VineBrook Homes Trust and Evergreen Residential Announce Strategic Partnership

Partnership Expected to Strengthen Property and Portfolio Management Capabilities, Optimize Resident Experience, and Bolster VineBrook's Position as Market Leader in Affordable Single-Family Rental Housing

DALLAS, June 10, 2025 /PRNewswire/ -- VineBrook Homes Trust, Inc. ("VineBrook"), a single-family rental ("SFR") real estate investment trust ("REIT"), and Evergreen Residential Holdings ("Evergreen"), an institutional real estate investment and operating platform, today announced a strategic partnership that aims to modernize and enhance the VineBrook resident experience and position both companies for growth amid the rising demand for affordable housing. Under the partnership, Evergreen will assume property and portfolio management of the VineBrook portfolio through Evergreen Live, a provider of third-party property management services.

VineBrook is one of the only large SFR operators in the U.S. specializing in the workforce housing segment. With a portfolio of approximately 21,000 homes¹ in markets across the Midwest, Heartland, and Southeast, VineBrook helps meet a critical need for affordable housing within the communities it serves. Evergreen provides a technologically sophisticated end-to-end investment and operating platform focused on the U.S. residential asset class. The partnership between VineBrook and Evergreen reflects a shared commitment to providing a resident-focused, private-sector solution to challenges in housing availability and affordability in VineBrook's markets. It is also expected to provide significant cost savings and operational efficiencies at VineBrook, which can strengthen operating results and investor returns while positioning VineBrook for future growth.

"VineBrook and Evergreen have a shared mission—helping to solve the significant national issues of housing availability and affordability in local communities," said John Good, Chief Executive Officer at VineBrook. "We are delighted to pursue this mission jointly as we seek to enhance and elevate the resident experience across our regional markets and drive value for VineBrook's investors."

Founded in 2021, Evergreen's team has extensive experience building and managing residential investment platforms—including portfolio construction, property and asset management, and asset monetization. In addition to the third-party property management services offered through Evergreen Live, Evergreen harnesses its capabilities working across the lifecycle of residential real estate assets to create, manage, and optimize investment portfolios that meet the objectives and risk appetites of its institutional investors. The partnership will expand Evergreen's national footprint to 39 markets across the U.S., further strengthening its delivery of localized capabilities with institutional-level consistency.

"Our partnership with VineBrook is a testament to Evergreen's capabilities as a full-service management platform offering comprehensive solutions—including portfolio optimization, revenue and expense oversight, monetization and disposition support, and ongoing performance monitoring—that go beyond traditional property management," said Joseph Negri, Founder and Chief Executive Officer of Evergreen. "As we continue to build and scale the Evergreen platform, we look forward to working with VineBrook to provide our high-quality resident and management services to new markets, families, and communities, while advancing our joint mission to help solve the housing affordability crisis in America."

VineBrook's transition to Evergreen Live will be phased across markets where VineBrook currently operates. The transition is expected to begin in the third quarter and continue through the end of 2025.

About VineBrook Homes Trust, Inc.

VineBrook Homes Trust, Inc. is a Securities and Exchange Commission (the "Commission")-reporting real estate investment trust that focuses on acquiring, developing, renovating, leasing, and operating single-family rental properties, primarily in the Midwestern, Heartland, and Southern U.S. markets. VineBrook specializes in affordable single-family homes for lease, with an average monthly rent of approximately $1,312 across its portfolio.² VineBrook is addressing a critical undersupply of affordable housing in the markets where it operates. It also makes investments in its properties through renovations and ongoing maintenance, helping revitalize neighborhoods and drive positive economic impact. VineBrook gives its residents the opportunity to live in a single-family home at an affordable price today, while offering dedicated resident programs that help strengthen their financial future. For more information, visit www.vinebrookhomes.com.

About Evergreen Residential

Founded in 2021, Evergreen Residential ("Evergreen") is an institutional real estate investment and operating platform focused on equity, lending and third-party property and asset management. Based in Dallas, Texas, Evergreen is backed by a seasoned team of executives who have decades of experience working across the full cycle of residential real estate assets, including: market and asset selection; operating platform development, technology enablement, and expansion; and investment portfolio construction and monetization. Evergreen offers third-party property management services through Evergreen Live. For more information about Evergreen Residential, please visit www.evergreenresi.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "expect," "aims," "anticipate," "estimate," "future," "may," "should," "plan" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the benefits of the partnership with Evergreen, including strengthened property management capabilities, optimized resident experience, VineBrook's position as a market leader in affordable SFR housing, VineBrook's future growth, expected cost savings and operational efficiencies, strengthened operating results and investor returns and the expected partnership and timing of the transition to Evergreen Live. Forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in the Company's filings with the Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers should not place undue reliance on any forward-looking statements and are encouraged to review VineBrook's other filings with the Commission for a more complete discussion of the risks and other factors that could affect any forward-looking statement. Except as required by law, VineBrook does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this report.

CONTACTS

MEDIA CONTACTS

VineBrook Media Relations:
Matthew Beck/DeLaney Cittadino
Profile Advisors
[email protected]

Evergreen Media Relations:
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
[email protected]

INVESTOR CONTACTS

VineBrook Investor Relations:
Kristen Griffith
[email protected]

¹ As of March 31, 2025, excluding the NexPoint Homes Trust, Inc. ("NexPoint Homes") portfolio.
² As of March 31, 2025, excluding the NexPoint Homes portfolio.

SOURCE VineBrook Homes Trust, Inc.