The Board of Directors of Front Yard Residential Corporation Issues Statement Regarding the Company’s Management
10 Juin 2020 - 2:00PM
The Board of Directors of Front Yard Residential Corporation
(“Front Yard” or the “Company”) (NYSE: RESI) today issued the
following statement:
“The Front Yard Board of Directors unanimously supports the
Company’s management team, including George G. Ellison, Chief
Executive Officer, and Robin N. Lowe, Chief Financial Officer. Late
yesterday, Altisource Asset Management Company (“AAMC”), Front
Yard’s external manager, filed a Form 8-K disclosing that it had
placed Messrs. Ellison and Lowe on administrative leave in
connection with an ongoing investigation being conducted by a
committee of the AAMC Board. This decision was taken and public
disclosure was made without any consultation with the Front Yard
Board. The Front Yard Board was not made aware of the filing prior
to it becoming publicly available. The action apparently
taken by the AAMC Board and AAMC’s related disclosure does not
impact Messrs. Ellison’s and Lowe’s positions at Front Yard.
They remain in their senior leadership positions with the Company,
and the Front Yard Board has directed Front Yard management to
focus on the Company and its shareholders. Pursuant to the Asset
Management Agreement (“AMA”) between Front Yard and AAMC, among
other things, any changes to or any replacements or appointments of
any senior executive of Front Yard only can be made with the prior
approval of the Front Yard Board. Although the Company is
externally managed pursuant to the AMA, the Front Yard Board
retains ultimate control over and responsibility for Front Yard’s
business, and AAMC, as Manager, is required to carry out its
obligations under the AMA pursuant to the direction of the Front
Yard Board.”
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
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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