Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Investor Presentation (March 2021)
19 slides from Invitation Homes's investor presentation, Mar 1, 2021
Slide 1: Investor Presentation March 2021
Together with you, we make a house a home. Investor Presentation March 2021
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section s related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital reso
Slide 3: Key Takeaways and Updates
Key Takeaways and Updates Invitation Homes is poised for growth 3 3) Targeted initiatives to further elevate the resident experience enhance both resident loyalty and IH growth 2) External growth is in high gear, driven by a proven multi-channel approach to acquisitions Currently acquiring homes at
Slide 4: Track Record of Consistency and Outsized Growth
Track Record of Consistency and Outsized Growth Differentiated locations, scale, and local expertise have driven consistent outperformance in organic growth ________________________________________________ Note: National Multifamily represents simple average of CPT, MAA, and UDR. Coastal Multifamily
Slide 5: I. Poised for Growth
Southern California I. POISED FOR GROWTH 5
Slide 6: Strong Leasing Momentum
4.3% 4.2%4.2% 4.4% Jan Feb 2020 2021 Strong Leasing Momentum 6 Record leasing results continue to accelerate in early 2021, and fundamental tailwinds are expected to persist Same Store Average Occupancy 96.5% 96.6% 98.4% 98.3% Jan Feb 2020 2021 Same Store New Lease Rate Growth 0.2% 1.7% 7.3% 8.3% Ja
Slide 7: External Growth in High Gear
External Growth in High Gear Targeting acquisitions of $1 billion+ in 2021 (most since 2014) Acquisitions Invested Basis (1)(2) ($ millions) $864 $313 $253 $279 $653 $736 $1,000+ 2015 2016 2017 2018 2019 2020 2021e ________________________________________________ (1) Invested basis is comprised of p
Slide 8: Best-in-Class Platform for External Growth
Channel agnostic, location specific 8 Best-in-Class Platform for External Growth Proven multi-channel acquisition approach puts eyes on more opportunities and maximizes selectivity Broker/MLS Leverage AcquisitionIQ and broker network to maximize deal flow Builder Partnerships Foster relationships to
Slide 9: Growing Ancillary Services
Growing Ancillary Services We remain on track with our multi-year plan to grow ancillary services to enhance the resident experience 9 Smart Home Update: Base Smart Home package expanded for 2021 to include video doorbell along with smart lock and smart thermostat Upgraded Smart Home packages made a
Slide 10: Tailoring and Hardening Assets Through Value Enhancing Capex
Tailoring and Hardening Assets Through Value Enhancing Capex Reinvesting in homes to simultaneously enhance resident loyalty, risk-adjusted returns, and asset durability 10 Scale Experience in Markets Value Enhancing Project Scope Data Increased resident loyalty Double-digit NOI yield on investment
Slide 11: Growth Supported by Strong Balance Sheet & Liquidity
Growth Supported by Strong Balance Sheet & Liquidity 11 ~$1.2B of cash & revolver capacity and no debt maturing prior to 2024(1) Strong balance sheet position as of December 31, 2020: $213M of cash and $1,000M of available capacity on revolving line of credit 57% of homes unencumbered 93% of debt fi
Slide 12: II. Highly Compelling Long-Term Industry Fundamentals
Seattle II. HIGHLY COMPELLING LONG-TERM INDUSTRY FUNDAMENTALS 12
Slide 13: Outsized growth prospects and favorable risk profile warrant a premium valuation
13 We believe outsized growth prospects and a favorable risk profile warrant a premium valuation Attractive SFR Risk Profile SFR Risk Differentiators Demographics (aging millennial generation) a strong positive for housing demand in any macroeconomic environment Most liquid real estate asset class i
Slide 14: Meeting an Underserved Need in the Housing Market
Meeting an Underserved Need in the Housing Market IH provides a superior experience, but today serves only 0.5% of the growing demand for single-family rentals 14 Single-Family Rental (SFR) Market Share (1)(2) 0.3 million 16.2 million Institutional Owners "Mom & Pops" Home Count by Owner Type Growin
Slide 15: Supply and demand favorable for SFR
Supply and demand have been favorable for SFR both before and during COVID, and we expect this to continue Demographics to Drive Household Formation; Supply is Constrained 15 Current Population by Age Cohort (1) (millions of people) Total Housing Permits as a % of Households in IH Markets (2) Signif
Slide 16: III. Unique IH Competitive Advantages
Las Vegas 16 III. UNIQUE IH COMPETITIVE ADVANTAGES
Slide 17: Differentiated Portfolio and Platform
Differentiated Portfolio and Platform IH is strategically positioned around three pillars that enhance growth and the resident experience 17 Location 95% of portfolio in Western U.S., Sunbelt, and Florida (1) In-fill neighborhoods High barriers to homeownership Outsized LT growth drivers Insulation
Slide 18: Location: High-Growth Markets
Location: High-Growth Markets High-growth markets; In-fill neighborhoods with proximity to jobs, transportation, and schools 18 95% of revenue from Western U.S., Sunbelt, and Florida (1) 5.3% avg annual SS-NOI growth since 2017 IPO (1) 29% more home price appreciation than U.S. avg since 2012 (1) 2.
Slide 19: Scale and Eyes in Markets: Atlanta Example
Scale and Eyes in Markets: Atlanta Example Industry-leading scale enables Invitation Homes to operate efficiently with significant local presence in markets 19 NW POD Team 3,436 Homes NE POD Team 3,332 Homes SE POD Team 2,937 Homes SW POD Team 2,850 Homes 1 Vice President of Operations 1 Director of
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