170 basis points year over year. Same Store new lease rent growth accelerated over the course of Q2 2020 and averaged 4.9% in July. |
• | As of June 30, 2020, total liquidity from unrestricted cash and undrawn credit facility capacity was $1,572 million. |
• | Revenue collections strengthened over the course of Q2 2020, as detailed in the following table. |
Revenue Collections Update | ||||||||||||||||
April 2020 | May 2020 | June 2020 | July 2020 | Cumulative | ||||||||||||
Revenue collections % of month's billings: (1) | ||||||||||||||||
July billings collected | — | % | — | % | — | % | 92 | % | 92 | % | ||||||
June billings collected | — | % | — | % | 92 | % | 4 | % | 96 | % | ||||||
May billings collected | — | % | 92 | % | 4 | % | 1 | % | 97 | % | ||||||
April billings collected | 92 | % | 4 | % | 1 | % | * | 98 | % | |||||||
March billings collected | 2 | % | — | % | — | % | — | % | ||||||||
Total collected | 94 | % | 96 | % | 97 | % | 97 | % | ||||||||
Total collected % of historical avg collected (2) | 95 | % | 97 | % | 98 | % | 98 | % | ||||||||
(1) | Includes both rental revenues and other property income. Rent is considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. Security deposits retained to offset rents due are not included as revenue collected. See "Supplemental Schedule 3(b)," footnote (1), for detail on the Company's bad debt policy. |
(2) | Over the historical period from October 2019 to March 2020, monthly revenue collections have totaled 99% of monthly billings on average, with 96% on average attributable to collection of current month billings and 3% on average attributable to collection of prior month billings. |
• | Successfully issued and sold $448 million of common shares to provide capital primarily for acquisition opportunities. |
• | Fully repaid the $270 million revolving credit facility balance that had been drawn in March. |
• | Resumed sourcing new acquisitions in June, returning to an acquisition pace similar to pre-COVID-19 levels. |
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted | |||||||||||||||||
Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | ||||||||||||||
Net income (1) | $ | 0.08 | $ | 0.07 | $ | 0.17 | $ | 0.11 | |||||||||
FFO (1) | 0.30 | 0.28 | 0.62 | 0.54 | |||||||||||||
Core FFO (2) | 0.32 | 0.31 | 0.66 | 0.64 | |||||||||||||
AFFO (2) | 0.27 | 0.25 | 0.57 | 0.53 | |||||||||||||
(1) | In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 3.0% Convertible Notes due July 1, 2019 (the "2019 Convertible Notes") were converted to common shares at the beginning of each relevant period in 2019, and as if the 3.5% Convertible Notes due January 15, 2022 (the "2022 Convertible Notes") were converted to common shares at the beginning of each relevant period in 2019 and 2020, unless such treatment is anti-dilutive to net income per share or FFO per share. See "Supplemental Schedule 1," footnote (1), for more detail on the treatment of convertible notes in each specific period presented in the table. |
(2) | Core FFO and AFFO per share reflect the 2019 Convertible Notes and 2022 Convertible Notes in the form in which they were outstanding during each period. See "Supplemental Schedule 1," footnote (2), for more detail on the treatment of convertible notes in each specific period presented in the table. |
Same Store Operating Results Snapshot | |||||||||||||
Number of homes in Same Store portfolio: | 72,261 | ||||||||||||
Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | ||||||||||
Core revenue growth (year-over-year) | 2.0 | % | 3.2 | % | |||||||||
Core operating expense growth (year-over-year) | 1.3 | % | 3.3 | % | |||||||||
NOI growth (year-over-year) | 2.3 | % | 3.2 | % | |||||||||
Average occupancy | 97.5 | % | 96.5 | % | 97.1 | % | 96.5 | % | |||||
Bad debt % of gross rental revenues (1) | 1.9 | % | 0.4 | % | 1.1 | % | 0.4 | % | |||||
Turnover rate | 6.9 | % | 8.2 | % | 13.2 | % | 14.5 | % | |||||
Rental rate growth (lease-over-lease): | |||||||||||||
Renewals | 3.5 | % | 5.3 | % | 3.9 | % | 5.3 | % | |||||
New leases | 2.7 | % | 5.2 | % | 2.3 | % | 4.6 | % | |||||
Blended | 3.3 | % | 5.3 | % | 3.4 | % | 5.1 | % | |||||
(1) | Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, under the rationale that a resident's security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident's security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. All rental revenues and other property income, in both total portfolio and Same Store portfolio presentations, are reflected net of bad debt. |
Consolidated Balance Sheets | |||||||||
($ in thousands, except shares and per share data) | |||||||||
June 30, | December 31, | ||||||||
2020 | 2019 | ||||||||
(unaudited) | |||||||||
Assets: | |||||||||
Investments in single-family residential properties, net | $ | 16,117,737 | $ | 16,243,192 | |||||
Cash and cash equivalents | 571,719 | 92,258 | |||||||
Restricted cash | 223,894 | 193,987 | |||||||
Goodwill | 258,207 | 258,207 | |||||||
Other assets, net | 574,759 | 605,266 | |||||||
Total assets | $ | 17,746,316 | $ | 17,392,910 | |||||
Liabilities: | |||||||||
Mortgage loans, net | $ | 6,118,575 | $ | 6,238,461 | |||||
Secured term loan, net | 400,986 | 400,978 | |||||||
Term loan facility, net | 1,495,191 | 1,493,747 | |||||||
Revolving facility | — | — | |||||||
Convertible senior notes, net | 336,820 | 334,299 | |||||||
Accounts payable and accrued expenses | 190,344 | 186,110 | |||||||
Resident security deposits | 154,200 | 147,787 | |||||||
Other liabilities | 706,327 | 325,450 | |||||||
Total liabilities | 9,402,443 | 9,126,832 | |||||||
Equity: | |||||||||
Stockholders' equity | |||||||||
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2020 and December 31, 2019 | — | — | |||||||
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 560,532,679 and 541,642,725 outstanding as of June 30, 2020 and December 31, 2019, respectively | 5,605 | 5,416 | |||||||
Additional paid-in capital | 9,515,625 | 9,010,194 | |||||||
Accumulated deficit | (595,318 | ) | (524,588 | ) | |||||
Accumulated other comprehensive loss | (632,148 | ) | (276,600 | ) | |||||
Total stockholders' equity | 8,293,764 | 8,214,422 | |||||||
Non-controlling interests | 50,109 | 51,656 | |||||||
Total equity | 8,343,873 | 8,266,078 | |||||||
Total liabilities and equity | $ | 17,746,316 | $ | 17,392,910 | |||||
Consolidated Statements of Operations | |||||||||||||||||
($ in thousands, except shares and per share amounts) (unaudited) | |||||||||||||||||
Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | ||||||||||||||
Revenues: | |||||||||||||||||
Rental revenues | $ | 419,201 | $ | 408,755 | $ | 833,667 | $ | 814,270 | |||||||||
Other property income | 30,554 | 32,827 | 65,877 | 62,812 | |||||||||||||
Rental revenues and other property income | 449,755 | $ | 441,582 | 899,544 | 877,082 | ||||||||||||
Expenses: | |||||||||||||||||
Property operating and maintenance | 167,002 | 166,574 | 333,918 | 326,920 | |||||||||||||
Property management expense | 14,529 | 16,021 | 28,901 | 31,181 | |||||||||||||
General and administrative | 14,426 | 15,956 | 28,654 | 42,494 | |||||||||||||
Interest expense | 86,071 | 95,706 | 170,828 | 189,689 | |||||||||||||
Depreciation and amortization | 137,266 | 133,031 | 272,293 | 266,640 | |||||||||||||
Impairment and other | (180 | ) | 1,671 | 2,947 | 7,063 | ||||||||||||
Total expenses | 419,114 | 428,959 | 837,541 | 863,987 | |||||||||||||
Other, net | 1,370 | 610 | 5,084 | 3,735 | |||||||||||||
Gain on sale of property, net of tax | 11,167 | 26,172 | 26,367 | 43,744 | |||||||||||||
Net income | 43,178 | 39,405 | 93,454 | 60,574 | |||||||||||||
Net income attributable to non-controlling interests | (275 | ) | (463 | ) | (595 | ) | (810 | ) | |||||||||
Net income attributable to common stockholders | 42,903 | 38,942 | 92,859 | 59,764 | |||||||||||||
Net income available to participating securities | (119 | ) | (109 | ) | (221 | ) | (215 | ) | |||||||||
Net income available to common stockholders — basic and diluted | $ | 42,784 | $ | 38,833 | $ | 92,638 | $ | 59,549 | |||||||||
Weighted average common shares outstanding — basic | 548,811,968 | 525,070,036 | 545,680,740 | 523,265,455 | |||||||||||||
Weighted average common shares outstanding — diluted | 549,920,213 | 525,933,643 | 546,836,809 | 524,190,469 | |||||||||||||
Net income per common share — basic | $ | 0.08 | $ | 0.07 | $ | 0.17 | $ | 0.11 | |||||||||
Net income per common share — diluted | $ | 0.08 | $ | 0.07 | $ | 0.17 | $ | 0.11 | |||||||||
Dividends declared per common share | $ | 0.15 | $ | 0.13 | $ | 0.30 | $ | 0.26 | |||||||||
Reconciliation of FFO, Core FFO, and AFFO | |||||||||||||||||
($ in thousands, except shares and per share amounts) (unaudited) | |||||||||||||||||
FFO Reconciliation | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |||||||||||||
Net income available to common stockholders | $ | 42,784 | $ | 38,833 | $ | 92,638 | $ | 59,549 | |||||||||
Net income available to participating securities | 119 | 109 | 221 | 215 | |||||||||||||
Non-controlling interests | 275 | 463 | 595 | 810 | |||||||||||||
Depreciation and amortization on real estate assets | 135,647 | 131,782 | 269,561 | 264,302 | |||||||||||||
Impairment on depreciated real estate investments | 1,442 | 4,076 | 3,913 | 7,329 | |||||||||||||
Net gain on sale of previously depreciated investments in real estate | (11,167 | ) | (26,172 | ) | (26,367 | ) | (43,744 | ) | |||||||||
FFO | $ | 169,100 | $ | 149,091 | $ | 340,561 | $ | 288,461 | |||||||||
Core FFO Reconciliation | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |||||||||||||
FFO | $ | 169,100 | $ | 149,091 | $ | 340,561 | $ | 288,461 | |||||||||
Noncash interest expense | 9,366 | 12,172 | 19,757 | 27,037 | |||||||||||||
Share-based compensation expense | 2,106 | 3,615 | 6,207 | 9,222 | |||||||||||||
Offering related expenses | — | 476 | — | 2,019 | |||||||||||||
Merger and transaction-related expenses | — | 1,552 | — | 4,347 | |||||||||||||
Severance expense | 255 | 375 | 255 | 7,344 | |||||||||||||
Unrealized gains on investment in equity securities | — | — | (34 | ) | — | ||||||||||||
Casualty losses, net | (1,622 | ) | (2,405 | ) | (966 | ) | (266 | ) | |||||||||
Core FFO | $ | 179,205 | $ | 164,876 | $ | 365,780 | $ | 338,164 | |||||||||
AFFO Reconciliation | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |||||||||||||
Core FFO | $ | 179,205 | $ | 164,876 | $ | 365,780 | $ | 338,164 | |||||||||
Recurring capital expenditures | (27,617 | ) | (31,799 | ) | (53,605 | ) | (56,910 | ) | |||||||||
Adjusted FFO | $ | 151,588 | $ | 133,077 | $ | 312,175 | $ | 281,254 | |||||||||
Net income available to common stockholders | |||||||||||||||||
Weighted average common shares outstanding — diluted (1) | 549,920,213 | 525,933,643 | 546,836,809 | 524,190,469 | |||||||||||||
Net income per common share — diluted (1) | $ | 0.08 | $ | 0.07 | $ | 0.17 | $ | 0.11 | |||||||||
FFO | |||||||||||||||||
FFO for per share calculation(1) | $ | 173,379 | $ | 151,874 | $ | 349,119 | $ | 294,047 | |||||||||
Weighted average common shares and OP Units outstanding — diluted (1) | 568,769,738 | 544,335,990 | 565,753,742 | 544,365,617 | |||||||||||||
FFO per share — diluted (1) | $ | 0.30 | $ | 0.28 | $ | 0.62 | $ | 0.54 | |||||||||
Core FFO and Adjusted FFO | |||||||||||||||||
Weighted average common shares and OP Units outstanding — diluted (2) | 553,669,295 | 531,782,126 | 550,653,299 | 531,811,753 | |||||||||||||
Core FFO per share — diluted (2) | $ | 0.32 | $ | 0.31 | $ | 0.66 | $ | 0.64 | |||||||||
AFFO per share — diluted (2) | $ | 0.27 | $ | 0.25 | $ | 0.57 | $ | 0.53 | |||||||||
(1) | In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 2019 Convertible Notes were converted to common shares at the beginning of each relevant period in 2019, and as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2019 and 2020, unless such treatment is anti-dilutive to net income per share or FFO per share. |
(2) | Core FFO and AFFO per share reflect the 2019 Convertible Notes and 2022 Convertible Notes in the form in which they were outstanding during each period. |
Diluted Shares Outstanding | |||||||||||||
(unaudited) | |||||||||||||
Weighted Average Amounts for Net Income (1) | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |||||||||
Common shares — basic | 548,811,968 | 525,070,036 | 545,680,740 | 523,265,455 | |||||||||
Shares potentially issuable from vesting/conversion of equity-based awards | 1,108,245 | 863,607 | 1,156,069 | 925,014 | |||||||||
Total common shares — diluted | 549,920,213 | 525,933,643 | 546,836,809 | 524,190,469 | |||||||||
Weighted average amounts for FFO (1) | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |||||||||
Common shares — basic | 548,811,968 | 525,070,036 | 545,680,740 | 523,265,455 | |||||||||
OP units — basic | 3,463,285 | 5,463,285 | 3,463,285 | 7,067,026 | |||||||||
Shares potentially issuable from vesting/conversion of equity-based awards | 1,394,042 | 1,248,805 | 1,509,274 | 1,479,272 | |||||||||
Shares issuable from Convertible Notes | 15,100,443 | 12,553,864 | 15,100,443 | 12,553,864 | |||||||||
Total common shares and units — diluted | 568,769,738 | 544,335,990 | 565,753,742 | 544,365,617 | |||||||||
Weighted average amounts for Core and AFFO (2) | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |||||||||
Common shares — basic | 548,811,968 | 525,070,036 | 545,680,740 | 523,265,455 | |||||||||
OP units — basic | 3,463,285 | 5,463,285 | 3,463,285 | 7,067,026 | |||||||||
Shares potentially issuable from vesting/conversion of equity-based awards | 1,394,042 | 1,248,805 | 1,509,274 | 1,479,272 | |||||||||
Total common shares and units — diluted | 553,669,295 | 531,782,126 | 550,653,299 | 531,811,753 | |||||||||
June 30, | |||||||||||||
Period end amounts for Core FFO, and AFFO | 2020 | ||||||||||||
Common shares | 560,532,679 | ||||||||||||
OP units | 3,463,285 | ||||||||||||
Shares potentially issuable from vesting/conversion of equity-based awards | 1,244,735 | ||||||||||||
Total common shares and units — diluted | 565,240,699 | ||||||||||||
(1) | In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 2019 Convertible Notes were converted to common shares at the beginning of each relevant period in 2019, and as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2019 and 2020, unless such treatment is anti-dilutive to net income per share or FFO per share. See "Supplemental Schedule 1," footnote (1), for more detail on the treatment of convertible notes in each specific period presented in the table. |
(2) | Core FFO and AFFO per share reflect the 2019 Convertible Notes and 2022 Convertible Notes in the form in which they were outstanding during each period. See "Supplemental Schedule 1," footnote (2), for more detail on the treatment of convertible notes in each specific period presented in the table. |
Debt Structure and Leverage Ratios — June 30, 2020 | ||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||
Wtd Avg | Wtd Avg | |||||||||||||
Interest | Years | |||||||||||||
Debt Structure | Balance | % of Total | Rate (1) | to Maturity (2) | ||||||||||
Secured: | ||||||||||||||
Fixed (3) | $ | 1,400,434 | 16.7 | % | 4.0 | % | 8.1 | |||||||
Floating — swapped to fixed | 5,020,000 | 59.9 | % | 3.6 | % | 4.6 | ||||||||
Floating | 120,300 | 1.4 | % | 1.5 | % | 5.3 | ||||||||
Total secured | 6,540,734 | 78.0 | % | 3.7 | % | 5.4 | ||||||||
Unsecured: | ||||||||||||||
Fixed (Convertible) | 345,000 | 4.1 | % | 3.5 | % | 1.5 | ||||||||
Floating — swapped to fixed | 1,500,000 | 17.9 | % | 3.6 | % | 1.6 | ||||||||
Floating | — | — | % | — | % | — | ||||||||
Total unsecured | 1,845,000 | 22.0 | % | 3.5 | % | 1.6 | ||||||||
Total Debt: | ||||||||||||||
Fixed + floating swapped to fixed (3) | 8,265,434 | 98.6 | % | 3.7 | % | 4.5 | ||||||||
Floating | 120,300 | 1.4 | % | 1.5 | % | 5.3 | ||||||||
Total debt | 8,385,734 | 100.0 | % | 3.6 | % | 4.5 | ||||||||
Unamortized discounts on notes payable | (10,645 | ) | ||||||||||||
Deferred financing costs, net | (23,517 | ) | ||||||||||||
Total Debt per Balance Sheet | 8,351,572 | |||||||||||||
Retained and repurchased certificates | (312,845 | ) | ||||||||||||
Cash, ex-security deposits and letters of credit(4) | (637,767 | ) | ||||||||||||
Deferred financing costs, net | 23,517 | |||||||||||||
Unamortized discounts on notes payable | 10,645 | |||||||||||||
Net debt | $ | 7,435,122 | ||||||||||||
Leverage Ratios | June 30, 2020 | |||||||||||||
Net debt / TTM Adjusted EBITDAre | 7.4 | x | ||||||||||||
Unsecured Facility Covenant Compliance (5) | June 30, 2020 | Covenant Limit | ||||||||||||
Total leverage ratio | 30.1 | % | 65.0% | (maximum) | ||||||||||
Secured leverage ratio | 22.4 | % | 55.0% | (maximum) | ||||||||||
Unencumbered leverage ratio | 8.9 | % | 65.0% | (maximum) | ||||||||||
Fixed charge coverage ratio | 3.6x | 1.5x | (minimum) | |||||||||||
Unencumbered fixed charge coverage ratio | 7.8x | 1.5x | (minimum) | |||||||||||
(1) | Includes the impact of interest rate swaps in place and effective as of June 30, 2020. |
(2) | Assumes all extension options are exercised. |
(3) | For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt. |
(4) | Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit. |
(5) | Covenant calculations are specifically defined in the Company's Revolving Credit and Term Loan Agreement, and summarized in the "Glossary and Reconciliations" section of this report. |
Debt Maturity Schedule — June 30, 2020 | ||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||
Revolving | ||||||||||||||||||||
Secured | Unsecured | Credit | % of | |||||||||||||||||
Debt Maturities, with Extensions (1) | Debt | Debt | Facility | Balance | Total | |||||||||||||||
2020 | — | — | — | — | — | % | ||||||||||||||
2021 | — | — | — | — | — | % | ||||||||||||||
2022 | — | 1,845,000 | — | 1,845,000 | 22.0 | % | ||||||||||||||
2023 | 736,208 | — | — | 736,208 | 8.8 | % | ||||||||||||||
2024 | 616,429 | — | — | 616,429 | 7.3 | % | ||||||||||||||
2025 | 2,859,130 | — | — | 2,859,130 | 34.1 | % | ||||||||||||||
2026 | 928,533 | — | — | 928,533 | 11.1 | % | ||||||||||||||
2027 | 997,071 | — | — | 997,071 | 11.9 | % | ||||||||||||||
Thereafter | 403,363 | — | — | 403,363 | 4.8 | % | ||||||||||||||
6,540,734 | 1,845,000 | — | 8,385,734 | 100.0 | % | |||||||||||||||
Unamortized discounts on notes payable | (2,465 | ) | (8,180 | ) | — | (10,645 | ) | |||||||||||||
Deferred financing costs, net | (18,708 | ) | (4,809 | ) | — | (23,517 | ) | |||||||||||||
Total per Balance Sheet | $ | 6,519,561 | $ | 1,832,011 | $ | — | $ | 8,351,572 | ||||||||||||
(1) | Assumes all extension options are exercised. |
Cost to Maturity of Debt as of June 30, 2020 | |||||||||||||||||||||||||||||
($ in thousands) (unaudited) | |||||||||||||||||||||||||||||
Percentage of Weighted Average Debt Outstanding by Type | Weighted Average Cost by Instrument Type | ||||||||||||||||||||||||||||
Weighted Average | Issued | Issued | Total | Spread to | Fixed Cost | Total Debt | |||||||||||||||||||||||
Amount of | Floating | Floating | Fixed | LIBOR | of | Including | |||||||||||||||||||||||
Debt | and | but Swapped | Issued | or Swapped | For Floating | Interest Rate | Fixed Rate | Swap | |||||||||||||||||||||
Outstanding (1) | Not Swapped | to Fixed | Fixed (2) | to Fixed | Rate Debt | Swaps | Debt | Impact (3) | |||||||||||||||||||||
3Q-4Q20 | $ | 8,385,734 | 1.4 | % | 77.8 | % | 20.8 | % | 98.6 | % | 1.4 | % | 2.4 | % | 3.9 | % | 3.8 | % | |||||||||||
2021 | 8,385,734 | 4.5 | % | 74.7 | % | 20.8 | % | 95.5 | % | 1.4 | % | 2.5 | % | 3.9 | % | 3.8 | % | ||||||||||||
2022 | 6,706,966 | 0.9 | % | 78.0 | % | 21.1 | % | 99.1 | % | 1.3 | % | 2.7 | % | 4.0 | % | 4.0 | % | ||||||||||||
2023 | 5,822,679 | — | % | 76.4 | % | 23.6 | % | 100.0 | % | 1.3 | % | 2.8 | % | 4.0 | % | 4.1 | % | ||||||||||||
2024 | 5,767,473 | — | % | 76.2 | % | 23.8 | % | 100.0 | % | 1.3 | % | 2.8 | % | 4.0 | % | 4.1 | % | ||||||||||||
2025 | 3,479,528 | 15.5 | % | 44.2 | % | 40.3 | % | 84.5 | % | 1.4 | % | 3.0 | % | 4.0 | % | 3.8 | % | ||||||||||||
2026 | 1,423,331 | 1.6 | % | — | % | 98.4 | % | 98.4 | % | 1.4 | % | N/A | 4.0 | % | 4.0 | % | |||||||||||||
2027 | 840,436 | — | % | — | % | 100.0 | % | 100.0 | % | N/A | N/A | 3.9 | % | 3.9 | % | ||||||||||||||
2028 | 403,363 | — | % | — | % | 100.0 | % | 100.0 | % | N/A | N/A | 3.6 | % | 3.6 | % | ||||||||||||||
(1) | In each period, represents June 30, 2020 debt that remains outstanding assuming all debt is held until final maturity with all extension options exercised. |
(2) | For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt. |
(3) | Assumes June 30, 2020 LIBOR rate of 0.16% for all future periods. |
Summary of Operating Information by Home Portfolio | |||||||||||||||||||||||
($ in thousands) (unaudited) | |||||||||||||||||||||||
Number of Homes, period-end | Q2 2020 | ||||||||||||||||||||||
Total portfolio | 79,256 | ||||||||||||||||||||||
Same Store portfolio | 72,261 | ||||||||||||||||||||||
Same Store % of Total | 91.2 | % | |||||||||||||||||||||
Core Revenues | Q2 2020 | Q2 2019 | Change YoY | YTD 2020 | YTD 2019 | Change YoY | |||||||||||||||||
Total portfolio | $ | 429,598 | $ | 423,416 | 1.5 | % | $ | 859,346 | $ | 842,370 | 2.0 | % | |||||||||||
Same Store portfolio | 395,962 | 388,335 | 2.0 | % | 795,905 | 771,059 | 3.2 | % | |||||||||||||||
Core Operating expenses | Q2 2020 | Q2 2019 | Change YoY | YTD 2020 | YTD 2019 | Change YoY | |||||||||||||||||
Total portfolio | $ | 146,845 | $ | 148,408 | (1.1 | )% | $ | 293,720 | $ | 292,208 | 0.5 | % | |||||||||||
Same Store portfolio | 134,442 | 132,706 | 1.3 | % | 268,835 | 260,319 | 3.3 | % | |||||||||||||||
Net Operating Income | Q2 2020 | Q2 2019 | Change YoY | YTD 2020 | YTD 2019 | Change YoY | |||||||||||||||||
Total portfolio | $ | 282,753 | $ | 275,008 | 2.8 | % | $ | 565,626 | $ | 550,162 | 2.8 | % | |||||||||||
Same Store portfolio | 261,520 | 255,629 | 2.3 | % | 527,070 | 510,740 | 3.2 | % | |||||||||||||||
Same Store Portfolio Operating Detail | |||||||||||||||||||||||||||||
($ in thousands) (unaudited) | |||||||||||||||||||||||||||||
Change | Change | Change | |||||||||||||||||||||||||||
Q2 2020 | Q2 2019 | YoY | Q1 2020 | Seq | YTD 2020 | YTD 2019 | YoY | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Rental revenues (1) | $ | 386,946 | $ | 375,162 | 3.1 | % | $ | 386,187 | 0.2 | % | $ | 773,133 | $ | 745,743 | 3.7 | % | |||||||||||||
Other property income (1)(2)(3) | 27,614 | 29,922 | (7.7 | )% | 32,411 | (14.8 | )% | 60,025 | 57,052 | 5.2 | % | ||||||||||||||||||
Total revenues | 414,560 | 405,084 | 2.3 | % | 418,598 | (1.0 | )% | 833,158 | 802,795 | 3.8 | % | ||||||||||||||||||
Less: Resident recoveries (3) | (18,598 | ) | (16,749 | ) | 11.0 | % | (18,655 | ) | (0.3 | )% | (37,253 | ) | (31,736 | ) | 17.4 | % | |||||||||||||
Core revenues | 395,962 | 388,335 | 2.0 | % | 399,943 | (1.0 | )% | 795,905 | 771,059 | 3.2 | % | ||||||||||||||||||
Fixed Expenses: | |||||||||||||||||||||||||||||
Property taxes | 70,666 | 67,008 | 5.5 | % | 69,141 | 2.2 | % | 139,807 | 132,899 | 5.2 | % | ||||||||||||||||||
Insurance expenses | 7,760 | 7,918 | (2.0 | )% | 7,880 | (1.5 | )% | 15,640 | 15,387 | 1.6 | % | ||||||||||||||||||
HOA expenses | 7,247 | 6,819 | 6.3 | % | 8,180 | (11.4 | )% | 15,427 | 15,268 | 1.0 | % | ||||||||||||||||||
Controllable Expenses: | |||||||||||||||||||||||||||||
Repairs and maintenance | 20,401 | 19,944 | 2.3 | % | 20,071 | 1.6 | % | 40,472 | 36,858 | 9.8 | % | ||||||||||||||||||
Personnel | 14,779 | 15,871 | (6.9 | )% | 15,044 | (1.8 | )% | 29,823 | 32,008 | (6.8 | )% | ||||||||||||||||||
Turnover | 9,637 | 11,939 | (19.3 | )% | 9,963 | (3.3 | )% | 19,600 | 20,287 | (3.4 | )% | ||||||||||||||||||
Utilities (3) | 18,665 | 15,133 | 23.3 | % | 17,480 | 6.8 | % | 36,145 | 29,534 | 22.4 | % | ||||||||||||||||||
Leasing and marketing (4) | 2,886 | 2,561 | 12.7 | % | 2,848 | 1.3 | % | 5,734 | 5,242 | 9.4 | % | ||||||||||||||||||
Property administrative | 999 | 2,262 | (55.8 | )% | 2,441 | (59.1 | )% | 3,440 | 4,572 | (24.8 | )% | ||||||||||||||||||
Property operating and maintenance expenses | 153,040 | 149,455 | 2.4 | % | 153,048 | — | % | 306,088 | 292,055 | 4.8 | % | ||||||||||||||||||
Less: Resident recoveries (3) | (18,598 | ) | (16,749 | ) | 11.0 | % | (18,655 | ) | (0.3 | )% | (37,253 | ) | (31,736 | ) | 17.4 | % | |||||||||||||
Core operating expenses | 134,442 | 132,706 | 1.3 | % | 134,393 | — | % | 268,835 | 260,319 | 3.3 | % | ||||||||||||||||||
Net Operating Income | $ | 261,520 | $ | 255,629 | 2.3 | % | $ | 265,550 | (1.5 | )% | $ | 527,070 | $ | 510,740 | 3.2 | % | |||||||||||||
(1) | All rental revenues and other property income are reflected net of bad debt. Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, under the rationale that a resident's security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident's security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. Increases in bad debt against rental revenues were a 155 basis point and 74 basis point drag on year-over-year Same Store Core revenue growth in Q2 2020 and YTD 2020, respectively. |
(2) | In light of the COVID-19 pandemic, almost all late fees typically enforced in accordance with lease agreements were not enforced in Q2 2020. Primarily due to this non-enforcement of late fees, lower other property income, net of resident recoveries, was a 107 basis point and 33 basis point drag on year-over-year Same Store Core revenue growth in Q2 2020 and YTD 2020, respectively. |
(3) | The year-over-year increases in utilities and resident recoveries are primarily attributable to an ongoing transition in utility billing policy. Residents continue to be responsible for costs associated with their water, sewer, and waste removal services, but providers of these services now invoice Invitation Homes rather than the resident for payment. Invitation Homes pays the utility provider, and subsequently bills the resident for reimbursement, resulting in materially higher utility expense that is offset by materially higher resident recoveries. All resident recoveries, including utility reimbursements, are included in other property income. |
(4) | Same Store leasing and marketing expense includes amortization of leasing commissions of $2,631, $2,303, $2,592, $5,223, and $4,723 for Q2 2020, Q2 2019, Q1 2020, YTD 2020, and YTD 2019, respectively. |
Same Store Quarterly Operating Trends | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Q2 2020 | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | |||||||||||||||||
Average occupancy | 97.5 | % | 96.7 | % | 96.0 | % | 96.0 | % | 96.5 | % | |||||||||||
Turnover rate | 6.9 | % | 6.2 | % | 6.4 | % | 8.7 | % | 8.2 | % | |||||||||||
Trailing four quarters turnover rate | 28.2 | % | 29.5 | % | 29.6 | % | N/A | N/A | |||||||||||||
Average monthly rent | $ | 1,868 | $ | 1,851 | $ | 1,838 | $ | 1,823 | $ | 1,801 | |||||||||||
Rental rate growth (lease-over-lease): | |||||||||||||||||||||
Renewals | 3.5 | % | 4.3 | % | 4.6 | % | 4.8 | % | 5.3 | % | |||||||||||
New leases | 2.7 | % | 1.8 | % | 1.3 | % | 4.3 | % | 5.2 | % | |||||||||||
Blended | 3.3 | % | 3.5 | % | 3.3 | % | 4.6 | % | 5.3 | % | |||||||||||
Portfolio Characteristics — As of and for the Quarter Ended June 30, 2020 (1) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Average | ||||||||||||||||||
Number of | Average | Average | Monthly | Percent of | ||||||||||||||
Homes | Occupancy | Monthly Rent | Rent PSF | Revenue | ||||||||||||||
Western United States: | ||||||||||||||||||
Southern California | 8,000 | 97.3 | % | $ | 2,515 | $ | 1.48 | 13.3 | % | |||||||||
Northern California | 4,301 | 96.9 | % | 2,199 | 1.42 | 6.5 | % | |||||||||||
Seattle | 3,555 | 95.6 | % | 2,302 | 1.20 | 5.6 | % | |||||||||||
Phoenix | 7,861 | 95.5 | % | 1,454 | 0.89 | 7.9 | % | |||||||||||
Las Vegas | 3,003 | 95.7 | % | 1,687 | 0.85 | 3.4 | % | |||||||||||
Denver | 2,298 | 94.9 | % | 2,092 | 1.16 | 3.3 | % | |||||||||||
Western US Subtotal | 29,018 | 96.2 | % | 2,039 | 1.18 | 40.0 | % | |||||||||||
Florida: | ||||||||||||||||||
South Florida | 8,454 | 95.3 | % | 2,221 | 1.19 | 12.4 | % | |||||||||||
Tampa | 8,107 | 96.2 | % | 1,710 | 0.92 | 9.5 | % | |||||||||||
Orlando | 6,147 | 95.6 | % | 1,714 | 0.92 | 7.1 | % | |||||||||||
Jacksonville | 1,858 | 96.7 | % | 1,721 | 0.87 | 2.2 | % | |||||||||||
Florida Subtotal | 24,566 | 95.8 | % | 1,887 | 1.01 | 31.2 | % | |||||||||||
Southeast United States: | ||||||||||||||||||
Atlanta | 12,501 | 96.5 | % | 1,553 | 0.75 | 13.1 | % | |||||||||||
Carolinas | 4,719 | 96.4 | % | 1,623 | 0.75 | 5.2 | % | |||||||||||
Southeast US Subtotal | 17,220 | 96.5 | % | 1,572 | 0.75 | 18.3 | % | |||||||||||
Texas: | ||||||||||||||||||
Houston | 2,190 | 94.5 | % | 1,583 | 0.81 | 2.4 | % | |||||||||||
Dallas | 2,376 | 93.5 | % | 1,832 | 0.87 | 2.9 | % | |||||||||||
Texas Subtotal | 4,566 | 94.0 | % | 1,711 | 0.85 | 5.3 | % | |||||||||||
Midwest United States: | ||||||||||||||||||
Chicago | 2,699 | 95.4 | % | 2,009 | 1.24 | 3.6 | % | |||||||||||
Minneapolis | 1,129 | 97.1 | % | 1,933 | 0.99 | 1.5 | % | |||||||||||
Midwest US Subtotal | 3,828 | 95.9 | % | 1,986 | 1.15 | 5.1 | % | |||||||||||
Announced Market-in-Exit: | ||||||||||||||||||
Nashville (2) | 58 | 65.0 | % | 2,157 | 0.82 | 0.1 | % | |||||||||||
Total / Average | 79,256 | 96.0 | % | $ | 1,869 | $ | 1.00 | 100.0 | % | |||||||||
Same Store Total / Average | 72,261 | 97.5 | % | $ | 1,868 | $ | 1.00 | 92.2 | % | |||||||||
(1) | All data is for the total portfolio, unless otherwise noted. |
(2) | In December 2019, Invitation Homes announced a plan to fully exit the Nashville market, and sold 708 homes in Nashville in a bulk transaction. The Company is pursuing the sale of the remaining 58 homes in the market as of June 30, 2020. |
Same Store Core Revenue Growth Summary — YoY Quarter | |||||||||||||||||||||||||||||||||||
($ in thousands, except avg. monthly rent) (unaudited) | |||||||||||||||||||||||||||||||||||
Avg. Monthly Rent | Average Occupancy | Core Revenue | |||||||||||||||||||||||||||||||||
YoY, Q2 2020 | # Homes | Q2 2020 | Q2 2019 | Change | Q2 2020 | Q2 2019 | Change | Q2 2020 | Q2 2019 | Change | |||||||||||||||||||||||||
Western United States: | |||||||||||||||||||||||||||||||||||
Southern California | 7,681 | $ | 2,519 | $ | 2,405 | 4.7 | % | 98.1 | % | 96.5 | % | 1.6 | % | $ | 55,539 | $ | 54,198 | 2.5 | % | ||||||||||||||||
Northern California | 3,847 | 2,186 | 2,063 | 6.0 | % | 98.2 | % | 97.6 | % | 0.6 | % | 24,719 | 23,800 | 3.9 | % | ||||||||||||||||||||
Seattle | 3,143 | 2,297 | 2,178 | 5.5 | % | 97.7 | % | 97.0 | % | 0.7 | % | 21,385 | 20,442 | 4.6 | % | ||||||||||||||||||||
Phoenix | 6,954 | 1,435 | 1,348 | 6.5 | % | 98.1 | % | 97.3 | % | 0.8 | % | 30,189 | 28,874 | 4.6 | % | ||||||||||||||||||||
Las Vegas | 2,433 | 1,678 | 1,593 | 5.3 | % | 97.7 | % | 97.7 | % | — | % | 12,005 | 11,849 | 1.3 | % | ||||||||||||||||||||
Denver | 1,812 | 2,045 | 1,956 | 4.6 | % | 97.7 | % | 96.7 | % | 1.0 | % | 11,014 | 10,686 | 3.1 | % | ||||||||||||||||||||
Western US Subtotal | 25,870 | 2,039 | 1,933 | 5.5 | % | 98.0 | % | 97.1 | % | 0.9 | % | 154,851 | 149,849 | 3.3 | % | ||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||
South Florida | 7,937 | 2,234 | 2,204 | 1.4 | % | 96.5 | % | 95.4 | % | 1.1 | % | 51,219 | 51,233 | — | % | ||||||||||||||||||||
Tampa | 7,705 | 1,710 | 1,667 | 2.6 | % | 97.1 | % | 96.3 | % | 0.8 | % | 38,907 | 38,511 | 1.0 | % | ||||||||||||||||||||
Orlando | 5,484 | 1,695 | 1,636 | 3.6 | % | 97.2 | % | 96.6 | % | 0.6 | % | 27,532 | 27,013 | 1.9 | % | ||||||||||||||||||||
Jacksonville | 1,839 | 1,722 | 1,662 | 3.6 | % | 96.8 | % | 96.2 | % | 0.6 | % | 9,370 | 9,203 | 1.8 | % | ||||||||||||||||||||
Florida Subtotal | 22,965 | 1,888 | 1,844 | 2.4 | % | 96.9 | % | 96.0 | % | 0.9 | % | 127,028 | 125,960 | 0.8 | % | ||||||||||||||||||||
Southeast United States: | |||||||||||||||||||||||||||||||||||
Atlanta | 11,426 | 1,550 | 1,497 | 3.5 | % | 97.4 | % | 96.1 | % | 1.3 | % | 51,851 | 50,914 | 1.8 | % | ||||||||||||||||||||
Carolinas | 4,468 | 1,619 | 1,577 | 2.7 | % | 97.7 | % | 96.2 | % | 1.5 | % | 21,484 | 21,113 | 1.8 | % | ||||||||||||||||||||
Southeast US Subtotal | 15,894 | 1,570 | 1,520 | 3.3 | % | 97.5 | % | 96.2 | % | 1.3 | % | 73,335 | 72,027 | 1.8 | % | ||||||||||||||||||||
Texas: | |||||||||||||||||||||||||||||||||||
Houston | 1,882 | 1,583 | 1,549 | 2.2 | % | 96.8 | % | 97.0 | % | (0.2 | )% | 8,819 | 8,752 | 0.8 | % | ||||||||||||||||||||
Dallas | 1,946 | 1,831 | 1,783 | 2.7 | % | 96.8 | % | 95.4 | % | 1.4 | % | 10,497 | 10,256 | 2.3 | % | ||||||||||||||||||||
Texas Subtotal | 3,828 | 1,709 | 1,667 | 2.5 | % | 96.8 | % | 96.2 | % | 0.6 | % | 19,316 | 19,008 | 1.6 | % | ||||||||||||||||||||
Midwest United States: | |||||||||||||||||||||||||||||||||||
Chicago | 2,578 | 2,018 | 1,985 | 1.7 | % | 97.8 | % | 97.9 | % | (0.1 | )% | 14,984 | 15,170 | (1.2 | )% | ||||||||||||||||||||
Minneapolis | 1,126 | 1,933 | 1,871 | 3.3 | % | 97.6 | % | 97.2 | % | 0.4 | % | 6,448 | 6,321 | 2.0 | % | ||||||||||||||||||||
Midwest US Subtotal | 3,704 | 1,992 | 1,950 | 2.2 | % | 97.7 | % | 97.6 | % | 0.1 | % | 21,432 | 21,491 | (0.3 | )% | ||||||||||||||||||||
Same Store Total / Average | 72,261 | $ | 1,868 | $ | 1,801 | 3.7 | % | 97.5 | % | 96.5 | % | 1.0 | % | $ | 395,962 | $ | 388,335 | 2.0 | % | ||||||||||||||||
Same Store Core Revenue Growth Summary — Sequential Quarter | |||||||||||||||||||||||||||||||||||
($ in thousands, except avg. monthly rent) (unaudited) | |||||||||||||||||||||||||||||||||||
Avg. Monthly Rent | Average Occupancy | Core Revenue | |||||||||||||||||||||||||||||||||
Seq, Q2 2020 | # Homes | Q2 2020 | Q1 2020 | Change | Q2 2020 | Q1 2020 | Change | Q2 2020 | Q1 2020 | Change | |||||||||||||||||||||||||
Western United States: | |||||||||||||||||||||||||||||||||||
Southern California | 7,681 | $ | 2,519 | $ | 2,488 | 1.2 | % | 98.1 | % | 97.0 | % | 1.1 | % | $ | 55,539 | $ | 56,472 | (1.7 | )% | ||||||||||||||||
Northern California | 3,847 | 2,186 | 2,154 | 1.5 | % | 98.2 | % | 97.7 | % | 0.5 | % | 24,719 | 24,840 | (0.5 | )% | ||||||||||||||||||||
Seattle | 3,143 | 2,297 | 2,270 | 1.2 | % | 97.7 | % | 96.7 | % | 1.0 | % | 21,385 | 21,292 | 0.4 | % | ||||||||||||||||||||
Phoenix | 6,954 | 1,435 | 1,413 | 1.6 | % | 98.1 | % | 97.4 | % | 0.7 | % | 30,189 | 30,215 | (0.1 | )% | ||||||||||||||||||||
Las Vegas | 2,433 | 1,678 | 1,656 | 1.3 | % | 97.7 | % | 97.6 | % | 0.1 | % | 12,005 | 12,223 | (1.8 | )% | ||||||||||||||||||||
Denver | 1,812 | 2,045 | 2,022 | 1.1 | % | 97.7 | % | 97.2 | % | 0.5 | % | 11,014 | 11,104 | (0.8 | )% | ||||||||||||||||||||
Western US Subtotal | 25,870 | 2,039 | 2,011 | 1.4 | % | 98.0 | % | 97.3 | % | 0.7 | % | 154,851 | 156,146 | (0.8 | )% | ||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||
South Florida | 7,937 | 2,234 | 2,225 | 0.4 | % | 96.5 | % | 96.5 | % | — | % | 51,219 | 52,334 | (2.1 | )% | ||||||||||||||||||||
Tampa | 7,705 | 1,710 | 1,700 | 0.6 | % | 97.1 | % | 96.3 | % | 0.8 | % | 38,907 | 39,397 | (1.2 | )% | ||||||||||||||||||||
Orlando | 5,484 | 1,695 | 1,681 | 0.8 | % | 97.2 | % | 96.6 | % | 0.6 | % | 27,532 | 27,847 | (1.1 | )% | ||||||||||||||||||||
Jacksonville | 1,839 | 1,722 | 1,705 | 1.0 | % | 96.8 | % | 96.5 | % | 0.3 | % | 9,370 | 9,447 | (0.8 | )% | ||||||||||||||||||||
Florida Subtotal | 22,965 | 1,888 | 1,878 | 0.5 | % | 96.9 | % | 96.4 | % | 0.5 | % | 127,028 | 129,025 | (1.5 | )% | ||||||||||||||||||||
Southeast United States: | |||||||||||||||||||||||||||||||||||
Atlanta | 11,426 | 1,550 | 1,537 | 0.8 | % | 97.4 | % | 96.1 | % | 1.3 | % | 51,851 | 52,124 | (0.5 | )% | ||||||||||||||||||||
Carolinas | 4,468 | 1,619 | 1,608 | 0.7 | % | 97.7 | % | 96.7 | % | 1.0 | % | 21,484 | 21,600 | (0.5 | )% | ||||||||||||||||||||
Southeast US Subtotal | 15,894 | 1,570 | 1,557 | 0.8 | % | 97.5 | % | 96.3 | % | 1.2 | % | 73,335 | 73,724 | (0.5 | )% | ||||||||||||||||||||
Texas: | |||||||||||||||||||||||||||||||||||
Houston | 1,882 | 1,583 | 1,572 | 0.7 | % | 96.8 | % | 96.1 | % | 0.7 | % | 8,819 | 8,804 | 0.2 | % | ||||||||||||||||||||
Dallas | 1,946 | 1,831 | 1,822 | 0.5 | % | 96.8 | % | 95.6 | % | 1.2 | % | 10,497 | 10,580 | (0.8 | )% | ||||||||||||||||||||
Texas Subtotal | 3,828 | 1,709 | 1,699 | 0.6 | % | 96.8 | % | 95.8 | % | 1.0 | % | 19,316 | 19,384 | (0.4 | )% | ||||||||||||||||||||
Midwest United States: | |||||||||||||||||||||||||||||||||||
Chicago | 2,578 | 2,018 | 2,009 | 0.4 | % | 97.8 | % | 96.9 | % | 0.9 | % | 14,984 | 15,284 | (2.0 | )% | ||||||||||||||||||||
Minneapolis | 1,126 | 1,933 | 1,913 | 1.0 | % | 97.6 | % | 96.0 | % | 1.6 | % | 6,448 | 6,380 | 1.1 | % | ||||||||||||||||||||
Midwest US Subtotal | 3,704 | 1,992 | 1,980 | 0.6 | % | 97.7 | % | 96.7 | % | 1.0 | % | 21,432 | 21,664 | (1.1 | )% | ||||||||||||||||||||
Same Store Total / Average | 72,261 | $ | 1,868 | $ | 1,851 | 0.9 | % | 97.5 | % | 96.7 | % | 0.8 | % | $ | 395,962 | $ | 399,943 | (1.0 | )% | ||||||||||||||||
Same Store Core Revenue Growth Summary — YoY YTD | |||||||||||||||||||||||||||||||||||
($ in thousands, except avg. monthly rent) (unaudited) | |||||||||||||||||||||||||||||||||||
Avg. Monthly Rent | Average Occupancy | Core Revenue | |||||||||||||||||||||||||||||||||
YoY, YTD 2020 | # Homes | YTD 2020 | YTD 2019 | Change | YTD 2020 | YTD 2019 | Change | YTD 2020 | YTD 2019 | Change | |||||||||||||||||||||||||
Western United States: | |||||||||||||||||||||||||||||||||||
Southern California | 7,681 | $ | 2,503 | $ | 2,385 | 4.9 | % | 97.6 | % | 96.7 | % | 0.9 | % | $ | 112,011 | $ | 107,621 | 4.1 | % | ||||||||||||||||
Northern California | 3,847 | 2,170 | 2,046 | 6.1 | % | 98.0 | % | 97.5 | % | 0.5 | % | 49,559 | 47,102 | 5.2 | % | ||||||||||||||||||||
Seattle | 3,143 | 2,283 | 2,162 | 5.6 | % | 97.2 | % | 97.0 | % | 0.2 | % | 42,677 | 40,571 | 5.2 | % | ||||||||||||||||||||
Phoenix | 6,954 | 1,424 | 1,336 | 6.6 | % | 97.8 | % | 97.3 | % | 0.5 | % | 60,404 | 57,029 | 5.9 | % | ||||||||||||||||||||
Las Vegas | 2,433 | 1,667 | 1,581 | 5.4 | % | 97.6 | % | 97.4 | % | 0.2 | % | 24,228 | 23,328 | 3.9 | % | ||||||||||||||||||||
Denver | 1,812 | 2,033 | 1,949 | 4.3 | % | 97.5 | % | 96.5 | % | 1.0 | % | 22,118 | 21,208 | 4.3 | % | ||||||||||||||||||||
Western US Subtotal | 25,870 | 2,025 | 1,918 | 5.6 | % | 97.6 | % | 97.1 | % | 0.5 | % | 310,997 | 296,859 | 4.8 | % | ||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||
South Florida | 7,937 | 2,230 | 2,196 | 1.5 | % | 96.5 | % | 95.6 | % | 0.9 | % | 103,553 | 102,122 | 1.4 | % | ||||||||||||||||||||
Tampa | 7,705 | 1,705 | 1,661 | 2.6 | % | 96.7 | % | 96.1 | % | 0.6 | % | 78,304 | 76,525 | 2.3 | % | ||||||||||||||||||||
Orlando | 5,484 | 1,688 | 1,628 | 3.7 | % | 96.9 | % | 96.6 | % | 0.3 | % | 55,379 | 53,777 | 3.0 | % | ||||||||||||||||||||
Jacksonville | 1,839 | 1,714 | 1,654 | 3.6 | % | 96.6 | % | 96.0 | % | 0.6 | % | 18,817 | 18,268 | 3.0 | % | ||||||||||||||||||||
Florida Subtotal | 22,965 | 1,883 | 1,836 | 2.6 | % | 96.7 | % | 96.0 | % | 0.7 | % | 256,053 | 250,692 | 2.1 | % | ||||||||||||||||||||
Southeast United States: | |||||||||||||||||||||||||||||||||||
Atlanta | 11,426 | 1,543 | 1,492 | 3.4 | % | 96.8 | % | 96.2 | % | 0.6 | % | 103,975 | 101,139 | 2.8 | % | ||||||||||||||||||||
Carolinas | 4,468 | 1,614 | 1,570 | 2.8 | % | 97.2 | % | 96.3 | % | 0.9 | % | 43,084 | 41,918 | 2.8 | % | ||||||||||||||||||||
Southeast US Subtotal | 15,894 | 1,563 | 1,514 | 3.2 | % | 96.9 | % | 96.2 | % | 0.7 | % | 147,059 | 143,057 | 2.8 | % | ||||||||||||||||||||
Texas: | |||||||||||||||||||||||||||||||||||
Houston | 1,882 | 1,578 | 1,547 | 2.0 | % | 96.4 | % | 96.7 | % | (0.3 | )% | 17,623 | 17,421 | 1.2 | % | ||||||||||||||||||||
Dallas | 1,946 | 1,827 | 1,777 | 2.8 | % | 96.2 | % | 95.7 | % | 0.5 | % | 21,077 | 20,488 | 2.9 | % | ||||||||||||||||||||
Texas Subtotal | 3,828 | 1,704 | 1,663 | 2.5 | % | 96.3 | % | 96.2 | % | 0.1 | % | 38,700 | 37,909 | 2.1 | % | ||||||||||||||||||||
Midwest United States: | |||||||||||||||||||||||||||||||||||
Chicago | 2,578 | 2,014 | 1,980 | 1.7 | % | 97.4 | % | 97.1 | % | 0.3 | % | 30,268 | 30,008 | 0.9 | % | ||||||||||||||||||||
Minneapolis | 1,126 | 1,923 | 1,863 | 3.2 | % | 96.8 | % | 96.8 | % | — | % | 12,828 | 12,534 | 2.3 | % | ||||||||||||||||||||
Midwest US Subtotal | 3,704 | 1,986 | 1,945 | 2.1 | % | 97.2 | % | 97.0 | % | 0.2 | % | 43,096 | 42,542 | 1.3 | % | ||||||||||||||||||||
Same Store Total / Average | 72,261 | $ | 1,860 | $ | 1,792 | 3.8 | % | 97.1 | % | 96.5 | % | 0.6 | % | $ | 795,905 | $ | 771,059 | 3.2 | % | ||||||||||||||||
Same Store NOI Growth and Margin Summary — YoY Quarter | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||||||||
Core Revenue | Core Operating Expenses | Net Operating Income | Core NOI Margin | |||||||||||||||||||||||||||||||||||||
YoY, Q2 2020 | Q2 2020 | Q2 2019 | Change | Q2 2020 | Q2 2019 | Change | Q2 2020 | Q2 2019 | Change | Q2 2020 | Q2 2019 | |||||||||||||||||||||||||||||
Western United States: | ||||||||||||||||||||||||||||||||||||||||
Southern California | $ | 55,539 | $ | 54,198 | 2.5 | % | $ | 18,255 | $ | 16,881 | 8.1 | % | $ | 37,284 | $ | 37,317 | (0.1 | )% | 67.1 | % | 68.9 | % | ||||||||||||||||||
Northern California | 24,719 | 23,800 | 3.9 | % | 7,144 | 8,299 | (13.9 | )% | 17,575 | 15,501 | 13.4 | % | 71.1 | % | 65.1 | % | ||||||||||||||||||||||||
Seattle | 21,385 | 20,442 | 4.6 | % | 6,012 | 5,291 | 13.6 | % | 15,373 | 15,151 | 1.5 | % | 71.9 | % | 74.1 | % | ||||||||||||||||||||||||
Phoenix | 30,189 | 28,874 | 4.6 | % | 6,930 | 7,056 | (1.8 | )% | 23,259 | 21,818 | 6.6 | % | 77.0 | % | 75.6 | % | ||||||||||||||||||||||||
Las Vegas | 12,005 | 11,849 | 1.3 | % | 2,727 | 2,706 | 0.8 | % | 9,278 | 9,143 | 1.5 | % | 77.3 | % | 77.2 | % | ||||||||||||||||||||||||
Denver | 11,014 | 10,686 | 3.1 | % | 2,492 | 2,112 | 18.0 | % | 8,522 | 8,574 | (0.6 | )% | 77.4 | % | 80.2 | % | ||||||||||||||||||||||||
Western US Subtotal | 154,851 | 149,849 | 3.3 | % | 43,560 | 42,345 | 2.9 | % | 111,291 | 107,504 | 3.5 | % | 71.9 | % | 71.7 | % | ||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||||||||||||||||||
South Florida | 51,219 | 51,233 | — | % | 22,050 | 21,665 | 1.8 | % | 29,169 | 29,568 | (1.3 | )% | 56.9 | % | 57.7 | % | ||||||||||||||||||||||||
Tampa | 38,907 | 38,511 | 1.0 | % | 15,193 | 15,567 | (2.4 | )% | 23,714 | 22,944 | 3.4 | % | 61.0 | % | 59.6 | % | ||||||||||||||||||||||||
Orlando | 27,532 | 27,013 | 1.9 | % | 10,142 | 10,101 | 0.4 | % | 17,390 | 16,912 | 2.8 | % | 63.2 | % | 62.6 | % | ||||||||||||||||||||||||
Jacksonville | 9,370 | 9,203 | 1.8 | % | 3,362 | 3,467 | (3.0 | )% | 6,008 | 5,736 | 4.7 | % | 64.1 | % | 62.3 | % | ||||||||||||||||||||||||
Florida Subtotal | 127,028 | 125,960 | 0.8 | % | 50,747 | 50,800 | (0.1 | )% | 76,281 | 75,160 | 1.5 | % | 60.1 | % | 59.7 | % | ||||||||||||||||||||||||
Southeast United States: | ||||||||||||||||||||||||||||||||||||||||
Atlanta | 51,851 | 50,914 | 1.8 | % | 16,590 | 16,801 | (1.3 | )% | 35,261 | 34,113 | 3.4 | % | 68.0 | % | 67.0 | % | ||||||||||||||||||||||||
Carolinas | 21,484 | 21,113 | 1.8 | % | 5,971 | 6,045 | (1.2 | )% | 15,513 | 15,068 | 3.0 | % | 72.2 | % | 71.4 | % | ||||||||||||||||||||||||
Southeast US Subtotal | 73,335 | 72,027 | 1.8 | % | 22,561 | 22,846 | (1.2 | )% | 50,774 | 49,181 | 3.2 | % | 69.2 | % | 68.3 | % | ||||||||||||||||||||||||
Texas: | ||||||||||||||||||||||||||||||||||||||||
Houston | 8,819 | 8,752 | 0.8 | % | 4,162 | 3,816 | 9.1 | % | 4,657 | 4,936 | (5.7 | )% | 52.8 | % | 56.4 | % | ||||||||||||||||||||||||
Dallas | 10,497 | 10,256 | 2.3 | % | 4,363 | 4,234 | 3.0 | % | 6,134 | 6,022 | 1.9 | % | 58.4 | % | 58.7 | % | ||||||||||||||||||||||||
Texas Subtotal | 19,316 | 19,008 | 1.6 | % | 8,525 | 8,050 | 5.9 | % | 10,791 | 10,958 | (1.5 | )% | 55.9 | % | 57.6 | % | ||||||||||||||||||||||||
Midwest United States: | ||||||||||||||||||||||||||||||||||||||||
Chicago | 14,984 | 15,170 | (1.2 | )% | 6,988 | 6,646 | 5.1 | % | 7,996 | 8,524 | (6.2 | )% | 53.4 | % | 56.2 | % | ||||||||||||||||||||||||
Minneapolis | 6,448 | 6,321 | 2.0 | % | 2,061 | 2,019 | 2.1 | % | 4,387 | 4,302 | 2.0 | % | 68.0 | % | 68.1 | % | ||||||||||||||||||||||||
Midwest US Subtotal | 21,432 | 21,491 | (0.3 | )% | 9,049 | 8,665 | 4.4 | % | 12,383 | 12,826 | (3.5 | )% | 57.8 | % | 59.7 | % | ||||||||||||||||||||||||
Same Store Total / Average | $ | 395,962 | $ | 388,335 | 2.0 | % | $ | 134,442 | $ | 132,706 | 1.3 | % | $ | 261,520 | $ | 255,629 | 2.3 | % | 66.0 | % | 65.8 | % | ||||||||||||||||||
Same Store NOI Growth and Margin Summary — Sequential Quarter | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||||||||
Core Revenue | Core Operating Expenses | Net Operating Income | Core NOI Margin | |||||||||||||||||||||||||||||||||||||
Seq, Q2 2020 | Q2 2020 | Q1 2020 | Change | Q2 2020 | Q1 2020 | Change | Q2 2020 | Q1 2020 | Change | Q2 2020 | Q1 2020 | |||||||||||||||||||||||||||||
Western United States: | ||||||||||||||||||||||||||||||||||||||||
Southern California | $ | 55,539 | $ | 56,472 | (1.7 | )% | $ | 18,255 | $ | 17,641 | 3.5 | % | $ | 37,284 | $ | 38,831 | (4.0 | )% | 67.1 | % | 68.8 | % | ||||||||||||||||||
Northern California | 24,719 | 24,840 | (0.5 | )% | 7,144 | 7,181 | (0.5 | )% | 17,575 | 17,659 | (0.5 | )% | 71.1 | % | 71.1 | % | ||||||||||||||||||||||||
Seattle | 21,385 | 21,292 | 0.4 | % | 6,012 | 5,664 | 6.1 | % | 15,373 | 15,628 | (1.6 | )% | 71.9 | % | 73.4 | % | ||||||||||||||||||||||||
Phoenix | 30,189 | 30,215 | (0.1 | )% | 6,930 | 7,612 | (9.0 | )% | 23,259 | 22,603 | 2.9 | % | 77.0 | % | 74.8 | % | ||||||||||||||||||||||||
Las Vegas | 12,005 | 12,223 | (1.8 | )% | 2,727 | 2,836 | (3.8 | )% | 9,278 | 9,387 | (1.2 | )% | 77.3 | % | 76.8 | % | ||||||||||||||||||||||||
Denver | 11,014 | 11,104 | (0.8 | )% | 2,492 | 2,109 | 18.2 | % | 8,522 | 8,995 | (5.3 | )% | 77.4 | % | 81.0 | % | ||||||||||||||||||||||||
Western US Subtotal | 154,851 | 156,146 | (0.8 | )% | 43,560 | 43,043 | 1.2 | % | 111,291 | 113,103 | (1.6 | )% | 71.9 | % | 72.4 | % | ||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||||||||||||||||||
South Florida | 51,219 | 52,334 | (2.1 | )% | 22,050 | 22,253 | (0.9 | )% | 29,169 | 30,081 | (3.0 | )% | 56.9 | % | 57.5 | % | ||||||||||||||||||||||||
Tampa | 38,907 | 39,397 | (1.2 | )% | 15,193 | 15,118 | 0.5 | % | 23,714 | 24,279 | (2.3 | )% | 61.0 | % | 61.6 | % | ||||||||||||||||||||||||
Orlando | 27,532 | 27,847 | (1.1 | )% | 10,142 | 10,000 | 1.4 | % | 17,390 | 17,847 | (2.6 | )% | 63.2 | % | 64.1 | % | ||||||||||||||||||||||||
Jacksonville | 9,370 | 9,447 | (0.8 | )% | 3,362 | 3,378 | (0.5 | )% | 6,008 | 6,069 | (1.0 | )% | 64.1 | % | 64.2 | % | ||||||||||||||||||||||||
Florida Subtotal | 127,028 | 129,025 | (1.5 | )% | 50,747 | 50,749 | — | % | 76,281 | 78,276 | (2.5 | )% | 60.1 | % | 60.7 | % | ||||||||||||||||||||||||
Southeast United States: | ||||||||||||||||||||||||||||||||||||||||
Atlanta | 51,851 | 52,124 | (0.5 | )% | 16,590 | 17,057 | (2.7 | )% | 35,261 | 35,067 | 0.6 | % | 68.0 | % | 67.3 | % | ||||||||||||||||||||||||
Carolinas | 21,484 | 21,600 | (0.5 | )% | 5,971 | 6,212 | (3.9 | )% | 15,513 | 15,388 | 0.8 | % | 72.2 | % | 71.2 | % | ||||||||||||||||||||||||
Southeast US Subtotal | 73,335 | 73,724 | (0.5 | )% | 22,561 | 23,269 | (3.0 | )% | 50,774 | 50,455 | 0.6 | % | 69.2 | % | 68.4 | % | ||||||||||||||||||||||||
Texas: | ||||||||||||||||||||||||||||||||||||||||
Houston | 8,819 | 8,804 | 0.2 | % | 4,162 | 4,031 | 3.2 | % | 4,657 | 4,773 | (2.4 | )% | 52.8 | % | 54.2 | % | ||||||||||||||||||||||||
Dallas | 10,497 | 10,580 | (0.8 | )% | 4,363 | 4,288 | 1.7 | % | 6,134 | 6,292 | (2.5 | )% | 58.4 | % | 59.5 | % | ||||||||||||||||||||||||
Texas Subtotal | 19,316 | 19,384 | (0.4 | )% | 8,525 | 8,319 | 2.5 | % | 10,791 | 11,065 | (2.5 | )% | 55.9 | % | 57.1 | % | ||||||||||||||||||||||||
Midwest United States: | ||||||||||||||||||||||||||||||||||||||||
Chicago | 14,984 | 15,284 | (2.0 | )% | 6,988 | 6,934 | 0.8 | % | 7,996 | 8,350 | (4.2 | )% | 53.4 | % | 54.6 | % | ||||||||||||||||||||||||
Minneapolis | 6,448 | 6,380 | 1.1 | % | 2,061 | 2,079 | (0.9 | )% | 4,387 | 4,301 | 2.0 | % | 68.0 | % | 67.4 | % | ||||||||||||||||||||||||
Midwest US Subtotal | 21,432 | 21,664 | (1.1 | )% | 9,049 | 9,013 | 0.4 | % | 12,383 | 12,651 | (2.1 | )% | 57.8 | % | 58.4 | % | ||||||||||||||||||||||||
Same Store Total / Average | $ | 395,962 | $ | 399,943 | (1.0 | )% | $ | 134,442 | $ | 134,393 | — | % | $ | 261,520 | $ | 265,550 | (1.5 | )% | 66.0 | % | 66.4 | % | ||||||||||||||||||
Same Store NOI Growth and Margin Summary — YoY YTD | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||||||||
Core Revenue | Core Operating Expenses | Net Operating Income | Core NOI Margin | |||||||||||||||||||||||||||||||||||||
YoY, YTD 2020 | YTD 2020 | YTD 2019 | Change | YTD 2020 | YTD 2019 | Change | YTD 2020 | YTD 2019 | Change | YTD 2020 | YTD 2019 | |||||||||||||||||||||||||||||
Western United States: | ||||||||||||||||||||||||||||||||||||||||
Southern California | $ | 112,011 | $ | 107,621 | 4.1 | % | $ | 35,896 | $ | 33,853 | 6.0 | % | $ | 76,115 | $ | 73,768 | 3.2 | % | 68.0 | % | 68.5 | % | ||||||||||||||||||
Northern California | 49,559 | 47,102 | 5.2 | % | 14,325 | 15,022 | (4.6 | )% | 35,234 | 32,080 | 9.8 | % | 71.1 | % | 68.1 | % | ||||||||||||||||||||||||
Seattle | 42,677 | 40,571 | 5.2 | % | 11,676 | 10,683 | 9.3 | % | 31,001 | 29,888 | 3.7 | % | 72.6 | % | 73.7 | % | ||||||||||||||||||||||||
Phoenix | 60,404 | 57,029 | 5.9 | % | 14,542 | 14,344 | 1.4 | % | 45,862 | 42,685 | 7.4 | % | 75.9 | % | 74.8 | % | ||||||||||||||||||||||||
Las Vegas | 24,228 | 23,328 | 3.9 | % | 5,563 | 5,561 | — | % | 18,665 | 17,767 | 5.1 | % | 77.0 | % | 76.2 | % | ||||||||||||||||||||||||
Denver | 22,118 | 21,208 | 4.3 | % | 4,601 | 4,435 | 3.7 | % | 17,517 | 16,773 | 4.4 | % | 79.2 | % | 79.1 | % | ||||||||||||||||||||||||
Western US Subtotal | 310,997 | 296,859 | 4.8 | % | 86,603 | 83,898 | 3.2 | % | 224,394 | 212,961 | 5.4 | % | 72.2 | % | 71.7 | % | ||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||||||||||||||||||
South Florida | 103,553 | 102,122 | 1.4 | % | 44,303 | 42,603 | 4.0 | % | 59,250 | 59,519 | (0.5 | )% | 57.2 | % | 58.3 | % | ||||||||||||||||||||||||
Tampa | 78,304 | 76,525 | 2.3 | % | 30,311 | 29,948 | 1.2 | % | 47,993 | 46,577 | 3.0 | % | 61.3 | % | 60.9 | % | ||||||||||||||||||||||||
Orlando | 55,379 | 53,777 | 3.0 | % | 20,142 | 19,469 | 3.5 | % | 35,237 | 34,308 | 2.7 | % | 63.6 | % | 63.8 | % | ||||||||||||||||||||||||
Jacksonville | 18,817 | 18,268 | 3.0 | % | 6,740 | 6,776 | (0.5 | )% | 12,077 | 11,492 | 5.1 | % | 64.2 | % | 62.9 | % | ||||||||||||||||||||||||
Florida Subtotal | 256,053 | 250,692 | 2.1 | % | 101,496 | 98,796 | 2.7 | % | 154,557 | 151,896 | 1.8 | % | 60.4 | % | 60.6 | % | ||||||||||||||||||||||||
Southeast United States: | ||||||||||||||||||||||||||||||||||||||||
Atlanta | 103,975 | 101,139 | 2.8 | % | 33,647 | 32,732 | 2.8 | % | 70,328 | 68,407 | 2.8 | % | 67.6 | % | 67.6 | % | ||||||||||||||||||||||||
Carolinas | 43,084 | 41,918 | 2.8 | % | 12,183 | 11,963 | 1.8 | % | 30,901 | 29,955 | 3.2 | % | 71.7 | % | 71.5 | % | ||||||||||||||||||||||||
Southeast US Subtotal | 147,059 | 143,057 | 2.8 | % | 45,830 | 44,695 | 2.5 | % | 101,229 | 98,362 | 2.9 | % | 68.8 | % | 68.8 | % | ||||||||||||||||||||||||
Texas: | ||||||||||||||||||||||||||||||||||||||||
Houston | 17,623 | 17,421 | 1.2 | % | 8,193 | 7,653 | 7.1 | % | 9,430 | 9,768 | (3.5 | )% | 53.5 | % | 56.1 | % | ||||||||||||||||||||||||
Dallas | 21,077 | 20,488 | 2.9 | % | 8,651 | 8,335 | 3.8 | % | 12,426 | 12,153 | 2.2 | % | 59.0 | % | 59.3 | % | ||||||||||||||||||||||||
Texas Subtotal | 38,700 | 37,909 | 2.1 | % | 16,844 | 15,988 | 5.4 | % | 21,856 | 21,921 | (0.3 | )% | 56.5 | % | 57.8 | % | ||||||||||||||||||||||||
Midwest United States: | ||||||||||||||||||||||||||||||||||||||||
Chicago | 30,268 | 30,008 | 0.9 | % | 13,922 | 12,966 | 7.4 | % | 16,346 | 17,042 | (4.1 | )% | 54.0 | % | 56.8 | % | ||||||||||||||||||||||||
Minneapolis | 12,828 | 12,534 | 2.3 | % | 4,140 | 3,976 | 4.1 | % | 8,688 | 8,558 | 1.5 | % | 67.7 | % | 68.3 | % | ||||||||||||||||||||||||
Midwest US Subtotal | 43,096 | 42,542 | 1.3 | % | 18,062 | 16,942 | 6.6 | % | 25,034 | 25,600 | (2.2 | )% | 58.1 | % | 60.2 | % | ||||||||||||||||||||||||
Same Store Total / Average | $ | 795,905 | $ | 771,059 | 3.2 | % | $ | 268,835 | $ | 260,319 | 3.3 | % | $ | 527,070 | $ | 510,740 | 3.2 | % | 66.2 | % | 66.2 | % | ||||||||||||||||||
Same Store Lease-Over-Lease Rent Growth | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Rental Rate Growth | |||||||||||||||||||
Q2 2020 | YTD 2020 | ||||||||||||||||||
Renewal | New | Blended | Renewal | New | Blended | ||||||||||||||
Leases | Leases | Average | Leases | Leases | Average | ||||||||||||||
Western United States: | |||||||||||||||||||
Southern California | 4.4 | % | 4.1 | % | 4.3 | % | 4.8 | % | 3.4 | % | 4.4 | % | |||||||
Northern California | 5.3 | % | 6.4 | % | 5.6 | % | 5.8 | % | 6.4 | % | 6.0 | % | |||||||
Seattle | 2.5 | % | 6.4 | % | 3.8 | % | 4.3 | % | 5.3 | % | 4.7 | % | |||||||
Phoenix | 5.3 | % | 8.6 | % | 6.3 | % | 5.4 | % | 8.4 | % | 6.4 | % | |||||||
Las Vegas | 5.1 | % | 5.7 | % | 5.3 | % | 5.7 | % | 4.4 | % | 5.3 | % | |||||||
Denver | 3.6 | % | 4.5 | % | 3.9 | % | 4.1 | % | 3.5 | % | 3.9 | % | |||||||
Western US Subtotal | 4.4 | % | 5.9 | % | 4.8 | % | 5.0 | % | 5.3 | % | 5.1 | % | |||||||
Florida: | |||||||||||||||||||
South Florida | 2.9 | % | (1.2 | )% | 1.7 | % | 2.7 | % | (1.5 | )% | 1.5 | % | |||||||
Tampa | 3.2 | % | 1.0 | % | 2.4 | % | 3.4 | % | 0.5 | % | 2.3 | % | |||||||
Orlando | 3.2 | % | 2.2 | % | 2.9 | % | 3.2 | % | 2.1 | % | 2.8 | % | |||||||
Jacksonville | 2.7 | % | 2.5 | % | 2.6 | % | 3.0 | % | 2.1 | % | 2.6 | % | |||||||
Florida Subtotal | 3.0 | % | 0.7 | % | 2.3 | % | 3.1 | % | 0.3 | % | 2.1 | % | |||||||
Southeast United States: | |||||||||||||||||||
Atlanta | 3.3 | % | 2.1 | % | 3.0 | % | 3.7 | % | 1.9 | % | 3.1 | % | |||||||
Carolinas | 2.6 | % | 2.1 | % | 2.4 | % | 3.0 | % | 1.2 | % | 2.4 | % | |||||||
Southeast US Subtotal | 3.1 | % | 2.1 | % | 2.8 | % | 3.5 | % | 1.7 | % | 2.9 | % | |||||||
Texas: | |||||||||||||||||||
Houston | 2.7 | % | (1.6 | )% | 1.4 | % | 3.0 | % | (1.3 | )% | 1.8 | % | |||||||
Dallas | 3.2 | % | (0.3 | )% | 1.8 | % | 3.6 | % | (0.2 | )% | 2.2 | % | |||||||
Texas Subtotal | 2.9 | % | (0.8 | )% | 1.7 | % | 3.3 | % | (0.6 | )% | 2.0 | % | |||||||
Midwest United States: | |||||||||||||||||||
Chicago | 2.4 | % | (0.7 | )% | 1.6 | % | 2.4 | % | (0.9 | )% | 1.6 | % | |||||||
Minneapolis | 3.8 | % | 5.4 | % | 4.2 | % | 3.9 | % | 2.7 | % | 3.6 | % | |||||||
Midwest US Subtotal | 2.9 | % | 1.4 | % | 2.5 | % | 2.9 | % | 0.4 | % | 2.2 | % | |||||||
Same Store Total / Average | 3.5 | % | 2.7 | % | 3.3 | % | 3.9 | % | 2.3 | % | 3.4 | % | |||||||
Same Store Cost to Maintain | |||||||||||||||||||||
($ in thousands, except per home amounts) (unaudited) | |||||||||||||||||||||
Total ($ 000) | Q2 2020 | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | ||||||||||||||||
Recurring operating expenses (gross): | |||||||||||||||||||||
R&M OpEx | $ | 20,401 | $ | 20,071 | $ | 20,366 | $ | 25,140 | $ | 19,944 | |||||||||||
Turn OpEx | 9,637 | 9,963 | 10,092 | 13,670 | 11,939 | ||||||||||||||||
Total recurring operating expense (gross) | 30,038 | 30,034 | 30,458 | 38,810 | 31,883 | ||||||||||||||||
R&M + Turn recoveries | (3,310 | ) | (3,025 | ) | (2,580 | ) | (3,274 | ) | (4,024 | ) | |||||||||||
Total recurring operating expenses (net) | $ | 26,728 | $ | 27,009 | $ | 27,878 | $ | 35,536 | $ | 27,859 | |||||||||||
Recurring capital expenditures: | |||||||||||||||||||||
R&M CapEx | $ | 19,524 | $ | 18,491 | $ | 17,347 | $ | 24,474 | $ | 20,588 | |||||||||||
Turn CapEx | 6,278 | 6,044 | 6,331 | 9,456 | 7,542 | ||||||||||||||||
Total recurring capital expenditures | $ | 25,802 | $ | 24,535 | $ | 23,678 | $ | 33,930 | $ | 28,130 | |||||||||||
Cost to maintain (gross): | |||||||||||||||||||||
R&M OpEx + CapEx | $ | 39,925 | $ | 38,562 | $ | 37,713 | $ | 49,614 | $ | 40,532 | |||||||||||
Turn OpEx + CapEx | 15,915 | 16,007 | 16,423 | 23,126 | 19,481 | ||||||||||||||||
Total cost to maintain (gross) | 55,840 | 54,569 | 54,136 | 72,740 | 60,013 | ||||||||||||||||
R&M + Turn recoveries | (3,310 | ) | (3,025 | ) | (2,580 | ) | (3,274 | ) | (4,024 | ) | |||||||||||
Total cost to maintain (net) | $ | 52,530 | $ | 51,544 | $ | 51,556 | $ | 69,466 | $ | 55,989 | |||||||||||
Per Home ($) | Q2 2020 | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | ||||||||||||||||
Total cost to maintain (gross) | $ | 773 | $ | 755 | $ | 749 | $ | 1,007 | $ | 831 | |||||||||||
R&M + Turn recoveries | (46 | ) | (42 | ) | (36 | ) | (46 | ) | (56 | ) | |||||||||||
Total cost to maintain (net) | $ | 727 | $ | 713 | $ | 713 | $ | 961 | $ | 775 | |||||||||||
Total Portfolio Capital Expenditure Detail | |||||||||||||||||||||
($ in thousands) (unaudited) | |||||||||||||||||||||
Total ($ 000) | Q2 2020 | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | ||||||||||||||||
Recurring CapEx | $ | 27,617 | $ | 25,988 | $ | 25,425 | $ | 36,653 | $ | 31,799 | |||||||||||
Value Enhancing CapEx | 10,611 | 10,165 | 13,358 | 12,256 | 8,519 | ||||||||||||||||
Initial Renovation CapEx | 21,023 | 30,149 | 30,078 | 15,804 | 9,932 | ||||||||||||||||
Disposition CapEx | 2,877 | 3,706 | 3,129 | 2,165 | 5,062 | ||||||||||||||||
Total Capital Expenditures | $ | 62,128 | $ | 70,008 | $ | 71,990 | $ | 66,878 | $ | 55,312 | |||||||||||
Adjusted Property Management and G&A Reconciliation | |||||||||||||||||
($ in thousands) (unaudited) | |||||||||||||||||
Adjusted Property Management Expense | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |||||||||||||
Property management expense (GAAP) | $ | 14,529 | $ | 16,021 | $ | 28,901 | $ | 31,181 | |||||||||
Adjustments: | |||||||||||||||||
Share-based compensation expense (1) | (447 | ) | (820 | ) | (1,280 | ) | (1,507 | ) | |||||||||
Adjusted property management expense | $ | 14,082 | $ | 15,201 | $ | 27,621 | $ | 29,674 | |||||||||
Adjusted G&A Expense | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |||||||||||||
G&A expense (GAAP) | $ | 14,426 | $ | 15,956 | $ | 28,654 | $ | 42,494 | |||||||||
Adjustments: | |||||||||||||||||
Share-based compensation expense (2) | (1,659 | ) | (2,795 | ) | (4,927 | ) | (7,715 | ) | |||||||||
Merger and transaction-related expenses | — | (1,552 | ) | — | (4,347 | ) | |||||||||||
Severance expense | (255 | ) | (375 | ) | (255 | ) | (7,344 | ) | |||||||||
Adjusted G&A expense | $ | 12,512 | $ | 11,234 | $ | 23,472 | $ | 23,088 | |||||||||
(1) | For YTD 2019, includes $136 related to IPO and pre-IPO grants. |
(2) | For Q2 2019, includes $148 related to merger grants. For YTD 2019, includes $360 related to IPO and pre-IPO grants and $2,149 related to merger grants. |
Acquisitions and Dispositions — Q2 2020 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
3/31/2020 | Q2 2020 Acquisitions (1) | Q2 2020 Dispositions (2) | 6/30/2020 | ||||||||||||||||||
Homes | Homes | Avg. Estimated | Homes | Average | Homes | ||||||||||||||||
Owned | Acq. | Cost Basis | Sold | Sales Price | Owned | ||||||||||||||||
Western United States: | |||||||||||||||||||||
Southern California | 8,029 | 1 | $ | 664,830 | 30 | $ | 397,127 | 8,000 | |||||||||||||
Northern California | 4,339 | — | — | 38 | 339,789 | 4,301 | |||||||||||||||
Seattle | 3,552 | 17 | 459,255 | 14 | 377,331 | 3,555 | |||||||||||||||
Phoenix | 7,843 | 38 | 332,554 | 20 | 202,135 | 7,861 | |||||||||||||||
Las Vegas | 3,006 | 4 | 337,702 | 7 | 363,350 | 3,003 | |||||||||||||||
Denver | 2,305 | 1 | 399,423 | 8 | 286,097 | 2,298 | |||||||||||||||
Western US Subtotal | 29,074 | 61 | 374,745 | 117 | 333,191 | 29,018 | |||||||||||||||
Florida: | |||||||||||||||||||||
South Florida | 8,518 | 7 | 271,176 | 71 | 292,577 | 8,454 | |||||||||||||||
Tampa | 8,127 | 8 | 279,672 | 28 | 227,352 | 8,107 | |||||||||||||||
Orlando | 6,131 | 23 | 307,408 | 7 | 193,571 | 6,147 | |||||||||||||||
Jacksonville | 1,861 | — | — | 3 | 318,800 | 1,858 | |||||||||||||||
Florida Subtotal | 24,637 | 38 | 294,895 | 109 | 270,186 | 24,566 | |||||||||||||||
Southeast United States: | |||||||||||||||||||||
Atlanta | 12,521 | 11 | 257,162 | 31 | 168,629 | 12,501 | |||||||||||||||
Carolinas | 4,719 | 22 | 253,994 | 22 | 262,782 | 4,719 | |||||||||||||||
Southeast US Subtotal | 17,240 | 33 | 255,050 | 53 | 207,711 | 17,220 | |||||||||||||||
Texas: | |||||||||||||||||||||
Houston | 2,214 | — | — | 24 | 177,053 | 2,190 | |||||||||||||||
Dallas | 2,375 | 15 | 263,254 | 14 | 196,460 | 2,376 | |||||||||||||||
Texas: Subtotal | 4,589 | 15 | 263,254 | 38 | 184,203 | 4,566 | |||||||||||||||
Midwest United States: | |||||||||||||||||||||
Chicago | 2,770 | — | — | 71 | 237,590 | 2,699 | |||||||||||||||
Minneapolis | 1,135 | — | — | 6 | 344,598 | 1,129 | |||||||||||||||
Midwest US Subtotal | 3,905 | — | — | 77 | 245,928 | 3,828 | |||||||||||||||
Announced Market-in-Exit: | |||||||||||||||||||||
Nashville (3) | 80 | — | — | 22 | 377,516 | 58 | |||||||||||||||
Total / Average | 79,525 | 147 | $ | 315,857 | 416 | $ | 273,278 | 79,256 | |||||||||||||
(1) | Estimated stabilized cap rates on acquisitions during the quarter averaged 5.4%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis. |
(2) | Cap rates on dispositions during the quarter averaged 1.5%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price. |
(3) | In December 2019, Invitation Homes announced a plan to fully exit the Nashville market, and sold 708 homes in Nashville in a bulk transaction. The Company is pursuing the sale of the remaining 58 homes in the market as of June 30, 2020. |
Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, Quarterly | |||||||||||||||||||||
(in thousands) (unaudited) | |||||||||||||||||||||
Q2 2020 | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | |||||||||||||||||
Total revenues (total portfolio) | $ | 449,755 | $ | 449,789 | $ | 444,277 | $ | 443,326 | $ | 441,582 | |||||||||||
Non-Same Store revenues | (35,195 | ) | (31,191 | ) | (32,197 | ) | (34,739 | ) | (36,498 | ) | |||||||||||
Same Store revenues | 414,560 | 418,598 | 412,080 | 408,587 | 405,084 | ||||||||||||||||
Same Store resident recoveries | (18,598 | ) | (18,655 | ) | (17,178 | ) | (17,805 | ) | (16,749 | ) | |||||||||||
Same Store Core revenues | $ | 395,962 | $ | 399,943 | $ | 394,902 | $ | 390,782 | $ | 388,335 | |||||||||||
Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, YTD | |||||||||||||||
(in thousands) (unaudited) | |||||||||||||||
YTD 2020 | YTD 2019 | ||||||||||||||
Total revenues (total portfolio) | $ | 899,544 | $ | 877,082 | |||||||||||
Non-Same Store revenues | (66,386 | ) | (74,287 | ) | |||||||||||
Same Store revenues | 833,158 | 802,795 | |||||||||||||
Same Store resident recoveries | (37,253 | ) | (31,736 | ) | |||||||||||
Same Store Core revenues | $ | 795,905 | $ | 771,059 | |||||||||||
Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, Quarterly | |||||||||||||||||||||
(in thousands) (unaudited) | |||||||||||||||||||||
Q2 2020 | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | |||||||||||||||||
Property operating and maintenance expenses (total portfolio) | $ | 167,002 | $ | 166,916 | $ | 167,576 | $ | 175,491 | $ | 166,574 | |||||||||||
Non-Same Store operating expenses | (13,962 | ) | (13,868 | ) | (15,024 | ) | (16,046 | ) | (17,119 | ) | |||||||||||
Same Store operating expenses | 153,040 | 153,048 | 152,552 | 159,445 | 149,455 | ||||||||||||||||
Same Store resident recoveries | (18,598 | ) | (18,655 | ) | (17,178 | ) | (17,805 | ) | (16,749 | ) | |||||||||||
Same Store Core operating expenses | $ | 134,442 | $ | 134,393 | $ | 135,374 | $ | 141,640 | $ | 132,706 | |||||||||||
Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, YTD | |||||||||||||||
(in thousands) (unaudited) | |||||||||||||||
YTD 2020 | YTD 2019 | ||||||||||||||
Property operating and maintenance expenses (total portfolio) | $ | 333,918 | $ | 326,920 | |||||||||||
Non-Same Store operating expenses | (27,830 | ) | (34,865 | ) | |||||||||||
Same Store operating expenses | 306,088 | 292,055 | |||||||||||||
Same Store resident recoveries | (37,253 | ) | (31,736 | ) | |||||||||||
Same Store Core operating expenses | $ | 268,835 | $ | 260,319 | |||||||||||
Reconciliation of Net Income to NOI and Same Store NOI, Quarterly | |||||||||||||||||||||
(in thousands) (unaudited) | |||||||||||||||||||||
Q2 2020 | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | |||||||||||||||||
Net income available to common stockholders | $ | 42,784 | $ | 49,854 | $ | 51,903 | $ | 33,616 | $ | 38,833 | |||||||||||
Net income available to participating securities | 119 | 102 | 89 | 91 | 109 | ||||||||||||||||
Non-controlling interests | 275 | 320 | 562 | 276 | 463 | ||||||||||||||||
Interest expense | 86,071 | 84,757 | 88,417 | 89,067 | 95,706 | ||||||||||||||||
Depreciation and amortization | 137,266 | 135,027 | 133,764 | 133,315 | 133,031 | ||||||||||||||||
Property management expense | 14,529 | 14,228 | 14,561 | 15,872 | 16,021 | ||||||||||||||||
General and administrative | 14,426 | 14,372 | 15,375 | 16,405 | 15,956 | ||||||||||||||||
Impairment and other | (180 | ) | 3,127 | 6,940 | 4,740 | 1,671 | |||||||||||||||
Gain on sale of property, net of tax | (11,167 | ) | (15,200 | ) | (31,780 | ) | (20,812 | ) | (26,172 | ) | |||||||||||
Other, net | (1,370 | ) | (3,714 | ) | (3,130 | ) | (4,735 | ) | (610 | ) | |||||||||||
NOI (total portfolio) | 282,753 | 282,873 | 276,701 | 267,835 | 275,008 | ||||||||||||||||
Non-Same Store NOI | (21,233 | ) | (17,323 | ) | (17,173 | ) | (18,693 | ) | (19,379 | ) | |||||||||||
Same Store NOI | $ | 261,520 | $ | 265,550 | $ | 259,528 | $ | 249,142 | $ | 255,629 | |||||||||||
Reconciliation of Net Income to NOI and Same Store NOI, YTD | |||||||||||||||
(in thousands) (unaudited) | |||||||||||||||
YTD 2020 | YTD 2019 | ||||||||||||||
Net income available to common stockholders | $ | 92,638 | $ | 59,549 | |||||||||||
Net income available to participating securities | 221 | 215 | |||||||||||||
Non-controlling interests | 595 | 810 | |||||||||||||
Interest expense | 170,828 | 189,689 | |||||||||||||
Depreciation and amortization | 272,293 | 266,640 | |||||||||||||
Property management expense | 28,901 | 31,181 | |||||||||||||
General and administrative | 28,654 | 42,494 | |||||||||||||
Impairment and other | 2,947 | 7,063 | |||||||||||||
Gain on sale of property, net of tax | (26,367 | ) | (43,744 | ) | |||||||||||
Other, net | (5,084 | ) | (3,735 | ) | |||||||||||
NOI (total portfolio) | 565,626 | 550,162 | |||||||||||||
Non-Same Store NOI | (38,556 | ) | (39,422 | ) | |||||||||||
Same Store NOI | $ | 527,070 | $ | 510,740 | |||||||||||
Reconciliation of Net Income to EBITDA, EBITDAre, and Adjusted EBITDAre | ||||||||||||||||||
(in thousands, unaudited) | ||||||||||||||||||
Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |||||||||||||||
Net income available to common stockholders | $ | 42,784 | $ | 38,833 | $ | 92,638 | $ | 59,549 | ||||||||||
Net income available to participating securities | 119 | 109 | 221 | 215 | ||||||||||||||
Non-controlling interests | 275 | 463 | 595 | 810 | ||||||||||||||
Interest expense | 86,071 | 95,706 | 170,828 | 189,689 | ||||||||||||||
Depreciation and amortization | 137,266 | 133,031 | 272,293 | 266,640 | ||||||||||||||
EBITDA | 266,515 | 268,142 | 536,575 | 516,903 | ||||||||||||||
Gain on sale of property, net of tax | (11,167 | ) | (26,172 | ) | (26,367 | ) | (43,744 | ) | ||||||||||
Impairment on depreciated real estate investments | 1,442 | 4,076 | 3,913 | 7,329 | ||||||||||||||
EBITDAre | 256,790 | 246,046 | 514,121 | 480,488 | ||||||||||||||
Share-based compensation expense | 2,106 | 3,615 | 6,207 | 9,222 | ||||||||||||||
Merger and transaction-related expenses | — | 1,552 | — | 4,347 | ||||||||||||||
Severance | 255 | 375 | 255 | 7,344 | ||||||||||||||
Casualty losses, net | (1,622 | ) | (2,405 | ) | (966 | ) | (266 | ) | ||||||||||
Other, net | (1,370 | ) | (610 | ) | (5,084 | ) | (3,735 | ) | ||||||||||
Adjusted EBITDAre | $ | 256,159 | $ | 248,573 | $ | 514,533 | $ | 497,400 | ||||||||||
Trailing Twelve Months (TTM) Ended | ||||||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||
Net income available to common stockholders | $ | 178,157 | $ | 145,068 | ||||||||||||||
Net income available to participating securities | 401 | 395 | ||||||||||||||||
Non-controlling interests | 1,433 | 1,648 | ||||||||||||||||
Interest expense | 348,312 | 367,173 | ||||||||||||||||
Depreciation and amortization | 539,372 | 533,719 | ||||||||||||||||
EBITDA | 1,067,675 | 1,048,003 | ||||||||||||||||
Gain on sale of property, net of tax | (78,959 | ) | (96,336 | ) | ||||||||||||||
Impairment on depreciated real estate investments | 10,794 | 14,210 | ||||||||||||||||
EBITDAre | 999,510 | 965,877 | ||||||||||||||||
Share-based compensation expense | 15,143 | 18,158 | ||||||||||||||||
Merger and transaction-related expenses | — | 4,347 | ||||||||||||||||
Severance | 1,376 | 8,465 | ||||||||||||||||
Casualty losses, net | 3,833 | 4,533 | ||||||||||||||||
Other, net | (12,949 | ) | (11,600 | ) | ||||||||||||||
Adjusted EBITDAre | $ | 1,006,913 | $ | 989,780 | ||||||||||||||
Reconciliation of Net Debt / TTM Adjusted EBITDAre | ||||||||||
(in thousands, except for ratio) (unaudited) | ||||||||||
As of | As of | |||||||||
June 30, 2020 | December 31, 2019 | |||||||||
Mortgage loans, net | $ | 6,118,575 | $ | 6,238,461 | ||||||
Secured term loan, net | 400,986 | 400,978 | ||||||||
Term loan facility, net | 1,495,191 | 1,493,747 | ||||||||
Revolving facility | — | — | ||||||||
Convertible senior notes, net | 336,820 | 334,299 | ||||||||
Total Debt per Balance Sheet | 8,351,572 | 8,467,485 | ||||||||
Retained and repurchased certificates | (312,845 | ) | (319,632 | ) | ||||||
Cash, ex-security deposits and letters of credit (1) | (637,767 | ) | (138,059 | ) | ||||||
Deferred financing costs, net | 23,517 | 36,685 | ||||||||
Unamortized discounts on note payable | 10,645 | 13,342 | ||||||||
Net Debt (A) | $ | 7,435,122 | $ | 8,059,821 | ||||||
For the Trailing Twelve | For the Trailing Twelve | |||||||||
Months (TTM) Ended | Months (TTM) Ended | |||||||||
June 30, 2020 | December 31, 2019 | |||||||||
Adjusted EBITDAre (B) | $ | 1,006,913 | $ | 989,780 | ||||||
Net Debt / TTM Adjusted EBITDAre (A / B) | 7.4 | x | 8.1 | x | ||||||
(1) | Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit. |
Components of Noncash Interest Expense | |||||||||||||||||
(in thousands) (unaudited) | |||||||||||||||||
Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | ||||||||||||||
Amortization of discounts on notes payable | $ | 1,349 | $ | 2,345 | $ | 2,697 | $ | 4,709 | |||||||||
Amortization of deferred financing costs | 6,401 | 10,008 | 14,353 | 20,158 | |||||||||||||
Change in fair value of interest rate derivatives | 39 | 1 | 52 | 34 | |||||||||||||
Amortization of swap fair value at designation | 1,577 | (182 | ) | 2,655 | 2,136 | ||||||||||||
Total non-cash interest expense | $ | 9,366 | $ | 12,172 | $ | 19,757 | $ | 27,037 | |||||||||
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