Financial Ratios Invitation Homes Inc.

Equities

INVH

US46187W1071

Residential REITs

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Sep. 27	Invitation Homes Appoints H. Wyman Howard to Its Board of Directors, Effective October 1, 2024	CI
Sep. 24	Sector Update: Financial Stocks Fall Late Afternoon	MT

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Published financial data: INVITATION HOMES INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	1.76B	1.82B	1.99B	2.23B	2.42B
Property Management Fee	-	-	4.89M	11.48M	13.65M
Other Revenues, Total	-	-	-1.55M	-9.61M	-17.88M
Total Revenues	1.76B	1.82B	2B	2.23B	2.41B
Property Expenses	732M	739M	778M	874M	976M
Selling General & Admin Expenses, Total	68.89M	63.3M	74.76M	73.71M	81.37M
Depreciation & Amortization - (IS) - (Collected)	534M	553M	592M	638M	674M
Other Operating Expenses	-	-	-	-	-
Total Operating Expenses	1.33B	1.35B	1.44B	1.59B	1.73B
Operating Income (REIT / Utility Template)	430M	468M	550M	642M	683M
Interest Expense, Total	-367M	-354M	-323M	-304M	-333M
Net Interest Expenses	-367M	-354M	-323M	-304M	-333M
Income (Loss) on Equity Invest.	-	599K	-	-	-
Other Non Operating Income (Expenses)	5.12M	1.06M	-5.84M	-11.16M	-2.4M
EBT, Excl. Unusual Items	68.43M	116M	222M	327M	347M
Total Merger & Related Restructuring Charges	-5.39M	-	-	-	-
Gain (Loss) on Sale of Investments	6.48M	29.72M	-9.42M	-3.94M	350K
Gain (Loss) on Sale of Assets	96.34M	54.59M	60.01M	90.7M	184M
Asset Writedown	-14.21M	-6.33M	-650K	-310K	-427K
Insurance Settlements	-	3.88M	-	-	-
Other Unusual Items	-4.53M	-	-9.08M	-28.8M	-9.18M
EBT, Incl. Unusual Items	147M	197M	263M	385M	521M
Earnings From Continuing Operations	147M	197M	263M	385M	521M
Net Income to Company	147M	197M	263M	385M	521M
Minority Interest	-1.65M	-1.24M	-1.35M	-1.47M	-1.56M
Net Income - (IS)	145M	196M	261M	383M	519M
Preferred Dividend and Other Adjustments	395K	448K	327K	661K	696K
Net Income to Common Incl Extra Items	145M	196M	261M	383M	519M
Net Income to Common Excl. Extra Items	145M	196M	261M	383M	519M
Per Share Items
Net EPS - Basic	0.27	0.35	0.45	0.63	0.85
Basic EPS - Continuing Operations	0.27	0.35	0.45	0.63	0.85
Basic Weighted Average Shares Outstanding	531M	554M	578M	610M	612M
Net EPS - Diluted	0.27	0.35	0.45	0.63	0.85
Diluted EPS - Continuing Operations	0.27	0.35	0.45	0.63	0.85
Diluted Weighted Average Shares Outstanding	532M	555M	579M	611M	613M
Normalized Basic EPS	0.08	0.13	0.24	0.33	0.35
Normalized Diluted EPS	0.08	0.13	0.24	0.33	0.35
Dividend Per Share	0.54	0.62	0.73	0.92	1.06
Payout Ratio	190.21	169.28	150.64	140.62	122.84
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	964M	1.02B	1.14B	1.28B	1.36B
EBITA	430M	468M	550M	642M	683M
EBIT	430M	468M	550M	642M	683M
EBITDAR	980M	1.04B	1.16B	1.29B	1.36B
Total Revenues (As Reported)	-	-	2B	2.24B	2.43B
Normalized Net Income	41.12M	71M	137M	203M	215M
Interest on Long-Term Debt	22.52M	17.64M	14.64M	482K	375K
Supplemental Operating Expense Items
General and Administrative Expenses	68.89M	63.3M	74.76M	73.71M	81.37M
Net Rental Expense, Total	15.97M	17.21M	15.96M	4.78M	4.83M
Imputed Operating Lease Interest Expense	5.18M	5.62M	4.88M	1.45M	1.58M
Imputed Operating Lease Depreciation	10.79M	11.6M	11.08M	3.33M	3.26M
Stock-Based Comp., COGS (Total)	3.08M	3.51M	5.43M	6.49M	6.96M
Stock-Based Comp., G&A Exp. (Total)	15.08M	13.58M	21.74M	22.47M	22.54M
Total Stock-Based Compensation	18.16M	17.09M	27.17M	28.96M	29.5M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Gross Property Plant And Equipment	18.27B	18.83B	20.04B	20.74B	21.6B
Accumulated Depreciation	-2B	-2.51B	-3.07B	-3.67B	-4.26B
Net Property Plant And Equipment	16.27B	16.32B	16.97B	17.07B	17.33B
Total Real Estate Assets	16.27B	16.32B	16.97B	17.07B	17.33B
Cash And Equivalents	92.26M	213M	610M	263M	701M
Accounts Receivable, Total	25.24M	35.26M	37.47M	54.09M	60.81M
Investment In Debt and Equity Securities	317M	292M	174M	109M	142M
Goodwill	258M	258M	258M	258M	258M
Other Intangibles, Total	-	-	-	-	-
Restricted Cash	194M	198M	209M	191M	197M
Other Current Assets, Total	150M	88.36M	124M	170M	186M
Trading Asset Securities, Total	1.64M	1K	6K	119M	75.49M
Deferred Charges Long-Term	10.19M	19.27M	14.59M	5.85M	2.97M
Other Long-Term Assets, Total	77.62M	80.54M	143M	295M	263M
Total Assets	17.39B	17.51B	18.54B	18.54B	19.22B
Liabilities
Current Portion of Long-Term Debt	276M	540M	413M	661M	643M
Current Portion of Leases	5.15M	8.28M	7.36M	7.13M	6.25M
Short-Term Borrowings	-	-	-	-	-
Long-Term Debt	8.47B	8.03B	7.86B	7.11B	7.9B
Long-Term Leases	9.85M	16.1M	11.68M	11.28M	8.64M
Accounts Payable, Total	186M	149M	194M	178M	201M
Accrued Expenses, Total	-	-	-	20.2M	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	-	-	-	-	-
Other Non Current Liabilities	183M	205M	217M	227M	269M
Total Liabilities	9.13B	8.95B	8.7B	8.21B	9.03B
Common Stock, Total	5.42M	5.67M	6.01M	6.11M	6.12M
Additional Paid In Capital	9.01B	9.71B	10.87B	11.14B	11.16B
Retained Earnings	-525M	-661M	-795M	-951M	-1.07B
Comprehensive Income and Other	-277M	-547M	-287M	97.98M	63.7M
Total Common Equity	8.21B	8.5B	9.8B	10.29B	10.16B
Minority Interest	51.66M	51.25M	41.06M	32.29M	34.46M
Total Equity	8.27B	8.56B	9.84B	10.32B	10.19B
Total Liabilities And Equity	17.39B	17.51B	18.54B	18.54B	19.22B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	542M	567M	608M	611M	612M
ECS Total Common Shares Outstanding	542M	567M	601M	611M	612M
Book Value / Share	15.17	15	16.3	16.83	16.6
Tangible Book Value	7.96B	8.25B	9.54B	10.03B	9.9B
Tangible Book Value Per Share	14.69	14.54	15.87	16.41	16.17
Total Debt	8.76B	8.6B	8.29B	7.79B	8.56B
Net Debt	8.66B	8.38B	7.68B	7.41B	7.78B
Debt Equivalent Oper. Leases	128M	138M	128M	38.26M	38.66M
Minority Interest, Total (Incl. Fin. Div)	51.66M	51.25M	41.06M	32.29M	34.46M
Equity Method Investments, Total	54.78M	69.27M	130M	281M	247M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	4.5B	4.54B	4.74B	4.8B	4.88B
Buildings, Total	13.12B	13.63B	14.61B	15.23B	16.67B
Machinery, Total	113M	115M	120M	123M	-
Full Time Employees	1.14K	1.15K	1.24K	1.51K	1.56K
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	145M	196M	261M	383M	519M
Depreciation, Depletion & Amortization	534M	553M	592M	638M	674M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Total Depreciation, Depletion & Amortization	534M	553M	592M	638M	674M
Amortization of Deferred Charges, Total	57.22M	43.02M	30.12M	16.67M	18.2M
(Gain) Loss On Sale of Asset - (CF)	-96.34M	-54.59M	-60.01M	-90.7M	-184M
(Gain) Loss on Sale of Investments - (CF)	-	-29.72M	9.42M	3.94M	-350K
Total Asset Writedown	14.21M	4.58M	650K	310K	427K
(Income) Loss On Equity Investments - (CF)	-	-	1.98M	11.43M	20.62M
Stock-Based Compensation (CF)	18.16M	17.09M	27.17M	28.96M	29.5M
Provision and Write-off of Bad Debts	-	-	-	-	-
Change in Accounts Payable	5.21M	-27.04M	32.89M	-5.99M	24.38M
Change in Other Net Operating Assets (Collected)	-12.51M	-19.01M	-8.13M	-4.4M	-12.41M
Other Operating Activities	-3.01M	13.65M	20.01M	41.92M	16.5M
Cash from Operations	662M	697M	908M	1.02B	1.11B
Acquisition of Real Estate Assets, Total	-808M	-893M	-1.43B	-931M	-1.22B
Sale of Real Estate Assets, Total	856M	415M	232M	240M	494M
Net Sale / Acquisition of Real Estate Assets	47.83M	-478M	-1.2B	-691M	-727M
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	49.96M	55.76M	56.81M	-85.3M	-19.93M
Other Investing Activities, Total	4.44M	-3.09M	-20.84M	-38.54M	-27.06M
Cash from Investing	102M	-425M	-1.16B	-814M	-774M
Short Term Debt Issued, Total	-	-	400M	130M	150M
Long-Term Debt Issued, Total	888M	2.82B	1.94B	1.32B	790M
Total Debt Issued	888M	2.82B	2.34B	1.45B	940M
Short Term Debt Repaid, Total	-	-	-400M	-130M	-150M
Long-Term Debt Repaid, Total	-1.48B	-3.25B	-1.77B	-1.41B	-20.72M
Total Debt Repaid	-1.48B	-3.25B	-2.17B	-1.54B	-171M
Issuance of Common Stock	55.26M	687M	934M	98.37M	-
Repurchase of Common Stock	-8.16M	-4.43M	-9.41M	-12.87M	-8.15M
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-	-	-	-
Common Dividends Paid	-277M	-332M	-394M	-539M	-638M
Preferred Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-277M	-332M	-394M	-539M	-638M
Other Financing Activities, Total	-14.56M	-61.45M	-42.75M	-31.76M	-13.12M
Cash from Financing	-838M	-146M	659M	-574M	110M
Net Change in Cash	-73.75M	126M	407M	-365M	444M
Supplemental Items
Cash Interest Paid	322M	313M	286M	276M	291M
Cash Income Tax Paid (Refund)	2.78M	1.28M	809K	1.53M	245K
Net Debt Issued / Repaid	-594M	-435M	171M	-88.82M	769M
Levered Free Cash Flow	730M	694M	788M	855M	913M
Unlevered Free Cash Flow	913M	884M	970M	1.03B	1.1B
Change In Net Working Capital	-81.52M	-10.44M	3.62M	39.96M	26.96M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.52	1.68	1.91	2.17	2.26
Return on Total Capital	1.55	1.71	1.95	2.22	2.31
Return On Equity %	1.77	2.35	2.86	3.82	5.08
Return on Common Equity	1.76	2.34	2.85	3.81	5.07
Margin Analysis
Gross Profit Margin %	58.54	59.45	61.02	60.77	59.57
SG&A Margin	3.9	3.47	3.75	3.31	3.37
EBITDA Margin %	54.64	55.98	57.27	57.46	56.2
EBITA Margin %	24.39	25.67	27.59	28.83	28.27
EBIT Margin %	24.39	25.67	27.59	28.83	28.27
Income From Continuing Operations Margin %	8.34	10.83	13.17	17.27	21.58
Net Income Margin %	8.24	10.76	13.1	17.2	21.52
Net Avail. For Common Margin %	8.22	10.74	13.09	17.17	21.49
Normalized Net Income Margin	2.33	3.9	6.88	9.11	8.91
Levered Free Cash Flow Margin	41.38	38.09	39.5	38.38	37.82
Unlevered Free Cash Flow Margin	51.74	48.51	48.64	46.16	45.7
Asset Turnover
Asset Turnover	0.1	0.1	0.11	0.12	0.13
Fixed Assets Turnover	0.11	0.11	0.12	0.13	0.14
Receivables Turnover (Average Receivables)	60.47	60.26	54.91	48.89	42.34
Short Term Liquidity
Current Ratio	0.99	0.77	1.6	0.92	1.44
Quick Ratio	0.26	0.36	1.06	0.5	0.98
Operating Cash Flow to Current Liabilities	1.42	1	1.48	1.18	1.3
Days Sales Outstanding (Average Receivables)	6.04	6.07	6.65	7.47	8.62
Average Days Payable Outstanding	88.73	83.04	80.47	77.62	74.6
Long Term Solvency
Total Debt/Equity	105.95	100.46	84.25	75.43	84.01
Total Debt / Total Capital	51.45	50.11	45.72	43	45.66
LT Debt/Equity	102.56	94.06	79.98	68.96	77.64
Long-Term Debt / Total Capital	49.8	46.92	43.41	39.31	42.19
Total Liabilities / Total Assets	52.47	51.13	46.93	44.31	46.98
EBIT / Interest Expense	1.17	1.32	1.71	2.11	2.05
EBITDA / Interest Expense	2.67	2.93	3.59	4.23	4.08
(EBITDA - Capex) / Interest Expense	2.67	2.93	3.59	4.23	4.08
Total Debt / EBITDA	8.94	8.28	7.15	6.06	6.29
Net Debt / EBITDA	8.84	8.08	6.63	5.76	5.72
Total Debt / (EBITDA - Capex)	8.94	8.28	7.15	6.06	6.29
Net Debt / (EBITDA - Capex)	8.84	8.08	6.63	5.76	5.72
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.42	3.29	9.45	11.7	8.34
Gross Profit, 1 Yr. Growth %	3.1	4.9	12.33	11.25	6.2
EBITDA, 1 Yr. Growth %	3.85	5.94	11.91	12.08	5.96
EBITA, 1 Yr. Growth %	6.18	8.94	17.5	16.71	6.26
EBIT, 1 Yr. Growth %	17.01	8.94	17.5	16.71	6.26
Earnings From Cont. Operations, 1 Yr. Growth %	-3.03K	34.22	33.09	46.44	35.4
Net Income, 1 Yr. Growth %	-3.05K	34.89	33.24	46.63	35.52
Diluted EPS Before Extra, 1 Yr. Growth %	-2.55K	29.63	28.57	39.46	35.1
Normalized Net Income, 1 Yr. Growth %	-864.51	75.45	92.43	47.8	5.99
Net Property, Plant and Equip., 1 Yr. Growth %	-2.58	0.33	3.97	0.6	1.54
Accounts Receivable, 1 Yr. Growth %	-23.77	39.66	6.29	44.35	12.42
Total Assets, 1 Yr. Growth %	-3.71	0.65	5.89	-0.01	3.69
Common Equity, 1 Yr. Growth %	-0.18	3.54	15.2	5.04	-1.32
Tangible Book Value, 1 Yr. Growth %	-0.18	3.65	15.68	5.17	-1.35
Cash From Operations, 1 Yr. Growth %	17.98	5.22	30.28	12.77	8.16