AGOURA HILLS, Calif.,
Feb. 28, 2018 /PRNewswire/ --
American Homes 4 Rent (NYSE: AMH), a leading provider of high
quality single-family rental homes ("the Company"), today posted
the revised "Home Price Appreciation Factor" and "Home Price
Appreciation Amount" through December 31,
2017, as those terms are defined in the final prospectus for
the Company's 5.5% Series C Participating Preferred Shares (NYSE:
AMHPRC). The computations of these amounts are based on the
results of the House Price Index of the Federal Housing Finance
Agency, or FHFA, known as the Quarterly Purchase-Only Index, or
POI, specifically the non-seasonally adjusted "Purchase-Only Index"
for the "100 Largest Metropolitan Statistical Areas" as of
December 31, 2017, which was released
February 27, 2018.
Based on the weighting among our top 20 markets established
under the terms of our 5.5% Series C Participating Preferred
Shares, cumulative home price appreciation for the period from
December 31, 2013 to December 31, 2017 was 30.78%, resulting in a Home
Price Appreciation Factor of 15.39%. The Home Price
Appreciation Amount on our 5.5% Series C Participating Preferred
Shares through December 31, 2017 was
$3.847.
The computation of these amounts appears at the end of this
press release and has also been posted to the "For Investors" page
of the Company's website. Until March
31, 2021, the amount payable to holders of AMHPRC shares
upon any redemption, conversion or liquidation event is subject to
a cap such that the total internal rate of return when considering
the initial liquidation preference, the Home Price Appreciation
Amount and all dividends paid or accrued will not exceed 9.0%.
Currently, such amounts exceed the 9.0% cap. The Company
anticipates announcing the next update to these amounts in
approximately three months.
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 December 31, 2017,
we owned 51,239 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." 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. Examples
of forward-looking statements contained in this press release
include the anticipated timing of the next update of the Home Price
Appreciation Amount. 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 cause actual results to differ materially from any future
results, performance or achievements expressed or implied by these
forward-looking statements. Investors should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company undertakes no
obligation to update any forward-looking statements to conform to
actual results or changes in its expectations, unless required by
applicable law. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of the Company in general, see the "Risk
Factors" disclosed in the Company's most recent Annual Report on
Form 10-K and in the Company's subsequent filings with the
Securities and Exchange Commission.
Contact:
American Homes 4 Rent
Investor Relations
Phone: (855) 794-2447
Email: investors@ah4r.com
|
Measurement of
Aggregate HPA Amount Per
|
|
5.5% Series C
Participating Preferred Share
|
|
December 31,
2017
|
|
|
|
December 31,
2013
|
December 31,
2017
|
|
Metropolitan
Statistical Area
|
Relative
Weighting
Applied in
Determining
HPA
|
Actual POI
Value (1)
|
Assigned
Baseline
Value
|
Actual POI
Value
|
POI Value
Relative to
Dec 31, 2013
Baseline
|
|
Dallas – Plano –
Irving, TX
|
4.754%
|
198.79
|
100
|
282.46
|
42.09%
|
|
Fort Worth –
Arlington, TX
|
4.754%
|
186.40
|
100
|
257.61
|
38.20%
|
|
Indianapolis,
IN
|
8.880%
|
165.40
|
100
|
204.52
|
23.65%
|
|
Greater Chicago
Area, IL
|
7.679%
|
185.58
|
100
|
213.99
|
15.31%
|
|
Atlanta,
GA
|
7.545%
|
179.66
|
100
|
239.75
|
33.45%
|
|
Nashville,
TN
|
6.390%
|
237.75
|
100
|
332.59
|
39.89%
|
|
Houston,
TX
|
6.312%
|
251.00
|
100
|
305.85
|
21.85%
|
|
Cincinnati,
OH
|
6.119%
|
166.16
|
100
|
202.15
|
21.66%
|
|
Salt Lake City,
UT
|
5.495%
|
323.59
|
100
|
430.55
|
33.05%
|
|
Tampa, FL
|
5.361%
|
218.28
|
100
|
307.73
|
40.98%
|
|
Charlotte,
NC
|
5.354%
|
193.47
|
100
|
250.89
|
29.68%
|
|
Phoenix,
AZ
|
5.270%
|
247.72
|
100
|
328.77
|
32.72%
|
|
Jacksonville,
FL
|
4.776%
|
216.03
|
100
|
282.77
|
30.89%
|
|
Las Vegas,
NV
|
4.371%
|
149.08
|
100
|
215.44
|
44.51%
|
|
Raleigh,
NC
|
4.040%
|
198.65
|
100
|
252.60
|
27.16%
|
|
Columbus,
OH
|
3.167%
|
180.44
|
100
|
234.10
|
29.74%
|
|
Orlando,
FL
|
3.036%
|
181.11
|
100
|
261.47
|
44.37%
|
|
Tucson, AZ
|
1.867%
|
216.99
|
100
|
265.39
|
22.31%
|
|
Greensboro,
NC
|
1.789%
|
157.21
|
100
|
182.33
|
15.98%
|
|
Austin, TX
|
1.550%
|
317.68
|
100
|
440.07
|
38.53%
|
|
San Antonio,
TX
|
1.490%
|
227.56
|
100
|
299.84
|
31.76%
|
|
|
|
|
|
|
|
Cumulative
HPA
|
|
|
0.00%
|
|
30.78%
|
|
|
|
|
|
|
|
HPA Factor
(50% Cumulative HPA)
|
|
|
0.00%
|
|
15.39%
|
|
|
|
|
|
|
|
HPA
Amount
|
|
|
|
|
$
3.847
|
|
|
(1) Actual POI Value
as of December 31, 2013 represents the value as published in the
POI for each market as of April 1, 2014 and will remain constant
for purposes of calculating the HPA Amount, notwithstanding any
subsequent revisions by the FHFA.
|
|
|
Note: Until March 31,
2021, the amount payable to holders of AMHPRC shares upon any
redemption, conversion or liquidation event is subject to a cap
such that the total internal rate of return when considering the
initial liquidation preference, the Home Price Appreciation Amount
and all dividends paid or accrued will not exceed 9.0%. Currently,
such amounts exceed the 9.0% cap.
|
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SOURCE American Homes 4 Rent