American Homes 4 Rent 5.5% Participating Preferred – Series C
By: Tim McPartland,
Issue Date 4/29/2014
Shares Offered 7,400,000 Over-allotment shares 1,100,000
S&P Rating NR Moodys Rating NR
Security Ticker Symbol AMH-C OTC Temp Ticker AMHER (Starting 5/1/2014)
Market Traded ON NYSE
Dividend Payment Paid on the last day of March, June, September and December beginning on 6/30/2014
Quarterly Dividend .344 Annual Dividend 1.375
Securities may be redeemed, at the issuers option, as early as 3/31/2018 for a redemption price of $25/share plus accrued dividends, PLUS accrued appreciations rights (see prospectus). The Home Price Appreciation rights cease to accrue on 3/31/2021.
After 9/30/2017 American Homes 4 Rent can convert shares to common shares with a formula outlined in the propectus. The conversion would be made at par, plus the Home Price Appreciation rights that accrue, plus accrued dividends.
After 3/31/2021 the dividend rate will move to 10% which will be calculated on the $25 share plus accrued Home Price Appreciation amounts.
Until 3/31/2021 dividends (which includes Home Price Appreciation rights) are capped at an maximum of 9% annually (this effectively caps the HPA rights as a dividend is paid each year, but the HPA is paid later).
Dividend Payment Will Not Be Qualified Distributions. Dividends of preferred stocks of REITs are not eligible for the qualified tax rate.
Maturity Date None
Click Here for the Company Investor Relations Page for American Homes 4 Rent
Below you can find the offering Prospectus and Final Pricing Document