Altisource Asset Management Corporation (NYSEMKT:AAMC) today reported financial and operating results for the third quarter of 2016.
Third Quarter 2016 Highlights
|•||Negotiated and completed the transformative acquisition by Altisource Residential Corporation (“Residential”) 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 Residential’s rental portfolio during the quarter by 115% over the prior quarter to 8,541 homes and grew stabilized rentals by 140% to 7,466 properties with 95% leased.|
|•||Reduced Residential’s non-rental REO property and NPL portfolios by 16% and 9%, respectively, since June 30, 2016.|
|•||Diversified Residential’s property management capabilities, retaining Main Street Renewal LLC as manager for the properties acquired in the HOME SFR Transaction.|
|•||Achieved average rent increases for Residential of approximately 10% on re-leases and 7% on lease renewals.|
|•||Repurchased 49,985 shares of AAMC common stock, bringing total buybacks under AAMC’s repurchase program to $256.4 million.|
“We continue to deliver on Residential’s stated goals by building Residential’s single-family rental business while continuing to improve on its operating metrics and selling its NPLs, re-performing loans and non-rental REO properties to generate liquidity for attractive acquisitions and potential stock repurchases,” stated Chief Executive Officer George Ellison. “We believe our efforts have put Residential in an excellent position to thrive and become one of the preeminent single-family rental companies in the industry. These continuing efforts should benefit AAMC’s financial performance and prospects as Residential continues to grow.”
Third Quarter 2016 Financial Results
Net loss attributable to stockholders for the third quarter of 2016 was $1.1 million, or $0.67 per diluted share, compared to net loss attributable to stockholders of $2.0 million, or $0.92 per diluted share, for the third quarter of 2015. Net loss attributable to stockholders for the nine months ended September 30, 2016 was $3.3 million, or $1.89 per diluted share, compared to net income attributable to stockholders of $5.7 million, or $2.07 per diluted share, for the nine months ended September 30, 2015.
AAMC is an asset management company that provides portfolio management and corporate governance services to investment vehicles. Additional information is available at www.altisourceamc.com.