Real estate-related initial public offerings have been popular the last year. The latest to hit the stage: American Homes 4 Rent, a real estate investment trust based in Malibu, Calif., plans to raise up to $794.1 million for an IPO. That would be the largest for a company specializing in single-family rentals.
“Operators of single-family rental homes are going public, creating a new real estate asset class in a field once dominated by small investors,” Bloomberg reports.
American Homes 4 Rent owns nearly 18,000 homes and plans to purchase and renovate more. As of June 30, it has spent $3.1 billion on 17,949 houses in 21 states. It also has 1,152 other properties — worth about $191 million — in escrow.
“The recent drop in home prices, constraints on mortgage lending, job volatility requiring greater geographic mobility, economic uncertainty, evolving demographics, and expanded rental options are changing the way many Americans live,” the company said in its IPO filing. “Many people, who in the past might have become home owners, are instead becoming long-term renters of single family homes.”
American Homes 4 Rent will offer 44.1 million shares of its IPO at $16 to $18 each. It will list on the New York Stock Exchange under the symbol AMH.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2013/07/30/american-homes-4-rent-plans-794m-ipo
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