American Homes 4 Rent announced on Wednesday a public offering of shares as it continues to acquire rental homes across the country.

The Agoura Hills real estate investment trust said it will sell 13 million of its Class A common shares. In addition, the company plans to grant the underwriter an option to purchase up to an additional 1.95 million shares.

At Wednesday’s closing price, the total value of the offering would be nearly $269 million.

Concurrently, the daughter of Chairman B. Wayne Hughes will purchase $50 million of the shares in a private placement at the public offering price, which was not specified.

American Homes intends to use the proceeds to repay debt and to acquire single-family properties and for general corporate purposes. Morgan Stanley will act as the book-running manager for this offering.

The company has grappled with rising acquisition costs, which have hit its bottom line. American Homes has not turned a profit since going public last summer.

But it remains aggressive in its expansion, with 27,173 single-family properties in selected submarkets in 22 states in its portfolio, as of June 30.

Shares closed up 34 cents, or nearly 2 percent, to $17.99 on the New York Stock Exchange.