Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Investor Presentation (May 2024)
20 slides from Invitation Homes's investor presentation, May 30, 2024
Slide 1: Investor Presentation June 2024
Investor Presentation Together with you, we make a house a home. June 2024
Slide 2: Key Takeaways And Updates
Key Takeaways And Updates We are the nation’s premier single-family home leasing and management company We believe we remain well-positioned to deliver outsized AFFO growth through our accretive homebuilder relationships, our high-margin and growing third-party management business, and our strateg
Slide 3: I. Strategic Approach To Growth
Tampa Carolinas I. Strategic Approach To Growth
Slide 4: Differentiated Portfolio And Platform
Location • ~96% of wholly owned portfolio in Western U.S., Sunbelt, and Florida • We believe infill locations offer better insulation from new supply • Outsized long-term growth drivers (e.g. population growth, job growth, household formation) • Desirable neighborhoods, great schools, and easy acces
Slide 5: Multi-Channel Approach To Acquisitions
Channel agnostic, location specific Multi-Channel Approach To Acquisitions Our multi-channel approach puts eyes on more opportunities and maximizes selectivity Broker/MLS Leverage AcquisitionIQ and broker network to maximize deal flow Builder Partnerships Growing relationships to target new-build su
Slide 6: Relationship Approach To Build-To-Rent (BTR)
Relationship Approach To Build-To-Rent (BTR) We partner with the nation’s best homebuilders rather than competing directly against them Our homebuilder-relationship approach to BTR offers what we believe are meaningful investment yields of ~6% with few of the risks of on-balance sheet development
Slide 7: Leveraging Our Best-In-Class Property Management Playbook
Key benefits for Invitation Homes: Drive meaningful AFFO/sh growth and margin expansion with value-add platform & minimal capital investment High margin revenue stream in a high-barrier sector where efficient third-party managers are scarce Add value to the core business by increasing scale in
Slide 8: Track Record Of Consistency And Sector-Leading Growth
53.6% 42.4% 36.2% 16.1% Invitation Homes AMH National Multifamily Coastal Multifamily Cumulative SS-NOI Growth (2017-2023) Track Record Of Consistency And Sector-Leading Growth 7.4% 5.1% 2.8% 2.9% Invitation Homes AMH National Multifamily Coastal Multifamily 2017 SS-NOI Growth 4.4% 2.8% 2.9% 2.3% In
Slide 9: II. Location & Scale
Tampa Phoenix II. Location & Scale
Slide 10: 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% of revenue from Western U.S., Sunbelt, and Florida 6.3% avg annual SS-NOI growth from 2017 to 2023 35% more home price appreciation than U.S. avg since 2012
Slide 11: Scale: Phoenix Case Study
Scale: Phoenix Case Study Our industry-leading scale enables us to operate efficiently with significant local presence in markets Phoenix Home Count (1) Wholly-owned 9,415 JV-owned 622 3rd-party managed 2,891 Total 12,928 PHX 1 4,356 Homes PHX 2 4,320 Homes Phoenix (1) PHX 3 4,252 Homes Phoenix Team
Slide 12: III. Eyes In Markets
Tampa Denver III. Eyes In Markets
Slide 13: 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 Differentiated Approach Local resident service, leasing, and investment/asset management, with centralized oversight and tools
Slide 14: 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 Initial Showing / Leasing Interaction ProCare Resident Orientation (RO) ProCare 45-Day Maintenance Visit Work Order General Property Condition Asse
Slide 15: 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 Introduction: We are rolling out a bundled internet and digital media package to many of our residents across the country Residents receive
Slide 16: Our Commitment To Corporate Stewardship
Our Commitment To Corporate Stewardship Top-ranked corporate governance (1) 90% of directors independent Quarterly ESG board updates Robust risk management Opted out of MUTA Genuine Care commitment to our residents Associates’ pay linked to resident service and sustainability Employe
Slide 17: IV. Industry Fundamentals
Invitation Homes – Proprietary and Confidential. Southern California IV. Industry Fundamentals
Slide 18: Meeting An Underserved Need In The Housing Market
1-9 properties: 78% 10-99 properties: 16% 100-999 properties: 3% 1,000+ properties: 3% Single-Family: 31% (14M units)Mobile Homes, Boats, Etc.: 4% (2M units) Apartments: 65% (29M units) Meeting An Underserved Need In The Housing Market We provide a unique experience, but today serve < 1% of the grow
Slide 19: Single-Family Supply Continues To Be Constrained
Single-Family Supply Continues To Be Constrained We believe a decade-long shortfall in single-family construction is likely to persist for the foreseeable future Total Housing Permits (Single and Multifamily) as a % of Households in Invitation Homes’ Markets (1) 0.0% 1.0% 2.0% 3.0% 4.0% 1980 1984 19
Slide 20: Disclaimer
Disclaimer IR@InvitationHomes.com S&P 500 www.invh.com 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 no