Front Yard Residential Corporation Provides Operating Update
08 Septembre 2020 - 11:00PM
Front Yard Residential Corporation (“Front Yard” or the “Company”)
(NYSE: RESI) today reported the following operating metrics for
August 2020:
- August collections at 30 days were 99% of the trailing 12-month
historical average. July collections at 60 days and June
collections at 90 days were in line with the trailing 12-month
historical averages.
- Stabilized Rental leased percentage as of August 31, 2020
continued its positive trend at 98.8%, compared with 98.7% at July
31, 2020 and 98.3% at June 30, 2020.1
- Stabilized Rental August average occupied days were 97.3%
compared to 91.8% a year ago, up from 97.2% for July 2020 and 96.1%
for the second quarter of 2020.1
- Blended rent growth was 4.6% for August, compared to 4.7% for
July and 4.1% for the second quarter of 2020.
“August was another excellent month for Front Yard as key
operating metrics improved further from already strong levels,”
said George Ellison, Chief Executive Officer. “We remain focused on
providing high quality service to our tenants and creating value
for our stockholders.”________________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 complete the transition plan; 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 effect of the termination of the Agreement and Plan of Merger
with Amherst on our relationships with our customers, financing
sources, third-party service providers, operating results and
business generally; the impact of the costs of the merger
transaction that were borne by the Company despite the merger
transaction being terminated; the effect of management’s attention
being diverted from our ongoing business operations and costs
associated with shareholder activism; the impact of defending any
litigation; 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 maintain adequate liquidity
and meet the requirements under its financing arrangements; risks
related to our engagement of Altisource Asset Management
Corporation as our asset manager; 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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