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American Homes CFO Resigns

The chief financial officer of American Homes 4 Rent is resigning, the real estate investment trust announced on Thursday. Peter J. Nelson is leaving to “pursue other interests” but will remain through the second quarter as a replacement is sought. He joined the Agoura Hills company in 2012 prior to its initial public offering last summer. “I look forward to watching the company continue to grow and thrive with the foundation and management team we have in place,” said Nelson in a statement. American Homes is the second-largest owner of single-family homes in the country, with 21,267 properties as of Sept. 30. The company has yet to turn profit since going public. In its third quarter earnings, American Homes reported funds from operations of $19.6 million, with revenue jumping 173 percent to $49.5 million. However, on a net income basis, the company lost $3.9 million. American Homes has struggled as the recovering home market has raised its acquisition costs. There were reports the company laid of 15 percent of its employees last August after reporting its first earnings, which showed a loss of $14 million. The company has not publicly commented on the reports. Fourth quarter earnings are scheduled to be released next week. Shares closed down 24 cents, or 1.4 percent, to $16.63 on the New York Stock Exchange.

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