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American Homes 4 Rent to Let Investors Share in Values

American Homes 4 Rent, the second-largest buyer of single-family rental houses, plans to raise money by offering investors a chance to share in property-value appreciation as well as rental income.

The company, which was founded by billionaire B. Wayne Hughes and raised $811.8 million in a July initial public offering including an overallotment, plans to sell preferred shares that will increase in value as its rental homes appreciate, according to a filing made yesterday with the U.S. Securities and Exchange Commission. American Homes proposes to raise $100 million, a placeholder amount that’s used to calculate fees and may change.