Beazer Announces Launch of Pre-Owned Rental Homes Business
04 5월 2012 - 12:02AM
Business Wire
Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) (the
“Company”) today announced the contribution of its pre-owned rental
homes business, consisting of nearly 200 single-family homes in
Phoenix and Las Vegas, to a newly formed real estate investment
trust (“REIT”). The REIT, which will be named Beazer Pre-Owned
Rental Homes, Inc. (“BPRH”), was founded by the Company and
includes an investor group led and arranged by affiliates of
Kohlberg Kravis Roberts & Co. BPRH was organized to acquire,
refurbish and lease recently-constructed, previously-owned
single-family homes on a large scale in select markets in the
United States. BPRH intends to become a leader in the single-family
rental homes business and is one of the first REITs focused
exclusively on the single-family home rental market. BPRH will be
based in Phoenix, Arizona.
In addition to the Company’s contribution, which represents an
investment of $20 million, BPRH received cash investments and
binding funding commitments from outside investors totaling $65
million, bringing the current total investment in the newly-formed
REIT to approximately $85 million. The Company will receive a
non-controlling interest in BPRH in exchange for its
contribution.
As compensation for its role as a founder of BPRH and for the
intellectual property and other support it will provide BPRH going
forward, the Company will receive awards of BPRH common stock equal
to 6% of the stock issued during BPRH’s private phase until it has
raised $150 million in equity. The first 2% of these “founder’s
shares” will be issued to the Company upon the closing of BPRH’s
initial round of equity financing and the remainder will be granted
upon the achievement of various benchmarks. After BPRH has raised
an aggregate of $150 million of private equity capital, the Company
will receive 1% of subsequent issuances of BPRH common stock prior
to an initial public offering by BPRH.
“We believe our investment in BPRH allows us to unlock the value
in our rental homes business and grow it more rapidly than we
otherwise could within Beazer. BPRH’s ability to focus specifically
on the rental homes market and attract external capital to scale
the business represents a compelling – and differentiated – value
for our shareholders,” Allan P. Merrill, President and Chief
Executive Officer of the Company, said.
Mr. Merrill has been appointed Non-Executive Chairman of the
Board of Directors of BPRH. Patrick R. Whelan, a residential real
estate veteran with over 20 years of experience in a number of
senior leadership capacities, including six years as Chief
Operating Officer at Archstone-Smith Trust, an apartment real
estate investment trust, will serve as BPRH’s President and Chief
Executive Officer.
“Pat brings to BPRH a wealth of experience garnered during his
many years in the real estate industry. He is an outstanding leader
and is the perfect person to lead this new venture as we look
forward to quickly ramping the business and taking advantage of the
market opportunities currently available in the single-family home
rental category,” Mr. Merrill stated.
In addition to Mr. Merrill, the Board of Directors of BPRH will
include two independent directors, Charles T. Freeman and Steven J.
Klinger. Mr. Freeman is a private investor following a 35-year
career at Wellington Management Company, where he was a Senior Vice
President and Partner. Mr. Klinger also is a private investor who,
from May 2006 until May 2011, served as the President and Chief
Operating Officer and as a director of Smurfit-Stone Container
Corporation, an integrated manufacturer of paperboard and
paper-based packaging.
Beazer Homes USA, Inc., headquartered in Atlanta, Georgia, is
one of the ten largest single-family homebuilders in the United
States. The Company’s industry-leading high performance
homes are designed to lower the total cost of home ownership while
reducing energy and water consumption. With award-winning
floor-plans, the Company offers homes that incorporate exceptional
value and quality to consumers in 16 states, including Arizona,
California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada,
New Jersey, New York, North Carolina, Pennsylvania, South Carolina,
Tennessee, Texas, and Virginia. Beazer Homes is listed on
the New York Stock Exchange and trades under the ticker symbol
“BZH.”
Forward Looking Statements
This press release contains forward-looking statements. These
forward-looking statements represent our expectations or beliefs
concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of our control, that could
cause actual results to differ materially from the results
discussed in the forward-looking statements, including, among other
things, (i) the ability of BPRH to attract future third party
capital, (ii) whether or not BPRH completes an initial public
offering in the future; (iii) failure of BPRH to continue to
qualify as a REIT, (iv) the economic and operating performance of
BPRH in light of its limited operating history, (v) BPRH’s ability
to manage its future growth, (vi) competition for the types of
single-family homes on which BPRH is focused on, (vi) the supply of
single-family homes that are available at discounts from past
prices, (vii) competition and other factors limiting BPRH’s ability
to lease homes or increase or maintain rents, and (viii) other
factors over which the Company has little or no control.
Any forward-looking statement contained in this press release
speaks only as of the date on which such statement is made, and,
except as required by law, we do not undertake any obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
New factors emerge from time to time and it is not possible for
management to predict all such factors.
Beazer Homes USA (NYSE:BZH)
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Beazer Homes USA (NYSE:BZH)
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