By John Gittelsohn | Bloomberg
Tom Barrack’s Colony American Homes Inc. (CAHS), which owns more than 12,000 U.S. rental houses, postponed an initial stock offering as shares of real estate investment trusts decline, according to data compiled by Bloomberg.
The Scottsdale, Arizona-based landlord, which began buying foreclosed homes and converting them into rentals last year, had planned to raise as much as $260 million in an IPO this week.
REIT shares have fallen 11 percent since May 21, more than the 3.6 percent drop in the Standard & Poor’s 500 Index. Expectations that the Federal Reserve could end its quantitative-easing programs amid a strengthening U.S. economy have made yield-oriented equity investments such as REITs relatively less attractive.
