07/27/2022 | Press release | Distributed by Public on 07/27/2022 14:21
Net Income, FFO, Core FFO, and AFFO Per Share - Diluted | ||||||||
Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | |||||
Net income | $ | 0.18 | $ | 0.11 | $ | 0.33 | $ | 0.21 |
FFO | 0.39 | 0.32 | 0.77 | 0.65 | ||||
Core FFO | 0.42 | 0.37 | 0.82 | 0.73 | ||||
AFFO | 0.36 | 0.32 | 0.71 | 0.63 | ||||
Same Store Operating Results Snapshot | ||||||||
Number of homes in Same Store Portfolio: | 75,215 | |||||||
Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | |||||
Core Revenues growth (year over year) | 10.4 | % | 10.0 | % | ||||
Core Operating Expenses growth (year over year) | 6.2 | % | 5.3 | % | ||||
NOI growth (year over year) | 12.4 | % | 12.2 | % | ||||
Average Occupancy | 98.0 | % | 98.4 | % | 98.1 | % | 98.4 | % |
Bad debt % of gross rental revenues (1)
|
0.7 | % | 1.7 | % | 1.2 | % | 1.9 | % |
Turnover Rate | 5.8 | % | 6.8 | % | 10.3 | % | 12.1 | % |
Rental Rate Growth (lease-over-lease): | ||||||||
Renewals | 10.2 | % | 5.8 | % | 10.0 | % | 5.1 | % |
New Leases | 16.7 | % | 13.7 | % | 15.8 | % | 11.1 | % |
Blended | 11.8 | % | 8.0 | % | 11.4 | % | 6.8 | % |
Revenue Collections Update | ||||||||||
Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
Pre-COVID Average (2)
|
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Revenues collected % of revenues due: (1)
|
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Revenues collected in same month billed | 92 | % | 91 | % | 92 | % | 92 | % | 96 | % |
Late collections of prior month billings | 7 | % | 6 | % | 6 | % | 5 | % | 3 | % |
Total collections | 99 | % | 97 | % | 98 | % | 97 | % | 99 | % |
FY 2022 Guidance
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||
Current | Previous | |
FY 2022 | FY 2022 | |
Guidance | Guidance | |
Core FFO per share - diluted | $1.66 - $1.72 | $1.62 - $1.70 |
AFFO per share - diluted | $1.41 - $1.47 | $1.38 - $1.46 |
Same Store Core Revenues growth | 9.0% - 10.0% | 8.0% - 9.0% |
Same Store Core Operating Expenses growth | 6.0% - 7.0% | 5.5% - 6.5% |
Same Store NOI growth | 10.0% - 11.5% | 9.0% - 10.5% |
Consolidated Balance Sheets | ||||
($ in thousands, except shares and per share data)
|
||||
June 30, 2022 | December 31, 2021 | |||
(unaudited) | ||||
Assets: | ||||
Investments in single-family residential properties, net | $ | 17,125,185 | $ | 16,935,322 |
Cash and cash equivalents | 272,708 | 610,166 | ||
Restricted cash | 206,888 | 208,692 | ||
Goodwill | 258,207 | 258,207 | ||
Investments in unconsolidated joint ventures | 244,730 | 130,395 | ||
Other assets, net | 399,266 | 395,064 | ||
Total assets | $ | 18,506,984 | $ | 18,537,846 |
Liabilities: | ||||
Mortgage loans, net | $ | 2,211,739 | $ | 3,055,853 |
Secured term loan, net | 401,421 | 401,313 | ||
Unsecured notes, net | 2,516,359 | 1,921,974 | ||
Term loan facilities, net | 2,624,412 | 2,478,122 | ||
Revolving facility | - | - | ||
Convertible senior notes, net | - | 141,397 | ||
Accounts payable and accrued expenses | 237,915 | 193,633 | ||
Resident security deposits | 171,413 | 165,167 | ||
Other liabilities | 61,736 | 341,583 | ||
Total liabilities | 8,224,995 | 8,699,042 | ||
Equity: | ||||
Stockholders' equity | ||||
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2022 and December 31, 2021 | - | - | ||
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 610,359,909 and 601,045,438 outstanding as of June 30, 2022 and December 31, 2021, respectively | 6,104 | 6,010 | ||
Additional paid-in capital | 11,113,146 | 10,873,539 | ||
Accumulated deficit | (860,275) | (794,869) | ||
Accumulated other comprehensive loss | (20,285) | (286,938) | ||
Total stockholders' equity | 10,238,690 | 9,797,742 | ||
Non-controlling interests | 43,299 | 41,062 | ||
Total equity | 10,281,989 | 9,838,804 | ||
Total liabilities and equity | $ | 18,506,984 | $ | 18,537,846 |
Consolidated Statements of Operations | ||||||||
($ in thousands, except shares and per share amounts) | ||||||||
Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | |||||
(unaudited) | (unaudited) | (unaudited) | ||||||
Revenues:
|
||||||||
Rental revenues
|
$ | 505,936 | $ | 449,113 | $ | 989,931 | $ | 887,246 |
Other property income
|
48,605 | 41,505 | 94,809 | 77,826 | ||||
Management fee revenues | 2,759 | 1,015 | 4,870 | 1,786 | ||||
Total revenues | 557,300 | 491,633 | 1,089,610 | 966,858 | ||||
Expenses:
|
||||||||
Property operating and maintenance
|
190,680 | 175,422 | 372,949 | 343,795 | ||||
Property management expense
|
21,814 | 17,696 | 42,781 | 33,538 | ||||
General and administrative
|
19,342 | 19,828 | 36,981 | 36,778 | ||||
Interest expense
|
74,840 | 80,764 | 149,229 | 164,170 | ||||
Depreciation and amortization
|
158,572 | 145,280 | 314,368 | 289,781 | ||||
Impairment and other
|
1,355 | 980 | 2,870 | 1,336 | ||||
Total expenses
|
466,603 | 439,970 | 919,178 | 869,398 | ||||
Gains (losses) on investments in equity securities, net | (172) | (7,002) | (3,204) | (10,142) | ||||
Other, net | (3,827) | (1,903) | (3,233) | (1,673) | ||||
Gain on sale of property, net of tax | 27,508 | 17,919 | 45,534 | 32,403 | ||||
Income (loss) from investments in unconsolidated joint ventures | (2,701) | 11 | (5,021) | 362 | ||||
Net income
|
111,505 | 60,688 | 204,508 | 118,410 | ||||
Net income attributable to non-controlling interests | (542) | (350) | (930) | (705) | ||||
Net income attributable to common stockholders
|
110,963 | 60,338 | 203,578 | 117,705 | ||||
Net income available to participating securities
|
(148) | (96) | (368) | (191) | ||||
Net income available to common stockholders - basic and diluted
|
$ | 110,815 | $ | 60,242 | $ | 203,210 | $ | 117,514 |
Weighted average common shares outstanding - basic | 610,331,643 | 567,931,472 | 608,381,768 | 567,655,034 | ||||
Weighted average common shares outstanding - diluted | 611,620,475 | 569,283,166 | 609,775,270 | 569,056,182 | ||||
Net income per common share - basic
|
$ | 0.18 | $ | 0.11 | $ | 0.33 | $ | 0.21 |
Net income per common share - diluted
|
$ | 0.18 | $ | 0.11 | $ | 0.33 | $ | 0.21 |
Dividends declared per common share | $ | 0.22 | $ | 0.17 | $ | 0.44 | $ | 0.34 |
Reconciliation of FFO, Core FFO, and AFFO
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($ in thousands, except shares and per share amounts) (unaudited)
|
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FFO Reconciliation
|
Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | ||||
Net income available to common stockholders | $ | 110,815 | $ | 60,242 | $ | 203,210 | $ | 117,514 |
Net income available to participating securities
|
148 | 96 | 368 | 191 | ||||
Non-controlling interests
|
542 | 350 | 930 | 705 | ||||
Depreciation and amortization on real estate assets
|
156,433 | 143,607 | 310,073 | 286,391 | ||||
Impairment on depreciated real estate investments
|
36 | 93 | 137 | 524 | ||||
Net gain on sale of previously depreciated investments in real estate | (27,508) | (17,919) | (45,534) | (32,403) | ||||
Depreciation and net gain on sale of investments in unconsolidated joint ventures | 916 | 142 | 1,416 | (90) | ||||
FFO
|
$ | 241,382 | $ | 186,611 | $ | 470,600 | $ | 372,832 |
Core FFO Reconciliation
|
Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | ||||
FFO
|
$ | 241,382 | $ | 186,611 | $ | 470,600 | $ | 372,832 |
Non-cash interest expense, including the Company's share from unconsolidated joint ventures | 6,498 | 8,169 | 12,968 | 16,787 | ||||
Share-based compensation expense
|
7,989 | 9,206 | 14,635 | 15,020 | ||||
Severance expense
|
189 | 160 | 207 | 274 | ||||
Casualty (gains) losses, net | 1,319 | 887 | 2,733 | 812 | ||||
Losses on investments in equity securities, net | 172 | 7,002 | 3,204 | 10,142 | ||||
Core FFO
|
$ | 257,549 | $ | 212,035 | $ | 504,347 | $ | 415,867 |
AFFO Reconciliation
|
Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | ||||
Core FFO
|
$ | 257,549 | $ | 212,035 | $ | 504,347 | $ | 415,867 |
Recurring capital expenditures, including the Company's share from unconsolidated joint ventures | (37,544) | (28,714) | (70,374) | (53,189) | ||||
Adjusted FFO
|
$ | 220,005 | $ | 183,321 | $ | 433,973 | $ | 362,678 |
Net income available to common stockholders | ||||||||
Weighted average common shares outstanding - diluted | 611,620,475 | 569,283,166 | 609,775,270 | 569,056,182 | ||||
Net income per common share - diluted | $ | 0.18 | $ | 0.11 | $ | 0.33 | $ | 0.21 |
FFO
|
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Numerator for FFO per common share - diluted | $ | 241,382 | $ | 190,955 | $ | 470,600 | $ | 381,520 |
Weighted average common shares and OP Units outstanding - diluted | 614,569,431 | 587,982,707 | 612,648,238 | 587,906,276 | ||||
FFO per share - diluted | $ | 0.39 | $ | 0.32 | $ | 0.77 | $ | 0.65 |
Core FFO and Adjusted FFO | ||||||||
Weighted average common shares and OP Units outstanding - diluted | 614,569,431 | 572,822,015 | 612,648,238 | 572,745,584 | ||||
Core FFO per share - diluted | $ | 0.42 | $ | 0.37 | $ | 0.82 | $ | 0.73 |
AFFO per share - diluted | $ | 0.36 | $ | 0.32 | $ | 0.71 | $ | 0.63 |
Diluted Shares Outstanding | ||||
(unaudited) | ||||
Weighted Average Amounts for Net Income | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 |
Common shares - basic | 610,331,643 | 567,931,472 | 608,381,768 | 567,655,034 |
Shares potentially issuable from vesting/conversion of equity-based awards
|
1,288,832 | 1,351,694 | 1,393,502 | 1,401,148 |
Total common shares - diluted | 611,620,475 | 569,283,166 | 609,775,270 | 569,056,182 |
Weighted average amounts for FFO | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 |
Common shares - basic | 610,331,643 | 567,931,472 | 608,381,768 | 567,655,034 |
OP units - basic | 2,770,970 | 3,232,241 | 2,655,270 | 3,347,125 |
Shares potentially issuable from vesting/conversion of equity-based awards
|
1,466,818 | 1,658,302 | 1,611,200 | 1,743,425 |
Shares issuable from the 2022 Convertible Notes | - | 15,160,692 | - | 15,160,692 |
Total common shares and units - diluted | 614,569,431 | 587,982,707 | 612,648,238 | 587,906,276 |
Weighted average amounts for Core and AFFO | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 |
Common shares - basic | 610,331,643 | 567,931,472 | 608,381,768 | 567,655,034 |
OP units - basic | 2,770,970 | 3,232,241 | 2,655,270 | 3,347,125 |
Shares potentially issuable from vesting/conversion of equity-based awards
|
1,466,818 | 1,658,302 | 1,611,200 | 1,743,425 |
Total common shares and units - diluted | 614,569,431 | 572,822,015 | 612,648,238 | 572,745,584 |
Period end amounts for Core FFO, and AFFO | June 30, 2022 | |||
Common shares | 610,359,909 | |||
OP units | 2,787,395 | |||
Shares potentially issuable from vesting/conversion of equity-based awards
|
1,150,828 | |||
Total common shares and units - diluted
|
614,298,132 | |||
Debt Structure and Leverage Ratios - As of June 30, 2022
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($ in thousands) | |||||||
Wtd Avg | Wtd Avg | ||||||
Interest | Years to | ||||||
Debt Structure | Balance | % of Total |
Rate (1)
|
Maturity (2)
|
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Secured: | |||||||
Fixed (3)
|
$ | 1,398,013 | 17.9 | % | 4.0 | % | 6.1 |
Floating - swapped to fixed | 1,227,682 | 15.7 | % | 4.0 | % | 3.1 | |
Floating | - | - | % | - | % | - | |
Total secured | 2,625,695 | 33.6 | % | 4.0 | % | 4.7 | |
Unsecured: | |||||||
Fixed | 2,550,000 | 32.6 | % | 2.8 | % | 9.1 | |
Floating - swapped to fixed | 2,592,318 | 33.1 | % | 3.9 | % | 3.7 | |
Floating | 57,682 | 0.7 | % | 3.0 | % | 7.0 | |
Total unsecured | 5,200,000 | 66.4 | % | 3.4 | % | 6.4 | |
Total Debt: | |||||||
Fixed + floating swapped to fixed (3)
|
7,768,013 | 99.3 | % | 3.6 | % | 5.8 | |
Floating | 57,682 | 0.7 | % | 3.0 | % | 7.0 | |
Total debt | 7,825,695 | 100.0 | % | 3.6 | % | 5.8 | |
Discount/amortization on Note Payable | (14,316) | ||||||
Deferred financing costs, net | (57,448) | ||||||
Total debt per Balance Sheet | 7,753,931 | ||||||
Retained and repurchased certificates | (116,940) | ||||||
Cash, ex-security deposits and letters of credit (4)
|
(306,049) | ||||||
Deferred financing costs, net | 57,448 | ||||||
Unamortized discount on note payable | 14,316 | ||||||
Net debt | $ | 7,402,706 | |||||
Leverage Ratios | June 30, 2022 | ||||||
Net Debt / TTM Adjusted EBITDAre
|
5.9 | x | |||||
Credit Ratings | Ratings | Outlook | |||||
Fitch Ratings, Inc. | BBB | Stable | |||||
Moody's Investor Services | Baa3 | Stable | |||||
Standard & Poor's Rating Services | BBB- | Stable | |||||
Unsecured Facilities Covenant Compliance (5)
|
Unsecured Public Bond Covenant Compliance (6)
|
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Actual | Requirement | Actual | Requirement | ||||
Total leverage ratio | 31.5 | % | ≤ 60% | Aggregate debt ratio | 36.0 | % | ≤ 65% |
Secured leverage ratio | 10.6 | % | ≤ 45% | Secured debt ratio | 11.7 | % | ≤ 40% |
Unencumbered leverage ratio | 27.0 | % | ≤ 60% | Unencumbered assets ratio | 324.4 | % | ≥ 150% |
Fixed charge coverage ratio | 4.2x | ≥ 1.5x | Debt service ratio | 4.2x | ≥ 1.5x | ||
Unsecured interest coverage ratio | 6.2x | ≥ 1.75x | |||||
Debt Maturity Schedule - As of June 30, 2022
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($ in thousands) (unaudited) | ||||||||||
Revolving | ||||||||||
Secured | Unsecured | Credit | % of | |||||||
Debt Maturities, with Extensions (1)
|
Debt | Debt | Facility | Balance | Total | |||||
2022 | $ | - | $ | - | $ | - | $ | - | - | % |
2023 | - | - | - | - | - | % | ||||
2024 | - | - | - | - | - | % | ||||
2025 | 563,116 | - | - | 563,116 | 7.2 | % | ||||
2026 | 664,566 | 2,500,000 | - | 3,164,566 | 40.4 | % | ||||
2027 | 994,650 | - | - | 994,650 | 12.7 | % | ||||
2028 | - | 750,000 | - | 750,000 | 9.6 | % | ||||
2029 | - | 150,000 | - | 150,000 | 1.9 | % | ||||
2030 | - | - | - | - | - | % | ||||
2031 | 403,363 | 650,000 | - | 1,053,363 | 13.5 | % | ||||
2032 | - | 600,000 | - | 600,000 | 7.7 | % | ||||
2033 | - | - | - | - | - | % | ||||
2034 | - | 400,000 | - | 400,000 | 5.1 | % | ||||
2035 | - | - | - | - | - | % | ||||
2036 | - | 150,000 | - | 150,000 | 1.9 | % | ||||
2,625,695 | 5,200,000 | - | 7,825,695 | 100.0 | % | |||||
Unamortized discount on note payable | (1,761) | (12,555) | - | (14,316) | ||||||
Deferred financing costs, net | (10,774) | (46,674) | - | (57,448) | ||||||
Total per Balance Sheet | $ | 2,613,160 | $ | 5,140,771 | $ | - | $ | 7,753,931 | ||
. |
Summary of Operating Information by Home Portfolio | ||||||||||||
($ in thousands) (unaudited) | ||||||||||||
Number of Homes, period-end | Q2 2022 | |||||||||||
Total Portfolio | 83,093 | |||||||||||
Same Store Portfolio | 75,215 | |||||||||||
Same Store % of Total | 90.5 | % | ||||||||||
Core Revenues | Q2 2022 | Q2 2021 | Change YoY | YTD 2022 | YTD 2021 | Change YoY | ||||||
Total Portfolio | $ | 525,147 | $ | 464,542 | 13.0 | % | $ | 1,026,584 | $ | 914,256 | 12.3 | % |
Same Store Portfolio | 483,279 | 437,568 | 10.4 | % | 949,945 | 863,681 | 10.0 | % | ||||
Core Operating Expenses | Q2 2022 | Q2 2021 | Change YoY | YTD 2022 | YTD 2021 | Change YoY | ||||||
Total Portfolio | $ | 161,286 | $ | 149,346 | 8.0 | % | $ | 314,793 | $ | 292,979 | 7.4 | % |
Same Store Portfolio | 148,861 | 140,114 | 6.2 | % | 290,339 | 275,642 | 5.3 | % | ||||
Net Operating Income | Q2 2022 | Q2 2021 | Change YoY | YTD 2022 | YTD 2021 | Change YoY | ||||||
Total Portfolio | $ | 363,861 | $ | 315,196 | 15.4 | % | $ | 711,791 | $ | 621,277 | 14.6 | % |
Same Store Portfolio | 334,418 | 297,454 | 12.4 | % | 659,606 | 588,039 | 12.2 | % | ||||
Same Store Portfolio Core Operating Detail | ||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||
Change | Change | Change | ||||||||||||||
Q2 2022 | Q2 2021 | YoY | Q1 2022 | Seq | YTD 2022 | YTD 2021 | YoY | |||||||||
Revenues: | ||||||||||||||||
Rental revenues (1)
|
$ | 466,189 | $ | 423,310 | 10.1 | % | $ | 450,925 | 3.4 | % | $ | 917,114 | $ | 838,725 | 9.3 | % |
Other property income, net (1)(2)(3)
|
17,090 | 14,258 | 19.9 | % | 15,741 | 8.6 | % | 32,831 | 24,956 | 31.6 | % | |||||
Core Revenues | 483,279 | 437,568 | 10.4 | % | 466,666 | 3.6 | % | 949,945 | 863,681 | 10.0 | % | |||||
Fixed Expenses: | ||||||||||||||||
Property taxes | 76,720 | 73,263 | 4.7 | % | 76,759 | (0.1) | % | 153,479 | 146,888 | 4.5 | % | |||||
Insurance expenses | 8,608 | 8,426 | 2.2 | % | 8,523 | 1.0 | % | 17,131 | 16,534 | 3.6 | % | |||||
HOA expenses | 8,708 | 8,421 | 3.4 | % | 8,622 | 1.0 | % | 17,330 | 16,911 | 2.5 | % | |||||
Controllable Expenses: | ||||||||||||||||
Repairs and maintenance, net (4)
|
22,971 | 19,938 | 15.2 | % | 19,958 | 15.1 | % | 42,929 | 36,731 | 16.9 | % | |||||
Personnel, leasing and marketing | 19,622 | 18,444 | 6.4 | % | 17,944 | 9.4 | % | 37,566 | 36,745 | 2.2 | % | |||||
Turnover, net (4)
|
8,129 | 8,357 | (2.7) | % | 6,004 | 35.4 | % | 14,133 | 15,263 | (7.4) | % | |||||
Utilities and property administrative, net (4)
|
4,103 | 3,265 | 25.7 | % | 3,668 | 11.9 | % | 7,771 | 6,570 | 18.3 | % | |||||
Core Operating Expenses | 148,861 | 140,114 | 6.2 | % | 141,478 | 5.2 | % | 290,339 | 275,642 | 5.3 | % | |||||
Net Operating Income | $ | 334,418 | $ | 297,454 | 12.4 | % | $ | 325,188 | 2.8 | % | $ | 659,606 | $ | 588,039 | 12.2 | % |
Same Store Quarterly Operating Trends | ||||||||||
(unaudited) | ||||||||||
Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | ||||||
Average Occupancy | 98.0 | % | 98.2 | % | 98.1 | % | 98.1 | % | 98.4 | % |
Turnover Rate | 5.8 | % | 4.5 | % | 4.7 | % | 6.3 | % | 6.8 | % |
Trailing four quarters Turnover Rate | 21.3 | % | 22.3 | % | N/A | N/A | N/A | |||
Average Monthly Rent | $ | 2,124 | $ | 2,074 | $ | 2,034 | $ | 1,989 | $ | 1,942 |
Rental Rate Growth (lease-over-lease): | ||||||||||
Renewals | 10.2 | % | 9.6 | % | 8.9 | % | 7.7 | % | 5.8 | % |
New leases | 16.7 | % | 14.9 | % | 17.1 | % | 18.3 | % | 13.7 | % |
Blended | 11.8 | % | 10.9 | % | 11.0 | % | 10.6 | % | 8.0 | % |
Wholly Owned Portfolio Characteristics - As of and for the Quarter Ended June 30, 2022 (1)
|
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(unaudited) | |||||||||
Number of Homes | Average Occupancy | Average Monthly Rent | Average Monthly Rent PSF | Percent of Revenue | |||||
Western United States: | |||||||||
Southern California | 7,826 | 97.6 | % | $ | 2,779 | $ | 1.64 | 12.0 | % |
Northern California | 4,467 | 94.6 | % | 2,486 | 1.59 | 6.2 | % | ||
Seattle | 4,086 | 92.3 | % | 2,602 | 1.35 | 5.8 | % | ||
Phoenix | 8,885 | 95.4 | % | 1,808 | 1.08 | 9.2 | % | ||
Las Vegas | 3,176 | 95.2 | % | 2,024 | 1.02 | 3.6 | % | ||
Denver | 2,671 | 89.4 | % | 2,360 | 1.29 | 3.4 | % | ||
Western US Subtotal | 31,111 | 94.9 | % | 2,326 | 1.34 | 40.2 | % | ||
Florida: | |||||||||
South Florida | 8,346 | 97.8 | % | 2,560 | 1.37 | 12.1 | % | ||
Tampa | 8,580 | 97.2 | % | 1,995 | 1.07 | 9.9 | % | ||
Orlando | 6,446 | 97.3 | % | 1,963 | 1.05 | 7.2 | % | ||
Jacksonville | 1,928 | 96.9 | % | 1,967 | 0.99 | 2.2 | % | ||
Florida Subtotal | 25,300 | 97.4 | % | 2,172 | 1.16 | 31.4 | % | ||
Southeast United States: | |||||||||
Atlanta | 12,686 | 97.0 | % | 1,793 | 0.87 | 13.1 | % | ||
Carolinas | 5,356 | 94.9 | % | 1,844 | 0.86 | 5.5 | % | ||
Southeast US Subtotal | 18,042 | 96.4 | % | 1,808 | 0.87 | 18.6 | % | ||
Texas: | |||||||||
Houston | 2,119 | 96.7 | % | 1,724 | 0.89 | 2.1 | % | ||
Dallas | 2,857 | 95.7 | % | 2,027 | 0.99 | 3.3 | % | ||
Texas Subtotal | 4,976 | 96.1 | % | 1,897 | 0.95 | 5.4 | % | ||
Midwest United States: | |||||||||
Chicago | 2,548 | 97.6 | % | 2,152 | 1.34 | 3.1 | % | ||
Minneapolis | 1,116 | 97.1 | % | 2,129 | 1.09 | 1.3 | % | ||
Midwest US Subtotal | 3,664 | 97.4 | % | 2,145 | 1.25 | 4.4 | % | ||
Total / Average | 83,093 | 96.2 | % | $ | 2,132 | $ | 1.14 | 100.0 | % |
Same Store Total / Average | 75,215 | 98.0 | % | $ | 2,124 | $ | 1.14 | 92.1 | % |
Same Store Core Revenues Growth Summary - YoY Quarter | |||||||||||||||||||
($ in thousands, except avg. monthly rent) (unaudited) | |||||||||||||||||||
Avg. Monthly Rent | Average Occupancy | Core Revenues | |||||||||||||||||
YoY, Q2 2022 | Number of Homes | Q2 2022 | Q2 2021 | Change | Q2 2022 | Q2 2021 | Change | Q2 2022 | Q2 2021 | Change | |||||||||
Western United States: | |||||||||||||||||||
Southern California | 7,564 | $ | 2,779 | $ | 2,611 | 6.4 | % | 98.3 | % | 98.8 | % | (0.5) | % | $ | 61,776 | $ | 55,692 | 10.9 | % |
Northern California | 3,915 | 2,462 | 2,272 | 8.4 | % | 98.3 | % | 99.0 | % | (0.7) | % | 29,290 | 25,889 | 13.1 | % | ||||
Seattle | 3,508 | 2,579 | 2,350 | 9.7 | % | 98.3 | % | 98.9 | % | (0.6) | % | 27,440 | 24,141 | 13.7 | % | ||||
Phoenix | 7,634 | 1,769 | 1,569 | 12.7 | % | 98.0 | % | 98.6 | % | (0.6) | % | 41,619 | 36,957 | 12.6 | % | ||||
Las Vegas | 2,696 | 2,011 | 1,787 | 12.5 | % | 97.9 | % | 98.6 | % | (0.7) | % | 16,414 | 14,425 | 13.8 | % | ||||
Denver | 2,012 | 2,330 | 2,176 | 7.1 | % | 97.6 | % | 97.9 | % | (0.3) | % | 14,299 | 13,463 | 6.2 | % | ||||
Western US Subtotal | 27,329 | 2,318 | 2,125 | 9.1 | % | 98.1 | % | 98.7 | % | (0.6) | % | 190,838 | 170,567 | 11.9 | % | ||||
Florida: | |||||||||||||||||||
South Florida | 7,837 | 2,569 | 2,308 | 11.3 | % | 98.4 | % | 98.1 | % | 0.3 | % | 60,782 | 54,875 | 10.8 | % | ||||
Tampa | 7,837 | 1,971 | 1,777 | 10.9 | % | 98.2 | % | 98.2 | % | - | % | 47,516 | 42,782 | 11.1 | % | ||||
Orlando | 5,937 | 1,944 | 1,779 | 9.3 | % | 98.1 | % | 98.0 | % | 0.1 | % | 35,362 | 32,598 | 8.5 | % | ||||
Jacksonville | 1,839 | 1,953 | 1,788 | 9.2 | % | 97.6 | % | 98.6 | % | (1.0) | % | 10,949 | 10,085 | 8.6 | % | ||||
Florida Subtotal | 23,450 | 2,163 | 1,956 | 10.6 | % | 98.2 | % | 98.2 | % | - | % | 154,609 | 140,340 | 10.2 | % | ||||
Southeast United States: | |||||||||||||||||||
Atlanta | 11,959 | 1,789 | 1,626 | 10.0 | % | 97.8 | % | 98.2 | % | (0.4) | % | 64,703 | 58,522 | 10.6 | % | ||||
Carolinas | 4,645 | 1,828 | 1,686 | 8.4 | % | 97.8 | % | 98.2 | % | (0.4) | % | 25,950 | 23,790 | 9.1 | % | ||||
Southeast US Subtotal | 16,604 | 1,800 | 1,643 | 9.6 | % | 97.8 | % | 98.2 | % | (0.4) | % | 90,653 | 82,312 | 10.1 | % | ||||
Texas | |||||||||||||||||||
Houston | 1,929 | 1,722 | 1,621 | 6.2 | % | 97.3 | % | 97.7 | % | (0.4) | % | 10,085 | 9,548 | 5.6 | % | ||||
Dallas | 2,261 | 2,039 | 1,889 | 7.9 | % | 97.3 | % | 98.0 | % | (0.7) | % | 13,938 | 12,973 | 7.4 | % | ||||
Texas Subtotal | 4,190 | 1,893 | 1,766 | 7.2 | % | 97.3 | % | 97.9 | % | (0.6) | % | 24,023 | 22,521 | 6.7 | % | ||||
Midwest United States: | |||||||||||||||||||
Chicago | 2,532 | 2,158 | 2,041 | 5.7 | % | 97.9 | % | 98.5 | % | (0.6) | % | 16,112 | 15,322 | 5.2 | % | ||||
Minneapolis | 1,110 | 2,130 | 2,000 | 6.5 | % | 97.3 | % | 97.9 | % | (0.6) | % | 7,044 | 6,506 | 8.3 | % | ||||
Midwest US Subtotal | 3,642 | 2,149 | 2,029 | 5.9 | % | 97.7 | % | 98.3 | % | (0.6) | % | 23,156 | 21,828 | 6.1 | % | ||||
Total / Average | 75,215 | $ | 2,124 | $ | 1,942 | 9.4 | % | 98.0 | % | 98.4 | % | (0.4) | % | $ | 483,279 | $ | 437,568 | 10.4 | % |
Same Store Core Revenues Growth Summary - Sequential Quarter | |||||||||||||||||||
($ in thousands, except avg. monthly rent) (unaudited) | |||||||||||||||||||
Avg. Monthly Rent | Average Occupancy | Core Revenues | |||||||||||||||||
Seq, Q1 2022 | Number of Homes | Q2 2022 | Q1 2022 | Change | Q2 2022 | Q1 2022 | Change | Q2 2022 | Q1 2022 | Change | |||||||||
Western United States: | |||||||||||||||||||
Southern California | 7,564 | $ | 2,779 | $ | 2,746 | 1.2 | % | 98.3 | % | 98.6 | % | (0.3) | % | $ | 61,776 | $ | 59,591 | 3.7 | % |
Northern California | 3,915 | 2,462 | 2,409 | 2.2 | % | 98.3 | % | 98.5 | % | (0.2) | % | 29,290 | 27,171 | 7.8 | % | ||||
Seattle | 3,508 | 2,579 | 2,526 | 2.1 | % | 98.3 | % | 98.0 | % | 0.3 | % | 27,440 | 26,209 | 4.7 | % | ||||
Phoenix | 7,634 | 1,769 | 1,717 | 3.0 | % | 98.0 | % | 98.4 | % | (0.4) | % | 41,619 | 40,248 | 3.4 | % | ||||
Las Vegas | 2,696 | 2,011 | 1,952 | 3.0 | % | 97.9 | % | 98.3 | % | (0.4) | % | 16,414 | 15,780 | 4.0 | % | ||||
Denver | 2,012 | 2,330 | 2,288 | 1.8 | % | 97.6 | % | 98.2 | % | (0.6) | % | 14,299 | 13,848 | 3.3 | % | ||||
Western US Subtotal | 27,329 | 2,318 | 2,270 | 2.1 | % | 98.1 | % | 98.4 | % | (0.3) | % | 190,838 | 182,847 | 4.4 | % | ||||
Florida: | |||||||||||||||||||
South Florida | 7,837 | 2,569 | 2,490 | 3.2 | % | 98.4 | % | 98.7 | % | (0.3) | % | 60,782 | 59,427 | 2.3 | % | ||||
Tampa | 7,837 | 1,971 | 1,917 | 2.8 | % | 98.2 | % | 98.1 | % | 0.1 | % | 47,516 | 45,827 | 3.7 | % | ||||
Orlando | 5,937 | 1,944 | 1,898 | 2.4 | % | 98.1 | % | 98.1 | % | - | % | 35,362 | 34,497 | 2.5 | % | ||||
Jacksonville | 1,839 | 1,953 | 1,903 | 2.6 | % | 97.6 | % | 97.9 | % | (0.3) | % | 10,949 | 10,673 | 2.6 | % | ||||
Florida Subtotal | 23,450 | 2,163 | 2,103 | 2.9 | % | 98.2 | % | 98.3 | % | (0.1) | % | 154,609 | 150,424 | 2.8 | % | ||||
Southeast United States: | |||||||||||||||||||
Atlanta | 11,959 | 1,789 | 1,745 | 2.5 | % | 97.8 | % | 97.7 | % | 0.1 | % | 64,703 | 62,383 | 3.7 | % | ||||
Carolinas | 4,645 | 1,828 | 1,790 | 2.1 | % | 97.8 | % | 97.9 | % | (0.1) | % | 25,950 | 25,317 | 2.5 | % | ||||
Southeast US Subtotal | 16,604 | 1,800 | 1,757 | 2.4 | % | 97.8 | % | 97.7 | % | 0.1 | % | 90,653 | 87,700 | 3.4 | % | ||||
Texas | |||||||||||||||||||
Houston | 1,929 | 1,722 | 1,691 | 1.8 | % | 97.3 | % | 97.8 | % | (0.5) | % | 10,085 | 9,914 | 1.7 | % | ||||
Dallas | 2,261 | 2,039 | 1,988 | 2.6 | % | 97.3 | % | 97.1 | % | 0.2 | % | 13,938 | 13,378 | 4.2 | % | ||||
Texas Subtotal | 4,190 | 1,893 | 1,851 | 2.3 | % | 97.3 | % | 97.5 | % | (0.2) | % | 24,023 | 23,292 | 3.1 | % | ||||
Midwest United States: | |||||||||||||||||||
Chicago | 2,532 | 2,158 | 2,118 | 1.9 | % | 97.9 | % | 98.8 | % | (0.9) | % | 16,112 | 15,541 | 3.7 | % | ||||
Minneapolis | 1,110 | 2,130 | 2,087 | 2.1 | % | 97.3 | % | 97.2 | % | 0.1 | % | 7,044 | 6,862 | 2.7 | % | ||||
Midwest US Subtotal | 3,642 | 2,149 | 2,109 | 1.9 | % | 97.7 | % | 98.3 | % | (0.6) | % | 23,156 | 22,403 | 3.4 | % | ||||
Total / Average | 75,215 | $ | 2,124 | $ | 2,074 | 2.4 | % | 98.0 | % | 98.2 | % | (0.2) | % | $ | 483,279 | $ | 466,666 | 3.6 | % |
Same Store Core Revenues Growth Summary - YTD | |||||||||||||||||||
($ in thousands, except avg. monthly rent) (unaudited) | |||||||||||||||||||
Avg. Monthly Rent | Average Occupancy | Core Revenues | |||||||||||||||||
YoY, YTD 2022 | Number of Homes | YTD 2022 | YTD 2021 | Change | YTD 2022 | YTD 2021 | Change | YTD 2022 | YTD 2021 | Change | |||||||||
Western United States: | |||||||||||||||||||
Southern California | 7,564 | $ | 2,762 | $ | 2,602 | 6.1 | % | 98.5 | % | 98.8 | % | (0.3) | % | $ | 121,367 | $ | 110,605 | 9.7 | % |
Northern California | 3,915 | 2,435 | 2,265 | 7.5 | % | 98.4 | % | 99.0 | % | (0.6) | % | 56,461 | 51,293 | 10.1 | % | ||||
Seattle | 3,508 | 2,553 | 2,332 | 9.5 | % | 98.2 | % | 98.8 | % | (0.6) | % | 53,649 | 47,654 | 12.6 | % | ||||
Phoenix | 7,634 | 1,743 | 1,552 | 12.3 | % | 98.2 | % | 98.6 | % | (0.4) | % | 81,867 | 72,744 | 12.5 | % | ||||
Las Vegas | 2,696 | 1,981 | 1,770 | 11.9 | % | 98.1 | % | 98.6 | % | (0.5) | % | 32,194 | 28,387 | 13.4 | % | ||||
Denver | 2,012 | 2,309 | 2,162 | 6.8 | % | 97.9 | % | 97.8 | % | 0.1 | % | 28,147 | 26,508 | 6.2 | % | ||||
Western US Subtotal | 27,329 | 2,294 | 2,112 | 8.6 | % | 98.3 | % | 98.7 | % | (0.4) | % | 373,685 | 373685 | 337,191 | 10.8 | % | |||
Florida: | |||||||||||||||||||
South Florida | 7,837 | 2,530 | 2,291 | 10.4 | % | 98.6 | % | 98.0 | % | 0.6 | % | 120,209 | 107,931 | 11.4 | % | ||||
Tampa | 7,837 | 1,944 | 1,764 | 10.2 | % | 98.2 | % | 98.1 | % | 0.1 | % | 93,343 | 84,228 | 10.8 | % | ||||
Orlando | 5,937 | 1,921 | 1,768 | 8.7 | % | 98.1 | % | 97.9 | % | 0.2 | % | 69,859 | 64,199 | 8.8 | % | ||||
Jacksonville | 1,839 | 1,928 | 1,775 | 8.6 | % | 97.7 | % | 98.7 | % | (1.0) | % | 21,622 | 20,020 | 8.0 | % | ||||
Florida Subtotal | 23,450 | 2,133 | 1,942 | 9.8 | % | 98.3 | % | 98.1 | % | 0.2 | % | 305,033 | 276,378 | 10.4 | % | ||||
Southeast United States: | |||||||||||||||||||
Atlanta | 11,959 | 1,767 | 1,613 | 9.5 | % | 97.7 | % | 98.3 | % | (0.6) | % | 127,086 | 115,467 | 10.1 | % | ||||
Carolinas | 4,645 | 1,809 | 1,673 | 8.1 | % | 97.8 | % | 98.3 | % | (0.5) | % | 51,267 | 47,015 | 9.0 | % | ||||
Southeast US Subtotal | 16,604 | 1,779 | 1,630 | 9.1 | % | 97.8 | % | 98.3 | % | (0.5) | % | 178,353 | 162,482 | 9.8 | % | ||||
Texas | |||||||||||||||||||
Houston | 1,929 | 1,707 | 1,613 | 5.8 | % | 97.6 | % | 97.8 | % | (0.2) | % | 19,999 | 18,797 | 6.4 | % | ||||
Dallas | 2,261 | 2,014 | 1,878 | 7.2 | % | 97.2 | % | 98.1 | % | (0.9) | % | 27,316 | 25,498 | 7.1 | % | ||||
Texas Subtotal | 4,190 | 1,872 | 1,756 | 6.6 | % | 97.4 | % | 98.0 | % | (0.6) | % | 47,315 | 44,295 | 6.8 | % | ||||
Midwest United States: | |||||||||||||||||||
Chicago | 2,532 | 2,138 | 2,029 | 5.4 | % | 98.3 | % | 98.7 | % | (0.4) | % | 31,653 | 30,332 | 4.4 | % | ||||
Minneapolis | 1,110 | 2,109 | 1,985 | 6.2 | % | 97.3 | % | 98.0 | % | (0.7) | % | 13,906 | 13,003 | 6.9 | % | ||||
Midwest US Subtotal | 3,642 | 2,129 | 2,016 | 5.6 | % | 98.0 | % | 98.4 | % | (0.4) | % | 45,559 | 43,335 | 5.1 | % | ||||
Total / Average | 75,215 | $ | 2,099 | $ | 1,928 | 8.9 | % | 98.1 | % | 98.4 | % | (0.3) | % | $ | 949,945 | $ | 863,681 | 10.0 | % |
Same Store NOI Growth and Margin Summary - YoY Quarter | ||||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||||
Core Revenues | Core Operating Expenses | Net Operating Income | Core NOI Margin | |||||||||||||||||||
YoY, Q2 2022 | Q2 2022 | Q2 2021 | Change | Q2 2022 | Q2 2021 | Change | Q2 2022 | Q2 2021 | Change | Q2 2022 | Q2 2021 | |||||||||||
Western United States: | ||||||||||||||||||||||
Southern California | $ | 61,776 | $ | 55,692 | 10.9 | % | $ | 17,170 | $ | 16,725 | 2.7 | % | $ | 44,606 | $ | 38,967 | 14.5 | % | 72.2 | % | 70.0 | % |
Northern California | 29,290 | 25,889 | 13.1 | % | 7,643 | 7,250 | 5.4 | % | 21,647 | 18,639 | 16.1 | % | 73.9 | % | 72.0 | % | ||||||
Seattle | 27,440 | 24,141 | 13.7 | % | 7,172 | 6,384 | 12.3 | % | 20,268 | 17,757 | 14.1 | % | 73.9 | % | 73.6 | % | ||||||
Phoenix | 41,619 | 36,957 | 12.6 | % | 8,686 | 7,901 | 9.9 | % | 32,933 | 29,056 | 13.3 | % | 79.1 | % | 78.6 | % | ||||||
Las Vegas | 16,414 | 14,425 | 13.8 | % | 3,518 | 3,223 | 9.2 | % | 12,896 | 11,202 | 15.1 | % | 78.6 | % | 77.7 | % | ||||||
Denver | 14,299 | 13,463 | 6.2 | % | 2,936 | 2,756 | 6.5 | % | 11,363 | 10,707 | 6.1 | % | 79.5 | % | 79.5 | % | ||||||
Western US Subtotal | 190,838 | 170,567 | 11.9 | % | 47,125 | 44,239 | 6.5 | % | 143,713 | 126,328 | 13.8 | % | 75.3 | % | 74.1 | % | ||||||
Florida: | ||||||||||||||||||||||
South Florida | 60,782 | 54,875 | 10.8 | % | 23,070 | 21,958 | 5.1 | % | 37,712 | 32,917 | 14.6 | % | 62.0 | % | 60.0 | % | ||||||
Tampa | 47,516 | 42,782 | 11.1 | % | 17,075 | 16,160 | 5.7 | % | 30,441 | 26,622 | 14.3 | % | 64.1 | % | 62.2 | % | ||||||
Orlando | 35,362 | 32,598 | 8.5 | % | 11,805 | 11,176 | 5.6 | % | 23,557 | 21,422 | 10.0 | % | 66.6 | % | 65.7 | % | ||||||
Jacksonville | 10,949 | 10,085 | 8.6 | % | 3,655 | 3,409 | 7.2 | % | 7,294 | 6,676 | 9.3 | % | 66.6 | % | 66.2 | % | ||||||
Florida Subtotal | 154,609 | 140,340 | 10.2 | % | 55,605 | 52,703 | 5.5 | % | 99,004 | 87,637 | 13.0 | % | 64.0 | % | 62.4 | % | ||||||
Southeast United States: | ||||||||||||||||||||||
Atlanta | 64,703 | 58,522 | 10.6 | % | 19,114 | 18,180 | 5.1 | % | 45,589 | 40,342 | 13.0 | % | 70.5 | % | 68.9 | % | ||||||
Carolinas | 25,950 | 23,790 | 9.1 | % | 7,009 | 6,482 | 8.1 | % | 18,941 | 17,308 | 9.4 | % | 73.0 | % | 72.8 | % | ||||||
Southeast US Subtotal | 90,653 | 82,312 | 10.1 | % | 26,123 | 24,662 | 5.9 | % | 64,530 | 57,650 | 11.9 | % | 71.2 | % | 70.0 | % | ||||||
Texas | ||||||||||||||||||||||
Houston | 10,085 | 9,548 | 5.6 | % | 4,805 | 4,421 | 8.7 | % | 5,280 | 5,127 | 3.0 | % | 52.4 | % | 53.7 | % | ||||||
Dallas | 13,938 | 12,973 | 7.4 | % | 5,510 | 5,159 | 6.8 | % | 8,428 | 7,814 | 7.9 | % | 60.5 | % | 60.2 | % | ||||||
Texas Subtotal | 24,023 | 22,521 | 6.7 | % | 10,315 | 9,580 | 7.7 | % | 13,708 | 12,941 | 5.9 | % | 57.1 | % | 57.5 | % | ||||||
Midwest United States: | ||||||||||||||||||||||
Chicago | 16,112 | 15,322 | 5.2 | % | 7,304 | 6,854 | 6.6 | % | 8,808 | 8,468 | 4.0 | % | 54.7 | % | 55.3 | % | ||||||
Minneapolis | 7,044 | 6,506 | 8.3 | % | 2,389 | 2,076 | 15.1 | % | 4,655 | 4,430 | 5.1 | % | 66.1 | % | 68.1 | % | ||||||
Midwest US Subtotal | 23,156 | 21,828 | 6.1 | % | 9,693 | 8,930 | 8.5 | % | 13,463 | 12,898 | 4.4 | % | 58.1 | % | 59.1 | % | ||||||
Same Store Total / Average | $ | 483,279 | $ | 437,568 | 10.4 | % | $ | 148,861 | $ | 140,114 | 6.2 | % | $ | 334,418 | $ | 297,454 | 12.4 | % | 69.2 | % | 68.0 | % |
Same Store NOI Growth and Margin Summary - Sequential Quarter | ||||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||||
Core Revenues | Core Operating Expenses | Net Operating Income | Core NOI Margin | |||||||||||||||||||
Seq, Q2 2022 | Q2 2022 | Q1 2022 | Change | Q2 2022 | Q1 2022 | Change | Q2 2022 | Q1 2022 | Change | Q2 2022 | Q1 2022 | |||||||||||
Western United States: | ||||||||||||||||||||||
Southern California | $ | 61,776 | $ | 59,591 | 3.7 | % | $ | 17,170 | $ | 16,925 | 1.4 | % | $ | 44,606 | $ | 42,666 | 4.5 | % | 72.2 | % | 71.6 | % |
Northern California | 29,290 | 27,171 | 7.8 | % | 7,643 | 7,390 | 3.4 | % | 21,647 | 19,781 | 9.4 | % | 73.9 | % | 72.8 | % | ||||||
Seattle | 27,440 | 26,209 | 4.7 | % | 7,172 | 7,087 | 1.2 | % | 20,268 | 19,122 | 6.0 | % | 73.9 | % | 73.0 | % | ||||||
Phoenix | 41,619 | 40,248 | 3.4 | % | 8,686 | 7,769 | 11.8 | % | 32,933 | 32,479 | 1.4 | % | 79.1 | % | 80.7 | % | ||||||
Las Vegas | 16,414 | 15,780 | 4.0 | % | 3,518 | 3,094 | 13.7 | % | 12,896 | 12,686 | 1.7 | % | 78.6 | % | 80.4 | % | ||||||
Denver | 14,299 | 13,848 | 3.3 | % | 2,936 | 2,243 | 30.9 | % | 11,363 | 11,605 | (2.1) | % | 79.5 | % | 83.8 | % | ||||||
Western US Subtotal | 190,838 | 182,847 | 4.4 | % | 47,125 | 44,508 | 5.9 | % | 143,713 | 138,339 | 3.9 | % | 75.3 | % | 75.7 | % | ||||||
Florida: | ||||||||||||||||||||||
South Florida | 60,782 | 59,427 | 2.3 | % | 23,070 | 22,107 | 4.4 | % | 37,712 | 37,320 | 1.1 | % | 62.0 | % | 62.8 | % | ||||||
Tampa | 47,516 | 45,827 | 3.7 | % | 17,075 | 16,328 | 4.6 | % | 30,441 | 29,499 | 3.2 | % | 64.1 | % | 64.4 | % | ||||||
Orlando | 35,362 | 34,497 | 2.5 | % | 11,805 | 11,615 | 1.6 | % | 23,557 | 22,882 | 2.9 | % | 66.6 | % | 66.3 | % | ||||||
Jacksonville | 10,949 | 10,673 | 2.6 | % | 3,655 | 3,500 | 4.4 | % | 7,294 | 7,173 | 1.7 | % | 66.6 | % | 67.2 | % | ||||||
Florida Subtotal | 154,609 | 150,424 | 2.8 | % | 55,605 | 53,550 | 3.8 | % | 99,004 | 96,874 | 2.2 | % | 64.0 | % | 64.4 | % | ||||||
Southeast United States: | ||||||||||||||||||||||
Atlanta | 64,703 | 62,383 | 3.7 | % | 19,114 | 18,165 | 5.2 | % | 45,589 | 44,218 | 3.1 | % | 70.5 | % | 70.9 | % | ||||||
Carolinas | 25,950 | 25,317 | 2.5 | % | 7,009 | 6,619 | 5.9 | % | 18,941 | 18,698 | 1.3 | % | 73.0 | % | 73.9 | % | ||||||
Southeast US Subtotal | 90,653 | 87,700 | 3.4 | % | 26,123 | 24,784 | 5.4 | % | 64,530 | 62,916 | 2.6 | % | 71.2 | % | 71.7 | % | ||||||
Texas | ||||||||||||||||||||||
Houston | 10,085 | 9,914 | 1.7 | % | 4,805 | 4,504 | 6.7 | % | 5,280 | 5,410 | (2.4) | % | 52.4 | % | 54.6 | % | ||||||
Dallas | 13,938 | 13,378 | 4.2 | % | 5,510 | 5,163 | 6.7 | % | 8,428 | 8,215 | 2.6 | % | 60.5 | % | 61.4 | % | ||||||
Texas Subtotal | 24,023 | 23,292 | 3.1 | % | 10,315 | 9,667 | 6.7 | % | 13,708 | 13,625 | 0.6 | % | 57.1 | % | 58.5 | % | ||||||
Midwest United States: | ||||||||||||||||||||||
Chicago | 16,112 | 15,541 | 3.7 | % | 7,304 | 6,842 | 6.8 | % | 8,808 | 8,699 | 1.3 | % | 54.7 | % | 56.0 | % | ||||||
Minneapolis | 7,044 | 6,862 | 2.7 | % | 2,389 | 2,127 | 12.3 | % | 4,655 | 4,735 | (1.7) | % | 66.1 | % | 69.0 | % | ||||||
Midwest US Subtotal | 23,156 | 22,403 | 3.4 | % | 9,693 | 8,969 | 8.1 | % | 13,463 | 13,434 | 0.2 | % | 58.1 | % | 60.0 | % | ||||||
Same Store Total / Average | $ | 483,279 | $ | 466,666 | 3.6 | % | $ | 148,861 | $ | 141,478 | 5.2 | % | $ | 334,418 | $ | 325,188 | 2.8 | % | 69.2 | % | 69.7 | % |
Same Store NOI Growth and Margin Summary - YTD | ||||||||||||||||||||||
($ in thousands) (unaudited) | ||||||||||||||||||||||
Core Revenues | Core Operating Expenses | Net Operating Income | Core NOI Margin | |||||||||||||||||||
YoY, YTD 2022 | YTD 2022 | YTD 2021 | Change | YTD 2022 | YTD 2021 | Change | YTD 2022 | YTD 2021 | Change | YTD 2022 | YTD 2021 | |||||||||||
Western United States: | ||||||||||||||||||||||
Southern California | $ | 121,367 | $ | 110,605 | 9.7 | % | $ | 34,095 | $ | 33,499 | 1.8 | % | $ | 87,272 | $ | 77,106 | 13.2 | % | 71.9 | % | 69.7 | % |
Northern California | 56,461 | 51,293 | 10.1 | % | 15,033 | 14,314 | 5.0 | % | 41,428 | 36,979 | 12.0 | % | 73.4 | % | 72.1 | % | ||||||
Seattle | 53,649 | 47,654 | 12.6 | % | 14,259 | 12,917 | 10.4 | % | 39,390 | 34,737 | 13.4 | % | 73.4 | % | 72.9 | % | ||||||
Phoenix | 81,867 | 72,744 | 12.5 | % | 16,455 | 15,703 | 4.8 | % | 65,412 | 57,041 | 14.7 | % | 79.9 | % | 78.4 | % | ||||||
Las Vegas | 32,194 | 28,387 | 13.4 | % | 6,612 | 6,293 | 5.1 | % | 25,582 | 22,094 | 15.8 | % | 79.5 | % | 77.8 | % | ||||||
Denver | 28,147 | 26,508 | 6.2 | % | 5,179 | 5,340 | (3.0) | % | 22,968 | 21,168 | 8.5 | % | 81.6 | % | 79.9 | % | ||||||
Western US Subtotal | 373,685 | 337,191 | 10.8 | % | 91,633 | 88,066 | 4.1 | % | 282,052 | 249,125 | 13.2 | % | 75.5 | % | 73.9 | % | ||||||
Florida: | ||||||||||||||||||||||
South Florida | 120,209 | 107,931 | 11.4 | % | 45,177 | 43,623 | 3.6 | % | 75,032 | 64,308 | 16.7 | % | 62.4 | % | 59.6 | % | ||||||
Tampa | 93,343 | 84,228 | 10.8 | % | 33,403 | 31,710 | 5.3 | % | 59,940 | 52,518 | 14.1 | % | 64.2 | % | 62.4 | % | ||||||
Orlando | 69,859 | 64,199 | 8.8 | % | 23,420 | 21,804 | 7.4 | % | 46,439 | 42,395 | 9.5 | % | 66.5 | % | 66.0 | % | ||||||
Jacksonville | 21,622 | 20,020 | 8.0 | % | 7,155 | 6,750 | 6.0 | % | 14,467 | 13,270 | 9.0 | % | 66.9 | % | 66.3 | % | ||||||
Florida Subtotal | 305,033 | 276,378 | 10.4 | % | 109,155 | 103,887 | 5.1 | % | 195,878 | 172,491 | 13.6 | % | 64.2 | % | 62.4 | % | ||||||
Southeast United States: | ||||||||||||||||||||||
Atlanta | 127,086 | 115,467 | 10.1 | % | 37,279 | 35,307 | 5.6 | % | 89,807 | 80,160 | 12.0 | % | 70.7 | % | 69.4 | % | ||||||
Carolinas | 51,267 | 47,015 | 9.0 | % | 13,628 | 12,687 | 7.4 | % | 37,639 | 34,328 | 9.6 | % | 73.4 | % | 73.0 | % | ||||||
Southeast US Subtotal | 178,353 | 162,482 | 9.8 | % | 50,907 | 47,994 | 6.1 | % | 127,446 | 114,488 | 11.3 | % | 71.5 | % | 70.5 | % | ||||||
Texas | ||||||||||||||||||||||
Houston | 19,999 | 18,797 | 6.4 | % | 9,309 | 8,573 | 8.6 | % | 10,690 | 10,224 | 4.6 | % | 53.5 | % | 54.4 | % | ||||||
Dallas | 27,316 | 25,498 | 7.1 | % | 10,673 | 9,712 | 9.9 | % | 16,643 | 15,786 | 5.4 | % | 60.9 | % | 61.9 | % | ||||||
Texas Subtotal | 47,315 | 44,295 | 6.8 | % | 19,982 | 18,285 | 9.3 | % | 27,333 | 26,010 | 5.1 | % | 57.8 | % | 58.7 | % | ||||||
Midwest United States: | ||||||||||||||||||||||
Chicago | 31,653 | 30,332 | 4.4 | % | 14,146 | 13,406 | 5.5 | % | 17,507 | 16,926 | 3.4 | % | 55.3 | % | 55.8 | % | ||||||
Minneapolis | 13,906 | 13,003 | 6.9 | % | 4,516 | 4,004 | 12.8 | % | 9,390 | 8,999 | 4.3 | % | 67.5 | % | 69.2 | % | ||||||
Midwest US Subtotal | 45,559 | 43,335 | 5.1 | % | 18,662 | 17,410 | 7.2 | % | 26,897 | 25,925 | 3.7 | % | 59.0 | % | 59.8 | % | ||||||
Same Store Total / Average | $ | 949,945 | $ | 863,681 | 10.0 | % | $ | 290,339 | $ | 275,642 | 5.3 | % | $ | 659,606 | $ | 588,039 | 12.2 | % | 69.4 | % | 68.1 | % |
Same Store Lease-Over-Lease Rent Growth | ||||||||||||
(unaudited) | ||||||||||||
Rental Rate Growth | ||||||||||||
Q2 2022 | YTD 2022 | |||||||||||
Renewal | New | Blended | Renewal | New | Blended | |||||||
Leases | Leases | Average | Leases | Leases | Average | |||||||
Western United States: | ||||||||||||
Southern California | 7.2 | % | 16.6 | % | 9.0 | % | 7.1 | % | 14.6 | % | 8.6 | % |
Northern California | 8.3 | % | 14.5 | % | 9.6 | % | 8.3 | % | 12.8 | % | 9.2 | % |
Seattle | 10.0 | % | 13.5 | % | 11.1 | % | 10.0 | % | 12.0 | % | 10.6 | % |
Phoenix | 13.5 | % | 21.8 | % | 15.6 | % | 12.9 | % | 22.5 | % | 15.3 | % |
Las Vegas | 13.2 | % | 19.1 | % | 14.8 | % | 12.7 | % | 19.1 | % | 14.4 | % |
Denver | 6.1 | % | 10.6 | % | 7.6 | % | 6.3 | % | 9.9 | % | 7.4 | % |
Western US Subtotal | 9.6 | % | 16.4 | % | 11.2 | % | 9.4 | % | 15.6 | % | 10.9 | % |
Florida: | ||||||||||||
South Florida | 13.7 | % | 22.4 | % | 15.4 | % | 12.9 | % | 21.7 | % | 14.6 | % |
Tampa | 12.5 | % | 21.5 | % | 14.7 | % | 11.9 | % | 20.7 | % | 14.0 | % |
Orlando | 8.7 | % | 22.0 | % | 11.9 | % | 8.3 | % | 19.7 | % | 11.2 | % |
Jacksonville | 9.4 | % | 16.0 | % | 11.3 | % | 9.1 | % | 13.8 | % | 10.5 | % |
Florida Subtotal | 11.8 | % | 21.4 | % | 14.0 | % | 11.3 | % | 20.1 | % | 13.3 | % |
Southeast United States: | ||||||||||||
Atlanta | 10.5 | % | 15.7 | % | 11.7 | % | 10.4 | % | 15.6 | % | 11.6 | % |
Carolinas | 8.7 | % | 9.9 | % | 9.0 | % | 8.8 | % | 9.3 | % | 9.0 | % |
Southeast US Subtotal | 10.0 | % | 13.9 | % | 10.9 | % | 10.0 | % | 13.5 | % | 10.8 | % |
Texas | ||||||||||||
Houston | 7.2 | % | 8.1 | % | 7.5 | % | 7.3 | % | 8.2 | % | 7.5 | % |
Dallas | 9.6 | % | 11.9 | % | 10.3 | % | 8.9 | % | 11.2 | % | 9.6 | % |
Texas Subtotal | 8.6 | % | 10.3 | % | 9.1 | % | 8.2 | % | 10.1 | % | 8.7 | % |
Midwest United States: | ||||||||||||
Chicago | 7.5 | % | 9.9 | % | 8.1 | % | 7.0 | % | 8.4 | % | 7.3 | % |
Minneapolis | 8.4 | % | 7.5 | % | 8.2 | % | 8.1 | % | 5.9 | % | 7.5 | % |
Midwest US Subtotal | 7.8 | % | 9.0 | % | 8.1 | % | 7.3 | % | 7.4 | % | 7.3 | % |
Total / Average | 10.2 | % | 16.7 | % | 11.8 | % | 10.0 | % | 15.8 | % | 11.4 | % |
Same Store Cost to Maintain, net (1)
|
||||||||||
($ in thousands, except per home amounts) (unaudited)
|
||||||||||
Total ($ 000) | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | |||||
R&M OpEx, net | $ | 22,971 | $ | 19,958 | $ | 20,051 | $ | 23,910 | $ | 19,938 |
Turn OpEx, net | 8,129 | 6,004 | 6,571 | 8,563 | 8,357 | |||||
Total recurring operating expenses, net | $ | 31,100 | $ | 25,962 | $ | 26,622 | $ | 32,473 | $ | 28,295 |
R&M CapEx | $ | 25,195 | $ | 23,437 | $ | 23,806 | $ | 25,619 | $ | 19,274 |
Turn CapEx | 9,812 | 7,138 | 7,756 | 7,982 | 7,049 | |||||
Total recurring capital expenditures | $ | 35,007 | $ | 30,575 | $ | 31,562 | $ | 33,601 | $ | 26,323 |
R&M OpEx, net + R&M CapEx | $ | 48,166 | $ | 43,395 | $ | 43,857 | $ | 49,529 | $ | 39,212 |
Turn OpEx, net + Turn CapEx | 17,941 | 13,142 | 14,327 | 16,545 | 15,406 | |||||
Total Cost to Maintain, net | $ | 66,107 | $ | 56,537 | $ | 58,184 | $ | 66,074 | $ | 54,618 |
Per Home ($) | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | |||||
Total Cost to Maintain, net | $ | 879 | $ | 752 | $ | 774 | $ | 878 | $ | 726 |
Total Wholly Owned Portfolio Capital Expenditure Detail | ||||||||||
($ in thousands) (unaudited) | ||||||||||
Total ($ 000) | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | |||||
Recurring CapEx | $ | 37,481 | $ | 32,762 | $ | 33,921 | $ | 36,215 | $ | 28,693 |
Value Enhancing CapEx | 12,223 | 6,670 | 9,024 | 12,302 | 9,039 | |||||
Initial Renovation CapEx | 33,109 | 34,226 | 26,890 | 20,254 | 16,635 | |||||
Disposition CapEx | 1,334 | 1,306 | 676 | 682 | 1,557 | |||||
Total Capital Expenditures | $ | 84,147 | $ | 74,964 | $ | 70,511 | $ | 69,453 | $ | 55,924 |
Adjusted Property Management and G&A Reconciliation | ||||||||
($ in thousands) (unaudited) | ||||||||
Adjusted Property Management Expense | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | ||||
Property management expense (GAAP) | $ | 21,814 | $ | 17,696 | $ | 42,781 | $ | 33,538 |
Adjustments: | ||||||||
Share-based compensation expense | (1,794) | (1,703) | (3,220) | (2,877) | ||||
Adjusted property management expense
|
$ | 20,020 | $ | 15,993 | $ | 39,561 | $ | 30,661 |
Adjusted G&A Expense | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | ||||
G&A expense (GAAP) | $ | 19,342 | $ | 19,828 | $ | 36,981 | $ | 36,778 |
Adjustments: | ||||||||
Share-based compensation expense | (6,195) | (7,503) | (11,415) | (12,143) | ||||
Severance expense | (189) | (160) | (207) | (274) | ||||
Adjusted G&A expense
|
$ | 12,958 | $ | 12,165 | $ | 25,359 | $ | 24,361 |
Acquisitions and Dispositions | ||||||||
(unaudited) | ||||||||
March 31, 2022 |
Q2 2022 Acquisitions (1)
|
Q2 2022 Dispositions (2)
|
June 30, 2022 | |||||
Homes | Homes | Avg. Estimated | Homes | Average | Homes | |||
Owned | Acq. | Cost Basis | Sold | Sales Price | Owned | |||
Wholly Owned Portfolio
|
||||||||
Western United States: | ||||||||
Southern California | 7,857 | - | $ | - | 31 | $ | 624,323 | 7,826 |
Northern California | 4,442 | 32 | 628,495 | 7 | 448,079 | 4,467 | ||
Seattle | 4,059 | 29 | 553,745 | 2 | 502,500 | 4,086 | ||
Phoenix | 8,792 | 102 | 501,248 | 9 | 288,333 | 8,885 | ||
Las Vegas | 3,155 | 23 | 468,986 | 2 | 417,500 | 3,176 | ||
Denver | 2,677 | 14 | 530,384 | 20 | 454,240 | 2,671 | ||
Western US Subtotal | 30,982 | 200 | 527,549 | 71 | 507,188 | 31,111 | ||
Florida: | ||||||||
South Florida | 8,303 | 66 | 359,538 | 23 | 373,400 | 8,346 | ||
Tampa | 8,508 | 86 | 399,567 | 14 | 371,122 | 8,580 | ||
Orlando | 6,397 | 59 | 438,984 | 10 | 266,160 | 6,446 | ||
Jacksonville | 1,914 | 14 | 417,609 | - | - | 1,928 | ||
Florida Subtotal | 25,122 | 225 | 399,284 | 47 | 349,904 | 25,300 | ||
Southeast United States: | ||||||||
Atlanta | 12,685 | 22 | 358,570 | 21 | 234,667 | 12,686 | ||
Carolinas | 5,308 | 59 | 371,728 | 11 | 425,918 | 5,356 | ||
Southeast US Subtotal | 17,993 | 81 | 368,155 | 32 | 300,409 | 18,042 | ||
Texas: | ||||||||
Houston | 2,129 | - | - | 10 | 247,300 | 2,119 | ||
Dallas | 2,858 | 5 | 398,647 | 6 | 295,700 | 2,857 | ||
Texas: Subtotal | 4,987 | 5 | 398,647 | 16 | 265,450 | 4,976 | ||
Midwest United States: | ||||||||
Chicago | 2,555 | - | - | 7 | 324,914 | 2,548 | ||
Minneapolis | 1,119 | - | - | 3 | 368,300 | 1,116 | ||
Midwest US Subtotal | 3,674 | - | - | 10 | 337,930 | 3,664 | ||
Total / Average | 82,758 | 511 | $ | 444,545 | 176 | $ | 395,997 | 83,093 |
Joint Venture Portfolio | ||||||||
2020 Rockpoint JV (3)
|
2,262 | 276 | $ | 448,023 | - | $ | - | 2,538 |
2022 Rockpoint JV (4)
|
- | 19 | 588,985 | - | - | 19 | ||
FNMA JV (5)
|
516 | - | - | 7 | 508,571 | 509 | ||
Pathway Homes (6)
|
46 | 149 | 428,316 | - | - | 195 | ||
Expected Acquisition Pipeline of New Homes from Third-Party Homebuilders | ||||||
(unaudited) | ||||||
Pipeline as of June 30,
2022 (1)(2) |
Estimated Deliveries in Q3-Q4 2022 |
Estimated Deliveries in 2023 |
Estimated Deliveries Thereafter | Avg. Estimated Cost Basis Per Home | ||
Southern California | 127 | - | 41 | 86 | $ | 510,000 |
Phoenix | 75 | - | 23 | 52 | 410,000 | |
Tampa | 551 | 78 | 125 | 348 | 310,000 | |
Orlando | 807 | 144 | 113 | 550 | 370,000 | |
Atlanta | 193 | 39 | 44 | 110 | 310,000 | |
Carolinas | 331 | - | 29 | 302 | 410,000 | |
South Florida | 120 | 101 | 14 | 5 | 350,000 | |
Dallas | 96 | - | 32 | 64 | 310,000 | |
Total / Average | 2,300 | 362 | 421 | 1,517 | $ | 360,000 |
Pipeline as of March 31, 2022
|
1,932 |
Q2 2022 additions
|
444 |
Q2 2022 cancellations
|
(3) |
Q2 2022 deliveries
|
(73) |
Pipeline as of June 30, 2022
|
2,300 |
Reconciliation of Total Revenues to Same Store Core Revenues, Quarterly | ||||||||||
(in thousands) (unaudited)
|
||||||||||
Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | ||||||
Total revenues (Total Portfolio) | $ | 557,300 | $ | 532,310 | $ | 520,225 | $ | 509,532 | $ | 491,633 |
Management fee revenues | (2,759) | (2,111) | (1,753) | (1,354) | (1,015) | |||||
Total portfolio resident recoveries | (29,394) | (28,762) | (26,967) | (27,972) | (26,076) | |||||
Total Core Revenues (Total Portfolio) | 525,147 | 501,437 | 491,505 | 480,206 | 464,542 | |||||
Non-Same Store Core Revenues | (41,868) | (34,771) | (31,647) | (29,343) | (26,974) | |||||
Same Store Core Revenues | $ | 483,279 | $ | 466,666 | $ | 459,858 | $ | 450,863 | $ | 437,568 |
Reconciliation of Total Revenues to Same Store Total Revenues and Same Store Core Revenues, YTD | ||||||||||
(in thousands) (unaudited)
|
||||||||||
YTD 2022 | YTD 2021 | |||||||||
Total revenues (Total Portfolio) | $ | 1,089,610 | $ | 966,858 | ||||||
Management fee revenues | (4,870) | (1,786) | ||||||||
Total portfolio resident recoveries | (58,156) | (50,816) | ||||||||
Total Core Revenues (Total Portfolio) | 1,026,584 | 914,256 | ||||||||
Non-Same Store Core Revenues | (76,639) | (50,575) | ||||||||
Same Store Core Revenues | $ | 949,945 | $ | 863,681 | ||||||
Reconciliation of Property Operating and Maintenance Expenses to Same Store Core Operating Expenses, Quarterly | ||||||||||
(in thousands) (unaudited)
|
||||||||||
Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | ||||||
Property operating and maintenance expenses (Total Portfolio) | $ | 190,680 | $ | 182,269 | $ | 177,883 | $ | 184,484 | $ | 175,422 |
Total Portfolio resident recoveries | (29,394) | (28,762) | (26,967) | (27,972) | (26,076) | |||||
Core Operating Expenses (Total Portfolio) | 161,286 | 153,507 | 150,916 | 156,512 | 149,346 | |||||
Non-Same Store Core Operating Expenses | (12,425) | (12,029) | (10,411) | (9,258) | (9,232) | |||||
Same Store Core Operating Expenses | $ | 148,861 | $ | 141,478 | $ | 140,505 | $ | 147,254 | $ | 140,114 |
Reconciliation of Property Operating and Maintenance to Same Store Operating Expenses and Same Store Core Operating Expenses, YTD | ||||||||||
(in thousands) (unaudited) | ||||||||||
YTD 2022 | YTD 2021 | |||||||||
Property operating and maintenance expenses (Total Portfolio) | $ | 372,949 | $ | 343,795 | ||||||
Total Portfolio resident recoveries | (58,156) | (50,816) | ||||||||
Core Operating Expenses (Total Portfolio) | 314,793 | 292,979 | ||||||||
Non-Same Store Core Operating Expenses | (24,454) | (17,337) | ||||||||
Same Store Core Operating Expenses | $ | 290,339 | $ | 275,642 | ||||||
Reconciliation of Net Income to Same Store NOI, Quarterly | ||||||||||
(in thousands) (unaudited) | ||||||||||
Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | ||||||
Net income available to common stockholders
|
$ | 110,815 | $ | 92,395 | $ | 74,476 | $ | 69,108 | $ | 60,242 |
Net income available to participating securities
|
148 | 220 | 67 | 69 | 96 | |||||
Non-controlling interests | 542 | 388 | 328 | 318 | 350 | |||||
Interest expense | 74,840 | 74,389 | 79,121 | 79,370 | 80,764 | |||||
Depreciation and amortization | 158,572 | 155,796 | 151,660 | 150,694 | 145,280 | |||||
Property management expense | 21,814 | 20,967 | 20,173 | 17,886 | 17,696 | |||||
General and administrative | 19,342 | 17,639 | 19,668 | 19,369 | 19,828 | |||||
Impairment and other | 1,355 | 1,515 | 3,046 | 4,294 | 980 | |||||
Gain on sale of property, net of tax | (27,508) | (18,026) | (14,558) | (13,047) | (17,919) | |||||
Losses on investments in equity securities, net | 172 | 3,032 | 3,597 | 0 | (4,319) | 0 | 7,002 | |||
Other, net | 3,827 | (594) | 2,654 | 1,508 | 1,903 | |||||
Management fee revenues | (2,759) | (2,111) | (1,753) | (1,354) | (1,015) | |||||
(Income) loss from investments in unconsolidated joint ventures | 2,701 | 2,320 | 2,110 | (202) | (11) | |||||
NOI (Total Portfolio) | 363,861 | 347,930 | 340,589 | 323,694 | 315,196 | |||||
Non-Same Store NOI | (29,443) | (22,742) | (21,236) | (20,085) | (17,742) | |||||
Same Store NOI | $ | 334,418 | $ | 325,188 | $ | 319,353 | $ | 303,609 | $ | 297,454 |
Reconciliation of Net Income to NOI and Same Store NOI, YTD | ||||||||||
(in thousands) (unaudited) | ||||||||||
YTD 2022 | YTD 2021 | |||||||||
Net income available to common stockholders
|
$ | 203,210 | $ | 117,514 | ||||||
Net income available to participating securities
|
368 | 191 | ||||||||
Non-controlling interests | 930 | 705 | ||||||||
Interest expense | 149,229 | 164,170 | ||||||||
Depreciation and amortization | 314,368 | 289,781 | ||||||||
Property management expense | 42,781 | 33,538 | ||||||||
General and administrative | 36,981 | 36,778 | ||||||||
Impairment and other | 2,870 | 1,336 | ||||||||
Gain on sale of property, net of tax | (45,534) | (32,403) | ||||||||
Losses on investments in equity securities, net | 3,204 | 10,142 | ||||||||
Other, net | 3,233 | 1,673 | ||||||||
Management fee revenues | (4,870) | (1,786) | ||||||||
(Income) loss from investments in unconsolidated joint ventures | 5,021 | (362) | ||||||||
NOI (Total Portfolio) | 711,791 | 621,277 | ||||||||
Non-Same Store NOI | (52,185) | (33,238) | ||||||||
Same Store NOI | $ | 659,606 | $ | 588,039 | ||||||
Reconciliation of Net Income to EBITDA, EBITDAre, and Adjusted EBITDAre
|
||||||||
(in thousands, unaudited) | ||||||||
Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | |||||
Net income available to common stockholders | $ | 110,815 | $ | 60,242 | $ | 203,210 | $ | 117,514 |
Net income available to participating securities | 148 | 96 | 368 | 191 | ||||
Non-controlling interests | 542 | 350 | 930 | 705 | ||||
Interest expense | 74,840 | 80,764 | 149,229 | 164,170 | ||||
Interest expense in unconsolidated joint ventures | 859 | 225 | 1,451 | 299 | ||||
Depreciation and amortization | 158,572 | 145,280 | 314,368 | 289,781 | ||||
Depreciation and amortization of real estate assets in unconsolidated joint ventures | 1,114 | 246 | 1,752 | 350 | ||||
EBITDA | 346,890 | 287,203 | 671,308 | 573,010 | ||||
Gain on sale of property, net of tax | (27,508) | (17,919) | (45,534) | (32,403) | ||||
Impairment on depreciated real estate investments | 36 | 93 | 137 | 524 | ||||
Net gain on sale of investments in unconsolidated joint ventures | (186) | (104) | (316) | (440) | ||||
EBITDAre
|
319,232 | 269,273 | 625,595 | 540,691 | ||||
Share-based compensation expense | 7,989 | 9,206 | 14,635 | 15,020 | ||||
Severance | 189 | 160 | 207 | 274 | ||||
Casualty (gains) losses, net | 1,319 | 887 | 2,733 | 812 | ||||
(Gains) losses on investments in equity securities, net | 172 | 7,002 | 3,204 | 10,142 | ||||
Other, net | 3,827 | 1,903 | 3,233 | 1,673 | ||||
Adjusted EBITDAre
|
$ | 332,728 | $ | 288,431 | $ | 649,607 | $ | 568,612 |
Trailing Twelve Months (TTM) Ended |
||||||||
June 30, 2022 | December 31, 2021 | |||||||
Net income available to common stockholders | $ | 346,794 | $ | 261,098 | ||||
Net income available to participating securities | 504 | 327 | ||||||
Non-controlling interests | 1,576 | 1,351 | ||||||
Interest expense | 307,720 | 322,661 | ||||||
Interest expense in unconsolidated joint ventures | 2,361 | 1,209 | ||||||
Depreciation and amortization | 616,722 | 592,135 | ||||||
Depreciation and amortization of real estate assets in unconsolidated joint ventures | 2,706 | 1,304 | ||||||
EBITDA | 1,278,383 | 1,180,085 | ||||||
Gain on sale of property, net of tax | (73,139) | (60,008) | ||||||
Impairment on depreciated real estate investments | 263 | 650 | ||||||
Net gain on sale of investments in unconsolidated joint ventures | (926) | (1,050) | ||||||
EBITDAre
|
1,204,581 | 1,119,677 | ||||||
Share-based compensation expense | 26,785 | 27,170 | ||||||
Severance | 990 | 1,057 | ||||||
Casualty (gains) losses, net | 9,947 | 8,026 | ||||||
(Gains) losses on investments in equity securities, net | 2,482 | 9,420 | ||||||
Other, net | 7,395 | 5,835 | ||||||
Adjusted EBITDAre
|
$ | 1,252,180 | $ | 1,171,185 | ||||
Reconciliation of Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDAre
|
||||
(in thousands, except for ratio) (unaudited) | ||||
As of | As of | |||
June 30, 2022 | December 31, 2021 | |||
Mortgage loans, net | $ | 2,211,739 | $ | 3,055,853 |
Secured term loan, net | 401,421 | 401,313 | ||
Unsecured notes, net | 2,516,359 | 1,921,974 | ||
Term loan facility, net | 2,624,412 | 2,478,122 | ||
Revolving facility | - | - | ||
Convertible senior notes, net | - | 141,397 | ||
Total Debt per Balance Sheet | 7,753,931 | 7,998,659 | ||
Retained and repurchased certificates | (116,940) | (159,110) | ||
Cash, ex-security deposits and letters of credit (1)
|
(306,049) | (649,722) | ||
Deferred financing costs, net | 57,448 | 50,146 | ||
Unamortized discounts on note payable | 14,316 | 13,605 | ||
Net Debt (A) | $ | 7,402,706 | $ | 7,253,578 |
For the Trailing Twelve | For the Trailing Twelve | |||
Months (TTM) Ended | Months (TTM) Ended | |||
June 30, 2022 | December 31, 2021 | |||
Adjusted EBITDAre (B)
|
$ | 1,252,180 | $ | 1,171,185 |
Net Debt / TTM Adjusted EBITDAre (A / B)
|
5.9 | x | 6.2 | x |
Components of Non-Cash Interest Expense (Wholly Owned) | ||||||||
(in thousands) (unaudited) | ||||||||
Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | |||||
Amortization of discounts on notes payable
|
$ | 393 | $ | 1,414 | $ | 855 | $ | 2,828 |
Amortization of deferred financing costs
|
3,657 | 3,057 | 7,195 | 6,567 | ||||
Change in fair value of interest rate derivatives
|
55 | 74 | 35 | 105 | ||||
Amortization of swap fair value at designation
|
2,320 | 3,483 | 4,740 | 7,074 | ||||
Total non-cash interest expense
|
$ | 6,425 | $ | 8,028 | $ | 12,825 | $ | 16,574 |