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SOURCE American Homes 4 Rent
AGOURA HILLS, Calif., Sept. 26, 2017 /PRNewswire/ -- American Homes 4 Rent ("American Homes 4 Rent" or the "Company", NYSE: AMH), announced today an update on the impact of Hurricanes Harvey and Irma.
David Singelyn, Chief Executive Officer of American Homes 4 Rent said, "We continue to prioritize the safety and well-being of our employees and residents who were affected by these storms, and are maintaining continuing contact with them to provide assistance where needed."
The Company has completed its initial assessment of the impact of Hurricanes Harvey and Irma. The Company owns approximately 9,000 homes in areas impacted by these hurricanes. The Company's current assessment is that approximately 150 homes have sustained major damage and approximately 30 percent of all homes in the affected areas incurred minor damage consisting primarily of downed trees and damaged roofs and fences.
The Company's property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. The Company estimates that the total amount the Company will be responsible to pay as a result of the hurricanes is approximately $10 million.
About American Homes 4 Rent
American Homes 4 Rent is 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. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating attractive, single-family homes as rental properties. As of June 30, 2017, we owned 48,982 single-family properties in selected submarkets in 22 states.
Additional information about American Homes 4 Rent is available on our website at www.americanhomes4rent.com.
American Homes 4 Rent
Phone: (855) 794-2447
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