CHRISTIANSTED, U.S. Virgin Islands, March 01, 2017 (GLOBE NEWSWIRE) -- Altisource Residential Corporation ("RESI" or the "Company") (NYSE:RESI) today announced financial and operating results for the fourth quarter and full year of 2016.

Fourth Quarter 2016 Highlights and Recent Developments
  • Executed a non-binding letter of intent to purchase up to 3,500 rental homes with seller financing from two entities sponsored by Amherst Holdings, LLC, with the first closing expected to occur in the first quarter of 2017. 1
  • Successfully integrated the recently purchased portfolio of 4,262 rental properties into RESI's growing single-family rental business.
  • Increased fourth quarter 2016 rental revenue by 154% over the third quarter to $24.3 million.
  • Agreed to two loan sales totaling 2,940 mortgage loans with an unpaid principal balance ("UPB") of $694.7 million for estimated proceeds of approximately 97% of the September 30, 2016 balance sheet carrying value. Upon completion, the sales are expected to represent the divestiture of substantially all of RESI's mortgage loan portfolio. 2
  • Sold 468 non-rental REO properties.
  • Completed repurchases of $2.8 million of stock, bringing total repurchases under the repurchase program to $46.5 million.

Full Year 2016 Highlights
  • Increased rental portfolio to 8,603 homes as of December 31, 2016, an increase of 215% over the 2,732 properties in the rental portfolio as of December 31, 2015.
  • Increased rental revenue by 267% over the 2015 fiscal year to $48.6 million.
  • Diversified the Company's property management services, adding Main Street Renewal, LLC as an additional nationwide property manager for a large portion of the Company's single-family rental portfolio.
  • Reduced the Company's mortgage loan portfolio by 54% from 7,036 loans with an aggregate UPB of $1.8 billion at December 31, 2015 to 3,474 loans with an aggregate UPB of $823.3 million at December 31, 2016.
  • Sold 2,668 non-rental REO properties compared to the 1,321 REO properties sold in 2015.
  • Continued to optimize funding by obtaining longer term financing and higher advance rates.

________________ 1 Transaction is subject to negotiation of definitive transaction agreements and RESI's completion of due diligence. 2 First sale closed in January 2017. Second sale is subject to negotiation of definitive purchase agreement and buyer's completion of due diligence.

"During the fourth quarter and throughout the entire 2016 fiscal year, we continued to execute on our objectives. We have achieved tremendous growth in both our rental portfolio and in rental revenues, all while continuing to improve our rental property operating metrics," said Chief Executive Officer, George Ellison. "We have successfully integrated the 4,262 high-yielding rental properties we acquired on September 30, 2016 and accelerated the sale of our non-rental assets to facilitate the acquisition of additional targeted rental assets. We had a strong 2016 and have had a promising start to 2017. We are excited to continue our impressive growth and to leverage our cost-effective property management relationships to generate robust returns and long-term value for our stockholders."

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