Timothy J. Lobner
Executive Vice President and Chief Operating Officer at INVH
Executive
About Timothy J. Lobner
Timothy J. “Tim” Lobner is Executive Vice President and Chief Operating Officer of Invitation Homes (effective March 2, 2025). He previously led field operations and operations support since 2014, joined INVH in 2012, and earlier served as a nuclear submarine officer (U.S. Navy) and real estate executive at Trammell Crow; he holds a B.S. in Mechanical Engineering (U.S. Naval Academy) and an MBA (Chicago Booth) . Company performance relevant to his operating remit: in 2024, total revenues grew 7.7%, Core FFO/share 6.4%, and AFFO/share 6.7%; resident metrics included ~97% same-store occupancy and ~80% renewals, with a build-to-rent pipeline of >2,000 homes . In 2023, AFFO/share rose 6.3% and same-store NOI grew 4.8% YoY .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Invitation Homes | EVP & COO (principal operating officer) | Effective Mar 2, 2025 | Enterprise-wide operations leadership; COO severance tier aligned to role |
| Invitation Homes | EVP & Head of Field Operations | Dec 2023–Mar 2025 | Oversaw property management operations across core markets |
| Invitation Homes | EVP, Operations Support | Jan 2014–Dec 2023 | Built and scaled operating platform and service delivery (ProCare, tech-enabled ops) |
| Invitation Homes | Joined the company | Oct 2012 | Early operator in SFR platform build-out |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trammell Crow Company (CBRE subsidiary) | Real estate development (industrial, office, retail) | 2006–2012 | Grounded in large-scale real estate development and asset execution |
| U.S. Navy | Nuclear submarine officer | 1999–2005 | Operational leadership, risk management, and technical discipline |
| Education | B.S. Mechanical Engineering; MBA | — | USNA; Chicago Booth (technical and managerial credentials) |
Fixed Compensation
| Component | Amount / % | Effective / Notes |
|---|---|---|
| Base Salary | $500,000 | Effective Mar 2, 2025 |
| Target Annual Bonus | 125% of base salary | Performance-based; metrics set by Comp Committee |
| Target Long-Term Incentive (LTI) | $1,566,667 | Ongoing annual target opportunity |
| Retention RSU Award | $2,500,000 grant-date fair value | Granted Mar 1, 2025 under 2017 Omnibus Plan; time-vesting |
Performance Compensation
The company’s 2025 LTIP uses both time- and performance-vesting RSUs/LTIP units with a three-year performance period (Jan 1, 2025–Dec 31, 2027). While Mr. Lobner received a time-vesting retention RSU award, his future LTI opportunity is expected to follow program design approved by the Compensation Committee.
| Metric | Performance Period | Payout Curve | TSR Modifier | Value Cap | Vesting Mechanics |
|---|---|---|---|---|---|
| INVH TSR vs MSCI US REIT Index CAGR (“RMS Index CAGR”) | 2025–2027 | 0% below threshold; 50% at threshold; 100% at target; 200% at max; linear between points | +0% to +50% based on cumulative TSR; linear interpolation | Max dollar value = 300% of target × $55; excess forfeited | Earned on Committee certification after period; vests then, subject to employment (exceptions apply) |
| Same Store NOI Growth CAGR (identified homes population) | 2025–2027 | As above (0–200% with linear interpolation) | As above | As above | As above |
Notes:
- Time-vesting RSUs vest in three equal annual installments over three years .
- In change-in-control (CIC), performance units are measured to CIC date; 50% vests at CIC, 50% on 1-year anniversary; accelerated on qualifying termination within 24 months post-CIC .
Equity Ownership & Alignment
| Policy / Grant | Detail |
|---|---|
| Stock Ownership Guidelines (Officers) | Required ownership = 3× base salary; compliance within 5 years; 50% retention of net shares until met |
| Hedging & Pledging | Officers prohibited from hedging, margin purchases, borrowing against INVH stock, or pledging collateral; director pledges require pre-clearance; no director pledges outstanding |
| Clawbacks | Dodd-Frank compliant incentive compensation clawback policy; RSU/LTIP agreements include additional recoupment on restrictive covenant violations, detrimental activity, and certain restatements |
| Retention RSU Vesting | Vests 50% on Mar 1, 2028 and 50% on Mar 1, 2029 (third and fourth anniversaries of grant), subject to continued employment |
Employment Terms
| Term | Provision |
|---|---|
| Executive Severance Plan Tier (COO) | Qualifying termination: cash severance = (base + target bonus) × 1.5, paid over 18 months; pro-rata annual cash incentive; 12 months COBRA premiums |
| CIC Double Trigger (COO) | Qualifying termination within 24 months post-CIC: lump-sum cash severance = (base + target bonus) × 2.25; pro-rata annual cash incentive; 18 months COBRA premiums |
| Equity on Qualifying Termination | Next installment of time-vesting RSUs and all earned performance RSUs vest; uncompleted performance tranches prorate by service days, settle post-certification |
| Equity on Death/Disability | Time-vesting and earned RSUs vest at termination; uncompleted performance tranches prorate and vest post-certification |
| Change-in-Control Treatment | Performance units earn based on TSR/NOI measured through CIC date; 50% vest at CIC, 50% on 1-year anniversary; if successor fails to assume awards, unvested awards vest pre-CIC |
| Restrictive Covenants | 12-month non-compete/nonsolicit post-termination; geography within 20 miles of INVH markets; exceptions allow personal ownership up to 100 SFR homes; confidentiality indefinite; state-specific carve-outs (e.g., CA/MN) |
| Dispute Resolution | Arbitration venue Dallas, TX (RSUs) / Maryland (LTIP units); no jury; electronic delivery permitted |
Performance & Track Record
- 2024 operating/financial outcomes supportive of COO mandate: revenues +7.7% YoY; Core FFO/share +6.4%; AFFO/share +6.7%; high occupancy (~97%) and renewals (~80%) underpin NOI .
- 2023 outcomes: AFFO/share +6.3%; same-store NOI +4.8%; dividend increased 18% YoY; strong investment-grade balance sheet .
- Customer satisfaction and tenure sustained by ProCare and smart-home programs integral to field operations Lobner previously led .
Compensation Structure Analysis
- Increase in guaranteed pay: base set at $500k; retention RSUs ($2.5M) with long-dated tranches signal retention priority and defer near-term liquidity events .
- At-risk pay: future LTI expected under 2025 LTIP design (performance RSUs/LTIP units) linked to relative TSR vs MSCI US REIT and Same Store NOI growth, with capped payouts and TSR modifier—clear pay-for-performance alignment .
- Governance safeguards: clawback, anti-hedging/pledging, and stringent ownership guidelines mitigate misalignment risk .
Say-on-Pay & Shareholder Feedback
- 2023 say-on-pay approved by 67.56% (down from ~90% in prior years), prompting expanded investor outreach and disclosure enhancements; program emphasizes performance balance and rigorous goals .
Investment Implications
- Alignment: Lobner’s compensation blends retention RSUs with performance-based LTIs tied to relative TSR and Same Store NOI growth—favorable for operator-led value creation and capital discipline .
- Retention risk: Back-weighted RSU vesting (2028/2029) reduces near-term selling pressure; double-trigger CIC and non-compete terms enhance stability .
- Execution signals: 2024 KPIs (revenue/FFO/AFFO growth; occupancy/renewals) underwrite the operating playbook Lobner helped build, supporting continued NOI expansion; watch same-store NOI and TSR relative to MSCI US REIT through the 2025–2027 LTIP window for payout sensitivity .
- Governance: Strong clawbacks, anti-hedging/pledging, and ownership requirements reduce agency risks; the 2023 say-on-pay dip suggests ongoing investor scrutiny—expect transparent metrics and disciplined target-setting .