Cracks in single-family rental model?


American Homes 4 Rent (AMH -1.4%) last night announced the resignation of CFO Peter Nelson "to pursue other career interests." The company hopes to follow Blackstone's (BX +1.4%) first-ever rental securitization with one of its own and reportedly last month hired Goldman to lead the deal.

Speaking of Blackstone's rental securitization, rents collected on the collateral for that paper fell 7.6% from October to January, according to Morningstar. "Payments declined as expiring leases and early tenant departures left residences backing the bonds ... vacant," according to the report.

Tied at least tangentially to single-family rentals are parts of Bill Erbey's empire, and it's struggling today following earnings reports from Altisource Asset Management (AAMC -7.2%) and Altisource Residential (RESI -5.8%). Others in the family: Altisource Portfolio Solutions (ASPS -5.9%), Ocwen (OCN -1.3%), and Home Loan Servicing Solutions (HLSS -1.4%). A summary of how they fit together is here.

Other single-family REITs: Silver Bay (SBY -0.9%), American Residential (ARPI), and Starwood Waypoint (SWAY -1.5%).

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Comments (4)
  • zorro2828
    , contributor
    Comments (740) | Send Message
     
    DO NOT bet against BX's management.. this stock is trading around 10x and fair market would be 15x - 17x so with that upside and the recent spin offs.. this stock is on the way to 50 and higher They will manage their portfolio well.. Bought more BX today!
    20 Feb 2014, 04:43 PM Reply Like
  • JJGRET
    , contributor
    Comments (18) | Send Message
     
    ASPS management is shameful. Last earnings call was horrible. Need changes ASAP.
    20 Feb 2014, 10:10 PM Reply Like
  • smx1442@aol.com
    , contributor
    Comments (3) | Send Message
     
    Growing at the rate of 23% a year and 9 times 2014 earnings I can see that you are right and you are very conservative
    21 Feb 2014, 09:22 AM Reply Like
  • Badgold
    , contributor
    Comments (197) | Send Message
     
    Trade is over! Bunch of hedge funds loaded up with the publicly traded stocks and now want to bail way out. Stocks going lower...
    21 Feb 2014, 01:09 PM Reply Like
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