DALLAS and SCOTTSDALE, AZ—Two of the single-family rental sector's 800-lb. gorillas, Invitation Homes and Starwood Waypoint Homes, said Thursday they planned to combine in an all-stock merger of equals. The combined entity will operate under the Invitation Homes name, with a market capitalization of approximately $11 billion and a total enterprise value of around $20 billion.
“This merger creates the leading single-family rental company in the United States, which will be uniquely positioned to deliver exceptional service to residents, while also improving operating efficiency,” says Fred Tuomi, CEO of Starwood Waypoint, who will serve in the same capacity for the new entity. “That is a win-win for both residents and stockholders.
“We will have an irreplaceable portfolio of homes focused in select high-growth markets, offering unrivaled service and high-quality housing options for families choosing to rent,” he continues. “We have great admiration for Invitation Homes and its talented team, and look forward to embarking on an exciting new chapter together.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
