Question · Q4 2025
Amy Lo, on behalf of Michael Goldsmith with UBS, noted the moderating homebuilder partnership pipeline and ticking down acquisition cap rates, asking how relationships with homebuilders have evolved and what factors contribute to slower pipeline growth.
Answer
Scott Eisen, Chief Investment Officer, confirmed that dialogue with homebuilders remains strong. However, Invitation Homes has been less aggressive in committing to future transactions due to its cost of capital, balancing acquisitions with share repurchases. He acknowledged receiving substantial deal flow from builders but emphasized being very selective and also exploring opportunities for joint venture partners.
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