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Invitation Homes Reports Third Quarter 2023 Results

Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation's premier single-family home leasing company, today announced its Q3 2023 financial and operating results, along with the Company's updated 2023 full year guidance.

Third Quarter 2023 Highlights

  • Year over year, total revenues increased 8.6% to $618 million, property operating and maintenance costs increased 12.6% to $229 million, net income available to common stockholders increased 66.6% to $132 million, and net income per diluted common share increased 66.3% to $0.21.
  • Year over year, Core FFO per share increased 4.7% to $0.44, and AFFO per share increased 3.7% to $0.36.
  • Same Store NOI increased 4.0% year over year on 6.0% Same Store Core Revenues growth and 10.2% Same Store Core Operating Expenses growth.
  • Revenue collections were approximately 99% of the Company's historical average collection rate. Same Store Bad Debt was 1.3% of gross rental revenue, indicating a year over year improvement of approximately 20 basis points.
  • Same Store Average Occupancy was 96.9%, down 60 basis points year over year.
  • Same Store renewal rent growth of 6.6% and Same Store new lease rent growth of 5.2% drove Same Store blended rent growth of 6.2%.
  • Acquisitions by the Company and the Company's joint ventures totaled 2,291 homes for $854 million, including 1,870 homes from the Company's previously announced portfolio acquisition in July 2023, the purchase of 387 wholly owned homes through the Company's various acquisition channels, in addition to 34 homes in the Company's joint ventures. Dispositions by the Company and the Company's joint ventures totaled 416 homes for $160 million.
  • As previously announced, Fitch Ratings revised its rating outlook for the Company to “Positive” from “Stable” and affirmed the Company’s ratings, including the “BBB” Long-Term Issuer Default Ratings. The Company has no debt reaching final maturity until 2026, and in addition, over 99% of its total debt is fixed rate or swapped to fixed rate and over 75% of its total debt is unsecured.
  • As previously announced, on August 2, 2023, the Company closed a public offering of $450 million aggregate principal amount of 5.450% Senior Notes due 2030 and $350 million aggregate principal amount of 5.500% Senior Notes due 2033.

Chief Executive Officer Dallas Tanner comments:

“We're pleased to announce another strong quarter for Invitation Homes, with third quarter Same Store leasing results that well exceed those achieved pre-pandemic. I extend my thanks to all of our associates for their continuous commitment to providing Genuine Care and a premier resident experience to the tens of thousands of individuals and families who choose to make a house a home with us.”

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

 

 

 

 

 

 

 

 

 

 

 

 

Q3 2023

 

Q3 2022

 

YTD 2023

 

YTD 2022

 

Net income

 

$

0.21

 

$

0.13

 

$

0.64

 

$

0.46

 

FFO

 

 

0.40

 

 

0.35

 

 

1.23

 

 

1.12

 

Core FFO

 

 

0.44

 

 

0.42

 

 

1.32

 

 

1.24

 

AFFO

 

 

0.36

 

 

0.34

 

 

1.12

 

 

1.05

 

 

 

 

 

 

 

 

 

 

 

Net Income

Net income per common share — diluted for Q3 2023 was $0.21, compared to net income per common share — diluted of $0.13 for Q3 2022. Total revenues and total property operating and maintenance expenses for Q3 2023 were $618 million and $229 million, respectively, compared to $569 million and $204 million, respectively, in Q3 2022.

Net income per common share — diluted YTD 2023 was $0.64, compared to net income per common share — diluted of $0.46 for YTD 2022. Total revenues and total property operating and maintenance expenses for YTD 2023 were $1,808 million and $652 million, respectively, compared to $1,658 million and $577 million, respectively, for YTD 2022.

Core FFO

Year over year, Core FFO per share for Q3 2023 increased 4.7% to $0.44, primarily due to NOI growth. Year over year, Core FFO per share for YTD 2023 increased 6.5% to $1.32, primarily due to NOI growth.

AFFO

Year over year, AFFO per share for Q3 2023 increased 3.7% to $0.36, primarily due to the increase in Core FFO per share described above. Year over year, AFFO per share for YTD 2023 increased 6.5% to $1.12, 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:

 

76,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3 2023

 

Q3 2022

 

YTD 2023

 

YTD 2022

 

Core Revenues growth (year over year)

 

6.0

%

 

 

 

6.6

%

 

 

 

Core Operating Expenses growth (year over year)

 

10.2

%

 

 

 

11.7

%

 

 

 

NOI growth (year over year)

 

4.0

%

 

 

 

4.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Occupancy

 

96.9

%

 

97.5

%

 

97.5

%

 

97.9

%

 

Bad Debt % of gross rental revenue

 

1.3

%

 

1.5

%

 

1.5

%

 

1.2

%

 

Turnover Rate

 

6.8

%

 

6.3

%

 

18.5

%

 

16.9

%

 

 

 

 

 

 

 

 

 

 

 

Rental Rate Growth (lease-over-lease):

 

 

 

 

 

 

 

 

 

Renewals

 

6.6

%

 

10.1

%

 

7.1

%

 

10.0

%

 

New Leases

 

5.2

%

 

15.2

%

 

6.0

%

 

15.4

%

 

Blended

 

6.2

%

 

11.4

%

 

6.8

%

 

11.3

%

 

 

 

 

 

 

 

 

 

 

 

Revenue Collections Update

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3 2023

 

Q2 2023

 

Q1 2023

 

Q4 2022

 

Pre-COVID

Average (2)

 

Revenues collected % of revenues due: (1)

 

 

 

 

 

 

 

 

 

 

 

Revenues collected in same month billed

 

94

%

 

93

%

 

93

%

 

91

%

 

96

%

 

Late collections of prior month billings

 

4

%

 

5

%

 

5

%

 

6

%

 

3

%

 

Total collections

 

98

%

 

98

%

 

98

%

 

97

%

 

99

%

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Includes both rental revenues and other property income. Rent is considered to be due based on the terms of the original lease, not based on a payment plan if one is in place. Security deposits retained to offset rents due are not included as revenue collected.

(2)

Represents the period from October 2019 to March 2020.

Same Store NOI

For the Same Store Portfolio of 76,138 homes, Same Store NOI for Q3 2023 increased 4.0% year over year on Same Store Core Revenues growth of 6.0% and Same Store Core Operating Expenses growth of 10.2%. YTD 2023 Same Store NOI increased 4.4% year over year on Same Store Core Revenues growth of 6.6% and Same Store Core Operating Expenses growth of 11.7%.

Same Store Core Revenues

Same Store Core Revenues growth for Q3 2023 of 6.0% year over year was primarily driven by a 6.2% increase in Average Monthly Rent, a 20 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 13.5% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decline in Average Occupancy.

YTD 2023 Same Store Core Revenues growth of 6.6% year over year was primarily driven by a 7.3% increase in Average Monthly Rent and a 9.7% increase in other income, net of resident recoveries, partially offset by a 40 basis point year over year decline in Average Occupancy and a 30 basis point year over year increase in Bad Debt as a percentage of gross rental revenue.

Same Store Core Operating Expenses

Same Store Core Operating Expenses for Q3 2023 increased 10.2% year over year. The largest contributors to the year over year increase include an increase in property tax expense due to an expected year over year increase in property taxes in addition to the underaccrual of property tax expense in the first three quarters of 2022, as well as an increase in turnover expenses, net of resident recoveries, and an increase in utilities and property administrative expenses, net of resident recoveries. The increases in the latter two expense categories were expected primarily as a result of continued progress in working through the Company's lease compliance backlog.

YTD 2023 Same Store Core Operating Expenses increased 11.7% year over year, primarily driven by the year over year increases described above.

Investment Management Activity

Acquisitions for Q3 2023 totaled 2,291 homes for $854 million. This included 2,257 wholly owned homes for $842 million from the Company's previously announced portfolio acquisition in July 2023 of 1,870 homes as well as the purchase of 387 wholly owned homes through the Company's various acquisition channels, in addition to 34 homes for $12 million in the Company's joint ventures. Dispositions for Q3 2023 included 397 wholly owned homes for gross proceeds of $151 million and 19 homes for gross proceeds of $9 million in the Company's joint ventures.

Year to date through September 30, 2023, the Company acquired 2,761 homes for $1,009 million, including 2,626 wholly owned homes for $965 million and 135 homes for $44 million in the Company's joint ventures. The company also sold 1,091 homes for $401 million, including 1,042 wholly owned homes for $379 million and 49 homes for $22 million in the Company's joint ventures.

Balance Sheet and Capital Markets Activity

As of September 30, 2023, the Company had $1,763 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. The Company's total indebtedness as of September 30, 2023 was $8,618 million, consisting of $6,575 million of unsecured debt and $2,043 million of secured debt. Net debt / TTM adjusted EBITDAre was 5.5x at September 30, 2023, down from 5.7x as of December 31, 2022. The Company has no debt reaching final maturity until 2026, and in addition, over 99% of its total debt is fixed rate or swapped to fixed rate and over 75% of its total debt is unsecured. As previously announced, Fitch Ratings revised its rating outlook for the Company to “Positive” from “Stable” and affirmed the Company’s ratings, including the “BBB” Long-Term Issuer Default Ratings.

As previously announced, on August 2, 2023, the Company closed a public offering of $450 million aggregate principal amount of 5.450% Senior Notes due 2030 and $350 million aggregate principal amount of 5.500% Senior Notes due 2033.

Dividend

As previously announced on October 20, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share of common stock. The dividend will be paid on or before November 22, 2023, to stockholders of record as of the close of business on November 7, 2023.

FY 2023 Guidance Update

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.

Full year 2023 guidance revisions are outlined in the table below:

FY 2023 Guidance

 

 

 

 

 

 

 

 

Current FY 2023 Guidance

 

Previous FY 2023 Guidance

 

Core FFO per share — diluted

 

$1.75 to $1.79

 

$1.75 to $1.81

 

AFFO per share — diluted

 

$1.46 to $1.50

 

$1.45 to $1.51

 

 

 

 

 

 

 

Same Store Core Revenues growth

 

6.25% to 6.75%

 

5.75% to 6.75%

 

Same Store Core Operating Expenses growth

 

10.25% to 10.75%

 

8.5% to 9.5%

 

Same Store NOI growth

 

4.5% to 5.0%

 

4.5% to 5.5%

 

 

 

 

 

 

 

Wholly owned acquisitions

 

$1.0 billion to $1.1 billion

 

$800 million to $900 million

 

JV acquisitions

 

$50 million to $100 million

 

$100 million to $300 million

 

Wholly owned dispositions

 

$475 million to $525 million

 

$425 million to $475 million

 

 

 

 

 

 

 

The Company's revised FY 2023 guidance includes tightened expectations for Same Store Core Revenues growth in a range of 6.25% to 6.75% based on the Company's strong performance to date and expectations for the remainder of the year. Revised FY 2023 guidance also anticipates higher Same Store Core Operating Expenses growth in a range of 10.25% to 10.75%, primarily attributable to higher Same Store property tax expense expectations in Florida and Georgia as a result of larger than anticipated property tax bills received or expected during the fourth quarter. These revised assumptions result in tightened Same Store NOI growth expectations for FY 2023 in a range of 4.5% to 5.0%.

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on October 26, 2023, to discuss results for the third quarter of 2023. 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. A live audio webcast may be accessed at www.invh.com. A replay of the call will be available through November 26, 2023, and can be accessed by calling 1-800-770-2030 (domestic) or 1-647-362-9199 (international) and using the playback ID 7714113, 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.

About Invitation Homes

Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, “Together with you, we make a house a home,” reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.

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, 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, 2022 (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)

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

2023

 

December 31,

2022

 

 

 

(unaudited)

 

 

 

Assets:

 

 

 

 

 

Investments in single-family residential properties, net

 

$

17,400,036

 

 

$

17,030,374

 

 

Cash and cash equivalents

 

 

762,638

 

 

 

262,870

 

 

Restricted cash

 

 

217,253

 

 

 

191,057

 

 

Goodwill

 

 

258,207

 

 

 

258,207

 

 

Investments in unconsolidated joint ventures

 

 

258,030

 

 

 

280,571

 

 

Other assets, net

 

 

570,034

 

 

 

513,629

 

 

Total assets

 

$

19,466,198

 

 

$

18,536,708

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

Mortgage loans, net

 

$

1,631,973

 

 

$

1,645,795

 

 

Secured term loan, net

 

 

401,460

 

 

 

401,530

 

 

Unsecured notes, net

 

 

3,304,082

 

 

 

2,518,185

 

 

Term loan facilities, net

 

 

3,209,725

 

 

 

3,203,567

 

 

Revolving facility

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

 

368,065

 

 

 

198,423

 

 

Resident security deposits

 

 

180,111

 

 

 

175,552

 

 

Other liabilities

 

 

101,236

 

 

 

70,025

 

 

Total liabilities

 

 

9,196,652

 

 

 

8,213,077

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2023 and December 31, 2022

 

 

 

 

 

 

 

Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 611,958,239 and 611,411,382 outstanding as of September 30, 2023 and December 31, 2022, respectively

 

 

6,120

 

 

 

6,114

 

 

Additional paid-in capital

 

 

11,149,732

 

 

 

11,138,463

 

 

Accumulated deficit

 

 

(1,039,782

)

 

 

(951,220

)

 

Accumulated other comprehensive income

 

 

119,728

 

 

 

97,985

 

 

Total stockholders' equity

 

 

10,235,798

 

 

 

10,291,342

 

 

Non-controlling interests

 

 

33,748

 

 

 

32,289

 

 

Total equity

 

 

10,269,546

 

 

 

10,323,631

 

 

Total liabilities and equity

 

$

19,466,198

 

 

$

18,536,708

 

 

 

 

 

 

 

 

Consolidated Statements of Operations

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3 2023

 

Q3 2022

 

YTD 2023

 

YTD 2022

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

555,270

 

 

$

514,670

 

 

$

1,633,672

 

 

$

1,504,601

 

 

Other property income

 

 

59,021

 

 

 

50,721

 

 

 

164,058

 

 

 

145,530

 

 

Management fee revenues

 

 

3,404

 

 

 

3,284

 

 

 

10,227

 

 

 

8,154

 

 

Total revenues

 

 

617,695

 

 

 

568,675

 

 

 

1,807,957

 

 

 

1,658,285

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

Property operating and maintenance

 

 

229,488

 

 

 

203,787

 

 

 

651,793

 

 

 

576,736

 

 

Property management expense

 

 

23,399

 

 

 

22,385

 

 

 

70,563

 

 

 

65,166

 

 

General and administrative

 

 

22,714

 

 

 

20,123

 

 

 

59,957

 

 

 

57,104

 

 

Interest expense

 

 

86,736

 

 

 

76,454

 

 

 

243,408

 

 

 

225,683

 

 

Depreciation and amortization

 

 

170,696

 

 

 

160,428

 

 

 

501,128

 

 

 

474,796

 

 

Impairment and other

 

 

2,496

 

 

 

20,004

 

 

 

5,527

 

 

 

22,874

 

 

Total expenses

 

 

535,529

 

 

 

503,181

 

 

 

1,532,376

 

 

 

1,422,359

 

 

 

 

 

 

 

 

 

 

 

 

Gains (losses) on investments in equity securities, net

 

 

(499

)

 

 

(796

)

 

 

113

 

 

 

(4,000

)

 

Other, net

 

 

(2,533

)

 

 

(8,372

)

 

 

(7,968

)

 

 

(11,605

)

 

Gain on sale of property, net of tax

 

 

57,989

 

 

 

23,952

 

 

 

134,448

 

 

 

69,486

 

 

Losses from investments in unconsolidated joint ventures

 

 

(4,902

)

 

 

(849

)

 

 

(11,087

)

 

 

(5,870

)

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

132,221

 

 

 

79,429

 

 

 

391,087

 

 

 

283,937

 

 

Net income attributable to non-controlling interests

 

 

(403

)

 

 

(250

)

 

 

(1,163

)

 

 

(1,180

)

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

 

131,818

 

 

 

79,179

 

 

 

389,924

 

 

 

282,757

 

 

Net income available to participating securities

 

 

(181

)

 

 

(147

)

 

 

(518

)

 

 

(515

)

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders — basic and diluted

 

$

131,637

 

 

$

79,032

 

 

$

389,406

 

 

$

282,242

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — basic

 

 

612,000,811

 

 

 

610,845,820

 

 

 

611,849,302

 

 

 

609,212,132

 

 

Weighted average common shares outstanding — diluted

 

 

613,580,042

 

 

 

612,647,588

 

 

 

613,155,041

 

 

 

610,741,723

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share — basic

 

$

0.22

 

 

$

0.13

 

 

$

0.64

 

 

$

0.46

 

 

Net income per common share — diluted

 

$

0.21

 

 

$

0.13

 

 

$

0.64

 

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.26

 

 

$

0.22

 

 

$

0.78

 

 

$

0.66

 

 

 

 

 

 

 

 

 

 

 

 

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 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 GAAP measure most directly comparable to Core FFO and Adjusted FFO is net income or loss. 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 Core FFO and Adjusted FFO may not be comparable to the Core FFO and Adjusted FFO of other companies due to the fact that not all companies use the same definition of 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.

Revenue Collections

Revenue collections represent the total cash received in a given period for rental revenues and other property income (including receipt of late payments that were billed in prior months) divided by the total amounts billed in that period. When a payment plan is in place with a resident, amounts are considered to be billed at the time they would have been billed based on the terms of the original lease, not the terms of the payment plan. “Historical average” revenue collections as a percentage of billings refer to revenue collections as a percentage of billings for the period from October 2019 through and including March 2020.

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

 

Q3 2023

 

Q3 2022

 

YTD 2023

 

YTD 2022

 

Net income available to common stockholders

 

$

131,637

 

 

$

79,032

 

 

$

389,406

 

 

$

282,242

 

 

Net income available to participating securities

 

 

181

 

 

 

147

 

 

 

518

 

 

 

515

 

 

Non-controlling interests

 

 

403

 

 

 

250

 

 

 

1,163

 

 

 

1,180

 

 

Depreciation and amortization on real estate assets

 

 

167,921

 

 

 

158,199

 

 

 

493,027

 

 

 

468,272

 

 

Impairment on depreciated real estate investments

 

 

83

 

 

 

101

 

 

 

342

 

 

 

238

 

 

Net gain on sale of previously depreciated investments in real estate

 

 

(57,989

)

 

 

(23,952

)

 

 

(134,448

)

 

 

(69,486

)

 

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

 

 

2,111

 

 

 

1,440

 

 

 

6,425

 

 

 

2,856

 

 

FFO

 

$

244,347

 

 

$

215,217

 

 

$

756,433

 

 

$

685,817

 

 

 

 

 

 

 

 

 

 

 

 

Core FFO Reconciliation

 

Q3 2023

 

Q3 2022

 

YTD 2023

 

YTD 2022

 

FFO

 

$

244,347

 

 

$

215,217

 

 

$

756,433

 

 

$

685,817

 

 

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

 

 

9,561

 

 

 

4,539

 

 

 

25,875

 

 

 

17,507

 

 

Share-based compensation expense

 

 

8,929

 

 

 

7,930

 

 

 

21,493

 

 

 

22,565

 

 

Legal settlements

 

 

2,000

 

 

 

7,400

 

 

 

2,000

 

 

 

7,400

 

 

Severance expense

 

 

392

 

 

 

46

 

 

 

916

 

 

 

253

 

 

Casualty losses, net (1)

 

 

2,429

 

 

 

19,903

 

 

 

5,214

 

 

 

22,636

 

 

(Gains) losses on investments in equity securities, net

 

 

499

 

 

 

796

 

 

 

(113

)

 

 

4,000

 

 

Core FFO

 

$

268,157

 

 

$

255,831

 

 

$

811,818

 

 

$

760,178

 

 

 

 

 

 

 

 

 

 

 

 

AFFO Reconciliation

 

Q3 2023

 

Q3 2022

 

YTD 2023

 

YTD 2022

 

Core FFO

 

$

268,157

 

 

$

255,831

 

 

$

811,818

 

 

$

760,178

 

 

Recurring capital expenditures (1)

 

 

(49,007

)

 

 

(44,683

)

 

 

(122,700

)

 

 

(115,057

)

 

AFFO

 

$

219,150

 

 

$

211,148

 

 

$

689,118

 

 

$

645,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — diluted

 

 

613,580,042

 

 

 

612,647,588

 

 

 

613,155,041

 

 

 

610,741,723

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share — diluted

 

$

0.21

 

 

$

0.13

 

 

$

0.64

 

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

 

FFO, Core FFO, and AFFO

 

 

 

 

 

 

 

 

 

Weighted average common shares and OP Units outstanding — diluted

 

 

615,699,631

 

 

 

615,172,460

 

 

 

615,208,781

 

 

 

613,497,425

 

 

 

 

 

 

 

 

 

 

 

 

FFO per share — diluted

 

$

0.40

 

 

$

0.35

 

 

$

1.23

 

 

$

1.12

 

 

 

 

 

 

 

 

 

 

 

 

Core FFO per share — diluted

 

$

0.44

 

 

$

0.42

 

 

$

1.32

 

 

$

1.24

 

 

 

 

 

 

 

 

 

 

 

 

AFFO per share — diluted

 

$

0.36

 

 

$

0.34

 

 

$

1.12

 

 

$

1.05

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Includes the Company's share from unconsolidated joint ventures.

Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3 2023

 

Q2 2023

 

Q1 2023

 

Q4 2022

 

Q3 2022

 

Total revenues (Total Portfolio)

 

$

617,695

 

 

$

600,372

 

 

$

589,890

 

 

$

579,836

 

 

$

568,675

 

 

Management fee revenues

 

 

(3,404

)

 

 

(3,448

)

 

 

(3,375

)

 

 

(3,326

)

 

 

(3,284

)

 

Total portfolio resident recoveries

 

 

(36,641

)

 

 

(32,776

)

 

 

(31,966

)

 

 

(32,639

)

 

 

(31,260

)

 

Total Core Revenues (Total Portfolio)

 

 

577,650

 

 

 

564,148

 

 

 

554,549

 

 

 

543,871

 

 

 

534,131

 

 

Non-Same Store Core Revenues

 

 

(51,734

)

 

 

(43,581

)

 

 

(43,238

)

 

 

(40,922

)

 

 

(38,062

)

 

Same Store Core Revenues

 

$

525,916

 

 

$

520,567

 

 

$

511,311

 

 

$

502,949

 

 

$

496,069

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total Revenues to Same Store Core Revenues, YTD

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD 2023

 

YTD 2022

 

 

 

 

 

 

 

Total revenues (Total Portfolio)

 

$

1,807,957

 

 

$

1,658,285

 

 

 

 

 

 

 

 

Management fee revenues

 

 

(10,227

)

 

 

(8,154

)

 

 

 

 

 

 

 

Total portfolio resident recoveries

 

 

(101,383

)

 

 

(89,416

)

 

 

 

 

 

 

 

Total Core Revenues (Total Portfolio)

 

 

1,696,347

 

 

 

1,560,715

 

 

 

 

 

 

 

 

Non-Same Store Core Revenues

 

 

(138,553

)

 

 

(99,863

)

 

 

 

 

 

 

 

Same Store Core Revenues

 

$

1,557,794

 

 

$

1,460,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3 2023

 

Q2 2023

 

Q1 2023

 

Q4 2022

 

Q3 2022

 

Property operating and maintenance expenses (Total Portfolio)

 

$

229,488

 

 

$

213,808

 

 

$

208,497

 

 

$

209,615

 

 

$

203,787

 

 

Total Portfolio resident recoveries

 

 

(36,641

)

 

 

(32,776

)

 

 

(31,966

)

 

 

(32,639

)

 

 

(31,260

)

 

Core Operating Expenses (Total Portfolio)

 

 

192,847

 

 

 

181,032

 

 

 

176,531

 

 

 

176,976

 

 

 

172,527

 

 

Non-Same Store Core Operating Expenses

 

 

(17,486

)

 

 

(14,445

)

 

 

(14,242

)

 

 

(12,407

)

 

 

(13,456

)

 

Same Store Core Operating Expenses

 

$

175,361

 

 

$

166,587

 

 

$

162,289

 

 

$

164,569

 

 

$

159,071

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD 2023

 

YTD 2022

 

 

 

 

 

 

 

Property operating and maintenance expenses (Total Portfolio)

 

$

651,793

 

 

$

576,736

 

 

 

 

 

 

 

 

Total Portfolio resident recoveries

 

 

(101,383

)

 

 

(89,416

)

 

 

 

 

 

 

 

Core Operating Expenses (Total Portfolio)

 

 

550,410

 

 

 

487,320

 

 

 

 

 

 

 

 

Non-Same Store Core Operating Expenses

 

 

(46,173

)

 

 

(36,025

)

 

 

 

 

 

 

 

Same Store Core Operating Expenses

 

$

504,237

 

 

$

451,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Same Store NOI, Quarterly

 

 

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3 2023

 

Q2 2023

 

Q1 2023

 

Q4 2022

 

Q3 2022

 

Net income available to common stockholders

 

$

131,637

 

 

$

137,698

 

 

$

120,071

 

 

$

100,426

 

 

$

79,032

 

 

Net income available to participating securities

 

 

181

 

 

 

166

 

 

 

171

 

 

 

146

 

 

 

147

 

 

Non-controlling interests

 

 

403

 

 

 

418

 

 

 

342

 

 

 

290

 

 

 

250

 

 

Interest expense

 

 

86,736

 

 

 

78,625

 

 

 

78,047

 

 

 

78,409

 

 

 

76,454

 

 

Depreciation and amortization

 

 

170,696

 

 

 

165,759

 

 

 

164,673

 

 

 

163,318

 

 

 

160,428

 

 

Property management expense

 

 

23,399

 

 

 

23,580

 

 

 

23,584

 

 

 

22,770

 

 

 

22,385

 

 

General and administrative

 

 

22,714

 

 

 

19,791

 

 

 

17,452

 

 

 

16,921

 

 

 

20,123

 

 

Impairment and other (1)

 

 

2,496

 

 

 

1,868

 

 

 

1,163

 

 

 

5,823

 

 

 

20,004

 

 

Gain on sale of property, net of tax

 

 

(57,989

)

 

 

(46,788

)

 

 

(29,671

)

 

 

(21,213

)

 

 

(23,952

)

 

(Gains) losses on investments in equity securities, net

 

 

499

 

 

 

(524

)

 

 

(88

)

 

 

(61

)

 

 

796

 

 

Other, net (2)

 

 

2,533

 

 

 

3,941

 

 

 

1,494

 

 

 

(344

)

 

 

8,372

 

 

Management fee revenues

 

 

(3,404

)

 

 

(3,448

)

 

 

(3,375

)

 

 

(3,326

)

 

 

(3,284

)

 

Losses from investments in unconsolidated joint ventures

 

 

4,902

 

 

 

2,030

 

 

 

4,155

 

 

 

3,736

 

 

 

849

 

 

NOI (Total Portfolio)

 

 

384,803

 

 

 

383,116

 

 

 

378,018

 

 

 

366,895

 

 

 

361,604

 

 

Non-Same Store NOI

 

 

(34,248

)

 

 

(29,136

)

 

 

(28,996

)

 

 

(28,515

)

 

 

(24,606

)

 

Same Store NOI

 

$

350,555

 

 

$

353,980

 

 

$

349,022

 

 

$

338,380

 

 

$

336,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Same Store NOI, YTD

 

 

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD 2023

 

YTD 2022

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

389,406

 

 

$

282,242

 

 

 

 

 

 

 

 

Net income available to participating securities

 

 

518

 

 

 

515

 

 

 

 

 

 

 

 

Non-controlling interests

 

 

1,163

 

 

 

1,180

 

 

 

 

 

 

 

 

Interest expense

 

 

243,408

 

 

 

225,683

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

501,128

 

 

 

474,796

 

 

 

 

 

 

 

 

Property management expense

 

 

70,563

 

 

 

65,166

 

 

 

 

 

 

 

 

General and administrative

 

 

59,957

 

 

 

57,104

 

 

 

 

 

 

 

 

Impairment and other

 

 

5,527

 

 

 

22,874

 

 

 

 

 

 

 

 

Gain on sale of property, net of tax

 

 

(134,448

)

 

 

(69,486

)

 

 

 

 

 

 

 

(Gains) losses on investments in equity securities, net

 

 

(113

)

 

 

4,000

 

 

 

 

 

 

 

 

Other, net (2)

 

 

7,968

 

 

 

11,605

 

 

 

 

 

 

 

 

Management fee revenues

 

 

(10,227

)

 

 

(8,154

)

 

 

 

 

 

 

 

Losses from investments in unconsolidated joint ventures

 

 

11,087

 

 

 

5,870

 

 

 

 

 

 

 

 

NOI (Total Portfolio)

 

 

1,145,937

 

 

 

1,073,395

 

 

 

 

 

 

 

 

Non-Same Store NOI

 

 

(92,380

)

 

 

(63,838

)

 

 

 

 

 

 

 

Same Store NOI

 

$

1,053,557

 

 

$

1,009,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Includes $5.0 million and $19.0 million of net estimated losses and damages related to Hurricanes Nicole and Ian for Q4 2022 and Q3 2022, respectively.

(2)

Includes interest income and other miscellaneous income and expenses.

Reconciliation of Net Income to Adjusted EBITDAre

(in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

Q3 2023

 

Q3 2022

 

YTD 2023

 

YTD 2022

 

Net income available to common stockholders

 

$

131,637

 

 

$

79,032

 

 

$

389,406

 

 

$

282,242

 

 

Net income available to participating securities

 

 

181

 

 

 

147

 

 

 

518

 

 

 

515

 

 

Non-controlling interests

 

 

403

 

 

 

250

 

 

 

1,163

 

 

 

1,180

 

 

Interest expense

 

 

86,736

 

 

 

76,454

 

 

 

243,408

 

 

 

225,683

 

 

Interest expense in unconsolidated joint ventures

 

 

5,051

 

 

 

(613

)

 

 

12,774

 

 

 

838

 

 

Depreciation and amortization

 

 

170,696

 

 

 

160,428

 

 

 

501,128

 

 

 

474,796

 

 

Depreciation and amortization of investments in unconsolidated joint ventures

 

 

2,690

 

 

 

1,714

 

 

 

7,686

 

 

 

3,466

 

 

EBITDA

 

 

397,394

 

 

 

317,412

 

 

 

1,156,083

 

 

 

988,720

 

 

Gain on sale of property, net of tax

 

 

(57,989

)

 

 

(23,952

)

 

 

(134,448

)

 

 

(69,486

)

 

Impairment on depreciated real estate investments

 

 

83

 

 

 

101

 

 

 

342

 

 

 

238

 

 

Net gain on sale of investments in unconsolidated joint ventures

 

 

(554

)

 

 

(251

)

 

 

(1,188

)

 

 

(567

)

 

EBITDAre

 

 

338,934

 

 

 

293,310

 

 

 

1,020,789

 

 

 

918,905

 

 

Share-based compensation expense

 

 

8,929

 

 

 

7,930

 

 

 

21,493

 

 

 

22,565

 

 

Severance

 

 

392

 

 

 

46

 

 

 

916

 

 

 

253

 

 

Casualty losses, net (1)

 

 

2,429

 

 

 

19,903

 

 

 

5,214

 

 

 

22,636

 

 

(Gains) losses on investments in equity securities, net

 

 

499

 

 

 

796

 

 

 

(113

)

 

 

4,000

 

 

Other, net (2)

 

 

2,533

 

 

 

8,372

 

 

 

7,968

 

 

 

11,605

 

 

Adjusted EBITDAre

 

$

353,716

 

 

$

330,357

 

 

$

1,056,267

 

 

$

979,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing Twelve Months (TTM)

Ended

 

 

 

 

 

 

 

September 30, 2023

 

December 31, 2022

 

 

 

 

 

Net income available to common stockholders

 

$

489,832

 

 

$

382,668

 

 

 

 

 

 

Net income available to participating securities

 

 

664

 

 

 

661

 

 

 

 

 

 

Non-controlling interests

 

 

1,453

 

 

 

1,470

 

 

 

 

 

 

Interest expense

 

 

321,817

 

 

 

304,092

 

 

 

 

 

 

Interest expense in unconsolidated joint ventures

 

 

15,517

 

 

 

3,581

 

 

 

 

 

 

Depreciation and amortization

 

 

664,446

 

 

 

638,114

 

 

 

 

 

 

Depreciation and amortization of investments in unconsolidated joint ventures

 

 

10,058

 

 

 

5,838

 

 

 

 

 

 

EBITDA

 

 

1,503,787

 

 

 

1,336,424

 

 

 

 

 

 

Gain on sale of property, net of tax

 

 

(155,661

)

 

 

(90,699

)

 

 

 

 

 

Impairment on depreciated real estate investments

 

 

414

 

 

 

310

 

 

 

 

 

 

Net gain on sale of investments in unconsolidated joint ventures

 

 

(1,486

)

 

 

(865

)

 

 

 

 

 

EBITDAre

 

 

1,347,054

 

 

 

1,245,170

 

 

 

 

 

 

Share-based compensation expense

 

 

27,890

 

 

 

28,962

 

 

 

 

 

 

Severance

 

 

977

 

 

 

314

 

 

 

 

 

 

Casualty losses, net (1)

 

 

11,063

 

 

 

28,485

 

 

 

 

 

 

(Gains) losses on investments in equity securities, net

 

 

(174

)

 

 

3,939

 

 

 

 

 

 

Other, net (2)

 

 

7,624

 

 

 

11,261

 

 

 

 

 

 

Adjusted EBITDAre

 

$

1,394,434

 

 

$

1,318,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Includes the Company's share from unconsolidated joint ventures.

(2)

Includes 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

 

 

 

 

September 30, 2023

 

December 31, 2022

 

 

Mortgage loans, net

 

$

1,631,973

 

 

$

1,645,795

 

 

 

Secured term loan, net

 

 

401,460

 

 

 

401,530

 

 

 

Unsecured notes, net

 

 

3,304,082

 

 

 

2,518,185

 

 

 

Term loan facility, net

 

 

3,209,725

 

 

 

3,203,567

 

 

 

Revolving facility

 

 

 

 

 

 

 

 

Total Debt per Balance Sheet

 

 

8,547,240

 

 

 

7,769,077

 

 

 

Retained and repurchased certificates

 

 

(87,937

)

 

 

(88,564

)

 

 

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

 

 

(796,829

)

 

 

(275,989

)

 

 

Deferred financing costs, net

 

 

48,962

 

 

 

51,076

 

 

 

Unamortized discounts on note payable

 

 

22,039

 

 

 

13,518

 

 

 

Net Debt (A)

 

$

7,733,475

 

 

$

7,469,118

 

 

 

 

 

 

 

 

 

 

 

 

For the TTM Ended

 

For the TTM Ended

 

 

 

 

September 30, 2023

 

December 31, 2022

 

 

Adjusted EBITDAre (B)

 

$

1,394,434

 

 

$

1,318,131

 

 

 

 

 

 

 

 

 

 

Net Debt / TTM Adjusted EBITDAre (A / B)

 

5.5x

 

5.7x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

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

 

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