Invitation Homes Inc. (NYSE: INVH) shares climbed first thing Monday, on the announcement that it has voluntarily prepaid without penalty the outstanding balance of its IH 2018-4 securitization, as planned.
As of September 30, 2024, the IH 2018-4 securitization had an outstanding principal balance of approximately $630.2 million, inclusive of approximately $31.6 million of retained certificates held by Invitation Homes to comply with risk retention rules. The Company prepaid the IH 2018-4 securitization using unrestricted cash from its August 2023 bond issuance for the purpose of debt prepayment, consistent with the Company’s previously stated use of proceeds.
With the prepayment of IH 2018-4, the Company now has no debt maturing prior to 2027, and on a pro forma basis as of September 30, 2024, approximately 90 percent of the Company’s wholly-owned properties are unencumbered.
Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management 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.
INVH shares captured 19 cents to $33.89.