Invitation Homes Inc., Dallas (NYSE: INVH) Thursday announced the completion of its previously announced merger with Starwood Waypoint Homes.
The combined company will operate under the name "Invitation Homes" and continue trading on the New York Stock Exchange under the current ticker symbol for Invitation Homes (NYSE: INVH).
Fred Tuomi, CEO of Invitation Homes, said: "Bringing together the best of both companies will help us continue to enhance customer service and expand housing choices for our residents. We will be able to more effectively and efficiently deliver exceptional living experiences near good jobs and good schools for families choosing to rent. Our combined team is excited about the future and the opportunity ahead to continue serving our residents and supporting local communities."
Overall, the two companies have invested nearly $2 billion, an average of approximately $22,000 per home, in renovations and maintenance.
The combined company owns and manages a portfolio of approximately 82,000 single-family homes. While Invitation Homes is now the largest single-family rental company in the United States, its portfolio still represents less than 0.1% of the more than 90 million single-family homes in the United States, and just 0.5% of the nearly 16 million single-family homes for rent in the United States.
