From: Global St.
Author: Paul Bubny
Date: November 17, 2017

The combined Invitation Homes portfolio still represents just 0.5% of the highly fragmented single-family rental market.


DALLAS—The combined entity bearing the Invitation Homes name began trading Thursday on the New York Stock Exchange as a merger creating the nation’s largest single-family rental landlord was finalized. Also known as Invitation Homes and trading under the INVH stock ticker it used prior to the combination with Starwood Waypoint Homes, the company owns and manages a portfolio of approximately 82,000 single-family properties.

The all-stock merger was first announced in August. Starwood Waypoint was itself the product of a 2015 merger between Starwood Waypoint Residential Trust and Colony American Homes. Invitation Homes was launched in 2012 by Blackstone, and went public earlier this year “Bringing together the best of both companies will help us continue to enhance customer service and expand housing choices for our residents,” says CEO Fred Tuomi. “We will be able to more effectively and efficiently deliver exceptional living experiences near good jobs and good schools for families choosing to rent.”

Ownership in the SFR space remains fragmented. The combined INVH portfolio represents less than 0.1% of the more than 90 million single-family homes in the US, and 0.5% of the nearly 16 million SFR properties in the country.

Formerly CEO of Starwood Waypoint, Tuomi now leads a team comprised of senior executives from both companies. Ernie Freedman, who served as INVH’s CFO pre-merger, continues in that capacity, while Charles Young, formerly Starwood Waypoint’s COO, is now COO for INVH. Dallas Tanner continues at INVH’s CIO.

The board now has 11 directors, consisting of six current directors of INVH and five former Starwood Waypoint trustees. The company will remain headquartered in Dallas and will maintain a presence in Scottsdale, AZ.

In connection with the merger, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC acted as financial advisors and Simpson Thacher & Bartlett LLP acted as legal advisor to INVH. Morgan Stanley & Co. LLC and Evercore Group LLC served as financial advisors to Starwood Waypoint, while Sidley Austin LLP served as its legal advisor.

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