James Feldman's questions to Invitation Homes Inc (INVH) leadership •
Question
In a follow-up, James Feldman asked about the company's appetite for finite or infinite life funds or larger single-investor JVs, how they would decide what goes on-balance-sheet versus into third-party structures, and if promotes could become part of the business model.
Answer
Chief Executive Officer Dallas Tanner confirmed the recent launch of a third joint venture with a high-quality U.S. partner, which provides added flexibility and creative capital, primarily for new construction opportunities. He explained that a clear, transparent structure governs how opportunities are allocated between the REIT and its ventures, with a priority on protecting and growing the on-balance-sheet portfolio. He did not provide specific details on promote structures.