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Altisource Residential Corporation Reports Fourth Quarter And Full Year 2013 Results

Stocks in this article: RESI

FREDERIKSTED, U.S. Virgin Islands, Feb. 20, 2014 (GLOBE NEWSWIRE) -- Altisource Residential Corporation ("Residential" or the "Company") (NYSE:RESI) announced today financial and operating results for the fourth quarter and full year of 2013. The Company's net income for the fourth quarter of 2013 totaled $21.6 million, or $0.50 per diluted share. 1 Net income for the 2013 full year was $39.6 million, or $1.61 per diluted share. 2 Taxable income for the 2013 full year was $17.7 million.

The Company also announced today that its Board of Directors has declared a special cash dividend of $0.08 per share of common stock, or an aggregate of $4.5 million based on shares outstanding. This dividend is intended to satisfy its requirement as a REIT to distribute at least 90% of its annual REIT taxable income to its stockholders for the year ended December 31, 2013. The Company will pay this dividend on March 10, 2014 to all stockholders of record as of the close of business on March 3, 2014.

Fourth quarter 2013 highlights:

  • Agreed to acquire three portfolios of non-performing residential mortgage loans ("NPLs") with an aggregate market value of underlying properties of $1.7 billion, representing a 170% increase in underlying property value from the end of the third quarter. Completed purchase of $530 million of these NPLs in December 2013.
  • Resolved 288 loans in the fourth quarter versus 118 loans in the third quarter representing a 144% increase.
  • Increased the maximum aggregate funding available under our repurchase agreements by an additional $325 million to a total of $750 million.
  • Declared and paid a dividend of $0.25 per share.

Full-year 2013 highlights

  • Agreed to acquire an aggregate of approximately 13,500 non-performing loans with $2.7 billion in underlying property value.
  • Raised $659 million in equity capital at accretive prices.
  • Generated cash flow of $22.6 million,³ $4.9 million in excess of its taxable income of $17.7 million.
  • Declared and paid $0.35 per share in dividends.

Subsequent event highlights

  • Raised $468 million in equity capital at accretive prices.
  • Completed purchase of $890 million of NPLs pursuant to fourth quarter agreements.
  • Declared a special dividend of $0.08 per share.

Chairman William Erbey stated, "In 2013, we successfully delivered on every critical aspect of our business model. We generated positive cash flow and achieved an average acquisition discount that we believe translates into significant embedded value in our portfolio. I am pleased with what we have been able to accomplish in our first full year of operations."

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