American Homes 4 Rent and American Residential Properties, Inc. to Merge, Enhancing the Size of the Largest Publicly-Traded Single-Family Rental Company

AGOURA HILLS, Calif. & SCOTTSDALE, Ariz.--(BUSINESS WIRE)--American Homes 4 Rent (NYSE:AMH) and American Residential Properties, Inc. (NYSE:ARPI) announced today that the Boards of both companies have approved a definitive agreement to combine the two companies in a tax-free merger at a total transaction value of approximately $1.5 billion. In the merger, American Homes 4 Rent will issue approximately 38 million common shares and assume or repay a total of approximately $0.8 billion of American Residential Properties debt. The merger is targeted to close during the first half of 2016.