Altisource Residential Corporation Announces Quarterly Cash Dividend Bringing Total 2015 Annual Dividend to $1.75 per Share
21 Décembre 2015 - 11:12PM
Altisource Residential Corporation (“Residential”) (NYSE:RESI)
announced today that its Board of Directors has declared a
quarterly cash dividend of $0.10 per share of common
stock, bringing the total annual dividend to $1.75 per share.
Residential will pay this quarterly dividend on January 15,
2016 to all stockholders of record as of the close of business
on December 31, 2015.
Based on Residential’s expected taxable income for 2015, it
should declare and pay an additional special dividend in early 2016
to distribute its remaining taxable income for 2015.
Key metrics with respect to Residential’s dividends:
2015:
- With this dividend, Residential’s annual dividend for 2015 will
be at least $1.75 per share, compared to $2.03 in 2014, with a
potential additional special dividend in early 2016.
- In the first three quarters of 2015, Residential paid dividends
of $1.65 per share, on estimated taxable income of $1.22, with
dividends exceeding taxable income by $0.43 per share.
- With the $0.43 per share catch up, the fourth quarter dividend
of $0.10 cents per share represents strong taxable income in the
fourth quarter of at least $0.53 per share.
2016:
- Residential believes 2016 will be a transition year. However,
Residential is targeting a strong annual dividend in 2016 in the
same range as 2015 supported by the:
- legacy portfolio;
- non-performing loan (“NPL”) sales, such as the NPL sales near
carrying value that were completed in the fourth quarter and
- rental income driven by a growing rental portfolio.
- As Residential moves forward, rental income will contribute an
increasing percentage of the dividend in line with the growth of
the single-family rental portfolio.
“In 2016, we are targeting to meet or exceed our successes of
the fourth quarter of 2015. We will continue to package and
sell more NPLs which we believe will both fuel substantial growth
in our rental portfolio and generate strong annual taxable income
as we complete our transition to a 100% rental REIT,” stated Chief
Executive Officer George Ellison. “These activities together
with the management of our legacy portfolio should contribute to a
strong dividend in 2016 and in the future as our growing, stable
rental portfolio contributes more to our dividends each
quarter.”
About Residential
Residential is focused on providing quality, affordable rental
homes to families throughout the United States. 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
Annual Report on Form 10-K, its quarterly reports on Form 10-Q and
its other filings with the Securities and Exchange Commission.
FOR FURTHER INFORMATION CONTACT:
Robin N. Lowe
Chief Financial Officer
T: 1-345-815-9919
E: Robin.Lowe@AltisourceAMC.com
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