RESI - Front Yard Residential reports FFO and rental revenue growth; to be acquired by Ares Management

For Q3, Front Yard Residential (RESI) -1.3% PM,  reported rental revenues of $56.9M (+12.2% Y/Y, +3.3% Q/Q); stabilized rental leased percentage was 98.8%, up from 98.3% as of June 30, 2020 and 94.3% as of September 30, 2019.Blended rent growth was 4.7%, with renewal rent growth of 4.0% and re-lease rent growth of 6.4%.Stabilized rental core net operating income margin was 60.9%, down from 61.5% in Q2, reflecting seasonally higher operating costs, and up from 54.1% in 3Q19.During the quarter, the company sold 37 non-core homes for proceeds of $5M and a gain of $0.5M over carrying value.Net loss stood at $63.2M, or $1.08/diluted share vs. net loss of $36.4M, or $0.68/diluted share in year ago quarter.Core FFO increased to $0.19/diluted share, up $0.01 from Q2 and up $0.19 Y/Y.Post the quarter-end (Oct.19), Front Yard entered into a definitive merger agreement whereby a partnership led by Pretium and including funds managed by the

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Front Yard Residential reports FFO and rental revenue growth; to be acquired by Ares Management