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)
Media Relations Contact:
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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/invitation-homes-sells-708-homes-to-tricon-in-plan-to-exit-nashville-market-300971641.html
SOURCE Invitation Homes