MARYLAND | 001-35657 | 46-0633510 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Exhibit No. | Description | |
Exhibit 99.1 | Press Release of Altisource Residential Corporation dated November 4, 2014 |
Altisource Residential Corporation | ||
November 4, 2014 | By: | /s/ Stephen H. Gray |
Stephen H. Gray General Counsel and Secretary |
FOR IMMEDIATE RELEASE | |
FOR FURTHER INFORMATION CONTACT: Robin N. Lowe Chief Financial Officer T: 345-815-9919 E: Robin.Lowe@AltisourceAMC.com |
• | Declared and paid a dividend of 0.55 per share, marking Residential’s fourth consecutive quarterly dividend increase. |
• | Generated strong estimated taxable income, up sequentially 46% over the second quarter of 2014. |
• | Completed the acquisition of 1,289 non-performing mortgage loans having an aggregate market value of underlying properties of $320.7 million. |
• | Completed its first non-performing loan securitization transaction, with gross proceeds of approximately $150.0 million. |
• | Resolved 1,510 loans, up 31% from the 1,156 loans resolved in the second quarter of 2014. |
• | Increased rental portfolio to 306 properties. |
Three months ended September 30, 2014 | Three months ended September 30, 2013 | Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | ||||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 469 | $ | 6 | $ | 719 | $ | 6 | |||||||
Net unrealized gain on mortgage loans | 88,726 | 17,670 | 258,898 | 25,963 | |||||||||||
Net realized gain on mortgage loans | 13,727 | 1,909 | 33,867 | 4,015 | |||||||||||
Net realized gain on re-performing mortgage loans | 302 | — | 302 | — | |||||||||||
Net realized gain on real estate | 3,310 | — | 4,544 | — | |||||||||||
Interest income | 2,568 | 156 | 2,757 | 368 | |||||||||||
Total revenues | 109,102 | 19,741 | 301,087 | 30,352 | |||||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 9,247 | 191 | 13,550 | 275 | |||||||||||
Real estate depreciation and amortization | 313 | 4 | 464 | 4 | |||||||||||
Real estate selling costs and impairment | 5,542 | 210 | 8,775 | 210 | |||||||||||
Mortgage loan servicing costs | 21,226 | 2,154 | 49,588 | 3,788 | |||||||||||
Interest expense | 11,699 | 467 | 24,352 | 1,163 | |||||||||||
General and administrative | 1,819 | 980 | 5,665 | 2,480 | |||||||||||
Related party general and administrative | 21,530 | 2,039 | 51,629 | 4,474 | |||||||||||
Total expenses | 71,376 | 6,045 | 154,023 | 12,394 | |||||||||||
Other income (expense) | — | 13 | 383 | (6 | ) | ||||||||||
Income before income taxes | 37,726 | 13,709 | 147,447 | 17,952 | |||||||||||
Income tax expense | 50 | — | 76 | — | |||||||||||
Net income | $ | 37,676 | $ | 13,709 | $ | 147,371 | $ | 17,952 | |||||||
Earnings per share of common stock – basic: | |||||||||||||||
Earnings per basic share | $ | 0.66 | $ | 0.55 | $ | 2.63 | $ | 1.03 | |||||||
Weighted average common stock outstanding – basic | 57,174,150 | 25,078,727 | 55,930,010 | 17,484,598 | |||||||||||
Earnings per share of common stock – diluted: | |||||||||||||||
Earnings per diluted share | $ | 0.66 | $ | 0.53 | $ | 2.62 | $ | 0.98 | |||||||
Weighted average common stock outstanding – diluted | 57,406,325 | 25,949,293 | 56,312,104 | 18,373,205 | |||||||||||
Dividends declared per common share | $ | 0.55 | $ | 0.10 | $ | 1.48 | $ | 0.10 |
September 30, 2014 | December 31, 2013 | ||||||
Assets: | |||||||
Real estate held for use: | |||||||
Land | $ | 9,865 | $ | 478 | |||
Rental residential properties (net of accumulated depreciation of $482 and $24, respectively) | 38,470 | 3,092 | |||||
Real estate owned | 370,733 | 32,332 | |||||
Total real estate held for use, net | 419,068 | 35,902 | |||||
Real estate assets held for sale | 40,985 | 1,186 | |||||
Mortgage loans | 2,071,505 | 1,207,163 | |||||
Mortgage loans held for sale | 143,197 | — | |||||
Cash and cash equivalents | 76,027 | 115,988 | |||||
Restricted cash | 12,033 | 5,878 | |||||
Accounts receivable | 874 | 1,428 | |||||
Related party receivables | 19,254 | 9,260 | |||||
Investment in affiliate | 18,000 | 18,000 | |||||
Deferred leasing and financing costs, net | 3,688 | 2,293 | |||||
Prepaid expenses and other assets | 5,305 | 1,542 | |||||
Total assets | $ | 2,809,936 | $ | 1,398,640 | |||
Liabilities: | |||||||
Repurchase agreements | $ | 1,258,329 | $ | 602,382 | |||
Other secured borrowings (including $15,000 repurchase agreement with NewSource) | 165,000 | — | |||||
Accounts payable and accrued liabilities | 14,577 | 4,952 | |||||
Related party payables | 55,216 | 5,879 | |||||
Total liabilities | 1,493,122 | 613,213 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Common stock, $.01 par value, 200,000,000 authorized shares; 57,186,587 and 42,286,669 shares issued and outstanding, at September 30, 2014 and December 31, 2013, respectively | 572 | 423 | |||||
Additional paid-in capital | 1,227,021 | 758,584 | |||||
Retained earnings | 89,221 | 26,420 | |||||
Total equity | 1,316,814 | 785,427 | |||||
Total liabilities and equity | $ | 2,809,936 | $ | 1,398,640 |
U.S. GAAP | Adjustments(1) | Tax | |||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2014 | Three months ended September 30, 2014 | |||||||||
Revenues: | |||||||||||
Rental revenues | $ | 469 | $ | — | $ | 469 | |||||
Net unrealized gain on mortgage loans | 88,726 | (20,559 | ) | 68,167 | |||||||
Net realized gains | 17,339 | (3,260 | ) | 14,079 | |||||||
Interest income, advance recoveries and other | 2,568 | 2,807 | 5,375 | ||||||||
Total revenues | 109,102 | (21,012 | ) | 88,090 | |||||||
Expenses: | |||||||||||
Residential property operating expenses including depreciation | 9,560 | (1,244 | ) | 8,316 | |||||||
Mortgage loan servicing costs | 21,226 | (13,934 | ) | 7,292 | |||||||
General, administrative and other | 40,590 | (6,783 | ) | 33,807 | |||||||
Total expenses | 71,376 | (21,961 | ) | 49,415 | |||||||
Estimated income before income taxes | $ | 37,726 | $ | 949 | $ | 38,675 | |||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||
Revenues: | |||||||||||
Rental revenues | $ | 719 | $ | — | $ | 719 | |||||
Net unrealized gain on mortgage loans | 258,898 | (107,468 | ) | 151,430 | |||||||
Net realized gains | 38,713 | (7,264 | ) | 31,449 | |||||||
Interest income, advance recoveries and other | 2,757 | 8,760 | 11,517 | ||||||||
Total revenues | 301,087 | (105,972 | ) | 195,115 | |||||||
Expenses: | |||||||||||
Residential property operating expenses including depreciation | 14,014 | (1,997 | ) | 12,017 | |||||||
Mortgage loan servicing costs | 49,588 | (37,127 | ) | 12,461 | |||||||
General, administrative and other | 90,038 | (10,363 | ) | 79,675 | |||||||
Total expenses | 153,640 | (49,487 | ) | 104,153 | |||||||
Estimated income before income taxes | $ | 147,447 | $ | (56,485 | ) | $ | 90,962 |
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