American Homes 4 Rent announced Wednesday the pricing for its secondary offering of preferred shares.

The Agoura Hills real estate investment trust plans to sell 7.4 million of its 5.5 percent Series C Participating Preferred Shares for $25 each. It expects gross proceeds of roughly $185 million, before deducting underwriting discounts and estimated offering expenses.

And like a previous $100 million offering in December, the Series C shares will carry a provision that would allow the liquidation value to rise depending on the appreciation of home prices in the company’s top 20 markets, as determined by the federal Housing Finance Agency’s House Price Index. The company also conducted a $100 million offering in October without that provision. Both offerings were priced at $25 a share.

The company will grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares. Morgan Stanley, Raymond James and Jefferies will serve as joint book-running managers for the offering.

American Homes plans to list the Series C Participating Preferred Shares on the New York Stock Exchange under the symbol "AMHPRC."

The company intends to use proceeds from the offering to repay borrowings under its credit facility and to acquire and renovate more single-family homes.

American Homes is the second-largest owner of single-family homes in the country, with 23,268 properties as of Dec. 31. But the company has yet to turn a profit since going public last year.

Shares closed down 12 cents, or a fraction of a percent, to $16.05 on the New York Stock Exchange.