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Business Wire 17-Mar-2023 6:45 AM
Invitation Homes Inc. (NYSE:INVH) ("Invitation Homes" or the "Company") today announced that S&P Global Ratings ("S&P") upgraded the company's issuer and issue-level credit ratings to ‘BBB' from ‘BBB-' with a Stable outlook.
"We are proud of our execution over the last two years to further strengthen our balance sheet by accessing a variety of attractively-priced unsecured financing channels to refinance over $3 billion of secured debt in 2021 and 2022 and push our nearest-term final debt maturity to 2026," said Jon Olsen, Executive Vice President, Corporate Strategy & Finance at Invitation Homes. "We are pleased that S&P has upgraded Invitation Homes to ‘BBB' in recognition of these improvements to our capital structure and the positive fundamentals that our business continues to enjoy."
According to S&P's published report, the upgraded rating and stable outlook reflect improvements that Invitation Homes has made to its capital structure in the past two years in the form of reduced secured debt exposure and lengthened weighted-average maturity.
About Invitation Homes
Invitation Homes, an S&P 500 company, 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.
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 fees, and insurance costs, poor resident selection and defaults and non-renewals by 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, risks related to the Company's indebtedness, risks related to the potential negative impact of unfavorable global and United States economic conditions (including inflation and interest rates), uncertainty in financial markets, geopolitical tensions, natural disasters, climate change, and public health crises, including the ongoing COVID-19 pandemic 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 the Annual Report on Form 10-K for the year ended December 31, 2022, 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230317005064/en/