- 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.
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