Acquisition Of Silver Bay Confirms The Silver Lining In Single-Family REITs [Seeking Alpha]
SILVER BAY REALTY TRUST (SBY)
US:NYSE Investor Relations:
investors.silverbayrealtytrustcorp.com
Company Research
Source: Seeking Alpha
Summary The announcement yesterday that Tricon Capital Group ( OTC:TCNGF ) will be acquiring Silver Bay Realty Trust (NYSE: SBY ) confirms that there is a silver-lining on the single-family REIT sector, even as interest rates are expected to rise. The acquisition, priced at $1.4 billion and a 19% premium to the price Silver Bay was trading before the announcement, is an indication that there is still some upside potential in the relatively nascent business of acquiring single-family homes en masse, and renting them out. The trend started after the real estate bubble burst in 2008-2009 causing the values of many homes to decline below what the homeowner owed on them. As homeowners walked away or were foreclosed on, the massive amount of inventory available at fractions of what the homes were worth just a few short years earlier made for a great opportunity for investors with cash. At the moment, there are only four REITs under the Single Family Homes category within the
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