American Homes 4 Rent Announces Pricing of 6.5% Series D Preferred Share Offering

AGOURA HILLS, Calif., May 17, 2016 /PRNewswire/ -- American Homes 4 Rent (NYSE: AMH) (the "Company") today announced the pricing of its underwritten public offering of 9,000,000 of its 6.5% Series D Preferred Shares raising gross proceeds of approximately $225 million, before deducting underwriting discounts and commissions and estimated offering expenses. The Series D Preferred Shares have an initial liquidation preference of $25 per share. The offering is expected to close on May 24, 2016, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 Series D Preferred Shares at the public offering price solely to cover over-allotments, if any. The Company intends to apply to list the Series D Preferred Shares on the New York Stock Exchange under the symbol "AMHPRD." If the application is approved, the Company expects trading to commence 30 days after initial delivery of the Series D Preferred Shares.

Concurrently with the completion of the offering, Tamara Hughes Gustavson, daughter of the Chairman of the Company's Board of Trustees, B. Wayne Hughes, will purchase $10 million of Series D Preferred Shares in a private placement at the public offering price, bringing total expected gross process from the offering and the concurrent private placement to $235 million. The concurrent private placement is expected to close on the same day as the offering and is contingent upon completion of the offering. The offering is not contingent upon the closing of the concurrent private placement.

The Company intends to contribute the net proceeds from the offering and the concurrent private placement to its operating partnership in exchange for Series D operating partnership units. The operating partnership intends to use the net proceeds from the contribution to repay indebtedness incurred or expected to be incurred under its credit facility, to acquire single-family properties and for general corporate purposes, including repurchases of the Company's securities.

Raymond James, FBR, Keefe, Bruyette & Woods, A Stifel Company, and Wells Fargo Securities are serving as the joint book-running managers for the offering and BB&T Capital Markets, Janney Montgomery Scott, Oppenheimer & Co. and Wunderlich are serving as the co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful before registration or qualification thereof under the securities laws of any such state or jurisdiction.

The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC") and only by means of a prospectus and prospectus supplement. Copies of the final prospectus supplement relating to the offering may be obtained, when available, by visiting EDGAR on the SEC's website at www.sec.gov or from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, via telephone: (800) 248-8863 or via email: [email protected], from FBR Capital Markets & Co., Attention:

Syndicate Prospectus Department, 1300 North 17^th Street, Suite 1400, Arlington, Virginia 22209, via telephone: 703-312-9726 or via email: [email protected], from Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or via telephone: (800) 966-1559 or from Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2^nd Avenue South, Suite 1000, Minneapolis, MN 55402, via telephone: (800) 645-3751 or via email: [email protected].

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) 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 March 31, 2016, we owned 47,955 single-family properties in selected submarkets in 22 states.

Forward-Looking Statements

This press release contains "forward-looking statements." These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal" or other words that convey the uncertainty of future events or outcomes. These forward-looking statements may include, but are not limited to, the timing of the closing of the offering and the concurrent private placement and the amount and intended use of the net proceeds. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. These and other important factors, including "Risk Factors" disclosed in, or incorporated by reference into, the prospectus from the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and in the Company's subsequent filings with the SEC, may cause the Company's actual results to differ materially from anticipated results expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements.

Contact:
American Homes 4 Rent
Investor Relations
Phone: (855) 794-2447
Email: [email protected]

SOURCE American Homes 4 Rent

Related Links

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