Jan 23, 2017

Giant U.S. landlord gets closer to IPO

Invitation Homes, a Dallas-based residential REIT backed by The Blackstone Group, has set its proposed IPO terms to 77 million shares being offered at between $18 and $21 per share. That means it would raise $1.5 billion at an initial market cap of around $5.89 billion, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol INVH, with Deutsche Bank serving as left-lead underwriter. Expect the actual pricing to occur late next week.

• Why it's a big deal: This is expected to be the first mega-IPO of 2017 (with all apologies to AppyDynamics, which is scheduled to price this Wednesday night), setting the stage for Snap in March. It's also a moment of truth for Blackstone's post-crisis bet on the U.S. housing market ― having scooped up nearly 50,000 single-family properties beginning in 2012. The big question is how investors will react, given some sentiments that we're either at or past the rebound peak.

• Bottom line: "We realized in studying the sector that there were already 13 million homes in the United States that were being rented out, but just done so on a mom-and-pop basis. And so could you build a scale institutional single-family business much like what happened in the multifamily business in the 1990s." -- Blackstone real estate boss Jonathan Gray.

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Trump slams Dems as GOP sues California over mail-out ballot plan

California Gov. Gavin Newsom during a February news conference in Sacramento, California. Photo: Justin Sullivan/Getty Images

President Trump accused Democrats of trying "Rig" November's general election as Republican groups filed a lawsuit against California Sunday in an attempt to stop Gov. Gavin Newsom (D) from mailing ballots to all registered voters.

Driving the news: Newsom signed an executive order this month in response to the coronavirus pandemic ensuring that all registered voters in the state receive a mail-in ballot.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 5,383,582 — Total deaths: 344,077 — Total recoveries — 2,158,031Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 1,640,972 — Total deaths: 97,679 — Total recoveries: 366,736 — Total tested: 14,163,195Map.
  3. World: White House announces travel restrictions on Brazil, coronavirus hotspot in Southern Hemisphere Over 100 coronavirus cases in Germany tied to single day of church services — Boris Johnson backs top aide amid reports that he broke U.K. lockdown while exhibiting symptoms.
  4. Public health: Officials are urging Americans to wear masks headed into Memorial Day weekend Report finds "little evidence" coronavirus under control in most statesHurricanes, wildfires, the flu could strain COVID-19 response
  5. Economy: White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Public employees brace for layoffs.
  6. Federal government: Trump attacks a Columbia University study that suggests earlier lockdown could have saved 36,000 American lives.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 2 hours ago - Politics & Policy

Federal judge strikes down Florida law requiring felons to pay fines before voting

Gov. Ron DeSantis. Photo: oe Raedle/Getty Images

A federal judge on Sunday ruled that a Florida law requiring convicted felons to pay all court fines and fees before registering to vote is unconstitutional.

Why it matters: The ruling, which will likely be appealed by state Republicans, would clear the way for hundreds of thousands of ex-felons in Florida to register to vote ahead of November's election.