EX-99.12q42024supplemental.htmEX-99.1 Document
Table of Contents
Earnings Press Release
3
Consolidated Financial Statements
8
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO
10
Schedule 2: Capital Structure Information
11
Schedule 3: Summary of Operating Information by Home Portfolio
16
Schedule 4: Home Characteristics by Market
19
Schedule 5: Same Store Operating Information by Market
20
Schedule 6: Cost to Maintain and Capital Expenditure Detail
27
Schedule 7: Adjusted Property Management and G&A Reconciliation
28
Schedule 8: Acquisitions, Dispositions, and Homebuilder Pipeline
29
Glossary and Reconciliations
32
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 2
Earnings Press Release
Invitation Homes Reports Fourth Quarter 2024 and Full Year 2024 Results
Dallas, TX, February 26, 2025 — 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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 3
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%.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 4
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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 5
FY 2025 Guidance Details
FY 2025 Guidance
FY 2025
Guidance Range
FY 2025
Guidance
Midpoint
FY 2024
Actual
FY 2024
Guidance Midpoint
G1Core 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
G2Same Store Core Revenues growth (1)
1.75% to 3.25%
2.5%
4.3%
4.25%
G3Same Store Core Operating Expenses growth (2)
2.75% to 4.25%
3.5%
3.7%
3.75%
G4Same Store NOI growth
1.00% to 3.00%
2.0%
4.6%
4.5%
G5Wholly owned acquisitions
$500 million to
$700 million
$600 million
$721 million
$800 million
G6JV acquisitions
$100 million to
$200 million
$150 million
$43 million
$200 million
G7Wholly 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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 6
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.
Investor Relations Contact
Media Relations Contact
Scott McLaughlin
Kristi DesJarlais
844.456.INVH (4684)
844.456.INVH (4684)
IR@InvitationHomes.com
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 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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 7
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
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 8
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 $1.32. Since that time, the Company has paid or anticipates paying a quarterly dividend during January, April, July, and October, subject each quarter to approval by the Company’s board of directors.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 9
Supplemental Schedule 1
Reconciliation of FFO, Core FFO, and AFFO
($ 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 $55.1 million of estimated losses and damages, net of estimated insurance recoveries, related to various hurricanes during Q4 2024 and FY 2024, respectively.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 10
Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income
Q4 2024
Q4 2023
FY 2024
FY 2023
Common shares — basic
612,679,152
612,026,090
612,551,317
611,893,784
Shares potentially issuable from vesting/conversion of equity-based awards
568,588
1,662,479
1,080,300
1,394,924
Total common shares — diluted
613,247,740
613,688,569
613,631,617
613,288,708
Weighted average amounts for FFO, Core FFO, and AFFO
Q4 2024
Q4 2023
FY 2024
FY 2023
Common shares — basic
612,679,152
612,026,090
612,551,317
611,893,784
OP units — basic
1,979,009
1,869,483
1,954,212
1,835,686
Shares potentially issuable from vesting/conversion of equity-based awards
903,189
1,947,510
1,376,141
1,638,264
Total common shares and units — diluted
615,561,350
615,843,083
615,881,670
615,367,734
Period end amounts for Core FFO and AFFO
December 31, 2024
Common shares
612,605,478
OP units
1,979,009
Shares potentially issuable from vesting/conversion of equity-based awards
1,670,138
Total common shares and units — diluted
616,254,625
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 11
Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of December 31, 2024
($ in thousands) (unaudited)
Wtd Avg
Wtd Avg
Interest
Years to
Debt Structure
Balance
% of Total
Rate (1)
Maturity (2)
Secured:
Fixed (3)
$
1,392,197
16.8
%
4.0
%
3.6
Floating — swapped to fixed
—
—
%
—
%
—
Floating
—
—
%
—
%
—
Total secured
1,392,197
16.8
%
4.0
%
3.6
Unsecured:
Fixed
3,850,000
46.5
%
3.6
%
7.1
Floating — swapped to fixed
2,325,000
28.0
%
4.0
%
4.6
Floating
720,000
8.7
%
5.3
%
4.6
Total unsecured
6,895,000
83.2
%
3.9
%
6.0
Total Debt:
Fixed + floating swapped to fixed (3)
7,567,197
91.3
%
3.8
%
5.7
Floating
720,000
8.7
%
5.3
%
4.6
Total debt
8,287,197
100.0
%
3.9
%
5.6
Discount/amortization on Note Payable
(24,336)
Deferred financing costs, net
(60,559)
Total debt per Balance Sheet
8,202,302
Retained and repurchased certificates
(55,499)
Cash, ex-security deposits and letters of credit (4)
(235,649)
Deferred financing costs, net
60,559
Unamortized discount on note payable
24,336
Net debt
$
7,996,049
Leverage Ratios
December 31, 2024
Net Debt / TTM Adjusted EBITDAre
5.3
x
Credit Ratings
Ratings
Outlook
Fitch Ratings
BBB+
Stable
Moody’s Investors Service
Baa2
Stable
S&P Global Ratings
BBB
Stable
Unsecured Facilities Covenant Compliance (5)
Unsecured Public Bond Covenant Compliance (6)
Actual
Requirement
Actual
Requirement
Total leverage ratio
29.4
%
≤ 60%
Aggregate debt ratio
35.6
%
≤ 65%
Secured leverage ratio
5.8
%
≤ 45%
Secured debt ratio
5.8
%
≤ 40%
Unencumbered leverage ratio
27.5
%
≤ 60%
Unencumbered assets ratio
305.5
%
≥ 150%
Fixed charge coverage ratio
4.3x
≥ 1.5x
Debt service ratio
4.4x
≥ 1.5x
Unsecured interest coverage ratio
5.1x
≥ 1.75x
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 12
Supplemental Schedule 2(b) (Continued)
(1)Includes the impact of interest rate swaps in place and effective as of December 31, 2024. See Supplemental Schedule 2(d) for additional information regarding the Company’s interest rate swaps.
(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 below. 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 Supplemental Indentures to the Base Indenture for its Senior Notes, which are summarized in the “Glossary and Reconciliations” section below. Property values for the purpose of applicable covenant metrics are calculated based on undepreciated book value.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 13
Supplemental Schedule 2(c)
Debt Maturity Schedule — As of December 31, 2024
($ in thousands) (unaudited)
Revolving
Secured
Unsecured
Credit
% of
Debt Maturities, with Extensions (1)
Debt
Debt
Facility
Balance
Total
2025
$
—
$
—
$
—
$
—
—
%
2026
—
—
—
—
—
%
2027
989,151
—
—
989,151
12.0
%
2028
—
750,000
—
750,000
9.1
%
2029
—
2,475,000
570,000
3,045,000
36.8
%
2030
—
450,000
—
450,000
5.4
%
2031
403,046
650,000
—
1,053,046
12.7
%
2032
—
600,000
—
600,000
7.2
%
2033
—
350,000
—
350,000
4.2
%
2034
—
400,000
—
400,000
4.8
%
2035
—
500,000
—
500,000
6.0
%
2036
—
150,000
—
150,000
1.8
%
1,392,197
6,325,000
570,000
8,287,197
100.0
%
Unamortized discount on note payable
(880)
(23,456)
—
(24,336)
Deferred financing costs, net
(5,744)
(54,815)
—
(60,559)
Total per Balance Sheet
$
1,385,573
$
6,246,729
$
570,000
$
8,202,302
.
(1)Assumes all extension options are exercised.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 14
Supplemental Schedule 2(d)
Active Swap Schedule — As of December 31, 2024
($ in thousands) (unaudited)
Agreement Date
Effective Date
Maturity Date
Strike Rate
Index
Notional
4/18/2023
3/31/2023
1/31/2025
2.80%
One month Term SOFR
$
400,000
4/18/2023
4/15/2023
6/9/2025
2.94%
One month Term SOFR
325,000
4/18/2023
4/15/2023
7/31/2025
3.08%
One month Term SOFR
200,000
9/20/2024
12/31/2024
5/31/2028
3.14%
One month Term SOFR
200,000
9/20/2024
12/31/2024
5/31/2028
3.13%
One month Term SOFR
200,000
9/23/2024
12/31/2024
5/31/2028
3.13%
One month Term SOFR
200,000
9/24/2024
12/31/2024
5/31/2028
3.08%
One month Term SOFR
200,000
9/24/2024
12/31/2024
5/31/2028
3.08%
One month Term SOFR
200,000
9/25/2024
12/31/2024
5/31/2028
1.93%
One month Term SOFR
200,000
9/25/2024
12/31/2024
5/31/2029
3.12%
One month Term SOFR
200,000
Weighted Average Strike Rate
2.93%
Total
$
2,325,000
Forward Starting Swap Schedule — As of December 31, 2024
($ in thousands) (unaudited)
Forward
Agreement Date
Effective Date
Maturity Date
Strike Rate
Index
Notional
3/22/2023
7/9/2025
5/31/2029
2.99%
One month Term SOFR
$
300,000
Weighted Average Strike Rate
2.99%
Projected Active Swaps — As of December 31, 2024 (1)
($ in thousands) (unaudited)
12/31/2024
3/31/2025
6/30/2025
9/30/2025
12/31/2025
3/31/2026
6/30/2026
9/30/2026
12/31/2026
Active Notional
$2,325,000
$1,925,000
$1,600,000
$1,700,000
$1,700,000
$1,700,000
$1,700,000
$1,700,000
$1,700,000
Weighted Average Strike Rate
2.93%
2.96%
2.96%
2.95%
2.95%
2.95%
2.95%
2.95%
2.95%
(1)Based on swap agreements in place as of December 31, 2024, assuming all swaps are held to maturity and no incremental swaps are entered into in the future.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 15
Supplemental Schedule 3(a)
Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-end
Q4 2024
Total Portfolio
85,138
Same Store Portfolio
76,601
Same Store % of Total
90.0
%
Core Revenues
Q4 2024
Q4 2023
Change YoY
FY 2024
FY 2023
Change YoY
Total Portfolio
$
599,930
$
585,851
2.4
%
$
2,393,535
$
2,282,198
4.9
%
Same Store Portfolio
553,233
538,824
2.7
%
2,203,954
2,112,320
4.3
%
Core Operating Expenses
Q4 2024
Q4 2023
Change YoY
FY 2024
FY 2023
Change YoY
Total Portfolio
$
190,344
$
193,492
(1.6)
%
$
779,844
$
743,902
4.8
%
Same Store Portfolio
172,143
174,736
(1.5)
%
703,553
678,140
3.7
%
Net Operating Income
Q4 2024
Q4 2023
Change YoY
FY 2024
FY 2023
Change YoY
Total Portfolio
$
409,586
$
392,359
4.4
%
$
1,613,691
$
1,538,296
4.9
%
Same Store Portfolio
381,090
364,088
4.7
%
1,500,401
1,434,180
4.6
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 16
Supplemental Schedule 3(b)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
Change
Change
Change
Q4 2024
Q4 2023
YoY
Q3 2024
Seq
FY 2024
FY 2023
YoY
Revenues:
Rental revenues (1)
$
531,983
$
518,567
2.6
%
$
530,610
0.3
%
$
2,119,315
$
2,033,967
4.2
%
Other property income, net (1)(2)
21,250
20,257
4.9
%
21,128
0.6
%
84,639
78,353
8.0
%
Core Revenues
553,233
538,824
2.7
%
551,738
0.3
%
2,203,954
2,112,320
4.3
%
Fixed Expenses:
Property taxes
91,265
94,610
(3.5)
%
92,550
(1.4)
%
374,425
353,952
5.8
%
Insurance expenses
10,295
9,993
3.0
%
10,653
(3.4)
%
41,495
39,107
6.1
%
HOA expenses
10,369
10,791
(3.9)
%
10,148
2.2
%
41,551
41,092
1.1
%
Total Fixed Expenses
111,929
115,394
(3.0)
%
113,351
(1.3)
%
457,471
434,151
5.4
%
Controllable Expenses:
Repairs and maintenance, net (3)
22,888
22,252
2.9
%
29,526
(22.5)
%
99,503
91,733
8.5
%
Personnel, leasing and marketing
20,511
21,255
(3.5)
%
20,016
2.5
%
83,024
85,646
(3.1)
%
Turnover, net (3)
9,059
9,804
(7.6)
%
10,849
(16.5)
%
38,506
41,967
(8.2)
%
Utilities and property administrative, net (3)
7,756
6,031
28.6
%
6,220
24.7
%
25,049
24,643
1.6
%
Total Controllable Expenses
60,214
59,342
1.5
%
66,611
(9.6)
%
246,082
243,989
0.9
%
Core Operating Expenses
172,143
174,736
(1.5)
%
179,962
(4.3)
%
703,553
678,140
3.7
%
Net Operating Income
$
381,090
$
364,088
4.7
%
$
371,776
2.5
%
$
1,500,401
$
1,434,180
4.6
%
(1)All rental revenues and other property income are reflected net of Bad Debt.
(2)Represents other property income net of all resident recoveries, which are reimbursements of charges for which residents are responsible. Same Store resident recoveries totaled $34,787, $31,598, $38,467, $141,137, and $124,386 for Q4 2024, Q4 2023, Q3 2024, FY 2024, and FY 2023, respectively.
(3)These expenses are presented net of applicable resident recoveries.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 17
Supplemental Schedule 3(c)
Same Store Quarterly Operating Trends
(unaudited)
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Average Occupancy
96.7
%
97.0
%
97.7
%
97.9
%
97.3
%
Turnover Rate
5.1
%
6.1
%
6.2
%
5.2
%
5.5
%
Trailing four quarters Turnover Rate
22.6
%
23.0
%
23.7
%
24.3
%
24.3
%
Average Monthly Rent
$
2,419
$
2,405
$
2,384
$
2,360
$
2,346
Rental Rate Growth (lease-over-lease):
Renewals
4.2
%
4.2
%
5.6
%
5.8
%
6.8
%
New leases
(2.2)
%
1.6
%
3.6
%
0.8
%
(0.4)
%
Blended
2.3
%
3.5
%
5.0
%
4.4
%
4.3
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 18
Supplemental Schedule 4
Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2024 (1)
(unaudited)
Number of Homes
Average Occupancy
Average Monthly Rent
Average Monthly Rent PSF
Percent of Revenue
Western United States:
Southern California
7,326
95.6
%
$
3,124
$
1.83
11.2
%
Northern California
4,127
96.8
%
2,742
1.74
5.7
%
Seattle
3,957
96.4
%
2,899
1.51
5.7
%
Phoenix
9,246
96.5
%
2,058
1.21
9.5
%
Las Vegas
3,405
96.0
%
2,215
1.13
3.7
%
Denver
2,728
94.7
%
2,595
1.41
3.5
%
Western US Subtotal
30,789
96.1
%
2,576
1.47
39.3
%
Florida:
South Florida
8,180
95.5
%
3,052
1.64
12.1
%
Tampa
9,543
91.7
%
2,292
1.22
10.5
%
Orlando
6,794
96.0
%
2,251
1.20
7.7
%
Jacksonville
2,005
96.6
%
2,185
1.10
2.2
%
Florida Subtotal
26,522
94.1
%
2,517
1.34
32.5
%
Southeast United States:
Atlanta
12,623
94.6
%
2,060
1.00
12.6
%
Carolinas
6,005
92.1
%
2,071
0.97
5.9
%
Southeast US Subtotal
18,628
93.8
%
2,064
0.99
18.5
%
Texas:
Houston
2,347
93.7
%
1,921
0.97
2.2
%
Dallas
3,158
90.2
%
2,267
1.10
3.4
%
Texas Subtotal
5,505
91.3
%
2,124
1.05
5.6
%
Midwest United States:
Chicago
2,468
95.7
%
2,417
1.51
2.8
%
Minneapolis
1,061
94.3
%
2,340
1.19
1.2
%
Midwest US Subtotal
3,529
95.3
%
2,394
1.40
4.0
%
Other (2):
165
33.7
%
2,142
1.09
0.1
%
Total / Average
85,138
94.6
%
$
2,409
$
1.28
100.0
%
Same Store Total / Average
76,601
96.7
%
$
2,419
$
1.29
92.2
%
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)Represents homes located outside of the Company’s 16 core markets; as of December 31, 2024, these include 161 homes located in Nashville and 4 homes located in other markets that are generally being held for sale.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 19
Supplemental Schedule 5(a)
Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent
Average Occupancy
Core Revenues
YoY, Q4 2024
# Homes
Q4 2024
Q4 2023
Change
Q4 2024
Q4 2023
Change
Q4 2024
Q4 2023
Change
Western United States:
Southern California
6,921
$
3,126
$
3,022
3.4
%
97.8
%
97.9
%
(0.1)
%
$
64,646
$
62,212
3.9
%
Northern California
3,884
2,746
2,666
3.0
%
98.3
%
97.5
%
0.8
%
32,206
30,761
4.7
%
Seattle
3,748
2,911
2,815
3.4
%
97.5
%
97.5
%
—
%
32,689
31,515
3.7
%
Phoenix
8,416
2,047
2,013
1.7
%
97.0
%
97.1
%
(0.1)
%
52,140
51,545
1.2
%
Las Vegas
2,915
2,218
2,175
2.0
%
96.4
%
97.1
%
(0.7)
%
19,390
19,045
1.8
%
Denver
2,297
2,579
2,505
3.0
%
96.4
%
97.5
%
(1.1)
%
17,728
17,503
1.3
%
Western US Subtotal
28,181
2,586
2,516
2.8
%
97.3
%
97.4
%
(0.1)
%
218,799
212,581
2.9
%
Florida:
South Florida
7,736
3,087
2,957
4.4
%
96.4
%
96.9
%
(0.5)
%
70,609
68,297
3.4
%
Tampa
7,939
2,297
2,242
2.5
%
95.9
%
97.1
%
(1.2)
%
54,218
53,870
0.6
%
Orlando
6,201
2,252
2,191
2.8
%
96.8
%
97.6
%
(0.8)
%
42,373
41,434
2.3
%
Jacksonville
1,897
2,179
2,136
2.0
%
97.1
%
97.4
%
(0.3)
%
12,543
12,361
1.5
%
Florida Subtotal
23,773
2,533
2,452
3.3
%
96.4
%
97.2
%
(0.8)
%
179,743
175,962
2.1
%
Southeast United States:
Atlanta
11,730
2,056
1,982
3.7
%
96.1
%
97.1
%
(1.0)
%
71,060
68,968
3.0
%
Carolinas
5,170
2,066
2,010
2.8
%
96.9
%
97.1
%
(0.2)
%
32,200
31,105
3.5
%
Southeast US Subtotal
16,900
2,059
1,990
3.5
%
96.3
%
97.1
%
(0.8)
%
103,260
100,073
3.2
%
Texas:
Houston
1,787
1,896
1,841
3.0
%
96.5
%
97.4
%
(0.9)
%
10,157
9,983
1.7
%
Dallas
2,476
2,276
2,220
2.5
%
95.8
%
97.0
%
(1.2)
%
16,825
16,662
1.0
%
Texas Subtotal
4,263
2,116
2,061
2.7
%
96.1
%
97.2
%
(1.1)
%
26,982
26,645
1.3
%
Midwest United States:
Chicago
2,440
2,418
2,331
3.7
%
96.7
%
97.5
%
(0.8)
%
17,258
16,515
4.5
%
Minneapolis
1,044
2,342
2,269
3.2
%
95.3
%
96.7
%
(1.4)
%
7,191
7,048
2.0
%
Midwest US Subtotal
3,484
2,395
2,313
3.5
%
96.3
%
97.3
%
(1.0)
%
24,449
23,563
3.8
%
Same Store Total / Average
76,601
$
2,419
$
2,346
3.1
%
96.7
%
97.3
%
(0.6)
%
$
553,233
$
538,824
2.7
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 20
Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — Sequential Quarter
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent
Average Occupancy
Core Revenues
Seq, Q4 2024
# Homes
Q4 2024
Q3 2024
Change
Q4 2024
Q3 2024
Change
Q4 2024
Q3 2024
Change
Western United States:
Southern California
6,921
$
3,126
$
3,105
0.7
%
97.8
%
98.3
%
(0.5)
%
$
64,646
$
64,587
0.1
%
Northern California
3,884
2,746
2,734
0.4
%
98.3
%
98.7
%
(0.4)
%
32,206
32,109
0.3
%
Seattle
3,748
2,911
2,887
0.8
%
97.5
%
97.8
%
(0.3)
%
32,689
32,459
0.7
%
Phoenix
8,416
2,047
2,043
0.2
%
97.0
%
97.0
%
—
%
52,140
52,028
0.2
%
Las Vegas
2,915
2,218
2,203
0.7
%
96.4
%
97.1
%
(0.7)
%
19,390
19,382
—
%
Denver
2,297
2,579
2,560
0.7
%
96.4
%
97.6
%
(1.2)
%
17,728
17,842
(0.6)
%
Western US Subtotal
28,181
2,586
2,573
0.5
%
97.3
%
97.7
%
(0.4)
%
218,799
218,407
0.2
%
Florida:
South Florida
7,736
3,087
3,056
1.0
%
96.4
%
96.9
%
(0.5)
%
70,609
70,298
0.4
%
Tampa
7,939
2,297
2,292
0.2
%
95.9
%
96.5
%
(0.6)
%
54,218
54,808
(1.1)
%
Orlando
6,201
2,252
2,245
0.3
%
96.8
%
96.7
%
0.1
%
42,373
42,147
0.5
%
Jacksonville
1,897
2,179
2,172
0.3
%
97.1
%
97.0
%
0.1
%
12,543
12,450
0.7
%
Florida Subtotal
23,773
2,533
2,520
0.5
%
96.4
%
96.7
%
(0.3)
%
179,743
179,703
—
%
Southeast United States:
Atlanta
11,730
2,056
2,038
0.9
%
96.1
%
96.3
%
(0.2)
%
71,060
70,353
1.0
%
Carolinas
5,170
2,066
2,056
0.5
%
96.9
%
96.8
%
0.1
%
32,200
31,947
0.8
%
Southeast US Subtotal
16,900
2,059
2,043
0.8
%
96.3
%
96.5
%
(0.2)
%
103,260
102,300
0.9
%
Texas:
Houston
1,787
1,896
1,882
0.7
%
96.5
%
97.3
%
(0.8)
%
10,157
10,209
(0.5)
%
Dallas
2,476
2,276
2,267
0.4
%
95.8
%
96.2
%
(0.4)
%
16,825
16,838
(0.1)
%
Texas Subtotal
4,263
2,116
2,105
0.5
%
96.1
%
96.7
%
(0.6)
%
26,982
27,047
(0.2)
%
Midwest United States:
Chicago
2,440
2,418
2,400
0.8
%
96.7
%
97.5
%
(0.8)
%
17,258
17,094
1.0
%
Minneapolis
1,044
2,342
2,318
1.0
%
95.3
%
96.6
%
(1.3)
%
7,191
7,187
0.1
%
Midwest US Subtotal
3,484
2,395
2,375
0.8
%
96.3
%
97.2
%
(0.9)
%
24,449
24,281
0.7
%
Same Store Total / Average
76,601
$
2,419
$
2,405
0.6
%
96.7
%
97.0
%
(0.3)
%
$
553,233
$
551,738
0.3
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 21
Supplemental Schedule 5(a) (Continued)
Same Store Core Revenues Growth Summary — FY
($ in thousands, except avg. monthly rent) (unaudited)
Avg. Monthly Rent
Average Occupancy
Core Revenues
YoY, FY 2024
# Homes
FY 2024
FY 2023
Change
FY 2024
FY 2023
Change
FY 2024
FY 2023
Change
Western United States:
Southern California
6,921
$
3,088
$
2,966
4.1
%
98.3
%
97.9
%
0.4
%
$
256,556
$
240,615
6.6
%
Northern California
3,884
2,718
2,637
3.1
%
98.4
%
97.7
%
0.7
%
127,442
121,166
5.2
%
Seattle
3,748
2,875
2,778
3.5
%
98.0
%
97.6
%
0.4
%
129,733
123,790
4.8
%
Phoenix
8,416
2,036
1,977
3.0
%
97.5
%
97.5
%
—
%
209,229
203,411
2.9
%
Las Vegas
2,915
2,195
2,156
1.8
%
97.3
%
96.5
%
0.8
%
77,586
74,325
4.4
%
Denver
2,297
2,549
2,475
3.0
%
97.6
%
97.7
%
(0.1)
%
71,202
69,213
2.9
%
Western US Subtotal
28,181
2,560
2,477
3.4
%
97.9
%
97.5
%
0.4
%
871,748
832,520
4.7
%
Florida:
South Florida
7,736
3,034
2,875
5.5
%
97.1
%
97.5
%
(0.4)
%
280,334
267,051
5.0
%
Tampa
7,939
2,282
2,198
3.8
%
96.8
%
97.3
%
(0.5)
%
218,962
211,603
3.5
%
Orlando
6,201
2,232
2,147
4.0
%
97.1
%
97.6
%
(0.5)
%
168,350
162,946
3.3
%
Jacksonville
1,897
2,165
2,109
2.7
%
97.3
%
97.2
%
0.1
%
50,008
48,695
2.7
%
Florida Subtotal
23,773
2,505
2,398
4.5
%
97.0
%
97.4
%
(0.4)
%
717,654
690,295
4.0
%
Southeast United States:
Atlanta
11,730
2,026
1,943
4.3
%
96.9
%
97.3
%
(0.4)
%
281,982
269,540
4.6
%
Carolinas
5,170
2,044
1,972
3.7
%
97.3
%
97.6
%
(0.3)
%
127,497
122,269
4.3
%
Southeast US Subtotal
16,900
2,032
1,952
4.1
%
97.0
%
97.3
%
(0.3)
%
409,479
391,809
4.5
%
Texas:
Houston
1,787
1,875
1,818
3.1
%
97.3
%
97.2
%
0.1
%
40,683
39,390
3.3
%
Dallas
2,476
2,255
2,185
3.2
%
96.8
%
97.1
%
(0.3)
%
67,435
65,437
3.1
%
Texas Subtotal
4,263
2,095
2,031
3.2
%
97.0
%
97.1
%
(0.1)
%
108,118
104,827
3.1
%
Midwest United States:
Chicago
2,440
2,382
2,289
4.1
%
97.5
%
97.6
%
(0.1)
%
68,220
64,880
5.1
%
Minneapolis
1,044
2,308
2,236
3.2
%
96.5
%
96.9
%
(0.4)
%
28,735
27,989
2.7
%
Midwest US Subtotal
3,484
2,360
2,273
3.8
%
97.2
%
97.4
%
(0.2)
%
96,955
92,869
4.4
%
Same Store Total / Average
76,601
$
2,392
$
2,303
3.9
%
97.3
%
97.4
%
(0.1)
%
$
2,203,954
$
2,112,320
4.3
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 22
Supplemental Schedule 5(b)
Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)
Core Revenues
Core Operating Expenses
Net Operating Income
Core NOI Margin
YoY, Q4 2024
Q4 2024
Q4 2023
Change
Q4 2024
Q4 2023
Change
Q4 2024
Q4 2023
Change
Q4 2024
Q4 2023
Western United States:
Southern California
$
64,646
$
62,212
3.9
%
$
17,509
$
16,708
4.8
%
$
47,137
$
45,504
3.6
%
72.9
%
73.1
%
Northern California
32,206
30,761
4.7
%
8,086
7,505
7.7
%
24,120
23,256
3.7
%
74.9
%
75.6
%
Seattle
32,689
31,515
3.7
%
8,232
8,162
0.9
%
24,457
23,353
4.7
%
74.8
%
74.1
%
Phoenix
52,140
51,545
1.2
%
9,373
9,535
(1.7)
%
42,767
42,010
1.8
%
82.0
%
81.5
%
Las Vegas
19,390
19,045
1.8
%
4,531
4,282
5.8
%
14,859
14,763
0.7
%
76.6
%
77.5
%
Denver
17,728
17,503
1.3
%
3,552
3,432
3.5
%
14,176
14,071
0.7
%
80.0
%
80.4
%
Western US Subtotal
218,799
212,581
2.9
%
51,283
49,624
3.3
%
167,516
162,957
2.8
%
76.6
%
76.7
%
Florida:
South Florida
70,609
68,297
3.4
%
27,353
28,254
(3.2)
%
43,256
40,043
8.0
%
61.3
%
58.6
%
Tampa
54,218
53,870
0.6
%
19,288
20,615
(6.4)
%
34,930
33,255
5.0
%
64.4
%
61.7
%
Orlando
42,373
41,434
2.3
%
15,458
14,443
7.0
%
26,915
26,991
(0.3)
%
63.5
%
65.1
%
Jacksonville
12,543
12,361
1.5
%
4,462
4,598
(3.0)
%
8,081
7,763
4.1
%
64.4
%
62.8
%
Florida Subtotal
179,743
175,962
2.1
%
66,561
67,910
(2.0)
%
113,182
108,052
4.7
%
63.0
%
61.4
%
Southeast United States:
Atlanta
71,060
68,968
3.0
%
23,436
26,705
(12.2)
%
47,624
42,263
12.7
%
67.0
%
61.3
%
Carolinas
32,200
31,105
3.5
%
9,283
9,096
2.1
%
22,917
22,009
4.1
%
71.2
%
70.8
%
Southeast US Subtotal
103,260
100,073
3.2
%
32,719
35,801
(8.6)
%
70,541
64,272
9.8
%
68.3
%
64.2
%
Texas:
Houston
10,157
9,983
1.7
%
4,852
4,805
1.0
%
5,305
5,178
2.5
%
52.2
%
51.9
%
Dallas
16,825
16,662
1.0
%
6,864
6,622
3.7
%
9,961
10,040
(0.8)
%
59.2
%
60.3
%
Texas Subtotal
26,982
26,645
1.3
%
11,716
11,427
2.5
%
15,266
15,218
0.3
%
56.6
%
57.1
%
Midwest United States:
Chicago
17,258
16,515
4.5
%
7,463
7,360
1.4
%
9,795
9,155
7.0
%
56.8
%
55.4
%
Minneapolis
7,191
7,048
2.0
%
2,401
2,614
(8.1)
%
4,790
4,434
8.0
%
66.6
%
62.9
%
Midwest US Subtotal
24,449
23,563
3.8
%
9,864
9,974
(1.1)
%
14,585
13,589
7.3
%
59.7
%
57.7
%
Same Store Total / Average
$
553,233
$
538,824
2.7
%
$
172,143
$
174,736
(1.5)
%
$
381,090
$
364,088
4.7
%
68.9
%
67.6
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 23
Supplemental Schedule 5(b) (Continued)
Same Store NOI Growth and Margin Summary — Sequential Quarter
($ in thousands) (unaudited)
Core Revenues
Core Operating Expenses
Net Operating Income
Core NOI Margin
Seq, Q4 2024
Q4 2024
Q3 2024
Change
Q4 2024
Q3 2024
Change
Q4 2024
Q3 2024
Change
Q4 2024
Q3 2024
Western United States:
Southern California
$
64,646
$
64,587
0.1
%
$
17,509
$
17,858
(2.0)
%
$
47,137
$
46,729
0.9
%
72.9
%
72.4
%
Northern California
32,206
32,109
0.3
%
8,086
8,810
(8.2)
%
24,120
23,299
3.5
%
74.9
%
72.6
%
Seattle
32,689
32,459
0.7
%
8,232
8,294
(0.7)
%
24,457
24,165
1.2
%
74.8
%
74.4
%
Phoenix
52,140
52,028
0.2
%
9,373
11,099
(15.6)
%
42,767
40,929
4.5
%
82.0
%
78.7
%
Las Vegas
19,390
19,382
—
%
4,531
4,632
(2.2)
%
14,859
14,750
0.7
%
76.6
%
76.1
%
Denver
17,728
17,842
(0.6)
%
3,552
3,815
(6.9)
%
14,176
14,027
1.1
%
80.0
%
78.6
%
Western US Subtotal
218,799
218,407
0.2
%
51,283
54,508
(5.9)
%
167,516
163,899
2.2
%
76.6
%
75.0
%
Florida:
South Florida
70,609
70,298
0.4
%
27,353
27,504
(0.5)
%
43,256
42,794
1.1
%
61.3
%
60.9
%
Tampa
54,218
54,808
(1.1)
%
19,288
20,731
(7.0)
%
34,930
34,077
2.5
%
64.4
%
62.2
%
Orlando
42,373
42,147
0.5
%
15,458
15,295
1.1
%
26,915
26,852
0.2
%
63.5
%
63.7
%
Jacksonville
12,543
12,450
0.7
%
4,462
4,418
1.0
%
8,081
8,032
0.6
%
64.4
%
64.5
%
Florida Subtotal
179,743
179,703
—
%
66,561
67,948
(2.0)
%
113,182
111,755
1.3
%
63.0
%
62.2
%
Southeast United States:
Atlanta
71,060
70,353
1.0
%
23,436
24,976
(6.2)
%
47,624
45,377
5.0
%
67.0
%
64.5
%
Carolinas
32,200
31,947
0.8
%
9,283
9,263
0.2
%
22,917
22,684
1.0
%
71.2
%
71.0
%
Southeast US Subtotal
103,260
102,300
0.9
%
32,719
34,239
(4.4)
%
70,541
68,061
3.6
%
68.3
%
66.5
%
Texas:
Houston
10,157
10,209
(0.5)
%
4,852
4,998
(2.9)
%
5,305
5,211
1.8
%
52.2
%
51.0
%
Dallas
16,825
16,838
(0.1)
%
6,864
7,087
(3.1)
%
9,961
9,751
2.2
%
59.2
%
57.9
%
Texas Subtotal
26,982
27,047
(0.2)
%
11,716
12,085
(3.1)
%
15,266
14,962
2.0
%
56.6
%
55.3
%
Midwest United States:
Chicago
17,258
17,094
1.0
%
7,463
8,417
(11.3)
%
9,795
8,677
12.9
%
56.8
%
50.8
%
Minneapolis
7,191
7,187
0.1
%
2,401
2,765
(13.2)
%
4,790
4,422
8.3
%
66.6
%
61.5
%
Midwest US Subtotal
24,449
24,281
0.7
%
9,864
11,182
(11.8)
%
14,585
13,099
11.3
%
59.7
%
53.9
%
Same Store Total / Average
$
553,233
$
551,738
0.3
%
$
172,143
$
179,962
(4.3)
%
$
381,090
$
371,776
2.5
%
68.9
%
67.4
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 24
Supplemental Schedule 5(b) (Continued)
Same Store NOI Growth and Margin Summary — FY
($ in thousands) (unaudited)
Core Revenues
Core Operating Expenses
Net Operating Income
Core NOI Margin
YoY, FY 2024
FY 2024
FY 2023
Change
FY 2024
FY 2023
Change
FY 2024
FY 2023
Change
FY 2024
FY 2023
Western United States:
Southern California
$
256,556
$
240,615
6.6
%
$
70,935
$
68,645
3.3
%
$
185,621
$
171,970
7.9
%
72.4
%
71.5
%
Northern California
127,442
121,166
5.2
%
33,867
32,083
5.6
%
93,575
89,083
5.0
%
73.4
%
73.5
%
Seattle
129,733
123,790
4.8
%
32,909
32,769
0.4
%
96,824
91,021
6.4
%
74.6
%
73.5
%
Phoenix
209,229
203,411
2.9
%
40,243
39,898
0.9
%
168,986
163,513
3.3
%
80.8
%
80.4
%
Las Vegas
77,586
74,325
4.4
%
17,821
17,837
(0.1)
%
59,765
56,488
5.8
%
77.0
%
76.0
%
Denver
71,202
69,213
2.9
%
14,530
13,366
8.7
%
56,672
55,847
1.5
%
79.6
%
80.7
%
Western US Subtotal
871,748
832,520
4.7
%
210,305
204,598
2.8
%
661,443
627,922
5.3
%
75.9
%
75.4
%
Florida:
South Florida
280,334
267,051
5.0
%
111,068
104,795
6.0
%
169,266
162,256
4.3
%
60.4
%
60.8
%
Tampa
218,962
211,603
3.5
%
82,101
80,570
1.9
%
136,861
131,033
4.4
%
62.5
%
61.9
%
Orlando
168,350
162,946
3.3
%
61,283
56,107
9.2
%
107,067
106,839
0.2
%
63.6
%
65.6
%
Jacksonville
50,008
48,695
2.7
%
18,245
17,369
5.0
%
31,763
31,326
1.4
%
63.5
%
64.3
%
Florida Subtotal
717,654
690,295
4.0
%
272,697
258,841
5.4
%
444,957
431,454
3.1
%
62.0
%
62.5
%
Southeast United States:
Atlanta
281,982
269,540
4.6
%
95,504
94,860
0.7
%
186,478
174,680
6.8
%
66.1
%
64.8
%
Carolinas
127,497
122,269
4.3
%
36,301
33,937
7.0
%
91,196
88,332
3.2
%
71.5
%
72.2
%
Southeast US Subtotal
409,479
391,809
4.5
%
131,805
128,797
2.3
%
277,674
263,012
5.6
%
67.8
%
67.1
%
Texas:
Houston
40,683
39,390
3.3
%
19,652
19,708
(0.3)
%
21,031
19,682
6.9
%
51.7
%
50.0
%
Dallas
67,435
65,437
3.1
%
28,289
26,947
5.0
%
39,146
38,490
1.7
%
58.0
%
58.8
%
Texas Subtotal
108,118
104,827
3.1
%
47,941
46,655
2.8
%
60,177
58,172
3.4
%
55.7
%
55.5
%
Midwest United States:
Chicago
68,220
64,880
5.1
%
30,642
29,539
3.7
%
37,578
35,341
6.3
%
55.1
%
54.5
%
Minneapolis
28,735
27,989
2.7
%
10,163
9,710
4.7
%
18,572
18,279
1.6
%
64.6
%
65.3
%
Midwest US Subtotal
96,955
92,869
4.4
%
40,805
39,249
4.0
%
56,150
53,620
4.7
%
57.9
%
57.7
%
Same Store Total / Average
$
2,203,954
$
2,112,320
4.3
%
$
703,553
$
678,140
3.7
%
$
1,500,401
$
1,434,180
4.6
%
68.1
%
67.9
%
0.678780201294723
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 25
Supplemental Schedule 5(c)
Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q4 2024
FY 2024
Renewal
New
Blended
Renewal
New
Blended
Leases
Leases
Average
Leases
Leases
Average
Western United States:
Southern California
5.0
%
5.8
%
5.2
%
5.2
%
6.8
%
5.5
%
Northern California
3.3
%
2.2
%
3.1
%
4.2
%
3.0
%
3.9
%
Seattle
4.5
%
0.5
%
3.4
%
4.4
%
2.8
%
4.0
%
Phoenix
3.4
%
(6.3)
%
0.4
%
3.8
%
(2.2)
%
2.1
%
Las Vegas
4.7
%
(2.4)
%
2.5
%
4.0
%
(0.3)
%
2.8
%
Denver
6.0
%
1.7
%
4.5
%
4.2
%
3.3
%
3.9
%
Western US Subtotal
4.3
%
(0.6)
%
3.0
%
4.4
%
1.9
%
3.7
%
Florida:
South Florida
5.4
%
(3.0)
%
3.2
%
7.2
%
—
%
5.3
%
Tampa
1.9
%
(5.4)
%
(0.5)
%
4.0
%
(0.9)
%
2.5
%
Orlando
3.2
%
(4.7)
%
0.4
%
4.5
%
(0.2)
%
3.1
%
Jacksonville
2.4
%
(4.4)
%
(0.3)
%
3.6
%
(1.1)
%
2.1
%
Florida Subtotal
3.8
%
(4.3)
%
1.3
%
5.4
%
(0.4)
%
3.7
%
Southeast United States:
Atlanta
4.7
%
(2.0)
%
2.6
%
5.8
%
1.5
%
4.6
%
Carolinas
3.8
%
(2.6)
%
1.8
%
4.4
%
1.4
%
3.5
%
Southeast US Subtotal
4.4
%
(2.2)
%
2.4
%
5.3
%
1.5
%
4.3
%
Texas:
Houston
2.9
%
(1.2)
%
1.7
%
4.4
%
1.3
%
3.6
%
Dallas
3.3
%
(3.5)
%
0.7
%
4.8
%
(0.4)
%
3.2
%
Texas Subtotal
3.1
%
(2.8)
%
1.1
%
4.6
%
0.1
%
3.4
%
Midwest United States:
Chicago
4.9
%
7.2
%
5.5
%
4.8
%
6.8
%
5.2
%
Minneapolis
6.5
%
1.6
%
5.4
%
5.6
%
0.3
%
4.2
%
Midwest US Subtotal
5.4
%
5.5
%
5.5
%
5.0
%
4.6
%
4.9
%
Total / Average
4.2
%
(2.2)
%
2.3
%
4.9
%
1.0
%
3.9
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 26
Supplemental Schedule 6
Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
Total
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
R&M OpEx, net
$
22,888
$
29,526
$
26,353
$
20,736
$
22,252
Turn OpEx, net
9,059
10,849
9,963
8,635
9,804
Total recurring operating expenses, net
$
31,947
$
40,375
$
36,316
$
29,371
$
32,056
R&M CapEx
$
24,124
$
36,412
$
32,950
$
25,284
$
26,247
Turn CapEx
8,566
9,854
8,699
8,182
9,864
Total Recurring Capital Expenditures
$
32,690
$
46,266
$
41,649
$
33,466
$
36,111
R&M OpEx, net + R&M CapEx
$
47,012
$
65,938
$
59,303
$
46,020
$
48,499
Turn OpEx, net + Turn CapEx
17,625
20,703
18,662
16,817
19,668
Total Cost to Maintain, net
$
64,637
$
86,641
$
77,965
$
62,837
$
68,167
Per Home
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Total Cost to Maintain, net
$
844
$
1,131
$
1,018
$
820
$
890
(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
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Recurring CapEx
$
35,518
$
50,970
$
46,371
$
36,923
$
40,080
Value Enhancing CapEx
12,361
16,182
12,500
7,300
12,148
Initial Renovation CapEx
7,091
8,860
6,392
7,698
9,656
Disposition CapEx
1,423
1,584
663
716
1,021
Total Capital Expenditures
$
56,393
$
77,596
$
65,926
$
52,637
$
62,905
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 27
Supplemental Schedule 7
Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management Expense
Q4 2024
Q4 2023
FY 2024
FY 2023
Property management expense (GAAP)
$
39,238
$
25,246
$
137,490
$
95,809
Adjustments:
Share-based compensation expense
(1,245)
(1,731)
(5,830)
(6,963)
Adjusted property management expense
$
37,993
$
23,515
$
131,660
$
88,846
Adjusted G&A Expense
Q4 2024
Q4 2023
FY 2024
FY 2023
G&A expense (GAAP)
$
23,939
$
22,387
$
90,612
$
82,344
Adjustments:
Share-based compensation expense
(5,864)
(6,279)
(22,088)
(22,540)
Severance expense
(249)
(61)
(637)
(977)
Adjusted G&A expense
$
17,826
$
16,047
$
67,887
$
58,827
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 28
Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)
September 30, 2024
Q4 2024 Acquisitions (1)
Q4 2024 Dispositions (2)
December 31, 2024
Homes
Homes
Avg. Est.
Homes
Average
Homes
Owned
Acq.
Cost Basis
Sold
Sales Price
Owned
Wholly Owned Portfolio
Western United States:
Southern California
7,405
30
$
539,380
109
$
598,255
7,326
Northern California
4,221
—
—
94
478,012
4,127
Seattle
4,007
—
—
50
558,062
3,957
Phoenix
9,258
11
390,503
23
325,258
9,246
Las Vegas
3,411
—
—
6
415,500
3,405
Denver
2,734
—
—
6
381,000
2,728
Western US Subtotal
31,036
41
499,438
288
521,896
30,789
Florida:
South Florida
8,238
11
377,660
69
437,305
8,180
Tampa
9,485
106
307,252
48
283,381
9,543
Orlando
6,792
22
375,596
20
286,573
6,794
Jacksonville
1,998
9
310,840
2
282,500
2,005
Florida Subtotal
26,513
148
322,862
139
360,236
26,522
Southeast United States:
Atlanta
12,691
12
340,229
80
284,808
12,623
Carolinas
5,876
133
337,363
4
340,000
6,005
Southeast US Subtotal
18,567
145
337,601
84
287,436
18,628
Texas:
Houston
2,324
40
276,547
17
226,293
2,347
Dallas
3,118
52
313,436
12
267,150
3,158
Texas Subtotal
5,442
92
297,397
29
243,199
5,505
Midwest United States:
Chicago
2,480
—
—
12
318,825
2,468
Minneapolis
1,064
—
—
3
232,333
1,061
Midwest US Subtotal
3,544
—
—
15
301,527
3,529
Other (3):
119
55
353,034
9
281,100
165
Total / Average
85,221
481
$
340,936
564
$
423,101
85,138
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,606
—
$
—
—
$
—
2,606
2022 Rockpoint JV (5)
319
—
—
—
—
319
FNMA JV (6)
392
—
—
5
532,000
387
Pathway Homes (7)
582
20
342,698
12
265,603
590
Upward America JV (8)
3,720
—
—
—
—
3,720
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 29
Supplemental Schedule 8(a) (Continued)
(1)Estimated stabilized cap rates on wholly owned acquisitions during the quarter averaged 5.9%. 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 2.6%. Disposition cap rate represents actual NOI recognized in the 12 months prior to the month of disposition, divided by sales price.
(3)Represents homes located outside of the Company’s 16 core markets; as of December 31, 2024, these include 161 homes located in Nashville and 4 homes located in other markets that are generally being held for sale.
(4)Represents portfolio owned by the 2020 Rockpoint JV, of which Invitation Homes owns 20.0%.
(5)Represents portfolio owned by the 2022 Rockpoint JV, of which Invitation Homes owns 16.7%.
(6)Represents portfolio owned by the FNMA JV, of which Invitation Homes owns 10.0%.
(7)Represents portfolio owned by Pathway Homes, of which Invitation Homes owns 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which Invitation Homes owns 7.2%.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 30
Supplemental Schedule 8(b)
Expected Acquisition Pipeline of New Homes from Homebuilders — As of December 31, 2024
(unaudited)
Pipeline as of December 31, 2024 (1)(2)
Estimated Deliveries
in 2025
Estimated Deliveries
in 2026
Estimated Deliveries Thereafter
Avg. Estimated Cost Basis Per Home
Southern California
55
49
6
—
$
540,000
Tampa
407
287
88
32
330,000
Orlando
475
256
147
72
430,000
Jacksonville
85
85
—
—
310,000
Atlanta
100
52
48
—
340,000
Carolinas
235
160
30
45
320,000
South Florida
8
8
—
—
390,000
Houston
316
262
54
—
280,000
Dallas
256
210
46
—
260,000
San Antonio
94
80
14
—
230,000
Total / Average
2,031
1,449
433
149
$
340,000
(1)Represents the number of new homes under contract as of December 31, 2024, that are expected to be built, sold, and delivered to the Company by various homebuilders during a future period.
(2)Pipeline rollforward:
Pipeline as of September 30, 2024
2,461
Q4 2024 additions and cancellations (net)
(41)
Q4 2024 deliveries
(389)
Pipeline as of December 31, 2024
2,031
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 31
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.
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 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, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 32
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.
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; management fee revenues; and income from investments in unconsolidated joint ventures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 33
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.
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.
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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 34
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.
Unsecured Facility Covenants
Unsecured facility covenants refer to financial and operating requirements that the Company must meet with respect to its $1,750 million revolving credit facility (the “Revolving Facility”) and its $1,750 million term loan facility (the “2024 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in the Company’s Second Amended and Restated Revolving Credit and Term Loan Agreement dated September 9, 2024 and its $725 million term loan facility (the “2022 Term Loan Facility” and together with the 2024 Term Loan Facility, the “Term Loan Facilities”), as set forth in the Company’s 2022 Term Loan Agreement as amended by the First Amendment dated September 9, 2024 (together with the Credit Facility, the “Unsecured Credit Agreements”).
The metrics provided under the “Unsecured Facilities 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 Agreements, divided by (ii) total asset value (including the Company’s pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, 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 Agreements, divided by (ii) total asset value (including the Company’s pro rata share of assets in unconsolidated entities), as defined in the Unsecured Credit Agreements. For the purpose of calculating total asset value under the terms of the Unsecured Credit Agreements, 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 Agreements, divided by (ii) unencumbered asset value, as defined in the Unsecured Credit Agreements. For the purpose of calculating unencumbered asset value under the terms of the Unsecured Credit Agreements, 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 Agreements, 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 Agreements. 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 Agreements, 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 Agreements.
The metrics set forth under the “Unsecured Facilities 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 Agreements 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 Agreements, see Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 9, 2024.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 35
The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of the Company’s indebtedness related to its Revolving Facility and Term Loan Facilities, 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, 2023, 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, as set forth in the Company’s 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 occurred 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 Reports on Form 8-K filed on August 6, 2021, November 5, 2021, April 5, 2022, August 2, 2023, and September 26, 2024.
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, 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, 2023, 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.
Q4 2024 Earnings Release and Supplemental Information — page 36
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
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 37
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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 38
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.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 39
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)
5.3
x
5.5
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
(in thousands) (unaudited)
Q4 2024
Q4 2023
FY 2024
FY 2023
Amortization of discounts on notes payable
$
764
$
663
$
2,765
$
1,998
Amortization of deferred financing costs
5,188
4,200
18,598
16,203
Change in fair value of interest rate derivatives
—
32
1
73
Amortization of swap fair value at designation
5,252
2,332
12,418
9,302
Company’s share from unconsolidated joint ventures
1,270
2,967
10,899
8,493
Total non-cash interest expense
$
12,474
$
10,194
$
44,681
$
36,069
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q4 2024 Earnings Release and Supplemental Information — page 40
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 1 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 0 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor