Beazer Announces Launch of Pre-Owned Rental Homes Business
In addition to the Company’s contribution, which represents an
investment of
As compensation for its role as a founder of BPRH and for the
intellectual property and other support it will provide BPRH going
forward, the Company will receive awards of BPRH common stock equal to
6% of the stock issued during BPRH’s private phase until it has raised
“We believe our investment in BPRH allows us to unlock the value in our rental homes business and grow it more rapidly than we otherwise could within Beazer. BPRH’s ability to focus specifically on the rental homes market and attract external capital to scale the business represents a compelling – and differentiated – value for our shareholders,” Allan P. Merrill, President and Chief Executive Officer of the Company, said.
Mr. Merrill has been appointed Non-Executive Chairman of the Board of
Directors of BPRH.
“Pat brings to BPRH a wealth of experience garnered during his many years in the real estate industry. He is an outstanding leader and is the perfect person to lead this new venture as we look forward to quickly ramping the business and taking advantage of the market opportunities currently available in the single-family home rental category,” Mr. Merrill stated.
In addition to Mr. Merrill, the Board of Directors of BPRH will include
two independent directors,
Forward Looking Statements
This press release contains forward-looking statements. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things, (i) the ability of BPRH to attract future third party capital, (ii) whether or not BPRH completes an initial public offering in the future; (iii) failure of BPRH to continue to qualify as a REIT, (iv) the economic and operating performance of BPRH in light of its limited operating history, (v) BPRH’s ability to manage its future growth, (vi) competition for the types of single-family homes on which BPRH is focused on, (vi) the supply of single-family homes that are available at discounts from past prices, (vii) competition and other factors limiting BPRH’s ability to lease homes or increase or maintain rents, and (viii) other factors over which the Company has little or no control.
Any forward-looking statement contained in this press release speaks only as of the date on which such statement is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
New factors emerge from time to time and it is not possible for management to predict all such factors.
Source:
Beazer Homes USA, Inc.
Carey Phelps, 770-829-3700
Director,
Investor Relations & Corporate Communications
investor.relations@beazer.com