Altisource Residential Corporation Announces Acquisition of 1,957 Rental Homes; Rental Portfolio Now Exceeds 12,000 Propertie...
29 Novembre 2017 - 10:15PM
Altisource Residential Corporation (“RESI” or “the Company”)
(NYSE:RESI) today announced that it has completed the acquisition
of an additional 1,957 single family rental properties from
entities sponsored by Amherst Holdings, LLC (“Amherst”) for an
aggregate purchase price of $305.1 million. The transaction was the
third and final 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 now has acquired
an aggregate of 3,465 rental homes from Amherst under the Purchase
Agreement since March 2017. RESI’s rental portfolio now exceeds
12,000 homes.
Consistent with the previous two closings under the Purchase
Agreement, RESI received seller financing of 75% of the purchase
price pursuant to two separate loan agreements, each with a term of
five years and a fixed interest rate of 4.0%. In connection with
the acquisition, RESI has again retained the current property
manager, Main Street Renewal, LLC, for the acquired properties.
Hunton & Williams LLP acted as legal counsel to RESI for the
transaction.
“The consummation of this closing under the Purchase Agreement
with Amherst marks the final piece of this important transaction
for RESI,” stated Chief Executive Officer, George Ellison. “Our
rental portfolio now exceeds 12,000 homes, which we believe
enhances our ability to provide stable cash flows and build
long-term value for our shareholders.”
About RESI
RESI 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 and
sub-performing and non-performing loans; the Company’s ability to
acquire single-family rental properties generating attractive
returns; the Company’s ability to sell residential mortgage assets
or non-rental real estate owned on favorable terms or at all; the
Company’s ability to predict costs; the Company’s ability to
effectively compete with competitors; changes in interest rates;
changes in the market value of single-family properties or the
collateral underlying sub-performing and non-performing loan
portfolios; the Company’s ability to obtain and access financing
arrangements on favorable terms or at all; the Company’s ability to
apply the net proceeds from financings or asset sales to acquire
target assets in a timely manner or at all; the Company’s 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 their 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 the Company’s 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; the Company’s failure to
maintain its 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. LoweChief Financial OfficerT: +1-345-815-9919E:
Robin.Lowe@AltisourceAMC.com
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