Beazer Homes Announces Sale of Beazer Pre-Owned Rental Homes
July 01 2014 - 9:20AM
Business Wire
Beazer Homes USA, Inc. (NYSE: BZH) announced today that Beazer
Pre-Owned Rental Homes, Inc. (“BPRH”), a real estate investment
trust in which the Company held an approximate 15% equity interest,
has been acquired by American Homes 4 Rent (NYSE: AMH). As a result
of this transaction, Beazer Homes will receive Class A common stock
of AMH.
Beazer Homes began acquiring and leasing previously-owned homes
in 2011. In 2012, the Company formed BPRH and contributed its
pre-owned home inventory, consisting of nearly 200 single-family
homes, at cost, and raised more than $100 million from an investor
group led and arranged by KKR Capital Markets LLC. Since that time,
BPRH grew to more than 1,300 homes.
“We are pleased to have joined forces with American Homes 4
Rent, and become shareholders in the single family rental homes’
industry leader,” said Allan Merrill, President and Chief Executive
Officer of Beazer Homes. “I am very proud of the efforts of our
team, which in just a few years, created a company with a high
quality portfolio of homes, best-in-class technology and generated
industry leading metrics in occupancy, rental growth, renewal rates
and portfolio appreciation.”
About Beazer Homes USA, Inc.
Headquartered in Atlanta, Beazer Homes is one of the country’s
10 largest single-family homebuilders. The Company’s homes meet or
exceed the benchmark for energy-efficient home construction as
established by ENERGY STAR® and are designed with Choice Plans,
which provide flexible floorplan options to meet the personal
preferences and lifestyles of its buyers. In addition, the Company
is committed to providing a range of preferred lender choices to
facilitate transparent competition between lenders and enhanced
customer service. The Company offers homes in 16 states, including
Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland,
Nevada, New Jersey, New York, North Carolina, Pennsylvania, South
Carolina, Tennessee, Texas and Virginia. Beazer Homes is listed on
the New York Stock Exchange under the ticker symbol “BZH.”
Beazer Homes USA, Inc.Carey Phelps, 770-829-3700Director,
Investor Relations & Corporate Communicationsinvestor.relations@beazer.com
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