Front Yard Residential [Merged] | REIT Profile

Symbol: RESI
Exchange: NYSE
Founded: 2012
HQ: Christiansted, Virgin Islands, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Small-Cap
REIT Sector: Residential
Internally Managed REIT

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Material Source Description
Front Yard Residential Signs Amended Merger Agreement with Pretium and Ares Management (2020-11-23) GLOBE NEWSWIRE CHRISTIANSTED, U.S. Virgin Islands, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Front Yard Residential Corporation (“Front Yard” or the “Company”) (NYSE: RESI), an industry leading provider of high-quality and affordable rental homes, announced today that it has amended its definitive merger agreement with a partnership led by Pretium and including funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management Corporation (NYSE: ARES) (together, the “Pretium Partnership”) to increase the consideration payable to holders of outstanding shares of Front Yard stock to $16.25 per share in cash from $13.50 per share in cash, which values the Company at approximately $2.5 billion, including debt to be assumed or refinanced. The revised transaction price represents a 63% premium over Front Yard’s closing share price on October 16, 2020, the last trading day prior to the date on which the Company entered into the merger agreement.

About Front Yard Residential [Merged]

Front Yard Residential (NYSE: RESI) is an industry leader in providing high quality and affordable single-family housing in welcoming neighborhoods across America. Our homes offer exceptional value in a variety of suburban communities which have easy accessibility to metropolitan areas. We are committed to providing an unparalleled experience to our residents in our well-maintained and reasonably priced homes. Our property managers provide a nationwide network that responds to the needs of our tenants in a prompt and efficient manner. Front Yard’s tenants enjoy the space and comfort that is unique to single-family housing, at reasonable prices. Our mission is to provide our tenants with houses they are proud to call home. That’s how we measure our success.

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Last updated: 2021-09-22 - v1.8