Invitation homes inc. (INVH)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16
Operating Activities:
Net income

50,276

52,554

33,983

39,405

21,169

25,714

1,041

-14,188

-17,580

-46,454

-22,510

5,529

-42,391

-26,649

-21,949

-19,666

-9,975

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

135,027

133,764

133,315

133,031

133,609

130,220

139,371

146,450

144,500

107,020

67,466

67,515

67,577

69,420

66,480

66,079

65,702

Share-based compensation expense

4,101

4,311

4,625

3,615

5,607

5,917

6,068

8,016

9,498

16,739

12,004

8,216

44,244

-2,813

4,711

4,106

4,206

Amortization of deferred leasing costs

2,856

2,913

2,648

2,481

2,579

2,709

2,716

2,989

2,844

2,894

3,023

3,087

3,139

3,251

3,293

3,483

3,729

Amortization of deferred financing costs

7,952

9,873

9,228

10,008

10,150

9,366

8,147

5,683

3,995

2,721

3,195

5,028

11,327

8,496

10,342

14,205

12,776

Amortization of debt discounts

1,348

1,317

1,317

2,345

2,364

2,308

2,308

2,254

2,254

1,188

88

59

55

742

1,323

1,417

1,418

Impairment of Real Estate

2,471

2,921

3,960

4,076

3,253

3,139

1,296

1,671

603

675

424

95

1,037

687

1,076

519

0

Gain (Loss) on Sale of Properties

15,200

31,780

20,812

26,172

17,572

28,727

11,512

3,941

5,502

5,657

3,756

10,162

14,321

5,412

2,966

1,020

9,192

Change in fair value of derivative instruments

-1,091

97

160

181

-2,351

-3,241

-2,946

-3,606

-2,246

-1,853

-190

-50

-3,752

-9,260

0

0

0

Paid in kind interest on warehouse loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

127

301

694

Other noncash amounts included in net income

185

7,452

-98

-366

-419

-2,410

-5,570

485

1,153

1,033

985

585

337

-446

339

116

673

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

822

1,212

2,883

Other assets, net

10,787

6,672

-5,605

10,127

-304

2,388

4,027

-15,722

23,390

-4,006

6,047

-7,342

15,906

7,521

-6,827

7,845

5,992

Accounts payable and accrued expenses

-4,534

-90,541

46,977

23,769

25,002

-109,998

53,667

18,768

10,920

-81,711

47,363

7,847

16,207

-47,609

23,569

17,483

13,493

Resident security deposits

2,373

-1,236

-2,972

1,323

1,677

-2,310

-770

1,873

3,513

818

195

989

1,279

732

500

1,426

2,686

Other liabilities

932

-

-

-

2,271

-

-

-

-

-

-

-

-

-

-

-

-

Other liabilities

-

-

-

-

-

6,559

-4,075

-8,163

-2,668

-10,526

-71

-1,226

412

1,520

-588

-366

1,342

Net cash provided by operating activities

177,721

71,282

215,506

182,159

193,183

48,160

202,746

180,255

130,080

-7,467

100,579

93,784

76,074

8,345

91,584

78,794

77,331

Investing Activities:
Amounts deposited and held by others

773

-5,177

4,606

-207

1,173

-1,040

1,239

-10,830

1,557

-4,659

2,235

395

-484

-3,159

-352

-1,498

-709

Acquisition of single-family residential properties

137,471

180,933

158,836

190,848

55,458

67,906

64,336

71,663

48,486

74,345

69,522

56,819

27,813

27,116

51,176

93,199

112,733

Initial renovations to single-family residential properties

31,042

22,420

16,268

9,105

9,644

9,950

10,033

8,930

16,820

21,125

8,474

6,171

6,855

9,181

13,157

14,512

19,952

Other capital expenditures for single-family residential properties

40,220

45,821

48,262

40,669

29,492

36,888

43,884

29,683

31,233

24,446

12,877

10,333

10,800

10,482

14,146

11,252

10,056

Corporate capital expenditures

-

-

-

-

-

-

-

-

-

-

1,315

1,224

270

184

1,163

1,893

617

Proceeds from sale of single-family residential properties

123,318

362,359

156,701

193,961

142,562

288,947

78,932

71,715

51,105

53,267

23,474

55,587

73,652

35,943

23,207

11,239

72,701

Purchases of investments in debt securities

-

-

-

-

-

48,018

0

117,887

45,832

43,254

0

51,920

0

-

-

-

-

Repayment proceeds from retained debt securities

5,539

9,926

4,347

27,246

8,441

74,367

90,455

59,099

114

48,376

0

30,916

0

-

-

-

-

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

36,253

2,144

10,202

Other investing activities

93

-509

-1,162

-3,372

209

-2,435

1,555

857

9,289

1,846

0

0

0

-

-

-

-

Net cash provided by (used in) investing activities

-80,742

128,797

-65,762

-15,836

55,027

204,027

48,340

-87,376

-101,998

147,603

-70,949

-40,359

28,398

40,738

-92,336

-126,299

-80,150

Financing Activities:
Proceeds from IPO, net of underwriting discounts

-

-

-

-

-

-

-

-

-

0

0

0

1,692,058

0

0

0

0

IPO costs paid

-

-

-

-

-

-

-

-

-

0

0

300

2,457

2,969

0

0

0

Payment of dividends and dividend equivalents

81,774

69,917

70,465

68,334

67,965

57,518

57,563

57,559

57,432

25,091

25,090

18,816

0

-

-

-

-

Distributions to non-controlling interests

534

464

724

711

1,175

995

992

996

1,037

61

0

0

0

-

-

-

-

Payment of taxes related to net share settlement of RSUs

3,171

0

56

1,385

6,723

835

989

823

6,598

5,978

9,906

0

0

-

-

-

-

Contributions

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

10,000

128,002

Redemption of Series A Preferred Stock

-

-

-

-

-

-

-

-

-

-

0

0

1,153

-

0

0

0

Proceeds from credit facilities

-

-

-

-

-

-

-

-

-

-

-

-

-

0

661

172,745

11,276

Payments on credit facilities

-

-

-

-

-

-

-

-

-

0

0

0

2,321,585

92,370

15,014

68,393

43,268

Proceeds from mortgage loans

-

-

-

-

-

960,304

0

2,357,608

916,571

865,027

0

996,420

0

-

-

-

-

Repayments of Secured Debt

107,387

199,006

89,032

528,571

180,812

1,163,298

217,708

2,325,319

873,269

864,386

3,610

1,052,541

1,030,471

13,365

2,714

1,140

29,598

Proceeds from term loan facility

-

-

-

-

-

-

-

-

-

0

0

0

1,500,000

0

0

0

0

Proceeds from revolving facility

320,000

270,000

80,000

115,000

20,000

75,000

110,000

100,000

0

-

-

-

-

-

-

-

-

Payments on revolving facility

50,000

270,000

80,000

115,000

20,000

75,000

110,000

115,000

20,000

100,000

0

0

0

-

-

-

-

Proceeds from issuance of common stock, net

55,921

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments on warehouse loans

-

-

-

-

-

-

-

-

-

-

-

-

-

11,876

7,490

27,128

68,767

Deferred financing costs paid

-

-

-

-

-

13,189

3

30,719

11,770

12,511

0

17,609

24,456

2,420

105

8,505

164

Other financing activities

-484

-8,386

-246

-136

-108

-305

-113

-897

-361

-1,153

0

0

0

-

-

-

-

Net cash provided by (used in) financing activities

132,571

-240,247

-142,786

-198,286

-256,783

-275,836

-277,368

-73,705

-53,896

-11,796

-38,606

-92,846

-188,064

-122,186

-24,662

77,579

-2,519

Change in cash, cash equivalents, and restricted cash

229,550

-40,168

6,958

-31,963

-8,573

-23,649

-26,282

19,174

-25,814

128,340

-8,976

-39,421

-83,592

-73,103

-25,414

30,074

-5,338

Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized

77,326

73,000

84,319

81,450

83,316

76,966

84,092

87,118

87,797

62,252

53,493

56,916

53,645

57,750

55,219

52,872

57,396

Cash paid for income taxes

362

461

621

833

866

500

196

702

671

538

0

1,987

0

-

-

-

-

Operating cash flows from operating leases

1,398

1,309

1,475

1,255

1,326

-

-

-

-

-

-

-

-

-

-

-

-

Financing cash flows from finance leases

454

-

-

-

108

-

-

-

-

-

-

-

-

-

-

-

-

Noncash investing and financing activities:
ROU assets obtained in exchange for operating lease liabilities

518

0

0

0

1,721

-

-

-

-

-

-

-

-

-

-

-

-

ROU assets obtained in exchange for finance lease liabilities

7,285

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Accrued renovation improvements at period end

12,489

7,658

-464

827

5,361

1,288

-313

467

5,747

3,178

1,669

248

3,620

-1,341

-1,734

-994

9,031

Accrued residential property capital improvements at period end

11,159

-3,909

2,812

4,711

7,906

-2,501

811

3,030

5,849

2,856

672

1,477

2,277

163

179

159

3,346

Transfer of residential property, net to other assets, net for held for sale assets

60,061

55,051

292,259

103,664

94,474

70,105

277,012

34,715

59,173

24,750

10,773

8,416

32,862

8,446

32,947

-1,302

4,971

Reclassification of IPO costs from other assets to additional paid-in capital

-

-

-

-

-

-

-

-

-

0

0

340

2,629

0

0

0

0

Change in other comprehensive income from cash flow hedges

-333,949

66,459

-75,777

-156,309

-101,049

-170,707

30,571

9,378

57,516

-

-

-

-

0

0

0

0

Change in other comprehensive income from cash flow hedges

-

-

-

-

-

-

-

-

-

-

-

-

13,272

-

-

-

-

Capital leases

-

-

-

-

-

0

-239

239

2,209

0

0

0

0

-

-

-

-