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Items Tagged with 'Invitation Homes'

ARTICLES

Vacancies drop again in Invitation Homes rental securitizations

Continues downward trend
Ben Lane
In Invitation Homes’ $1 billion single-family rental securitization, which launched earlier this year, the cash flow vacancy rate of the underlying properties fell to 5.4% as of July 31, down from June’s revised figure of 6.2%.
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Invitation Homes bringing third REO-to-rental securitization to market

Asset class becoming more popular
Ben Lane
Of note in the presale report is the vacancy rate of the underlying properties, which stands at 4.4% as of the cutoff date. That’s lower than the vacancy rate in Invitation Homes’ previous SFR securitization in 2014, which was 5.1%, but still far above the vacancy rate of any of the other rental securitizations this year.
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KBRA rates third Invitation Homes single-family 2014-SFR2

Trey Garrison
Kroll Bond Rating Agency assigns preliminary ratings to six classes of Invitation Homes 2014-SFR2 single-family rental pass-through certificates.
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Vacancies drop in Invitation Homes rental securitization

Reverses previous month’s surge
Ben Lane
"With initial lease expirations peaking in May and June 2014 (23.3% of all properties in the pool had leases expiring through May 2014 and 34.3% through June 2014), Morningstar expects the month-end vacancy rate to stabilize and to potentially decline," Morningstar said in its update.
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Vacancies surge in Invitation Homes $1 billion rental securitization

Up nearly 33% in May
Ben Lane
By property count, the month-end vacancy rate as of May 31 was 7.3%, up from 5.5% as of April 30. That’s an increase of nearly 33%.
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Blackstone bet big on Majority Leader Cantor and lost

Cantor goes down despite help from nation’s landlord
Trey Garrison
Majority Leader Eric Cantor was handed a shocking upset defeat Tuesday night, but he didn’t go down alone – Blackstone Group bet big on the moderate establishment Republican and now that investment is down the tubes as Cantor is on a path to private citizenship.
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Is it cheaper to rent a securitized apartment?

For Invitation Homes, the answer is yes
Jacob Gaffney
The use of securitization as a funding vehicle for any asset class is attractive as both a risk-mitigation tool and liquidity measure. However, there may be another uptick not initially measured, according to Kroll Bond Ratings inaugural issue measuring the Invitation Homes rental securitization deal.
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Invitation Homes prices nearly $1 billion rental securitization

$477.48 million tranche rated AAA by Moody’s, Kroll, Morningstar
Ben Lane
Invitation Homes priced the largest tranche of the deal, $477.48 million, at one-month LIBOR plus 100 basis points. The total securitization is for $993 million.
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Moody’s issues ratings for $1B Invitation Homes rental securitization

Rates $801.9 million in four classes
Ben Lane
Moody’s becomes the third ratings agency to issue $483.3 million in AAA ratings to the largest tranche of the deal.
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$1B rental securitization earns AAA rating from Morningstar

Offering is only fourth of its kind
Ben Lane
IH 2014-SFR1 will be collateralized by a $1 billion loan secured by mortgages on 6,537 income-producing single-family homes.
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