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Section 1: 8-K (8-K)

Document
false0001687229 0001687229 2020-05-06 2020-05-06


 
 
 
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): May 6, 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 May 6, 2020, Invitation Homes Inc. (the "Company") issued a press release announcing the results of the Company’s operations for the quarter ended March 31, 2020. 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 May 7, 2020, announcing results for the quarter ended March 31, 2020.
 
 
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
 
 
 
May 6, 2020




(Back To Top)

Section 2: EX-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.
Q1 2020 Earnings Release and Supplemental Information — page 1

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Earnings Press Release

Invitation Homes Reports First Quarter 2020 Results
Dallas, TX, May 6, 2020 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its first quarter 2020 financial and operating results.

First Quarter 2020 Highlights
Year over year, total revenues increased 3.3% to $450 million, total property operating and maintenance expenses increased 4.1% to $167 million, net income attributable to common stockholders increased 140.7% to $50 million, and net income per diluted common share increased 130.9% to $0.09.
Year over year, Core FFO per share increased 4.4% to $0.34, and AFFO per share increased 5.1% to $0.29.
Same Store NOI grew 4.0% year over year on 4.5% Same Store Core revenue growth and 5.3% Same Store Core operating expense growth.
Same Store average occupancy was 96.7%, up 20 bps year over year.
Same Store renewal rent growth of 4.3% and Same Store new lease rent growth of 1.7% drove Same Store blended rent growth of 3.4%.

COVID-19 Update
With the safety and wellbeing of its residents and associates being Invitation Homes' highest priority, the Company began taking proactive measures in March 2020 in response to the COVID-19 pandemic. These health and safety measures include:
Observation of social distancing and sanitary best practices throughout all operations.
Reliance on self-tours to show homes.
Deferral of non-critical service trips.
Implementation of financial and health care benefits to support associates who may have been exposed to COVID-19.

In addition, to act on its core values of "Genuine Care" and "Standout Citizenship," the Company began working in March to find appropriate solutions for residents experiencing financial hardship, including:
A voluntary moratorium on evictions.
The creation of payment plans, without late fees, for residents requiring flexibility to meet rental obligations over time.

The Company has also taken measures to maximize operating and financial results, further enhance its favorable liquidity position, and mitigate risk related to COVID-19. These measures, and their resulting impact to operations since the end of the first quarter of 2020, include the following:
Resident satisfaction survey scores have continued climbing, as the Company acted early to implement and communicate COVID-19-specific safety protocols, and continued to serve residents' needs when safe to do so.
Same Store average occupancy increased to a record-high 97.2% in April, up 60 basis points year over year, and up 30 basis points from March, as the Company adjusted its revenue management strategy to further prioritize occupancy. Including the impact of concessions, blended lease-over-lease rent growth was 3.2% in April.
The Company's rent collection rate in April was over 95% of historical average, and less than 2% of residents elected to defer a portion of their rent in April. For May, the rent collection rate improved to over 100% of the pre-COVID-19 historical average through the first five days of the month, and almost 109% of April's pace through day five.
As of April 30, 2020, the Company had liquidity of $1,075 million through a combination of unrestricted cash and undrawn capacity on its credit facility, no debt maturing prior to 2022, and only $19 million of commitments in its acquisition pipeline. Disposition channels have remained open, with $31 million of sales closed in April, and another $59 million under contract. Unencumbered homes increased to 51% of total homes, as of April 30, 2020.
In March, to further mitigate risk, the Company increased its unrestricted cash working capital balance by partially drawing on its revolving line of credit. In addition, the Company has temporarily paused placing new acquisitions under contract, but continues to monitor the housing market for the opportune time to resume acquisition activity.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 2

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President & Chief Executive Officer Dallas Tanner comments: "We are very pleased with both our first quarter results and the efforts of our team in the new operating environment we have entered as a result of the COVID-19 pandemic. Our mission statement, "Together with you, we make a house a home," resonates now more than ever. We are proud to provide safe homes and genuine care that bring comfort to the lives of thousands of families in these trying times.

"The health and safety of our residents, associates, partners, and communities remains our number one priority. Since early March, our management team and COVID-19 task force have engaged in continuous discussion and implementation of efforts to support the wellbeing of our many stakeholders. Our teams have done an exceptional job adapting to challenges around them to continue caring for residents while going above and beyond to protect public health.

"The last two months have confirmed for me the strength and resiliency of our people and the platform we have built. I am confident that Invitation Homes will emerge from the pandemic on course to grow toward a bright future. In the meantime, I am very happy with how we have navigated and performed through this period of near-term uncertainty so far, and believe we are well-prepared for a variety of potential scenarios that may play out with respect to public health and the broader economy. We entered the pandemic from a position of strength. April occupancy was an all-time high, and rent collections and leasing velocity have remained healthy thus far. We operate a high-margin business, and we have over $1 billion of available liquidity, with no debt maturing until 2022 and minimal near-term investing commitments. As disciplined stewards of capital, we are committed to mitigating risk in today's environment, but will remain nimble and ready to grow when the time is right."

Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
 
 
 
 
 
 
 
 
 
Q1 2020
 
Q1 2019
 
 
Net income (1)
 
$
0.09

 
$
0.04

 
 
FFO (1)
 
0.31

 
0.26

 
 
Core FFO (2)
 
0.34

 
0.33

 
 
AFFO (2)
 
0.29

 
0.28

 
 
 
 
 
 
 
 
 
(1)
In accordance with GAAP and Nareit guidelines, net income 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 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 and 2020, unless such treatment is anti-dilutive to net income 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
Net income per share in the first quarter of 2020 was $0.09, compared to net income per share of $0.04 in the first quarter of 2019. Total revenues and total property operating and maintenance expenses in the first quarter of 2020 were $450 million and $167 million, respectively, compared to $436 million and $160 million, respectively, in the first quarter of 2019.

Core FFO
Year over year, Core FFO per share in the first quarter of 2020 increased 4.4% to $0.34, primarily due to growth in Same Store NOI. Lower adjusted property management expenses and lower adjusted general and administrative expenses also contributed to the year over year increase in Core FFO per share.

AFFO
Year over year, AFFO per share in the first quarter of 2020 increased 5.1% to $0.29, primarily due to the increase in Core FFO per share described above.



Q2 2018 Earnings Release and Supplemental Information - page 3


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Operating Results
Same Store Operating Results Snapshot
 
 
 
 
 
 
 
Number of homes in Same Store portfolio:
 
72,707

 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2020
 
Q1 2019
 
 
Core revenue growth (year-over-year)
 
4.5
%
 
 
 
 
Core operating expense growth (year-over-year)
 
5.3
%
 
 
 
 
NOI growth (year-over-year)
 
4.0
%
 
 
 
 
 
 
 
 
 
 
 
Average occupancy
 
96.7
%
 
96.5
%
 
 
Turnover rate
 
6.3
%
 
6.3
%
 
 
 
 
 
 
 
 
 
Rental rate growth (lease-over-lease):
 
 
 
 
 
 
Renewals
 
4.3
%
 
5.2
%
 
 
New leases
 
1.7
%
 
3.7
%
 
 
Blended
 
3.4
%
 
4.7
%
 
 
 
 
 
 
 
 
 

Same Store NOI
For the Same Store portfolio of 72,707 homes, first quarter 2020 Same Store NOI increased 4.0% year over year on Same Store Core revenue growth of 4.5% and Same Store Core operating expense growth of 5.3%.

Same Store Core Revenues
First quarter 2020 Same Store Core revenue growth of 4.5% year over year was driven by a 3.9% increase in average monthly rent, a 20 basis point increase in average occupancy to 96.7%, and a 13.5% increase in other property income, net of resident recoveries.

Same Store Core Operating Expenses
First quarter 2020 Same Store Core operating expenses increased 5.3% year over year, driven primarily by higher property taxes, higher repairs and maintenance expenses, and higher turnover expenses.

Investment Management Activity
In the first quarter of 2020, Invitation Homes acquired 504 homes for $154 million, including estimated renovation costs, and sold 484 homes for gross proceeds of $132 million, resulting in a total portfolio home count of 79,525 homes as of March 31, 2020.

Subsequent to quarter end, the Company closed $28 million of acquisitions in April, and has $19 million of acquisitions under contract expected to close between May and October. The Company also closed $31 million of dispositions in April, and has $59 million of dispositions under contract expected to close between May and July.

Balance Sheet and Capital Markets Activity
In the first quarter of 2020, the Company issued 1,872,066 shares of common stock in trades executed through the first week of March under its at-the-market equity agreement ("ATM Equity Program"), at an average price of $30.36 per share, for gross proceeds of $57 million. Proceeds were used primarily to acquire homes. $686 million of capacity remained under the ATM Equity Program as of March 31, 2020. The Company has not issued any shares of common stock subsequent to March 31, 2020.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 4

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In addition, the Company prepaid $107 million of secured debt in the first quarter of 2020 with cash generated from operations and dispositions. The debt prepaid in the first quarter carried a weighted average interest rate of LIBOR + 190 bps.

In March 2020, the Company increased its borrowings under its revolving credit facility to $270 million, out of an abundance of caution amid the COVID-19 pandemic. $730 million of additional capacity remains available through the credit facility, and the Company has considerable cushion with respect to the facility's covenants. Total unrestricted cash increased by $205 million from year-end, while total debt increased by only $163 million in spite of the increased revolver balance, as debt drawn from the credit facility was partially offset by the aforementioned paydown of higher cost secured debt earlier in the quarter. Through a combination of unrestricted cash and undrawn capacity on its credit facility, the Company had $1,027 million in available liquidity as of March 31, 2020.

The Company has no debt reaching final maturity before 2022, and weighted average years to maturity was 4.7 years as of March 31, 2020. Total indebtedness as of March 31, 2020 was $8,680 million, consisting of $6,565 million of secured debt and $2,115 million of unsecured debt. 51% of the Company's homes were unencumbered at March 31, 2020, and net debt / TTM Adjusted EBITDAre at March 31, 2020 was 8.0x, down from 8.1x at December 31, 2019.

Dividend
As previously announced on May 1, 2020, the Company's Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock. The dividend will be paid on or before May 29, 2020 to stockholders of record as of the close of business on May 13, 2020.

Full Year 2020 Guidance Update
Due to uncertainty regarding the future economic impact of the COVID-19 pandemic, the Company no longer believes it is appropriate to provide FY 2020 guidance, and is withdrawing its previously issued guidance. The Company anticipates resuming its practice of providing full year guidance when there is sufficient clarity on economic conditions.

Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on May 7, 2020 to discuss results for the first quarter 2020. The domestic dial-in number is 1-888-317-6003, and the international dial-in number is 1-412-317-6061. The passcode is 9085269. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through June 7, 2020 and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the replay passcode 10142486, 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 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

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 5

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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 Update.” 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, risks related to the Company's indebtedness, and risks related to the potential negative impact of the outbreak of the novel coronavirus strain, known as COVID-19, on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. The extent to which COVID-19 impacts the Company will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity, and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic, containment measures, monetary and/or fiscal policies implemented to provide support or relief to businesses and/or residents, and other government, regulatory, and/or legislative changes precipitated by the COVID-19 pandemic, among others. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Moreover, many of these factors have been heightened as a result of the ongoing and numerous adverse impacts of COVID-19. 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, 2019, 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.
Q1 2020 Earnings Release and Supplemental Information — page 6

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Consolidated Balance Sheets
($ in thousands, except shares and per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
December 31,
 
 
 
2020
 
2019
 
 
 
(unaudited)
 
 
 
Assets:
 
 
 
 
 
Investments in single-family residential properties, net
 
$
16,216,490

 
$
16,243,192

 
Cash and cash equivalents
 
297,060

 
92,258

 
Restricted cash
 
218,735

 
193,987

 
Goodwill
 
258,207

 
258,207

 
Other assets, net
 
602,853

 
605,266

 
Total assets
 
$
17,593,345

 
$
17,392,910

 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
Mortgage loans, net
 
$
6,137,744

 
$
6,238,461

 
Secured term loan, net
 
401,033

 
400,978

 
Term loan facility, net
 
1,494,469

 
1,493,747

 
Revolving facility
 
270,000

 

 
Convertible senior notes, net
 
335,559

 
334,299

 
Accounts payable and accrued expenses
 
180,222

 
186,110

 
Resident security deposits
 
150,160

 
147,787

 
Other liabilities
 
666,031

 
325,450

 
Total liabilities
 
9,635,218

 
9,126,832

 
 
 
 
 
 
 
Equity:
 
 
 
 
 
Stockholders' equity
 
 
 
 
 
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2020 and December 31, 2019
 

 

 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 543,767,445 and 541,642,725 outstanding as of March 31, 2020 and December 31, 2019, respectively
 
5,438

 
5,416

 
Additional paid-in capital
 
9,066,512

 
9,010,194

 
Accumulated deficit
 
(556,305
)
 
(524,588
)
 
Accumulated other comprehensive loss
 
(607,402
)
 
(276,600
)
 
Total stockholders' equity
 
7,908,243

 
8,214,422

 
Non-controlling interests
 
49,884

 
51,656

 
Total equity
 
7,958,127

 
8,266,078

 
Total liabilities and equity
 
$
17,593,345

 
$
17,392,910

 
 
 
 
 
 
 
 
 
 
 
 
 



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 7

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Consolidated Statements of Operations
 
($ in thousands, except shares and per share amounts) (unaudited)
 
 
 
 
 
 
 
 
 
 
Q1 2020
 
Q1 2019
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
Rental revenues
 
$
414,466

 
$
405,515

 
 
Other property income
 
35,323

 
29,985

 
 
Rental revenues and other property income
 
$
449,789

 
$
435,500

 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
Property operating and maintenance
 
166,916

 
160,346

 
 
Property management expense
 
14,372

 
15,160

 
 
General and administrative
 
14,228

 
26,538

 
 
Interest expense
 
84,757

 
93,983

 
 
Depreciation and amortization
 
135,027

 
133,609

 
 
Impairment and other
 
3,127

 
5,392

 
 
Total expenses
 
418,427

 
435,028

 
 
 
 
 
 
 
 
 
Other, net
 
3,714

 
3,125

 
 
Gain on sale of property, net of tax
 
15,200

 
17,572

 
 
 
 
 
 
 
 
 
Net income
 
50,276

 
21,169

 
 
Net income attributable to non-controlling interests
 
(320
)
 
(347
)
 
 
 
 
 
 
 
 
 
Net income attributable to common stockholders
 
49,956

 
20,822

 
 
Net income available to participating securities
 
(102
)
 
(106
)
 
 
 
 
 
 
 
 
 
Net income available to common stockholders — basic and diluted
 
$
49,854

 
$
20,716

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding — basic
 
542,549,512

 
521,440,822

 
 
Weighted average common shares outstanding — diluted
 
543,904,420

 
521,871,494

 
 
 
 
 
 
 
 
 
Net income per common share — basic
 
$
0.09

 
$
0.04

 
 
Net income per common share — diluted
 
$
0.09

 
$
0.04

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.15

 
$
0.13

 
 
 
 
 
 
 
 
 



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 8

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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
 
Q1 2020
 
Q1 2019
 
 
Net income available to common stockholders
 
$
49,854

 
$
20,716

 
 
Net income available to participating securities
 
102

 
106

 
 
Non-controlling interests
 
320

 
347

 
 
Depreciation and amortization on real estate assets
 
133,914

 
132,520

 
 
Impairment on depreciated real estate investments
 
2,471

 
3,253

 
 
Net gain on sale of previously depreciated investments in real estate
 
(15,200
)
 
(17,572
)
 
 
FFO
 
$
171,461

 
$
139,370

 
 
 
 
 
 
 
 
 
Core FFO Reconciliation
 
Q1 2020
 
Q1 2019
 
 
FFO
 
$
171,461

 
$
139,370

 
 
Noncash interest expense
 
10,391

 
14,865

 
 
Share-based compensation expense
 
4,101

 
5,607

 
 
Offering related expenses
 

 
1,543

 
 
Merger and transaction-related expenses
 

 
2,795

 
 
Severance expense
 

 
6,969

 
 
Unrealized gains on investment in equity securities
 
(34
)
 

 
 
Casualty losses, net
 
656

 
2,139

 
 
Core FFO
 
$
186,575

 
$
173,288

 
 
 
 
 
 
 
 
 
AFFO Reconciliation
 
Q1 2020
 
Q1 2019
 
 
Core FFO
 
$
186,575

 
$
173,288

 
 
Recurring capital expenditures
 
(25,988
)
 
(25,111
)
 
 
Adjusted FFO
 
$
160,587

 
$
148,177

 
 
 
 
 
 
 
 
 
Net income available to common stockholders
 
 
 
 
 
 
Weighted average common shares outstanding — diluted (1)
 
543,904,420
 
521,817,494

 
 
 
 
 
 
 
 
 
Net income per common share — diluted (1)
 
$
0.09

 
$
0.04

 
 
 
 
 
 
 
 
 
FFO
 
 
 
 
 
 
FFO for per share calculation(1)
 
$
175,740

 
$
142,173

 
 
Weighted average common shares and OP Units outstanding — diluted (1)
 
562,886,872
 
543,717,533

 
 
 
 
 
 
 
 
 
FFO per share — diluted (1)
 
$
0.31

 
$
0.26

 
 
 
 
 
 
 
 
 
Core FFO and Adjusted FFO
 
 
 
 
 
 
Weighted average common shares and OP Units outstanding — diluted (2)
 
547,786,429
 
531,226,791

 
 
 
 
 
 
 

 
Core FFO per share — diluted (2)
 
$
0.34

 
$
0.33


 
AFFO per share — diluted (2)
 
$
0.29

 
$
0.28


 
 
 
 
 
 
 
 



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 9

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(1)
In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 2019 Convertible Notes were converted to common shares at the beginning of 2019, and as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2019 and 2020, unless such treatment is anti-dilutive to net income per share or FFO per share.

In Q1 2020, 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, Q1 2020 net income per share does not treat the 2022 Convertible Notes as if converted. Q1 2020 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 Q1 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. Treatment of the 2022 Convertible Notes as if converted would be anti-dilutive to both net income per share and FFO per share. As such, Q1 2019 net income per share treats neither the 2019 Convertible Notes nor the 2022 Convertible Notes as if converted. Q1 2019 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, but does not treat the 2022 Convertible Notes as if converted.

(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, Q1 2020 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes, but do not treat the 2022 Convertible Notes as if converted.

Q1 2019 Core FFO and AFFO per share treat neither the 2019 Convertible Notes nor the 2022 Convertible Notes as if converted.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 10


Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Amounts for Net Income (1)
 
Q1 2020
 
Q1 2019
 
 
Common shares — basic
 
542,549,512

 
521,440,822

 
 
Shares potentially issuable from vesting/conversion of equity-based awards
 
1,354,908

 
376,672

 
 
Total common shares — diluted
 
543,904,420

 
521,817,494

 
 
 
 
 
 
 
 
 
Weighted average amounts for FFO (1)
 
Q1 2020
 
Q1 2019
 
 
Common shares — basic
 
542,549,512

 
521,440,822

 
 
OP units — basic
 
3,463,285

 
8,688,586

 
 
Shares potentially issuable from vesting/conversion of equity-based awards
 
1,773,632

 
1,097,383

 
 
Shares issuable from Convertible Notes
 
15,100,443

 
12,490,742

 
 
Total common shares and units — diluted
 
562,886,872

 
543,717,533

 
 
 
 
 
 
 
 
 
Weighted average amounts for Core and AFFO (2)
 
Q1 2020
 
Q1 2019
 
 
Common shares — basic
 
542,549,512

 
521,440,822

 
 
OP units — basic
 
3,463,285

 
8,688,586

 
 
Shares potentially issuable from vesting/conversion of equity-based awards
 
1,773,632

 
1,097,383

 
 
Total common shares and units — diluted
 
547,786,429

 
531,226,791

 
 
 
 
 
 
 
 
 
 
 
March 31,
 
 
 
 
Period end amounts for Core FFO, and AFFO
 
2020
 
 
 
 
Common shares
 
543,767,445

 
 
 
 
OP units
 
3,463,285

 
 
 
 
Shares potentially issuable from vesting/conversion of equity-based awards
 
935,727

 
 
 
 
Total common shares and units  diluted
 
548,166,457

 
 
 
 
 
 
 
 
 
 
 
(1)
In accordance with GAAP and Nareit guidelines, net income per share and FFO per share are calculated as if the 2019 Convertible Notes were converted to common shares at the beginning of 2019, and as if the 2022 Convertible Notes were converted to common shares at the beginning of each relevant period in 2019 and 2020, unless such treatment is anti-dilutive to net income 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.
Q1 2020 Earnings Release and Supplemental Information — page 11

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Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — March 31, 2020
 
($ in thousands) (unaudited)
 
 
 
 
 
 
Wtd Avg
 
Wtd Avg
 
 
 
 
 
 
 
Interest
 
Years
 
Debt Structure
 
Balance
 
% of Total
 
Rate (1)
 
to Maturity (2)
 
Secured:
 
 
 
 
 
 
 
 
 
Fixed (3)
 
$
1,401,497

 
16.1
%
 
4.0
%
 
8.3

 
Floating — swapped to fixed
 
5,020,000

 
57.8
%
 
3.5
%
 
4.9

 
Floating
 
143,628

 
1.7
%
 
2.4
%
 
5.5

 
Total secured
 
6,565,125

 
75.6
%
 
3.6
%
 
5.6

 
 
 
 
 
 
 
 
 
 
 
Unsecured:
 
 
 
 
 
 
 
 
 
Fixed (Convertible)
 
345,000

 
4.0
%
 
3.5
%
 
1.8

 
Floating — swapped to fixed
 
1,500,000

 
17.3
%
 
3.6
%
 
1.9

 
Floating
 
270,000

 
3.1
%
 
2.7
%
 
1.9

 
Total unsecured
 
2,115,000

 
24.4
%
 
3.4
%
 
1.8

 
 
 
 
 
 
 
 
 
 
 
Total Debt:
 
 
 
 
 
 
 
 
 
Fixed + floating swapped to fixed (3)
 
8,266,497

 
95.2
%
 
3.6
%
 
4.8

 
Floating
 
413,628

 
4.8
%
 
2.6
%
 
3.1

 
Total debt
 
8,680,125

 
100.0
%
 
3.5
%
 
4.7

 
Unamortized discounts on notes payable
 
(11,994
)
 
 
 
 
 
 
 
Deferred financing costs, net
 
(29,326
)
 
 
 
 
 
 
 
Total Debt per Balance Sheet
 
8,638,805

 
 
 
 
 
 
 
Retained and repurchased certificates
 
(314,093
)
 
 
 
 
 
 
 
Cash, ex-security deposits (4)
 
(365,175
)
 
 
 
 
 
 
 
Deferred financing costs, net
 
29,326

 
 
 
 
 
 
 
Unamortized discounts on notes payable
 
11,994

 
 
 
 
 
 
 
Net debt
 
$
8,000,857

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Ratios
 
Mar 31, 2020
 
 
 
 
 
 
 
Net debt / TTM Adjusted EBITDAre
 
8.0
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Facility Covenant Compliance (5)
 
Mar 31, 2020
 
Covenant Limit
 
 
 
Total leverage ratio
 
33.5
%
 
65.0%

(maximum)
 
 
 
Secured leverage ratio
 
24.5
%
 
55.0%

(maximum)
 
 
 
Unencumbered leverage ratio
 
13.2
%
 
65.0%

(maximum)
 
 
 
Fixed charge coverage ratio
 
3.6x

 
1.5x

(minimum)
 
 
 
Unencumbered fixed charge coverage ratio
 
7.1x

 
1.5x

(minimum)
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes the impact of interest rate swaps in place and effective as of March 31, 2020.
(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.
(5)
Covenant calculations are specifically defined in the Company's Revolving Credit and Term Loan Agreement, and summarized in the "Glossary and Reconciliations" section of this report.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 12

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

 

 

 

 
%
 
2021
 

 

 

 

 
%
 
2022
 

 
1,845,000

 
270,000

 
2,115,000

 
24.5
%
 
2023
 
739,955

 

 

 
739,955

 
8.5
%
 
2024
 
619,596

 

 

 
619,596

 
7.1
%
 
2025
 
2,872,227

 

 

 
2,872,227

 
33.1
%
 
2026
 
931,849

 

 

 
931,849

 
10.7
%
 
2027
 
998,034

 

 

 
998,034

 
11.5
%
 
Thereafter
 
403,464

 

 

 
403,464

 
4.6
%
 
 
 
6,565,125

 
1,845,000

 
270,000

 
8,680,125

 
100.0
%
 
Unamortized discounts on notes payable
 
(2,553
)
 
(9,441
)
 

 
(11,994
)
 
 
 
Deferred financing costs, net
 
(23,795
)
 
(5,531
)
 

 
(29,326
)
 
 
 
Total per Balance Sheet
 
$
6,538,777

 
$
1,830,028

 
$
270,000

 
$
8,638,805

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Assumes all extension options are exercised.





















Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 13

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Supplemental Schedule 2(d)
Cost to Maturity of Debt as of March 31, 2020
($ 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)
 
2Q-4Q20
 
$
8,680,125

 
4.8
%
 
75.1
%
 
20.1
%
 
95.2
%
 
1.4
%
 
2.3
%
 
3.9
%
 
3.7
%
 
2021
 
8,680,125

 
7.7
%
 
72.2
%
 
20.1
%
 
92.3
%
 
1.4
%
 
2.5
%
 
3.9
%
 
3.8
%
 
2022
 
6,758,727

 
1.6
%
 
77.5
%
 
20.9
%
 
98.4
%
 
1.3
%
 
2.7
%
 
4.0
%
 
4.0
%
 
2023
 
5,843,414

 
%
 
76.4
%
 
23.6
%
 
100.0
%
 
1.3
%
 
2.8
%
 
4.0
%
 
4.1
%
 
2024
 
5,787,925

 
%
 
76.2
%
 
23.8
%
 
100.0
%
 
1.3
%
 
2.8
%
 
4.0
%
 
4.1
%
 
2025
 
3,488,885

 
15.7
%
 
44.1
%
 
40.2
%
 
84.3
%
 
1.4
%
 
3.0
%
 
4.0
%
 
3.9
%
 
2026
 
1,424,473

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

 
4.0
%
 
4.0
%
 
2027
 
840,957

 
%
 
%
 
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 March 31, 2020 debt that remains outstanding assuming all debt is held until final maturity with all extension options exercised.
(2)
Assumes March 31, 2020 LIBOR rate of 0.99% 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 March 31, 2020, as well as the rate for 30-day LIBOR as of March 31, 2020. 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.
Q1 2020 Earnings Release and Supplemental Information — page 14

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Supplemental Schedule 3(a)
Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
Number of Homes, period-end
 
Q1 2020
 
Q1 2019
 
 
 
 
Total portfolio
 
79,525

 
80,361

 
 
 
 
Same Store portfolio
 
72,707

 
 
 
 
 
 
Same Store % of Total
 
91.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Revenues
 
Q1 2020
 
Q1 2019
 
Change YoY
 
 
Total portfolio
 
$
429,748

 
$
418,954

 
2.6
%
 
 
Same Store portfolio
 
402,294

 
385,123

 
4.5
%
 
 
 
 
 
 
 
 
 
 
 
Core Operating expenses
 
Q1 2020
 
Q1 2019
 
Change YoY
 
 
Total portfolio
 
$
146,875

 
$
143,800

 
2.1
%
 
 
Same Store portfolio
 
135,269

 
128,408

 
5.3
%
 
 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
Q1 2020
 
Q1 2019
 
Change YoY
 
 
Total portfolio
 
$
282,873

 
$
275,154

 
2.8
%
 
 
Same Store portfolio
 
267,025

 
256,715

 
4.0
%
 
 
 
 
 
 
 
 
 
 
 




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 15

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Supplemental Schedule 3(b)
Same Store Portfolio Operating Detail
($ in thousands) (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change
 
 
 
Change
 
 
 
Q1 2020
 
Q1 2019
 
YoY
 
Q4 2019
 
Seq
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Rental revenues
$
388,447

 
$
372,919

 
4.2
 %
 
$
383,351

 
1.3
 %
 
 
Other property income (1)
32,623

 
27,292

 
19.5
 %
 
31,308

 
4.2
 %
 
 
Total revenues
421,070

 
400,211

 
5.2
 %
 
414,659

 
1.5
 %
 
 
Less: Resident recoveries (1)
(18,776
)
 
(15,088
)
 
24.4
 %
 
(17,288
)
 
8.6
 %
 
 
Core revenues
402,294

 
385,123

 
4.5
 %
 
397,371

 
1.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Expenses:

 

 

 
 
 
 
 
 
Property taxes
69,603

 
66,319

 
5.0
 %
 
69,483

 
0.2
 %
 
 
Insurance expenses
7,927

 
7,515

 
5.5
 %
 
7,991

 
(0.8
)%
 
 
HOA expenses, net
8,251

 
8,496

 
(2.9
)%
 
8,056

 
2.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Controllable Expenses:
 
 
 
 
 
 
 
 
 
 
 
Repairs and maintenance (2)
20,199

 
17,024

 
18.7
 %
 
20,528

 
(1.6
)%
 
 
Personnel
15,139

 
16,236

 
(6.8
)%
 
14,608

 
3.6
 %
 
 
Turnover (2)
10,008

 
8,397

 
19.2
 %
 
10,121

 
(1.1
)%
 
 
Utilities (1)
17,597

 
14,496

 
21.4
 %
 
17,573

 
0.1
 %
 
 
Leasing and marketing (3)
2,858

 
2,690

 
6.2
 %
 
2,904

 
(1.6
)%
 
 
Property administrative
2,463

 
2,323

 
6.0
 %
 
2,277

 
8.2
 %
 
 
Property operating and maintenance expenses
154,045

 
143,496

 
7.4
 %
 
153,541

 
0.3
 %
 
 
Less: Resident recoveries (1)
(18,776
)
 
(15,088
)
 
24.4
 %
 
(17,288
)
 
8.6
 %
 
 
Core operating expenses
135,269

 
128,408

 
5.3
 %
 
136,253

 
(0.7
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Operating Income
$
267,025

 
$
256,715

 
4.0
 %
 
$
261,118

 
2.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The year-over-year increases in other property income, utilities, and resident recoveries are primarily attributable to an ongoing transition in utility billing policy. Residents continue to be responsible for costs associated with their water, sewer, and waste removal services, but providers of these services now invoice Invitation Homes rather than the resident for payment. Invitation Homes pays the utility provider, and subsequently bills the resident for reimbursement, resulting in materially higher utility expense that is offset by materially higher resident recoveries.
(2)
See "Supplemental Schedule 6" for additional detail related to the Company's cost to maintain, which includes both the expensed and capitalized portions of repairs & maintenance and turnover spend.
(3)
Same Store leasing and marketing expense includes amortization of leasing commissions of $2,600, $2,428, and $2,645 for Q1 2020, Q1 2019, and Q4 2019, respectively.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 16

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Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2020
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Average occupancy
 
96.7
%
 
96.0
%
 
96.0
%
 
96.5
%
 
96.5
%
 
Turnover rate
 
6.3
%
 
6.3
%
 
8.7
%
 
8.2
%
 
6.3
%
 
Trailing four quarters turnover rate
 
29.5
%
 
29.5
%
 
N/A

 
N/A

 
N/A

 
Average monthly rent
 
$
1,851

 
$
1,838

 
$
1,823

 
$
1,802

 
$
1,782

 
Rental rate growth (lease-over-lease):
 
 
 
 
 
 
 
 
 
 
 
Renewals
 
4.3
%
 
4.5
%
 
4.7
%
 
5.3
%
 
5.2
%
 
New leases
 
1.7
%
 
1.3
%
 
4.2
%
 
5.2
%
 
3.7
%
 
Blended
 
3.4
%
 
3.2
%
 
4.6
%
 
5.3
%
 
4.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 





Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2020 Earnings Release and Supplemental Information — page 17

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Supplemental Schedule 4
Portfolio Characteristics — As of and for the Quarter Ended March 31, 2020 (1)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
Number of
 
Average
 
Average
 
Monthly
 
Percent of
 
 
 
Homes
 
Occupancy
 
Monthly Rent
 
Rent PSF
 
Revenue
 
Western United States:
 
 
 
 
 
 
 
 
 
 
 
Southern California
 
8,029

 
96.1
%
 
$
2,482

 
$
1.46

 
13.5
%
 
Northern California
 
4,339

 
95.4
%
 
2,164

 
1.40

 
6.6
%
 
Seattle
 
3,552

 
92.7
%
 
2,272

 
1.19

 
5.5
%
 
Phoenix
 
7,843

 
93.9
%
 
1,424

 
0.87

 
7.7
%
 
Las Vegas
 
3,006

 
93.8
%
 
1,663

 
0.84

 
3.4
%
 
Denver
 
2,305

 
90.3
%
 
2,054

 
1.14

 
3.2
%
 
Western US Subtotal
 
29,074

 
94.3
%
 
2,009

 
1.17

 
39.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Florida:
 
 
 
 
 
 
 
 
 
 
 
South Florida
 
8,518

 
95.2
%
 
2,209

 
1.19

 
12.8
%
 
Tampa
 
8,127

 
95.2
%
 
1,698

 
0.91

 
9.5
%
 
Orlando
 
6,131

 
93.8
%</