EX-99.1 2 q42020supplemental.htm EX-99.1 Document

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Table of Contents














Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 1

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Earnings Press Release
Invitation Homes Reports Fourth Quarter 2020 and Full Year 2020 Results
Dallas, TX, February 16, 2021 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its Q4 2020 and FY 2020 financial and operating results.

Fourth Quarter 2020 and Full Year 2020 Highlights
Year over year, in Q4 2020, total revenues increased 4.5% to $464 million, property operating and maintenance costs increased 0.6% to $169 million, net income available to common stockholders increased 36.0% to $71 million, and net income per diluted common share increased 30.2% to $0.12. In FY 2020, total revenues increased 3.3% to $1,823 million, property operating and maintenance costs increased 1.6% to $681 million, net income available to common stockholders increased 34.9% to $196 million, and net income per diluted common share increased 29.4% to $0.35.
Year over year, in Q4 2020, Core FFO per share decreased 0.1% to $0.32, and AFFO per share decreased 1.3% to $0.27. In FY 2020, Core FFO per share increased 2.7% to $1.28, and AFFO per share increased 4.6% to $1.08. Excluded from Core FFO and AFFO was a $30 million unrealized gain in Q4 2020 on an investment in Opendoor.
In Q4 2020, Same Store NOI grew 4.3% year over year on 2.0% Same Store Core revenue growth and a 2.4% decrease in Same Store Core operating expenses. In FY 2020, Same Store NOI grew 3.7% year over year on 2.8% Same Store Core revenue growth and 1.0% Same Store Core operating expense growth.
In Q4 2020, Same Store average occupancy was 98.1%, up 210 basis points year over year. In FY 2020, Same Store average occupancy was 97.5%, up 130 basis points year over year.
In Q4 2020, Same Store new lease rent growth of 6.9% and Same Store renewal rent growth of 3.8% drove Same Store blended rent growth of 4.9%. In FY 2020, Same Store new lease rent growth of 4.2% and Same Store renewal rent growth of 3.7% drove Same Store blended rent growth of 3.8%.
In Q4 2020, revenue collections were approximately 97% of the Company's historical average collection rate.
In Q4 2020, the Company began acquiring homes through its previously announced JV with Rockpoint Group. Invitation Homes owns a 20% interest in the JV, which is expected to invest over $1 billion in single-family rental homes, diversifying Invitation Homes' capital sources available to pursue external growth over a multi-year period.
In Q4 2020, the Company capitalized on favorable buying fundamentals to increase its acquisition pace, purchasing 1,197 homes for $361 million, of which 1,057 were added to the wholly-owned portfolio for $316 million and 140 were added to the JV for $45 million. Also in Q4 2020, the Company sold 277 wholly-owned homes for $82 million.
Net debt / TTM adjusted EBITDAre decreased from 8.1x at December 31, 2019 to 7.3x at December 31, 2020.
As previously announced, in Q4 2020, the Company closed a $3.5 billion sustainability-linked unsecured credit facility, consisting of a $1.0 billion revolver and $2.5 billion term loan, to replace its previous facility and refinance secured debt. As a result, the Company has no debt (excluding convertible notes) reaching final maturity until December 2024, and the Company's unsecured debt as a percentage of total debt increased from 22% to 35%.

President & Chief Executive Officer Dallas Tanner comments: "Reflecting on 2020, I could not be prouder of the role Invitation Homes played in helping to provide comfortable homes and genuine care to residents in a year when the importance of home has never been greater. While delivering this experience to our residents, we also achieved another year of financial performance near the top of the real estate sector. Executing nimbly to meet strong demand, we increased occupancy in every month of 2020, and closed the year with record-high Same Store occupancy of 98.3% in December and our highest blended rent growth of the year. With a strong and stable resident base, we also continue to collect rents near historical average levels.

"This momentum positions us well for growth in 2021. In addition to enjoying favorable industry fundamentals, we are also entering the new year more active in the acquisition market than we have been since prior to our 2017 IPO. We'll remain opportunistic in what we see as a highly accretive environment, and continue to buy with the same discipline and rigor we have exercised throughout our history that led to the high-quality portfolio we have today. As we focus on executing our plan for 2021, we will also continue to prioritize the safety of our stakeholders, and support our residents and associates as we have done consistently throughout these uncertain times. The ever-changing environment of 2020 could not impede us from executing on strategic initiatives to drive growth and enhance the resident experience, and we are excited as we look into 2021 and beyond at strong fundamentals and an opportunity to raise the bar even higher."
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 2

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Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q4 2020Q4 2019FY 2020FY 2019
Net income (1)
$0.12 $0.10 $0.35 $0.27 
FFO (1)
0.35 0.29 1.24 1.10 
Core FFO (2)
0.32 0.32 1.28 1.25 
AFFO (2)
0.27 0.28 1.08 1.03 
(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 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.

Net Income
Net income per share in the fourth quarter of 2020 was $0.12, compared to net income per share of $0.10 in the fourth quarter of 2019. Total revenues and total property operating and maintenance expenses in the fourth quarter of 2020 were $464 million and $169 million, respectively, compared to $444 million and $168 million, respectively, in the fourth quarter of 2019.

Net income per share in FY 2020 was $0.35, compared to net income per share of $0.27 in FY 2019. Total revenues and total property operating and maintenance expenses in FY 2020 were $1,823 million and $681 million, respectively, compared to $1,765 million and $670 million, respectively, in FY 2019.

Core FFO
Year over year, Core FFO per share in the fourth quarter of 2020 decreased 0.1% to $0.32.

Year over year, Core FFO per share in FY 2020 increased 2.7% to $1.28, primarily due to growth in Same Store NOI.

AFFO
Year over year, AFFO per share in the fourth quarter of 2020 decreased 1.3% to $0.27.

Year over year, AFFO per share in FY 2020 increased 4.6% to $1.08, primarily due to the increase in Core FFO per share described above and lower recurring capital expenditures.


Q4 2020 Earnings Release and Supplemental Information - page 3


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Operating Results
Same Store Operating Results Snapshot
Number of homes in Same Store portfolio:71,433 
Q4 2020Q4 2019FY 2020FY 2019
Core revenue growth (year-over-year)2.0 %2.8 %
Core operating expense growth (year-over-year)(2.4)%1.0 %
NOI growth (year-over-year)4.3 %3.7 %
Average occupancy98.1 %96.0 %97.5 %96.2 %
Bad debt % of gross rental revenues (1)
2.5 %0.3 %1.7 %0.4 %
Turnover rate5.6 %6.4 %26.1 %29.7 %
Rental rate growth (lease-over-lease):
Renewals3.8 %4.6 %3.7 %5.0 %
New leases6.9 %1.3 %4.2 %3.7 %
Blended4.9 %3.3 %3.8 %4.6 %
(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.

Revenue Collections Update
Q4 2020Q3 2020Q2 2020
Pre-COVID Average (2)
Revenues collected % of revenues due: (1)
Revenues collected in same month billed91 %92 %92 %96 %
Late collections of prior month billings%%%%
Total collections96 %97 %96 %99 %
(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)Represents the period from October 2019 to March 2020.

Same Store NOI
For the Same Store portfolio of 71,433 homes, fourth quarter 2020 Same Store NOI increased 4.3% year over year on Same Store Core revenue growth of 2.0% and a 2.4% decrease in Same Store Core operating expenses.

FY 2020 Same Store NOI increased 3.7% year over year on Same Store Core revenue growth of 2.8% and Same Store Core operating expense growth of 1.0%.

Same Store Core Revenues
Fourth quarter 2020 Same Store Core revenue growth of 2.0% year over year was driven by a 3.3% increase in average monthly rent and a 210 basis point increase in average occupancy to 98.1%. As a result of the increases in average monthly rent and average occupancy, Same Store rental revenues increased 5.7% year over year on a gross basis before bad debt. With respect to
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 4

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Same Store Core revenue growth, two factors related to COVID-19 partially offset the favorable increases in average rent and average occupancy: 1) an increase in bad debt from 0.3% of gross rental revenues in Q4 2019 to 2.5% of gross rental revenues in Q4 2020, which was a 221 basis point drag on Same Store Core revenue growth, all else equal; and 2) a 35.3% decrease in other property income, net of resident recoveries, which was a 125 basis point drag on Same Store Core revenue growth, all else equal, due primarily to non-enforcement and non-collection of almost all late fees in the quarter.

FY 2020 Same Store Core revenue growth of 2.8% year over year was driven by a 3.5% increase in average monthly rent and a 130 basis point increase in average occupancy to 97.5%. Bad debt increased from 0.4% of gross rental revenues in FY 2019 to 1.7% of gross rental revenues in FY 2020, which was a 133 basis point drag on Same Store Core revenue growth, all else equal. Other property income, net of resident recoveries, decreased 21.1% year over year, which was a 72 basis point drag on Same Store Core revenue growth, all else equal.

Same Store Core Operating Expenses
Fourth quarter 2020 Same Store Core operating expenses decreased 2.4% year over year, driven by a 7.9% decline in Same Store controllable expenses, net of resident recoveries.

FY 2020 Same Store Core operating expenses increased 1.0% year over year, primarily due to higher property taxes that were partially offset by a 2.8% decrease in controllable expenses, net of resident recoveries, as well as lower insurance and HOA expenses.

Investment Management Activity
In Q4 2020, Invitation Homes increased its pace of acquisitions to its highest level since the second quarter of 2014, leveraging the advantages of its in-house local teams in conjunction with proprietary "AcquisitionIQ" technology to source $361 million of acquisitions through multiple channels. Fourth quarter wholly-owned acquisitions totaled 1,057 homes for $316 million, including estimated renovation costs. In addition, 140 homes were purchased for $45 million through the Company's unconsolidated joint venture with Rockpoint Group (the "Rockpoint JV"), of which Invitation Homes owns 20%.

Included in the Company's wholly-owned acquisition activity in Q4 2020 was a previously announced bulk acquisition of 273 homes in Dallas and a bulk acquisition of 54 homes in Phoenix that overlap closely with Invitation Homes' existing footprints in those two markets. In total, the homes in these transactions were acquired for $75 million at a 5.5% NOI yield based on in-place rents, and the Company sees upside to NOI in the portfolios by bringing them onto its platform.

Dispositions in the fourth quarter of 2020 totaled 277 wholly-owned homes for gross proceeds of $82 million.

In FY 2020, in its wholly-owned portfolio, the Company closed on acquisitions of 2,252 homes for $691 million, including estimated renovation costs, and sold 1,580 homes for gross proceeds of $443 million, resulting in a total wholly-owned portfolio home count of 80,177 homes as of December 31, 2020. In the Rockpoint JV, 140 homes were purchased for $45 million in FY 2020, resulting in a Rockpoint JV home count of 140 homes as of December 31, 2020.

Opendoor Investment Update
In Q4 2020, Invitation Homes' private investment in Opendoor converted to approximately 2 million public shares of Opendoor common stock (NASDAQ: OPEN) as a result of Opendoor's merger with a special purpose acquisition company. Invitation Homes' original Series E private investment in Opendoor was made in March 2018 and consisted of $10 million of convertible notes. That investment, which has since converted to common shares of OPEN, was valued at $46 million as of December 31, 2020. In addition to being a successful investment for Invitation Homes, Opendoor has been and continues to be a valued partner for Invitation Homes in the growing iBuyer channel of the single-family home transaction market.

The investment in OPEN is now carried on Invitation Homes' balance sheet at its estimated fair market value and is included in Other Assets, net. The unrealized gain on investment that Invitation Homes recorded in Q4 2020 to mark the value of its OPEN investment to fair value is included in net income under GAAP and FFO as defined by Nareit, but is excluded from Core FFO and AFFO.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 5

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Balance Sheet and Capital Markets Activity
As of December 31, 2020, the Company had $1,213 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of December 31, 2020 was $8,083 million, consisting of $5,238 million of secured debt and $2,845 million of unsecured debt. Net debt / TTM Adjusted EBITDAre at December 31, 2020 was 7.3x, down from 8.1x at December 31, 2019.

In Q4 2020, the Company issued 6,525,758 shares of common stock under its at-the-market equity agreement ("ATM Equity Program"), at an average price of $28.47 per share, for gross proceeds of $186 million. Proceeds were used primarily to acquire homes. $500 million of capacity remained under the ATM Equity Program as of December 31, 2020.

As previously announced, in Q4 2020, the Company closed a $3,500 million sustainability-linked senior unsecured credit facility (the “Credit Facility”), consisting of an undrawn $1,000 million revolving line of credit (the “Revolver”) and a fully funded $2,500 million term loan (the “Term Loan”). Initial maturities of the Revolver and Term Loan are in January 2025, with each carrying two 6-month extension options. The new $1,000 million Revolver replaced the Company’s previous $1,000 million revolver, which had no balance drawn at the time the Credit Facility closed. Proceeds from the new $2,500 million Term Loan were used to: 1) fully repay the Company’s previous $1,500 million unsecured term loan facility that was due to reach final maturity in February 2022; 2) fully repay the $731 million principal balance of the SWH 2017-1 securitization that was due to reach final maturity in January 2023; and 3) voluntarily prepay higher-cost classes of certificates of various securitizations due to reach final maturity between March 2025 and January 2026. For both the Revolver and Term loan, spreads at closing, based on the Company's total leverage ratio, were 5 bps lower than the spreads most recently in effect for the Company's previous credit facility. Based on improvement in total leverage ratio from September 30, 2020 to December 31, 2020, the Company expects the interest rates applicable to its Term Loan and used portion of its Revolver both to decrease by another 10 bps, effective February 2021, to LIBOR + 155 bps for the Term Loan and LIBOR + 160 bps for the Revolver.

As a result of these transactions, the Company has no debt reaching final maturity until December 2024, with the exception of $345 million of convertible notes maturing in January 2022. In addition, the Company’s unsecured debt as a percentage of total debt increased from 22% as of September 30, 2020 to 35% as of December 31, 2020, and the percentage of homes in the Company’s portfolio that are unencumbered increased from 51% as of September 30, 2020 to 57% as of December 31, 2020.

Dividend
As previously announced on January 29, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.17 per share of common stock, representing a 13.3% increase over the prior quarterly dividend of $0.15 per share. The dividend will be paid on or before February 26, 2021 to stockholders of record as of the close of business on February 10, 2021.

FY 2021 Guidance
FY 2021 Guidance
FY 2021FY 2020
GuidanceActual
Core FFO per share — diluted$1.30 - $1.40$1.28
AFFO per share — diluted$1.09 - $1.19$1.08
Same Store Core revenue growth3.5% - 4.5%2.8%
Same Store Core operating expense growth4.5% - 5.5%1.0%
Same Store NOI growth3.0% - 4.0%3.7%




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Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense, or a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core revenue growth, Same Store Core operating expense growth, and Same Store NOI growth to the comparable GAAP financial measures because it is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, casualty loss, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance period.

Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on February 17, 2021 to discuss results for the fourth quarter of 2020. The domestic dial-in number is 1-888-317-6003, and the international dial-in number is 1-412-317-6061. The passcode is 3180201. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through March 17, 2021 and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10151712, or by using the link at www.invh.com.

Supplemental Information
The full text of the Earnings Release and Supplemental Information referenced in this release are available on Invitation Homes' Investor Relations website at www.invh.com.

Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures
Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States ("GAAP"). These measures are defined in the Glossary in the Supplemental Information and, as applicable, reconciled to the most comparable GAAP measures.

About Invitation Homes
Invitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.

Investor Relations Contact
Greg Van Winkle
Phone: 844.456.INVH (4684)
Email: IR@InvitationHomes.com

Media Relations Contact
Kristi DesJarlais
Phone: 972.421.3587
Email: Media@InvitationHomes.com

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model,
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 7

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macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) and insurance costs, the Company's dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by the Company's residents, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of the ongoing COVID-19 pandemic on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Moreover, many of these factors have been heightened as a result of the ongoing and numerous adverse impacts of COVID-19. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC’s website at http://www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 8

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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
December 31, 2020December 31, 2019
(unaudited)
Assets:
Investments in single-family residential properties, net
$16,288,693 $16,243,192 
Cash and cash equivalents
213,422 92,258 
Restricted cash
198,346 193,987 
Goodwill
258,207 258,207 
Investments in unconsolidated joint ventures69,267 54,778 
Other assets, net
478,287 550,488 
Total assets$17,506,222 $17,392,910 
Liabilities:
Mortgage loans, net
$4,820,098 $6,238,461 
Secured term loan, net
401,095 400,978 
Term loan facility, net
2,470,907 1,493,747 
Revolving facility
— — 
Convertible senior notes, net
339,404 334,299 
Accounts payable and accrued expenses
149,299 186,110 
Resident security deposits
157,936 147,787 
Other liabilities
611,410 325,450 
Total liabilities8,950,149 9,126,832 
Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2020 and December 31, 2019— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 567,117,666 and 541,642,725 outstanding as of December 31, 2020 and December 31, 2019, respectively5,671 5,416 
Additional paid-in capital
9,707,258 9,010,194 
Accumulated deficit
(661,162)(524,588)
Accumulated other comprehensive loss
(546,942)(276,600)
Total stockholders' equity
8,504,825 8,214,422 
Non-controlling interests
51,248 51,656 
Total equity8,556,073 8,266,078 
Total liabilities and equity$17,506,222 $17,392,910 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 9

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Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q4 2020Q4 2019FY 2020FY 2019
(unaudited)(unaudited)(unaudited)
Revenues:
Rental revenues
$429,866 $410,578 $1,687,724 $1,633,799 
Other property income
34,234 33,699 135,104 130,886 
Rental revenues and other property income
464,100 444,277 1,822,828 1,764,685 
Expenses:
Property operating and maintenance
168,628 167,576 680,543 669,987 
Property management expense
14,888 14,561 58,613 61,614 
General and administrative
16,679 15,375 63,305 74,274 
Interest expense
95,382 88,417 353,923 367,173 
Depreciation and amortization
142,090 133,764 552,530 533,719 
Impairment and other
(3,974)6,940 696 18,743 
Total expenses
433,693 426,633 1,709,610 1,725,510 
Unrealized gains on investments in equity securities29,689 — 29,723 6,480 
Other, net(2,087)3,130 (86)5,120 
Gain on sale of property, net of tax13,121 31,780 54,594 96,336 
Net income
71,130 52,554 197,449 147,111 
Net income attributable to non-controlling interests(431)(562)(1,237)(1,648)
Net income attributable to common stockholders
70,699 51,992 196,212 145,463 
Net income available to participating securities
(113)(89)(448)(395)
Net income available to common stockholders — basic and diluted
$70,586 $51,903 $195,764 $145,068 
Weighted average common shares outstanding — basic563,968,010 540,218,045 553,993,321 531,235,962 
Weighted average common shares outstanding — diluted565,541,098 541,505,031 555,458,607 532,499,787 
Net income per common share — basic
$0.13 $0.10 $0.35 $0.27 
Net income per common share — diluted
$0.12 $0.10 $0.35 $0.27 
Dividends declared per common share$0.15 $0.13 $0.60 $0.52 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 10

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Supplemental Schedule 1

Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation
Q4 2020Q4 2019FY 2020FY 2019
Net income available to common stockholders$70,586 $51,903 $195,764 $145,068 
Net income available to participating securities
113 89 448 395 
Non-controlling interests
431 562 1,237 1,648 
Depreciation and amortization on real estate assets
140,341 132,637 546,419 529,205 
Impairment on depreciated real estate investments
376 2,921 4,578 14,210 
Net gain on sale of previously depreciated investments in real estate(13,121)(31,780)(54,594)(96,336)
FFO
$198,726 $156,332 $693,852 $594,190 
Core FFO Reconciliation
Q4 2020Q4 2019FY 2020FY 2019
FFO
$198,726 $156,332 $693,852 $594,190 
Non-cash interest expense13,775 11,093 40,415 48,515 
Share-based compensation expense
4,797 4,311 17,090 18,158 
Offering related expenses
— 119 — 2,267 
Merger and transaction-related expenses
— — — 4,347 
Severance expense
213 240 601 8,465 
Unrealized gains on investment in equity securities
(29,689)— (29,723)(6,480)
Casualty (gains) losses, net(4,350)4,019 (3,882)4,533 
Core FFO
$183,472 $176,114 $718,353 $673,995 
AFFO Reconciliation
Q4 2020Q4 2019FY 2020FY 2019
Core FFO
$183,472 $176,114 $718,353 $673,995 
Recurring capital expenditures
(28,485)(25,425)(115,951)(118,988)
Adjusted FFO
$154,987 $150,689 $602,402 $555,007 
Net income available to common stockholders
Weighted average common shares outstanding — diluted (1)
565,541,098541,505,031 555,458,607 532,499,787 
Net income per common share — diluted (1)
$0.12 $0.10 $0.35 $0.27 
FFO
Numerator for FFO per common share — diluted(1)
$203,037 $160,580 $711,033 $599,776 
Weighted average common shares and OP Units outstanding — diluted (1)
584,506,076561,243,645 574,408,346 545,150,847 
FFO per share — diluted (1)
$0.35 $0.29 $1.24 $1.10 
Core FFO and Adjusted FFO
Weighted average common shares and OP Units outstanding — diluted (2)
569,405,633546,143,202 559,307,903 538,925,506 
Core FFO per share — diluted (2)
$0.32 $0.32 $1.28 $1.25 
AFFO per share — diluted (2)
$0.27 $0.28 $1.08 $1.03 
(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 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.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 11

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In Q4 2020, treatment of the 2022 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, Q4 2020 net income per share does not treat the 2022 Convertible Notes as converted. Q4 2020 FFO per share treats the 2022 Convertible Notes as if converted, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2022 Convertible Notes and adjusting shares outstanding in the denominator to include shares issuable on conversion of the 2022 Convertible Notes.

In Q4 2019, treatment of the 2022 Convertible Notes as if converted would be anti-dilutive to both net income per share and FFO per share. As such, Q4 2019 net income per share and FFO per share do not treat the 2022 Convertible Notes as if converted.

In FY 2020, treatment of the 2022 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, FY 2020 net income per share does not treat the 2022 Convertible Notes as if converted. FY 2020 FFO per share treats the 2022 Convertible Notes as if converted, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2022 Convertible Notes and adjusting shares outstanding in the denominator to include shares issuable on conversion of the 2022 Convertible Notes.

In FY 2019, treatment of the 2019 Convertible Notes as if converted for the period in which they were outstanding, from January 1, 2019 through June 30, 2019, would be anti-dilutive to net income per share and dilutive to FFO per share. Treatment of the 2022 Convertible Notes as if converted would be anti-dilutive to both net income per share and FFO per share in FY 2019. As such, FY 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through December 31, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019, and does not treat the 2022 Convertible Notes as if converted. FY 2019 FFO per share does not treat the 2022 Convertible Notes as if converted, but treats the 2019 Convertible Notes as if converted on January 1, 2019, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2019 Convertible Notes and adjusting shares outstanding in the denominator to include shares issuable on conversion of the 2019 Convertible Notes.

(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.

As such, Q4 2020, Q4 2019, and FY 2020 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes, but do not treat the 2022 Convertible Notes as if converted.

FY 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through December 31, 2019, but do not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. For the period from January 1, 2019 through June 30, 2019, cash interest expense associated with the 2019 Convertible Notes has been included in Core FFO and AFFO in the numerators, and shares issued upon conversion of the 2019 Convertible Notes have not been included as shares outstanding in the denominators. The 2022 Convertible Notes are not treated as if converted.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 12


Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income (1)
Q4 2020Q4 2019FY 2020FY 2019
Common shares — basic563,968,010 540,218,045 553,993,321 531,235,962 
Shares potentially issuable from vesting/conversion of equity-based awards
1,573,088 1,286,986 1,465,286 1,263,825 
Total common shares — diluted565,541,098 541,505,031 555,458,607 532,499,787 
Weighted average amounts for FFO (1)
Q4 2020Q4 2019FY 2020FY 2019
Common shares — basic563,968,010 540,218,045 553,993,321 531,235,962 
OP units — basic3,463,285 4,202,415 3,463,285 5,940,757 
Shares potentially issuable from vesting/conversion of equity-based awards
1,974,338 1,722,742 1,851,297 1,748,787 
Shares issuable from Convertible Notes15,100,443 15,100,443 15,100,443 6,225,341 
Total common shares and units — diluted584,506,076 561,243,645 574,408,346 545,150,847 
Weighted average amounts for Core and AFFO (2)
Q4 2020Q4 2019FY 2020FY 2019
Common shares — basic563,968,010 540,218,045 553,993,321 531,235,962 
OP units — basic3,463,285 4,202,415 3,463,285 5,940,757 
Shares potentially issuable from vesting/conversion of equity-based awards
1,974,338 1,722,742 1,851,297 1,748,787 
Total common shares and units — diluted569,405,633 546,143,202 559,307,903 538,925,506 
Period end amounts for Core FFO, and AFFODecember 31, 2020
Common shares567,117,666 
OP units3,463,285 
Shares potentially issuable from vesting/conversion of equity-based awards
1,319,099 
Total common shares and units diluted
571,900,050 
(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 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.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 13

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Supplemental Schedule 2(b)

Debt Structure and Leverage Ratios — December 31, 2020
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears
Debt StructureBalance% of Total
Rate (1)
to Maturity (2)
Secured:
Fixed (3)
$1,400,439 17.3 %4.0 %7.6 
Floating — swapped to fixed3,270,000 40.5 %3.8 %4.5 
Floating567,346 7.0 %1.3 %4.5 
Total secured5,237,785 64.8 %3.6 %5.3 
Unsecured:
Fixed (Convertible)345,000 4.3 %3.5 %1.0 
Floating — swapped to fixed2,500,000 30.9 %4.0 %5.1 
Floating— — %— %— 
Total unsecured2,845,000 35.2 %3.9 %4.6 
Total Debt:
Fixed + floating swapped to fixed (3)
7,515,439 93.0 %3.9 %5.1 
Floating567,346 7.0 %1.3 %4.5 
Total debt8,082,785 100.0 %3.7 %5.1 
Unamortized discounts on notes payable(7,885)
Deferred financing costs, net(43,396)
Total Debt per Balance Sheet8,031,504 
Retained and repurchased certificates(247,526)
Cash, ex-security deposits and letters of credit (4)
(250,204)
Deferred financing costs, net43,396 
Unamortized discounts on notes payable7,885 
Net debt$7,585,055 
Leverage RatiosDecember 31, 2020
Net debt / TTM Adjusted EBITDAre
7.3 x
Unsecured Facility Covenant Compliance (5)
December 31, 2020Covenant Limit
Total leverage ratio39.1 %60%(maximum)
Secured leverage ratio24.9 %45%(maximum)
Unencumbered leverage ratio
25.4 %60%(maximum)
Fixed charge coverage ratio3.6x1.5x(minimum)
Unsecured interest coverage ratio5.7x1.75x(minimum)
(1)Includes the impact of interest rate swaps in place and effective as of December 31, 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 Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the "Glossary and Reconciliations" section of this report. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 14

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Supplemental Schedule 2(c)

Debt Maturity Schedule — December 31, 2020
($ in thousands) (unaudited)
Revolving
SecuredUnsecuredCredit% of
Debt Maturities, with Extensions (1)
DebtDebtFacilityBalanceTotal
2021— — — — — %
2022— 345,000 — 345,000 4.3 %
2023— — — — — %
2024612,506 — — 612,506 7.6 %
20252,376,570 — — 2,376,570 29.4 %
2026848,270 2,500,000 — 3,348,270 41.4 %
2027997,076 — — 997,076 12.3 %
Thereafter403,363 — — 403,363 5.0 %
5,237,785 2,845,000 — 8,082,785 100.0 %
Unamortized discounts on notes payable(2,289)(5,596)— (7,885)
Deferred financing costs, net(14,303)(29,093)— (43,396)
Total per Balance Sheet$5,221,193 $2,810,311 $ $8,031,504 
(1)Assumes all extension options are exercised.




















Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 15

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Supplemental Schedule 2(d)

Cost to Maturity of Debt as of December 31, 2020
($ in thousands) (unaudited)
Percentage of Weighted Average Debt Outstanding by TypeWeighted Average Cost by Instrument Type
Weighted AverageIssuedIssuedTotalSpread toFixed CostTotal Debt
Amount ofFloatingFloatingFixed LIBORofIncluding
Debtandbut Swapped Issuedor SwappedFor FloatingInterest RateFixed RateSwap
Outstanding (1)
Not Swappedto Fixed
Fixed (2)
 to FixedRate DebtSwapsDebt
Impact (3)
20218,082,785 10.2 %68.2 %21.6 %89.8 %1.4 %2.5 %3.9 %3.7 %
20227,751,963 15.1 %66.7 %18.2 %84.9 %1.4 %2.7 %4.0 %3.7 %
20237,737,784 15.1 %66.8 %18.1 %84.9 %1.4 %2.8 %4.0 %3.7 %
20247,700,967 15.6 %66.2 %18.2 %84.4 %1.4 %2.8 %4.0 %3.7 %
20255,712,857 48.5 %27.0 %24.5 %51.5 %1.5 %3.0 %4.0 %3.0 %
20261,633,684 14.3 %— %85.7 %85.7 %1.6 %N/A4.0 %3.7 %
2027840,437 — %— %100.0 %100.0 %N/AN/A3.9 %3.9 %
2028403,363 — %— %100.0 %100.0 %N/AN/A3.6 %3.6 %
(1)In each period, represents December 31, 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 December 31, 2020 LIBOR rate of 0.14% for all future periods.

Note: Schedule 2(d) is presented to show the estimated overall cost of Invitation Homes' debt, based on debt and interest rate swaps in place as of December 31, 2020, as well as the rate for 30-day LIBOR as of December 31, 2020. New debt not presented in this table may be issued, and/or existing debt presented in this table may be repaid prior to maturity. Similarly, new interest rate swaps may be put in place. 30-day LIBOR may also change. The aforementioned activities may change the amount of outstanding debt, the percentage of debt floating, swapped, or fixed, and/or the weighted average cost of debt and hedging instruments from what is presented in Schedule 2(d).



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 16

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Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-endQ4 2020
Total portfolio80,177 
Same Store portfolio71,433 
Same Store % of Total89.1 %
Core RevenuesQ4 2020Q4 2019Change YoYFY 2020FY 2019Change YoY
Total portfolio$440,215 $425,929 3.4 %$1,735,070 $1,692,291 2.5 %
Same Store portfolio397,846 390,041 2.0 %1,580,115 1,537,769 2.8 %
Core Operating expensesQ4 2020Q4 2019Change YoYFY 2020FY 2019Change YoY
Total portfolio$144,743 $149,228 (3.0)%$592,785 $597,593 (0.8)%
Same Store portfolio130,634 133,794 (2.4)%536,651 531,089 1.0 %
Net Operating IncomeQ4 2020Q4 2019Change YoYFY 2020FY 2019Change YoY
Total portfolio$295,472 $276,701 6.8 %$1,142,285 $1,094,698 4.3 %
Same Store portfolio267,212 256,247 4.3 %1,043,464 1,006,680 3.7 %



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 17

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Supplemental Schedule 3(b)

Same Store Portfolio Operating Detail
($ in thousands) (unaudited)
ChangeChangeChange
Q4 2020Q4 2019YoYQ3 2020SeqFY 2020FY 2019YoY
Revenues:
Rental revenues (1)
$388,925 $376,249 3.4 %$385,795 0.8 %$1,538,803 $1,485,394 3.6 %
Other property income (1)(2)(3)
30,476 30,760 (0.9)%31,335 (2.7)%121,146 118,278 2.4 %
Total revenues
419,401 407,009 3.0 %417,130 0.5 %1,659,949 1,603,672 3.5 %
Less: Resident recoveries (3)
(21,555)(16,968)27.0 %(21,476)0.4 %(79,834)(65,903)21.1 %
Core revenues
397,846 390,041 2.0 %395,654 0.6 %1,580,115 1,537,769 2.8 %
Fixed Expenses:
Property taxes
69,487 68,133 2.0 %69,535 (0.1)%277,099 265,228 4.5 %
Insurance expenses7,647 7,854 (2.6)%7,662 (0.2)%30,772 30,912 (0.5)%
HOA expenses
7,529 7,898 (4.7)%8,133 (7.4)%30,902 31,456 (1.8)%
Controllable Expenses:
Repairs and maintenance
20,544 20,108 2.2 %26,010 (21.0)%86,475 81,370 6.3 %
Personnel14,484 14,353 0.9 %14,915 (2.9)%58,874 60,297 (2.4)%
Turnover
8,739 10,041 (13.0)%10,852 (19.5)%39,078 43,772 (10.7)%
Utilities (3)
19,301 17,276 11.7 %20,666 (6.6)%75,690 64,105 18.1 %
Leasing and marketing (4)
2,736 2,872 (4.7)%2,864 (4.5)%11,297 10,751 5.1 %
Property administrative1,722 2,227 (22.7)%1,209 42.4 %6,298 9,101 (30.8)%
Property operating and maintenance expenses
152,189 150,762 0.9 %161,846 (6.0)%616,485 596,992 3.3 %
Less: Resident recoveries (3)
(21,555)(16,968)27.0 %(21,476)0.4 %(79,834)(65,903)21.1 %
Core operating expenses
130,634 133,794 (2.4)%140,370 (6.9)%536,651 531,089 1.0 %
Net Operating Income
$267,212 $256,247 4.3 %$255,284 4.7 %$1,043,464 $1,006,680 3.7 %
(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 221 basis point 133 basis point drag on year-over-year Same Store Core revenue growth in Q4 2020 and FY 2020, respectively.
(2)In light of the COVID-19 pandemic, almost all late fees typically enforced in accordance with lease agreements were not enforced or collected in Q2 2020, Q3 2020, and Q4 2020. Primarily due to this non-enforcement and non-collection of late fees, lower other property income, net of resident recoveries, was a 125 basis point and 72 basis point drag on year-over-year Same Store Core revenue growth in Q4 2020 and FY 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 $2,458, $2,618, $2,582, $10,231, and $9,725 for Q4 2020, Q4 2019, Q3 2020, FY 2020, and FY 2019, respectively.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 18

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Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
Q4 2020Q3 2020Q2 2020Q1 2020Q4 2019
Average occupancy98.1 %97.9 %97.5 %96.6 %96.0 %
Turnover rate5.6 %7.3 %6.9 %6.3 %6.4 %
Trailing four quarters turnover rate26.1 %26.9 %28.3 %29.7 %29.7 %
Average monthly rent$1,898 $1,880 $1,867 $1,850 $1,837 
Rental rate growth (lease-over-lease):
Renewals3.8 %3.2 %3.5 %4.3 %4.6 %
New leases6.9 %5.6 %2.7 %1.8 %1.3 %
Blended4.9 %4.0 %3.3 %3.4 %3.3 %




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 19

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Supplemental Schedule 4

Wholly-Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2020 (1)
(unaudited)
Average
Number ofAverageAverageMonthlyPercent of
HomesOccupancyMonthly RentRent PSFRevenue
Western United States:
Southern California7,951 98.0 %$2,565 $1.51 12.9 %
Northern California4,247 98.2 %2,237 1.44 6.3 %
Seattle3,669 96.7 %2,318 1.21 5.6 %
Phoenix8,172 96.5 %1,511 0.92 8.3 %
Las Vegas3,006 97.7 %1,730 0.87 3.4 %
Denver2,348 94.2 %2,135 1.17 3.3 %
Western US Subtotal29,393 97.1 %2,078 1.20 39.8 %
Florida:
South Florida8,324 96.5 %2,246 1.20 12.3 %
Tampa8,192 96.8 %1,736 0.93 9.5 %
Orlando6,217 96.4 %1,744 0.94 7.2 %
Jacksonville1,868 97.9 %1,749 0.88 2.2 %
Florida Subtotal24,601 96.7 %1,912 1.02 31.2 %
Southeast United States:
Atlanta12,555 97.5 %1,584 0.77 13.2 %
Carolinas4,934 96.1 %1,652 0.77 5.3 %
Southeast US Subtotal17,489 97.1 %1,603 0.77 18.5 %
Texas:
Houston2,155 96.6 %1,599 0.82 2.3 %
Dallas2,767 94.9 %1,846 0.89 3.3 %
Texas Subtotal4,922 95.6 %1,735 0.86 5.6 %
Midwest United States:
Chicago2,630 97.8 %2,014 1.25 3.4 %
Minneapolis1,126 98.2 %1,963 1.00 1.5 %
Midwest US Subtotal3,756 97.9 %1,999 1.16 4.9 %
Announced Market-in-Exit:
Nashville (2)
16 47.2 %2,363 0.81 — %
Total / Average80,177 96.9 %$1,899 $1.02 100.0 %
Same Store Total / Average71,433 98.1 %$1,898 $1.02 90.4 %
(1)All data is for the total wholly-owned 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 16 homes in the market as of December 31, 2020.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 20

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Supplemental Schedule 5(a)

Same Store Core Revenue Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenue
YoY, Q4 2020# HomesQ4 2020Q4 2019ChangeQ4 2020Q4 2019ChangeQ4 2020Q4 2019Change
Western United States:
Southern California7,591 $2,568 $2,467 4.1 %98.6 %96.0 %2.6 %$54,610 $54,954 (0.6)%
Northern California3,781 2,223 2,130 4.4 %98.9 %96.9 %2.0 %24,060 23,961 0.4 %
Seattle3,131 2,310 2,247 2.8 %98.5 %95.6 %2.9 %21,147 20,762 1.9 %
Phoenix6,906 1,478 1,392 6.2 %98.3 %96.9 %1.4 %30,822 29,470 4.6 %
Las Vegas2,386 1,724 1,641 5.1 %98.5 %96.1 %2.4 %12,195 11,696 4.3 %
Denver1,718 2,083 2,009 3.7 %97.4 %95.8 %1.6 %10,502 10,349 1.5 %
Western US Subtotal25,513 2,079 1,990 4.5 %98.5 %96.3 %2.2 %153,336 151,192 1.4 %
Florida:
South Florida7,812 2,261 2,222 1.8 %97.4 %95.6 %1.8 %51,865 50,986 1.7 %
Tampa7,632 1,736 1,694 2.5 %97.9 %96.0 %1.9 %39,401 38,693 1.8 %
Orlando5,429 1,724 1,675 2.9 %97.6 %95.6 %2.0 %28,050 27,152 3.3 %
Jacksonville1,835 1,750 1,697 3.1 %98.3 %95.8 %2.5 %9,773 9,369 4.3 %
Florida Subtotal22,708 1,914 1,871 2.3 %97.7 %95.7 %2.0 %129,089 126,200 2.3 %
Southeast United States:
Atlanta11,375 1,579 1,521 3.8 %98.1 %95.9 %2.2 %53,044 51,431 3.1 %
Carolinas4,448 1,644 1,603 2.6 %98.5 %96.2 %2.3 %21,843 21,362 2.3 %
Southeast US Subtotal15,823 1,598 1,544 3.5 %98.2 %96.0 %2.2 %74,887 72,793 2.9 %
Texas:
Houston1,841 1,599 1,565 2.2 %97.8 %95.3 %2.5 %8,780 8,571 2.4 %
Dallas1,899 1,856 1,813 2.4 %98.1 %95.0 %3.1 %10,480 10,209 2.7 %
Texas Subtotal3,740 1,730 1,691 2.3 %97.9 %95.2 %2.7 %19,260 18,780 2.6 %
Midwest United States:
Chicago2,525 2,024 2,005 0.9 %98.8 %96.5 %2.3 %14,771 14,774 — %
Minneapolis1,124 1,962 1,901 3.2 %98.3 %95.9 %2.4 %6,503 6,302 3.2 %
Midwest US Subtotal3,649 2,005 1,973 1.6 %98.6 %96.3 %2.3 %21,274 21,076 0.9 %
Same Store Total / Average71,433 $1,898 $1,837 3.3 %98.1 %96.0 %2.1 %$397,846 $390,041 2.0 %

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 21

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Supplemental Schedule 5(a) (Continued)

Same Store Core Revenue Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenue
Seq, Q4 2020# HomesQ4 2020Q3 2020ChangeQ4 2020Q3 2020ChangeQ4 2020Q3 2020Change
Western United States:
Southern California7,591 $2,568 $2,536 1.3 %98.6 %98.5 %0.1 %$54,610 $54,780 (0.3)%
Northern California3,781 2,223 2,197 1.2 %98.9 %98.7 %0.2 %24,060 24,289 (0.9)%
Seattle3,131 2,310 2,294 0.7 %98.5 %98.1 %0.4 %21,147 21,177 (0.1)%
Phoenix6,906 1,478 1,455 1.6 %98.3 %98.4 %(0.1)%30,822 30,524 1.0 %
Las Vegas2,386 1,724 1,702 1.3 %98.5 %98.6 %(0.1)%12,195 11,913 2.4 %
Denver1,718 2,083 2,062 1.0 %97.4 %98.2 %(0.8)%10,502 10,636 (1.3)%
Western US Subtotal25,513 2,079 2,054 1.2 %98.5 %98.4 %0.1 %153,336 153,319 — %
Florida:
South Florida7,812 2,261 2,248 0.6 %97.4 %96.7 %0.7 %51,865 51,119 1.5 %
Tampa7,632 1,736 1,722 0.8 %97.9 %97.6 %0.3 %39,401 39,129 0.7 %
Orlando5,429 1,724 1,710 0.8 %97.6 %97.3 %0.3 %28,050 27,765 1.0 %
Jacksonville1,835 1,750 1,734 0.9 %98.3 %97.3 %1.0 %9,773 9,539 2.5 %
Florida Subtotal22,708 1,914 1,900 0.7 %97.7 %97.2 %0.5 %129,089 127,552 1.2 %
Southeast United States:
Atlanta11,375 1,579 1,562 1.1 %98.1 %97.9 %0.2 %53,044 52,594 0.9 %
Carolinas4,448 1,644 1,628 1.0 %98.5 %98.2 %0.3 %21,843 21,715 0.6 %
Southeast US Subtotal15,823 1,598 1,581 1.1 %98.2 %98.0 %0.2 %74,887 74,309 0.8 %
Texas:
Houston1,841 1,599 1,588 0.7 %97.8 %97.0 %0.8 %8,780 8,730 0.6 %
Dallas1,899 1,856 1,844 0.7 %98.1 %97.6 %0.5 %10,480 10,476 — %
Texas Subtotal3,740 1,730 1,719 0.6 %97.9 %97.3 %0.6 %19,260 19,206 0.3 %
Midwest United States:
Chicago2,525 2,024 2,022 0.1 %98.8 %98.1 %0.7 %14,771 14,730 0.3 %
Minneapolis1,124 1,962 1,951 0.6 %98.3 %98.1 %0.2 %6,503 6,538 (0.5)%
Midwest US Subtotal3,649 2,005 2,000 0.2 %98.6 %98.1 %0.5 %21,274 21,268 — %
Same Store Total / Average71,433 $1,898 $1,880 1.0 %98.1 %97.9 %0.2 %$397,846 $395,654 0.6 %

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 22

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Supplemental Schedule 5(a) (Continued)

Same Store Core Revenue Growth Summary — YoY Full Year
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenue
YoY, FY 2020# HomesFY 2020FY 2019ChangeFY 2020FY 2019ChangeFY 2020FY 2019Change
Western United States:
Southern California7,591 $2,528 $2,420 4.5 %98.1 %96.2 %1.9 %$220,111 $215,382 2.2 %
Northern California3,781 2,189 2,080 5.2 %98.4 %97.2 %1.2 %97,019 93,889 3.3 %
Seattle3,131 2,292 2,196 4.4 %97.7 %96.4 %1.3 %84,817 81,721 3.8 %
Phoenix6,906 1,446 1,359 6.4 %98.1 %97.1 %1.0 %121,357 114,949 5.6 %
Las Vegas2,386 1,691 1,606 5.3 %98.1 %96.9 %1.2 %47,889 46,198 3.7 %
Denver1,718 2,052 1,974 4.0 %97.6 %95.9 %1.7 %42,082 40,584 3.7 %
Western US Subtotal25,513 2,045 1,947 5.0 %98.0 %96.7 %1.3 %613,275 592,723 3.5 %
Florida:
South Florida7,812 2,243 2,208 1.6 %96.8 %95.4 %1.4 %205,102 202,008 1.5 %
Tampa7,632 1,717 1,675 2.5 %97.2 %95.9 %1.3 %156,152 152,738 2.2 %
Orlando5,429 1,703 1,647 3.4 %97.1 %96.2 %0.9 %110,684 107,430 3.0 %
Jacksonville1,835 1,728 1,672 3.3 %97.2 %96.0 %1.2 %38,101 36,877 3.3 %
Florida Subtotal22,708 1,895 1,851 2.4 %97.1 %95.8 %1.3 %510,039 499,053 2.2 %
Southeast United States:
Atlanta11,375 1,557 1,505 3.5 %97.4 %96.0 %1.4 %209,141 203,196 2.9 %
Carolinas4,448 1,625 1,584 2.6 %97.8 %96.3 %1.5 %86,430 84,304 2.5 %
Southeast US Subtotal15,823 1,576 1,527 3.2 %97.5 %96.1 %1.4 %295,571 287,500 2.8 %
Texas:
Houston1,841 1,585 1,555 1.9 %96.9 %95.9 %1.0 %34,733 34,088 1.9 %
Dallas1,899 1,839 1,793 2.6 %97.0 %95.4 %1.6 %41,528 40,318 3.0 %
Texas Subtotal3,740 1,714 1,676 2.3 %96.9 %95.7 %1.2 %76,261 74,406 2.5 %
Midwest United States:
Chicago2,525 2,017 1,989 1.4 %97.9 %96.9 %1.0 %59,123 58,931 0.3 %
Minneapolis1,124 1,940 1,878 3.3 %97.5 %96.7 %0.8 %25,846 25,156 2.7 %
Midwest US Subtotal3,649 1,993 1,955 1.9 %97.8 %96.9 %0.9 %84,969 84,087 1.0 %
Same Store Total / Average71,433 $1,874 $1,810 3.5 %97.5 %96.2 %1.3 %$1,580,115 $1,537,769 2.8 %

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 23

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Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core RevenueCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, Q4 2020Q4 2020Q4 2019ChangeQ4 2020Q4 2019ChangeQ4 2020Q4 2019ChangeQ4 2020Q4 2019
Western United States:
Southern California$54,610 $54,954 (0.6)%$17,323 $17,416 (0.5)%$37,287 $37,538 (0.7)%68.3 %68.3 %
Northern California24,060 23,961 0.4 %6,816 7,039 (3.2)%17,244 16,922 1.9 %71.7 %70.6 %
Seattle21,147 20,762 1.9 %5,816 5,663 2.7 %15,331 15,099 1.5 %72.5 %72.7 %
Phoenix30,822 29,470 4.6 %6,653 7,367 (9.7)%24,169 22,103 9.3 %78.4 %75.0 %
Las Vegas12,195 11,696 4.3 %2,780 2,878 (3.4)%9,415 8,818 6.8 %77.2 %75.4 %
Denver10,502 10,349 1.5 %2,129 2,135 (0.3)%8,373 8,214 1.9 %79.7 %79.4 %
Western US Subtotal153,336 151,192 1.4 %41,517 42,498 (2.3)%111,819 108,694 2.9 %72.9 %71.9 %
Florida:
South Florida51,865 50,986 1.7 %21,395 21,800 (1.9)%30,470 29,186 4.4 %58.7 %57.2 %
Tampa39,401 38,693 1.8 %14,875 14,694 1.2 %24,526 23,999 2.2 %62.2 %62.0 %
Orlando28,050 27,152 3.3 %9,691 10,099 (4.0)%18,359 17,053 7.7 %65.5 %62.8 %
Jacksonville9,773 9,369 4.3 %3,198 3,266 (2.1)%6,575 6,103 7.7 %67.3 %65.1 %
Florida Subtotal129,089 126,200 2.3 %49,159 49,859 (1.4)%79,930 76,341 4.7 %61.9 %60.5 %
Southeast United States:
Atlanta53,044 51,431 3.1 %17,698 17,507 1.1 %35,346 33,924 4.2 %66.6 %66.0 %
Carolinas21,843 21,362 2.3 %5,673 6,178 (8.2)%16,170 15,184 6.5 %74.0 %71.1 %
Southeast US Subtotal74,887 72,793 2.9 %23,371 23,685 (1.3)%51,516 49,108 4.9 %68.8 %67.5 %
Texas:
Houston8,780 8,571 2.4 %4,027 4,062 (0.9)%4,753 4,509 5.4 %54.1 %52.6 %
Dallas10,480 10,209 2.7 %3,942 4,469 (11.8)%6,538 5,740 13.9 %62.4 %56.2 %
Texas Subtotal19,260 18,780 2.6 %7,969 8,531 (6.6)%11,291 10,249 10.2 %58.6 %54.6 %
Midwest United States:
Chicago14,771 14,774 — %6,667 7,099 (6.1)%8,104 7,675 5.6 %54.9 %51.9 %
Minneapolis6,503 6,302 3.2 %1,951 2,122 (8.1)%4,552 4,180 8.9 %70.0 %66.3 %
Midwest US Subtotal21,274 21,076 0.9 %8,618 9,221 (6.5)%12,656 11,855 6.8 %59.5 %56.2 %
Same Store Total / Average$397,846 $390,041 2.0 %$130,634 $133,794 (2.4)%$267,212 $256,247 4.3 %67.2 %65.7 %
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 24

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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core RevenueCore Operating ExpensesNet Operating IncomeCore NOI Margin
Seq, Q4 2020Q4 2020Q3 2020ChangeQ4 2020Q3 2020ChangeQ4 2020Q3 2020ChangeQ4 2020Q3 2020
Western United States:
Southern California$54,610 $54,780 (0.3)%$17,323 $18,585 (6.8)%$37,287 $36,195 3.0 %68.3 %66.1 %
Northern California24,060 24,289 (0.9)%6,816 7,162 (4.8)%17,244 17,127 0.7 %71.7 %70.5 %
Seattle21,147 21,177 (0.1)%5,816 5,919 (1.7)%15,331 15,258 0.5 %72.5 %72.0 %
Phoenix30,822 30,524 1.0 %6,653 7,606 (12.5)%24,169 22,918 5.5 %78.4 %75.1 %
Las Vegas12,195 11,913 2.4 %2,780 3,071 (9.5)%9,415 8,842 6.5 %77.2 %74.2 %
Denver10,502 10,636 (1.3)%2,129 2,450 (13.1)%8,373 8,186 2.3 %79.7 %77.0 %
Western US Subtotal153,336 153,319 — %41,517 44,793 (7.3)%111,819 108,526 3.0 %72.9 %70.8 %
Florida:
South Florida51,865 51,119 1.5 %21,395 23,055 (7.2)%30,470 28,064 8.6 %58.7 %54.9 %
Tampa39,401 39,129 0.7 %14,875 16,056 (7.4)%24,526 23,073 6.3 %62.2 %59.0 %
Orlando28,050 27,765 1.0 %9,691 10,827 (10.5)%18,359 16,938 8.4 %65.5 %61.0 %
Jacksonville9,773 9,539 2.5 %3,198 3,671 (12.9)%6,575 5,868 12.0 %67.3 %61.5 %
Florida Subtotal129,089 127,552 1.2 %49,159 53,609 (8.3)%79,930 73,943 8.1 %61.9 %58.0 %
Southeast United States:
Atlanta53,044 52,594 0.9 %17,698 17,608 0.5 %35,346 34,986 1.0 %66.6 %66.5 %
Carolinas21,843 21,715 0.6 %5,673 6,558 (13.5)%16,170 15,157 6.7 %74.0 %69.8 %
Southeast US Subtotal74,887 74,309 0.8 %23,371 24,166 (3.3)%51,516 50,143 2.7 %68.8 %67.5 %
Texas:
Houston8,780 8,730 0.6 %4,027 4,279 (5.9)%4,753 4,451 6.8 %54.1 %51.0 %
Dallas10,480 10,476 — %3,942 4,562 (13.6)%6,538 5,914 10.6 %62.4 %56.5 %
Texas Subtotal19,260 19,206 0.3 %7,969 8,841 (9.9)%11,291 10,365 8.9 %58.6 %54.0 %
Midwest United States:
Chicago14,771 14,730 0.3 %6,667 6,636 0.5 %8,104 8,094 0.1 %54.9 %54.9 %
Minneapolis6,503 6,538 (0.5)%1,951 2,325 (16.1)%4,552 4,213 8.0 %70.0 %64.4 %
Midwest US Subtotal21,274 21,268 — %8,618 8,961 (3.8)%12,656 12,307 2.8 %59.5 %57.9 %
Same Store Total / Average$397,846 $395,654 0.6 %$130,634 $140,370 (6.9)%$267,212 $255,284 4.7 %67.2 %64.5 %

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 25

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Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — YoY Full Year
($ in thousands) (unaudited)
Core RevenueCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, FY 2020FY 2020FY 2019ChangeFY 2020FY 2019ChangeFY 2020FY 2019ChangeFY 2020FY 2019
Western United States:
Southern California$220,111 $215,382 2.2 %$71,443 $68,760 3.9 %$148,668 $146,622 1.4 %67.5 %68.1 %
Northern California97,019 93,889 3.3 %28,057 29,868 (6.1)%68,962 64,021 7.7 %71.1 %68.2 %
Seattle84,817 81,721 3.8 %23,351 21,883 6.7 %61,466 59,838 2.7 %72.5 %73.2 %
Phoenix121,357 114,949 5.6 %28,712 29,493 (2.6)%92,645 85,456 8.4 %76.3 %74.3 %
Las Vegas47,889 46,198 3.7 %11,333 11,423 (0.8)%36,556 34,775 5.1 %76.3 %75.3 %
Denver42,082 40,584 3.7 %8,951 8,873 0.9 %33,131 31,711 4.5 %78.7 %78.1 %
Western US Subtotal613,275 592,723 3.5 %171,847 170,300 0.9 %441,428 422,423 4.5 %72.0 %71.3 %
Florida:
South Florida205,102 202,008 1.5 %88,050 86,355 2.0 %117,052 115,653 1.2 %57.1 %57.3 %
Tampa156,152 152,738 2.2 %60,965 61,003 (0.1)%95,187 91,735 3.8 %61.0 %60.1 %
Orlando110,684 107,430 3.0 %40,474 39,762 1.8 %70,210 67,668 3.8 %63.4 %63.0 %
Jacksonville38,101 36,877 3.3 %13,596 13,433 1.2 %24,505 23,444 4.5 %64.3 %63.6 %
Florida Subtotal510,039 499,053 2.2 %203,085 200,553 1.3 %306,954 298,500 2.8 %60.2 %59.8 %
Southeast United States:
Atlanta209,141 203,196 2.9 %68,750 67,902 1.2 %140,391 135,294 3.8 %67.1 %66.6 %
Carolinas86,430 84,304 2.5 %24,360 24,774 (1.7)%62,070 59,530 4.3 %71.8 %70.6 %
Southeast US Subtotal295,571 287,500 2.8 %93,110 92,676 0.5 %202,461 194,824 3.9 %68.5 %67.8 %
Texas:
Houston34,733 34,088 1.9 %16,322 15,726 3.8 %18,411 18,362 0.3 %53.0 %53.9 %
Dallas41,528 40,318 3.0 %16,973 17,194 (1.3)%24,555 23,124 6.2 %59.1 %57.4 %
Texas Subtotal76,261 74,406 2.5 %33,295 32,920 1.1 %42,966 41,486 3.6 %56.3 %55.8 %
Midwest United States:
Chicago59,123 58,931 0.3 %26,914 26,339 2.2 %32,209 32,592 (1.2)%54.5 %55.3 %
Minneapolis25,846 25,156 2.7 %8,400 8,301 1.2 %17,446 16,855 3.5 %67.5 %67.0 %
Midwest US Subtotal84,969 84,087 1.0 %35,314 34,640 1.9 %49,655 49,447 0.4 %58.4 %58.8 %
Same Store Total / Average$1,580,115 $1,537,769 2.8 %$536,651 $531,089 1.0 %$1,043,464 $1,006,680 3.7 %66.0 %65.5 %

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 26

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Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q4 2020FY 2020
RenewalNewBlendedRenewalNewBlended
LeasesLeasesAverageLeasesLeasesAverage
Western United States:
Southern California5.1 %9.7 %6.4 %4.8 %5.9 %5.1 %
Northern California4.9 %10.1 %6.3 %5.0 %7.7 %5.8 %
Seattle0.4 %9.1 %3.8 %2.6 %6.6 %4.0 %
Phoenix5.8 %15.0 %8.5 %5.4 %10.5 %7.0 %
Las Vegas5.4 %11.4 %7.3 %5.3 %7.1 %5.9 %
Denver4.3 %5.4 %4.7 %4.1 %4.7 %4.3 %
Western US Subtotal4.6 %10.6 %6.5 %4.6 %7.3 %5.4 %
Florida:
South Florida3.2 %3.1 %3.2 %2.8 %0.6 %2.1 %
Tampa3.0 %5.9 %4.1 %3.1 %2.9 %3.0 %
Orlando3.0 %5.7 %4.0 %3.2 %4.0 %3.4 %
Jacksonville2.5 %6.6 %4.1 %2.9 %4.0 %3.3 %
Florida Subtotal3.0 %4.8 %3.7 %3.0 %2.4 %2.8 %
Southeast United States:
Atlanta4.0 %7.2 %5.2 %3.6 %4.2 %3.8 %
Carolinas3.7 %5.8 %4.5 %2.9 %3.4 %3.1 %
Southeast US Subtotal3.9 %6.8 %5.0 %3.4 %4.0 %3.6 %
Texas:
Houston3.2 %2.1 %2.8 %2.9 %0.5 %2.2 %
Dallas3.9 %3.6 %3.8 %3.6 %1.5 %2.8 %
Texas Subtotal3.5 %2.9 %3.3 %3.2 %1.1 %2.5 %
Midwest United States:
Chicago1.5 %(0.5)%0.9 %2.1 %(1.3)%1.2 %
Minneapolis4.2 %(0.2)%2.7 %4.0 %2.2 %3.4 %
Midwest US Subtotal2.4 %(0.4)%1.5 %2.7 %(0.1)%1.9 %
Same Store Total / Average3.8 %6.9 %4.9 %3.7 %4.2 %3.8 %



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 27

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Supplemental Schedule 6

Same Store Cost to Maintain
($ in thousands, except per home amounts) (unaudited)
Total ($ 000)Q4 2020Q3 2020Q2 2020Q1 2020Q4 2019
Recurring operating expenses (gross):
R&M OpEx$20,544 $26,010 $20,132 $19,789 $20,108 
Turn OpEx8,739 10,852 9,565 9,922 10,041 
Total recurring operating expense (gross)29,283 36,862 29,697 29,711 30,149 
R&M + Turn recoveries(3,385)(3,550)(3,286)(2,990)(2,550)
Total recurring operating expenses (net)$25,898 $33,312 $26,411 $26,721 $27,599 
Recurring capital expenditures:
R&M CapEx$20,282 $23,848 $19,274 $18,223 $17,066 
Turn CapEx5,760 6,863 6,236 6,029 6,314 
Total recurring capital expenditures$26,042 $30,711 $25,510 $24,252 $23,380 
Cost to maintain (gross):
R&M OpEx + CapEx$40,826 $49,858 $39,406 $38,012 $37,174 
Turn OpEx + CapEx14,499 17,715 15,801 15,951 16,355 
Total cost to maintain (gross)55,325 67,573 55,207 53,963 53,529 
R&M + Turn recoveries(3,385)(3,550)(3,286)(2,990)(2,550)
Total cost to maintain (net)$51,940 $64,023 $51,921 $50,973 $50,979 
Per Home ($)Q4 2020Q3 2020Q2 2020Q1 2020Q4 2019
Total cost to maintain (gross)$774 $946 $773 $755 $749 
R&M + Turn recoveries(47)(50)(46)(42)(36)
Total cost to maintain (net)$727 $896 $727 $713 $713 


Total Wholly-Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
Total ($ 000)Q4 2020Q3 2020Q2 2020Q1 2020Q4 2019
Recurring CapEx$28,485 $33,861 $27,617 $25,988 $25,425 
Value Enhancing CapEx10,459 10,286 10,611 10,165 13,358 
Initial Renovation CapEx28,539 13,385 21,023 30,149 30,078 
Disposition CapEx1,746 1,748 2,877 3,706 3,129 
Total Capital Expenditures$69,229 $59,280 $62,128 $70,008 $71,990 
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 28

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Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management ExpenseQ4 2020Q4 2019FY 2020FY 2019
Property management expense (GAAP)$14,888 $14,561 $58,613 $61,614 
Adjustments:
Share-based compensation expense (1)
(978)(761)(3,511)(3,075)
Adjusted property management expense
$13,910 $13,800 $55,102 $58,539 
Adjusted G&A ExpenseQ4 2020Q4 2019FY 2020FY 2019
G&A expense (GAAP)$16,679 $15,375 $63,305 $74,274 
Adjustments:
Share-based compensation expense (2)
(3,819)(3,550)(13,579)(15,083)
Merger and transaction-related expenses— — — (4,347)
Severance expense(213)(240)(601)(8,465)
Adjusted G&A expense
$12,647 $11,585 $49,125 $46,379 
(1)For FY 2019, includes $136 related to IPO and pre-IPO grants.
(2)For Q4 2019, includes $4 related to merger grants. For FY 2019, includes $360 related to IPO and pre-IPO grants and $2,231 related to merger grants.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 29

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Supplemental Schedule 8

Acquisitions and Dispositions — Q4 2020 (1)
(unaudited)
9/30/2020
Q4 2020 Acquisitions (2)
Q4 2020 Dispositions (3)
12/31/2020
HomesHomesAvg. EstimatedHomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Western United States:
Southern California7,973 — $— 22 $480,682 7,951 
Northern California4,266 — — 19 416,968 4,247 
Seattle3,604 69 472,586 407,000 3,669 
Phoenix7,986 203 338,939 17 208,406 8,172 
Las Vegas2,993 20 342,836 355,071 3,006 
Denver2,317 43 440,829 12 328,542 2,348 
Western US Subtotal29,139 335 379,777 81 371,559 29,393 
Florida:
South Florida8,387 272,662 66 311,589 8,324 
Tampa8,087 122 296,705 17 249,540 8,192 
Orlando6,165 71 316,717 19 223,447 6,217 
Jacksonville1,857 12 317,728 247,500 1,868 
Florida Subtotal24,496 208 304,402 103 284,466 24,601 
Southeast United States:
Atlanta12,510 61 274,029 16 197,188 12,555 
Carolinas4,826 124 279,931 16 224,638 4,934 
Southeast US Subtotal17,336 185 277,985 32 210,913 17,489 
Texas:
Houston2,166 — — 11 173,064 2,155 
Dallas2,444 329 224,828 261,900 2,767 
Texas: Subtotal4,610 329 224,828 17 204,418 4,922 
Midwest United States:
Chicago2,664 — — 34 252,047 2,630 
Minneapolis1,127 — — 411,500 1,126 
Midwest US Subtotal3,791 — — 35 256,603 3,756 
Announced Market-in-Exit:
Nashville (4)
25 — — 387,672 16 
Total / Average79,397 1,057 $298,899 277 $296,357 80,177 
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 30

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(1)Represents acquisitions and dispositions for only the wholly-owned portfolio.
(2)Estimated stabilized cap rates on acquisitions during the quarter averaged 5.5%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(3)Cap rates on dispositions during the quarter averaged 2.3%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(4)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 16 homes in the market as of December 31, 2020.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 31

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Glossary and Reconciliations

Glossary:
Average Estimated Cost Basis
Average estimated cost basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated initial renovation expenditure for an acquired home or population of homes.

Average Monthly Rent
Average monthly rent represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period, and reflects the impact of non-service rental concessions and contractual rent increases amortized over the life of the lease.

Average Occupancy
Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period.

Core NOI Margin
Core NOI margin for an identified population of homes is calculated by dividing NOI by Core revenues attributable to such population.

Core Operating Expenses
Core operating expenses for an identified population of homes reflect property operating and maintenance expenses, excluding any expenses recovered from residents.

Core Revenues
Core revenues for an identified population of homes reflects total revenues, net of any resident recoveries.

Cost to Maintain
Cost to maintain a home represents the sum of the expensed and capitalized portions of recurring repairs & maintenance and turn spend (gross or net of resident reimbursements, as indicated in tables presented), not including the internal labor associated with such work.

Disposition CapEx
Disposition CapEx represents expenditures related to the preparation of a home for disposition after the prior tenant has moved out of the home.

EBITDA, EBITDAre, and Adjusted EBITDAre
EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. We define EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States (“GAAP”) before the following items: interest expense; income tax expense; and depreciation and amortization. National Association of Real Estate Investment Trusts ("Nareit") recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. We define EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax and impairment on depreciated real estate investments. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; merger and transaction-related expenses; severance; casualty (gains) losses, net; unrealized gains on investments in equity securities; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 32

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The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures is comparable with that of other companies. See "Reconciliation of Non-GAAP Measures" below for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)
FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated partnerships and joint ventures. In calculating per share amounts, Core FFO and AFFO reflect convertible debt securities in the form in which they were outstanding during the period.

We believe that FFO is a meaningful supplemental measure of the operating performance of our business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss.

The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. Core FFO and Adjusted FFO are not used as measures of our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our Core FFO and Adjusted FFO may not be comparable to the Core FFO and Adjusted FFO of other companies due to the fact that not all companies use the same definition of Core FFO and Adjusted FFO. Accordingly, there can be no assurance that our basis for computing this non-GAAP measures is comparable with that of other companies. See Supplemental Schedule 1 for a reconciliation of GAAP net income to FFO, Core FFO, and Adjusted FFO.

Initial Renovation CapEx
Initial renovation CapEx represents expenditures related to the first post-acquisition renovation of a home to bring the home to Invitation Homes standards and specifications.

Net Operating Income (NOI)
NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; and other income and expenses.

The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies.

We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store portfolio.

See "Reconciliation of Non-GAAP Measures" below for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our Same Store portfolio.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 33

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PSF
PSF means per square foot.

Recurring Capital Expenditures or Recurring CapEx
Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and maintain the value and functionality of a home and its systems as a single-family rental.

Rental Rate Growth
Rental rate growth for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease, and, in each case, reflects the impact of any amortized non-service rent concessions and amortized contractual rent increases. Leases are either renewal leases, where our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home.

Revenue Collections as a Percentage of Billings
Revenue collections as a percentage of billings represents the total cash received in a given period for rental revenues and other property income (including receipt of late payments that were billed in prior months) divided by the total amounts billed in that period. When a payment plan is in place with a resident, amounts are considered to be billed at the time they would have been billed based on the terms of the original lease, not the terms of the payment plan. "Historical average" revenue collections as a percentage of billings refer to revenue collections as a percentage of billings for the period from October 2019 through and including March 2020.

Same Store / Same Store Portfolio
Same Store or Same Store portfolio includes, for a given reporting period, wholly-owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio, and homes in markets that the Company has announced an intent to exit where the Company no longer operates a significant number of homes.

Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio may be considered stabilized at the time of acquisition.

Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established.

We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and its prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our organic business.

Total Homes / Total Portfolio
Total homes or total portfolio refers to the total number of homes owned, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to the wholly-owned homes, and excludes homes owned in joint ventures.

Turnover Rate
Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 34

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Unsecured Facility Covenants
Unsecured facility covenants refer to financial and operating requirements that the Company must meet with respect to its $1,000 million revolving credit facility (the "Revolving Facility") and its $2,500 million term loan facility (the "Term Loan Facility") (together, the "Credit Facility"), as set forth in the Company's Amended and Restated Revolving Credit and Term Loan Agreement dated December 8, 2020 (the "Unsecured Credit Agreement"). The metrics provided under the "Unsecured Facility Covenant Compliance" heading on Supplemental Schedule 2(b) show the Company's compliance with certain covenants that the Company believes are its most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, and unsecured interest coverage ratio.

Total leverage ratio represents (i) total outstanding indebtedness (including the Company's pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreement. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreement, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Secured leverage ratio represents (i) total outstanding secured indebtedness (including the Company's pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreement. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreement, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Unencumbered leverage ratio represents (i) total outstanding unsecured indebtedness (including the Company's pro rata share of unsecured debt in unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreement. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreement, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Fixed charge coverage ratio represents (i) the trailing four quarters' EBITDA (including the Company's pro rata share of EBITDA from unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) the trailing four quarters' fixed charges (including the Company's pro rata share of fixed charges in unconsolidated entities), as defined in the Unsecured Credit Agreement. Fixed charges include cash interest expense, regularly scheduled principal payments, and preferred stock or preferred OP unit dividends.

Unsecured interest coverage ratio represents (i) the trailing four quarters' unencumbered NOI, as defined by the Unsecured Credit Agreement, divided by (ii) the trailing four quarters' total unsecured interest expense (including the Company's pro rata share of interest expense from unsecured debt in unconsolidated entities), as defined in the Unsecured Credit Agreement.

The metrics set forth under the "Unsecured Facility Covenant Compliance" heading on Supplemental Schedule 2(b), and described above, are provided only to show the Company's compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate the Company's financial condition or results of operations, nor do they indicate the Company's covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Unsecured Credit Agreement than similarly named metrics are defined by the Company in its Earnings Release and Supplemental Information for the purposes of evaluating its financial conditions or results of operations. For a more complete and detailed description of the covenants contained in the Company's Unsecured Credit Agreement, see Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-38004) filed on December 9, 2020.
The breach of any of the covenants set forth in the Unsecured Credit Agreement could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facility, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 35

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covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, as such factors may be updated from time to time in our periodic filings with the SEC.

Value Enhancing CapEx
Value enhancing CapEx represents re-investment in stabilized homes, above and beyond general replacements to preserve and maintain the value and functionality of a home, for the purpose of enhancing expected risk-adjusted returns.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 36

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Reconciliation of Non-GAAP Measures:
Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q4 2020Q3 2020Q2 2020Q1 2020Q4 2019
Total revenues (total portfolio)$464,100 $459,184 $449,755 $449,789 $444,277 
Non-Same Store revenues(44,699)(42,054)(39,818)(36,308)(37,268)
Same Store revenues419,401 417,130 409,937 413,481 407,009 
Same Store resident recoveries(21,555)(21,476)(18,396)(18,407)(16,968)
Same Store Core revenues$397,846 $395,654 $391,541 $395,074 $390,041 
Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, Full Year
(in thousands) (unaudited)
FY 2020FY 2019
Total revenues (total portfolio)$1,822,828 $1,764,685 
Non-Same Store revenues(162,879)(161,013)
Same Store revenues1,659,949 1,603,672 
Same Store resident recoveries(79,834)(65,903)
Same Store Core revenues$1,580,115 $1,537,769 
















Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 37

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Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q4 2020Q3 2020Q2 2020Q1 2020Q4 2019
Property operating and maintenance expenses (total portfolio)$168,628 $177,997 $167,002 $166,916 $167,576 
Non-Same Store operating expenses(16,439)(16,151)(15,762)(15,706)(16,814)
Same Store operating expenses152,189 161,846 151,240 151,210 150,762 
Same Store resident recoveries(21,555)(21,476)(18,396)(18,407)(16,968)
Same Store Core operating expenses$130,634 $140,370 $132,844 $132,803 $133,794 

Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, Full Year
(in thousands) (unaudited)
FY 2020FY 2019
Property operating and maintenance expenses (total portfolio)$680,543 $669,987 
Non-Same Store operating expenses(64,058)(72,995)
Same Store operating expenses616,485 596,992 
Same Store resident recoveries(79,834)(65,903)
Same Store Core operating expenses$536,651 $531,089 







Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 38

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Reconciliation of Net Income to NOI and Same Store NOI, Quarterly
(in thousands) (unaudited)
Q4 2020Q3 2020Q2 2020Q1 2020Q4 2019
Net income available to common stockholders
$70,586 $32,540 $42,784 $49,854 $51,903 
Net income available to participating securities
113 114 119 102 89 
Non-controlling interests431 211 275 320 562 
Interest expense95,382 87,713 86,071 84,757 88,417 
Depreciation and amortization142,090 138,147 137,266 135,027 133,764 
Property management expense14,888 14,824 14,529 14,372 14,561 
General and administrative16,679 17,972 14,426 14,228 15,375 
Impairment and other(3,974)1,723 (180)3,127 6,940 
Gain on sale of property, net of tax(13,121)(15,106)(11,167)(15,200)(31,780)
Unrealized gains on investments in equity securities(29,689)— — (34)— 
Other, net2,087 3,049 (1,370)(3,680)(3,130)
NOI (total portfolio)295,472 281,187 282,753 282,873 276,701 
Non-Same Store NOI(28,260)(25,903)(24,056)(20,602)(20,454)
Same Store NOI$267,212 $255,284 $258,697 $262,271 $256,247 

Reconciliation of Net Income to NOI and Same Store NOI, Full Year
(in thousands) (unaudited)
FY 2020FY 2019
Net income available to common stockholders
$195,764 $145,068 
Net income available to participating securities
448 395 
Non-controlling interests1,237 1,648 
Interest expense353,923 367,173 
Depreciation and amortization552,530 533,719 
Property management expense58,613 61,614 
General and administrative63,305 74,274 
Impairment and other696 18,743 
Gain on sale of property, net of tax(54,594)(96,336)
Unrealized gains on investments in equity securities(29,723)(6,480)
Other, net86 (5,120)
NOI (total portfolio)1,142,285 1,094,698 
Non-Same Store NOI(98,821)(88,018)
Same Store NOI$1,043,464 $1,006,680 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 39

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Reconciliation of Net Income to EBITDA, EBITDAre, and Adjusted EBITDAre
(in thousands, unaudited)
Q4 2020Q4 2019FY 2020FY 2019
Net income available to common stockholders
$70,586 $51,903 $195,764 $145,068 
Net income available to participating securities
113 89 448 395 
Non-controlling interests431 562 1,237 1,648 
Interest expense95,382 88,417 353,923 367,173 
Depreciation and amortization142,090 133,764 552,530 533,719 
EBITDA308,602 274,735 1,103,902 1,048,003 
Gain on sale of property, net of tax(13,121)(31,780)(54,594)(96,336)
Impairment on depreciated real estate investments
376 2,921 4,578 14,210 
EBITDAre
295,857 245,876 1,053,886 965,877 
Share-based compensation expense4,797 4,311 17,090 18,158 
Merger and transaction-related expenses— — — 4,347 
Severance213 240 601 8,465 
Casualty (gains) losses, net(4,350)4,019 (3,882)4,533 
Unrealized gains on investments in equity securities(29,689)— (29,723)(6,480)
Other, net2,087 (3,130)86 (5,120)
Adjusted EBITDAre
$268,915 $251,316 $1,038,058 $989,780 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 40

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Reconciliation of Net Debt / TTM Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
December 31, 2020December 31, 2019
Mortgage loans, net$4,820,098 $6,238,461 
Secured term loan, net401,095 400,978 
Term loan facility, net2,470,907 1,493,747 
Revolving facility— — 
Convertible senior notes, net339,404 334,299 
Total Debt per Balance Sheet8,031,504 8,467,485 
Retained and repurchased certificates(247,526)(319,632)
Cash, ex-security deposits and letters of credit (1)
(250,204)(138,059)
Deferred financing costs, net43,396 36,685 
Unamortized discounts on note payable7,885 13,342 
Net Debt (A)$7,585,055 $8,059,821 
For the Trailing TwelveFor the Trailing Twelve
Months (TTM) EndedMonths (TTM) Ended
December 31, 2020December 31, 2019
Adjusted EBITDAre (B)
$1,038,058 $989,780 
Net Debt / TTM Adjusted EBITDAre (A / B)
7.3 x8.1 x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.


Components of Non-cash Interest Expense
(in thousands) (unaudited)
Q4 2020Q4 2019FY 2020FY 2019
Amortization of discounts on notes payable
$1,381 $1,317 $5,458 $7,343 
Amortization of deferred financing costs
7,675 9,873 25,828 39,259 
Change in fair value of interest rate derivatives
75 28 273 126 
Amortization of swap fair value at designation
4,644 (125)8,856 1,787 
Total non-cash interest expense
$13,775 $11,093 $40,415 $48,515 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2020 Earnings Release and Supplemental Information — page 41