AGOURA HILLS, Calif.,
Sept. 27, 2017 /PRNewswire/
-- American Homes 4 Rent ("American Homes 4 Rent" or the
"Company", NYSE: AMH), today announced that it will convert, based
on the conversion ratio set forth in the Articles Supplementary of
the 5.000% Series A participating preferred shares of beneficial
interest, $0.01 par value per share
(NYSE: AMHPrA) ("Series A Preferred Shares") and the Articles
Supplementary of the 5.000% Series B participating preferred shares
of beneficial interest, $0.01 par
value per share (NYSE: AMHPrB) ("Series B Preferred Shares," and
together with the Series A Preferred Shares, the "Preferred
Shares"), and described below, 5,060,000 Series A Preferred Shares,
constituting all of its outstanding Series A Preferred Shares, into
6,631,716 of the Company's Class A common shares of beneficial
interest, $0.01 par value per share
(the "Class A Shares"), or 1.3106 Class A Shares per Series A
Preferred Share, and 4,400,000 Series B Preferred Shares,
constituting all of its outstanding Series B Preferred Shares, into
5,766,709 of the Company's Class A Shares, or 1.3106 Class A Shares
per Series B Preferred Share on October 3,
2017 (the "Conversion Date").
The Preferred Shares will be converted into Class A Shares,
pursuant to a conversion ratio per share equal to (A) the sum of
(1) $25.00, (2) $3.96, the HPA Amount, and (3) any accrued and
unpaid dividends to, but excluding, the Conversion Date, divided by
(B) $22.0995, the one-day VWAP (as
reported by Bloomberg) of the Class A Shares on the New York Stock
Exchange (the "NYSE") on September 27,
2017, the date the Company delivered the required notice of
conversion.
Before the Conversion Date, the Company will cause to be listed
on the NYSE the Class A Shares issuable upon conversion of the
Preferred Shares. Upon conversion, American Stock Transfer &
Trust Company, LLC, the Company's registrar and transfer agent,
will cause the Class A Shares to be issued to all holders of the
Preferred Shares without any action required by such holders. Upon
conversion, the Preferred Shares will no longer be outstanding, and
all rights of the holders of such shares will terminate. Upon
conversion, the Preferred Shares will be delisted from trading on
the NYSE.
Dividends on the Preferred Shares will cease to accrue on the
Conversion Date. Following the Conversion Date, holders of record
of the Class A Shares received upon conversion will be eligible to
receive dividends quarterly with respect to such Class A Shares,
commencing with the distribution expected to be paid on
December 29, 2017 to shareholders of
record on December 15, 2017.
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, 2017, we
owned 48,982 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," "intend,"
"anticipate," "potential," "plan," "goal" or other words that
convey the uncertainty of future events or outcomes. 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 Company's Annual Report on Form 10-K for the
year ended December 31, 2016 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:
investors@ah4r.com
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SOURCE American Homes 4 Rent