SA News • Tue, Nov. 4
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Tue, Nov. 4, 4:55 PM
- Colony Financial (NYSE:CLNY) has reached a non-binding agreement to bring in substantially all of Colony Capital's (CLNY's manager) operation. Consideration is roughly $657.5M to be paid in the form of CLNY units, of which $547.5M would be paid upfront and the remainder contingent upon certain performance and fundraising targets.
- The combined company would be led by Colony Financial's current team of Chairman Thomas Barrack and CEO Richard Saltzman. It is hoped the deal could close by the end of 2015's first half.
- The deal is expected to be accretive, both immediately and into the future.
- Not included in the combo would be Colony Capital's interests in Colony American Homes (NYSE:CAHS), which today announced it will become a self-managed REIT.
- Source: Press release
Fri, Mar. 14, 7:55 AM
- Blackstone's (BX) acquisition pace has slowed 70% from its peak last year when it was spending $100M per week on properties, says Jon Gray, the P-E firm's global head of real estate. After investing $8B to since April 2012 to buy 43K homes in 14 cities, Blackstone has narrowed most of its purchasing to Seattle, Atlanta, Miami, Orlando, and Tampa.
- "The institutional wave has passed," says Gray.
- American Homes 4 Rent (AMH) and Colony American Homes (CLNY, CAHS) have also slowed their purchase pace as bargains dry up. Now comes the difficult business of trying to manage massive stables of single family properties.
- Gray, meanwhile, discounts the popular narrative of all this institutional buying driving prices higher, noting it represents a minor percentage of all purchases.
- Not everyone is slowing down: "We've been ramping up acquisitions," Silver Bay Realty (SBY) CEO David Miller said in last week's earnings call (transcript).
Aug. 26, 2013, 10:43 AM
- With the post-IPO quiet period over, the ratings and analyst comments roll in on American Home 4 Rent (AMH -0.2%).
- FBR Capital initiates with a Buy and $19 price target, with analyst Steve Stelmach believing the company offers the most effective single-family opportunity thanks to its scale and structure (internally managed). "At worst, AMH is a portfolio of assets with a cost basis below replacement costs and below NAV ... (and) management and shareholder interests are aligned."
- Wells Fargo initiates with a Hold, believing the company can continue to acquire homes accretively and at below market prices (they make it sound so easy). "However, we believe uncertainties remain in this relatively new market."
- Also rating the company a Buy is JPMorgan.
- Credit Suisse and Bank of America add their names to the Hold contingent.
- Previous: AMH cuts 15% of staff and will slow acquisition activity.
- Interested onlookers will be shareholders of SBY, ARPI, and BX, not to mention Colony Capital (CLNY), which postponed its IPO of Colony American Homes (CAHS) this summer.
Jun. 28, 2013, 7:02 AMThe REIT rout - (O, EQR, AVB, MAA, UDR, ARCP) - will likely cool property purchases from the sector as a key source of capital - share sales - has just gotten a lot costlier. Only 5 REITs completed offerings this month and Colony American Homes (CAHS, a unit of CLNY) postponed its IPO. Through June, property purchases by REITs of about $35B had about doubled the year-earlier period. | Comment!
Jun. 5, 2013, 7:37 AMTurning single-family rentals from a mom-and-pop business into a Wall Street operation sounds like a good idea, but investor dollars say differently. Colony American Homes (CAHS, a spinoff of CLNY) postpones its IPO citing market conditions, reports the WSJ. The move comes amid the weak performance of recent IPOs American Residential Properties (ARPI) and Silver Bay Realty (SBY). | 2 Comments
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