UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FORM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the quarterly period ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
☑ | 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). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
☑ | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
☑ | 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 |
Page | |||||||||||
PART I | |||||||||||
Item | 1. | ||||||||||
Item | 2. | ||||||||||
Item | 3. | ||||||||||
Item | 4. | ||||||||||
PART II | |||||||||||
Item | 1. | ||||||||||
Item | 1A. | ||||||||||
Item | 2. | ||||||||||
Item | 3. | ||||||||||
Item | 4. | ||||||||||
Item | 5. | ||||||||||
Item | 6. | ||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
(unaudited) | ||||||||||||||
Assets: | ||||||||||||||
Investments in single-family residential properties: | ||||||||||||||
Land | $ | $ | ||||||||||||
Building and improvements | ||||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
Investments in single-family residential properties, net | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Restricted cash | ||||||||||||||
Goodwill | ||||||||||||||
Investments in unconsolidated joint ventures | ||||||||||||||
Other assets, net | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||
Mortgage loans, net | $ | $ | ||||||||||||
Secured term loan, net | ||||||||||||||
Unsecured notes, net | ||||||||||||||
Term loan facilities, net | ||||||||||||||
Revolving facility | ||||||||||||||
Accounts payable and accrued expenses | ||||||||||||||
Resident security deposits | ||||||||||||||
Other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 14) | ||||||||||||||
Equity: | ||||||||||||||
Stockholders' equity | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Total stockholders' equity | ||||||||||||||
Non-controlling interests | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental revenues and other property income | $ | $ | $ | $ | ||||||||||||||||||||||
Management fee revenues | ||||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating and maintenance | ||||||||||||||||||||||||||
Property management expense | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Impairment and other | ||||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||||
Gains (losses) on investments in equity securities, net | ( | ( | ||||||||||||||||||||||||
Other, net | ( | ( | ( | ( | ||||||||||||||||||||||
Gain on sale of property, net of tax | ||||||||||||||||||||||||||
Losses from investments in unconsolidated joint ventures | ( | ( | ( | ( | ||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Net income attributable to non-controlling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Net income attributable to common stockholders | ||||||||||||||||||||||||||
Net income available to participating securities | ( | ( | ( | ( | ||||||||||||||||||||||
Net income available to common stockholders — basic and diluted (Note 12) | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average common shares outstanding — basic | ||||||||||||||||||||||||||
Weighted average common shares outstanding — diluted | ||||||||||||||||||||||||||
Net income per common share — basic | $ | $ | $ | $ | ||||||||||||||||||||||
Net income per common share — diluted | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||
Unrealized gains on interest rate swaps | ||||||||||||||||||||||||||
(Gains) losses from interest rate swaps reclassified into earnings from accumulated other comprehensive income | ( | ( | ||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Comprehensive income attributable to non-controlling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive income attributable to common stockholders | $ | $ | $ | $ |
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders' Equity | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Capital distributions | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($0.26 per share) | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock — settlement of RSUs, net of tax | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders' Equity | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Capital distributions | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($ | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock — settlement of RSUs, net of tax | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Capital distributions | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($ | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock — settlement of RSUs, net of tax | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Capital distributions | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($ | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock — settlement of RSUs, net of tax | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock — settlement of 2022 Convertible Notes | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
For the Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Operating Activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Share-based compensation expense | ||||||||||||||
Amortization of deferred financing costs | ||||||||||||||
Amortization of debt discounts | ||||||||||||||
Provisions for impairment | ||||||||||||||
(Gains) losses on investments in equity securities, net | ( | |||||||||||||
Gain on sale of property, net of tax | ( | ( | ||||||||||||
Change in fair value of derivative instruments | ||||||||||||||
Loss from investments in unconsolidated joint ventures, net of operating distributions | ||||||||||||||
Other non-cash amounts included in net income | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Other assets, net | ( | ( | ||||||||||||
Accounts payable and accrued expenses | ||||||||||||||
Resident security deposits | ||||||||||||||
Other liabilities | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing Activities: | ||||||||||||||
Amounts deposited and held by others | ( | ( | ||||||||||||
Acquisition of single-family residential properties | ( | ( | ||||||||||||
Initial renovations to single-family residential properties | ( | ( | ||||||||||||
Other capital expenditures for single-family residential properties | ( | ( | ||||||||||||
Proceeds from sale of single-family residential properties | ||||||||||||||
Repayment proceeds from retained debt securities | ||||||||||||||
Investments in equity securities | ( | ( | ||||||||||||
Proceeds from sale of investments in equity securities | ||||||||||||||
Investments in unconsolidated joint ventures | ( | ( | ||||||||||||
Non-operating distributions from unconsolidated joint ventures | ||||||||||||||
Other investing activities | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing Activities: | ||||||||||||||
Payment of dividends and dividend equivalents | ( | ( | ||||||||||||
Distributions to non-controlling interests | ( | ( | ||||||||||||
Payment of taxes related to net share settlement of RSUs | ( | ( | ||||||||||||
Payments on mortgage loans | ( | ( | ||||||||||||
Payments on secured term loan | ( | |||||||||||||
Proceeds from unsecured notes | ||||||||||||||
Proceeds from term loan facilities | ||||||||||||||
Proceeds from revolving facility | ||||||||||||||
Payments on revolving facility | ( | |||||||||||||
Proceeds from issuance of common stock, net | ||||||||||||||
Deferred financing costs paid | ( | ( | ||||||||||||
Other financing activities | ( | ( | ||||||||||||
Net cash used in financing activities | ( | ( | ||||||||||||
For the Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Change in cash, cash equivalents, and restricted cash | ( | |||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period (Note 4) | ||||||||||||||
Cash, cash equivalents, and restricted cash, end of period (Note 4) | $ | $ | ||||||||||||
Supplemental cash flow disclosures: | ||||||||||||||
Interest paid, net of amounts capitalized | $ | $ | ||||||||||||
Interest capitalized as investments in single-family residential properties, net | ||||||||||||||
Cash paid for income taxes | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | ||||||||||||||
Financing cash flows from finance leases | ||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Accrued renovation improvements at period end | $ | $ | ||||||||||||
Accrued residential property capital improvements at period end | ||||||||||||||
Transfer of residential property, net to other assets, net for held for sale assets | ||||||||||||||
Change in other comprehensive income from cash flow hedges | ||||||||||||||
ROU assets obtained in exchange for operating lease liabilities | ||||||||||||||
ROU assets obtained in exchange for finance lease liabilities | ||||||||||||||
Net settlement of 2022 Convertible Notes in shares of common stock |
June 30, 2023 | December 31, 2022 | |||||||||||||
Land | $ | $ | ||||||||||||
Single-family residential property | ||||||||||||||
Capital improvements | ||||||||||||||
Equipment | ||||||||||||||
Total gross investments in the properties | ||||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
Investments in single-family residential properties, net | $ | $ | ||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||
Resident security deposits | $ | $ | ||||||||||||
Collections | ||||||||||||||
Property taxes | ||||||||||||||
Letters of credit | ||||||||||||||
Capital expenditures | ||||||||||||||
Special and other reserves | ||||||||||||||
Total | $ | $ |
Number of Properties Owned | Carrying Value | |||||||||||||||||||||||||||||||
Ownership Percentage | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Pathway Property Company(1) | $ | $ | ||||||||||||||||||||||||||||||
2020 Rockpoint JV(1) | ||||||||||||||||||||||||||||||||
FNMA(2) | ||||||||||||||||||||||||||||||||
Pathway Operating Company(3) | N/A | N/A | ||||||||||||||||||||||||||||||
2022 Rockpoint JV(1) | ||||||||||||||||||||||||||||||||
Total | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||
Derivative instruments (Note 8) | $ | $ | ||||||||||||
Amounts deposited and held by others (Note 14) | ||||||||||||||
Investments in debt securities, net | ||||||||||||||
Rent and other receivables, net | ||||||||||||||
Investments in equity securities | ||||||||||||||
Prepaid expenses | ||||||||||||||
Held for sale assets(1) | ||||||||||||||
Corporate fixed assets, net | ||||||||||||||
ROU lease assets — operating and finance, net | ||||||||||||||
Deferred financing costs, net | ||||||||||||||
Other | ||||||||||||||
Total | $ | $ |
Year | Lease Payments to be Received | |||||||
Remainder of 2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||
Investments without a readily determinable fair value | $ | $ | ||||||||||||
Investments with a readily determinable fair value | ||||||||||||||
Total | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net losses recognized on investments sold during the reporting period — with a readily determinable value | $ | $ | $ | $ | ( | |||||||||||||||||||||
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value | ( | ( | ||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | |||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Weighted average remaining lease term | ||||||||||||||||||||||||||
Weighted average discount rate |
Outstanding Principal Balance(1) | ||||||||||||||||||||||||||||||||||||||||||||
Origination Date | Maturity Date(2) | Maturity Date if Fully Extended(3) | Interest Rate(4) | Range of Spreads(5) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
IH 2017-1(6) | April 28, 2017 | June 9, 2027 | June 9, 2027 | N/A | $ | $ | ||||||||||||||||||||||||||||||||||||||
IH 2018-4(7) | November 7, 2018 | January 9, 2024 | January 9, 2026 | |||||||||||||||||||||||||||||||||||||||||
Total Securitizations | ||||||||||||||||||||||||||||||||||||||||||||
Less: deferred financing costs, net | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ |
Maturity Date | Interest Rate(1) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||
Secured Term Loan | June 9, 2031 | $ | $ | |||||||||||||||||||||||
Deferred financing costs, net | ( | ( | ||||||||||||||||||||||||
Secured Term Loan, net | $ | $ |
Interest Rate(1) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||
Total Unsecured Notes, net(2) | $ | $ | ||||||||||||||||||
Deferred financing costs, net | ( | ( | ||||||||||||||||||
Total | $ | $ |
Maturity Date | Interest Rate | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||
2020 Term Loan Facility(1)(2) | January 31, 2025 | $ | $ | |||||||||||||||||||||||
2022 Term Loan Facility(3) | June 22, 2029 | |||||||||||||||||||||||||
Total Term Loan Facilities | ||||||||||||||||||||||||||
Less: deferred financing costs, net | ( | ( | ||||||||||||||||||||||||
Term Loan Facilities, net | $ | $ | ||||||||||||||||||||||||
Revolving Facility(1)(2)(4) | January 31, 2025 | $ | $ |
Base Rate Loans | Adjusted SOFR Rate Loans | |||||||||||||||||||||||||
2020 Term Loan Facility | — | — | ||||||||||||||||||||||||
2022 Term Loan Facility | — | — | ||||||||||||||||||||||||
Revolving Facility | — | — |
Year | Mortgage Loans(1) | Secured Term Loan | Unsecured Notes | Term Loan Facilities(2) | Revolving Facility(2) | Total | ||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||||||||||||||
2026 | ||||||||||||||||||||||||||||||||||||||
2027 | ||||||||||||||||||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||
Less: deferred financing costs, net | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Less: unamortized debt discount | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Agreement Date | Forward Effective Date | Maturity Date | Strike Rate | Index | Notional Amount | |||||||||||||||||||||||||||
April 18, 2023 | March 31, 2023 | January 31, 2025 | One month SOFR | $ | ||||||||||||||||||||||||||||
April 18, 2023 | March 31, 2023 | November 30, 2024 | One month SOFR | |||||||||||||||||||||||||||||
April 18, 2023 | April 15, 2023 | November 30, 2024 | One month SOFR | |||||||||||||||||||||||||||||
April 18, 2023 | April 15, 2023 | February 28, 2025 | One month SOFR | |||||||||||||||||||||||||||||
April 18, 2023 | April 15, 2023 | June 9, 2025 | One month SOFR | |||||||||||||||||||||||||||||
April 18, 2023 | April 15, 2023 | June 9, 2025 | One month SOFR | |||||||||||||||||||||||||||||
April 18, 2023 | April 15, 2023 | July 9, 2025 | One month SOFR | |||||||||||||||||||||||||||||
April 18, 2023 | April 15, 2023 | July 31, 2025 | One month SOFR | |||||||||||||||||||||||||||||
March 22, 2023 | July 9, 2025 | May 31, 2029 | One month SOFR |
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||
Fair Value as of | Fair Value as of | |||||||||||||||||||||||||||||||||||||
Balance Sheet Location | June 30, 2023 | December 31, 2022 | Balance Sheet Location | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Interest rate caps | Other assets | Other liabilities | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets/ Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||||||||||||||||
Offsetting assets: | ||||||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Offsetting liabilities: | ||||||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | $ |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets/ Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||||||||||||||||
Offsetting assets: | ||||||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Offsetting liabilities: | ||||||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | $ |
Amount of Gain Recognized in OCI on Derivative | Location of Gain (Loss) Reclassified from Accumulated OCI into Net Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income | Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Three Months Ended June 30, | For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | Interest expense | $ | $ | ( | $ | $ |
Location of Loss Recognized in Net Income on Derivative | Amount of Loss Recognized in Net Income on Derivative | |||||||||||||||||||
For the Three Months Ended June 30, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate caps | Interest expense | $ | $ | |||||||||||||||||
Amount of Gain Recognized in OCI on Derivative | Location of Gain (Loss) Reclassified from Accumulated OCI into Net Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income | Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, | For the Six Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | Interest expense | $ | $ | ( | $ | $ |
Location of Loss Recognized in Net Income on Derivative | Amount of Loss Recognized in Net Income on Derivative | |||||||||||||||||||
For the Six Months Ended June 30, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate caps | Interest expense | $ | $ | |||||||||||||||||
Record Date | Amount per Share | Pay Date | Total Amount Declared | |||||||||||||||||||||||
Q2-2023 | May 10, 2023 | $ | May 26, 2023 | $ | ||||||||||||||||||||||
Q1-2023 | February 14, 2023 | February 28, 2023 | ||||||||||||||||||||||||
Q4-2022 | November 8, 2022 | November 23, 2022 | ||||||||||||||||||||||||
Q3-2022 | August 9, 2022 | August 26, 2022 | ||||||||||||||||||||||||
Q2-2022 | May 10, 2022 | May 27, 2022 | ||||||||||||||||||||||||
Q1-2022 | February 14, 2022 | February 28, 2022 | ||||||||||||||||||||||||
Time-Vesting Awards | PRSUs | Total Share-Based Awards(1) | ||||||||||||||||||||||||||||||||||||
Number | Weighted Average Grant Date Fair Value (Actual $) | Number | Weighted Average Grant Date Fair Value (Actual $) | Number | Weighted Average Grant Date Fair Value (Actual $) | |||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||||||||||||||
Vested(2) | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Forfeited / canceled | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ |
For the Six Months Ended June 30, 2023 | ||||||||
Expected volatility(1) | ||||||||
Risk-free rate | ||||||||
Expected holding period (years) | ||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
General and administrative | $ | $ | $ | $ | ||||||||||||||||||||||
Property management expense | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||
Assets carried at historical cost on the condensed consolidated balance sheets: | ||||||||||||||||||||||||||||||||
Investments in debt securities(1) | Level 2 | $ | $ | $ | $ | |||||||||||||||||||||||||||
Liabilities carried at historical cost on the condensed consolidated balance sheets: | ||||||||||||||||||||||||||||||||
Unsecured Notes — public offering(2) | Level 1 | $ | $ | $ | $ | |||||||||||||||||||||||||||
Mortgage loans(3) | Level 2 | |||||||||||||||||||||||||||||||
Unsecured Notes — private placement(4) | Level 2 | |||||||||||||||||||||||||||||||
Secured Term Loan(5) | Level 3 | |||||||||||||||||||||||||||||||
Term Loan Facilities(6) | Level 3 | |||||||||||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurement(1) | ||||||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Rate | |||||||||||||||||||||||||||||
Secured Term Loan | $ | Discounted Cash Flow | Effective Rate | |||||||||||||||||||||||||||||
Term Loan Facilities | Discounted Cash Flow | Effective Rate | — | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Investments in single-family residential properties, net held for sale (Level 3): | ||||||||||||||||||||||||||
Pre-impairment amount | $ | $ | $ | $ | ||||||||||||||||||||||
Total impairments | ( | ( | ( | ( | ||||||||||||||||||||||
Fair value | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income available to common stockholders — basic and diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average common shares outstanding — basic | ||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||
Incremental shares attributed to non-vested share-based awards | ||||||||||||||||||||||||||
Weighted average common shares outstanding — diluted | ||||||||||||||||||||||||||
Net income per common share — basic | $ | $ | $ | $ | ||||||||||||||||||||||
Net income per common share — diluted | $ | $ | $ | $ |
Year | Operating Leases | Finance Leases | ||||||||||||
Remainder of 2023 | $ | $ | ||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less: imputed interest | ( | ( | ||||||||||||
Total lease liability | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Operating lease cost: | ||||||||||||||||||||||||||
Fixed lease cost | $ | $ | $ | $ | ||||||||||||||||||||||
Variable lease cost | ||||||||||||||||||||||||||
Total operating lease cost | $ | $ | $ | $ | ||||||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||
Amortization of ROU assets | $ | $ | $ | $ | ||||||||||||||||||||||
Interest on lease liabilities | ||||||||||||||||||||||||||
Total finance lease cost | $ | $ | $ | $ |
Market | Number of Homes(1) | Average Occupancy(2) | Average Monthly Rent(3) | Average Monthly Rent PSF(3) | % of Revenue(4) | |||||||||||||||||||||||||||
Western United States: | ||||||||||||||||||||||||||||||||
Southern California | 7,684 | 96.7% | $2,935 | $1.73 | 11.3 | % | ||||||||||||||||||||||||||
Northern California | 4,386 | 97.0% | 2,624 | 1.67 | 6.1 | % | ||||||||||||||||||||||||||
Seattle | 4,060 | 97.9% | 2,760 | 1.43 | 6.0 | % | ||||||||||||||||||||||||||
Phoenix | 8,889 | 97.5% | 1,965 | 1.17 | 9.5 | % | ||||||||||||||||||||||||||
Las Vegas | 3,167 | 96.1% | 2,146 | 1.09 | 3.6 | % | ||||||||||||||||||||||||||
Denver | 2,615 | 97.4% | 2,451 | 1.33 | 3.5 | % | ||||||||||||||||||||||||||
Western United States Subtotal | 30,801 | 97.1% | 2,465 | 1.41 | 40.0 | % | ||||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||||||||||
South Florida | 8,386 | 97.4% | 2,834 | 1.52 | 12.5 | % | ||||||||||||||||||||||||||
Tampa | 8,695 | 96.9% | 2,184 | 1.17 | 10.2 | % | ||||||||||||||||||||||||||
Orlando | 6,536 | 97.2% | 2,131 | 1.14 | 7.5 | % | ||||||||||||||||||||||||||
Jacksonville | 1,928 | 97.1% | 2,104 | 1.06 | 2.2 | % | ||||||||||||||||||||||||||
Florida Subtotal | 25,545 | 97.2% | 2,379 | 1.27 | 32.4 | % | ||||||||||||||||||||||||||
Southeast United States: | ||||||||||||||||||||||||||||||||
Atlanta | 12,619 | 96.3% | 1,925 | 0.93 | 12.6 | % | ||||||||||||||||||||||||||
Carolinas | 5,348 | 97.5% | 1,957 | 0.92 | 5.5 | % | ||||||||||||||||||||||||||
Southeast United States Subtotal | 17,967 | 96.6% | 1,935 | 0.93 | 18.1 | % | ||||||||||||||||||||||||||
Texas: | ||||||||||||||||||||||||||||||||
Houston | 2,075 | 96.1% | 1,814 | 0.93 | 2.0 | % | ||||||||||||||||||||||||||
Dallas | 2,849 | 96.0% | 2,159 | 1.05 | 3.3 | % | ||||||||||||||||||||||||||
Texas Subtotal | 4,924 | 96.0% | 2,013 | 1.00 | 5.3 | % | ||||||||||||||||||||||||||
Midwest United States: | ||||||||||||||||||||||||||||||||
Chicago | 2,508 | 97.6% | 2,269 | 1.41 | 2.9 | % | ||||||||||||||||||||||||||
Minneapolis | 1,092 | 96.7% | 2,226 | 1.13 | 1.3 | % | ||||||||||||||||||||||||||
Midwest United States Subtotal | 3,600 | 97.3% | 2,256 | 1.32 | 4.2 | % | ||||||||||||||||||||||||||
Total / Average | 82,837 | 97.0% | $2,288 | $1.22 | 100.0 | % | ||||||||||||||||||||||||||
Same Store Total / Average | 76,593 | 97.6% | $2,285 | $1.22 | 92.7 | % |
For the Three Months Ended June 30, | ||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental revenues and other property income | $ | 596,924 | $ | 554,541 | $ | 42,383 | 7.6 | % | ||||||||||||||||||
Management fee revenues | 3,448 | 2,759 | 689 | 25.0 | % | |||||||||||||||||||||
Total revenues | 600,372 | 557,300 | 43,072 | 7.7 | % | |||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating and maintenance | 213,808 | 190,680 | 23,128 | 12.1 | % | |||||||||||||||||||||
Property management expense | 23,580 | 21,814 | 1,766 | 8.1 | % | |||||||||||||||||||||
General and administrative | 19,791 | 19,342 | 449 | 2.3 | % | |||||||||||||||||||||
Interest expense | 78,625 | 74,840 | 3,785 | 5.1 | % | |||||||||||||||||||||
Depreciation and amortization | 165,759 | 158,572 | 7,187 | 4.5 | % | |||||||||||||||||||||
Impairment and other | 1,868 | 1,355 | 513 | 37.9 | % | |||||||||||||||||||||
Total expenses | 503,431 | 466,603 | 36,828 | 7.9 | % | |||||||||||||||||||||
Gains (losses) on investments in equity securities, net | 524 | (172) | 696 | 404.7 | % | |||||||||||||||||||||
Other, net | (3,941) | (3,827) | (114) | (3.0) | % | |||||||||||||||||||||
Gain on sale of property, net of tax | 46,788 | 27,508 | 19,280 | 70.1 | % | |||||||||||||||||||||
Losses from investments in unconsolidated joint ventures | (2,030) | (2,701) | 671 | 24.8 | % | |||||||||||||||||||||
Net income | $ | 138,282 | $ | 111,505 | $ | 26,777 | 24.0 | % |
For the Six Months Ended June 30, | ||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental revenues and other property income | $ | 1,183,439 | $ | 1,084,740 | $ | 98,699 | 9.1 | % | ||||||||||||||||||
Management fee revenues | 6,823 | 4,870 | 1,953 | 40.1 | % | |||||||||||||||||||||
Total revenues | 1,190,262 | 1,089,610 | 100,652 | 9.2 | % | |||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating and maintenance | 422,305 | 372,949 | 49,356 | 13.2 | % | |||||||||||||||||||||
Property management expense | 47,164 | 42,781 | 4,383 | 10.2 | % | |||||||||||||||||||||
General and administrative | 37,243 | 36,981 | 262 | 0.7 | % | |||||||||||||||||||||
Interest expense | 156,672 | 149,229 | 7,443 | 5.0 | % | |||||||||||||||||||||
Depreciation and amortization | 330,432 | 314,368 | 16,064 | 5.1 | % | |||||||||||||||||||||
Impairment and other | 3,031 | 2,870 | 161 | 5.6 | % | |||||||||||||||||||||
Total expenses | 996,847 | 919,178 | 77,669 | 8.4 | % | |||||||||||||||||||||
Gains (losses) on investments in equity securities, net | 612 | (3,204) | 3,816 | 119.1 | % | |||||||||||||||||||||
Other, net | (5,435) | (3,233) | (2,202) | (68.1) | % | |||||||||||||||||||||
Gain on sale of property, net of tax | 76,459 | 45,534 | 30,925 | 67.9 | % | |||||||||||||||||||||
Losses from investments in unconsolidated joint ventures | (6,185) | (5,021) | (1,164) | (23.2) | % | |||||||||||||||||||||
Net income | $ | 258,866 | $ | 204,508 | $ | 54,358 | 26.6 | % |
Debt Instruments(1) | Balance (Gross of Retained Certificates and Unamortized Discounts) | Balance (Net of Retained Certificates) | Weighted Average Interest Rate(2) | Weighted Average Years to Maturity(3) | Amount Freely Prepayable (Gross) | |||||||||||||||||||||||||||
Secured: | ||||||||||||||||||||||||||||||||
IH 2017-1(4) | $ | 992,994 | $ | 937,495 | 4.23% | 3.9 | $ | — | ||||||||||||||||||||||||
IH 2018-4(5) | 652,229 | 619,499 | L + 123 bps | 2.5 | 652,229 | |||||||||||||||||||||||||||
Secured Term Loan(6) | 403,129 | 403,129 | 3.59% | 7.9 | — | |||||||||||||||||||||||||||
Total secured(7) | 2,048,352 | $ | 1,960,123 | 4.08% | 4.3 | 652,229 | ||||||||||||||||||||||||||
Unsecured: | ||||||||||||||||||||||||||||||||
2020 Term Loan Facility(8) | $ | 2,500,000 | S + 100 bps | 2.6 | $ | 2,500,000 | ||||||||||||||||||||||||||
2022 Term Loan Facility(8) | 725,000 | S + 124 bps | 6.0 | — | ||||||||||||||||||||||||||||
Revolving Facility(8) | — | S + 89 bps | 2.6 | — | ||||||||||||||||||||||||||||
Unsecured Notes — May 2028 | 150,000 | 2.46% | 4.9 | — | ||||||||||||||||||||||||||||
Unsecured Notes — November 2028 | 600,000 | 2.30% | 5.4 | — | ||||||||||||||||||||||||||||
Unsecured Notes — August 2031 | 650,000 | 2.00% | 8.1 | — | ||||||||||||||||||||||||||||
Unsecured Notes — April 2032 | 600,000 | 4.15% | 8.8 | — | ||||||||||||||||||||||||||||
Unsecured Notes — January 2034 | 400,000 | 2.70% | 10.6 | — | ||||||||||||||||||||||||||||
Unsecured Notes — May 2036 | 150,000 | 3.18% | 12.9 | — | ||||||||||||||||||||||||||||
Total unsecured(7) | 5,775,000 | 3.49% | 5.5 | 2,500,000 | ||||||||||||||||||||||||||||
Total debt(7) | 7,823,352 | 3.65% | 5.2 | $ | 3,152,229 | |||||||||||||||||||||||||||
Unamortized discounts | (12,715) | |||||||||||||||||||||||||||||||
Deferred financing costs, net | (45,074) | |||||||||||||||||||||||||||||||
Total debt per balance sheet | 7,765,563 | |||||||||||||||||||||||||||||||
Retained certificates | (88,229) | |||||||||||||||||||||||||||||||
Cash and restricted cash, excluding security deposits and letters of credit | (439,306) | |||||||||||||||||||||||||||||||
Deferred financing costs, net | 45,074 | |||||||||||||||||||||||||||||||
Unamortized discounts | 12,715 | |||||||||||||||||||||||||||||||
Net debt | $ | 7,295,817 |
For the Six Months Ended June 30, | ||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 598,741 | $ | 552,057 | $ | 46,684 | 8.5 | % | ||||||||||||||||||
Net cash used in investing activities | (91,985) | (580,684) | 488,699 | 84.2 | % | |||||||||||||||||||||
Net cash used in financing activities | (341,150) | (310,635) | (30,515) | (9.8) | % | |||||||||||||||||||||
Change in cash, cash equivalents, and restricted cash | $ | 165,606 | $ | (339,262) | $ | 504,868 | 148.8 | % |
($ in thousands) | Total | 2023(1) | 2024-2025 | 2026-2027 | Thereafter | |||||||||||||||||||||||||||
Mortgage loans(2)(3)(4)(5) | $ | 1,918,581 | $ | 42,476 | $ | 169,436 | $ | 1,706,669 | $ | — | ||||||||||||||||||||||
Secured Term Loan(2)(3) | 518,025 | 7,232 | 28,967 | 28,927 | 452,899 | |||||||||||||||||||||||||||
Unsecured Notes(2)(3) | 3,142,506 | 35,480 | 142,114 | 141,920 | 2,822,992 | |||||||||||||||||||||||||||
Term Loan Facilities(2)(3)(4) | 3,920,030 | 103,758 | 412,213 | 2,608,711 | 795,348 | |||||||||||||||||||||||||||
Revolving Facility(2)(3)(4)(6) | 5,255 | 1,022 | 4,061 | 172 | — | |||||||||||||||||||||||||||
Derivative instruments(5)(7) | (184,260) | (44,552) | (117,327) | (13,102) | (9,279) | |||||||||||||||||||||||||||
Purchase commitments(8) | 620,634 | 620,008 | 626 | — | — | |||||||||||||||||||||||||||
Operating leases | 13,571 | 2,250 | 7,701 | 3,191 | 429 | |||||||||||||||||||||||||||
Finance leases | 3,474 | 1,470 | 1,521 | 483 | — | |||||||||||||||||||||||||||
Total | $ | 9,957,816 | $ | 769,144 | $ | 649,312 | $ | 4,476,971 | $ | 4,062,389 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income available to common stockholders | $ | 137,698 | $ | 110,815 | $ | 257,769 | $ | 203,210 | ||||||||||||||||||
Net income available to participating securities | 166 | 148 | 337 | 368 | ||||||||||||||||||||||
Non-controlling interests | 418 | 542 | 760 | 930 | ||||||||||||||||||||||
Interest expense | 78,625 | 74,840 | 156,672 | 149,229 | ||||||||||||||||||||||
Interest expense in unconsolidated joint ventures | 3,145 | 859 | 7,723 | 1,451 | ||||||||||||||||||||||
Depreciation and amortization | 165,759 | 158,572 | 330,432 | 314,368 | ||||||||||||||||||||||
Depreciation and amortization of investments in unconsolidated joint ventures | 2,521 | 1,114 | 4,996 | 1,752 | ||||||||||||||||||||||
EBITDA | 388,332 | 346,890 | 758,689 | 671,308 | ||||||||||||||||||||||
Gain on sale of property, net of tax | (46,788) | (27,508) | (76,459) | (45,534) | ||||||||||||||||||||||
Impairment on depreciated real estate investments | 81 | 36 | 259 | 137 | ||||||||||||||||||||||
Net gain on sale of investments in unconsolidated joint ventures | (304) | (186) | (634) | (316) | ||||||||||||||||||||||
EBITDAre | 341,321 | 319,232 | 681,855 | 625,595 | ||||||||||||||||||||||
Share-based compensation expense(1) | 6,066 | 7,989 | 12,564 | 14,635 | ||||||||||||||||||||||
Severance | 371 | 189 | 524 | 207 | ||||||||||||||||||||||
Casualty losses, net (2) | 1,797 | 1,319 | 2,785 | 2,733 | ||||||||||||||||||||||
(Gains) losses on investments in equity securities, net | (524) | 172 | (612) | 3,204 | ||||||||||||||||||||||
Other, net(3) | 3,941 | 3,827 | 5,435 | 3,233 | ||||||||||||||||||||||
Adjusted EBITDAre | $ | 352,972 | $ | 332,728 | $ | 702,551 | $ | 649,607 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income available to common stockholders | $ | 137,698 | $ | 110,815 | $ | 257,769 | $ | 203,210 | ||||||||||||||||||
Net income available to participating securities | 166 | 148 | 337 | 368 | ||||||||||||||||||||||
Non-controlling interests | 418 | 542 | 760 | 930 | ||||||||||||||||||||||
Interest expense | 78,625 | 74,840 | 156,672 | 149,229 | ||||||||||||||||||||||
Depreciation and amortization | 165,759 | 158,572 | 330,432 | 314,368 | ||||||||||||||||||||||
Property management expense(1) | 23,580 | 21,814 | 47,164 | 42,781 | ||||||||||||||||||||||
General and administrative(2) | 19,791 | 19,342 | 37,243 | 36,981 | ||||||||||||||||||||||
Impairment and other | 1,868 | 1,355 | 3,031 | 2,870 | ||||||||||||||||||||||
Gain on sale of property, net of tax | (46,788) | (27,508) | (76,459) | (45,534) | ||||||||||||||||||||||
(Gains) losses on investments in equity securities, net | (524) | 172 | (612) | 3,204 | ||||||||||||||||||||||
Other, net(3) | 3,941 | 3,827 | 5,435 | 3,233 | ||||||||||||||||||||||
Management fee revenues | (3,448) | (2,759) | (6,823) | (4,870) | ||||||||||||||||||||||
Losses from investments in unconsolidated joint ventures | 2,030 | 2,701 | 6,185 | 5,021 | ||||||||||||||||||||||
NOI (total portfolio) | 383,116 | 363,861 | 761,134 | 711,791 | ||||||||||||||||||||||
Non-Same Store NOI | (27,758) | (20,944) | (54,952) | (35,341) | ||||||||||||||||||||||
NOI (Same Store portfolio)(4) | $ | 355,358 | $ | 342,917 | $ | 706,182 | $ | 676,450 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands, except shares and per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income available to common stockholders | $ | 137,698 | $ | 110,815 | $ | 257,769 | $ | 203,210 | ||||||||||||||||||
Add (deduct) adjustments from net income to derive FFO: | ||||||||||||||||||||||||||
Net income available to participating securities | 166 | 148 | 337 | 368 | ||||||||||||||||||||||
Non-controlling interests | 418 | 542 | 760 | 930 | ||||||||||||||||||||||
Depreciation and amortization on real estate assets | 163,022 | 156,433 | 325,106 | 310,073 | ||||||||||||||||||||||
Impairment on depreciated real estate investments | 81 | 36 | 259 | 137 | ||||||||||||||||||||||
Net gain on sale of previously depreciated investments in real estate | (46,788) | (27,508) | (76,459) | (45,534) | ||||||||||||||||||||||
Depreciation and net gain on sale of investments in unconsolidated joint ventures | 2,193 | 916 | 4,314 | 1,416 | ||||||||||||||||||||||
FFO | 256,790 | 241,382 | 512,086 | 470,600 | ||||||||||||||||||||||
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives(1) | 7,182 | 6,498 | 16,314 | 12,968 | ||||||||||||||||||||||
Share-based compensation expense(2) | 6,066 | 7,989 | 12,564 | 14,635 | ||||||||||||||||||||||
Severance expense | 371 | 189 | 524 | 207 | ||||||||||||||||||||||
Casualty losses, net(1) | 1,797 | 1,319 | 2,785 | 2,733 | ||||||||||||||||||||||
(Gains) losses on investments in equity securities, net | (524) | 172 | (612) | 3,204 | ||||||||||||||||||||||
Core FFO | 271,682 | 257,549 | 543,661 | 504,347 | ||||||||||||||||||||||
Recurring capital expenditures(1) | (36,400) | (37,544) | (73,693) | (70,374) | ||||||||||||||||||||||
Adjusted FFO | $ | 235,282 | $ | 220,005 | $ | 469,968 | $ | 433,973 | ||||||||||||||||||
Net income available to common stockholders | ||||||||||||||||||||||||||
Weighted average common shares outstanding — diluted(3)(4)(5) | 613,316,499 | 611,620,475 | 612,941,399 | 609,775,270 | ||||||||||||||||||||||
Net income per common share — diluted(3)(4)(5) | $ | 0.22 | $ | 0.18 | $ | 0.42 | $ | 0.33 | ||||||||||||||||||
FFO, Core FFO, and Adjusted FFO | ||||||||||||||||||||||||||
Weighted average common shares and OP Units outstanding — diluted(3)(4)(5) | 615,384,953 | 614,569,431 | 614,961,840 | 612,648,238 | ||||||||||||||||||||||
FFO per common share — diluted(3)(4)(5) | $ | 0.42 | $ | 0.39 | $ | 0.83 | $ | 0.77 | ||||||||||||||||||
Core FFO per common share — diluted(3)(4)(5) | $ | 0.44 | $ | 0.42 | $ | 0.88 | $ | 0.82 | ||||||||||||||||||
AFFO per common share — diluted(3)(4)(5) | $ | 0.38 | $ | 0.36 | $ | 0.76 | $ | 0.71 |
Exhibit number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1 | Amendment to Loan Agreement, dated as of June 23, 2023, among Wilmington Trust National Association, as Trustee for the Registered Holders of Invitation Homes 2018-SFR4 Single Family Rental Pass-Through Certificates, 2018-4 IH Borrower LP, and 2018-4 Equity Owner LLC, and 2018-4 IH Borrower GP. LLC. | |||||||
10.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Invitation Homes Inc. | |||||
By: | /s/ Jonathan S. Olsen | ||||
Name: Jonathan S. Olsen | |||||
Title: Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
Date: July 27, 2023 | |||||
By: | /s/ Kimberly K. Norrell | ||||
Name: Kimberly K. Norrell | |||||
Title: Executive Vice President and Chief Accounting Officer | |||||
(Principal Accounting Officer) | |||||
Date: July 27, 2023 |
By: | /s/ Dallas B. Tanner | ||||
Dallas B. Tanner | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
July 27, 2023 |
By: | /s/ Jonathan S. Olsen | ||||
Jonathan S. Olsen | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
July 27, 2023 |
By: | /s/ Dallas B. Tanner | ||||
Dallas B. Tanner | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
July 27, 2023 |
By: | /s/ Jonathan S. Olsen | ||||
Jonathan S. Olsen | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
July 27, 2023 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 900,000,000 | 900,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,000,000,000 | 9,000,000,000 |
Common stock, shares outstanding (in shares) | 611,956,170 | 611,411,382 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Statement [Abstract] | ||||
Rental revenues and other property income | $ 596,924 | $ 554,541 | $ 1,183,439 | $ 1,084,740 |
Management fee revenues | 3,448 | 2,759 | 6,823 | 4,870 |
Total revenues | 600,372 | 557,300 | 1,190,262 | 1,089,610 |
Expenses: | ||||
Property operating and maintenance | 213,808 | 190,680 | 422,305 | 372,949 |
Property management expense | 23,580 | 21,814 | 47,164 | 42,781 |
General and administrative | 19,791 | 19,342 | 37,243 | 36,981 |
Interest expense | 78,625 | 74,840 | 156,672 | 149,229 |
Depreciation and amortization | 165,759 | 158,572 | 330,432 | 314,368 |
Impairment and other | 1,868 | 1,355 | 3,031 | 2,870 |
Total expenses | 503,431 | 466,603 | 996,847 | 919,178 |
Gains (losses) on investments in equity securities, net | 524 | (172) | 612 | (3,204) |
Other, net | (3,941) | (3,827) | (5,435) | (3,233) |
Gain on sale of property, net of tax | 46,788 | 27,508 | 76,459 | 45,534 |
Losses from investments in unconsolidated joint ventures | (2,030) | (2,701) | (6,185) | (5,021) |
Net income | 138,282 | 111,505 | 258,866 | 204,508 |
Net income attributable to non-controlling interests | (418) | (542) | (760) | (930) |
Net income attributable to common stockholders | 137,864 | 110,963 | 258,106 | 203,578 |
Net income available to participating securities | (166) | (148) | (337) | (368) |
Net income available to common stockholders — basic | 137,698 | 110,815 | 257,769 | 203,210 |
Net income available to common stockholders — diluted | $ 137,698 | $ 110,815 | $ 257,769 | $ 203,210 |
Weighted average common shares outstanding — basic (in shares) | 611,954,347 | 610,331,643 | 611,772,406 | 608,381,768 |
Weighted average common shares outstanding — diluted (in shares) | 613,316,499 | 611,620,475 | 612,941,399 | 609,775,270 |
Net income per common share — basic (in dollars per share) | $ 0.23 | $ 0.18 | $ 0.42 | $ 0.33 |
Net income per common share — diluted (in dollars per share) | $ 0.22 | $ 0.18 | $ 0.42 | $ 0.33 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 138,282 | $ 111,505 | $ 258,866 | $ 204,508 |
Other comprehensive income | ||||
Unrealized gains on interest rate swaps | 64,763 | 37,474 | 46,008 | 213,539 |
(Gains) losses from interest rate swaps reclassified into earnings from accumulated other comprehensive income | (17,961) | 23,018 | (30,942) | 54,246 |
Other comprehensive income | 46,802 | 60,492 | 15,066 | 267,785 |
Comprehensive income | 185,084 | 171,997 | 273,932 | 472,293 |
Comprehensive income attributable to non-controlling interests | (562) | (785) | (827) | (2,062) |
Comprehensive income attributable to common stockholders | $ 184,522 | $ 171,212 | $ 273,105 | $ 470,231 |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
May 10, 2023 |
Feb. 14, 2023 |
Nov. 08, 2022 |
Aug. 09, 2022 |
May 10, 2022 |
Feb. 14, 2022 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | |||||||||
Common stock dividends declared (in dollars per share) | $ 0.26 | $ 0.26 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.52 | $ 0.44 |
Organization and Formation |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Formation | Organization and Formation Invitation Homes Inc. (“INVH”) is a real estate investment trust (“REIT”) that conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). INVH LP was formed for the purpose of owning, renovating, leasing, and operating single-family residential properties. Through THR Property Management L.P., a wholly owned subsidiary of INVH LP (the “Manager”), we provide all management and other administrative services with respect to the properties we own. On February 6, 2017, INVH completed an initial public offering (“IPO”), changed its jurisdiction of incorporation to Maryland, and amended its charter to provide for the issuance of up to 9,000,000,000 shares of common stock and 900,000,000 shares of preferred stock, in each case $0.01 par value per share. In connection with certain pre-IPO reorganization transactions, INVH LP became (1) owned by INVH directly and through Invitation Homes OP GP LLC, a wholly owned subsidiary of INVH (the “General Partner”), and (2) the owner of all of the assets, liabilities, and operations of certain pre-IPO ownership entities. These transactions were accounted for as a reorganization of entities under common control utilizing historical cost basis. On November 16, 2017, 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. These transactions were accounted for as a business combination in accordance with ASC 805, Business Combinations, and INVH was designated as the accounting acquirer. The limited partnership interests of INVH LP consist of common units and other classes of limited partnership interests that may be issued (the “OP Units”). As of June 30, 2023, INVH owns 99.7% of the common OP Units and has the full, exclusive, and complete responsibility for and discretion over the day-to-day management and control of INVH LP. Our organizational structure includes several wholly owned subsidiaries of INVH LP that were formed to facilitate certain of our financing arrangements (the “Borrower Entities”). These Borrower Entities are used to align the ownership of our single-family residential properties with certain of our debt instruments. Collateral for certain of our individual debt instruments may be in the form of equity interests in the Borrower Entities or in pools of single-family residential properties owned either directly by the Borrower Entities or indirectly by their wholly owned subsidiaries (see Note 7). References to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer, collectively, to INVH, INVH LP, and the consolidated subsidiaries of INVH LP.
|
Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with GAAP. We evaluate each investment entity that is not wholly owned to determine whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, we then evaluate whether the entity should be consolidated. Under the VIE model, we consolidate an investment if we have control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, we consolidate an investment if (1) we control the investment through ownership of a majority voting interest if the investment is not a limited partnership or (2) we control the investment through our ability to remove the other partners in the investment, at our discretion, when the investment is a limited partnership. Based on these evaluations, we account for each of the investments in joint ventures described in Note 5 using the equity method. Our initial investments in the joint ventures are recorded at cost, except for any such interest initially recorded at fair value in connection with a business combination. The investments in these joint ventures are subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint ventures are reported as part of operating activities while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities on our condensed consolidated statements of cash flows. When events or circumstances indicate that our investments in unconsolidated joint ventures may not be recoverable, we assess the investments for and recognize other-than-temporary impairment. Non-controlling interests represent the OP Units not owned by INVH, including any OP Units resulting from vesting and conversion of units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, and the condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 include an allocation of the net income attributable to the non-controlling interest holders. OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed. Significant Risks and Uncertainties Our financial condition and results of operations are subject to risks related to overall unfavorable global and United States economic conditions (including inflation and rising interest rates), uncertainty in financial markets (including as a result of recent bank failures and events affecting financial institutions), ongoing geopolitical tensions, and a general decline in business activity and/or consumer confidence. These factors could adversely affect (i) our ability to acquire or dispose of single-family homes, (ii) our access to financial markets on attractive terms, or at all, and (iii) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill. High levels of inflation and rising interest rates may also negatively impact consumer income, credit availability, and spending, among other factors, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent. These factors, which include labor shortages and inflationary increases in labor and material costs, have impacted and may continue to impact certain aspects of our business. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates. Reclassifications We reclassified $12,457 of investments in equity securities for the six months ended June 30, 2022 from other investing activities on the condensed consolidated statement of cash flows to a separate cash flow line item to conform to our current presentation. This reclassification had no effect on the total reported investing activities on the condensed consolidated statement of cash flows for the six months ended June 30, 2022. Accounting Policies There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions that reference the London Interbank Offer Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024 (as extended by the FASB in December 2022). In certain cases, we have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. We have also elected to apply practical expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s) as qualifying changes are made to applicable debt and derivative instruments. Application of these expedients preserves the presentation of derivatives contracts consistent with past presentation. On April 18, 2023, we completed a series of transactions related to certain of our variable rate debt and derivative agreements that were originally indexed to LIBOR to effectuate a transition to the Secured Overnight Financing Rate (“SOFR”). While the original agreements provided for a prescribed transition to an alternate rate, this series of transactions amended or modified our Credit Facility (as defined in Note 7) and all of our LIBOR-indexed interest rate swap agreements such that each agreement is now indexed to SOFR. Effective July 3, 2023, one of our mortgage loans, IH 2018-4, was amended to transition to SOFR from LIBOR. The related interest rate cap agreement was amended effective July 15, 2023 to transition to SOFR from LIBOR. As a result of these transactions, all of our debt and derivative instrument agreements are now indexed to SOFR. Please refer to Notes 7, 8, and 15 for additional information about these modifications.
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Investments in Single-Family Residential Properties |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Single-Family Residential Properties | Investments in Single-Family Residential Properties The following table sets forth the net carrying amount associated with our properties by component:
As of June 30, 2023 and December 31, 2022, the carrying amount of the residential properties above includes $130,508 and $129,341, respectively, of capitalized acquisition costs (excluding purchase price), along with $76,900 and $76,408, respectively, of capitalized interest, $30,464 and $30,435, respectively, of capitalized property taxes, $4,985 and $4,982, respectively, of capitalized insurance, and $3,631 and $3,627, respectively, of capitalized homeowners’ association (“HOA”) fees. During the three months ended June 30, 2023 and 2022, we recognized $163,022 and $156,433, respectively, of depreciation expense related to the components of the properties, and $2,737 and $2,139, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the three months ended June 30, 2023 and 2022, impairments totaling $81 and $36, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments. During the six months ended June 30, 2023 and 2022, we recognized $325,106 and $310,073, respectively, of depreciation expense related to the components of the properties, and $5,326 and $4,295, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the six months ended June 30, 2023 and 2022, impairments totaling $259 and $137, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.
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Cash, Cash Equivalents, and Restricted Cash |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows:
Pursuant to the terms of the mortgage loans and the Secured Term Loan (as defined in Note 7), we are required to establish, maintain, and fund from time to time (generally, either monthly or at the time borrowings are funded) certain specified reserve accounts. These reserve accounts include, but are not limited to, the following types of accounts: (i) property tax reserves; (ii) insurance reserves; (iii) capital expenditure reserves; and (iv) HOA reserves. The reserve accounts associated with our mortgage loans and Secured Term Loan are under the sole control of the loan servicer. Additionally, we hold security deposits pursuant to resident lease agreements that we are required to segregate. We are also required to hold letters of credit by certain of our insurance policies. Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted accounts have been classified on our condensed consolidated balance sheets as restricted cash. The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the mortgage loan and Secured Term Loan agreements and are to be released to us subject to certain conditions specified in the loan agreements being met. To the extent that an event of default were to occur, the loan servicer has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or reduce the allocated loan amount associated with a residential property of ours. The balances of our restricted cash accounts, as of June 30, 2023 and December 31, 2022, are set forth in the table below. As of June 30, 2023 and December 31, 2022, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan and Secured Term Loan agreements that require such funding did not exist.
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Investments In Unconsolidated Joint Ventures |
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Unconsolidated Joint Ventures | Investments In Unconsolidated Joint Ventures The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method model of accounting, as of June 30, 2023 and December 31, 2022:
(1)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas. (2)Owns homes within the Western United States. (3)Represents an investment in an operating company that provides a technology platform and asset management services. In November 2021, we entered into agreements with Pathway Homes and its affiliates, among others, to form a joint venture that will provide unique opportunities for customers to identify a home whereby they are able to first lease and then, if they choose, purchase the home in the future. We have fully funded our capital commitment to the operating company (“Pathway Operating Company”) which provides the technology platform and asset management services for the entity that owns and leases the homes (“Pathway Property Company”). Pathway Homes and its affiliates are responsible for the operations and management of Pathway Operating Company, and we do not have a controlling interest in Pathway Operating Company. As of June 30, 2023, we have funded $136,700 to Pathway Property Company, and our remaining equity commitment is $88,300. A wholly owned subsidiary of INVH LP provides property management and renovation oversight services for and earns fees from Pathway Property Company. As the asset manager, Pathway Operating Company is responsible for the operations and management of Pathway Property Company, and we do not have a controlling interest in Pathway Property Company. In October 2020, we entered into an agreement with Rockpoint Group, L.L.C. (“Rockpoint”) to form a joint venture that will acquire homes in markets where we already own homes (the “2020 Rockpoint JV”). The joint venture is funded with a combination of debt and equity, and we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the joint venture’s financing. We have fully funded our capital commitment to the 2020 Rockpoint JV. The administrative member of the 2020 Rockpoint JV is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. We earn property and asset management fees from the 2020 Rockpoint JV. We acquired our interest in the joint venture with the Federal National Mortgage Association (“FNMA”) via the SWH merger. The managing member of the FNMA joint venture is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to FNMA’s approval of major decisions. We earn property and asset management fees from the FNMA joint venture. In March 2022, we entered into a second agreement with Rockpoint to form a joint venture that will acquire homes in premium locations and at higher price points relative to our other investments in single-family residential properties (the “2022 Rockpoint JV”). As of June 30, 2023, we have funded $10,250 to the 2022 Rockpoint JV, and our remaining equity commitment is $39,750. The joint venture is funded with a combination of debt and equity, and we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the joint venture’s financing. The administrative member of the 2022 Rockpoint JV is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. We earn property and asset management fees from the 2022 Rockpoint JV. We recorded net losses from these investments for the three months ended June 30, 2023 and 2022, totaling $2,030 and $2,701, respectively, and for the six months ended June 30, 2023 and 2022, totaling $6,185 and $5,021, respectively, which are included in losses from investments in unconsolidated joint ventures in the condensed consolidated statements of operations. The fees earned from our joint ventures (as described above) are related party transactions. For the three months ended June 30, 2023 and 2022, we earned $3,448 and $2,759, respectively, and for the six months ended June 30, 2023 and 2022, we earned $6,823 and $4,870, respectively, of management fees which are included in management fee revenues in the condensed consolidated statements of operations.
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Other Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other Assets As of June 30, 2023 and December 31, 2022, the balances in other assets, net are as follows:
(1)As of June 30, 2023 and December 31, 2022, 165 and 131 properties, respectively, are classified as held for sale. Investments in Debt Securities, net In connection with certain of our Securitizations (as defined in Note 7), we have retained and purchased certificates totaling $86,821, net of unamortized discounts of $1,408 as of June 30, 2023. These investments in debt securities are classified as held to maturity investments. As of June 30, 2023, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature over the next six months to four years. Rent and Other Receivables, net We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements. Rental revenues and other property income and the corresponding rent and other receivables are recorded net of any concessions and bad debt (including actual write-offs, credit reserves, and uncollectible amounts) for all periods presented. Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For the three months ended June 30, 2023 and 2022, rental revenues and other property income includes $37,063 and $34,078 of variable lease payments, respectively. For the six months ended June 30, 2023 and 2022, rental revenues and other property income includes $72,574 and $67,126 of variable lease payments, respectively. Future minimum rental revenues and other property income under leases on our single-family residential properties in place as of June 30, 2023 are as follows:
Investments in Equity Securities We hold investments in equity securities both with and without a readily determinable fair value. Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuer. As of June 30, 2023 and December 31, 2022, the values of our investments in equity securities are as follows:
The components of gains (losses) on investments in equity securities, net as of three and six months ended June 30, 2023 and 2022 are as follows:
Right-of-Use (“ROU”) Lease Assets — Operating and Finance, net The following table presents supplemental information related to leases into which we have entered as a lessee as of June 30, 2023 and December 31, 2022:
Deferred Financing Costs, net In connection with the amended and restated Revolving Facility (see Note 7), we incurred $11,846 of financing costs, which have been deferred as other assets, net on our condensed consolidated balance sheets. We amortize deferred financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate amortization if debt is retired before the maturity date. As of June 30, 2023 and December 31, 2022, the unamortized balances of these deferred financing costs are $4,433 and $5,850, respectively.
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Debt | Debt Mortgage Loans Our securitization transactions (the “Securitizations” or the “mortgage loans”) are collateralized by certain homes owned by the respective Borrower Entities. We utilize the proceeds from our Securitizations to fund: (i) repayments of then-outstanding indebtedness; (ii) initial deposits into Securitization reserve accounts; (iii) closing costs in connection with the mortgage loans; and (iv) general costs associated with our operations. The following table sets forth a summary of our mortgage loan indebtedness as of June 30, 2023 and December 31, 2022:
(1)Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (2)Represents the maturity dates for all extension options that have been exercised for the mortgage loans. (3)Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met. (4)IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees. For IH 2018-4, the interest rate is based on the weighted average spread over LIBOR (or a comparable or successor rate as provided for in our loan agreement), plus applicable servicing fees; as of June 30, 2023, LIBOR was 5.22%. Effective July 3, 2023, the interest rate for IH 2018-4 is based on the weighted average spread over SOFR adjusted for an 0.11% credit spread adjustment (see Note 15). (5)Range of spreads is based on outstanding principal balances as of June 30, 2023. (6)Net of unamortized discount of $1,408 and $1,584 as of June 30, 2023 and December 31, 2022, respectively. (7)The initial maturity term of IH 2018-4 is two years, subject to five, one year extension options at the Borrower Entity’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe). Our IH 2018-4 mortgage loan has exercised the third extension option. The maturity date above reflects all extensions that have been exercised. Securitization Transactions For each Securitization transaction, the Borrower Entity executed a loan agreement with a third party lender. IH 2018-4 originally consisted of six floating rate components. The two year initial terms are individually subject to five, one year extension options at the Borrower Entity’s discretion. Such extensions are available provided there is no continuing event of default under the respective mortgage loan agreement and the Borrower Entity obtains and delivers a replacement interest rate cap agreement from an approved counterparty within the required timeframe to the lender. IH 2017-1 is a 10 year, fixed rate mortgage loan comprised of two components. Certificates issued by the trust in connection with Component A of IH 2017-1 benefit from FNMA’s guaranty of timely payment of principal and interest. Each mortgage loan is secured by a pledge of the equity in the assets of the respective Borrower Entities, as well as first-priority mortgages on the underlying properties and a grant of security interests in all of the related personal property. As of June 30, 2023 and December 31, 2022, a total of 10,646 and 10,712 homes, respectively, with a gross book value of $2,350,583 and $2,355,083, respectively, and a net book value of $1,818,644 and $1,859,614, respectively, are pledged pursuant to the mortgage loans. Each Borrower Entity has the right, subject to certain requirements and limitations outlined in the respective loan agreements, to substitute properties. We are obligated to make monthly payments of interest for each mortgage loan. Transactions with Trusts Concurrent with the execution of each mortgage loan agreement, the respective third party lender sold each loan it originated to individual depositor entities (the “Depositor Entities”) who subsequently transferred each loan to Securitization-specific trust entities (the “Trusts”). The Depositor Entities for our currently outstanding Securitizations are wholly owned subsidiaries. We accounted for the transfers of the individual Securitizations from the wholly owned Depositor Entities to the respective Trusts as sales under ASC 860, Transfers and Servicing, with no resulting gain or loss as the Securitizations were both originated by the lender and immediately transferred at the same fair market value. As consideration for the transfer of each loan to the Trusts, the Trusts issued classes of certificates which mirror the components of the individual loans (collectively, the “Certificates”) to the Depositor Entities, except that Class R certificates do not have related loan components as they represent residual interests in the Trusts. The Certificates represent the entire beneficial interest in the Trusts. Following receipt of the Certificates, the Depositor Entities sold the Certificates to investors and used the proceeds as consideration for the loans sold to the Depositor Entities by the lenders. These transactions had no effect on our condensed consolidated financial statements other than with respect to Certificates we retained in connection with Securitizations or purchased at a later date. The Trusts are structured as pass-through entities that receive interest payments from the Securitizations and distribute those payments to the holders of the Certificates. The assets held by the Trusts are restricted and can only be used to fulfill the obligations of those entities. The obligations of the Trusts do not have any recourse to the general credit of any entities in these condensed consolidated financial statements. We have evaluated our interests in certain certificates of the Trusts held by us (discussed below) and determined that they do not create a more than insignificant variable interest in the Trusts. Additionally, the retained certificates do not provide us with any ability to direct activities that could impact the Trusts’ economic performance. Therefore, we do not consolidate the Trusts. Retained Certificates As the Trusts made Certificates available for sale to both domestic and foreign investors, sponsors of the mortgage loans are required to retain a portion of the risk that represents a material net economic interest in each loan pursuant to Regulation RR (the “Risk Retention Rules”) under the Securities Exchange Act of 1934, as amended. As such, loan sponsors are required to retain a portion of the credit risk that represents not less than 5% of the aggregate fair value of the loan as of the closing date. IH 2017-1 issued Class B certificates, which are restricted certificates that were made available exclusively to INVH LP in order to comply with the Risk Retention Rules. The Class B certificates bear a stated annual interest rate of 4.23%, including applicable servicing fees. For IH 2018-4, we retain 5% of each class of certificates to meet the Risk Retention Rules. These retained certificates accrue interest at a floating rate of LIBOR plus a spread ranging from 1.15% to 1.45%. The retained certificates, net of discount, total $86,821 and $86,980 as of June 30, 2023 and December 31, 2022, respectively, and are classified as held to maturity investments and recorded in other assets, net on the condensed consolidated balance sheets (see Note 6). Loan Covenants The general terms that apply to all of the mortgage loans require each Borrower Entity to maintain compliance with certain affirmative and negative covenants. Affirmative covenants include each Borrower Entity’s, and certain of their respective affiliates’, compliance with (i) licensing, permitting, and legal requirements specified in the mortgage loan agreements, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the respective mortgage loan agreements. Negative covenants include each Borrower Entity’s, and certain of their affiliates’, compliance with limitations surrounding (i) the amount of each Borrower Entity’s indebtedness and the nature of their investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of each Borrower Entity’s business activities, and (v) the required maintenance of specified cash reserves. As of June 30, 2023, and through the date our condensed consolidated financial statements were issued, we believe each Borrower Entity is in compliance with all affirmative and negative covenants for the mortgage loans. Prepayments For the mortgage loans, prepayments of amounts owed by us are generally not permitted under the terms of the respective mortgage loan agreements unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in such agreements. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a spread maintenance premium if prepayment occurs before the month following the one or two year anniversary of the closing dates of each of the mortgage loans except for IH 2017-1. For IH 2017-1, prepayments on or before December 2026 will require a yield maintenance premium. For the six months ended June 30, 2023 and 2022, we made voluntary and mandatory prepayments of $10,085 and $845,225, respectively, under the terms of the mortgage loan agreements. For the six months ended June 30, 2022, prepayments included the full repayment of the 2018-2 and 2018-3 mortgage loans. Secured Term Loan On June 7, 2019, 2019-1 IH Borrower LP, a consolidated subsidiary (“2019-1 IH Borrower” and one of our Borrower Entities), entered into a 12 year loan agreement with a life insurance company (the “Secured Term Loan”). The Secured Term Loan bears interest at a fixed rate of 3.59%, including applicable servicing fees, for the first 11 years and bears interest at a floating rate based on a spread of 147 bps, including applicable servicing fees, over one month LIBOR for the twelfth year (subject to certain adjustments as outlined in the loan agreement, including conversion by the lender to a successor variable rate once LIBOR is discontinued). The Secured Term Loan is secured by first priority mortgages on a portfolio of single-family rental properties as well as a first priority pledge of the equity interests of 2019-1 IH Borrower. We utilized the proceeds from the Secured Term Loan to fund: (i) repayments of then-outstanding indebtedness; (ii) initial deposits into the Secured Term Loan’s reserve accounts; (iii) transaction costs related to the closing of the Secured Term Loan; and (iv) general corporate purposes. The following table sets forth a summary of our Secured Term Loan indebtedness as of June 30, 2023 and December 31, 2022:
(1)The Secured Term Loan bears interest at a fixed rate of 3.59% per annum including applicable servicing fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of 147 bps over one month LIBOR (or a comparable or successor rate as provided for in our loan agreement, including conversion by the lender to a successor variable rate once LIBOR is discontinued), including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly. Collateral As of June 30, 2023 and December 31, 2022, the Secured Term Loan’s collateral pool contains 3,332 and 3,334 homes, respectively, with a gross book value of $820,740 and $813,543, respectively, and a net book value of $681,714 and $688,625, respectively. 2019-1 IH Borrower has the right, subject to certain requirements and limitations outlined in the loan agreement, to substitute properties representing up to 20% of the collateral pool annually, and to substitute properties representing up to 100% of the collateral pool over the life of the Secured Term Loan. In addition, four times after the first anniversary of the closing date, 2019-1 IH Borrower has the right, subject to certain requirements and limitations outlined in the loan agreement, to execute a special release of collateral representing up to 15% of the then-outstanding principal balance of the Secured Term Loan in order to bring the loan-to-value ratio back in line with the Secured Term Loan’s loan-to-value ratio as of the closing date. Any such special release of collateral would not change the then-outstanding principal balance of the Secured Term Loan, but rather would reduce the number of single-family rental homes included in the collateral pool. Loan Covenants The Secured Term Loan requires 2019-1 IH Borrower to maintain compliance with certain affirmative and negative covenants. Affirmative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’, compliance with (i) licensing, permitting and legal requirements specified in the loan agreement, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the loan agreement. Negative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’, compliance with limitations surrounding (i) the amount of 2019-1 IH Borrower’s indebtedness and the nature of its investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of 2019-1 IH Borrower’s business activities, and (v) the required maintenance of specified cash reserves. As of June 30, 2023, and through the date our condensed consolidated financial statements were issued, we believe 2019-1 IH Borrower is in compliance with all affirmative and negative covenants for the Secured Term Loan. Prepayments Prepayments of the Secured Term Loan are generally not permitted unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in the loan agreement. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a yield maintenance premium if prepayment occurs before June 9, 2030. During the six months ended June 30, 2023, we made mandatory prepayments of $234 under the terms of the Secured Term Loan agreement. No such prepayments were made during the six months ended June 30, 2022. Unsecured Notes Our unsecured notes are issued in connection with either an underwritten public offering pursuant to our existing shelf registration statement that automatically became effective upon filing with the SEC in July 2021 and expires in July 2024 or in connection with a private placement transaction with certain institutional investors (collectively, the “Unsecured Notes”). We utilize proceeds from the Unsecured Notes to fund: (i) repayments of then-outstanding indebtedness, including the Securitizations; (ii) closing costs in connection with the Unsecured Notes; and (iii) general costs associated with our operations and other corporate purposes, including acquisitions. Interest on the Unsecured Notes is payable semi-annually in arrears. The following table sets forth a summary of our Unsecured Notes as of June 30, 2023 and December 31, 2022:
(1)Represents the range of contractual rates in place as of June 30, 2023. (2)Net of unamortized discount of $11,307 and $11,934 as of June 30, 2023 and December 31, 2022. See “Debt Maturities Schedule” for information about maturity dates for the Unsecured Notes. Debt Issuances On April 5, 2022, in a public offering under our existing shelf registration statement, we issued $600,000 aggregate principal amount of 4.15% Senior Notes which mature on April 15, 2032. There were no Unsecured Notes issued during the six months ended June 30, 2023. Prepayments The Unsecured Notes are redeemable in whole at any time or in part from time to time, at our option, at a redemption price equal to (i) 100% of the principal amount to be redeemed plus accrued and unpaid interest and (ii) a make-whole premium calculated in accordance with the respective loan agreements if the redemption occurs in certain amounts or in certain periods that range from one to three months prior to the maturity date. The privately placed Unsecured Notes require any prepayment to be an amount not less than 5% of the aggregate principal amount then outstanding. Guarantees The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, by INVH and two of its wholly owned subsidiaries, the General Partner and IH Merger Sub, LLC (“IH Merger Sub”). Prior to the September 17, 2021 execution of a parent guaranty agreement, the privately placed Unsecured Notes were not guaranteed. Loan Covenants The Unsecured Notes issued publicly under our registration statement contain customary covenants, including, among others, limitations on the incurrence of debt; and they include the following financial covenants related to the incurrence of debt: (i) an aggregate debt test; (ii) a debt service test; (iii) a maintenance of total unencumbered assets; and (iv) a secured debt test. The privately placed Unsecured Notes contain customary covenants, including, among others, limitations on distributions, fundamental changes, and transactions with affiliates; and they include the following financial covenants, subject to certain qualifications: (i) a maximum total leverage ratio; (ii) a maximum secured leverage ratio; (iii) a maximum unencumbered leverage ratio; (iv) a minimum fixed charge coverage ratio; and (v) a minimum unsecured interest coverage ratio. The Unsecured Notes contain customary events of default (subject in certain cases to specified cure periods), the occurrence of which would allow the holders of notes to take various actions, including the acceleration of amounts due under the Unsecured Notes. As of June 30, 2023, and through the date our condensed consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants for the Unsecured Notes. Term Loan Facilities and Revolving Facility On December 8, 2020, we entered into an Amended and Restated Revolving Credit and Term Loan Agreement with a syndicate of banks, financial institutions, and institutional lenders for a new credit facility (the “Credit Facility”). The Credit Facility provides $3,500,000 of borrowing capacity and consists of a $1,000,000 revolving facility (the “Revolving Facility”) and a $2,500,000 term loan facility (the “2020 Term Loan Facility”), both of which mature on January 31, 2025, with two six month extension options available. The Revolving Facility also includes borrowing capacity for letters of credit. The Credit Facility provides us with the option to enter into additional incremental credit facilities (including an uncommitted incremental facility that provides us with the option to increase the size of the Revolving Facility and/or the 2020 Term Loan Facility such that the aggregate amount does not exceed $4,000,000 at any time), subject to certain limitations. On April 18, 2023, we amended the Credit Facility to convert the applicable interest rate from a LIBOR-based index to a SOFR-based index. On June 22, 2022, we entered into a Term Loan Agreement with a syndicate of banks for new senior unsecured term loans (the “2022 Term Loan Facility”; and together with the 2020 Term Loan Facility, the “Term Loan Facilities”). The 2022 Term Loan Facility provided $725,000 of borrowing capacity, consisting of a $150,000 initial term loan (the “Initial Term Loan”) and delayed draw term loans totaling $575,000 (the “Delayed Draw Term Loans”) which were fully drawn on December 8, 2022. The Initial Term Loan and the Delayed Draw Term Loans (together, the “2022 Term Loans”) mature on June 22, 2029. The 2022 Term Loan Facility also includes an accordion feature providing the option to increase the size of the 2022 Term Loans or enter into additional incremental 2022 Term Loans, such that the aggregate amount of all 2022 Term Loans does not exceed $950,000 at any time, subject to certain limitations. The following table sets forth a summary of the outstanding principal amounts under the Term Loan Facilities and the Revolving Facility as of June 30, 2023 and December 31, 2022:
(1)Interest rates for the 2020 Term Loan Facility and the Revolving Facility are based on SOFR adjusted for a 0.10% credit spread adjustment (“Adjusted SOFR”), plus an applicable margin. As of June 30, 2023, the applicable margins were 1.00% and 0.89%, respectively, and Adjusted SOFR was 5.24%. (2)If we exercise the two six month extension options, the maturity date will be January 31, 2026. (3)Interest rate for the 2022 Term Loan Facility is based on SOFR adjusted for a 0.10% credit spread adjustment (Adjusted SOFR), plus the applicable margin. As of June 30, 2023, the applicable margin was 1.24%, and Adjusted SOFR was 5.24%. (4)On July 17, 2023, we drew $150,000 on our Revolving Facility (see Note 15). Interest Rate and Fees As a result of the April 18, 2023 amendment to the Credit Facility, borrowings thereunder bear interest, at our option, at a rate equal to (a) a Term SOFR rate determined by reference to the forward-looking SOFR rate published by Reuters (or a comparable or successor rate as provided for in our loan agreement) for the interest period relevant to such borrowing plus 0.10% credit spread adjustment or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, (3) the Term SOFR rate that would be payable on such day for a Term SOFR rate loan with a one month interest period plus 1.00%, and (4) 1.00%. Prior to the April 18, 2023 amendment to the Credit Facility, borrowings thereunder bore interest, at our option, at a rate equal to a margin over either (a) a LIBOR rate determined by reference to the Bloomberg LIBOR rate (or a comparable or successor rate as provided for in our loan agreement) for the interest period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, and (3) the LIBOR rate that would be payable on such day for a LIBOR rate loan with a one month interest period plus 1.00%. Borrowings under the 2022 Term Loan Facility bear interest, at our option, at a rate equal to a margin over either (a) Adjusted SOFR for the interest period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, and (3) Adjusted SOFR for a one month interest period plus 1.00%. The margins for the Term Loan Facilities and the Revolving Facility as of June 30, 2023 are as follows:
The Revolving Facility and the 2022 Term Loan Facility include a sustainability component whereby pricing can improve upon our achievement of certain sustainability ratings, determined via an independent third party evaluation. In addition to paying interest on outstanding principal, we are required to pay certain facility and unused commitment fees. Under the Credit Facility, we are required to pay a facility fee ranging from 0.10% to 0.30%. We are also required to pay customary letter of credit fees. Under the 2022 Term Loan Facility, we were required to pay an unused commitment fee to the lenders equal to the daily unused balance of the Delayed Draw Term Loan commitments at a rate of 0.20% per annum prior to December 8, 2022 when the commitments were fully funded. Prepayments and Amortization No principal reductions are required under the Credit Facility or the 2022 Term Loan Facility. We are permitted to voluntarily repay amounts outstanding under the 2020 Term Loan Facility at any time without premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs with respect to Term SOFR loans. We are also permitted to voluntarily repay amounts outstanding under the 2022 Term Loan Facility (a) on or prior to the first anniversary of the closing subject to a 2.0% prepayment fee, (b) on or prior to the second anniversary of the closing subject to a 1.0% prepayment fee, and (c) at any time thereafter without premium or penalty. Once repaid, no further borrowings will be permitted under the Term Loan Facilities. Loan Covenants The Credit Facility and the 2022 Term Loan Facility contain certain customary affirmative and negative covenants and events of default. Such covenants will, among other things, restrict, subject to certain exceptions, our ability and that of our subsidiaries to (i) engage in certain mergers, consolidations, or liquidations, (ii) sell, lease, or transfer all or substantially all of their respective assets, (iii) engage in certain transactions with affiliates, (iv) make changes to our fiscal year, (v) make changes in the nature of our business and our subsidiaries, and (vi) enter into certain burdensome agreements. The Credit Facility and the 2022 Term Loan Facility also require us, on a consolidated basis with our subsidiaries, to maintain a (i) maximum total leverage ratio, (ii) maximum secured leverage ratio, (iii) maximum unencumbered leverage ratio, (iv) minimum fixed charge coverage ratio, (v) minimum unsecured interest coverage ratio, and (vi) maximum secured recourse. If at any time we do not have an Investment Grade Rating (defined below), we will also be required to maintain a maximum secured recourse leverage ratio. If an event of default occurs, the lenders under the Credit Facility and the 2022 Term Loan Facility are entitled to take various actions, including the acceleration of amounts due thereunder. As of June 30, 2023, and through the date our condensed consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants for the Credit Facility and the 2022 Term Loan Facility. Guarantees After obtaining the requisite rating on our non-credit enhanced, senior unsecured long term debt as defined in the Credit Facility agreement (the “Investment Grade Rating”), our direct and indirect wholly owned subsidiaries that directly own unencumbered assets (the “Subsidiary Guarantors”) were released from their previous guarantee requirements under the Credit Facility (the “Investment Grade Release”) effective May 5, 2021. Prior to the Investment Grade Release, the obligations under the Credit Facility were guaranteed on a joint and several basis by each Subsidiary Guarantor, subject to certain exceptions. On September 17, 2021, as a result of the execution of a parent guaranty agreement, the obligations under the Credit Facility became guaranteed on a joint and several basis by INVH and two of its wholly owned subsidiaries, the General Partner and IH Merger Sub. In connection with the 2022 Term Loan Facility, we entered into a similar parent guaranty agreement with INVH, the General Partner, and IH Merger Sub.Convertible Senior Notes In connection with the SWH merger, we assumed certain convertible senior notes including $345,000 in aggregate principal amount of 3.50% convertible senior notes due 2022 issued by SWH in January 2017 (the “2022 Convertible Notes”). Interest on the 2022 Convertible Notes was payable semiannually in arrears on January 15th and July 15th of each year, and the 2022 Convertible Notes had an effective interest rate of 5.12% which included the effect of an adjustment to the fair value of the debt in connection with the SWH merger. On January 18, 2022, we settled the $141,490 outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock and a cash payment of $271. Debt Maturities Schedule The following table summarizes the contractual maturities of our debt as of June 30, 2023:
(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of June 30, 2023. If fully extended, we would have no mortgage loans maturing before 2026. Such extensions are available provided there is no continuing event of default under the respective mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe. (2)If we exercise the two six month extension options, the maturity date for the 2020 Term Loan Facility and the Revolving Facility will be January 31, 2026.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments From time to time, we enter into derivative instruments to manage the economic risk of changes in interest rates. We do not enter into derivative transactions for speculative or trading purposes. Designated hedges are derivatives that meet the criteria for hedge accounting and that we have elected to designate as hedges. Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or that we did not elect to designate as hedges. Designated Hedges We have entered into various interest rate swap agreements, which are used to hedge the variable cash flows associated with variable-rate interest payments. Each of our swap agreements is designated for hedge accounting purposes and is currently indexed to one month SOFR. On April 18, 2023, we completed a series of transactions related to certain of our variable rate debt and derivative agreements that were originally indexed to LIBOR to effectuate a transition to SOFR. While the original agreements provided for a prescribed transition to an alternate rate, this series of transactions amended or modified our Credit Facility and all of our LIBOR-indexed interest rate swap agreements such that each agreement is now indexed to SOFR. See Note 2 for additional information about reference rate reform and our transition from LIBOR. Changes in the fair value of these swaps are recorded in other comprehensive income and are subsequently reclassified into earnings in the period in which the hedged forecasted transactions affect earnings. The table below summarizes our interest rate swap instruments as of June 30, 2023:
During the six months ended June 30, 2022, we terminated interest rate swaps or portions thereof and paid the counterparties $13,292 in connection with these terminations. There were no such terminations during the six months ended June 30, 2023. During the six months ended June 30, 2023 and 2022, interest rate swap instruments were used to hedge the variable cash flows associated with existing variable-rate interest payments. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next 12 months, we estimate that $79,922 will be reclassified to earnings as a decrease in interest expense. Non-Designated Hedges Concurrent with entering into certain of the mortgage loan agreements and in connection with previous mergers, we entered into or acquired and maintain interest rate cap agreements with terms and notional amounts equivalent to the terms and amounts of the mortgage loans made by the third party lenders. As of June 30, 2023, our remaining interest rate cap agreement is indexed to one month LIBOR. In connection with the amendment of IH 2018-4 (see Notes 7 and 15), the related interest rate cap was amended to transition from a LIBOR-based index to a SOFR-based index effective July 15, 2023. To the extent that the maturity date of a mortgage loan is extended through an exercise of one or more extension options, a replacement or extension interest rate cap agreement must be executed with terms similar to those associated with the initial interest rate cap agreement and strike prices equal to the greater of the interest rate cap strike price and the interest rate at which the debt service coverage ratio (as defined) is not less than 1.2 to 1.0. The interest rate cap agreement, including all of our rights to payments owed by the counterparties and all other rights, has been pledged as additional collateral for the mortgage loan. Additionally, in certain instances, in order to minimize the cash impact of purchasing required interest rate caps, we simultaneously sell interest rate caps (which have identical terms and notional amounts) such that the purchase price and sales proceeds of the related interest rate caps are intended to offset each other. As of June 30, 2023, the remaining interest rate cap has a strike price of 8.46%. Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022:
Offsetting Derivatives We enter into master netting arrangements, which reduce risk by permitting net settlement of transactions with the same counterparty. The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2023 and December 31, 2022:
Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income (Loss) and the Condensed Consolidated Statements of Operations The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended June 30, 2023 and 2022:
The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the six months ended June 30, 2023 and 2022:
Credit-Risk-Related Contingent Features The agreements with our derivative counterparties which govern our interest rate swap agreements contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. As of June 30, 2023,
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Stockholders' Equity |
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Stockholders' Equity | Stockholders' Equity As of June 30, 2023, we have issued 611,956,170 shares of common stock. In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our condensed consolidated balance sheets and statements of equity. As of June 30, 2023, 1,869,483 outstanding OP Units are redeemable. During the three and six months ended June 30, 2023, we issued 92,390 and 544,788 shares of common stock, respectively. During the three and six months ended June 30, 2022, we issued 515,448 and 9,314,471 shares of common stock, respectively. At the Market Equity Program On December 20, 2021, we entered into distribution agreements with a syndicate of banks (the “Agents” and the “Forward Sellers”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $1,250,000 of our common stock through the Agents and the Forward Sellers (the “2021 ATM Equity Program”). In addition to the issuance of shares of our common stock, the distribution agreements permit us to enter into separate forward sale transactions with certain forward purchasers who may borrow shares from third parties and, through affiliated Forward Sellers, offer a number of shares of our common stock equal to the number of shares of our common stock underlying the particular forward transaction. During the three and six months ended June 30, 2022, we sold 360,154 and 2,438,927 shares of our common stock under our 2021 ATM Equity Program, respectively, generating net proceeds of $14,408 and $98,367, respectively, after giving effect to Agent commissions and other costs totaling $320 and $1,633, respectively. We did not sell any shares of common stock under the 2021 ATM Equity Program during the three and six months ended June 30, 2023 and 2022. As of June 30, 2023, $1,150,000 remains available for future offerings under the 2021 ATM Equity Program. Dividends To qualify as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our stockholders that in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors. The following table summarizes our dividends declared from January 1, 2022 through June 30, 2023:
On July 18, 2023, our board of directors declared a dividend of $0.26 per share to stockholders of record on August 8, 2023, which is payable on August 25, 2023 (see Note 15).
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Share-Based Compensation |
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Share-Based Compensation | Share-Based CompensationOur board of directors adopted, and our stockholders approved, the Invitation Homes Inc. 2017 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) to provide a means through which to attract and retain key associates and to provide a means whereby our directors, officers, associates, consultants, and advisors can acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive compensation measured by reference to the value of our common stock, and to align their interests with those of our stockholders. Under the Omnibus Incentive Plan, we may issue up to 16,000,000 shares of common stock. Our share-based awards consist of restricted stock units (“RSUs”), which may be time vesting, performance based vesting, or market based vesting, and Outperformance Awards (defined below). Time-vesting RSUs are participating securities for earnings (loss) per share (“EPS”) purposes, and performance and market based RSUs (“PRSUs”) and Outperformance Awards are not. For detailed discussion of RSUs and PRSUs issued prior to January 1, 2023, refer to our Annual Report on Form 10-K for the year ended December 31, 2022. Share-Based Awards The following summarizes our share-based award activity during the six months ended June 30, 2023. Annual Long Term Incentive Plan (“LTIP”): •Annual LTIP Awards Granted: During the six months ended June 30, 2023, we granted 767,228 RSUs pursuant to LTIP awards. Each award includes components which vest based on time-vesting conditions, market based vesting conditions, and performance based vesting conditions, each of which is subject to continued employment through the applicable vesting date. LTIP time-vesting RSUs vest in three equal annual installments based on an anniversary date of March 1st. LTIP PRSUs may be earned based on the achievement of certain measures over a three year performance period. The number of PRSUs earned will be determined based on performance achieved during the performance period for each measure at certain threshold, target, or maximum levels and corresponding payout ranges. In general, the LTIP PRSUs are earned after the end of the performance period on the date on which the performance results are certified by our compensation and management development committee (the “Compensation Committee”). All of the LTIP Awards are subject to certain change in control and retirement eligibility provisions that may impact these vesting schedules. •PRSU Results: During the six months ended June 30, 2023, certain LTIP PRSUs vested and achieved performance in excess of the target level, resulting in the issuance of an additional 188,001 shares of common stock. Such awards are reflected as an increase in the number of awards granted and vested in the table below. Other Award Activity •Director Awards: During the six months ended June 30, 2023, we granted 50,895 time-vesting RSUs to members of our board of directors, which will fully vest on the date of INVH’s 2024 annual stockholders meeting, subject to continued service on the board of directors through such date. •Modifications: On February 1, 2023, the vesting conditions of certain outstanding equity awards with a pre-modification aggregate fair value of $3,741 were modified resulting, in an incremental $309 of share-based compensation expense over the remaining service period. During the six months ended June 30, 2023, $1,941 of previously recognized share-based compensation expense with respect to these awards was reversed, and we began amortizing the modified fair value over the remaining service period. Outperformance Awards On May 1, 2019, the Compensation Committee approved equity based awards in the form of PRSUs and OP Units (the “2019 Outperformance Awards”). The 2019 Outperformance Awards included market based vesting conditions related to absolute and relative total shareholder returns (“TSRs”) over a three year performance period that ended on March 31, 2022. In April 2022, the absolute TSR and the relative TSR were separately calculated, and the Compensation Committee certified achievement of each at maximum achievement. The number of earned 2019 Outperformance Awards was then determined based on the earned dollar value of the awards (at maximum) and the stock price at the performance certification date, resulting in 311,425 earned PRSUs and 498,224 earned OP Units. Earned awards vested 50% on the certification date in April 2022, 25% vested on March 31, 2023, and the remaining 25% will vest on March 31, 2024, subject to continued employment. The estimated fair value of 2019 Outperformance Awards that fully vested during the six months ended June 30, 2023 was an aggregate $3,136. The aggregate $12,160 grant-date fair value of the 2019 Outperformance Awards that were earned was determined based on Monte-Carlo option pricing models which estimated the probability of achievement of the TSR thresholds. The grant-date fair value is amortized ratably over each vesting period. On April 1, 2022, the Compensation Committee granted equity based awards with market based vesting conditions in the form of PRSUs and OP Units (the “2022 Outperformance Awards” and together with the 2019 Outperformance Awards, the “Outperformance Awards”). The 2022 Outperformance Awards may be earned based on the achievement of rigorous absolute TSR and relative TSR return thresholds over a three year performance period ending March 31, 2025. The 2022 Outperformance Awards provide that upon completion of 75% of the performance period, or June 30, 2024 (the “Interim Measurement Date”), performance achieved as of the Interim Measurement Date will be calculated consistent with the award terms. To the extent performance through the Interim Measurement Date would result in a payout if the performance period had ended on that date, a minimum of 50% of such hypothetical payout amounts will be guaranteed as a minimum level payout for the full performance period, so long as certain minimum levels of relative TSR are achieved for the full performance period. The final award achievement will be equal to the greater of the payouts determined based on the Interim Measurement Date and performance through March 31, 2025. Upon completion of the performance period, the dollar value of the awards earned under the absolute and relative TSR components will be separately calculated, and the number of earned 2022 Outperformance Awards will be determined based on the earned dollar value of the awards and the stock price at the performance certification date. Earned awards will vest 50% on the certification date and 50% on March 31, 2026, subject to continued employment. As of June 30, 2023, 2022 Outperformance Awards with an approximate aggregate $17,600 grant-date fair value have been issued and remain outstanding. The grant-date fair value was determined based on Monte-Carlo option pricing models which estimate the probability of achievement of the TSR thresholds, and it is amortized ratably over each vesting period. Summary of Total Share-Based Awards The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the six months ended June 30, 2023:
(1)Total share-based awards excludes Outperformance Awards. (2)All vested share-based awards are included in basic EPS for the periods after each award’s vesting date. The estimated aggregate fair value of share-based awards that fully vested during the six months ended June 30, 2023 was $23,132. During the six months ended June 30, 2023, 3,768 RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements. Grant-Date Fair Values The grant-date fair values of the time-vesting RSUs and PRSUs with performance condition vesting criteria are generally based on the closing price of our common stock on the grant date. However, the grant-date fair values for share-based awards with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models for such awards granted or modified during the six months ended June 30, 2023:
(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index. Summary of Total Share-Based Compensation Expense During the three and six months ended June 30, 2023 and 2022, we recognized share-based compensation expense as follows:
As of June 30, 2023, there is $44,173 of unrecognized share-based compensation expense related to non-vested share-based awards which is expected to be recognized over a weighted average period of 1.93 years.
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Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued expenses, resident security deposits, and certain components of other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements, interest rate cap agreements, and investments in equity securities with a readily determinable fair value are recorded at fair value on a recurring basis within our condensed consolidated financial statements. The fair values of our interest rate caps and swaps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities. See Note 8 for the details of the condensed consolidated balance sheet classification and the fair values for the interest rate caps and swaps. The fair values of our investments in equity securities with a readily determinable fair value are classified as Level 1 in the fair value hierarchy. For additional information related to our investments in equity securities as of June 30, 2023 and December 31, 2022, refer to Note 6. Recurring Fair Value Measurements The following table displays the carrying values and fair values of financial instruments as of June 30, 2023 and December 31, 2022:
(1)The carrying values of investments in debt securities are shown net of discount. (2)The carrying value of the Unsecured Notes — public offering includes $11,307 and $11,934 of unamortized discount and excludes $17,413 and $18,534 of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively. (3)The carrying values of the mortgage loans are shown net of discount and exclude $7,310 and $7,929 of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively. (4)The carrying value of the Unsecured Notes — private placement excludes $1,263 and $1,347 of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively. (5)The carrying value of the Secured Term Loan excludes $1,723 and $1,833 of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively. (6)The carrying values of the Term Loan Facilities exclude $17,365 and $21,433 of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively. We value our Unsecured Notes — public offering using quoted market prices for each underlying issuance, a Level 1 price within the fair value hierarchy. The fair values of our investments in debt securities, Unsecured Notes — private placement, and mortgage loans, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at period end. We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of June 30, 2023:
(1)Our Level 3 fair value instruments require interest only payments. Nonrecurring Fair Value Measurements Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments. Single-Family Residential Properties The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
We did not record any impairments for our investments in single-family residential properties, net held for use during the three and six months ended June 30, 2023 and 2022. For additional information related to our single-family residential properties as of June 30, 2023 and December 31, 2022, refer to Note 3.
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Earnings per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share Basic and diluted EPS are calculated as follows:
Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. Because their inclusion would have been anti-dilutive, 206 and 31,881 incremental shares attributed to non-vested share-based awards are excluded from the denominator for the three and six months ended June 30, 2022. There were no such incremental shares for the three and six months ended June 30, 2023. For the three and six months ended June 30, 2023 and 2022, vested OP Units have been excluded from the computation of EPS because all income attributable to such vested OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders. The outstanding balance of the 2022 Convertible Notes was settled in January 2022. As such, they had no effect on potential dilution for the three months ended June 30, 2022. For the six months ended June 30, 2022, using the “if-converted” method, 584,966 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes are excluded from the computation of diluted EPS as they are anti-dilutive. Additionally, no adjustment to the numerator was required for interest expense related to the 2022 Convertible Notes for the three and six months ended June 30, 2023 and 2022. See Note 7 for further discussion about the 2022 Convertible Notes.
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Income Tax |
6 Months Ended |
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Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax We account for income taxes under the asset and liability method. For our taxable REIT subsidiaries (“TRSs”), deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We provide a valuation allowance, from time to time, for deferred tax assets for which we do not consider realization of such assets to be more likely than not. As of June 30, 2023 and December 31, 2022, we have not recorded any deferred tax assets and liabilities or unrecognized tax benefits. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. We have sold assets that were either subject to state and local income taxes or Section 337(d) of the Internal Revenue Code of 1986, as amended, or were held by TRSs. These transactions resulted in $16 of current income tax expense for each of the three and six months ended June 30, 2023, and resulted in $83 and $162 of current income tax expense for the three and six months ended June 30, 2022, respectively.
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Commitments and Contingencies |
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Commitments and Contingencies | Commitments and Contingencies Lease Commitments The following table sets forth our fixed lease payment commitments as a lessee as of June 30, 2023, for the periods below:
The components of lease expense for the three and six months ended June 30, 2023 and 2022 are as follows:
New-Build Commitments We have entered into binding purchase agreements with certain homebuilders for the purchase of 2,249 homes over the next seven years. Estimated remaining commitments under these agreements total approximately $750,000 as of June 30, 2023. Insurance Policies Pursuant to the terms of certain of our loan agreements (see Note 7), laws and regulations of the jurisdictions in which our properties are located, and general business practices, we are required to procure insurance on our properties. As of June 30, 2023, there are no material contingent liabilities related to uninsured losses with respect to our properties except as described below. Hurricane-Related Losses During the third and fourth quarters of 2022, Hurricanes Ian and Nicole damaged certain of our properties in Florida and the Carolinas. As of June 30, 2023, we have recorded $4,500 of receivables for the portion of the hurricane related damages we believe will be recoverable through our property and casualty insurance policies which provide coverage for wind and flood damage, as well as business interruption costs during the period of remediation and repairs, subject to specified deductibles and limits. Additionally, as of June 30, 2023, the accounts payable and accrued expenses balance in our condensed consolidated balance sheet includes a $2,500 accrual representing our estimate for expenditures required to complete repairs. Legal Matters We are subject to various legal proceedings and claims that arise in the ordinary course of our business as well as congressional and regulatory inquiries and engagements. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our condensed consolidated financial statements.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after June 30, 2023, for potential recognition or disclosure. Acquisition of Single-family Residential Properties On July 18, 2023, we acquired 1,849 of a 1,864 home portfolio of single-family residential properties. The portfolio has an aggregate purchase price of approximately $645,000, which we funded primarily with cash on hand and proceeds from a $150,000 draw on our Revolving Facility. SOFR Conversion Effective July 3, 2023, one of our mortgage loans, IH 2018-4, was amended to transition to a SOFR-based index from a LIBOR-based index. The related interest rate cap agreement was amended effective July 15, 2023 to transition to a SOFR-based index from a LIBOR-based index. These modifications are not expected to have a material impact on our condensed consolidated financial statements. Dividend Declaration On July 18, 2023, our board of directors declared a dividend of $0.26 per share to stockholders of record on August 8, 2023, which is payable on August 25, 2023.
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Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with GAAP. We evaluate each investment entity that is not wholly owned to determine whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, we then evaluate whether the entity should be consolidated. Under the VIE model, we consolidate an investment if we have control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, we consolidate an investment if (1) we control the investment through ownership of a majority voting interest if the investment is not a limited partnership or (2) we control the investment through our ability to remove the other partners in the investment, at our discretion, when the investment is a limited partnership. Based on these evaluations, we account for each of the investments in joint ventures described in Note 5 using the equity method. Our initial investments in the joint ventures are recorded at cost, except for any such interest initially recorded at fair value in connection with a business combination. The investments in these joint ventures are subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint ventures are reported as part of operating activities while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities on our condensed consolidated statements of cash flows. When events or circumstances indicate that our investments in unconsolidated joint ventures may not be recoverable, we assess the investments for and recognize other-than-temporary impairment. Non-controlling interests represent the OP Units not owned by INVH, including any OP Units resulting from vesting and conversion of units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, and the condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 include an allocation of the net income attributable to the non-controlling interest holders. OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed.
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Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates. Reclassifications We reclassified $12,457 of investments in equity securities for the six months ended June 30, 2022 from other investing activities on the condensed consolidated statement of cash flows to a separate cash flow line item to conform to our current presentation. This reclassification had no effect on the total reported investing activities on the condensed consolidated statement of cash flows for the six months ended June 30, 2022.
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Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions that reference the London Interbank Offer Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024 (as extended by the FASB in December 2022). In certain cases, we have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. We have also elected to apply practical expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s) as qualifying changes are made to applicable debt and derivative instruments. Application of these expedients preserves the presentation of derivatives contracts consistent with past presentation. On April 18, 2023, we completed a series of transactions related to certain of our variable rate debt and derivative agreements that were originally indexed to LIBOR to effectuate a transition to the Secured Overnight Financing Rate (“SOFR”). While the original agreements provided for a prescribed transition to an alternate rate, this series of transactions amended or modified our Credit Facility (as defined in Note 7) and all of our LIBOR-indexed interest rate swap agreements such that each agreement is now indexed to SOFR. Effective July 3, 2023, one of our mortgage loans, IH 2018-4, was amended to transition to SOFR from LIBOR. The related interest rate cap agreement was amended effective July 15, 2023 to transition to SOFR from LIBOR. As a result of these transactions, all of our debt and derivative instrument agreements are now indexed to SOFR.
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Investments in Single-Family Residential Properties (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property Carrying Amount | The following table sets forth the net carrying amount associated with our properties by component:
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Cash, Cash Equivalents, and Restricted Cash (Tables) |
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Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows:
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Schedule of Restricted Cash | The balances of our restricted cash accounts, as of June 30, 2023 and December 31, 2022, are set forth in the table below. As of June 30, 2023 and December 31, 2022, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan and Secured Term Loan agreements that require such funding did not exist.
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Investments In Unconsolidated Joint Ventures (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments | The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method model of accounting, as of June 30, 2023 and December 31, 2022:
(1)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas. (2)Owns homes within the Western United States. (3)Represents an investment in an operating company that provides a technology platform and asset management services.
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Other Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | As of June 30, 2023 and December 31, 2022, the balances in other assets, net are as follows:
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Schedule of Future Minimum Lease Payments | Future minimum rental revenues and other property income under leases on our single-family residential properties in place as of June 30, 2023 are as follows:
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Schedule of Investments in Equity Securities | As of June 30, 2023 and December 31, 2022, the values of our investments in equity securities are as follows:
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Schedule of Gain (Loss) Equity Securities | The components of gains (losses) on investments in equity securities, net as of three and six months ended June 30, 2023 and 2022 are as follows:
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Schedule of Supplemental Information Related to Leases | The following table presents supplemental information related to leases into which we have entered as a lessee as of June 30, 2023 and December 31, 2022:
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Debt (Tables) |
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Schedule of Unsecured Notes | The following table sets forth a summary of our Unsecured Notes as of June 30, 2023 and December 31, 2022:
(1)Represents the range of contractual rates in place as of June 30, 2023. (2)Net of unamortized discount of $11,307 and $11,934 as of June 30, 2023 and December 31, 2022. See “Debt Maturities Schedule” for information about maturity dates for the Unsecured Notes.
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Schedule of Credit Facility | The following table sets forth a summary of the outstanding principal amounts under the Term Loan Facilities and the Revolving Facility as of June 30, 2023 and December 31, 2022:
(1)Interest rates for the 2020 Term Loan Facility and the Revolving Facility are based on SOFR adjusted for a 0.10% credit spread adjustment (“Adjusted SOFR”), plus an applicable margin. As of June 30, 2023, the applicable margins were 1.00% and 0.89%, respectively, and Adjusted SOFR was 5.24%. (2)If we exercise the two six month extension options, the maturity date will be January 31, 2026. (3)Interest rate for the 2022 Term Loan Facility is based on SOFR adjusted for a 0.10% credit spread adjustment (Adjusted SOFR), plus the applicable margin. As of June 30, 2023, the applicable margin was 1.24%, and Adjusted SOFR was 5.24%. (4)On July 17, 2023, we drew $150,000 on our Revolving Facility (see Note 15).
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Schedule of Credit Facility Margins - Credit Rating Based Pricing Grid | The margins for the Term Loan Facilities and the Revolving Facility as of June 30, 2023 are as follows:
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Schedule of Maturities of Long-term Debt | The following table summarizes the contractual maturities of our debt as of June 30, 2023:
(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of June 30, 2023. If fully extended, we would have no mortgage loans maturing before 2026. Such extensions are available provided there is no continuing event of default under the respective mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe. (2)If we exercise the two six month extension options, the maturity date for the 2020 Term Loan Facility and the Revolving Facility will be January 31, 2026.
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Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unsecured Notes | The following table sets forth a summary of our mortgage loan indebtedness as of June 30, 2023 and December 31, 2022:
(1)Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (2)Represents the maturity dates for all extension options that have been exercised for the mortgage loans. (3)Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met. (4)IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees. For IH 2018-4, the interest rate is based on the weighted average spread over LIBOR (or a comparable or successor rate as provided for in our loan agreement), plus applicable servicing fees; as of June 30, 2023, LIBOR was 5.22%. Effective July 3, 2023, the interest rate for IH 2018-4 is based on the weighted average spread over SOFR adjusted for an 0.11% credit spread adjustment (see Note 15). (5)Range of spreads is based on outstanding principal balances as of June 30, 2023. (6)Net of unamortized discount of $1,408 and $1,584 as of June 30, 2023 and December 31, 2022, respectively. (7)The initial maturity term of IH 2018-4 is two years, subject to five, one year extension options at the Borrower Entity’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe). Our IH 2018-4 mortgage loan has exercised the third extension option. The maturity date above reflects all extensions that have been exercised.
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Secured Term Loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unsecured Notes | The following table sets forth a summary of our Secured Term Loan indebtedness as of June 30, 2023 and December 31, 2022:
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Derivative Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Interest Rate Swap Instruments | The table below summarizes our interest rate swap instruments as of June 30, 2023:
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Summary of Derivative Financial Instruments, Fair Value and Location in Consolidated Balance Sheets | The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022:
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Summary of Offsetting Derivative Assets | The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2023 and December 31, 2022:
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Summary of Offsetting Derivative Liabilities | The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2023 and December 31, 2022:
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Summary of Derivative Instruments, Gain (Loss) | The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended June 30, 2023 and 2022:
The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the six months ended June 30, 2023 and 2022:
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Dividends Declared | The following table summarizes our dividends declared from January 1, 2022 through June 30, 2023:
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Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, RSU and PRSU Activity | The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the six months ended June 30, 2023:
(1)Total share-based awards excludes Outperformance Awards. (2)All vested share-based awards are included in basic EPS for the periods after each award’s vesting date. The estimated aggregate fair value of share-based awards that fully vested during the six months ended June 30, 2023 was $23,132. During the six months ended June 30, 2023, 3,768 RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.
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Schedule of Grant-Date Fair Values | The following table summarizes the significant inputs utilized in these models for such awards granted or modified during the six months ended June 30, 2023:
(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.
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Schedule of Share-Based Compensation Expense | During the three and six months ended June 30, 2023 and 2022, we recognized share-based compensation expense as follows:
As of June 30, 2023, there is $44,173 of unrecognized share-based compensation expense related to non-vested share-based awards which is expected to be recognized over a weighted average period of 1.93 years.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Fair Values of Financial Instruments | The following table displays the carrying values and fair values of financial instruments as of June 30, 2023 and December 31, 2022:
(1)The carrying values of investments in debt securities are shown net of discount. (2)The carrying value of the Unsecured Notes — public offering includes $11,307 and $11,934 of unamortized discount and excludes $17,413 and $18,534 of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively. (3)The carrying values of the mortgage loans are shown net of discount and exclude $7,310 and $7,929 of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively. (4)The carrying value of the Unsecured Notes — private placement excludes $1,263 and $1,347 of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively. (5)The carrying value of the Secured Term Loan excludes $1,723 and $1,833 of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively. (6)The carrying values of the Term Loan Facilities exclude $17,365 and $21,433 of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively.
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Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of June 30, 2023:
(1)Our Level 3 fair value instruments require interest only payments.
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Schedule of Impaired Assets, Measured at Fair Value on a Nonrecurring Basis | The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
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Earnings per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Earnings Per Share Calculation | Basic and diluted EPS are calculated as follows:
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Commitment and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Operating and Finance Leases Liabilities | The following table sets forth our fixed lease payment commitments as a lessee as of June 30, 2023, for the periods below:
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Schedule of Lease Costs | The components of lease expense for the three and six months ended June 30, 2023 and 2022 are as follows:
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Organization and Formation (Details) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
Feb. 06, 2017 |
---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Common stock, shares authorized (in shares) | 9,000,000,000 | 9,000,000,000 | 9,000,000,000 |
Preferred stock, shares authorized (in shares) | 900,000,000 | 900,000,000 | 900,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Percentage ownership of the combined entity after the transaction | 99.70% |
Significant Accounting Policies - Narrative (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
|
Accounting Policies [Abstract] | ||
Conversion ratio from units to shares | 1 | |
Reclassification [Line Items] | ||
Other investing activities | $ (18,484) | $ (3,752) |
Investments in equity securities | $ 32,282 | 12,457 |
Revision of Prior Period, Reclassification, Adjustment | ||
Reclassification [Line Items] | ||
Other investing activities | 12,457 | |
Investments in equity securities | $ 12,457 |
Investments in Single-Family Residential Properties - Net Carrying Amount of Properties (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Real Estate [Abstract] | ||
Land | $ 4,774,295 | $ 4,800,110 |
Single-family residential property | 15,307,933 | 15,228,631 |
Capital improvements | 547,443 | 548,700 |
Equipment | 123,545 | 123,494 |
Total gross investments in the properties | 20,753,216 | 20,700,935 |
Less: accumulated depreciation | (3,963,575) | (3,670,561) |
Investments in single-family residential properties, net | $ 16,789,641 | $ 17,030,374 |
Investments in Single-Family Residential Properties - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Property, Plant and Equipment [Line Items] | |||||
Capitalized acquisition costs, net | $ 130,508 | $ 130,508 | $ 129,341 | ||
Capitalized interest costs | 76,900 | 76,900 | 76,408 | ||
Capitalized property taxes, net | 30,464 | 30,464 | 30,435 | ||
Capitalized insurance, net | 4,985 | 4,985 | 4,982 | ||
Capitalized HOA fees, net | 3,631 | 3,631 | $ 3,627 | ||
Depreciation and amortization | 165,759 | $ 158,572 | 330,432 | $ 314,368 | |
Provisions for impairment | 81 | 36 | 259 | 137 | |
Components of Properties | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization | 163,022 | 156,433 | 325,106 | 310,073 | |
Furniture and Fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization | $ 2,737 | $ 2,139 | $ 5,326 | $ 4,295 |
Cash, Cash Equivalents, and Restricted Cash - Reconciliation to Statements of Cash Flows (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 414,292 | $ 262,870 | ||
Restricted cash | 205,241 | 191,057 | ||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ 619,533 | $ 453,927 | $ 479,596 | $ 818,858 |
Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash Accounts (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 205,241 | $ 191,057 |
Resident security deposits | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 177,557 | 175,829 |
Collections | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 7,413 | 7,415 |
Property taxes | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 14,613 | 2,717 |
Letters of credit | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 2,670 | 2,109 |
Capital expenditures | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 2,297 | 2,297 |
Special and other reserves | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 691 | $ 690 |
Other Assets - Schedule of Other Assets (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
property
|
Dec. 31, 2022
USD ($)
property
|
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Derivative instruments (Note 8) | $ 129,593 | $ 119,193 |
Amounts deposited and held by others (Note 14) | 129,119 | 97,709 |
Investments in debt securities, net | 86,821 | 86,980 |
Rent and other receivables, net | 58,607 | 54,091 |
Investments in equity securities | 55,300 | 22,413 |
Prepaid expenses | 53,757 | 41,972 |
Held for sale assets | 34,575 | 29,842 |
Corporate fixed assets, net | 24,981 | 24,484 |
ROU lease assets — operating and finance, net | 14,421 | 16,534 |
Deferred financing costs, net | 4,433 | 5,850 |
Other | 15,821 | 14,561 |
Total | $ 607,428 | $ 513,629 |
Number properties held-for-sale | property | 165 | 131 |
Other Assets - Schedule of Rent Revenues (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 891,844 |
2024 | 636,451 |
2025 | 62,416 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total | $ 1,590,711 |
Other Assets - Schedule of Investments in Equity Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Investments without a readily determinable fair value | $ 53,734 | $ 21,500 |
Investments with a readily determinable fair value | 1,566 | 913 |
Total | $ 55,300 | $ 22,413 |
Other Assets - Gains (Losses) on Equity Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Net losses recognized on investments sold during the reporting period — with a readily determinable value | $ 0 | $ 0 | $ 0 | $ (1,452) |
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value | 524 | (172) | 612 | (1,752) |
Total | $ 524 | $ (172) | $ 612 | $ (3,204) |
Debt - Schedule of Secured Term Loan (Details) - USD ($) $ in Thousands |
Apr. 18, 2023 |
Jun. 07, 2019 |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Secured Term Loan | $ 7,823,352 | |||
Deferred financing costs, net | (45,074) | |||
Total | $ 7,765,563 | |||
LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread | 1.00% | |||
Secured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 3.59% | 3.59% | ||
Secured Term Loan | $ 403,129 | $ 403,363 | ||
Deferred financing costs, net | (1,723) | (1,833) | ||
Total | $ 401,406 | $ 401,530 | ||
Debt instrument term | 12 years | |||
Secured Term Loan | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread | 1.47% | |||
Fixed Rate | Secured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 11 years |
Debt - Schedule of Unsecured Notes (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Deferred financing costs, net | $ (45,074) | |
Total | 7,765,563 | |
Unamortized discount | 12,715 | |
Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Total Unsecured Notes, net | 2,538,693 | $ 2,538,066 |
Deferred financing costs, net | (18,676) | (19,881) |
Total | 2,520,017 | 2,518,185 |
Unamortized discount | $ 11,307 | $ 11,934 |
Unsecured Notes | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.00% | |
Unsecured Notes | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.15% |
Debt - Unsecured Notes Narrative (Details) - Unsecured Notes - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Apr. 05, 2022 |
|
Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.15% | |
Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.00% | |
Unsecured Notes - April 2032 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 600,000 | |
Interest rate | 4.15% | |
Issuance of long-term debt | $ 0 | |
Debt redemption percentage | 100.00% | |
Prepayment requirements of principal outstanding | 5.00% | |
Unsecured Notes - April 2032 | Maximum | ||
Debt Instrument [Line Items] | ||
Period where make-whole premium not included in redemption | 3 months | |
Unsecured Notes - April 2032 | Minimum | ||
Debt Instrument [Line Items] | ||
Period where make-whole premium not included in redemption | 1 year |
Debt - Convertible Senior Notes Narrative (Details) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jan. 18, 2022
USD ($)
shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023 |
Jan. 31, 2017
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Settlement of convertible notes (in shares) | $ 141,219 | |||
2022 Convertible Notes | Convertible Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Convertible senior notes amount | $ 345,000 | |||
Interest rate | 3.50% | |||
Effective rate | 5.12% | |||
Settlement of convertible notes (in shares) | $ 141,490 | |||
Number of converted shares issued (in shares) | shares | 6,216,261 | |||
Equity component settled with cash | $ 271 | |||
Debt instrument, convertible, conversion ratio | 0.0440184 |
Derivative Instruments - Interest Rate Swap Instruments (Details) - Designated as Hedging Instrument - LIBOR $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Interest Rate Swap 1 | |
Derivative [Line Items] | |
Strike Rate | 2.80% |
Notional Amount | $ 400,000 |
Interest Rate Swap 2 | |
Derivative [Line Items] | |
Strike Rate | 2.78% |
Notional Amount | $ 400,000 |
Interest Rate Swap 3 | |
Derivative [Line Items] | |
Strike Rate | 2.79% |
Notional Amount | $ 400,000 |
Interest Rate Swap 4 | |
Derivative [Line Items] | |
Strike Rate | 2.94% |
Notional Amount | $ 325,000 |
Interest Rate Swap 5 | |
Derivative [Line Items] | |
Strike Rate | 2.95% |
Notional Amount | $ 595,000 |
Interest Rate Swap 6 | |
Derivative [Line Items] | |
Strike Rate | 2.83% |
Notional Amount | $ 1,100,000 |
Interest Rate Swap 7 | |
Derivative [Line Items] | |
Strike Rate | 2.83% |
Notional Amount | $ 400,000 |
Interest Rate Swap 8 | |
Derivative [Line Items] | |
Strike Rate | 3.08% |
Notional Amount | $ 200,000 |
Interest Rate Swap 9 | |
Derivative [Line Items] | |
Strike Rate | 2.99% |
Notional Amount | $ 300,000 |
Derivative Instruments - Narrative (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
|
Derivative [Line Items] | ||
Cost to terminate swap | $ 13,292,000 | |
Interest rate cash flow hedge gain to be reclassified during next 12 months | $ 79,922,000 | |
Net liability position | $ 0 | |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Interest rate cap | 8.46% | |
Interest rate caps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Debt service coverage ratio | 1.2 |
Derivative Instruments - Offsetting of Derivatives (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Offsetting assets: | ||
Gross amounts of recognized assets | $ 129,593 | $ 119,193 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net amounts of assets presented in the statement of financial position | 129,593 | 119,193 |
Gross amounts not offset in the statement of financial position, financial instruments | 0 | 0 |
Gross amounts not offset in the statement of financial position, cash collateral received | 0 | 0 |
Net Amount | 129,593 | 119,193 |
Offsetting liabilities: | ||
Gross amounts of recognized liabilities | 0 | 0 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net amounts of liabilities presented in the statement of financial position | 0 | 0 |
Gross amounts not offset in the statement of financial position, financial instruments | 0 | 0 |
Gross amounts not offset in the statement of financial position, cash collateral received | 0 | 0 |
Net Amount | $ 0 | $ 0 |
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 18, 2023
$ / shares
|
May 10, 2023
$ / shares
|
Feb. 14, 2023
$ / shares
|
Nov. 08, 2022
$ / shares
|
Aug. 09, 2022
$ / shares
|
May 10, 2022
$ / shares
|
Feb. 14, 2022
$ / shares
|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2022
shares
|
Dec. 20, 2021
USD ($)
|
|
Class of Stock [Line Items] | |||||||||||||
Common stock, shares outstanding (in shares) | shares | 611,956,170 | 611,956,170 | 611,411,382 | ||||||||||
Conversion ratio from units to shares | 1 | ||||||||||||
Redeemable OP Units outstanding (in units) | shares | 1,869,483 | 1,869,483 | |||||||||||
Issuance of common stock (in shares) | shares | 92,390 | 515,448 | 544,788 | 9,314,471 | |||||||||
Common stock dividends declared (in dollars per share) | $ / shares | $ 0.26 | $ 0.26 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.52 | $ 0.44 | ||||
Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common stock dividends declared (in dollars per share) | $ / shares | $ 0.0026 | ||||||||||||
Merger with Starwood Waypoint Homes | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Conversion ratio from units to shares | 1 | ||||||||||||
2021 ATM Equity Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Aggregate sales price | $ | $ 1,250,000 | ||||||||||||
Number of shares issued in transaction (in shares) | shares | 0 | 360,154 | 0 | 2,438,927 | |||||||||
Sale of stock, consideration received | $ | $ 14,408 | $ 98,367 | |||||||||||
Commissions and other costs | $ | $ 320 | $ 1,633 | |||||||||||
Available for future offerings | $ | $ 1,150,000 | $ 1,150,000 |
Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 26, 2023 |
May 10, 2023 |
Feb. 28, 2023 |
Feb. 14, 2023 |
Nov. 23, 2022 |
Nov. 08, 2022 |
Aug. 26, 2022 |
Aug. 09, 2022 |
May 27, 2022 |
May 10, 2022 |
Feb. 28, 2022 |
Feb. 14, 2022 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Equity [Abstract] | |||||||||||||||
Amount per Share (in dollars per share) | $ 0.26 | $ 0.26 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.52 | $ 0.44 | ||||||
Total Amount Declared | $ 159,493 | $ 158,453 | $ 135,654 | $ 135,042 | $ 134,744 | $ 134,240 |
Share-Based Compensation - Fair Value Inputs (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Minimum | |
Fair Value Assumptions | |
Expected volatility | 20.50% |
Risk-free rate | 4.31% |
Expected holding period (years) | 1 year |
Maximum | |
Fair Value Assumptions | |
Expected volatility | 30.00% |
Risk-free rate | 4.62% |
Expected holding period (years) | 2 years 10 months 2 days |
Share-Based Compensation - Summary of Total Share-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 6,066 | $ 7,989 | $ 12,564 | $ 14,635 |
Employee service share-based compensation not yet recognized | 44,173 | $ 44,173 | ||
Weighted average remaining contractual terms | 1 year 11 months 4 days | |||
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 4,624 | 6,195 | $ 9,162 | 11,415 |
Property management expense | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 1,442 | $ 1,794 | $ 3,402 | $ 3,220 |
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurement (Details) - Valuation Technique, Discounted Cash Flow - Level 3 |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Secured Term Loan | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Rate | 5.13% |
Term Loan Facility | Minimum | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Rate | 4.72% |
Term Loan Facility | Maximum | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Rate | 6.77% |
Fair Value Measurements - Impaired Assets, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Investments in single-family residential properties, net held for use and held for sale impairment adjustments | ||||
Total impairments | $ (81) | $ (36) | $ (259) | $ (137) |
Fair Value, Measurements, Nonrecurring | Level 3 | Rental properties held for sale | ||||
Investments in single-family residential properties, net held for use and held for sale impairment adjustments | ||||
Pre-impairment amount | 349 | 213 | 1,039 | 736 |
Total impairments | (81) | (36) | (259) | (137) |
Fair value | $ 268 | $ 177 | $ 780 | $ 599 |
Income Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 16 | $ 83 | $ 16 | $ 162 |
Commitments and Contingencies - Schedule of Fixed Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating Leases | ||
Remainder of 2023 | $ 2,250 | |
2024 | 4,544 | |
2025 | 3,157 | |
2026 | 1,927 | |
2027 | 1,264 | |
Thereafter | 429 | |
Total lease payments | 13,571 | |
Less: imputed interest | (762) | |
Total lease liability | 12,809 | $ 14,925 |
Finance Leases | ||
Remainder of 2023 | 1,470 | |
2024 | 1,156 | |
2025 | 365 | |
2026 | 332 | |
2027 | 151 | |
Thereafter | 0 | |
Total lease payments | 3,474 | |
Less: imputed interest | (163) | |
Total lease liability | $ 3,311 | $ 3,483 |
Commitments and Contingencies - Schedule of lease costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Operating lease cost: | ||||
Fixed lease cost | $ 828 | $ 831 | $ 1,721 | $ 1,666 |
Variable lease cost | 404 | 377 | 730 | 749 |
Total operating lease cost | 1,232 | 1,208 | 2,451 | 2,415 |
Finance lease cost: | ||||
Amortization of ROU assets | 672 | 695 | 1,294 | 1,380 |
Interest on lease liabilities | 85 | 59 | 141 | 127 |
Total finance lease cost | $ 757 | $ 754 | $ 1,435 | $ 1,507 |
Commitments and Contingencies - Narrative (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
home
|
Dec. 31, 2022
USD ($)
|
|
Long-term Purchase Commitment [Line Items] | ||
Accounts payable and accrued expenses | $ 241,129 | $ 198,423 |
Hurricane | ||
Long-term Purchase Commitment [Line Items] | ||
Insurance settlement receivable | 4,500 | |
Accounts payable and accrued expenses | $ 2,500 | |
Inventories | ||
Long-term Purchase Commitment [Line Items] | ||
Number of homes committed to be purchased | home | 2,249 | |
Purchase period | 7 years | |
Remaining commitments | $ 750,000 |
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