Single Family Rental Insights for the Institutional Investor and Operator
March 10, 2014
|Single Family Rental Insights for the Institutional Investor and Operator|
March 10, 2014 at 03:00 PM Eastern Daylight Time
Single-Family Rentals (SFR) has emerged as a relatively new asset class at the institutional level. Many have speculated that this phenomenon was a short term “trade” to take advantage of favorable pricing conditions in many of the distressed housing markets hardest hit by the bursting of the housing bubble and the global financial crisis. However, many others contend this is a permanent new asset class that has emerged as a result of changes in housing formation and other demographic changes that are part of broader megatrends.
While SFR activities have always existed, traditionally they were done on a smaller scale and were very labor intensive and targeted to narrow markets using private capital. This new trend in large scale institutional SFR presents unique challenges not only to the Operators but also to the Investors in this emerging industry’s debt and equity securities.
While this industry sector is still small relative to the overall housing market and to the portfolios of foreclosed real estate still held by the GSE’s and commercial banks, this new sector continues to grow at a rapid pace through continued acquisitions of individual homes at foreclosure sales across the country and through portfolio transactions. Further, as it grows beyond its infancy into long term operations, financing this growth has become a major industry focus including the recent emergence of a new form of securitization that borrows from both the commercial and residential financing worlds.
The webcast will highlight the pertinent opportunities and challenges facing this new market including but not limited to:
- Market insights on primary geographies of focus, an overview of driving fundamentals, and a forecast on industry direction
- Operational systems and processes
- Financial reporting issues and challenges
- Portfolio valuation methodology and challenges
- Financing trends and challenges such as the new securitization market for this unique asset class
- Potential IPO and M&A activity
Our panelists include:
- Byron Carlock Jr. – Partner/National Real Estate Practice Leader, PwC (Moderator)
- Tom Wilkin - Partner, PwC
- Court Maton – Partner, PwC
- David Seaman – Partner, PwC
- Tom Knox – Partner, PwC
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