Front Yard Residential Surges on HavenBrook Partners Deal -- Market Mover
10 August 2018 - 4:50AM
Dow Jones News
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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