GROWTH STRATEGY
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
700
500
300
Median Sales Price
100
1980
1989
1997
Median Income
2005
2013
لسر
2021
Demand for SFR Properties is Increasing (2)
17M
13M
11.7 12.0
9M
5M
Total U.S. SFR Housing Stock
in Millions
12.8 13.0 13.3 13.9 14.3 15.0 15.8 15.8 16.0 16.3 16.2 16.4 16.9
2006
2008
2010
2012
2014
2016
2018
2020
Appreciate
Institutional Capital to SFR is Accelerating (3)
Cumulative Investor Commitments to SFR $53.3
$ in Billions
Institutional SFR Investment Opportunity is Large (4)
U.S. SFR Market Today
Institutionally-Owned
U.S. SFR Today
10% Growth CAGR
Through 2025
$50
$40
$30
$21.5
$20
$10
$0.9
$2.8
$0
Jun-20
Dec-20
Jun-21
(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
Dec-21
98% $4T
2%
$80B
Non-
Institutionally
Owned
Private & Confidential
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