Invitation Homes Inc. (INVH) Announces $200M JV

Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation’s premier single-family home leasing and management company, announced today that it has entered into an agreement to form a new joint venture partnership (the “JV”) with a leading global real estate investment partner. The JV will leverage the Company’s strong homebuilder partnerships, management expertise, and unmatched scale to invest in newly-constructed homes and communities in several high-growth markets.

“We believe our partnership approach to investing in new homes with builders is an optimal strategy for Invitation Homes to maximize risk-adjusted returns while also helping to bring high-quality new housing options to where they are greatly needed,” said Dallas Tanner, the Company’s Chief Executive Officer. “This successful growth channel has become one of our trademark characteristics, and we’re pleased to work with an esteemed institutional partner to further expand upon that.”

The JV is expected to deploy approximately $500 million, including debt, to acquire newly constructed homes. The JV will be initially capitalized with a total equity commitment of $200 million, of which $50 million will be committed by Invitation Homes, with potential to upsize equity commitments through follow-on investment tranches in the future. The Company will provide various management services to the JV, for which the Company will earn management fees in addition to the opportunity to earn a promoted interest subject to certain performance thresholds. Invitation Homes also has certain rights to potentially acquire the JV’s homes in the future.

Eastdil Secured served as financial advisor to Invitation Homes in arranging the JV, and Latham & Watkins LLP acted as the Company’s legal advisor.

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