EX-99.1 2 q12022supplemental.htm EX-99.1 Document

invhsupplementalcover22q1.jpg

logo_horizontala14.jpg
Table of Contents













Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 1
logo_horizontala14.jpg
Earnings Press Release
Invitation Homes Reports First Quarter 2022 Results
Dallas, TX, April 27, 2022 — Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the "Company"), the nation's premier single-family home leasing company, today announced its Q1 2022 financial and operating results.


First Quarter 2022 Highlights
•Year over year, total revenues increased 12.0% to $532 million, property operating and maintenance costs increased 8.3% to $182 million, net income available to common stockholders increased 61.3% to $92 million, and net income per diluted common share increased 51.0% to $0.15.
•Year over year, Core FFO per share increased 13.5% to $0.40, and AFFO per share increased 11.9% to $0.35.
•Same Store NOI increased 11.7% year over year on 9.4% Same Store Core Revenues growth and 4.5% Same Store Core Operating Expenses growth.
•Same Store Average Occupancy was 98.1%, down 30 basis points year over year.
•Same Store new lease rent growth of 14.8% and Same Store renewal rent growth of 9.7% drove Same Store blended rent growth of 10.9%, up 550 basis points year over year.
•Acquisitions by the Company and the Company's joint ventures totaled 822 homes for $341 million while dispositions totaled 147 homes for $54 million.
•As previously announced, the Company priced a public offering on March 25, 2022 of $600 million aggregate principal amount of 4.150% senior notes due in 2032 (the "Notes"). The Notes were priced at 99.739% of the principal amount and will mature on April 15, 2032. The offering closed subsequent to quarter end on April 5, 2022, with net proceeds used primarily to voluntarily prepay secured indebtedness and for general corporate purposes.
•As previously announced, the Company entered into an agreement with Rockpoint Group, L.L.C. (“Rockpoint”) in March 2022 to form a new joint venture partnership that will acquire homes in premium locations and at higher price points relative to the homes currently targeted by the Company and its previous venture with Rockpoint. As of March 31, 2022, the new joint venture had not yet acquired any homes.


President & Chief Executive Officer Dallas Tanner comments:
"Our solid momentum continued through the start of this year with strong operating results and growth. Demand for our high-quality, well-located homes remains robust and continues to outpace available supply in our markets. These factors, combined with our premier resident experience, have contributed to record-high retention across our portfolio, and demonstrate to us that the choice and flexibility we offer our residents is highly desired. We believe our 10-year history of offering best-in-class service and continuously improving the resident experience has contributed significantly toward our outperformance, and we remain confident in our outlook and ability to execute throughout the year.”



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 2
logo_horizontala14.jpg
Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted(1)
Q1 2022Q1 2021
Net income$0.15 $0.10 
FFO0.38 0.32 
Core FFO0.40 0.36 
AFFO0.35 0.31 
(1)See "Reconciliation of FFO, Core FFO, and AFFO," footnotes (1) and (2), for details on the treatment of convertible notes in each specific period presented in the table.

Net Income
Net income per share for Q1 2022 was $0.15, compared to net income per share of $0.10 for Q1 2021. Total revenues and total property operating and maintenance expenses for Q1 2022 were $532 million and $182 million, respectively, compared to $475 million and $168 million, respectively, for Q1 2021.

Core FFO
Year over year, Core FFO per share for Q1 2022 increased 13.5% to $0.40, primarily due to NOI growth and interest expense savings.

AFFO
Year over year, AFFO per share for Q1 2022 increased 11.9% to $0.35, 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:75,493 
Q1 2022Q1 2021
Core Revenues growth (year over year)9.4 %
Core Operating Expenses growth (year over year)4.5 %
NOI growth (year over year)11.7 %
Average Occupancy98.1 %98.4 %
Bad debt % of gross rental revenues (1)
1.9 %2.2 %
Turnover Rate4.6 %5.4 %
Rental Rate Growth (lease-over-lease):
Renewals9.7 %4.3 %
New leases14.8 %8.0 %
Blended10.9 %5.4 %
(1)Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, 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.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 3
logo_horizontala14.jpg
Revenue Collections Update
Q1 2022Q4 2021Q3 2021Q2 2021
Pre-COVID Average (2)
Revenues collected % of revenues due: (1)
Revenues collected in same month billed91 %92 %92 %92 %96 %
Late collections of prior month billings6 %6 %5 %6 %3 %
Total collections97 %98 %97 %98 %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. See "Same Store Operating Results Snapshot," footnote (1), for detail on the Company's bad debt policy.
(2)Represents the period from October 2019 to March 2020.

Same Store NOI
For the Same Store Portfolio of 75,493 homes, Same Store NOI for Q1 2022 increased 11.7% year over year on Same Store Core Revenues growth of 9.4% and Same Store Core Operating Expenses growth of 4.5%.

Same Store Core Revenues
Same Store Core Revenues growth for Q1 2022 of 9.4% year over year was driven by a 8.3% increase in Average Monthly Rent, a 30 basis points year over year improvement in bad debt as a percentage of gross rental revenue, and a 47.1% increase in other income, net of resident recoveries.

Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q1 2022 increased 4.5% year over year, driven by a 4.1% increase in Same Store fixed expense, an 18.9% increase in repairs and maintenance expense, net of resident recoveries, and a 11.8% increase in utilities and property administrative expenses, net of resident recoveries, partially offset by a 12.4% decline in turnover expenses, net of resident recoveries.

Investment Management Activity
Acquisitions for Q1 2022 totaled 822 homes for $341 million through diversified acquisition channels. This included 518 wholly owned homes for $218 million in addition to 304 homes for $123 million in the Company's joint ventures. Dispositions for Q1 2022 included 141 wholly owned homes for gross proceeds of $52 million and six homes for gross proceeds of $2 million in one of the Company's joint ventures.
As previously announced, the Company entered into an agreement with Rockpoint to form a new joint venture partnership (the "2022 Rockpoint JV") that will acquire homes in premium locations and at higher price points relative to the homes currently targeted by the Company and its previous venture with Rockpoint that the two companies announced in October 2020 (the "2020 Rockpoint JV"). The 2022 Rockpoint JV will be capitalized with a total equity commitment of $300 million, of which $50 million (16.7%) will be committed by Invitation Homes and $250 million (83.3%) will be committed by Rockpoint. A total of approximately $750 million (including debt) is expected to be deployed by the 2022 Rockpoint JV to acquire and renovate single-family homes in premium neighborhoods that command price points and rents that average 30%-60% higher than those targeted by Invitation Homes’ traditional investment strategy. The 2022 Rockpoint JV will focus on top-quality submarkets within the Western US, Southeast US, Florida, and Texas. Invitation Homes will provide investment, asset management, and property management services, for which it will earn asset management and property management fees and have the opportunity to earn a promoted interest subject to certain performance thresholds. As of March 31, 2022, the 2022 Rockpoint JV had not yet acquired any homes.
As previously announced, the Company has agreed to invest $250 million with Pathway Homes, a new real estate company that provides unique opportunities for customers to identify and purchase a home whereby they are able to first lease and then, if they choose, purchase the home in the future. In addition to investing in the technology platform and homes for the startup and its real estate fund, Invitation Homes is providing maintenance and other services to all Pathway Homes. As of March 31, 2022, Invitation Homes had fully funded its $25 million capital commitment to the operating company and invested $29.7 million of its $225 million capital commitment in the real estate fund, which owned 46 homes at quarter end.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 4
logo_horizontala14.jpg
Balance Sheet and Capital Markets Activity
As of March 31, 2022, the Company had $1,467 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 March 31, 2022 was $7,916 million, consisting of $4,450 million of unsecured debt and $3,466 million of secured debt. Net debt / TTM adjusted EBITDAre was 6.0x at March 31, 2022, down from 6.2x as of December 31, 2021.
During Q1 2022, the Company issued approximately 2.1 million shares of common stock under its at the market equity program at an average price of $41.02 per share. Total gross proceeds of approximately $85 million were used primarily to acquire homes. Subsequent to March 31, 2022, the Company issued approximately 0.4 million shares of common stock, generating gross proceeds of approximately $15 million in settlement of transactions in place as of March 31, 2022.
As previously announced, the Company settled on January 18, 2022, the remaining $141 million principal balance of its 3.5% Convertible Notes due January 15, 2022 (the "2022 Convertible Notes") with the issuance of an additional 6,216,261 shares of its common stock.
As previously announced, the Company priced a public offering on March 25, 2022 of $600 million aggregate principal amount of 4.150% senior notes due in 2032 (the "Notes"). The Notes were priced at 99.739% of the principal amount and will mature on April 15, 2032. The offering closed subsequent to quarter end on April 5, 2022, with net proceeds used primarily to voluntarily prepay secured indebtedness and for general corporate purposes.

Dividend
As previously announced on April 22, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.22 per share of common stock. The dividend will be paid on or before May 27, 2022, to stockholders of record as of the close of business on May 10, 2022.

FY 2022 Guidance
Full year 2022 guidance remains unchanged from initial guidance provided in February 2022, as outlined in the table below:
FY 2022 Guidance
FY 2022
Guidance
Core FFO per share — diluted$1.62 - $1.70
AFFO per share — diluted$1.38 - $1.46
Same Store Core Revenues growth8.0% - 9.0%
Same Store Core Operating Expenses growth5.5% - 6.5%
Same Store NOI growth9.0% - 10.5%
Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense, or a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures because it is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, casualty loss, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on the Company's GAAP results for the guidance period.

Earnings Conference Call Information
Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on April 28, 2022, to discuss results for the first quarter of 2022. The domestic dial-in number is 1-844-200-6205, and the international dial-in number is 1-929-526-1599. The access code is 196062. An audio webcast may be accessed at www.invh.com. A replay of the call will be available through May 26, 2022, and can be accessed by calling 1-866-813-9403 (domestic) or 1-929-458-6194 (international) and using the replay access code 479065, or by using the link at www.invh.com.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 5
logo_horizontala14.jpg
Supplemental Information
The full text of the Earnings Release and Supplemental Information referenced in this release are available on Invitation Homes' Investor Relations website at www.invh.com.

Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures
Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States ("GAAP"). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.

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

Investor Relations Contact
Scott McLaughlin
844.456.INVH (4684)
IR@InvitationHomes.com

Media Relations Contact
Kristi DesJarlais
972.421.3587
Media@InvitationHomes.com

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 (“HOA”) fees, and insurance costs, the Company's dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by the Company's residents, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of the ongoing COVID-19 pandemic and geopolitical events 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 the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 6
logo_horizontala14.jpg
Consolidated Balance Sheets
($ in thousands, except shares and per share data)
March 31, 2022December 31, 2021
(unaudited)
Assets:
Investments in single-family residential properties, net
$17,025,640 $16,935,322 
Cash and cash equivalents
467,457 610,166 
Restricted cash
215,692 208,692 
Goodwill
258,207 258,207 
Investments in unconsolidated joint ventures162,433 130,395 
Other assets, net
414,793 395,064 
Total assets$18,544,222 $18,537,846 
Liabilities:
Mortgage loans, net
$3,051,590 $3,055,853 
Secured term loan, net
401,367 401,313 
Unsecured notes, net1,922,716 1,921,974 
Term loan facility, net
2,479,935 2,478,122 
Revolving facility
— — 
Convertible senior notes, net
— 141,397 
Accounts payable and accrued expenses
175,553 193,633 
Resident security deposits
168,008 165,167 
Other liabilities
119,921 341,583 
Total liabilities8,319,090 8,699,042 
Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2022 and December 31, 2021— — 
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 609,844,461 and 601,045,438 outstanding as of March 31, 2022 and December 31, 2021, respectively6,098 6,010 
Additional paid-in capital
11,093,786 10,873,539 
Accumulated deficit
(836,494)(794,869)
Accumulated other comprehensive loss
(80,534)(286,938)
Total stockholders' equity
10,182,856 9,797,742 
Non-controlling interests
42,276 41,062 
Total equity10,225,132 9,838,804 
Total liabilities and equity$18,544,222 $18,537,846 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 7
logo_horizontala14.jpg
Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q1 2022Q1 2021
(unaudited)(unaudited)
Revenues:
Rental revenues
$483,995 $438,133 
Other property income
46,204 36,321 
Joint venture management fees2,111 771 
Total revenues532,310 475,225 
Expenses:
Property operating and maintenance
182,269 168,373 
Property management expense
20,967 15,842 
General and administrative
17,639 16,950 
Interest expense
74,389 83,406 
Depreciation and amortization
155,796 144,501 
Impairment and other
1,515 356 
Total expenses
452,575 429,428 
Gains (losses) on investments in equity securities, net (3,032)(3,140)
Other, net594 230 
Gain on sale of property, net of tax18,026 14,484 
Income (loss) from investments in unconsolidated joint ventures(2,320)351 
Net income
93,003 57,722 
Net income attributable to non-controlling interests(388)(355)
Net income attributable to common stockholders
92,615 57,367 
Net income available to participating securities
(220)(95)
Net income available to common stockholders — basic and diluted
$92,395 $57,272 
Weighted average common shares outstanding — basic606,410,225 567,375,502 
Weighted average common shares outstanding — diluted607,908,398 568,826,104 
Net income per common share — basic
$0.15 $0.10 
Net income per common share — diluted
$0.15 $0.10 
Dividends declared per common share$0.22 $0.17 


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 8
logo_horizontala14.jpg
Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)
FFO Reconciliation
Q1 2022Q1 2021
Net income available to common stockholders$92,395 $57,272 
Net income available to participating securities
220 95 
Non-controlling interests
388 355 
Depreciation and amortization on real estate assets
153,640 142,784 
Impairment on depreciated real estate investments
101 431 
Net gain on sale of previously depreciated investments in real estate(18,026)(14,484)
Depreciation and net gain on sale of investments in unconsolidated joint ventures500 (232)
FFO
$229,218 $186,221 
Core FFO Reconciliation
Q1 2022Q1 2021
FFO
$229,218 $186,221 
Non-cash interest expense, including the Company's share from unconsolidated joint ventures6,470 8,618 
Share-based compensation expense
6,646 5,814 
Severance expense
18 114 
Casualty (gains) losses, net1,414 (75)
Losses on investments in equity securities, net3,032 3,140 
Core FFO
$246,798 $203,832 
AFFO Reconciliation
Q1 2022Q1 2021
Core FFO
$246,798 $203,832 
Recurring capital expenditures, including the Company's share from unconsolidated joint ventures(32,830)(24,475)
Adjusted FFO
$213,968 $179,357 
Net income available to common stockholders
Weighted average common shares outstanding — diluted (1)
607,908,398 568,826,104 
Net income per common share — diluted (1)
$0.15 $0.10 
FFO
Numerator for FFO per common share — diluted(1)
$229,218 $190,565 
Weighted average common shares and OP Units outstanding — diluted (1)
610,704,093 587,813,663 
FFO per share — diluted (1)
$0.38 $0.32 
Core FFO and Adjusted FFO
Weighted average common shares and OP Units outstanding — diluted (2)
610,704,093 572,667,335 
Core FFO per share — diluted (2)
$0.40 $0.36 
AFFO per share — diluted (2)
$0.35 $0.31 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 9
logo_horizontala14.jpg
Supplemental Schedule 1 (Continued)
(1)On January 18, 2022, the Company settled the remaining $141 million principal balance of its 2022 Convertible Notes with the issuance of an additional 6,216,261 shares of its common stock. For the period subsequent to conversion, shares issued in connection with any settled conversions of the 2022 Convertible Notes are included within weighted shares outstanding and therefore impact diluted per share information. For the period prior to conversion, and in accordance with GAAP and Nareit guidelines, net income per share — diluted and FFO per share — diluted include the effect of shares issuable in respect of the 2022 Convertible Notes if such shares are dilutive to the calculation.

For Q1 2021 and Q1 2022, the effect of the shares issuable in respect of the 2022 Convertible Notes was anti-dilutive to net income per share and dilutive to FFO per share. As such, Q1 2021 and Q1 2022 net income per share are not adjusted for conversion of the 2022 Convertible Notes. Q1 2021 FFO per share considers the dilutive effect of the 2022 Convertible Notes by removing the related interest expense from the numerator and increasing the denominator to include shares issuable on conversion of the 2022 Convertible Notes. The effect of the 2022 Convertible Notes is not material to FFO per share for Q1 2022.

(2)Core FFO and AFFO per share reflect the 2022 Convertible Notes in the form in which they were outstanding during each period. As such, Core FFO and AFFO per share do not treat the outstanding 2022 Convertible Notes as if converted for the period prior to the January 18, 2022 conversion date.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 10
logo_horizontala14.jpg
Supplemental Schedule 2(a)

Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income (1)
Q1 2022Q1 2021
Common shares — basic606,410,225 567,375,502 
Shares potentially issuable from vesting/conversion of equity-based awards
1,498,173 1,450,602 
Total common shares — diluted607,908,398 568,826,104 
Weighted average amounts for FFO (1)
Q1 2022Q1 2021
Common shares — basic606,410,225 567,375,502 
OP units — basic2,538,285 3,463,285 
Shares potentially issuable from vesting/conversion of equity-based awards
1,755,583 1,828,548 
Shares issuable from the 2022 Convertible Notes— 15,146,328 
Total common shares and units — diluted610,704,093 587,813,663 
Weighted average amounts for Core and AFFO (2)
Q1 2022Q1 2021
Common shares — basic606,410,225 567,375,502 
OP units — basic2,538,285 3,463,285 
Shares potentially issuable from vesting/conversion of equity-based awards
1,755,583 1,828,548 
Total common shares and units — diluted610,704,093 572,667,335 
Period end amounts for Core FFO, and AFFOMarch 31, 2022
Common shares609,844,461 
OP units2,538,285 
Shares potentially issuable from vesting/conversion of equity-based awards
1,455,663 
Total common shares and units — diluted
613,838,409 
(1)See "Supplemental Schedule 1," footnote (1), for details on the treatment of the 2022 Convertible Notes in each specific period presented in the table.
(2)See "Supplemental Schedule 1," footnote (2), for details on the treatment of the 2022 Convertible Notes in each specific period presented in the table.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 11
logo_horizontala14.jpg
Supplemental Schedule 2(b)

Debt Structure and Leverage Ratios — As of March 31, 2022
($ in thousands) (unaudited)
Wtd AvgWtd Avg
InterestYears to
Debt StructureBalance% of Total
Rate (1)
Maturity (2)(7)
Secured:
Fixed (3)
$1,398,508 17.7 %4.0 %6.3 
Floating — swapped to fixed1,320,000 16.7 %4.0 %3.3 
Floating (7)
747,577 9.4 %1.5 %3.3 
Total secured (7)
3,466,085 43.8 %3.5 %4.5 
Unsecured:
Fixed (7)
1,950,000 24.6 %2.4 %9.2 
Floating — swapped to fixed2,500,000 31.6 %3.9 %3.8 
Floating— — %— %— 
Total unsecured (7)
4,450,000 56.2 %3.2 %6.2 
Total Debt:
Fixed + floating swapped to fixed (3)
7,168,508 90.6 %3.5 %5.7 
Floating747,577 9.4 %1.5 %3.3 
Total debt7,916,085 100.0 %3.3 %5.5 
Unamortized discounts on notes payable(13,143)
Deferred financing costs, net(47,334)
Total Debt per Balance Sheet7,855,608 
Retained and repurchased certificates(158,908)
Cash, ex-security deposits and letters of credit (4)
(511,490)
Deferred financing costs, net47,334 
Unamortized discounts on notes payable13,143 
Net debt$7,245,687 
Leverage RatiosMarch 31, 2022
Net Debt / TTM Adjusted EBITDAre
6.0 x
Credit RatingsRatingsOutlook
Fitch Ratings, Inc.BBBStable
Moody's Investor ServicesBaa3Stable
Standard & Poor's Rating Services BBB-Stable
Unsecured Facility Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
ActualRequirementActualRequirement
Total leverage ratio32.6 %≤ 60%Aggregate debt ratio36.5 %≤ 65%
Secured leverage ratio14.1 %≤ 45%Secured debt ratio15.5 %≤ 40%
Unencumbered leverage ratio28.8 %≤ 60%Unencumbered assets ratio321.2 %   ≥ 150%
Fixed charge coverage ratio4.2x≥ 1.5xDebt service ratio4.2x≥ 1.5x
Unsecured interest coverage ratio5.9x  ≥ 1.75x
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 12
logo_horizontala14.jpg
Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of March 31, 2022.
(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 portion of restricted cash that excludes security deposits and letters of credit.
(5)Covenant calculations are specifically defined in the Company's Amended and Restated Revolving Credit and Term Loan Agreement, and summarized in the "Glossary and Reconciliations" section of this report. For the purpose of calculating property value in applicable covenant metrics, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.
(6)Covenant calculations are specifically defined in the Company's First, Second, and Third Supplemental Indentures to the Base Indenture for its Senior Notes due November 2028, August 2031, and January 2034, which are summarized in the "Glossary and Reconciliations" section of this report. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.
(7)Subsequent to quarter end on April 5, 2022, the Company closed a public offering of $600 million aggregate principal amount of 4.150% senior notes due in 2032, which were priced at 99.739% of the principal amount and mature on April 15, 2032. Proceeds from the offering were used to prepay secured debt. On a pro forma basis, the refinancing activity has the following impact to our debt structure:
a.Secured floating rate debt balance as a percentage of total debt balance decreases from 9.4% to 1.9%.
b.Total secured debt balance decreases from $3,466,085 to $2,866,202.
c.Total fixed unsecured debt balance increases from $1,950,000 to $2,550,000.
d.Total unsecured debt balance increases from $4,450,000 to $5,050,000.
e.Weighted average years to maturity for total debt increases from 5.5 to 6.0 years.
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 13
logo_horizontala14.jpg
Supplemental Schedule 2(c)

Debt Maturity Schedule — As of March 31, 2022
($ in thousands) (unaudited)
Revolving
SecuredUnsecuredCredit% of
Debt Maturities, with Extensions (1)(2)
DebtDebtFacilityBalanceTotal
2022$— $— $— $— — %
2023— — — — — %
2024— — — — — %
20251,399,631 — — 1,399,631 17.6 %
2026667,947 2,500,000 — 3,167,947 40.0 %
2027995,144 — — 995,144 12.6 %
2028— 750,000 — 750,000 9.5 %
2029— — — — — %
2030— — — — — %
2031403,363 650,000 — 1,053,363 13.3 %
2032— — — — — %
2033— — — — — %
2034— 400,000 — 400,000 5.1 %
2035— — — — — %
2036— 150,000 — 150,000 1.9 %
3,466,085 4,450,000 — 7,916,085 100.0 %
Unamortized discounts on notes payable(1,849)(11,294)— (13,143)
Deferred financing costs(11,279)(36,055)— (47,334)
Total per Balance Sheet$3,452,957 $4,402,651 $— $7,855,608 
(1)Assumes all extension options are exercised.
(2)Subsequent to quarter end on April 5, 2022, the Company closed a public offering of $600 million aggregate principal amount of 4.150% senior notes due in 2032, which were priced at 99.739% of the principal amount and mature on April 15, 2032. Proceeds from the offering were used to prepay secured debt. On a pro forma basis, the refinancing activity has the following impact to our debt structure:
a.The amount of secured debt maturing in 2025 declines from $1,399,631 to $799,747.
b.The amount of unsecured debt maturing in 2032 increases from $0 to $600,000.











Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 14
logo_horizontala14.jpg
Supplemental Schedule 3(a)

Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-endQ1 2022
Total Portfolio82,758 
Same Store Portfolio75,493 
Same Store % of Total91.2 %
Core RevenuesQ1 2022Q1 2021Change YoY
Total Portfolio$501,437 $449,714 11.5 %
Same Store Portfolio467,868 427,598 9.4 %
Core Operating ExpensesQ1 2022Q1 2021Change YoY
Total Portfolio$153,507 $143,633 6.9 %
Same Store Portfolio142,089 136,028 4.5 %
Net Operating IncomeQ1 2022Q1 2021Change YoY
Total Portfolio$347,930 $306,081 13.7 %
Same Store Portfolio325,779 291,570 11.7 %



Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 15
logo_horizontala14.jpg
Supplemental Schedule 3(b)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
ChangeChange
Q1 2022Q1 2021YoYQ4 2021Seq
Revenues:
Rental revenues (1)
$452,107 $416,884 8.4 %$446,594 1.2 %
Other property income, net (1)(2)(3)
15,761 10,714 47.1 %14,774 6.7 %
Core Revenues467,868 427,598 9.4 %461,368 1.4 %
Fixed Expenses:
Property taxes77,060 73,913 4.3 %74,399 3.6 %
Insurance expenses8,557 8,139 5.1 %8,450 1.3 %
HOA expenses8,654 8,515 1.6 %8,630 0.3 %
Controllable Expenses:
Repairs and maintenance, net (4)
20,036 16,856 18.9 %20,134 (0.5)%
Personnel, leasing and marketing18,013 18,365 (1.9)%19,437 (7.3)%
Turnover, net (4)
6,064 6,925 (12.4)%6,597 (8.1)%
Utilities and property administrative, net (4)
3,705 3,315 11.8 %3,427 8.1 %
Core Operating Expenses142,089 136,028 4.5 %141,074 0.7 %
Net Operating Income$325,779 $291,570 11.7 %$320,294 1.7 %
(1)All rental revenues and other property income are reflected net of bad debt. Invitation Homes reserves residents' accounts receivables balances that are aged greater than 30 days as bad debt, 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. Bad debt as a percentage of gross rental revenue in Q1 2022 decreased by 30 basis points from Q1 2021.
(2)In light of the COVID-19 pandemic, almost all late fees typically enforced in accordance with lease agreements were not enforced or collected between Q2 2020 and Q1 2021, which resulted in lower other property income, net, during this time period. Since Q2 2021, enforcement and collection of late fees have generally recommenced in all markets where permissible.
(3)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $26,975, $23,557, and $25,448 for Q1 2022, Q1 2021 and Q4 2021, respectively.
(4)Expenses are presented net of applicable resident recoveries.


Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 16
logo_horizontala14.jpg
Supplemental Schedule 3(c)

Same Store Quarterly Operating Trends
(unaudited)
Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021
Average Occupancy98.1 %98.1 %98.1 %98.3 %98.4 %
Turnover Rate4.6 %4.7 %6.3 %6.7 %5.4 %
Trailing four quarters Turnover Rate22.3 %23.1 %N/AN/AN/A
Average Monthly Rent$2,074 $2,034 $1,989 $1,942 $1,915 
Rental Rate Growth (lease-over-lease):
Renewals9.7 %9.0 %7.7 %5.7 %4.3 %
New leases14.8 %17.1 %18.3 %13.7 %8.0 %
Blended10.9 %11.1 %10.5 %7.9 %5.4 %




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 17
logo_horizontala14.jpg
Supplemental Schedule 4

Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2022 (1)
(unaudited)
Average
Number ofAverageAverageMonthlyPercent of
HomesOccupancyMonthly RentRent PSFRevenue
Western United States:
Southern California7,857 97.8 %$2,744 $1.62 12.1 %
Northern California4,442 93.7 %2,423 1.56 6.0 %
Seattle4,059 91.0 %2,541 1.32 5.7 %
Phoenix8,792 95.2 %1,749 1.05 9.1 %
Las Vegas3,155 94.7 %1,960 0.99 3.5 %
Denver2,677 87.0 %2,311 1.27 3.4 %
Western US Subtotal30,982 94.3 %2,274 1.31 39.8 %
Florida:
South Florida8,303 98.0 %2,481 1.33 12.3 %
Tampa8,508 96.6 %1,934 1.04 9.8 %
Orlando6,397 97.0 %1,910 1.02 7.3 %
Jacksonville1,914 96.9 %1,913 0.96 2.2 %
Florida Subtotal25,122 97.2 %2,109 1.12 31.6 %
Southeast United States:
Atlanta12,685 96.9 %1,749 0.85 13.1 %
Carolinas5,308 94.2 %1,803 0.84 5.5 %
Southeast US Subtotal17,993 96.1 %1,764 0.85 18.6 %
Texas:
Houston2,129 97.2 %1,684 0.87 2.2 %
Dallas2,858 94.5 %1,967 0.96 3.3 %
Texas Subtotal4,987 95.6 %1,844 0.92 5.5 %
Midwest United States:
Chicago2,555 98.5 %2,116 1.31 3.1 %
Minneapolis1,119 96.8 %2,086 1.07 1.4 %
Midwest US Subtotal3,674 98.0 %2,107 1.23 4.5 %
Total / Average82,758 95.8 %$2,078 $1.11 100.0 %
Same Store Total / Average75,493 98.1 %$2,074 $1.11 93.3 %
(1)All data is for the total wholly owned portfolio, unless otherwise noted.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 18
logo_horizontala14.jpg
Supplemental Schedule 5(a)

Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
YoY, Q1 2022# HomesQ1 2022Q1 2021ChangeQ1 2022Q1 2021ChangeQ1 2022Q1 2021Change
Western United States:
Southern California7,603 $2,745 $2,593 5.9 %98.6 %98.8 %(0.2)%$59,728 $55,152 8.3 %
Northern California3,933 2,408 2,257 6.7 %98.5 %99.1 %(0.6)%27,270 25,503 6.9 %
Seattle3,509 2,526 2,313 9.2 %98.0 %98.7 %(0.7)%26,209 23,523 11.4 %
Phoenix7,645 1,717 1,535 11.9 %98.4 %98.7 %(0.3)%40,290 35,833 12.4 %
Las Vegas2,699 1,951 1,753 11.3 %98.3 %98.6 %(0.3)%15,789 13,977 13.0 %
Denver2,036 2,287  2,147 6.5 %98.2 %97.6 %0.6 %13,942 13,182 5.8 %
Western US Subtotal27,425 2,270 2,098 8.2 %98.4 %98.7 %(0.3)%183,228 167,170 9.6 %
Florida:
South Florida7,865 2,490 2,274 9.5 %98.7 %97.8 %0.9 %59,643 53,246 12.0 %
Tampa7,881 1,916 1,751 9.4 %98.1 %98.1 %— %46,028 41,679 10.4 %
Orlando5,967 1,897 1,757 8.0 %98.1 %97.8 %0.3 %34,623 31,750 9.0 %
Jacksonville1,840 1,903 1,762 8.0 %97.9 %98.8 %(0.9)%10,677 9,940 7.4 %
Florida Subtotal23,553 2,103 1,928 9.1 %98.3 %98.0 %0.3 %150,971 136,615 10.5 %
Southeast United States:
Atlanta11,991 1,744 1,600 9.0 %97.6 %98.4 %(0.8)%62,467 57,081 9.4 %
Carolinas4,655 1,790 1,661 7.8 %97.8 %98.4 %(0.6)%25,364 23,269 9.0 %
Southeast US Subtotal16,646 1,757 1,617 8.7 %97.7 %98.4 %(0.7)%87,831 80,350 9.3 %
Texas:
Houston1,939 1,690 1,605 5.3 %97.8 %98.0 %(0.2)%9,943 9,286 7.1 %
Dallas2,269 1,988 1,867 6.5 %97.1 %98.1 %(1.0)%13,419 12,568 6.8 %
Texas Subtotal4,208 1,850 1,747 5.9 %97.4 %98.0 %(0.6)%23,362 21,854 6.9 %
Midwest United States:
Chicago2,547 2,117 2,018 4.9 %98.7 %98.8 %(0.1)%15,585 15,093 3.3 %
Minneapolis1,114 2,087 1,970 5.9 %97.2 %98.0 %(0.8)%6,891 6,516 5.8 %
Midwest US Subtotal3,661 2,108 2,003 5.2 %98.3 %98.5 %(0.2)%22,476 21,609 4.0 %
Same Store Total / Average75,493 $2,074 $1,915 8.3 %98.1 %98.4 %(0.3)%$467,868 $427,598 9.4 %

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 19
logo_horizontala14.jpg
Supplemental Schedule 5(a) (Continued)

Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly RentAverage OccupancyCore Revenues
Seq, Q1 2022# HomesQ1 2022Q4 2021ChangeQ1 2022Q4 2021ChangeQ1 2022Q4 2021Change
Western United States:
Southern California7,603 $2,745 $2,701 1.6 %98.6 %98.8 %(0.2)%$59,728 $60,369 (1.1)%
Northern California3,933 2,408 2,378 1.3 %98.5 %98.5 %— %27,270 27,603 (1.2)%
Seattle3,509 2,526 2,458 2.8 %98.0 %97.1 %0.9 %26,209 25,298 3.6 %
Phoenix7,645 1,717 1,672 2.7 %98.4 %98.3 %0.1 %40,290 38,739 4.0 %
Las Vegas2,699 1,951 1,906 2.4 %98.3 %98.3 %— %15,789 15,371 2.7 %
Denver2,036 2,287 2,263 1.1 %98.2 %97.8 %0.4 %13,942 13,901 0.3 %
Western US Subtotal27,425 2,270 2,226 2.0 %98.4 %98.3 %0.1 %183,228 181,281 1.1 %
Florida:
South Florida7,865 2,490 2,429 2.5 %98.7 %98.5 %0.2 %59,643 58,057 2.7 %
Tampa7,881 1,916 1,872 2.4 %98.1 %98.2 %(0.1)%46,028 44,956 2.4 %
Orlando5,967 1,897 1,861 1.9 %98.1 %98.1 %— %34,623 34,123 1.5 %
Jacksonville1,840 1,903 1,866 2.0 %97.9 %97.6 %0.3 %10,677 10,385 2.8 %
Florida Subtotal23,553 2,103 2,055 2.3 %98.3 %98.2 %0.1 %150,971 147,521 2.3 %
Southeast United States:
Atlanta11,991 1,744 1,709 2.0 %97.6 %97.9 %(0.3)%62,467 61,734 1.2 %
Carolinas4,655 1,790 1,763 1.5 %97.8 %98.1 %(0.3)%25,364 24,626 3.0 %
Southeast US Subtotal16,646 1,757 1,724 1.9 %97.7 %97.9 %(0.2)%87,831 86,360 1.7 %
Texas:
Houston1,939 1,690 1,671 1.1 %97.8 %97.7 %0.1 %9,943 9,899 0.4 %
Dallas2,269 1,988 1,957 1.6 %97.1 %96.9 %0.2 %13,419 13,442 (0.2)%
Texas Subtotal4,208 1,850 1,825 1.4 %97.4 %97.3 %0.1 %23,362 23,341 0.1 %
Midwest United States:
Chicago2,547 2,117 2,098 0.9 %98.7 %98.4 %0.3 %15,585 15,829 (1.5)%
Minneapolis1,114 2,087 2,064 1.1 %97.2 %96.7 %0.5 %6,891 7,036 (2.1)%
Midwest US Subtotal3,661 2,108 2,088 1.0 %98.3 %97.9 %0.4 %22,476 22,865 (1.7)%
Same Store Total / Average75,493 $2,074 $2,034 2.0 %98.1 %98.1 %— %$467,868 $461,368 1.4 %
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 20
logo_horizontala14.jpg
Supplemental Schedule 5(b)

Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
YoY, Q1 2022Q1 2022Q1 2021ChangeQ1 2022Q1 2021ChangeQ1 2022Q1 2021ChangeQ1 2022Q1 2021
Western United States:
Southern California$59,728 $55,152 8.3 %$16,976 $16,843 0.8 %$42,752 $38,309 11.6 %71.6 %69.5 %
Northern California27,270 25,503 6.9 %7,426 7,098 4.6 %19,844 18,405 7.8 %72.8 %72.2 %
Seattle26,209 23,523 11.4 %7,090 6,537 8.5 %19,119 16,986 12.6 %72.9 %72.2 %
Phoenix40,290 35,833 12.4 %7,778 7,812 (0.4)%32,512 28,021 16.0 %80.7 %78.2 %
Las Vegas15,789 13,977 13.0 %3,097 3,072 0.8 %12,692 10,905 16.4 %80.4 %78.0 %
Denver13,942 13,182 5.8 %2,269 2,613 (13.2)%11,673 10,569 10.4 %83.7 %80.2 %
Western US Subtotal183,228 167,170 9.6 %44,636 43,975 1.5 %138,592 123,195 12.5 %75.6 %73.7 %
Florida:
South Florida59,643 53,246 12.0 %22,187 21,731 2.1 %37,456 31,515 18.9 %62.8 %59.2 %
Tampa46,028 41,679 10.4 %16,425 15,638 5.0 %29,603 26,041 13.7 %64.3 %62.5 %
Orlando34,623 31,750 9.0 %11,670 10,673 9.3 %22,953 21,077 8.9 %66.3 %66.4 %
Jacksonville10,677 9,940 7.4 %3,501 3,342 4.8 %7,176 6,598 8.8 %67.2 %66.4 %
Florida Subtotal150,971 136,615 10.5 %53,783 51,384 4.7 %97,188 85,231 14.0 %64.4 %62.4 %
Southeast United States:
Atlanta62,467 57,081 9.4 %18,273 17,171 6.4 %44,194 39,910 10.7 %70.7 %69.9 %
Carolinas25,364 23,269 9.0 %6,638 6,223 6.7 %18,726 17,046 9.9 %73.8 %73.3 %
Southeast US Subtotal87,831 80,350 9.3 %24,911 23,394 6.5 %62,920 56,956 10.5 %71.6 %70.9 %
Texas:
Houston9,943 9,286 7.1 %4,547 4,174 8.9 %5,396 5,112 5.6 %54.3 %55.1 %
Dallas13,419 12,568 6.8 %5,181 4,567 13.4 %8,238 8,001 3.0 %61.4 %63.7 %
Texas Subtotal23,362 21,854 6.9 %9,728 8,741 11.3 %13,634 13,113 4.0 %58.4 %60.0 %
Midwest United States:
Chicago15,585 15,093 3.3 %6,898 6,597 4.6 %8,687 8,496 2.2 %55.7 %56.3 %
Minneapolis6,891 6,516 5.8 %2,133 1,937 10.1 %4,758 4,579 3.9 %69.0 %70.3 %
Midwest US Subtotal22,476 21,609 4.0 %9,031 8,534 5.8 %13,445 13,075 2.8 %59.8 %60.5 %
Same Store Total / Average$467,868 $427,598 9.4 %$142,089 $136,028 4.5 %$325,779 $291,570 11.7 %69.6 %68.2 %
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 21
logo_horizontala14.jpg
Supplemental Schedule 5(b) (Continued)

Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core RevenuesCore Operating ExpensesNet Operating IncomeCore NOI Margin
Seq, Q1 2022Q1 2022Q4 2021ChangeQ1 2022Q4 2021ChangeQ1 2022Q4 2021ChangeQ1 2022Q4 2021
Western United States:
Southern California$59,728 $60,369 (1.1)%$16,976 $17,383 (2.3)%$42,752 $42,986 (0.5)%71.6 %71.2 %
Northern California27,270 27,603 (1.2)%7,426 7,302 1.7 %19,844 20,301 (2.3)%72.8 %73.5 %
Seattle26,209 25,298 3.6 %7,090 6,994 1.4 %19,119 18,304 4.5 %72.9 %72.4 %
Phoenix40,290 38,739 4.0 %7,778 7,718 0.8 %32,512 31,021 4.8 %80.7 %80.1 %
Las Vegas15,789 15,371 2.7 %3,097 3,158 (1.9)%12,692 12,213 3.9 %80.4 %79.5 %
Denver13,942 13,901 0.3 %2,269 2,575 (11.9)%11,673 11,326 3.1 %83.7 %81.5 %
Western US Subtotal183,228 181,281 1.1 %44,636 45,130 (1.1)%138,592 136,151 1.8 %75.6 %75.1 %
Florida:
South Florida59,643 58,057 2.7 %22,187 22,296 (0.5)%37,456 35,761 4.7 %62.8 %61.6 %
Tampa46,028 44,956 2.4 %16,425 16,809 (2.3)%29,603 28,147 5.2 %64.3 %62.6 %
Orlando34,623 34,123 1.5 %11,670 11,068 5.4 %22,953 23,055 (0.4)%66.3 %67.6 %
Jacksonville10,677 10,385 2.8 %3,501 3,515 (0.4)%7,176 6,870 4.5 %67.2 %66.2 %
Florida Subtotal150,971 147,521 2.3 %53,783 53,688 0.2 %97,188 93,833 3.6 %64.4 %63.6 %
Southeast United States:
Atlanta62,467 61,734 1.2 %18,273 17,735 3.0 %44,194 43,999 0.4 %70.7 %71.3 %
Carolinas25,364 24,626 3.0 %6,638 6,448 2.9 %18,726 18,178 3.0 %73.8 %73.8 %
Southeast US Subtotal87,831 86,360 1.7 %24,911 24,183 3.0 %62,920 62,177 1.2 %71.6 %72.0 %
Texas:
Houston9,943 9,899 0.4 %4,547 4,621 (1.6)%5,396 5,278 2.2 %54.3 %53.3 %
Dallas13,419 13,442 (0.2)%5,181 5,047 2.7 %8,238 8,395 (1.9)%61.4 %62.5 %
Texas Subtotal23,362 23,341 0.1 %9,728 9,668 0.6 %13,634 13,673 (0.3)%58.4 %58.6 %
Midwest United States:
Chicago15,585 15,829 (1.5)%6,898 6,210 11.1 %8,687 9,619 (9.7)%55.7 %60.8 %
Minneapolis6,891 7,036 (2.1)%2,133 2,195 (2.8)%4,758 4,841 (1.7)%69.0 %68.8 %
Midwest US Subtotal22,476 22,865 (1.7)%9,031 8,405 7.4 %13,445 14,460 (7.0)%59.8 %63.2 %
Same Store Total / Average$467,868 $461,368 1.4 %$142,089 $141,074 0.7 %$325,779 $320,294 1.7 %69.6 %69.4 %
\
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 22
logo_horizontala14.jpg
Supplemental Schedule 5(c)

Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q1 2022
RenewalNewBlended
LeasesLeasesAverage
Western United States:
Southern California7.4 %12.2 %8.3 %
Northern California8.3 %10.7 %8.8 %
Seattle10.2 %10.3 %10.2 %
Phoenix12.3 %23.4 %14.9 %
Las Vegas12.0 %19.1 %14.0 %
Denver6.4 %8.6 %7.0 %
Western US Subtotal9.4 %14.6 %10.6 %
Florida:
South Florida12.1 %20.9 %13.7 %
Tampa11.2 %19.7 %13.3 %
Orlando7.9 %17.0 %10.3 %
Jacksonville8.7 %11.2 %9.5 %
Florida Subtotal10.6 %18.5 %12.5 %
Southeast United States:
Atlanta10.5 %15.3 %11.6 %
Carolinas9.1 %8.7 %8.9 %
Southeast US Subtotal10.1 %13.1 %10.8 %
Texas:
Houston7.3 %8.3 %7.5 %
Dallas8.0 %10.4 %8.7 %
Texas Subtotal7.7 %9.7 %8.2 %
Midwest United States:
Chicago6.3 %6.1 %6.3 %
Minneapolis7.6 %3.8 %6.4 %
Midwest US Subtotal6.6 %5.2 %6.3 %
Same Store Total / Average9.7 %14.8 %10.9 %




Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 23
logo_horizontala14.jpg
Supplemental Schedule 6


Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
Total ($ 000)Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021
R&M OpEx, net$20,036 $20,134 $23,994 $20,016 $16,856 
Turn OpEx, net6,064 6,597 8,570 8,394 6,925 
Total recurring operating expenses, net$26,100 $26,731 $32,564 $28,410 $23,781 
R&M CapEx$23,546 $23,938 $25,727 $19,323 $16,891 
Turn CapEx7,229 7,790 8,004 7,107 5,970 
Total recurring capital expenditures$30,775 $31,728 $33,731 $26,430 $22,861 
R&M OpEx, net + R&M CapEx$43,582 $44,072 $49,721 $39,339 $33,747 
Turn OpEx, net + Turn CapEx13,293 14,387 16,574 15,501 12,895 
Total Cost to Maintain, net$56,875 $58,459 $66,295 $54,840 $46,642 
Per Home ($)Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021
Total Cost to Maintain, net$753 $774 $878 $726 $618 
(1)Recurring R&M OpEx and Turn OpEx are presented net of applicable resident recoveries.


Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)
Total ($ 000)Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021
Recurring CapEx$32,762 $33,921 $36,215 $28,693 $24,454 
Value Enhancing CapEx6,670 9,024 12,302 9,039 8,945 
Initial Renovation CapEx34,226 26,890 20,254 16,635 19,320 
Disposition CapEx1,306 676 682 1,557 1,748 
Total Capital Expenditures$74,964 $70,511 $69,453 $55,924 $54,467 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 24
logo_horizontala14.jpg
Supplemental Schedule 7

Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management ExpenseQ1 2022Q1 2021
Property management expense (GAAP)$20,967 $15,842 
Adjustments:
Share-based compensation expense(1,426)(1,174)
Adjusted property management expense
$19,541 $14,668 
Adjusted G&A ExpenseQ1 2022Q1 2021
G&A expense (GAAP)$17,639 $16,950 
Adjustments:
Share-based compensation expense(5,220)(4,640)
Severance expense(18)(114)
Adjusted G&A expense
$12,401 $12,196 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 25
logo_horizontala14.jpg
Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)
12/31/2021
Q1 2022 Acquisitions (1)
Q1 2022 Dispositions (2)
3/31/2022
HomesHomesAvg. EstimatedHomesAverageHomes
OwnedAcq.Cost BasisSoldSales PriceOwned
Wholly Owned Portfolio
Western United States:
Southern California7,876 — $— 19 $669,737 7,857 
Northern California4,404 47 598,245 9 394,983 4,442 
Seattle4,027 32 542,876 — — 4,059 
Phoenix8,744 56 452,510 8 310,563 8,792 
Las Vegas3,100 57 443,119 2 354,500 3,155 
Denver2,667 30 486,877 20 410,100 2,677 
Western US Subtotal30,818 222 498,623 58 477,161 30,982 
Florida:
South Florida8,250 78 325,246 25 365,740 8,303 
Tampa8,446 69 393,727 7 293,129 8,508 
Orlando6,369 36 411,564 8 209,750 6,397 
Jacksonville1,903 12 420,343 1 138,000 1,914 
Florida Subtotal24,968 195 371,265 41 317,351 25,122 
Southeast United States:
Atlanta12,661 34 335,583 10 335,571 12,685 
Carolinas5,253 59 359,048 4 183,694 5,308 
Southeast US Subtotal17,914 93 350,469 14 292,178 17,993 
Texas:
Houston2,134 2 321,627 7 182,429 2,129 
Dallas2,856 6 324,728 4 287,322 2,858 
Texas Subtotal4,990 8 323,953 11 220,572 4,987 
Midwest United States:
Chicago2,567 — — 12 249,300 2,555 
Minneapolis1,121 — — 2 274,500 1,119 
Midwest US Subtotal3,688 — — 14 252,900 3,674 
Announced Market-in-Exit:
Nashville (3)
3 — — 3 558,333 — 
Total / Average82,381 518 $421,383 141 $371,767 82,758 
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,004 258 $411,100 — $— 2,262 
FNMA JV (5)
522 — — 6 401,833 516 
Pathway Homes (6)
— 46 355,081 — — 46 
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 26
logo_horizontala14.jpg
Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.3%. Stabilized cap rate represents forecast nominal NOI for the 12 months following stabilization, divided by estimated cost basis.
(2)Cap rates on wholly owned dispositions during the quarter averaged 1.7%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)In December 2019, Invitation Homes announced a plan to fully exit the Nashville market, and sold 708 homes in Nashville in a bulk transaction. During the quarter ended March 31, 2022, the Company sold its last three homes in the market.
(4)Represents portfolio owned by the 2020 Rockpoint JV, of which Invitation Homes owns 20%; there were no homes acquired by the 2022 Rockpoint JV as of March 31, 2022.
(5)Represents portfolio owned by the FNMA JV, of which Invitation Homes owns 10%.
(6)Represents portfolio owned by Pathway Homes, of which Invitation Homes owned 100% of the property portfolio as of March 31, 2022.




































Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 27
logo_horizontala14.jpg
Supplemental Schedule 8(b)

Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders
(unaudited)
Pipeline as of March 31, 2022 (1)(2)
Estimated Deliveries
in Q2-Q4 2022		Estimated Deliveries
in 2023		Estimated Deliveries ThereafterAvg. Estimated Cost Basis Per Home
Southern California127—5473$510,000 
Phoenix75—2352410,000 
Tampa48012536319300,000 
Orlando56916356350360,000 
Atlanta1934341109310,000 
Carolinas240—29211410,000 
South Florida152152——340,000 
Dallas96—3264310,000 
Total / Average1,9324832711,178$350,000 
(1)Represents the number of new homes under contract as of March 31, 2022, that are expected to be built, sold and delivered to the Company by various third-party homebuilders during a future period.
(2)Pipeline rollforward:
    
Pipeline as of December 31, 20211,724
Q1 2022 additions453
Q1 2022 cancellations(167)
Q1 2022 deliveries(78)
Pipeline as of March 31, 20221,932
             
        
    










Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 28
logo_horizontala14.jpg

Glossary and Reconciliations

Average Estimated Cost Basis
Average estimated cost basis on acquisition represents the sum of purchase price, any closing adjustments, and estimated initial renovation expenditure for an acquired home or population of homes.

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.

Core NOI Margin
Core NOI margin for an identified population of homes is calculated by dividing NOI by Core Revenues attributable to such population.

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.

Cost to Maintain, net
Cost to maintain, net a home represents the sum of the expensed and capitalized portions of recurring repairs & maintenance and turn spend, net of resident reimbursements, as indicated in tables presented, not including the internal labor associated with such work.

Disposition CapEx
Disposition CapEx represents expenditures related to the preparation of a home for disposition after the prior tenant has moved out of the home.

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 and impairment on depreciated real estate investments. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based compensation expense; severance; casualty (gains) 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.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 29
logo_horizontala14.jpg
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. In calculating per share amounts, Core FFO and AFFO reflect convertible debt securities in the form in which they were outstanding during the period.

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 this 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.

Initial Renovation CapEx
Initial renovation CapEx represents expenditures related to the first post-acquisition renovation of a home to bring the home to Invitation Homes standards and specifications.

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; joint venture management fees; 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.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 30
logo_horizontala14.jpg
See below for a reconciliation of GAAP net income to NOI for the Company's total portfolio and NOI for its Same Store Portfolio.

PSF
PSF means per square foot.

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.

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 31
logo_horizontala14.jpg
Unsecured Facility Covenants
Unsecured facility covenants refer to financial and operating requirements that the Company must meet with respect to its $1,000 million revolving credit facility (the "Revolving Facility") and its $2,500 million term loan facility (the "Term Loan Facility") (together, the "Credit Facility"), as set forth in the Company's Amended and Restated Revolving Credit and Term Loan Agreement dated December 8, 2020 (the "Unsecured Credit Agreement"). The metrics provided under the "Unsecured Facility Covenant Compliance" heading on Supplemental Schedule 2(b) show the Company's compliance with certain covenants that the Company believes are its most restrictive financial covenants, including: total leverage ratio, secured leverage ratio, unencumbered leverage ratio, fixed charge coverage ratio, and unsecured interest coverage ratio.

Total leverage ratio represents (i) total outstanding indebtedness (including the Company's pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreement. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreement, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Secured leverage ratio represents (i) total outstanding secured indebtedness (including the Company's pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) total asset value (including the Company's pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreement. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreement, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Unencumbered leverage ratio represents (i) total outstanding unsecured indebtedness (including the Company's pro rata share of unsecured debt in unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreement. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreement, properties owned for at least one year are valued by dividing NOI by a 6% capitalization rate (the market standard for residential loans), and properties owned for less than one year are valued at either their gross book value or by dividing NOI by a 6% capitalization rate.

Fixed charge coverage ratio represents (i) the trailing four quarters' EBITDA (including the Company's pro rata share of EBITDA from unconsolidated entities), as defined by the Unsecured Credit Agreement, divided by (ii) the trailing four quarters' fixed charges (including the Company's pro rata share of fixed charges in unconsolidated entities), as defined in the Unsecured Credit Agreement. Fixed charges include cash interest expense, regularly scheduled principal payments, and preferred stock or preferred OP unit dividends.

Unsecured interest coverage ratio represents (i) the trailing four quarters' unencumbered NOI, as defined by the Unsecured Credit Agreement, divided by (ii) the trailing four quarters' total unsecured interest expense (including the Company's pro rata share of interest expense from unsecured debt in unconsolidated entities), as defined in the Unsecured Credit Agreement.

The metrics set forth under the "Unsecured Facility Covenant Compliance" heading on Supplemental Schedule 2(b), and described above, are provided only to show the Company's compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate the Company's financial condition or results of operations, nor do they indicate the Company's covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Unsecured Credit Agreement than similarly named metrics are defined by the Company in its Earnings Release and Supplemental Information for the purposes of evaluating its financial conditions or results of operations. For a more complete and detailed description of the covenants contained in the Company's Unsecured Credit Agreement, see Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-38004) filed on December 9, 2020.
The breach of any of the covenants set forth in the Unsecured Credit Agreement could result in a default of the Company's indebtedness related to its Revolving Facility and Term Loan Facility, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 32
logo_horizontala14.jpg
covenants, see Part I. Item 1A. “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in its periodic filings with the SEC.

Unsecured Public Bond Covenants
Unsecured public bond covenants refer to financial and operating requirements that the Company must meet with respect to its senior notes due November 2028, August 2031 and January 2034, as set forth in the Company's First, Second, and Third Supplemental Indentures to the Base Indenture for its Senior Notes (together, the "Indenture"). The metrics provided under the "Unsecured Public Bond Covenant Compliance" heading on Supplemental Schedule 2(b) show the Company's compliance with certain covenants that the Company believes are its most restrictive financial covenants, including: aggregate debt ratio, secured debt ratio, unencumbered assets ratio, and debt service ratio.

Aggregate debt ratio represents (i) total debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.

Secured debt ratio represents (i) secured debt, as defined by the Indenture, divided by (ii) total assets, including the undepreciated book value of real estate assets and some tangible non-real estate assets, as defined by the Indenture.

Unencumbered assets ratio represents (i) total unencumbered assets, not including investments in unconsolidated joint ventures, as defined in the Indenture, divided by (ii) unsecured debt, as defined by the Indenture.

Debt service ratio represents (i) consolidated income available for debt service, as defined by the Indenture, divided by (ii) annual service charge for the trailing four quarters, calculated on a pro forma basis as if transactions during the period had occured at the beginning of the period, as defined in the Indenture. Annual service charge includes interest expense and amortization of original issue discounts on debt, and excludes funded interest reserves, amortization of DFCs, and select nonrecurring charges.

The metrics set forth under the "Unsecured Public Bond Covenant Compliance" heading on Supplemental Schedule 2(b), and described above, are provided only to show the Company's compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate the Company's financial condition or results of operations, nor do they indicate the Company's covenant compliance as of any other date or for any other period. These metrics, or components of these metrics described above, may be defined differently in the Indenture than similarly named metrics are defined by the Company in its Earnings Release and Supplemental Information for the purposes of evaluating its financial conditions or results of operations. For a more complete and detailed description of the covenants contained in the Company's Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to the Company’s Current Report on Form 8-K (File No. 001-38004) filed on August 6, 2021, and on November 5, 2021.

The breach of any of the covenants set forth in the Indenture could result in a default of the Company's indebtedness related to its senior notes due 2031, which could cause those obligations to become due and payable. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in its periodic filings with the SEC.

Value Enhancing CapEx
Value enhancing CapEx represents re-investment in stabilized homes, above and beyond general replacements to preserve and maintain the value and functionality of a home, for the purpose of enhancing expected risk-adjusted returns.






Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 33
logo_horizontala14.jpg
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021
Total revenues (Total Portfolio)$532,310 $520,225 $509,532 $491,633 $475,225 
Joint venture management fees(2,111)(1,753)(1,354)(1,015)(771)
Total portfolio resident recoveries(28,762)(26,967)(27,972)(26,076)(24,740)
Total Core Revenues (Total Portfolio)501,437 491,505 480,206 464,542 449,714 
Non-Same Store Core Revenues(33,569)(30,137)(27,818)(25,429)(22,116)
Same Store Core Revenues$467,868 $461,368 $452,388 $439,113 $427,598 
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021
Property operating and maintenance expenses (Total Portfolio)$182,269 $177,883 $184,484 $175,422 $168,373 
Total Portfolio resident recoveries(28,762)(26,967)(27,972)(26,076)(24,740)
Core Operating Expenses (Total Portfolio)153,507 150,916 156,512 149,346 143,633 
Non-Same Store Core Operating Expenses(11,418)(9,842)(8,737)(8,673)(7,605)
Same Store Core Operating Expenses$142,089 $141,074 $147,775 $140,673 $136,028 

Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021
Net income available to common stockholders
$92,395 $74,476 $69,108 $60,242 $57,272 
Net income available to participating securities
220 67 69 96 95 
Non-controlling interests388 328 318 350 355 
Interest expense74,389 79,121 79,370 80,764 83,406 
Depreciation and amortization155,796 151,660 150,694 145,280 144,501 
Property management expense20,967 20,173 17,886 17,696 16,950 
General and administrative17,639 19,668 19,369 19,828 15,842 
Impairment and other1,515 3,046 4,294 980 356 
Gain on sale of property, net of tax(18,026)(14,558)(13,047)(17,919)(14,484)
Losses on investments in equity securities, net3,032 3,597 (4,319)7,002 3,140 
Other, net(594)2,654 1,508 1,903 (230)
Joint venture management fees(2,111)(1,753)(1,354)(1,015)(771)
(Income) loss from investments in unconsolidated joint ventures2,320 2,110 (202)(11)(351)
NOI (Total Portfolio)347,930 340,589 323,694 315,196 306,081 
Non-Same Store NOI(22,151)(20,295)(19,081)(16,756)(14,511)
Same Store NOI$325,779 $320,294 $304,613 $298,440 $291,570 

Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 34
logo_horizontala14.jpg


Reconciliation of Net Income to EBITDA, EBITDAre, and Adjusted EBITDAre
(in thousands, unaudited)
Trailing Twelve Months (TTM)
Ended
Q1 2022Q1 2021March 31, 2022December 31, 2021
Net income available to common stockholders
$92,395 $57,272 $296,221 $261,098 
Net income available to participating securities
220 95 452 327 
Non-controlling interests388 355 1,384 1,351 
Interest expense74,389 83,406 313,644 322,661 
Interest expense in unconsolidated joint ventures592 74 1,727 1,209 
Depreciation and amortization155,796 144,501 603,430 592,135 
Depreciation and amortization of real estate assets in unconsolidated joint ventures638 104 1,838 1,304 
EBITDA324,418 285,807 1,218,696 1,180,085 
Gain on sale of property, net of tax(18,026)(14,484)(63,550)(60,008)
Impairment on depreciated real estate investments101 431 320 650 
Net gain on sale of investments in unconsolidated joint ventures(130)(336)(844)(1,050)
EBITDAre
306,363 271,418 1,154,622 1,119,677 
Share-based compensation expense6,646 5,814 28,002 27,170 
Severance18 114 961 1,057 
Casualty (gains) losses, net1,414 (75)9,515 8,026 
(Gains) losses on investments in equity securities, net3,032 3,140 9,312 9,420 
Other, net(594)(230)5,471 5,835 
Adjusted EBITDAre
$316,879 $280,181 $1,207,883 $1,171,185 
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 35
logo_horizontala14.jpg
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As ofAs of
March 31, 2022December 31, 2021
Mortgage loans, net$3,051,590 $3,055,853 
Secured term loan, net401,367 401,313 
Unsecured notes, net1,922,716 1,921,974 
Term loan facility, net2,479,935 2,478,122 
Revolving facility— — 
Convertible senior notes, net— 141,397 
Total Debt per Balance Sheet7,855,608 7,998,659 
Retained and repurchased certificates(158,908)(159,110)
Cash, ex-security deposits and letters of credit (1)
(511,490)(649,722)
Deferred financing costs, net47,334 50,146 
Unamortized discounts on note payable13,143 13,605 
Net Debt (A)$7,245,687 $7,253,578 
For the Trailing TwelveFor the Trailing Twelve
Months (TTM) EndedMonths (TTM) Ended
March 31, 2022December 31, 2021
Adjusted EBITDAre (B)
$1,207,883 $1,171,185 
Net Debt / TTM Adjusted EBITDAre (A / B)
6.0 x6.2 x
(1)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit





Components of Non-Cash Interest Expense (Wholly Owned)
(in thousands) (unaudited)
Q1 2022Q1 2021
Amortization of discounts on notes payable
$462 $1,414 
Amortization of deferred financing costs
3,538 3,510 
Change in fair value of interest rate derivatives
(20)31 
Amortization of swap fair value at designation
2,420 3,591 
Total non-cash interest expense
$6,400 $8,546 
Note: Refer to "Glossary and Reconciliations" for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2022 Earnings Release and Supplemental Information — page 36