First single-family rental REIT IPO filing (Silver Bay Realty)
The CEO is the former Chief Inv Officer of TARP: http://www.sec.gov/Archives/edgar/data/1557255/00…
Someone had recently started a thread asking, "Could I get nonrecourse financing for a portfolio of houses?" so I thought this was relevant. I haven't spent more than 2 minutes looking at this thing, but it looks like $71.7m in Net investment in real estate and 0 debt.
Others will follow, of course.
these things will be huge if they can ever get over the diseconomies of scale as far as maintenance and expenses
Wait a few months, then wait until you can buy the REIT used rather than new.
Interesting. This is a good follow on to our discussion the <a href="//www.wallstreetoasis.com/forums/economic-historytheory-books>past about housing opportunities.</a> I'm not sure I'd be exited to subscribe to the IPO, but it seems like a decent way to exit these assets or monetise a platform that you've built.
Thanks for posting this.">
Saw this a couple of days ago. There have been a couple of weird happenings in the world of REITs:
*Iron Mountain, a document storage and management company, is going to become a REIT *GEO Group, the largest private prison owner and operator, is trying to become a REIT *Lamar Group, an owner and operator of billboards, is trying to become a REIT
Wasn't the crisis of the late 80s/early 90s the genesis of public listed REITs in their modern firm?
I'm not old enough to have experienced it, but have read about it in Chan, Erickson and Wang (2003), p.29
The number of REITs increases from 117 to 223 over that same period. This was after the real estate crash when owners needed to refinance their debts and raise capital for distressed acquisitions.
It is too early to tell, but maybe we will see another boom in REIT issuance over the next few years. The challenge i see, in terms of housing, is potential competition to the public markets from the availability of government backed financing.
What do you guys think? Will history repeat itself?
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