0001687229-21-000050.txt : 20210729 0001687229-21-000050.hdr.sgml : 20210729 20210729142320 ACCESSION NUMBER: 0001687229-21-000050 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 93 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210729 DATE AS OF CHANGE: 20210729 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Invitation Homes Inc. CENTRAL INDEX KEY: 0001687229 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510] IRS NUMBER: 814080868 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38004 FILM NUMBER: 211126550 BUSINESS ADDRESS: STREET 1: 1717 MAIN STREET, SUITE 2000 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: (972) 421-3600 MAIL ADDRESS: STREET 1: 1717 MAIN STREET, SUITE 2000 CITY: DALLAS STATE: TX ZIP: 75201 10-Q 1 invh-20210630.htm 10-Q invh-20210630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number
001-38004
Invitation Homes Inc.
(Exact name of registrant as specified in its charter)
Maryland
90-0939055
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1717 Main Street,
Suite 2000
75201
Dallas,
Texas
(Address of principal executive offices)(Zip Code)
(972)
421-3600
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value
INVH
New York Stock Exchange
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-Accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes
No
As of July 28, 2021, there were 576,485,342 shares of common stock, par value $0.01 per share, outstanding.




INVITATION HOMES INC.



FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q 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 our expectations regarding the performance of our business, our financial results, our 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,” “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 our business model, macroeconomic factors beyond our control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees, and insurance costs, our dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by our residents, performance of our information technology systems, risks related to our indebtedness, and risks related to the potential negative impact of the ongoing COVID-19 pandemic on our 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. We believe these factors include but are not limited to, those described under Part I. Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020 (the “Annual Report on Form 10-K”) as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at https://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 Quarterly Report on Form 10-Q, in the Annual Report on Form 10-K, and in our other periodic filings. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim 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.
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DEFINED TERMS
Invitation Homes Inc. (“INVH”), a real estate investment trust (“REIT”), conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). THR Property Management L.P., a wholly owned subsidiary of INVH LP (the “Manager”), provides all management and other administrative services with respect to the properties we own. On November 16, 2017 (the “Merger Date”), INVH and certain of its affiliates entered into a series of transactions with Starwood Waypoint Homes (“SWH”) and certain SWH affiliates which resulted in SWH and its operating partnership being merged into INVH and INVH LP, respectively, with INVH and INVH LP being the surviving entities (the “Mergers”).
Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer to INVH and its consolidated subsidiaries.
In this Quarterly Report on Form 10-Q:
“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 rent concessions and contractual rent increases amortized over the life of the related lease. We believe average monthly rent reflects pricing trends that significantly impact rental revenues over time, making average monthly rent useful to management and external stakeholders as a means of evaluating changes in rental revenues across periods;
“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. We believe average occupancy significantly impacts rental revenues in a given period, making comparisons of average occupancy across different periods helpful to management and external stakeholders in evaluating changes in rental revenues across periods;
“Carolinas” includes Charlotte, NC, Greensboro, NC, Raleigh, NC, and Fort Mill, SC;
“days to re-resident” for an individual home represents the number of days between (i) the date the prior resident moves out of a home, and (ii) the date the next resident is granted access to the same home, which is deemed to be the earlier of the next resident’s contractual lease start date and the next resident’s move-in date. Days to re-resident impacts our average occupancy and thus our rental revenues, making comparisons of days to re-resident helpful to management and external stakeholders in evaluating changes in rental revenues across periods;
“in-fill” refers to markets, MSAs, submarkets, neighborhoods or other geographic areas that are typified by significant population densities and low availability of land suitable for development into competitive properties, resulting in limited opportunities for new construction;
“historical average” is the simple average of each of the six months beginning October 2019 and to and including March 2020;
“Metropolitan Statistical Area” or “MSA” is defined by the United States Office of Management and Budget as a region associated with at least one urbanized area that has a population of at least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and economic integration with the central county or counties as measured through commuting;
“net effective 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 non-service rent concessions and contractual rent increases amortized over the life of the related lease. 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. Net effective rental rate growth drives changes in our average monthly rent, making net effective rental rate growth useful to management and external stakeholders as a means of evaluating changes in rental revenues across periods;
“Northern California” includes Sacramento-Arden-Arcade-Roseville, CA, San Francisco-Oakland-Hayward, CA, Stockton-Lodi, CA, Vallejo-Fairfield, CA, and Yuba City, CA;
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“PSF” means per square foot. When comparing homes or cohorts of homes, we believe PSF calculations help management and external stakeholders normalize metrics for differences in property size, enabling more meaningful comparisons based on characteristics other than property size;
“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. We believe this provides management and external stakeholders with meaningful information about our success in collecting amounts due under our lease agreements;
“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 we have announced an intent to exit where we no longer operate a significant number of homes for the primary purpose of income generation. 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 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 management and external stakeholders with meaningful information about the performance of our comparable homes across periods and about trends in our organic business;
“Southeast United States” includes our Atlanta and Carolinas markets;
“South Florida” includes Miami-Fort Lauderdale-West Palm Beach, FL, and Port St. Lucie, FL;
“Southern California” includes Los Angeles-Long Beach-Anaheim, CA, Oxnard-Thousand Oaks-Ventura, CA, Riverside-San Bernardino-Ontario, CA, and San Diego-Carlsbad, CA;
“total homes” or “total portfolio” refers to the total number of homes we own, 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. Additionally, unless the context otherwise requires, all measures in this Quarterly Report on Form 10-Q are presented on a total portfolio basis;
“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. To the extent the measurement period shown is less than 12 months, the turnover rate may be reflected on an annualized basis. We believe turnover rate impacts average occupancy and thus our rental revenues, making comparisons of turnover rate helpful to management and external stakeholders in evaluating changes in rental revenues across periods. In addition, turnover can impact our cost to maintain homes, making changes in turnover rate useful to management and external stakeholders in evaluating changes in our property operating and maintenance expenses across periods; and
“Western United States” includes our Southern California, Northern California, Seattle, Phoenix, Las Vegas, and Denver markets.
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PART I
ITEM 1. FINANCIAL STATEMENTS
INVITATION HOMES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share data)

June 30,
2021
December 31, 2020
(unaudited)
Assets:
Investments in single-family residential properties:
Land
$4,578,219 $4,539,796 
Building and improvements
14,540,813 14,261,954 
19,119,032 18,801,750 
Less: accumulated depreciation
(2,785,708)(2,513,057)
Investments in single-family residential properties, net
16,333,324 16,288,693 
Cash and cash equivalents
126,168 213,422 
Restricted cash
241,976 198,346 
Goodwill
258,207 258,207 
Investments in unconsolidated joint ventures77,523 69,267 
Other assets, net
447,413 478,287 
Total assets$17,484,611 $17,506,222 
Liabilities:
Mortgage loans, net
$4,498,289 $4,820,098 
Secured term loan, net
401,204 401,095 
Unsecured notes, net298,399  
Term loan facility, net
2,474,495 2,470,907 
Revolving facility
  
Convertible senior notes, net
342,050 339,404 
Accounts payable and accrued expenses
217,394 149,299 
Resident security deposits
162,225 157,936 
Other liabilities
470,879 611,410 
Total liabilities8,864,935 8,950,149 
Commitments and contingencies (Note 14)
Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2021 and December 31, 2020
  
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 568,718,544 and 567,117,666 outstanding as of June 30, 2021 and December 31, 2020, respectively
5,687 5,671 
Additional paid-in capital
9,725,480 9,707,258 
Accumulated deficit
(737,444)(661,162)
Accumulated other comprehensive loss
(413,684)(546,942)
Total stockholders' equity
8,580,039 8,504,825 
Non-controlling interests
39,637 51,248 
Total equity8,619,676 8,556,073 
Total liabilities and equity$17,484,611 $17,506,222 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share data)
(unaudited)

For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
2021202020212020
Revenues:
Rental revenues and other property income$490,618 $449,755 $965,072 $899,544 
Joint venture management fees1,015  1,786  
Total revenues491,633 449,755 966,858 899,544 
Expenses:
Property operating and maintenance175,422 167,002 343,795 333,918 
Property management expense17,696 14,529 33,538 28,901 
General and administrative19,828 14,426 36,778 28,654 
Interest expense80,764 86,071 164,170 170,828 
Depreciation and amortization145,280 137,266 289,781 272,293 
Impairment and other980 (180)1,336 2,947 
Total expenses 439,970 419,114 869,398 837,541 
Gains (losses) on investments in equity securities, net(7,002) (10,142)34 
Other, net(1,903)1,370 (1,673)5,050 
Gain on sale of property, net of tax17,919 11,167 32,403 26,367 
Income from investments in unconsolidated joint ventures11  362  
Net income60,688 43,178 118,410 93,454 
Net income attributable to non-controlling interests(350)(275)(705)(595)
Net income attributable to common stockholders60,338 42,903 117,705 92,859 
Net income available to participating securities
(96)(119)(191)(221)
Net income available to common stockholders — basic and diluted (Note 12)
$60,242 $42,784 $117,514 $92,638 
Weighted average common shares outstanding — basic
567,931,472 548,811,968 567,655,034 545,680,740 
Weighted average common shares outstanding — diluted
569,283,166 549,920,213 569,056,182 546,836,809 
Net income per common share — basic$0.11 $0.08 $0.21 $0.17 
Net income per common share — diluted$0.11 $0.08 $0.21 $0.17 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)

For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
2021202020212020
Net income$60,688 $43,178 $118,410 $93,454 
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate swaps(21,190)(52,817)58,869 (394,255)
Losses from interest rate swaps reclassified into earnings from accumulated other comprehensive loss38,256 28,042 75,899 36,609 
Other comprehensive income (loss)17,066 (24,775)134,768 (357,646)
Comprehensive income (loss)77,754 18,403 253,178 (264,192)
Comprehensive (income) loss attributable to non-controlling interests(593)(246)(1,666)1,503 
Comprehensive income (loss) attributable to common stockholders$77,161 $18,157 $251,512 $(262,689)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three and Six Months Ended June 30, 2021
(in thousands, except share and per share data)
(unaudited)

Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of March 31, 2021567,650,434 $5,677 $9,705,122 $(700,728)$(429,958)$8,580,113 $52,247 $8,632,360 
Capital distributions
— — — — — — (606)(606)
Net income
— — — 60,338 — 60,338 350 60,688 
Dividends and dividend equivalents declared ($0.17 per share)
— — — (97,054)— (97,054)— (97,054)
Issuance of common stock — settlement of RSUs, net of tax
142,850 1 (1,991)— — (1,990)— (1,990)
Issuance of common stock — settlement of 2022 Convertible Notes
260 — 6 — — 6  6 
Share-based compensation expense
— — 8,686 — — 8,686 520 9,206 
Total other comprehensive income— — — — 16,823 16,823 243 17,066 
Redemption of OP Units for common stock
925,000 9 13,657 — (549)13,117 (13,117) 
Balance as of June 30, 2021
568,718,544 $5,687 $9,725,480 $(737,444)$(413,684)$8,580,039 $39,637 $8,619,676 
Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of December 31, 2020567,117,666 $5,671 $9,707,258 $(661,162)$(546,942)$8,504,825 $51,248 $8,556,073 
Capital distributions
— — — — — — (1,211)(1,211)
Net income
— — — 117,705 — 117,705 705 118,410 
Dividends and dividend equivalents declared ($0.34 per share)
— — — (193,987)— (193,987)— (193,987)
Issuance of common stock — settlement of RSUs, net of tax
675,618 7 (9,410)— — (9,403)— (9,403)
Issuance of common stock — settlement of 2022 Convertible Notes
260 — 6 — — 6  6 
Share-based compensation expense
— — 13,969 — — 13,969 1,051 15,020 
Total other comprehensive income— — — — 133,807 133,807 961 134,768 
Redemption of OP Units for common stock
925,000 9 13,657 — (549)13,117 (13,117) 
Balance as of June 30, 2021
568,718,544 $5,687 $9,725,480 $(737,444)$(413,684)$8,580,039 $39,637 $8,619,676 



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INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (continued)
For the Three and Six Months Ended June 30, 2020
(in thousands, except share and per share data)
(unaudited)

Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of March 31, 2020543,767,445 $5,438 $9,066,512 $(556,305)$(607,402)$7,908,243 $49,884 $7,958,127 
Capital distributions
— — — — — — (534)(534)
Net income
— — — 42,903 — 42,903 275 43,178 
Dividends and dividend equivalents declared ($0.15 per share)
— — — (81,916)— (81,916)— (81,916)
Issuance of common stock — settlement of RSUs, net of tax
74,834  (190)— — (190)— (190)
Issuance of common stock, net
16,690,400 167 447,710 — — 447,877 — 447,877 
Share-based compensation expense
— — 1,593 — — 1,593 513 2,106 
Total other comprehensive loss— — — — (24,746)(24,746)(29)(24,775)
Balance as of June 30, 2020560,532,679 $5,605 $9,515,625 $(595,318)$(632,148)$8,293,764 $50,109 $8,343,873 
Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of December 31, 2019541,642,725 $5,416 $9,010,194 $(524,588)$(276,600)$8,214,422 $51,656 $8,266,078 
Capital distributions
— — — — — — (1,068)(1,068)
Net income
— — — 92,859 — 92,859 595 93,454 
Dividends and dividend equivalents declared ($0.30 per share)
— — — (163,589)— (163,589)— (163,589)
Issuance of common stock — settlement of RSUs, net of tax
327,488 3 (3,364)— — (3,361)— (3,361)
Issuance of common stock, net
18,562,466 186 503,612 — — 503,798 — 503,798 
Share-based compensation expense
— — 5,183 — — 5,183 1,024 6,207 
Total other comprehensive loss— — — — (355,548)(355,548)(2,098)(357,646)
Balance as of June 30, 2020560,532,679 $5,605 $9,515,625 $(595,318)$(632,148)$8,293,764 $50,109 $8,343,873 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

For the Six Months
Ended June 30,
20212020
Operating Activities:
Net income$118,410 $93,454 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization289,781 272,293 
Share-based compensation expense15,020 6,207 
Amortization of deferred leasing costs5,546 5,828 
Amortization of deferred financing costs6,567 14,353 
Amortization of debt discounts2,828 2,697 
Provisions for impairment524 3,913 
(Gains) losses on investments in equity securities, net10,142 (34)
Gain on sale of property, net of tax(32,403)(26,367)
Change in fair value of derivative instruments7,179 2,707 
Income from investments in unconsolidated joint ventures, net of operating distributions(136) 
Other non-cash amounts included in net income2,145 (315)
Changes in operating assets and liabilities:
Other assets, net(13,843)(14,288)
Accounts payable and accrued expenses67,059 17,612 
Resident security deposits4,289 6,413 
Other liabilities(13,007)11,462 
Net cash provided by operatin