REITs move into single-family neighborhoods
With REITs extending into all kinds of niche real estate categories, it was just a matter of time before they rallied around single-family homes after scooping up a bonanza of low-priced houses in the tattered wake of the economic collapse.
Three single-family home REITs held initial public offerings in the past seven months, though they have yet to get any lift. Through May, the FTSE NAREIT All Equity REIT Index gained 8.7 percent, while the two single-family REITs that went public in December — Silver Bay Realty Trust and Altisource Residential — showed little or no gain. (The other new REIT, American Residential Properties, went public in May of this year.)
Silver Bay, which owns about 4,600 single-family homes, reported a first quarter 2013 ne