Opinions
Joshua Varghese
Invitation Homes Inc.
INVH-N
BUY
Aug 16, 2018
$23.220
Stock price when the opinion was issued
REAL ESTATE
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(A Top Pick Dec 05/18, Up 14%) The largest owner of single family homes in the US. They institutionalized the space. When he bought them they had acquired a company and now they are coming out the other side. It is pretty fairly valued and you could cycle into one of the others in the space.
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PAST TOP PICK
(A Top Pick Dec 05/18, Up 45%) It's a Blackstone-sponsored company that bought a bunch of single-family homes and rent them out. Blackstone IPO'd this and sold it in tranches over time. Now, the stock has legs and doesn't need the parent's support. They rent to tenants and are adding ancillary businesses, like pet services beyond just rent.
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A sub-sector he likes in the U.S. are single-family homes. Institutional investors bought up distressed homes during the Recession, then rented out those homes after that period. INVH is a major player in this space and it's trading at a discount to NAV now.