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Alaska hits jackpot with single-family rental bet

Published 11/13/2016, 08:32 AM
Updated 11/13/2016, 08:32 AM
Alaska hits jackpot with single-family rental bet
  • The Alaska Permanent Fund - charged with managing the state's oil royalties - four years ago backed self-storage magnate B. Wayne Hughes (Public Storage (NYSE:PSA)) as he started up American Homes 4 Rent (NYSE:AMH).
  • Source: Ryan Dezember in the WSJ
  • The company has gone on to become the country's second-largest owner of rental homes, and finally this year, a rising stock price. The fund two months ago sold most of its shares in AMH, booking a $300M profit, making the bet one of the state's best-performing investments in years. The fund continues to hold about 1.7M shares.
  • The move was part of a larger plan to diversify the fund, and couldn't have come with better timing as the collapse in oil prices has led to an 80% decline in state revenues over the past two years. In September, Governor Bill Walker announced the unprecedented move of cutting in half the annual dividend payment the Permanent Fund paid to residents (each resident this year received $1,022).

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