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Front Yard Residential Corporation (NYSE: RESI) informed stockholders about a letter addressing a withhold vote campaign by Altisource Portfolio Solutions S.A. regarding the re-election of board members. The Board remains committed to enhancing shareholder value and previously reviewed strategic options, including a merger with Amherst Residential, which was ultimately terminated due to COVID-19-related risks. Instead, a new agreement provides $100 million in liquidity through share purchases and a loan facility. With recent operational improvements, the Board is focused on maximizing long-term value for shareholders.
Front Yard Residential Corporation (NYSE: RESI) reported robust operating metrics for April and May 2020. Notable highlights include:
- May collections at 30 days reached 99% of the 12-month historical average.
- Stabilized rental lease percentage increased to 98.2% by May 31, 2020.
- Average occupied days improved to 96.1% in May, up from 92.7% last year.
- Blended rent growth remained strong at 3.9% for both months.
CEO George Ellison emphasized the company's commitment to residents and employees while successfully navigating challenges due to the COVID-19 pandemic.
Front Yard Residential Corporation (NYSE: RESI) reported its first quarter 2020 financial results, highlighting notable developments. The company settled a merger termination with Amherst, resulting in a $25 million fee and a stock purchase worth $55 million. Rental revenues reached $54.3 million, a 4.3% increase from the previous quarter. Core Funds from Operations (FFO) improved to $0.12 per diluted share. The company achieved its highest Stabilized Rental leased percentage at 97.0%. April rent collections were strong, exceeding 99% of the trailing average.
Front Yard Residential Corporation (NYSE: RESI) will report its first quarter earnings results on May 11, 2020, and host a conference call at 8:30 a.m. Eastern Time on the same day to discuss these results. Interested participants can access the live audio webcast via the company's website. A replay will be available about two hours after the call's conclusion, remaining accessible for 30 days. Front Yard is dedicated to providing quality and affordable rental homes, aiming to offer exceptional value in suburban communities.
