Invitation Homes(US:INVH)2021-04-29 18:47Financial Performance - Total revenues for Q1 2021 were $475.225 million, an increase of 5.4% compared to $449.789 million in Q1 2020[15] - Net income for Q1 2021 was $57.722 million, up 14.5% from $50.276 million in Q1 2020[15] - Rental revenues and other property income increased to $474.454 million in Q1 2021, compared to $449.789 million in Q1 2020, reflecting a growth of 5.5%[15] - Comprehensive gain for Q1 2021 was $175.424 million, compared to a comprehensive loss of $282.595 million in Q1 2020[17] - Net income for the three months ended March 31, 2021, was $57,722,000, an increase of 14.5% compared to $50,276,000 for the same period in 2020[22] - Net cash provided by operating activities increased to $240,588,000 from $177,721,000, reflecting a growth of 35.3% year-over-year[22] - Payment of dividends and dividend equivalents increased to $97,230,000 from $81,774,000, marking a rise of 19.0% year-over-year[22] - For the three months ended March 31, 2021, net income available to common stockholders was $57,272,000, compared to $49,854,000 for the same period in 2020, representing an increase of approximately 14.3%[190] Assets and Liabilities - Total assets as of March 31, 2021, were $17.490 billion, slightly down from $17.506 billion as of December 31, 2020[13] - Total liabilities decreased to $8.858 billion as of March 31, 2021, from $8.950 billion as of December 31, 2020, a reduction of approximately 1%[13] - Stockholders' equity increased to $8.580 billion as of March 31, 2021, compared to $8.505 billion as of December 31, 2020, representing a growth of 0.9%[13] - The net carrying amount of investments in single-family residential properties was $16,285,049 as of March 31, 2021, slightly down from $16,288,693 as of December 31, 2020[53] - The total outstanding principal balance of mortgage loans was $4,808,085 thousand, a slight decrease from $4,820,098 thousand as of December 31, 2020[85] Cash Flow and Investments - Total cash, cash equivalents, and restricted cash at the end of the period was $410,821,000, down from $515,795,000 at the end of the previous year[22] - The company incurred $127,467,000 in acquisition costs for single-family residential properties, a decrease of 7.3% from $137,471,000 in the prior year[22] - Proceeds from the sale of single-family residential properties were $69,329,000, significantly lower than $123,318,000 in the same quarter of 2020, representing a decline of 43.8%[22] - The company recognized $142,784 in depreciation expense for the three months ended March 31, 2021, compared to $133,914 for the same period in 2020[55] - The fair value of investments in debt securities as of March 31, 2021, was $249,545,000, compared to $249,736,000 as of December 31, 2020, showing a slight decrease[181] Dividends and Shareholder Information - The company declared dividends of $0.17 per share, totaling $96.933 million for Q1 2021[20] - The total dividends declared for Q1 2021 amounted to $96,933, with a dividend of $0.17 per share[161] - As of March 31, 2021, the company had 567,650,434 shares of common stock issued and 3,463,285 outstanding OP Units redeemable[155] - The company issued 532,768 shares of common stock during the three months ended March 31, 2021, compared to 2,124,720 shares in the same period of 2020[156] Debt and Financing - The total debt as of March 31, 2021, amounts to $8,067,562, with $2,336,218 maturing in the remainder of 2021 and $1,833,106 in 2022[138] - The Secured Term Loan had an outstanding principal amount of $403,363,000, with a fixed interest rate of 3.59%[106] - The Credit Facility provides a total borrowing capacity of $3,500,000,000, consisting of a $1,000,000,000 revolving facility and a $2,500,000,000 term loan facility, both maturing on January 31, 2025[112] - The Term Loan Facility had an outstanding principal amount of $2,500,000,000 as of March 31, 2021, with an interest rate of 1.66%[116] - The company made voluntary and mandatory prepayments of $13,022,000 and $107,387,000 for the three months ended March 31, 2021 and 2020, respectively, under the mortgage loan agreements[104] Market and Operational Risks - The ongoing COVID-19 pandemic continues to pose significant risks, potentially impacting rental revenues and operational cash flows[39] - The company is closely monitoring the pandemic's effects on its business, including potential increases in uncollectible revenues and restrictions on rental collections[41] - Rental revenues and other property income for the three months ended March 31, 2021, included $24,394 thousand in variable lease payments, compared to $25,047 thousand for the same period in 2020, representing a decrease of approximately 2.6%[77] Share-Based Compensation - Total share-based compensation expense for the three months ended March 31, 2021, was $5,814,000, up from $4,101,000 in 2020, indicating a rise of approximately 41.7%[176] - The weighted average grant date fair value of time-vesting RSUs was $26.40 as of March 31, 2021, with 569,342 RSUs outstanding[172] - The expected volatility for share-based awards granted during the three months ended March 31, 2021 was 33.2%[174] - As of March 31, 2021, there is $34,187,000 of unrecognized share-based compensation expense expected to be recognized over a weighted average period of 2.16 years[177]