American Residential Properties, Inc. Announces Pricing of Initial Public
SCOTTSDALE, Ariz., May 8, 2013
SCOTTSDALE, Ariz., May 8, 2013 /PRNewswire/ --American Residential
Properties, Inc. (the "Company") today announced the pricing of its initial
public offering of 13,700,500 shares of its common stock, $0.01 par value per
share ("Common Stock"), at a price to the public of $21.00 per share. The
shares are expected to begin trading on the New York Stock Exchange on May 9,
2013, under the symbol "ARPI." The Company is offering 13,700,000 shares of
Common Stock and a selling stockholder is offering 500 shares of Common
Stock. The offering is expected to close on May 14, 2013, subject to
customary closing conditions.
The underwriters have a 30-day option to purchase up to an additional
2,055,000 shares of Common Stock to cover over-allotments, if any. These
additional shares are being offered by the Company.
Total net proceeds to the Company from the offering, after deducting the
underwriting discounts and commissions, structuring fee and other estimated
offering expenses payable by the Company, will be approximately $264.6 million
($304.7 million if the underwriters exercise their over-allotment option in
The Company will contribute the net proceeds of the offering to its operating
partnership, which will use the net proceeds to acquire, restore, lease and
manage single-family homes as rental properties, to provide short-term private
mortgage financing secured by interests in single-family homes, to repay
amounts outstanding under its senior secured revolving credit facility and for
general business purposes. The Company will not receive any proceeds from the
sale of shares by the selling stockholder.
A registration statement relating to the offering of the Common Stock
discussed above was declared effective by the Securities and Exchange
Commission on May 8, 2013. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale of
these securities, in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
Morgan Stanley, BofA Merrill Lynch, FBR and Jefferies are acting as joint
book-running managers for the offering. Raymond James and Zelman Partners LLC
are acting as co-managers for the offering. A copy of the prospectus can be
obtained by contacting: Morgan Stanley & Co. LLC, 180 Varick Street, 2nd
Floor, New York, NY 10014, Attention: Prospectus Department, telephone:
1-866-718-1649 or e-mail: email@example.com; BofA Merrill Lynch,
222 Broadway, New York, NY 10038, Attention: Prospectus Department, e-mail:
firstname.lastname@example.org; FBR Capital Markets & Co., 1001 Nineteenth
Street North, Suite 1100, Arlington, VA 22209, telephone: 1-800-846-5050 or
e-mail: Prospectuses@FBR.com; or Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022,
telephone: 1-877-547-6340 or e-mail: Prospectus_Department@Jefferies.com.
About American Residential Properties, Inc.
American Residential Properties, Inc. is an internally managed real estate
company, organized as a real estate investment trust for U.S. federal income
tax purposes, that acquires, owns and manages single-family homes as rental
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and other federal
securities laws. These forward-looking statements are based upon the Company's
present expectations, but these statements are not guaranteed to occur. For
example, the fact that the offering described above has priced may imply that
the offering will close, but the closing is subject to conditions customary in
transactions of this type and may be delayed or may not occur at all. In
addition, the fact that the underwriters have an over-allotment option may
imply that this option will be exercised. However, the underwriters are not
under any obligation to exercise this option, or any portion of it, and they
may not do so. Investors should not place undue reliance upon forward-looking
SOURCE American Residential Properties, Inc.
Contact: INVESTOR CONTACT: American Residential Properties, Inc., Shant
Koumriqian, Chief Financial Officer, email@example.com,
480-474-4800; MEDIA CONTACT: Financial Profiles, Inc., Megan Klein,
firstname.lastname@example.org, 310-478-2700 x28
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