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TheStreet Open House

Altisource Residential Corporation Reports Second Quarter 2013 Results

FREDERIKSTED, U.S. Virgin Islands, July 23, 2013 (GLOBE NEWSWIRE) -- Altisource Residential Corporation (Residential or the Company) (NYSE:RESI) announced today financial and operating results for the second quarter of 2013. Net income for the second quarter of 2013 totaled $5.2 million or $0.26 per share based on a weighted average of 20.3 million shares outstanding. 

Net income for the six months ended June 30, 2013 totaled $4.2 million or $0.29 per share based on a weighted average of 14.5 million shares outstanding. 

Second quarter business performance highlights:

  • On April 5, 2013, we completed an acquisition of a portfolio of non-performing residential mortgage loans (NPLs) having an unpaid principal balance, or UPB, of $172.1 million.
  • On May 1, 2013, we completed a follow-on equity offering of 17,250,000 shares at $18.75 per share from which we received net proceeds of $309.5 million.
  • In addition, during the quarter we agreed to acquire two NPL portfolios with $470 million in UPB. These recent transactions are expected to close in July 2013.
  • Net investment gains for the quarter totaled $8.9 million.

Chairman William Erbey stated, "I am pleased with the progress we have been able to achieve to date. We are meeting our targets in NPL acquisitions, loan resolutions and capital raising, three key pillars of our business. Upon closing of the most recent transactions, our NPL acquisitions will total approximately 4,100 loans representing $820 million in UPB and $625 million in underlying property value. We are well on our way to achieve our first year goal of acquiring loans that will eventually result in 5,000 rental properties." 

"I am encouraged by the early results of our NPL portfolio and the progress we made in loan resolutions in the short time period since inception of operations," said Chief Executive Officer Ashish Pandey. "Our portfolio acquisitions and the positive early results in loan resolution reflect the sound execution of our business plan and strategy."

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