Invitation Homes enters $3.5 billion sustainability-linked facility

By Cady Vishniac

Detroit, Dec. 10 – Invitation Homes, Inc.’s wholly owned subsidiary Invitation Homes Operating Partnership LP entered into a new green revolving credit and term loan agreement on Tuesday with Bank of America, NA as administrative agent, according to a press release.

The credit agreement provides for a $2.5 billion term loan facility and a $1 billion revolving credit facility linked to environmental, social and governance metrics. The price adjustment on the revolver is linked to a score independently measured and validated by the Global ESG Benchmark for Real Assets.

The company is the first U.S.-based real estate investment trust to link its pricing grid to an environmental, social and governance score and to name a sustainability agent and coordinator, BBVA USA, for a revolving credit facility.

This credit agreement replaces Invitations Homes’ existing $1 billion revolver, and a $1.5 billion term loan facility due Feb. 6, 2022.

Invitation Homes is a Dallas-based property manager.

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