INVH Invitation Homes Inc

Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation’s premier single-family home leasing and management company, today announced its Fourth Quarter (“Q4”) 2024 and Full Year (“FY”) 2024 financial and operating results.

Q4 2024 and FY 2024 Highlights

• Year over year, Q4 2024 total revenues increased 5.6% to $659 million, and property operating and maintenance costs improved slightly to $228 million. FY 2024 total revenues increased 7.7% to $2,619 million, and property operating and maintenance costs increased 6.2% to $935 million.
• Q4 2024 net income available to common stockholders totaled $143 million or $0.23 per diluted common share. FY 2024 net income available to common stockholders totaled $453 million or $0.74 per diluted common share.
• Year over year, Q4 2024 Core FFO per share increased 5.9% to $0.47, and AFFO per share increased 8.9% to $0.41. FY 2024 Core FFO per share increased 6.4% to $1.88, and AFFO per share increased 6.7% to $1.60.
• Q4 2024 Same Store NOI increased 4.7% year over year on 2.7% Same Store Core Revenues growth and a reduction in Same Store Core Operating Expenses of 1.5%. FY 2024 Same Store NOI grew 4.6% year over year on 4.3% Same Store Core Revenues growth and 3.7% Same Store Core Operating Expenses growth.
• Q4 2024 Same Store Average Occupancy was 96.7%, a reduction of 60 basis points year over year. FY 2024 Same Store Average Occupancy was 97.3%, down 10 basis points year over year.
• Q4 2024 Same Store renewal rent growth of 4.2% and Same Store new lease rent growth of (2.2)% drove Same Store blended rent growth of 2.3%. FY 2024 Same Store renewal rent growth of 4.9% and Same Store new lease rent growth of 1.0% drove Same Store blended rent growth of 3.9%.
• Q4 2024 acquisitions by the Company and its joint ventures totaled 501 homes for approximately $171 million while dispositions totaled 581 homes for approximately $245 million. FY 2024 acquisitions by the Company and its joint ventures totaled 2,200 homes for $764 million and dispositions totaled 1,575 homes for $646 million.
• As previously announced on November 11, 2024, the Company voluntarily repaid without penalty the $630 million outstanding balance of its IH 2018-4 securitization, as planned. As of December 31, 2024, 83.2% of the Company’s total debt was unsecured; 91.3% of its total debt was fixed rate or swapped to fixed rate; and nearly 90% of its wholly owned homes were unencumbered. The Company has no debt reaching final maturity before 2027.
• As previously announced on November 18, 2024, the Company formed a joint venture to invest in newly built homes with an expected $500 million deployment. Invitation Homes will provide various management services and earn management fees in addition to the opportunity to earn a promoted interest subject to certain performance thresholds.

Comments from Chief Executive Officer Dallas Tanner

“During 2024, Invitation Homes delivered one of the strongest financial results among public residential REITs, with Same Store NOI growth of 4.6% and AFFO per share growth of 6.7% year over year. These achievements reflect the dedication of our associates, who are committed to providing a best-in-class resident experience and achieving high resident satisfaction, as most recently demonstrated by an average length of stay of nearly 38 months and a robust 80% renewal rate in Q4 2024.

“As we look ahead, we expect to continue to benefit from the sustained demand for high-quality, well-located single-family homes for lease. Our strategic vision for external growth, combined with our unwavering commitment for Genuine Care, positions us to drive strong performance and create long-term value for our stockholders.”

Glossary & Reconciliations of Non-GAAP Financial and Other Operating Measures

Financial and operating measures found in the Earnings Release and Supplemental Information include certain measures used by Invitation Homes management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined herein and, as applicable, reconciled to the most comparable GAAP measures.

Financial Results

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

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2024

 

Q4 2023

 

FY 2024

 

FY 2023

 

Net income

 

$

0.23

 

$

0.21

 

$

0.74

 

$

0.85

 

FFO

 

 

0.36

 

 

0.41

 

 

1.50

 

 

1.64

 

Core FFO

 

 

0.47

 

 

0.45

 

 

1.88

 

 

1.77

 

AFFO

 

 

0.41

 

 

0.38

 

 

1.60

 

 

1.50

 

 

 

 

 

 

 

 

 

 

 

Net Income

Q4 2024 net income per common share — diluted was $0.23, compared to net income per common share — diluted of $0.21 for Q4 2023. Q4 2024 total revenues and total property operating and maintenance expenses were $659 million and $228 million, respectively, compared to $624 million and $229 million, respectively, for Q4 2023.

FY 2024 net income per common share — diluted was $0.74, compared to net income per share — diluted of $0.85 for FY 2023. FY 2024 total revenues and total property operating and maintenance expenses were $2,619 million and $935 million, respectively, compared to $2,432 million and $880 million, respectively, for FY 2023.

Core FFO

Year over year, Q4 2024 Core FFO per share increased 5.9% to $0.47, primarily due to NOI growth. Year over year, FY 2024 Core FFO per share increased 6.4% to $1.88, primarily due to NOI growth.

AFFO

Year over year, Q4 2024 AFFO per share increased 8.9% to $0.41, primarily due to the increase in Core FFO per share described above. Year over year, FY 2024 AFFO per share increased 6.7% to $1.60, primarily due to the increase in Core FFO per share described above.

Operating Results

Same Store Operating Results Snapshot

Number of homes in Same Store Portfolio:

 

76,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2024

 

Q4 2023

 

FY 2024

 

FY 2023

 

Core Revenues growth (year over year)

 

2.7 %

 

 

 

4.3 %

 

 

 

Core Operating Expenses growth (year over year)

 

(1.5) %

 

 

 

3.7 %

 

 

 

NOI growth (year over year)

 

4.7 %

 

 

 

4.6 %

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Occupancy

 

96.7 %

 

97.3 %

 

97.3 %

 

97.4 %

 

Bad Debt % of gross rental revenue

 

1.0 %

 

1.0 %

 

0.9 %

 

1.3 %

 

Turnover Rate

 

5.1 %

 

5.5 %

 

22.6 %

 

24.3 %

 

 

 

 

 

 

 

 

 

 

 

Rental Rate Growth (lease-over-lease):

 

 

 

 

 

 

 

 

 

Renewals

 

4.2 %

 

6.8 %

 

4.9 %

 

6.9 %

 

New Leases

 

(2.2) %

 

(0.4) %

 

1.0 %

 

4.0 %

 

Blended

 

2.3 %

 

4.3 %

 

3.9 %

 

6.0 %

 

 

 

 

 

 

 

 

 

 

 

Same Store NOI

For the Same Store Portfolio of 76,601 homes, Q4 2024 Same Store NOI increased 4.7% year over year on Same Store Core Revenues growth of 2.7% and a reduction in Same Store Core Operating Expenses of 1.5%. FY 2024 Same Store NOI increased 4.6% year over year on Same Store Core Revenues growth of 4.3% and Same Store Core Operating Expenses growth of 3.7%.

Same Store Core Revenues

Q4 2024 Same Store Core Revenues growth of 2.7% year over year was primarily driven by a 3.1% increase in Average Monthly Rent and a 4.9% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decline in Average Occupancy.

FY 2024 Same Store Core Revenues growth of 4.3% year over year was primarily driven by a 3.9% increase in Average Monthly Rent, a 40 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and an 8.0% increase in other income, net of resident recoveries.

Same Store Core Operating Expenses

Q4 2024 Same Store Core Operating Expenses were 1.5% lower year over year, primarily attributable to a 3.0% reduction in fixed expenses, partially offset by a 1.5% increase in controllable expenses.

FY 2024 Same Store Core Operating Expenses increased 3.7% year over year, primarily driven by a 5.4% increase in fixed expenses and a 0.9% increase in controllable expenses.

Investment and Property Management Activity

Q4 2024 acquisitions included 481 wholly owned homes for approximately $164 million and 20 homes for approximately $7 million in the Company’s joint ventures. Q4 2024 dispositions included 564 wholly owned homes for gross proceeds of approximately $239 million and 17 homes for gross proceeds of approximately $6 million in the Company’s joint ventures.

During FY 2024, the Company acquired 2,072 wholly owned homes for $721 million and 128 homes for $43 million in the Company’s joint ventures. The Company also sold 1,501 wholly owned homes for $616 million and 74 homes for $30 million in the Company’s joint ventures.

As previously announced on November 18, 2024, the Company formed a joint venture to invest in newly built homes with an expected $500 million deployment. Invitation Homes will provide various management services to the joint venture, for which the Company will earn management fees in addition to the opportunity to earn a promoted interest subject to certain performance thresholds. The Company also has certain rights to potentially acquire the joint venture’s homes in the future.

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

Summary of Homes Owned and/or Managed As Of 12/31/2024

 

 

 

 

 

 

 

 

 

 

 

 

Number of Homes Owned and/or Managed as of 9/30/2024

 

Acquired or Added In Q4 2024

 

Disposed or Subtracted In Q4 2024

 

Number of Homes Owned and/or Managed as of 12/31/2024

 

Wholly owned homes

 

85,221

 

481

 

(564

)

 

85,138

 

Joint venture owned homes

 

7,619

 

20

 

(17

)

 

7,622

 

Managed-only homes

 

17,916

 

—

 

(238

)

 

17,678

 

Total homes owned and/or managed

 

110,756

 

501

 

(819

)

 

110,438

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet and Capital Markets Activity

As previously announced on November 11, 2024, the Company voluntarily repaid without penalty the $630 million outstanding balance of its IH 2018-4 securitization, as planned. As of December 31, 2024, the Company had $1,354 million in available liquidity through a combination of unrestricted cash and undrawn capacity on its revolving credit facility. In addition, the Company’s total indebtedness of $8,287 million consisted of 83.2% unsecured debt and 16.8% secured debt; 91.3% of its total debt was fixed rate or swapped to fixed rate; nearly 90% of its wholly owned homes were unencumbered; and its Net debt / TTM adjusted EBITDAre was 5.3x. The Company has no debt reaching final maturity before 2027.

FY 2025 Guidance Details

FY 2025 Guidance

 

 

 

 

 

 

 

 

 

FY 2025 Guidance Range

 

FY 2025 Guidance Midpoint

 

FY 2024 Actual

 

FY 2024 Guidance Midpoint

 

Core FFO per share — diluted

$1.88 to $1.94

 

$1.91

 

$1.88

 

$1.88

 

AFFO per share — diluted

$1.58 to $1.64

 

$1.61

 

$1.60

 

$1.59

 

 

 

 

 

 

 

 

 

 

Same Store Core Revenues growth (1)

1.75% to 3.25%

 

2.5%

 

4.3%

 

4.25%

 

Same Store Core Operating Expenses growth (2)

2.75% to 4.25%

 

3.5%

 

3.7%

 

3.75%

 

Same Store NOI growth

1.00% to 3.00%

 

2.0%

 

4.6%

 

4.5%

 

 

 

 

 

 

 

 

 

 

Wholly owned acquisitions

$500 million to

$700 million

 

$600 million

 

$721 million

 

$800 million

 

JV acquisitions

$100 million to

$200 million

 

$150 million

 

$43 million

 

$200 million

 

Wholly owned dispositions

$400 million to

$600 million

 

$500 million

 

$616 million

 

$500 million

 

 

 

 

 

 

 

 

 

 

(1)

Same Store Core Revenues growth guidance assumes (i) FY 2025 Average Occupancy in a range of 96.2% to 96.8% and (ii) FY 2025 average Bad Debt in a range of 60 to 90 basis points.

(2)

Same Store Core Operating Expenses growth guidance assumes (i) an increase in FY 2025 property taxes in a range of 5.0% to 6.0% year over year and (ii) a reduction in FY 2025 insurance expenses in a range of 2.0% to 3.0% year over year.

Bridge from FY 2024 Results to FY 2025 Guidance Midpoint

 

Core FFO Per Share

 

FY 2024 reported result

$1.88

 

 

 

 

 

Impact from changes in:

 

 

Same Store NOI (3)

$0.05

 

 

Non-Same Store NOI

0.02

 

 

Management fee revenues, net

0.02

 

 

Interest income

(0.05

)

 

Interest expense

(0.01

)

 

Total change

$0.03

 

 

 

 

 

FY 2025 guidance midpoint

$1.91

 

 

 

 

 

(3)

Based on the 2025 Same Store pool, consisting of 78,438 homes as of January 2025.

The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core Revenues growth, Same Store Core Operating Expenses growth, and Same Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company’s ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net (gain)/loss on sale of previously depreciated real estate assets, share-based compensation, casualty loss, non-Same Store revenues, and non-Same Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance period.

Earnings Conference Call Information

Invitation Homes has scheduled a conference call at 11:00 a.m. Eastern Time on February 27, 2025, to review Q4 2024 and FY 2024 results, discuss recent events, and conduct a question-and-answer session. The domestic dial-in number is 1-888-330-2384, and the international dial-in number is 1-240-789-2701. The conference ID is 7714113.

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

Supplemental Information

The full text of the Earnings Release and Supplemental Information referenced in this release are available on Invitation Homes’ Investor Relations website at www.invh.com.

About Invitation Homes

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Company’s expectations regarding the performance of the Company’s business, its financial results, its liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the single-family rental industry and the Company’s business model, macroeconomic factors beyond the Company’s control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company’s residents, the Company’s dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company’s information technology systems, development and use of artificial intelligence, risks related to the Company’s indebtedness, and risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises, on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”), as such factors may be updated from time to time in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release, in the Annual Report, and in the Company’s other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.

Consolidated Balance Sheets

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

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

December 31, 2023

 

 

 

(unaudited)

 

 

 

Assets:

 

 

 

 

 

Investments in single-family residential properties, net

 

$

17,212,126

 

 

$

17,289,214

 

 

Cash and cash equivalents

 

 

174,491

 

 

 

700,618

 

 

Restricted cash

 

 

245,202

 

 

 

196,866

 

 

Goodwill

 

 

258,207

 

 

 

258,207

 

 

Investments in unconsolidated joint ventures

 

 

241,605

 

 

 

247,166

 

 

Other assets, net

 

 

569,320

 

 

 

528,896

 

 

Total assets

 

$

18,700,951

 

 

$

19,220,967

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

Mortgage loans, net

 

$

983,924

 

 

$

1,627,256

 

 

Secured term loan, net

 

 

401,649

 

 

 

401,515

 

 

Unsecured notes, net

 

 

3,800,688

 

 

 

3,305,467

 

 

Term loan facilities, net

 

 

2,446,041

 

 

 

3,211,814

 

 

Revolving facility

 

 

570,000

 

 

 

—

 

 

Accounts payable and accrued expenses

 

 

247,709

 

 

 

200,590

 

 

Resident security deposits

 

 

180,866

 

 

 

180,455

 

 

Other liabilities

 

 

277,565

 

 

 

103,435

 

 

Total liabilities

 

 

8,908,442

 

 

 

9,030,532

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2024 and 2023

 

 

—

 

 

 

—

 

 

Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 612,605,478 and 611,958,239 outstanding as of December 31, 2024 and 2023, respectively

 

 

6,126

 

 

 

6,120

 

 

Additional paid-in capital

 

 

11,170,597

 

 

 

11,156,736

 

 

Accumulated deficit

 

 

(1,480,928

)

 

 

(1,070,586

)

 

Accumulated other comprehensive income

 

 

60,969

 

 

 

63,701

 

 

Total stockholders’ equity

 

 

9,756,764

 

 

 

10,155,971

 

 

Non-controlling interests

 

 

35,745

 

 

 

34,464

 

 

Total equity

 

 

9,792,509

 

 

 

10,190,435

 

 

Total liabilities and equity

 

$

18,700,951

 

 

$

19,220,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Operations

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2024

 

Q4 2023

 

FY 2024

 

FY 2023

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

576,632

 

 

$

563,844

 

 

$

2,300,389

 

 

$

2,197,516

 

 

Other property income

 

 

61,418

 

 

 

57,057

 

 

 

248,575

 

 

 

221,115

 

 

Management fee revenues

 

 

21,080

 

 

 

3,420

 

 

 

69,978

 

 

 

13,647

 

 

Total revenues

 

 

659,130

 

 

 

624,321

 

 

 

2,618,942

 

 

 

2,432,278

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

Property operating and maintenance

 

 

228,464

 

 

 

228,542

 

 

 

935,273

 

 

 

880,335

 

 

Property management expense

 

 

39,238

 

 

 

25,246

 

 

 

137,490

 

 

 

95,809

 

 

General and administrative

 

 

23,939

 

 

 

22,387

 

 

 

90,612

 

 

 

82,344

 

 

Interest expense

 

 

95,158

 

 

 

90,049

 

 

 

366,070

 

 

 

333,457

 

 

Depreciation and amortization

 

 

181,912

 

 

 

173,159

 

 

 

714,326

 

 

 

674,287

 

 

Casualty losses, impairment, and other

 

 

47,563

 

 

 

3,069

 

 

 

82,925

 

 

 

8,596

 

 

Total expenses

 

 

616,274

 

 

 

542,452

 

 

 

2,326,696

 

 

 

2,074,828

 

 

 

 

 

 

 

 

 

 

 

 

Gains on investments in equity and other securities, net

 

 

8

 

 

 

237

 

 

 

1,046

 

 

 

350

 

 

Other, net

 

 

3,352

 

 

 

5,533

 

 

 

(54,032

)

 

 

(2,435

)

 

Gain on sale of property, net of tax

 

 

103,019

 

 

 

49,092

 

 

 

244,550

 

 

 

183,540

 

 

Losses from investments in unconsolidated joint ventures

 

 

(5,665

)

 

 

(6,790

)

 

 

(28,445

)

 

 

(17,877

)

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

143,570

 

 

 

129,941

 

 

 

455,365

 

 

 

521,028

 

 

Net income attributable to non-controlling interests

 

 

(460

)

 

 

(395

)

 

 

(1,448

)

 

 

(1,558

)

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

 

143,110

 

 

 

129,546

 

 

 

453,917

 

 

 

519,470

 

 

Net income available to participating securities

 

 

(169

)

 

 

(178

)

 

 

(753

)

 

 

(696

)

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders — basic and diluted

 

$

142,941

 

 

$

129,368

 

 

$

453,164

 

 

$

518,774

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — basic

 

 

612,679,152

 

 

 

612,026,090

 

 

 

612,551,317

 

 

 

611,893,784

 

 

Weighted average common shares outstanding — diluted

 

 

613,247,740

 

 

 

613,688,569

 

 

 

613,631,617

 

 

 

613,288,708

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share — basic

 

$

0.23

 

 

$

0.21

 

 

$

0.74

 

 

$

0.85

 

 

Net income per common share — diluted

 

$

0.23

 

 

$

0.21

 

 

$

0.74

 

 

$

0.85

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share (1)

 

$

0.29

 

 

$

0.54

 

 

$

1.13

 

 

$

1.32

 

 

 

 

 

 

 

 

 

 

 

 

(1)

As announced on December 8, 2023, the Company commenced an acceleration of the regular timing of its dividends beginning with its January 19, 2024 dividend payment. As a result, there were two dividends declared during Q4 2023 totaling $0.54 and five dividends declared during FY 2023 totaling $1.32. Since that time, the Company has paid or anticipates paying a quarterly dividend during January, April, July, and October, subject each quarter to approval by the Company’s board of directors.

Glossary and Reconciliations

Average Monthly Rent

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

Average Occupancy

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

Bad Debt

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

Core Operating Expenses

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

Core Revenues

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

EBITDA, EBITDAre, and Adjusted EBITDAre

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

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

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

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

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

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

Net Operating Income (NOI)

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

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

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

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

Recurring Capital Expenditures or Recurring CapEx

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

Rental Rate Growth

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

Same Store / Same Store Portfolio

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

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

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

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

Total Homes / Total Portfolio

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

Turnover Rate

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

Reconciliation of FFO, Core FFO, and AFFO

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

 

 

 

 

 

 

 

 

 

 

FFO Reconciliation

 

Q4 2024

 

Q4 2023

 

FY 2024

FY 2023

 

Net income available to common stockholders

 

$

142,941

 

 

$

129,368

 

 

$

453,164

 

$

518,774

 

 

Net income available to participating securities

 

 

169

 

 

 

178

 

 

 

753

 

 

696

 

 

Non-controlling interests

 

 

460

 

 

 

395

 

 

 

1,448

 

 

1,558

 

 

Depreciation and amortization on real estate assets

 

 

178,063

 

 

 

170,371

 

 

 

699,474

 

 

663,398

 

 

Impairment on depreciated real estate investments

 

 

176

 

 

 

85

 

 

 

506

 

 

427

 

 

Net gain on sale of previously depreciated investments in real estate

 

 

(103,019

)

 

 

(49,092

)

 

 

(244,550

)

 

(183,540

)

 

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

 

 

4,403

 

 

 

2,279

 

 

 

14,479

 

 

8,704

 

 

FFO

 

$

223,193

 

 

$

253,584

 

 

$

925,274

 

$

1,010,017

 

 

 

 

 

 

 

 

 

 

 

Core FFO Reconciliation

 

Q4 2024

 

Q4 2023

 

FY 2024

FY 2023

 

FFO

 

$

223,193

 

 

$

253,584

 

 

$

925,274

 

$

1,010,017

 

 

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

 

 

12,474

 

 

 

10,194

 

 

 

44,681

 

 

36,069

 

 

Share-based compensation expense

 

 

7,109

 

 

 

8,010

 

 

 

27,918

 

 

29,503

 

 

Legal settlements (2)

 

 

—

 

 

 

—

 

 

 

77,000

 

 

2,000

 

 

Severance expense

 

 

249

 

 

 

61

 

 

 

637

 

 

977

 

 

Casualty losses, net (1)(3)

 

 

47,526

 

 

 

2,986

 

 

 

82,700

 

 

8,200

 

 

Gains on investments in equity and other securities, net

 

 

(8

)

 

 

(237

)

 

 

(1,046

)

 

(350

)

 

Core FFO

 

$

290,543

 

 

$

274,598

 

 

$

1,157,164

 

$

1,086,416

 

 

 

 

 

 

 

 

 

 

 

AFFO Reconciliation

 

Q4 2024

 

Q4 2023

 

FY 2024

FY 2023

 

Core FFO

 

$

290,543

 

 

$

274,598

 

 

$

1,157,164

 

$

1,086,416

 

 

Recurring Capital Expenditures (1)

 

 

(35,665

)

 

 

(40,351

)

 

 

(170,927

)

 

(163,051

)

 

AFFO

 

$

254,878

 

 

$

234,247

 

 

$

986,237

 

$

923,365

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — diluted

 

 

613,247,740

 

 

 

613,688,569

 

 

 

613,631,617

 

 

613,288,708

 

 

 

 

 

 

 

 

 

 

 

Net income per common share — diluted

 

$

0.23

 

 

$

0.21

 

 

$

0.74

 

$

0.85

 

 

 

 

 

 

 

 

 

 

 

FFO, Core FFO, and AFFO

 

 

 

 

 

 

 

 

Weighted average common shares and OP Units outstanding — diluted

 

 

615,561,350

 

 

 

615,843,083

 

 

 

615,881,670

 

 

615,367,734

 

 

 

 

 

 

 

 

 

 

 

FFO per share — diluted

 

$

0.36

 

 

$

0.41

 

 

$

1.50

 

$

1.64

 

 

 

 

 

 

 

 

 

 

 

Core FFO per share — diluted

 

$

0.47

 

 

$

0.45

 

 

$

1.88

 

$

1.77

 

 

 

 

 

 

 

 

 

 

 

AFFO per share — diluted

 

$

0.41

 

 

$

0.38

 

 

$

1.60

 

$

1.50

 

 

 

 

 

 

 

 

 

 

 

(1)

Includes the Company’s share from unconsolidated joint ventures.

(2)

For FY 2024, includes $77.0 million of settlement costs related to resolution of an inquiry from the Federal Trade Commission and the legal dispute entitled City of San Diego et al v. Invitation Homes, Inc., inclusive of associated costs.

(3)

Includes $41.1 million and $55.1 million of estimated losses and damages, net of estimated insurance recoveries, related to various hurricanes during Q4 2024 and FY 2024, respectively.

Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2024

 

Q3 2024

 

Q2 2024

 

Q1 2024

 

Q4 2023

 

Total revenues (Total Portfolio)

 

$

659,130

 

 

$

660,322

 

 

$

653,451

 

 

$

646,039

 

 

$

624,321

 

 

Management fee revenues

 

 

(21,080

)

 

 

(18,980

)

 

 

(15,976

)

 

 

(13,942

)

 

 

(3,420

)

 

Total portfolio resident recoveries

 

 

(38,120

)

 

 

(42,412

)

 

 

(37,102

)

 

 

(37,795

)

 

 

(35,050

)

 

Total Core Revenues (Total Portfolio)

 

 

599,930

 

 

 

598,930

 

 

 

600,373

 

 

 

594,302

 

 

 

585,851

 

 

Non-Same Store Core Revenues

 

 

(46,697

)

 

 

(47,192

)

 

 

(48,131

)

 

 

(47,561

)

 

 

(47,027

)

 

Same Store Core Revenues

 

$

553,233

 

 

$

551,738

 

 

$

552,242

 

 

$

546,741

 

 

$

538,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total Revenues to Same Store Core Revenues, FY

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FY 2024

 

FY 2023

 

 

 

 

 

 

 

Total revenues (Total Portfolio)

 

$

2,618,942

 

 

$

2,432,278

 

 

 

 

 

 

 

 

Management fee revenues

 

 

(69,978

)

 

 

(13,647

)

 

 

 

 

 

 

 

Total portfolio resident recoveries

 

 

(155,429

)

 

 

(136,433

)

 

 

 

 

 

 

 

Total Core Revenues (Total Portfolio)

 

 

2,393,535

 

 

 

2,282,198

 

 

 

 

 

 

 

 

Non-Same Store Core Revenues

 

 

(189,581

)

 

 

(169,878

)

 

 

 

 

 

 

 

Same Store Core Revenues

 

$

2,203,954

 

 

$

2,112,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2024

 

Q3 2024

 

Q2 2024

 

Q1 2024

 

Q4 2023

 

Property operating and maintenance expenses (Total Portfolio)

 

$

228,464

 

 

$

242,228

 

 

$

234,184

 

 

$

230,397

 

 

$

228,542

 

 

Total Portfolio resident recoveries

 

 

(38,120

)

 

 

(42,412

)

 

 

(37,102

)

 

 

(37,795

)

 

 

(35,050

)

 

Core Operating Expenses (Total Portfolio)

 

 

190,344

 

 

 

199,816

 

 

 

197,082

 

 

 

192,602

 

 

 

193,492

 

 

Non-Same Store Core Operating Expenses

 

 

(18,201

)

 

 

(19,854

)

 

 

(19,118

)

 

 

(19,118

)

 

 

(18,756

)

 

Same Store Core Operating Expenses

 

$

172,143

 

 

$

179,962

 

 

$

177,964

 

 

$

173,484

 

 

$

174,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FY 2024

 

FY 2023

 

 

 

 

 

 

 

Property operating and maintenance expenses (Total Portfolio)

 

$

935,273

 

 

$

880,335

 

 

 

 

 

 

 

 

Total Portfolio resident recoveries

 

 

(155,429

)

 

 

(136,433

)

 

 

 

 

 

 

 

Core Operating Expenses (Total Portfolio)

 

 

779,844

 

 

 

743,902

 

 

 

 

 

 

 

 

Non-Same Store Core Operating Expenses

 

 

(76,291

)

 

 

(65,762

)

 

 

 

 

 

 

 

Same Store Core Operating Expenses

 

$

703,553

 

 

$

678,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Same Store NOI, Quarterly

 

 

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2024

 

Q3 2024

 

Q2 2024

 

Q1 2024

 

Q4 2023

 

Net income available to common stockholders

 

$

142,941

 

 

$

95,084

 

 

$

72,981

 

 

$

142,158

 

 

$

129,368

 

 

Net income available to participating securities

 

 

169

 

 

 

185

 

 

 

207

 

 

 

192

 

 

 

178

 

 

Non-controlling interests

 

 

460

 

 

 

309

 

 

 

243

 

 

 

436

 

 

 

395

 

 

Interest expense

 

 

95,158

 

 

 

91,060

 

 

 

90,007

 

 

 

89,845

 

 

 

90,049

 

 

Depreciation and amortization

 

 

181,912

 

 

 

180,479

 

 

 

176,622

 

 

 

175,313

 

 

 

173,159

 

 

Property management expense

 

 

39,238

 

 

 

34,382

 

 

 

32,633

 

 

 

31,237

 

 

 

25,246

 

 

General and administrative

 

 

23,939

 

 

 

21,727

 

 

 

21,498

 

 

 

23,448

 

 

 

22,387

 

 

Casualty losses, impairment, and other (1)

 

 

47,563

 

 

 

20,872

 

 

 

10,353

 

 

 

4,137

 

 

 

3,069

 

 

Gain on sale of property, net of tax

 

 

(103,019

)

 

 

(47,766

)

 

 

(43,267

)

 

 

(50,498

)

 

 

(49,092

)

 

(Gains) losses on investments in equity securities, net

 

 

(8

)

 

 

257

 

 

 

(1,504

)

 

 

209

 

 

 

(237

)

 

Other, net (2)

 

 

(3,352

)

 

 

9,345

 

 

 

54,012

 

 

 

(5,973

)

 

 

(5,533

)

 

Management fee revenues

 

 

(21,080

)

 

 

(18,980

)

 

 

(15,976

)

 

 

(13,942

)

 

 

(3,420

)

 

Losses from investments in unconsolidated joint ventures

 

 

5,665

 

 

 

12,160

 

 

 

5,482

 

 

 

5,138

 

 

 

6,790

 

 

NOI (Total Portfolio)

 

 

409,586

 

 

 

399,114

 

 

 

403,291

 

 

 

401,700

 

 

 

392,359

 

 

Non-Same Store NOI

 

 

(28,496

)

 

 

(27,338

)

 

 

(29,013

)

 

 

(28,443

)

 

 

(28,271

)

 

Same Store NOI

 

$

381,090

 

 

$

371,776

 

 

$

374,278

 

 

$

373,257

 

 

$

364,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Same Store NOI, FY

 

 

(in thousands) (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FY 2024

 

FY 2023

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

453,164

 

 

$

518,774

 

 

 

 

 

 

 

 

Net income available to participating securities

 

 

753

 

 

 

696

 

 

 

 

 

 

 

 

Non-controlling interests

 

 

1,448

 

 

 

1,558

 

 

 

 

 

 

 

 

Interest expense

 

 

366,070

 

 

 

333,457

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

714,326

 

 

 

674,287

 

 

 

 

 

 

 

 

Property management expense

 

 

137,490

 

 

 

95,809

 

 

 

 

 

 

 

 

General and administrative

 

 

90,612

 

 

 

82,344

 

 

 

 

 

 

 

 

Casualty losses, impairment, and other (1)

 

 

82,925

 

 

 

8,596

 

 

 

 

 

 

 

 

Gain on sale of property, net of tax

 

 

(244,550

)

 

 

(183,540

)

 

 

 

 

 

 

 

Gains on investments in equity securities, net

 

 

(1,046

)

 

 

(350

)

 

 

 

 

 

 

 

Other, net (2)

 

 

54,032

 

 

 

2,435

 

 

 

 

 

 

 

 

Management fee revenues

 

 

(69,978

)

 

 

(13,647

)

 

 

 

 

 

 

 

Losses from investments in unconsolidated joint ventures

 

 

28,445

 

 

 

17,877

 

 

 

 

 

 

 

 

NOI (Total Portfolio)

 

 

1,613,691

 

 

 

1,538,296

 

 

 

 

 

 

 

 

Non-Same Store NOI

 

 

(113,290

)

 

 

(104,116

)

 

 

 

 

 

 

 

Same Store NOI

 

$

1,500,401

 

 

$

1,434,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Includes $41.1 million, $14.0 million, and $55.1 million of estimated losses and damages, net of estimated insurance recoveries, related to various hurricanes during Q4 2024, Q3 2024, and FY 2024, respectively.

(2)

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

Reconciliation of Net Income to Adjusted EBITDAre

(in thousands, unaudited)

 

 

Q4 2024

 

Q4 2023

 

FY 2024

 

FY 2023

 

Net income available to common stockholders

 

$

142,941

 

 

$

129,368

 

 

$

453,164

 

 

$

518,774

 

 

Net income available to participating securities

 

 

169

 

 

 

178

 

 

 

753

 

 

 

696

 

 

Non-controlling interests

 

 

460

 

 

 

395

 

 

 

1,448

 

 

 

1,558

 

 

Interest expense

 

 

95,158

 

 

 

90,049

 

 

 

366,070

 

 

 

333,457

 

 

Interest expense in unconsolidated joint ventures

 

 

5,363

 

 

 

5,481

 

 

 

26,333

 

 

 

18,255

 

 

Depreciation and amortization

 

 

181,912

 

 

 

173,159

 

 

 

714,326

 

 

 

674,287

 

 

Depreciation and amortization of investments in unconsolidated joint ventures

 

 

3,502

 

 

 

2,783

 

 

 

13,377

 

 

 

10,469

 

 

EBITDA

 

 

429,505

 

 

 

401,413

 

 

 

1,575,471

 

 

 

1,557,496

 

 

Gain on sale of property, net of tax

 

 

(103,019

)

 

 

(49,092

)

 

 

(244,550

)

 

 

(183,540

)

 

Impairment on depreciated real estate investments

 

 

176

 

 

 

85

 

 

 

506

 

 

 

427

 

 

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

 

 

930

 

 

 

(480

)

 

 

1,215

 

 

 

(1,668

)

 

EBITDAre

 

 

327,592

 

 

 

351,926

 

 

 

1,332,642

 

 

 

1,372,715

 

 

Share-based compensation expense

 

 

7,109

 

 

 

8,010

 

 

 

27,918

 

 

 

29,503

 

 

Severance expense

 

 

249

 

 

 

61

 

 

 

637

 

 

 

977

 

 

Casualty losses, net (1)(2)

 

 

47,526

 

 

 

2,986

 

 

 

82,700

 

 

 

8,200

 

 

Gains on investments in equity and other securities, net

 

 

(8

)

 

 

(237

)

 

 

(1,046

)

 

 

(350

)

 

Other, net (3)

 

 

(3,352

)

 

 

(5,533

)

 

 

54,032

 

 

 

2,435

 

 

Adjusted EBITDAre

 

$

379,116

 

 

$

357,213

 

 

$

1,496,883

 

 

$

1,413,480

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Includes the Company’s share from unconsolidated joint ventures.

(2)

Includes $41.1 million and $55.1 million of estimated losses and damages, net of estimated insurance recoveries, related to various hurricanes during Q4 2024 and FY 2024, respectively.

(3)

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

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

 

(in thousands, except for ratio) (unaudited)

 

 

 

 

 

 

 

 

 

 

As of

 

As of

 

 

 

 

December 31, 2024

 

December 31, 2023

 

 

Mortgage loans, net

 

$

983,924

 

 

$

1,627,256

 

 

 

Secured term loan, net

 

 

401,649

 

 

 

401,515

 

 

 

Unsecured notes, net

 

 

3,800,688

 

 

 

3,305,467

 

 

 

Term loan facility, net

 

 

2,446,041

 

 

 

3,211,814

 

 

 

Revolving facility

 

 

570,000

 

 

 

—

 

 

 

Total Debt per Balance Sheet

 

 

8,202,302

 

 

 

8,546,052

 

 

 

Retained and repurchased certificates

 

 

(55,499

)

 

 

(87,703

)

 

 

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

 

 

(235,649

)

 

 

(713,898

)

 

 

Deferred financing costs, net

 

 

60,559

 

 

 

45,518

 

 

 

Unamortized discounts on note payable

 

 

24,336

 

 

 

21,376

 

 

 

Net Debt (A)

 

$

7,996,049

 

 

$

7,811,345

 

 

 

 

 

 

 

 

 

 

 

 

For the TTM Ended

 

For the TTM Ended

 

 

 

 

December 31, 2024

 

December 31, 2023

 

 

Adjusted EBITDAre (B)

 

$

1,496,883

 

 

$

1,413,480

 

 

 

 

 

 

 

 

 

 

Net Debt / TTM Adjusted EBITDAre (A / B)

 

5.3x

 

5.5x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

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

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250226671673/en/

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

Media Relations Contact Kristi DesJarlais 844.456.INVH (4684) Media@InvitationHomes.com