Invitation Homes Inc. (INVH) Prices $800M Senior Notes Offering

Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”) announced today that its operating partnership, Invitation Homes Operating Partnership LP (the “Operating Partnership”), has priced a public offering of $450 million aggregate principal amount of 5.450% Senior Notes due 2030 (the “2030 Notes”) and $350 million aggregate principal amount of 5.500% Senior Notes due 2033 (the “2033 Notes” and, together with the 2030 Notes, the “Notes”). The 2030 Notes were priced at 98.866% of the principal amount and will mature on August 15, 2030. The 2033 Notes were priced at 98.642% of the principal amount and will mature on August 15, 2033. The offering is expected to close on August 2, 2023, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed, jointly and severally, by the Company, Invitation Homes OP GP LLC and IH Merger Sub, LLC.

The Operating Partnership intends to use a portion of the net proceeds from the offering to repay all $150.0 million of indebtedness outstanding under its revolving credit facility, and the remaining net proceeds for general corporate purposes, which may include, without limitation, repayment of other indebtedness including secured debt, working capital, acquisitions and renovations of single-family properties and for related activities in accordance with the Company’s business strategy.

J.P. Morgan, Citigroup, Morgan Stanley, BofA Securities, Deutsche Bank Securities, KeyBanc Capital Markets, PNC Capital Markets LLC, Regions Securities LLC and Wells Fargo Securities are acting as the joint book-running managers of the offering. BMO Capital Markets, Capital One Securities, Goldman Sachs & Co. LLC, Mizuho, RBC Capital Markets, BNP PARIBAS, Huntington Capital Markets, Raymond James, Scotiabank, US Bancorp, Academy Securities, BNY Mellon Capital Markets, LLC and Ramirez & Co., Inc. are acting as the co-managers of the offering.

The offering is being made pursuant to an effective shelf registration statement filed by the Company, the Operating Partnership, Invitation Homes OP GP LLC and IH Merger Sub, LLC with the Securities and Exchange Commission (the “SEC”). A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. When available, a copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, or by telephone at (212) 834-4533; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 800-831-9146, or by email at [email protected]; Morgan Stanley & Co. LLC, 1585 Broadway, 6th Floor, New York, New York 10036, or by telephone at 1-866-718-1649, or by email at [email protected]; or by visiting the EDGAR database on the SEC’s web site at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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