Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Q1 2025 Earnings Presentation
37 slides from Invitation Homes's earnings presentation, May 1, 2025
Slide 1: Earnings Release & Supplemental Information
i ~ Sitv erlake | Tampa invitation Earnings Release & Supplemental Information FIRST QUARTER 2025
Slide 2: Table of Contents
Table of Contents Earnings Press Release .............................................................................................................................................................. 3 Consolidated Financial Statements.................................................................
Slide 3: Earnings Press Release
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”) 202
Slide 4: Financial Results and Operating Results
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 tota
Slide 5: Investment and Property Management Activity
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 tot
Slide 6: FY 2025 Guidance
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 FY 2025 Guidance Guidance Range Midpoint Core FFO per share — diluted $1.88 to $1.94 $1.91 AFFO per share — diluted $1.58 to $1.64 $1.61 Same Store
Slide 7: Forward-Looking Statements
Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements re
Slide 8: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands, except shares and per share data) March 31, December 31, 2025 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
Slide 9: Consolidated Statements of Operations
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: Propert
Slide 10: Reconciliation of FFO, Core FFO, and AFFO
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-controll
Slide 11: Diluted Shares Outstanding
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 613,361,8
Slide 12: Debt Structure and Leverage Ratios
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 — —% —% — Floa
Slide 13: Debt Structure and Leverage Ratios (Continued)
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 $725 million term loan that was origin
Slide 14: Debt Maturity Schedule
Supplemental Schedule 2(c) Debt Maturity Schedule — As of March 31, 2025 ($ 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 — 750,00
Slide 15: Active Swap Schedule
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
Slide 16: Summary of Operating Information by Home Portfolio
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
Slide 17: Same Store Portfolio Core Operating Detail
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 571,0
Slide 18: Same Store Quarterly Operating Trends
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 $
Slide 19: Wholly Owned Portfolio Characteristics
Supplemental Schedule 4 Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended March 31, 2025 (1) (unaudited) Average Number of Average Average Monthly Percent of Homes Occupancy Monthly Rent Rent PSF Revenue Western United States: Southern California 7,234 96.1 % $ 3,151 $ 1.85 11
Slide 20: Same Store Core Revenues Growth Summary
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: S
Slide 21: Same Store Core Revenues Growth Summary (Continued)
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 Weste
Slide 22: Same Store NOI Growth and Margin Summary
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 S
Slide 23: Same Store NOI Growth and Margin Summary (Continued)
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 20
Slide 24: Same Store Lease-Over-Lease Rent Growth
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 %
Slide 25: Same Store Cost to Maintain
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 expense
Slide 26: Adjusted Property Management and G&A Reconciliation
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 managemen
Slide 27: Acquisitions and Dispositions
Supplemental Schedule 8(a) Acquisitions and Dispositions December 31, March 31, (unaudited) Q1 2025 Acquisitions (1) Q1 2025 Dispositions (2) 2024 2025 Homes Homes Avg. Est. Homes Average Homes Owned Acq. Cost Basis Sold Sales Price Owned Wholly Owned Portfolio Western United States: Southern Califo
Slide 28: Acquisitions and Dispositions (Continued)
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 dispo
Slide 29: Expected Acquisition Pipeline of New Homes
Supplemental Schedule 8(b) Expected Acquisition Pipeline of New Homes from Homebuilders — As of March 31, 2025 (unaudited) Estimated Estimated Estimated Avg. Estimated Pipeline as of Deliveries Deliveries Deliveries Cost Basis March 31, 2025 (1)(2) in Q2-Q4 2025 in 2026 Thereafter Per Home Southern
Slide 30: Glossary and Reconciliations
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 rep
Slide 31: EBITDA and Adjusted EBITDAre Definitions
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 o
Slide 32: NOI Definition and Reconciliation
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
Slide 33: Turnover Rate and Unsecured Facility Covenants
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 w
Slide 34: Covenant Breach Risk
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 a
Slide 35: Reconciliation of Total Revenues to Same Store Core Revenues
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 por
Slide 36: Reconciliation of Net Income to Adjusted EBITDAre
Reconciliation of Net Income to Adjusted EBITDAre (in thousands, unaudited) Trailing Twelve Months (TTM) Ended March 31, December 31, Q1 2025 Q1 2024 2025 2024 Net income available to common stockholders $ 165,517 $ 142,158 $ 476,523 $ 453,164 Net income available to participating securities 228 192
Slide 37: Reconciliation of Net Debt to Adjusted EBITDAre
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 Revolvi