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Section 1: 8-K (8-K)

Document
false0001687229 0001687229 2020-02-18 2020-02-18


 
 
 
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): February 18, 2020
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 February 18, 2020, Invitation Homes Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter and full year ended December 31, 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 February 18, 2020, announcing results for the quarter and full year ended December 31, 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
 
 
 
February 18, 2020




(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.
Q4 2019 Earnings Release and Supplemental Information — page 1

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Earnings Press Release

Invitation Homes Reports Fourth Quarter 2019 and Full Year 2019 Results
Dallas, TX, February 18, 2020 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its fourth quarter 2019 and full year 2019 financial and operating results.

Fourth Quarter 2019 Highlights and Full Year 2019 Highlights
Year over year, in Q4 2019, total revenues increased 2.7% to $444 million, total property operating and maintenance expenses increased 5.3% to $168 million, and net income attributable to common stockholders increased 107.0% to $52 million, or $0.10 per share. In FY 2019, total revenues increased 2.4% to $1,765 million, total property operating and maintenance expenses increased 2.2% to $670 million, and net income attributable to common stockholders increased by $151 million to $145 million, or $0.27 per share.
Year over year, in Q4 2019, Core FFO per share increased 6.1% to $0.32, and AFFO per share increased 10.8% to $0.28. In FY 2019, Core FFO per share increased 6.2% to $1.25, and AFFO per share increased 8.9% to $1.03.
In Q4 2019, Same Store NOI grew 3.8% year over year on 4.3% Same Store Core revenue growth and 5.3% Same Store Core operating expense growth. In FY 2019, Same Store NOI grew 5.6% year over year on 4.5% Same Store Core revenue growth and 2.5% Same Store Core operating expense growth.
In Q4 2019, Same Store average occupancy was 96.0%, flat year over year. In FY 2019, Same Store average occupancy was 96.3%, up 50 basis points year over year.
In Q4 2019, Same Store renewal rent growth of 4.5% and Same Store new lease rent growth of 1.6% drove Same Store blended rent growth of 3.4%. In FY 2019, Same Store renewal rent growth of 5.0% and Same Store new lease rent growth of 3.8% drove Same Store blended rent growth of 4.6%.
As previously announced, in December 2019, the Company closed a bulk sale of 708 homes in Nashville, its smallest market by home count, for gross proceeds of $210 million. With this transaction, Invitation Homes leveraged strong investor demand for single-family rental homes in Nashville to sell 89% of its portfolio in the market, as part of a strategic decision to exit Nashville and focus on other high-growth markets where Invitation Homes has greater scale and density.
Net debt / annualized adjusted EBITDAre decreased from 9.0x at December 31, 2018 to 8.0x at December 31, 2019.
As previously announced, Blackstone completed the exit of its position in Invitation Homes. After a secondary offering of 57.6 million shares of Invitation Homes common stock in November 2019, and distribution of 0.3 million shares to its partners, Blackstone no longer beneficially owns shares in Invitation Homes.

President & Chief Executive Officer Dallas Tanner comments: "2019 was an excellent year for Invitation Homes, marked by Same Store NOI growth near the top of the REIT sector, further refinement of the best-in-class resident experience we provide through ProCare, significant portfolio enhancement through capital recycling, completion of merger integration activities with greater synergies than anticipated, and meaningful reduction in balance sheet leverage. Furthermore, we ended 2019 with strong occupancy, positioning us well operationally for 2020.

"We are encouraged by the momentum we are carrying into 2020, and see further opportunities for both organic and external growth. Fundamentally, supply and demand trends remain favorable across our high-growth markets, and we believe our refined operating platform, high-quality portfolio, and scale efficiencies position us to execute better than ever before. As we continue to raise our already-high bar for resident service, we'll also seek to grow our home count in 2020 if today's accretive acquisition opportunity persists as expected. In addition, we'll continue to build on growth initiatives related to ancillary services, leasing efficiency, and value enhancing capex in 2020.

"With these growth drivers at our back, we expect FY 2020 Same Store NOI growth of 4.25% at the midpoint of our guidance."

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 2

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Financial Results
Net Income (Loss), FFO, Core FFO, and AFFO Per Share — Diluted
 
 
 
 
 
 
 
 
 
 
 
 
Q4 2019
 
Q4 2018
 
FY 2019
 
FY 2018
 
Net income (loss) (1)
 
$
0.10

 
$
0.05

 
$
0.27

 
$
(0.01
)
 
FFO (1)
 
0.29

 
0.24

 
1.10

 
0.94

 
Core FFO (2)
 
0.32

 
0.30

 
1.25

 
1.18

 
AFFO (2)
 
0.28

 
0.25

 
1.03

 
0.95

 
 
 
 
 
 
 
 
 
 
 
(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 (the "2019 Convertible Notes") were converted to common shares at the beginning of each relevant period in 2018 and 2019, and as if the 3.5% Convertible Notes due January 15, 2022 (the "2022 Convertible Notes") were converted to common shares at the beginning of each relevant period in 2019, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. See "Supplemental Schedule 1," footnote (1), for more detail on the treatment of convertible notes in each specific period presented in the table.
(2)
Core FFO and AFFO per share reflect the 2019 Convertible Notes and 2022 Convertible Notes in the form in which they were outstanding during each period. See "Supplemental Schedule 1," footnote (2), for more detail on the treatment of convertible notes in each specific period presented in the table.

Net Income (Loss)
Net income in the fourth quarter of 2019 was $0.10 per share, compared to net income of $0.05 per share in the fourth quarter of 2018. Total revenues and total property operating and maintenance expenses in the fourth quarter of 2019 were $444 million and $168 million, respectively, compared to $433 million and $159 million, respectively, in the fourth quarter of 2018.

Net income in FY 2019 was $0.27 per share, compared to a net loss of $0.01 per share in FY 2018. Total revenues and total property operating and maintenance expenses in FY 2019 were $1,765 million and $670 million, respectively, compared to $1,723 million and $655 million, respectively, in FY 2018.

Core FFO
Year over year, Core FFO in the fourth quarter of 2019 increased 6.1% to $0.32 per share, primarily due to lower adjusted G&A and property management expense and lower cash interest expense. As previously announced, and as included in FY 2019 guidance, Core FFO in the fourth quarter includes a $2.1 million favorable timing impact related to accelerated cost within Other, net, in the third quarter of 2019.

Year over year, Core FFO in FY 2019 increased 6.2% to $1.25 per share, primarily due to an increase in NOI and lower cash interest expense.

AFFO
Year over year, AFFO in the fourth quarter of 2019 increased 10.8% to $0.28 per share, primarily due to the increase in Core FFO described above and lower recurring capital expenditures.

Year over year, AFFO in FY 2019 increased 8.9% to $1.03 per share, primarily due to the increase in Core FFO described above and lower recurring capital expenditures.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 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:
 
70,799

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q4 2019
 
Q4 2018
 
FY 2019
 
FY 2018
 
Core revenue growth (year-over-year)
 
4.3
%
 
 
 
4.5
%
 
 
 
Core operating expense growth (year-over-year)
 
5.3
%
 
 
 
2.5
%
 
 
 
NOI growth (year-over-year)
 
3.8
%
 
 
 
5.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Average occupancy
 
96.0
%
 
96.0
%
 
96.3
%
 
95.8
%
 
Turnover rate
 
6.5
%
 
5.9
%
 
30.1
%
 
32.5
%
 
 
 
 
 
 
 
 
 
 
 
Rental rate growth (lease-over-lease):
 
 
 
 
 
 
 
 
 
Renewals
 
4.5
%
 
4.8
%
 
5.0
%
 
4.8
%
 
New leases
 
1.6
%
 
2.2
%
 
3.8
%
 
3.4
%
 
Blended
 
3.4
%
 
3.8
%
 
4.6
%
 
4.3
%
 
 
 
 
 
 
 
 
 
 
 

Same Store NOI
For the Same Store portfolio of 70,799 homes, fourth quarter 2019 Same Store NOI increased 3.8% year over year on Same Store Core revenue growth of 4.3% and Same Store Core operating expense growth of 5.3%.

FY 2019 Same Store NOI increased 5.6% year over year on Same Store Core revenue growth of 4.5% and Same Store Core operating expense growth of 2.5%.

Same Store Core Revenues
Fourth quarter 2019 Same Store Core revenue growth of 4.3% year over year was driven primarily by a 4.0% increase in average monthly rent and a 10.8% increase in other property income, net of resident recoveries. Same Store average occupancy was 96.0%, flat year over year.

FY 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
Fourth quarter 2019 Same Store Core operating expenses increased 5.3% year over year, driven primarily by higher repairs and maintenance expenses and property taxes, as expected.

FY 2019 Same Store Core operating expenses increased 2.5% year over year. Same Store controllable expenses, net of resident recoveries, decreased 3.3% year over year, driven most significantly by lower personnel and turnover expenses. Controllable expenses 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 6.5% year over year, driven primarily by higher property taxes.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 4

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Investment Management Activity
In the fourth quarter of 2019, Invitation Homes acquired 627 homes for $197 million, including estimated renovation costs, and sold 1,354 homes for gross proceeds of $372 million, resulting in a total portfolio home count of 79,505 homes as of December 31, 2019.

In FY 2019, the Company acquired 2,153 homes for $653 million, including estimated renovation costs, and sold 3,455 homes for gross proceeds of $900 million.

As previously announced, the Company intends to exit Nashville, its smallest market by home count, and focus on growing accretively in other high-growth markets where the Company has greater scale and density. In December 2019, the Company leveraged strong investor demand to close a bulk sale of 708 homes in Nashville, or 89% of its portfolio in that market at the time, for gross proceeds of $210 million. As of December 31, 2019, the Company owned 87 homes in Nashville, which will be marketed for sale across multiple disposition channels.

Balance Sheet and Capital Markets Activity
As of December 31, 2019, the Company had $1,092 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 December 31, 2019 was $8,518 million, consisting of $6,673 million of secured debt and $1,845 million of unsecured debt.

In Q4 2019, the Company used cash on hand, including proceeds from its bulk sale of homes in Nashville, to repay $199 million of secured debt that carried a weighted average interest rate of LIBOR + 201 basis points.

In Q4 2019, the Company issued 1,286,119 shares of common stock under its at-the-market equity agreement ("ATM Equity Program"), at an average price of $29.67 per share, for gross proceeds of $38 million. Proceeds were used primarily to acquire homes. $743 million of capacity remained under the ATM Equity Program as of December 31, 2019.

Net debt / annualized Adjusted EBITDAre declined to 8.0x at the end of 2019, down from 9.0x at the end of 2018.

Dividend
As previously announced, on January 30, 2020 the Company's Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock, representing a 15.4% increase over the prior quarterly dividend of $0.13 per share. The dividend will be paid on or before February 28, 2020 to stockholders of record as of the close of business on February 12, 2020.

Full Year 2020 Guidance Details
FY 2020 Guidance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FY 2020
 
FY 2019
 
 
 
Guidance
 
Actual
 
Core FFO per share – diluted
 
$1.27 - $1.35
 
$1.25
 
AFFO per share – diluted
 
$1.04 - $1.12
 
$1.03
 
 
 
 
 
 
 
Same Store Core revenue growth
 
3.75% - 4.25%
 
4.5%
 
Same Store Core operating expense growth
 
3.25% - 4.25%
 
2.5%
 
Same Store NOI growth
 
3.75% - 4.75%
 
5.6%
 
 
 
 
 
 
 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 5

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Bridge from FY 2019 Results to FY 2020 Guidance Midpoint
 
 
 
 
 
 
Core FFO/sh
 
FY 2019 reported result
 
$
1.25

 
 
 
 
 
Impact from settlement of 2019 Convertible Notes:
 
 
 
Interest expense
 
0.01

 
Share count
 
(0.01
)
 
Net impact of settlement of 2019 Convertible Notes
 

 
 
 
 
 
Impact from Q4 2019 Nashville bulk sale:
 
 
 
NOI
 
(0.02
)
 
Interest expense
 
0.01

 
Net impact of Q4 2019 Nashville bulk sale
 
(0.01
)
 
 
 
 
 
Impact from Changes in:
 
 
 
Same Store NOI (1)
 
0.08

 
Non-Same Store NOI, excluding Nashville bulk sale impact
 
0.04

 
Property management and G&A expense
 
(0.01
)
 
Financing costs (interest expense and share count), excluding 2019 Convertible Notes and Nashville bulk sale impact
 
(0.03
)
 
Other
 
(0.01
)
 
Total change, excluding 2019 Convertible Notes and Nashville bulk sale impact
 
0.07

 
 
 
 
 
FY 2020 guidance midpoint
 
$
1.31

 
 
 
 
 
(1)
Based on the 2020 Same Store pool, consisting of 73,046 homes as of January 2020.


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 expense, or a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core revenue growth, Same Store Core 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, February 19, 2020 to discuss results for the fourth quarter and full year 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 9650856. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through March 19, 2020 and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10138573, 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.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 6

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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 the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.

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 (the “Exchange Act”), which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources, and other non-historical statements, including without limitation the information under the heading “Full Year 2020 Guidance Details.” In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) and insurance costs, the Company's dependence on third parties for key services, risks related to the 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 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 other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims 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.
Q4 2019 Earnings Release and Supplemental Information — page 7

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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
December 31,
 
 
 
2019
 
2018
 
 
 
(unaudited)
 
 
 
Assets:
 
 
 
 
 
Investments in single-family residential properties, net
 
$
16,243,192

 
$
16,686,060

 
Cash and cash equivalents
 
92,258

 
144,940

 
Restricted cash
 
193,987

 
215,051

 
Goodwill
 
258,207

 
258,207

 
Other assets, net
 
605,266

 
759,170

 
Total assets
 
$
17,392,910

 
$
18,063,428

 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
Mortgage loans, net
 
$
6,238,461

 
$
7,201,654

 
Secured term loan, net
 
400,978

 

 
Term loan facility, net
 
1,493,747

 
1,490,860

 
Revolving facility
 

 

 
Convertible senior notes, net
 
334,299

 
557,301

 
Accounts payable and accrued expenses
 
186,110

 
169,603

 
Resident security deposits
 
147,787

 
148,995

 
Other liabilities
 
325,450

 
125,829

 
Total liabilities
 
9,126,832

 
9,694,242

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

 

 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 541,642,725 and 520,647,977 outstanding as of December 31, 2019 and 2018, respectively
 
5,416

 
5,206

 
Additional paid-in capital
 
9,010,194

 
8,629,462

 
Accumulated deficit
 
(524,588
)
 
(392,594
)
 
Accumulated other comprehensive loss
 
(276,600
)
 
(12,963
)
 
Total stockholders' equity
 
8,214,422

 
8,229,111

 
Non-controlling interests
 
51,656

 
140,075

 
Total equity
 
8,266,078

 
8,369,186

 
Total liabilities and equity
 
$
17,392,910

 
$
18,063,428

 
 
 
 
 
 
 
 
 
 
 
 
 



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 8

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Consolidated Statements of Operations
 
($ in thousands, except shares and per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
Q4 2019
 
Q4 2018
 
FY 2019
 
FY 2018
 
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenues and other property income
 
$
444,277

 
$
432,616

 
$
1,764,685

 
$
1,722,962

 
 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Property operating and maintenance
 
167,576

 
159,200

 
669,987

 
655,411

 
Property management expense
 
14,561

 
17,281

 
61,614

 
65,485

 
General and administrative
 
15,375

 
25,340

 
74,274

 
98,764

 
Interest expense
 
88,417

 
96,506

 
367,173

 
383,595

 
Depreciation and amortization
 
133,764

 
130,220

 
533,719

 
560,541

 
Impairment and other
 
6,940

 
7,343

 
18,743

 
20,819

 
Total expenses
 
426,633

 
435,890

 
1,725,510

 
1,784,615

 
 
 
 
 
 
 
 
 
 
 
Other, net
 
3,130

 
261

 
11,600

 
6,958

 
Gain on sale of property, net of tax
 
31,780

 
28,727

 
96,336

 
49,682

 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
52,554

 
25,714

 
147,111

 
(5,013
)
 
Net (income) loss attributable to non-controlling interests
 
(562
)
 
(446
)
 
(1,648
)
 
86

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
 
51,992

 
25,268

 
145,463

 
(4,927
)
 
Net income available to participating securities
 
(89
)
 
(190
)
 
(395
)
 
(817
)
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders — basic and diluted
 
$
51,903

 
$
25,078

 
$
145,068

 
$
(5,744
)
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding — basic
 
540,218,045

 
520,703,045

 
531,235,962

 
520,376,929

 
Weighted average common shares outstanding — diluted
 
541,505,031

 
520,844,475

 
532,499,787

 
520,376,929

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per common share — basic
 
$
0.10

 
$
0.05

 
$
0.27

 
$
(0.01
)
 
Net income (loss) per common share — diluted
 
$
0.10

 
$
0.05

 
$
0.27

 
$
(0.01
)
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.13

 
$
0.11

 
$
0.52

 
$
0.44

 
 
 
 
 
 
 
 
 
 
 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 9

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Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
FFO Reconciliation
 
Q4 2019
 
Q4 2018
 
FY 2019
 
FY 2018
 
Net income (loss) available to common stockholders
 
$
51,903

 
$
25,078

 
$
145,068

 
$
(5,744
)
 
Net income available to participating securities
 
89

 
190

 
395

 
817

 
Non-controlling interests
 
562

 
446

 
1,648

 
(86
)
 
Depreciation and amortization on real estate assets
 
132,637

 
129,282

 
529,205

 
549,505

 
Impairment on depreciated real estate investments
 
2,921

 
3,139

 
14,210

 
6,709

 
Net gain on sale of previously depreciated investments in real estate
 
(31,780
)
 
(28,727
)
 
(96,336
)
 
(49,682
)
 
FFO
 
$
156,332

 
$
129,408

 
$
594,190

 
$
501,519

 
 
 
 
 
 
 
 
 
 
 
Core FFO Reconciliation
 
Q4 2019
 
Q4 2018
 
FY 2019
 
FY 2018
 
FFO
 
$
156,332

 
$
129,408

 
$
594,190

 
$
501,519

 
Noncash interest expense
 
11,093

 
14,915

 
48,515

 
48,354

 
Share-based compensation expense
 
4,311

 
5,917

 
18,158

 
29,499

 
Offering related expenses
 
119

 

 
2,267

 

 
Merger and transaction-related expenses
 

 
4,953

 
4,347

 
22,962

 
Severance expense
 
240

 
1,946

 
8,465

 
8,238

 
Unrealized gains on investment in equity securities
 

 

 
(6,480
)
 

 
Casualty losses, net
 
4,019

 
4,204

 
4,533

 
14,110

 
Core FFO
 
$
176,114

 
$
161,343

 
$
673,995

 
$
624,682

 
 
 
 
 
 
 
 
 
 
 
AFFO Reconciliation
 
Q4 2019
 
Q4 2018
 
FY 2019
 
FY 2018
 
Core FFO
 
$
176,114

 
$
161,343

 
$
673,995

 
$
624,682

 
Recurring capital expenditures
 
(25,425
)
 
(29,093
)
 
(118,988
)
 
(122,733
)
 
Adjusted FFO
 
$
150,689

 
$
132,250

 
$
555,007

 
$
501,949

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding — diluted (1)
 
541,505,031
 
520,844,475

 
532,499,787

 
520,376,929

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per common share — diluted (1)
 
$
0.10

 
$
0.05

 
$
0.27

 
$
(0.01
)
 
 
 
 
 
 
 
 
 
 
 
FFO
 
 
 
 
 
 
 
 
 
FFO for per share calculation(1)
 
$
160,580

 
$
132,185

 
$
599,776

 
$
512,576

 
Weighted average common shares and OP Units outstanding — diluted (1)
 
561,243,645
 
543,351,057

 
545,150,847

 
543,063,802

 
 
 
 
 
 
 
 
 
 
 
FFO per share — diluted (1)
 
$
0.29

 
$
0.24

 
$
1.10

 
$
0.94

 
 
 
 
 
 
 
 
 
 
 
Core FFO and Adjusted FFO
 
 
 
 
 
 
 
 
 
Weighted average common shares and OP Units outstanding — diluted (2)
 
546,143,202
 
530,931,044

 
538,925,506

 
530,643,789

 
 
 
 
 
 

 
 
 
 
Core FFO per share — diluted (2)
 
$
0.32

 
$
0.30


$
1.25

 
$
1.18

 
AFFO per share — diluted (2)
 
$
0.28

 
$
0.25


$
1.03

 
$
0.95

 
 
 
 
 
 
 
 
 
 
 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 10

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(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 each relevant period in 2018 and 2019, and as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2019, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share.

In Q4 2019, treatment of the 2022 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, Q4 2019 net income per share does not treat the 2022 Convertible Notes as if converted. Q4 2019 FFO per share treats the 2022 Convertible Notes as if converted, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2022 Convertible Notes and adjusting shares outstanding in the denominator to include shares issuable on conversion of the 2022 Convertible Notes.

In Q4 2018, 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, Q4 2018 net income per share does not treat the 2019 Convertible Notes as if converted. Q4 2018 FFO per share treats the 2019 Convertible Notes as if converted, 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 issuable on conversion of the 2019 Convertible Notes.

In FY 2019, treatment of the 2019 Convertible Notes as if converted for the period in which they were outstanding, from January 1, 2019 through June 30, 2019, would be anti-dilutive to net income per share and dilutive to FFO per share. Treatment of the 2022 Convertible Notes as if converted would be anti-dilutive to both net income per share and FFO per share in FY 2019. As such, FY 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through December 31, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019, and does not treat the 2022 Convertible notes as if converted. FY 2019 FFO per share does not treat the 2022 Convertible Notes as if converted, but 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.

In FY 2018, 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, FY 2018 net income per share does not treat the 2019 Convertible Notes as if converted. FY 2018 FFO per share treats treats the 2019 Convertible Notes as if converted, 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 issuable on conversion of the 2019 Convertible Notes.

(2)
Core FFO and AFFO per share reflect the 2019 Convertible Notes and 2022 Convertible Notes in the form in which they were outstanding during each period.

As such, Q4 2019 Core FFO and AFFO reflect the conversion of the 2019 Convertible Notes, but do not treat the 2022 Convertible Notes as if converted.

FY 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through December 31, 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. The 2022 Convertible Notes are not treated as if converted.

Q4 2018 and FY 2018 Core FFO and AFFO do not reflect the conversion of any convertible notes.



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 11


Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Amounts for Net Income (Loss) (1)
 
Q4 2019
 
Q4 2018
 
FY 2019
 
FY 2018
 
Common shares — basic
 
540,218,045

 
520,703,045

 
531,235,962

 
520,376,929

 
Shares potentially issuable from vesting/conversion of equity-based awards
 
1,286,986

 
141,430

 
1,263,825

 

 
Total common shares — diluted
 
541,505,031

 
520,844,475

 
532,499,787

 
520,376,929

 
 
 
 
 
 
 
 
 
 
 
Weighted average amounts for FFO (1)
 
Q4 2019
 
Q4 2018
 
FY 2019
 
FY 2018
 
Common shares — basic
 
540,218,045

 
520,703,045

 
531,235,962

 
520,376,929

 
OP units — basic
 
4,202,415

 
9,036,578

 
5,940,757

 
9,116,476

 
Shares potentially issuable from vesting/conversion of equity-based awards
 
1,722,742

 
1,191,421

 
1,748,787

 
1,150,384

 
Shares issuable from Convertible Notes
 
15,100,443

 
12,420,013

 
6,225,341

 
12,420,013

 
Total common shares and units — diluted
 
561,243,645

 
543,351,057

 
545,150,847

 
543,063,802

 
 
 
 
 
 
 
 
 
 
 
Weighted average amounts for Core and AFFO (2)
 
Q4 2019
 
Q4 2018
 
FY 2019
 
FY 2018
 
Common shares — basic
 
540,218,045

 
520,703,045

 
531,235,962

 
520,376,929

 
OP units — basic
 
4,202,415

 
9,036,578

 
5,940,757

 
9,116,476

 
Shares potentially issuable from vesting/conversion of equity-based awards
 
1,722,742

 
1,191,421

 
1,748,787

 
1,150,384

 
Total common shares and units — diluted
 
546,143,202

 
530,931,044

 
538,925,506

 
530,643,789

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
Period end amounts for Core FFO, and AFFO
 
2019
 
 
 
 
 
 
 
Common shares
 
541,642,725

 
 
 
 
 
 
 
OP units
 
3,463,285

 
 
 
 
 
 
 
Shares potentially issuable from vesting/conversion of equity-based awards
 
1,254,434

 
 
 
 
 
 
 
Total common shares and units  diluted
 
546,360,444

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 each relevant period in 2018 and 2019, and as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2019, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. See "Supplemental Schedule 1," footnote (1), for more detail on the treatment of convertible notes in each specific period presented in the table.
(2)
Core FFO and AFFO per share reflect the 2019 Convertible Notes and 2022 Convertible Notes in the form in which they were outstanding during each period. See "Supplemental Schedule 1," footnote (2), for more detail on the treatment of convertible notes in each specific period presented in the table.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 12

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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — December 31, 2019
 
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wtd Avg
 
Wtd Avg
 
 
 
 
 
 
 
Interest
 
Years
 
Debt Structure
 
Balance
 
% of Total
 
Rate (1)
 
to Maturity (2)
 
Secured:
 
 
 
 
 
 
 
 
 
Fixed (3)
 
$
1,401,625

 
16.5
%
 
4.0
%
 
8.6

 
Floating — swapped to fixed
 
5,020,000

 
58.9
%
 
3.4
%
 
5.1

 
Floating
 
250,887

 
2.9
%
 
3.2
%
 
5.7

 
Total secured
 
6,672,512

 
78.3
%
 
3.5
%
 
5.9

 
 
 
 
 
 
 
 
 
 
 
Unsecured:
 
 
 
 
 
 
 
 
 
Fixed (Convertible)
 
345,000

 
4.1
%
 
3.5
%
 
2.0

 
Floating — swapped to fixed
 
1,500,000

 
17.6
%
 
3.6
%
 
2.1

 
Floating
 

 
%
 
%
 

 
Total unsecured
 
1,845,000

 
21.7
%
 
3.5
%
 
2.1

 
 
 
 
 
 
 
 
 
 
 
Total Debt:
 
 
 
 
 
 
 
 
 
Fixed + floating swapped to fixed (3)
 
8,266,625

 
97.1
%
 
3.5
%
 
5.0

 
Floating
 
250,887

 
2.9
%
 
3.2
%
 
5.7

 
Total debt
 
8,517,512

 
100.0
%
 
3.5
%
 
5.0

 
Unamortized discounts on notes payable
 
(13,342
)
 
 
 
 
 
 
 
Deferred financing costs
 
(36,685
)
 
 
 
 
 
 
 
Total Debt per Balance Sheet
 
8,467,485

 
 
 
 
 
 
 
Retained and repurchased certificates
 
(319,632
)
 
 
 
 
 
 
 
Cash, ex-security deposits (4)
 
(138,059
)
 
 
 
 
 
 
 
Deferred financing costs
 
36,685

 
 
 
 
 
 
 
Unamortized discounts on notes payable
 
13,342

 
 
 
 
 
 
 
Net debt
 
$
8,059,821

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Ratios
 
Q4 2019
 
 
 
 
 
 
 
Fixed charge coverage ratio
 
3.3
x
 
 
 
 
 
 
 
Net debt / annualized Adjusted EBITDAre
 
8.0
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes the impact of interest rate swaps in place and effective as of December 31, 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.
Q4 2019 Earnings Release and Supplemental Information — page 13

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Supplemental Schedule 2(c)
Debt Maturity Schedule — December 31, 2019
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving
 
 
 
 
 
 
 
Secured
 
Unsecured
 
Credit
 
 
 
% of
 
Debt Maturities, with Extensions (1)
 
Debt
 
Debt
 
Facility
 
Balance
 
Total
 
2020
 

 

 

 

 
%
 
2021
 

 

 

 

 
%
 
2022
 

 
1,845,000

 

 
1,845,000

 
21.7
%
 
2023
 
744,092

 

 

 
744,092

 
8.7
%
 
2024
 
624,475

 

 

 
624,475

 
7.4
%
 
2025
 
2,963,890

 

 

 
2,963,890

 
34.8
%
 
2026
 
938,430

 

 

 
938,430

 
11.0
%
 
2027
 
998,161

 

 

 
998,161

 
11.7
%
 
Thereafter
 
403,464

 

 

 
403,464

 
4.7
%
 
 
 
6,672,512

 
1,845,000

 

 
8,517,512

 
100.0
%
 
Unamortized discounts on notes payable
 
(2,641
)
 
(10,701
)
 

 
(13,342
)
 
 
 
Deferred financing costs
 
(30,432
)
 
(6,253
)
 

 
(36,685
)
 
 
 
Total per Balance Sheet
 
$
6,639,439

 
$
1,828,046

 
$

 
$
8,467,485

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Assumes all extension options are exercised.





















Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 14

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Supplemental Schedule 2(d)
Cost to Maturity of Debt as of December 31, 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
 
Swaps
 
Debt
 
Impact (2)
 
2020
 
$
8,517,512

 
2.9
%
 
76.6
%
 
20.5
%
 
97.1
%
 
1.4
%
 
2.2
%
 
3.9
%
 
3.7
%
 
2021
 
8,517,512

 
5.9
%
 
73.6
%
 
20.5
%
 
94.1
%
 
1.4
%
 
2.5
%
 
3.9
%
 
3.9
%
 
2022
 
6,838,745

 
2.8
%
 
76.5
%
 
20.7
%
 
97.2
%
 
1.4
%
 
2.7
%
 
4.0
%
 
4.1
%
 
2023
 
5,946,768

 
%
 
76.4
%
 
23.6
%
 
100.0
%
 
1.3
%
 
2.8
%
 
4.0
%
 
4.1
%
 
2024
 
5,890,883

 
%
 
76.2
%
 
23.8
%
 
100.0
%
 
1.3
%
 
2.8
%
 
4.0
%
 
4.1
%
 
2025
 
3,538,935

 
16.9
%
 
43.5
%
 
39.6
%
 
83.1
%
 
1.4
%
 
3.0
%
 
4.0
%
 
4.0
%
 
2026
 
1,424,764

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

 
4.0
%
 
4.0
%
 
2027
 
841,014

 
%
 
%
 
100.0
%
 
100.0
%
 
N/A

 
N/A

 
3.9
%
 
3.9
%
 
2028
 
403,464

 
%
 
%
 
100.0
%
 
100.0
%
 
N/A

 
N/A

 
3.6
%
 
3.6
%
 
Thereafter(3)
 
403,464

 
%
 
%
 
100.0
%
 
100.0
%
 
N/A

 
N/A

 
3.6
%
 
3.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
In each period, represents December 31, 2019 debt that remains outstanding assuming all debt is held until final maturity with all extension options exercised.
(2)
Assumes December 31, 2019 LIBOR rate of 1.76% 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 December 31, 2019, as well as the rate for 30-day LIBOR as of December 31, 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.
Q4 2019 Earnings Release and Supplemental Information — page 15

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Supplemental Schedule 3(a)
Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Homes, period-end
 
Q4 2019
 
 
 
 
 
 
 
 
 
 
 
Total portfolio
 
79,505

 
 
 
 
 
 
 
 
 
 
 
Same Store portfolio
 
70,799

 
 
 
 
 
 
 
 
 
 
 
Same Store % of Total
 
89.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Revenues
 
Q4 2019
 
Q4 2018
 
Change YoY
 
FY 2019
 
FY 2018
 
Change YoY
 
Total portfolio
 
$
425,929

 
$
417,886

 
1.9
%
 
$
1,692,291

 
$
1,665,591

 
1.6
 %
 
Same Store portfolio
 
386,674

 
370,744

 
4.3
%
 
1,525,522

 
1,459,726

 
4.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Core Operating expenses
 
Q4 2019
 
Q4 2018
 
Change YoY
 
FY 2019
 
FY 2018
 
Change YoY
 
Total portfolio
 
$
149,228

 
$
144,470

 
3.3
%
 
$
597,593

 
$
598,040

 
(0.1
)%
 
Same Store portfolio
 
133,125

 
126,408

 
5.3
%
 
528,414

 
515,313

 
2.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
Q4 2019
 
Q4 2018
 
Change YoY
 
FY 2019
 
FY 2018
 
Change YoY
 
Total portfolio
 
$
276,701

 
$
273,416

 
1.2
%
 
$
1,094,698

 
$
1,067,551

 
2.5
 %
 
Same Store portfolio
 
253,549

 
244,336

 
3.8
%
 
997,108

 
944,413

 
5.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2019 Earnings Release and Supplemental Information — page 16

402858867_logo_horizontala13.jpg

Supplemental Schedule 3(b)
Same Store Portfolio Operating Detail
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change
 
 
 
Change
 
 
 
 
 
Change
 
 
Q4 2019
 
Q4 2018
 
YoY
 
Q3 2019
 
Seq
 
FY 2019
 
FY 2018
 
YoY
 
Revenues: