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Beazer Homes Announces Sale Of Beazer Pre-Owned Rental Homes

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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.”

 

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