American Homes 4 Rent Tests Housing REIT Market With IPO
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American Homes 4 Rent is readying the biggest initial public offering by a company leasing single-family homes at a time when investors are cooling on the fledgling industry.
The real estate investment trust, founded by self-storage billionaire B. Wayne Hughes, plans to raise as much as $794 million in its sale of 44.1 million shares scheduled for later today. With a price range set at $16 to $18 a share, the IPO is poised to be far smaller than the $1.25 billion amount estimated in an initial propectus by the Agoura Hills, California-based company in June.