Invitation Homes Operating Partnership LP has priced a public offering of $500 million aggregate principal amount of 4.950% Senior Notes due 2032. The Notes were priced at 99.291% of the principal amount and will mature on February 1, 2032. The offering is expected to close on July 8, 2026, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed, jointly and severally, by Invitation Homes Inc., Invitation Homes OP GP LLC, and IH Merger Sub, LLC.

The Operating Partnership intends to use the net proceeds from the offering for general corporate purposes, which may include the repayment of indebtedness. The offering is being made pursuant to an effective shelf registration statement filed by the Company, the Operating Partnership, Invitation Homes OP GP LLC, and IH Merger Sub, LLC with the Securities and Exchange Commission (the "SEC"). A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC.

Key Details of the Offering

The following table outlines the primary financial details of the Senior Notes:

Transaction Management

Wells Fargo Securities, KeyBanc Capital Markets, Mizuho, US Bancorp, BofA Securities, Capital One Securities, Deutsche Bank Securities, J.P. Morgan Securities LLC, PNC Capital Markets LLC and Truist Securities are acting as the joint book-running managers of the offering. BMO Capital Markets, M&T Securities, BNP PARIBAS, Goldman Sachs & Co. LLC, Morgan Stanley, RBC Capital Markets, Regions Securities LLC, Ramirez & Co., Inc., BNY Capital Markets, Citigroup, Huntington Capital Markets, Scotiabank and Zelman Partners LLC are acting as the co-managers of the offering.

Wells Fargo analyst James Feldman upgraded Invitation Homes from Equal-Weight to Overweight, signaling increased confidence in the stock's performance. The firm also raised the price target for the company to $33, up from the previous target of $31. This adjustment reflects a revised outlook on the stock's potential value.

Rating and Price Target Changes

The upgrade moves the stock's rating from Equal-Weight to Overweight. Concurrently, the price objective was increased by $2, setting a new target of $33.