Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Q2 2024 Earnings Presentation
21 slides from Invitation Homes's earnings presentation, Jul 25, 2024
Slide 1: Investor Presentation
September 2024 Investor Presentation Together with you, we make a house a home.
Slide 2: Key Takeaways And Updates
Key Takeaways And Updates We are the nation’s premier single-family home leasing and management company Our July-August QTD Same Store results: • Renewal lease rate growth of 4.4% versus 5.6% in 2Q24, demonstrating continued strength in late summer season (see next slide) • New lease rate growth o
Slide 3: INVH Has Typically Led on SS Blended Rate Growth & Avg Occupancy Since 2017
INVH Has Typically Led on SS Blended Rate Growth & Avg Occupancy Since 2017 We believe our approach optimizes same store revenue growth over time and distance Quarterly Same Store Leasing Results 1Q 2017 through 2Q 2024 (1) 14.0% 100.0% 99.0% 12.0% 98.0% 10.0% 97.0% 96.0% 8.0% 95.0% 6.0% 94.0% 4.0%
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 ne
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 better locations without on- balance sheet development risk Channel agnostic, locatio
Slide 7: Our Relationship Approach To Build-To-Rent (BTR)
Our 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 Orlando what we believe are meaningful investment yields of 6%+ with few of the risks of on-balance sheet de
Slide 8: Leveraging Our Best-In-Class Property Management Playbook
Leveraging Our Best-In-Class Property Management Playbook 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 Hig
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 2017 SS-NOI Growth 2018 SS-NOI Growth 2019 SS-NOI Growth Invitation Invitation Invitation 7.4% 4.4% 5.6% Homes Homes Homes AMH 5.1% AMH 2.8% AMH 3.7% N
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% 6.3% Northern California Chicago 6% avg annual SS-NOI growth Denver 3% from 2
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 4,252 Homes Home Count (1) Wholly-owned 9,243 JV-owned 796 3rd-party managed 2,891 PHX 2 4,324 Homes Total 12,930 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 109,506 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 Introduction: Value-Add We are rolling out a bundled internet and digital media package to many of Revenues ($M) (1) our residents across the
Slide 17: Our Commitment To Corporate Stewardship
Our Commitment To Corporate Stewardship Read our April 2023 Sustainability Progress Overview online at www.InvitationHomes.com/Sustainability Resident education on energy efficiency ENERGY STAR® certified appliances and durable, energy-efficient materials (1) ENVIRONMENTAL Smart Home technolog
Slide 18: IV. Industry Fundamentals
Southern California IV. Industry Fundamentals
Slide 19: 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 133 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 20: 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 foresee
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 (the “Exchange Act”), which include, but are not limited to, statements related to the Comp