Jonathan S. Olsen
About Jonathan S. Olsen
Executive Vice President, Chief Financial Officer and Treasurer of Invitation Homes since June 2023; age 51. Olsen joined INVH in 2012 and progressed through capital markets, finance, and corporate strategy leadership roles before being appointed CFO . Company performance context for pay-for-performance: in 2024, INVH delivered 7.7% total revenue growth, Core FFO/share up 6.4%, and AFFO/share up 6.7% YoY . Under Olsen’s leadership in finance, INVH issued unsecured debt, improved credit ratings, strengthened investor confidence, and drove margin expansion and cost control .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Invitation Homes | EVP, CFO & Treasurer | Jun 2023–present | Led finance and capital markets; improved credit ratings; margin expansion; cost controls |
| Invitation Homes | EVP, Corporate Strategy & Finance | Feb 2020–May 2023 | Led strategy and finance; supported growth initiatives |
| Invitation Homes | SVP, Finance & Head of Capital Markets | Jun 2016–Feb 2020 | Executed capital markets; strengthened balance sheet |
| Invitation Homes | MD & Head of Capital Markets | Apr 2013–Jun 2016 | Built capital markets platform post-merger |
| Invitation Homes | MD & Co-Head of Asset Management | Jun 2012–Apr 2013 | Early portfolio management |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Banc of America Securities; Goldman Sachs; Jefferies | Real Estate Investment Banking | 2003–2012 | Transaction execution and financing in real estate |
| UBS Securities; SG Cowen; PepsiCo | M&A roles | 1996–2001 | Corporate M&A and strategic transactions |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $450,000 | $550,000 (+22%) |
| All Other Compensation ($) | $13,200 | $13,800 |
Performance Compensation
Annual Cash Incentive – Design (2024)
| Metric | Weight (%) |
|---|---|
| AFFO per Share | 30 |
| Same Store Core Revenue Growth YoY | 20 |
| Adjusted EBITDA Margin | 20 |
| Strategic Priorities | 20 |
| Individual Performance | 10 |
Annual Cash Incentive – Results (2024)
| Target ($) | Target Award (% of FYE Base) | Actual Cash Incentive as % of Target | Amount Earned ($) |
|---|---|---|---|
| $687,500 | 125% | 96.5% | $640,241 |
Long-Term Equity – 2024 LTIP
| Grant | Type | Shares (#) | Grant Date Fair Value ($) | Performance Metrics / Notes |
|---|---|---|---|---|
| 3/1/2024 | Time-vesting RSUs | 10,857 | $375,000 | Vests in equal annual installments over 3 years |
| 3/1/2024 | Performance-vesting RSUs (target) | 30,612 | $1,125,054 | 75% of LTIP at-risk; 45% weight TSR vs MSCI US REIT Index (RMS) CAGR; 30% weight Same Store NOI CAGR; TSR capped at target if absolute TSR negative; earned after 3-year period ending 12/31/2026, then subject to time vesting until certification |
Long-Term Equity – 2023 LTIP (for context)
| Grant | Type | Shares (#) | Notes |
|---|---|---|---|
| 3/1/2023 | Time-vesting RSUs | 9,882 | Vests in equal annual installments over 3 years (through 3/1/2026) |
| 3/1/2023 | Performance-vesting RSUs (target) | 29,122 | Metrics: TSR vs RMS CAGR and Same Store NOI CAGR; performance period 1/1/2023–12/31/2025; earned on certification, then subject to time vesting |
Realized Equity – 2024 Stock Vested
| Shares Acquired on Vesting (#) | Value Realized ($) |
|---|---|
| 21,218 | $721,650 |
Historical Program Performance (Company-level)
| Metric | Target | Achievement | Payout |
|---|---|---|---|
| 2021 LTIP: TSR vs RMS Index CAGR | +50 bps | +140 bps | 116% |
| 2021 LTIP: Same Store NOI Growth CAGR | 4.75% | 7.2% | 200% |
| Overall 2021 LTIP performance portion | — | — | 150% |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 13,838 shares; <1% of shares outstanding |
| Stock Ownership Guidelines | Non-CEO executive officers required to own ≥3x base salary; must retain ≥50% of qualifying equity until compliance; ongoing retention after compliance |
| Anti-Hedging/Pledging | Hedging and pledging prohibited; no margin purchase or borrowing against accounts holding INVH securities |
Outstanding Equity Awards at 2024 Fiscal Year End (Olsen)
| Grant Date | Unvested Time RSUs (#) | Market Value ($) | Unearned Performance RSUs (#) | Market/Payout Value ($) |
|---|---|---|---|---|
| 3/1/2022 | 3,021 | $96,581 | — | — |
| 3/1/2023 | 6,588 | $210,618 | 29,122 | $931,030 |
| 3/1/2024 | 10,857 | $347,098 | 30,612 | $978,666 |
| 4/1/2022 (OP Units, Outperformance Program) | — | — | 51,048 | $1,632,000 |
Notes:
- Time RSUs from 2024 vest over three years; from 2023 vest in equal annual installments; 2022 time RSUs vested on 3/1/2025 .
- 2023 performance RSUs earn based on metrics at 12/31/2025; 2024 performance RSUs at 12/31/2026; earned awards then remain subject to time vest until certification .
Employment Terms
| Term | Olsen Detail |
|---|---|
| Employment Agreement | No individual employment agreement for NEOs |
| Severance Plan Eligibility | Participates in Executive Severance Plan (adopted 2017) |
| Qualifying Termination (without cause/constructive termination) | Cash: 1.5x (base salary + target annual cash incentive), paid in equal monthly installments over 18 months; Pro-rata annual incentive for year of termination based on actual performance; 12 months COBRA premium payments; non-compete/non-solicit 12 months; confidentiality/non-disparagement indefinite |
| Change-in-Control (double-trigger within 24 months) | Lump-sum cash: 2.25x (base salary + target annual cash incentive); Pro-rata annual incentive; COBRA premiums for 18 months |
| Clawback | Compensation & Management Development Committee reviews/approves clawback policy; monitors compliance |
Potential Benefits upon Termination or Change in Control (As of 12/31/2024)
| Component | Qualifying Termination | Change in Control | Qualifying Termination within 24 Months of CIC | Death/Disability |
|---|---|---|---|---|
| Severance ($) | $1,856,250 | — | $2,784,375 | — |
| Bonus ($) | $640,241 | — | $640,241 | $640,241 |
| Time Vesting RSUs ($) | $245,913 | $582,621 | $582,621 | $582,621 |
| Performance Vesting RSUs ($) | $1,143,055 | $964,119 | $1,856,562 | $1,143,055 |
| Continuation of Benefits ($) | $14,968 | — | $22,452 | — |
| Other Benefits ($) | $31,731 | — | $31,731 | — |
| Total ($) | $3,932,158 | $1,546,740 | $5,917,982 | $2,365,917 |
Compensation Structure Analysis
- Pay mix alignment: approximately 81% of total target compensation for NEOs (including Olsen) is at-risk (LTIP and annual incentive), with 19% fixed base salary .
- Equity emphasis and performance rigor: 75% of LTIP is performance-based (relative TSR vs MSCI US REIT Index and Same Store NOI CAGR), with TSR capped at target if absolute TSR is negative; remaining 25% time-based aids retention .
- Options usage: Company does not use stock options in executive compensation, reducing repricing risk; equity is via RSUs .
- Annual incentive metrics tie directly to value creation drivers in a REIT: AFFO/share, Same Store Core Revenue Growth, Adjusted EBITDA Margin, strategic priorities, and individual performance .
- 2024 payout outcomes: Olsen’s annual cash incentive paid at 96.5% of target ($640,241) reflecting performance against the objective scorecard .
Risk Indicators & Red Flags
- Hedging/pledging prohibited for directors/officers/associates; reduces misalignment risk and forced selling pressure .
- Stock ownership guidelines require ≥3x base salary for non-CEO executives with 50% holding requirements until compliant; compliance status for Olsen not disclosed .
- No employment agreement; severance governed by plan with non-compete/non-solicit (12 months) and double-trigger CIC protections; no tax gross-ups disclosed in these sections .
- Clawback policy exists; details and enforcement history not disclosed .
Equity Ownership & Vesting-Related Selling Pressure
- Beneficial ownership: 13,838 shares (<1%); alignment primarily via unvested/uneared RSUs and OP Units .
- Near-term vesting events: 2022 time RSUs vested 3/1/2025; 2023 time RSUs vest annually through 3/1/2026; 2023 performance RSUs earn at 12/31/2025; 2024 time RSUs vest annually through 3/1/2027; 2024 performance RSUs earn at 12/31/2026 and then time vest to certification (typically February) .
- 2024 realized vesting: 21,218 shares vested ($721,650), indicating periodic supply from vesting; actual sales depend on personal trading choices within policy restrictions .
Performance & Track Record
- Company operating performance underpinning incentive payouts: 2024 total revenue +7.7%, Core FFO/share +6.4%, AFFO/share +6.7% YoY .
- Finance execution under Olsen: unsecured debt issuance; improved credit ratings; investor engagement; margin expansion and cost controls .
- Historical LTIP achievements highlight delivery against TSR and NOI growth benchmarks (e.g., 2021 LTIP overall performance payout 150%) .
Employment Terms – Additional Notes
- RSU covenants: post-employment non-solicitation and non-competition for 12 months; confidentiality and non-disparagement covenants indefinite .
- Board-level ownership and retention policies reiterated as part of governance framework .
Investment Implications
- Alignment: High share of at-risk pay, performance-weighted LTIP (relative TSR and NOI growth), and anti-hedging/pledging rules indicate strong alignment with shareholder outcomes; Olsen’s realized and outstanding RSUs create continued exposure to multi-year performance metrics .
- Retention risk: Time-vest RSUs and double-trigger CIC severance (2.25x salary+bonus) provide retention and protection; absence of an individual employment agreement adds flexibility for the company while severance plan standardizes outcomes .
- Trading/supply signals: Regular annual RSU vesting and certification-related deliveries (notably 2025–2027) may contribute to periodic insider supply; anti-pledging reduces forced selling risk; monitor Form 4s around vest dates for actual selling behavior .
- Execution confidence: Finance execution (ratings, unsecured issuance) and 2024 operating metrics support incentive payouts; continued delivery against AFFO/share, NOI growth, and margin targets should support compensation realization without discretionary overrides, reducing pay-risk optics .