The document provides a weekly operations update for Invitation Homes in Jacksonville for the week ending 06/28/2014. It summarizes key acquisition, rehab, leasing and property management metrics. Acquisitions totaled 9 homes for $1.3M, with an average purchase price of $145,500. The portfolio occupancy rate was 97.3% with 30 new leases signed. Rehab work was on or ahead of budget. Rent rates increased less than the historical trend while supply decreased and IH's market share increased.

1. INVITATION HOMES
[Jacksonville] ‐ Regional Weekly Operations Update for Week Ending 06/28/2014
General Statistics Last 5 Days Total (to date)
Total Acquisitions (#) 9 1794
Capital Deployed ($) $1,309,500 $285,223,571
Average Purchase Price ($) $145,500 $158,987
Average Gross Yield (%) 9.3% 9.8%
Sourcing Statistics REO/Shortsales Trustee Sales Bulk Sales
Last 5 Days Last 5 Days Last 5 Days
Number of Total Closings/Acquisitions 9 0 0
Number of Total Offers/Bids Submitted 37 10 0
Success Rate (%) 0.0%
Percentage of Total Closings/Acquisitions 100.0% 0.0% 0.0%
% of Properties Sold to 3rd Parties
Comments on Competition
Comments on Home Supply and Pricing Trends
Number of Homes Needing Budgets 6.2% 5
Number of Homes with a Budget but Not Assigned to GCs 22.2% 18
Number of Homes Under Construction / Assigned to GCs 64.2% 52
Total Homes in Rehab 92.6% 81
Total Homes Re‐Keyed in Last 7 Weeks (#) 155
Total Homes Inside (Outside) of Range (#)
Homes Completed in Last 5 Days (#) 14
Total Estimated Rehab Budget (by Acquisitions) of Homes Completed Last 5 Days ($) $297,564
Total Rehab Budget (by Rehab) of Homes Completed in Last 5 Days ($) $308,170
Budget Variance of Homes Completed in Last 5 Days ($) $10,606
Budget Variance of Homes Completed in Last 5 Days (%) 3.6%
Budget Variance for ALL Homes Completed in Market (%) 2.5%
Comments on Efforts to Minimize Budget Variance (include lessons learned)
Competition continues to be slow for the traditional sales, but remaines high for the Trustee market. However,
due to high buying standards (rising yields and high rehab) we are our biggest competitors, weeding out many
mediocre deals. Also, we are buying in high competition areas.
Escrows are normal, but the number of deals are falling as we fight for higher yield. There were 8 escrows this
week, the number of listings have remained constant around 8200, while the absorbtion rate has dipped to
record lows around 5.3 Months from 6.2 Months in April 2013. Housing prices are high campared to last year,
however will remain steady for the foreseable future. The number of REOs have grown while short sales have
droppped. In result sellers are closer to FMV for their properties.
As move ins and turns are running very close together, there have been a few instances where the move out
dates are only a day or two before the next move in. LESSON LEARNED: When the scheduled move in date shows
up on my view I check the rehab stage, check the move out status with Sandi if I forsee a problem, and make sure
that Evan and the Super are aware of the move in date, since sometimes the move is scheduled to happen before
the closing date of the house.
ACQUISITIONSREHAB

2. INVITATION HOMES
[Jacksonville] ‐ Regional Weekly Operations Update for Week Ending 06/28/2014
New Leases Signed in Last 7 Days 30
Total Homes Leased 1744
Total Homes (include TIP, Rehab, Unleased, and Leased homes 1793
Portfolio Occupancy Rate 97.3%
Gross Applications 27
(less) Denials 33.3% 7
Net Applications (includes approved, pending, cancellations/lost.) 20
Signs installed 52
Signs on‐hand (yet not installed) 0
Signs ordered, not delivered 0
Total Signs 52
Rent Rate Trends
Availability/Supply of Competitive Single Family Rental Product
Number of Missing Bid Receipts
Number of Missing Purchase & Sale Agreements
Number of Missing Preliminary Title Reports
Number of Missing Clean Title Reports
Number of Missing Unrecorded/Recorded Deeds
Number of Missing Rehab Budgets
Number of Missing Lease Agreements
Total Number of Unqualified Properties
Total Number of Properties 1794
% of Portfolio that is Unqualified 0.0%
General Notes (Wants, Needs, Concerns, etc.)
IH average rent is $1,563 vs. $1,356 for the market. The sold rent vs. listing increased by 1.1% from $1,356 to
$1,371. The increase is .7% less than the 2 year historical trend for the 2nd quarter of 1.8% increases for the
Jacksonville market. As the school year draws closer, renters will pay premium prices for homes in A+ school
districts, such as St. John's county.
IH market share increased 156.5% from 8.5% to 18.8% week over week vs. the market, which decreased by 4%
from 200 to 192 homes leased week over week. IH represented less than 2.6% of available homes with 42 vacant
vs. 1613 for the market.
LEASING & PMOPERATIONSDOCUMENT MGMT