Invitation Homes

exited

Real Estate — Blackstone

Deal Terms

Entry Year2012

Entry EV$10B

Entry Multiple12x

Leverage6x

Debt Amount$7.7B

Outcome

Exit Year2019

Risk Metrics

LTV (est.)77%

Debt / EV0.77x

Notes

Blackstone bought 50,000 single-family homes for $10B (2012-2016) during foreclosure crisis. IPO'd Feb 2017 at $12B. Fannie Mae backed rental-home debt — taxpayers backstopping PE landlord. Merged with Starwood Waypoint. Blackstone made $2.3B+ profit. Tenants face above-market rent increases and fees.

Sponsor

Blackstone$1270B AUM