DALLAS—The combined entity bearing the Invitation Homes name began trading Thursday on the New York Stock Exchange as a merger creating the nation's largest single-family rental landlord was finalized. Also known as Invitation Homes and trading under the INVH stock ticker it used prior to the combination with Starwood Waypoint Homes, the company owns and manages a portfolio of approximately 82,000 single-family properties.
The all-stock merger was first announced in August. Starwood Waypoint was itself the product of a 2015 merger between Starwood Waypoint Residential Trust and Colony American Homes. Invitation Homes was launched in 2012 by Blackstone, and went public earlier this year
“Bringing together the best of both companies will help us continue to enhance customer service and expand housing choices for our residents,” says CEO Fred Tuomi. “We will be able to more effectively and efficiently deliver exceptional living experiences near good jobs and good schools for families choosing to rent.”
Ownership in the SFR space remains fragmented. The combined INVH portfolio represents less than 0.1% of the more than 90 million single-family homes in the US, and 0.5% of the nearly 16 million SFR properties in the country.
Formerly CEO of Starwood Waypoint, Tuomi now leads a team comprised of senior executives from both companies. Ernie Freedman, who served as INVH's CFO pre-merger, continues in that capacity, while Charles Young, formerly Starwood Waypoint's COO, is now COO for INVH. Dallas Tanner continues at INVH's CIO.
The board now has 11 directors, consisting of six current directors of INVH and five former Starwood Waypoint trustees. The company will remain headquartered in Dallas and will maintain a presence in Scottsdale, AZ.
In connection with the merger, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC acted as financial advisors and Simpson Thacher & Bartlett LLP acted as legal advisor to INVH. Morgan Stanley & Co. LLC and Evercore Group LLC served as financial advisors to Starwood Waypoint, while Sidley Austin LLP served as its legal advisor.
DALLAS—The combined entity bearing the Invitation Homes name began trading Thursday on the
The all-stock merger was first announced in August. Starwood Waypoint was itself the product of a 2015 merger between Starwood Waypoint Residential Trust and Colony American Homes. Invitation Homes was launched in 2012 by Blackstone, and went public earlier this year
“Bringing together the best of both companies will help us continue to enhance customer service and expand housing choices for our residents,” says CEO Fred Tuomi. “We will be able to more effectively and efficiently deliver exceptional living experiences near good jobs and good schools for families choosing to rent.”
Ownership in the SFR space remains fragmented. The combined INVH portfolio represents less than 0.1% of the more than 90 million single-family homes in the US, and 0.5% of the nearly 16 million SFR properties in the country.
Formerly CEO of Starwood Waypoint, Tuomi now leads a team comprised of senior executives from both companies. Ernie Freedman, who served as INVH's CFO pre-merger, continues in that capacity, while Charles Young, formerly Starwood Waypoint's COO, is now COO for INVH. Dallas Tanner continues at INVH's CIO.
The board now has 11 directors, consisting of six current directors of INVH and five former Starwood Waypoint trustees. The company will remain headquartered in Dallas and will maintain a presence in Scottsdale, AZ.
In connection with the merger,
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
