NEW YORK (AP) -- American Homes 4 Rent plans to raise as much as $794 million from an initial public offering of about 44.1 million shares.
The real estate investment trust said Friday that the offering is expected to price between $16 and $18 per share.
American Homes 4 Rent is giving the underwriters a 30-day option to buy up to an additional 6.6 million shares.
The Agoura Hills, Calif., company plans to give the offering's net proceeds to its operating partnership, which intends to use the proceeds to pay back borrowings under a credit facility; to continue to acquire and renovate single-family properties and for general business purposes.
The shares are expected to trade on the New York Stock Exchange under the "AMH" ticker symbol.
American Homes 4 Rent concentrates on buying, renovating, leasing and operating single-family homes as rental properties. It owned 17,949 single-family properties in 21 states as of June 30, according to a regulatory filing.
American Homes 4 Rent is the latest company in the real estate industry looking to go public. Shares of homebuilder UCP began trading on the NYSE on Thursday. On Monday luxury homebuilder WCI Communities Inc. announced plans for an IPO of about 8.4 million shares. In May, William Lyon Homes began trading on the New York Stock Exchange. Taylor Morrison Home Corp. began trading publicly in April.
TRI Pointe Homes Inc. went public in January, real estate investor Silver Bay Realty Trust Corp. in December and real estate services provider Realogy Holdings Inc. in October.
- real estate investment trust