Invitation Homes Inc 8-K/A, filed Feb 16, 2023

Invitation Homes Inc. (INVH)

8-K/A 2023-02-16 For: 2023-02-15

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Added on April 04, 2026

About this 8-K/A

Invitation Homes Inc filed this 8-K/A on February 16, 2023, reporting on events of February 15, 2023.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit No.			Description

99.1			Press Release of Invitation Homes Inc. dated February 15, 2023, announcing results for the quarter and the full year ended December 31, 2022 (corrected).

104			Cover Page Interactive Data File (embedded within the Inline XBRL document).


INVITATION HOMES INC.

By:	/s/ Mark A. Solls
	Name:	Mark A. Solls
	Title:	Executive Vice President, Secretary and Chief Legal Officer
	Date:	February 16, 2023


Earnings Press Release			3
Consolidated Financial Statements			9
Schedule 1: Reconciliation of FFO, Core FFO, and AFFO			11
Schedule 2: Capital Structure Information			13
Schedule 3: Summary of Operating Information by Home Portfolio			17
Schedule 4: Home Characteristics by Market			20
Schedule 5: Same Store Operating Information by Market			21
Schedule 6: Cost to Maintain and Capital Expenditure Detail			28
Schedule 7: Adjusted Property Management and G&A Reconciliation			29
Schedule 8: Acquisitions, Dispositions, and Third-Party Builder Pipeline			30
Glossary and Reconciliations			33


Net Income, FFO, Core FFO, and AFFO Per Share — Diluted

	Q4 2022		Q4 2021		FY 2022		FY 2021
Net income	$	0.16	$	0.12	$	0.63	$	0.45
FFO	0.40		0.35		1.51		1.35
Core FFO	0.43		0.39		1.67		1.49
AFFO	0.36		0.33		1.41		1.28


Same Store Operating Results Snapshot

Number of homes in Same Store Portfolio:	74,646

	Q4 2022		Q4 2021		FY 2022		FY 2021
Core Revenues growth (year over year)	7.6	%			9.0	%
Core Operating Expenses growth (year over year)	16.3	%			8.6	%
NOI growth (year over year)	3.7	%			9.1	%

Average Occupancy	97.3	%	98.1	%	97.7	%	98.2	%
Bad debt % of gross rental revenues (1)	2.0	%	1.0	%	1.5	%	1.4	%
Turnover Rate	5.3	%	4.7	%	21.9	%	23.1	%

Rental Rate Growth (lease-over-lease):
Renewals	9.9	%	8.9	%	10.0	%	6.7	%
New Leases	7.4	%	17.1	%	13.5	%	14.4	%
Blended	9.1	%	11.1	%	10.9	%	8.8	%


Revenue Collections Update

	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Pre-COVID Average (2)
Revenues collected % of revenues due: (1)
Revenues collected in same month billed	91	%	91	%	92	%	91	%	96	%
Late collections of prior month billings	6	%	6	%	7	%	6	%	3	%
Total collections	97	%	97	%	99	%	97	%	99	%


Bridge from FY 2022 Results to FY 2023 Guidance Midpoint
	Core FFO/sh
FY 2022 reported result	$	1.67

Impact from changes in:
Same Store NOI (1)	0.11
Non-Same Store NOI	0.04
Joint Venture impact	0.01
Property management and G&A expense(2)	(0.03)
Interest expense(3)	(0.02)
Other	(0.01)
Total change	0.10

FY 2023 guidance midpoint	$	1.77


			Investor Relations Contact						Media Relations Contact

			Scott McLaughlin						Kristi DesJarlais
			844.456.INVH (4684)						972.421.3587
			IR@InvitationHomes.com						Media@InvitationHomes.com


Consolidated Balance Sheets
($ in thousands, except shares and per share data)

	December 31, 2022		December 31, 2021
	(unaudited)
Assets:
Investments in single-family residential properties, net	$	17,030,374	$	16,935,322
Cash and cash equivalents	262,870		610,166
Restricted cash	191,057		208,692
Goodwill	258,207		258,207
Investments in unconsolidated joint ventures	280,571		130,395
Other assets, net	513,629		395,064
Total assets	$	18,536,708	$	18,537,846

Liabilities:
Mortgage loans, net	$	1,645,795	$	3,055,853
Secured term loan, net	401,530		401,313
Unsecured notes, net	2,518,185		1,921,974
Term loan facilities, net	3,203,567		2,478,122
Revolving facility	—		—
Convertible senior notes, net	—		141,397
Accounts payable and accrued expenses	198,423		193,633
Resident security deposits	175,552		165,167
Other liabilities	70,025		341,583
Total liabilities	8,213,077		8,699,042

Equity:
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2022 and 2021	—		—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 611,411,382 and 601,045,438 outstanding as of December 31, 2022 and 2021, respectively	6,114		6,010
Additional paid-in capital	11,138,463		10,873,539
Accumulated deficit	(951,220)		(794,869)
Accumulated other comprehensive income (loss)	97,985		(286,938)
Total stockholders' equity	10,291,342		9,797,742
Non-controlling interests	32,289		41,062
Total equity	10,323,631		9,838,804
Total liabilities and equity	$	18,536,708	$	18,537,846


Consolidated Statements of Operations
($ in thousands, except shares and per share amounts)

	Q4 2022		Q4 2021		FY 2022		FY 2021
	(unaudited)		(unaudited)		(unaudited)
Revenues:
Rental revenues	$	524,330	$	475,436	$	2,028,931	$	1,826,768
Other property income	52,180		43,036		197,710		164,954
Management fee revenues	3,326		1,753		11,480		4,893
Total revenues	579,836		520,225		2,238,121		1,996,615

Expenses:
Property operating and maintenance	209,615		177,883		786,351		706,162
Property management expense	22,770		20,173		87,936		71,597
General and administrative	16,921		19,668		74,025		75,815
Interest expense	78,409		79,121		304,092		322,661
Depreciation and amortization	163,318		151,660		638,114		592,135
Impairment and other	5,823		3,046		28,697		8,676
Total expenses	496,856		451,551		1,919,215		1,777,046

Gains (losses) on investments in equity securities, net	61		(3,597)		(3,939)		(9,420)
Other, net	344		(2,654)		(11,261)		(5,835)
Gain on sale of property, net of tax	21,213		14,558		90,699		60,008
Losses from investments in unconsolidated joint ventures	(3,736)		(2,110)		(9,606)		(1,546)

Net income	100,862		74,871		384,799		262,776
Net income attributable to non-controlling interests	(290)		(328)		(1,470)		(1,351)

Net income attributable to common stockholders	100,572		74,543		383,329		261,425
Net income available to participating securities	(146)		(67)		(661)		(327)


Net income available to common stockholders — basic and diluted	$	100,426	$	74,476	$	382,668	$	261,098

Weighted average common shares outstanding — basic	611,427,853		598,076,066		609,770,610		577,681,070
Weighted average common shares outstanding — diluted	612,206,225		599,827,368		611,112,396		579,209,523

Net income per common share — basic	$	0.16	$	0.12	$	0.63	$	0.45
Net income per common share — diluted	$	0.16	$	0.12	$	0.63	$	0.45

Dividends declared per common share	$	0.22	$	0.17	$	0.88	$	0.68


Reconciliation of FFO, Core FFO, and AFFO
($ in thousands, except shares and per share amounts) (unaudited)

FFO Reconciliation	Q4 2022		Q4 2021		FY 2022		FY 2021
Net income available to common stockholders	$	100,426	$	74,476	$	382,668	$	261,098
Net income available to participating securities	146		67		661		327
Non-controlling interests	290		328		1,470		1,351
Depreciation and amortization on real estate assets	161,029		149,753		629,301		585,101
Impairment on depreciated real estate investments	72		—		310		650
Net gain on sale of previously depreciated investments in real estate	(21,213)		(14,558)		(90,699)		(60,008)
Depreciation and net gain on sale of investments in unconsolidated joint ventures	2,051		315		4,907		254
FFO	$	242,801	$	210,381	$	928,618	$	788,773

Core FFO Reconciliation	Q4 2022		Q4 2021		FY 2022		FY 2021
FFO	$	242,801	$	210,381	$	928,618	$	788,773
Non-cash interest expense related to amortization of deferred financing costs, loan discounts, and non-cash interest expense from derivatives(1)	6,819		8,729		24,326		34,520
Share-based compensation expense	6,397		6,098		28,962		27,170
Legal settlements(2)	—		—		7,400		—
Severance expense	61		557		314		1,057
Casualty losses, net(1)(3)	5,849		3,046		28,485		8,026
(Gains) losses on investments in equity securities, net	(61)		3,597		3,939		9,420
Core FFO	$	261,866	$	232,408	$	1,022,044	$	868,966

AFFO Reconciliation	Q4 2022		Q4 2021		FY 2022		FY 2021
Core FFO	$	261,866	$	232,408	$	1,022,044	$	868,966
Recurring capital expenditures(1)	(41,090)		(33,968)		(156,147)		(123,405)
Adjusted FFO	$	220,776	$	198,440	$	865,897	$	745,561

Net income available to common stockholders
Weighted average common shares outstanding — diluted	612,206,225		599,827,368		611,112,396		579,209,523

Net income per common share — diluted	$	0.16	$	0.12	$	0.63	$	0.45

FFO
Numerator for FFO per common share — diluted	$	242,801	$	212,214	$	928,618	$	803,137
Weighted average common shares and OP Units outstanding — diluted	614,172,679		611,140,145		613,669,133		593,735,669

FFO per share — diluted	$	0.40	$	0.35	$	1.51	$	1.35

Core FFO and Adjusted FFO
Weighted average common shares and OP Units outstanding — diluted	614,172,679		602,631,795		613,669,133		582,442,466

Core FFO per share — diluted	$	0.43	$	0.39	$	1.67	$	1.49
AFFO per share — diluted	$	0.36	$	0.33	$	1.41	$	1.28


Diluted Shares Outstanding
(unaudited)

Weighted Average Amounts for Net Income	Q4 2022	Q4 2021	FY 2022	FY 2021
Common shares — basic	611,427,853	598,076,066	609,770,610	577,681,070
Shares potentially issuable from vesting/conversion of equity-based awards	778,372	1,751,302	1,341,786	1,528,453
Total common shares — diluted	612,206,225	599,827,368	611,112,396	579,209,523

Weighted average amounts for FFO	Q4 2022	Q4 2021	FY 2022	FY 2021
Common shares — basic	611,427,853	598,076,066	609,770,610	577,681,070
OP units — basic	1,737,395	2,538,285	2,338,999	2,939,381
Shares potentially issuable from vesting/conversion of equity-based awards	1,007,431	2,017,444	1,559,524	1,822,015
Shares issuable from the 2022 Convertible Notes	—	8,508,350	—	11,293,203


Total common shares and units — diluted	614,172,679	611,140,145	613,669,133	593,735,669

Weighted average amounts for Core and AFFO	Q4 2022	Q4 2021	FY 2022	FY 2021
Common shares — basic	611,427,853	598,076,066	609,770,610	577,681,070
OP units — basic	1,737,395	2,538,285	2,338,999	2,939,381
Shares potentially issuable from vesting/conversion of equity-based awards	1,007,431	2,017,444	1,559,524	1,822,015
Total common shares and units — diluted	614,172,679	602,631,795	613,669,133	582,442,466

Period end amounts for Core FFO and AFFO	December 31, 2022
Common shares	611,411,382
OP units	1,737,395
Shares potentially issuable from vesting/conversion of equity-based awards	1,203,488
Total common shares and units — diluted	614,352,265


Debt Structure and Leverage Ratios — As of December 31, 2022
($ in thousands) (unaudited)

						Wtd Avg		Wtd Avg
						Interest		Years to
Debt Structure	Balance			% of Total		Rate (1)		Maturity (2)
Secured:
Fixed (3)	$	1,397,642		17.9	%	4.0	%	5.6
Floating — swapped to fixed	661,029			8.4	%	4.2	%	3.0
Floating	—			—	%	—	%	—
Total secured	2,058,671			26.3	%	4.1	%	4.8

Unsecured:
Fixed	2,550,000			32.6	%	2.8	%	8.6
Floating — swapped to fixed	3,158,971			40.3	%	4.0	%	3.8
Floating	66,029			0.8	%	5.7	%	6.5
Total unsecured	5,775,000			73.7	%	3.5	%	6.0

Total Debt:
Fixed + floating swapped to fixed (3)	7,767,642			99.2	%	3.6	%	5.6
Floating	66,029			0.8	%	5.7	%	6.5
Total debt	7,833,671			100.0	%	3.6	%	5.6
Discount/amortization on Note Payable	(13,518)
Deferred financing costs, net	(51,076)
Total debt per Balance Sheet	7,769,077
Retained and repurchased certificates	(88,564)
Cash, ex-security deposits and letters of credit (4)	(275,989)
Deferred financing costs, net	51,076
Unamortized discount on note payable	13,518
Net debt	$	7,469,118

Leverage Ratios	December 31, 2022
Net Debt / TTM Adjusted EBITDAre	5.7		x


Debt Maturity Schedule — As of December 31, 2022
($ in thousands) (unaudited)
					Revolving
	Secured		Unsecured		Credit				% of
Debt Maturities, with Extensions (1)	Debt		Debt		Facility		Balance		Total




2023	—		—		—		—		—	%
2024	—		—		—		—		—	%
2025	—		—		—		—		—	%
2026	661,029		2,500,000		—		3,161,029		40.3	%
2027	994,279		—		—		994,279		12.7	%
2028	—		750,000		—		750,000		9.6	%
2029	—		725,000		—		725,000		9.3	%
2030	—		—		—		—		—	%
2031	403,363		650,000		—		1,053,363		13.4	%
2032	—		600,000		—		600,000		7.7	%
2033	—		—		—		—		—	%
2034	—		400,000		—		400,000		5.1	%
2035	—		—		—		—		—	%
2036	—		150,000		—		150,000		1.9	%
	2,058,671		5,775,000		—		7,833,671		100.0	%
Unamortized discount on note payable	(1,584)		(11,934)		—		(13,518)
Deferred financing costs, net	(9,762)		(41,314)		—		(51,076)
Total per Balance Sheet	$	2,047,325	$	5,721,752	$	—	$	7,769,077
	.


			Form			8-K/A
			(Amendment No. 1)


Item 9.01			Financial Statements and Exhibits.


Same Store Portfolio Core Operating Detail
($ in thousands) (unaudited)

					Change				Change						Change
	Q4 2022		Q4 2021		YoY		Q3 2022		Seq		FY 2022		FY 2021		YoY
Revenues:
Rental revenues (1)	$	474,024	$	441,853	7.3	%	$	467,764	1.3	%	$	1,852,507	$	1,707,226	8.5	%
Other property income, net (1)(2)(3)	17,001		14,657		16.0	%	17,073		(0.4)	%	66,703		54,285		22.9	%
Core Revenues	491,025		456,510		7.6	%	484,837		1.3	%	1,919,210		1,761,511		9.0	%






Fixed Expenses:
Property taxes(4)	86,884		73,469		18.3	%	76,640		13.4	%	315,761		292,921		7.8	%
Insurance expenses	8,504		8,349		1.9	%	8,515		(0.1)	%	34,011		33,102		2.7	%
HOA expenses	9,371		8,534		9.8	%	9,639		(2.8)	%	36,355		34,546		5.2	%

Controllable Expenses:
Repairs and maintenance, net (5)(6)	22,843		19,892		14.8	%	27,349		(16.5)	%	92,775		79,993		16.0	%
Personnel, leasing and marketing	19,623		19,225		2.1	%	19,111		2.7	%	76,007		74,859		1.5	%
Turnover, net (5)(6)	10,021		6,508		54.0	%	9,722		3.1	%	33,779		30,200		11.9	%
Utilities and property administrative, net (5)(7)	4,829		3,348		44.2	%	5,998		(19.5)	%	18,404		13,188		39.6	%
Core Operating Expenses	162,075		139,325		16.3	%	156,974		3.2	%	607,092		558,809		8.6	%

Net Operating Income	$	328,950	$	317,185	3.7	%	$	327,863	0.3	%	$	1,312,118	$	1,202,702	9.1	%


Wholly Owned Portfolio Characteristics — As of and for the Quarter Ended December 31, 2022 (1)
(unaudited)

	Number of Homes	Average Occupancy		Average Monthly Rent		Average Monthly Rent PSF		Percent of Revenue
Western United States:
Southern California	7,776	97.5	%	$	2,873	$	1.69	11.5	%
Northern California	4,440	96.6	%	2,577		1.64		6.1	%
Seattle	4,084	93.0	%	2,703		1.41		5.8	%
Phoenix	8,914	95.9	%	1,915		1.14		9.5	%
Las Vegas	3,180	95.5	%	2,117		1.07		3.5	%
Denver	2,670	91.9	%	2,422		1.32		3.5	%
Western US Subtotal	31,064	95.7	%	2,418		1.39		39.9	%

Florida:
South Florida	8,402	96.6	%	2,734		1.46		12.4	%
Tampa	8,637	96.5	%	2,123		1.13		10.1	%
Orlando	6,457	97.5	%	2,070		1.11		7.4	%
Jacksonville	1,928	97.4	%	2,060		1.04		2.2	%
Florida Subtotal	25,424	96.9	%	2,306		1.23		32.1	%

Southeast United States:
Atlanta	12,657	96.4	%	1,875		0.91		12.8	%
Carolinas	5,359	96.6	%	1,910		0.90		5.5	%
Southeast US Subtotal	18,016	96.5	%	1,885		0.91		18.3	%

Texas:
Houston	2,104	95.9	%	1,778		0.92		2.0	%
Dallas	2,869	94.7	%	2,106		1.02		3.3	%
Texas Subtotal	4,973	95.2	%	1,966		0.98		5.3	%

Midwest United States:
Chicago	2,527	96.8	%	2,219		1.38		3.0	%
Minneapolis	1,109	94.3	%	2,192		1.12		1.4	%
Midwest US Subtotal	3,636	96.0	%	2,211		1.29		4.4	%

Total / Average	83,113	96.2	%	$	2,232	$	1.19	100.0	%
Same Store Total / Average	74,646	97.3	%	$	2,224	$	1.19	90.3	%


Summary of Operating Information by Home Portfolio
($ in thousands) (unaudited)

Number of Homes, period-end	Q4 2022
Total Portfolio	83,113
Same Store Portfolio	74,646
Same Store % of Total	89.8		%

Core Revenues	Q4 2022			Q4 2021		Change YoY		FY 2022		FY 2021		Change YoY
Total Portfolio	$	543,871		$	491,505	10.7	%	$	2,104,586	$	1,885,967	11.6	%
Same Store Portfolio	491,025			456,510		7.6	%	1,919,210		1,761,511		9.0	%

Core Operating Expenses	Q4 2022			Q4 2021		Change YoY		FY 2022		FY 2021		Change YoY
Total Portfolio	$	176,976		$	150,916	17.3	%	$	664,296	$	600,407	10.6	%
Same Store Portfolio	162,075			139,325		16.3	%	607,092		558,809		8.6	%

Net Operating Income	Q4 2022			Q4 2021		Change YoY		FY 2022		FY 2021		Change YoY
Total Portfolio	$	366,895		$	340,589	7.7	%	$	1,440,290	$	1,285,560	12.0	%
Same Store Portfolio	328,950			317,185		3.7	%	1,312,118		1,202,702		9.1	%


Same Store Quarterly Operating Trends
(unaudited)

	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021

Average Occupancy	97.3		%	97.5		%	98.0		%	98.2		%	98.1		%
Turnover Rate	5.3		%	6.2		%	5.8		%	4.6		%	4.7		%
Trailing four quarters Turnover Rate	21.9		%	21.3		%	21.3		%	22.3		%	23.1		%
Average Monthly Rent	$	2,224		$	2,181		$	2,124		$	2,074		$	2,033
Rental Rate Growth (lease-over-lease):
Renewals	9.9		%	10.2		%	10.2		%	9.6		%	8.9		%
New leases	7.4		%	15.6		%	16.7		%	14.9		%	17.1		%
Blended	9.1		%	11.5		%	11.7		%	10.9		%	11.1		%


Same Store Core Revenues Growth Summary — YoY Quarter
($ in thousands, except avg. monthly rent) (unaudited)

		Avg. Monthly Rent						Average Occupancy						Core Revenues
YoY, Q4 2022	Number of Homes	Q4 2022		Q4 2021		Change		Q4 2022		Q4 2021		Change		Q4 2022		Q4 2021		Change
Western United States:
Southern California	7,503	$	2,872	$	2,702	6.3	%	98.0	%	98.8	%	(0.8)	%	$	61,106	$	59,744	2.3	%
Northern California	3,867	2,540		2,377		6.9	%	97.8	%	98.5	%	(0.7)	%	28,415		27,192		4.5	%
Seattle	3,499	2,681		2,458		9.1	%	96.7	%	97.1	%	(0.4)	%	27,417		25,251		8.6	%
Phoenix	7,615	1,871		1,672		11.9	%	97.0	%	98.3	%	(1.3)	%	43,488		38,604		12.7	%
Las Vegas	2,684	2,110		1,907		10.6	%	96.3	%	98.3	%	(2.0)	%	16,094		15,292		5.2	%
Denver	1,960	2,398		2,264		5.9	%	96.0	%	97.8	%	(1.8)	%	14,155		13,413		5.5	%
Western US Subtotal	27,128	2,411		2,225		8.4	%	97.2	%	98.3	%	(1.1)	%	190,675		179,496		6.2	%

Florida:
South Florida	7,770	2,751		2,431		13.2	%	97.5	%	98.5	%	(1.0)	%	64,076		57,389		11.7	%
Tampa	7,773	2,095		1,873		11.9	%	97.4	%	98.2	%	(0.8)	%	49,208		44,386		10.9	%
Orlando	5,888	2,049		1,862		10.0	%	98.2	%	98.1	%	0.1	%	36,887		33,696		9.5	%
Jacksonville	1,838	2,043		1,866		9.5	%	97.6	%	97.6	%	—	%	11,289		10,375		8.8	%
Florida Subtotal	23,269	2,298		2,057		11.7	%	97.7	%	98.2	%	(0.5)	%	161,460		145,846		10.7	%

Southeast United States:
Atlanta	11,904	1,871		1,709		9.5	%	96.8	%	97.9	%	(1.1)	%	65,301		61,332		6.5	%
Carolinas	4,631	1,896		1,762		7.6	%	97.6	%	98.1	%	(0.5)	%	26,256		24,504		7.1	%
Southeast US Subtotal	16,535	1,878		1,724		8.9	%	97.0	%	98.0	%	(1.0)	%	91,557		85,836		6.7	%

Texas
Houston	1,889	1,776		1,672		6.2	%	97.0	%	97.6	%	(0.6)	%	10,054		9,626		4.4	%
Dallas	2,213	2,123		1,958		8.4	%	96.7	%	96.8	%	(0.1)	%	14,034		13,099		7.1	%
Texas Subtotal	4,102	1,963		1,826		7.5	%	96.8	%	97.2	%	(0.4)	%	24,088		22,725		6.0	%

Midwest United States:
Chicago	2,512	2,221		2,098		5.9	%	97.4	%	98.4	%	(1.0)	%	16,253		15,679		3.7	%
Minneapolis	1,100	2,192		2,065		6.2	%	95.2	%	96.6	%	(1.4)	%	6,992		6,928		0.9	%
Midwest US Subtotal	3,612	2,212		2,088		5.9	%	96.8	%	97.9	%	(1.1)	%	23,245		22,607		2.8	%

Total / Average	74,646	$	2,224	$	2,033	9.4	%	97.3	%	98.1	%	(0.8)	%	$	491,025	$	456,510	7.6	%


Same Store NOI Growth and Margin Summary — YoY Quarter
($ in thousands) (unaudited)

	Core Revenues						Core Operating Expenses						Net Operating Income						Core NOI Margin
YoY, Q4 2022	Q4 2022		Q4 2021		Change		Q4 2022		Q4 2021		Change		Q4 2022		Q4 2021		Change		Q4 2022		Q4 2021
Western United States:
Southern California	$	61,106	$	59,744	2.3	%	$	15,122	$	17,124	(11.7)	%	$	45,984	$	42,620	7.9	%	75.3	%	71.3	%
Northern California	28,415		27,192		4.5	%	6,446		7,178		(10.2)	%	21,969		20,014		9.8	%	77.3	%	73.6	%
Seattle	27,417		25,251		8.6	%	7,286		6,979		4.4	%	20,131		18,272		10.2	%	73.4	%	72.4	%
Phoenix	43,488		38,604		12.7	%	8,942		7,689		16.3	%	34,546		30,915		11.7	%	79.4	%	80.1	%
Las Vegas	16,094		15,292		5.2	%	3,906		3,141		24.4	%	12,188		12,151		0.3	%	75.7	%	79.5	%
Denver	14,155		13,413		5.5	%	2,806		2,479		13.2	%	11,349		10,934		3.8	%	80.2	%	81.5	%
Western US Subtotal	190,675		179,496		6.2	%	44,508		44,590		(0.2)	%	146,167		134,906		8.3	%	76.7	%	75.2	%

Florida:
South Florida	64,076		57,389		11.7	%	26,406		22,036		19.8	%	37,670		35,353		6.6	%	58.8	%	61.6	%
Tampa	49,208		44,386		10.9	%	19,525		16,553		18.0	%	29,683		27,833		6.6	%	60.3	%	62.7	%
Orlando	36,887		33,696		9.5	%	12,721		10,944		16.2	%	24,166		22,752		6.2	%	65.5	%	67.5	%
Jacksonville	11,289		10,375		8.8	%	4,129		3,511		17.6	%	7,160		6,864		4.3	%	63.4	%	66.2	%
Florida Subtotal	161,460		145,846		10.7	%	62,781		53,044		18.4	%	98,679		92,802		6.3	%	61.1	%	63.6	%

Southeast United States:
Atlanta	65,301		61,332		6.5	%	25,565		17,595		45.3	%	39,736		43,737		(9.1)	%	60.9	%	71.3	%
Carolinas	26,256		24,504		7.1	%	6,884		6,402		7.5	%	19,372		18,102		7.0	%	73.8	%	73.9	%
Southeast US Subtotal	91,557		85,836		6.7	%	32,449		23,997		35.2	%	59,108		61,839		(4.4)	%	64.6	%	72.0	%

Texas
Houston	10,054		9,626		4.4	%	5,755		4,501		27.9	%	4,299		5,125		(16.1)	%	42.8	%	53.2	%
Dallas	14,034		13,099		7.1	%	6,942		4,907		41.5	%	7,092		8,192		(13.4)	%	50.5	%	62.5	%
Texas Subtotal	24,088		22,725		6.0	%	12,697		9,408		35.0	%	11,391		13,317		(14.5)	%	47.3	%	58.6	%

Midwest United States:
Chicago	16,253		15,679		3.7	%	7,067		6,121		15.5	%	9,186		9,558		(3.9)	%	56.5	%	61.0	%
Minneapolis	6,992		6,928		0.9	%	2,573		2,165		18.8	%	4,419		4,763		(7.2)	%	63.2	%	68.8	%
Midwest US Subtotal	23,245		22,607		2.8	%	9,640		8,286		16.3	%	13,605		14,321		(5.0)	%	58.5	%	63.3	%

Same Store Total / Average	$	491,025	$	456,510	7.6	%	$	162,075	$	139,325	16.3	%	$	328,950	$	317,185	3.7	%	67.0	%	69.5	%


Same Store Lease-Over-Lease Rent Growth
(unaudited)

	Rental Rate Growth
	Q4 2022						FY 2022
	Renewal		New		Blended		Renewal		New		Blended
	Leases		Leases		Average		Leases		Leases		Average
Western United States:
Southern California	6.9	%	8.7	%	7.4	%	7.1	%	13.4	%	8.5	%
Northern California	7.5	%	5.9	%	7.0	%	8.0	%	11.1	%	8.7	%
Seattle	9.7	%	5.6	%	8.5	%	9.9	%	10.6	%	10.1	%
Phoenix	11.4	%	6.4	%	9.8	%	12.5	%	16.2	%	13.5	%
Las Vegas	9.9	%	2.4	%	7.3	%	11.5	%	13.3	%	12.0	%
Denver	7.6	%	1.6	%	5.2	%	6.8	%	7.6	%	7.0	%
Western US Subtotal	8.8	%	5.9	%	7.9	%	9.3	%	12.7	%	10.1	%

Florida:
South Florida	13.7	%	10.6	%	12.8	%	13.7	%	17.9	%	14.6	%
Tampa	11.5	%	10.8	%	11.2	%	11.8	%	17.4	%	13.4	%
Orlando	10.2	%	8.1	%	9.5	%	8.9	%	16.7	%	11.1	%
Jacksonville	9.8	%	3.6	%	7.5	%	9.1	%	11.8	%	9.9	%
Florida Subtotal	12.1	%	9.5	%	11.3	%	11.8	%	16.9	%	13.1	%

Southeast United States:
Atlanta	9.7	%	9.0	%	9.5	%	9.9	%	13.9	%	10.9	%
Carolinas	8.5	%	7.2	%	8.1	%	8.6	%	9.0	%	8.7	%

Southeast US Subtotal	9.4	%	8.5	%	9.1	%	9.6	%	12.3	%	10.3	%

Texas
Houston	6.8	%	2.4	%	5.6	%	7.0	%	6.5	%	6.9	%
Dallas	8.9	%	6.1	%	7.7	%	8.9	%	9.8	%	9.2	%
Texas Subtotal	7.9	%	4.8	%	6.8	%	8.1	%	8.6	%	8.2	%

Midwest United States:
Chicago	6.9	%	4.8	%	6.1	%	7.1	%	7.7	%	7.3	%
Minneapolis	7.6	%	(0.7)	%	4.0	%	8.1	%	4.4	%	6.9	%
Midwest US Subtotal	7.2	%	2.6	%	5.4	%	7.4	%	6.5	%	7.1	%

Total / Average	9.9	%	7.4	%	9.1	%	10.0	%	13.5	%	10.9	%


Same Store Cost to Maintain, net (1)
($ in thousands, except per home amounts) (unaudited)

Total ($ 000)	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021

R&M OpEx, net	$	22,843	$	27,349	$	22,784	$	19,799	$	19,892
Turn OpEx, net	10,021		9,722		8,060		5,976		6,508
Total recurring operating expenses, net	$	32,864	$	37,071	$	30,844	$	25,775	$	26,400

R&M CapEx	$	26,721	$	30,570	$	24,934	$	23,225	$	23,578
Turn CapEx	11,530		11,016		9,697		7,129		7,700
Total recurring capital expenditures	$	38,251	$	41,586	$	34,631	$	30,354	$	31,278

R&M OpEx, net + R&M CapEx	$	49,564	$	57,919	$	47,718	$	43,024	$	43,470
Turn OpEx, net + Turn CapEx	21,551		20,738		17,757		13,105		14,208
Total Cost to Maintain, net	$	71,115	$	78,657	$	65,475	$	56,129	$	57,678

Per Home ($)	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
Total Cost to Maintain, net	$	953	$	1,054	$	877	$	752	$	773


Total Wholly Owned Portfolio Capital Expenditure Detail
($ in thousands) (unaudited)

Total ($ 000)	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
Recurring CapEx	$	40,945	$	44,556	$	37,481	$	32,762	$	33,921
Value Enhancing CapEx	12,258		14,809		12,223		6,670		9,024
Initial Renovation CapEx	13,853		30,055		33,109		34,226		26,890
Disposition CapEx	999		1,174		1,334		1,306		676
Total Capital Expenditures	$	68,055	$	90,594	$	84,147	$	74,964	$	70,511


Adjusted Property Management and G&A Reconciliation
($ in thousands) (unaudited)

Adjusted Property Management Expense	Q4 2022		Q4 2021		FY 2022		FY 2021
Property management expense (GAAP)	$	22,770	$	20,173	$	87,936	$	71,597
Adjustments:
Share-based compensation expense	(1,512)		(1,273)		(6,493)		(5,427)

Adjusted property management expense	$	21,258	$	18,900	$	81,443	$	66,170


Adjusted G&A Expense	Q4 2022		Q4 2021		FY 2022		FY 2021
G&A expense (GAAP)	$	16,921	$	19,668	$	74,025	$	75,815
Adjustments:
Share-based compensation expense	(4,885)		(4,825)		(22,469)		(21,743)

Severance expense	(61)		(557)		(314)		(1,057)



Adjusted G&A expense	$	11,975	$	14,286	$	51,242	$	53,015


Acquisitions and Dispositions
(unaudited)
	September 30, 2022	Q4 2022 Acquisitions (1)			Q4 2022 Dispositions (2)			December 31, 2022
	Homes	Homes	Avg. Est.		Homes	Average		Homes
	Owned	Acq.	Cost Basis		Sold	Sales Price		Owned
Wholly Owned Portfolio
Western United States:
Southern California	7,789	—	$	—	13	$	540,192	7,776
Northern California	4,454	—	—		14	475,929		4,440
Seattle	4,087	—	—		3	340,000		4,084
Phoenix	8,906	15	490,237		7	278,950		8,914
Las Vegas	3,179	3	460,028		2	390,000		3,180
Denver	2,678	1	432,087		9	342,556		2,670
Western US Subtotal	31,093	19	482,407		48	427,524		31,064

Florida:
South Florida	8,380	52	385,441		30	405,387		8,402
Tampa	8,610	42	362,193		15	278,227		8,637
Orlando	6,458	13	301,568		14	300,857		6,457
Jacksonville	1,928	—	—		—	—		1,928
Florida Subtotal	25,376	107	366,125		59	348,254		25,424

Southeast United States:
Atlanta	12,676	6	428,756		25	245,640		12,657
Carolinas	5,368	3	328,080		12	342,042		5,359
Southeast US Subtotal	18,044	9	395,198		37	276,905		18,016

Texas:
Houston	2,112	1	328,418		9	213,417		2,104
Dallas	2,869	14	403,792		14	273,866		2,869
Texas: Subtotal	4,981	15	398,767		23	250,212		4,973

Midwest United States:
Chicago	2,541	—	—		14	207,905		2,527
Minneapolis	1,113	—	—		4	322,825		1,109
Midwest US Subtotal	3,654	—	—		18	233,443		3,636

Total / Average	83,148	150	$	385,863	185	$	331,192	83,113

Joint Venture Portfolio
2020 Rockpoint JV (3)	2,607	3	$	383,278	—	$	—	2,610
2022 Rockpoint JV (4)	131	1	319,537		—	—		132
FNMA JV (5)	502	—	—		14	458,131		488
Pathway Homes (6)	328	12	413,899		—	—		340


Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders — As of December 31, 2022
(unaudited)

	Pipeline as of December 31, 2022 (1)(2)	Estimated Deliveries in 2023	Estimated Deliveries in 2024	Estimated Deliveries Thereafter	Avg. Estimated Cost Basis Per Home

Southern California	127	54	54	19	$	510,000
Phoenix	150	30	34	86	420,000
Tampa	523	190	54	279	320,000
Orlando	908	291	173	444	390,000
Atlanta	193	82	52	59	330,000
Carolinas	331	38	125	168	410,000
South Florida	42	40	—	2	360,000
Dallas	96	36	45	15	310,000
Total / Average	2,370	761	537	1,072	$	380,000


Pipeline as of September 30, 2022		2,440
	Q4 2022 additions	14
	Q4 2022 cancellations	(3)
	Q4 2022 deliveries	(81)
Pipeline as of December 31, 2022		2,370


Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly
(in thousands) (unaudited)

	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
Total revenues (Total Portfolio)	$	579,836	$	568,675	$	557,300	$	532,310	$	520,225
Management fee revenues	(3,326)		(3,284)		(2,759)		(2,111)		(1,753)
Total portfolio resident recoveries	(32,639)		(31,260)		(29,394)		(28,762)		(26,967)
Total Core Revenues (Total Portfolio)	543,871		534,131		525,147		501,437		491,505
Non-Same Store Core Revenues	(52,846)		(49,294)		(45,033)		(38,203)		(34,995)
Same Store Core Revenues	$	491,025	$	484,837	$	480,114	$	463,234	$	456,510






Reconciliation of Total Revenues to Same Store Core Revenues, FY
(in thousands) (unaudited)

	FY 2022		FY 2021
Total revenues (Total Portfolio)	$	2,238,121	$	1,996,615
Management fee revenues	(11,480)		(4,893)
Total portfolio resident recoveries	(122,055)		(105,755)
Total Core Revenues (Total Portfolio)	2,104,586		1,885,967
Non-Same Store Core Revenues	(185,376)		(124,456)
Same Store Core Revenues	$	1,919,210	$	1,761,511


Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly
(in thousands) (unaudited)

	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
Property operating and maintenance expenses (Total Portfolio)	$	209,615	$	203,787	$	190,680	$	182,269	$	177,883
Total Portfolio resident recoveries	(32,639)		(31,260)		(29,394)		(28,762)		(26,967)
Core Operating Expenses (Total Portfolio)	176,976		172,527		161,286		153,507		150,916
Non-Same Store Core Operating Expenses	(14,901)		(15,553)		(13,599)		(13,151)		(11,591)
Same Store Core Operating Expenses	$	162,075	$	156,974	$	147,687	$	140,356	$	139,325


Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, FY
(in thousands) (unaudited)

	FY 2022		FY 2021
Property operating and maintenance expenses (Total Portfolio)	$	786,351	$	706,162
Total Portfolio resident recoveries	(122,055)		(105,755)
Core Operating Expenses (Total Portfolio)	664,296		600,407
Non-Same Store Core Operating Expenses	(57,204)		(41,598)
Same Store Core Operating Expenses	$	607,092	$	558,809


Reconciliation of Net Income to Same Store NOI, Quarterly
(in thousands) (unaudited)

	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
Net income available to common stockholders	$	100,426	$	79,032	$	110,815	$	92,395	$	74,476
Net income available to participating securities	146		147		148		220		67
Non-controlling interests	290		250		542		388		328
Interest expense	78,409		76,454		74,840		74,389		79,121
Depreciation and amortization	163,318		160,428		158,572		155,796		151,660
Property management expense	22,770		22,385		21,814		20,967		20,173
General and administrative	16,921		20,123		19,342		17,639		19,668
Impairment and other(1)	5,823		20,004		1,355		1,515		3,046
Gain on sale of property, net of tax	(21,213)		(23,952)		(27,508)		(18,026)		(14,558)
(Gains) losses on investments in equity securities, net	(61)		796		172		3,032		3,597
Other, net	(344)		8,372		3,827		(594)		2,654
Management fee revenues	(3,326)		(3,284)		(2,759)		(2,111)		(1,753)
Loss from investments in unconsolidated joint ventures	3,736		849		2,701		2,320		2,110
NOI (Total Portfolio)	366,895		361,604		363,861		347,930		340,589
Non-Same Store NOI	(37,945)		(33,741)		(31,434)		(25,052)		(23,404)
Same Store NOI	$	328,950	$	327,863	$	332,427	$	322,878	$	317,185


Reconciliation of Net Income to Same Store NOI, FY
(in thousands) (unaudited)

	FY 2022		FY 2021
Net income available to common stockholders	$	382,668	$	261,098
Net income available to participating securities	661		327
Non-controlling interests	1,470		1,351
Interest expense	304,092		322,661
Depreciation and amortization	638,114		592,135
Property management expense	87,936		71,597
General and administrative	74,025		75,815
Impairment and other(1)	28,697		8,676
Gain on sale of property, net of tax	(90,699)		(60,008)
Losses on investments in equity securities, net	3,939		9,420
Other, net	11,261		5,835
Management fee revenues	(11,480)		(4,893)
Loss from investments in unconsolidated joint ventures	9,606		1,546
NOI (Total Portfolio)	1,440,290		1,285,560
Non-Same Store NOI	(128,172)		(82,858)
Same Store NOI	$	1,312,118	$	1,202,702


Reconciliation of Net Income to Adjusted EBITDAre
(in thousands, unaudited)

	Q4 2022		Q4 2021		FY 2022		FY 2021
Net income available to common stockholders	$	100,426	$	74,476	$	382,668	$	261,098
Net income available to participating securities	146		67		661		327
Non-controlling interests	290		328		1,470		1,351
Interest expense	78,409		79,121		304,092		322,661
Interest expense in unconsolidated joint ventures	2,743		540		3,581		1,209
Depreciation and amortization	163,318		151,660		638,114		592,135
Depreciation and amortization of investments in unconsolidated joint ventures	2,372		565		5,838		1,304
EBITDA	347,704		306,757		1,336,424		1,180,085
Gain on sale of property, net of tax	(21,213)		(14,558)		(90,699)		(60,008)
Impairment on depreciated real estate investments	72		—		310		650
Net gain on sale of investments in unconsolidated joint ventures	(298)		(250)		(865)		(1,050)
EBITDAre	326,265		291,949		1,245,170		1,119,677
Share-based compensation expense	6,397		6,098		28,962		27,170
Severance	61		557		314		1,057
Casualty losses, net(1)(2)	5,849		3,046		28,485		8,026
(Gains) losses on investments in equity securities, net	(61)		3,597		3,939		9,420
Other, net(3)	(344)		2,654		11,261		5,835
Adjusted EBITDAre	$	338,167	$	307,901	$	1,318,131	$	1,171,185


Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
(in thousands, except for ratio) (unaudited)

	As of			As of
	December 31, 2022			December 31, 2021
Mortgage loans, net	$	1,645,795		$	3,055,853
Secured term loan, net	401,530			401,313
Unsecured notes, net	2,518,185			1,921,974
Term loan facility, net	3,203,567			2,478,122
Revolving facility	—			—
Convertible senior notes, net	—			141,397
Total Debt per Balance Sheet	7,769,077			7,998,659
Retained and repurchased certificates	(88,564)			(159,110)
Cash, ex-security deposits and letters of credit (1)	(275,989)			(649,722)
Deferred financing costs, net	51,076			50,146
Unamortized discounts on note payable	13,518			13,605
Net Debt (A)	$	7,469,118		$	7,253,578





	For the TTM Ended			For the TTM Ended
	December 31, 2022			December 31, 2021
Adjusted EBITDAre (B)	$	1,318,131		$	1,171,185

Net Debt / TTM Adjusted EBITDAre (A / B)	5.7		x	6.2		x


Components of Non-Cash Interest Expense (Wholly Owned)
(in thousands) (unaudited)

	Q4 2022		Q4 2021		FY 2022		FY 2021

Amortization of discounts on notes payable	$	399	$	935	$	1,653	$	6,244
Amortization of deferred financing costs	3,909		3,387		15,014		13,126
Change in fair value of interest rate derivatives	18		23		81		129
Amortization of swap fair value at designation	2,333		4,246		9,405		14,531
Total non-cash interest expense	$	6,659	$	8,591	$	26,153	$	34,030