EX-99.12q12025supplemental.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
25
Schedule 7: Adjusted Property Management and G&A Reconciliation
26
Schedule 8: Acquisitions, Dispositions, and Homebuilder Pipeline
27
Glossary and Reconciliations
30
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 2
Earnings Press Release
Invitation Homes Reports First Quarter 2025 Results
Dallas, TX, April 30, 2025 — Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” “we,” “our,” and “us”), the nation’s premier single-family home leasing and management company, today announced our First Quarter (“Q1”) 2025 financial and operating results.
Q1 2025 Highlights
•Year over year, total revenues increased 4.4% to $674 million, property operating and maintenance costs increased 3.1% to $237 million, and net income available to common stockholders increased 16.4% to $166 million or $0.27 per diluted common share.
•Year over year, Core FFO per share increased 3.5% to $0.48 and AFFO per share increased 4.0% to $0.42.
•Same Store NOI increased 3.7% year over year on 2.5% Same Store Core Revenues growth and no growth in Same Store Core Operating Expenses.
•Same Store Average Occupancy was 97.2%, a slightly higher result than expected, representing a reduction of 60 basis points year over year.
•Same Store renewal rent growth of 5.2% and Same Store new lease rent growth of (0.1)% drove Same Store blended rent growth of 3.6%.
•Same Store Bad Debt improved 10 basis points year over year to 0.7% of gross rental revenue, one of our strongest quarterly results since before the pandemic.
•Acquisitions by us and our joint ventures totaled 631 homes for approximately $213 million while dispositions totaled 470 homes for approximately $179 million.
Subsequent to quarter end, on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.
Comments from Chief Executive Officer Dallas Tanner
“Our first quarter 2025 financial and operational results highlight the stability and resilience of our business, the dedication of our teams, and the compelling value proposition we offer our residents. This is demonstrated by the significant cost difference between owning and leasing a home in our markets, our consistently positive customer survey results, and our residents’ renewal rates that are among the highest in the industry. As outlined within this release, Same Store renewal rent growth, which constitutes a substantial majority of our leasing activity, remained solid at 5.2% during the first quarter. At the same time, we’re pleased to share that new lease rent growth has accelerated each month of 2025 so far, with March new lease rate growth at 1.3% and preliminary April new lease rate growth at 2.7%.
“Whatever may come in the broader economic environment, we take pride in offering a crucial, valuable, and sought-after leasing option for the over 14 million Americans who choose to lease a home. I would like to thank our teams for their efforts in posting a strong start to 2025, and for setting a high standard for the rest of the year. We continue to manage our expectations cautiously given it’s still early in the year, while remaining confident in the strength, stability, and growth opportunity of our core business. We are therefore pleased to reiterate our FY 2025 guidance as initially announced two months ago.”
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.
Q1 2025 Earnings Release and Supplemental Information — page 3
Financial Results
Net Income, FFO, Core FFO, and AFFO Per Share — Diluted
Q1 2025
Q1 2024
Net income
$
0.27
$
0.23
FFO
0.45
0.43
Core FFO
0.48
0.47
AFFO
0.42
0.41
Net Income
Year over year, net income per common share — diluted for Q1 2025 increased 16.5% to $0.27, primarily due to increases in total revenues and gain on sale of property, net of tax.
Core FFO
Year over year, Core FFO per share for Q1 2025 increased 3.5% to $0.48, primarily due to NOI growth.
AFFO
Year over year, AFFO per share for Q1 2025 increased 4.0% to $0.42, 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:
78,078
Q1 2025
Q1 2024
Core Revenues growth (year over year)
2.5
%
Core Operating Expenses growth (year over year)
—
%
NOI growth (year over year)
3.7
%
Average Occupancy
97.2
%
97.8
%
Bad Debt % of gross rental revenue
0.7
%
0.8
%
Turnover Rate
5.0
%
5.2
%
Rental Rate Growth (lease-over-lease):
Renewals
5.2
%
5.7
%
New Leases
(0.1)
%
0.7
%
Blended
3.6
%
4.3
%
Same Store NOI
For the Same Store Portfolio of 78,078 homes, Same Store NOI for Q1 2025 increased 3.7% year over year on Same Store Core Revenues growth of 2.5% and no growth in Same Store Core Operating Expenses.
Same Store Core Revenues
Same Store Core Revenues growth for Q1 2025 of 2.5% year over year was primarily driven by a 3.1% increase in Average Monthly Rent, a 10 basis point year over year improvement in Bad Debt as a percentage of gross rental revenue, and a 2.2% increase in other income, net of resident recoveries, partially offset by a 60 basis point year over year decline in Average Occupancy.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 4
Same Store Core Operating Expenses
Same Store Core Operating Expenses for Q1 2025 had no growth year over year as a result of a 1.0% increase in fixed expenses that was fully offset by a 2.1% reduction in controllable expenses.
Investment and Property Management Activity
Acquisitions for Q1 2025 totaled 631 homes for approximately $213 million through our various acquisition channels. This included 577 wholly owned homes for approximately $194 million and 54 homes for approximately $19 million in our joint ventures. Dispositions for Q1 2025 included 454 wholly owned homes for gross proceeds of approximately $173 million and 16 homes for gross proceeds of approximately $6 million in our joint ventures.
A summary of our owned and/or managed homes is included in the following table:
Summary of Homes Owned and/or Managed As Of 3/31/2025
Number of Homes Owned and/or Managed as of 12/31/2024
Acquired or Added In
Q1 2025
Disposed or Subtracted In Q1 2025
Number of Homes Owned and/or Managed as of 3/31/2025
Wholly owned homes
85,138
577
(454)
85,261
Joint venture owned homes
7,622
54
(16)
7,660
Managed-only homes
17,678
—
(342)
17,336
Total homes owned and/or managed
110,438
631
(812)
110,257
Balance Sheet and Capital Markets Activity
As of March 31, 2025, we had $1,364 million in available liquidity through a combination of unrestricted cash and undrawn capacity on our revolving credit facility. In addition, our total indebtedness of $8,184 million consisted of 83.0% unsecured debt and 17.0% secured debt; 87.5% of our total debt was fixed rate or swapped to fixed rate; approximately 90% of our wholly owned homes were unencumbered; and our Net debt / TTM adjusted EBITDAre was 5.3x. We have no debt reaching final maturity before 2027.
Subsequent to quarter end, on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’ In addition, on April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing.
FY 2025 Guidance Details
We do 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 we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of our 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, net casualty losses and reserves, 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 our GAAP results for the guidance period.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 5
Our full year 2025 guidance remains unchanged from initial guidance provided in February 2025, as outlined in the table below.
FY 2025 Guidance
FY 2025
Guidance Range
FY 2025
Guidance
Midpoint
G1Core FFO per share — diluted
$1.88 to $1.94
$1.91
G2AFFO per share — diluted
$1.58 to $1.64
$1.61
G3Same Store Core Revenues growth (1)
1.75% to 3.25%
2.5%
G4Same Store Core Operating Expenses growth (2)
2.75% to 4.25%
3.5%
G5Same Store NOI growth
1.00% to 3.00%
2.0%
G6Wholly owned acquisitions
$500 million to
$700 million
$600 million
G7JV acquisitions
$100 million to
$200 million
$150 million
G8Wholly owned dispositions
$400 million to
$600 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, which has not been updated at this time to reflect the benefit of our recently completed annual insurance policy renewal that implies a reduction in FY 2025 insurance expenses of approximately 3.5% year over year.
Earnings Conference Call Information
We have scheduled a conference call at 11:00 a.m. Eastern Time on May 1, 2025, to review Q1 2025 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 our investor relations website at www.invh.com. Following the conclusion of the earnings call, we will post a replay of the webcast to our website for one year.
Supplemental Information
The full text of the Earnings Release and Supplemental Information referenced in this release are available on our 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.
Investor Relations Contact
Media Relations Contact
Scott McLaughlin
Kristi DesJarlais
844.456.INVH (4684)
844.456.INVH (4684)
IR@InvitationHomes.com
Media@InvitationHomes.com
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 6
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 our expectations regarding the performance of our business, our financial results, our 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 that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence, risks related to our indebtedness, 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.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”), as such factors may be updated from time to time in our 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 our other periodic filings.
The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 7
Consolidated Balance Sheets
($ in thousands, except shares and per share data)
March 31, 2025
December 31, 2024
(unaudited)
Assets:
Investments in single-family residential properties, net
$
17,203,322
$
17,212,126
Cash and cash equivalents
84,387
174,491
Restricted cash
234,243
245,202
Goodwill
258,207
258,207
Investments in unconsolidated joint ventures
241,882
241,605
Other assets, net
556,051
569,320
Total assets
$
18,578,092
$
18,700,951
Liabilities:
Secured debt, net
$
1,383,383
$
1,385,573
Unsecured notes, net
3,802,333
3,800,688
Term loan facilities, net
2,447,764
2,446,041
Revolving facility
470,000
570,000
Accounts payable and accrued expenses
250,501
247,709
Resident security deposits
183,684
180,866
Other liabilities
285,413
277,565
Total liabilities
8,823,078
8,908,442
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2025 and December 31, 2024
—
—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 612,883,911 and 612,605,478 outstanding as of March 31, 2025 and December 31, 2024, respectively
6,129
6,126
Additional paid-in capital
11,174,953
11,170,597
Accumulated deficit
(1,493,971)
(1,480,928)
Accumulated other comprehensive income
31,320
60,969
Total stockholders’ equity
9,718,431
9,756,764
Non-controlling interests
36,583
35,745
Total equity
9,755,014
9,792,509
Total liabilities and equity
$
18,578,092
$
18,700,951
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 8
Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)
Q1 2025
Q1 2024
(unaudited)
(unaudited)
Revenues:
Rental revenues
$
585,193
$
571,430
Other property income
67,878
60,667
Management fee revenues
21,408
13,942
Total revenues
674,479
646,039
Expenses:
Property operating and maintenance
237,449
230,397
Property management expense
36,739
31,237
General and administrative
29,518
23,448
Interest expense
84,254
89,845
Depreciation and amortization
183,146
175,313
Casualty losses, impairment, and other
4,683
4,137
Total expenses
575,789
554,377
Losses on investments in equity and other securities, net
(221)
(209)
Other, net
1,365
5,973
Gain on sale of property, net of tax
71,666
50,498
Losses from investments in unconsolidated joint ventures
(5,218)
(5,138)
Net income
166,282
142,786
Net income attributable to non-controlling interests
(537)
(436)
Net income attributable to common stockholders
165,745
142,350
Net income available to participating securities
(228)
(192)
Net income available to common stockholders — basic and diluted
$
165,517
$
142,158
Weighted average common shares outstanding — basic
612,777,606
612,219,520
Weighted average common shares outstanding — diluted
613,361,880
613,807,166
Net income per common share — basic
$
0.27
$
0.23
Net income per common share — diluted
$
0.27
$
0.23
Dividends declared per common share
$
0.29
$
0.28
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 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
Q1 2025
Q1 2024
Net income available to common stockholders
$
165,517
$
142,158
Net income available to participating securities
228
192
Non-controlling interests
537
436
Depreciation and amortization on real estate assets
179,063
171,918
Impairment on depreciated real estate investments
63
60
Net gain on sale of previously depreciated investments in real estate
(71,666)
(50,498)
Depreciation and net gain on sale of investments in unconsolidated joint ventures
3,498
2,519
FFO
$
277,240
$
266,785
Core FFO Reconciliation
Q1 2025
Q1 2024
FFO
$
277,240
$
266,785
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives (1)
3,634
9,217
Share-based compensation expense
10,157
7,900
Severance expense
2,385
90
Casualty losses and reserves, net (1)
4,683
4,082
Losses on investments in equity and other securities, net
221
209
Core FFO
$
298,320
$
288,283
AFFO Reconciliation
Q1 2025
Q1 2024
Core FFO
$
298,320
$
288,283
Recurring Capital Expenditures (1)
(37,347)
(37,122)
AFFO
$
260,973
$
251,161
Net income available to common stockholders
Weighted average common shares outstanding — diluted
613,361,880
613,807,166
Net income per common share — diluted
$
0.27
$
0.23
FFO, Core FFO, and AFFO
Weighted average common shares and OP Units outstanding — diluted
615,645,848
615,987,206
FFO per share — diluted
$
0.45
$
0.43
Core FFO per share — diluted
$
0.48
$
0.47
AFFO per share — diluted
$
0.42
$
0.41
(1)Includes our share from unconsolidated joint ventures.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 10
Supplemental Schedule 2(a)
Diluted Shares Outstanding
(unaudited)
Weighted Average Amounts for Net Income
Q1 2025
Q1 2024
Common shares — basic
612,777,606
612,219,520
Shares potentially issuable from vesting/conversion of equity-based awards
584,274
1,587,646
Total common shares — diluted
613,361,880
613,807,166
Weighted average amounts for FFO, Core FFO, and AFFO
Q1 2025
Q1 2024
Common shares — basic
612,777,606
612,219,520
OP units — basic
1,979,009
1,873,341
Shares potentially issuable from vesting/conversion of equity-based awards
889,233
1,894,345
Total common shares and units — diluted
615,645,848
615,987,206
Period end amounts for Core FFO and AFFO
March 31, 2025
Common shares
612,883,911
OP units
1,979,009
Shares potentially issuable from vesting/conversion of equity-based awards
1,190,281
Total common shares and units — diluted
616,053,201
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 11
Supplemental Schedule 2(b)
Debt Structure and Leverage Ratios — As of March 31, 2025
($ in thousands) (unaudited)
Wtd Avg
Wtd Avg
Interest
Years to
Debt Structure
Balance
% of Total
Rate (1)(2)
Maturity (2)(3)
Secured:
Fixed (4)
$
1,389,410
17.0
%
4.0
%
3.3
Floating — swapped to fixed
—
—
%
—
%
—
Floating
—
—
%
—
%
—
Total secured
1,389,410
17.0
%
4.0
%
3.3
Unsecured:
Fixed
3,850,000
47.0
%
3.6
%
6.9
Floating — swapped to fixed
1,925,000
23.5
%
3.9
%
4.4
Floating
1,020,000
12.5
%
5.4
%
4.3
Total unsecured
6,795,000
83.0
%
4.0
%
5.8
Total Debt:
Fixed + floating swapped to fixed (4)
7,164,410
87.5
%
3.8
%
5.5
Floating
1,020,000
12.5
%
5.4
%
4.3
Total debt
8,184,410
100.0
%
4.0
%
5.4
Unamortized discounts on notes payable
(23,555)
Deferred financing costs, net
(57,375)
Total debt per Balance Sheet
8,103,480
Retained and repurchased certificates
(55,499)
Cash, ex-security deposits and letters of credit (5)
(132,044)
Deferred financing costs, net
57,375
Unamortized discounts on notes payable
23,555
Net debt
$
7,996,867
Leverage Ratios
March 31, 2025
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 (6)
BBB
Positive
Unsecured Facilities Covenant Compliance (7)
Unsecured Public Bond Covenant Compliance (8)
Actual
Requirement
Actual
Requirement
Total leverage ratio
28.8
%
≤ 60%
Aggregate debt ratio
35.1
%
≤ 65%
Secured leverage ratio
5.8
%
≤ 45%
Secured debt ratio
5.8
%
≤ 40%
Unencumbered leverage ratio
26.9
%
≤ 60%
Unencumbered assets ratio
310.1
%
≥ 150%
Fixed charge coverage ratio
4.3 x
≥ 1.5x
Debt service ratio
4.5x
≥ 1.5x
Unsecured interest coverage ratio
5.2 x
≥ 1.75x
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 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 March 31, 2025. See Supplemental Schedule 2(d) for additional information regarding our interest rate swaps.
(2)On April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing. The table above is as of March 31, 2025, and therefore does not reflect this recent amendment.
(3)Assumes all extension options are exercised.
(4)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.
(5)Represents cash and cash equivalents and the portion of restricted cash that excludes security deposits and letters of credit.
(6)Subsequent to quarter end, on April 3, 2025, S&P Global Ratings reaffirmed our issuer and issue-level credit ratings of ‘BBB’ and upgraded our outlook to ‘Positive’ from ‘Stable.’
(7)Covenant calculations are specifically defined in the our 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.
(8)Covenant calculations are specifically defined in our Supplemental Indentures to the Base Indenture for our 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.
Q1 2025 Earnings Release and Supplemental Information — page 13
Supplemental Schedule 2(c)
Debt Maturity Schedule — As of March 31, 2025
($ in thousands) (unaudited)
Revolving
Secured
Unsecured
Credit
% of
Debt Maturities, with Extensions (1)(2)
Debt
Debt
Facility
Balance
Total
2025
$
—
$
—
$
—
$
—
—
%
2026
—
—
—
—
—
%
2027
989,024
—
—
989,024
12.1
%
2028
—
750,000
—
750,000
9.2
%
2029
—
2,475,000
470,000
2,945,000
36.0
%
2030
—
450,000
—
450,000
5.5
%
2031
400,386
650,000
—
1,050,386
12.8
%
2032
—
600,000
—
600,000
7.3
%
2033
—
350,000
—
350,000
4.3
%
2034
—
400,000
—
400,000
4.9
%
2035
—
500,000
—
500,000
6.1
%
2036
—
150,000
—
150,000
1.8
%
1,389,410
6,325,000
470,000
8,184,410
100.0
%
Unamortized discounts on notes payable
(792)
(22,763)
—
(23,555)
Deferred financing costs, net
(5,235)
(52,140)
—
(57,375)
Total per Balance Sheet
$
1,383,383
$
6,250,097
$
470,000
$
8,103,480
.
(1)Assumes all extension options are exercised.
(2)On April 28, 2025, we amended our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and bears interest at a rate of SOFR plus 85 basis points, 40 basis points lower than the original term loan, based on our credit ratings at closing. The table above is as of March 31, 2025, and therefore does not reflect this recent amendment.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 14
Supplemental Schedule 2(d)
Active Swap Schedule — As of March 31, 2025
($ in thousands) (unaudited)
Agreement Date
Effective Date
Maturity Date
Strike Rate
Index
Notional
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
3.13%
One month Term SOFR
200,000
9/20/2024
12/31/2024
5/31/2028
3.14%
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
2.96%
Total
$
1,925,000
Forward Starting Swap Schedule — As of March 31, 2025
($ 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 March 31, 2025 (1)
($ in thousands) (unaudited)
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
$1,925,000
$1,600,000
$1,700,000
$1,700,000
$1,700,000
$1,700,000
$1,700,000
$1,700,000
Weighted Average
Strike Rate
2.96%
2.96%
2.95%
2.95%
2.95%
2.95%
2.95%
2.95%
(1)Based on swap agreements in place as of March 31, 2025, assuming all swaps are held to maturity and no incremental swaps are entered into in the future.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 15
Supplemental Schedule 3(a)
Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)
Number of Homes, period-end
Q1 2025
Total Portfolio
85,261
Same Store Portfolio
78,078
Same Store % of Total
91.6
%
Core Revenues
Q1 2025
Q1 2024
Change YoY
Total Portfolio
$
608,953
$
594,302
2.5
%
Same Store Portfolio
571,050
557,137
2.5
%
Core Operating Expenses
Q1 2025
Q1 2024
Change YoY
Total Portfolio
$
193,331
$
192,602
0.4
%
Same Store Portfolio
176,399
176,391
—
%
Net Operating Income
Q1 2025
Q1 2024
Change YoY
Total Portfolio
$
415,622
$
401,700
3.5
%
Same Store Portfolio
394,651
380,746
3.7
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 16
Supplemental Schedule 3(b)
Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)
Change
Change
Q1 2025
Q1 2024
YoY
Q4 2024
Seq
Revenues:
Rental revenues (1)
$
549,155
$
535,721
2.5
%
$
542,758
1.2
%
Other property income, net (1)(2)
21,895
21,416
2.2
%
21,784
0.5
%
Core Revenues
571,050
557,137
2.5
%
564,542
1.2
%
Fixed Expenses:
Property taxes
99,418
97,453
2.0
%
93,014
6.9
%
Insurance expenses
10,113
10,140
(0.3)
%
10,489
(3.6)
%
HOA expenses
10,565
11,272
(6.3)
%
10,555
0.1
%
Total Fixed Expenses
120,096
118,865
1.0
%
114,058
5.3
%
Controllable Expenses:
Repairs and maintenance, net (3)
20,598
21,025
(2.0)
%
23,012
(10.5)
%
Personnel, leasing and marketing
21,222
21,876
(3.0)
%
20,898
1.6
%
Turnover, net (3)
8,327
8,774
(5.1)
%
9,117
(8.7)
%
Utilities and property administrative, net (3)
6,156
5,851
5.2
%
7,754
(20.6)
%
Total Controllable Expenses
56,303
57,526
(2.1)
%
60,781
(7.4)
%
Core Operating Expenses
176,399
176,391
—
%
174,839
0.9
%
Net Operating Income
$
394,651
$
380,746
3.7
%
$
389,703
1.3
%
(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 $41,191, $34,906, and $35,560 for Q1 2025, Q1 2024, and Q4 2024, 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.
Q1 2025 Earnings Release and Supplemental Information — page 17
Supplemental Schedule 3(c)
Same Store Quarterly Operating Trends
(unaudited)
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Average Occupancy
97.2
%
96.8
%
97.1
%
97.6
%
97.8
%
Turnover Rate
5.0
%
5.2
%
6.1
%
6.2
%
5.2
%
Trailing four quarters Turnover Rate
22.5
%
22.7
%
N/A
N/A
N/A
Average Monthly Rent
$
2,431
$
2,417
$
2,403
$
2,382
$
2,359
Rental Rate Growth (lease-over-lease):
Renewals
5.2
%
4.1
%
4.2
%
5.5
%
5.7
%
New leases
(0.1)
%
(2.2)
%
1.6
%
3.5
%
0.7
%
Blended
3.6
%
2.2
%
3.5
%
5.0
%
4.3
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 18
Supplemental Schedule 4
Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2025 (1)
(unaudited)
Number of Homes
Average Occupancy
Average Monthly Rent
Average Monthly Rent PSF
Percent of Revenue
Western United States:
Southern California
7,234
96.1
%
$
3,151
$
1.85
11.0
%
Northern California
4,086
97.6
%
2,769
1.75
5.6
%
Seattle
3,944
97.3
%
2,923
1.52
5.7
%
Phoenix
9,223
97.1
%
2,070
1.22
9.6
%
Las Vegas
3,400
97.3
%
2,230
1.13
3.8
%
Denver
2,832
95.1
%
2,614
1.42
3.5
%
Western US Subtotal
30,719
96.8
%
2,595
1.48
39.2
%
Florida:
South Florida
8,138
96.3
%
3,086
1.65
12.0
%
Tampa
9,555
91.8
%
2,302
1.22
10.5
%
Orlando
6,825
96.7
%
2,257
1.20
7.7
%
Jacksonville
2,042
96.9
%
2,183
1.10
2.2
%
Florida Subtotal
26,560
94.7
%
2,529
1.34
32.4
%
Southeast United States:
Atlanta
12,598
95.5
%
2,075
1.00
12.6
%
Carolinas
6,066
92.5
%
2,083
0.99
6.0
%
Southeast US Subtotal
18,664
94.5
%
2,077
1.00
18.6
%
Texas:
Houston
2,398
93.1
%
1,946
0.98
2.2
%
Dallas
3,217
91.9
%
2,268
1.10
3.5
%
Texas Subtotal
5,615
92.1
%
2,137
1.05
5.7
%
Midwest United States:
Chicago
2,461
96.2
%
2,443
1.52
2.8
%
Minneapolis
1,052
94.0
%
2,363
1.21
1.2
%
Midwest US Subtotal
3,513
95.6
%
2,420
1.42
4.0
%
Other (2):
190
43.7
%
2,195
1.17
0.1
%
Total / Average
85,261
95.2
%
$
2,424
$
1.29
100.0
%
Same Store Total / Average
78,078
97.2
%
$
2,431
$
1.30
93.7
%
(1)All data is for the total wholly owned portfolio, unless otherwise noted.
(2)Represents homes located outside of our 16 core markets; as of March 31, 2025, virtually all of these were newly-constructed homes that are located in our identified target markets.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 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, Q1 2025
# Homes
Q1 2025
Q1 2024
Change
Q1 2025
Q1 2024
Change
Q1 2025
Q1 2024
Change
Western United States:
Southern California
6,876
$
3,153
$
3,049
3.4
%
98.1
%
98.4
%
(0.3)
%
$
64,992
$
62,766
3.5
%
Northern California
3,927
2,771
2,688
3.1
%
98.4
%
98.2
%
0.2
%
32,953
31,678
4.0
%
Seattle
3,915
2,923
2,825
3.5
%
97.8
%
98.3
%
(0.5)
%
34,297
33,382
2.7
%
Phoenix
8,609
2,060
2,024
1.8
%
97.5
%
98.0
%
(0.5)
%
54,171
53,709
0.9
%
Las Vegas
2,978
2,230
2,175
2.5
%
97.5
%
97.7
%
(0.2)
%
20,131
19,731
2.0
%
Denver
2,463
2,592
2,508
3.3
%
97.0
%
98.1
%
(1.1)
%
19,252
18,911
1.8
%
Western US Subtotal
28,768
2,600
2,526
2.9
%
97.8
%
98.1
%
(0.3)
%
225,796
220,177
2.6
%
Florida:
South Florida
7,874
3,100
2,969
4.4
%
97.0
%
97.5
%
(0.5)
%
72,989
70,413
3.7
%
Tampa
8,190
2,298
2,260
1.7
%
96.1
%
97.5
%
(1.4)
%
56,408
56,577
(0.3)
%
Orlando
6,382
2,255
2,202
2.4
%
97.4
%
97.5
%
(0.1)
%
44,035
42,885
2.7
%
Jacksonville
1,905
2,177
2,145
1.5
%
97.8
%
97.7
%
0.1
%
12,714
12,514
1.6
%
Florida Subtotal
24,351
2,537
2,465
2.9
%
96.9
%
97.5
%
(0.6)
%
186,146
182,389
2.1
%
Southeast United States:
Atlanta
11,847
2,072
1,998
3.7
%
96.7
%
97.9
%
(1.2)
%
72,928
70,834
3.0
%
Carolinas
5,237
2,080
2,017
3.1
%
97.2
%
97.8
%
(0.6)
%
32,952
31,870
3.4
%
Southeast US Subtotal
17,084
2,074
2,004
3.5
%
96.9
%
97.9
%
(1.0)
%
105,880
102,704
3.1
%
Texas:
Houston
1,815
1,906
1,853
2.9
%
97.1
%
97.6
%
(0.5)
%
10,546
10,295
2.4
%
Dallas
2,595
2,282
2,232
2.2
%
96.2
%
97.5
%
(1.3)
%
17,897
17,632
1.5
%
Texas Subtotal
4,410
2,127
2,076
2.5
%
96.6
%
97.5
%
(0.9)
%
28,443
27,927
1.8
%
Midwest United States:
Chicago
2,425
2,444
2,342
4.4
%
97.5
%
98.0
%
(0.5)
%
17,486
16,822
3.9
%
Minneapolis
1,040
2,366
2,281
3.7
%
95.0
%
96.9
%
(1.9)
%
7,299
7,118
2.5
%
Midwest US Subtotal
3,465
2,421
2,324
4.2
%
96.7
%
97.7
%
(1.0)
%
24,785
23,940
3.5
%
Total / Average
78,078
$
2,431
$
2,359
3.1
%
97.2
%
97.8
%
(0.6)
%
$
571,050
$
557,137
2.5
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 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, Q1 2025
# Homes
Q1 2025
Q4 2024
Change
Q1 2025
Q4 2024
Change
Q1 2025
Q4 2024
Change
Western United States:
Southern California
6,876
$
3,153
$
3,128
0.8
%
98.1
%
98.2
%
(0.1)
%
$
64,992
$
64,672
0.5
%
Northern California
3,927
2,771
2,751
0.7
%
98.4
%
98.3
%
0.1
%
32,953
32,652
0.9
%
Seattle
3,915
2,923
2,899
0.8
%
97.8
%
97.6
%
0.2
%
34,297
34,070
0.7
%
Phoenix
8,609
2,060
2,049
0.5
%
97.5
%
97.1
%
0.4
%
54,171
53,438
1.4
%
Las Vegas
2,978
2,230
2,217
0.6
%
97.5
%
96.5
%
1.0
%
20,131
19,818
1.6
%
Denver
2,463
2,592
2,564
1.1
%
97.0
%
96.5
%
0.5
%
19,252
18,968
1.5
%
Western US Subtotal
28,768
2,600
2,582
0.7
%
97.8
%
97.5
%
0.3
%
225,796
223,618
1.0
%
Florida:
South Florida
7,874
3,100
3,078
0.7
%
97.0
%
96.4
%
0.6
%
72,989
71,728
1.8
%
Tampa
8,190
2,298
2,296
0.1
%
96.1
%
96.0
%
0.1
%
56,408
55,985
0.8
%
Orlando
6,382
2,255
2,249
0.3
%
97.4
%
96.9
%
0.5
%
44,035
43,603
1.0
%
Jacksonville
1,905
2,177
2,179
(0.1)
%
97.8
%
97.1
%
0.7
%
12,714
12,599
0.9
%
Florida Subtotal
24,351
2,537
2,527
0.4
%
96.9
%
96.4
%
0.5
%
186,146
183,915
1.2
%
Southeast United States:
Atlanta
11,847
2,072
2,058
0.7
%
96.7
%
96.1
%
0.6
%
72,928
71,939
1.4
%
Carolinas
5,237
2,080
2,066
0.7
%
97.2
%
96.9
%
0.3
%
32,952
32,623
1.0
%
Southeast US Subtotal
17,084
2,074
2,060
0.7
%
96.9
%
96.4
%
0.5
%
105,880
104,562
1.3
%
Texas:
Houston
1,815
1,906
1,897
0.5
%
97.1
%
96.7
%
0.4
%
10,546
10,358
1.8
%
Dallas
2,595
2,282
2,278
0.2
%
96.2
%
95.9
%
0.3
%
17,897
17,672
1.3
%
Texas Subtotal
4,410
2,127
2,120
0.3
%
96.6
%
96.2
%
0.4
%
28,443
28,030
1.5
%
Midwest United States:
Chicago
2,425
2,444
2,418
1.1
%
97.5
%
97.1
%
0.4
%
17,486
17,252
1.4
%
Minneapolis
1,040
2,366
2,343
1.0
%
95.0
%
95.3
%
(0.3)
%
7,299
7,165
1.9
%
Midwest US Subtotal
3,465
2,421
2,396
1.0
%
96.7
%
96.6
%
0.1
%
24,785
24,417
1.5
%
Total / Average
78,078
$
2,431
$
2,417
0.6
%
97.2
%
96.8
%
0.4
%
$
571,050
$
564,542
1.2
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 21
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, Q1 2025
Q1 2025
Q1 2024
Change
Q1 2025
Q1 2024
Change
Q1 2025
Q1 2024
Change
Q1 2025
Q1 2024
Western United States:
Southern California
$
64,992
$
62,766
3.5
%
$
17,116
$
17,563
(2.5)
%
$
47,876
$
45,203
5.9
%
73.7
%
72.0
%
Northern California
32,953
31,678
4.0
%
8,005
8,526
(6.1)
%
24,948
23,152
7.8
%
75.7
%
73.1
%
Seattle
34,297
33,382
2.7
%
8,796
8,507
3.4
%
25,501
24,875
2.5
%
74.4
%
74.5
%
Phoenix
54,171
53,709
0.9
%
9,932
9,824
1.1
%
44,239
43,885
0.8
%
81.7
%
81.7
%
Las Vegas
20,131
19,731
2.0
%
4,384
4,359
0.6
%
15,747
15,372
2.4
%
78.2
%
77.9
%
Denver
19,252
18,911
1.8
%
4,125
3,894
5.9
%
15,127
15,017
0.7
%
78.6
%
79.4
%
Western US Subtotal
225,796
220,177
2.6
%
52,358
52,673
(0.6)
%
173,438
167,504
3.5
%
76.8
%
76.1
%
Florida:
South Florida
72,989
70,413
3.7
%
28,528
28,294
0.8
%
44,461
42,119
5.6
%
60.9
%
59.8
%
Tampa
56,408
56,577
(0.3)
%
21,163
21,330
(0.8)
%
35,245
35,247
—
%
62.5
%
62.3
%
Orlando
44,035
42,885
2.7
%
15,591
15,194
2.6
%
28,444
27,691
2.7
%
64.6
%
64.6
%
Jacksonville
12,714
12,514
1.6
%
4,469
4,663
(4.2)
%
8,245
7,851
5.0
%
64.8
%
62.7
%
Florida Subtotal
186,146
182,389
2.1
%
69,751
69,481
0.4
%
116,395
112,908
3.1
%
62.5
%
61.9
%
Southeast United States:
Atlanta
72,928
70,834
3.0
%
24,779
23,180
6.9
%
48,149
47,654
1.0
%
66.0
%
67.3
%
Carolinas
32,952
31,870
3.4
%
9,157
8,878
3.1
%
23,795
22,992
3.5
%
72.2
%
72.1
%
Southeast US Subtotal
105,880
102,704
3.1
%
33,936
32,058
5.9
%
71,944
70,646
1.8
%
67.9
%
68.8
%
Texas:
Houston
10,546
10,295
2.4
%
4,413
4,911
(10.1)
%
6,133
5,384
13.9
%
58.2
%
52.3
%
Dallas
17,897
17,632
1.5
%
5,950
7,630
(22.0)
%
11,947
10,002
19.4
%
66.8
%
56.7
%
Texas Subtotal
28,443
27,927
1.8
%
10,363
12,541
(17.4)
%
18,080
15,386
17.5
%
63.6
%
55.1
%
Midwest United States:
Chicago
17,486
16,822
3.9
%
7,572
7,244
4.5
%
9,914
9,578
3.5
%
56.7
%
56.9
%
Minneapolis
7,299
7,118
2.5
%
2,419
2,394
1.0
%
4,880
4,724
3.3
%
66.9
%
66.4
%
Midwest US Subtotal
24,785
23,940
3.5
%
9,991
9,638
3.7
%
14,794
14,302
3.4
%
59.7
%
59.7
%
Total / Average
$
571,050
$
557,137
2.5
%
$
176,399
$
176,391
—
%
$
394,651
$
380,746
3.7
%
69.1
%
68.3
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 22
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, Q1 2025
Q1 2025
Q4 2024
Change
Q1 2025
Q4 2024
Change
Q1 2025
Q4 2024
Change
Q1 2025
Q4 2024
Western United States:
Southern California
$
64,992
$
64,672
0.5
%
$
17,116
$
17,297
(1.0)
%
$
47,876
$
47,375
1.1
%
73.7
%
73.3
%
Northern California
32,953
32,652
0.9
%
8,005
8,196
(2.3)
%
24,948
24,456
2.0
%
75.7
%
74.9
%
Seattle
34,297
34,070
0.7
%
8,796
8,556
2.8
%
25,501
25,514
(0.1)
%
74.4
%
74.9
%
Phoenix
54,171
53,438
1.4
%
9,932
9,593
3.5
%
44,239
43,845
0.9
%
81.7
%
82.0
%
Las Vegas
20,131
19,818
1.6
%
4,384
4,608
(4.9)
%
15,747
15,210
3.5
%
78.2
%
76.7
%
Denver
19,252
18,968
1.5
%
4,125
3,772
9.4
%
15,127
15,196
(0.5)
%
78.6
%
80.1
%
Western US Subtotal
225,796
223,618
1.0
%
52,358
52,022
0.6
%
173,438
171,596
1.1
%
76.8
%
76.7
%
Florida:
South Florida
72,989
71,728
1.8
%
28,528
27,754
2.8
%
44,461
43,974
1.1
%
60.9
%
61.3
%
Tampa
56,408
55,985
0.8
%
21,163
19,871
6.5
%
35,245
36,114
(2.4)
%
62.5
%
64.5
%
Orlando
44,035
43,603
1.0
%
15,591
15,886
(1.9)
%
28,444
27,717
2.6
%
64.6
%
63.6
%
Jacksonville
12,714
12,599
0.9
%
4,469
4,473
(0.1)
%
8,245
8,126
1.5
%
64.8
%
64.5
%
Florida Subtotal
186,146
183,915
1.2
%
69,751
67,984
2.6
%
116,395
115,931
0.4
%
62.5
%
63.0
%
Southeast United States:
Atlanta
72,928
71,939
1.4
%
24,779
23,605
5.0
%
48,149
48,334
(0.4)
%
66.0
%
67.2
%
Carolinas
32,952
32,623
1.0
%
9,157
9,323
(1.8)
%
23,795
23,300
2.1
%
72.2
%
71.4
%
Southeast US Subtotal
105,880
104,562
1.3
%
33,936
32,928
3.1
%
71,944
71,634
0.4
%
67.9
%
68.5
%
Texas:
Houston
10,546
10,358
1.8
%
4,413
4,926
(10.4)
%
6,133
5,432
12.9
%
58.2
%
52.4
%
Dallas
17,897
17,672
1.3
%
5,950
7,209
(17.5)
%
11,947
10,463
14.2
%
66.8
%
59.2
%
Texas Subtotal
28,443
28,030
1.5
%
10,363
12,135
(14.6)
%
18,080
15,895
13.7
%
63.6
%
56.7
%
Midwest United States:
Chicago
17,486
17,252
1.4
%
7,572
7,374
2.7
%
9,914
9,878
0.4
%
56.7
%
57.3
%
Minneapolis
7,299
7,165
1.9
%
2,419
2,396
1.0
%
4,880
4,769
2.3
%
66.9
%
66.6
%
Midwest US Subtotal
24,785
24,417
1.5
%
9,991
9,770
2.3
%
14,794
14,647
1.0
%
59.7
%
60.0
%
Total / Average
$
571,050
$
564,542
1.2
%
$
176,399
$
174,839
0.9
%
$
394,651
$
389,703
1.3
%
69.1
%
69.0
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 23
Supplemental Schedule 5(c)
Same Store Lease-Over-Lease Rent Growth
(unaudited)
Rental Rate Growth
Q1 2025
Renewal
New
Blended
Leases
Leases
Average
Western United States:
Southern California
6.5
%
5.2
%
6.2
%
Northern California
4.0
%
2.9
%
3.7
%
Seattle
4.8
%
2.9
%
4.2
%
Phoenix
4.1
%
(2.4)
%
2.1
%
Las Vegas
4.5
%
—
%
3.3
%
Denver
6.0
%
2.8
%
4.9
%
Western US Subtotal
5.0
%
1.5
%
4.0
%
Florida:
South Florida
6.3
%
(1.3)
%
4.2
%
Tampa
4.0
%
(2.5)
%
1.8
%
Orlando
4.6
%
(1.4)
%
2.7
%
Jacksonville
3.8
%
(2.3)
%
2.1
%
Florida Subtotal
5.1
%
(1.8)
%
3.0
%
Southeast United States:
Atlanta
5.9
%
(0.4)
%
3.9
%
Carolinas
5.3
%
(0.1)
%
3.5
%
Southeast US Subtotal
5.7
%
(0.3)
%
3.8
%
Texas:
Houston
4.4
%
(1.3)
%
3.0
%
Dallas
3.6
%
(3.6)
%
0.9
%
Texas Subtotal
4.0
%
(2.9)
%
1.7
%
Midwest United States:
Chicago
6.2
%
7.7
%
6.6
%
Minneapolis
8.3
%
2.8
%
5.9
%
Midwest US Subtotal
6.7
%
5.5
%
6.4
%
Total / Average
5.2
%
(0.1)
%
3.6
%
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 24
Supplemental Schedule 6
Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)
Total
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
R&M OpEx, net
$
20,598
$
23,012
$
29,791
$
26,554
$
21,025
Turn OpEx, net
8,327
9,117
10,881
10,094
8,774
Total recurring operating expenses, net
$
28,925
$
32,129
$
40,672
$
36,648
$
29,799
R&M CapEx
$
25,460
$
24,192
$
36,498
$
32,987
$
25,328
Turn CapEx
8,724
8,516
9,779
8,848
8,229
Total Recurring Capital Expenditures
$
34,184
$
32,708
$
46,277
$
41,835
$
33,557
R&M OpEx, net + R&M CapEx
$
46,058
$
47,204
$
66,289
$
59,541
$
46,353
Turn OpEx, net + Turn CapEx
17,051
17,633
20,660
18,942
17,003
Total Cost to Maintain, net
$
63,109
$
64,837
$
86,949
$
78,483
$
63,356
Per Home
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Total Cost to Maintain, net
$
808
$
830
$
1,114
$
1,005
$
811
(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
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Recurring CapEx
$
37,092
$
35,518
$
50,970
$
46,371
$
36,923
Value Enhancing CapEx
13,023
12,361
16,182
12,500
7,300
Initial Renovation CapEx
6,869
7,091
8,860
6,392
7,698
Disposition CapEx
952
1,423
1,584
663
716
Total Capital Expenditures
$
57,936
$
56,393
$
77,596
$
65,926
$
52,637
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 25
Supplemental Schedule 7
Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)
Adjusted Property Management Expense
Q1 2025
Q1 2024
Property management expense (GAAP)
$
36,739
$
31,237
Adjustments:
Share-based compensation expense
(1,651)
(1,598)
Adjusted property management expense
$
35,088
$
29,639
Adjusted G&A Expense
Q1 2025
Q1 2024
G&A expense (GAAP)
$
29,518
$
23,448
Adjustments:
Share-based compensation expense
(8,506)
(6,302)
Severance expense
(2,385)
(90)
Adjusted G&A expense
$
18,627
$
17,056
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 26
Supplemental Schedule 8(a)
Acquisitions and Dispositions
(unaudited)
December 31, 2024
Q1 2025 Acquisitions (1)
Q1 2025 Dispositions (2)
March 31, 2025
Homes
Homes
Avg. Est.
Homes
Average
Homes
Owned
Acq.
Cost Basis
Sold
Sales Price
Owned
Wholly Owned Portfolio
Western United States:
Southern California
7,326
—
$
—
92
$
588,342
7,234
Northern California
4,127
—
—
41
434,101
4,086
Seattle
3,957
—
—
13
581,962
3,944
Phoenix
9,246
—
—
23
322,220
9,223
Las Vegas
3,405
—
—
5
389,800
3,400
Denver
2,728
114
416,686
10
392,353
2,832
Western US Subtotal
30,789
114
416,686
184
504,210
30,719
Florida:
South Florida
8,180
22
335,775
64
424,065
8,138
Tampa
9,543
93
307,158
81
241,427
9,555
Orlando
6,794
43
419,801
12
263,158
6,825
Jacksonville
2,005
40
307,384
3
308,333
2,042
Florida Subtotal
26,522
198
334,846
160
317,366
26,560
Southeast United States:
Atlanta
12,623
30
346,355
55
269,665
12,598
Carolinas
6,005
77
311,787
16
320,288
6,066
Southeast US Subtotal
18,628
107
321,479
71
281,073
18,664
Texas:
Houston
2,347
64
275,258
13
180,981
2,398
Dallas
3,158
67
277,720
8
258,513
3,217
Texas Subtotal
5,505
131
276,517
21
210,517
5,615
Midwest United States:
Chicago
2,468
—
—
7
244,858
2,461
Minneapolis
1,061
—
—
9
337,015
1,052
Midwest US Subtotal
3,529
—
—
16
296,696
3,513
Other (3):
165
27
351,160
2
315,000
190
Total / Average
85,138
577
$
336,057
454
$
381,734
85,261
Joint Venture Portfolio
2020 Rockpoint JV (4)
2,606
—
$
—
1
$
255,000
2,605
2022 Rockpoint JV (5)
319
—
—
—
—
319
FNMA JV (6)
387
—
—
13
423,385
374
Pathway Homes (7)
590
54
344,818
2
304,000
642
Upward America JV (8)
3,720
—
—
—
—
3,720
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 27
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 2.1%. 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 our 16 core markets; as of March 31, 2025, virtually all of these were newly-constructed homes that are located in our identified target markets.
(4)Represents portfolio owned by the 2020 Rockpoint JV, of which we own 20.0%.
(5)Represents portfolio owned by the 2022 Rockpoint JV, of which we own 16.7%.
(6)Represents portfolio owned by the FNMA JV, of which we own 10.0%.
(7)Represents portfolio owned by Pathway Homes, of which we own 100.0%.
(8)Represents portfolio owned by the Upward America JV, of which we own 7.2%.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 28
Supplemental Schedule 8(b)
Expected Acquisition Pipeline of New Homes from Homebuilders — As of March 31, 2025
(unaudited)
Pipeline as of March 31, 2025 (1)(2)
Estimated Deliveries
in Q2-Q4 2025
Estimated Deliveries
in 2026
Estimated Deliveries Thereafter
Avg. Estimated Cost Basis Per Home
Southern California
55
55
—
—
$
540,000
Denver
56
56
—
—
440,000
South Florida
27
27
—
—
410,000
Tampa
363
226
103
34
330,000
Orlando
396
208
147
41
400,000
Jacksonville
118
118
—
—
320,000
Atlanta
71
42
29
—
340,000
Carolinas
173
92
26
55
330,000
Houston
254
190
64
—
280,000
Dallas
202
156
46
—
260,000
Other
86
75
11
—
230,000
Total / Average
1,801
1,245
426
130
$
340,000
(1)Represents the number of new homes under contract as of March 31, 2025, that are expected to be built, sold, and delivered by various homebuilders during a future period to either Invitation Homes or one of our joint ventures.
(2)Pipeline rollforward:
Pipeline as of December 31, 2024
2,031
Q1 2025 additions and cancellations (net)
142
Q1 2025 deliveries
(372)
Pipeline as of March 31, 2025
1,801
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 29
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 our 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. We define 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. We define EBITDAre, consistent with the Nareit definition, as EBITDA, further adjusted for gain on sale of property, net of tax, impairment on depreciated real estate investments, and adjustments for unconsolidated joint ventures. Adjusted EBITDAre is defined as EBITDAre before the following items: share-based
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 30
compensation expense; severance expense; casualty losses and reserves, 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 our 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 our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our 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 our 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. We define 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 and reserves, net; and (gains) losses on investments in equity and other securities, net, as applicable.
We define Adjusted FFO as Core FFO less Recurring Capital Expenditures that are necessary to help preserve the value, and maintain the functionality, of our homes. Where appropriate, FFO, Core FFO, and Adjusted FFO are adjusted for our share of investments in unconsolidated joint ventures.
We believe that FFO is a meaningful supplemental measure of the operating performance of our 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. We believe that Core FFO and Adjusted FFO are also meaningful supplemental measures of our operating performance for the same reasons as FFO and are further helpful to investors as they provide a more consistent measurement of our 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 our liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP. Our 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 our 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 our standards and specifications.
Net Operating Income (NOI)
NOI is a non-GAAP measure often used to evaluate the performance of real estate companies. We define 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.
Q1 2025 Earnings Release and Supplemental Information — page 31
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. Our 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 our basis for computing this non-GAAP measure is comparable with that of other companies.
We believe that Same Store NOI is also a meaningful supplemental measure of our operating performance for the same reasons as NOI and is further helpful to investors as it provides a more consistent measurement of our performance across reporting periods by reflecting NOI for homes in our Same Store Portfolio.
See below for a reconciliation of GAAP net income to NOI for our total portfolio and NOI for our 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 our 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 our current resident chooses to stay for a subsequent lease term, or a new lease, where our 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 our existing Same Store portfolio, and homes in markets that we have announced an intent to exit where we no longer operate 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 our existing 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.
We believe presenting information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and our prior year comparison period provides investors with meaningful information about the performance of our comparable homes across periods and about trends in our 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.
Q1 2025 Earnings Release and Supplemental Information — page 32
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 we must meet with respect to our $1,750 million revolving credit facility (the “Revolving Facility”) and our $1,750 million term loan facility (the “2024 Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), as set forth in our Second Amended and Restated Revolving Credit and Term Loan Agreement dated September 9, 2024 and our $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 our 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 our compliance with certain covenants that we believe are our 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 our pro rata share of debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our 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 our pro rata share of secured debt in unconsolidated entities), as defined by the Unsecured Credit Agreements, divided by (ii) total asset value (including our 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 our 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 our 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 our 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 our 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 our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our 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 us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations. For a more complete and detailed description of the covenants contained in our Unsecured Credit Agreements, see Exhibits 10.1 and 10.2 to our 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.
Q1 2025 Earnings Release and Supplemental Information — page 33
The breach of any of the covenants set forth in the Unsecured Credit Agreements could result in a default of our indebtedness related to our Revolving Facility and Term Loan Facilities, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC.
Unsecured Public Bond Covenants
Unsecured public bond covenants refer to financial and operating requirements that we must meet with respect to our senior notes, as set forth in our Supplemental Indentures to the Base Indenture for our Senior Notes (together, the “Indenture”). The metrics provided under the “Unsecured Public Bond Covenant Compliance” heading on Supplemental Schedule 2(b) show our compliance with certain covenants that we believe are our 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 our compliance with these covenants. These metrics should not be used for any other purpose, including without limitation to evaluate our financial condition or results of operations, nor do they indicate our 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 us in our Earnings Release and Supplemental Information for the purposes of evaluating our financial conditions or results of operations.
For a more complete and detailed description of the covenants contained in our Unsecured Public Bond Agreements, see Exhibit 4.2 and/or 4.3 to our 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 our indebtedness related to our senior notes, which could cause those obligations to become due and payable. Our ability to comply with these covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events adversely impacting it. If any of our indebtedness is accelerated, we may not be able to repay it. For risks related to failure to comply with covenants, see Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC.
Value Enhancing CapEx
Value enhancing CapEx represents re-investment in stabilized homes, above and beyond general replacements to preserve and maintain the value and functionality of a home, for the purpose of enhancing expected risk-adjusted returns.
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 34
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Total revenues (Total Portfolio)
$
674,479
$
659,130
$
660,322
$
653,451
$
646,039
Management fee revenues
(21,408)
(21,080)
(18,980)
(15,976)
(13,942)
Total portfolio resident recoveries
(44,118)
(38,120)
(42,412)
(37,102)
(37,795)
Total Core Revenues (Total Portfolio)
608,953
599,930
598,930
600,373
594,302
Non-Same Store Core Revenues
(37,903)
(35,388)
(36,441)
(37,600)
(37,165)
Same Store Core Revenues
$
571,050
$
564,542
$
562,489
$
562,773
$
557,137
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Property operating and maintenance expenses (Total Portfolio)
$
237,449
$
228,464
$
242,228
$
234,184
$
230,397
Total Portfolio resident recoveries
(44,118)
(38,120)
(42,412)
(37,102)
(37,795)
Core Operating Expenses (Total Portfolio)
193,331
190,344
199,816
197,082
192,602
Non-Same Store Core Operating Expenses
(16,932)
(15,505)
(17,044)
(16,181)
(16,211)
Same Store Core Operating Expenses
$
176,399
$
174,839
$
182,772
$
180,901
$
176,391
Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Net income available to common stockholders
$
165,517
$
142,941
$
95,084
$
72,981
$
142,158
Net income available to participating securities
228
169
185
207
192
Non-controlling interests
537
460
309
243
436
Interest expense
84,254
95,158
91,060
90,007
89,845
Depreciation and amortization
183,146
181,912
180,479
176,622
175,313
Property management expense
36,739
39,238
34,382
32,633
31,237
General and administrative
29,518
23,939
21,727
21,498
23,448
Casualty losses, impairment, and other
4,683
47,563
20,872
10,353
4,137
Gain on sale of property, net of tax
(71,666)
(103,019)
(47,766)
(43,267)
(50,498)
(Gains) losses on investments in equity securities, net
221
(8)
257
(1,504)
209
Other, net (1)
(1,365)
(3,352)
9,345
54,012
(5,973)
Management fee revenues
(21,408)
(21,080)
(18,980)
(15,976)
(13,942)
Losses from investments in unconsolidated joint ventures
5,218
5,665
12,160
5,482
5,138
NOI (Total Portfolio)
415,622
409,586
399,114
403,291
401,700
Non-Same Store NOI
(20,971)
(19,883)
(19,397)
(21,419)
(20,954)
Same Store NOI
$
394,651
$
389,703
$
379,717
$
381,872
$
380,746
(1)Includes 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.
Q1 2025 Earnings Release and Supplemental Information — page 35
Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)
Trailing Twelve Months (TTM) Ended
Q1 2025
Q1 2024
March 31, 2025
December 31, 2024
Net income available to common stockholders
$
165,517
$
142,158
$
476,523
$
453,164
Net income available to participating securities
228
192
789
753
Non-controlling interests
537
436
1,549
1,448
Interest expense
84,254
89,845
360,479
366,070
Interest expense in unconsolidated joint ventures
5,626
5,235
26,724
26,333
Depreciation and amortization
183,146
175,313
722,159
714,326
Depreciation and amortization of investments in unconsolidated joint ventures
3,662
2,927
14,112
13,377
EBITDA
442,970
416,106
1,602,335
1,575,471
Gain on sale of property, net of tax
(71,666)
(50,498)
(265,718)
(244,550)
Impairment on depreciated real estate investments
63
60
509
506
Net (gain) loss on sale of investments in unconsolidated joint ventures
(145)
(381)
1,451
1,215
EBITDAre
371,222
365,287
1,338,577
1,332,642
Share-based compensation expense
10,157
7,900
30,175
27,918
Severance expense
2,385
90
2,932
637
Casualty losses and reserves, net (1)
4,683
4,082
83,301
82,700
(Gains) losses on investments in equity and other securities, net
221
209
(1,034)
(1,046)
Other, net (2)
(1,365)
(5,973)
58,640
54,032
Adjusted EBITDAre
$
387,303
$
371,595
$
1,512,591
$
1,496,883
(1)Includes our share from unconsolidated joint ventures.
(2)Includes 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.
Q1 2025 Earnings Release and Supplemental Information — page 36
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)
As of
As of
March 31, 2025
December 31, 2024
Secured debt, net
$
1,383,383
$
1,385,573
Unsecured notes, net
3,802,333
3,800,688
Term loan facility, net
2,447,764
2,446,041
Revolving facility
470,000
570,000
Total Debt per Balance Sheet
8,103,480
8,202,302
Retained and repurchased certificates
(55,499)
(55,499)
Cash, ex-security deposits and letters of credit (1)
(132,044)
(235,649)
Deferred financing costs, net
57,375
60,559
Unamortized discounts on notes payable
23,555
24,336
Net Debt (A)
$
7,996,867
$
7,996,049
For the TTM Ended
For the TTM Ended
March 31, 2025
December 31, 2024
Adjusted EBITDAre (B)
$
1,512,591
$
1,496,883
Net Debt / TTM Adjusted EBITDAre (A / B)
5.3
x
5.3
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)
Q1 2025
Q1 2024
Amortization of discounts on notes payable
$
781
$
660
Amortization of deferred financing costs
4,982
4,200
Change in fair value of interest rate derivatives
—
1
Amortization of swap fair value at designation
(3,731)
2,321
Our share from unconsolidated joint ventures
1,602
2,035
Total non-cash interest expense
$
3,634
$
9,217
Note: Refer to “Glossary and Reconciliations” for metric definitions and reconciliations of non-GAAP financial measures.
Q1 2025 Earnings Release and Supplemental Information — page 37
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