American Homes 4 Rent Announces Intent to Redeem 6.500% Series D and 6.350% Series E Perpetual Preferred Shares

Rhea-AI Summary

American Homes 4 Rent (NYSE: AMH) announced plans to redeem all outstanding shares of its 6.500% Series D and 6.350% Series E Perpetual Preferred Shares. The redemption will take place on June 7, 2021, and June 30, 2021, respectively, at a liquidation preference of $25.00 per share plus any accrued and unpaid dividends. This move highlights the company's strategy to manage its capital structure effectively while continuing to focus on high-quality single-family home rentals. As of December 31, 2020, AMH owned 53,584 properties across 22 states.

Positive

• Redemption of Series D and Series E preferred shares improves capital structure.
• Company's focus on single-family rentals is solid, owning 53,584 properties.

Negative

• None.

CALABASAS, Calif., May 6, 2021 /PRNewswire/ -- American Homes 4 Rent (NYSE: AMH) (the "Company"), a leading provider of high-quality single-family homes for rent, today announced its intent to redeem (i) all outstanding shares of its 6.500% Series D Perpetual Preferred Shares (NYSE: AMH-D), $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus any accrued and unpaid dividends, on June 7, 2021, and (ii) all outstanding shares of its 6.350% Series E Perpetual Preferred Shares (NYSE: AMH-E), $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus any accrued and unpaid dividends, on June 30, 2021.

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, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of December 31, 2020, we owned 53,584 single-family properties in selected submarkets in 22 states.

Additional information about American Homes 4 Rent is available on our website at www.americanhomes4rent.com.

Forward-Looking Statements

This press release contains "forward-looking statements" that 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 "believe," "expect," "will," "intend," "anticipate" or other words that convey the uncertainty of future events or outcomes. These forward-looking statements include the payment and anticipated timing of the payment of distributions of the Company's preferred shares. 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 and could adversely affect our cash flows and ability to pay distributions. Additional information about these and other important factors that may cause our actual results to differ materially from anticipated results expressed or implied by these forward-looking statements is available in the Company's most recent Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement to conform to actual results or changes in expectations, except as required by applicable law.

Contacts:
American Homes 4 Rent
Investor Relations
Anne McGuinness
Phone: (855) 794-2447
Email: investors@ah4r.com 

American Homes 4 Rent
Media Relations
Megan Grabos
Phone: (805) 413-5088
Email: media@ah4r.com 

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SOURCE American Homes 4 Rent

FAQ

What is the redemption date for American Homes 4 Rent's 6.500% Series D preferred shares?

The redemption date is June 7, 2021.

What is the liquidation preference for the preferred shares being redeemed by AMH?

The liquidation preference is $25.00 per share plus accrued and unpaid dividends.

How many properties does American Homes 4 Rent own?

As of December 31, 2020, AMH owned 53,584 single-family properties.

What is the purpose of redeeming the Series D and E preferred shares?

The redemption is part of AMH's strategy to manage its capital structure.

What are the symbols for American Homes 4 Rent's preferred shares?

The symbols are AMH-D for Series D and AMH-E for Series E.