AGOURA HILLS, Calif.,
July 9, 2014 /PRNewswire/
-- American Homes 4 Rent (NYSE: AMH) (the "Company") today
announced the formation of Residential Credit Opportunities, LLC
("RCO"), its second non-performing loan ("NPL") fund being managed
by its joint venture, AMIP Management, LLC ("AMIP"). RCO is
jointly funded by the Company, JCRI and certain funds and accounts
managed by Beach Point Capital Management ("Beach Point") as a
complementary NPL fund to the Company's first fund, American
Mortgage Investment Partners Fund I, LLC. Jefferies, LLC and
Watermen Capital facilitated the equity investment on behalf of
Beach Point and AMIP.
AMIP is a joint venture established by the Company and Johnson
Capital Residential Investments, LP ("JCRI"), an investment entity
formed and capitalized by a group of mortgage servicing and real
estate finance professionals. AMIP was formed to manage multiple
investment funds focused on the acquisition and resolution of
distressed residential mortgage assets in the United States.
"We are pleased to announce our continued growth in the NPL
space and the establishment of Residential Credit Opportunities,
LLC. We believe that RCO will allow us to acquire more loans
at competitive prices. We expect that the combination of
complementary NPL funds, focused on the future acquisition and
resolution of residential mortgages, will help facilitate our
continued growth," said Jack
Corrigan, the Company's Chief Operating Officer.
Guy Johnson, JCRI Chairman and
founder of Johnson Capital, one of the nation's leading real estate
financing and advisory firms, remarked, "We are excited to partner
with American Homes 4 Rent and Beach Point, both leaders in their
respected industries, American Homes 4 Rent as a leader among
single family REITs in the United
States and Beach Point as a leader in the credit
opportunities markets."
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 March 31, 2014, we
owned 25,505 single-family properties in selected submarkets in 22
states.
Additional information about American Homes 4 Rent is available
on our website, www.americanhomes4rent.com.
About Beach Point Capital Management
Beach Point Capital Management is a multi-billion dollar
investment manager specializing in credit-related investments. The
firm employs a flexible, value-oriented, and risk-controlled
approach, focusing on complex and misunderstood opportunities.
Beach Point has offices in Los
Angeles, New York and
London.
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. These
forward-looking statements may include, but are not limited to, the
Company's ability to acquire NPLs at competitive prices that meet
its underwriting and other criteria, whether the NPL funds will
continue to grow and facilitate the Company's growth and whether
the joint venture will operate successfully. 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. 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 Annual Report on Form 10-K
for the year ended December 31, 2013,
filed with the Securities and Exchange Commission. Investors
should not place undue reliance on these forward-looking
statements. 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.
Contact:
American Homes 4 Rent
Investor Relations
Phone: (855) 794-2447
Email: investors@ah4r.com
SOURCE American Homes 4 Rent