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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedSeptember 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number
001-38004
Invitation Homes Inc.
(Exact name of registrant as specified in its charter)
Maryland
90-0939055
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1717 Main Street,
Suite 2000
75201
Dallas,
Texas
(Address of principal executive offices)(Zip Code)
(972)
421-3600
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value
INVH
New York Stock Exchange
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-Accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes
No
As of October 26, 2021, there were 596,768,674 shares of common stock, par value $0.01 per share, outstanding.




INVITATION HOMES INC.



FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q 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,” “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 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, our dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by our residents, performance of our information technology systems, risks related to our indebtedness, and risks related to the potential negative impact of the ongoing COVID-19 pandemic on our 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. Moreover, many of these factors have been heightened as a result of the ongoing and numerous adverse impacts of COVID-19. We believe these factors include but are not limited to, those described under Part I. Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020 (the “Annual Report on Form 10-K”) 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 https://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 Quarterly Report on Form 10-Q, in the Annual Report on Form 10-K, and in our other periodic filings. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q, 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.
3



DEFINED TERMS
Invitation Homes Inc. (“INVH”), a real estate investment trust (“REIT”), conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). THR Property Management L.P., a wholly owned subsidiary of INVH LP (the “Manager”), provides all management and other administrative services with respect to the properties we own. On November 16, 2017 (the “Merger Date”), INVH and certain of its affiliates entered into a series of transactions with Starwood Waypoint Homes (“SWH”) and certain SWH affiliates which resulted in SWH and its operating partnership being merged into INVH and INVH LP, respectively, with INVH and INVH LP being the surviving entities (the “Mergers”).
Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer to INVH and its consolidated subsidiaries.
In this Quarterly Report on Form 10-Q:
“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 rent concessions and contractual rent increases amortized over the life of the related lease. We believe average monthly rent reflects pricing trends that significantly impact rental revenues over time, making average monthly rent useful to management and external stakeholders as a means of evaluating changes in rental revenues across periods;
“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. We believe average occupancy significantly impacts rental revenues in a given period, making comparisons of average occupancy across different periods helpful to management and external stakeholders in evaluating changes in rental revenues across periods;
“Carolinas” includes Charlotte, NC, Greensboro, NC, Raleigh, NC, and Fort Mill, SC;
“days to re-resident” for an individual home represents the number of days between (i) the date the prior resident moves out of a home, and (ii) the date the next resident is granted access to the same home, which is deemed to be the earlier of the next resident’s contractual lease start date and the next resident’s move-in date. Days to re-resident impacts our average occupancy and thus our rental revenues, making comparisons of days to re-resident helpful to management and external stakeholders in evaluating changes in rental revenues across periods;
“in-fill” refers to markets, MSAs, submarkets, neighborhoods or other geographic areas that are typified by significant population densities and low availability of land suitable for development into competitive properties, resulting in limited opportunities for new construction;
“historical average” is the simple average of each of the six months beginning October 2019 and to and including March 2020;
“Metropolitan Statistical Area” or “MSA” is defined by the United States Office of Management and Budget as a region associated with at least one urbanized area that has a population of at least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and economic integration with the central county or counties as measured through commuting;
“net effective 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 non-service rent concessions and contractual rent increases amortized over the life of the related lease. 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. Net effective rental rate growth drives changes in our average monthly rent, making net effective rental rate growth useful to management and external stakeholders as a means of evaluating changes in rental revenues across periods;
“Northern California” includes Sacramento-Arden-Arcade-Roseville, CA, San Francisco-Oakland-Hayward, CA, Stockton-Lodi, CA, Vallejo-Fairfield, CA, and Yuba City, CA;
4


“PSF” means per square foot. When comparing homes or cohorts of homes, we believe PSF calculations help management and external stakeholders normalize metrics for differences in property size, enabling more meaningful comparisons based on characteristics other than property size;
“revenue collections as a percentage of billings” represents the total cash received in a given period for rental revenues and other property income (including receipt of late payments that were billed in prior months) divided by the total amounts billed in that period. When a payment plan is in place with a resident, amounts are considered to be billed at the time they would have been billed based on the terms of the original lease, not the terms of the payment plan. We believe this provides management and external stakeholders with meaningful information about our success in collecting amounts due under our lease agreements;
“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 we have announced an intent to exit where we no longer operate a significant number of homes for the primary purpose of income generation. 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. We believe information about the portion of our portfolio that has been fully operational for the entirety of a given reporting period and its prior year comparison period provides management and external stakeholders with meaningful information about the performance of our comparable homes across periods and about trends in our organic business;
“Southeast United States” includes our Atlanta and Carolinas markets;
“South Florida” includes Miami-Fort Lauderdale-West Palm Beach, FL, and Port St. Lucie, FL;
“Southern California” includes Los Angeles-Long Beach-Anaheim, CA, Oxnard-Thousand Oaks-Ventura, CA, Riverside-San Bernardino-Ontario, CA, and San Diego-Carlsbad, CA;
“total homes” or “total portfolio” refers to the total number of homes we own, 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. Additionally, unless the context otherwise requires, all measures in this Quarterly Report on Form 10-Q are presented on a total portfolio basis;
“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. To the extent the measurement period shown is less than 12 months, the turnover rate may be reflected on an annualized basis. We believe turnover rate impacts average occupancy and thus our rental revenues, making comparisons of turnover rate helpful to management and external stakeholders in evaluating changes in rental revenues across periods. In addition, turnover can impact our cost to maintain homes, making changes in turnover rate useful to management and external stakeholders in evaluating changes in our property operating and maintenance expenses across periods; and
“Western United States” includes our Southern California, Northern California, Seattle, Phoenix, Las Vegas, and Denver markets.
5

PART I
ITEM 1. FINANCIAL STATEMENTS
INVITATION HOMES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share data)

September 30,
2021
December 31,
2020
(unaudited)
Assets:
Investments in single-family residential properties:
Land
$4,664,892 $4,539,796 
Building and improvements
14,919,417 14,261,954 
19,584,309 18,801,750 
Less: accumulated depreciation
(2,930,862)(2,513,057)
Investments in single-family residential properties, net
16,653,447 16,288,693 
Cash and cash equivalents
569,663 213,422 
Restricted cash
251,487 198,346 
Goodwill
258,207 258,207 
Investments in unconsolidated joint ventures93,096 69,267 
Other assets, net
424,666 478,287 
Total assets$18,250,566 $17,506,222 
Liabilities:
Mortgage loans, net
$3,857,863 $4,820,098 
Secured term loan, net
401,258 401,095 
Unsecured notes, net931,889  
Term loan facility, net
2,476,309 2,470,907 
Revolving facility
  
Convertible senior notes, net
145,818 339,404 
Accounts payable and accrued expenses
297,073 149,299 
Resident security deposits
163,663 157,936 
Other liabilities
453,448 611,410 
Total liabilities8,727,321 8,950,149 
Commitments and contingencies (Note 14)
Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of September 30, 2021 and December 31, 2020
  
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 594,893,674 and 567,117,666 outstanding as of September 30, 2021 and December 31, 2020, respectively
5,949 5,671 
Additional paid-in capital
10,622,691 9,707,258 
Accumulated deficit
(767,232)(661,162)
Accumulated other comprehensive loss
(378,428)(546,942)
Total stockholders' equity
9,482,980 8,504,825 
Non-controlling interests
40,265 51,248 
Total equity9,523,245 8,556,073 
Total liabilities and equity$18,250,566 $17,506,222 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share data)
(unaudited)

For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2021202020212020
Revenues:
Rental revenues and other property income$508,178 $459,184 $1,473,250 $1,358,728 
Joint venture management fees1,354  3,140  
Total revenues509,532 459,184 1,476,390 1,358,728 
Expenses:
Property operating and maintenance184,484 177,997 528,279 511,915 
Property management expense17,886 14,824 51,424 43,725 
General and administrative19,369 17,972 56,147 46,626 
Interest expense79,370 87,713 243,540 258,541 
Depreciation and amortization150,694 138,147 440,475 410,440 
Impairment and other4,294 1,723 5,630 4,670 
Total expenses 456,097 438,376 1,325,495 1,275,917 
Gains (losses) on investments in equity securities, net4,319  (5,823)34 
Other, net(1,508)(3,049)(3,181)2,001 
Gain on sale of property, net of tax13,047 15,106 45,450 41,473 
Income from investments in unconsolidated joint ventures202  564  
Net income69,495 32,865 187,905 126,319 
Net income attributable to non-controlling interests(318)(211)(1,023)(806)
Net income attributable to common stockholders69,177 32,654 186,882 125,513 
Net income available to participating securities
(69)(114)(260)(335)
Net income available to common stockholders — basic and diluted (Note 12)
$69,108 $32,540 $186,622 $125,178 
Weighted average common shares outstanding — basic
577,011,178 560,598,995 570,808,028 550,722,684 
Weighted average common shares outstanding — diluted
578,571,392 561,871,373 572,262,198 551,947,278 
Net income per common share — basic$0.12 $0.06 $0.33 $0.23 
Net income per common share — diluted$0.12 $0.06 $0.33 $0.23 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)

For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2021202020212020
Net income$69,495 $32,865 $187,905 $126,319 
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate swaps(1,586)(4,171)57,283 (398,426)
Losses from interest rate swaps reclassified into earnings from accumulated other comprehensive loss37,074 37,557 112,973 74,166 
Other comprehensive income (loss)35,488 33,386 170,256 (324,260)
Comprehensive income (loss)104,983 66,251 358,161 (197,941)
Comprehensive (income) loss attributable to non-controlling interests(550)(415)(2,216)1,088 
Comprehensive income (loss) attributable to common stockholders$104,433 $65,836 $355,945 $(196,853)

The accompanying notes are an integral part of these condensed consolidated financial statements.

8


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three and Nine Months Ended September 30, 2021
(in thousands, except share and per share data)
(unaudited)

Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of June 30, 2021568,718,544 $5,687 $9,725,480 $(737,444)$(413,684)$8,580,039 $39,637 $8,619,676 
Capital distributions
— — — — — — (448)(448)
Net income
— — — 69,177 — 69,177 318 69,495 
Dividends and dividend equivalents declared ($0.17 per share)
— — — (98,965)— (98,965)— (98,965)
Issuance of common stock — settlement of 2022 Convertible Notes
8,723,161 87 198,415 — — 198,502 — 198,502 
Issuance of common stock, net
17,451,969 175 693,270 — — 693,445 — 693,445 
Share-based compensation expense
— — 5,526 — — 5,526 526 6,052 
Total other comprehensive income— — — — 35,256 35,256 232 35,488 
Balance as of September 30, 2021
594,893,674 $5,949 $10,622,691 $(767,232)$(378,428)$9,482,980 $40,265 $9,523,245 
Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of December 31, 2020567,117,666 $5,671 $9,707,258 $(661,162)$(546,942)$8,504,825 $51,248 $8,556,073 
Capital distributions
— — — — — — (1,659)(1,659)
Net income
— — — 186,882 — 186,882 1,023 187,905 
Dividends and dividend equivalents declared ($0.51 per share)
— — — (292,952)— (292,952)— (292,952)
Issuance of common stock — settlement of RSUs, net of tax
675,618 7 (9,410)— — (9,403)— (9,403)
Issuance of common stock — settlement of 2022 Convertible Notes
8,723,421 87 198,421 — — 198,508 — 198,508 
Issuance of common stock, net
17,451,969 175 693,270 — — 693,445 — 693,445 
Share-based compensation expense
— — 19,495 — — 19,495 1,577 21,072 
Total other comprehensive income— — — — 169,063 169,063 1,193 170,256 
Redemption of OP Units for common stock
925,000 9 13,657 — (549)13,117 (13,117) 
Balance as of September 30, 2021
594,893,674 $5,949 $10,622,691 $(767,232)$(378,428)$9,482,980 $40,265 $9,523,245 



9


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (continued)
For the Three and Nine Months Ended September 30, 2020
(in thousands, except share and per share data)
(unaudited)

Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of June 30, 2020560,532,679 $5,605 $9,515,625 $(595,318)$(632,148)$8,293,764 $50,109 $8,343,873 
Capital distributions
— — — — — — (535)(535)
Net income
— — — 32,654 — 32,654 211 32,865 
Dividends and dividend equivalents declared ($0.15 per share)
— — — (84,286)— (84,286)— (84,286)
Issuance of common stock — settlement of RSUs, net of tax
1,353  (12)— — (12)— (12)
Share-based compensation expense
— — 5,566 — — 5,566 520 6,086 
Total other comprehensive income— — — — 33,182 33,182 204 33,386 
Balance as of September 30, 2020560,534,032 $5,605 $9,521,179 $(646,950)$(598,966)$8,280,868 $50,509 $8,331,377 
Common Stock
Number of Shares
Amount
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Non-Controlling Interests
Total Equity
Balance as of December 31, 2019541,642,725 $5,416 $9,010,194 $(524,588)$(276,600)$8,214,422 $51,656 $8,266,078 
Capital distributions
— — — — — — (1,603)(1,603)
Net income
— — — 125,513 — 125,513 806 126,319 
Dividends and dividend equivalents declared ($0.45 per share)
— — — (247,875)— (247,875)— (247,875)
Issuance of common stock — settlement of RSUs, net of tax
328,841 3 (3,376)— — (3,373)— (3,373)
Issuance of common stock, net
18,562,466 186 503,612 — — 503,798 — 503,798 
Share-based compensation expense
— — 10,749 — — 10,749 1,544 12,293 
Total other comprehensive loss— — — — (322,366)(322,366)(1,894)(324,260)
Balance as of September 30, 2020560,534,032 $5,605 $9,521,179 $(646,950)$(598,966)$8,280,868 $50,509 $8,331,377 

The accompanying notes are an integral part of these condensed consolidated financial statements.
10


INVITATION HOMES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

For the Nine Months
Ended September 30,
20212020
Operating Activities:
Net income$187,905 $126,319 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization440,475 410,440 
Share-based compensation expense21,072 12,293 
Amortization of deferred leasing costs8,227 8,830 
Amortization of deferred financing costs9,739 18,153 
Amortization of debt discounts5,309 4,077 
Provisions for impairment650 4,202 
(Gains) losses on investments in equity securities, net5,823 (34)
Gain on sale of property, net of tax(45,450)(41,473)
Change in fair value of derivative instruments10,391 4,410 
Income from investments in unconsolidated joint ventures, net of operating distributions(214)