Shares of Front Yard Residential Corp. (RESI) were up 20% to $12.15 Thursday after the company said it bought HavenBrook Partners LLC and a portfolio of 3,236 HavenBrook-managed homes for $485 million. According to a Bloomberg News report, HavenBrook was majority-owned by a Pacific Investment Management Co. fund. Front Yard said the deal expands its single-family rental holdings to about 15,000 homes. Front Yard also reported a narrower net loss and a higher core funds from operations for the second quarter, as rental revenue increased to $40.9 million from $30.1 million. (josh.beckerman@wsj.com)

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

August 09, 2018 14:35 ET (18:35 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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