Toggle SGML Header (+)


Section 1: 8-K (8-K)

Document
false0001687229 0001687229 2019-10-29 2019-10-29


 
 
 
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): October 29, 2019
Invitation Homes Inc.
(Exact Name of Registrant as Specified in its 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, including zip code)
(972) 421-3600
(Registrant’s telephone number, including area code)
N/A
(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))
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 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
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.
 
 
 







Item 2.02
Results of Operations and Financial Condition.
On October 29, 2019, Invitation Homes Inc. (the "Company") issued a press release announcing the results of the Company’s operations for the quarter ended September 30, 2019. 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 October 29, 2019, announcing results for the quarter ended September 30, 2019.
 
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).









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
 
 
 
October 29, 2019




(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
400703888_invhearningsreleaa01.jpg


400703888_logo_horizontala10.jpg

Table of Contents
















Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 1

400703888_logo_horizontala10.jpg

Earnings Press Release

Invitation Homes Reports Third Quarter 2019 Results
Dallas, TX, October 29, 2019 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), a leading owner and operator of single-family rental homes in the United States, today announced its third quarter 2019 financial and operating results.

Third Quarter 2019 Highlights
Year over year, total revenues increased 2.1% to $443 million, total property operating and maintenance expenses increased 3.2% to $175 million, and net income attributable to common stockholders increased to $34 million, or $0.06 per share.
Core FFO per share was $0.29, flat year over year, and AFFO per share increased 3.1% year over year to $0.23. Included in these numbers is the negative timing impact of $3.5 million of accelerated cost within Other, net, that is expected to be offset by corresponding favorable timing impacts over the next two quarters.
Same Store NOI grew 4.5% year over year on 4.4% Same Store Core revenue growth and 4.3% Same Store Core operating expense growth.
Same Store average occupancy was 95.9%, up 40 basis points year over year.
Same Store renewal rent growth of 4.7% and Same Store new lease rent growth of 4.3% drove Same Store blended rent growth of 4.6%, 30 basis points higher year over year.
In September 2019, affiliates of Blackstone completed a secondary offering of 44 million shares of Invitation Homes common stock. Invitation Homes did not receive any proceeds from the transaction. After the transaction, Blackstone's ownership decreased to approximately 11% of total common shares and units outstanding at September 30, 2019.

President & Chief Executive Officer Dallas Tanner comments: "We executed well to achieve another outstanding quarter of resident service and Same Store NOI growth, in line with our expectations. Favorable fundamentals in Invitation Homes markets helped our teams drive robust revenue growth during peak leasing season, and we executed our playbook to enter the off-season in a strong occupancy position. Operating efficiency also continues to improve, with controllable expenses, net of resident recoveries, decreasing slightly year-over-year in the third quarter.

"Given our strong year-to-date performance, we are increasing our FY 2019 Same Store NOI growth guidance to 5.2% - 5.6%, up 15 basis points at the midpoint versus previous guidance. With fundamental tailwinds at our back and a number of opportunities to refine and grow our business, we are ready to run toward a strong finish to 2019 and further value creation in the years ahead."


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 2

400703888_logo_horizontala10.jpg

Financial Results
Net Income (Loss), FFO, Core FFO, and AFFO Per Share — Diluted
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2019
 
Q3 2018
 
YTD 2019
 
YTD 2018
 
Net income (loss) (1)
 
$
0.06

 
$

 
$
0.18

 
$
(0.06
)
 
FFO (1)
 
0.27

 
0.23

 
0.81

 
0.70

 
Core FFO (2)
 
0.29

 
0.29

 
0.93

 
0.87

 
AFFO (2)
 
0.23

 
0.22

 
0.75

 
0.70

 
 
 
 
 
 
 
 
 
 
 
(1)
In accordance with GAAP and Nareit guidelines, net income (loss) per share and FFO per share are calculated as if the 3.0% Convertible Notes due July 1, 2019 ("2019 Convertible Notes") were converted to common shares at the beginning of the relevant period, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. In YTD 2019, the 2019 Convertible Notes were outstanding from January 1, 2019 through June 30, 2019. During this period from January 1, 2019 through June 30, 2019, treatment of the 2019 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, YTD 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. YTD 2019 FFO per share treats the 2019 Convertible Notes as if converted on January 1, 2019, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2019 Convertible Notes and adjusting shares outstanding in the denominator to include shares issued upon conversion of the 2019 Convertible Notes, for the full period from January 1, 2019 through September 30, 2019.
(2)
Core FFO and AFFO per share reflect the 2019 Convertible Notes in the form in which they were outstanding during each period. As such, YTD 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but do not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. For the period from January 1, 2019 through June 30, 2019, cash interest expense associated with the 2019 Convertible Notes has been included in Core FFO and AFFO in the numerators, and shares issued upon conversion of the 2019 Convertible Notes have not been included as shares outstanding in the denominators.

Net Income (Loss)
Net income in the third quarter of 2019 was $0.06 per share, compared to net income of $0.00 per share in the third quarter of 2018. Total revenues and total property operating and maintenance expenses in the third quarter of 2019 were $443 million and $175 million, respectively, compared to $434 million and $170 million, respectively, in the third quarter of 2018.

Net income in YTD 2019 was $0.18 per share, compared to a net loss of $0.06 per share in YTD 2018. Total revenues and total property operating and maintenance expenses in YTD 2019 were $1,320 million and $502 million, respectively, compared to $1,290 million and $496 million, respectively, in YTD 2018.

Core FFO
Year over year, Core FFO in the third quarter of 2019 was flat at $0.29 per share. Core FFO in the third quarter includes the negative timing impact of $3.5 million of accelerated cost within Other, net. This is expected to be offset by corresponding favorable timing impacts in the fourth quarter of 2019 and the first quarter of 2020.

Year over year, Core FFO in YTD 2019 increased 6.3% to $0.93 per share, primarily due to an increase in NOI and lower cash interest expense.

AFFO
Year over year, AFFO in the third quarter of 2019 increased 3.1% to $0.23 per share.

Year over year, AFFO in YTD 2019 increased 8.2% to $0.75 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 2019 Earnings Release and Supplemental Information — page 3

400703888_logo_horizontala10.jpg

Operating Results
Same Store Operating Results Snapshot
 
 
 
 
 
 
 
 
 
 
Number of homes in Same Store portfolio:
 
72,001

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2019
 
Q3 2018
 
YTD 2019
 
YTD 2018
 
Core revenue growth (year-over-year)
 
4.4
%
 
 
 
4.5
%
 
 
 
Core operating expense growth (year-over-year)
 
4.3
%
 
 
 
1.6
%
 
 
 
NOI growth (year-over-year)
 
4.5
%
 
 
 
6.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Average occupancy
 
95.9
%
 
95.5
%
 
96.3
%
 
95.8
%
 
Turnover rate
 
9.0
%
 
9.4
%
 
23.7
%
 
26.6
%
 
 
 
 
 
 
 
 
 
 
 
Rental rate growth (lease-over-lease):
 
 
 
 
 
 
 
 
 
Renewals
 
4.7
%
 
4.8
%
 
5.1
%
 
4.8
%
 
New leases
 
4.3
%
 
3.4
%
 
4.4
%
 
3.6
%
 
Blended
 
4.6
%
 
4.3
%
 
4.9
%
 
4.4
%
 
 
 
 
 
 
 
 
 
 
 

Same Store NOI
For the Same Store portfolio of 72,001 homes, third quarter 2019 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 4.3%.

YTD 2019 Same Store NOI increased 6.1% year over year on Same Store Core revenue growth of 4.5% and Same Store Core operating expense growth of 1.6%.

Same Store Core Revenues
Third quarter 2019 Same Store Core revenue growth of 4.4% year over year was driven primarily by a 4.0% increase in average monthly rent and a 40 basis point increase in average occupancy to 95.9%.

YTD 2019 Same Store Core revenue growth of 4.5% year over year was driven primarily by a 4.1% increase in average monthly rent and a 50 basis point increase in average occupancy to 96.3%.

Same Store Core Operating Expenses
Third quarter 2019 Same Store Core operating expenses increased 4.3% year over year. Same Store controllable expenses, net of resident recoveries, decreased 0.4% year over year. Offsetting the improvement in controllable expenses was an 8.0% increase in fixed expenses, net of resident recoveries, driven primarily by a 6.0% increase in property taxes.

YTD 2019 Same Store Core operating expenses increased 1.6% year over year. Same Store controllable expenses, net of resident recoveries, decreased 5.8% year over year, driven most significantly by lower personnel and turnover costs. Controllable costs also benefited from a favorable first quarter comparison resulting from higher-than-normal repairs and maintenance work order volume in the first quarter of 2018. The favorable factors impacting controllable expense growth were partially offset by a negative impact from last year's realignment of utility bill-back timing that resulted in higher than normal resident recoveries in the first quarter of 2018. Fixed expenses, net of resident recoveries, increased 6.9% year over year, driven primarily by a 5.9% increase in property taxes.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 4

400703888_logo_horizontala10.jpg

Investment Management Activity
In the third quarter of 2019, Invitation Homes acquired 578 homes for $183 million, including estimated renovation costs, and sold 668 homes for gross proceeds of $168 million, resulting in a total portfolio home count of 80,232 homes as of September 30, 2019.

In YTD 2019, the Company acquired 1,526 homes for $456 million, including estimated renovation costs, and sold 2,101 homes for gross proceeds of $527 million.

Balance Sheet and Capital Markets Activity
As of September 30, 2019, the Company had $1,082 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of September 30, 2019 was $8,717 million, consisting of $6,872 million of secured debt and $1,845 million of unsecured debt.

As previously announced, in July 2019, the Company voluntarily prepaid $50 million of secured borrowings under IH 2017-2, which carried an interest rate of LIBOR + 231 basis points.

As previously announced, in July 2019, the Company completed settling conversions of its 2019 Convertible Notes with common shares. Conversion of the $230 million of 2019 Convertible Notes resulted in issuance of 12.6 million common shares.

In August 2019, the Company announced that it had entered into agreements ("ATM Equity Program") to sell, from time to time, up to $800 million of common stock in aggregate through at-the-market offerings. In September 2019, the Company issued 671,020 shares of common stock under its ATM Equity Program, at an average price of $28.02 per share, for gross proceeds of $19 million. Proceeds were used primarily to acquire homes. $781 million of capacity remained under the ATM Equity Program as of September 30, 2019.

After the impact of capital markets activity in the third quarter of 2019, net debt / annualized Adjusted EBITDAre declined to 8.5x at September 30, 2019, down from 9.0x at the end of 2018.

Full Year 2019 Guidance Update
FY 2019 Guidance
 
 
 
 
 
 
 
 
Current
 
Previous
 
 
 
FY 2019
 
FY 2019
 
 
 
Guidance
 
Guidance
 
Core FFO per share – diluted (1)
 
$1.24 - $1.28
 
$1.23 - $1.29
 
AFFO per share – diluted (1)
 
$1.02 - $1.06
 
$1.01 - $1.07
 
 
 
 
 
 
 
Same Store Core revenue growth
 
4.25% - 4.5%
 
4.0% - 4.5%
 
Same Store Core operating expense growth
 
2.25% - 2.75%
 
2.0% - 3.0%
 
Same Store NOI growth
 
5.2% - 5.6%
 
5.0% - 5.5%
 
 
 
 
 
 
 
(1)
For the purposes of reporting 2019 Core FFO and AFFO per share, the Company treats the 2019 Convertible Notes in the form in which they are outstanding during each period. Guidance treats the 2019 Convertible Notes as an interest-bearing liability in the first and second quarters of 2019, and as common shares in the third and fourth quarters of 2019.




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 5

400703888_logo_horizontala10.jpg


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.

Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on Wednesday, October 30, 2019 to discuss results for the third quarter of 2019. The domestic dial-in number is 1-888-317-6003, and the international dial-in number is 1-412-317-6061. The passcode is 3199988. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through November 30, 2019 and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10135802, 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 rental homes, 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: [email protected]

Media Relations Contact
Kristi DesJarlais


Phone: 972.421.3587


Email: [email protected]

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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,"

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 6

400703888_logo_horizontala10.jpg

"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 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. The Company believes these factors include, but are not limited to, those described 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, 2018, 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 2019 Earnings Release and Supplemental Information — page 7

400703888_logo_horizontala10.jpg

Consolidated Balance Sheets
($ in thousands, except shares and per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
December 31,
 
 
 
2019
 
2018
 
 
 
(unaudited)
 
 
 
Assets:
 
 
 
 
 
Investments in single-family residential properties, net
 
$
16,218,701

 
$
16,686,060

 
Cash and cash equivalents
 
81,531

 
144,940

 
Restricted cash
 
244,882

 
215,051

 
Goodwill
 
258,207

 
258,207

 
Other assets, net
 
856,697

 
759,170

 
Total assets
 
$
17,660,018

 
$
18,063,428

 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
Mortgage loans, net
 
$
6,428,874

 
$
7,201,654

 
Secured term loan, net
 
400,924

 

 
Term loan facility, net
 
1,493,025

 
1,490,860

 
Revolving facility
 

 

 
Convertible senior notes, net
 
333,070

 
557,301

 
Accounts payable and accrued expenses
 
278,272

 
169,603

 
Resident security deposits
 
149,023

 
148,995

 
Other liabilities
 
400,319

 
125,829

 
Total liabilities
 
9,483,507

 
9,694,242

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

 

 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 538,356,606 and 520,647,977 outstanding as of September 30, 2019 and December 31, 2018, respectively
 
5,384

 
5,206

 
Additional paid-in capital
 
8,938,487

 
8,629,462

 
Accumulated deficit
 
(505,887
)
 
(392,594
)
 
Accumulated other comprehensive loss
 
(340,724
)
 
(12,963
)
 
Total stockholders' equity
 
8,097,260

 
8,229,111

 
Non-controlling interests
 
79,251

 
140,075

 
Total equity
 
8,176,511

 
8,369,186

 
Total liabilities and equity
 
$
17,660,018

 
$
18,063,428

 
 
 
 
 
 
 
 
 
 
 
 
 



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 8

400703888_logo_horizontala10.jpg

Consolidated Statements of Operations
 
($ in thousands, except shares and per share amounts) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2019
 
Q3 2018
 
YTD 2019
 
YTD 2018
 
Rental revenues and other property income
 
$
443,326

 
$
434,251

 
$
1,320,408

 
$
1,290,346

 
 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Property operating and maintenance
 
175,491

 
170,021

 
502,411

 
496,211

 
Property management expense
 
15,872

 
16,692

 
47,053

 
48,204

 
General and administrative
 
16,405

 
21,152

 
58,899

 
73,424

 
Interest expense
 
89,067

 
97,564

 
278,756

 
287,089

 
Depreciation and amortization
 
133,315

 
139,371

 
399,955

 
430,321

 
Impairment and other
 
4,740

 
3,252

 
11,803

 
13,476

 
Total expenses
 
434,890

 
448,052

 
1,298,877

 
1,348,725

 
 
 
 
 
 
 
 
 
 
 
Other, net
 
4,735

 
3,330

 
8,470

 
6,697

 
Gain on sale of property, net of tax
 
20,812

 
11,512

 
64,556

 
20,955

 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
33,983

 
1,041

 
94,557

 
(30,727
)
 
Net (income) loss attributable to non-controlling interests
 
(276
)
 
(21
)
 
(1,086
)
 
532

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
 
33,707

 
1,020

 
93,471

 
(30,195
)
 
Net income available to participating securities
 
(91
)
 
(196
)
 
(306
)
 
(627
)
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders — basic and diluted
 
$
33,616

 
$
824

 
$
93,165

 
$
(30,822
)
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding — basic
 
537,771,245

 
520,620,519

 
528,209,033

 
520,267,029

 
Weighted average common shares outstanding — diluted
 
538,644,888

 
521,761,076

 
529,160,353

 
520,267,029

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per common share — basic
 
$
0.06

 
$

 
$
0.18

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

 
$

 
$
0.18

 
$
(0.06
)
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.13

 
$
0.11

 
$
0.39

 
$
0.33

 
 
 
 
 
 
 
 
 
 
 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 9

400703888_logo_horizontala10.jpg

Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
FFO Reconciliation
 
Q3 2019
 
Q3 2018
 
YTD 2019
 
YTD 2018
 
Net income (loss) available to common stockholders
 
$
33,616

 
$
824

 
$
93,165

 
$
(30,822
)
 
Net income available to participating securities
 
91

 
196

 
306

 
627

 
Non-controlling interests
 
276

 
21

 
1,086

 
(532
)
 
Depreciation and amortization on real estate assets
 
132,266

 
132,168

 
396,568

 
420,223

 
Impairment on depreciated real estate investments
 
3,960

 
1,296

 
11,289

 
3,570

 
Net gain on sale of previously depreciated investments in real estate
 
(20,812
)
 
(11,512
)
 
(64,556
)
 
(20,955
)
 
FFO
 
$
149,397

 
$
122,993

 
$
437,858

 
$
372,111

 
 
 
 
 
 
 
 
 
 
 
Core FFO Reconciliation
 
Q3 2019
 
Q3 2018
 
YTD 2019
 
YTD 2018
 
FFO
 
$
149,397

 
$
122,993

 
$
437,858

 
$
372,111

 
Noncash interest expense
 
10,385

 
13,401

 
37,422

 
33,439

 
Share-based compensation expense
 
4,625

 
6,068

 
13,847

 
23,582

 
Offering related expenses
 
129

 

 
2,148

 

 
Merger and transaction-related expenses
 

 
9,406

 
4,347

 
18,009

 
Severance expense
 
881

 
1,952

 
8,225

 
6,292

 
Unrealized gains on investment in equity securities
 
(6,480
)
 

 
(6,480
)
 

 
Casualty losses, net
 
780

 
1,956

 
514

 
9,906

 
Core FFO
 
$
159,717

 
$
155,776

 
$
497,881

 
$
463,339

 
 
 
 
 
 
 
 
 
 
 
AFFO Reconciliation
 
Q3 2019
 
Q3 2018
 
YTD 2019
 
YTD 2018
 
Core FFO
 
$
159,717

 
$
155,776

 
$
497,881

 
$
463,339

 
Recurring capital expenditures
 
(36,653
)
 
(39,399
)
 
(93,563
)
 
(93,640
)
 
Adjusted FFO
 
$
123,064

 
$
116,377

 
$
404,318

 
$
369,699

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding — diluted (1)
 
538,644,888
 
521,761,076

 
529,160,353

 
520,267,029

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per common share — diluted (1)
 
$
0.06

 
$

 
$
0.18

 
$
(0.06
)
 
 
 
 
 
 
 
 
 
 
 
FFO
 
 
 
 
 
 
 
 
 
FFO for per share calculation(1)
 
$
149,397

 
$
122,993

 
$
443,444

 
$
372,111

 
Weighted average common shares and OP Units outstanding — diluted (1)
 
544,481,679
 
530,797,654

 
544,506,626

 
530,581,319

 
 
 
 
 
 
 
 
 
 
 
FFO per share — diluted (1)
 
$
0.27

 
$
0.23

 
$
0.81

 
$
0.70

 
 
 
 
 
 
 
 
 
 
 
Core FFO and Adjusted FFO
 
 
 
 
 
 
 
 
 
Weighted average shares and units outstanding — diluted (2)
 
544,481,679
 
530,797,654

 
536,183,368

 
530,581,319

 
 
 
 
 
 

 
 
 
 
Core FFO per share — diluted (2)
 
$
0.29

 
$
0.29


$
0.93

 
$
0.87

 
AFFO per share — diluted (2)
 
$
0.23

 
$
0.22


$
0.75

 
$
0.70

 
 
 
 
 
 
 
 
 
 
 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 10

400703888_logo_horizontala10.jpg

(1)
In accordance with GAAP and Nareit guidelines, net income (loss) per share and FFO per share are calculated as if the 2019 Convertible Notes were converted to common shares at the beginning of the relevant period, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. In YTD 2019, the 2019 Convertible Notes were outstanding from January 1, 2019 through June 30, 2019. During this period from January 1, 2019 through June 30, 2019, treatment of the 2019 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, YTD 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. YTD 2019 FFO per share treats the 2019 Convertible Notes as if converted on January 1, 2019, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2019 Convertible Notes and adjusting shares outstanding in the denominator to include shares issued upon conversion of the 2019 Convertible Notes, for the full period from January 1, 2019 through September 30, 2019.
(2)
Core FFO and AFFO per share reflect the 2019 Convertible Notes in the form in which they were outstanding during each period. As such, YTD 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but do not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. For the period from January 1, 2019 through June 30, 2019, cash interest expense associated with the 2019 Convertible Notes has been included in Core FFO and AFFO in the numerators, and shares issued upon conversion of the 2019 Convertible Notes have not been included as shares outstanding in the denominators.




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 11


Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Amounts for Net Income (Loss) (1)
 
Q3 2019
 
Q3 2018
 
YTD 2019
 
YTD 2018
 
Common shares — basic
 
537,771,245

 
520,620,519

 
528,209,033

 
520,267,029

 
Shares potentially issuable from vesting/conversion of equity-based awards
 
873,643

 
1,140,557

 
951,320

 

 
Total common shares — diluted
 
538,644,888

 
521,761,076

 
529,160,353

 
520,267,029

 
 
 
 
 
 
 
 
 
 
 
Weighted average amounts for FFO (1)
 
Q3 2019
 
Q3 2018
 
YTD 2019
 
YTD 2018
 
Common shares — basic
 
537,771,245

 
520,620,519

 
528,209,033

 
520,267,029

 
OP units — basic
 
5,463,285

 
9,036,578

 
6,526,571

 
9,143,401

 
Shares potentially issuable from vesting/conversion of equity-based awards
 
1,247,149

 
1,140,557

 
1,447,764

 
1,170,889

 
Shares issuable from 2019 Convertible Notes
 

 

 
8,323,258

 

 
Total common shares and units — diluted
 
544,481,679

 
530,797,654

 
544,506,626

 
530,581,319

 
 
 
 
 
 
 
 
 
 
 
Weighted average amounts for Core and AFFO (2)
 
Q3 2019
 
Q3 2018
 
YTD 2019
 
YTD 2018
 
Common shares — basic
 
537,771,245

 
520,620,519

 
528,209,033

 
520,267,029

 
OP units — basic
 
5,463,285

 
9,036,578

 
6,526,571

 
9,143,401

 
Shares potentially issuable from vesting/conversion of equity-based awards
 
1,247,149

 
1,140,557

 
1,447,764

 
1,170,889

 
Total common shares and units — diluted
 
544,481,679

 
530,797,654

 
536,183,368

 
530,581,319

 
 
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
 
 
 
 
 
 
Period end amounts for Core FFO, and AFFO
 
2019
 
 
 
 
 
 
 
Common shares
 
538,356,606

 
 
 
 
 
 
 
OP units
 
5,463,285

 
 
 
 
 
 
 
Shares potentially issuable from vesting/conversion of equity-based awards
 
1,128,805

 
 
 
 
 
 
 
Total common shares and units  diluted
 
544,948,696

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
In accordance with GAAP and Nareit guidelines, net income (loss) per share and FFO per share are calculated as if the 2019 Convertible Notes were converted to common shares at the beginning of the relevant period, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. In YTD 2019, the 2019 Convertible Notes were outstanding from January 1, 2019 through June 30, 2019. During this period from January 1, 2019 through June 30, 2019, treatment of the 2019 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, YTD 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. YTD 2019 FFO per share treats the 2019 Convertible Notes as if converted on January 1, 2019, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2019 Convertible Notes and adjusting shares outstanding in the denominator to include shares issued upon conversion of the 2019 Convertible Notes, for the full period from January 1, 2019 through September 30, 2019.
(2)
Core FFO and AFFO per share reflect the 2019 Convertible Notes in the form in which they were outstanding during each period. As such, YTD 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but do not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. For the period from January 1, 2019 through June 30, 2019, cash interest expense associated with the 2019 Convertible Notes has been included in Core FFO and AFFO in the numerators, and shares issued upon conversion of the 2019 Convertible Notes have not been included as shares outstanding in the denominators.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 12

400703888_logo_horizontala10.jpg

Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — September 30, 2019
 
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wtd Avg
 
Wtd Avg
 
 
 
 
 
 
 
Interest
 
Years
 
Debt Structure
 
Balance
 
% of Total
 
Rate (1)
 
to Maturity (2)
 
Secured:
 
 
 
 
 
 
 
 
 
Fixed (3)
 
$
1,401,853

 
16.1
%
 
4.0
%
 
8.8

 
Floating — swapped to fixed
 
5,020,000

 
57.5
%
 
3.4
%
 
5.3

 
Floating
 
449,665

 
5.2
%
 
3.4
%
 
6.0

 
Total secured
 
6,871,518

 
78.8
%
 
3.5
%
 
6.1

 
 
 
 
 
 
 
 
 
 
 
Unsecured:
 
 
 
 
 
 
 
 
 
Fixed (Convertible)
 
345,000

 
4.0
%
 
3.5
%
 
2.3

 
Floating — swapped to fixed
 
1,500,000

 
17.2
%
 
3.7
%
 
2.4

 
Floating
 

 
%
 
%
 

 
Total unsecured
 
1,845,000

 
21.2
%
 
3.6
%
 
2.3

 
 
 
 
 
 
 
 
 
 
 
Total Debt:
 
 
 
 
 
 
 
 
 
Fixed + floating swapped to fixed (3)
 
8,266,853

 
94.8
%
 
3.5
%
 
5.3

 
Floating
 
449,665

 
5.2
%
 
3.4
%
 
6.0

 
Total debt
 
8,716,518

 
100.0
%
 
3.5
%
 
5.3

 
Unamortized discounts on notes payable
 
(14,659
)
 
 
 
 
 
 
 
Deferred financing costs
 
(45,966
)
 
 
 
 
 
 
 
Total Debt per Balance Sheet
 
8,655,893

 
 
 
 
 
 
 
Retained and repurchased certificates
 
(329,558
)
 
 
 
 
 
 
 
Cash, ex-security deposits (4)
 
(176,906
)
 
 
 
 
 
 
 
Deferred financing costs
 
45,966

 
 
 
 
 
 
 
Unamortized discounts on notes payable
 
14,659

 
 
 
 
 
 
 
Net debt
 
$
8,210,054

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Ratios
 
Q3 2019
 
 
 
 
 
 
 
Fixed charge coverage ratio
 
3.1
x
 
 
 
 
 
 
 
Net debt / annualized Adjusted EBITDAre
 
8.5
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes the impact of interest rate swaps in place and effective as of September 30, 2019.
(2)
Assumes all extension options are exercised.
(3)
For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.
(4)
Represents cash and cash equivalents and the non-security deposit portion of restricted cash.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 13

400703888_logo_horizontala10.jpg

Supplemental Schedule 2(c)
Debt Maturity Schedule — September 30, 2019
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving
 
 
 
 
 
 
 
Secured
 
Unsecured
 
Credit
 
 
 
% of
 
Debt Maturities, with Extensions (1)
 
Debt
 
Debt
 
Facility
 
Balance
 
Total
 
2019
 
$

 
$

 
$

 
$

 
%
 
2020
 

 

 

 

 
%
 
2021
 

 

 

 

 
%
 
2022
 

 
1,845,000

 

 
1,845,000

 
21.2
%
 
2023
 
753,940

 

 

 
753,940

 
8.6
%
 
2024
 
680,384

 

 

 
680,384

 
7.8
%
 
2025
 
3,092,430

 

 

 
3,092,430

 
35.5
%
 
2026
 
942,911

 

 

 
942,911

 
10.8
%
 
2027
 
998,389

 

 

 
998,389

 
11.5
%
 
Thereafter
 
403,464

 

 

 
403,464

 
4.6
%
 
 
 
6,871,518

 
1,845,000

 

 
8,716,518

 
100.0
%
 
Unamortized discounts on notes payable
 
(2,729
)
 
(11,930
)
 

 
(14,659
)
 
 
 
Deferred financing costs
 
(38,991
)
 
(6,975
)
 

 
(45,966
)
 
 
 
Total per Balance Sheet
 
$
6,829,798

 
$
1,826,095

 
$

 
$
8,655,893

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Assumes all extension options are exercised.





















Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 14

400703888_logo_horizontala10.jpg

Supplemental Schedule 2(d)
Cost to Maturity of Debt as of September 30, 2019
($ 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)
 
4Q19
 
$
8,716,517

 
5.2
%
 
74.8
%
 
20.0
%
 
94.8
%
 
1.4
%
 
2.0
%
 
3.9
%
 
3.5
%
 
2020
 
8,716,517

 
1.0
%
 
79.0
%
 
20.0
%
 
99.0
%
 
1.4
%
 
2.3
%
 
3.9
%
 
3.8
%
 
2021
 
8,716,517

 
5.6
%
 
74.4
%
 
20.0
%
 
94.4
%
 
1.4
%
 
2.5
%
 
3.9
%
 
3.9
%
 
2022
 
7,037,750

 
15.3
%
 
64.6
%
 
20.1
%
 
84.7
%
 
1.4
%
 
2.9
%
 
4.0
%
 
4.1
%
 
2023
 
6,136,168

 
5.1
%
 
72.1
%
 
22.8
%
 
94.9
%
 
1.3
%
 
3.0
%
 
4.0
%
 
4.2
%
 
2024
 
6,076,680

 
5.3
%
 
71.6
%
 
23.1
%
 
94.7
%
 
1.3
%
 
3.0
%
 
4.0
%
 
4.2
%
 
2025
 
3,602,726

 
18.4
%
 
42.7
%
 
38.9
%
 
81.6
%
 
1.4
%
 
3.0
%
 
4.0
%
 
4.1
%
 
2026
 
1,425,103

 
1.6
%
 
%
 
98.4
%
 
98.4
%
 
1.4
%
 
N/A

 
4.0
%
 
4.0
%
 
2027
 
841,114

 
%
 
%
 
100.0
%
 
100.0
%
 
N/A

 
N/A

 
3.9
%
 
3.9
%
 
Thereafter(3)
 
403,464

 
%
 
%
 
100.0
%
 
100.0
%
 
N/A

 
N/A

 
3.6
%
 
3.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
In each period, represents September 30, 2019 debt that remains outstanding assuming all debt is held until final maturity with all extension options exercised.
(2)
Assumes September 30, 2019 LIBOR rate of 2.02% for all future periods.
(3)
For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt.

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, 2019, as well as the rate for 30-day LIBOR as of September 30, 2019. 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 2019 Earnings Release and Supplemental Information — page 15

400703888_logo_horizontala10.jpg

Supplemental Schedule 3(a)
Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Homes, period-end
 
Q3 2019
 
 
 
 
 
 
 
 
 
 
 
Total portfolio
 
80,232

 
 
 
 
 
 
 
 
 
 
 
Same Store portfolio
 
72,001

 
 
 
 
 
 
 
 
 
 
 
Same Store % of Total
 
89.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Revenues
 
Q3 2019
 
Q3 2018
 
Change YoY
 
YTD 2019
 
YTD 2018
 
Change YoY
 
Total portfolio
 
$
423,992

 
$
419,138

 
1.2
%
 
$
1,266,362

 
$
1,247,705

 
1.5
 %
 
Same Store portfolio
 
389,300

 
372,788

 
4.4
%
 
1,158,629

 
1,108,620

 
4.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Core Operating expenses
 
Q3 2019
 
Q3 2018
 
Change YoY
 
YTD 2019
 
YTD 2018
 
Change YoY
 
Total portfolio
 
$
156,157

 
$
154,908

 
0.8
%
 
$
448,365

 
$
453,570

 
(1.1
)%
 
Same Store portfolio
 
141,552

 
135,656

 
4.3
%
 
401,267

 
394,800

 
1.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
Q3 2019
 
Q3 2018
 
Change YoY
 
YTD 2019
 
YTD 2018
 
Change YoY
 
Total portfolio
 
$
267,835

 
$
264,230

 
1.4
%
 
$
817,997

 
$
794,135

 
3.0
 %
 
Same Store portfolio
 
247,748

 
237,132

 
4.5
%
 
757,362

 
713,820

 
6.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q3 2019 Earnings Release and Supplemental Information — page 16

400703888_logo_horizontala10.jpg

Supplemental Schedule 3(b)
Same Store Portfolio Operating Detail
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change
 
 
 
Change
 
 
 
 
 
Change
 
 
Q3 2019
 
Q3 2018
 
YoY
 
Q2 2019
 
Seq
 
YTD 2019
 
YTD 2018
 
YoY
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenues
$
375,703

 
$
359,488

 
4.5
 %
 
$
374,264

 
0.4
 %
 
$
1,119,871

 
$
1,069,615

 
4.7
 %
 
Other property income (1)(2)
31,299

 
26,663

 
17.4
 %
 
29,718

 
5.3
 %
 
87,900

 
76,857

 
14.4
 %
 
Total revenues
407,002

 
386,151

 
5.4
 %
 
403,982

 
0.7
 %
 
1,207,771

 
1,146,472

 
5.3
 %
 
Less: Resident recoveries (1)(2)
(17,702
)
 
(13,363
)
 
32.5
 %
 
(16,573
)
 
6.8
 %
 
(49,142
)
 
(37,852
)
 
29.8
 %
 
Core revenues
389,300

 
372,788

 
4.4
 %
 
387,409

 
0.5
 %
 
1,158,629

 
1,108,620

 
4.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Expenses:

 

 

 
 
 
 
 

 

 

 
Property taxes
66,624

 
62,849<