Invitation Homes’ acquisitions in the quarter ended December 31, 2018, valued at $216 million, now exceed $166 million in the second quarter (NYSE:INVH)

Aerial top view from a drone flying over residential area buildings and transportation — photovs/iStock via Getty Images

In the period from July to August, Invitation Homes (NYSE:INVH) has entered into agreements to purchase 580 single-family rental homes from two of its partners, construction companies, for a total investment of about $216 million, it announced on Monday.

This already exceeds the number of 502 homes acquired in Q2 for ~$166 million.

The latest batch of homes are in the company’s core markets of Tampa, Denver and the Carolinas, it noted. About 80% of the acquisitions are homes that are in various stages of stabilization, with the rest being future deliveries expected to begin by the end of this month.

“These acquisitions further underscore the value of our relationships with homebuilders and our ability to work with them at various stages, from early planning for new and much-needed housing developments to purchasing established rental communities,” said Scott Eisen, CEO of Invitation Homes.

Earlier on Monday, RBC Capital Markets downgraded the stock (INVH) on concerns about a further slowdown in leasing spreads.