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 May 7, 2015 |
Altisource Residential Corporation | ||
May 7, 2015 | 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 dividends of $0.63 per share, including an $0.08 per share catch up dividend related to 2014 taxable income. |
• | Entered into a new asset management agreement with Altisource Asset Management Corporation (“AAMC”) that positions Residential for sustainable growth. |
• | Established a new $100.0 million loan facility to finance REO assets. |
• | Renewed the repurchase facility with Credit Suisse to increase the funding capacity from $225 million to $275 million with increased REO sublimits. |
• | Appointed two new mortgage servicers and arranged for the transfer of approximately $1 billion of servicing to the new servicers. |
• | Resolved an aggregate of 1,069 mortgage loans. |
• | Increased rental portfolio to 785 properties as of April 30, 2015, including 655 rented properties. |
Three months ended March 31, 2015 | Three months ended March 31, 2014 | |||||||
Revenues: | ||||||||
Rental revenues | $ | 1,400 | $ | 69 | ||||
Net unrealized gain on mortgage loans | 61,134 | 65,130 | ||||||
Net realized gain on mortgage loans | 15,382 | 9,321 | ||||||
Net realized gain on re-performing mortgage loans | 151 | — | ||||||
Net realized gain on real estate | 10,608 | — | ||||||
Interest income | 240 | 108 | ||||||
Total revenues | 88,915 | 74,628 | ||||||
Expenses: | ||||||||
Residential property operating expenses | 12,459 | 1,050 | ||||||
Real estate depreciation and amortization | 998 | 48 | ||||||
Real estate selling costs and impairment | 14,691 | 354 | ||||||
Mortgage loan servicing costs | 18,266 | 11,437 | ||||||
Interest expense | 11,643 | 5,708 | ||||||
General and administrative | 4,379 | 1,038 | ||||||
Related party general and administrative | 16,052 | 12,632 | ||||||
Total expenses | 78,488 | 32,267 | ||||||
Other income | 2,000 | — | ||||||
Income before income taxes | 12,427 | 42,361 | ||||||
Income tax expense | 3 | 448 | ||||||
Net income | $ | 12,424 | $ | 41,913 | ||||
Earnings per share of common stock – basic: | ||||||||
Earnings per basic share | $ | 0.22 | $ | 0.78 | ||||
Weighted average common stock outstanding – basic | 57,200,889 | 53,436,108 | ||||||
Earnings per share of common stock – diluted: | ||||||||
Earnings per diluted share | $ | 0.22 | $ | 0.77 | ||||
Weighted average common stock outstanding – diluted | 57,406,619 | 54,086,959 | ||||||
Dividends declared per common share | $ | 0.63 | $ | 0.48 |
March 31, 2015 | December 31, 2014 | ||||||
Assets: | |||||||
Real estate held for use: | |||||||
Land | $ | 21,267 | $ | 14,424 | |||
Rental residential properties (net of accumulated depreciation of $2,046 and $1,062, respectively) | 86,206 | 60,908 | |||||
Real estate owned | 456,479 | 457,045 | |||||
Total real estate held for use, net | 563,952 | 532,377 | |||||
Real estate assets held for sale | 150,807 | 92,230 | |||||
Mortgage loans at fair value | 1,853,495 | 1,959,044 | |||||
Mortgage loans held for sale | 12,485 | 12,535 | |||||
Cash and cash equivalents | 53,246 | 66,166 | |||||
Restricted cash | 14,766 | 13,282 | |||||
Accounts receivable | 10,398 | 10,313 | |||||
Related party receivables | 24,530 | 17,491 | |||||
Investment in affiliate | 18,000 | 18,000 | |||||
Deferred leasing and financing costs, net | 5,384 | 4,251 | |||||
Prepaid expenses and other assets | 672 | 373 | |||||
Total assets | $ | 2,707,735 | $ | 2,726,062 | |||
Liabilities: | |||||||
Repurchase agreements | $ | 929,287 | $ | 1,015,000 | |||
Other secured borrowings (including $14,991 repurchase agreement with NewSource at December 31, 2014) | 379,840 | 339,082 | |||||
Accounts payable and accrued liabilities | 42,686 | 11,678 | |||||
Related party payables | 52,541 | 33,391 | |||||
Total liabilities | 1,404,354 | 1,399,151 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Common stock, $.01 par value, 200,000,000 authorized shares; 57,203,211 and 57,192,212 shares issued and outstanding, at March 31, 2015 and December 31, 2014, respectively | 572 | 572 | |||||
Additional paid-in capital | 1,227,175 | 1,227,091 | |||||
Retained earnings | 75,634 | 99,248 | |||||
Total equity | 1,303,381 | 1,326,911 | |||||
Total liabilities and equity | $ | 2,707,735 | $ | 2,726,062 |
U.S. GAAP | Adjustments(1) | Tax | |||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2015 | Three months ended March 31, 2015 | |||||||||
Revenues: | |||||||||||
Rental revenues | $ | 1,400 | $ | — | $ | 1,400 | |||||
Net unrealized gain on mortgage loans | 61,134 | (13,009 | ) | 48,125 | |||||||
Net realized gains | 26,141 | (13,403 | ) | 12,738 | |||||||
Interest income, advance recoveries and other | 240 | 6,182 | 6,422 | ||||||||
Total revenues | 88,915 | (20,230 | ) | 68,685 | |||||||
Expenses: | |||||||||||
Residential property operating expenses including depreciation | 13,457 | (1,952 | ) | 11,505 | |||||||
Mortgage loan servicing costs | 18,266 | (13,295 | ) | 4,971 | |||||||
General, administrative and other | 44,765 | (14,214 | ) | 30,551 | |||||||
Total expenses | 76,488 | (29,461 | ) | 47,027 | |||||||
Estimated income before income taxes | $ | 12,427 | $ | 9,231 | $ | 21,658 |
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