Altisource Residential Corporation Reports Second Quarter 2014 Results
22 Juillet 2014 - 1:30PM
Altisource Residential Corporation ("Residential" or the "Company")
(NYSE:RESI) announced today financial and operating results for the
second quarter of 2014. Net income for the second quarter of 2014
totaled $67.8 million, or $1.18 per diluted share, compared to net
income of $5.2 million, or $0.26 per diluted share, for the second
quarter of 2013.
Net income for the six months ended June 30, 2014 totaled $109.7
million, or $1.97 per diluted share, compared to net income of $4.2
million, or $0.29 per diluted share, for the six months ended June
30, 2013.
Residential also reported estimated taxable income of $26.5
million for the second quarter of 2014 compared to taxable income
of $3.3 million for the second quarter of 2013 and $25.8 million
for the first quarter of 2014.
Second quarter 2014 highlights:
- Agreed to acquire an aggregate of 4,374 non-performing and
re-performing mortgage loans having an aggregate market value of
underlying properties of $1.23 billion.
- Declared and paid a dividend of $0.45 per share, marking
Residential's third consecutive quarterly dividend increase.
- Resolved 1,156 loans, up from 822 loans in the first quarter of
2014.
- Increased rental portfolio to 142 properties, well in excess of
target of 100 rental properties by June 30, 2014.
Chairman William Erbey stated, "Residential had a very strong
quarter, marking the third consecutive increase in our quarterly
dividend."
"We are very pleased with our second quarter results and the
execution of our strategic plan. We continue to be focused on
acquiring portfolios that grow our rental portfolio while
delivering attractive returns to shareholders," said Chief
Executive Officer Ashish Pandey.
Webcast and conference call
The Company will host a webcast and conference call on Tuesday,
July 22, 2014, at 10:00 a.m. Eastern Time to discuss its
financial results for the second quarter of 2014. 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 "Shareholders" link.
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 it expects to convert the majority of remaining 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 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 quarterly reports
on Form 10-Q and its 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,
2014 |
Three months ended June 30,
2013 |
Six months ended June 30,
2014 |
Six months ended June 30,
2013 |
|
|
|
|
|
Rental revenues and net gain on
investments: |
|
|
|
|
Rental revenues |
$ 181 |
$ — |
$ 250 |
$ — |
Net unrealized gain on mortgage loans |
105,042 |
7,165 |
170,172 |
8,293 |
Net realized gain on mortgage loans |
10,819 |
1,719 |
20,140 |
2,106 |
Total rental revenues and net gain on
investments |
116,042 |
8,884 |
190,562 |
10,399 |
Expenses: |
|
|
|
|
Residential property operating expenses |
3,253 |
84 |
4,303 |
84 |
Real estate depreciation and
amortization |
103 |
— |
151 |
— |
Mortgage loan servicing costs |
16,925 |
1,242 |
28,362 |
1,634 |
Interest expense |
6,945 |
654 |
12,653 |
696 |
General and administrative |
5,687 |
714 |
7,079 |
1,701 |
Related party general and administrative |
17,467 |
1,156 |
30,099 |
2,234 |
Total expenses |
50,380 |
3,850 |
82,647 |
6,349 |
Other income |
1,698 |
193 |
1,806 |
193 |
Income before income taxes |
67,360 |
5,227 |
109,721 |
4,243 |
Income tax (benefit) expense |
(422) |
— |
26 |
— |
Net income |
$ 67,782 |
$ 5,227 |
$ 109,695 |
$ 4,243 |
|
|
|
|
|
Earnings per share of common stock –
basic: |
|
|
|
|
Earnings per basic share |
$ 1.19 |
$ 0.27 |
$ 1.98 |
$ 0.31 |
Weighted average common stock outstanding –
basic |
57,138,695 |
19,374,601 |
55,297,630 |
13,624,599 |
Earnings per share of common stock –
diluted: |
|
|
|
|
Earnings per diluted share |
$ 1.18 |
$ 0.26 |
$ 1.97 |
$ 0.29 |
Weighted average common stock outstanding –
diluted |
57,401,953 |
20,259,184 |
55,754,685 |
14,522,227 |
|
|
|
|
|
Dividends declared per common share |
$ 0.45 |
$ — |
$ 0.93 |
$ — |
Altisource Residential
Corporation Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited) |
|
|
|
|
|
|
|
June 30, 2014 |
December 31,
2013 |
Assets: |
|
|
Real estate held for use: |
|
|
Land |
$ 3,875 |
$ 478 |
Rental residential properties, net |
14,917 |
3,092 |
Real estate owned |
231,013 |
32,332 |
Total real estate held for use, net |
249,805 |
35,902 |
Real estate assets held for sale |
27,572 |
1,186 |
Mortgage loans |
2,024,028 |
1,207,163 |
Mortgage loans held for investment |
144,009 |
— |
Cash and cash equivalents |
130,758 |
115,988 |
Restricted cash |
10,269 |
5,878 |
Accounts receivable |
631 |
1,428 |
Related party receivables |
12,608 |
9,260 |
Investment in affiliate |
18,000 |
18,000 |
Deferred leasing and financing costs,
net |
3,457 |
2,293 |
Prepaid expenses and other assets |
260 |
1,542 |
Total assets |
$ 2,621,397 |
$ 1,398,640 |
Liabilities: |
|
|
Repurchase agreements |
$ 1,271,483 |
$ 602,382 |
Accounts payable and accrued liabilities |
7,459 |
4,952 |
Related party payables |
31,947 |
5,879 |
Total liabilities |
1,310,889 |
613,213 |
Commitments and contingencies |
— |
— |
Equity: |
|
|
Common stock, $.01 par value, 200,000,000
authorized shares; 57,162,071 and 42,286,669 shares issued and
outstanding, at June 30, 2014 and December 31, 2013,
respectively |
572 |
423 |
Additional paid-in capital |
1,226,939 |
758,584 |
Retained earnings |
82,997 |
26,420 |
Total equity |
1,310,508 |
785,427 |
Total liabilities and equity |
$ 2,621,397 |
$ 1,398,640 |
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 (unaudited, $ in
thousands):
|
U.S. GAAP |
Adjustments |
Tax |
|
Three months ended June 30,
2014 |
Three months ended June 30,
2014 |
Three months ended June 30,
2014 |
Rental revenues and net gain on
investments: |
|
|
|
Rental revenues |
$ 181 |
$ — |
$ 181 |
Net unrealized gain on mortgage loans |
105,042 |
(58,655) |
46,387 |
Net realized gain on mortgage loans |
10,819 |
(2,283) |
8,536 |
Interest income, advance recoveries and
other |
— |
1,855 |
1,855 |
Total revenues |
116,042 |
(59,083) |
56,959 |
Expenses: |
|
|
|
Residential property operating expenses |
3,253 |
— |
3,253 |
Real estate depreciation and
amortization |
103 |
(7) |
96 |
Mortgage loan servicing costs |
16,925 |
(14,581) |
2,344 |
Interest expense |
6,945 |
— |
6,945 |
General and administrative |
5,687 |
(2,774) |
2,913 |
Related party general and administrative |
17,467 |
(841) |
16,626 |
Total expenses |
50,380 |
(18,203) |
32,177 |
Other income |
1,698 |
— |
1,698 |
Income before income taxes |
$ 67,360 |
$ (40,880) |
$ 26,480 |
|
|
|
|
|
Six months ended June 30,
2014 |
Six months ended June 30,
2014 |
Six months ended June 30,
2014 |
Rental revenues and net gain on
investments: |
|
|
|
Rental revenues |
$ 250 |
$ — |
$ 250 |
Net unrealized gain on mortgage loans |
170,172 |
(84,194) |
85,978 |
Net realized gain on mortgage loans |
20,140 |
(3,405) |
16,735 |
Interest income, advance recoveries and
other |
— |
2,854 |
2,854 |
Total revenues |
190,562 |
(84,745) |
105,817 |
Expenses: |
|
|
|
Residential property operating expenses |
4,303 |
— |
4,303 |
Real estate depreciation and
amortization |
151 |
(39) |
112 |
Mortgage loan servicing costs |
28,362 |
(23,203) |
5,159 |
Interest expense |
12,653 |
— |
12,653 |
General and administrative |
7,079 |
(3,202) |
3,877 |
Related party general and administrative |
30,099 |
(867) |
29,232 |
Total expenses |
82,647 |
(27,311) |
55,336 |
Other income |
1,806 |
— |
1,806 |
Income before income taxes |
$ 109,721 |
$ (57,434) |
$ 52,287 |
CONTACT: FOR FURTHER INFORMATION CONTACT:
Kenneth D. Najour
Chief Financial Officer
T: 340-713-7722
E: Kenneth.Najour@AltisourceAMC.com
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