IPO - Invitation Homes $INVH - CEO John Bartling

Updated

95% occupancy
$1600 avg rent
62% margins
13 markets
3700 homes in each market
97% of markets has over 2000 homes
All rehab teams are in the market.
Buy, renovate, rent.

COMPETITION:
American Homes for Rent
Colony
Starwood

INVH is Part of the American Rental Housing Council
Provide a consistent experience for renters
Create best practices

John Bartling, CEO
Saw him on Bloomberg on IPO day Feb 1, 2017

Note

finance.yahoo.com/news/invitation-homes-completes-1-8-220000782.html

Dividend policy will be to distribute 90%+ of income to investors.

Summary of link above:
1. Lifestyle Choice for millenials. Bringing a professional experience into housing. For when you move into the suburbs and rent a home (lease).
2. It's about lifestyle choice: Average renter is a family that is 39 years old, and both are working in the family. They have children and are coming from the city. They want to put their kids in a good school.
3. Rent increases were 6.5% in the latest quarter. The rental market is tight and there is a limited supply of rental housing in the US right now.
4. Overall, the portfolio 48000-49000 homes. Sold 2600 homes over the past two years. We recycle some capital.
5. Focus on executing. Driving best practices to our residents. Still early stages.
6. Can you get efficiencies? Need 1000 homes to get scale, ultimately at 2000-3000 homes. 3700 homes on average per market.
7. INVH loves its footprint of markets.
8. Largest REIT in this market of home rentals/leases.
9. 15.8 million homes are in the lease market in the US.
10. The CEO of INVH is the Chairman of a National Rental Housing Council. The industry might consolidate to 3 million homes in public ownership.

I suggest you also listen to the video on the link above.

timwest

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