Front Yard Residential Releases Investor Presentation Highlighting Business Transformation, Ongoing Operational and Financial...
03 Mai 2019 - 11:03PM
Execution of Strategic Initiatives Has
Resulted in Sustainable and Increasing
Revenues and Operating Cash Flows Since
2016
Front Yard Residential Corporation (“Front Yard” or the “Company”)
(NYSE: RESI) today released an investor presentation in connection
with the Company’s upcoming 2019 Annual Meeting of Stockholders to
be held on May 23, 2019. Front Yard urges stockholders to protect
their investment by voting the
WHITE proxy card
“FOR ALL” of its highly-qualified director
nominees.
The presentation and other important information related to the
annual meeting can be found on Front Yard’s website under the
Investors Overview tab, or linked here at:
https://ir.frontyardresidential.com/investor-relations.
Highlights from the presentation include:
- Front Yard’s journey to build a high-performing portfolio of
affordable single-family rental homes targeted to operate at a
best-in-class yield and provide stockholders with stable and
growing returns and residents with houses they are proud to call
home;
- Front Yard’s successful execution on its strategic initiatives
has enabled it to achieve portfolio scale, internalize property
management, enhance efficiencies and deliver strong rental property
operating metrics, which have laid the foundation for growing
Company-wide FFO and improving GAAP results;
- Under current leadership, Front Yard has strengthened its
balance sheet, optimized its financing structure and fixed or
capped interest rate exposure to support its transformation and
acquisition strategy;
- Front Yard’s highly-effective Board of Directors has the right
combination of experience, institutional knowledge, background and
leadership, and is committed to strong corporate governance
practices focused on long-term growth; and
- Snow Park’s significant conflicts of interest, given its large
short position in Front Yard and investment in the Company’s
external manager, as well as its lack of understanding of Front
Yard’s business and clearly articulated strategy. Moreover,
Snow Park’s three nominees lack relevant skills and industry
experience and we believe their election would jeopardize the
successful completion of Front Yard’s business transformation that
is well underway and achieving results.
PROTECT YOUR INVESTMENT!
PLEASE VOTE TODAY ON THE WHITE PROXY
CARD!
|
If you
have questions or need assistance in voting your
shareson the WHITE proxy card, please call our
proxy solicitor:INNISFREE M&A
INCORPORATEDStockholders may call toll-free at 1
(888) 750-5834 Banks and Brokers may call collect
at 1 (212) 750-5833 |
|
About Front Yard
Front Yard is an industry leader in providing
quality, affordable rental homes to America’s families. Our homes
offer exceptional value in a variety of suburban communities that
have easy accessibility to metropolitan areas. Front Yard's tenants
enjoy the space and comfort that is unique to single-family
housing, at reasonable prices. Our mission is to provide our
tenants with houses they are proud to call home. Additional
information is available at www.frontyardresidential.com.
Forward-Looking Statements
The information in 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,
industry and market conditions and the future composition of the
Company’s Board. These statements may be identified by words such
as “anticipate,” “intend,” “expect,” “may,” “could,” “should,”
“would,” “plan,” “estimate,” “target,” “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 our 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 acquire SFR assets for our portfolio,
including difficulties in identifying assets to acquire; the impact
of changes to the supply of, value of and the returns on SFR
assets; our ability to successfully integrate newly acquired
properties into our portfolio of SFR properties; our ability to
successfully operate our internal property manager and perform
property management services for our SFR assets at the standard
and/or the cost that we anticipate; our ability to transition
property management for the SFR properties currently managed by
third party property managers to our internal property management
platform; our ability to predict our costs; our ability to
effectively compete with our competitors; our ability to apply the
proceeds from financing activities or non-rental real estate owned
asset sales to target SFR assets in a timely manner; our ability to
sell non-rental real estate owned properties on favorable terms and
on a timely basis or at all; the failure to identify unforeseen
expenses or material liabilities associated with asset acquisitions
through the due diligence process prior to such acquisitions;
changes in the market value of our SFR properties and real estate
owned; changes in interest rates; our ability to obtain and access
financing arrangements on favorable terms or at all; our ability to
maintain adequate liquidity; our ability to retain our engagement
of Altisource Asset Management Corporation; the failure of our
third party vendors to effectively perform their obligations under
their respective agreements with us; our failure to maintain our
qualification as a REIT; our failure to maintain our exemption from
registration under the Investment Company Act; the impact of
adverse real estate, mortgage or housing markets; the impact of
adverse legislative, regulatory or tax changes; and other risks and
uncertainties detailed in the “Risk Factors” and other sections
described from time to time in our 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, except as required by law.
Important Additional Information and
Where to Find It
The Company has filed a definitive proxy
statement on Schedule 14A and form of associated WHITE proxy card
with the U.S. Securities and Exchange Commission (the “SEC”) in
connection with its solicitation of proxies for its 2019 Annual
Meeting of Stockholders. STOCKHOLDERS ARE STRONGLY ENCOURAGED TO
READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (AND ANY AMENDMENTS
AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AS THEY
CONTAIN IMPORTANT INFORMATION. Stockholders may obtain the proxy
statement, any amendments or supplements to the proxy statement and
other documents as and when filed by the Company with the SEC
without charge from the SEC’s website at www.sec.gov.
Certain Information Regarding
Participants in Solicitation
The Company, its directors and certain of its
executive officers may be deemed to be participants in the
solicitation of proxies from stockholders in connection with the
matters to be considered at the 2019 Annual Meeting. Information
regarding the ownership of the Company’s directors and executive
officers in the Company’s stock is included in their SEC filings on
Forms 3, 4 and 5, which can be found through the SEC’s website at
www.sec.gov. Information can also be found in the Company’s other
SEC filings. More detailed and updated information regarding the
identity of potential participants, and their direct or indirect
interests, by security holdings or otherwise, will be set forth in
the proxy statement and other materials to be filed with the SEC.
These documents can be obtained free of charge from the sources
indicated above.
CONTACTS
Investors:Robin N. LoweChief Financial
Officer(345) 815-9919Robin.Lowe@AltisourceAMC.com
Media:Jonathan Gasthalter/Nathaniel
GarnickGasthalter & Co. (212)
257-4170FrontYard@gasthalter.com
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