Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Investor Presentation (September 2020)
18 slides from Invitation Homes's investor presentation, Sep 8, 2020
Slide 1: Investor Presentation September 2020
Investor Presentation September 2020 Together with you, we make a house a home.
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
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
Slide 4: I. Strong Performance Amid COVID-19 To Date
Southern California I. STRONG PERFORMANCE AMID COVID‐19 TO DATE 4
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 .
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
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
Slide 8: II. Highly Compelling Long-Term Growth Story
Seattle II. HIGHLY COMPELLING LONG‐TERM GROWTH STORY 8
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
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
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
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
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
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
Slide 15: III. Unique IH Competitive Advantages
Las Vegas III. UNIQUE IH COMPETITIVE ADVANTAGES 15
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
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.
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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