This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Altisource Residential Corporation Reports Fourth Quarter And Full Year 2013 Results

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."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs