American Homes 4 Rent announced on Wednesday a $100 million secondary offering of preferred shares.

The Agoura Hills real estate investment trust plans to sell 4 million of Series B Participating Preferred Shares for $25 each.

The stock will pay a 5 percent quarterly dividend and is convertible to common stock after Dec. 31, 2017. The company intends to list the shares on the New York Stock Exchange under the symbol “AMHPRB.”

In addition, American Homes is granting the underwriters a 30-day option to purchase as many as 600,000 additional preferred shares.

The company plans to use the proceeds of the offering to continue buying and renovating single-family properties, to repay borrowings under its credit facility and for general business purposes.

Raymond James, Jefferies and Citigroup are the joint book-running managers for the offering.

The financing follows a secondary offering in October that raised about $110 million.

American Homes is the second-largest owner of single-family homes in the United States, with about 20,000 properties in its portfolio. The company went public July 31 in an IPO that raised more than $800 million. It has since increased its borrowing capacity and formed a joint venture to purchase distressed U.S. mortgages.

Shares of American Home closed down 25 cents, or 1.5 percent, to $16.14 on the New York Stock Exchange.