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Section 1: 8-K (8-K)

Document


 
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2018
Invitation Homes Inc.
(Exact Name of Registrant as Specified in Charter)
Maryland
 
001- 38004
 
90-0939055
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
1717 Main Street, Suite 2000, Dallas, Texas 75201
(Address of Principal Executive Offices) (Zip Code)
(972) 421-3600
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
 
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
 
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company x
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. x 
 
 
 
 
 
 







Item 2.02
Results of Operations and Financial Condition.
On November 5, 2018, Invitation Homes Inc. (the "Company") issued a press release announcing the results of the Company’s operations for the quarter ended September 30, 2018. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
 
 
Press Release of Invitation Homes Inc. dated November 5, 2018, announcing results for the quarter ended September 30, 2018.








SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
INVITATION HOMES INC.
 
 
 
 
By:
/s/ Mark A. Solls
 
 
Name:
Mark A. Solls
 
 
Title:
Executive Vice President, Secretary
and Chief Legal Officer
Date: November 5, 2018








EXHIBIT INDEX

Exhibit No.
Description
 
 
Press Release of Invitation Homes Inc. dated November 5, 2018, announcing results for the quarter ended September 30, 2018.



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
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Table of Contents
















Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 1

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Earnings Press Release

Invitation Homes Reports Third Quarter 2018 Results
Dallas, TX, November 5, 2018 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), a leading owner and operator of single-family homes for lease in the United States, today announced its third quarter 2018 financial and operating results.

Third Quarter 2018 Highlights
Year-over-year, total revenues increased 78.3% to $434 million, total property operating and maintenance expenses increased 82.3% to $170 million, and net income attributable to common shareholders increased to $1 million, or $0.00 per share.
Core FFO per share increased 21.3% year-over-year to $0.29 per share.
Same Store NOI grew 4.9% year-over-year on 4.4% Same Store Core revenue growth and 3.7% Same Store Core operating expense growth.
Same Store average occupancy was 95.5%, up 50 basis points year-over-year.
Continued strength in Same Store renewal rent growth of 4.8% and new lease rent growth of 3.3% drove Same Store blended rent growth of 4.2%.
As of October 31, 2018, $41 million of the total $50 - 55 million of expected merger synergies had been realized on a run-rate basis, outpacing management's previous expectation for 75% achievement by the end of 2018.
In October 2018, the Company used cash on hand to prepay $50 million of securitized debt maturing in 2021, incremental to the previously announced $200 million of securitized debt prepaid in the third quarter of 2018.
In the third quarter of 2018 and October 2018, pursuant to the Company's plan to further enhance portfolio quality, five bulk transactions were completed to dispose of homes with below-average rent. A total of 1,375 homes were sold across the five bulk transactions, with 147 homes closing in two September 2018 transactions, and the remaining 1,228 homes closing in three October 2018 transactions. Gross proceeds of $214 million from the five transactions are expected to be used for general corporate purposes and to repay debt.

Interim President Dallas Tanner comments: "Fundamentals in our high-growth markets remain favorable, and the high-quality service and living experience we provide continues to resonate with residents. As a result, we achieved another quarter of lower year-over-year turnover that drove Same Store average occupancy 50 basis points higher year-over-year to 95.5% in the third quarter of 2018. Blended rent growth also remained strong, driving Same Store Core revenue growth of 4.4% year-over-year in the third quarter of 2018, consistent with growth in the first half of the year.

"In addition to strong top line execution, our other operational priorities for the year are progressing well. With respect to merger integration, we achieved our 2018 year-end target of 75% run-rate synergy realization ahead of schedule. We also continue to fine-tune our integrated repairs and maintenance technology platform to increase the efficiency with which we serve our residents. With respect to capital recycling and balance sheet optimization, we closed the sale of 1,375 homes in bulk transactions in September and October to further enhance the quality of our portfolio and reduce leverage.

"We expect favorable fundamentals and execution on our key initiatives to continue driving growth, and are narrowing our 2018 Core FFO per share guidance to $1.16 - $1.18, a 12.0 - 13.9% increase versus 2017. We look forward to finishing the year strong as we remain focused on delivering value for our residents, associates, and shareholders."

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 2

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Financial Results
Net Income (Loss), FFO, Core FFO, and AFFO Per Share — Diluted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2018
 
Q3 2017
 
YTD 2018
 
YTD 2017
 
 
 
Net income (loss) (1)
 
$

 
$
(0.07
)
 
$
(0.06
)
 
$
(0.14
)
 
 
 
FFO (2)
 
0.23

 
0.13

 
0.70

 
0.37

 
 
 
Core FFO (2)
 
0.29

 
0.24

 
0.87

 
0.74

 
 
 
AFFO (2)
 
0.22

 
0.20

 
0.70

 
0.63

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
No shares of common stock were outstanding prior to the close of the Company's initial public offering. As such, net income (loss) per share for YTD 2017 has been calculated based on operating results for the period from February 1, 2017 through September 30, 2017, and the weighted average number of shares outstanding during that same period, in accordance with GAAP.
(2)
No shares of common stock or OP Units were outstanding prior to the close of the Company's initial public offering. For YTD 2017, FFO, Core FFO, and AFFO per share have been calculated based on operating results for the full period from January 1, 2017 through September 30, 2017, and as if shares issued in connection with the IPO were issued on January 1, 2017.

Net Income (Loss)
Net income attributable to common shareholders for the three months ended September 30, 2018 was $0.00 per share, compared to a loss of $0.07 per share for the three months ended September 30, 2017. Total revenues and total operating and maintenance expenses for the three months ended September 30, 2018 were $434 million and $170 million, respectively, compared to $244 million and $93 million, respectively, for the three months ended September 30, 2017.

Net loss attributable to common shareholders for the nine months ended September 30, 2018 was a loss of $0.06 per share, compared to a loss of $0.14 per share for the prior year period during which the Company was public from February 1, 2017 to September 30, 2017. Total revenues and total operating and maintenance expenses for the nine months ended September 30, 2018 were $1,290 million and $496 million, respectively, compared to $725 million and $274 million, respectively, for the prior year period during which the Company was public from February 1, 2017 to September 30, 2017.

Core FFO
Year-over-year, Core FFO for the three months ended September 30, 2018 increased 21.3% to $0.29 per share, primarily due to an increase in NOI per share, driven by higher revenues, lower adjusted general and administrative expense per share, and lower cash interest expense per share.

Year-over-year, Core FFO for the nine months ended September 30, 2018 increased 18.0% to $0.87 per share, primarily due to an increase in NOI per share, driven by higher revenues, lower adjusted general and administrative expense per share, and lower cash interest expense per share.

AFFO
Year-over-year, AFFO for the three months ended September 30, 2018 increased 10.2% to $0.22 per share, primarily driven by the increase in Core FFO described above.

Year-over-year, AFFO for the nine months ended September 30, 2018 increased 10.5% to $0.70 per share, primarily driven by the increase in Core FFO described above.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 3

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Operating Results
Same Store Operating Results Snapshot
 
 
 
 
 
 
 
 
 
 
Number of homes in Same Store portfolio:
 
71,226

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2018
 
Q3 2017
 
YTD 2018
 
YTD 2017
 
Core revenue growth (year-over-year)
 
4.4
%
 
 
 
4.4
%
 
 
 
Core operating expense growth (year-over-year)
 
3.7
%
 
 
 
4.2
%
 
 
 
NOI growth (year-over-year)
 
4.9
%
 
 
 
4.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Average occupancy
 
95.5
%
 
95.0
%
 
95.8
%
 
95.5
%
 
Turnover rate
 
9.3
%
 
9.8
%
 
26.2
%
 
27.9
%
 
 
 
 
 
 
 
 
 
 
 
Rental rate growth (lease-over-lease):
 
 
 
 
 
 
 
 
 
Renewals
 
4.8
%
 
5.1
%
 
4.8
%
 
5.2
%
 
New leases
 
3.3
%
 
3.3
%
 
3.6
%
 
4.1
%
 
Blended
 
4.2
%
 
4.4
%
 
4.4
%
 
4.8
%
 
 
 
 
 
 
 
 
 
 
 

Same Store NOI
For the Same Store portfolio of 71,226 homes, third quarter 2018 Same Store NOI increased 4.9% year-over-year on Same Store Core revenue growth of 4.4% and Same Store Core operating expense growth of 3.7%.
 
YTD 2018 Same Store NOI increased 4.5% year-over-year on Same Store Core revenue growth of 4.4% and Same Store Core operating expense growth of 4.2%.

Same Store Core Revenues
Third quarter 2018 Same Store Core revenue growth of 4.4% year-over-year was driven by a 3.8% increase in average monthly rent, a 0.5% increase in average occupancy to 95.5%, and a 4.4% increase in other property income, net of resident reimbursements.

YTD 2018 Same Store Core revenue growth of 4.4% year-over-year was driven by a 3.9% increase in average monthly rent, a 0.3% increase in average occupancy to 95.8%, and a 7.5% increase in other property income, net of resident reimbursements.

Same Store Core Operating Expenses
Third quarter 2018 Same Store Core operating expenses increased 3.7% year-over-year, driven primarily by increases in repairs and maintenance (R&M) expenses and property taxes. Repairs and maintenance expenses remain elevated, but in-line with the Company's expectations, prior to completion of the R&M technology and personnel optimization efforts that are underway.

YTD 2018 Same Store Core operating expenses increased 4.2% year-over-year, driven primarily by increases in repairs and maintenance expenses and property taxes. The increase in repairs and maintenance expenses was primarily attributable to lower R&M productivity prior to completion of optimization efforts that are underway, and prioritization of service requests related to hurricane damage in the fourth quarter of 2017 that pushed routine, non-storm related service requests that otherwise would have been resolved in 2017 into the first quarter of 2018.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 4

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Investment Management Activity
Invitation Homes acquired 249 homes for $72.8 million in the third quarter of 2018, including estimated renovation costs, and sold 413 homes for gross proceeds of $85.9 million, resulting in total portfolio home count of 82,260 homes at September 30, 2018.

Year-to-date, the Company acquired 702 homes for $205.1 million, including estimated renovation costs, and sold 1,012 homes for gross proceeds of $217.9 million.

Of the 413 homes sold during the third quarter, 147 were sold in two bulk transactions that closed in September 2018 for $22.5 million of gross proceeds. Subsequent to quarter end, the Company closed the sale of an additional 1,228 homes for $191.7 million in gross proceeds across three bulk transactions. Homes included in the five bulk sales had average in-place monthly rent of $1,404, 19.8% below that of the remaining portfolio. Proceeds from the transactions are expected to be used for general corporate purposes and to prepay debt.

Merger Integration Update
Completion of key integration milestones has unlocked $41 million of synergies on a run-rate basis as of October 31, 2018, and resulted in achievement of the Company's year-end 2018 target of 75% synergy realization faster than expected. Of the $41 million of synergies realized as of October 31, 2018, $36 million are related to property management and G&A, $4 million are related to operating expenses, and $1 million are related to capitalized expenses.

The company continues to expect to achieve total annualized cost synergies between $50 million and $55 million on a run-rate basis by mid-2019. Approximately two thirds of the remaining synergies are likely to be attributable to NOI and achieved after implementation of the Company's unified operating platform and field configuration in each market.

Balance Sheet and Capital Markets Activity
At September 30, 2018, the Company had $1,130 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness at September 30, 2018 was $9,544 million, consisting of $7,469 million of secured debt and $2,075 million of unsecured debt.

As previously announced, the Company prepaid $200 million of securitized debt (CSH 2016-1) in July 2018 using proceeds from its June 2018 refinancings and cash on hand. In October 2018, the Company prepaid an additional $50 million of CSH 2016-1 using cash on hand. As of September 30, 2018, weighted average years to maturity of the Company's debt was 5.2 years, and the weighted average interest rate on total debt during the third quarter of 2018 was 3.3%.

Dividend
As previously announced, on November 1, 2018 the Company's Board of Directors declared a quarterly cash dividend of $0.11 per share of common stock. The dividend will be paid on or before November 30, 2018 to shareholders of record as of the close of business on November 14, 2018.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 5

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Full Year 2018 Guidance Update
FY 2018 Guidance
 
 
 
 
 
 
 
 
Revised
 
Previous
 
 
 
FY 2018
 
FY 2018
 
 
 
Guidance
 
Guidance
 
Core FFO per share – diluted
 
$1.16 - $1.18
 
$1.15 - $1.19
 
AFFO per share – diluted
 
$0.93 - $0.95
 
$0.94 - $0.98
 
 
 
 
 
 
 
Same Store Core revenue growth
 
4.4 - 4.5%
 
4.3 - 4.7%
 
Same Store Core operating expense growth
 
5.4 - 6.0%
 
4.6 - 5.4%
 
Same Store NOI growth
 
3.5 - 4.0%
 
3.8 - 4.8%
 
 
 
 
 
 
 

Changes to FY 2018 Guidance
The change in Same Store NOI growth guidance is primarily attributable to revised Same Store Core operating expense expectations.

The vast majority of the increase in Same Store Core operating expense growth guidance is attributable to higher expected real estate taxes. Property tax reassessments received in October 2018 have trended higher than expected. While the Company intends to appeal assessed values where appropriate, real estate tax expenses in the fourth quarter of 2018 are likely to be higher than what was contemplated in previous guidance.

Excluding real estate taxes, all other Same Store Core operating expenses are expected to fall within the previous range of expectations, though some are trending toward the high end of that previous range. Repairs and maintenance operating expenses remain on track to meet the midpoint of what was contemplated in previous guidance.

Taking into account revised expectations for Same Store results, guidance ranges for Core FFO per share and AFFO per share have also been revised.


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



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 6

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Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on Monday, November 5, 2018 to discuss results for the three months ended September 30, 2018. The domestic dial-in number is 1-888-317-6003, and the international dial-in number is 1-412-317-6061. The passcode is 8467806. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through December 5, 2018, and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10125240, or by using the link at www.invh.com.

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

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

About Invitation Homes
Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes across America. With over 80,000 homes for lease in 17 markets across the country, Invitation Homes is meeting changing lifestyle demands by providing residents access to updated homes with features they value, such as close proximity to jobs and access to good schools. The Company's mission statement, "Together with you, we make a house a home," reflects its commitment to high-touch service that continuously enhances residents' living experiences and provides homes where individuals and families can thrive.

Investor Relations Contact
Greg Van Winkle


Phone: 844.456.INVH (4684)


Email: IR@InvitationHomes.com

Media Relations Contacts
Claire Parker


Phone: 202.257.2329


Email: Media@InvitationHomes.com

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

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which include, but are not limited to, statements related to the Company’s expectations regarding the anticipated benefits of the merger with Starwood Waypoint Homes, the performance of the Company’s business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks associated

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 7

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with achieving expected revenue synergies or cost savings from the merger, risks inherent to the single-family rental industry sector and the Company’s business model, macroeconomic factors beyond the Company’s control, competition in identifying and acquiring the Company’s properties, competition in the leasing market for quality residents, increasing property taxes, homeowners' association fees and insurance costs, the Company’s dependence on third parties for key services, risks related to evaluation of properties, poor resident selection and defaults and non-renewals by the Company’s residents, performance of the Company’s information technology systems, and risks related to the Company’s indebtedness. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found under the section entitled "Part I. Item 1A. Risk Factors," of the Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at http://www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company’s filings with the SEC. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 8

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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
December 31,
 
 
 
2018
 
2017
 
 
 
(unaudited)
 
 
 
Assets:
 
 
 
 
 
Investments in single-family residential properties, net
 
$
16,802,352

 
$
17,312,264

 
Cash and cash equivalents
 
130,037

 
179,878

 
Restricted cash
 
253,603

 
236,684

 
Goodwill
 
258,207

 
258,207

 
Other assets, net
 
1,032,449

 
696,605

 
Total assets
 
$
18,476,648

 
$
18,683,638

 
 
 
 
 
 
 

 
 
 
 
 
Mortgage loans, net
 
$
7,409,700

 
$
7,580,153

 
Term loan facility, net
 
1,490,138

 
1,487,973

 
Revolving facility
 

 
35,000

 
Convertible senior notes, net
 
555,081

 
548,536

 
Accounts payable and accrued expenses
 
275,203

 
193,413

 
Resident security deposits
 
151,305

 
146,689

 
Other liabilities
 
30,573

 
41,999

 
Total liabilities
 
9,912,000

 
10,033,763

 
 
 
 
 
 
 
Equity:
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding at September 30, 2018 and December 31, 2017
 

 

 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 520,579,577 and 519,173,142 outstanding at September 30, 2018 and December 31, 2017, respectively
 
5,206

 
5,192

 
Additional paid-in-capital
 
8,624,380

 
8,602,603

 
Accumulated deficit
 
(360,344
)
 
(157,595
)
 
Accumulated other comprehensive income
 
151,886

 
47,885

 
Total shareholders' equity
 
8,421,128

 
8,498,085

 
Non-controlling interests
 
143,520

 
151,790

 
Total equity
 
8,564,648

 
8,649,875

 
Total liabilities and equity
 
$
18,476,648

 
$
18,683,638

 
 
 
 
 
 
 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 9

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Consolidated Statements of Operations
 
($ in thousands, except shares and per share amounts) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2018
 
Q3 2017
 
YTD 2018
 
YTD 2017
 
Revenues:
 
 
 
 
 
 
 
 
 
Rental revenues
 
$
404,140

 
$
229,375

 
$
1,203,780

 
$
683,975

 
Other property income
 
30,111

 
14,161

 
86,566

 
40,527

 
Total revenues
 
434,251

 
243,536

 
1,290,346

 
724,502

 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
Property operating and maintenance
 
170,021

 
93,267

 
496,211

 
274,275

 
Property management expense
 
16,692

 
10,852

 
48,204

 
31,436

 
General and administrative
 
21,152

 
27,462

 
73,424

 
104,154

 
Depreciation and amortization
 
139,371

 
67,466

 
430,321

 
202,558

 
Impairment and other
 
3,252

 
14,572

 
13,476

 
16,482

 
Total operating expenses
 
350,488

 
213,619

 
1,061,636

 
628,905

 
Operating income
 
83,763

 
29,917

 
228,710

 
95,597

 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(97,564
)
 
(56,796
)
 
(287,089
)
 
(182,726
)
 
Other, net
 
3,330

 
613

 
6,697

 
(482
)
 
Gain on sale of property, net of tax
 
11,512

 
3,756

 
20,955

 
28,239

 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
1,041

 
(22,510
)
 
(30,727
)
 
(59,372
)
 
Net income (loss) attributable to non-controlling interests
 
(21
)
 

 
532

 

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to common shareholders
 
$
1,020

 
$
(22,510
)
 
$
(30,195
)
 
$
(59,372
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 
 
 
February 1, 2017
 
 
 

 

 
 
 
through
 
 
 
Q3 2018
 
Q3 2017
 
YTD 2018
 
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to common shareholders — basic and diluted
 
$
824

 
$
(22,745
)
 
$
(30,822
)
 
$
(42,837
)
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding — basic
 
520,620,519

 
311,559,780

 
520,267,029

 
311,674,226

 
Weighted average common shares outstanding — diluted
 
521,761,076

 
311,559,780

 
520,267,029

 
311,674,226

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per common share — basic
 
$

 
$
(0.07
)
 
$
(0.06
)
 
$
(0.14
)
 
Net income (loss) per common share — diluted
 
$

 
$
(0.07
)
 
$
(0.06
)
 
$
(0.14
)
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.11

 
$
0.08

 
$
0.33

 
$
0.14

 
 
 
 
 
 
 
 
 
 
 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 10

395636374_logo_horizontala07.jpg

Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
FFO Reconciliation
 
Q3 2018
 
Q3 2017
 
YTD 2018
 
YTD 2017
 
Net income (loss) available to common shareholders
 
$
824

 
$
(22,745
)
 
$
(30,822
)
 
$
(59,716
)
 
Net income available to participating securities
 
196

 
235

 
627

 
344

 
Non-controlling interests
 
21

 

 
(532
)
 

 
Depreciation and amortization on real estate assets
 
132,168

 
66,671

 
420,223

 
200,023

 
Impairment on depreciated real estate investments
 
1,296

 
424

 
3,570

 
1,556

 
Net gain on sale of previously depreciated investments in real estate
 
(11,512
)
 
(3,756
)
 
(20,955
)
 
(28,239
)
 
FFO
 
$
122,993

 
$
40,829

 
$
372,111

 
$
113,968

 
 
 
 
 
 
 
 
 
 
 
Core FFO Reconciliation
 
Q3 2018
 
Q3 2017
 
YTD 2018
 
YTD 2017
 
FFO
 
$
122,993

 
$
40,829

 
$
372,111

 
$
113,968

 
Noncash interest expense
 
13,401

 
3,473

 
33,439

 
23,744

 
Share-based compensation expense
 
6,068

 
12,004

 
23,582

 
64,464

 
IPO related expenses
 

 

 

 
8,287

 
Merger and transaction-related expenses (1)
 
9,406

 
4,944

 
18,009

 
4,944

 
Severance expense
 
1,952

 
(20
)
 
6,292

 
417

 
Casualty losses, net
 
1,956

 
14,148

 
9,906

 
14,926

 
Core FFO
 
$
155,776

 
$
75,378

 
$
463,339

 
$
230,750

 
 
 
 
 
 
 
 
 
 
 
AFFO Reconciliation
 
Q3 2018
 
Q3 2017
 
YTD 2018
 
YTD 2017
 
Core FFO
 
$
155,776

 
$
75,378

 
$
463,339

 
$
230,750

 
Recurring capital expenditures
 
(39,399
)
 
(13,391
)
 
(93,640
)
 
(34,225
)
 
AFFO
 
$
116,377

 
$
61,987

 
$
369,699

 
$
196,525

 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding — diluted (2)
 
521,761,076
 
311,559,780

 
520,267,029

 
311,674,226

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per common share — diluted (2)
 
$

 
$
(0.07
)
 
$
(0.06
)
 
$
(0.14
)
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares and units outstanding — diluted (3)
 
530,797,654
 
311,559,780

 
530,581,319

 
311,674,226

 
 
 
 
 
 
 
 
 
 
 
FFO per share — diluted (3)
 
$
0.23

 
$
0.13

 
$
0.70

 
$
0.37

 
Core FFO per share — diluted (3)
 
$
0.29

 
$
0.24

 
$
0.87

 
$
0.74

 
AFFO per share — diluted (3)
 
$
0.22

 
$
0.20

 
$
0.70

 
$
0.63

 
 
 
 
 
 
 
 
 
 
 
(1)
In Q3 2018 and YTD 2018, includes $6,067 of depreciation expense related to the write-down of legacy technology systems replaced by newly integrated systems and furniture, fixtures, and equipment from abandoned legacy offices. All other merger and transaction-related expenses presented in the Core FFO Reconciliation are general and administrative expenses.
(2)
No shares of common stock were outstanding prior to the close of the Company's initial public offering. As such, net income (loss) per share for YTD 2017 has been calculated based on operating results for the period from February 1, 2017 through September 30, 2017, and the weighted average number of shares outstanding during that same period, in accordance with GAAP.
(3)
No shares of common stock or OP Units were outstanding prior to the close of the Company's initial public offering. For YTD 2017, FFO, Core FFO, and AFFO per share have been calculated based on operating results for the full period from January 1, 2017 through September 30, 2017, and as if shares issued in connection with the IPO were issued on January 1, 2017.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 11


Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Amounts for Net Income (Loss) (1)
 
Q3 2018
 
Q3 2017
 
YTD 2018
 
YTD 2017
 
Total common shares — diluted
 
521,761,076

 
311,559,780

 
520,267,029

 
311,674,226

 
 
 
 
 
 
 
 
 
 
 
Weighted average amounts for FFO, Core FFO, and AFFO (2)
 
Q3 2018
 
Q3 2017
 
YTD 2018
 
YTD 2017
 
Common shares — diluted
 
521,761,076

 
311,559,780

 
521,437,918

 
311,674,226

 
OP units
 
9,036,578

 

 
9,143,401

 

 
Total common shares and units — diluted
 
530,797,654

 
311,559,780

 
530,581,319

 
311,674,226

 
 
 
 
 
 
 
 
 
 
 
Period end amounts for FFO, Core FFO, and AFFO
 
September 30, 2018
 
 
 
 
 
 
 
Common shares — diluted
 
522,119,874

 
 
 
 
 
 
 
OP units
 
9,036,578

 
 
 
 
 
 
 
Total common shares and units — diluted
 
531,156,452

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
No shares of common stock were outstanding prior to the close of the Company's initial public offering. As such, YTD 2017 weighted average shares outstanding for net income (loss) are for the period from February 1, 2017 through September 30, 2017, in accordance with GAAP.
(2)
No shares of common stock or OP Units were outstanding prior to the close of the Company's initial public offering. As such, YTD 2017 weighted average shares and units outstanding for FFO, Core FFO, and AFFO are calculated as if shares issued in connection with the IPO were issued on January 1, 2017.


















Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 12

395636374_logo_horizontala07.jpg

Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — September 30, 2018
 
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wtd Avg
 
Wtd Avg
 
 
 
 
 
 
 
Interest
 
Years
 
Debt Structure
 
Balance
 
% of Total
 
Rate (1) (2)
 
to Maturity (2)
 
Secured:
 
 
 
 
 
 
 
 
 
Fixed
 
$
998,951

 
10.5
%
 
4.2
%
 
8.7

 
Floating — swapped to fixed
 
4,620,000

 
48.4
%
 
3.0
%
 
4.9

 
Floating
 
1,850,512

 
19.4
%
 
3.5
%
 
6.2

 
Total secured
 
7,469,463

 
78.3
%
 
3.3
%
 
5.8

 
 
 
 
 
 
 
 
 
 
 
Unsecured:
 
 
 
 
 
 
 
 
 
Fixed (Convertible)
 
574,993

 
6.0
%
 
3.3
%
 
2.3

 
Floating — swapped to fixed
 
1,500,000

 
15.7
%
 
3.7
%
 
3.4

 
Floating
 

 
%
 
%
 

 
Total unsecured
 
2,074,993

 
21.7
%
 
3.6
%
 
3.1

 
 
 
 
 
 
 
 
 
 
 
Total Debt:
 
 
 
 
 
 
 
 
 
Fixed + floating swapped to fixed
 
7,693,944

 
80.6
%
 
3.3
%
 
4.9

 
Floating
 
1,850,512

 
19.4
%
 
3.5
%
 
6.2

 
Total debt
 
9,544,456

 
100.0
%
 
3.3
%
 
5.2

 
Unamortized discounts on notes payable
 
(22,993
)
 
 
 
 
 
 
 
Deferred financing costs
 
(66,544
)
 
 
 
 
 
 
 
Total Debt per Balance Sheet
 
9,454,919

 
 
 
 
 
 
 
Retained and repurchased certificates
 
(395,941
)
 
 
 
 
 
 
 
Cash, ex-security deposits (3)
 
(230,148
)
 
 
 
 
 
 
 
Deferred financing costs
 
66,544

 
 
 
 
 
 
 
Unamortized discounts on notes payable
 
22,993

 
 
 
 
 
 
 
Net debt
 
$
8,918,367

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Ratios
 
Q3 2018
 
 
 
 
 
 
 
Fixed charge coverage ratio
 
2.8
x
 
 
 
 
 
 
 
Net debt / annualized Adjusted EBITDAre
 
9.4
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes the impact of interest rate swaps in place and effective as of September 30, 2018.
(2)
The impact of an October 2018 voluntary prepayment of $50,000 of the outstanding borrowings under CSH 2016-1, a securitized loan maturing in 2021, is not included in this table.
(3)
Represents cash and cash equivalents and the non-security deposit portion of restricted cash.




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 13

395636374_logo_horizontala07.jpg

Supplemental Schedule 2(c)
Debt Maturity Schedule — September 30, 2018 (1)
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving
 
 
 
 
 
Wtd Avg
 
 
 
Secured
 
Unsecured
 
Credit
 
 
 
% of
 
Interest
 
Debt Maturities, with Extensions (2)
 
Debt
 
Debt
 
Facility
 
Balance
 
Total
 
Rate (3)
 
2018
 
$

 
$

 
$

 
$

 
%
 
%
 
2019
 

 
229,993

 

 
229,993

 
2.4
%
 
3.0
%
 
2020
 
646,760

 

 

 
646,760

 
6.8
%
 
3.0
%
 
2021
 
928,914

 

 

 
928,914

 
9.7
%
 
3.1
%
 
2022
 

 
1,845,000

 

 
1,845,000

 
19.3
%
 
3.6
%
 
2023
 
767,835

 

 

 
767,835

 
8.1
%
 
2.7
%
 
2024
 
862,181

 

 

 
862,181

 
9.0
%
 
3.8
%
 
2025
 
3,264,822

 

 

 
3,264,822

 
34.2
%
 
3.1
%
 
2026
 

 

 

 

 
%
 
%
 
2027
 
998,951

 

 

 
998,951

 
10.5
%
 
4.2
%
 
 
 
7,469,463

 
2,074,993

 

 
9,544,456

 
100.0
%
 
3.3
%
 
Unamortized discounts on notes payable
 
(3,081
)
 
(19,912
)
 

 
(22,993
)
 
 
 
 
 
Deferred financing costs
 
(56,682
)
 
(9,862
)
 

 
(66,544
)
 
 
 
 
 
Total per Balance Sheet
 
$
7,409,700

 
$
2,045,219

 
$

 
$
9,454,919

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The impact of an October 2018 voluntary prepayment of $50,000 of the outstanding borrowings under CSH 2016-1, a securitized loan maturing in 2021, is not included in this table.
(2)
Assumes all extension options are exercised.
(3)
Includes the impact of interest rate swaps in place and effective as of September 30, 2018.





















Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 14

395636374_logo_horizontala07.jpg

Supplemental Schedule 2(d)
Cost to Maturity of Debt as of September 30, 2018
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of Weighted Average Debt Outstanding by Type
 
Weighted Average Cost by Instrument Type
 
 
 
Weighted Average
 
Issued
 
Issued
 
 
 
Total
 
Spread to
 
Fixed Cost
 
 
 
Total Debt
 
 
 
Amount of
 
Floating
 
Floating
 
 
 
Fixed
 
 LIBOR
 
of
 
 
 
Including
 
 
 
Debt
 
and
 
but Swapped
 
Issued
 
or Swapped
 
For Floating
 
Interest Rate
 
Fixed Rate
 
Swap
 
 
 
Outstanding (1)
 
Not Swapped
 
to Fixed
 
Fixed
 
 to Fixed
 
Rate Debt
 
Rate Swaps
 
Debt
 
Impact (2)
 
4Q18
 
$
9,544,456

 
19.4
%
 
64.1
%
 
16.5
%
 
80.6
%
 
1.6
%
 
1.5
%
 
3.9
%
 
3.3
%
 
2019
 
9,429,144

 
15.7
%
 
68.8
%
 
15.5
%
 
84.3
%
 
1.6
%
 
1.9
%
 
4.0
%
 
3.6
%
 
2020
 
9,005,219

 
8.6
%
 
76.5
%
 
14.9
%
 
91.4
%
 
1.6
%
 
2.3
%
 
4.0
%
 
3.8
%
 
2021
 
8,475,129

 
7.6
%
 
76.5
%
 
15.9
%
 
92.3
%
 
1.5
%
 
2.5
%
 
4.0
%
 
4.0
%
 
2022
 
6,060,021

 
18.8
%
 
64.5
%
 
16.7
%
 
81.2
%
 
1.4
%
 
2.8
%
 
4.2
%
 
4.2
%
 
2023
 
5,144,886

 
10.2
%
 
70.4
%
 
19.4
%
 
89.8
%
 
1.4
%
 
2.9
%
 
4.2
%
 
4.2
%
 
2024
 
5,074,128

 
10.3
%
 
70.0
%
 
19.7
%
 
89.7
%
 
1.4
%
 
2.9
%
 
4.2
%
 
4.2
%
 
2025
 
2,306,709

 
10.1
%
 
46.6
%
 
43.3
%
 
89.9
%
 
1.4
%
 
2.9
%
 
4.2
%
 
4.2
%
 
2026
 
998,951

 
%
 
%
 
100.0
%
 
100.0
%
 
N/A

 
N/A

 
4.2
%
 
4.2
%
 
2027
 
437,896

 
%
 
%
 
100.0
%
 
100.0
%
 
N/A

 
N/A

 
4.2
%
 
4.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
In each period, represents September 30, 2018 debt that remains outstanding, assuming all debt is held until final maturity with all extension options exercised. The impact of an October 2018 voluntary prepayment of $50,000 of the outstanding borrowings under CSH 2016-1, a securitized loan maturing in 2021, is not included in this table.
(2)
Assumes September 30, 2018 LIBOR rate of 2.26% for all future periods.


Note: Schedule 2(d) is presented to show the estimated overall cost of Invitation Homes' debt, based on debt and interest rate swaps in place as of September 30, 2018, as well as the rate for 30-day LIBOR as of September 30, 2018. New debt not presented in this table may be issued, and/or existing debt presented in this table may be repaid prior to maturity. Similarly, new interest rate swaps may be put in place. 30-day LIBOR may also change. The aforementioned activities may change the amount of outstanding debt, the percentage of debt floating, swapped, or fixed, and/or the weighted average cost of debt and hedging instruments from what is presented in Schedule 2(d).

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 15

395636374_logo_horizontala07.jpg

Supplemental Schedule 3(a)
Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Homes, period-end
 
Q3 2018
 
 
 
 
 
 
 
 
 
 
 
Total portfolio
 
82,260

 
 
 
 
 
 
 
 
 
 
 
Same Store portfolio
 
71,226

 
 
 
 
 
 
 
 
 
 
 
Same Store % of Total
 
86.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Revenues
 
Q3 2018
 
Q3 2017
 
Change YoY
 
YTD 2018
 
YTD 2017
 
Change YoY
 
Total portfolio
 
$
419,138

 
$
238,483

 
75.8
%
 
$
1,247,705

 
$
709,902

 
75.8
%
 
Same Store portfolio
 
366,910

 
351,333

 
4.4
%
 
1,091,694

 
1,045,929

 
4.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Core Operating expenses
 
Q3 2018
 
Q3 2017
 
Change YoY
 
YTD 2018
 
YTD 2017
 
Change YoY
 
Total portfolio
 
$
154,908

 
$
88,214

 
75.6
%
 
$
453,570

 
$
259,675

 
74.7
%
 
Same Store portfolio
 
135,271

 
130,436

 
3.7
%
 
394,093

 
378,204

 
4.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Net Operating Income
 
Q3 2018
 
Q3 2017
 
Change YoY
 
YTD 2018
 
YTD 2017
 
Change YoY
 
Total portfolio
 
$
264,230

 
$
150,269

 
75.8
%
 
$
794,135

 
$
450,227

 
76.4
%
 
Same Store portfolio
 
231,639

 
220,897

 
4.9
%
 
697,601

 
667,725

 
4.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2018 Earnings Release and Supplemental Information — page 16

395636374_logo_horizontala07.jpg

Supplemental Schedule 3(b)
Same Store Portfolio Operating Detail
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change
 
 
 
Change
 
 
 
 
 
Change
 
 
Q3 2018
 
Q3 2017
 
YoY
 
Q2 2018
 
Seq
 
YTD 2018
 
YTD 2017
 
YoY
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenues
$
353,869

 
$
338,842

 
4.4
 %
 
$
352,766

 
0.3
 %
 
$
1,053,579

 
$
1,010,471

 
4.3
 %
 
Other property income (1)
25,848

 
22,035

 
17.3
 %
 
24,465

 
5.7
 %
 
74,324

 
61,325

 
21.2
 %
 
Total revenues
379,717

 
360,877

 
5.2
 %
 
377,231

 
0.7
 %
 
1,127,903

 
1,071,796

 
5.2
 %
 
Less: Resident recoveries (1)
(12,807
)
 
(9,544
)
 
34.2
 %
 
(11,475
)
 
11.6
 %
 
(36,209
)
 
(25,867
)
 
40.0
 %
 
Core revenues
366,910

 
351,333

 
4.4
 %
 
365,756

 
0.3
 %
 
1,091,694

 
1,045,929

 
4.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property taxes
62,589

 
60,488

 
3.5
 %
 
62,653

 
(0.1
)%
 
187,558

 
178,922

 
4.8
 %
 
Insurance expenses
7,397

 
6,870

 
7.7
 %
 
7,421

 
(0.3
)%
 
21,717

 
20,869

 
4.1
 %
 
HOA expenses
6,697

 
6,897

 
(2.9
)%
 
6,935

 
(3.4
)%
 
20,571

 
20,529

 
0.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Controllable Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repairs and maintenance
23,093

 
20,372

 
13.4
 %
 
21,127

 
9.3
 %
 
62,822

 
53,612

 
17.2
 %
 
Personnel
16,139

 
16,732

 
(3.5
)%