Front Yard Residential Releases Investor Presentation Highlighting Business Transformation, Ongoing Operational and Financial Improvements and Board’s Commitment to Stockholders
Execution of Strategic Initiatives Has Resulted in Sustainable and Increasing Revenues and Operating Cash Flows Since 2016
Urges Stockholders to Vote the WHITE Proxy Card “FOR ALL” of Front Yard’s Director Nominees Who Are Highly Qualified and Committed to Enhancing Long-term Value for Stockholders
CHRISTIANSTED, U.S. Virgin Islands, May 03, 2019 (GLOBE NEWSWIRE) -- Front Yard Residential Corporation (“Front Yard” or the “Company”) (NYSE: RESI) today released an investor presentation in connection with the Company’s upcoming 2019 Annual Meeting of Stockholders to be held on May 23, 2019. Front Yard urges stockholders to protect their investment by voting the WHITE proxy card “FOR ALL” of its highly-qualified director nominees.
The presentation and other important information related to the annual meeting can be found on Front Yard’s website under the Investors Overview tab, or linked here at: https://ir.frontyardresidential.com/investor-relations.
Highlights from the presentation include:
-- Front Yard’s journey to build a high-performing portfolio of affordable single-family rental homes targeted to operate at a best-in-class yield and provide stockholders with stable and growing returns and residents with houses they are proud to call home; -- Front Yard’s successful execution on its strategic initiatives has enabled it to achieve portfolio scale, internalize property management, enhance efficiencies and deliver strong rental property operating metrics, which have laid the foundation for growing Company-wide FFO and improving GAAP results; -- Under current leadership, Front Yard has strengthened its balance sheet, optimized its financing structure and fixed or capped interest rate exposure to support its transformation and acquisition strategy; -- Front Yard’s highly-effective Board of Directors has the right combination of experience, institutional knowledge, background and leadership, and is committed to strong corporate governance practices focused on long-term growth; and -- Snow Park’s significant conflicts of interest, given its large short position in Front Yard and investment in the Company’s external manager, as well as its lack of understanding of Front Yard’s business and clearly articulated strategy. Moreover, Snow Park’s three nominees lack relevant skills and industry experience and we believe their election would jeopardize the successful completion of Front Yard’s business transformation that is well underway and achieving results.
PROTECT YOUR INVESTMENT!
PLEASE VOTE TODAY ON THE WHITE PROXY CARD!
If you have questions or need assistance in voting your shares on the WHITE proxy card, please call our proxy solicitor: INNISFREE M&A INCORPORATED Stockholders may call toll-free at 1 (888) 750-5834 Banks and Brokers may call collect at 1 (212) 750-5833 --------------------------------------------------------------
About Front Yard
Front Yard is an industry leader in providing quality, affordable rental homes to America’s families. Our homes offer exceptional value in a variety of suburban communities that have easy accessibility to metropolitan areas. Front Yard’s tenants enjoy the space and comfort that is unique to single-family housing, at reasonable prices. Our mission is to provide our tenants with houses they are proud to call home. Additional information is available at www.frontyardresidential.com.
The information in this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, anticipations and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, industry and market conditions and the future composition of the Company’s Board. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “target,” “seek,” “believe” and other expressions or words of similar meaning. We caution that forward-looking statements are qualified by the existence of certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from these forward-looking statements may include, without limitation, our ability to implement our business strategy; our ability to make distributions to stockholders; our ability to acquire SFR assets for our portfolio, including difficulties in identifying assets to acquire; the impact of changes to the supply of, value of and the returns on SFR assets; our ability to successfully integrate newly acquired properties into our portfolio of SFR properties; our ability to successfully operate our internal property manager and perform property management services for our SFR assets at the standard and/or the cost that we anticipate; our ability to transition property management for the SFR properties currently managed by third party property managers to our internal property management platform; our ability to predict our costs; our ability to effectively compete with our competitors; our ability to apply the proceeds from financing activities or non-rental real estate owned asset sales to target SFR assets in a timely manner; our ability to sell non-rental real estate owned properties on favorable terms and on a timely basis or at all; the failure to identify unforeseen expenses or material liabilities associated with asset acquisitions through the due diligence process prior to such acquisitions; changes in the market value of our SFR properties and real estate owned; changes in interest rates; our ability to obtain and access financing arrangements on favorable terms or at all; our ability to maintain adequate liquidity; our ability to retain our engagement of Altisource Asset Management Corporation; the failure of our third party vendors to effectively perform their obligations under their respective agreements with us; our failure to maintain our qualification as a REIT; our failure to maintain our exemption from registration under the Investment Company Act; the impact of adverse real estate, mortgage or housing markets; the impact of adverse legislative, regulatory or tax changes; and other risks and uncertainties detailed in the “Risk Factors” and other sections described from time to time in our current and future filings with the Securities and Exchange Commission. In addition, financial risks such as liquidity, interest rate and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive.
The statements made in this press release are current as of the date of this press release only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise, except as required by law.
Important Additional Information and Where to Find It
The Company has filed a definitive proxy statement on Schedule 14A and form of associated WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies for its 2019 Annual Meeting of Stockholders. STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AS THEY CONTAIN IMPORTANT INFORMATION. Stockholders may obtain the proxy statement, any amendments or supplements to the proxy statement and other documents as and when filed by the Company with the SEC without charge from the SEC’s website at www.sec.gov.
Certain Information Regarding Participants in Solicitation
The Company, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from stockholders in connection with the matters to be considered at the 2019 Annual Meeting. Information regarding the ownership of the Company’s directors and executive officers in the Company’s stock is included in their SEC filings on Forms 3, 4 and 5, which can be found through the SEC’s website at www.sec.gov. Information can also be found in the Company’s other SEC filings. More detailed and updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
Investors:Robin N. LoweChief Financial Officer(345) 815-9919 Robin.Lowe@AltisourceAMC.com
Media:Jonathan Gasthalter/Nathaniel GarnickGasthalter & Co. (212) 257-4170 FrontYard@gasthalter.com