Invitation Homes Inc. · NYSE:INVH
Invitation Homes — Citi Conference March 2023
20 slides from Invitation Homes's conference presentation, Mar 3, 2023
Slide 1: Citi Conference March 6-7, 2023
Citi Conference March 6-7, 2023 Together with you, we make a house a home.
Slide 2: I. Executive Summary
South Florida 2 I. Executive Summary
Slide 3: Key Takeaways and Updates
Key Takeaways and Updates We are the nation’s premier single-family home leasing company, with an emphasis on the resident experience 3 Our business and its fundamentals remain strong, as shown by our recent operating results: New lease rate growth of 4.9% in January and 5.7% in February Renew
Slide 4: FY 2023 Guidance
FY 2023 Guidance Our guidance represents Core FFO growth of 6% year over year at the midpoint 4 FY 2023 Guidance FY 2023 Guidance $1.73 - $1.81 $1.43 - $1.51 5.25% - 6.25% 7.5% - 9.5% 4.0% - 5.5% Core FFO per share – diluted AFFO per share – diluted SS Core Revenues growth SS Core OpEx growth SS NO
Slide 5: A Business Model for All Seasons
A Business Model for All Seasons We believe our business and proven strategy position us well against economic uncertainty 5 The location and quality of our homes attracts a higher-end SFR customer; new residents have an average annual income of approximately $134,000, and an income to rent ratio
Slide 6: Differentiated Portfolio and Platform
Differentiated Portfolio and Platform We are strategically positioned around three pillars that enhance growth and the resident experience 6 Location • We believe infill locations create insulation from new supply • >95% of portfolio in Western U.S., Sunbelt, and Florida • In-fill neighborhoods • Hi
Slide 7: Our Commitment to ESG
Our Commitment to ESG 7 SOCIAL Top-ranked governance(1) 89% 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 ESG Employee Resource Groups and training
Slide 8: Track Record of Consistency and Sector-Leading Growth
8 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% Invitation Homes AMH National Multifamily Coastal Multifamily 2018 SS-NOI Growth 5.6% 3.7% 4.2% 3.3% Invitation Homes AMH N
Slide 9: II. Location & Scale
Tampa Denver 9 II. Location & Scale
Slide 10: Location: High-Growth Markets
Location: High-Growth Markets We focus on high-growth markets and in-fill neighborhoods with proximity to jobs, transportation, and schools 10 >95% of revenue from Western U.S., Sunbelt, and Florida 6.6% avg annual SS-NOI growth from 2017 to 2022 >38% more home price appreciation than U.S. avg since
Slide 11: Multi-Channel Approach to Acquisitions
Channel agnostic, location specific 11 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 Foster relationships to target new-build
Slide 12: Scale: Atlanta Example
ATL 1 2,710 Homes ATL 2 2,731 Homes ATL 3 2,450 Homes ATL 4 2,567 Homes ATL 5 2,199 Homes Scale: Atlanta Example Our industry-leading scale enables us to operate efficiently with significant local presence in markets 12 Atlanta - 12,657 Homes (1) ________________________________________________ (1)
Slide 13: III. Eyes in Markets
Tampa Phoenix 13 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 Differentiated Approach Superior Results Local resident service, leasing, and investment/asset management, with centralized overs
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 Initial Showing / Leasing Interaction ProCare Resident Orientation (RO) ProCare 45-Day Maintenance Visit Work Order General Property Condition Asse
Slide 16: Growing Ancillary Services
Growing Ancillary Services We remain on track with our multi-year plan to grow ancillary services to enhance the resident experience 16 Smart Home Update: Base Smart Home package recently expanded to include video doorbell along with smart lock and smart thermostat Upgraded Smart Home packages
Slide 17: IV. Industry Fundamentals
Denver 17 IV. Industry Fundamentals
Slide 18: Meeting an Underserved Need in the Housing Market
3% 17% 80% 1000+ units 10 to 999 units 1 to 9 units Meeting an Underserved Need in the Housing Market We provide a unique experience, but today serve only 0.5% of the growing demand for single-family rentals 18 U.S. Single-Family Rental Ownership (3) ________________________________________________
Slide 19: Supply Continues to be Constrained
Supply Continues to be Constrained We believe a decade-long shortfall in single-family construction is likely to persist for the foreseeable future 19 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 1988 1992 199
Slide 20: 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