Appreciate SPAC Presentation Deck
EXECUTIVE SUMMARY
PTIC's Single-Family Rental ("SFR") Investment Thesis
Owning a Home is Becoming Less Affordable (¹)
House Sales Price and Household Median Income Index
Median Sales Price
Median Income
700
500
300
100
1980
$50
$40
$30
$20
$10
$0
1989
1997
$0.9
2005
Institutional Capital to SFR is Accelerating (3)
$2.8
2013
Cumulative Investor Commitments to SFR $53.3
$ in Billions
$21.5
Jun-21
کس
Jun-20
Dec-20
(1) National Bureau of Economic Research and US Census Bureau.
(2) Invitation Homes May 2021 Investor Presentation
(3) Company websites, Press Search, Core Logic. Includes capital commitments & announcements
(4)
Bureau of Labor Statistics, US Census Bureau, AHS, Press Search
2021
Dec-21
17M
13M
9M
5M
Demand for SFR Properties is Increasing (2)
Total U.S. SFR Housing Stock
in Millions
11.7 12.0 12.8 13.0 13.3 13.9 14.3
Non-
Institutionally
Owned
2006
2008
98% $4T
2010
2012
2%
15.0
2014
15.8 15.8 16.0 16.3 16.2 16.4 16.9
III
2016
Institutional SFR Investment Opportunity is Large (4)
U.S. SFR Market Today
Institutionally-Owned
U.S. SFR Today
$80B
4
2018
Appreciate
2020
10% Growth CAGR
Through 2025
Private & Confidential
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