AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the Company) announced today the completion of its previously announced acquisition of a stabilized portfolio of 1,225 single-family rental (SFR) homes located predominantly in the Southeast U.S. from funds affiliated with Connorex-Lucinda, LLC (Conrex). As part of the completed transaction, MITT entered into a Property Management Services Agreement with Conrex whereby Conrex will continue to provide property management services with respect to the properties.
MITT acquired the portfolio for approximately $140 million. In conjunction with the transaction, the Company financed the portfolio with approximately $37 million of cash on hand and approximately $103 million of 5-year, fixed rate debt.
ABOUT AG MORTGAGE INVESTMENT TRUST, INC.
AG Mortgage Investment Trust, Inc. is a real estate investment trust that invests in, acquires and manages a diversified portfolio of residential and commercial mortgage assets, other real estate-related securities and financial assets. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., an SEC-registered investment adviser that specializes in alternative investment activities.
Additional information can be found on the Company’s website at www.agmit.com.
ABOUT ANGELO GORDON
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988. The firm currently manages approximately $28 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 450 employees, including more than 170 investment professionals, and is headquartered in New York, with offices in the U.S., Europe and Asia. For more information, visit www.angelogordon.com.
Conrex is a privately held company that owns and/or operates more than 7,500 SFR homes, and has provided more than 25,000 residents with a place to call home. The company utilizes cutting-edge logistics to be the most purpose driven, people-centric, and operationally efficient SFR operator in the U.S. Conrex is headquartered in Charleston, SC and has market offices throughout the Southeast and Midwest. For more information, visit www.rentconrex.com.
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 Companys ability to integrate newly acquired rental assets in the its investment portfolio, difficulties in identifying single-family properties to acquire, the Companys ability to acquire single-family rental properties generating attractive returns, the Companys ability to predict and control costs, the Companys 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 Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K and subsequent filings. Copies are available free of charge on the SEC’s website, https://www.sec.gov/. All information in this press release is as of September 11, 2018. The Company undertakes no duty to update any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.