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American Homes 4 Rent prices IPO to raise $706 million: source

Wed Jul 31, 2013 6:20pm EDT

(Reuters) - Real estate investment trust American Homes 4 Rent priced its initial public offering of about 44 million Class A common shares at $16 apiece, the low end of its expected price range, according to a source briefed on the matter.

The REIT is expected to raise about $706 million from the offering. American Homes said earlier it planned to price the IPO at $16 to $18 per share.

The company owned 14,210 single-family homes as of April 30 and had additional 1,425 properties in escrow that it expects to acquire.

California-based American Homes started operations in November to continue investing for AH LLC, which was founded by the company's chairman and founder, Wayne Hughes. Hughes was also the founder and former chief executive of real estate investment trust Public Storage (PSA.N).

The company is expected to debut on Thursday on the New York Stock Exchange under the symbol "AMH".

Goldman Sachs, BofA Merrill Lynch, JP Morgan and Wells Fargo Securities are among the lead bookrunners for the IPO.

(Reporting By Neha Dimri in Bangalore; Editing by Maju Samuel)

 
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