SCOTTSDALE, Ariz., Nov. 4, 2015 /PRNewswire/ -- American Residential Properties, Inc. (NYSE: ARPI) (the "Company") announced today that its Board of Directors has authorized the Company to repurchase up to $75,000,000 of the Company's common stock, $0.01 par value per share (the "Shares"). The Shares would be purchased from time to time in open market transactions, in block purchases or otherwise over the next year.
Stephen G. Schmitz, Chairman and Chief Executive Officer of American Residential Properties, commented, "In carefully weighing capital allocation options and in light of current share prices and market volatility, we believe a share repurchase program is the most accretive investment we can make to benefit our shareholders. The repurchase program reflects the commitment of our Board of Directors to return capital to our shareholders beyond our recently initiated quarterly dividend."
Purchases made pursuant to the share repurchase program will be made from time to time in the open market or in privately negotiated transactions in compliance with applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amounts of any purchases will be determined by the Company, in its discretion, and will depend on a variety of factors, including share prices, market conditions, capital availability, regulatory requirements and other factors. The Company expects to repurchase shares primarily using proceeds from the future sales of properties. The Company cannot predict the timing of such property sales and it therefore cannot predict the timing, price and amount of share repurchases under the program.
This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "would," "project," "predict," "forecast," "continue," "plan" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the single-family rental industry and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission.
About American Residential Properties, Inc.
American Residential Properties, Inc. is an internally managed real estate company, organized as a REIT for federal income tax purposes that acquires, owns, and manages single-family homes as rental properties in select communities nationwide. The Company's primary business strategy is to acquire, restore, lease and manage single-family homes as well-maintained investment properties to generate attractive, risk-adjusted returns over the long-term. With a vertically integrated real estate acquisition and management platform incorporating disciplined acquisition criteria, extensive research, seasoned personnel and comprehensive operations, the Company is well-positioned to execute its strategy.
Additional information about American Residential Properties, Inc. can be found on the Company's website at www.amresprop.com.
SOURCE American Residential Properties, Inc.