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American Homes 4 Rent Announces Pricing of Public Offering of 6.25% Series H Preferred Shares

AGOURA HILLS, Calif., Sept. 12, 2018 /PRNewswire/ -- American Homes 4 Rent (AMH) (the "Company") today announced that it has priced an underwritten public offering of 4,000,000 of its 6.25% Series H Cumulative Redeemable Perpetual Preferred Shares (the "Series H Preferred Shares") raising gross proceeds of approximately $100 million, before deducting underwriting discounts and commissions and estimated offering expenses. The Series H Preferred Shares have an initial liquidation preference of $25 per share. The offering is expected to close on September 19, 2018, subject to customary closing conditions. The Company has also granted to the underwriters a 30-day option to purchase up to an additional 600,000 Series H Preferred Shares at the public offering price, less the underwriting discount.  The Company intends to apply to list the Series H Preferred Shares on the New York Stock Exchange under the symbol "AMHPRH." If the application is approved, the Company expects trading to commence within 30 days after initial delivery of the Series H Preferred Shares.

The Company will contribute the net proceeds from the offering to its operating partnership in exchange for Series H operating partnership units. The operating partnership intends to use the net proceeds from the contribution along with available cash to fund the exchange for cash of the $115.0 million face value of outstanding 3.25% exchangeable senior notes due November 15, 2018.

Wells Fargo Securities, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. J.P. Morgan and Raymond James are acting as lead managers for the offering, and Jefferies, Citigroup, Goldman Sachs & Co. LLC, US Bancorp and Ramirez & Co., Inc. are acting as co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful before registration or qualification thereof under the securities laws of any such state or jurisdiction.

The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC") and only by means of a prospectus and prospectus supplement.  Copies of the prospectus and final prospectus supplement relating to the offering may be obtained, when available, by visiting EDGAR on the SEC's website at www.sec.gov or from Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, or via telephone (800) 645-3751, or via email wfscustomerservice@wellsfargo.com; Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, or via telephone (800) 294-1322, or via email dg.prospectus_requests@baml.com; and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or via telephone (866) 718-1649.

About American Homes 4 Rent

American Homes 4 Rent (AMH) 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 single-family homes as rental properties. As of June 30, 2018, we owned approximately 52,049 single-family properties, in selected submarkets in 22 states.

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," "intend," "anticipate," "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 complete the offering and the intended use of net proceeds. 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. These and other important factors, including "Risk Factors" disclosed in, or incorporated by reference into, the prospectus from the Company's Annual Report on Form 10-K for the year ended December 31, 2017 and in the Company's subsequent filings with the SEC, may cause the Company's actual results to differ materially from anticipated results expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements.

American Homes 4 Rent
Investor Relations
Phone: (855) 794-2447
Email: investors@ah4r.com



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