Green Street



Bloomberg: Blackstone’s Invitation Homes Unchanged in Trading Debut

According to Bloomberg:

Invitation Homes Inc., the Dallas-based real estate investment trust backed by Blackstone Group LP, ended the day unchanged in its trading debut, after pricing the shares in its IPO in the top half of the marketed range.


For investors wanting to bet on the rental market for single-family houses, Invitation Homes’ portfolio is “superior” to its peers, John Pawlowski, senior associate with Green Street Advisors, wrote in a Jan. 26 note.

The company may benefit from having waited longer than some of its competitors to tap public markets, Pawlowski said. Potential investors now have more proof points for Invitation Homes than were available for rivals like Silver Bay Realty Trust Corp., which went public in 2012. Silver Bay trades more than 5 percent below its IPO price of $18.50.

“Investors like to see a track record of high occupancy levels, good solid margins and compelling rent growth,” Pawlowski said.


To read the full article from Bloomberg, click here.