Altisource Residential Corporation Announces Acquisition of 751 Stabilized Rental Properties, Taking Rental Portfolio to over...
29 Juin 2017 - 10:35PM
Altisource Residential Corporation ("RESI" or "the Company")
(NYSE:RESI) today announced that it has completed the acquisition
of an additional 751 stabilized single family rental properties
from entities sponsored by Amherst Holdings, LLC (“Amherst”) for an
aggregate purchase price of $117 million. The transaction was
the second closing under the Company’s previously announced
Purchase and Sale Agreement (the "Purchase Agreement") to acquire
up to 3,500 single family rental properties from Amherst. With the
completion of this transaction, RESI’s rental portfolio now exceeds
10,000 homes.
Consistent with the previous closing under the Purchase
Agreement, RESI received seller financing of 75% of the purchase
price pursuant to a loan agreement with a term of up to five years
and a floating interest rate of one-month LIBOR plus a fixed spread
of 2.30%. In connection with the acquisition, RESI has again
retained the current property manager for the portfolio, Main
Street Renewal, LLC.
Recent Developments
In addition to completing its second significant acquisition
under the Purchase Agreement, RESI also made substantial progress
on the disposition of legacy assets during the second quarter of
2017. In May, the Company completed its anticipated sale of
2,104 non-performing loans with an unpaid principal balance of $517
million, leaving approximately 450 remaining loans expected to
be sold in the third quarter. Non-rental REO sales in the
second quarter are expected to exceed 500 and the Company is
targeting the sale of substantially all the remaining non-rental
REOs by the end of 2017. The disposition of these legacy
assets continues to generate substantial liquidity, positioning
RESI well for the acquisition of a significant number of additional
single-family rental properties.
“The completion of these important acquisition and disposition
transactions mark the continued successful achievement of targeted
milestones in our strategic growth plan,” stated Chief Executive
Officer George Ellison.
RESI is also pleased to note that it was added to MSCI U.S. REIT
Index (“RMZ”), effective as of the close of the market on May 31,
2017. The RMZ is a free float-adjusted market capitalization
index that is comprised of equity REITs, excluding Mortgage REITs
and selected Specialized REITs. The securities are classified in
the Equity REITs Industry (under the Real Estate sector) according
to the Global Industry Classification Standard (GICS®).
About RESI
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 within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding management's beliefs, estimates, projections,
anticipations and assumptions with respect to, among other things,
the Company's financial results, future operations, business plans
and investment strategies as well as industry and market
conditions. These statements may be identified by words such as
"anticipate," "intend," "expect," "may," "could," "should,"
"would," "plan," "estimate," "seek," "believe" and other
expressions or words of similar meaning. We caution that
forward-looking statements are qualified by the existence of
certain risks and uncertainties that could cause actual results and
events to differ materially from what is contemplated by the
forward-looking statements. Factors that could cause the Company's
actual results to differ materially from these forward-looking
statements may include, without limitation, our ability to
implement our business strategy; our ability to make distributions
to stockholders; our ability to complete potential transactions in
accordance with anticipated terms and on a timely basis or at all;
the Company's ability to integrate newly acquired rental assets
into the portfolio; difficulties in identifying single-family
properties to acquire; the impact of changes to the supply of,
value of and the returns on single-family rental properties; our
ability to acquire single-family rental properties generating
attractive returns and convert loans to single-family rental
properties; our ability to sell residential mortgage assets on
favorable terms; our ability to predict costs; our ability to
effectively compete with competitors; changes in interest rates and
the market value of our single-family properties or the collateral
underlying sub-performing and non-performing loan portfolios; the
Company's ability to successfully modify or otherwise resolve
sub-performing and non-performing loans; our ability to obtain and
access financing arrangements on favorable terms, or at all; the
Company's ability to apply the net proceeds from financings in
target assets in a timely manner or at all; our ability to retain
the exclusive engagement of Altisource Asset Management
Corporation; the failure of Altisource Portfolio Solutions S.A. and
its affiliates to effectively perform its obligations under various
agreements with the Company; the failure of Main Street Renewal,
LLC to effectively perform under its property management agreement
with the Company; the failure of our mortgage loan servicers to
effectively perform their servicing obligations under their
servicing agreements; the Company's failure to qualify or maintain
qualification as a REIT; failure to maintain our exemption from
registration under the Investment Company Act of 1940, as amended;
the impact of adverse real estate, mortgage or housing markets; the
impact of adverse legislative or regulatory tax changes and other
risks and uncertainties detailed in the "Risk Factors" and other
sections described from time to time in the Company's current and
future filings with the Securities and Exchange Commission. In
addition, financial risks such as liquidity, interest rate and
credit risks could influence future results. The foregoing list of
factors should not be construed as exhaustive.
The statements made in this press release are current as of the
date of this press release only. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements or any other information contained herein, whether as a
result of new information, future events or otherwise.
CONTACT:
Robin N. Lowe
Chief Financial Officer
T: 1-345-815-9919
E: Robin.Lowe@AltisourceAMC.com
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