AGOURA HILLS, CA—American Homes 4 Rent says that it has priced its fifth securitization transaction worth more than $477 million. The transaction involves the issuance and sale to third parties of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by 4,125 single-family residential properties transferred to an affiliate from the company's portfolio of single-family properties.
The company anticipates gross proceeds from the sale of its certificates of approximately $477.7 million. The certificates will be issued for a thirty-year term with an anticipated repayment date ten years after the closing date. The duration-adjusted weighted average coupon rate for the certificates for the first ten years is 4.361%.
The transaction is expected to close on or about September 22. With the closing of this transaction, the company will have completed five securitizations since May 2014, raising approximately $2.53 billion.
The certificates will not be registered under the Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The certificates will be offered and sold in the United States in accordance with Rule 144A.
American Homes 4 Rent is a leader in the single-family home rental industry and is fast becoming a nationally recognized brand for rental homes, known for high quality, good value and tenant satisfaction. The company is 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, it owned 37,491 single-family properties in selected submarkets in 22 states.

Instant Insights /

American Homes 4 Rent Completing $477 Securitization

Related Stories

Recommended For You