Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Investor Presentation (February 2024)
22 slides from Invitation Homes's investor presentation, Feb 29, 2024
Slide 1: Investor Presentation March 2024
Investor Presentation Together with you, we make a house a home. March 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 growing third-party management business, and our strategic approach to o
Slide 3: FY 2024 Guidance
The Company does not provide guidance for the most comparable GAAP financial measures of net income (loss), total revenues, and property operating and maintenance expense, or a reconciliation of the forward-looking non-GAAP financial measures of Core FFO per share, AFFO per share, Same Store Core re
Slide 4: I. Strategic Approach To Growth
Dallas I. Strategic 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 Location Scale • Average of nearly 5,300 wholly owned homes across our 16 core markets
Slide 6: 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 7: 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 8: 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 9: July 2023 Portfolio Acquisition Of Exceptionally Well-Located Homes
July 2023 Portfolio Acquisition Of Exceptionally Well-Located Homes High-growth portfolio that further enhances our scale and margin expansion opportunities Portfolio acquisitions bring cash-flowing assets immediately onto our platform at scale, at a value that we believe is impossible to replicate
Slide 10: 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 11: II. Location & Scale
Tampa North Carolina II. Location & Scale
Slide 12: 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 >34% more home price appreciation than U.S. avg since 201
Slide 13: Scale: Atlanta Case Study
Scale: Atlanta Case Study Our industry-leading scale enables us to operate efficiently with significant local presence in markets Atlanta Home Count (1) Wholly-owned 12,717 JV-owned 626 3rd-party managed 5,553 Total 18,896 ATL 2 2,610 Homes ATL 3 2,848 Homes ATL 4 3,074 Homes ATL 5 2,720 Homes ATL 1
Slide 14: III. Eyes In Markets
Tampa Phoenix III. Eyes In Markets
Slide 15: 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 16: 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 17: 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 18: 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 19: IV. Industry Fundamentals
e invitationhomes IV. Industry Fundamentals
Slide 20: Meeting An Underserved Need In The Housing Market
3% 3% 14% 80% 1000+ units 100-999 units 10 to 99 units 1 to 9 units 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 U.S. Single-Family Rental Ownership (4) (1) Source: John Burns Real Estate Consul
Slide 21: 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 22: 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
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