Colony Starwood HomesNYSE
Starwood Waypoint: Still A Work In Progress
Stephen Percoco, CFA
Stephen Percoco, CFA
Thu, Dec. 1, 7:57 AM
- Invitation Homes is the largest single-family landlord in the country with Blackstone (NYSE:BX) investing about $10B since founding it in 2012. The portfolio stands at about 45K homes.
- Multiple reports say an IPO has been confidentially filed for in the hope of raising up to $1.5B as soon as January.
- Other SFR players: SBY, AMH, SFR, RESI, OTCQB:RVEN
Wed, Nov. 30, 8:12 AM
- The portfolio of 97 single-family rentals is located in Houston and was purchased for $9M. Money from the most recent secondary offering was used to fund the acquisition.
- The purchased properties average 1,482 square feet and are mostly 3-BRs, 2 baths. 55 are currently subject to one-year leases, 5 are vacant, and 37 are month-to-month.
- Reven's (OTCQB:RVEN) portfolio is now up to 624 homes in the southeast, primarily Houston, Jacksonville, Memphis, and Atlanta.
- This recently-uplisted stock may be of interest to owners of SIlverBay Realty (NYSE:SBY), American Homes 4 Rent (NYSE:AMH), Colony Starwood (NYSE:SFR), and Altisource Residential (NYSE:RESI).
Tue, Nov. 22, 7:50 AM
Mon, Nov. 7, 6:36 AM
Fri, Oct. 21, 9:32 AM
- The $580.7M CSH 2016-2 securitization is secured by mortgages on about 4K single-family rentals owned by SFR.
- It looks like pretty attractive financing for Colony Starwood, as the paper (two-year term with three one-year extensions) was sold at a blended interest rate of Libor + 186 basis points.
- The deal is expected to close on Nov. 3.
Wed, Oct. 5, 11:24 AM
- A number of Wall Street names are backing off (or at least slowing) bets on single-family rentals, and there's plenty of talk of rent growth slowing, but Pretium Partners - headed by former Goldman senior partner Donald Mullen - isn't having any of it.
- Source: Ryan Dezember in the WSJ
- We believe tight credit availability is preventing new households from being able to obtain mortgages to purchase their first home,” says Pretium in its latest pitch book. “Households that have been unable to obtain mortgages have become renters, thus driving high occupancy rates and robust rent growth.”
- Pretium is raising money for its third fund dedicated to residential real estate. The first fund raised $1.2B in 2012 and purchased over 16.5K homes; fund two in 2014 raised $900M for 14K non-performing loans.
- With foreclosures down sharply, the company is buying far fewer properties on the courthouse steps, and more on the open market. Pretium acknowledges great deals aren't as easy to find, but still feels it can earn adequate long-term returns by focusing on the right markets.
- A check of some other players finds Blackstone (NYSE:BX) has slowed its buys to about 20 per week. Colony Starwood (NYSE:SFR) sold more homes than it purchased in Q2. American Homes 4 Rent (NYSE:AMH) this week sold a small portfolio of Atlanta-area houses.
- Other parties: SBY, RESI
Wed, Sep. 28, 9:51 AM
- Colony Starwood Homes (NYSE:SFR) had declared $0.22/share quarterly dividend, in line with previous.
- Payable Oct. 15; for shareholders of record Sept. 30; ex-div Sept. 28.
Mon, Aug. 29, 4:27 PM
Mon, Aug. 8, 11:58 PM
Tue, Jul. 19, 7:21 AM
- After about a 60% run higher from lows hit in mid-January, Colony Starwood (NYSE:SFR) is cut to Market Perform from Outperform by KBW's Jade Rahmani.
Mon, Jul. 18, 8:23 AM
- Invitation Homes would go public as a REIT. It's the largest single-family landlord in the country, having picked up about 50K homes in the aftermath of the housing crash.
- Other players which came public well before Invitaiton include American Homes 4 Rent (NYSE:AMH), Colony Starwood (NYSE:SFR), and Silver Bay Realty (NYSE:SBY).
- There's also Altisource Residential (NYSE:RESI), which is not yet commonly thought of as in the single-family rental business, but is expected to own 4K properties by the end of Q3, 10K by year-end, and maybe 20K-25K by the end of 2017.
Wed, May 25, 8:51 AM
- The deal involves $509.1M of paper backed by rental payments flowing through from Colony Starwood's (NYSE:SFR) portfolio of single-family homes.
- The transacton is expected to close on June 7.
Mon, May 9, 9:41 AM
- Q1 core FFO of $56M or $0.41 per share vs. $53.6M and $0.49 one year ago.
- Company is an owner of 15.1M shares, or 14% of Starwood Homes (NYSE:SFR) after completing the merger of Colony American Homes and Starwood Waypoint. The new company has achieved 85% of the estimated $50M in annualized synergies.
- Q1 results were shy of estimates, but does not yet reflect anticipated portfolio gains activity or investment management benefits from new funds expected to be in place by year-end.
- The conference call is at 11 ET,
- Previously: Colony Financial misses by $0.09, beats on revenue (May 9)
- CLNY flat premarket
Mon, May 9, 6:37 AM
- Colony Starwood Homes (NYSE:SFR): Q1 FFO of $0.40
- Revenue of $139.39M (+88.8% Y/Y) beats by $5.65M.
Tue, Mar. 29, 12:53 PM
- A bit less than three months after the merger, the company has repurchased 2M shares for about $43M. The program allows for $250M in buybacks, or roughly 10% of the float.
- The combined platform includes more than 30K homes, with average monthly rent per occupied home of $1,506. The stabilized occupancy is 95.1%. Renewal rent growth is 4.9% and blended rent growth 4.2%. The company promises roughly $50M in annual synergies.
- SFR +2.4%
Mon, Feb. 29, 12:07 PM
- The merger between Starwood Waypoint and Colony American Homes closed on Jan. 5, so today's Q4 results reflect pre-merger results just for Starwood Waypoint.
- As for Colony Starwood Homes (SFR -0.2%), the merger integration is substantially complete with 80% f the projected $50M synergies realized.
- The annual dividend is hiked by 16% to $0.88 per share, or an annualized rate of 4%. The buyback program is boosted to $250M from $150M.
- The wind down of the NPL business continues, with a target completion date of year-end 2017.
- Full-year 2016 FFO per share guidance of $1.55-$1.65, with stabilized occupancy of 94-95%, blended rent growth of 4-5%, and core NOI margin of 62-64%.