Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Investor Presentation (May 2021)
19 slides from Invitation Homes's investor presentation, May 10, 2021
Slide 1: Investor Presentation May 2021
Together with you, we make a house a home. Investor Presentation May 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 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Comp
Slide 3: Key Takeaways and Updates
New lease rate growth accelerated to 10.8% (+970 bps YoY) in April compared to 7.9% for 1Q21 Renewal rate growth accelerated to 5.5% (+140 bps YoY) in April compared to 4.4% for 1Q21 April occupancy of 98.4% (+120 bps YoY) Significant pent up demand from millennial generation could favor sin
Slide 4: Track Record of Consistency and Outsized Growth
28.0% 18.9% 7.3% -6.4% $78M $176M $292M Invitation Homes American Homes 4 Rent National Multifamily Coastal Multifamily Cumulative SS-NOI Growth (2017 - 2021E(1)) Track Record of Consistency and Outsized Growth Differentiated locations, scale, and local expertise have driven consistent outperformanc
Slide 5: I. Poised for Growth
Southern California I. POISED FOR GROWTH 5
Slide 6: Strong Leasing Momentum Into Late Peak Leasing Season
4.2% 4.1% 4.4% 5.5% 1Q April 2020 2021 Strong Leasing Momentum Into Late Peak Leasing Season 6 Record leasing results continue to accelerate in April, and fundamental tailwinds are expected to persist Same Store Average Occupancy 96.7% 97.2% 98.4% 98.4% 1Q April 2020 2021 Same Store New Lease Rate G
Slide 7: External Growth in High Gear
External Growth in High Gear $233M acquisitions in 1Q21, on track to achieve $1B+ acquisitions in 2021 Acquisitions Invested Basis (1)(2) ($ millions) $864 $313 $253 $279 $653 $736 $233 $1,000+ 2015 2016 2017 2018 2019 2020 2021e ________________________________________________ (1) Invested basis is
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
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: Investment Grade Balance Sheet
$345 $611 $2,369 $3,345 $997 $403 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 $- $1,000 $2,000 $3,000 $4,000 Investment Grade Balance Sheet 11 Received investment grade ratings in April from Fitch, Moody’s and S&P The investment grade ratings: Provide immediate annualized interest cost
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 cla
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: Demographics to Drive Household Formation; Supply is Constrained
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) Sign
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 • I
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 from 2017 to 2020 29% more home price appreciation than U.S. avg since 2012 (1) 2.2
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 3,444 Homes NE POD Team 3,326 Homes SE POD Team 2,933 Homes SW POD Team 2,853 Homes • 1 Vice President of Operations • 1 Directo