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    Invitation Homes Reports Second Quarter 2024 Results

    7/24/24 4:15:00 PM ET
    $INVH
    Real Estate
    Finance
    Get the next $INVH alert in real time by email

    Invitation Homes Inc. (NYSE:INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing and management company, today announced its Second Quarter 2024 financial and operating results.

    Second Quarter 2024 Highlights

    • Year over year, total revenues increased 8.8% to $653 million, property operating and maintenance costs increased 9.5% to $234 million, net income available to common stockholders decreased 47.0% to $73 million, inclusive of a $59.5 million accrual for certain legal matters, and net income per diluted common share decreased 47.0% to $0.12.
    • Year over year, Core FFO per share increased 7.3% to $0.47 and AFFO per share increased 4.1% to $0.40.
    • Same Store NOI increased 3.8% year over year on 4.8% Same Store Core Revenues growth and 7.1% Same Store Core Operating Expenses growth.
    • Same Store Bad Debt was 0.8% of gross rental revenue, representing five consecutive quarters of improvement and a year over year improvement of approximately 50 basis points.
    • Same Store Average Occupancy was 97.5%, down 10 basis points year over year.
    • Same Store renewal rent growth of 5.6% and Same Store new lease rent growth of 3.6% drove Same Store blended rent growth of 5.0%.
    • Acquisitions by the Company and the Company's joint ventures totaled 502 homes for approximately $166 million while dispositions totaled 266 homes for approximately $117 million.
    • As previously announced on June 3, 2024, the Company entered into contracts during April and May with several of its homebuilder partners to construct over 1,000 newly built homes at a total investment of approximately $274 million. These homes will be located in three of the Company's core markets of Dallas, Houston, and the Carolinas.
    • On May 15, 2024, as previously announced, the Company began providing third-party property and asset management services for a portfolio of approximately 3,000 single-family homes for lease, bringing the Company's total number of managed-only homes to 17,261 as of June 30, 2024.
    • On April 29, 2024, as previously announced, the Company made a $37.5 million investment in Upward America Venture LP (the "Upward America JV"), representing a 7.2% ownership interest in a portfolio of approximately 3,700 single-family homes for lease. The Company also expects to provide property and asset management services to those homes and an additional 700 homes beginning in the third quarter of 2024.
    • On April 29, 2024, as previously announced, the Company's issuer and issue-level credit ratings were upgraded by Moody's Investors Service to ‘Baa2' from ‘Baa3' with a Stable outlook.

    Comments from Chief Executive Officer Dallas Tanner

    "We're pleased to announce our second quarter 2024 financial and operating results, which demonstrate the solid performance of our teams and the satisfaction and loyalty of our residents. Millions of families across America rely on the convenience and flexibility of leasing a single-family home, and we're proud to be the premier choice among many available options. Through our best-in-class operating platform, Genuine Care for our residents, and our strategic approach to growth — including our burgeoning third-party management business and our valuable homebuilder relationships that are developing needed new housing communities — we believe we remain well positioned to continue our industry-leading occupancy, strong growth, and unwavering commitment to further elevating the resident experience.

    "As a result of our performance during the first half of this year, and our expectations looking forward, we have raised the midpoint of our full year 2024 Core FFO per share guidance by $0.01 to $1.87."

    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 herein and, as applicable, reconciled to the most comparable GAAP measures.

    Financial Results

    Net Income, FFO, Core FFO, and AFFO Per Share - Diluted

     

     

     

     

     

     

     

     

     

     

     

     

    Q2 2024

     

    Q2 2023

     

    YTD 2024

     

    YTD 2023

     

    Net income

     

    $

    0.12

     

    $

    0.22

     

    $

    0.35

     

    $

    0.42

     

    FFO

     

     

    0.34

     

     

    0.42

     

     

    0.77

     

     

    0.83

     

    Core FFO

     

     

    0.47

     

     

    0.44

     

     

    0.94

     

     

    0.88

     

    AFFO

     

     

    0.40

     

     

    0.38

     

     

    0.81

     

     

    0.76

     

     

     

     

     

     

     

     

     

     

     

    Net Income

    Net income per common share — diluted for Q2 2024 was $0.12, compared to net income per common share — diluted of $0.22 for Q2 2023. Total revenues and total property operating and maintenance expenses for Q2 2024 were $653 million and $234 million, respectively, compared to $600 million and $214 million, respectively, for Q2 2023.

    Net income per common share — diluted for YTD 2024 was $0.35, compared to net income per share — diluted of $0.42 for YTD 2023. Total revenues and total property operating and maintenance expenses for YTD 2024 were $1,299 million and $465 million, respectively, compared to $1,190 million and $422 million, respectively, for YTD 2023.

    Core FFO

    Year over year, Core FFO per share for Q2 2024 increased 7.3% to $0.47, while Core FFO per share for YTD 2024 increased 6.5% to $0.94, primarily due to NOI growth.

    AFFO

    Year over year, AFFO per share for Q2 2024 increased 4.1% to $0.40, while AFFO per share for YTD 2024 increased 5.4% to $0.81, primarily due to the increase in Core FFO per share described above.

    Operating Results

    Same Store Operating Results Snapshot

    Number of homes in Same Store Portfolio:

     

    77,994

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q2 2024

     

    Q2 2023

     

    YTD 2024

     

    YTD 2023

     

    Core Revenues growth (year over year)

     

    4.8

    %

     

     

     

    5.3

    %

     

     

     

    Core Operating Expenses growth (year over year)

     

    7.1

    %

     

     

     

    7.1

    %

     

     

     

    NOI growth (year over year)

     

    3.8

    %

     

     

     

    4.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average Occupancy

     

    97.5

    %

     

    97.6

    %

     

    97.7

    %

     

    97.7

    %

     

    Bad Debt % of gross rental revenue

     

    0.8

    %

     

    1.3

    %

     

    0.9

    %

     

    1.5

    %

     

    Turnover Rate

     

    6.3

    %

     

    6.8

    %

     

    11.4

    %

     

    12.0

    %

     

     

     

     

     

     

     

     

     

     

     

    Rental Rate Growth (lease-over-lease):

     

     

     

     

     

     

     

     

     

    Renewals

     

    5.6

    %

     

    6.8

    %

     

    5.7

    %

     

    7.3

    %

     

    New Leases

     

    3.6

    %

     

    6.7

    %

     

    2.3

    %

     

    6.0

    %

     

    Blended

     

    5.0

    %

     

    6.8

    %

     

    4.7

    %

     

    6.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Same Store NOI

    For the Same Store Portfolio of 77,994 homes, Same Store NOI for Q2 2024 increased 3.8% year over year on Same Store Core Revenues growth of 4.8% and Same Store Core Operating Expenses growth of 7.1%.

    YTD 2024 Same Store NOI increased 4.5% year over year on Same Store Core Revenues growth of 5.3% and Same Store Core Operating Expenses growth of 7.1%.

    Same Store Core Revenues

    Same Store Core Revenues growth for Q2 2024 of 4.8% year over year was primarily driven by a 4.2% increase in Average Monthly Rent, a 50 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 9.6% increase in other income, net of resident recoveries, partially offset by a 10 basis point year over year decline in Average Occupancy.

    YTD 2024 Same Store Core Revenues growth of 5.3% year over year was primarily driven by a 4.4% increase in Average Monthly Rent, a 60 basis point year over year decrease in Bad Debt as a percentage of gross rental revenue, and a 12.8% increase in other income, net of resident recoveries.

    Same Store Core Operating Expenses

    Same Store Core Operating Expenses for Q2 2024 increased 7.1% year over year, primarily attributable to an 8.3% increase in fixed expenses and a 4.8% increase in controllable expenses. The 8.3% increase in fixed expenses was primarily attributable to property taxes expense, which for Q2 2024 increased 10.3% year over year. As previously disclosed, due to the underaccrual of property taxes expense in the first three quarters of 2023, and the associated catch up in Q4 2023, the Company expects property taxes expense growth for the first three quarters of 2024 to be elevated, prior to a partial offset in Q4 2024 resulting in the Company's expected guidance range for FY 2024 property taxes expense growth.

    YTD 2024 Same Store Core Operating Expenses increased 7.1% year over year, primarily driven by a 10.0% increase in fixed expenses and a 1.8% increase in controllable expenses.

    Investment and Property Management Activity

    Acquisitions for Q2 2024 included 445 wholly owned homes for approximately $146 million and 57 homes for approximately $19 million in the Company's joint ventures. Dispositions for Q2 2024 included 250 wholly owned homes for gross proceeds of approximately $111 million and 16 homes for gross proceeds of approximately $6 million in the Company's joint ventures.

    Year to date through Q2 2024, the Company acquired 700 wholly owned homes for $238 million and 73 homes for $25 million in the Company's joint ventures. The company also sold 627 wholly owned homes for $259 million and 36 homes for $15 million in the Company's joint ventures.

    As previously announced on June 3, 2024, the Company entered into contracts during April and May with several of its homebuilder partners to construct over 1,000 newly built homes at a total investment of approximately $274 million. These homes will be located in three of the Company's core markets of Dallas, Houston, and the Carolinas.

    On May 15, 2024, as previously announced, the Company began providing third-party property and asset management services for a portfolio of approximately 3,000 homes, bringing the Company's total number of managed-only homes to 17,261 as of June 30, 2024.

    On April 29, 2024, as previously announced, the Company made a $37.5 million investment in the Upward America JV, representing a 7.2% ownership interest in a portfolio of approximately 3,700 single-family homes for lease. The Company also expects to provide property and asset management services to those homes and an additional 700 homes beginning in the third quarter of 2024.

    A summary of the Company's owned and/or managed homes is included in the following table:

    Summary of Homes Owned and/or Managed As Of 6/30/2024

     

     

     

     

     

     

     

     

     

     

     

     

    Number of

    Homes Owned

    and/or Managed

    as of 3/31/2024

     

    Acquired or

    Added In

    Q2 2024

     

    Disposed or Subtracted In

    Q2 2024

     

    Number of

    Homes Owned

    and/or Managed as of 6/30/2024

     

    Wholly owned homes

     

    84,445

     

    445

     

    (250)

     

    84,640

     

    Joint venture owned homes

     

    3,844

     

    3,777

     

    (16)

     

    7,605

     

    Managed-only homes

     

    14,278

     

    2,986

     

    (3)

     

    17,261

     

    Total homes owned and/or managed

     

    102,567

     

    7,208

     

    (269)

     

    109,506

     

     

     

     

     

     

     

     

     

     

     

    Balance Sheet and Capital Markets Activity

    As of June 30, 2024, the Company had $1,749 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 June 30, 2024 was $8,602 million, consisting of $6,575 million of unsecured debt and $2,027 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.3x at June 30, 2024, down from 5.5x as of December 31, 2023. The Company has no debt reaching final maturity until 2026, and in addition, 99.5% of its total debt was fixed rate or swapped to fixed rate and 83.6% of its wholly owned homes were unencumbered as of June 30, 2024. As previously announced on April 29, 2024, the Company's issuer and issue-level credit ratings were upgraded by Moody's Investors Service to ‘Baa2' from ‘Baa3' with a Stable outlook.

    FY 2024 Guidance Details

    The Company has revised its full year 2024 guidance expectations that were originally provided in February 2024 and reaffirmed in April 2024, as outlined in the following table:

    FY 2024 Guidance

     

    FY 2024 Current

    Guidance Range

    FY 2024 Midpoint

     

    Current

    Prior

    Change

    Core FFO per share — diluted

    $1.84 to $1.90

    $

    1.87

     

    $

    1.86

     

    $

    0.01

     

    AFFO per share — diluted

    $1.55 to $1.61

    $

    1.58

     

    $

    1.58

     

    $

    —

     

     

     

     

     

     

    Same Store Core Revenues growth (1)

    4.50% to 5.25%

     

    4.875

    %

     

    5.0

    %

     

    (0.125

    )%

    Same Store Core Operating Expenses growth (2)

    5.25% to 6.25%

     

    5.75

    %

     

    6.25

    %

     

    (0.5

    )%

    Same Store NOI growth

    3.75% to 5.25%

     

    4.5

    %

     

    4.5

    %

     

    —

    %

     

     

     

     

     

    Wholly owned acquisitions

    $600 million to $1,000 million

    $800 million

    $800 million

    $

    —

     

    JV acquisitions

    $100 million to $300 million

    $200 million

    $200 million

    $

    —

     

    Wholly owned dispositions

    $400 million to $600 million

    $500 million

    $500 million

    $

    —

     

     

     

     

     

     

    (1)

    Guidance assumes FY 2024 Average Occupancy is similar to FY 2023 Average Occupancy. Guidance assumes average Bad Debt for FY 2024 in a range of 65 to 95 basis points.

    (2)

    Guidance assumes FY 2024 property taxes expense growth in a range of 8.0% to 9.5% year over year and FY 2024 insurance expense growth of approximately 7.5% year over year.

    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. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company 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 the Company's 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 July 25, 2024, to review second quarter of 2024 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

    Listen-only participants are encouraged to join the conference call via a live audio webcast, which is available online from the Company's investor relations website at www.invh.com. Following the conclusion of the earnings call, the Company will post a replay of the webcast to its website for one year.

    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.

    About Invitation Homes

    Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management 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.

    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. 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 and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, development and use of artificial intelligence, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and rising interest rates), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises, on the Company's financial condition, results of operations, cash flows, business, associates, and residents. 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 its Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report"), as such factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at 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, in the Annual Report, 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.

    Consolidated Balance Sheets

    ($ in thousands, except shares and per share data)

     

     

     

     

     

     

     

     

     

     

     

     

     

    June 30, 2024

     

    December 31, 2023

     

     

     

    (unaudited)

     

     

     

    Assets:

     

     

     

     

     

    Investments in single-family residential properties, net

    $

    17,164,808

     

    $

    17,289,214

     

     

    Cash and cash equivalents

     

     

    749,398

     

     

     

    700,618

     

     

    Restricted cash

     

     

    213,780

     

     

     

    196,866

     

     

    Goodwill

     

     

    258,207

     

     

     

    258,207

     

     

    Investments in unconsolidated joint ventures

     

     

    268,808

     

     

     

    247,166

     

     

    Other assets, net

     

     

    584,442

     

     

     

    528,896

     

     

    Total assets

     

    $

    19,239,443

     

     

    $

    19,220,967

     

     

     

     

     

     

     

     

    Liabilities:

     

     

     

     

     

    Mortgage loans, net

     

    $

    1,617,967

     

     

    $

    1,627,256

     

     

    Secured term loan, net

     

     

    401,540

     

     

     

    401,515

     

     

    Unsecured notes, net

     

     

    3,308,276

     

     

     

    3,305,467

     

     

    Term loan facilities, net

     

     

    3,215,993

     

     

     

    3,211,814

     

     

    Revolving facility

     

     

    —

     

     

     

    —

     

     

    Accounts payable and accrued expenses

     

     

    354,307

     

     

     

    200,590

     

     

    Resident security deposits

     

     

    179,833

     

     

     

    180,455

     

     

    Other liabilities

     

     

    94,818

     

     

     

    103,435

     

     

    Total liabilities

     

     

    9,172,734

     

     

     

    9,030,532

     

     

     

     

     

     

     

     

    Equity:

     

     

     

     

     

    Stockholders' equity

     

     

     

     

     

    Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none

    outstanding as of June 30, 2024 and December 31, 2023

     

     

    —

     

     

     

    —

     

     

    Common stock, $0.01 par value per share, 9,000,000,000 shares authorized,

    612,594,044 and 611,958,239 outstanding as of June 30, 2024 and December 31, 2023, respectively

     

     

    6,126

     

     

     

    6,120

     

     

    Additional paid-in capital

     

     

    11,159,835

     

     

     

    11,156,736

     

     

    Accumulated deficit

     

     

    (1,198,481

    )

     

     

    (1,070,586

    )

     

    Accumulated other comprehensive income

     

     

    63,981

     

     

     

    63,701

     

     

    Total stockholders' equity

     

     

    10,031,461

     

     

     

    10,155,971

     

     

    Non-controlling interests

     

     

    35,248

     

     

     

    34,464

     

     

    Total equity

     

     

    10,066,709

     

     

     

    10,190,435

     

     

    Total liabilities and equity

     

    $

    19,239,443

     

     

    $

    19,220,967

     

     

     

     

     

     

     

     

    Consolidated Statements of Operations

    ($ in thousands, except shares and per share amounts)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q2 2024

     

    Q2 2023

     

    YTD 2024

     

    YTD 2023

     

     

     

    (unaudited)

     

    (unaudited)

     

    (unaudited)

     

     

     

    Revenues:

     

     

     

     

     

     

     

     

     

    Rental revenues

     

    $

    576,865

     

     

    $

    543,185

     

     

    $

    1,148,295

     

     

    $

    1,078,402

     

     

    Other property income

     

     

    60,610

     

     

     

    53,739

     

     

     

    121,277

     

     

     

    105,037

     

     

    Management fee revenues

     

     

    15,976

     

     

     

    3,448

     

     

     

    29,918

     

     

     

    6,823

     

     

    Total revenues

     

     

    653,451

     

     

     

    600,372

     

     

     

    1,299,490

     

     

     

    1,190,262

     

     

     

     

     

     

     

     

     

     

     

     

    Expenses:

     

     

     

     

     

     

     

     

     

    Property operating and maintenance

     

     

    234,184

     

     

     

    213,808

     

     

     

    464,581

     

     

     

    422,305

     

     

    Property management expense

     

     

    32,633

     

     

     

    23,580

     

     

     

    63,870

     

     

     

    47,164

     

     

    General and administrative

     

     

    21,498

     

     

     

    19,791

     

     

     

    44,946

     

     

     

    37,243

     

     

    Interest expense

     

     

    90,007

     

     

     

    78,625

     

     

     

    179,852

     

     

     

    156,672

     

     

    Depreciation and amortization

     

     

    176,622

     

     

     

    165,759

     

     

     

    351,935

     

     

     

    330,432

     

     

    Impairment and other

     

     

    10,353

     

     

     

    1,868

     

     

     

    14,490

     

     

     

    3,031

     

     

    Total expenses

     

     

    565,297

     

     

     

    503,431

     

     

     

    1,119,674

     

     

     

    996,847

     

     

     

     

     

     

     

     

     

     

     

     

    Gains on investments in equity and other securities, net

     

     

    1,504

     

     

     

    524

     

     

     

    1,295

     

     

     

    612

     

     

    Other, net

     

     

    (54,012

    )

     

     

    (3,941

    )

     

     

    (48,039

    )

     

     

    (5,435

    )

     

    Gain on sale of property, net of tax

     

     

    43,267

     

     

     

    46,788

     

     

     

    93,765

     

     

     

    76,459

     

     

    Losses from investments in unconsolidated joint ventures

     

     

    (5,482

    )

     

     

    (2,030

    )

     

     

    (10,620

    )

     

     

    (6,185

    )

     

     

     

     

     

     

     

     

     

     

     

    Net income

     

     

    73,431

     

     

     

    138,282

     

     

     

    216,217

     

     

     

    258,866

     

     

    Net income attributable to non-controlling interests

     

     

    (243

    )

     

     

    (418

    )

     

     

    (679

    )

     

     

    (760

    )

     

     

     

     

     

     

     

     

     

     

     

    Net income attributable to common stockholders

     

     

    73,188

     

     

     

    137,864

     

     

     

    215,538

     

     

     

    258,106

     

     

    Net income available to participating securities

     

     

    (207

    )

     

     

    (166

    )

     

     

    (399

    )

     

     

    (337

    )

     

     

     

     

     

     

     

     

     

     

     

    Net income available to common stockholders — basic and diluted

     

    $

    72,981

     

     

    $

    137,698

     

     

    $

    215,139

     

     

    $

    257,769

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding — basic

     

     

    612,628,758

     

     

     

    611,954,347

     

     

     

    612,424,139

     

     

     

    611,772,406

     

     

    Weighted average common shares outstanding — diluted

     

     

    613,823,339

     

     

     

    613,316,499

     

     

     

    613,815,253

     

     

     

    612,941,399

     

     

     

     

     

     

     

     

     

     

     

     

    Net income per common share — basic

     

    $

    0.12

     

     

    $

    0.23

     

     

    $

    0.35

     

     

    $

    0.42

     

     

    Net income per common share — diluted

     

    $

    0.12

     

     

    $

    0.22

     

     

    $

    0.35

     

     

    $

    0.42

     

     

     

     

     

     

     

     

     

     

     

     

    Dividends declared per common share

     

    $

    0.28

     

     

    $

    0.26

     

     

    $

    0.56

     

     

    $

    0.52

     

     

     

     

     

     

     

     

     

     

     

     

    Glossary and Reconciliations

    Average Monthly Rent

    Average monthly rent represents average monthly rental income per home for occupied properties in an identified population of homes over the measurement period, and reflects the impact of non-service rental concessions and contractual rent increases amortized over the life of the lease.

    Average Occupancy

    Average occupancy for an identified population of homes represents (i) the total number of days that the homes in such population were occupied during the measurement period, divided by (ii) the total number of days that the homes in such population were owned during the measurement period.

    Bad Debt

    Bad debt represents the Company's reserves for residents' accounts receivables balances that are aged greater than 30 days, under the rationale that a resident's security deposit should cover approximately the first 30 days of receivables. For all resident receivables balances aged greater than 30 days, the amount reserved as bad debt is 100% of outstanding receivables from the resident, less the amount of the resident's security deposit on hand. For the purpose of determining age of receivables, charges are considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. All rental revenues and other property income, in both Total Portfolio and Same Store Portfolio presentations, are reflected net of bad debt.

    Core Operating Expenses

    Core operating expenses for an identified population of homes reflect property operating and maintenance expenses, excluding any expenses recovered from residents.

    Core Revenues

    Core revenues for an identified population of homes reflects total revenues, net of any resident recoveries.

    EBITDA, EBITDAre, and Adjusted EBITDAre

    EBITDA, EBITDAre, and Adjusted EBITDAre are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. The Company defines EBITDA as net income or loss computed in accordance with accounting principles generally accepted in the United States ("GAAP") before the following items: interest expense; income tax expense; depreciation and amortization; and adjustments for unconsolidated joint ventures. National Association of Real Estate Investment Trusts ("Nareit") recommends as a best practice that REITs that report an EBITDA performance measure also report EBITDAre. The Company defines EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; severance; casualty losses, net; (gains) losses on investments in equity securities, net; and other income and expenses. EBITDA, EBITDAre, and Adjusted EBITDAre are used as supplemental financial performance measures by management and by external users of the Company's financial statements, such as investors and commercial banks. Set forth below is additional detail on how management uses EBITDA, EBITDAre, and Adjusted EBITDAre as measures of performance.

    The GAAP measure most directly comparable to EBITDA, EBITDAre, and Adjusted EBITDAre is net income or loss. EBITDA, EBITDAre, and Adjusted EBITDAre are not used as measures of the Company's liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company's EBITDA, EBITDAre, and Adjusted EBITDAre may not be comparable to the EBITDA, EBITDAre, and Adjusted EBITDAre of other companies due to the fact that not all companies use the same definitions of EBITDA, EBITDAre, and Adjusted EBITDAre. Accordingly, there can be no assurance that the Company's basis for computing these non-GAAP measures is comparable with that of other companies. See below for a reconciliation of GAAP net income to EBITDA, EBITDAre, and Adjusted EBITDAre.

    Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO)

    FFO, Core FFO, and Adjusted FFO are supplemental, non-GAAP measures often utilized to evaluate the performance of real estate companies. FFO is defined by Nareit as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation, amortization and impairment of real estate assets, and adjustments for unconsolidated joint ventures. The Company defines Core FFO as FFO adjusted for the following: non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives; share-based compensation expense; legal settlements; severance expense; casualty (gains) losses, net; and (gains) losses on investments in equity and other securities, net, as applicable. The Company defines Adjusted FFO as Core FFO less recurring capital expenditures that are necessary to help preserve the value, and maintain the functionality, of its homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for the Company's share of investments in unconsolidated joint ventures.

    The Company believes that FFO is a meaningful supplemental measure of the operating performance of its business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation and amortization, impairment on depreciated real estate investments, gains or losses related to sales of previously depreciated homes, as well non-controlling interests, from GAAP net income or loss. The Company believes that Core FFO and Adjusted FFO are also meaningful supplemental measures of its operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of the Company's performance across reporting periods by removing the impact of certain items that are not comparable from period to period.

    The GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. FFO, Core FFO, and Adjusted FFO are not used as measures of the Company's liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company's FFO, Core FFO, and Adjusted FFO may not be comparable to the FFO, Core FFO, and Adjusted FFO of other companies due to the fact that not all companies use the same definition of FFO, Core FFO, and Adjusted FFO. Accordingly, there can be no assurance that the Company's basis for computing these non-GAAP measures is comparable with that of other companies. See "Reconciliation of FFO, Core FFO, and Adjusted FFO" for a reconciliation of GAAP net income to FFO, Core FFO, and Adjusted FFO.

    Net Operating Income (NOI)

    NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. The Company defines NOI for an identified population of homes as rental revenues and other property income less property operating and maintenance expense (which consists primarily of property taxes, insurance, HOA fees (when applicable), market-level personnel expenses, repairs and maintenance, leasing costs, and marketing expense). NOI excludes: interest expense; depreciation and amortization; property management expense; general and administrative expense; impairment and other; gain on sale of property, net of tax; (gains) losses on investments in equity securities, net; other income and expenses; management fee revenues; and income from investments in unconsolidated joint ventures.

    The GAAP measure most directly comparable to NOI is net income or loss. NOI is not used as a measure of liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. The Company's NOI may not be comparable to the NOI of other companies due to the fact that not all companies use the same definition of NOI. Accordingly, there can be no assurance that the Company's basis for computing this non-GAAP measure is comparable with that of other companies.

    The Company believes that Same Store NOI is also a meaningful supplemental measure of the Company's operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of the Company's performance across reporting periods by reflecting NOI for homes in its Same Store Portfolio.

    See below for a reconciliation of GAAP net income to NOI for the Company's total portfolio and NOI for its Same Store Portfolio.

    Recurring Capital Expenditures or Recurring CapEx

    Recurring Capital Expenditures or Recurring CapEx represents general replacements and expenditures required to preserve and maintain the value and functionality of a home and its systems as a single-family rental.

    Rental Rate Growth

    Rental rate growth for any home represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease, and, in each case, reflects the impact of any amortized non-service rent concessions and amortized contractual rent increases. Leases are either renewal leases, where the Company's current resident chooses to stay for a subsequent lease term, or a new lease, where the Company's previous resident moves out and a new resident signs a lease to occupy the same home.

    Same Store / Same Store Portfolio

    Same Store or Same Store portfolio includes, for a given reporting period, wholly owned homes that have been stabilized and seasoned, excluding homes that have been sold, homes that have been identified for sale to an owner occupant and have become vacant, homes that have been deemed inoperable or significantly impaired by casualty loss events or force majeure, homes acquired in portfolio transactions that are deemed not to have undergone renovations of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio, and homes in markets that the Company has announced an intent to exit where the Company no longer operates a significant number of homes.

    Homes are considered stabilized if they have (i) completed an initial renovation and (ii) entered into at least one post-initial renovation lease. An acquired portfolio that is both leased and deemed to be of sufficiently similar quality and characteristics as the existing Invitation Homes Same Store portfolio may be considered stabilized at the time of acquisition.

    Homes are considered to be seasoned once they have been stabilized for at least 15 months prior to January 1st of the year in which the Same Store portfolio was established.

    The Company believes presenting information about the portion of its portfolio that has been fully operational for the entirety of a given reporting period and its prior year comparison period provides investors with meaningful information about the performance of the Company's comparable homes across periods and about trends in its organic business.

    Total Homes / Total Portfolio

    Total homes or total portfolio refers to the total number of homes owned, whether or not stabilized, and excludes any properties previously acquired in purchases that have been subsequently rescinded or vacated. Unless otherwise indicated, total homes or total portfolio refers to the wholly owned homes and excludes homes owned in joint ventures.

    Turnover Rate

    Turnover rate represents the number of instances that homes in an identified population become unoccupied in a given period, divided by the number of homes in such population.

    Reconciliation of FFO, Core FFO, and AFFO

    ($ in thousands, except shares and per share amounts) (unaudited)

     

    FFO Reconciliation

     

    Q2 2024

     

    Q2 2023

     

    YTD 2024

    YTD 2023

     

    Net income available to common stockholders

     

    $

    72,981

     

     

    $

    137,698

     

     

    $

    215,139

     

    $

    257,769

     

     

    Net income available to participating securities

     

     

    207

     

     

     

    166

     

     

     

    399

     

     

    337

     

     

    Non-controlling interests

     

     

    243

     

     

     

    418

     

     

     

    679

     

     

    760

     

     

    Depreciation and amortization on real estate assets

     

     

    173,319

     

     

     

    163,022

     

     

     

    345,237

     

     

    325,106

     

     

    Impairment on depreciated real estate investments

     

     

    —

     

     

     

    81

     

     

     

    60

     

     

    259

     

     

    Net gain on sale of previously depreciated investments in real estate

     

     

    (43,267

    )

     

     

    (46,788

    )

     

     

    (93,765

    )

     

    (76,459

    )

     

    Depreciation and net gain on sale of investments in unconsolidated joint ventures

     

     

    3,497

     

     

     

    2,193

     

     

     

    6,016

     

     

    4,314

     

     

    FFO

     

    $

    206,980

     

     

    $

    256,790

     

     

    $

    473,765

     

    $

    512,086

     

     

     

     

     

     

     

     

     

     

     

    Core FFO Reconciliation

     

    Q2 2024

     

    Q2 2023

     

    YTD 2024

    YTD 2023

     

    FFO

     

    $

    206,980

     

     

    $

    256,790

     

     

    $

    473,765

     

    $

    512,086

     

     

    Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)

     

     

     

    8,905

     

     

     

    7,182

     

     

     

    18,122

     

     

    16,314

     

     

    Share-based compensation expense

     

     

    7,492

     

     

     

    6,066

     

     

     

    15,392

     

     

    12,564

     

     

    Legal settlements (2)

     

     

    59,500

     

     

     

    —

     

     

     

    59,500

     

     

    —

     

     

    Severance expense

     

     

    89

     

     

     

    371

     

     

     

    179

     

     

    524

     

     

    Casualty losses, net (1)

     

     

    10,363

     

     

     

    1,797

     

     

     

    14,445

     

     

    2,785

     

     

    Gains on investments in equity and other securities, net

     

     

    (1,504

    )

     

     

    (524

    )

     

     

    (1,295

    )

     

    (612

    )

     

    Core FFO

     

    $

    291,825

     

     

    $

    271,682

     

     

    $

    580,108

     

    $

    543,661

     

     

     

     

     

     

     

     

     

     

     

    AFFO Reconciliation

     

    Q2 2024

     

    Q2 2023

     

    YTD 2024

    YTD 2023

     

    Core FFO

     

    $

    291,825

     

     

    $

    271,682

     

     

    $

    580,108

     

    $

    543,661

     

     

    Recurring capital expenditures (1)

     

     

    (46,635

    )

     

     

    (36,400

    )

     

     

    (83,757

    )

     

    (73,693

    )

     

    AFFO

     

    $

    245,190

     

     

    $

    235,282

     

     

    $

    496,351

     

    $

    469,968

     

     

     

     

     

     

     

     

     

     

     

    Net income available to common stockholders

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding — diluted

     

     

    613,823,339

     

     

     

    613,316,499

     

     

     

    613,815,253

     

     

    612,941,399

     

     

     

     

     

     

     

     

     

     

     

    Net income per common share — diluted

     

    $

    0.12

     

     

    $

    0.22

     

     

    $

    0.35

     

    $

    0.42

     

     

     

     

     

     

     

     

     

     

     

    FFO, Core FFO, and AFFO

     

     

     

     

     

     

     

     

    Weighted average common shares and OP Units outstanding — diluted

     

     

    616,061,403

     

     

     

    615,384,953

     

     

     

    616,024,305

     

     

    614,961,840

     

     

     

     

     

     

     

     

     

     

     

    FFO per share — diluted

     

    $

    0.34

     

     

    $

    0.42

     

     

    $

    0.77

     

    $

    0.83

     

     

     

     

     

     

     

     

     

     

     

    Core FFO per share — diluted

     

    $

    0.47

     

     

    $

    0.44

     

     

    $

    0.94

     

    $

    0.88

     

     

     

     

     

     

     

     

     

     

     

    AFFO per share — diluted

     

    $

    0.40

     

     

    $

    0.38

     

     

    $

    0.81

     

    $

    0.76

     

     

     

     

     

     

     

     

     

     

     

    (1)

    Includes the Company's share from unconsolidated joint ventures.

    (2)

    Represents the Company's accrued liability, as of June 30, 2024, for certain legal matters and, specifically, includes a $22 million accrual for the legal settlement that resolved the Company's California qui tam dispute, inclusive of associated costs, as well as a $37.5 million accrual relating to the previously disclosed inquiry from the Federal Trade Commission, which remains ongoing.

    Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly

    (in thousands) (unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q2 2024

     

    Q1 2024

     

    Q4 2023

     

    Q3 2023

     

    Q2 2023

     

    Total revenues (Total Portfolio)

     

    $

    653,451

     

     

    $

    646,039

     

     

    $

    624,321

     

     

    $

    617,695

     

     

    $

    600,372

     

     

    Management fee revenues

     

     

    (15,976

    )

     

     

    (13,942

    )

     

     

    (3,420

    )

     

     

    (3,404

    )

     

     

    (3,448

    )

     

    Total portfolio resident recoveries

     

     

    (37,102

    )

     

     

    (37,795

    )

     

     

    (35,050

    )

     

     

    (36,641

    )

     

     

    (32,776

    )

     

    Total Core Revenues (Total Portfolio)

     

     

    600,373

     

     

     

    594,302

     

     

     

    585,851

     

     

     

    577,650

     

     

     

    564,148

     

     

    Non-Same Store Core Revenues

     

     

    (39,291

    )

     

     

    (37,858

    )

     

     

    (37,267

    )

     

     

    (36,337

    )

     

     

    (28,930

    )

     

    Same Store Core Revenues

     

    $

    561,082

     

     

    $

    556,444

     

     

    $

    548,584

     

     

    $

    541,313

     

     

    $

    535,218

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Total Revenues to Same Store Core Revenues, YTD

    (in thousands) (unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    YTD 2024

     

    YTD 2023

     

     

     

     

     

     

     

    Total revenues (Total Portfolio)

     

    $

    1,299,490

     

     

    $

    1,190,262

     

     

     

     

     

     

     

     

    Management fee revenues

     

     

    (29,918

    )

     

     

    (6,823

    )

     

     

     

     

     

     

     

    Total portfolio resident recoveries

     

     

    (74,897

    )

     

     

    (64,742

    )

     

     

     

     

     

     

     

    Total Core Revenues (Total Portfolio)

     

     

    1,194,675

     

     

     

    1,118,697

     

     

     

     

     

     

     

     

    Non-Same Store Core Revenues

     

     

    (77,149

    )

     

     

    (57,778

    )

     

     

     

     

     

     

     

    Same Store Core Revenues

     

    $

    1,117,526

     

     

    $

    1,060,919

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly

    (in thousands) (unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q2 2024

     

    Q1 2024

     

    Q4 2023

     

    Q3 2023

     

    Q2 2023

     

    Property operating and maintenance expenses (Total Portfolio)

     

    $

    234,184

     

     

    $

    230,397

     

     

    $

    228,542

     

     

    $

    229,488

     

     

    $

    213,808

     

     

    Total Portfolio resident recoveries

     

     

    (37,102

    )

     

     

    (37,795

    )

     

     

    (35,050

    )

     

     

    (36,641

    )

     

     

    (32,776

    )

     

    Core Operating Expenses (Total Portfolio)

     

     

    197,082

     

     

     

    192,602

     

     

     

    193,492

     

     

     

    192,847

     

     

     

    181,032

     

     

    Non-Same Store Core Operating Expenses

     

     

    (15,173

    )

     

     

    (15,540

    )

     

     

    (15,103

    )

     

     

    (14,458

    )

     

     

    (11,112

    )

     

    Same Store Core Operating Expenses

     

    $

    181,909

     

     

    $

    177,062

     

    $

    178,389

     

     

    $

    178,389

     

     

    $

    169,920

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, YTD

    (in thousands) (unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    YTD 2024

     

    YTD 2023

     

     

     

     

     

     

     

    Property operating and maintenance expenses (Total Portfolio)

     

    $

    464,581

     

     

    $

    422,305

     

     

     

     

     

     

     

     

    Total Portfolio resident recoveries

     

     

    (74,897

    )

     

     

    (64,742

    )

     

     

     

     

     

     

     

    Core Operating Expenses (Total Portfolio)

     

     

    389,684

     

     

     

    357,563

     

     

     

     

     

     

     

     

    Non-Same Store Core Operating Expenses

     

     

    (30,713

    )

     

     

    (22,281

    )

     

     

     

     

     

     

     

    Same Store Core Operating Expenses

     

    $

    358,971

     

     

    $

    335,282

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Net Income to Same Store NOI, Quarterly

     

     

    (in thousands) (unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q2 2024

     

    Q1 2024

     

    Q4 2023

     

    Q3 2023

     

    Q2 2023

     

    Net income available to common stockholders

     

    $

    72,981

     

     

    $

    142,158

     

     

    $

    129,368

     

     

    $

    131,637

     

     

    $

    137,698

     

     

    Net income available to participating securities

     

     

    207

     

     

     

    192

     

     

     

    178

     

     

     

    181

     

     

     

    166

     

     

    Non-controlling interests

     

     

    243

     

     

     

    436

     

     

     

    395

     

     

     

    403

     

     

     

    418

     

     

    Interest expense

     

     

    90,007

     

     

     

    89,845

     

     

     

    90,049

     

     

     

    86,736

     

     

     

    78,625

     

     

    Depreciation and amortization

     

     

    176,622

     

     

     

    175,313

     

     

     

    173,159

     

     

     

    170,696

     

     

     

    165,759

     

     

    Property management expense

     

     

    32,633

     

     

     

    31,237

     

     

     

    25,246

     

     

     

    23,399

     

     

     

    23,580

     

     

    General and administrative

     

     

    21,498

     

     

     

    23,448

     

     

     

    22,387

     

     

     

    22,714

     

     

     

    19,791

     

     

    Impairment and other

     

     

    10,353

     

     

     

    4,137

     

     

     

    3,069

     

     

     

    2,496

     

     

     

    1,868

     

     

    Gain on sale of property, net of tax

     

     

    (43,267

    )

     

     

    (50,498

    )

     

     

    (49,092

    )

     

     

    (57,989

    )

     

     

    (46,788

    )

     

    (Gains) losses on investments in equity securities, net

     

     

    (1,504

    )

     

     

    209

     

     

     

    (237

    )

     

     

    499

     

     

     

    (524

    )

     

    Other, net (1)

     

     

    54,012

     

     

     

    (5,973

    )

     

     

    (5,533

    )

     

     

    2,533

     

     

     

    3,941

     

     

    Management fee revenues

     

     

    (15,976

    )

     

     

    (13,942

    )

     

     

    (3,420

    )

     

     

    (3,404

    )

     

     

    (3,448

    )

     

    Losses from investments in unconsolidated joint ventures

     

     

    5,482

     

     

     

    5,138

     

     

     

    6,790

     

     

     

    4,902

     

     

     

    2,030

     

     

    NOI (Total Portfolio)

     

     

    403,291

     

     

     

    401,700

     

     

     

    392,359

     

     

     

    384,803

     

     

     

    383,116

     

     

    Non-Same Store NOI

     

     

    (24,118

    )

     

     

    (22,318

    )

     

     

    (22,164

    )

     

     

    (21,879

    )

     

     

    (17,818

    )

     

    Same Store NOI

     

    $

    379,173

     

     

    $

    379,382

     

     

    $

    370,195

     

     

    $

    362,924

     

     

    $

    365,298

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Net Income to Same Store NOI, YTD

     

     

    (in thousands) (unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    YTD 2024

     

    YTD 2023

     

     

     

     

     

     

     

    Net income available to common stockholders

     

    $

    215,139

     

     

    $

    257,769

     

     

     

     

     

     

     

     

    Net income available to participating securities

     

     

    399

     

     

     

    337

     

     

     

     

     

     

     

     

    Non-controlling interests

     

     

    679

     

     

     

    760

     

     

     

     

     

     

     

     

    Interest expense

     

     

    179,852

     

     

     

    156,672

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    351,935

     

     

     

    330,432

     

     

     

     

     

     

     

     

    Property management expense

     

     

    63,870

     

     

     

    47,164

     

     

     

     

     

     

     

     

    General and administrative

     

     

    44,946

     

     

     

    37,243

     

     

     

     

     

     

     

     

    Impairment and other

     

     

    14,490

     

     

     

    3,031

     

     

     

     

     

     

     

     

    Gain on sale of property, net of tax

     

     

    (93,765

    )

     

     

    (76,459

    )

     

     

     

     

     

     

     

    (Gains) losses on investments in equity securities, net

     

     

    (1,295

    )

     

     

    (612

    )

     

     

     

     

     

     

     

    Other, net (1)

     

     

    48,039

     

     

     

    5,435

     

     

     

     

     

     

     

     

    Management fee revenues

     

     

    (29,918

    )

     

     

    (6,823

    )

     

     

     

     

     

     

     

    Losses from investments in unconsolidated joint ventures

     

     

    10,620

     

     

     

    6,185

     

     

     

     

     

     

     

     

    NOI (Total Portfolio)

     

     

    804,991

     

     

     

    761,134

     

     

     

     

     

     

     

     

    Non-Same Store NOI

     

     

    (46,436

    )

     

     

    (35,497

    )

     

     

     

     

     

     

     

    Same Store NOI

     

    $

    758,555

     

     

    $

    725,637

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

    Reconciliation of Net Income to Adjusted EBITDAre

    (in thousands, unaudited)

     

     

    Q2 2024

     

    Q2 2023

     

    YTD 2024

     

    YTD 2023

     

    Net income available to common stockholders

     

    $

    72,981

     

     

    $

    137,698

     

     

    $

    215,139

     

     

    $

    257,769

     

     

    Net income available to participating securities

     

     

    207

     

     

     

    166

     

     

     

    399

     

     

     

    337

     

     

    Non-controlling interests

     

     

    243

     

     

     

    418

     

     

     

    679

     

     

     

    760

     

     

    Interest expense

     

     

    90,007

     

     

     

    78,625

     

     

     

    179,852

     

     

     

    156,672

     

     

    Interest expense in unconsolidated joint ventures

     

     

    5,549

     

     

     

    3,145

     

     

     

    10,784

     

     

     

    7,723

     

     

    Depreciation and amortization

     

     

    176,622

     

     

     

    165,759

     

     

     

    351,935

     

     

     

    330,432

     

     

    Depreciation and amortization of investments in unconsolidated joint ventures

     

     

    3,358

     

     

     

    2,521

     

     

     

    6,285

     

     

     

    4,996

     

     

    EBITDA

     

     

    348,967

     

     

     

    388,332

     

     

     

    765,073

     

     

     

    758,689

     

     

    Gain on sale of property, net of tax

     

     

    (43,267

    )

     

     

    (46,788

    )

     

     

    (93,765

    )

     

     

    (76,459

    )

     

    Impairment on depreciated real estate investments

     

     

    —

     

     

     

    81

     

     

     

    60

     

     

     

    259

     

     

    Net (gain) loss on sale of investments in unconsolidated joint ventures

     

     

    167

     

     

     

    (304

    )

     

     

    (214

    )

     

     

    (634

    )

     

    EBITDAre

     

     

    305,867

     

     

     

    341,321

     

     

     

    671,154

     

     

     

    681,855

     

     

    Share-based compensation expense

     

     

    7,492

     

     

     

    6,066

     

     

     

    15,392

     

     

     

    12,564

     

     

    Severance

     

     

    89

     

     

     

    371

     

     

     

    179

     

     

     

    524

     

     

    Casualty losses, net (1)

     

     

    10,363

     

     

     

    1,797

     

     

     

    14,445

     

     

     

    2,785

     

     

    Gains on investments in equity and other securities, net

     

     

    (1,504

    )

     

     

    (524

    )

     

     

    (1,295

    )

     

     

    (612

    )

     

    Other, net (2)

     

     

    54,012

     

     

     

    3,941

     

     

     

    48,039

     

     

     

    5,435

     

     

    Adjusted EBITDAre

     

    $

    376,319

     

     

    $

    352,972

     

     

    $

    747,914

     

     

    $

    702,551

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Trailing Twelve Months (TTM)

    Ended

     

     

     

     

     

     

     

    June 30, 2024

     

    December 31, 2023

     

     

     

     

     

    Net income available to common stockholders

     

    $

    476,144

     

     

    $

    518,774

     

     

     

     

     

     

    Net income available to participating securities

     

     

    758

     

     

     

    696

     

     

     

     

     

     

    Non-controlling interests

     

     

    1,477

     

     

     

    1,558

     

     

     

     

     

     

    Interest expense

     

     

    356,637

     

     

     

    333,457

     

     

     

     

     

     

    Interest expense in unconsolidated joint ventures

     

     

    21,316

     

     

     

    18,255

     

     

     

     

     

     

    Depreciation and amortization

     

     

    695,790

     

     

     

    674,287

     

     

     

     

     

     

    Depreciation and amortization of investments in unconsolidated joint ventures

     

     

    11,758

     

     

     

    10,469

     

     

     

     

     

     

    EBITDA

     

     

    1,563,880

     

     

     

    1,557,496

     

     

     

     

     

     

    Gain on sale of property, net of tax

     

     

    (200,846

    )

     

     

    (183,540

    )

     

     

     

     

     

    Impairment on depreciated real estate investments

     

     

    228

     

     

     

    427

     

     

     

     

     

     

    Net gain on sale of investments in unconsolidated joint ventures

     

     

    (1,248

    )

     

     

    (1,668

    )

     

     

     

     

     

    EBITDAre

     

     

    1,362,014

     

     

     

    1,372,715

     

     

     

     

     

     

    Share-based compensation expense

     

     

    32,331

     

     

     

    29,503

     

     

     

     

     

     

    Severance

     

     

    632

     

     

     

    977

     

     

     

     

     

     

    Casualty losses, net (1)

     

     

    19,860

     

     

     

    8,200

     

     

     

     

     

     

    Gains on investments in equity and other securities, net

     

     

    (1,033

    )

     

     

    (350

    )

     

     

     

     

     

    Other, net (2)

     

     

    45,039

     

     

     

    2,435

     

     

     

     

     

     

    Adjusted EBITDAre

     

    $

    1,458,843

     

     

    $

    1,413,480

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1)

    Includes the Company's share from unconsolidated joint ventures.

    (2)

    Includes settlement and other costs related to certain litigation and regulatory matters, interest income, and other miscellaneous income and expenses.

    Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre

     

    (in thousands, except for ratio) (unaudited)

     

     

     

     

     

     

     

     

     

     

    As of

     

    As of

     

     

     

     

    June 30, 2024

     

    December 31, 2023

     

     

    Mortgage loans, net

     

    $

    1,617,967

     

     

    $

    1,627,256

     

     

     

    Secured term loan, net

     

     

    401,540

     

     

     

    401,515

     

     

     

    Unsecured notes, net

     

     

    3,308,276

     

     

     

    3,305,467

     

     

     

    Term loan facility, net

     

     

    3,215,993

     

     

     

    3,211,814

     

     

     

    Revolving facility

     

     

    —

     

     

     

    —

     

     

     

    Total Debt per Balance Sheet

     

     

    8,543,776

     

     

     

    8,546,052

     

     

     

    Retained and repurchased certificates

     

     

    (87,262

    )

     

     

    (87,703

    )

     

     

    Cash, ex-security deposits and letters of credit (1)

     

     

    (777,483

    )

     

     

    (713,898

    )

     

     

    Deferred financing costs, net

     

     

    38,580

     

     

     

    45,518

     

     

     

    Unamortized discounts on note payable

     

     

    20,059

     

     

     

    21,376

     

     

     

    Net Debt (A)

     

    $

    7,737,670

     

     

    $

    7,811,345

     

     

     

     

     

     

     

     

     

     

     

     

    For the TTM Ended

     

    For the TTM Ended

     

     

     

     

    June 30, 2024

     

    December 31, 2023

     

     

    Adjusted EBITDAre (B)

     

    $

    1,458,843

     

     

    $

    1,413,480

     

     

     

     

     

     

     

     

     

     

    Net Debt / TTM Adjusted EBITDAre (A / B)

     

    5.3x

     

    5.5x

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1)

    Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit

    Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240724136339/en/

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    • Invitation Homes Announces Dates for First Quarter 2025 Earnings Release and Conference Call

      Invitation Homes Inc. (NYSE:INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing and management company, will release its first quarter 2025 financial and operating results on Wednesday, April 30, 2025, after the market closes. The Company will host a conference call that will be webcast live on Thursday, May 1, 2025, at 11:00 a.m. Eastern Time to review first quarter results, discuss recent events, and conduct a question-and-answer session. A link to the live webcast and related information will be available online from the Company's investor relations website at www.invh.com. Following the conclusion of the earnings call, the Company will post a rep

      4/9/25 4:30:00 PM ET
      $INVH
      Real Estate
      Finance

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    SEC Filings

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    • SEC Form 10-Q filed by Invitation Homes Inc.

      10-Q - Invitation Homes Inc. (0001687229) (Filer)

      5/1/25 3:34:33 PM ET
      $INVH
      Real Estate
      Finance
    • SEC Form 8-K filed by Invitation Homes Inc.

      8-K - Invitation Homes Inc. (0001687229) (Filer)

      4/30/25 4:19:17 PM ET
      $INVH
      Real Estate
      Finance
    • Invitation Homes Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - Invitation Homes Inc. (0001687229) (Filer)

      4/30/25 4:15:45 PM ET
      $INVH
      Real Estate
      Finance

    $INVH
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • Amendment: SEC Form SC 13G/A filed by Invitation Homes Inc.

      SC 13G/A - Invitation Homes Inc. (0001687229) (Subject)

      11/14/24 11:25:18 AM ET
      $INVH
      Real Estate
      Finance
    • Amendment: SEC Form SC 13G/A filed by Invitation Homes Inc.

      SC 13G/A - Invitation Homes Inc. (0001687229) (Subject)

      10/8/24 10:56:22 AM ET
      $INVH
      Real Estate
      Finance
    • Amendment: SEC Form SC 13G/A filed by Invitation Homes Inc.

      SC 13G/A - Invitation Homes Inc. (0001687229) (Subject)

      8/7/24 4:10:26 PM ET
      $INVH
      Real Estate
      Finance

    $INVH
    Financials

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    • Invitation Homes Reports First Quarter 2025 Results

      Invitation Homes Inc. (NYSE:INVH) ("Invitation Homes," "we," "our," and "us"), the nation's premier single-family home leasing and management company, today announced our First Quarter ("Q1") 2025 financial and operating results. Q1 2025 Highlights Year over year, total revenues increased 4.4% to $674 million, property operating and maintenance costs increased 3.1% to $237 million, and net income available to common stockholders increased 16.4% to $166 million or $0.27 per diluted common share. Year over year, Core FFO per share increased 3.5% to $0.48 and AFFO per share increased 4.0% to $0.42. Same Store NOI increased 3.7% year over year on 2.5% Same Store Core Revenues growth and

      4/30/25 4:15:00 PM ET
      $INVH
      Real Estate
      Finance
    • Invitation Homes Announces Dates for First Quarter 2025 Earnings Release and Conference Call

      Invitation Homes Inc. (NYSE:INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing and management company, will release its first quarter 2025 financial and operating results on Wednesday, April 30, 2025, after the market closes. The Company will host a conference call that will be webcast live on Thursday, May 1, 2025, at 11:00 a.m. Eastern Time to review first quarter results, discuss recent events, and conduct a question-and-answer session. A link to the live webcast and related information will be available online from the Company's investor relations website at www.invh.com. Following the conclusion of the earnings call, the Company will post a rep

      4/9/25 4:30:00 PM ET
      $INVH
      Real Estate
      Finance
    • Invitation Homes Announces Cash Dividend

      Invitation Homes Inc. (NYSE:INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing and management company, announced today that it has declared a quarterly cash dividend of $0.29 per share payable on shares of its common stock. The dividend will be paid on or before April 17, 2025, to stockholders of record of the Company's common stock as of the close of business on March 27, 2025. About Invitation Homes Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to job

      3/14/25 6:45:00 AM ET
      $INVH
      Real Estate
      Finance

    $INVH
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • SEC Form 4 filed by EVP & CAO Norrell Kimberly K

      4 - Invitation Homes Inc. (0001687229) (Issuer)

      4/8/25 5:23:18 PM ET
      $INVH
      Real Estate
      Finance
    • SEC Form 4 filed by President Young Charles D.

      4 - Invitation Homes Inc. (0001687229) (Issuer)

      4/8/25 5:19:53 PM ET
      $INVH
      Real Estate
      Finance
    • SEC Form 4 filed by Chief Executive Officer Tanner Dallas B

      4 - Invitation Homes Inc. (0001687229) (Issuer)

      4/8/25 5:16:28 PM ET
      $INVH
      Real Estate
      Finance

    $INVH
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Invitation Homes upgraded by Mizuho with a new price target

      Mizuho upgraded Invitation Homes from Neutral to Outperform and set a new price target of $36.00 from $33.00 previously

      3/13/25 7:42:34 AM ET
      $INVH
      Real Estate
      Finance
    • Invitation Homes downgraded by Morgan Stanley with a new price target

      Morgan Stanley downgraded Invitation Homes from Overweight to Equal-Weight and set a new price target of $35.00 from $39.00 previously

      1/24/25 7:30:00 AM ET
      $INVH
      Real Estate
      Finance
    • Invitation Homes downgraded by Deutsche Bank with a new price target

      Deutsche Bank downgraded Invitation Homes from Buy to Hold and set a new price target of $33.00 from $41.00 previously

      1/21/25 7:51:25 AM ET
      $INVH
      Real Estate
      Finance

    $INVH
    Leadership Updates

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    • NextNav Announces Appointment of H. Wyman Howard and Lorin Selby to its Board of Directors

      RESTON, Va., April 16, 2025 (GLOBE NEWSWIRE) -- NextNav Inc. (NASDAQ:NN), a leader in next-generation position, navigation and timing (PNT) and 3D geolocation, today announced that its board of directors has elected Rear Admiral H. Wyman Howard and Rear Admiral Lorin Selby to serve as board members, effective May 1, 2025. "We are honored to welcome Rear Admiral Howard and Rear Admiral Selby to the NextNav Board of Directors," said Mariam Sorond, NextNav's Chief Executive Officer and Board Chair. "Their extensive military and national security leadership, experience in technology research and development, and management capabilities will be invaluable to NextNav as we execute on our strate

      4/16/25 11:30:00 AM ET
      $BAER
      $INVH
      $NN
      Business Services
      Consumer Discretionary
      Real Estate
      Finance
    • Sibi Welcomes Marcus Ridgway to Board of Directors, Leading Innovation in Real Estate and Supply Chains

      PHOENIX, March 20, 2025 /PRNewswire/ -- Sibi, the platform redefining supply chain technology, is proud to announce the addition of Marcus Ridgway to its Board of Directors. Known for reshaping real estate investment through his current initiatives at Forever 6 and BLVD Homes, Ridgway's visionary approach to optimizing operations aligns with Sibi's commitment to streamlining procurement and asset management. As the former COO and co-founder of Invitation Homes (NYSE:INVH) and co-founder of Roots Management, Ridgway has a proven track record of scaling businesses through innova

      3/20/25 8:00:00 AM ET
      $INVH
      Real Estate
      Finance
    • Invitation Homes Announces Joint Venture With Quarterra – a Lennar Company, Centerbridge, and Other Capital Partners

      Invitation Homes will manage the 4,400 homes in the portfolio that are within its core markets and invest in the joint venture Invitation Homes Inc. (NYSE:INVH), the nation's premier single-family home leasing and management company, announced today that it has entered into a joint venture with Quarterra Group Inc., a wholly-owned subsidiary of Lennar Corporation (NYSE:LEN), Centerbridge Partners, L.P., and other high quality institutional investors. As part of their agreement, Invitation Homes has acquired a minority equity interest in a portfolio of single-family homes for lease that are part of the Upward America joint venture. Upward America has selected Invitation Homes to provide ma

      4/30/24 4:15:00 PM ET
      $INVH
      $LEN
      Real Estate
      Finance
      Homebuilding
      Consumer Discretionary