Press Release

Invitation Homes Completes Transformational Merger Integration

RealFoundations Assistance Hailed in Helping to Create World-Class Operating Model

Company Release - 5/21/2019 10:00 AM ET

DALLAS, May 21, 2019 /PRNewswire/ -- Invitation Homes Inc. (NYSE: INVH), the nation's premier single family leasing company, and RealFoundations, one of the world's foremost providers of consulting and managed services for the real estate industry, have completed a comprehensive, year-and-a-half-long project to transform Invitation Homes' technology and operating model following its 2017 merger with Starwood Waypoint Homes.

"Following our merger, Invitation Homes set out to bring the best practices, technologies and personnel together to produce a company with an unparalleled ability to serve residents, realize synergies and achieve value for shareholders," said Dallas Tanner, Invitation Homes president and chief executive officer.  "We're delighted to have successfully completed the integration that is making those goals a reality."

Invitation Homes and RealFoundations jointly transitioned the merged entity to a new version of Yardi, established a project management office to define and execute the integration work, and created a change management team to coordinate communication and training.  Together, the companies' efforts accelerated and even surpassed the achievement of synergy targets.

"Combining two companies into one larger and higher-functioning entity is never an easy undertaking. Invitation Homes recognized the complexity early on and retained us to assist," said Phillip McCorkle, enterprise managing consultant, RealFoundations.  "We are honored to have been a part of this transformational project which melded the best of both operations into one scalable platform while achieving at least $54 million in synergies, all under an aggressive merger timeline."

Now post-integration, Invitation Homes benefits from a new, unified, scalable operating platform that enables highly efficient resident management and portfolio accounting.  The company is better positioned to enhance the resident experience and pursue business growth and expansion.

"RealFoundations has been indispensable to us throughout the merger integration process, which offered Invitation Homes a unique opportunity to improve resident service, create operating efficiencies, establish unified policies and procedures, and increase scale," said Charles Young, Invitation Homes executive vice president and chief operating officer.  "The firm has expertly guided us through the complex process of assessing accounting and technology needs for the combined organization and then building an industry-leading platform to support operations and build value today and in the years ahead."

About Invitation Homes
Invitation Homes is a leading owner and operator of single-family rental homes, offering residents high-quality homes across America. With over 80,000 homes for lease in 17 markets across the country, Invitation Homes is meeting changing lifestyle demands by providing residents access to updated homes with features they value, such as close proximity to jobs and access to good schools.  The company's mission statement, "Together with you, we make a house a home," reflects its commitment to high-touch service that continuously enhances residents' living experiences and provides homes where individuals and families can thrive.

About RealFoundations
RealFoundations is a professional services firm focused on the real estate industry. With offices on four continents, 400+ client-serving professionals and off-shore delivery capabilities in India, RealFoundations provides management consulting, managed services and energy solutions to developers, owners/operators, service providers, institutional investors and corporate occupiers. From the building itself to the way it is used, operated and capitalized, no firm understands the inner workings of the entire real estate ecosystem as well as RealFoundations. We make real estate run better.  www.realfoundations.net.

Invitation Homes Investor Relations Contact:
Greg Van Winkle
Phone: 844.456.INVH (4684)
Email: IR@InvitationHomes.com

Invitation Homes Media Relations Contact:
Kristi DesJarlais
Phone: 972.421.3587
Email: Media@InvitationHomes.com

RealFoundations Contact:
Naomi Souza
Phone: 214.292.7086
Email:  Naomi.Souza@realfoundations.net

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SOURCE Invitation Homes