Invitation Homes Inc. · NYSE:INVH
Invitation Homes — NAREIT REITworld Investor Conference 2021
21 slides from Invitation Homes's conference presentation, Jun 7, 2021
Slide 1: NAREIT REITworld Investor Conference
Together with you, we make a house a home. NAREIT REITworld Investor Conference June 8 - 9, 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 further accelerated to 14.1% (+1180 bps YoY) in May, up from 10.8% in April and 7.9% in 1Q21 Renewal rate growth also further accelerated to 5.9% (+230 bps YoY) in May, up from 5.5% in April and 4.4% in 1Q21 Occupancy remains elevated at 98.3% in May (+80 bps YoY), compar
Slide 4: Increasing 2021 Full Year Guidance
Increasing 2021 Full Year Guidance Guidance raise driven by robust results in April and May, and stronger outlook for the remainder of the year 4 ________________________________________________ Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income
Slide 5: Track Record of Consistency and Outsized Growth
30.2% 18.9% 7.3% -6.0% $96M $194M $307M 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 6: I. Poised for Growth
Southern California I. POISED FOR GROWTH 6
Slide 7: Strong Leasing Momentum Into Late Peak Leasing Season
4.2% 4.1% 3.6% 4.4% 5.5% 5.9% 1Q April May 2020 2021 Strong Leasing Momentum Into Late Peak Leasing Season 7 Record rent growth continues to accelerate in May, and fundamental tailwinds are expected to persist Same Store Average Occupancy 96.7% 97.2% 97.5% 98.4% 98.4% 98.3% 1Q April May 2020 2021 Sa
Slide 8: 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 9: Best-in-Class Platform for External Growth
Channel agnostic, location specific 9 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 10: Growing Ancillary Services
Growing Ancillary Services We remain on track with our multi-year plan to grow ancillary services to enhance the resident experience 10 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 11: 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 11 Scale Experience in Markets Value Enhancing Project Scope Data Increased resident loyalty Double-digit NOI yield on investment
Slide 12: Investment Grade Balance Sheet
$345 $552 $2,217 $3,257 $997 $403 $150 $150 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2036 $- $1,000 $2,000 $3,000 $4,000 Investment Grade Balance Sheet 12 Received investment grade ratings in April and closed $300M private placement in May The investment grade ratings: Provide immedi
Slide 13: II. Highly Compelling Long-Term Industry Fundamentals
Seattle II. HIGHLY COMPELLING LONG-TERM INDUSTRY FUNDAMENTALS 13
Slide 14: Outsized growth prospects and favorable risk profile warrant a premium valuation
14 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 15: 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 15 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 16: 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 16 Current Population by Age Cohort (1) (millions of people) Total Housing Permits as a % of Households in IH Markets (2) Sign
Slide 17: III. Unique IH Competitive Advantages
Las Vegas 17 III. UNIQUE IH COMPETITIVE ADVANTAGES
Slide 18: Differentiated Portfolio and Platform
Differentiated Portfolio and Platform IH is strategically positioned around three pillars that enhance growth and the resident experience 18 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 19: Location: High-Growth Markets
Location: High-Growth Markets High-growth markets; In-fill neighborhoods with proximity to jobs, transportation, and schools 19 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 20: 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 20 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
Slide 21: Eyes in Markets: Local and High-Touch Service Through ProCare
Eyes in Markets: Local and High-Touch Service Through ProCare Initial Showing / Leasing Interaction ProCare Resident Orientation (RO) ProCare 45-Day Maintenance Visit Work Order General Property Condition Assessment Program ProCare 6-Month Maintenance Visit ProCare Pre-Move Out Visit (PMOV) Move Out
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