Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”), the nation’s premier single-family home leasing and management company, announced today that it has closed a $3.5 billion senior unsecured credit facility (the “Credit Facility”), consisting of a $1.75 billion revolving line of credit (the “Revolver”) and a fully funded $1.75 billion term loan (the “Term Loan”). Initial maturities of the Revolver and Term Loan are in September 2028, with each carrying two 6-month extension options such that the Credit Facility’s final maturity date is September 2029. The new $1.75 billion Revolver replaces the Company’s existing $1.0 billion revolving credit facility, which had no balance drawn at the time the Credit Facility closed. The increased revolver size is expected to further enhance liquidity and the flexibility of the Company’s balance sheet to pursue potential growth opportunities. Proceeds from the new $1.75 billion Term Loan, a $750 million borrowing on the Revolver at closing, and excess cash on hand were used to fully repay without penalty the Company’s existing $2.5 billion unsecured term loan facility due to reach final maturity in January 2026, and to pay costs associated with the transaction.

The Revolver and Term Loan will bear interest at spreads based on the Company’s long-term unsecured credit rating. Based on the company’s BBB / Baa2 credit rating at closing, the new Revolver will bear interest at SOFR + 95 bps for any used portion and will incur a fee of 20 bps on the aggregate Revolver commitments. Based on the company’s BBB / Baa2 credit rating at closing, the Term Loan will bear interest at SOFR + 105 bps. For both the Revolver and the Term Loan, spreads at the closing date are 5 bps lower than the spreads most recently in effect for the Company’s previous credit facility.

A total of 26 lenders participated in the Company’s new Credit Facility, including Bank of America, N.A. as Administrative Agent, and Wells Fargo Bank, National Association, and JPMorgan Chase Bank, N.A. as Syndication Agents. BofA Securities, Inc., Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc., Mizuho Bank, Ltd., and PNC Capital Markets LLC acted as Joint Lead Arrangers and Joint Bookrunners. BMO Capital Markets Corp., BNP Paribas, Capital One, National Association, Goldman Sachs Bank USA, Keybanc Capital Markets, Inc., M&T Bank, Morgan Stanley Senior Funding, Inc., RBC Capital Markets, Truist Securities, Inc., and U.S. Bank National Association acted as Passive Joint Lead Arrangers.

About Invitation Homes

Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management 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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include, but are not limited to, statements related to the Company's expectations regarding 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,” “guidance,” “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 inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, development and use of artificial intelligence, risks related to the Company's indebtedness, and risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and rising interest rates), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises, on the Company’s financial condition, results of operations, cash flows, business, associates, and residents. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. “Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”), as such factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at 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 release, in the Annual Report, and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims 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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