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Blackstone, Starwood affiliates selling 43 million Invitation Homes shares

Certain affiliates of Blackstone Group LP and Starwood Capital Group Global LP launched a secondary offering of 43.0 million shares of Invitation Homes Inc.'s common stock.

Based on the single-family rental real estate investment trust's closing stock price of $23.30 per share on March 19, gross offering proceeds are expected to come to about $1.00 billion.

The REIT will not receive any proceeds as it is not selling any common shares in the offering. Except for Starwood Capital Operations Chairman and CEO Barry Sternlicht, none of the REIT's officers or directors are selling any common shares they beneficially own in the offering, Invitation Homes said.

Morgan Stanley & Co. LLC is the underwriter for the offering.