Invitation Homes Reports First Quarter 2022 Results
DALLAS–(BUSINESS WIRE)–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 $600 million aggregate principal amount of 4.150% senior notes due in 2032 (the “Notes”). The Notes were priced at 99.739% of the principal amount and will mature on April 15, 2032. The offering closed subsequent to quarter end on April 5, 2022, with net proceeds used primarily to voluntarily prepay secured indebtedness and for general corporate purposes.
- As previously announced, the Company entered into an agreement with Rockpoint Group, L.L.C. (“Rockpoint”) in March 2022 to form a new joint venture partnership that will acquire homes in premium locations and at higher price points relative to the homes currently targeted by the Company and its previous venture with Rockpoint. As of March 31, 2022, the new joint venture had not yet acquired any homes.
President & Chief Executive Officer Dallas Tanner comments:
“Our solid momentum continued through the start of this year with strong operating results and growth. Demand for our high-quality, well-located homes remains robust and continues to outpace available supply in our markets. These factors, combined with our premier resident experience, have contributed to record-high retention across our portfolio, and demonstrate to us that the choice and flexibility we offer our residents is highly desired. We believe our 10-year history of offering best-in-class service and continuously improving the resident experience has contributed significantly toward our outperformance, and we remain confident in our outlook and ability to execute throughout the year.”
Financial Results
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Net Income, FFO, Core FFO, and AFFO Per Share — Diluted(1) |
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Q1 2022 |
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Q1 2021 |
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Net income |
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$ |
0.15 |
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$ |
0.10 |
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FFO |
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0.38 |
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0.32 |
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Core FFO |
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0.40 |
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0.36 |
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AFFO |
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0.35 |
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0.31 |
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(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
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Same Store Operating Results Snapshot |
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Number of homes in Same Store Portfolio: |
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75,493 |
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Q1 2022 |
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Q1 2021 |
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Core Revenues growth (year over year) |
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9.4 % |
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Core Operating Expenses growth (year over year) |
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4.5 % |
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NOI growth (year over year) |
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11.7 % |
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Average Occupancy |
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98.1 % |
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98.4 % |
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Bad debt % of gross rental revenues (1) |
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1.9 % |
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2.2 % |
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Turnover Rate |
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4.6 % |
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5.4 % |
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Rental Rate Growth (lease-over-lease): |
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Renewals |
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9.7 % |
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4.3 % |
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New leases |
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14.8 % |
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8.0 % |
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Blended |
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10.9 % |
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5.4 % |
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(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. |
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Revenue Collections Update |
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Q1 2022 |
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Q4 2021 |
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Q3 2021 |
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Q2 2021 |
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Pre-COVID Average (2) |
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Revenues collected % of revenues due: (1) |
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Revenues collected in same month billed |
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91 % |
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92 % |
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92 % |
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92 % |
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96 % |
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Late collections of prior month billings |
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6 % |
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6 % |
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5 % |
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6 % |
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3 % |
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Total collections |
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97 % |
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98 % |
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97 % |
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98 % |
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99 % |
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(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. |
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(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.
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:
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FY 2022 Guidance |
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FY 2022 |
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Guidance |
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Core FFO per share — diluted |
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$1.62 – $1.70 |
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AFFO per share — diluted |
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$1.38 – $1.46 |
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Same Store Core Revenues growth |
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8.0% – 9.0% |
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Same Store Core Operating Expenses growth |
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5.5% – 6.5% |
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Same Store NOI growth |
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9.0% – 10.5% |
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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.
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.
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.
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Consolidated Balance Sheets |
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($ in thousands, except shares and per share data) |
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March 31, 2022 |
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December 31, 2021 |
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(unaudited) |
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Assets: |
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Investments in single-family residential properties, net |
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$ |
17,025,640 |
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$ |
16,935,322 |
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Cash and cash equivalents |
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467,457 |
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610,166 |
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Restricted cash |
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215,692 |
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208,692 |
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Goodwill |
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258,207 |
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258,207 |
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Investments in unconsolidated joint ventures |
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162,433 |
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130,395 |
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Other assets, net |
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414,793 |
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395,064 |
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Total assets |
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$ |
18,544,222 |
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$ |
18,537,846 |
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Liabilities: |
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Mortgage loans, net |
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$ |
3,051,590 |
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$ |
3,055,853 |
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Secured term loan, net |
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401,367 |
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401,313 |
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Unsecured notes, net |
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1,922,716 |
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1,921,974 |
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Term loan facility, net |
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2,479,935 |
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2,478,122 |
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Revolving facility |
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— |
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— |
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Convertible senior notes, net |
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— |
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141,397 |
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Accounts payable and accrued expenses |
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175,553 |
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193,633 |
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Resident security deposits |
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168,008 |
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165,167 |
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Other liabilities |
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119,921 |
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341,583 |
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Total liabilities |
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8,319,090 |
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8,699,042 |
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Equity: |
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Stockholders’ equity |
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Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2022 and December 31, 2021 |
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— |
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— |
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Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 609,844,461 and 601,045,438 outstanding as of March 31, 2022 and December 31, 2021, respectively |
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6,098 |
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6,010 |
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Additional paid-in capital |
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11,093,786 |
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10,873,539 |
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Accumulated deficit |
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(836,494 |
) |
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(794,869 |
) |
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Accumulated other comprehensive loss |
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(80,534 |
) |
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(286,938 |
) |
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Total stockholders’ equity |
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10,182,856 |
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9,797,742 |
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Non-controlling interests |
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42,276 |
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41,062 |
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Total equity |
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10,225,132 |
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9,838,804 |
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Total liabilities and equity |
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$ |
18,544,222 |
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$ |
18,537,846 |
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Consolidated Statements of Operations |
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($ in thousands, except shares and per share amounts) |
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Q1 2022 |
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Q1 2021 |
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(unaudited) |
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(unaudited) |
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Revenues: |
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Rental revenues |
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$ |
483,995 |
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$ |
438,133 |
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Other property income |
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46,204 |
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36,321 |
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Joint venture management fees |
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2,111 |
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|
771 |
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Total revenues |
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532,310 |
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475,225 |
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Expenses: |
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Property operating and maintenance |
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182,269 |
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168,373 |
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Property management expense |
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20,967 |
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15,842 |
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General and administrative |
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17,639 |
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|
16,950 |
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Interest expense |
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|
74,389 |
|
|
|
83,406 |
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|
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Depreciation and amortization |
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|
155,796 |
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|
|
144,501 |
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Impairment and other |
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|
1,515 |
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|
|
356 |
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Total expenses |
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452,575 |
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|
|
429,428 |
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Gains (losses) on investments in equity securities, net |
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(3,032 |
) |
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(3,140 |
) |
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Other, net |
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|
594 |
|
|
|
230 |
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|
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Gain on sale of property, net of tax |
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|
18,026 |
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|
|
14,484 |
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Income (loss) from investments in unconsolidated joint ventures |
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|
(2,320 |
) |
|
|
351 |
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Net income |
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93,003 |
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|
|
57,722 |
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|
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Net income attributable to non-controlling interests |
|
|
(388 |
) |
|
|
(355 |
) |
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Net income attributable to common stockholders |
|
|
92,615 |
|
|
|
57,367 |
|
|
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Net income available to participating securities |
|
|
(220 |
) |
|
|
(95 |
) |
|
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|
|
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|
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Net income available to common stockholders — basic and diluted |
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$ |
92,395 |
|
|
$ |
57,272 |
|
|
|
|
|
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|
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Weighted average common shares outstanding — basic |
|
|
606,410,225 |
|
|
|
567,375,502 |
|
|
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Weighted average common shares outstanding — diluted |
|
|
607,908,398 |
|
|
|
568,826,104 |
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|
|
|
|
|
|
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|
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Net income per common share — basic |
|
$ |
0.15 |
|
|
$ |
0.10 |
|
|
|
Net income per common share — diluted |
|
$ |
0.15 |
|
|
$ |
0.10 |
|
|
|
|
|
|
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Dividends declared per common share |
|
$ |
0.22 |
|
|
$ |
0.17 |
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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.
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 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.
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
Contacts
Investor Relations Contact
Scott McLaughlin
844.456.INVH (4684)
IR@InvitationHomes.com
Media Relations Contact
Kristi DesJarlais
972.421.3587
Media@InvitationHomes.com