American Homes 4 Rent (NYSE: AMH) (the "Company") today announced it has commenced a public offering of 13,000,000 of its Class A common shares of beneficial interest, $0.01 par value per share. The Company also plans to grant to the underwriter an option to purchase up to an additional 1,950,000 Class A common shares.
Concurrently with the completion of the offering, the daughter of the Company's Chairman of the Board of Trustees, B. Wayne Hughes, will purchase $50 million of the Company's Class A common shares in a private placement at the public offering price.
The Company intends to contribute the net proceeds of the offering to its operating partnership. The operating partnership expects to use the net proceeds of the offering to repay indebtedness the Company has incurred or expects to incur under its credit facility to acquire single-family properties and for general corporate purposes.
Morgan Stanley will act as the book-running manager for this offering.
An automatically effective shelf registration statement relating to these securities has been filed with the Securities and Exchange Commission. The offering will be made pursuant to a prospectus supplement to the Company's prospectus, dated August 7, 2014, contained in the effective shelf registration statement relating to these securities. A copy of the preliminary prospectus supplement and accompanying prospectus related to the offering can be obtained, when available, by contacting Morgan Stanley at 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About American Homes 4 Rent
American Homes 4 Rent is a leader in the single-family home rental industry and "American Homes 4 Rent" is fast becoming a nationally recognized brand for rental homes, known for high quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating attractive, single-family homes as rental properties. As of June 30, 2014, we owned 27,173 single-family properties in selected submarkets in 22 states.