American Homes 4 Rent, the “largest publicly traded single-family rental company,” has become larger as the result of its merger with American Residential Properties (ARP), a deal valued at $1.3 billion, and now owns 47,000 homes in 22 states, according to housingwire.

Already on a fast track, from 2012 to 2013 American Homes’ revenue grew a staggering 2,962 percent, and added an additional 299 percent the following year. In the merger, each share of ARP’s common stock was exchanged for 1.135 shares of common stock of American Homes 4 Rent.

The completed deal gives the merged companies a total market capitalization of $8 billion, and an aggregate real estate cost basis of the same amount, as MHProNews has learned.

David Singelyn, American Homes 4 Rent’s Chief Executive Officer, said, “American Residential Properties owned a high-quality portfolio of homes that fit strategically in our markets, offering significant opportunities to capture further operating efficiencies on the combined platform. Moving ahead, we look forward to the rapid integration of the two platforms and to creating additional value for the shareholders of the combined company, while strengthening our position as a premier company in the single-family rental sector.” ##

American Homes 4 Rent will continue to trade on the New York Stock Exchange under the ticker symbol, “AMH.” ##

(Photo credit: homesforrent)

Article submitted by Matthew J Silver to Daily Business News-MHProNews.