Front Yard Residential Corporation Provides Operating Update
05 Juin 2020 - 2:28PM
Front Yard Residential Corporation (“Front Yard” or the “Company”)
(NYSE: RESI) today reported the following operating metrics for
April and May 2020:
- May collections at 30 days were 99% of the trailing 12-month
historical average and April collections at 60 days were slightly
ahead of the trailing 12-month historical average.
- Stabilized Rental leased percentage as of May 31, 2020
continued its positive trend at 98.2%, compared with 97.7% at April
30, 2020 and 97.0% at March 31, 2020.1
- Stabilized Rental April average occupied days were 95.5%
compared to 93.5% a year ago, and May average occupied days were
96.1% compared to 92.7% a year ago.1
- Blended rent growth for both April and May was 3.9%.
“Our primary concern has been and continues to be our residents,
our employees and the communities we are committed to, and we have
implemented measures to protect our people while maintaining the
excellent service our residents have come to expect,” stated George
Ellison, Chief Executive Officer. “Thanks to the hard work and
tireless efforts of our team members, we have been able to operate
smoothly, provide services to prospective and current residents and
deliver on our promise of providing quality affordable housing.
With strong and improving occupancy and collections that are in
line with historical trends, we are also pleased with the
resiliency of our business to weather the current situation.”
___________
1 We define a property as a “Stabilized Rental” once it has been
renovated and then initially leased or available for rent for a
period greater than 90 days. All other homes are considered
non-stabilized. Homes are considered stabilized even after
subsequent resident turnover. However, homes may be removed from
the stabilized home portfolio and placed in the non-stabilized home
portfolio due to renovation during the home lifecycle or because
they are identified for sale.
About Front Yard Residential Corporation
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
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,” “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. These risks and uncertainties include:
our ability to successfully implement our strategic initiatives and
achieve their anticipated impact; our ability to implement our
business strategy; risks and uncertainties related to the COVID-19
pandemic, including the potential adverse impact on our real-estate
related assets, financing arrangements, operations, business
prospects, customers, employees and third-party service providers;
the impact of any litigation or shareholder activism; our ability
to make distributions to stockholders; our ability to integrate
newly acquired rental assets into the portfolio; the ability to
successfully perform property management services at the level
and/or the cost that we anticipate; the failure to identify
unforeseen expenses or material liabilities associated with
acquisitions through the due diligence process prior to such
acquisitions; 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; our ability to sell non-core assets on favorable terms or
at all; our ability to predict costs; our ability to effectively
compete with competitors; changes in interest rates; changes in the
market value of single-family properties; our ability to obtain and
access financing arrangements on favorable terms or at all; our
ability to deploy the net proceeds from financings or asset sales
to acquire assets in a timely manner or at all; our ability to
manage and maintain adequate liquidity and meet the requirements
under our financing arrangements; our ability to retain the
exclusive 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 qualify or maintain qualification as a REIT; our failure to
maintain our exemption from registration under the Investment
Company Act of 1940, as amended; the results of our strategic
alternatives review and risks related thereto; 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 the Company's current and future
filings with the Securities and Exchange Commission (“SEC”). 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.
Forward-looking statements speak only as of the date hereof and,
except as required by law, we undertake no obligation to update or
revise these forward-looking statements. For additional information
regarding these and other risks faced by us, refer to our public
filings with the SEC, available on the Investors section of our
website at www.frontyardresidential.com and on the SEC’s website at
www.sec.gov.
FOR FURTHER
INFORMATION CONTACT: |
Investor Relations |
T: 1-704-558-3068 |
E: IR@fyrhomes.com |
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