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Front Yard Residential Announces Termination of Merger Agreement with Amherst and Provides Business Update - News released on Mon, 04 May 2020 08:16:13 -0400- REITNewsHeadlines - 2020-05-05 23:32:27 PDT

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This is unfortunate for #RESI. In connection with the termination of the merger agreement, Amherst has agreed to pay a $25 million fee to Front Yard, purchase 4.4 million shares of Front Yard common stock in a primary issuance at $12.50 per share for an aggregate purchase price of $55 million and provide a $20 million committed two-year unsecured loan facility to Front Yard. #RESI did have some good numbers to report for Q1. Rental revenues increased to $54.3 million for the first quarter of 2020, up 4.3% over the fourth quarter of 2019. The first quarter of 2020 was Front Yard’s best ever operational quarter with Core Funds from Operations (“FFO”) of $0.12 per diluted share, an improvement of $0.07 per diluted share over the fourth quarter 2019.1 March 31, 2020 was Front Yard’s best ever stabilized leased percentage of 97.0%, up 200 basis points from 95.0% as of December 31, 2019. April rent collections exceeded 99% of Front Yard’s trailing 12-month average and stabilized leased percentage increased to 97.7% at April 30, 2020. - Kev B - 2020-05-05 23:32:27 PDT

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