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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
 
 
 
 
 
FORM
10-Q
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended
June 30, 2019
 
 
 
 
 
 
 
OR
 
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
For the transition period from
 
 to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commission File Number
001-38004
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Invitation Homes Inc.
 
 
 
 
 
 
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maryland
90-0939055
(State or other jurisdiction of incorporation or organization)
 (I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1717 Main Street,
Suite 2000
75201
Dallas,
Texas
(Address of principal executive offices)
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(972)
421-3600
(Registrant’s telephone number, including area code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value
 
INVH
 
New York Stock Exchange
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes
No
 
 
 
 
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was
required to submit such files).
Yes
No
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Large Accelerated Filer
 
Accelerated Filer
 
 
 
 
 
 
 
 
 
Non-Accelerated Filer
 
Smaller Reporting Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Emerging Growth Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
No
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of July 29, 2019, there were 537,680,811 shares of common stock, par value $0.01 per share, outstanding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





INVITATION HOMES INC.
 
 
 
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.
 
 
 
 
 
 







FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to our expectations regarding the anticipated benefits of the merger with Starwood Waypoint Homes (“SWH”), the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks associated with achieving expected revenue synergies or cost savings from the merger, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) and insurance costs, our dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by our residents, performance of our information technology systems, and risks related to our 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. We believe these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 (the “Annual Report on Form 10-K”) as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at 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 elsewhere in this Quarterly Report on Form 10-Q, in the Annual Report on Form 10-K, and in our other periodic filings. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.




3




DEFINED TERMS
On November 16, 2017 (the “Merger Date”), Invitation Homes Inc. (“INVH”), Invitation Homes Operating Partnership LP (“INVH LP”), IH Merger Sub, LLC, a Delaware limited liability company and direct wholly owned subsidiary of INVH, SWH, and Starwood Waypoint Homes Partnership, L.P., a Delaware limited partnership and a subsidiary of SWH, (“SWH Partnership”) effectuated a series of transactions which resulted in SWH and SWH Partnership being merged into INVH and INVH LP, respectively, with INVH and INVH LP being the surviving entities (the “Mergers”). “Legacy SWH” and “SWH,” as the context requires, refer to the business practices and operations of SWH prior to the Mergers, including the homes owned by SWH. “Legacy IH” refers to the business practices and operations of INVH prior to the Mergers, including the homes owned by INVH. THR Property Management L.P., a wholly owned subsidiary of INVH LP (the “Manager”), provides all management and other administrative services with respect to the properties we own.
Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer to INVH and its consolidated subsidiaries including INVH LP and all subsidiaries acquired in the Mergers.
In this Quarterly Report on Form 10-Q:
“average monthly rent” represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period and reflects the impact of non-service rent concessions and contractual rent increases amortized over the life of the related lease;
“average occupancy” for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period;
“Carolinas” includes Charlotte, NC, Greensboro, NC, Raleigh, NC, and Fort Mill, SC;
“days to re-resident” for an individual home represents the number of days between (i) the date the prior resident moves out of a home, and (ii) the date the next resident is granted access to the same home, which is deemed to be the earlier of the next resident’s contractual lease start date and the next resident’s move-in date;
“in-fill” refers to markets, MSAs, submarkets, neighborhoods or other geographic areas that are typified by significant population densities and low availability of land suitable for development into competitive properties, resulting in limited opportunities for new construction;
“Metropolitan Statistical Area” or “MSA” is defined by the United States Office of Management and Budget as a region associated with at least one urbanized area that has a population of at least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and economic integration with the central county or counties as measured through commuting;
“net effective rental rate growth” for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease and, in each case, reflects the impact of non-service rent concessions and contractual rent increases amortized over the life of the related lease. Leases are either renewal leases, where our current resident chooses to stay for a subsequent lease term, or a new lease, where our previous resident moves out and a new resident signs a lease to occupy the same home;
“Northern California” includes Sacramento-Arden-Arcade-Roseville, CA, San Francisco-Oakland-Hayward, CA, Stockton-Lodi, CA, Vallejo-Fairfield, CA, and Yuba City, CA;
“PSF” means per square foot;


4




“Same Store” or “Same Store portfolio” includes, for a given reporting period, homes that have been stabilized and seasoned (whether under Invitation Homes ownership or Legacy SWH ownership), excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, and homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio. Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio may be considered stabilized at the time of acquisition. Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established. We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and its prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our organic business;
“Southeast United States” includes our Atlanta, Carolinas, and Nashville markets;
“South Florida” includes Miami-Fort Lauderdale-West Palm Beach, FL, and Port St. Lucie, FL;
“Southern California” includes Los Angeles-Long Beach-Anaheim, CA, Oxnard-Thousand Oaks-Ventura, CA, Riverside-San Bernardino-Ontario, CA, and San Diego-Carlsbad, CA;
“total homes” or “total portfolio” refers to the total number of homes we own, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless the context otherwise requires, all measures in this Quarterly Report on Form 10-Q are presented on a total portfolio basis;
“turnover rate” represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population. To the extent the measurement period shown is less than 12 months, the turnover rate may be reflected on an annualized basis; and
“Western United States” includes our Southern California, Northern California, Seattle, Phoenix, Las Vegas, and Denver markets.


5

PART I
ITEM 1. FINANCIAL STATEMENTS
INVITATION HOMES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share data)



 
 
June 30,
2019
 
December 31, 2018
Assets:
 
(unaudited)
 
 
Investments in single-family residential properties:
 
 
 
 
Land
 
$
4,522,979

 
$
4,561,441

Building and improvements
 
13,718,005

 
13,668,533

 
 
18,240,984


18,229,974

Less: accumulated depreciation
 
(1,777,457
)
 
(1,543,914
)
Investments in single-family residential properties, net
 
16,463,527


16,686,060

Cash and cash equivalents
 
77,046

 
144,940

Restricted cash
 
242,409

 
215,051

Goodwill
 
258,207

 
258,207

Other assets, net
 
672,964

 
759,170

Total assets
 
$
17,714,153


$
18,063,428

 
 
 
 
 
Liabilities:
 
 
 
 
Mortgage loans, net
 
$
6,509,962

 
$
7,201,654

Secured term loan, net
 
400,869

 

Term loan facility, net
 
1,492,304

 
1,490,860

Revolving facility
 

 

Convertible senior notes, net
 
561,830

 
557,301

Accounts payable and accrued expenses
 
227,983

 
169,603

Resident security deposits
 
151,995

 
148,995

Other liabilities
 
331,742

 
125,829

Total liabilities
 
9,676,685


9,694,242

Commitments and contingencies (Note 14)
 


 


 
 
 
 
 
Equity:
 
 
 
 
Stockholders' equity
 
 
 
 
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2019 and December 31, 2018
 

 

Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 525,126,947 and 520,647,977 outstanding as of June 30, 2019 and December 31, 2018, respectively
 
5,251

 
5,206

Additional paid-in capital
 
8,686,927

 
8,629,462

Accumulated deficit
 
(469,129
)
 
(392,594
)
Accumulated other comprehensive loss
 
(265,370
)
 
(12,963
)
Total stockholders' equity
 
7,957,679


8,229,111

Non-controlling interests
 
79,789

 
140,075

Total equity
 
8,037,468


8,369,186

Total liabilities and equity
 
$
17,714,153


$
18,063,428


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


6


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share data)
(unaudited)


 
 
For the Three Months Ended June 30,
 
For the Six Months
Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Rental revenues and other property income
 
$
441,582

 
$
432,426

 
$
877,082


$
856,095

 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
Property operating and maintenance
 
166,574

 
165,423

 
326,920

 
326,190

Property management expense
 
16,021

 
14,348

 
31,181

 
31,512

General and administrative
 
15,956

 
24,636

 
42,494

 
52,272

Interest expense
 
95,706

 
97,226

 
189,689

 
189,525

Depreciation and amortization
 
133,031

 
146,450

 
266,640

 
290,950

Impairment and other
 
1,671

 
4,103

 
7,063

 
10,224

Total expenses
 
428,959

 
452,186

 
863,987


900,673

 
 
 
 
 
 
 
 
 
Other, net
 
610

 
1,631

 
3,735

 
3,367

Gain on sale of property, net of tax
 
26,172

 
3,941

 
43,744

 
9,443

 
 
 
 
 
 
 
 
 
Net income (loss)
 
39,405


(14,188
)
 
60,574


(31,768
)
Net (income) loss attributable to non-controlling interests
 
(463
)
 
242

 
(810
)
 
553

 
 
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
 
38,942


(13,946
)
 
59,764


(31,215
)
Net income available to participating securities
 
(109
)
 
(209
)
 
(215
)
 
(431
)
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders — basic and diluted (Note 12)
 
$
38,833


$
(14,155
)
 
$
59,549


$
(31,646
)
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding — basic
 
525,070,036

 
520,509,058

 
523,265,455

 
520,087,371

Weighted average common shares outstanding — diluted
 
525,933,643

 
520,509,058

 
524,190,469

 
520,087,371

 
 
 
 
 
 
 
 
 
Net income (loss) per common share — basic

$
0.07

 
$
(0.03
)
 
$
0.11

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

 
$
(0.03
)
 
$
0.11

 
$
(0.06
)

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



7


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


 
 
For the Three Months Ended June 30,
 
For the Six Months
Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss)
 
$
39,405

 
$
(14,188
)
 
$
60,574

 
$
(31,768
)
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Unrealized gains (losses) on interest rate swaps
 
(148,599
)
 
15,826

 
(236,467
)
 
75,726

Gains from interest rate swaps reclassified into earnings from accumulated other comprehensive income
 
(7,891
)
 
(3,596
)
 
(18,754
)
 
(3,325
)
Other comprehensive income (loss)
 
(156,490
)
 
12,230

 
(255,221
)

72,401

Comprehensive income (loss)
 
(117,085
)

(1,958
)
 
(194,647
)

40,633

Comprehensive (income) loss attributable to non-controlling interests
 
1,312

 
48

 
2,583

 
(705
)
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to common stockholders
 
$
(115,773
)

$
(1,910
)
 
$
(192,064
)
 
$
39,928


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



8


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three and Six Months Ended June 30, 2019
(in thousands, except share and per share data)
(unaudited)


 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Shares
 
Amount
 
Additional
Paid-in Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Loss
 
Total Stockholders' Equity
 
Non-Controlling Interests
 
Total Equity
Balance as of March 31, 2019
 
524,989,775

 
$
5,250

 
$
8,685,058

 
$
(439,737
)
 
$
(110,655
)
 
$
8,139,916

 
$
81,452

 
$
8,221,368

Capital distributions
 

 

 

 

 

 

 
(711
)
 
(711
)
Net income
 

 

 

 
38,942

 

 
38,942

 
463

 
39,405

Dividends and dividend equivalents declared ($0.13 per share)
 

 

 

 
(68,334
)
 

 
(68,334
)
 

 
(68,334
)
Issuance of common stock — settlement of RSUs, net of tax
 
137,172

 
1

 
(1,386
)
 

 

 
(1,385
)
 

 
(1,385
)
Share-based compensation expense
 

 

 
3,255

 

 

 
3,255

 
360

 
3,615

Total other comprehensive loss
 

 

 

 

 
(154,715
)
 
(154,715
)
 
(1,775
)
 
(156,490
)
Balance as of June 30, 2019
 
525,126,947

 
$
5,251

 
$
8,686,927

 
$
(469,129
)
 
$
(265,370
)
 
$
7,957,679

 
$
79,789

 
$
8,037,468


 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Shares
 
Amount
 
Additional
Paid-in Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Loss
 
Total Stockholders' Equity
 
Non-Controlling Interests
 
Total Equity
Balance as of December 31, 2018
 
520,647,977


$
5,206


$
8,629,462


$
(392,594
)

$
(12,963
)

$
8,229,111


$
140,075


$
8,369,186

Capital distributions
 

 

 

 

 

 

 
(1,886
)
 
(1,886
)
Net income
 

 

 

 
59,764

 

 
59,764

 
810

 
60,574

Dividends and dividend equivalents declared ($0.26 per share)
 

 

 

 
(136,299
)
 

 
(136,299
)
 

 
(136,299
)
Issuance of common stock — settlement of RSUs, net of tax
 
905,677

 
9

 
(8,117
)
 

 

 
(8,108
)
 

 
(8,108
)
Share-based compensation expense
 

 

 
8,862

 

 

 
8,862

 
360

 
9,222

Total other comprehensive loss
 

 

 

 

 
(251,828
)
 
(251,828
)
 
(3,393
)
 
(255,221
)
Redemption of OP Units for common stock
 
3,573,293

 
36

 
56,720

 

 
(579
)
 
56,177

 
(56,177
)
 

Balance as of June 30, 2019
 
525,126,947

 
$
5,251

 
$
8,686,927

 
$
(469,129
)
 
$
(265,370
)
 
$
7,957,679

 
$
79,789

 
$
8,037,468


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


9


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (continued)
For the Three and Six Months Ended June 30, 2018
(in thousands, except share and per share data)
(unaudited)



 
 
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, 2018
 
520,364,636

 
$
5,204

 
$
8,612,110

 
$
(232,296
)
 
$
106,918

 
$
8,491,936

 
$
144,961

 
$
8,636,897

Capital distributions
 

 

 

 

 

 

 
(996
)
 
(996
)
Net loss
 

 

 

 
(13,946
)
 

 
(13,946
)
 
(242
)
 
(14,188
)
Dividends and dividend equivalents declared ($0.11 per share)
 

 

 

 
(57,559
)
 

 
(57,559
)
 

 
(57,559
)
Issuance of common stock — settlement of RSUs, net of tax
 
128,733

 
1

 
(824
)
 

 

 
(823
)
 

 
(823
)
Share-based compensation expense
 

 

 
8,016

 

 

 
8,016

 

 
8,016

Total other comprehensive income
 

 

 

 

 
12,036

 
12,036

 
194

 
12,230

Balance as of June 30, 2018
 
520,493,369

 
$
5,205

 
$
8,619,302

 
$
(303,801
)
 
$
118,954

 
$
8,439,660

 
$
143,917

 
$
8,583,577


 
 
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, 2017
 
519,173,142

 
$
5,192

 
$
8,602,603

 
$
(157,595
)
 
$
47,885

 
$
8,498,085

 
$
151,790

 
$
8,649,875

Capital distributions
 

 

 

 

 

 

 
(2,033
)
 
(2,033
)
Net loss
 

 

 

 
(31,215
)
 

 
(31,215
)
 
(553
)
 
(31,768
)
Dividends and dividend equivalents declared ($0.22 per share)
 

 

 

 
(114,991
)
 

 
(114,991
)
 

 
(114,991
)
Issuance of common stock — settlement of RSUs, net of tax
 
915,190

 
9

 
(7,430
)
 

 

 
(7,421
)
 

 
(7,421
)
Share-based compensation expense
 

 

 
17,514

 

 

 
17,514

 

 
17,514

Total other comprehensive income
 

 

 

 

 
71,143

 
71,143

 
1,258

 
72,401

Redemption of OP Units for common stock
 
405,037

 
4

 
6,615

 

 
(74
)
 
6,545

 
(6,545
)
 

Balance as of June 30, 2018
 
520,493,369

 
$
5,205

 
$
8,619,302

 
$
(303,801
)
 
$
118,954

 
$
8,439,660

 
$
143,917

 
$
8,583,577


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


10


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

 
 
For the Six Months
Ended June 30,
 
 
2019
 
2018
Operating Activities:
 
 
 
 
Net income (loss)
 
$
60,574

 
$
(31,768
)
 
 
 
 
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
266,640

 
290,950

Share-based compensation expense
 
9,222

 
17,514

Amortization of deferred leasing costs
 
5,060

 
5,833

Amortization of deferred financing costs
 
20,158

 
9,678

Amortization of debt discounts
 
4,709

 
4,508

Provisions for impairment
 
7,329

 
2,274

Gain on sale of property, net of tax
 
(43,744
)
 
(9,443
)
Change in fair value of derivative instruments
 
2,170

 
5,852

Other noncash amounts included in net income (loss)
 
785

 
(1,638
)
Changes in operating assets and liabilities:
 
 
 
 
Other assets, net
 
(9,823
)
 
(7,668
)
Accounts payable and accrued expenses
 
48,771

 
29,688

Resident security deposits
 
3,000

 
5,386

Other liabilities
 
491

 
(10,831
)
Net cash provided by operating activities
 
375,342

 
310,335

 
 
 
 
 
Investing Activities:
 
 
 
 
Amounts deposited and held by others
 
(966
)
 
9,273

Acquisition of single-family residential properties
 
(246,306
)
 
(120,149
)
Initial renovations to single-family residential properties
 
(18,749
)
 
(25,750
)
Other capital expenditures for single-family residential properties
 
(70,161
)
 
(60,916
)
Proceeds from sale of single-family residential properties
 
336,523

 
122,820

Purchases of investments in debt securities
 

 
(163,719
)
Repayment proceeds from retained debt securities
 
35,687

 
59,213

Other investing activities
 
3,163

 
(10,146
)
Net cash provided by (used in) investing activities
 
39,191

 
(189,374
)