SCOTTSDALE, Ariz. – Starwood Waypoint Homes (NYSE: SFR) today announced that, at a special meeting held earlier today, its shareholders approved the company’s merger with and into a subsidiary of Invitation Homes Inc. (NYSE: INVH) in a stock-for-stock transaction (the “Merger”) pursuant to the previously announced Agreement and Plan of Merger, dated August 9, 2017.
“Bringing together our two companies is a win-win for our residents and investors,” said Fred Tuomi, Chief Executive Officer of Starwood Waypoint Homes. “This merger will allow us to more efficiently deliver enhanced customer service and expanded housing choices to families looking to rent high-quality homes in our local communities.”
The transaction combines two companies with highly complementary capabilities, including Invitation Homes’ industry-leading approach to customer service and asset-management expertise, and Starwood Waypoint Homes’ best-in-class technology. Overall, the two companies have invested nearly $2 billion, an average of approximately $22,000 per home, in renovations and maintenance, improving resident experience and driving economic growth and job creation in local communities.
The combined company will own and manage a portfolio of approximately 82,000 single-family homes. While Invitation Homes is expected to be the largest single-family rental company in the United States upon the closing of the Merger, its portfolio will represent less than 0.1 percent of the more than 90 million single-family homes in the United States, and just 0.5 percent of the nearly 16 million single-family homes for rent in the United States.
The Merger is expected to close on or about November 16, 2017, subject to customary closing conditions. As a result of the Merger, each Starwood Waypoint Homes common share will be converted into 1.6140 shares of Invitation Homes common stock. Invitation Homes’ common stock will continue to trade on the New York Stock Exchange under its existing ticker symbol (NYSE: INVH).
About Starwood Waypoint Homes
Starwood Waypoint Homes is one of the largest publicly traded owners and operators of single-family rental homes in the United States. Starwood Waypoint Homes acquires, renovates, leases, maintains and manages single-family homes in markets that exhibit favorable demographics and long-term economic trends, as well as strengthening demand for rental properties.