Altisource Residential Corporation Reports Second Quarter 2013 Results
23 Juillet 2013 - 1:30PM
Altisource Residential Corporation (Residential or the Company)
(NYSE:RESI) announced today financial and operating results for the
second quarter of 2013. Net income for the second quarter of 2013
totaled $5.2 million or $0.26 per share based on a weighted average
of 20.3 million shares outstanding.
Net income for the six months ended June 30, 2013 totaled $4.2
million or $0.29 per share based on a weighted average of 14.5
million shares outstanding.
Second quarter business performance
highlights:
- On April 5, 2013, we completed an acquisition of a portfolio of
non-performing residential mortgage loans (NPLs) having an unpaid
principal balance, or UPB, of $172.1 million.
- On May 1, 2013, we completed a follow-on equity offering of
17,250,000 shares at $18.75 per share from which we received net
proceeds of $309.5 million.
- In addition, during the quarter we agreed to acquire two NPL
portfolios with $470 million in UPB. These recent transactions
are expected to close in July 2013.
- Net investment gains for the quarter totaled $8.9 million.
Chairman William Erbey stated, "I am pleased with the progress
we have been able to achieve to date. We are meeting our targets in
NPL acquisitions, loan resolutions and capital raising, three key
pillars of our business. Upon closing of the most recent
transactions, our NPL acquisitions will total approximately 4,100
loans representing $820 million in UPB and $625 million in
underlying property value. We are well on our way to achieve our
first year goal of acquiring loans that will eventually result in
5,000 rental properties."
"I am encouraged by the early results of our NPL portfolio and
the progress we made in loan resolutions in the short time period
since inception of operations," said Chief Executive Officer Ashish
Pandey. "Our portfolio acquisitions and the positive early results
in loan resolution reflect the sound execution of our business plan
and strategy."
Webcast and conference call
The Company will host a webcast and conference call on Tuesday,
July 23, 2013, at 10:00 A.M Eastern Time to discuss its financial
results for the second quarter of 2013. The conference call will be
webcast live over the internet from the Company's website at
www.altisourceresi.com and can be accessed by clicking on the
"Shareholder" section.
About Residential
Residential is focused on providing affordable rental homes to
families throughout the United States. It acquires single-family
properties through the purchase of distressed mortgage loan
portfolios. Residential's strategy is to work with borrowers to
modify and refinance loans to keep them in their homes and convert
the majority of unmodified loans into renovated rental properties.
Additional information is available at www.altisourceresi.com.
Forward-looking statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties. Those
forward-looking statements include all statements that are not
historical fact, including statements about management's beliefs
and expectations. Forward-looking statements are based on
management's beliefs as well as assumptions made by and information
currently available to management. Because such statements are
based on expectations as to future economic performance and are not
statements of historical fact, actual results may differ materially
from those projected. Residential undertakes no obligation to
update any forward-looking statements whether as a result of new
information, future events or otherwise. The risks and
uncertainties to which forward-looking statements are subject
include, but are not limited to: Residential's ability to achieve
its business and strategy and implement its business plan;
Residential's ability to leverage strategic relationships on an
efficient and cost-effective basis, its ability to compete; general
economic and market conditions; governmental regulations, taxes and
policies; availability of adequate and timely sources of liquidity
and financing; and other risks and uncertainties detailed in the
"Forward-Looking Statements," "Risk Factors" and other sections of
Residential's Registration Statement on Form 10, its Annual Report
on Form 10-K, its Registration Statement on Form S-11, its
Quarterly Report on Form 10-Q for the first quarter of 2013 and
other filings with the Securities and Exchange Commission.
Altisource Residential
Corporation |
Consolidated Statements
of Operations |
(In thousands, except
share and per share amounts) |
(Unaudited) |
|
|
|
|
Three months ended
June 30, 2013 |
Six months ended June
30, 2013 |
|
|
|
Net gain on investments: |
|
|
Net unrealized gain on mortgage loans |
$ 7,165 |
$ 8,293 |
Net realized gain on mortgage loans |
1,719 |
2,106 |
Total net gain on
investments |
8,884 |
10,399 |
Expenses: |
|
|
Residential rental property operating
expenses |
84 |
84 |
Related party mortgage loan servicing
costs |
1,242 |
1,634 |
Interest expense |
654 |
696 |
Related party general and administrative |
1,156 |
2,234 |
General and administrative |
714 |
1,701 |
Total expenses |
3,850 |
6,349 |
Other income |
193 |
193 |
Net income |
$ 5,227 |
$ 4,243 |
|
|
|
Earnings per share of common stock –
basic: |
|
|
Earnings per basic share |
$ 0.27 |
$ 0.31 |
Weighted average common stock outstanding –
basic |
19,374,601 |
13,624,599 |
Earnings per share of common stock –
diluted: |
|
|
Earnings per diluted share |
$ 0.26 |
$ 0.29 |
Weighted average common stock outstanding –
diluted |
20,259,184 |
14,522,227 |
|
Altisource Residential
Corporation |
Consolidated Balance
Sheets |
(In thousands, except
share and per share amounts) |
(Unaudited) |
|
|
|
|
June 30,
2013 |
December 31,
2012 |
Assets: |
|
|
Real estate assets, net: |
|
|
Land |
$ 4 |
$ — |
Rental residential properties,
net |
54 |
— |
Real estate owned |
3,749 |
— |
|
3,807 |
— |
Real estate assets held for sale |
901 |
— |
Mortgage loans |
163,520 |
— |
Cash and cash equivalents |
223,315 |
100,005 |
Related party receivables |
3,183 |
— |
Deferred leasing and financing costs,
net |
868 |
— |
Prepaid expenses and other assets |
20,262 |
6 |
Total assets |
415,856 |
100,011 |
Liabilities: |
|
|
Repurchase agreement |
472 |
— |
Accounts payable and accrued liabilities |
1,138 |
46 |
Related party payables |
501 |
54 |
Total liabilities |
2,111 |
100 |
Equity: |
|
|
Common stock, $.01 par value, 200,000,000
authorized shares; and 25,067,204 and 7,810,708 shares issued and
outstanding, respectively |
251 |
78 |
Additional paid-in capital |
409,340 |
99,922 |
Retained earnings/(accumulated deficit) |
4,154 |
(89) |
Total equity |
413,745 |
99,911 |
Total liabilities and equity |
$ 415,856 |
$ 100,011 |
CONTACT: FOR FURTHER INFORMATION CONTACT:
Kenneth D. Najour
Chief Financial Officer
T: 561-682-8947
E: Kenneth.Najour@AltisourceAMC.com
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