AGOURA HILLS, Calif.,
March 3, 2014 /PRNewswire/
-- American Homes 4 Rent (NYSE: AMH) (the "Company,") today
posted the revised "Home Price Appreciation Factor" and "Home Price
Appreciation Amount" through December 31,
2013, as those terms are defined in the final prospectuses
for the Company's 5% Series A and Series B Participating Preferred
Shares (NYSE: AMHPRA and AMHPRB). The computations of these
amounts are based on the results of the House Price Index of the
Federal Housing Finance Agency, or FHFA, known as the Quarterly
Purchase-Only Index, or POI, specifically the non-seasonally
adjusted "Purchase-Only Index" for the "100 Largest Metropolitan
Statistical Areas" as of December 31,
2013, which was released February 25,
2014.
Based on the weighting among our top 20 markets established
under the terms of our 5% Series A and Series B Participating
Preferred Shares, cumulative home price appreciation for the period
from June 30, 2013 to December 31, 2013 was 2.65%, resulting in a Home
Price Appreciation Factor of 1.32%. The Home Price
Appreciation Amount through December 31,
2013 was $0.331.
The computation of these amounts appears on the following page,
and has also been posted to the "For Investors" page of the
Company's website (www.americanhomes4rent.com), together with the
FHFA report. This detailed information is provided at the end
of this press release. The Company anticipates announcing the
next update to these amounts in approximately three months.
Declaration of Distributions on Series A and Series B
Participating Preferred Shares
The Company announced that on February
26, 2014, the Board of Trustees declared a quarterly cash
dividend in the amount of $0.3125 per
share on the Series A Participating Preferred Shares.
The Board of Trustees also declared a quarterly cash dividend
of $0.35 per share on the Series B
Participating Preferred Shares, which includes accrued dividends
from the date the Series B shares were issued. Both dividends
are payable on March 31, 2014 to
shareholders of record on March 15,
2014.
Company Information
American Homes 4 Rent (NYSE: AMH) is an internally managed
Maryland real estate investment
trust, or REIT, focused on acquiring, renovating, leasing, and
operating high quality, single-family homes as rental properties.
As of December 31, 2013, we owned
23,268 single-family properties in selected submarkets in 22
states. We are 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. Our common stock is a component of
the Russell 1000 and Russell 3000 Indexes.
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," "anticipate," "potential," or other words
that convey the uncertainty of future events or outcomes. These
forward-looking statements include the anticipated timing of the
next update of the Home Price Appreciation Amount and the expected
dividend payment date for the Company's Series A and Series B
Participating Preferred Shares. 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 that may be
difficult to predict or beyond the Company's control. Investors
should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
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.
December 31,
2013
Measurement of Aggregate HPA Amount Per
Series A and Series B Participating Preferred Shares
(1)
|
|
June 30, 2013
|
|
December 31, 2013
|
|
Metropolitan Statistical
Area
|
Relative Weighting Applied
in Determining HPA
|
Actual POI Value (2)
|
Assigned Baseline
Value
|
Actual POI Value
|
POI Value Relative to June
30, 2013 Baseline
|
Dallas – Plano – Irving, TX
|
4.754%
|
194.12
|
100
|
198.79
|
2.41%
|
Fort Worth – Arlington, TX
|
4.754%
|
180.86
|
100
|
186.40
|
3.06%
|
Indianapolis, IN
|
8.880%
|
164.50
|
100
|
165.40
|
0.55%
|
Greater Chicago Area, IL
|
7.679%
|
182.20
|
100
|
185.58
|
1.86%
|
Atlanta, GA
|
7.545%
|
174.20
|
100
|
179.66
|
3.13%
|
Nashville, TN
|
6.390%
|
230.70
|
100
|
237.75
|
3.06%
|
Houston, TX
|
6.312%
|
241.20
|
100
|
251.00
|
4.06%
|
Cincinnati, OH
|
6.119%
|
166.30
|
100
|
166.16
|
-0.08%
|
Salt Lake City, UT
|
5.495%
|
323.90
|
100
|
323.59
|
-0.10%
|
Tampa, FL
|
5.361%
|
209.60
|
100
|
218.28
|
4.14%
|
Charlotte, NC
|
5.354%
|
186.80
|
100
|
193.47
|
3.57%
|
Phoenix, AZ
|
5.270%
|
232.50
|
100
|
247.72
|
6.55%
|
Jacksonville, FL
|
4.776%
|
211.70
|
100
|
216.03
|
2.05%
|
Las Vegas, NV
|
4.371%
|
133.30
|
100
|
149.08
|
11.84%
|
Raleigh, NC
|
4.040%
|
197.10
|
100
|
198.65
|
0.79%
|
Columbus, OH
|
3.167%
|
178.90
|
100
|
180.44
|
0.86%
|
Orlando, FL
|
3.036%
|
180.00
|
100
|
181.11
|
0.62%
|
Tucson, AZ
|
1.867%
|
206.70
|
100
|
216.99
|
4.98%
|
Greensboro, NC
|
1.789%
|
161.00
|
100
|
157.21
|
-2.35%
|
Austin, TX
|
1.550%
|
316.10
|
100
|
317.68
|
0.50%
|
San Antonio, TX
|
1.490%
|
226.50
|
100
|
227.56
|
0.47%
|
Cumulative HPA
|
|
|
|
|
2.65%
|
HPA Factor (50% Cumulative
HPA)
|
|
|
|
|
1.32%
|
HPA Amount
|
|
|
|
|
$0.331
|
(1) The Actual POI Value and HPA Amount for each quarter
since the issuance of the Series A and Series B Participating
Preferred Shares are available on the Company's website on the "For
Investors" page.
(2) Actual POI Value as of June 30,
2013 represents the value as published in the POI for each
market as of October 18, 2013 and
will remain constant for purposes of calculating the HPA
Amount notwithstanding any subsequent revisions by the FHFA.
Contact: Peter J. Nelson
Tel: (858)794-2447
Photo -
http://photos.prnewswire.com/prnh/20130717/MM48816LOGO
SOURCE American Homes 4 Rent