American Homes 4 Rent plans to sell 4 million shares of preferred stock and trade them on the New York Stock Exchange under the ticker AMHPRH.
The Agoura Hills-based real estate investment trust specializing in single-family home rentals called the securities 6.25 percent Series H Cumulative Redeemable Perpetual Preferred Shares. It expects the offering will raise $100 million, which it plans to invest in partnership units of American Homes 4 Rent LP, a limited partnership that owns real estate assets.
On Tuesday, Moody’s Investors Service assigned a Ba1 rating to the preferred stock issue, while American Homes 4 Rent as a company maintained its Baa3 rating.
“The ratings outlook is stable,” Moody’s said.
American Homes 4 Rent announced the offering after market close on Wednesday. Shares of the company (AMH) closed Thursday up 31 cents, or 1.4 percent, to $22.63 on the New York Stock Exchange.