Talk:Invitation Homes
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Overview
 | This edit request by an editor with a conflict of interest has now been answered. |
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On behalf of my employer Invitation Homes, I would like to ask editors to consider replacing the "Overview" section with the following version I prepared, or something similar. I attempted to provide a bit more of an overview of Invitation Homes, rather than highlight some phrases that may come off as promotional.
References
- Curry, Kerry (April 2018). "Invitation to a Housing Revolution". D Magazine.
- Gonzales, Angela (September 15, 2020). "Phoenix again tops nation in single-family home rent growth, despite Covid-19 effects". Phoenix Business Journal. Retrieved April 28, 2021.
- Dezember, Ryan (November 21, 2019). "Blackstone Moves Out of Rental-Home Wager With a Big Gain". The Wall Street Journal. Retrieved April 28, 2021.
Thank you for considering this request.
Kristi at IH (talk) 19:38, 16 June 2021 (UTC)
Infobox
| This edit request by an editor with a conflict of interest has now been answered. |
On behalf of my employer Invitation Homes, I would like to ask editors to consider replacing the infobox with the following version I prepared, or something similar, because the current one is out of date. Below is a list of changes followed by my draft for review.
- Removed "Barry Sternlicht, Director", as he is no longer on the board
- Updated all financials
- Removed "The Blackstone Group (27%)", as Blackstone fully divested
- Updated number of employees
- Updated URL
- Updated the footnote with the most recent 10-K
| Company type | Public company |
|---|---|
| NYSE: INVH Russell 1000 Index component | |
| Industry | Real estate investment trust |
| Founded | 2012; 14 years ago (2012) |
| Founder | Dallas B. Tanner Brad Greiwe |
| Headquarters | Dallas, Texas |
Key people | Dallas B. Tanner, CEO |
| Products | Leasehold estates |
| Revenue |  $1.823 billion (2020) |
| $197 million (2020) | |
| Total assets | $17.506 billion (2020) |
| Total equity | $8.55 billion (2020) |
Number of employees | 1,149 (2020) |
| Website | www |
| Footnotes / references [1] | |
References
Thank you for considering this request.
Kristi at IH (talk) 21:54, 22 July 2021 (UTC)
Done by Ward330. Thank you very much. Kristi at IH (talk) 15:52, 25 August 2021 (UTC)
History
| This edit request by an editor with a conflict of interest has now been answered. |
On behalf of my employer Invitation Homes, I would like to ask editors to consider updating the "History" section with the following version I prepared, or something similar, because the current one is out of date. Below is a list of changes followed by my draft for review.
- Updated with copy edits to make this a better written encyclopedia entry
- Added a sentence about The Wall Street Journal discussing impact on blighted neighborhoods
- Added clarity around the founding of Invitation Homes.
- Added a brief mention of the Resident First Look program
- Corrected that Invitation Homes rents homes, it does not sell them
- Moved some content around for better flow
- Deleted clunky, unnecessary phrasing
- Streamlined content on Invitation Homes' merger with Starwood Waypoint
- Added Blackstone's divestiture
- Added a sentence about joint venture with Rockpoint Group in October 2020 and joint venture with PulteGroup, Inc. in July 2021
2005–2012: Background and formation
In 2005, entrepreneur Dallas Tanner and several others formed the housing and apartment investment company Treehouse Group in Arizona; between 2010 and 2011, it bought 1,000 distressed houses in Phoenix, a city heavily impacted by foreclosures caused by the subprime mortgage crisis[1] and one of the first areas where private equity investor purchases of homes for rent took place after the 2008 crash.[2] According to The Wall Street Journal, "bulk-buying brought blighted properties back to life and helped speed the recovery of some of the regions hardest hit by the housing crisis".[3]
In 2011, Treehouse paired with the Dallas-based property management firm Riverstone Residential, a merger noticed by The Blackstone Group; Tanner explained that Blackstone felt Treehouse and Residential "had a perfect model in terms of one market Phoenix, a high concentration of residential product, and a consistent operating history."[1] The pairing partnered with Blackstone in the spring of 2012, with Blackstone giving Treehouse and Residential more capital to expand the business, which was renamed Invitation Homes.[1]
2012–2017: Initial purchases
Invitation Homes' first home purchase was in April 2012[1] and within a year the company had spent $4 billion on 24,000 homes in the United States, becoming the largest buyer of homes for rent in the United States; section 8 properties made up 16% of the portfolio.[4] In April 2013, it made a single, $100-million-plus purchase of 1,400 Atlanta homes from Building and Land Technology.[4]
From August 2012 to June 2013, Invitation Homes purchased 1,650 homes in the Tampa Bay Area for a total of above $250 million, $840,000 a day.[5] The Tampa Bay Times, in a June 2013 article, reported 85% of Tampa Bay online listings by Invitation Homes were above the area's average rent of $1,200.[5]
At the time, corporate home owners like Invitation Homes were purchasing houses in "strike zones," neighborhoods located near several jobs, schools, and transportation systems that were also facing high amounts of foreclosures, and rented them to middle-aged parents raising children making around $100,000 a year or more.[6] As the 2010s progressed, so did Wall Street's focus on single-family housing, a movement led by Invitation Homes.[1][6]
In 2013, Invitation Homes created an asset class of single-family rental (SFR) securities to have money for purchasing houses and restoration.[6] In 2016, Invitation Homes instituted its "Resident First Look" program where some renters would be given an option to purchase the homes they rent.[7]
2017–present: Initial public offering and merge
By January 2017, Blackstone Group spent approximately $10 billion buying and fixing up houses for the rental market through Invitation Homes.[8] On January 23, 2017, Fannie Mae funded $1 billion of debt to Invitation Homes as back-up money, the first time in history it backstopped a single-family house landlord company.[8] According to Corinne Russell, spokesperson of Fannie Mae regulator Federal Housing Finance Agency (FHFA), the deal was a way for Fannie Mae and Freddie Mac to learn about the mechanics of the single-family rent market and what the government enterprises' role should be in it.[6] Writes MarketWatch's Ryan Dezember, "Fannie Mae's involvement is a sign that it believes homeownership will remain out of reach for many Americans and that Wall Street's housing wager will be become a long-term business, not just an opportunistic trade made after the foreclosure crisis."[8] The decision received criticism from more than 25 affordable-housing advocate groups, who believed Fannie Mae wasn't following its principle of protecting home owners.[6]
In February 2017, Invitation Homes became a public company via an initial public offering, the second-largest initial public offering of a real estate investment trust in the United States, valued at $1.77 billion.[1] Wall Street's housing institutions scaled through mergers, climaxing when Invitation Homes and Starwood Waypoint merged in November 2017.[1][9] The merger created the biggest single-family rental company in the U.S.[10] The merger was praised by JMP Securities' Aaron Hecht, "The geographic footprint of the portfolios overlay with each other pretty well. Scale means a lot in this business, because you are managing all these individual properties. So you need enough concentration in areas to become efficient."[1] What followed the merger was an 18-month integration between Invitation Homes and Starwood Waypoint.[1]
In 2018, Invitation Homes had a portfolio 58% bigger than American Homes 4 Rent, its nearest competitor.[6] Blackstone divested its share of Invitation Homes in November 2019.[11][12] Invitation Homes created a joint venture with Rockpoint Group in October 2020 to purchase $1 billion in single-family homes in Dallas, Seattle, South Florida and other markets in the U.S.[13] and a joint venture with PulteGroup in July 2021 where Pulte will design and build approximately 7,500 new homes over the next five years specifically for sale to Invitation Homes for inclusion in their single-family rental (SFR) leasing portfolio.[14]
References
- Curry, Kerry (April 2018). "Invitation to a Housing Revolution". D Magazine.
- Reagor, Catherine; Sanders, Rebekah (August 15, 2018). "'Stay away': Arizona families share horror stories of one of Arizona's largest landlords". The Arizona Republic. Retrieved May 24, 2020.
- Dezember, Ryan; Kusisto, Laura (July 21, 2017). "Meet Your New Landlord: Wall Street". The Wall Street Journal. Retrieved April 28, 2021.
- Gittelsohn, John (April 25, 2013). "Blackstone Buys Atlanta Homes in Largest Rental Trade". Bloomberg News. Archived from the original on December 7, 2013. Retrieved May 28, 2020.
- Harwell, Drew (June 22, 2013). "Investors still gobbling up thousands of Tampa Bay homes to rent out". Tampa Bay Times. Archived from the original on March 4, 2017. Retrieved May 28, 2020.
- Conlin, Michelle (July 27, 2018). "Spiders, sewage and a flurry of fees – the other side of renting a house from Wall Street". Reuters. Retrieved May 23, 2020.
- van der Meer, Ben (July 14, 2016). "Blackstone Group's Invitation Homes testing sales strategy in Sacramento". Sacramento Business Journal. Retrieved April 28, 2021.
- Dezember, Ryan (January 24, 2017). "Blackstone wins Fannie's backing for rental homes". MarketWatch. Retrieved May 26, 2020.
- "Invitation Homes And Starwood Waypoint Homes Complete Merger" (Press release). PR Newswire. November 16, 2017.
- "Invitation Homes, Starwood Waypoint deal sends shares soaring". Reuters. August 10, 2017. Retrieved April 28, 2021.
- Lane, Ben (November 22, 2019). "Blackstone cashes out on Invitation Homes". HousingWire. Retrieved April 28, 2021.
- Dezember, Ryan (November 21, 2019). "Blackstone Moves Out of Rental-Home Wager With a Big Gain". The Wall Street Journal. Retrieved April 28, 2021.
- DiFurio, Dom (October 7, 2020). "Dallas-based Invitation Homes forms new venture to buy up to $1 billion in rental homes". Dallas Morning News. Retrieved May 5, 2021.
- Brown, Steve (July 26, 2021). "Dallas' Invitation Homes teams up with builder Pulte for thousands of new rent houses". Dallas Morning News. Retrieved September 1, 2021.
Thank you for considering this request.
- Done @Kristi at IH: Thanks for following the process, however time consuming it is. I implemented some but not all of the changes. It took longer than it should have, since I had to eyeball everything to see what you were changing. In the future, you'll have more luck getting others to help if you just limit the request to what's changing. Since I didn't just cut and paste your entire content, when you changed the ref names, it caused me to introduce ref errors. I avoided adding anything that was borderline promotional, and info that wasn't sourced. For example, the source doesn't say that several others formed Treehouse with Tanner - he's the only one mentioned. It should be pretty apparent why I left the other changes out, but if not, feel free to ping me here and ask. TimTempleton (talk) (cont) 22:03, 28 September 2021 (UTC)
- @Timtempleton: Thank you for these updates, and an even bigger thank you for the advice. I see what you are saying about limiting the request only to the content that's changing. I had decided to show my entire draft so you and others could see exactly what I had in mind in terms of improving the page, and you could see exactly how the various updates came together. But your point is well taken, and I will remember that for future reference. I should also note that some of the material you cut from my draft was content that lived in a previous version of the live article from when I was putting together my draft. Either way, your edits to this article are an improvement.
- I have three initial thoughts, if you don't mind considering them.
- In the 2005-2012 section: The sentence "The company was acquired by Blackstone in the spring of 2012, forming Invitation Homes, with Blackstone giving Treehouse and Residential more capital to expand the business" is not quite accurate. To fix it, would you consider "The new company was named Invitation Homes and partnered with Blackstone, which provided more capital to expand the business."
- In the 2017-present section, this sentence "By January 2017, nearly $10 billion of the company's SFR bonds were sold [1] a number that went to $15 billion in July 2018.[2]" is inaccurate. The Reuters source attributes the $15 billion to "Wall Street landlords", not Invitation Homes or Blackstone specifically. I believe this more accurately reflects the source material: "By January 2017, Blackstone Group spent approximately $10 billion buying and renovating houses for the rental market through Invitation Homes.[3]" Can you reconsider my requested update for that sentence?
- In that same paragraph, the article refers to Fannie Mae giving support to the "Blackstone entity". Would you consider changing "Blackstone entity" to "Invitation Homes"?
- I have three initial thoughts, if you don't mind considering them.
- Thank you again for your assistance. Kristi at IH (talk) 01:37, 1 October 2021 (UTC)
References
- Dezember, Ryan (January 24, 2017). "Blackstone wins Fannie's backing for rental homes". MarketWatch.
- Conlin, Michelle (July 27, 2018). "Spiders, sewage and a flurry of fees – the other side of renting a house from Wall Street". Reuters.
- Dezember, Ryan (January 24, 2017). "Blackstone wins Fannie's backing for rental homes". MarketWatch. Retrieved May 26, 2020.
- @Timtempleton:Hi Tim! This is to follow up on this conversation. You mentioned that the source doesn't say that several others formed Treehouse with Tanner. I have additional sourcing to present for your consideration that places others at the advent of Treehouse Group.
- "Single Family Home Rental Leader Invitation Homes Sees Continued Growth" quotes Tanner "When I was in college, I started a business with two partners in Phoenix called Treehouse Group Companies."
- An excerpt from book UNDERWATER: How Our American Dream of Homeownership Became a Nightmare by Ryan Dezember is highlighted in this Business Insider article: "They had been buying mobile home parks around Phoenix when home prices crashed and decided to trade up to single-family houses. Their business was called the Treehouse Group and led by Dallas Tanner, a fourth-generation Phoenician who had just completed his graduate degree at Arizona State. Treehouse accumulated 1,100 rental homes with investments from the country club set, but Tanner and his partners wanted to expand to other cities."
- After seeing these sources, would you reconsider adding "and several others"? Thank you for considering this request. Kristi at IH (talk) 21:25, 19 October 2021 (UTC)
- @Kristi at IH: Done I added "and several others." I also reorganized the info that was in the lead and added a new business model section. None of the sources that were there said that the company was the largest owner of single family homes in 2020. The source said they were the largest in 2017, and another source listed their number of homes, but WP:SYNTH prevented me from combining the two. You can see how I revised it. TimTempleton (talk) (cont) 21:30, 21 October 2021 (UTC)
- @Kristi at IH:
- After seeing these sources, would you reconsider adding "and several others"? Thank you for considering this request. Kristi at IH (talk) 21:25, 19 October 2021 (UTC)
Introduction
| This edit request by an editor with a conflict of interest has now been answered. |
On behalf of my employer Invitation Homes, I would like to ask editors to consider updating the introduction section with the following version I prepared, or something similar. The current introduction does not include where the company is headquartered. I also removed the number of markets to make the content more evergreen and less likely to need constant updating.
Notifying Timtempleton if you are interested in reviewing another request. Thank you for all of your help thus far! Thank you for considering this request. Kristi at IH (talk) 00:02, 7 October 2021 (UTC)
References
Infobox
| This edit request by an editor with a conflict of interest has now been answered. |
On behalf of my employer Invitation Homes, I would like to ask editors to consider updating the infobox with the most recent annual data, per our filings with the Securities and Exchange Commission. Below is a list of changes followed by my draft for review.
- Updated all financials
- Updated number of employees
- Updated the footnote with the most recent 10-K
| Company type | Public company |
|---|---|
| NYSE: INVH Russell 1000 Index component | |
| Industry | Real estate investment trust |
| Founded | 2012; 14 years ago (2012) |
| Founder | Dallas B. Tanner Brad Greiwe |
| Headquarters | Dallas, Texas |
Key people | Dallas B. Tanner, CEO |
| Products | Leasehold estates |
| Revenue | $1.992 billion (2021) |
| $262.8 million (2021) | |
| Total assets | $18.538 billion (2021) |
| Total equity | $9.84 billion (2021) |
Number of employees | 1,240 (2021) |
| Website | www |
| Footnotes / references [1] | |
References
Thank you for considering this request.
Kristi at IH (talk) 13:19, 18 March 2022 (UTC)
Infobox
| This edit request by an editor with a conflict of interest has now been answered. |
On behalf of my employer Invitation Homes, I would like to ask editors to consider replacing the infobox with the following version I prepared, or something similar, because the current one is out of date. Below is a list of changes followed by my draft for review.
- Updated all financials
- Updated number of employees
- Updated the footnote with the most recent 10-K
| Company type | Public company |
|---|---|
| NYSE: INVH Russell 1000 Index component | |
| Industry | Real estate investment trust |
| Founded | 2012; 14 years ago (2012) |
| Founder | Dallas B. Tanner Brad Greiwe |
| Headquarters | Dallas, Texas |
Key people | Dallas B. Tanner, CEO |
| Products | Leasehold estates |
| Revenue | $1.992 billion (2021) |
| $262.8 million (2021) | |
| Total assets | $18.538 billion (2021) |
| Total equity | $9.84 billion (2021) |
Number of employees | 1,240 (2020) |
| Website | www |
| Footnotes / references [1] | |
References
Thank you for considering this request.
Kristi at IH (talk) 14:47, 16 May 2022 (UTC)
- Done. Note that for net income and equity, we exclude the amount attributable to non-controlling interest (and just use the amount that's attributable to shareholders). Ptrnext (talk) 17:06, 8 July 2022 (UTC)
- @Ptrnext - Thank you, I appreciate your assistance and your specificity. Kristi at IH (talk) 13:57, 15 July 2022 (UTC)
Feels like there should be some mention of this study
https://news.gsu.edu/2024/02/26/researchers-find-three-companies-own-more-than-19000-rental-houses-in-metro-atlanta/ I'm not great at editing, and I don't know exactly where it should go in the article, but it feels like the kind of related research that would belong in an encyclopedia giving context to the company. 2600:1700:5C59:8BB0:288E:BCFF:E7BC:C713 (talk) 00:57, 28 April 2024 (UTC)