- An interesting study from Kroll finds single-family rental properties whose rent payments were bundled into securitizations in Blackstone's initial deal rent for just 94% of market rate. Blackstone's issuance was followed by one by American Homes 4 Rent (AWH -0.3%) as well as another from Blackstone.
- “It may be a function of the size of the properties or the age of the properties,” says Kroll's Michelle Patterson. Or perhaps the issuer was in such a hurry to get the homes filled and the debt deal done that properties were rented for less than they otherwise would have been. A person familiar with Invitation Homes (Blackstone) says rental rates are expected to converge with market rates over time.
- The first securitization received strong demand from investors, but they asked for beerier yields the next time around.
- Other players: ARPI, SBY, SWAY
From other sites
at 4-traders.com (Mar 24, 2015)
at Nasdaq.com (Mar 19, 2015)
at Nasdaq.com (Jan 5, 2015)
at Nasdaq.com (Dec 18, 2014)
at Nasdaq.com (Nov 24, 2014)
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