Investor Presentaiton
Investment Grade Balance Sheet
Received investment grade ratings in April and closed $300M private placement in May
The investment grade ratings:
► Provide immediate annualized interest cost reduction of approximately $0.03 per share
Offer improved flexibility and access to additional forms of cost-effective capital
► Reinforce commitment to long-term leverage target of 5.5 to 6x net debt to EBITDAre and
transition into more unsecured financings
Strong balance sheet position & nimble investment platform:
► $1.2B liquidity with no debt reaching final maturity before 2024(1)(2)
▸ Improved debt maturity schedule with $300M privately placed senior unsecured notes; proceeds
from the transaction were used to pay-off secured debt
► 57% of homes unencumbered and 97% of debt fixed or swapped to fixed rate (2)
► Funding on-balance sheet acquisitions with cash on hand, operating cash flow, and dispositions
▸ Ability to ramp acquisition pace up or down quickly to adapt to opportunity
Pro Forma Fully Extended Debt Maturity Schedule as of 3/31/2021 (2)
Pro Forma Net Debt /
EBITDAre (2)
10.7x
7.1x
3/31/2017
(at IPO)
3/31/2021
($ in millions)
$4,000
$3,000
$2,000
$1,000
2021
$345
2022
$3,257
$2,217
$552
$997
$150
$403
$150
2023
2024
2025
2026
2027
2028
2029
2030
2031
I
2036
(1)
Excludes $345M convertible notes maturing in 2022.
(2)
Pro Forma $300M privately placed senior unsecured notes closed in May 2021
12
invitation homesView entire presentation