|By PR Newswire||
|September 17, 2013 06:38 PM EDT||
AGOURA HILLS, Calif., Sept. 17, 2013 /PRNewswire/ -- American Homes 4 Rent (NYSE: AMH) (the "Company") today announced the formation of American Mortgage Investment Partners, LLC ("AMIP"), a joint venture established by the Company and Johnson Capital Residential Investments, LLC ("JCRI"), an investment entity formed and capitalized by a group of mortgage servicing and real estate finance professionals. AMIP was formed to manage multiple investment funds focused on the acquisition and resolution of distressed residential mortgage assets in the United States. AMIP currently holds no residential mortgages and is expected to focus initially on evaluating possible acquisitions.
AMIP will be managed by a partnership of personnel provided by JCRI and the Company, together with select third party service providers and vendors. The joint venture expects to leverage AMH's single family property management infrastructure and nationwide presence.
"We are pleased to announce the formation of AMIP. We anticipate that this joint venture, focused on the future acquisition and resolution of residential mortgages, will help facilitate our continued growth," said Jack Corrigan, AMH's Chief Operating Officer. "We also expect that our participation in AMIP will help assure that single family homes we acquire through these alternative acquisition channels will meet our underwriting standards with respect to the quality of the product and expected financial returns."
Guy Johnson, JCRI Chairman and founder of Johnson Capital, one of the nation's leading real estate financing and advisory firms, remarked, "We are excited to partner with AMH, a leader among single family REITs in the United States. We believe the opportunity to provide alternatives to foreclosure such as REO-to-Rental solutions will provide attractive and affordable alternatives to home ownership for many."
About American Homes 4 Rent
American Homes 4 Rent is an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating single-family homes as rental properties. As of July 31, 2013, we owned 19,825 single-family properties in selected submarkets in 22 states and we continually evaluate potential target markets that meet our underwriting criteria and are located where we believe we can achieve sufficient scale for internalized property management. We are a leader in the single-family home rental industry and "American Homes 4 Rent" is fast becoming a nationally recognized brand for rental homes known for high quality, good value and tenant satisfaction.
Forward Looking Statements
This press release contains "forward looking statements." These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," ,"potential," "plan," "goal" or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release include, among others, whether AMIP will be able to find and acquire any assets that meet the Company's underwriting and other criteria and whether any mortgage assets acquired will be successfully converted to real estate owned by the Company. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. Investors should not place undue reliance on these forward-looking statements. All information in this press release is current as of the date of the release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the Company's prospectus filed with the Securities and Exchange Commission on August 2, 2013 and its other filings with the Securities and Exchange Commission.
Contact: Peter J. Nelson
American Homes 4 Rent
Tel: (310) 774-5394
SOURCE American Homes 4 Rent