American Homes 4 Rent, the second largest owner of single-family rental homes in the country, announced another public offering of its series C preferred shares that will be made available as the company continues to buy single family rental homes across the country.
The company announced in a release “investors in the series C participating preferred shares may potentially benefit from home price appreciation in the cmpany’s top 20 markets by participating in home price gains as determined by the Federal Housing Finance Agency’s House Price Index measured from December 31, 2013, subject to certain limitations and payable upon certain defined realization events in each case described in the prospectus for the securities.”
The daughter of the Chairman of the Board of Trustees, B. Wayne Hughes, will purchase $5 million of series C participating preferred shares in a private placement at the public offering price, according to the release.
American Homes is the second-largest owner of single-family homes in the country, with 23,268 properties as of Dec. 31 but has yet to turn a profit since going public last year. Read more in the Los Angeles Business Journal here.