DALLAS, Dec. 9, 2019 /PRNewswire/
-- Invitation Homes Inc. (NYSE: INVH) ("Invitation Homes" or the
"Company") today announced the sale of 708 homes in Nashville to Tricon Capital Group Inc.
("Tricon," TSX: TCN) for gross proceeds of $210 million. The transaction closed on
December 9, 2019.
"This is an opportune time for Invitation Homes to monetize our
investment in Nashville, as we
optimize our footprint and focus on growing accretively in
high-growth locations where we have greater scale and density,"
said Dallas Tanner, Invitation
Homes' president and chief executive officer. "While our
Nashville investment has performed
well, and we have loved being part of an outstanding community of
residents, associates, neighbors, and other partners, the size of
our portfolio in Nashville was
smaller than in the other markets we serve. With almost 5,000
homes per market on average across our remaining 16 markets, we
believe we are strategically positioned to invest and operate
efficiently to drive outsized growth and risk-adjusted returns in
the years ahead."
Following the transaction, Invitation Homes now owns 87 homes in
Nashville, which the Company is
currently marketing for future sale.
Pursuant to its strategy to reduce leverage, Invitation Homes
intends to use proceeds from the transaction with Tricon primarily
to prepay debt.
Roofstock, Inc. acted as an advisor to Invitation Homes on this
transaction.
About Invitation Homes:
Invitation Homes is the nation's premier single-family home
leasing company, meeting changing lifestyle demands by providing
access to high-quality, updated homes with valued features such as
close proximity to jobs and access to good schools. The
company's mission, "Together with you, we make a house a home,"
reflects its commitment to providing homes where individuals and
families can thrive and high-touch service that continuously
enhances residents' living experiences.
Investor Relations Contact:
Greg Van Winkle
Phone: 844.456.INVH (4684)
Email: IR@InvitationHomes.com
Media Relations Contact:
Kristi DesJarlais
Phone: 972.421.3587
Email: Media@InvitationHomes.com
Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), which
include, but are not limited to, the performance of the Company's
business, its financial results, its liquidity and capital
resources, and other non-historical statements. In some cases, you
can identify these forward-looking statements by the use of words
such as "outlook," "believes," "expects," "potential," "continues,"
"may," "will," "should," "could," "seeks," "projects," "predicts,"
"intends," "plans," "estimates," "anticipates" or the negative
version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties, including, among others, risks associated with
achieving expected revenue synergies or cost savings from the
merger, risks inherent to the single-family rental industry sector
and the Company's business model, macroeconomic factors beyond the
Company's control, competition in identifying and acquiring the
Company's properties, competition in the leasing market for quality
residents, increasing property taxes, homeowners' association fees
and insurance costs, the Company's dependence on third parties for
key services, risks related to evaluation of properties, poor
resident selection and defaults and non-renewals by the Company's
residents, performance of the Company's information technology
systems, and risks related to the Company's indebtedness.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. Additional factors that could cause
the Company's results to differ materially from those described in
the forward-looking statements can be found under the section
entitled "Part I. Item 1A. Risk Factors," of the Annual Report on
Form 10-K for the fiscal year ended December
31, 2018, filed with the Securities and Exchange Commission
(the "SEC"), as such factors may be updated from time to time in
the Company's periodic filings with the SEC, which are accessible
on the SEC's website at http:// www.sec.gov. These factors should
not be construed as exhaustive and should be read in conjunction
with the other cautionary statements that are included in this
press release and in the Company's filings with the SEC. The
forward-looking statements speak only as of the date of this press
release, and we expressly disclaim any obligation or undertaking to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except to the extent otherwise required by law.
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SOURCE Invitation Homes