Form |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description |
Press Release of Invitation Homes Inc. dated October 29, 2019, announcing results for the quarter ended September 30, 2019. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
INVITATION HOMES INC. | |||
By: | /s/ Mark A. Solls | ||
Name: | Mark A. Solls | ||
Title: | Executive Vice President, Secretary and Chief Legal Officer | ||
October 29, 2019 |
• | Year over year, total revenues increased 2.1% to $443 million, total property operating and maintenance expenses increased 3.2% to $175 million, and net income attributable to common stockholders increased to $34 million, or $0.06 per share. |
• | Core FFO per share was $0.29, flat year over year, and AFFO per share increased 3.1% year over year to $0.23. Included in these numbers is the negative timing impact of $3.5 million of accelerated cost within Other, net, that is expected to be offset by corresponding favorable timing impacts over the next two quarters. |
• | Same Store NOI grew 4.5% year over year on 4.4% Same Store Core revenue growth and 4.3% Same Store Core operating expense growth. |
• | Same Store average occupancy was 95.9%, up 40 basis points year over year. |
• | Same Store renewal rent growth of 4.7% and Same Store new lease rent growth of 4.3% drove Same Store blended rent growth of 4.6%, 30 basis points higher year over year. |
• | In September 2019, affiliates of Blackstone completed a secondary offering of 44 million shares of Invitation Homes common stock. Invitation Homes did not receive any proceeds from the transaction. After the transaction, Blackstone's ownership decreased to approximately 11% of total common shares and units outstanding at September 30, 2019. |
Net Income (Loss), FFO, Core FFO, and AFFO Per Share — Diluted | |||||||||||||||||
Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | ||||||||||||||
Net income (loss) (1) | $ | 0.06 | $ | — | $ | 0.18 | $ | (0.06 | ) | ||||||||
FFO (1) | 0.27 | 0.23 | 0.81 | 0.70 | |||||||||||||
Core FFO (2) | 0.29 | 0.29 | 0.93 | 0.87 | |||||||||||||
AFFO (2) | 0.23 | 0.22 | 0.75 | 0.70 | |||||||||||||
(1) | In accordance with GAAP and Nareit guidelines, net income (loss) per share and FFO per share are calculated as if the 3.0% Convertible Notes due July 1, 2019 ("2019 Convertible Notes") were converted to common shares at the beginning of the relevant period, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. In YTD 2019, the 2019 Convertible Notes were outstanding from January 1, 2019 through June 30, 2019. During this period from January 1, 2019 through June 30, 2019, treatment of the 2019 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, YTD 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. YTD 2019 FFO per share treats the 2019 Convertible Notes as if converted on January 1, 2019, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2019 Convertible Notes and adjusting shares outstanding in the denominator to include shares issued upon conversion of the 2019 Convertible Notes, for the full period from January 1, 2019 through September 30, 2019. |
(2) | Core FFO and AFFO per share reflect the 2019 Convertible Notes in the form in which they were outstanding during each period. As such, YTD 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but do not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. For the period from January 1, 2019 through June 30, 2019, cash interest expense associated with the 2019 Convertible Notes has been included in Core FFO and AFFO in the numerators, and shares issued upon conversion of the 2019 Convertible Notes have not been included as shares outstanding in the denominators. |
Same Store Operating Results Snapshot | |||||||||||||
Number of homes in Same Store portfolio: | 72,001 | ||||||||||||
Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | ||||||||||
Core revenue growth (year-over-year) | 4.4 | % | 4.5 | % | |||||||||
Core operating expense growth (year-over-year) | 4.3 | % | 1.6 | % | |||||||||
NOI growth (year-over-year) | 4.5 | % | 6.1 | % | |||||||||
Average occupancy | 95.9 | % | 95.5 | % | 96.3 | % | 95.8 | % | |||||
Turnover rate | 9.0 | % | 9.4 | % | 23.7 | % | 26.6 | % | |||||
Rental rate growth (lease-over-lease): | |||||||||||||
Renewals | 4.7 | % | 4.8 | % | 5.1 | % | 4.8 | % | |||||
New leases | 4.3 | % | 3.4 | % | 4.4 | % | 3.6 | % | |||||
Blended | 4.6 | % | 4.3 | % | 4.9 | % | 4.4 | % | |||||
FY 2019 Guidance | |||||
Current | Previous | ||||
FY 2019 | FY 2019 | ||||
Guidance | Guidance | ||||
Core FFO per share – diluted (1) | $1.24 - $1.28 | $1.23 - $1.29 | |||
AFFO per share – diluted (1) | $1.02 - $1.06 | $1.01 - $1.07 | |||
Same Store Core revenue growth | 4.25% - 4.5% | 4.0% - 4.5% | |||
Same Store Core operating expense growth | 2.25% - 2.75% | 2.0% - 3.0% | |||
Same Store NOI growth | 5.2% - 5.6% | 5.0% - 5.5% | |||
(1) | For the purposes of reporting 2019 Core FFO and AFFO per share, the Company treats the 2019 Convertible Notes in the form in which they are outstanding during each period. Guidance treats the 2019 Convertible Notes as an interest-bearing liability in the first and second quarters of 2019, and as common shares in the third and fourth quarters of 2019. |
Consolidated Balance Sheets | |||||||||
($ in thousands, except shares and per share data) | |||||||||
September 30, | December 31, | ||||||||
2019 | 2018 | ||||||||
(unaudited) | |||||||||
Assets: | |||||||||
Investments in single-family residential properties, net | $ | 16,218,701 | $ | 16,686,060 | |||||
Cash and cash equivalents | 81,531 | 144,940 | |||||||
Restricted cash | 244,882 | 215,051 | |||||||
Goodwill | 258,207 | 258,207 | |||||||
Other assets, net | 856,697 | 759,170 | |||||||
Total assets | $ | 17,660,018 | $ | 18,063,428 | |||||
Liabilities: | |||||||||
Mortgage loans, net | $ | 6,428,874 | $ | 7,201,654 | |||||
Secured term loan, net | 400,924 | — | |||||||
Term loan facility, net | 1,493,025 | 1,490,860 | |||||||
Revolving facility | — | — | |||||||
Convertible senior notes, net | 333,070 | 557,301 | |||||||
Accounts payable and accrued expenses | 278,272 | 169,603 | |||||||
Resident security deposits | 149,023 | 148,995 | |||||||
Other liabilities | 400,319 | 125,829 | |||||||
Total liabilities | 9,483,507 | 9,694,242 | |||||||
Equity: | |||||||||
Stockholders' equity | |||||||||
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2019 and December 31, 2018 | — | — | |||||||
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 538,356,606 and 520,647,977 outstanding as of September 30, 2019 and December 31, 2018, respectively | 5,384 | 5,206 | |||||||
Additional paid-in capital | 8,938,487 | 8,629,462 | |||||||
Accumulated deficit | (505,887 | ) | (392,594 | ) | |||||
Accumulated other comprehensive loss | (340,724 | ) | (12,963 | ) | |||||
Total stockholders' equity | 8,097,260 | 8,229,111 | |||||||
Non-controlling interests | 79,251 | 140,075 | |||||||
Total equity | 8,176,511 | 8,369,186 | |||||||
Total liabilities and equity | $ | 17,660,018 | $ | 18,063,428 | |||||
Consolidated Statements of Operations | |||||||||||||||||
($ in thousands, except shares and per share amounts) (unaudited) | |||||||||||||||||
Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | ||||||||||||||
Rental revenues and other property income | $ | 443,326 | $ | 434,251 | $ | 1,320,408 | $ | 1,290,346 | |||||||||
Expenses: | |||||||||||||||||
Property operating and maintenance | 175,491 | 170,021 | 502,411 | 496,211 | |||||||||||||
Property management expense | 15,872 | 16,692 | 47,053 | 48,204 | |||||||||||||
General and administrative | 16,405 | 21,152 | 58,899 | 73,424 | |||||||||||||
Interest expense | 89,067 | 97,564 | 278,756 | 287,089 | |||||||||||||
Depreciation and amortization | 133,315 | 139,371 | 399,955 | 430,321 | |||||||||||||
Impairment and other | 4,740 | 3,252 | 11,803 | 13,476 | |||||||||||||
Total expenses | 434,890 | 448,052 | 1,298,877 | 1,348,725 | |||||||||||||
Other, net | 4,735 | 3,330 | 8,470 | 6,697 | |||||||||||||
Gain on sale of property, net of tax | 20,812 | 11,512 | 64,556 | 20,955 | |||||||||||||
Net income (loss) | 33,983 | 1,041 | 94,557 | (30,727 | ) | ||||||||||||
Net (income) loss attributable to non-controlling interests | (276 | ) | (21 | ) | (1,086 | ) | 532 | ||||||||||
Net income (loss) attributable to common stockholders | 33,707 | 1,020 | 93,471 | (30,195 | ) | ||||||||||||
Net income available to participating securities | (91 | ) | (196 | ) | (306 | ) | (627 | ) | |||||||||
Net income (loss) available to common stockholders — basic and diluted | $ | 33,616 | $ | 824 | $ | 93,165 | $ | (30,822 | ) | ||||||||
Weighted average common shares outstanding — basic | 537,771,245 | 520,620,519 | 528,209,033 | 520,267,029 | |||||||||||||
Weighted average common shares outstanding — diluted | 538,644,888 | 521,761,076 | 529,160,353 | 520,267,029 | |||||||||||||
Net income (loss) per common share — basic | $ | 0.06 | $ | — | $ | 0.18 | $ | (0.06 | ) | ||||||||
Net income (loss) per common share — diluted | $ | 0.06 | $ | — | $ | 0.18 | $ | (0.06 | ) | ||||||||
Dividends declared per common share | $ | 0.13 | $ | 0.11 | $ | 0.39 | $ | 0.33 | |||||||||
Reconciliation of FFO, Core FFO, and AFFO | |||||||||||||||||
($ in thousands, except shares and per share amounts) (unaudited) | |||||||||||||||||
FFO Reconciliation | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |||||||||||||
Net income (loss) available to common stockholders | $ | 33,616 | $ | 824 | $ | 93,165 | $ | (30,822 | ) | ||||||||
Net income available to participating securities | 91 | 196 | 306 | 627 | |||||||||||||
Non-controlling interests | 276 | 21 | 1,086 | (532 | ) | ||||||||||||
Depreciation and amortization on real estate assets | 132,266 | 132,168 | 396,568 | 420,223 | |||||||||||||
Impairment on depreciated real estate investments | 3,960 | 1,296 | 11,289 | 3,570 | |||||||||||||
Net gain on sale of previously depreciated investments in real estate | (20,812 | ) | (11,512 | ) | (64,556 | ) | (20,955 | ) | |||||||||
FFO | $ | 149,397 | $ | 122,993 | $ | 437,858 | $ | 372,111 | |||||||||
Core FFO Reconciliation | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |||||||||||||
FFO | $ | 149,397 | $ | 122,993 | $ | 437,858 | $ | 372,111 | |||||||||
Noncash interest expense | 10,385 | 13,401 | 37,422 | 33,439 | |||||||||||||
Share-based compensation expense | 4,625 | 6,068 | 13,847 | 23,582 | |||||||||||||
Offering related expenses | 129 | — | 2,148 | — | |||||||||||||
Merger and transaction-related expenses | — | 9,406 | 4,347 | 18,009 | |||||||||||||
Severance expense | 881 | 1,952 | 8,225 | 6,292 | |||||||||||||
Unrealized gains on investment in equity securities | (6,480 | ) | — | (6,480 | ) | — | |||||||||||
Casualty losses, net | 780 | 1,956 | 514 | 9,906 | |||||||||||||
Core FFO | $ | 159,717 | $ | 155,776 | $ | 497,881 | $ | 463,339 | |||||||||
AFFO Reconciliation | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |||||||||||||
Core FFO | $ | 159,717 | $ | 155,776 | $ | 497,881 | $ | 463,339 | |||||||||
Recurring capital expenditures | (36,653 | ) | (39,399 | ) | (93,563 | ) | (93,640 | ) | |||||||||
Adjusted FFO | $ | 123,064 | $ | 116,377 | $ | 404,318 | $ | 369,699 | |||||||||
Net income (loss) available to common stockholders | |||||||||||||||||
Weighted average common shares outstanding — diluted (1) | 538,644,888 | 521,761,076 | 529,160,353 | 520,267,029 | |||||||||||||
Net income (loss) per common share — diluted (1) | $ | 0.06 | $ | — | $ | 0.18 | $ | (0.06 | ) | ||||||||
FFO | |||||||||||||||||
FFO for per share calculation(1) | $ | 149,397 | $ | 122,993 | $ | 443,444 | $ | 372,111 | |||||||||
Weighted average common shares and OP Units outstanding — diluted (1) | 544,481,679 | 530,797,654 | 544,506,626 | 530,581,319 | |||||||||||||
FFO per share — diluted (1) | $ | 0.27 | $ | 0.23 | $ | 0.81 | $ | 0.70 | |||||||||
Core FFO and Adjusted FFO | |||||||||||||||||
Weighted average shares and units outstanding — diluted (2) | 544,481,679 | 530,797,654 | 536,183,368 | 530,581,319 | |||||||||||||
Core FFO per share — diluted (2) | $ | 0.29 | $ | 0.29 | $ | 0.93 | $ | 0.87 | |||||||||
AFFO per share — diluted (2) | $ | 0.23 | $ | 0.22 | $ | 0.75 | $ | 0.70 | |||||||||
(1) | In accordance with GAAP and Nareit guidelines, net income (loss) per share and FFO per share are calculated as if the 2019 Convertible Notes were converted to common shares at the beginning of the relevant period, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. In YTD 2019, the 2019 Convertible Notes were outstanding from January 1, 2019 through June 30, 2019. During this period from January 1, 2019 through June 30, 2019, treatment of the 2019 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, YTD 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. YTD 2019 FFO per share treats the 2019 Convertible Notes as if converted on January 1, 2019, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2019 Convertible Notes and adjusting shares outstanding in the denominator to include shares issued upon conversion of the 2019 Convertible Notes, for the full period from January 1, 2019 through September 30, 2019. |
(2) | Core FFO and AFFO per share reflect the 2019 Convertible Notes in the form in which they were outstanding during each period. As such, YTD 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but do not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. For the period from January 1, 2019 through June 30, 2019, cash interest expense associated with the 2019 Convertible Notes has been included in Core FFO and AFFO in the numerators, and shares issued upon conversion of the 2019 Convertible Notes have not been included as shares outstanding in the denominators. |
Diluted Shares Outstanding | |||||||||||||
(unaudited) | |||||||||||||
Weighted Average Amounts for Net Income (Loss) (1) | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |||||||||
Common shares — basic | 537,771,245 | 520,620,519 | 528,209,033 | 520,267,029 | |||||||||
Shares potentially issuable from vesting/conversion of equity-based awards | 873,643 | 1,140,557 | 951,320 | — | |||||||||
Total common shares — diluted | 538,644,888 | 521,761,076 | 529,160,353 | 520,267,029 | |||||||||
Weighted average amounts for FFO (1) | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |||||||||
Common shares — basic | 537,771,245 | 520,620,519 | 528,209,033 | 520,267,029 | |||||||||
OP units — basic | 5,463,285 | 9,036,578 | 6,526,571 | 9,143,401 | |||||||||
Shares potentially issuable from vesting/conversion of equity-based awards | 1,247,149 | 1,140,557 | 1,447,764 | 1,170,889 | |||||||||
Shares issuable from 2019 Convertible Notes | — | — | 8,323,258 | — | |||||||||
Total common shares and units — diluted | 544,481,679 | 530,797,654 | 544,506,626 | 530,581,319 | |||||||||
Weighted average amounts for Core and AFFO (2) | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |||||||||
Common shares — basic | 537,771,245 | 520,620,519 | 528,209,033 | 520,267,029 | |||||||||
OP units — basic | 5,463,285 | 9,036,578 | 6,526,571 | 9,143,401 | |||||||||
Shares potentially issuable from vesting/conversion of equity-based awards | 1,247,149 | 1,140,557 | 1,447,764 | 1,170,889 | |||||||||
Total common shares and units — diluted | 544,481,679 | 530,797,654 | 536,183,368 | 530,581,319 | |||||||||
September 30, | |||||||||||||
Period end amounts for Core FFO, and AFFO | 2019 | ||||||||||||
Common shares | 538,356,606 | ||||||||||||
OP units | 5,463,285 | ||||||||||||
Shares potentially issuable from vesting/conversion of equity-based awards | 1,128,805 | ||||||||||||
Total common shares and units — diluted | 544,948,696 | ||||||||||||
(1) | In accordance with GAAP and Nareit guidelines, net income (loss) per share and FFO per share are calculated as if the 2019 Convertible Notes were converted to common shares at the beginning of the relevant period, unless such treatment is anti-dilutive to net income (loss) per share or FFO per share. In YTD 2019, the 2019 Convertible Notes were outstanding from January 1, 2019 through June 30, 2019. During this period from January 1, 2019 through June 30, 2019, treatment of the 2019 Convertible Notes as if converted would be anti-dilutive to net income per share and dilutive to FFO per share. As such, YTD 2019 net income per share reflects the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but does not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. YTD 2019 FFO per share treats the 2019 Convertible Notes as if converted on January 1, 2019, thereby adjusting FFO in the numerator to remove the interest expense associated with the 2019 Convertible Notes and adjusting shares outstanding in the denominator to include shares issued upon conversion of the 2019 Convertible Notes, for the full period from January 1, 2019 through September 30, 2019. |
(2) | Core FFO and AFFO per share reflect the 2019 Convertible Notes in the form in which they were outstanding during each period. As such, YTD 2019 Core FFO and AFFO per share reflect the conversion of the 2019 Convertible Notes for the period from July 1, 2019 through September 30, 2019, but do not treat the 2019 Convertible Notes as if converted for the period from January 1, 2019 through June 30, 2019. For the period from January 1, 2019 through June 30, 2019, cash interest expense associated with the 2019 Convertible Notes has been included in Core FFO and AFFO in the numerators, and shares issued upon conversion of the 2019 Convertible Notes have not been included as shares outstanding in the denominators. |
Debt Structure and Leverage Ratios — September 30, 2019 | ||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||
Wtd Avg | Wtd Avg | |||||||||||||
Interest | Years | |||||||||||||
Debt Structure | Balance | % of Total | Rate (1) | to Maturity (2) | ||||||||||
Secured: | ||||||||||||||
Fixed (3) | $ | 1,401,853 | 16.1 | % | 4.0 | % | 8.8 | |||||||
Floating — swapped to fixed | 5,020,000 | 57.5 | % | 3.4 | % | 5.3 | ||||||||
Floating | 449,665 | 5.2 | % | 3.4 | % | 6.0 | ||||||||
Total secured | 6,871,518 | 78.8 | % | 3.5 | % | 6.1 | ||||||||
Unsecured: | ||||||||||||||
Fixed (Convertible) | 345,000 | 4.0 | % | 3.5 | % | 2.3 | ||||||||
Floating — swapped to fixed | 1,500,000 | 17.2 | % | 3.7 | % | 2.4 | ||||||||
Floating | — | — | % | — | % | — | ||||||||
Total unsecured | 1,845,000 | 21.2 | % | 3.6 | % | 2.3 | ||||||||
Total Debt: | ||||||||||||||
Fixed + floating swapped to fixed (3) | 8,266,853 | 94.8 | % | 3.5 | % | 5.3 | ||||||||
Floating | 449,665 | 5.2 | % | 3.4 | % | 6.0 | ||||||||
Total debt | 8,716,518 | 100.0 | % | 3.5 | % | 5.3 | ||||||||
Unamortized discounts on notes payable | (14,659 | ) | ||||||||||||
Deferred financing costs | (45,966 | ) | ||||||||||||
Total Debt per Balance Sheet | 8,655,893 | |||||||||||||
Retained and repurchased certificates | (329,558 | ) | ||||||||||||
Cash, ex-security deposits (4) | (176,906 | ) | ||||||||||||
Deferred financing costs | 45,966 | |||||||||||||
Unamortized discounts on notes payable | 14,659 | |||||||||||||
Net debt | $ | 8,210,054 | ||||||||||||
Leverage Ratios | Q3 2019 | |||||||||||||
Fixed charge coverage ratio | 3.1 | x | ||||||||||||
Net debt / annualized Adjusted EBITDAre | 8.5 | x | ||||||||||||
(1) | Includes the impact of interest rate swaps in place and effective as of September 30, 2019. |
(2) | Assumes all extension options are exercised. |
(3) | For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt. |
(4) | Represents cash and cash equivalents and the non-security deposit portion of restricted cash. |
Debt Maturity Schedule — September 30, 2019 | ||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||
Revolving | ||||||||||||||||||||
Secured | Unsecured | Credit | % of | |||||||||||||||||
Debt Maturities, with Extensions (1) | Debt | Debt | Facility | Balance | Total | |||||||||||||||
2019 | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||
2020 | — | — | — | — | — | % | ||||||||||||||
2021 | — | — | — | — | — | % | ||||||||||||||
2022 | — | 1,845,000 | — | 1,845,000 | 21.2 | % | ||||||||||||||
2023 | 753,940 | — | — | 753,940 | 8.6 | % | ||||||||||||||
2024 | 680,384 | — | — | 680,384 | 7.8 | % | ||||||||||||||
2025 | 3,092,430 | — | — | 3,092,430 | 35.5 | % | ||||||||||||||
2026 | 942,911 | — | — | 942,911 | 10.8 | % | ||||||||||||||
2027 | 998,389 | — | — | 998,389 | 11.5 | % | ||||||||||||||
Thereafter | 403,464 | — | — | 403,464 | 4.6 | % | ||||||||||||||
6,871,518 | 1,845,000 | — | 8,716,518 | 100.0 | % | |||||||||||||||
Unamortized discounts on notes payable | (2,729 | ) | (11,930 | ) | — | (14,659 | ) | |||||||||||||
Deferred financing costs | (38,991 | ) | (6,975 | ) | — | (45,966 | ) | |||||||||||||
Total per Balance Sheet | $ | 6,829,798 | $ | 1,826,095 | $ | — | $ | 8,655,893 | ||||||||||||
(1) | Assumes all extension options are exercised. |
Cost to Maturity of Debt as of September 30, 2019 | |||||||||||||||||||||||||||||
($ in thousands) (unaudited) | |||||||||||||||||||||||||||||
Percentage of Weighted Average Debt Outstanding by Type | Weighted Average Cost by Instrument Type | ||||||||||||||||||||||||||||
Weighted Average | Issued | Issued | Total | Spread to | Fixed Cost | Total Debt | |||||||||||||||||||||||
Amount of | Floating | Floating | Fixed | LIBOR | of | Including | |||||||||||||||||||||||
Debt | and | but Swapped | Issued | or Swapped | For Floating | Interest Rate | Fixed Rate | Swap | |||||||||||||||||||||
Outstanding (1) | Not Swapped | to Fixed | Fixed | to Fixed | Rate Debt | Rate Swaps | Debt | Impact (2) | |||||||||||||||||||||
4Q19 | $ | 8,716,517 | 5.2 | % | 74.8 | % | 20.0 | % | 94.8 | % | 1.4 | % | 2.0 | % | 3.9 | % | 3.5 | % | |||||||||||
2020 | 8,716,517 | 1.0 | % | 79.0 | % | 20.0 | % | 99.0 | % | 1.4 | % | 2.3 | % | 3.9 | % | 3.8 | % | ||||||||||||
2021 | 8,716,517 | 5.6 | % | 74.4 | % | 20.0 | % | 94.4 | % | 1.4 | % | 2.5 | % | 3.9 | % | 3.9 | % | ||||||||||||
2022 | 7,037,750 | 15.3 | % | 64.6 | % | 20.1 | % | 84.7 | % | 1.4 | % | 2.9 | % | 4.0 | % | 4.1 | % | ||||||||||||
2023 | 6,136,168 | 5.1 | % | 72.1 | % | 22.8 | % | 94.9 | % | 1.3 | % | 3.0 | % | 4.0 | % | 4.2 | % | ||||||||||||
2024 | 6,076,680 | 5.3 | % | 71.6 | % | 23.1 | % | 94.7 | % | 1.3 | % | 3.0 | % | 4.0 | % | 4.2 | % | ||||||||||||
2025 | 3,602,726 | 18.4 | % | 42.7 | % | 38.9 | % | 81.6 | % | 1.4 | % | 3.0 | % | 4.0 | % | 4.1 | % | ||||||||||||
2026 | 1,425,103 | 1.6 | % | — | % | 98.4 | % | 98.4 | % | 1.4 | % | N/A | 4.0 | % | 4.0 | % | |||||||||||||
2027 | 841,114 | — | % | — | % | 100.0 | % | 100.0 | % | N/A | N/A | 3.9 | % | 3.9 | % | ||||||||||||||
Thereafter(3) | 403,464 | — | % | — | % | 100.0 | % | 100.0 | % | N/A | N/A | 3.6 | % | 3.6 | % | ||||||||||||||
(1) | In each period, represents September 30, 2019 debt that remains outstanding assuming all debt is held until final maturity with all extension options exercised. |
(2) | Assumes September 30, 2019 LIBOR rate of 2.02% for all future periods. |
(3) | For the purposes of this table, IH 2019-1, a twelve-year secured term loan reaching final maturity in 2031 that bears interest at a fixed rate for the first 11 years and a floating rate in the twelfth year, is reflected as fixed rate debt. |
Summary of Operating Information by Home Portfolio | |||||||||||||||||||||||
($ in thousands) (unaudited) | |||||||||||||||||||||||
Number of Homes, period-end | Q3 2019 | ||||||||||||||||||||||
Total portfolio | 80,232 | ||||||||||||||||||||||
Same Store portfolio | 72,001 | ||||||||||||||||||||||
Same Store % of Total | 89.7 | % | |||||||||||||||||||||
Core Revenues | Q3 2019 | Q3 2018 | Change YoY | YTD 2019 | YTD 2018 | Change YoY | |||||||||||||||||
Total portfolio | $ | 423,992 | $ | 419,138 | 1.2 | % | $ | 1,266,362 | $ | 1,247,705 | 1.5 | % | |||||||||||
Same Store portfolio | 389,300 | 372,788 | 4.4 | % | 1,158,629 | 1,108,620 | 4.5 | % | |||||||||||||||
Core Operating expenses | Q3 2019 | Q3 2018 | Change YoY | YTD 2019 | YTD 2018 | Change YoY | |||||||||||||||||
Total portfolio | $ | 156,157 | $ | 154,908 | 0.8 | % | $ | 448,365 | $ | 453,570 | (1.1 | )% | |||||||||||
Same Store portfolio | 141,552 | 135,656 | 4.3 | % | 401,267 | 394,800 | 1.6 | % | |||||||||||||||
Net Operating Income | Q3 2019 | Q3 2018 | Change YoY | YTD 2019 | YTD 2018 | Change YoY | |||||||||||||||||
Total portfolio | $ | 267,835 | $ | 264,230 | 1.4 | % | $ | 817,997 | $ | 794,135 | 3.0 | % | |||||||||||
Same Store portfolio | 247,748 | 237,132 | 4.5 | % | 757,362 | 713,820 | 6.1 | % | |||||||||||||||
Same Store Portfolio Operating Detail | |||||||||||||||||||||||||||||
($ in thousands) (unaudited) | |||||||||||||||||||||||||||||
Change | Change | Change | |||||||||||||||||||||||||||
Q3 2019 | Q3 2018 | YoY | Q2 2019 | Seq | YTD 2019 | YTD 2018 | YoY | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Rental revenues | $ | 375,703 | $ | 359,488 | 4.5 | % | $ | 374,264 | 0.4 | % | $ | 1,119,871 | $ | 1,069,615 | 4.7 | % | |||||||||||||
Other property income (1)(2) | 31,299 | 26,663 | 17.4 | % | 29,718 | 5.3 | % | 87,900 | 76,857 | 14.4 | % | ||||||||||||||||||
Total revenues | 407,002 | 386,151 | 5.4 | % | 403,982 | 0.7 | % | 1,207,771 | 1,146,472 | 5.3 | % | ||||||||||||||||||
Less: Resident recoveries (1)(2) | (17,702 | ) | (13,363 | ) | 32.5 | % | (16,573 | ) | 6.8 | % | (49,142 | ) | (37,852 | ) | 29.8 | % | |||||||||||||
Core revenues | 389,300 | 372,788 | 4.4 | % | 387,409 | 0.5 | % | 1,158,629 | 1,108,620 | 4.5 | % | ||||||||||||||||||
Fixed Expenses: | |||||||||||||||||||||||||||||
Property taxes | 66,624 | 62,849 | 6.0 | % | 66,913 | (0.4 | )% | 199,163 | 188,017 | 5.9 | % | ||||||||||||||||||
Insurance expenses | 7,905 | 7,381 | 7.1 | % | 7,876 | 0.4 | % | 23,267 | 21,656 | 7.4 | % | ||||||||||||||||||
HOA expenses | 8,508 | 6,714 | 26.7 | % | 6,841 | 24.4 | % | 23,765 | 20,650 | 15.1 | % | ||||||||||||||||||
Controllable Expenses: | |||||||||||||||||||||||||||||
Repairs and maintenance | 25,364 | 23,130 | 9.7 | % | 20,143 | 25.9 | % | 62,475 | 62,774 | (0.5 | )% | ||||||||||||||||||
Personnel | 14,418 | 16,335 | (11.7 | )% | 15,855 | (9.1 | )% | 46,387 | 50,792 | (8.7 | )% | ||||||||||||||||||
Turnover | 13,656 | 14,093 | (3.1 | )% | 11,885 | 14.9 | % | 33,795 | 38,105 | (11.3 | )% | ||||||||||||||||||
Utilities (1) | 17,717 | 13,322 | 33.0 | % | 14,975 | 18.3 | % | 46,907 | 34,495 | 36.0 | % | ||||||||||||||||||
Leasing and marketing (3) | 2,621 | 2,689 | (2.5 | )% | 2,465 | 6.3 | % | 7,631 | 8,439 | (9.6 | )% | ||||||||||||||||||
Property administrative | 2,441 | 2,506 | (2.6 | )% | 2,267 | 7.7 | % | 7,019 | 7,724 | (9.1 | )% | ||||||||||||||||||
Property operating and maintenance expenses | 159,254 | 149,019 | 6.9 | % | 149,220 | 6.7 | % | 450,409 | 432,652 | 4.1 | % | ||||||||||||||||||
Less: Resident recoveries (1)(2) | (17,702 | ) | (13,363 | ) | 32.5 | % | (16,573 | ) | 6.8 | % | (49,142 | ) | (37,852 | ) | 29.8 | % | |||||||||||||
Core operating expenses | 141,552 | 135,656 | 4.3 | % | 132,647 | 6.7 | % | 401,267 | 394,800 | 1.6 | % | ||||||||||||||||||
Net Operating Income | $ | 247,748 | $ | 237,132 | 4.5 | % | $ | 254,762 | (2.8 | )% | $ | 757,362 | $ | 713,820 | 6.1 | % | |||||||||||||
(1) | The year-over-year increases in other property income, utilities, and resident recoveries are primarily attributable to an ongoing transition in utility billing policy. Residents continue to be responsible for costs associated with their water, sewer, and waste removal services, but providers of these services now invoice Invitation Homes rather than the resident for payment. Invitation Homes pays the utility provider, and subsequently bills the resident for reimbursement, resulting in materially higher utility expense that is offset by materially higher resident recoveries. |
(2) | In addition to the transition in utility billing policy, other property income and resident recoveries in YTD 2018 were higher as a result of a one-time item related to the timing by which resident utility recoveries are accrued. The timing of resident utility bill-backs from the two merged companies was aligned in Q1 2018 by adopting a best practice that matches reimbursements with the period in which the corresponding expenses are booked. This resulted in a one-time increase in resident recoveries in Q1 2018. |
(3) | Same Store leasing and marketing expense includes amortization of leasing commissions of $2,360, $2,313, $2,208, $6,853, and $7,492 for Q3 2019, Q3 2018, Q2 2019, YTD 2019, and YTD 2018, respectively. |
Same Store Quarterly Operating Trends | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | Q3 2018 | |||||||||||||||||
Average occupancy | 95.9 | % | 96.5 | % | 96.5 | % | 96.0 | % | 95.5 | % | |||||||||||
Turnover rate | 9.0 | % | 8.4 | % | 6.3 | % | 5.9 | % | 9.4 | % | |||||||||||
Trailing four quarters turnover rate | 29.6 | % | 30.0 | % | 31.1 | % | 32.5 | % | N/A | ||||||||||||
Average monthly rent | $ | 1,825 | $ | 1,804 | $ | 1,784 | $ | 1,770 | $ | 1,754 | |||||||||||
Rental rate growth (lease-over-lease): | |||||||||||||||||||||
Renewals | 4.7 | % | 5.4 | % | 5.2 | % | 4.8 | % | 4.8 | % | |||||||||||
New leases | 4.3 | % | 5.2 | % | 3.6 | % | 2.0 | % | 3.4 | % | |||||||||||
Blended | 4.6 | % | 5.3 | % | 4.7 | % | 3.7 | % | 4.3 | % | |||||||||||
Portfolio Characteristics — As of and for the Quarter Ended September 30, 2019 (1) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Average | ||||||||||||||||||
Number of | Average | Average | Monthly | Percent of | ||||||||||||||
Homes | Occupancy | Monthly Rent | Rent PSF | Revenue | ||||||||||||||
Western United States: | ||||||||||||||||||
Southern California | 8,116 | 94.5 | % | $ | 2,436 | $ | 1.44 | 13.4 | % | |||||||||
Northern California | 4,422 | 94.6 | % | 2,112 | 1.37 | 6.5 | % | |||||||||||
Seattle | 3,477 | 93.4 | % | 2,216 | 1.16 | 5.3 | % | |||||||||||
Phoenix | 7,650 | 94.5 | % | 1,376 | 0.85 | 7.4 | % | |||||||||||
Las Vegas | 2,963 | 94.4 | % | 1,616 | 0.81 | 3.4 | % | |||||||||||
Denver | 2,291 | 89.6 | % | 2,009 | 1.12 | 3.1 | % | |||||||||||
Western US Subtotal | 28,919 | 94.0 | % | 1,962 | 1.14 | 39.1 | % | |||||||||||
Florida: | ||||||||||||||||||
South Florida | 8,669 | 93.1 | % | 2,196 | 1.18 | 12.8 | % | |||||||||||
Tampa | 8,172 | 94.0 | % | 1,676 | 0.90 | 9.5 | % | |||||||||||
Orlando | 5,997 | 93.9 | % | 1,667 | 0.90 | 6.8 | % | |||||||||||
Jacksonville | 1,869 | 95.5 | % | 1,681 | 0.85 | 2.2 | % | |||||||||||
Florida Subtotal | 24,707 | 93.8 | % | 1,856 | 0.99 | 31.3 | % | |||||||||||
Southeast United States: | ||||||||||||||||||
Atlanta | 12,474 | 94.4 | % | 1,515 | 0.74 | 12.9 | % | |||||||||||
Carolinas | 4,686 | 94.7 | % | 1,591 | 0.74 | 5.1 | % | |||||||||||
Nashville | 797 | 95.8 | % | 1,879 | 0.88 | 1.1 | % | |||||||||||
Southeast US Subtotal | 17,957 | 94.5 | % | 1,552 | 0.74 | 19.1 | % | |||||||||||
Texas: | ||||||||||||||||||
Houston | 2,266 | 91.7 | % | 1,564 | 0.80 | 2.4 | % | |||||||||||
Dallas | 2,270 | 92.1 | % | 1,795 | 0.85 | 2.7 | % | |||||||||||
Texas Subtotal | 4,536 | 91.9 | % | 1,678 | 0.83 | 5.1 | % | |||||||||||
Midwest United States: | ||||||||||||||||||
Chicago | 2,962 | 91.0 | % | 1,988 | 1.22 | 3.9 | % | |||||||||||
Minneapolis | 1,151 | 96.3 | % | 1,892 | 0.96 | 1.5 | % | |||||||||||
Midwest US Subtotal | 4,113 | 92.4 | % | 1,961 | 1.14 | 5.4 | % | |||||||||||
Total / Average | 80,232 | 93.8 | % | $ | 1,821 | $ | 0.98 | 100.0 | % | |||||||||
Same Store Total / Average | 72,001 | 95.9 | % | $ | 1,825 | $ | 0.98 | 91.8 | % | |||||||||
(1) | All data is for the total portfolio, unless otherwise noted. |
Same Store Core Revenue Growth Summary — YoY Quarter | |||||||||||||||||||||||||||||||||||
($ in thousands, except avg. monthly rent) (unaudited) | |||||||||||||||||||||||||||||||||||
Avg. Monthly Rent | Average Occupancy | Core Revenue | |||||||||||||||||||||||||||||||||
YoY, Q3 2019 | # Homes | Q3 2019 | Q3 2018 | Change | Q3 2019 | Q3 2018 | Change | Q3 2019 | Q3 2018 | Change | |||||||||||||||||||||||||
Western United States: | |||||||||||||||||||||||||||||||||||
Southern California | 7,700 | $ | 2,440 | $ | 2,304 | 5.9 | % | 95.5 | % | 96.0 | % | (0.5 | )% | $ | 54,666 | $ | 51,995 | 5.1 | % | ||||||||||||||||
Northern California | 3,807 | 2,101 | 1,968 | 6.8 | % | 96.6 | % | 96.9 | % | (0.3 | )% | 23,753 | 22,316 | 6.4 | % | ||||||||||||||||||||
Seattle | 3,018 | 2,215 | 2,096 | 5.7 | % | 96.1 | % | 95.7 | % | 0.4 | % | 19,766 | 18,725 | 5.6 | % | ||||||||||||||||||||
Phoenix | 6,736 | 1,366 | 1,284 | 6.4 | % | 96.8 | % | 96.4 | % | 0.4 | % | 28,034 | 26,372 | 6.3 | % | ||||||||||||||||||||
Las Vegas | 2,478 | 1,619 | 1,536 | 5.4 | % | 96.8 | % | 96.3 | % | 0.5 | % | 12,075 | 11,420 | 5.7 | % | ||||||||||||||||||||
Denver | 1,859 | 1,998 | 1,911 | 4.6 | % | 94.9 | % | 94.6 | % | 0.3 | % | 11,023 | 10,442 | 5.6 | % | ||||||||||||||||||||
Western US Subtotal | 25,598 | 1,967 | 1,857 | 5.9 | % | 96.1 | % | 96.1 | % | — | % | 149,317 | 141,270 | 5.7 | % | ||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||
South Florida | 7,921 | 2,214 | 2,164 | 2.3 | % | 95.0 | % | 95.1 | % | (0.1 | )% | 51,118 | 50,076 | 2.1 | % | ||||||||||||||||||||
Tampa | 7,737 | 1,678 | 1,628 | 3.1 | % | 95.5 | % | 94.8 | % | 0.7 | % | 38,671 | 37,190 | 4.0 | % | ||||||||||||||||||||
Orlando | 5,461 | 1,654 | 1,580 | 4.7 | % | 96.0 | % | 96.4 | % | (0.4 | )% | 27,099 | 25,963 | 4.4 | % | ||||||||||||||||||||
Jacksonville | 1,840 | 1,683 | 1,630 | 3.3 | % | 96.1 | % | 95.1 | % | 1.0 | % | 9,302 | 8,961 | 3.8 | % | ||||||||||||||||||||
Florida Subtotal | 22,959 | 1,857 | 1,801 | 3.1 | % | 95.5 | % | 95.3 | % | 0.2 | % | 126,190 | 122,190 | 3.3 | % | ||||||||||||||||||||
Southeast United States: | |||||||||||||||||||||||||||||||||||
Atlanta | 11,267 | 1,516 | 1,462 | 3.7 | % | 95.8 | % | 95.4 | % | 0.4 | % | 50,583 | 48,601 | 4.1 | % | ||||||||||||||||||||
Carolinas | 4,035 | 1,578 | 1,543 | 2.3 | % | 96.3 | % | 94.4 | % | 1.9 | % | 19,056 | 18,208 | 4.7 | % | ||||||||||||||||||||
Nashville | 576 | 1,930 | 1,895 | 1.8 | % | 96.0 | % | 95.6 | % | 0.4 | % | 3,343 | 3,263 | 2.5 | % | ||||||||||||||||||||
Southeast US Subtotal | 15,878 | 1,547 | 1,498 | 3.3 | % | 96.0 | % | 95.2 | % | 0.8 | % | 72,982 | 70,072 | 4.2 | % | ||||||||||||||||||||
Texas: | |||||||||||||||||||||||||||||||||||
Houston | 1,830 | 1,564 | 1,541 | 1.5 | % | 95.3 | % | 93.4 | % | 1.9 | % | 8,449 | 8,147 | 3.7 | % | ||||||||||||||||||||
Dallas | 1,904 | 1,804 | 1,753 | 2.9 | % | 95.1 | % | 94.0 | % | 1.1 | % | 10,123 | 9,642 | 5.0 | % | ||||||||||||||||||||
Texas Subtotal | 3,734 | 1,686 | 1,650 | 2.2 | % | 95.2 | % | 93.7 | % | 1.5 | % | 18,572 | 17,789 | 4.4 | % | ||||||||||||||||||||
Midwest United States: | |||||||||||||||||||||||||||||||||||
Chicago | 2,693 | 2,001 | 1,975 | 1.3 | % | 97.3 | % | 95.2 | % | 2.1 | % | 15,795 | 15,256 | 3.5 | % | ||||||||||||||||||||
Minneapolis | 1,139 | 1,891 | 1,828 | 3.4 | % | 97.2 | % | 96.5 | % | 0.7 | % | 6,444 | 6,211 | 3.8 | % | ||||||||||||||||||||
Midwest US Subtotal | 3,832 | 1,968 | 1,931 | 1.9 | % | 97.2 | % | 95.6 | % | 1.6 | % | 22,239 | 21,467 | 3.6 | % | ||||||||||||||||||||
Same Store Total / Average | 72,001 | $ | 1,825 | $ | 1,754 | 4.0 | % | 95.9 | % | 95.5 | % | 0.4 | % | $ | 389,300 | $ | 372,788 | 4.4 | % | ||||||||||||||||
Same Store Core Revenue Growth Summary — Sequential Quarter | |||||||||||||||||||||||||||||||||||
($ in thousands, except avg. monthly rent) (unaudited) | |||||||||||||||||||||||||||||||||||
Avg. Monthly Rent | Average Occupancy | Core Revenue | |||||||||||||||||||||||||||||||||
Seq, Q3 2019 | # Homes | Q3 2019 | Q2 2019 | Change | Q3 2019 | Q2 2019 | Change | Q3 2019 | Q2 2019 | Change | |||||||||||||||||||||||||
Western United States: | |||||||||||||||||||||||||||||||||||
Southern California | 7,700 | $ | 2,440 | $ | 2,403 | 1.5 | % | 95.5 | % | 96.5 | % | (1.0 | )% | $ | 54,666 | $ | 54,225 | 0.8 | % | ||||||||||||||||
Northern California | 3,807 | 2,101 | 2,060 | 2.0 | % | 96.6 | % | 97.6 | % | (1.0 | )% | 23,753 | 23,505 | 1.1 | % | ||||||||||||||||||||
Seattle | 3,018 | 2,215 | 2,175 | 1.8 | % | 96.1 | % | 96.9 | % | (0.8 | )% | 19,766 | 19,595 | 0.9 | % | ||||||||||||||||||||
Phoenix | 6,736 | 1,366 | 1,343 | 1.7 | % | 96.8 | % | 97.3 | % | (0.5 | )% | 28,034 | 27,888 | 0.5 | % | ||||||||||||||||||||
Las Vegas | 2,478 | 1,619 | 1,595 | 1.5 | % | 96.8 | % | 97.8 | % | (1.0 | )% | 12,075 | 12,090 | (0.1 | )% | ||||||||||||||||||||
Denver | 1,859 | 1,998 | 1,961 | 1.9 | % | 94.9 | % | 96.7 | % | (1.8 | )% | 11,023 | 10,983 | 0.4 | % | ||||||||||||||||||||
Western US Subtotal | 25,598 | 1,967 | 1,934 | 1.7 | % | 96.1 | % | 97.1 | % | (1.0 | )% | 149,317 | 148,286 | 0.7 | % | ||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||
South Florida | 7,921 | 2,214 | 2,205 | 0.4 | % | 95.0 | % | 95.5 | % | (0.5 | )% | 51,118 | 51,203 | (0.2 | )% | ||||||||||||||||||||
Tampa | 7,737 | 1,678 | 1,665 | 0.8 | % | 95.5 | % | 96.3 | % | (0.8 | )% | 38,671 | 38,611 | 0.2 | % | ||||||||||||||||||||
Orlando | 5,461 | 1,654 | 1,632 | 1.3 | % | 96.0 | % | 96.6 | % | (0.6 | )% | 27,099 | 26,824 | 1.0 | % | ||||||||||||||||||||
Jacksonville | 1,840 | 1,683 | 1,663 | 1.2 | % | 96.1 | % | 96.1 | % | — | % | 9,302 | 9,210 | 1.0 | % | ||||||||||||||||||||
Florida Subtotal | 22,959 | 1,857 | 1,842 | 0.8 | % | 95.5 | % | 96.1 | % | (0.6 | )% | 126,190 | 125,848 | 0.3 | % | ||||||||||||||||||||
Southeast United States: | |||||||||||||||||||||||||||||||||||
Atlanta | 11,267 | 1,516 | 1,497 | 1.3 | % | 95.8 | % | 96.1 | % | (0.3 | )% | 50,583 | 50,185 | 0.8 | % | ||||||||||||||||||||
Carolinas | 4,035 | 1,578 | 1,564 | 0.9 | % | 96.3 | % | 96.3 | % | — | % | 19,056 | 18,894 | 0.9 | % | ||||||||||||||||||||
Nashville | 576 | 1,930 | 1,911 | 1.0 | % | 96.0 | % | 95.2 | % | 0.8 | % | 3,343 | 3,294 | 1.5 | % | ||||||||||||||||||||
Southeast US Subtotal | 15,878 | 1,547 | 1,529 | 1.2 | % | 96.0 | % | 96.1 | % | (0.1 | )% | 72,982 | 72,373 | 0.8 | % | ||||||||||||||||||||
Texas: | |||||||||||||||||||||||||||||||||||
Houston | 1,830 | 1,564 | 1,553 | 0.7 | % | 95.3 | % | 97.4 | % | (2.1 | )% | 8,449 | 8,555 | (1.2 | )% | ||||||||||||||||||||
Dallas | 1,904 | 1,804 | 1,786 | 1.0 | % | 95.1 | % | 95.5 | % | (0.4 | )% | 10,123 | 10,048 | 0.7 | % | ||||||||||||||||||||
Texas Subtotal | 3,734 | 1,686 | 1,671 | 0.9 | % | 95.2 | % | 96.4 | % | (1.2 | )% | 18,572 | 18,603 | (0.2 | )% | ||||||||||||||||||||
Midwest United States: | |||||||||||||||||||||||||||||||||||
Chicago | 2,693 | 2,001 | 1,989 | 0.6 | % | 97.3 | % | 98.0 | % | (0.7 | )% | 15,795 | 15,889 | (0.6 | )% | ||||||||||||||||||||
Minneapolis | 1,139 | 1,891 | 1,875 | 0.9 | % | 97.2 | % | 97.2 | % | — | % | 6,444 | 6,410 | 0.5 | % | ||||||||||||||||||||
Midwest US Subtotal | 3,832 | 1,968 | 1,955 | 0.7 | % | 97.2 | % | 97.8 | % | (0.6 | )% | 22,239 | 22,299 | (0.3 | )% | ||||||||||||||||||||
Same Store Total / Average | 72,001 | $ | 1,825 | $ | 1,804 | 1.2 | % | 95.9 | % | 96.5 | % | (0.6 | )% | $ | 389,300 | $ | 387,409 | 0.5 | % | ||||||||||||||||
Same Store Core Revenue Growth Summary — YoY Year-To-Date | |||||||||||||||||||||||||||||||||||
($ in thousands, except avg. monthly rent) (unaudited) | |||||||||||||||||||||||||||||||||||
Avg. Monthly Rent | Average Occupancy | Core Revenue | |||||||||||||||||||||||||||||||||
YoY, YTD 2019 | # Homes | YTD 2019 | YTD 2018 | Change | YTD 2019 | YTD 2018 | Change | YTD 2019 | YTD 2018 | Change | |||||||||||||||||||||||||
Western United States: | |||||||||||||||||||||||||||||||||||
Southern California | 7,700 | $ | 2,401 | $ | 2,273 | 5.6 | % | 96.3 | % | 96.3 | % | — | % | $ | 162,389 | $ | 153,928 | 5.5 | % | ||||||||||||||||
Northern California | 3,807 | 2,062 | 1,934 | 6.6 | % | 97.2 | % | 97.0 | % | 0.2 | % | 70,282 | 65,739 | 6.9 | % | ||||||||||||||||||||
Seattle | 3,018 | 2,177 | 2,063 | 5.5 | % | 96.7 | % | 96.3 | % | 0.4 | % | 58,654 | 55,604 | 5.5 | % | ||||||||||||||||||||
Phoenix | 6,736 | 1,343 | 1,265 | 6.2 | % | 97.1 | % | 96.9 | % | 0.2 | % | 83,114 | 78,617 | 5.7 | % | ||||||||||||||||||||
Las Vegas | 2,478 | 1,595 | 1,515 | 5.3 | % | 97.2 | % | 96.5 | % | 0.7 | % | 35,868 | 33,894 | 5.8 | % | ||||||||||||||||||||
Denver | 1,859 | 1,968 | 1,888 | 4.2 | % | 96.0 | % | 94.8 | % | 1.2 | % | 32,824 | 31,075 | 5.6 | % | ||||||||||||||||||||
Western US Subtotal | 25,598 | 1,935 | 1,830 | 5.7 | % | 96.8 | % | 96.5 | % | 0.3 | % | 443,131 | 418,857 | 5.8 | % | ||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||
South Florida | 7,921 | 2,202 | 2,146 | 2.6 | % | 95.4 | % | 95.0 | % | 0.4 | % | 153,139 | 148,822 | 2.9 | % | ||||||||||||||||||||
Tampa | 7,737 | 1,664 | 1,615 | 3.0 | % | 95.9 | % | 94.9 | % | 1.0 | % | 115,354 | 110,813 | 4.1 | % | ||||||||||||||||||||
Orlando | 5,461 | 1,634 | 1,557 | 4.9 | % | 96.4 | % | 96.6 | % | (0.2 | )% | 80,517 | 76,908 | 4.7 | % | ||||||||||||||||||||
Jacksonville | 1,840 | 1,665 | 1,610 | 3.4 | % | 96.0 | % | 95.8 | % | 0.2 | % | 27,588 | 26,695 | 3.3 | % | ||||||||||||||||||||
Florida Subtotal | 22,959 | 1,842 | 1,783 | 3.3 | % | 95.9 | % | 95.4 | % | 0.5 | % | 376,598 | 363,238 | 3.7 | % | ||||||||||||||||||||
Southeast United States: | |||||||||||||||||||||||||||||||||||
Atlanta | 11,267 | 1,500 | 1,444 | 3.9 | % | 96.1 | % | 95.8 | % | 0.3 | % | 150,314 | 144,780 | 3.8 | % | ||||||||||||||||||||
Carolinas | 4,035 | 1,565 | 1,527 | 2.5 | % | 96.4 | % | 94.8 | % | 1.6 | % | 56,641 | 54,366 | 4.2 | % | ||||||||||||||||||||
Nashville | 576 | 1,908 | 1,889 | 1.0 | % | 95.8 | % | 93.2 | % | 2.6 | % | 9,886 | 9,532 | 3.7 | % | ||||||||||||||||||||
Southeast US Subtotal | 15,878 | 1,531 | 1,481 | 3.4 | % | 96.1 | % | 95.4 | % | 0.7 | % | 216,841 | 208,678 | 3.9 | % | ||||||||||||||||||||
Texas: | |||||||||||||||||||||||||||||||||||
Houston | 1,830 | 1,556 | 1,538 | 1.2 | % | 96.3 | % | 94.6 | % | 1.7 | % | 25,466 | 24,551 | 3.7 | % | ||||||||||||||||||||
Dallas | 1,904 | 1,788 | 1,740 | 2.8 | % | 95.6 | % | 94.4 | % | 1.2 | % | 30,194 | 28,837 | 4.7 | % | ||||||||||||||||||||
Texas Subtotal | 3,734 | 1,674 | 1,641 | 2.0 | % | 95.9 | % | 94.5 | % | 1.4 | % | 55,660 | 53,388 | 4.3 | % | ||||||||||||||||||||
Midwest United States: | |||||||||||||||||||||||||||||||||||
Chicago | 2,693 | 1,990 | 1,965 | 1.3 | % | 97.3 | % | 95.6 | % | 1.7 | % | 47,245 | 45,903 | 2.9 | % | ||||||||||||||||||||
Minneapolis | 1,139 | 1,875 | 1,808 | 3.7 | % | 97.0 | % | 96.8 | % | 0.2 | % | 19,154 | 18,556 | 3.2 | % | ||||||||||||||||||||
Midwest US Subtotal | 3,832 | 1,956 | 1,918 | 2.0 | % | 97.2 | % | 96.0 | % | 1.2 | % | 66,399 | 64,459 | 3.0 | % | ||||||||||||||||||||
Same Store Total / Average | 72,001 | $ | 1,804 | $ | 1,733 | 4.1 | % | 96.3 | % | 95.8 | % | 0.5 | % | $ | 1,158,629 | $ | 1,108,620 | 4.5 | % | ||||||||||||||||
Same Store NOI Growth and Margin Summary — YoY Quarter | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||||||||
Core Revenue | Core Operating Expenses | Net Operating Income | Core NOI Margin | |||||||||||||||||||||||||||||||||||||
YoY, Q3 2019 | Q3 2019 | Q3 2018 | Change | Q3 2019 | Q3 2018 | Change | Q3 2019 | Q3 2018 | Change | Q3 2019 | Q3 2018 | |||||||||||||||||||||||||||||
Western United States: | ||||||||||||||||||||||||||||||||||||||||
Southern California | $ | 54,666 | $ | 51,995 | 5.1 | % | $ | 18,191 | $ | 18,205 | (0.1 | )% | $ | 36,475 | $ | 33,790 | 7.9 | % | 66.7 | % | 65.0 | % | ||||||||||||||||||
Northern California | 23,753 | 22,316 | 6.4 | % | 8,128 | 7,209 | 12.7 | % | 15,625 | 15,107 | 3.4 | % | 65.8 | % | 67.7 | % | ||||||||||||||||||||||||
Seattle | 19,766 | 18,725 | 5.6 | % | 5,440 | 5,738 | (5.2 | )% | 14,326 | 12,987 | 10.3 | % | 72.5 | % | 69.4 | % | ||||||||||||||||||||||||
Phoenix | 28,034 | 26,372 | 6.3 | % | 7,700 | 7,924 | (2.8 | )% | 20,334 | 18,448 | 10.2 | % | 72.5 | % | 70.0 | % | ||||||||||||||||||||||||
Las Vegas | 12,075 | 11,420 | 5.7 | % | 3,177 | 3,175 | 0.1 | % | 8,898 | 8,245 | 7.9 | % | 73.7 | % | 72.2 | % | ||||||||||||||||||||||||
Denver | 11,023 | 10,442 | 5.6 | % | 2,690 | 2,180 | 23.4 | % | 8,333 | 8,262 | 0.9 | % | 75.6 | % | 79.1 | % | ||||||||||||||||||||||||
Western US Subtotal | 149,317 | 141,270 | 5.7 | % | 45,326 | 44,431 | 2.0 | % | 103,991 | 96,839 | 7.4 | % | 69.6 | % | 68.5 | % | ||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||||||||||||||||||
South Florida | 51,118 | 50,076 | 2.1 | % | 22,961 | 21,478 | 6.9 | % | 28,157 | 28,598 | (1.5 | )% | 55.1 | % | 57.1 | % | ||||||||||||||||||||||||
Tampa | 38,671 | 37,190 | 4.0 | % | 16,841 | 15,755 | 6.9 | % | 21,830 | 21,435 | 1.8 | % | 56.5 | % | 57.6 | % | ||||||||||||||||||||||||
Orlando | 27,099 | 25,963 | 4.4 | % | 10,439 | 10,146 | 2.9 | % | 16,660 | 15,817 | 5.3 | % | 61.5 | % | 60.9 | % | ||||||||||||||||||||||||
Jacksonville | 9,302 | 8,961 | 3.8 | % | 3,413 | 3,618 | (5.7 | )% | 5,889 | 5,343 | 10.2 | % | 63.3 | % | 59.6 | % | ||||||||||||||||||||||||
Florida Subtotal | 126,190 | 122,190 | 3.3 | % | 53,654 | 50,997 | 5.2 | % | 72,536 | 71,193 | 1.9 | % | 57.5 | % | 58.3 | % | ||||||||||||||||||||||||
Southeast United States: | ||||||||||||||||||||||||||||||||||||||||
Atlanta | 50,583 | 48,601 | 4.1 | % | 17,676 | 17,113 | 3.3 | % | 32,907 | 31,488 | 4.5 | % | 65.1 | % | 64.8 | % | ||||||||||||||||||||||||
Carolinas | 19,056 | 18,208 | 4.7 | % | 6,065 | 5,532 | 9.6 | % | 12,991 | 12,676 | 2.5 | % | 68.2 | % | 69.6 | % | ||||||||||||||||||||||||
Nashville | 3,343 | 3,263 | 2.5 | % | 833 | 755 | 10.3 | % | 2,510 | 2,508 | 0.1 | % | 75.1 | % | 76.9 | % | ||||||||||||||||||||||||
Southeast US Subtotal | 72,982 | 70,072 | 4.2 | % | 24,574 | 23,400 | 5.0 | % | 48,408 | 46,672 | 3.7 | % | 66.3 | % | 66.6 | % | ||||||||||||||||||||||||
Texas: | ||||||||||||||||||||||||||||||||||||||||
Houston | 8,449 | 8,147 | 3.7 | % | 4,190 | 3,855 | 8.7 | % | 4,259 | 4,292 | (0.8 | )% | 50.4 | % | 52.7 | % | ||||||||||||||||||||||||
Dallas | 10,123 | 9,642 | 5.0 | % | 4,580 | 4,306 | 6.4 | % | 5,543 | 5,336 | 3.9 | % | 54.8 | % | 55.3 | % | ||||||||||||||||||||||||
Texas Subtotal | 18,572 | 17,789 | 4.4 | % | 8,770 | 8,161 | 7.5 | % | 9,802 | 9,628 | 1.8 | % | 52.8 | % | 54.1 | % | ||||||||||||||||||||||||
Midwest United States: | ||||||||||||||||||||||||||||||||||||||||
Chicago | 15,795 | 15,256 | 3.5 | % | 6,984 | 6,582 | 6.1 | % | 8,811 | 8,674 | 1.6 | % | 55.8 | % | 56.9 | % | ||||||||||||||||||||||||
Minneapolis | 6,444 | 6,211 | 3.8 | % | 2,244 | 2,085 | 7.6 | % | 4,200 | 4,126 | 1.8 | % | 65.2 | % | 66.4 | % | ||||||||||||||||||||||||
Midwest US Subtotal | 22,239 | 21,467 | 3.6 | % | 9,228 | 8,667 | 6.5 | % | 13,011 | 12,800 | 1.6 | % | 58.5 | % | 59.6 | % | ||||||||||||||||||||||||
Same Store Total / Average | $ | 389,300 | $ | 372,788 | 4.4 | % | $ | 141,552 | $ | 135,656 | 4.3 | % | $ | 247,748 | $ | 237,132 | 4.5 | % | 63.6 | % | 63.6 | % | ||||||||||||||||||
Same Store NOI Growth and Margin Summary — Sequential Quarter | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||||||||
Core Revenue | Core Operating Expenses | Net Operating Income | Core NOI Margin | |||||||||||||||||||||||||||||||||||||
Seq, Q3 2019 | Q3 2019 | Q2 2019 | Change | Q3 2019 | Q2 2019 | Change | Q3 2019 | Q2 2019 | Change | Q3 2019 | Q2 2019 | |||||||||||||||||||||||||||||
Western United States: | ||||||||||||||||||||||||||||||||||||||||
Southern California | $ | 54,666 | $ | 54,225 | 0.8 | % | $ | 18,191 | $ | 16,971 | 7.2 | % | $ | 36,475 | $ | 37,254 | (2.1 | )% | 66.7 | % | 68.7 | % | ||||||||||||||||||
Northern California | 23,753 | 23,505 | 1.1 | % | 8,128 | 8,225 | (1.2 | )% | 15,625 | 15,280 | 2.3 | % | 65.8 | % | 65.0 | % | ||||||||||||||||||||||||
Seattle | 19,766 | 19,595 | 0.9 | % | 5,440 | 5,088 | 6.9 | % | 14,326 | 14,507 | (1.2 | )% | 72.5 | % | 74.0 | % | ||||||||||||||||||||||||
Phoenix | 28,034 | 27,888 | 0.5 | % | 7,700 | 6,875 | 12.0 | % | 20,334 | 21,013 | (3.2 | )% | 72.5 | % | 75.3 | % | ||||||||||||||||||||||||
Las Vegas | 12,075 | 12,090 | (0.1 | )% | 3,177 | 2,749 | 15.6 | % | 8,898 | 9,341 | (4.7 | )% | 73.7 | % | 77.3 | % | ||||||||||||||||||||||||
Denver | 11,023 | 10,983 | 0.4 | % | 2,690 | 2,176 | 23.6 | % | 8,333 | 8,807 | (5.4 | )% | 75.6 | % | 80.2 | % | ||||||||||||||||||||||||
Western US Subtotal | 149,317 | 148,286 | 0.7 | % | 45,326 | 42,084 | 7.7 | % | 103,991 | 106,202 | (2.1 | )% | 69.6 | % | 71.6 | % | ||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||||||||||||||||||
South Florida | 51,118 | 51,203 | (0.2 | )% | 22,961 | 21,661 | 6.0 | % | 28,157 | 29,542 | (4.7 | )% | 55.1 | % | 57.7 | % | ||||||||||||||||||||||||
Tampa | 38,671 | 38,611 | 0.2 | % | 16,841 | 15,654 | 7.6 | % | 21,830 | 22,957 | (4.9 | )% | 56.5 | % | 59.5 | % | ||||||||||||||||||||||||
Orlando | 27,099 | 26,824 | 1.0 | % | 10,439 | 10,046 | 3.9 | % | 16,660 | 16,778 | (0.7 | )% | 61.5 | % | 62.5 | % | ||||||||||||||||||||||||
Jacksonville | 9,302 | 9,210 | 1.0 | % | 3,413 | 3,475 | (1.8 | )% | 5,889 | 5,735 | 2.7 | % | 63.3 | % | 62.3 | % | ||||||||||||||||||||||||
Florida Subtotal | 126,190 | 125,848 | 0.3 | % | 53,654 | 50,836 | 5.5 | % | 72,536 | 75,012 | (3.3 | )% | 57.5 | % | 59.6 | % | ||||||||||||||||||||||||
Southeast United States: | ||||||||||||||||||||||||||||||||||||||||
Atlanta | 50,583 | 50,185 | 0.8 | % | 17,676 | 16,596 | 6.5 | % | 32,907 | 33,589 | (2.0 | )% | 65.1 | % | 66.9 | % | ||||||||||||||||||||||||
Carolinas | 19,056 | 18,894 | 0.9 | % | 6,065 | 5,467 | 10.9 | % | 12,991 | 13,427 | (3.2 | )% | 68.2 | % | 71.1 | % | ||||||||||||||||||||||||
Nashville | 3,343 | 3,294 | 1.5 | % | 833 | 803 | 3.7 | % | 2,510 | 2,491 | 0.8 | % | 75.1 | % | 75.6 | % | ||||||||||||||||||||||||
Southeast US Subtotal | 72,982 | 72,373 | 0.8 | % | 24,574 | 22,866 | 7.5 | % | 48,408 | 49,507 | (2.2 | )% | 66.3 | % | 68.4 | % | ||||||||||||||||||||||||
Texas: | ||||||||||||||||||||||||||||||||||||||||
Houston | 8,449 | 8,555 | (1.2 | )% | 4,190 | 3,715 | 12.8 | % | 4,259 | 4,840 | (12.0 | )% | 50.4 | % | 56.6 | % | ||||||||||||||||||||||||
Dallas | 10,123 | 10,048 | 0.7 | % | 4,580 | 4,164 | 10.0 | % | 5,543 | 5,884 | (5.8 | )% | 54.8 | % | 58.6 | % | ||||||||||||||||||||||||
Texas Subtotal | 18,572 | 18,603 | (0.2 | )% | 8,770 | 7,879 | 11.3 | % | 9,802 | 10,724 | (8.6 | )% | 52.8 | % | 57.6 | % | ||||||||||||||||||||||||
Midwest United States: | ||||||||||||||||||||||||||||||||||||||||
Chicago | 15,795 | 15,889 | (0.6 | )% | 6,984 | 6,942 | 0.6 | % | 8,811 | 8,947 | (1.5 | )% | 55.8 | % | 56.3 | % | ||||||||||||||||||||||||
Minneapolis | 6,444 | 6,410 | 0.5 | % | 2,244 | 2,040 | 10.0 | % | 4,200 | 4,370 | (3.9 | )% | 65.2 | % | 68.2 | % | ||||||||||||||||||||||||
Midwest US Subtotal | 22,239 | 22,299 | (0.3 | )% | 9,228 | 8,982 | 2.7 | % | 13,011 | 13,317 | (2.3 | )% | 58.5 | % | 59.7 | % | ||||||||||||||||||||||||
Same Store Total / Average | $ | 389,300 | $ | 387,409 | 0.5 | % | $ | 141,552 | $ | 132,647 | 6.7 | % | $ | 247,748 | $ | 254,762 | (2.8 | )% | 63.6 | % | 65.8 | % | ||||||||||||||||||
Same Store NOI Growth and Margin Summary — YoY Year-To-Date | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||||||||
Core Revenue | Core Operating Expenses | Net Operating Income | Core NOI Margin | |||||||||||||||||||||||||||||||||||||
YoY, YTD 2019 | YTD 2019 | YTD 2018 | Change | YTD 2019 | YTD 2018 | Change | YTD 2019 | YTD 2018 | Change | YTD 2019 | YTD 2018 | |||||||||||||||||||||||||||||
Western United States: | ||||||||||||||||||||||||||||||||||||||||
Southern California | $ | 162,389 | $ | 153,928 | 5.5 | % | $ | 52,110 | $ | 51,695 | 0.8 | % | $ | 110,279 | $ | 102,233 | 7.9 | % | 67.9 | % | 66.4 | % | ||||||||||||||||||
Northern California | 70,282 | 65,739 | 6.9 | % | 23,028 | 20,387 | 13.0 | % | 47,254 | 45,352 | 4.2 | % | 67.2 | % | 69.0 | % | ||||||||||||||||||||||||
Seattle | 58,654 | 55,604 | 5.5 | % | 15,723 | 16,314 | (3.6 | )% | 42,931 | 39,290 | 9.3 | % | 73.2 | % | 70.7 | % | ||||||||||||||||||||||||
Phoenix | 83,114 | 78,617 | 5.7 | % | 21,629 | 22,138 | (2.3 | )% | 61,485 | 56,479 | 8.9 | % | 74.0 | % | 71.8 | % | ||||||||||||||||||||||||
Las Vegas | 35,868 | 33,894 | 5.8 | % | 8,828 | 8,913 | (1.0 | )% | 27,040 | 24,981 | 8.2 | % | 75.4 | % | 73.7 | % | ||||||||||||||||||||||||
Denver | 32,824 | 31,075 | 5.6 | % | 7,233 | 5,719 | 26.5 | % | 25,591 | 25,356 | 0.9 | % | 78.0 | % | 81.6 | % | ||||||||||||||||||||||||
Western US Subtotal | 443,131 | 418,857 | 5.8 | % | 128,551 | 125,166 | 2.7 | % | 314,580 | 293,691 | 7.1 | % | 71.0 | % | 70.1 | % | ||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||||||||||||||||||
South Florida | 153,139 | 148,822 | 2.9 | % | 65,566 | 65,056 | 0.8 | % | 87,573 | 83,766 | 4.5 | % | 57.2 | % | 56.3 | % | ||||||||||||||||||||||||
Tampa | 115,354 | 110,813 | 4.1 | % | 46,941 | 46,556 | 0.8 | % | 68,413 | 64,257 | 6.5 | % | 59.3 | % | 58.0 | % | ||||||||||||||||||||||||
Orlando | 80,517 | 76,908 | 4.7 | % | 29,789 | 29,440 | 1.2 | % | 50,728 | 47,468 | 6.9 | % | 63.0 | % | 61.7 | % | ||||||||||||||||||||||||
Jacksonville | 27,588 | 26,695 | 3.3 | % | 10,200 | 10,621 | (4.0 | )% | 17,388 | 16,074 | 8.2 | % | 63.0 | % | 60.2 | % | ||||||||||||||||||||||||
Florida Subtotal | 376,598 | 363,238 | 3.7 | % | 152,496 | 151,673 | 0.5 | % | 224,102 | 211,565 | 5.9 | % | 59.5 | % | 58.2 | % | ||||||||||||||||||||||||
Southeast United States: | ||||||||||||||||||||||||||||||||||||||||
Atlanta | 150,314 | 144,780 | 3.8 | % | 49,957 | 49,085 | 1.8 | % | 100,357 | 95,695 | 4.9 | % | 66.8 | % | 66.1 | % | ||||||||||||||||||||||||
Carolinas | 56,641 | 54,366 | 4.2 | % | 16,823 | 16,071 | 4.7 | % | 39,818 | 38,295 | 4.0 | % | 70.3 | % | 70.4 | % | ||||||||||||||||||||||||
Nashville | 9,886 | 9,532 | 3.7 | % | 2,242 | 2,407 | (6.9 | )% | 7,644 | 7,125 | 7.3 | % | 77.3 | % | 74.7 | % | ||||||||||||||||||||||||
Southeast US Subtotal | 216,841 | 208,678 | 3.9 | % | 69,022 | 67,563 | 2.2 | % | 147,819 | 141,115 | 4.8 | % | 68.2 | % | 67.6 | % | ||||||||||||||||||||||||
Texas: | ||||||||||||||||||||||||||||||||||||||||
Houston | 25,466 | 24,551 | 3.7 | % | 11,652 | 11,491 | 1.4 | % | 13,814 | 13,060 | 5.8 | % | 54.2 | % | 53.2 | % | ||||||||||||||||||||||||
Dallas | 30,194 | 28,837 | 4.7 | % | 12,731 | 12,636 | 0.8 | % | 17,463 | 16,201 | 7.8 | % | 57.8 | % | 56.2 | % | ||||||||||||||||||||||||
Texas Subtotal | 55,660 | 53,388 | 4.3 | % | 24,383 | 24,127 | 1.1 | % | 31,277 | 29,261 | 6.9 | % | 56.2 | % | 54.8 | % | ||||||||||||||||||||||||
Midwest United States: | ||||||||||||||||||||||||||||||||||||||||
Chicago | 47,245 | 45,903 | 2.9 | % | 20,552 | 20,339 | 1.0 | % | 26,693 | 25,564 | 4.4 | % | 56.5 | % | 55.7 | % | ||||||||||||||||||||||||
Minneapolis | 19,154 | 18,556 | 3.2 | % | 6,263 | 5,932 | 5.6 | % | 12,891 | 12,624 | 2.1 | % | 67.3 | % | 68.0 | % | ||||||||||||||||||||||||
Midwest US Subtotal | 66,399 | 64,459 | 3.0 | % | 26,815 | 26,271 | 2.1 | % | 39,584 | 38,188 | 3.7 | % | 59.6 | % | 59.2 | % | ||||||||||||||||||||||||
Same Store Total / Average | $ | 1,158,629 | $ | 1,108,620 | 4.5 | % | $ | 401,267 | $ | 394,800 | 1.6 | % | $ | 757,362 | $ | 713,820 | 6.1 | % | 65.4 | % | 64.4 | % | ||||||||||||||||||
Same Store Lease-Over-Lease Rent Growth | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Rental Rate Growth | |||||||||||||||||||
Q3 2019 | YTD 2019 | ||||||||||||||||||
Renewal | New | Blended | Renewal | New | Blended | ||||||||||||||
Leases | Leases | Average | Leases | Leases | Average | ||||||||||||||
Western United States: | |||||||||||||||||||
Southern California | 6.2 | % | 5.6 | % | 6.0 | % | 6.9 | % | 6.5 | % | 6.8 | % | |||||||
Northern California | 7.3 | % | 8.6 | % | 7.6 | % | 7.7 | % | 9.2 | % | 8.1 | % | |||||||
Seattle | 7.6 | % | 7.8 | % | 7.7 | % | 7.5 | % | 7.9 | % | 7.7 | % | |||||||
Phoenix | 6.1 | % | 10.7 | % | 7.6 | % | 6.4 | % | 10.5 | % | 7.8 | % | |||||||
Las Vegas | 5.9 | % | 8.0 | % | 6.5 | % | 6.0 | % | 7.8 | % | 6.5 | % | |||||||
Denver | 5.8 | % | 4.3 | % | 5.3 | % | 5.5 | % | 4.8 | % | 5.3 | % | |||||||
Western US Subtotal | 6.5 | % | 7.4 | % | 6.8 | % | 6.8 | % | 7.8 | % | 7.1 | % | |||||||
Florida: | |||||||||||||||||||
South Florida | 3.2 | % | (0.9 | )% | 1.8 | % | 4.0 | % | (0.6 | )% | 2.6 | % | |||||||
Tampa | 3.7 | % | 2.2 | % | 3.1 | % | 4.1 | % | 2.4 | % | 3.5 | % | |||||||
Orlando | 3.8 | % | 5.9 | % | 4.6 | % | 4.7 | % | 6.1 | % | 5.2 | % | |||||||
Jacksonville | 3.5 | % | 4.8 | % | 4.1 | % | 3.7 | % | 4.3 | % | 4.0 | % | |||||||
Florida Subtotal | 3.5 | % | 2.1 | % | 3.0 | % | 4.2 | % | 2.3 | % | 3.5 | % | |||||||
Southeast United States: | |||||||||||||||||||
Atlanta | 4.4 | % | 4.0 | % | 4.2 | % | 4.7 | % | 4.4 | % | 4.6 | % | |||||||
Carolinas | 3.0 | % | 3.1 | % | 3.1 | % | 3.2 | % | 1.9 | % | 2.8 | % | |||||||
Nashville | 3.2 | % | 0.1 | % | 2.0 | % | 3.8 | % | 0.2 | % | 2.4 | % | |||||||
Southeast US Subtotal | 3.9 | % | 3.5 | % | 3.8 | % | 4.2 | % | 3.5 | % | 4.0 | % | |||||||
Texas: | |||||||||||||||||||
Houston | 3.2 | % | 1.2 | % | 2.6 | % | 3.2 | % | 0.3 | % | 2.5 | % | |||||||
Dallas | 3.8 | % | 2.7 | % | 3.4 | % | 4.2 | % | 2.7 | % | 3.7 | % | |||||||
Texas Subtotal | 3.5 | % | 2.1 | % | 3.0 | % | 3.7 | % | 1.8 | % | 3.2 | % | |||||||
Midwest United States: | |||||||||||||||||||
Chicago | 3.2 | % | 0.1 | % | 2.5 | % | 2.8 | % | (0.6 | )% | 2.0 | % | |||||||
Minneapolis | 4.3 | % | 4.5 | % | 4.4 | % | 4.1 | % | 3.7 | % | 4.0 | % | |||||||
Midwest US Subtotal | 3.5 | % | 1.8 | % | 3.0 | % | 3.1 | % | 1.0 | % | 2.6 | % | |||||||
Same Store Total / Average | 4.7 | % | 4.3 | % | 4.6 | % | 5.1 | % | 4.4 | % | 4.9 | % | |||||||
Same Store Cost to Maintain | |||||||||||||||||||||
($ in thousands, except per home amounts) (unaudited) | |||||||||||||||||||||
Total ($ 000) | Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | Q3 2018 | ||||||||||||||||
Recurring operating expenses (gross): | |||||||||||||||||||||
R&M OpEx | $ | 25,364 | $ | 20,143 | $ | 16,968 | $ | 17,231 | $ | 23,130 | |||||||||||
Turn OpEx | 13,656 | 11,885 | 8,254 | 9,837 | 14,093 | ||||||||||||||||
Total recurring operating expense (gross) | 39,020 | 32,028 | 25,222 | 27,068 | 37,223 | ||||||||||||||||
R&M + Turn recoveries | (3,299 | ) | (4,001 | ) | (2,997 | ) | (2,789 | ) | (3,421 | ) | |||||||||||
Total recurring operating expenses (net) | $ | 35,721 | $ | 28,027 | $ | 22,225 | $ | 24,279 | $ | 33,802 | |||||||||||
Recurring capital expenditures: | |||||||||||||||||||||
R&M CapEx | $ | 24,873 | $ | 20,903 | $ | 17,420 | $ | 17,983 | $ | 26,238 | |||||||||||
Turn CapEx | 9,512 | 7,545 | 5,217 | 5,871 | 7,591 | ||||||||||||||||
Total recurring capital expenditures | $ | 34,385 | $ | 28,448 | $ | 22,637 | $ | 23,854 | $ | 33,829 | |||||||||||
Cost to maintain (gross): | |||||||||||||||||||||
R&M OpEx + CapEx | $ | 50,237 | $ | 41,046 | $ | 34,388 | $ | 35,214 | $ | 49,368 | |||||||||||
Turn OpEx + CapEx | 23,168 | 19,430 | 13,471 | 15,708 | 21,684 | ||||||||||||||||
Total cost to maintain (gross) | 73,405 | 60,476 | 47,859 | 50,922 | 71,052 | ||||||||||||||||
R&M + Turn recoveries | (3,299 | ) | (4,001 | ) | (2,997 | ) | (2,789 | ) | (3,421 | ) | |||||||||||
Total cost to maintain (net) | $ | 70,106 | $ | 56,475 | $ | 44,862 | $ | 48,133 | $ | 67,631 | |||||||||||
Per Home ($) | Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | Q3 2018 | ||||||||||||||||
Total cost to maintain (gross) | $ | 1,020 | $ | 840 | $ | 665 | $ | 707 | $ | 987 | |||||||||||
R&M + Turn recoveries | (46 | ) | (56 | ) | (42 | ) | (39 | ) | (48 | ) | |||||||||||
Total cost to maintain (net) | $ | 974 | $ | 784 | $ | 623 | $ | 668 | $ | 939 | |||||||||||
Total Portfolio Capital Expenditure Detail | |||||||||||||||||||||
($ in thousands) (unaudited) | |||||||||||||||||||||
Total ($ 000) | Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | Q3 2018 | ||||||||||||||||
Recurring CapEx | $ | 36,653 | $ | 31,799 | $ | 25,111 | $ | 29,093 | $ | 39,399 | |||||||||||
Value Enhancing CapEx | 12,256 | 8,519 | 3,104 | 5,294 | 5,296 | ||||||||||||||||
Initial Renovation CapEx | 15,804 | 9,932 | 7,816 | 11,238 | 9,721 | ||||||||||||||||
Disposition CapEx (1) | 2,165 | 5,062 | 1,994 | — | — | ||||||||||||||||
Total Capital Expenditures | $ | 66,878 | $ | 55,312 | $ | 38,025 | $ | 45,625 | $ | 54,416 | |||||||||||
(1) | Commencing in 2019, capital expenditures related to the preparation of homes for disposition are reported separately as Disposition CapEx, rather than included in Recurring CapEx. For periods prior to Q1 2019, Disposition CapEx was included in Recurring CapEx. The amount of Disposition CapEx included in Recurring CapEx for the full year 2018 was less than $3,600. |
Adjusted Property Management and G&A Reconciliation | |||||||||||||||||
($ in thousands) (unaudited) | |||||||||||||||||
Adjusted Property Management Expense | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |||||||||||||
Property management expense (GAAP) | $ | 15,872 | $ | 16,692 | $ | 47,053 | $ | 48,204 | |||||||||
Adjustments: | |||||||||||||||||
Share-based compensation expense (1) | (807 | ) | (1,167 | ) | (2,314 | ) | (4,353 | ) | |||||||||
Adjusted property management expense | $ | 15,065 | $ | 15,525 | $ | 44,739 | $ | 43,851 | |||||||||
Adjusted G&A Expense | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |||||||||||||
G&A expense (GAAP) | $ | 16,405 | $ | 21,152 | $ | 58,899 | $ | 73,424 | |||||||||
Adjustments: | |||||||||||||||||
Share-based compensation expense (2) | (3,818 | ) | (4,901 | ) | (11,533 | ) | (19,229 | ) | |||||||||
Merger and transaction-related expenses | — | (3,339 | ) | (4,347 | ) | (11,942 | ) | ||||||||||
Severance expense | (881 | ) | (1,952 | ) | (8,225 | ) | (6,292 | ) | |||||||||
Adjusted G&A expense | $ | 11,706 | $ | 10,960 | $ | 34,794 | $ | 35,961 | |||||||||
(1) | For Q3 2018, YTD 2019, and YTD 2018, includes $348, $136, and $1,440, respectively, related to IPO and pre-IPO grants. |
(2) | For Q3 2019, includes $78 related to merger grants. For Q3 2018, includes $699 related to IPO and pre-IPO grants and $980 related to merger grants. For YTD 2019, includes $360 related to IPO and pre-IPO grants and $2,227 related to merger grants. For YTD 2018, includes $4,289 related to IPO and pre-IPO grants and $2,495 related to merger grants. |
Acquisitions and Dispositions — Q3 2019 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
6/30/2019 | Q3 2019 Acquisitions (1) | Q3 2019 Dispositions (2) | 9/30/2019 | ||||||||||||||||||
Homes | Homes | Avg. Estimated | Homes | Average | Homes | ||||||||||||||||
Owned | Acq. | Cost Basis | Sold | Sales Price | Owned | ||||||||||||||||
Western United States: | |||||||||||||||||||||
Southern California | 8,163 | 2 | $ | 587,768 | 49 | $ | 405,949 | 8,116 | |||||||||||||
Northern California | 4,449 | 3 | 401,757 | 30 | 292,070 | 4,422 | |||||||||||||||
Seattle | 3,412 | 86 | 412,170 | 21 | 362,719 | 3,477 | |||||||||||||||
Phoenix | 7,592 | 109 | 301,344 | 51 | 196,290 | 7,650 | |||||||||||||||
Las Vegas | 2,963 | 16 | 341,507 | 16 | 322,187 | 2,963 | |||||||||||||||
Denver | 2,240 | 73 | 410,197 | 22 | 298,182 | 2,291 | |||||||||||||||
Western US Subtotal | 28,819 | 289 | 367,067 | 189 | 306,860 | 28,919 | |||||||||||||||
Florida: | |||||||||||||||||||||
South Florida | 8,789 | — | — | 120 | 251,887 | 8,669 | |||||||||||||||
Tampa | 8,211 | 23 | 283,953 | 62 | 182,328 | 8,172 | |||||||||||||||
Orlando | 5,943 | 83 | 294,747 | 29 | 222,982 | 5,997 | |||||||||||||||
Jacksonville | 1,877 | — | — | 8 | 214,838 | 1,869 | |||||||||||||||
Florida Subtotal | 24,820 | 106 | 292,405 | 219 | 227,014 | 24,707 | |||||||||||||||
Southeast United States: | |||||||||||||||||||||
Atlanta | 12,430 | 75 | 248,231 | 31 | 217,919 | 12,474 | |||||||||||||||
Carolinas | 4,693 | 30 | 261,076 | 37 | 232,239 | 4,686 | |||||||||||||||
Nashville | 797 | — | — | — | — | 797 | |||||||||||||||
Southeast US Subtotal | 17,920 | 105 | 251,901 | 68 | 225,613 | 17,957 | |||||||||||||||
Texas: | |||||||||||||||||||||
Houston | 2,313 | — | — | 47 | 178,917 | 2,266 | |||||||||||||||
Dallas | 2,202 | 78 | 253,660 | 10 | 220,040 | 2,270 | |||||||||||||||
Texas Subtotal | 4,515 | 78 | 253,660 | 57 | 186,132 | 4,536 | |||||||||||||||
Midwest United States: | |||||||||||||||||||||
Chicago | 3,095 | — | — | 133 | 247,998 | 2,962 | |||||||||||||||
Minneapolis | 1,153 | — | — | 2 | 451,089 | 1,151 | |||||||||||||||
Midwest US Subtotal | 4,248 | — | — | 135 | 251,007 | 4,113 | |||||||||||||||
Total / Average | 80,322 | 578 | $ | 317,149 | 668 | $ | 250,861 | 80,232 | |||||||||||||
(1) | Estimated stabilized cap rates on acquisitions during the quarter averaged 5.4%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis. |
(2) | Cap rates on dispositions during the quarter averaged 1.4%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price. |
Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, Quarterly | |||||||||||||||||||||
(in thousands) (unaudited) | |||||||||||||||||||||
Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | Q3 2018 | |||||||||||||||||
Total revenues (total portfolio) | $ | 443,326 | $ | 441,582 | $ | 435,500 | $ | 432,616 | $ | 434,251 | |||||||||||
Non-Same Store revenues | (36,324 | ) | (37,600 | ) | (38,713 | ) | (41,971 | ) | (48,100 | ) | |||||||||||
Same Store revenues | 407,002 | 403,982 | 396,787 | 390,645 | 386,151 | ||||||||||||||||
Same Store resident recoveries | (17,702 | ) | (16,573 | ) | (14,867 | ) | (13,235 | ) | (13,363 | ) | |||||||||||
Same Store Core revenues | $ | 389,300 | $ | 387,409 | $ | 381,920 | $ | 377,410 | $ | 372,788 | |||||||||||
Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, YTD | |||||||||||||||
(in thousands) (unaudited) | |||||||||||||||
YTD 2019 | YTD 2018 | ||||||||||||||
Total revenues (total portfolio) | $ | 1,320,408 | $ | 1,290,346 | |||||||||||
Non-Same Store revenues | (112,637 | ) | (143,874 | ) | |||||||||||
Same Store revenues | 1,207,771 | 1,146,472 | |||||||||||||
Same Store resident recoveries | (49,142 | ) | (37,852 | ) | |||||||||||
Same Store Core revenues | $ | 1,158,629 | $ | 1,108,620 | |||||||||||
Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, Quarterly | |||||||||||||||||||||
(in thousands) (unaudited) | |||||||||||||||||||||
Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | Q3 2018 | |||||||||||||||||
Property operating and maintenance expenses (total portfolio) | $ | 175,491 | $ | 166,574 | $ | 160,346 | $ | 159,200 | $ | 170,021 | |||||||||||
Non-Same Store operating expenses | (16,237 | ) | (17,354 | ) | (18,411 | ) | (17,595 | ) | (21,002 | ) | |||||||||||
Same Store operating expenses | 159,254 | 149,220 | 141,935 | 141,605 | 149,019 | ||||||||||||||||
Same Store resident recoveries | (17,702 | ) | (16,573 | ) | (14,867 | ) | (13,235 | ) | (13,363 | ) | |||||||||||
Same Store Core operating expenses | $ | 141,552 | $ | 132,647 | $ | 127,068 | $ | 128,370 | $ | 135,656 | |||||||||||
Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, YTD | |||||||||||||||
(in thousands) (unaudited) | |||||||||||||||
YTD 2019 | YTD 2018 | ||||||||||||||
Property operating and maintenance expenses (total portfolio) | $ | 502,411 | $ | 496,211 | |||||||||||
Non-Same Store operating expenses | (52,002 | ) | (63,559 | ) | |||||||||||
Same Store operating expenses | 450,409 | 432,652 | |||||||||||||
Same Store resident recoveries | (49,142 | ) | (37,852 | ) | |||||||||||
Same Store Core operating expenses | $ | 401,267 | $ | 394,800 | |||||||||||
Reconciliation of Net Income (Loss) to NOI and Same Store NOI, Quarterly | |||||||||||||||||||||
(in thousands) (unaudited) | |||||||||||||||||||||
Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | Q3 2018 | |||||||||||||||||
Net income (loss) available to common stockholders | $ | 33,616 | $ | 38,833 | $ | 20,716 | $ | 25,078 | $ | 824 | |||||||||||
Net income available to participating securities | 91 | 109 | 106 | 190 | 196 | ||||||||||||||||
Non-controlling interests | 276 | 463 | 347 | 446 | 21 | ||||||||||||||||
Interest expense | 89,067 | 95,706 | 93,983 | 96,506 | 97,564 | ||||||||||||||||
Depreciation and amortization | 133,315 | 133,031 | 133,609 | 130,220 | 139,371 | ||||||||||||||||
Property management expense | 15,872 | 16,021 | 15,160 | 17,281 | 16,692 | ||||||||||||||||
General and administrative | 16,405 | 15,956 | 26,538 | 25,340 | 21,152 | ||||||||||||||||
Impairment and other | 4,740 | 1,671 | 5,392 | 7,343 | 3,252 | ||||||||||||||||
Gain on sale of property, net of tax | (20,812 | ) | (26,172 | ) | (17,572 | ) | (28,727 | ) | (11,512 | ) | |||||||||||
Other, net | (4,735 | ) | (610 | ) | (3,125 | ) | (261 | ) | (3,330 | ) | |||||||||||
NOI (total portfolio) | 267,835 | 275,008 | 275,154 | 273,416 | 264,230 | ||||||||||||||||
Non-Same Store NOI | (20,087 | ) | (20,246 | ) | (20,302 | ) | (24,376 | ) | (27,098 | ) | |||||||||||
Same Store NOI | $ | 247,748 | $ | 254,762 | $ | 254,852 | $ | 249,040 | $ | 237,132 | |||||||||||
Reconciliation of Net Income (Loss) to NOI and Same Store NOI, YTD | |||||||||||||||
(in thousands) (unaudited) | |||||||||||||||
YTD 2019 | YTD 2018 | ||||||||||||||
Net income (loss) available to common stockholders | $ | 93,165 | $ | (30,822 | ) | ||||||||||
Net income available to participating securities | 306 | 627 | |||||||||||||
Non-controlling interests | 1,086 | (532 | ) | ||||||||||||
Interest expense | 278,756 | 287,089 | |||||||||||||
Depreciation and amortization | 399,955 | 430,321 | |||||||||||||
Property management expense | 47,053 | 48,204 | |||||||||||||
General and administrative | 58,899 | 73,424 | |||||||||||||
Impairment and other | 11,803 | 13,476 | |||||||||||||
Gain on sale of property, net of tax | (64,556 | ) | (20,955 | ) | |||||||||||
Other, net | (8,470 | ) | (6,697 | ) | |||||||||||
NOI (total portfolio) | 817,997 | 794,135 | |||||||||||||
Non-Same Store NOI | (60,635 | ) | (80,315 | ) | |||||||||||
Same Store NOI | $ | 757,362 | $ | 713,820 | |||||||||||
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Adjusted EBITDAre | |||||||||||||||||||||||
(in thousands) (unaudited) | |||||||||||||||||||||||
Q3 2019 | Q3 2018 | % Change | YTD 2019 | YTD 2018 | % Change | ||||||||||||||||||
Net income (loss) available to common stockholders | $ | 33,616 | $ | 824 | $ | 93,165 | $ | (30,822 | ) | ||||||||||||||
Net income available to participating securities | 91 | 196 | 306 | 627 | |||||||||||||||||||
Non-controlling interests | 276 | 21 | 1,086 | (532 | ) | ||||||||||||||||||
Interest expense | 89,067 | 97,564 | 278,756 | 287,089 | |||||||||||||||||||
Depreciation and amortization | 133,315 | 139,371 | 399,955 | 430,321 | |||||||||||||||||||
EBITDA | 256,365 | 237,976 | 773,268 | 686,683 | |||||||||||||||||||
Gain on sale of property, net of tax | (20,812 | ) | (11,512 | ) | (64,556 | ) | (20,955 | ) | |||||||||||||||
Impairment on depreciated real estate investments | 3,960 | 1,296 | 11,289 | 3,570 | |||||||||||||||||||
EBITDAre | 239,513 | 227,760 | 720,001 | 669,298 | |||||||||||||||||||
Share-based compensation expense | 4,625 | 6,068 | 13,847 | 23,582 | |||||||||||||||||||
Merger and transaction-related expenses | — | 3,339 | 4,347 | 11,942 | |||||||||||||||||||
Severance | 881 | 1,952 | 8,225 | 6,292 | |||||||||||||||||||
Casualty losses, net | 780 | 1,956 | 514 | 9,906 | |||||||||||||||||||
Other, net | (4,735 | ) | (3,330 | ) | (8,470 | ) | (6,697 | ) | |||||||||||||||
Adjusted EBITDAre | $ | 241,064 | $ | 237,745 | 1.4 | % | $ | 738,464 | $ | 714,323 | 3.4 | % | |||||||||||
Reconciliation of Net Debt / Annualized Adjusted EBITDAre | |||||
(in thousands, except for ratio) (unaudited) | |||||
As of | |||||
September 30, 2019 | |||||
Mortgage loans, net | $ | 6,428,874 | |||
Secured term loan, net | 400,924 | ||||
Term loan facility, net | 1,493,025 | ||||
Revolving facility | — | ||||
Convertible senior notes, net | 333,070 | ||||
Total Debt per Balance Sheet | 8,655,893 | ||||
Retained and repurchased certificates | (329,558 | ) | |||
Cash, ex-security deposits (1) | (176,906 | ) | |||
Deferred financing costs | 45,966 | ||||
Unamortized discounts on note payable | 14,659 | ||||
Net Debt (A) | $ | 8,210,054 | |||
For the Three | |||||
Months Ended | |||||
September 30, 2019 | |||||
Adjusted EBITDAre (C) | $ | 241,064 | |||
Annualized Adjusted EBITDAre (D = C x 4) | $ | 964,256 | |||
Net Debt / Annualized Adjusted EBITDAre (A / D) | 8.5 | x | |||
(1) | Represents cash and cash equivalents and the non-security deposit portion of restricted cash. |
Reconciliation of Fixed Charge Coverage Ratio | |||||
(in thousands, except for ratio) (unaudited) | |||||
For the Three | |||||
Months Ended | |||||
September 30, 2019 | |||||
Interest expense | $ | 89,067 | |||
Noncash interest expense | (10,385 | ) | |||
Fixed charges (A) | $ | 78,682 | |||
Adjusted EBITDAre (B) | $ | 241,064 | |||
Fixed charge coverage ratio (B / A) | 3.1 | x | |||
Components of Noncash Interest Expense | |||||||||||||||||
(in thousands) (unaudited) | |||||||||||||||||
Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | ||||||||||||||
Amortization of discounts on notes payable | $ | 1,317 | $ | 2,308 | $ | 6,026 | $ | 6,816 | |||||||||
Amortization of deferred financing costs | 9,229 | 8,148 | 29,386 | 17,826 | |||||||||||||
Change in fair value of interest rate derivatives | 64 | 10 | 98 | 355 | |||||||||||||
Amortization of swap fair value at designation | (225 | ) | 2,935 | 1,912 | 8,442 | ||||||||||||
Total non-cash interest expense | $ | 10,385 | $ | 13,401 | $ | 37,422 | $ | 33,439 | |||||||||
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