AG Mortgage Investment Trust, Inc. Announces Entrance into Single-Family Rental Business
The aggregate purchase price of the portfolio is approximately
MITT believes that entering the Single-Family Rental business through this initial transaction will provide MITT and its shareholders with attractive strategic and financial benefits because:
- SFR is complementary to MITT’s existing strategies and leverages the expertise of the Angelo Gordon platform;
- Adding a new product channel supplements the already plentiful flow of investment opportunities for MITT; and
- Our SFR partner in this transaction, Conrex, has built a robust infrastructure and a regional concentration strategy, leading to operational efficiencies, as well as improved execution, oversight, and sourcing opportunities.
“The acquisition of single-family rental homes further bolsters MITT’s
strategy as a leader in investing in a wide range of housing and credit
transactions. MITT remains well-positioned to generate attractive
returns by adding complementary assets to the portfolio and deepening
the breadth of investment opportunities,” said
Chief Investment Officer of MITT,
“Conrex welcomes having an experienced and sophisticated partner such as
MITT. We appreciate their recognition of our value-oriented strategy.
Given the vast opportunity, Conrex remains excited about continued
investment in SFR and our ability to positively impact the lives in the
communities we serve,” said
ABOUT
Additional information can be found on the Company's website at www.agmit.com.
ABOUT ANGELO GORDON
ABOUT CONREX
Conrex is a privately held company that owns and/or operates more than
FORWARD LOOKING STATEMENTS
This press release includes "forward-looking statements" within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995 related to acquisitions,
financing, deal execution, our investment and corporate strategy, our
assets, investment returns, our financial and operating results, and our
views on the SFR marketplace, among others. Forward-looking statements
are based on estimates, projections, beliefs and assumptions of
management of the Company at the time of such statements and are not
guarantees of future performance. Forward-looking statements involve
risks and uncertainties in predicting future results and conditions.
Actual results could differ materially from those projected in these
forward-looking statements due to a variety of factors, including,
without limitation, our ability to implement our business strategy, our
ability to complete potential transactions in accordance with
anticipated terms and on a timely basis or at all, the Company’s ability
to integrate newly acquired rental assets in the its investment
portfolio, difficulties in identifying single-family properties to
acquire, the Company’s ability to acquire single-family rental
properties generating attractive returns, the Company’s ability to
predict and control costs, the Company’s ability to effectively compete
with competitors, changes in interest rates, changes in the yield curve,
changes in prepayment rates, the availability and terms of financing,
changes in the market value of our assets, general economic conditions,
conditions in the market for Agency RMBS, Non-Agency RMBS, ABS and CMBS
securities and loans, conditions in the real estate market, and
legislative and regulatory changes that could adversely affect the
business of the Company. Additional information concerning these and
other risk factors are contained in the Company's filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20180905005969/en/
Source:
AG Mortgage Investment Trust, Inc.
Karen Werbel, 212-692-2110
Investor
Relations
ir@agmit.com