Mortgage And Real Estate News

Saturday, June 15, 2013

2 Valley REITs refocus from buying to selling


Two of metro Phoenix’s biggest housing investors are more concerned with selling than buying right now.

Scottsdale-based American Residential Properties raised $287.7 million in an initial public offering last month. The real-estate investment trust sold 13.7 million shares of stock at $21 each.

Scottsdale-based Colony American Homes had planned to raise $260 million through an IPO on Wednesday but postponed it because of falling REIT prices. REIT share prices have fallen more than 10 percent since mid-May.

There is no word yet on when the division of Santa Monica, Calif.-based Colony Capital plans to reschedule its public offering. Colony had expected to sell 20 million shares Wednesday.

Read more: 2 Valley REITs refocus from buying to selling

Reuters: Business News

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