Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 21, 2015

ALTISOURCE RESIDENTIAL CORPORATION

(Exact name of Registrant as specified in its charter)



MARYLAND	001-35657	46-0633510
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

c/o Altisource Asset Management Corporation

36C Strand Street

Christiansted, United States Virgin Islands 00820

(Address of principal executive offices including zip code)

(340) 692-1055

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 8.01		Other Events

On December 21, 2015, Altisource Residential Corporation (“Residential” or the “Company”) announced that its Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock, bringing the total annual dividend to $1.75 per share for 2015. The Company will pay this quarterly dividend on January 15, 2016 to all stockholders of record as of the close of business on December 31, 2015.

A copy of the press release announcing the dividend is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Caution regarding forward-looking statements

All statements other than statements of historical facts included in this Current Report on Form 8-K are forward-looking statements that are subject to uncertainties that could cause actual results and achievements to differ materially from those expressed in such statements. These uncertainties are in some instances beyond our control. Words such as “expect,” “will” and other similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained herein speak only as of the date they are made and are qualified in their entirety by reference to the risks and uncertainties described from time to time in the Company’s filings with the Securities and Exchange Commission.



Item 9.01		Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release Announcing Quarterly Cash Dividend, dated December 21, 2015.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



		Altisource Asset Management Corporation
December 21, 2015	By:	/s/ Stephen H. Gray
		Stephen H. Gray General Counsel and Secretary

Exhibit 99.1

Altisource Residential Corporation Announces Quarterly Cash Dividend
Bringing Total 2015 Annual Dividend to $1.75 per Share

CHRISTIANSTED, U.S. Virgin Islands, December 21, 2015 (GLOBE NEWSWIRE) - 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.

CONTACT: Robin N. Lowe

Chief Financial Officer

T: 1-345-815-9919

E: Robin.Lowe@AltisourceAMC.com

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