Invitation Homes Inc. · NYSE:INVH

Invitation Homes — Investor Presentation (September 2020)

18 slides from Invitation Homes's investor presentation, Sep 8, 2020

  1. Slide 1: Investor Presentation September 2020

    Investor Presentation September 2020 Together with you, we make a house a home.

  2. 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

  3. Slide 3: Key Takeaways and Updates

    Key Takeaways and Updates Invitation Homes is positioned favorably for both near‐term stability and long‐term growth 1) Business continues to perform well amid COVID‐19  Rent collections 98% of historical average in June, July, and August, up from 97% in May and 95% in April  SS‐average occupancy

  4. Slide 4: I. Strong Performance Amid COVID-19 To Date

    Southern California I. STRONG PERFORMANCE AMID COVID‐19 TO DATE 4

  5. Slide 5: Well-Positioned to Navigate COVID-19

    Well‐Positioned to Navigate COVID‐19 Resident satisfaction scores have continued to climb, and operating results have remained positive Positive differentiators for SFR amid the pandemic  Product type: Low‐density housing in attractive suburban neighborhoods, with 3+ bedrooms and no shared spaces .

  6. Slide 6: Record Occupancy and Healthy Rent Collection

    Record Occupancy and Healthy Rent Collection Operating results have strengthened continuously since the beginning of the pandemic Same Store Average Occupancy Revenue Collected as % of Revenue Due (1) 2019 2020 99% 97% 97.8% 97.8% 96% 97.5% 96.7% 96.5% 96.5% 96% 92% 92% 96.0% 96.0% Q1 Q2 July August

  7. Slide 7: Strong Balance Sheet & Liquidity; Delevering Alongside Acquisitions

    Strong Balance Sheet & Liquidity; Delevering Alongside Acquisitions ~$1.6B of cash & revolver capacity, with no debt maturing prior to 2022; funding external growth with equity Strong balance sheet position as of June 30, 2020:  $572M of cash and $1,000M of available capacity on revolving line of c

  8. Slide 8: II. Highly Compelling Long-Term Growth Story

    Seattle II. HIGHLY COMPELLING LONG‐TERM GROWTH STORY 8

  9. Slide 9: 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 U.S. Housing Summary (1) Growing Single‐Family Rental Demand (1) 126 Million Households Single‐Family Rental Households Owned: 62% 17M (78M

  10. Slide 10: Demographics to Drive Household Formation

    Demographics to Drive Household Formation John Burns Real Estate Consulting expects 12.5M net households to be formed over the next 10 years  Significant pent‐up demand in millennial generation likely to move toward single‐family rental over the next decade Current Population by Age Cohort (1) Perc

  11. Slide 11: Supply is Constrained

    Supply is Constrained Shortfall in single‐family home construction is likely to continue  Rising labor costs, materials costs, impact fees, and regulatory hurdles have been barriers to supply over the last decade  Replacement cost increases for single‐family housing have outpaced consumer inflatio

  12. Slide 12: Best-in-Class Platform for External Growth

    Best‐in‐Class Platform for External Growth IH’s multi‐channel approach puts eyes on more opportunities and maximizes selectivity Channel agnostic, location specific Broker/MLS iBuyers Leverage AcquisitionIQ and Positioned to be “buyer broker network to maximize of choice” as the iBuyer deal flow mar

  13. Slide 13: Value Enhancing Capex Opportunity

    Value Enhancing Capex Opportunity Reinvesting in homes to simultaneously enhance resident loyalty, risk‐adjusted returns, and asset durability Increased resident Scale loyalty Value Enhancing Data Double‐digit NOI Project Scope yield on investment Experience in Markets Enhanced asset quality & durab

  14. Slide 14: Ancillary Services Opportunity

    Ancillary Services Opportunity We are in the very early stages of what the resident experience could look like Current State High‐Priority Focus Initiatives Future Vision / Blue Sky  Reliable “genuine care” that creates  Enhanced leasing lifestyle that extends  Leading edge service provider to SF

  15. Slide 15: III. Unique IH Competitive Advantages

    Las Vegas III. UNIQUE IH COMPETITIVE ADVANTAGES 15

  16. Slide 16: Differentiated Portfolio and Platform

    Differentiated Portfolio and Platform IH is strategically positioned around three pillars that enhance growth and the resident experience Outsized Growth and Unparalleled Resident Experience Location Scale Eyes in Markets • >70% of portfolio in • Almost 5,000 homes per • 17 in‐house investment Weste

  17. Slide 17: Location: High-Growth Markets

    Location: High‐Growth Markets High‐growth markets; In‐fill neighborhoods with proximity to jobs, transportation, and schools >70% of revenue from Western Seattle U.S. and Florida 6% Minne‐ apolis 2x greater 2% Northern Chicago household formation in IH California 4% (1) 7% Denver markets versus U.S.

  18. Slide 18: Scale and Eyes in Market: Atlanta Example

    Scale and Eyes in Market: Atlanta Example Industry‐leading scale enables Invitation Homes to operate efficiently with significant local presence in markets Atlanta ‐ 12,501 Homes NW POD Team NE POD Team • 1 Vice President of Operations 3,418 Homes 3,322 Homes • 1 Director of Operations • 1 Rehab/Tur

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