ATLANTA--(BUSINESS WIRE)--Jul. 1, 2014--
Beazer Homes USA, Inc. (NYSE: BZH) announced today that Beazer Pre-Owned
Rental Homes, Inc. (“BPRH”), a real estate investment trust in which the
Company held an approximate 15% equity interest, has been
acquired by American Homes 4 Rent (NYSE: AMH). As a result of this
transaction, Beazer Homes will receive Class A common stock of AMH.
Beazer Homes began acquiring and leasing previously-owned homes in 2011.
In 2012, the Company formed BPRH and contributed its pre-owned home
inventory, consisting of nearly 200 single-family homes, at cost, and
raised more than $100 million from an investor group led and arranged by
KKR Capital Markets LLC. Since that time, BPRH grew to more than 1,300
homes.
“We are pleased to have joined forces with American Homes 4 Rent, and
become shareholders in the single family rental homes’ industry leader,”
said Allan Merrill, President and Chief Executive Officer of Beazer
Homes. “I am very proud of the efforts of our team, which in just a few
years, created a company with a high quality portfolio of homes,
best-in-class technology and generated industry leading metrics in
occupancy, rental growth, renewal rates and portfolio appreciation.”
About Beazer Homes USA, Inc.
Headquartered in Atlanta, Beazer Homes is one of the country’s 10
largest single-family homebuilders. The Company’s homes meet or exceed
the benchmark for energy-efficient home construction as established by
ENERGY STAR® and are designed with Choice Plans, which provide flexible
floorplan options to meet the personal preferences and lifestyles of its
buyers. In addition, the Company is committed to providing a
range of preferred lender choices to facilitate transparent competition
between lenders and enhanced customer service. The Company offers
homes in 16 states, including Arizona, California, Delaware, Florida,
Georgia, Indiana, Maryland, Nevada, New Jersey, New York, North
Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.
Beazer Homes is listed on the New York Stock Exchange under the
ticker symbol “BZH.”
Source: Beazer Homes USA, Inc.
Beazer Homes USA, Inc.
Carey Phelps, 770-829-3700
Director,
Investor Relations & Corporate Communications
investor.relations@beazer.com