Altisource Residential Corporation Reports Third Quarter 2013 Results
22 Octobre 2013 - 1:30PM
Altisource Residential Corporation ("Residential" or the "Company")
(NYSE:RESI) announced today financial and operating results for the
third quarter of 2013. Net income for the third quarter of 2013
totaled $13.7 million or $0.53 per share based on a weighted
average of 25.9 million shares outstanding.
Net income for the nine months ended September 30, 2013 totaled
$18.0 million or $0.98 per share based on a weighted average of
18.4 million shares outstanding.
Third quarter business performance
highlights:
- We acquired three portfolios of non-performing residential
mortgage loans ("NPLs") having an aggregate market value of
underlying properties of $712 million.
- We entered into two master repurchase agreements with major
financial institutions which have provided $325 million of
additional borrowing capacity to finance the acquisition and
ownership of sub-performing and non-performing residential mortgage
loans and REO properties.
- We declared and paid a dividend of $0.10 per share to our
stockholders.
- We priced our second accretive equity offering which closed on
October 1, 2013, raising a total of $350 million.
Chairman William Erbey stated, "I am pleased with our solid
third quarter performance which underscores the strength of our
differentiated business model. We believe that Residential's
acquisition cost, efficient operating structure and low cost of
capital provide it with a competitive advantage in the
single-family rental REIT space."
"The portfolio growth during the quarter and the additional
accretive capital we raised are important steps in the successful
execution of our business model," said Chief Executive Officer
Ashish Pandey. "We continue to focus on growing our portfolio and
resolving our loans which we believe will drive profitability."
Webcast and conference call
The Company will host a webcast and conference call on Tuesday,
October 22, 2013, at 10 A.M Eastern Time to discuss its
financial results for the third 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 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 Statements 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 September
30, 2013 |
Nine months ended September
30, 2013 |
|
|
|
Rental revenues and net gain on
investments: |
|
|
Rental revenues |
$ 6 |
$ 6 |
Net unrealized gain on mortgage loans |
17,670 |
25,963 |
Net realized gain on mortgage loans |
1,909 |
4,015 |
Total rental revenues and net gain on
investments |
19,585 |
29,984 |
Expenses: |
|
|
Residential rental property operating
expenses |
191 |
275 |
Real estate depreciation and
amortization |
4 |
4 |
Mortgage loan servicing costs |
2,154 |
3,788 |
Interest expense |
467 |
1,163 |
Related party general and administrative |
2,039 |
4,474 |
General and administrative |
1,190 |
2,690 |
Total expenses |
6,045 |
12,394 |
Other income |
169 |
362 |
Net income |
$ 13,709 |
$ 17,952 |
|
|
|
Earnings per share of common stock –
basic: |
|
|
Earnings per basic share |
$ 0.55 |
$ 1.03 |
Weighted average common stock outstanding –
basic |
25,078,727 |
17,484,598 |
Earnings per share of common stock –
diluted: |
|
|
Earnings per diluted share |
$ 0.53 |
$ 0.98 |
Weighted average common stock outstanding –
diluted |
25,949,293 |
18,373,205 |
|
|
|
Dividend declared per common share |
$ 0.10 |
$ 0.10 |
|
|
Altisource Residential
Corporation |
Consolidated Balance
Sheets |
(In thousands, except
share and per share amounts) |
(Unaudited) |
|
|
September 30,
2013 |
December 31,
2012 |
Assets: |
|
|
Real estate assets, net: |
|
|
Land |
$ 224 |
$ — |
Rental residential properties, net |
1,128 |
— |
Real estate owned |
14,408 |
— |
|
15,760 |
— |
Real estate assets held for sale |
1,074 |
— |
Mortgage loans |
641,903 |
— |
Cash and cash equivalents |
98,252 |
100,005 |
Restricted cash |
3,092 |
— |
Related party receivables |
6,272 |
— |
Deferred leasing and financing costs,
net |
1,744 |
— |
Prepaid expenses and other assets |
911 |
6 |
Total assets |
769,008 |
100,011 |
Liabilities: |
|
|
Repurchase agreements |
338,800 |
— |
Accounts payable and accrued liabilities |
2,408 |
46 |
Related party payables |
2,746 |
54 |
Total liabilities |
343,954 |
100 |
Commitments and contingencies |
|
|
Equity: |
|
|
Common stock, $.01 par value, 200,000,000
authorized shares; 25,087,236 and 7,810,708 shares issued and
outstanding, respectively |
251 |
78 |
Additional paid-in capital |
409,449 |
99,922 |
Retained earnings/(accumulated deficit) |
15,354 |
(89) |
Total equity |
425,054 |
99,911 |
Total liabilities and equity |
$ 769,008 |
$ 100,011 |
Non-GAAP measures - Estimated REIT taxable
income
Estimated REIT taxable income is a measure that we use in
connection with monitoring our compliance with certain REIT
requirements. Estimated REIT taxable income should never be
considered as an alternative to net income or net income per share
as indicators of our operating performance.
The following table is a reconciliation of U.S. GAAP net income
to estimated REIT taxable income:
|
Three months ended September
30, 2013 |
Nine months ended September
30, 2013 |
|
(unaudited, $ in
thousands) |
Net income |
$ 13,709 |
$ 17,952 |
|
|
|
GAAP/tax differences: |
|
|
Gain on mortgage loans |
|
|
GAAP unrealized gain on mortgage loans |
(17,670) |
(25,963) |
Tax gain on mortgage loans -
modifications |
3,802 |
5,560 |
Tax gain on mortgage loans - conversions |
2,071 |
3,666 |
Net GAAP/tax difference from gain on mortgage
loans |
(11,797) |
(16,737) |
|
|
|
Capitalized advances |
1,569 |
2,813 |
Interest income, advance recoveries and other
items |
1,504 |
2,381 |
Total GAAP/tax differences |
(8,724) |
(11,543) |
|
|
|
Total estimated REIT taxable income |
$ 4,985 |
$ 6,409 |
CONTACT: Kenneth D. Najour
Chief Financial Officer
T: 561-682-8947
E: Kenneth.Najour@AltisourceAMC.com
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