Altisource Residential Corporation Reports Third Quarter 2016 Results; Rental Portfolio More Than Doubles During Quarter

CHRISTIANSTED, U.S. Virgin Islands, Nov. 07, 2016 (GLOBE NEWSWIRE) -- Altisource Residential Corporation ("Residential" or the "Company") (NYSE:RESI) today reported financial and operating results for the third quarter of 2016.

Third Quarter 2016 Highlights
  • Completed the acquisition of a highly stabilized portfolio of 4,262 single-family rental homes for an aggregate purchase price of $652.3 million in a seller financed transaction that significantly enhances Residential's presence in new and existing strategic target markets (the "HOME SFR Transaction").
  • Increased the rental portfolio during the quarter by 115% over the prior quarter to 8,541 homes.
  • Stabilized rentals grew by 140% to 7,466 properties with 95% leased.
  • Rental revenue increased 12% over last quarter to $9.6 million bringing year to date rental revenue to $24.2 million.
  • Reduced non-rental REO and NPL portfolios by 16% and 9%, respectively, since June 30, 2016.
  • Achieved average rent increases of approximately 10% on re-leases and 7% on lease renewals.
  • Diversified our property management capabilities, retaining Main Street Renewal LLC ("MSR") as manager for the properties acquired in the HOME SFR Transaction.
  • Repurchased $6.3 million in stock bringing total purchases under the plan to $43.8 million.
  • Declared and paid a third quarter 2016 dividend of $0.15 per share.

"Residential continues to deliver on its stated goals. In the third quarter, we completed a transformative acquisition that doubled the size of our single-family rental portfolio and diversified our property management infrastructure, while continuing to improve our operating metrics," said Chief Executive Officer, George Ellison.  "The successful acquisition of a large portfolio of highly stabilized single-family rental properties in our target markets was a significant accomplishment for Residential. We continue to execute on our objectives and make strong progress on our strategy of building long-term stockholder value through the creation of a large portfolio of rental homes that we target operating at a best-in-class yield."

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