Investor Presentaiton
A Business Model For All Seasons
We believe our business and proven strategy position us well against economic uncertainty
The location and quality of our homes attracts a higher-end SFR customer; new residents have an average annual income of
over $134,000 and an income to rent ratio of 5.1x as of 1Q23
Our investment-grade rated balance sheet provides us with over $1.3 billion of liquidity as of March 31, 2023, and we have
no debt maturing prior to 2026, 99.2% of our debt is fixed or swapped to fixed, and 83.1% of our homes are unencumbered
Single-family rental homes with shorter duration leases may provide an effective hedge in an inflationary environment
According to John Burns, national average single-family rent growth has never had a meaningful decline in nearly forty
years of tracking the data
Single-Family Asking Rent vs. Apartment Rent
National YOY % change
Single-family rent growth: top 20 metros
-Single-family rent growth
14%
12%
10%
8%
6%
4%
2%
2.3%
0%
-2%
-4%
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
-Apartment rent growth
5.6%
1.8%
0.3%
4.9%
4.1%
-0.1%
-2.8%
-2.2%
(1) Source: John Burns Real Estate Consulting, Burns Single-Family Rent Index, published March 2023.
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
National SFR rent growth is more
insulated and has historically stayed
positive even in recessionary
periods (shaded in pink).
invitation homes™View entire presentation