Stone Fox Capital
Long/short equity, growth at reasonable price, research analyst, deep value

American Homes 4 Rent Offers Intriguing Value

At the end of 2012, the single-family rental segment was on fire due to high expectations. Investors saw home prices soaring and quickly speculated that the related stocks would provide good returns for investors. As a prime example of the excitement in the sector, an initial article on Silver Bay Realty (NYSE:SBY) reached nearly 15,000 page views. In that article, investors were warned that initial results would likely scare off investors that typically can't handle weak operating results. After all, the process to acquire, renovate, and lease houses takes time and costs money. American Homes 4 Rent (NYSE:AMH) has had a more stable live as a public REIT, but it hasn't provided the returns investors expected....

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