Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Q4 2024 Earnings Presentation
21 slides from Invitation Homes's earnings presentation, Feb 27, 2025
Slide 1: Investor Presentation
March 2025 Investor Presentation Together with you, we make a house a home. Denver
Slide 2: Key Takeaways And Updates
Key Takeaways And Updates We are the nation’s premier single-family home leasing and management company Our preliminary January-February QTD 2025 Same Store results (1): >300 bps • Renewal lease rate growth of 5.5% vs. 4.2% in Q4 2024 Acceleration • New lease rate growth of (0.8%) vs. (2.2%) in Q4
Slide 3: 2025 Guidance
2025 Guidance We expect 2025 to bring a return to more normal occupancy levels and steady growth FY 2025 Guidance FY 2025 FY 2025 FY 2024 Range Midpoint Actual Core FFO per share – diluted $1.88 - $1.94 $1.91 $1.88 AFFO per share – diluted $1.58 - $1.64 $1.61 $1.60 SS Core Revenue growth 1.75% - 3.2
Slide 4: I. Strategic Approach To Growth
Carolinas I. Strategic Tampa Approach To Growth
Slide 5: Differentiated Portfolio And Platform
Differentiated Portfolio And Platform We are strategically positioned around three pillars that enhance growth and the resident experience Track Record of Sector-Leading Growth and High-Quality Resident Experience (1) Location Scale Eyes in Markets • 96% of wholly owned portfolio in • Average of ove
Slide 6: Multi-Channel Approach To Acquisitions
Multi-Channel Approach To Acquisitions Our multi-channel approach puts eyes on more opportunities and maximizes selectivity We believe our multi-channel acquisition approach enables significant external growth in desirable locations during various real estate cycles Channel agnostic, location specif
Slide 7: Partnership Strategy For Build-To-Rent (BTR)
Partnership Strategy For Build-To-Rent (BTR) We partner with the nation’s best homebuilders rather than competing directly against them Our homebuilder partnership strategy for BTR offers what we Orlando believe are meaningful investment yields that target ~6% with few of the risks of on-balance she
Slide 8: Our Third-Party Management Business
Our Third-Party Management Business Capital-light opportunity to meaningfully grow AFFO/share with owners of large SFR portfolios Key benefits for Invitation Homes: Drive meaningful AFFO/sh growth and margin expansion with value-add platform & minimal capital investment High margin revenue strea
Slide 9: Track Record Of Consistency And Sector-Leading Growth
Track Record Of Consistency And Sector-Leading Growth Differentiated locations, scale, and local expertise have driven organic growth outperformance Cumulative Same Store NOI Growth (2017-2024) (1) Invitation Homes +60.7% $100M AMH +50.0% incremental INVH 2024 SS-NOI National $223M incremental +36.7
Slide 10: II. Location & Scale
Phoenix Tampa II. Location & Scale
Slide 11: Location: High-Growth Markets
Location: High-Growth Markets We focus on high-growth markets and infill neighborhoods with proximity to jobs, transportation, and schools 96% Seattle 6% of revenue from Western U.S., Sunbelt, and Florida Minne- apolis 1% 6.1% Northern California Chicago 6% avg annual SS-NOI growth Denver 3% 3% from
Slide 12: Scale: Phoenix Case Study
Scale: Phoenix Case Study Our industry-leading scale enables us to operate efficiently with significant local presence in markets Phoenix PHX 3 4,136 Homes Home Count (1) Wholly-owned 9,246 JV-owned 782 3rd-party managed 2,763 PHX 2 4,330 Homes Total 12,791 Phoenix Team Count (1) 1 Vice President of
Slide 13: III. Eyes In Markets
Denver Tampa III. Eyes In Markets
Slide 14: Best-In-Class, Local Approach To Operations And Investing
Best-In-Class, Local Approach To Operations And Investing Local, high-touch service with eyes in markets enhances control over asset quality and the resident experience Centralized strategy, tools, and oversight for a total of 110,438 homes(1) WHOLLY- JV- 3RD PARTY ~1,000 20 Field OWNED OWNED MANAGE
Slide 15: Proactive Resident Service And Asset Management
Proactive Resident Service And Asset Management ProCare proactive maintenance program designed to optimize each touch point with our residents and homes ProCare is our differentiated approach to service that leverages proactive engagement with residents and homes to maximize resident satisfaction
Slide 16: Growing Our Value-Add Services
Growing Our Value-Add Services We remain on track with our multi-year plan to grow value-add services to enhance the resident experience Bundled Internet: Value-Add We continue to expand our bundled internet and digital media Revenues ($M) (1) package to residents across the country $100 Resid
Slide 17: IV. Industry Fundamentals
Southern California IV. Industry Fundamentals
Slide 18: Meeting An Underserved Need In The Housing Market
Meeting An Underserved Need In The Housing Market We provide a unique experience, but today serve < 1% of the growing demand for single-family rentals 134 Million U.S. Housing Summary (1) Current U.S. Population by Age Cohort (2) (millions of people) Households Potential Owned: 66% Future (88M units
Slide 19: Single-Family Supply Continues To Be Constrained
Single-Family Supply Continues To Be Constrained The United States remains undersupplied by as many as 2 to 4 million homes according to some estimates Despite recent temporary supply pressures, we believe a decade-long shortfall in single-family construction is likely to persist for the foreseeab
Slide 20: Our Commitment To Corporate Stewardship
Our Commitment To Corporate Stewardship Read our Sustainability Report online at www.InvitationHomes.com/Sustainability Resident education on energy efficiency ENERGY STAR® certified appliances and durable, energy-efficient materials (1) ENVIRONMENTAL Smart Home technology and HVAC filter deli
Slide 21: 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, which include, but are not limited to, statements related to the Company’s expectations re