American Homes 4 Rent announced on Tuesday that it has bumped up its credit facility with Wells Fargo & Co. and J.P. Morgan Chase. The Agoura Hills real estate investment trust has increased its borrowing capacity to $800 million from $500 million and extended the date on the facility to Sept. 30, 2018. Interest rates are set at the London Interbank Offered Rate, or Libor, plus 2.75 percent until March 2017 and then rise. Financial covenants require the American Homes to maintain at least $7.5 million in cash and cash equivalents on hand. The REIT is the second largest owner of single family landlord in the United States, with 19,825 properties as of July 31. Shares of American Homes lost 13 cents, or a fraction of a percent, to close at $16.02 on the New York Stock Exchange. In other news, LTC Properties Inc. announced Tuesday that it has increased its monthly cash dividend by almost 10 percent. The Westlake Village REIT, which owns long-term care and other health-care properties, increased the dividend to 17 cents from 15.5 cents for the fourth quarter that started Tuesday. LTC had investments in 89 skilled nursing properties, 102 assisted living properties, 14 other senior housing properties and two schools at the beginning of the year. Shares gained $1.21, or more than 3 percent, to close at $39.19 on the New York Stock Exchange.
